iSHARES TRUST (Form: N-CSRS, Received: 07/02/2020 14:36:30)

Forward foreign currency exchange contracts:

Average amounts purchased — in USD

2,228,252,745

Average amounts sold — in USD

4,370,369,540

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: October 31, 2020

Date of reporting period: April 30, 2020

Item 1.

Reports to Stockholders.

Copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company

Act of 1940 are attached.

Information Classification: Limited Access


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares 0-5 Year TIPS Bond ETF | STIP | NYSE Arca

iShares TIPS Bond ETF | TIP | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.

Table of Contents


	Page
Fund Summary		3
About Fund Performance		5
Shareholder Expenses		5
Schedules of Investments		6
Financial Statements
Statements of Assets and Liabilities		9
Statements of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to Financial Statements		14
Statement Regarding Liquidity Risk Management Program		20
Supplemental Information		21
General Information		22


Fund Summary as of April 30, 2020		iShares^® 0-5 Year TIPS Bond ETF

Investment Objective

The iShares 0-5 Year TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds with remaining maturities of less than five years, as represented by the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.52	%		3.39	%		1.68	%		1.40	%		3.39	%		8.70	%		13.98	%
Fund Market		1.52			3.35			1.67			1.40			3.35			8.63			13.97
Index		1.33			3.18			1.69			1.48			3.18			8.72			14.84

The inception date of the Fund was 12/1/10. The first day of secondary market trading was 12/3/10.

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 5 for more information.

Expense Example


Actual								Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20	)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19	)		Ending Account Value (04/30/20	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,015.20		$	0.30		$	1,000.00		$	1,024.60		$	0.30		0.06	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 5 for more information.

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments^(a)
0-1 Year		8.8	%
1-2 Years		20.4
2-3 Years		35.1
3-4 Years		17.0
4-5 Years		17.8
5-6 Years		0.8
6-7 Years		0.1

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
U. S. Treasury Inflation-Indexed Bonds, 0.63%, 04/15/23		17.5	%
U. S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/24		10.4
U. S. Treasury Inflation-Indexed Bonds, 0.13%, 07/15/22		10.1
U. S. Treasury Inflation-Indexed Bonds, 0.13%, 10/15/24		8.3
U. S. Treasury Inflation-Indexed Bonds, 0.13%, 07/15/24		8.2

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® TIPS Bond ETF

Investment Objective

The iShares TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds, as represented by the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.09	%		9.43	%		2.97	%		3.39	%		9.43	%		15.77	%		39.58	%
Fund Market		5.07			9.30			2.94			3.37			9.30			15.58			39.30
Index		5.08			9.46			3.08			3.52			9.46			16.40			41.32

Expense Example


Actual								Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20	)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19	)		Ending Account Value (04/30/20	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,050.90		$	0.97		$	1,000.00		$	1,023.90		$	0.96		0.19	%

^(a)

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments^(a)
0-1 Year		3.9	%
1-5 Years		32.8
5-10 Years		46.5
15-20 Years		0.4
More than 20 Years		16.4

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
U. S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/26		8.1	%
U. S. Treasury Inflation-Indexed Bonds, 0.38%, 07/15/25		5.8
U. S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/23		4.7
U. S. Treasury Inflation-Indexed Bonds, 0.50%, 04/15/24		4.4
U. S. Treasury Inflation-Indexed Bonds, 0.38%, 07/15/27		4.2

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Past performance is no guarantee 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 the 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. The price used to calculate market return (“Market Price”) is determined by 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

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


ABOUT FUND PERFORMANCE/SHAREHOLDER EXPENSES			5

Schedule of Investments (unaudited)

April 30, 2020

iShares^® 0-5 Year TIPS Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.6%
U.S. Treasury Inflation-Indexed Bonds 0.13%, 04/15/21	$	60	$	59,134
0.13%, 01/15/22		163,717		162,178,611
0.13%, 04/15/22		160,125		158,781,688
0.13%, 07/15/22		205,319		205,214,818
0.13%, 01/15/23		153,617		153,595,125
0.13%, 07/15/24		165,031		167,793,963
0.13%, 10/15/24		165,396		169,182,691
0.13%, 04/15/25		25,034		25,660,009
0.13%, 07/15/26		1,237		1,278,040
0.38%, 07/15/23		27,045		27,470,839
0.50%, 04/15/24		102,754		105,421,979
0.63%, 07/15/21		94,181		94,083,969
0.63%, 04/15/23		349,652		355,207,239
0.63%, 01/15/24		206,757		212,338,016
0.63%, 01/15/26		16,010		16,882,422
1.13%, 01/15/21		45,227		44,864,908
1.25%, 07/15/20		135,688		134,466,802

				2,034,480,253


Total U.S. Government Obligations — 99.6% (Cost: $2,025,529,559)				2,034,480,253


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 6.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b)		134,330	$	134,330,000


Total Short-Term Investments — 6.6% (Cost: $134,330,000)				134,330,000


Total Investments in Securities — 106.2% (Cost: $2,159,859,559)				2,168,810,253

Other Assets, Less Liabilities — (6.2)%				(125,969,462	)


Net Assets — 100.0%			$	2,042,840,791

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	2,773	131,557	134,330	$	134,330,000	$	63,662	^(b)	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	2,034,480,253	$	—	$	2,034,480,253
Money Market Funds		134,330,000		—		—		134,330,000

	$	134,330,000	$	2,034,480,253	$	—	$	2,168,810,253

See notes to financial statements.


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® TIPS Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.2%
U.S. Treasury Bills, 0.00%, 07/16/20^(a)	$	600,000	$	599,873,562
U.S. Treasury Inflation-Indexed Bonds
0.13%, 04/15/21		24,250		23,890,391
0.13%, 01/15/22		553,049		547,850,428
0.13%, 04/15/22		622,619		617,397,085
0.13%, 07/15/22		2,250		2,264,315
0.13%, 01/15/23		882,676		882,550,373
0.13%, 07/15/24		428,830		436,009,163
0.13%, 10/15/24		367,844		376,266,073
0.13%, 04/15/25		467,375		479,068,552
0.13%, 07/15/26		646,831		668,499,366
0.13%, 01/15/30		718,623		759,687,353
0.25%, 01/15/25		347,135		355,942,363
0.25%, 07/15/29		169,105		180,386,201
0.25%, 02/15/50		147,235		164,207,914
0.38%, 07/15/23		421,664		428,304,958
0.38%, 07/15/25		1,044,076		1,085,783,597
0.38%, 01/15/27		642,922		674,889,177
0.38%, 07/15/27		751,466		796,131,053
0.50%, 04/15/24		807,636		828,606,068
0.50%, 01/15/28		220,672		235,601,072
0.63%, 07/15/21		475,870		475,381,338
0.63%, 04/15/23		346,648		352,155,401
0.63%, 01/15/24		384,969		395,359,823
0.63%, 01/15/26		1,451,022		1,530,048,018
0.63%, 02/15/43		112,094		130,196,073
0.75%, 07/15/28		475,949		522,342,637
0.75%, 02/15/42		571,715		675,733,230
0.75%, 02/15/45		628,071		762,057,032
0.88%, 01/15/29		273,007		303,541,321
0.88%, 02/15/47		117,403		148,366,191
1.00%, 02/15/46		216,243		278,468,867
1.00%, 02/15/48		194,531		255,358,819


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
1.00%, 02/15/49	$	17,802	$	23,641,541
1.25%, 07/15/20		103,964		103,028,202
1.38%, 02/15/44		478,254		647,535,873
1.75%, 01/15/28		432,917		503,761,448
2.00%, 01/15/26		188,413		213,341,842
2.13%, 02/15/40		54,347		78,805,231
2.38%, 01/15/25		176		198,109
2.38%, 01/15/27		107,357		127,164,254
2.50%, 01/15/29		221,214		277,344,500
3.63%, 04/15/28		295,597		388,136,619
3.88%, 04/15/29		373,958		514,621,186
U.S. Treasury Note/Bond, 0.50%, 03/31/25		375		377,783

				18,850,174,402


Total U.S. Government Obligations — 99.2% (Cost: $17,955,308,423)				18,850,174,402


Short-Term Investments

Money Market Funds — 2.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(b)(c)		452,291		452,291,000


Total Short-Term Investments — 2.4% (Cost: $452,291,000)				452,291,000


Total Investments in Securities — 101.6% (Cost: $18,407,599,423)				19,302,465,402

Other Assets, Less Liabilities — (1.6)%				(305,149,273	)


Net Assets — 100.0%			$	18,997,316,129

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	29,669	422,622	452,291	$	452,291,000	$	1,610,559	^(b)	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® TIPS Bond ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	18,850,174,402	$	—	$	18,850,174,402
Money Market Funds		452,291,000		—		—		452,291,000

	$	452,291,000	$	18,850,174,402	$	—	$	19,302,465,402

See notes to financial statements.


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares 0-5 Year TIPS Bond ETF		iShares TIPS Bond ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	2,034,480,253	$	18,850,174,402
Affiliated^(b)		134,330,000		452,291,000
Cash		6,529		7,764
Receivables:
Investments sold		—		122,394,343
Securities lending income — Affiliated		—		23,635
Capital shares sold		—		4,135,315
Dividends		10,483		185,736
Interest		1,650,556		23,415,985

Total assets		2,170,477,821		19,452,628,180


LIABILITIES
Payables:
Investments purchased		127,537,144		445,379,036
Capital shares redeemed		—		6,891,242
Investment advisory fees		99,886		3,041,773

Total liabilities		127,637,030		455,312,051


NET ASSETS	$	2,042,840,791	$	18,997,316,129


NET ASSETS CONSIST OF:
Paid-in capital	$	2,028,429,459	$	18,035,830,508
Accumulated earnings		14,411,332		961,485,621

NET ASSETS	$	2,042,840,791	$	18,997,316,129


Shares outstanding		20,200,000		156,400,000

Net asset value	$	101.13	$	121.47

Shares authorized		Unlimited		Unlimited

Par value		None		None


^(a)Investments, at cost — Unaffiliated	$	2,025,529,559	$	17,955,308,423
^(b)Investments, at cost — Affiliated	$	134,330,000	$	452,291,000

See notes to financial statements.


FINANCIAL STATEMENTS			9

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares 0-5 Year TIPS Bond ETF		iShares TIPS Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	56,979	$	1,439,190
Interest — Unaffiliated^(a)		21,973,746		183,714,845
Securities lending income — Affiliated — net		6,683		171,369

Total investment income		22,037,408		185,325,404


EXPENSES
Investment advisory fees		684,442		19,590,868

Total expenses		684,442		19,590,868

Net investment income		21,352,966		165,734,536


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		6,932,405		10,176,158
In-kind redemptions — Unaffiliated		3,334,674		253,092,173

Net realized gain		10,267,079		263,268,331

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		487,023		505,313,789

Net change in unrealized appreciation (depreciation)		487,023		505,313,789

Net realized and unrealized gain		10,754,102		768,582,120

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	32,107,068	$	934,316,656

^(a)	Includes net inflationary and deflationary adjustments to income. See Note 4 of the Notes to Financial Statements.

See notes to financial statements.


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares 0-5 Year TIPS Bond ETF						iShares TIPS Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	21,352,966		$	47,660,220		$	165,734,536		$	390,301,874
Net realized gain (loss)		10,267,079			(766,551	)		263,268,331			11,516,651
Net change in unrealized appreciation (depreciation)		487,023			46,862,077			505,313,789			1,354,215,690

Net increase in net assets resulting from operations		32,107,068			93,755,746			934,316,656			1,756,034,215


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(12,408,647	)		(48,480,866	)		(92,899,687	)		(403,860,049	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(320,718,680	)		98,699,029			(2,280,163,346	)		(3,139,301,741	)


NET ASSETS
Total increase (decrease) in net assets		(301,020,259	)		143,973,909			(1,438,746,377	)		(1,787,127,575	)
Beginning of period		2,343,861,050			2,199,887,141			20,436,062,506			22,223,190,081

End of period	$	2,042,840,791		$	2,343,861,050		$	18,997,316,129		$	20,436,062,506

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

See notes to financial statements.


FINANCIAL STATEMENTS			11

Financial Highlights

(For a share outstanding throughout each period)


	iShares 0-5 Year TIPS Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period	$	100.17		$	98.21		$	100.52		$	101.05		$	99.23		$	100.46

Net investment income (loss)^(a)		0.94			2.05			2.61			1.50			0.60			(0.53	)
Net realized and unrealized gain (loss)^(b)		0.57			2.02			(2.22	)		(0.92	)		1.93			(0.70	)

Net increase (decrease) from investment operations		1.51			4.07			0.39			0.58			2.53			(1.23	)


Distributions^(c)
From net investment income		(0.55	)		(2.11	)		(2.70	)		(1.11	)		(0.56	)		—
Return of capital		—			—			—			—			(0.15	)		—

Total distributions		(0.55	)		(2.11	)		(2.70	)		(1.11	)		(0.71	)		—


Net asset value, end of period	$	101.13		$	100.17		$	98.21		$	100.52		$	101.05		$	99.23


Total Return
Based on net asset value		1.52	%^(d)		4.17	%		0.39	%		0.58	%		2.56	%		(1.22	)%


Ratios to Average Net Assets
Total expenses		0.06	%^(e)		0.06	%		0.06	%		0.09	%		0.17	%		0.20	%

Total expenses after fees waived		0.06	%^(e)		0.06	%		0.06	%		0.09	%		0.10	%		0.10	%

Net investment income (loss)		1.87	%^(e)		2.07	%		2.62	%		1.49	%		0.60	%		(0.53	)%


Supplemental Data
Net assets, end of period (000)	$	2,042,841		$	2,343,861		$	2,199,887		$	1,326,873		$	788,179		$	580,506

Portfolio turnover rate^(f)		59	%^(d)		58	%		40	%		27	%		42	%		25	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares TIPS Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period	$	116.11		$	108.83		$	113.73		$	115.74		$	110.80		$	113.01

Net investment income^(a)		0.95			2.11			3.14			2.14			1.38			0.33
Net realized and unrealized gain (loss)^(b)		4.95			7.41			(4.63	)		(2.41	)		4.99			(2.11	)

Net increase (decrease) from investment operations		5.90			9.52			(1.49	)		(0.27	)		6.37			(1.78	)


Distributions^(c)
From net investment income		(0.54	)		(2.24	)		(3.41	)		(1.74	)		(1.43	)		(0.43	)

Total distributions		(0.54	)		(2.24	)		(3.41	)		(1.74	)		(1.43	)		(0.43	)


Net asset value, end of period	$	121.47		$	116.11		$	108.83		$	113.73		$	115.74		$	110.80


Total Return
Based on net asset value		5.09	%^(d)		8.80	%		(1.36	)%		(0.23	)%		5.75	%		(1.58	)%


Ratios to Average Net Assets
Total expenses		0.19	%^(e)		0.19	%		0.19	%		0.20	%		0.20	%		0.20	%

Net investment income		1.62	%^(e)		1.87	%		2.80	%		1.88	%		1.21	%		0.29	%


Supplemental Data
Net assets, end of period (000)	$	18,997,316		$	20,436,063		$	22,223,190		$	23,633,497		$	19,722,002		$	13,739,125

Portfolio turnover rate^(f)		29	%^(d)		17	%		21	%		32	%		24	%		41	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			13

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
0-5 Year TIPS Bond		Diversified
TIPS Bond		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

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.

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 should the reporting period end on a day that the Fund’s listing exchange is not open. 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. A fund determines the fair value 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 are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

•

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


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

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.

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 for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, 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 considered to be active, inputs other than quoted prices that are observable for the asset or liability (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 judgement 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. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. 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

Inflation-Indexed Bonds: Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the statement of operations, even though investors do not receive their principal until maturity.

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 April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules 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 for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statements 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).


NOTES TO FINANCIAL STATEMENTS			15

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to the iShares 0-5 Year TIPS Bond ETF, BFA is entitled to an annual investment advisory fee of 0.06%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares TIPS Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.2000	%
Over $121 billion, up to and including $181 billion		0.1900
Over $181 billion, up to and including $231 billion		0.1805
Over $231 billion, up to and including $281 billion		0.1715
Over $281 billion		0.1630

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

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. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund 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 “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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 statement of operations. For the six months ended April 30, 2020, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
0-5 Year TIPS Bond	$	2,321
TIPS Bond		46,156

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
0-5 Year TIPS Bond	$	779,898,783	$	644,763,477	$	3,178,086
TIPS Bond		517,865,640		708,161,376		2,074,654

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 statement 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.


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

6.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


	U.S. Government Securities
iShares ETF	Purchases		Sales
0-5 Year TIPS Bond	$	1,294,677,170	$	1,370,366,168
TIPS Bond		5,708,863,843		6,591,171,691

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
0-5 Year TIPS Bond	$	195,661,341	$	514,580,413
TIPS Bond		3,664,481,957		5,845,520,609

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 the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2020, 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, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
0-5 Year TIPS Bond	$	13,613,272
TIPS Bond		231,060,376

As of April 30, 2020, 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)
0-5 Year TIPS Bond	$	2,161,368,621	$	10,572,831	$	(3,131,199	)	$	7,441,632
TIPS Bond		18,450,800,902		917,628,005		(65,963,505	)		851,664,500

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. 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.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. 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. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.


NOTES TO FINANCIAL STATEMENTS			17

Notes to Financial Statements (unaudited) (continued)

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund may be subject to a greater risk of price losses if interest rates rise.

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. The impact of the pandemic may be short term or may last for an extended period of time.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

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.

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 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount

0-5 Year TIPS Bond
Shares sold		2,000,000		$	200,295,310			7,800,000		$	771,964,635
Shares redeemed		(5,200,000	)		(521,013,990	)		(6,800,000	)		(673,265,606	)

Net increase (decrease)		(3,200,000	)	$	(320,718,680	)		1,000,000		$	98,699,029

TIPS Bond
Shares sold		31,400,000		$	3,738,837,424			29,000,000		$	3,303,189,457
Shares redeemed		(51,000,000	)		(6,019,000,770	)		(57,200,000	)		(6,442,491,198	)

Net decrease		(19,600,000	)	$	(2,280,163,346	)		(28,200,000	)	$	(3,139,301,741	)

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 statement of assets and liabilities.

10.

LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.

11.

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.


NOTES TO FINANCIAL STATEMENTS			19

Statement Regarding Liquidity Risk Management Program (unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of iShares 0-5 Year TIPS Bond ETF and iShares TIPS Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a 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 investment 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. 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. Derivative exposure was considered in the calculation of liquidity classification.

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. 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 minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

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 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.

There were no material changes to the Program during the Program Reporting Period. 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.


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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.


	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
0-5 Year TIPS Bond	$	0.547415	$	—	$	—	$	0.547415		100	%		—	%		—	%		100	%


SUPPLEMENTAL INFORMATION			21

General Information

Electronic Delivery

Shareholders can sign up for email 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 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 iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

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.


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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-1001-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares 1-3 Year International Treasury Bond ETF | ISHG | NASDAQ

iShares International Treasury Bond ETF | IGOV | NASDAQ

Table of Contents


	Page
Fund Summary		3
About Fund Performance		5
Shareholder Expenses		5
Schedules of Investments		6
Financial Statements
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		23
Notes to Financial Statements		25
Statement Regarding Liquidity Risk Management Program		31
Supplemental Information		32
General Information		33
Glossary of Terms Used in this Report		34


Fund Summary as of April 30, 2020		iShares^® 1-3 Year International Treasury Bond ETF

Investment Objective

The iShares 1-3 Year International Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of non-U.S. developed market government bonds with remaining maturities between one and three years, as represented by the S&P International Sovereign Ex-U.S. 1-3 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.65	)%		(1.13	)%		(0.32	)%		(1.47	)%		(1.13	)%		(1.58	)%		(13.77	)%
Fund Market		(1.79	)		(1.30	)		(0.38	)		(1.50	)		(1.30	)		(1.87	)		(14.01	)
Index		(1.66	)		(1.04	)		(0.20	)		(1.20	)		(1.04	)		(1.00	)		(11.41	)

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 983.50	$ 0.35			$ 1,000.00	$ 1,024.50	$ 0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	26.9	%
Aa	24.8
A	25.8
Baa	17.1
Not Rated	5.4

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	22.7	%
Italy	10.6
France	8.8
Germany	8.4
Austria	5.2
Australia	5.1
Canada	5.1
Belgium	4.9
United Kingdom	4.9
Netherlands	4.7

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.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® International Treasury Bond ETF

Investment Objective

The iShares International Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of non-U.S. developed market government bonds, as represented by the S&P International Sovereign Ex-U.S. Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.33	)%		3.03	%		1.67	%		1.36	%		3.03	%		8.63	%		14.42	%
Fund Market		(1.47	)		2.82			1.61			1.33			2.82			8.29			14.14
Index		(1.28	)		3.35			2.04			1.73			3.35			10.61			18.68

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 986.70	$ 1.73			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	23.0	%
Aa	31.5
A	26.8
Baa	15.4
Not Rated	3.3

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	23.7	%
France	7.9
Italy	7.2
Germany	5.4
United Kingdom	5.1
Spain	5.0
Australia	4.9
Portugal	4.9
Belgium	4.9
Austria	4.9

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Past performance is no guarantee of future results. 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.

Shareholder Expenses


ABOUT FUND PERFORMANCE/SHAREHOLDER EXPENSES			5

Schedule of Investments (unaudited)

April 30, 2020

iShares^® 1-3 Year International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Foreign Government Obligations

Australia — 4.7%
Australia Government Bond 2.00%, 12/21/21^(a)		AUD	220	$	148,147
2.25%, 11/21/22		AUD	1,175		808,267
5.50%, 04/21/23^(a)		AUD	500		377,988
5.75%, 05/15/21^(a)		AUD	1,030		712,617
5.75%, 07/15/22^(a)		AUD	675		495,196

					2,542,215

Austria — 4.8%
Republic of Austria Government Bond 0.00%, 04/20/23^(a)(b)(c)		EUR	300		334,275
3.40%, 11/22/22^(a)(b)		EUR	550		664,283
3.50%, 09/15/21^(a)(b)		EUR	630		728,502
3.65%, 04/20/22^(a)(b)		EUR	725		860,478

					2,587,538

Belgium — 4.6%
Kingdom of Belgium Government Bond 4.00%, 03/28/22		EUR	625		744,612
4.25%, 09/28/21^(a)(b)		EUR	730		853,060
4.25%, 09/28/22^(a)(b)		EUR	725		887,244

					2,484,916

Canada — 4.7%
Canadian Government Bond 0.50%, 03/01/22		CAD	600		433,666
0.75%, 09/01/21		CAD	589		426,381
1.00%, 09/01/22		CAD	755		552,605
1.75%, 03/01/23		CAD	800		599,999
2.75%, 06/01/22		CAD	400		302,778
3.25%, 06/01/21		CAD	300		222,859

					2,538,288

Denmark — 1.9%
Denmark Government Bond 0.25%, 11/15/22^(a)(b)		DKK	2,275		340,840
3.00%, 11/15/21		DKK	4,500		696,806

					1,037,646

Finland — 2.8%
Finland Government Bond 0.00%, 04/15/22^(a)(b)(c)		EUR	425		470,814
1.50%, 04/15/23^(a)(b)		EUR	500		581,275
1.63%, 09/15/22^(a)(b)		EUR	425		490,165

					1,542,254

France — 8.2%
French Republic Government Bond OAT 0.00%, 05/25/21^(a)(c)		EUR	405		445,770
0.00%, 02/25/22^(a)(c)		EUR	300		332,106
0.00%, 05/25/22^(a)(c)		EUR	1,475		1,636,085
0.00%, 02/25/23^(a)(c)		EUR	475		528,956
0.00%, 03/25/23^(a)(c)		EUR	200		222,806
3.00%, 04/25/22^(a)		EUR	650		762,849
3.25%, 10/25/21^(a)		EUR	445		514,898

					4,443,470

Germany — 7.8%
Bundesobligation 0.00%, 10/08/21^(a)(c)		EUR	400		442,619
0.00%, 04/08/22^(a)(c)		EUR	200		222,193
0.00%, 04/14/23^(a)(c)		EUR	300		336,223
Bundesrepublik Deutschland Bundesanleihe 1.50%, 09/04/22^(a)		EUR	600		692,405


Security	Par (000)			Value

Germany (continued)
1.50%, 02/15/23^(a)		EUR	350	$	408,112
1.75%, 07/04/22^(a)		EUR	300		346,577
2.00%, 01/04/22^(a)		EUR	700		802,063
2.25%, 09/04/21^(a)		EUR	300		341,349
3.25%, 07/04/21^(a)		EUR	400		457,870
Bundesschatzanweisungen, 0.00% 12/10/21^(a)(c)		EUR	150		166,193

					4,215,604

Ireland — 3.4%
Ireland Government Bond 0.00%, 10/18/22^(a)(c)		EUR	425		470,311
0.80%, 03/15/22^(a)		EUR	565		633,449
3.90%, 03/20/23^(a)		EUR	600		739,065

					1,842,825

Italy — 9.8%
Italy Buoni Poliennali Del Tesoro 0.05%, 01/15/23^(a)(b)		EUR	200		214,927
0.35%, 11/01/21		EUR	320		349,868
0.45%, 06/01/21^(a)		EUR	360		394,467
0.95%, 03/15/23		EUR	100		110,018
1.00%, 07/15/22^(a)		EUR	475		524,028
1.20%, 04/01/22		EUR	300		331,957
1.35%, 04/15/22		EUR	300		332,880
1.45%, 09/15/22		EUR	475		529,315
2.15%, 12/15/21		EUR	250		280,746
3.75%, 05/01/21^(a)(b)		EUR	210		237,643
3.75%, 08/01/21^(a)(b)		EUR	370		421,627
4.75%, 09/01/21		EUR	350		405,239
5.00%, 03/01/22		EUR	825		975,592
5.50%, 11/01/22^(a)		EUR	175		213,950

					5,322,257

Japan — 21.0%
Japan Government Five Year Bond 0.10%, 06/20/21		JPY	51,000		478,547
0.10%, 09/20/21		JPY	69,550		653,075
0.10%, 12/20/21		JPY	194,000		1,822,912
0.10%, 03/20/22		JPY	101,000		949,665
0.10%, 06/20/22		JPY	35,000		329,324
0.10%, 09/20/22		JPY	225,000		2,118,663
0.10%, 12/20/22		JPY	115,000		1,083,679
0.10%, 03/20/23		JPY	200,000		1,886,062
Japan Government Ten Year Bond, 1.00%, 03/20/22		JPY	187,000		1,788,055
Japan Government Two Year Bond, 0.10%, 01/01/22		JPY	30,000		281,916

					11,391,898

Netherlands — 4.3%
Netherlands Government Bond 0.00%, 01/15/22^(a)(b)(c)		EUR	700		774,990
2.25%, 07/15/22^(a)(b)		EUR	425		495,714
3.25%, 07/15/21^(a)(b)		EUR	535		612,999
7.50%,01/15/23^(a)(b)		EUR	350		469,112

					2,352,815

Norway — 1.2%
Norway Government Bond, 3.75%, 05/25/21^(a)(b)		NOK	6,600		669,006


Portugal — 1.9%
Portugal Obrigacoes do Tesouro OT, 2.20%, 10/17/22^{(a)(b) .}		EUR	875		1,013,015


Singapore — 0.0%
Singapore Government Bond, 2.00%, 02/01/24		SGD	1		749


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 1-3 Year International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

South Korea — 0.1%
Korea Treasury Bond, 1.88%, 03/10/22		KRW	78,000	$	65,099


Spain — 4.1%
Spain Government Bond
0.00%, 04/30/23^(c)		EUR	600		658,120
0.05%, 10/31/21		EUR	250		274,625
0.40%, 04/30/22		EUR	700		775,237
5.40%, 01/31/23^(a)(b)		EUR	50		62,984
5.85%, 01/31/22^(a)(b)		EUR	400		483,899

					2,254,865

Sweden — 1.8%
Sweden Government Bond, 3.50%, 06/01/22		SEK	8,825		976,187


Switzerland — 0.8%
Swiss Confederation Government Bond
2.00%, 04/28/21^(a)		CHF	135		143,906
4.00%, 02/11/23^(a)		CHF	265		310,460

					454,366

United Kingdom — 4.5%
United Kingdom Gilt
0.50%, 07/22/22^(a)		GBP	625		796,858
1.75%, 09/07/22^(a)		GBP	525		688,962
3.75%, 09/07/21^(a)		GBP	308		407,804
4.00%, 03/07/22^(a)		GBP	275		372,436
8.00%, 06/07/21^(a)		GBP	147		201,532

					2,467,592


Total Foreign Government Obligations — 92.4% (Cost: $50,926,122)					50,202,605


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 4.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(d)(e)		2,204	$	2,204,000


Total Short-Term Investments — 4.0% (Cost: $ 2,204,000)				2,204,000


Total Investments in Securities — 96.4% (Cost: $ 53,130,122)				52,406,605

Other Assets, Less Liabilities — 3.6%				1,935,262


Net Assets — 100.0%			$	54,341,867

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

^(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)	Zero-coupon bond.

^(d)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	3,056	(852	)	2,204	$	2,204,000	$	17,756	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts 3-Year Korea Bond		15		06/16/20	$	1,374	$	775

Forward Foreign Currency Exchange Contracts

Currency Purchased

Currency Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

KRW

5,781,004,886

USD

4,725,370

05/04/20

19,187

KRW

2,890,502,443

USD

2,342,384

06/02/20

49,367

68,554


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 1-3 Year International Treasury Bond ETF

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	4,699,412	KRW	5,781,004,886	GS		05/04/20	$	(45,145	)

	Net unrealized appreciation						$	23,409

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Foreign Currency Exchange Contracts		Interest Rate Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	775	$	775
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	68,554	$	—	$	68,554

	$	68,554	$	775	$	69,329

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	45,145	$	—	$	45,145

^(a)

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Foreign Currency Exchange Contracts			Interest Rate Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—		$	6,465	$	6,465
Forward foreign currency exchange contracts		(104,992	)		—		(104,992	)

	$	(104,992	)	$	6,465	$	(98,527	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—		$	9,862	$	9,862
Forward foreign currency exchange contracts		239			—		239

	$	239		$	9,862	$	10,101

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,396,069
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	7,163,214
Average amounts sold — in USD	$	4,339,393

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 1-3 Year International Treasury Bond ETF

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:


	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	775		$	—
Forward foreign currency exchange contracts		68,554			45,145

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	69,329		$	45,145
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(775	)		—

Total derivative assets and liabilities subject to an MNA	$	68,554		$	45,145

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Net Amount of Derivative Assets^(b)
Goldman Sachs & Co.	$	68,554	$	(45,145	)	$	23,409


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Net Amount of Derivative Liabilities
Goldman Sachs & Co.	$	45,145	$	(45,145	)	$	—

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements


	Level 1		Level 2			Level 3		Total
Investments
Assets
Foreign Government Obligations	$	—	$	50,202,605		$	—	$	50,202,605
Money Market Funds		2,204,000		—			—		2,204,000

	$	2,204,000	$	50,202,605		$	—	$	52,406,605

Derivative financial instruments^(a)
Assets
Futures Contracts	$	775	$	—		$	—	$	775
Forward Foreign Currency Exchange Contracts		—		68,554			—		68,554
Liabilities
Forward Foreign Currency Exchange Contracts		—		(45,145	)		—		(45,145	)

	$	775	$	23,409		$	—	$	24,184

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited)

April 30, 2020

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Foreign Government Obligations

Australia — 4.7%
Australia Government Bond 1.25%, 05/21/32		AUD	300	$	201,540
1.50%, 06/21/31^(a)		AUD	1,906		1,317,564
2.00%, 12/21/21^(a)		AUD	1,500		1,010,097
2.25%, 11/21/22		AUD	684		470,515
2.25%, 05/21/28^(a)		AUD	3,100		2,265,142
2.50%, 05/21/30^(a)		AUD	3,139		2,368,034
2.75%, 04/21/24^(a)		AUD	3,050		2,186,954
2.75%, 11/21/27^(a)		AUD	3,109		2,342,370
2.75%, 11/21/28^(a)		AUD	2,820		2,142,578
2.75%, 11/21/29^(a)		AUD	2,826		2,166,656
2.75%, 06/21/35^(a)		AUD	1,081		856,064
2.75%, 05/21/41^(a)		AUD	555		438,970
3.00%, 03/21/47^(a)		AUD	1,438		1,211,262
3.25%, 04/21/25^(a)		AUD	3,028		2,257,078
3.25%, 04/21/29^(a)		AUD	3,506		2,772,243
3.25%, 06/21/39^(a)		AUD	974		824,103
3.75%, 04/21/37^(a)		AUD	1,171		1,044,190
4.25%, 04/21/26^(a)		AUD	3,614		2,883,171
4.50%, 04/21/33^(a)		AUD	1,555		1,442,925
4.75%, 04/21/27^(a)		AUD	3,318		2,783,122
5.50%, 04/21/23^(a)		AUD	2,785		2,105,392
5.75%, 05/15/21^(a)		AUD	1,237		855,832
5.75%, 07/15/22^(a)		AUD	2,966		2,175,929

					38,121,731

Austria — 4.6%
Republic of Austria Government Bond 0.00%, 09/20/22^(b)(c)		EUR	940		1,044,305
0.00%, 07/15/23^(b)(c)		EUR	1,310		1,460,670
0.00%, 07/15/24^(b)(c)		EUR	700		783,715
0.00%, 02/20/30^(b)		EUR	475		529,476
0.50%, 04/20/27^(b)		EUR	1,450		1,679,347
0.50%, 02/20/29^(b)		EUR	1,391		1,621,070
0.75%, 10/20/26^(b)		EUR	1,724		2,026,822
0.75%, 02/20/28^(b)		EUR	1,602		1,893,991
1.20%, 10/20/25^(b)		EUR	1,621		1,935,629
1.50%, 02/20/47^(b)		EUR	1,092		1,590,734
1.50%, 11/02/86^(b)		EUR	363		598,935
1.65%, 10/21/24^(b)		EUR	1,585		1,906,010
1.75%, 10/20/23^(b)		EUR	1,894		2,244,192
2.10%, 12/31/2117^(b)		EUR	798		1,751,770
2.40%, 05/23/34^(b)		EUR	1,260		1,842,956
3.15%, 06/20/44^(b)		EUR	967		1,812,850
3.40%, 11/22/22^(b)		EUR	1,626		1,963,862
3.65%, 04/20/22^(b)		EUR	1,290		1,531,058
3.80%, 01/26/62^(b)		EUR	541		1,375,088
4.15%, 03/15/37^(b)		EUR	2,064		3,825,849
4.85%, 03/15/26^(b)		EUR	1,440		2,068,382
6.25%, 07/15/27		EUR	1,486		2,398,259

					37,884,970

Belgium — 4.6%
Kingdom of Belgium Government Bond 0.20%, 10/22/23^(b)		EUR	927		1,040,625
0.40%, 06/22/40		EUR	500		541,023
0.50%, 10/22/24^(b)		EUR	975		1,113,304
0.80%, 06/22/25^(b)		EUR	567		659,228
0.80%, 06/22/27^(b)		EUR	1,382		1,625,567
0.80%, 06/22/28^(b)		EUR	1,404		1,660,180


Security	Par (000)			Value

Belgium (continued)
0.90%, 06/22/29^(b)		EUR	1,164	$	1,391,458
1.00%, 06/22/26^(b)		EUR	1,360		1,609,223
1.00%, 06/22/31^(b)		EUR	980		1,188,247
1.45%, 06/22/37^(b)		EUR	495		643,235
1.60%, 06/22/47^(b)		EUR	1,013		1,397,848
1.70%, 06/22/50^(b)		EUR	528		749,778
1.90%, 06/22/38^(b)		EUR	670		931,697
2.15%, 06/22/66^(b)		EUR	384		655,828
2.25%, 06/22/23^(a)		EUR	1,180		1,406,836
2.25%, 06/22/57^(b)		EUR	441		730,724
2.60%, 06/22/24^(b)		EUR	1,305		1,613,611
3.00%, 06/22/34^(b)		EUR	800		1,222,442
3.75%, 06/22/45^(a)		EUR	884		1,705,370
4.00%, 03/28/22		EUR	1,222		1,455,905
4.00%, 03/28/32^(a)		EUR	814		1,306,691
4.25%, 09/28/21^(b)		EUR	1,493		1,744,683
4.25%, 09/28/22^(b)		EUR	1,359		1,663,882
4.25%, 03/28/41^(b)		EUR	1,405		2,701,859
4.50%, 03/28/26^(b)		EUR	930		1,311,179
5.00%, 03/28/35^(b)		EUR	1,753		3,266,425
5.50%, 03/28/28		EUR	1,067		1,698,765
Series 86, 1.25%, 04/22/33^(a)		EUR	684		859,016

					37,894,629

Canada — 4.6%
Canadian Government Bond 0.50%, 03/01/22		CAD	2,388		1,725,990
0.75%, 03/01/21		CAD	1,224		884,537
1.00%, 09/01/22		CAD	3,780		2,766,684
1.00%, 06/01/27		CAD	2,038		1,524,417
1.25%, 06/01/30		CAD	1,000		770,676
1.50%, 06/01/23		CAD	1,921		1,434,703
1.50%, 06/01/26		CAD	1,725		1,324,175
1.75%, 05/01/21		CAD	320		233,694
1.75%, 03/01/23		CAD	2,572		1,928,995
2.00%, 09/01/23		CAD	1,700		1,289,660
2.00%, 06/01/28		CAD	2,025		1,635,629
2.00%, 12/01/51		CAD	1,181		1,051,893
2.25%, 03/01/24		CAD	1,600		1,234,417
2.25%, 06/01/25		CAD	1,700		1,339,988
2.25%, 06/01/29		CAD	1,630		1,351,623
2.50%, 06/01/24		CAD	1,775		1,388,333
2.75%, 06/01/22		CAD	1,588		1,202,030
2.75%, 12/01/48		CAD	1,972		1,985,204
2.75%, 12/01/64		CAD	635		722,833
3.25%, 06/01/21		CAD	1,471		1,092,752
3.50%, 12/01/45		CAD	2,122		2,335,323
4.00%, 06/01/41		CAD	1,830		2,031,979
5.00%, 06/01/37		CAD	1,592		1,882,880
5.75%, 06/01/29		CAD	1,480		1,559,661
5.75%, 06/01/33		CAD	1,650		1,931,508
8.00%, 06/01/27		CAD	520		570,549
9.00%, 06/01/25		CAD	20		20,629

					37,220,762

Denmark — 2.8%
Denmark Government Bond 0.25%, 11/15/22^(b)		DKK	6,237		934,426
0.50%, 11/15/27		DKK	18,768		2,960,156
0.50%, 11/15/29^(b)		DKK	16,947		2,704,941
1.50%, 11/15/23		DKK	13,361		2,110,860


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Denmark (continued)
1.75%, 11/15/25		DKK	15,120	$	2,511,323
3.00%, 11/15/21		DKK	12,541		1,941,872
4.50%, 11/15/39		DKK	34,974		9,822,074

					22,985,652

Finland — 3.6%
Finland Government Bond 0.00%, 04/15/22^(b)(c)		EUR	1,333		1,476,694
0.00%, 09/15/23^(b)(c)		EUR	1,485		1,659,132
0.00%, 09/15/24^(b)(c)		EUR	907		1,016,058
0.13%, 04/15/36^(b)		EUR	780		866,448
0.50%, 04/15/26^(b)		EUR	1,552		1,791,938
0.50%, 09/15/27^(b)		EUR	1,544		1,789,229
0.50%, 09/15/28^(b)		EUR	1,336		1,553,929
0.50%, 09/15/29^(b)		EUR	900		1,050,003
0.75%, 04/15/31^(b)		EUR	1,253		1,506,838
0.88%, 09/15/25^(b)		EUR	1,063		1,247,586
1.13%, 04/15/34^(b)		EUR	1,307		1,660,763
1.38%, 04/15/47^(b)		EUR	915		1,317,642
1.50%, 04/15/23^(b)		EUR	1,301		1,512,479
1.63%, 09/15/22^(b)		EUR	1,310		1,510,861
2.00%, 04/15/24^(b)		EUR	1,337		1,616,071
2.63%, 07/04/42^(b)		EUR	1,271		2,163,545
2.75%, 07/04/28^(b)		EUR	1,342		1,833,985
3.50%, 04/15/21^(b)		EUR	1,719		1,953,370
4.00%, 07/04/25^(b)		EUR	1,600		2,163,734

					29,690,305

France — 7.5%
French Republic Government Bond OAT 0.00%, 05/25/21^(a)(c)		EUR	1,086		1,195,160
0.00%, 02/25/22^(a)(c)		EUR	1,000		1,107,020
0.00%, 05/25/22^(a)(c)		EUR	1,150		1,275,592
0.00%, 03/25/23^(a)(c)		EUR	1,150		1,281,134
0.00%, 03/25/24^(a)(c)		EUR	1,200		1,343,276
0.00%, 03/25/25^(a)(c)		EUR	1,119		1,254,688
0.00%, 11/25/29^(a)(c)		EUR	882		976,198
0.50%, 05/25/25^(a)		EUR	1,403		1,612,619
0.50%, 05/25/26^(a)		EUR	1,246		1,437,075
0.50%, 05/25/29^(a)		EUR	885		1,026,919
0.75%, 05/25/28^(a)		EUR	1,201		1,420,297
0.75%, 11/25/28^(a)		EUR	925		1,096,332
1.00%, 11/25/25^(a)		EUR	1,200		1,417,931
1.00%, 05/25/27^(a)		EUR	1,230		1,470,624
1.25%, 05/25/34^(a)		EUR	900		1,136,691
1.25%, 05/25/36^(b)		EUR	1,133		1,440,027
1.50%, 05/25/31^(a)		EUR	1,737		2,225,206
1.50%, 05/25/50^(b)		EUR	977		1,339,775
1.75%, 05/25/23^(a)		EUR	1,415		1,662,678
1.75%, 11/25/24^(a)		EUR	1,370		1,658,425
1.75%, 06/25/39^(b)		EUR	700		970,808
1.75%, 05/25/66^(b)		EUR	407		634,934
2.00%, 05/25/48^(b)		EUR	1,032		1,553,439
2.25%, 10/25/22^(a)		EUR	1,313		1,541,165
2.25%, 05/25/24^(a)		EUR	1,456		1,779,429
2.50%, 05/25/30^(a)		EUR	1,508		2,084,791
2.75%, 10/25/27^(a)		EUR	1,539		2,071,821
3.00%, 04/25/22^(a)		EUR	1,730		2,030,151
3.25%, 10/25/21^(a)		EUR	1,325		1,533,124
3.25%, 05/25/45^(a)		EUR	912		1,648,107
3.50%, 04/25/26^(a)		EUR	1,354		1,829,392


Security	Par (000)			Value

France (continued)
4.00%, 10/25/38^(a)		EUR	1,017	$	1,858,125
4.00%, 04/25/55^(a)		EUR	583		1,315,012
4.00%, 04/25/60^(a)		EUR	447		1,066,190
4.25%, 10/25/23^(a)		EUR	1,715		2,198,901
4.50%, 04/25/41^(a)		EUR	1,304		2,619,878
4.75%, 04/25/35^(a)		EUR	1,107		2,038,329
5.50%, 04/25/29^(a)		EUR	320		530,441
5.75%, 10/25/32^(a)		EUR	1,168		2,191,268
6.00%, 10/25/25^(a)		EUR	1,123		1,667,171
8.50%, 04/25/23^(a)		EUR	435		605,670

					61,145,813

Germany — 5.1%
Bundesobligation 0.00%, 10/08/21^(a)(c)		EUR	730		807,780
0.00%, 04/08/22^(a)(c)		EUR	661		734,346
0.00%, 10/07/22^(a)(c)		EUR	655		730,672
0.00%, 10/13/23^(a)(c)		EUR	600		675,726
0.00%, 04/05/24^(a)(c)		EUR	800		904,253
0.00%, 10/18/24^(a)(c)		EUR	800		907,951
Bundesrepublik Deutschland Bundesanleihe 0.00%, 08/15/26^(a)(c)		EUR	904		1,037,718
0.00%, 08/15/29^(a)(c)		EUR	800		927,921
0.00%, 02/15/30^(a)		EUR	425		493,121
0.00%, 08/15/50^(a)(c)		EUR	275		318,063
0.25%, 02/15/27^(a)		EUR	1,000		1,170,492
0.25%, 08/15/28^(a)		EUR	800		945,217
0.25%, 02/15/29^(a)		EUR	886		1,049,633
0.50%, 02/15/25^(a)		EUR	854		994,400
0.50%, 02/15/26^(a)		EUR	926		1,090,113
0.50%, 08/15/27^(a)		EUR	950		1,134,454
0.50%, 02/15/28^(a)		EUR	825		989,982
1.00%, 08/15/24^(a)		EUR	685		809,350
1.00%, 08/15/25^(a)		EUR	800		960,192
1.25%, 08/15/48^(a)		EUR	850		1,325,332
1.50%, 09/04/22^(a)		EUR	655		755,875
1.50%, 05/15/23^(a)		EUR	641		751,318
1.50%, 05/15/24^(a)		EUR	755		905,479
1.75%, 07/04/22^(a)		EUR	828		956,552
1.75%, 02/15/24^(a)		EUR	739		889,301
2.00%, 01/04/22^(a)		EUR	755		865,082
2.00%, 08/15/23^(a)		EUR	441		528,108
2.50%, 07/04/44^(a)		EUR	1,180		2,189,655
2.50%, 08/15/46^(a)		EUR	997		1,901,884
3.25%, 07/04/21^(a)		EUR	50		57,234
3.25%, 07/04/42^(a)		EUR	760		1,516,011
4.00%, 01/04/37^(a)		EUR	836		1,616,699
4.25%, 07/04/39^(a)		EUR	679		1,429,520
4.75%, 07/04/28^(a)		EUR	464		737,475
4.75%, 07/04/34^(a)		EUR	812		1,576,117
4.75%, 07/04/40^(a)		EUR	618		1,403,326
5.50%, 01/04/31^(a)		EUR	667		1,219,134
5.63%, 01/04/28^(a)		EUR	665		1,088,869
6.25%, 01/04/24^(a)		EUR	285		393,481
6.25%, 01/04/30^(a)		EUR	375		690,610
6.50%, 07/04/27^(a)		EUR	450		752,842
Bundesschatzanweisungen 0.00%, 09/10/21^(a)(c)		EUR	500		552,491
0.00%, 12/10/21^(a)(c)		EUR	463		512,981

					41,296,760


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Ireland — 4.4%
Ireland Government Bond 0.00%, 10/18/22^(a)(c)		EUR	2,750	$	3,043,189
0.40%, 05/15/35^(a)		EUR	1,050		1,158,575
0.80%, 03/15/22^(a)		EUR	1,880		2,107,760
0.90%, 05/15/28^(a)		EUR	2,300		2,705,358
1.00%, 05/15/26^(a)		EUR	2,974		3,483,161
1.10%, 05/15/29^(a)		EUR	280		335,727
1.30%, 05/15/33^(a)		EUR	1,345		1,663,366
1.35%, 03/18/31^(a)		EUR	1,320		1,627,243
1.50%, 05/15/50^(a)		EUR	1,390		1,824,524
1.70%, 05/15/37^(a)		EUR	1,560		2,053,477
2.00%, 02/18/45^(a)		EUR	2,258		3,258,177
2.40%, 05/15/30^(a)		EUR	2,754		3,704,811
3.40%, 03/18/24^(a)		EUR	2,110		2,647,345
3.90%, 03/20/23^(a)		EUR	1,933		2,380,723
5.40%, 03/13/25		EUR	3,018		4,221,526

					36,214,962

Italy — 6.9%
Italy Buoni Poliennali Del Tesoro 0.05%, 04/15/21		EUR	600		655,994
0.05%, 01/15/23^(b)		EUR	389		418,034
0.35%, 11/01/21		EUR	615		672,403
0.35%, 02/01/25^(a)		EUR	358		377,450
0.45%, 06/01/21^(a)		EUR	695		761,540
0.65%, 10/15/23		EUR	566		615,434
0.85%, 01/15/27^(b)		EUR	235		247,184
0.90%, 08/01/22^(a)		EUR	600		660,195
0.95%, 03/01/23		EUR	490		539,101
0.95%, 03/15/23		EUR	630		693,113
1.00%, 07/15/22^(a)		EUR	687		757,910
1.20%, 04/01/22		EUR	700		774,566
1.25%, 12/01/26^(a)		EUR	657		711,594
1.35%, 04/15/22		EUR	743		824,434
1.35%, 04/01/30^(a)		EUR	697		733,768
1.45%, 09/15/22		EUR	790		880,335
1.45%, 11/15/24^(a)		EUR	550		611,092
1.45%, 05/15/25^(a)		EUR	600		663,750
1.50%, 06/01/25		EUR	800		886,717
1.60%, 06/01/26		EUR	770		853,884
1.65%, 03/01/32^(b)		EUR	780		832,723
1.75%, 07/01/24^(a)		EUR	697		784,254
1.85%, 05/15/24		EUR	650		735,051
2.00%, 12/01/25		EUR	750		851,644
2.00%, 02/01/28^(a)		EUR	650		732,758
2.05%, 08/01/27		EUR	668		756,364
2.10%, 07/15/26^(a)		EUR	675		768,953
2.15%, 12/15/21		EUR	746		837,744
2.20%, 06/01/27		EUR	240		274,655
2.25%, 09/01/36^(b)		EUR	525		585,133
2.30%, 10/15/21^(a)		EUR	600		673,691
2.45%, 10/01/23^(a)		EUR	304		350,310
2.45%, 09/01/33^(b)		EUR	600		689,414
2.50%, 12/01/24		EUR	835		969,250
2.50%, 11/15/25^(a)		EUR	650		756,058
2.70%, 03/01/47^(b)		EUR	616		702,425
2.80%, 12/01/28^(a)		EUR	675		804,156
2.80%, 03/01/67^(b)		EUR	371		412,160
2.95%, 09/01/38^(b)		EUR	527		636,269
3.00%, 08/01/29^(a)		EUR	400		484,056
3.10%, 03/01/40^(b)		EUR	281		345,157


Security	Par (000)			Value

Italy (continued)
3.25%, 09/01/46^(b)		EUR	575	$	716,535
3.35%, 03/01/35^(b)		EUR	500		633,869
3.45%, 03/01/48^(b)		EUR	587		756,563
3.50%, 03/01/30^(b)		EUR	896		1,127,857
3.75%, 03/01/21		EUR	883		995,367
3.75%, 05/01/21^(b)		EUR	253		286,303
3.75%, 08/01/21^(b)		EUR	1,001		1,140,671
3.75%, 09/01/24		EUR	747		908,220
3.85%, 09/01/49^(b)		EUR	475		655,291
4.00%, 02/01/37^(b)		EUR	998		1,361,981
4.50%, 05/01/23		EUR	747		906,780
4.50%, 03/01/24		EUR	797		986,939
4.50%, 03/01/26^(b)		EUR	925		1,190,454
4.75%, 09/01/21		EUR	874		1,011,940
4.75%, 08/01/23^(b)		EUR	970		1,193,956
4.75%, 09/01/28^(b)		EUR	852		1,155,810
4.75%, 09/01/44^(b)		EUR	596		913,883
5.00%, 03/01/22		EUR	739		873,894
5.00%, 03/01/25^(b)		EUR	929		1,197,703
5.00%, 08/01/34^(b)		EUR	872		1,292,246
5.00%, 08/01/39^(b)		EUR	789		1,222,674
5.00%, 09/01/40^(b)		EUR	777		1,207,403
5.25%, 11/01/29		EUR	509		725,236
5.50%, 09/01/22		EUR	738		897,129
5.50%, 11/01/22^(a)		EUR	507		619,844
5.75%, 02/01/33		EUR	722		1,115,477
6.00%, 05/01/31^(a)		EUR	535		819,969
6.50%, 11/01/27		EUR	959		1,410,330
7.25%, 11/01/26		EUR	433		643,017
9.00%, 11/01/23		EUR	422		591,170

					55,879,234

Japan — 22.4%
Japan Government Five Year Bond 0.10%, 06/20/21		JPY	70,950		665,743
0.10%, 09/20/21		JPY	92,850		871,862
0.10%, 12/20/21		JPY	69,300		651,174
0.10%, 03/20/22		JPY	69,400		652,542
0.10%, 06/20/22		JPY	80,000		752,741
0.10%, 09/20/22		JPY	83,200		783,435
0.10%, 12/20/22		JPY	68,000		640,784
0.10%, 03/20/23		JPY	114,000		1,075,055
0.10%, 06/20/23		JPY	59,000		556,780
0.10%, 09/20/23		JPY	84,000		793,230
0.10%, 12/20/23		JPY	123,550		1,167,471
0.10%, 03/20/24		JPY	77,350		731,366
0.10%, 06/20/24		JPY	168,700		1,596,052
0.10%, 09/20/24		JPY	175,000		1,656,539
0.10%, 12/20/24		JPY	180,000		1,703,936
Japan Government Forty Year Bond 0.40%, 03/20/56		JPY	88,750		819,677
0.50%, 03/20/59		JPY	85,050		813,103
0.80%, 03/20/58		JPY	97,000		1,022,457
0.90%, 03/20/57		JPY	91,850		993,493
1.40%, 03/20/55		JPY	49,400		607,306
1.70%, 03/20/54		JPY	52,950		691,804
1.90%, 03/20/53		JPY	49,800		675,214
2.00%, 03/20/52		JPY	85,100		1,168,799
2.20%, 03/20/49		JPY	59,100		818,607
2.20%, 03/20/50		JPY	56,150		786,252
2.20%, 03/20/51		JPY	83,450		1,181,161


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Japan (continued)
2.40%, 03/20/48		JPY	36,900	$	524,975
Japan Government Ten Year Bond 0.10%, 03/20/26		JPY	42,600		404,583
0.10%, 06/20/26		JPY	45,000		427,663
0.10%, 09/20/26		JPY	70,450		670,374
0.10%, 12/20/26		JPY	78,500		747,451
0.10%, 03/20/27		JPY	63,000		599,818
0.10%, 06/20/27		JPY	70,050		667,635
0.10%, 09/20/27		JPY	66,250		631,474
0.10%, 12/20/27		JPY	56,000		533,805
0.10%, 03/20/28		JPY	65,150		621,019
0.10%, 06/20/28		JPY	80,400		766,129
0.10%, 09/20/28		JPY	101,000		961,746
0.10%, 12/20/28		JPY	86,000		818,293
0.10%, 03/20/29		JPY	56,400		536,178
0.10%, 06/20/29		JPY	58,350		554,422
0.10%, 09/20/29		JPY	15,550		147,563
0.30%, 12/20/24		JPY	48,550		464,048
0.30%, 12/20/25		JPY	41,550		398,967
0.40%, 03/20/25		JPY	48,200		463,366
0.40%, 06/20/25		JPY	85,250		820,667
0.40%, 09/20/25		JPY	47,950		462,286
0.50%, 09/20/24		JPY	81,900		788,809
0.50%, 12/20/24		JPY	43,850		422,959
0.60%, 03/20/23		JPY	199,750		1,910,229
0.60%, 09/20/23		JPY	30,250		290,483
0.60%, 12/20/23		JPY	87,000		836,993
0.60%, 03/20/24		JPY	79,700		768,171
0.60%, 06/20/24		JPY	83,050		801,912
0.70%, 12/20/22		JPY	94,050		900,016
0.80%, 06/20/22		JPY	75,700		722,914
0.80%, 09/20/22		JPY	90,450		865,913
0.80%, 12/20/22		JPY	106,850		1,025,154
0.80%, 06/20/23		JPY	107,100		1,032,501
0.80%, 09/20/23		JPY	101,800		984,052
0.90%, 03/20/22		JPY	71,650		683,836
0.90%, 06/20/22		JPY	101,100		967,510
1.00%, 09/20/21		JPY	79,050		751,542
1.00%, 12/20/21		JPY	24,650		235,032
1.00%, 03/20/22		JPY	98,800		944,705
1.10%, 06/20/21		JPY	82,450		782,348
1.10%, 09/20/21		JPY	77,750		740,194
1.10%, 12/20/21		JPY	102,550		979,363
1.20%, 06/20/21		JPY	23,400		222,286
Japan Government Thirty Year Bond 0.30%, 06/20/46		JPY	59,950		546,415
0.40%, 06/20/49		JPY	177,400		1,648,799
0.40%, 09/20/49		JPY	107,000		993,644
0.50%, 09/20/46		JPY	85,500		817,597
0.50%, 03/20/49		JPY	95,050		907,026
0.60%, 12/20/46		JPY	62,350		611,384
0.70%, 06/20/48		JPY	105,300		1,057,667
0.70%, 12/20/48		JPY	81,450		818,803
0.80%, 03/20/46		JPY	59,700		612,922
0.80%, 03/20/47		JPY	58,650		602,246
0.80%, 06/20/47		JPY	65,900		677,537
0.80%, 09/20/47		JPY	69,450		714,925
0.80%, 12/20/47		JPY	80,950		833,308
0.80%, 03/20/48		JPY	89,000		916,125
0.90%, 09/20/48		JPY	62,350		658,291


Security	Par (000)			Value

Japan (continued)
1.10%, 03/20/33		JPY	29,000	$	305,721
1.40%, 09/20/45		JPY	37,500		435,703
1.40%, 12/20/45		JPY	42,650		496,058
1.50%, 12/20/44		JPY	45,050		532,486
1.50%, 03/20/45		JPY	66,250		784,028
1.60%, 06/20/45		JPY	40,650		490,469
1.70%, 06/20/33		JPY	32,550		367,552
1.70%, 12/20/43		JPY	62,400		760,990
1.70%, 03/20/44		JPY	76,600		935,640
1.70%, 06/20/44		JPY	51,600		631,307
1.70%, 09/20/44		JPY	55,650		681,939
1.80%, 11/22/32		JPY	26,000		295,350
1.80%, 03/20/43		JPY	82,500		1,017,581
1.80%, 09/20/43		JPY	60,650		750,793
1.90%, 09/20/42		JPY	168,500		2,103,780
1.90%, 06/20/43		JPY	75,150		943,783
2.00%, 12/20/33		JPY	39,750		465,395
2.00%, 09/20/40		JPY	45,300		564,408
2.00%, 09/20/41		JPY	143,650		1,809,680
2.00%, 03/20/42		JPY	134,550		1,702,450
2.10%, 09/20/33		JPY	25,550		301,635
2.20%, 09/20/39		JPY	108,400		1,374,638
2.20%, 03/20/41		JPY	127,000		1,639,557
2.30%, 05/20/32		JPY	24,800		293,989
2.30%, 03/20/35		JPY	58,200		712,948
2.30%, 06/20/35		JPY	35,550		437,305
2.30%, 12/20/35		JPY	45,650		563,988
2.30%, 12/20/36		JPY	43,100		538,380
2.30%, 03/20/39		JPY	116,050		1,482,154
2.30%, 03/20/40		JPY	124,950		1,615,990
2.40%, 11/20/31		JPY	22,600		268,696
2.40%, 03/20/34		JPY	43,200		528,863
2.40%, 12/20/34		JPY	42,600		526,370
2.40%, 03/20/37		JPY	82,150		1,041,327
2.40%, 09/20/38		JPY	101,200		1,303,217
2.50%, 06/20/34		JPY	54,500		676,073
2.50%, 09/20/34		JPY	39,700		494,528
2.50%, 09/20/35		JPY	36,550		460,502
2.50%, 03/20/36		JPY	52,000		659,202
2.50%, 06/20/36		JPY	53,500		680,318
2.50%, 09/20/36		JPY	36,900		469,888
2.50%, 09/20/37		JPY	75,800		977,954
2.50%, 03/20/38		JPY	101,800		1,318,302
Japan Government Twenty Year Bond 0.20%, 06/20/36		JPY	80,600		750,352
0.30%, 06/20/39		JPY	137,600		1,286,300
0.30%, 09/20/39		JPY	32,850		306,738
0.40%, 03/20/36		JPY	62,000		595,556
0.40%, 03/20/39		JPY	120,100		1,143,991
0.50%, 09/20/36		JPY	78,700		766,724
0.50%, 03/20/38		JPY	116,550		1,130,437
0.50%, 06/20/38		JPY	28,000		271,427
0.50%, 12/20/38		JPY	130,200		1,262,831
0.60%, 12/20/36		JPY	118,050		1,167,319
0.60%, 06/20/37		JPY	87,050		860,398
0.60%, 09/20/37		JPY	116,950		1,155,600
0.60%, 12/20/37		JPY	100,400		991,813
0.70%, 03/20/37		JPY	98,500		988,703
0.70%, 09/20/38		JPY	121,000		1,213,836
0.80%, 06/20/23		JPY	31,950		308,015


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Japan (continued)
1.00%, 03/20/23		JPY	39,500	$	382,027
1.00%, 12/20/35		JPY	101,250		1,062,256
1.20%, 12/20/34		JPY	87,450		938,737
1.20%, 03/20/35		JPY	95,250		1,023,001
1.20%, 09/20/35		JPY	78,850		848,647
1.30%, 06/20/35		JPY	77,300		842,865
1.40%, 12/20/22		JPY	27,000		263,064
1.40%, 09/20/34		JPY	122,350		1,344,769
1.50%, 06/20/32		JPY	50,900		558,155
1.50%, 03/20/33		JPY	59,400		654,469
1.50%, 03/20/34		JPY	93,350		1,035,689
1.50%, 06/20/34		JPY	96,000		1,066,490
1.60%, 06/20/30		JPY	60,800		662,196
1.60%, 03/20/32		JPY	46,700		516,344
1.60%, 06/20/32		JPY	50,100		555,024
1.60%, 03/20/33		JPY	79,100		880,933
1.60%, 12/20/33		JPY	87,850		984,469
1.70%, 12/20/22		JPY	36,000		353,429
1.70%, 09/20/31		JPY	50,400		560,407
1.70%, 12/20/31		JPY	66,600		742,176
1.70%, 03/20/32		JPY	38,300		427,699
1.70%, 06/20/32		JPY	40,750		456,030
1.70%, 09/20/32		JPY	129,450		1,451,557
1.70%, 12/20/32		JPY	102,050		1,146,604
1.70%, 06/20/33		JPY	103,350		1,167,018
1.70%, 09/20/33		JPY	92,600		1,047,510
1.80%, 06/20/23		JPY	33,000		327,874
1.80%, 12/20/23		JPY	25,000		250,701
1.80%, 06/20/30		JPY	48,100		533,016
1.80%, 09/20/30		JPY	48,850		542,811
1.80%, 06/20/31		JPY	45,800		512,865
1.80%, 09/20/31		JPY	88,950		998,493
1.80%, 12/20/31		JPY	80,100		901,291
1.80%, 03/20/32		JPY	68,850		776,450
1.80%, 12/20/32		JPY	55,950		635,178
1.90%, 03/22/21		JPY	16,950		161,465
1.90%, 06/20/22		JPY	31,000		302,883
1.90%, 09/20/22		JPY	25,900		254,345
1.90%, 09/20/23		JPY	13,000		130,181
1.90%, 12/20/23		JPY	35,000		352,180
1.90%, 03/20/24		JPY	24,050		243,239
1.90%, 03/20/25		JPY	31,500		324,585
1.90%, 06/20/25		JPY	40,200		416,206
1.90%, 12/20/28		JPY	63,050		691,802
1.90%, 03/20/29		JPY	60,350		664,084
1.90%, 09/20/30		JPY	66,200		742,039
1.90%, 03/20/31		JPY	50,950		574,260
1.90%, 06/20/31		JPY	89,400		1,010,383
2.00%, 06/21/21		JPY	25,650		245,891
2.00%, 03/21/22		JPY	36,100		351,588
2.00%, 06/20/22		JPY	28,750		281,478
2.00%, 12/20/24		JPY	53,100		546,756
2.00%, 03/20/25		JPY	50		517
2.00%, 09/20/25		JPY	42,650		445,896
2.00%, 12/20/25		JPY	56,050		588,930
2.00%, 03/20/27		JPY	38,350		412,276
2.00%, 06/20/30		JPY	51,700		582,728
2.00%, 12/20/30		JPY	55,450		628,812
2.00%, 03/20/31		JPY	57,550		654,499
2.10%, 12/20/21		JPY	32,850		318,771


Security	Par (000)			Value

Japan (continued)
2.10%, 03/20/24		JPY	57,300	$	583,722
2.10%, 09/20/24		JPY	70,600		726,381
2.10%, 03/20/25		JPY	29,900		310,853
2.10%, 09/20/25		JPY	18,850		198,031
2.10%, 12/20/25		JPY	30,000		316,813
2.10%, 03/20/26		JPY	44,600		473,139
2.10%, 12/20/26		JPY	83,350		897,703
2.10%, 03/20/27		JPY	58,400		631,622
2.10%, 06/20/27		JPY	27,500		299,030
2.10%, 09/20/27		JPY	46,300		505,678
2.10%, 12/20/27		JPY	104,850		1,150,100
2.10%, 06/20/28		JPY	35,450		392,007
2.10%, 09/20/28		JPY	66,750		740,739
2.10%, 12/20/28		JPY	35,000		389,731
2.10%, 03/20/29		JPY	70,500		787,568
2.10%, 06/20/29		JPY	75,700		848,745
2.10%, 09/20/29		JPY	76,500		860,197
2.10%, 12/20/29		JPY	67,950		766,897
2.10%, 03/20/30		JPY	100,200		1,134,944
2.10%, 12/20/30		JPY	100,550		1,150,258
2.20%, 12/20/21		JPY	28,800		279,912
2.20%, 03/20/24		JPY	18,950		193,739
2.20%, 06/20/24		JPY	30,750		315,960
2.20%, 03/20/26		JPY	36,700		391,371
2.20%, 06/20/26		JPY	17,050		182,680
2.20%, 09/20/26		JPY	66,000		711,301
2.20%, 09/20/27		JPY	49,750		546,838
2.20%, 03/20/28		JPY	81,400		902,673
2.20%, 09/20/28		JPY	37,600		420,233
2.20%, 06/20/29		JPY	39,450		445,702
2.20%, 12/20/29		JPY	44,800		509,677
2.20%, 03/20/30		JPY	55,700		636,064
2.20%, 03/20/31		JPY	60,600		701,506
2.30%, 03/20/26		JPY	36,000		385,905
2.30%, 06/20/26		JPY	49,300		531,072
2.30%, 09/20/26		JPY	26,900		291,532
2.30%, 06/20/27		JPY	37,150		408,975
2.30%, 06/20/28		JPY	37,950		425,486
2.40%, 06/20/24		JPY	55,800		577,704
2.40%, 03/20/28		JPY	36,500		410,202
2.40%, 06/20/28		JPY	53,000		598,298
Japan Government Two Year Bond 0.10%, 04/01/21		JPY	53,400		500,717
0.10%, 05/01/21		JPY	85,000		797,268
0.10%, 06/01/21		JPY	62,000		581,682
0.10%, 07/01/21		JPY	83,000		778,881
0.10%, 08/01/21		JPY	88,000		825,999
0.10%, 09/01/21		JPY	98,200		921,961
0.10%, 10/01/21		JPY	96,400		905,530
0.10%, 11/01/21		JPY	100,000		939,440
0.10%, 12/01/21		JPY	69,000		648,362
0.10%, 01/01/22		JPY	104,850		985,297

					183,105,796

Netherlands — 4.6%
Netherlands Government Bond 0.00%, 01/15/22^(b)(c)		EUR	1,649		1,825,656
0.00%, 01/15/24^(b)(c)		EUR	1,821		2,044,604
0.25%, 07/15/25^(b)		EUR	1,682		1,926,462
0.25%, 07/15/29^(b)		EUR	1,404		1,628,531
0.50%, 07/15/26^(b)		EUR	1,780		2,080,065


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Netherlands (continued)
0.50%, 01/15/40^(b)		EUR	825	$	1,021,545
0.75%, 07/15/27^(b)		EUR	1,721		2,057,490
0.75%, 07/15/28^(b)		EUR	500		601,758
1.75%, 07/15/23^(b)		EUR	1,946		2,298,133
2.00%, 07/15/24^(b)		EUR	1,694		2,066,482
2.25%, 07/15/22^(b)		EUR	1,703		1,986,353
2.50%, 01/15/33^(b)		EUR	1,526		2,270,071
2.75%, 01/15/47^(b)		EUR	1,677		3,237,942
3.25%, 07/15/21^(b)		EUR	2,067		2,368,355
3.75%, 01/15/23^(b)		EUR	477		584,661
3.75%, 01/15/42^(b)		EUR	1,801		3,669,715
4.00%, 01/15/37^(b)		EUR	1,750		3,292,010
5.50%, 01/15/28		EUR	1,045		1,677,165
7.50%, 01/15/23^(b)		EUR	829		1,111,124

					37,748,122

Norway —1.3%
Norway Government Bond 1.50%, 02/19/26^(b)		NOK	9,839		1,025,179
1.75%, 03/13/25^(b)		NOK	10,330		1,079,138
1.75%, 02/17/27^(b)		NOK	10,300		1,097,573
1.75%, 09/06/29^(b)		NOK	8,800		956,848
2.00%, 05/24/23^(b)		NOK	19,654		2,023,951
2.00%, 04/26/28^(b)		NOK	9,928		1,087,757
3.00%, 03/14/24^(b)		NOK	13,110		1,415,224
3.75%, 05/25/21^(b)		NOK	17,831		1,807,431

					10,493,101

Portugal — 4.7%
Portugal Obrigacoes do Tesouro OT 0.48%, 10/18/30^(b)		EUR	1,150		1,219,263
1.95%, 06/15/29^(b)		EUR	2,121		2,569,073
2.13%, 10/17/28^(b)		EUR	2,652		3,245,751
2.20%, 10/17/22^(b)		EUR	2,495		2,888,541
2.25%, 04/18/34^(b)		EUR	1,647		2,088,984
2.88%, 10/15/25^(b)		EUR	2,873		3,574,131
2.88%, 07/21/26^(b)		EUR	2,323		2,922,477
3.85%, 04/15/21^(b)		EUR	1,073		1,221,429
3.88%, 02/15/30^(b)		EUR	1,642		2,315,186
4.10%, 04/15/37^(b)		EUR	2,060		3,261,536
4.10%, 02/15/45^(b)		EUR	975		1,626,331
4.13%, 04/14/27^(b)		EUR	2,204		3,005,964
4.95%, 10/25/23^(b)		EUR	3,162		4,056,403
5.65%, 02/15/24^(b)		EUR	2,965		3,928,065

					37,923,134

Singapore — 0.0%
Singapore Government Bond, 2.00%, 02/01/24		SGD	1		749


South Korea — 1.2%
Korea Monetary Stabilization Bond, 1.40%, 12/02/21		KRW	1,000,000		827,263
Korea Treasury Bond 1.13%, 09/10/39		KRW	250,000		188,159
1.25%, 12/10/22		KRW	1,500,000		1,239,782
1.38%, 09/10/24		KRW	500,000		413,708
1.38%, 12/10/29		KRW	4,000,000		3,247,949
1.88%, 06/10/29		KRW	1,500,000		1,273,746
2.00%, 03/10/49		KRW	2,000,000		1,771,144
3.00%, 12/10/42		KRW	1,000,000		1,030,787

					9,992,538


Security	Par (000)			Value

Spain — 4.7%
Spain Government Bond 0.05%, 10/31/21		EUR	841	$	923,839
0.25%, 07/30/24^(b)		EUR	650		716,861
0.35%, 07/30/23		EUR	871		965,667
0.40%, 04/30/22		EUR	1,000		1,107,482
0.45%, 10/31/22		EUR	800		888,882
0.50%, 04/30/30^(b)		EUR	300		320,740
0.60%, 10/31/29^(b)		EUR	514		558,418
0.75%, 07/30/21		EUR	647		716,540
1.00%, 10/31/50^(b)		EUR	200		193,910
1.25%,10/31/30^(b)		EUR	200		228,992
1.30%, 10/31/26^(b)		EUR	1,005		1,164,375
1.40%, 04/30/28^(b)		EUR	933		1,087,075
1.40%, 07/30/28^(b)		EUR	941		1,096,719
1.45%, 10/31/27^(b)		EUR	992		1,159,596
1.45%, 04/30/29^(b)		EUR	448		524,137
1.50%, 04/30/27^(b)		EUR	814		954,887
1.60%, 04/30/25^(b)		EUR	874		1,023,446
1.85%, 07/30/35^(b)		EUR	504		615,493
1.95%, 04/30/26^(b)		EUR	765		917,398
1.95%, 07/30/30^(b)		EUR	965		1,179,759
2.15%, 10/31/25^(b)		EUR	835		1,007,676
2.35%, 07/30/33^(b)		EUR	638		822,390
2.70%, 10/31/48^(b)		EUR	572		807,419
2.75%, 10/31/24^(b)		EUR	879		1,076,224
2.90%, 10/31/46^(b)		EUR	668		968,037
3.45%, 07/30/66^(b)		EUR	450		779,149
3.80%, 04/30/24^(b)		EUR	903		1,136,377
4.20%, 01/31/37^(b)		EUR	655		1,060,904
4.40%, 10/31/23^(b)		EUR	877		1,108,901
4.65%, 07/30/25^(b)		EUR	838		1,128,461
4.70%, 07/30/41^(b)		EUR	462		829,485
4.80%, 01/31/24^(b)		EUR	797		1,029,132
4.90%, 07/30/40^(b)		EUR	635		1,154,837
5.15%, 10/31/28^(b)		EUR	780		1,172,039
5.15%, 10/31/44^(b)		EUR	506		987,340
5.40%, 01/31/23^(b)		EUR	859		1,082,062
5.50%, 04/30/21^(b)		EUR	966		1,116,271
5.75%, 07/30/32		EUR	791		1,361,753
5.85%, 01/31/22^(b)		EUR	756		914,568
5.90%, 07/30/26^(b)		EUR	810		1,187,836
6.00%, 01/31/29		EUR	951		1,512,825

					38,587,902

Sweden — 1.7%
Sweden Government Bond 0.75%, 05/12/28		SEK	11,815		1,301,099
0.75%, 11/12/29^(b)		SEK	12,420		1,374,628
1.00%, 11/12/26^(a)		SEK	13,410		1,484,516
1.50%, 11/13/23^(b)		SEK	23,500		2,562,692
2.50%, 05/12/25		SEK	17,805		2,080,409
3.50%, 06/01/22		SEK	27,625		3,055,771
3.50%, 03/30/39		SEK	11,995		1,947,026

					13,806,141

Switzerland — 0.4%
Swiss Confederation Government Bond 0.50%, 05/27/30^(a)		CHF	50		57,312
2.00%, 04/28/21^(a)		CHF	125		133,246
4.00%, 02/11/23^(a)		CHF	880		1,030,963
4.00%, 04/08/28^(a)		CHF	1,478		2,103,380


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® International Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)			Value

Switzerland (continued)
4.00%, 01/06/49^(a)		CHF	25	$	60,022

					3,384,923

United Kingdom — 4.8%
United Kingdom Gilt 0.50%, 07/22/22^(a)		GBP	500		637,487
0.63%, 06/07/25^(a)		GBP	1,500		1,943,867
0.88%, 10/22/29^(a)		GBP	447		600,867
1.00%, 04/22/24^(a)		GBP	1,125		1,471,949
1.25%, 07/22/27^(a)		GBP	521		711,511
1.50%, 07/22/26^(a)		GBP	484		665,029
1.50%, 07/22/47^(a)		GBP	805		1,255,019
1.63%, 10/22/28^(a)		GBP	611		868,562
1.63%, 10/22/54^(a)		GBP	300		511,982
1.63%, 10/22/71^(a)		GBP	350		711,080
1.75%, 09/07/37^(a)		GBP	1,008		1,531,960
1.75%, 01/22/49^(a)		GBP	465		770,053
1.75%, 07/22/57^(a)		GBP	666		1,209,770
2.00%, 09/07/25^(a)		GBP	238		331,933
2.25%, 09/07/23^(a)		GBP	538		728,688
2.50%, 07/22/65^(a)		GBP	641		1,501,942
2.75%, 09/07/24^(a)		GBP	410		577,454
3.25%, 01/22/44^(a)		GBP	873		1,751,174
3.50%, 01/22/45^(a)		GBP	868		1,829,608
3.50%, 07/22/68^(a)		GBP	601		1,789,352
3.75%, 07/22/52^(a)		GBP	579		1,432,075
4.00%, 01/22/60^(a)		GBP	557		1,616,905
4.25%, 12/07/27^(a)		GBP	424		701,188
4.25%, 06/07/32^(a)		GBP	590		1,087,982
4.25%, 03/07/36^(a)		GBP	775		1,542,960
4.25%, 09/07/39^(a)		GBP	525		1,114,829
4.25%, 12/07/40^(a)		GBP	402		872,554
4.25%, 12/07/46^(a)		GBP	613		1,473,502
4.25%, 12/07/49^(a)		GBP	501		1,267,033
4.25%, 12/07/55^(a)		GBP	514		1,446,915
4.50%, 09/07/34^(a)		GBP	582		1,150,433
4.50%, 12/07/42^(a)		GBP	678		1,569,921
4.75%, 12/07/30^(a)		GBP	496		922,116
5.00%, 03/07/25^(a)		GBP	583		909,588
6.00%, 12/07/28^(a)		GBP	405		766,424

					39,273,712


Total Foreign Government Obligations — 94.6% (Cost: $771,115,428)					772,650,936


Short-Term Investments

Money Market Funds — 3.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(d)(e)			24,711		24,711,000


Total Short-Term Investments — 3.0% (Cost: $24,711,000)					24,711,000


Total Investments in Securities — 97.6% (Cost: $795,826,428)					797,361,936

Other Assets, Less Liabilities — 2.4%					19,435,424


Net Assets — 100.0%				$	816,797,360

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

^(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)	Zero-coupon bond.

^(d)	Affiliate of the Fund.

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


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® International Treasury Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	37,577	(12,866	)	24,711	$	24,711,000	$	198,907	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts 10-Year Korea Bond		301		06/16/20	$	32,619	$	(396,843	)
3-Year Korea Bond		76		06/16/20		6,963		4,022

							$	(392,821	)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
KRW	64,478,084,272	USD	52,704,123	GS		05/04/20	$	213,998
KRW	30,772,958,355	USD	24,937,567	GS		06/02/20		525,572

								739,570

USD	52,410,155	KRW	64,478,084,272	GS		05/04/20		(507,966	)

	Net unrealized appreciation						$	231,604

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Foreign Currency Exchange Contracts		Interest Rate Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	4,022	$	4,022
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	739,570	$	—	$	739,570

	$	739,570	$	4,022	$	743,592

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	396,843	$	396,843
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	507,966	$	—	$	507,966

	$	507,966	$	396,843	$	904,809

^(a)

For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® International Treasury Bond ETF


	Foreign Currency Exchange Contracts			Interest Rate Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—		$	176,749	$	176,749
Forward foreign currency exchange contracts		(1,210,047	)		—		(1,210,047	)

	$	(1,210,047	)	$	176,749	$	(1,033,298	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—		$	482,380	$	482,380
Forward foreign currency exchange contracts		(16,668	)		—		(16,668	)

	$	(16,668	)	$	482,380	$	465,712

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	40,220,049
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	80,734,070
Average amounts sold — in USD	$	48,620,398

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:


	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	4,022		$	396,843
Forward foreign currency exchange contracts		739,570			507,966

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	743,592		$	904,809
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(4,022	)		(396,843	)

Total derivative assets and liabilities subject to an MNA	$	739,570		$	507,966


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Net Amount of Derivative Assets^(b)
Goldman Sachs & Co.	$	739,570	$	(507,966	)	$ 231,604


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Net Amount of Derivative Liabilities
Goldman Sachs & Co.	$	507,966	$	(507,966	)	$ —

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® International Treasury Bond ETF

Fair Value Measurements (continued)


	Level 1			Level 2			Level 3		Total
Investments
Assets
Foreign Government Obligations	$	—		$	772,650,936		$	—	$	772,650,936
Money Market Funds		24,711,000			—			—		24,711,000

	$	24,711,000		$	772,650,936		$	—	$	797,361,936

Derivative financial instruments^(a)
Assets
Futures Contracts	$	4,022		$	—		$	—	$	4,022
Forward Foreign Currency Exchange Contracts		—			739,570			—		739,570
Liabilities
Futures Contracts		(396,843	)		—			—		(396,843	)
Forward Foreign Currency Exchange Contracts		—			(507,966	)		—		(507,966	)

	$	(392,821	)	$	231,604		$	—	$	(161,217	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			19

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares 1-3 Year International Treasury Bond ETF			iShares International Treasury Bond ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	50,202,605		$	772,650,936
Affiliated^(b)		2,204,000			24,711,000
Cash		35,021			1,150,443
Foreign currency, at value^(c)		882,728			19,337,966
Cash pledged:
Futures contracts		11,000			938,000
Receivables:
Investments sold		4,855,479			1,969,316
Variation margin on futures contracts		30,661			1,453,714
Dividends		541			5,963
Interest		355,826			5,367,979
Unrealized appreciation on:
Forward foreign currency exchange contracts		68,554			739,570

Total assets		58,646,415			828,324,887


LIABILITIES
Payables:
Investments purchased		4,258,891			10,789,000
Investment advisory fees		512			230,561
Unrealized depreciation on:
Forward foreign currency exchange contracts		45,145			507,966

Total liabilities		4,304,548			11,527,527


NET ASSETS	$	54,341,867		$	816,797,360


NET ASSETS CONSIST OF:
Paid-in capital	$	64,686,287		$	826,322,914
Accumulated loss		(10,344,420	)		(9,525,554	)

NET ASSETS	$	54,341,867		$	816,797,360


Shares outstanding		700,000			16,350,000

Net asset value	$	77.63		$	49.96

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Investments, at cost — Unaffiliated	$	50,926,122		$	771,115,428
^(b)Investments, at cost — Affiliated	$	2,204,000		$	24,711,000
^(c)Foreign currency, at cost	$	861,536		$	19,184,170

See notes to financial statements.


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares 1-3 Year International Treasury Bond ETF			iShares International Treasury Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	17,756		$	198,907
Interest — Unaffiliated		958			3,490,045
Foreign taxes withheld		(81	)		(8,606	)
Other foreign taxes		—			(56	)

Total investment income		18,633			3,680,290


EXPENSES
Investment advisory fees		107,455			1,533,845

Total expenses		107,455			1,533,845

Less:
Investment advisory fees waived		(86,707	)		—

Total expenses after fees waived		20,748			1,533,845

Net investment income (loss)		(2,115	)		2,146,445


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(738,150	)		(4,573,211	)
In-kind redemptions — Unaffiliated		(411,951	)		3,815,093
Futures contracts		6,465			176,749
Forward foreign currency exchange contracts		(104,992	)		(1,210,047	)
Foreign currency transactions		(35,908	)		(231,683	)

Net realized loss		(1,284,536	)		(2,023,099	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		41,819			(12,553,900	)
Futures contracts		9,862			482,380
Forward foreign currency exchange contracts		239			(16,668	)
Foreign currency translations		8,437			5,158

Net change in unrealized appreciation (depreciation)		60,357			(12,083,030	)

Net realized and unrealized loss		(1,224,179	)		(14,106,129	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,226,294	)	$	(11,959,684	)

See notes to financial statements.


FINANCIAL STATEMENTS			21

Statements of Changes in Net Assets


	iShares 1-3 Year International Treasury Bond ETF						iShares International Treasury Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(2,115	)	$	(3,648	)	$	2,146,445		$	5,674,193
Net realized gain (loss)		(1,284,536	)		(1,328,401	)		(2,023,099	)		8,757,051
Net change in unrealized appreciation (depreciation)		60,357			1,532,695			(12,083,030	)		49,702,596

Net increase (decrease) in net assets resulting from operations		(1,226,294	)		200,646			(11,959,684	)		64,133,840


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(1,360,805	)		(2,097,162	)		(2,800,772	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(11,521,633	)		(7,906,349	)		(72,603,031	)		(9,559,875	)


NET ASSETS
Total increase (decrease) in net assets		(12,747,927	)		(9,066,508	)		(86,659,877	)		51,773,193
Beginning of period		67,089,794			76,156,302			903,457,237			851,684,044

End of period	$	54,341,867		$	67,089,794		$	816,797,360		$	903,457,237

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

See notes to financial statements.


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares 1-3 Year International Treasury Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15


Net asset value, beginning of period	$	78.93		$	80.16		$	82.78		$	80.72		$	78.95		$	88.12

Net investment income (loss)^(a)		(0.00	)^(b)		(0.00	)^(b)		(0.06	)		(0.04	)		0.00	^(b)		0.15
Net realized and unrealized gain (loss)^(c)		(1.30	)		0.20			(2.17	)		2.10			1.77			(9.12	)

Net increase (decrease) from investment operations		(1.30	)		0.20			(2.23	)		2.06			1.77			(8.97	)


Distributions^(d)
From net investment income		—			(1.43	)		(0.39	)		—			—			(0.20	)
Return of capital		—			—			—			—			—			(0.00	)^(b)

Total distributions		—			(1.43	)		(0.39	)		—			—			(0.20	)


Net asset value, end of period	$	77.63		$	78.93		$	80.16		$	82.78		$	80.72		$	78.95


Total Return
Based on net asset value		(1.65	)%^(e)		0.25	%		(2.71	)%		2.55	%		2.24	%		(10.19	)%


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

Total expenses after fees waived		0.07	%^(f)		0.09	%		0.01	%		0.01	%		0.20	%		0.35	%

Net investment income (loss)		(0.01	)%^(f)		(0.01	)%		(0.07	)%		(0.04	)%		0.01	%		0.19	%


Supplemental Data
Net assets, end of period (000)	$	54,342		$	67,090		$	76,156		$	78,641		$	84,758		$	126,323

Portfolio turnover rate^(g)		29	%^(e)		56	%		47	%		48	%		53	%		53	%

^(a)	Based on average shares outstanding.

^(b)	Rounds to less than $0.01.

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			23

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Treasury Bond ETF
		Six Months Ended 04/30/20 (unaudited	)		Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17	^(a)		Year Ended 10/31/16	^(a)		Year Ended 10/31/15	^(a)


Net asset value, beginning of period	$	50.76		$	47.45		$	48.72		$	48.06		$	45.51		$	49.24

Net investment income^(b)		0.12			0.30			0.33			0.37			0.45			0.64
Net realized and unrealized gain (loss)^(c)		(0.80	)		3.16			(1.58	)		0.62			2.17			(4.24	)

Net increase (decrease) from investment operations		(0.68	)		3.46			(1.25	)		0.99			2.62			(3.60	)


Distributions^(d)
From net investment income		(0.12	)		(0.15	)		(0.02	)		(0.33	)		(0.07	)		—
Return of capital		—			—			—			—			—			(0.13	)

Total distributions		(0.12	)		(0.15	)		(0.02	)		(0.33	)		(0.07	)		(0.13	)


Net asset value, end of period	$	49.96		$	50.76		$	47.45		$	48.72		$	48.06		$	45.51


Total Return
Based on net asset value		(1.33	)%^(e)		7.31	%		(2.57	)%		2.13	%		5.73	%		(7.33	)%


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

Net investment income		0.49	%^(f)		0.62	%		0.66	%		0.78	%		0.93	%		1.38	%


Supplemental Data
Net assets, end of period (000)	$	816,797		$	903,457		$	851,684		$	811,247		$	773,704		$	482,424

Portfolio turnover rate^(g)		19	%^(e)		9	%		10	%		9	%		9	%		10	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on August 30, 2017.

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
1-3 Year International Treasury Bond		Non-diversified
International Treasury Bond		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

Foreign Currency Translation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2020, if any, are disclosed in the statement of assets and liabilities.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


NOTES TO FINANCIAL STATEMENTS			25

Notes to Financial Statements (unaudited) (continued)

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:

•

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

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an 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 policies 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 the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, 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 considered to be active, inputs other than quoted prices that are observable for the asset or liability (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).

4.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in futures contracts in order to gain exposure to the bond markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

Forward Foreign Currency Exchange Contracts: Each Fund use forward foreign currency exchange contracts to offset the Fund’s exposure to the component currencies of the non-U.S. dollar-denominated securities held in its portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts (“NDFs”) are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Except for NDFs, the forward foreign currency exchange contracts held by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as cash pledged as collateral for OTC derivatives on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as affiliated investments at value and as a liability for cash received as collateral on OTC derivatives. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, each Fund bears the risk of loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“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, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fee
1-3 Year International Treasury Bond		0.35	%
International Treasury Bond		0.35

Expense Waivers: For the six months ended April 30, 2020, BFA has voluntarily waived a portion of its investment advisory fees for the iShares 1-3 Year International Treasury Bond ETF in the amount of $86,707.

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”),an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Funds.

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


NOTES TO FINANCIAL STATEMENTS			27

Notes to Financial Statements (unaudited) (continued)

6.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
1-3 Year International Treasury Bond	$	16,588,617	$	16,559,173
International Treasury Bond		188,133,776		153,499,049

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
1-3 Year International Treasury Bond	$	—	$	10,794,935
International Treasury Bond		21,520,280		109,271,703

7.	INCOME TAX INFORMATION

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
1-3 Year International Treasury Bond	$	8,138,300
International Treasury Bond		9,046,070


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
1-3 Year International Treasury Bond	$	53,279,922	$	427,411	$	(1,276,544	)	$	(849,133	)
International Treasury Bond		796,976,800		25,289,644		(25,065,725	)		223,919

8.	PRINCIPAL RISKS


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. 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. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

9.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 04/30/20						Year Ended 10/31/19

iShares ETF	Shares			Amount			Shares			Amount

1-3 Year International Treasury Bond
Shares redeemed		(150,000	)	$	(11,521,633	)		(100,000	)	$	(7,906,349	)

International Treasury Bond
Shares sold		3,700,000		$	185,152,057			8,350,000		$	415,125,105
Shares redeemed		(5,150,000	)		(257,755,088	)		(8,500,000	)		(424,684,980	)

Net decrease		(1,450,000	)	$	(72,603,031	)		(150,000	)	$	(9,559,875	)


NOTES TO FINANCIAL STATEMENTS			29

Notes to Financial Statements (unaudited) (continued)

10.

LEGAL PROCEEDINGS

11.

SUBSEQUENT EVENTS


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares 1-3 Year International Treasury Bond ETF and iShares International Treasury Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			31

Supplemental Information (unaudited)

Section 19(a) Notices


	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
International Treasury Bond^(a)	$	—	$	—	$	0.121928	$	0.121928		—	%		—	%		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.


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			33

Glossary of Terms Used in this Report


Counterparty Abbreviations

GS		Goldman Sachs & Co.

Currency Abbreviations

AUD		Australian Dollar

CAD		Canadian Dollar

CHF		Swiss Franc

DKK		Danish Krone

EUR		Euro

GBP		British Pound

JPY		Japanese Yen

KRW		South Korean Won

NOK		Norwegian Krone

SEK		Swedish Krona

SGD		Singapore Dollar

USD		United States Dollar


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 S&P Dow Jones Indices LLC, 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-1003-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | NASDAQ

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

Table of Contents


	Page
Fund Summary		3
About Fund Performance		4
Shareholder Expenses		4
Schedule of Investments		5
Financial Statements
Statement of Assets and Liabilities		13
Statement of Operations		14
Statements of Changes in Net Assets		15
Financial Highlights		16
Notes to Financial Statements		17
Statement Regarding Liquidity Risk Management Program		22
Supplemental Information		23
General Information		24


Fund Summary as of April 30, 2020		iShares^® J.P. Morgan USD Emerging Markets Bond ETF

Investment Objective

The iShares J.P. Morgan USD Emerging Markets Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market bonds, as represented by the J.P. Morgan EMBI^® Global Core Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.13	)%		(5.01	)%		2.36	%		4.43	%		(5.01	)%		12.35	%		54.32	%
Fund Market		(9.56	)		(4.22	)		2.50			4.46			(4.22	)		13.14			54.72
Index		(10.02	)		(4.58	)		2.86			5.12			(4.58	)		15.13			64.82

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)	Ending Account Value (04/30/20)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 898.70	$ 1.84			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aa	6.8	%
A	15.6
Baa	32.1
Ba	17.1
B	18.1
Caa	4.2
Ca	1.2
Not Rated	4.9

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Mexico	5.2	%
Indonesia	5.1
Saudi Arabia	4.7
Russia	4.4
Qatar	4.4
Philippines	4.2
Turkey	4.1
China	3.9
United Arab Emirates	3.7
Brazil	3.6

^(a)

Excludes money market funds.


FUND SUMMARY			3

About Fund Performance

Shareholder Expenses


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® J.P. Morgan USD Emerging Markets Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes^(a)

Azerbaijan — 0.4%
Southern Gas Corridor CJSC, 6.88%, 03/24/26^(b)	$	47,805	$	49,956,225


Bahrain — 0.2%
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27^(b)		23,881		22,991,433


Chile — 1.8%
Corp. Nacional del Cobre de Chile 3.00%, 09/30/29 (Call 06/30/29)^(b)		27,961		26,947,414
3.15%, 01/14/30 (Call 10/14/29)^(c)		18,967		18,326,864
3.15%, 01/14/30 (Call 10/14/29)^(b)		6,324		6,110,565
3.63%, 08/01/27 (Call 05/01/27)^(b)		35,434		35,566,877
3.70%, 01/30/50 (Call 07/30/49)^(c)		11,874		10,764,523
3.70%, 01/30/50 (Call 07/30/49)^(b)		37,454		33,954,392
4.38%, 02/05/49 (Call 08/05/48)^(b)		29,309		30,188,270
4.50%, 09/16/25^(b)		27,704		29,296,980
4.50%, 08/01/47 (Call 02/01/47)^(b)		28,871		29,980,729

				221,136,614

China — 2.5%
Amber Circle Funding Ltd., 3.25%, 12/04/22^(b)		12,239		12,720,235
China Minmetals Corp., 3.75%, (Call 11/13/22)^(b)(d)(e)		13,434		13,261,877
CNAC HK Finbridge Co. Ltd. 3.38%, 06/19/24^(b)		10,000		10,000,000
3.50%, 07/19/22^(b)		14,965		15,091,267
4.13%, 07/19/27^(b)		14,715		15,147,253
4.63%, 03/14/23^(b)		17,639		18,278,414
5.13%, 03/14/28^(b)		21,454		23,290,999
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 10/03/23^(b)		16,049		17,337,935
Minmetals Bounteous Finance BVI Ltd., 3.38%, (Call 09/03/24)^(b)(d)(e)		200		171,945
Sinopec Group Overseas Development 2012 Ltd. 3.90%, 05/17/22^(b)		4,000		4,119,398
4.88%, 05/17/42^(b)		11,161		13,923,347
Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/23^(b)		17,546		18,906,464
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24^(b)		16,545		17,977,177
Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25^(b)		17,704		18,495,808
Sinopec Group Overseas Development 2017 Ltd. 2.50%, 09/13/22^(b)		16,873		17,025,912
3.63%, 04/12/27^(b)		11,582		12,439,495
Sinopec Group Overseas Development 2018 Ltd., 2.95%, 11/12/29 (Call 08/12/29)^(b)		11,387		11,763,550
State Grid Overseas Investment 2013 Ltd., 3.13%, 05/22/23^(b)		9,500		9,838,438
State Grid Overseas Investment 2014 Ltd., 4.13%, 05/07/24^(b)		18,279		19,781,305
State Grid Overseas Investment 2016 Ltd. 2.75%, 05/04/22^(b)		4,000		4,050,935
3.50%, 05/04/27^(b)		28,102		30,540,526
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26^(b)		11,049		11,646,185

				315,808,465

Indonesia — 1.0%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/23^(b)		11,313		11,602,896


Security	Par (000)		Value

Indonesia (continued)
6.53%, 11/15/28^(b)	$	8,091	$	8,697,825
Pelabuhan Indonesia II PT, 4.25%, 05/05/25^(b)		9,750		9,676,875
Pertamina Persero PT 4.18%, 01/21/50 (Call 07/21/49)^(c)		6,086		5,157,885
4.18%, 01/21/50 (Call 07/21/49)^(b)		1,400		1,186,500
4.30%, 05/20/23^(b)		14,331		14,572,836
5.63%, 05/20/43^(b)		12,368		12,576,710
6.00%, 05/03/42^(b)		11,023		11,615,486
6.45%, 05/30/44^(b)		13,472		14,911,820
Perusahaan Listrik Negara PT 4.13%, 05/15/27^(b)		11,022		10,942,779
5.25%, 10/24/42^(b)		7,854		7,986,536
5.45%, 05/21/28^(b)		8,868		9,538,643
6.15%, 05/21/48^(b)		8,826		9,587,242

				128,054,033

Kazakhstan — 1.5%
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22^(b)		27,188		26,712,210
Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42^(b)		26,493		30,500,066
KazMunayGas National Co. JSC 4.75%, 04/19/27^(b)		25,503		24,681,326
5.38%, 04/24/30^(b)		31,102		30,674,348
5.75%, 04/19/47^(b)		30,494		30,341,530
6.38%, 10/24/48^(b)		37,346		38,571,416

				181,480,896

Malaysia — 0.7%
Petronas Capital Ltd. 3.50%, 03/18/25^(b)		37,446		39,002,349
3.50%, 04/21/30 (Call 01/21/30)^(c)		2,525		2,644,306
4.50%, 03/18/45^(b)		33,707		36,624,762
4.55%, 04/21/50 (Call 10/21/49)^(c)		2,850		3,129,300
4.80%, 04/21/60 (Call 10/21/59)^(c)		2,600		3,010,395

				84,411,112

Mexico — 2.5%
Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.38%, 10/14/25^(b)		5,642		5,578,528
Comision Federal de Electricidad 4.75%, 02/23/27^(b)		5,602		5,306,144
4.88%, 01/15/24^(b)		9,712		9,633,090
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)^(b)		14,517		12,049,110
Petroleos Mexicanos 3.50%, 01/30/23 .		6,008		5,281,408
4.50%, 01/23/26		10,312		7,940,240
4.88%, 01/18/24 .		9,498		8,189,057
5.35%, 02/12/28		17,699		13,207,879
5.95%, 01/28/31 (Call 07/28/30)^(c)		13,690		9,915,667
5.95%, 01/28/31 (Call 10/28/30)^(b)		3,434		2,487,246
6.35%, 02/12/48		23,194		15,510,988
6.38%, 01/23/45		12,695		8,531,040
6.49%, 01/23/27 (Call 11/23/26)^(b)		17,372		14,043,525
6.50%, 03/13/27		38,713		31,357,530
6.50%, 01/23/29		14,567		11,424,534
6.50%, 06/02/41		14,239		9,522,331
6.63%, 06/15/35		21,405		15,090,525
6.75%, 09/21/47		42,294		29,193,433
6.84%, 01/23/30 (Call 10/23/29)^(b)		31,268		24,496,523
6.88%, 08/04/26		21,142		17,516,147
6.95%, 01/28/60 (Call 07/28/59)^(c)		20,395		14,276,500


SCHEDULE OF INVESTMENTS			5

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® J.P. Morgan USD Emerging Markets Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mexico (continued)
6.95%, 01/28/60 (Call 07/28/59)^(b)	$	3,600	$	2,520,000
7.69%, 01/23/50 (Call 07/23/49)^(b)		56,407		41,459,145

				314,530,590

Peru — 0.4%
Petroleos del Peru SA 4.75%, 06/19/32^(b)		23,399		22,814,025
5.63%, 06/19/47^(b)		24,005		23,352,364

				46,166,389

Philippines — 0.2%
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24^(b)		20,612		24,244,865


Russia — 0.3%
Vnesheconombank Via VEB Finance PLC 5.94%, 11/21/23^(b)		13,478		14,661,537
6.03%, 07/05/22^(b)		9,196		9,727,644
6.80%, 11/22/25^(b)		14,575		16,947,992

				41,337,173

South Africa — 0.5%
Eskom Holdings SOC Ltd. 6.35%, 08/10/28^(b)		17,055		15,226,917
6.75%, 08/06/23^(b)		16,269		12,039,060
7.13%, 02/11/25^(b)		22,172		16,019,270
Transnet SOC Ltd., 4.00%, 07/26/22^(b)		15,777		14,416,234

				57,701,481

United Arab Emirates — 0.6%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47^(b)		30,014		32,114,980
MDGH - GMTN BV 2.50%, 11/07/24 (Call 10/07/24)^(b)		13,016		13,081,080
2.88%, 11/07/29 (Call 08/07/29)^(b)		10,900		10,920,438
3.70%, 11/07/49 (Call 05/07/49)^(b)		23,520		22,814,400

				78,930,898

Venezuela — 0.1%
Petroleos de Venezuela SA 5.38%, 04/12/27^(b)(f)		24,185		906,937
5.50%, 04/12/37^(b)(f)		22,444		841,658
6.00%, 05/16/24^(b)(f)		32,388		1,214,527
6.00%, 11/15/26^(b)(f)		30,450		1,141,889
9.00%, 11/17/21^(b)(f)		28,268		1,060,052
9.75%, 05/17/35^(b)(f)		31,912		1,196,676
12.75%, 02/17/22^(b)(f)		14,002		525,086

				6,886,825


Total Corporate Bonds & Notes — 12.7% (Cost: $1,758,227,934)				1,573,636,999


Foreign Government Obligations^(a)

Angola — 0.7%
Angolan Government International Bond 8.00%, 11/26/29^(b)		41,568		17,874,240
8.25%, 05/09/28^(b)		42,708		18,364,440
9.13%, 11/26/49^(b)		35,723		15,260,419
9.38%, 05/08/48^(b)		41,954		17,922,224
9.50%, 11/12/25^(b)		34,877		16,479,383

				85,900,706

Argentina — 1.0%
Argentine Republic Government International Bond 3.75%, 12/31/38^(f)(g)		62,992		19,842,602


Security	Par (000)		Value

Argentina (continued)
4.63%, 01/11/23^(f)	$	22,406	$	6,294,686
5.88%, 01/11/28^(f)		49,720		12,181,400
6.63%, 07/06/28^(f)		13,773		3,447,554
6.88%, 01/26/27^(f)		44,144		10,925,640
6.88%, 01/11/48^(f)		36,458		8,453,699
7.13%, 07/06/36^(f)		19,687		4,706,423
7.13%, 06/28/2117^(f)		31,472		7,307,405
7.50%, 04/22/26^(f)		75,716		20,135,724
7.63%, 04/22/46^(f)		34,134		8,362,830
8.28%, 12/31/33^(f)		71,803		24,966,234

				126,624,197

Azerbaijan — 0.6%
Republic of Azerbaijan International Bond 3.50%, 09/01/32^(b)		26,102		23,173,682
4.75%, 03/18/24^(b)		30,163		30,389,222
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23^(b)		23,684		23,698,803

				77,261,707

Bahrain — 2.3%
Bahrain Government International Bond 5.63%, 09/30/31^(b)		25,717		23,113,154
6.00%, 09/19/44^(b)		29,785		25,205,556
6.13%, 07/05/22^(b)		31,604		31,663,257
6.13%, 08/01/23^(b)		40,964		41,002,404
6.75%, 09/20/29^(b)		31,231		30,235,512
7.00%, 01/26/26^(b)		29,645		29,561,623
7.00%, 10/12/28^(b)		38,958		38,690,164
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24^(b)		23,637		23,164,260
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25^(b)		22,394		22,729,910
CBB International Sukuk Programme Co. SPC, 4.50%, 03/30/27^(b)		26,335		24,886,575

				290,252,415

Bolivia — 0.1%
Bolivian Government International Bond, 4.50%, 03/20/28^(b)		22,123		17,968,024


Brazil — 3.5%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23^(b)		19,109		19,825,587
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28^(b)		13,304		13,312,315
Brazilian Government International Bond 2.63%, 01/05/23		28,149		28,236,966
4.25%, 01/07/25		58,782		60,876,109
4.50%, 05/30/29 (Call 02/28/29)		26,479		26,412,802
4.63%, 01/13/28 (Call 10/13/27)		41,376		42,824,160
4.75%, 01/14/50 (Call 07/14/49)		31,828		28,446,275
5.00%, 01/27/45		46,239		43,045,619
5.63%, 01/07/41		32,998		32,863,946
5.63%, 02/21/47		37,542		37,729,710
6.00%, 04/07/26		30,421		33,339,515
7.13%, 01/20/37		23,279		26,348,918
8.25%, 01/20/34		21,915		26,777,391
8.88%, 04/15/24		14,379		17,537,886

				437,577,199

Chile — 1.2%
Chile Government International Bond 3.24%, 02/06/28 (Call 11/06/27)		48,997		52,503,348
3.50%, 01/25/50 (Call 07/25/49)		56,730		57,864,600


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® J.P. Morgan USD Emerging Markets Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chile (continued)
3.86%, 06/21/47	$	31,154	$	33,461,343

				143,829,291

China — 1.3%
China Government International Bond 1.88%, 12/03/22^(b)		16,473		16,822,549
1.95%, 12/03/24^(b)		22,589		23,323,142
2.13%, 11/02/22^(b)		10,941		11,252,135
2.13%, 12/03/29^(b)		24,207		25,319,009
2.63%, 11/02/27^(b)		12,459		13,350,597
3.25%, 10/19/23^(b)		17,472		18,815,160
3.50%, 10/19/28^(b)		13,238		15,203,016
Export-Import Bank of China (The) 2.88%, 04/26/26^(b)		13,568		14,386,320
3.63%, 07/31/24^(b)		16,126		17,375,765

				155,847,693

Colombia — 3.4%
Colombia Government International Bond 2.63%, 03/15/23 (Call 12/15/22)		16,122		15,819,713
3.00%, 01/30/30 (Call 10/30/29)		13,379		12,174,890
3.88%, 04/25/27 (Call 01/25/27)		42,431		41,860,833
4.00%, 02/26/24 (Call 11/26/23)		34,593		34,992,982
4.50%, 01/28/26 (Call 10/28/25)		26,492		27,170,858
4.50%, 03/15/29 (Call 12/15/28)		36,403		36,858,037
5.00%, 06/15/45 (Call 12/15/44)		75,057		75,432,285
5.20%, 05/15/49 (Call 11/15/48)		30,538		31,530,485
5.63%, 02/26/44 (Call 08/26/43)		39,461		42,371,249
6.13%, 01/18/41		42,092		46,919,426
7.38%, 09/18/37		27,445		33,894,575
8.13%, 05/21/24		18,671		21,559,170

				420,584,503

Costa Rica — 0.7%
Costa Rica Government International Bond 4.25%, 01/26/23^(b)		22,522		20,072,733
6.13%, 02/19/31^(b)		33,070		26,941,716
7.00%, 04/04/44^(b)		23,716		18,090,861
7.16%, 03/12/45^(b)		30,775		23,764,070

				88,869,380

Croatia — 0.7%
Croatia Government International Bond 5.50%, 04/04/23^(b)		36,180		39,097,013
6.00%, 01/26/24^(b)		42,857		47,758,769

				86,855,782

Dominican Republic — 2.6%
Dominican Republic International Bond 4.50%, 01/30/30^(c)		15,678		12,887,316
4.50%, 01/30/30^(b)		3,005		2,470,110
5.50%, 01/27/25^(b)		34,953		32,637,364
5.88%, 04/18/24^(b)		23,669		22,803,602
5.88%, 01/30/60^(c)		31,602		24,807,570
5.88%, 01/30/60^(b)		4,135		3,245,975
5.95%, 01/25/27^(b)		38,670		34,803,000
6.00%, 07/19/28^(b)		34,291		30,754,741
6.40%, 06/05/49^(b)		35,944		29,182,035
6.50%, 02/15/48^(b)		22,796		18,624,332
6.85%, 01/27/45^(b)		46,604		39,788,165
6.88%, 01/29/26^(b)		35,938		34,343,251
7.45%, 04/30/44^(b)		37,274		33,418,470

				319,765,931


Security	Par (000)		Value

Ecuador — 0.9%
Ecuador Government International Bond 7.88%, 01/23/28^(b)(f)	$	66,171	$	18,693,307
7.95%, 06/20/24^(b)(f)		45,494		14,148,634
8.75%, 06/02/23^(b)(f)		42,585		13,031,010
8.88%, 10/23/27^(b)(f)		56,875		15,868,125
9.50%, 03/27/30^(b)(f)		35,023		10,156,670
9.63%, 06/02/27^(b)(f)		25,678		7,202,679
9.65%, 12/13/26^(b)(f)		53,154		14,909,697
10.75%, 01/31/29^(b)(f)		48,470		13,813,950

				107,824,072

Egypt — 2.6%
Egypt Government International Bond 5.58%, 02/21/23^(b)		30,410		29,526,209
5.88%, 06/11/25^(b)		36,256		34,216,600
6.59%, 02/21/28^(b)		28,214		25,762,909
7.05%, 01/15/32^(b)		29,521		26,089,184
7.50%, 01/31/27^(b)		48,323		46,752,502
7.60%, 03/01/29^(b)		43,131		40,920,536
7.90%, 02/21/48^(b)		38,040		32,773,838
8.50%, 01/31/47^(b)		59,952		53,394,750
8.70%, 03/01/49^(b)		36,672		32,832,900

				322,269,428

El Salvador — 0.3%
El Salvador Government International Bond 7.12%, 01/20/50 (Call 07/06/49)^(b)		27,472		20,732,775
7.65%, 06/15/35^(b)		23,214		18,389,841

				39,122,616

Ethiopia — 0.1%
Ethiopia International Bond, 6.63%, 12/11/24^(b)		21,967		18,905,349


Gabon — 0.1%
Gabon Government International Bond 6.38%, 12/12/24^(b)		1,000		716,875
6.63%, 02/06/31^(c)		21,040		14,780,600
6.63%, 02/06/31^(b)		1,720		1,208,300

				16,705,775

Ghana — 1.1%
Ghana Government International Bond 6.38%, 02/11/27^(c)		28,497		21,800,205
6.38%, 02/11/27^(b)		1,800		1,377,000
7.63%, 05/16/29^(b)		22,787		17,375,087
7.88%, 02/11/35^(c)		22,620		17,078,100
7.88%, 02/11/35^(b)		2,000		1,510,000
8.13%, 01/18/26^(b)		23,287		18,978,928
8.13%, 03/26/32^(b)		30,175		23,083,875
8.63%, 06/16/49^(b)		25,996		19,626,980
8.95%, 03/26/51^(b)		25,522		19,269,110

				140,099,285

Guatemala — 0.1%
Guatemala Government Bond 6.13%, 06/01/50 (Call 12/01/49)^(b)		200		207,750
6.13%, 06/01/50 (Call 12/01/49)^(c)		13,877		14,414,734

				14,622,484

Hungary —1.6%
Hungary Government International Bond 5.38%, 02/21/23		44,028		47,687,828
5.38%, 03/25/24		46,994		52,457,052
5.75%, 11/22/23		43,516		48,465,945


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® J.P. Morgan USD Emerging Markets Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Hungary (continued)
7.63%, 03/29/41	$	28,806	$	46,260,420

				194,871,245

India — 0.6%
Export-Import Bank of India 3.25%, 01/15/30^(c)		21,390		19,598,587
3.25%, 01/15/30^(b)		2,750		2,519,688
3.38%, 08/05/26^(b)		24,156		23,514,356
3.88%, 02/01/28^(b)		23,669		23,195,620

				68,828,251

Indonesia — 3.9%
Indonesia Government International Bond 2.85%, 02/14/30		7,100		6,895,875
2.95%, 01/11/23		8,668		8,668,693
3.38%, 04/15/23^(b)		12,244		12,420,007
3.50%, 01/11/28		10,672		10,752,040
3.70%, 10/30/49		9,337		9,173,603
3.85%, 07/18/27^(b)		9,483		9,797,124
3.85%, 10/15/30		8,300		8,600,875
4.10%, 04/24/28		7,367		7,742,257
4.13%, 01/15/25^(b)		17,488		18,231,240
4.20%, 10/15/50		3,500		3,552,500
4.35%, 01/08/27^(b)		10,474		11,115,532
4.35%, 01/11/48		14,147		14,575,831
4.45%, 04/15/70		3,500		3,482,500
4.63%, 04/15/43^(b)		12,465		13,275,225
4.75%, 01/08/26^(b)		22,519		24,376,817
4.75%, 02/11/29		11,375		12,469,844
4.75%, 07/18/47^(b)		7,974		8,562,083
5.13%, 01/15/45^(b)		16,693		18,800,491
5.25%, 01/17/42^(b)		19,760		22,427,600
5.25%, 01/08/47^(b)		12,344		14,072,160
5.35%, 02/11/49		9,506		11,196,286
5.38%, 10/17/23^(b)		9,780		10,553,231
5.88%, 01/15/24^(b)		16,487		18,156,309
5.95%, 01/08/46^(b)		9,864		12,268,350
6.63%, 02/17/37^(b)		15,204		19,328,085
6.75%, 01/15/44^(b)		16,510		22,123,400
7.75%, 01/17/38^(b)		17,866		25,191,060
8.50%, 10/12/35^(b)		14,285		20,570,400
Perusahaan Penerbit SBSN Indonesia III 3.30%, 11/21/22^(b)		6,413		6,479,134
3.75%, 03/01/23^(b)		10,358		10,548,976
4.15%, 03/29/27^(b)		19,094		19,953,230
4.33%, 05/28/25^(b)		16,681		17,358,666
4.35%, 09/10/24^(b)		13,238		13,840,329
4.40%, 03/01/28^(b)		14,978		15,857,957
4.45%, 02/20/29^(b)		10,467		11,150,626
4.55%, 03/29/26^(b)		16,301		17,258,684

				490,827,020

Iraq —0.5%
Iraq International Bond 5.80%, 01/15/28 (Call 06/14/20)^(b)		66,078		47,906,550
6.75%, 03/09/23^(b)		23,104		17,364,100

				65,270,650

Ivory Coast — 0.6%
Ivory Coast Government International Bond 5.75%, 12/31/32 (Call 06/30/20)^(b)(g)		24,055		21,018,427
6.13%, 06/15/33^(b)		33,142		28,522,834


Security	Par (000)		Value

Ivory Coast (continued)
6.38%, 03/03/28^(b)	$	23,625	$	21,026,250

				70,567,511

Jamaica — 0.9%
Jamaica Government International Bond 6.75%, 04/28/28		35,264		35,241,960
7.88%, 07/28/45		44,673		46,822,888
8.00%, 03/15/39		29,427		30,990,310

				113,055,158

Jordan — 0.6%
Jordan Government International Bond 5.75%, 01/31/27^(b)		23,376		22,338,690
6.13%, 01/29/26^(b)		24,909		24,543,149
7.38%, 10/10/47^(b)		24,786		22,934,796

				69,816,635

Kazakhstan — 1.5%
Kazakhstan Government International Bond 3.88%, 10/14/24^(b)		35,818		37,698,445
4.88%, 10/14/44^(b)		24,349		27,613,288
5.13%, 07/21/25^(b)		62,740		69,641,400
6.50%, 07/21/45^(b)		35,878		47,448,655

				182,401,788

Kenya — 0.9%
Kenya Government International Bond 6.88%, 06/24/24^(b)		49,759		45,156,292
7.25%, 02/28/28^(b)		23,466		21,060,735
8.00%, 05/22/32^(b)		29,324		26,455,746
8.25%, 02/28/48^(b)		24,846		22,143,998

				114,816,771

Kuwait — 1.0%
Kuwait International Government Bond, 3.50%, 03/20/27^(b)		109,837		120,408,811


Lebanon — 0.3%
Lebanon Government International Bond 6.00%, 01/27/23^(b)(f)		26,279		4,138,942
6.10%, 10/04/22^(b)(f)		34,984		5,509,980
6.60%, 11/27/26^(b)(f)		37,386		5,911,661
6.65%, 02/26/30^(b)(f)		34,998		5,512,185
6.75%, 11/29/27^(b)(f)		25,035		3,943,013
6.85%, 03/23/27^(b)(f)		31,906		5,065,077
7.00%, 03/23/32^(b)(f)		26,311		4,152,205

				34,233,063

Malaysia — 1.0%
1MDB Global Investments Ltd., 4.40%, 03/09/23^(b)		73,900		65,332,219
Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25^(b)		26,674		27,941,015
Malaysia Sukuk Global Bhd, 3.18%, 04/27/26^(b)		24,077		25,506,572

				118,779,806

Mexico — 2.5%
Mexico Government International Bond 3.25%, 04/16/30 (Call 01/16/30)		11,693		10,611,398
3.60%, 01/30/25		14,870		14,916,469
3.75%, 01/11/28		16,256		15,783,560
3.90%, 04/27/25 (Call 03/27/25)		625		630,938
4.00%, 10/02/23		21,216		21,680,100
4.13%, 01/21/26		15,825		16,121,719
4.15%, 03/28/27		22,808		22,886,402
4.35%, 01/15/47		12,751		11,260,727
4.50%, 04/22/29		25,579		25,706,895


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® J.P. Morgan USD Emerging Markets Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mexico (continued)
4.50%, 01/31/50 (Call 07/31/49)	$	20,840	$	18,703,900
4.60%, 01/23/46		21,243		19,291,299
4.60%, 02/10/48		18,526		16,895,712
4.75%, 04/27/32 (Call 01/27/32)		2,000		2,014,000
4.75%, 03/08/44		29,538		27,488,801
5.00%, 04/27/51 (Call 10/27/50)		1,725		1,647,375
5.55%, 01/21/45		20,219		21,046,715
5.75%, 10/12/2110		19,312		18,364,505
6.05%, 01/11/40		21,924		23,917,714
6.75%, 09/27/34		13,190		15,852,731
8.30%, 08/15/31		8,337		10,999,629

				315,820,589

Mongolia — 0.2%
Mongolia Government International Bond, 5.13%, 12/05/22^(b)		22,747		20,159,529


Morocco — 0.3%
Morocco Government International Bond, 4.25%, 12/11/22^(b)		35,802		37,166,951


Nigeria — 1.4%
Nigeria Government International Bond 6.50%, 11/28/27^(b)		35,254		26,561,686
7.14%, 02/23/30^(b)		30,703		23,113,602
7.63%, 11/21/25^(b)		26,912		22,505,160
7.63%, 11/28/47^(b)		36,467		26,655,098
7.70%, 02/23/38^(b)		33,758		24,896,525
7.88%, 02/16/32^(b)		37,194		28,209,324
8.75%, 01/21/31^(b)		23,364		18,691,200

				170,632,595

Oman — 2.4%
Oman Government International Bond 4.13%, 01/17/23^(b)		26,921		23,421,270
4.75%, 06/15/26^(b)		49,214		37,371,881
5.38%, 03/08/27^(b)		41,039		31,151,166
5.63%, 01/17/28^(b)		48,007		36,605,337
6.00%, 08/01/29^(b)		45,672		34,796,355
6.50%, 03/08/47^(b)		42,386		29,405,288
6.75%, 01/17/48^(b)		55,296		38,776,320
Oman Sovereign Sukuk SAOC 4.40%, 06/01/24^(b)		38,891		36,071,403
5.93%, 10/31/25^(b)		29,467		27,791,064

				295,390,084

Pakistan — 0.6%
Pakistan Government International Bond 6.88%, 12/05/27^(b)		37,571		32,451,951
8.25%, 04/15/24^(b)		23,396		22,036,108
Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 12/05/22^(b)		23,133		21,166,695

				75,654,754

Panama — 3.2%
Panama Government International Bond 3.16%, 01/23/30 (Call 10/23/29)		37,027		37,698,114
3.75%, 03/16/25 (Call 12/16/24)		31,191		32,760,297
3.88%, 03/17/28 (Call 12/17/27)		33,236		35,832,563
4.00%, 09/22/24 (Call 06/24/24)		29,668		31,410,995
4.30%, 04/29/53		45,889		50,420,539
4.50%, 05/15/47 (Call 11/15/46)		28,614		32,083,448
4.50%, 04/16/50 (Call 10/16/49)		43,871		49,135,520
4.50%, 04/01/56 (Call 10/01/55)		55,379		62,301,375


Security	Par (000)		Value

Panama (continued)
6.70%, 01/26/36	$	47,803	$	62,562,176

				394,205,027

Paraguay —0.2%
Paraguay Government International Bond 4.95%, 04/28/31 (Call 01/28/31)^(c)		2,825		2,895,625
6.10%, 08/11/44^(b)		23,790		25,960,837

				28,856,462

Peru — 2.4%
Peruvian Government International Bond 2.39%, 01/23/26 (Call 12/23/25) .		1,450		1,471,750
2.78%, 01/23/31 (Call 10/23/30)		5,125		5,278,750
4.13%, 08/25/27		26,531		29,839,084
5.63%, 11/18/50		60,351		89,715,533
6.55%, 03/14/37		30,353		43,490,158
7.35%, 07/21/25		37,200		46,569,750
8.75%, 11/21/33		52,283		82,378,402

				298,743,427

Philippines — 3.9%
Philippine Government International Bond 2.46%, 05/05/30 .		4,250		4,324,375
2.95%, 05/05/45 .		3,975		4,084,313
3.00%, 02/01/28		37,412		39,395,958
3.70%, 03/01/41		34,889		40,056,933
3.70%, 02/02/42		36,796		42,441,886
3.75%, 01/14/29		27,394		30,655,598
3.95%, 01/20/40		33,501		38,819,284
4.20%, 01/21/24		26,563		28,546,924
5.00%, 01/13/37		22,964		29,178,632
5.50%, 03/30/26		17,165		20,066,958
6.38%, 01/15/32		17,316		23,436,124
6.38%, 10/23/34		33,043		46,993,342
7.75%, 01/14/31		30,916		45,262,956
9.50%, 02/02/30		34,329		54,561,654
10.63%, 03/16/25		23,977		32,818,519

				480,643,456

Poland — 1.2%
Republic of Poland Government International Bond 3.00%, 03/17/23		47,970		50,263,566
3.25%, 04/06/26		43,312		47,210,080
4.00%, 01/22/24		49,009		53,176,725

				150,650,371

Qatar — 4.3%
Qatar Government International Bond 3.25%, 06/02/26^(b)		46,229		48,944,954
3.38%, 03/14/24^(b)		25,622		27,071,244
3.40%, 04/16/25^(c)		2,925		3,112,383
3.75%, 04/16/30^(c)		7,475		8,175,781
3.88%, 04/23/23^(b)		41,799		44,359,189
4.00%, 03/14/29^(b)		53,458		59,472,025
4.40%, 04/16/50^(c)		6,300		7,158,373
4.50%, 04/23/28^(b)		38,157		43,689,765
4.63%, 06/02/46^(b)		24,805		29,223,391
4.82%, 03/14/49^(b)		78,286		94,187,844
5.10%, 04/23/48^(b)		75,771		94,548,001
5.75%, 01/20/42^(b)		11,030		14,680,241
6.40%, 01/20/40^(b)		9,593		13,559,106
9.75%, 06/15/30^(b)		12,703		20,233,497


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® J.P. Morgan USD Emerging Markets Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Qatar (continued)
SoQ Sukuk A QSC, 3.24%, 01/18/23^(b)	$	22,261	$	23,207,092

				531,622,886

Romania — 1.0%
Romanian Government International Bond 4.38%, 08/22/23^(b)		36,032		37,450,760
4.88%, 01/22/24^(b)		26,370		27,985,162
5.13%, 06/15/48^(b)		28,304		29,896,100
6.13%, 01/22/44^(b)		24,544		29,207,360

				124,539,382

Russia — 4.0%
Russian Foreign Bond-Eurobond 4.25%, 06/23/27^(b)		31,600		34,286,000
4.38%, 03/21/29^(b)		38,600		42,653,000
4.75%, 05/27/26^(b)		36,600		40,552,800
4.88%, 09/16/23^(b)		36,600		39,905,438
5.10%, 03/28/35^(b)		51,200		60,048,000
5.25%, 06/23/47^(b)		89,000		110,499,062
5.63%, 04/04/42^(b)		37,400		47,521,375
5.88%, 09/16/43^(b)		20,000		26,275,000
7.50%, 03/31/30^(b)(g)		31,341		35,601,888
12.75%, 06/24/28^(b)		32,743		55,090,097

				492,432,660

Saudi Arabia — 4.6%
KSA Sukuk Ltd. 2.97%, 10/29/29^(b)		23,351		23,876,398
3.63%, 04/20/27^(b)		37,720		39,606,000
4.30%, 01/19/29^(b)		15,998		17,797,775
Saudi Government International Bond 2.50%, 02/03/27^(c)		9,845		9,731,783
2.50%, 02/03/27^(b)		2,400		2,372,400
2.75%, 02/03/32^(c)		5,999		5,759,040
2.75%, 02/03/32^(b)		3,100		2,976,000
2.88%, 03/04/23^(b)		29,079		29,776,896
2.90%, 10/22/25^(c)		5,375		5,444,854
3.25%, 10/26/26^(b)		53,011		54,654,341
3.25%, 10/22/30^(c)		5,550		5,613,825
3.63%, 03/04/28^(b)		46,069		48,343,657
3.75%, 01/21/55^(c)		23,408		21,418,320
3.75%, 01/21/55^(b)		2,400		2,196,000
4.00%, 04/17/25^(b)		42,259		45,069,223
4.38%, 04/16/29^(b)		36,867		41,072,142
4.50%, 04/17/30^(b)		28,499		31,918,880
4.50%, 10/26/46^(b)		59,428		61,656,550
4.50%, 04/22/60^(c)		5,375		5,361,540
4.63%, 10/04/47^(b)		39,784		41,693,632
5.00%, 04/17/49^(b)		32,509		35,891,968
5.25%, 01/16/50^(b)		31,791		36,013,242

				568,244,466

Senegal — 0.3%
Senegal Government International Bond 6.25%, 05/23/33^(b)		26,736		23,419,065
6.75%, 03/13/48^(b)		24,368		20,293,975

				43,713,040

South Africa — 2.2%
Republic of South Africa Government International Bond 4.30%, 10/12/28		37,851		31,700,213
4.67%, 01/17/24		23,289		23,012,443
4.85%, 09/27/27		17,752		15,949,063
4.85%, 09/30/29		34,474		29,561,455


Security	Par (000)		Value

South Africa (continued)
4.88%, 04/14/26	$	23,713	$	22,016,038
5.00%, 10/12/46		19,922		14,904,146
5.38%, 07/24/44		17,999		13,954,850
5.65%, 09/27/47		25,884		20,383,650
5.75%, 09/30/49		53,064		41,323,590
5.88%, 09/16/25		37,775		37,680,562
5.88%, 06/22/30		24,653		22,557,495

				273,043,505

Sri Lanka — 1.3%
Sri Lanka Government International Bond 5.75%, 04/18/23^(b)		30,638		17,898,873
5.88%, 07/25/22^(b)		20,191		12,460,001
6.20%, 05/11/27^(b)		37,049		21,025,308
6.75%, 04/18/28^(b)		31,433		17,406,024
6.83%, 07/18/26^(b)		25,991		14,782,381
6.85%, 03/14/24^(b)		24,458		14,353,911
6.85%, 11/03/25^(b)		37,637		21,483,764
7.55%, 03/28/30^(b)		38,001		21,423,064
7.85%, 03/14/29^(b)		34,735		19,535,311

				160,368,637

Trinidad And Tobago — 0.1%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26^(b)		20,948		18,905,570


Tunisia — 0.1%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25^(b)		21,420		17,979,412


Turkey —4.0%
Hazine Mustesarligi Varlik Kiralama AS 4.49%, 11/25/24^(b)		7,235		6,595,155
5.00%, 04/06/23^(b)		10,856		10,408,190
Turkey Government International Bond 3.25%, 03/23/23		16,742		15,439,263
4.25%, 03/13/25 .		5,000		4,448,437
4.25%, 04/14/26		14,138		12,163,098
4.88%, 10/09/26		27,044		23,790,269
4.88%, 04/16/43		28,157		20,449,021
5.13%, 02/17/28		22,663		19,716,810
5.25%, 03/13/30		10,800		8,977,500
5.60%, 11/14/24		18,598		17,726,219
5.75%, 03/22/24		24,364		23,511,260
5.75%, 05/11/47		31,929		24,226,129
6.00%, 03/25/27		35,039		32,203,031
6.00%, 01/14/41		27,804		22,277,955
6.13%, 10/24/28		20,774		18,930,307
6.25%, 09/26/22		23,879		23,923,773
6.35%, 08/10/24 .		22,118		21,682,552
6.63%, 02/17/45		28,069		23,604,275
6.75%, 05/30/40		18,341		15,773,260
6.88%, 03/17/36		26,026		23,472,199
7.25%, 12/23/23		18,297		18,502,841
7.25%, 03/05/38 .		9,514		8,895,590
7.38%, 02/05/25		32,077		32,477,962
7.63%, 04/26/29		28,254		27,830,190
8.00%, 02/14/34		17,036		17,248,950
11.88%, 01/15/30		14,430		18,168,272

				492,442,508


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® J.P. Morgan USD Emerging Markets Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ukraine — 2.3%
Ukraine Government International Bond 7.38%, 09/25/32^(b)	$	75,610	$	66,985,734
7.75%, 09/01/22^(b)		31,625		30,043,750
7.75%, 09/01/23^(b)		32,894		31,167,065
7.75%, 09/01/24^(b)		33,317		31,484,565
7.75%, 09/01/25^(b)		32,523		30,376,482
7.75%, 09/01/26^(b)		33,161		30,773,408
7.75%, 09/01/27^(b)		31,822		29,308,062
9.75%, 11/01/28^(b)		39,150		38,367,000

				288,506,066

United Arab Emirates — 3.0%
Abu Dhabi Government International Bond 2.13%, 09/30/24^(b)		27,150		27,523,313
2.50%, 10/11/22^(b)		42,842		43,752,393
2.50%, 04/16/25^(c)		5,000		5,137,484
2.50%, 09/30/29^(b)		35,268		35,708,850
3.13%, 05/03/26^(b)		40,951		43,446,452
3.13%, 10/11/27^(b)		58,749		62,420,812
3.13%, 04/16/30^(c)		6,375		6,757,447
3.13%, 09/30/49^(b)		52,603		50,416,688
3.88%, 04/16/50^(c)		2,825		3,001,537
4.13%, 10/11/47^(b)		45,835		51,578,698
RAK Capital, 3.09%, 03/31/25^(b)		13,452		13,346,906
Sharjah Sukuk Program Ltd. 3.85%, 04/03/26^(b)		13,032		13,296,713
4.23%, 03/14/28^(b)		15,744		16,270,440

				372,657,733

Uruguay —2.6%
Uruguay Government International Bond 4.38%, 10/27/27		38,811		42,279,692
4.38%, 01/23/31 (Call 10/23/30)		36,152		39,778,621
4.50%, 08/14/24		24,223		25,895,649
4.98%, 04/20/55		62,665		71,007,889
5.10%, 06/18/50		96,496		109,492,578
7.63%, 03/21/36		26,907		37,190,647

				325,645,076

Venezuela — 0.0%
Venezuela Government International Bond 9.25%, 09/15/27^(f)		2,528		214,880
12.75%, 08/23/22^(b)(f)		4,840		411,400

				626,280


Security	Par/ Shares (000)		Value

Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24^(b)	$	23,173	$	23,912,606


Zambia — 0.1%
Zambia Government International Bond 8.50%, 04/14/24^(b)		23,809		7,760,246
8.97%, 07/30/27^(b)		30,414		9,799,011

				17,559,257


Total Foreign Government Obligations — 85.1% (Cost: $12,125,218,460)				10,574,884,875


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.18%^(h)(i)		31,200		31,200,000


Total Short-Term Investments — 0.3% (Cost: $31,200,000)				31,200,000


Total Investments in Securities — 98.1% (Cost: $13,914,646,394)				12,179,721,874

Other Assets, Less Liabilities — 1.9%				236,726,704


Net Assets — 100.0%			$	12,416,448,578

^(a)	U.S. dollar denominated security issued by foreign domiciled entity.

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

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

^(d)	Perpetual security with no stated maturity date.

^(e)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

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

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

^(h)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	98,438	(67,238	)	31,200	$	31,200,000	$	418,622	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® J.P. Morgan USD Emerging Markets Bond ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	1,573,636,999	$	—	$	1,573,636,999
Foreign Government Obligations		—		10,574,884,875		—		10,574,884,875
Money Market Funds		31,200,000		—		—		31,200,000

	$	31,200,000	$	12,148,521,874	$	—	$	12,179,721,874

See notes to financial statements.


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities (unaudited)

April 30, 2020


	iShares J.P. Morgan USD Emerging Markets Bond ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	12,148,521,874
Affiliated^(b)		31,200,000
Cash		77,110
Receivables:
Investments sold		164,044,117
Capital shares sold		36,578,303
Dividends		18,804
Interest		160,125,448

Total assets		12,540,565,656


LIABILITIES
Payables:
Investments purchased		120,256,955
Investment advisory fees		3,860,123

Total liabilities		124,117,078


NET ASSETS	$	12,416,448,578


NET ASSETS CONSIST OF:
Paid-in capital	$	14,721,619,441
Accumulated loss		(2,305,170,863	)

NET ASSETS	$	12,416,448,578


Shares outstanding		124,900,000

Net asset value	$	99.41

Shares authorized		Unlimited

Par value		None


^(a) Investments, at cost — Unaffiliated	$	13,883,446,394
^(b) Investments, at cost — Affiliated	$	31,200,000

See notes to financial statements.


FINANCIAL STATEMENTS			13

Statement of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares J.P. Morgan USD Emerging Markets Bond ETF

INVESTMENT INCOME
Dividends —Affiliated	$	418,622
Interest — Unaffiliated		336,669,708
Other income — Unaffiliated		178,678
Foreign taxes withheld		97

Total investment income		337,267,105


EXPENSES
Investment advisory fees		28,301,765

Total expenses		28,301,765

Net investment income		308,965,340


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(84,595,401	)
In-kind redemptions — Unaffiliated		(64,595,839	)

Net realized loss		(149,191,240	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,730,585,741	)

Net change in unrealized appreciation (depreciation)		(1,730,585,741	)

Net realized and unrealized loss		(1,879,776,981	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,570,811,641	)

See notes to financial statements.


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Changes in Net Assets


	iShares J.P. Morgan USD Emerging Markets Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	308,965,340		$	743,588,755
Net realized gain (loss)		(149,191,240	)		160,512,638
Net change in unrealized appreciation (depreciation)		(1,730,585,741	)		1,198,822,979

Net increase (decrease) in net assets resulting from operations		(1,570,811,641	)		2,102,924,372


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(329,558,928	)		(872,461,442	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(165,487,292	)		(1,492,886,987	)


NET ASSETS
Total decrease in net assets		(2,065,857,861	)		(262,424,057	)
Beginning of period		14,482,306,439			14,744,730,496

End of period	$	12,416,448,578		$	14,482,306,439

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

See notes to financial statements.


FINANCIAL STATEMENTS			15

Financial Highlights

(For a share outstanding throughout each period)


	iShares J.P. Morgan USD Emerging Markets Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period	$	113.14		$	104.57		$	115.92		$	114.74		$	108.36		$	114.15

Net investment income^(a)		2.33			5.25			5.07			5.33			5.39			5.08
Net realized and unrealized gain (loss)^(b)		(13.57	)		9.44			(11.50	)		1.02			6.57			(5.75	)

Net increase (decrease) from investment operations		(11.24	)		14.69			(6.43	)		6.35			11.96			(0.67	)


Distributions^(c)
From net investment income		(2.49	)		(6.12	)		(4.92	)		(5.17	)		(5.58	)		(5.12	)

Total distributions		(2.49	)		(6.12	)		(4.92	)		(5.17	)		(5.58	)		(5.12	)


Net asset value, end of period	$	99.41		$	113.14		$	104.57		$	115.92		$	114.74		$	108.36


Total Return
Based on net asset value		(10.13	)%^(d)		14.50	%		(5.68	)%		5.74	%		11.35	%		(0.55	)%


Ratios to Average Net Assets
Total expenses		0.39	%^(e)		0.39	%		0.39	%		0.54	%		0.59	%		0.60	%

Total expenses after fees waived		0.39	%^(e)		0.39	%		0.39	%		0.40	%		0.40	%		0.40	%

Net investment income		4.27	%^(e)		4.81	%		4.60	%		4.69	%		4.81	%		4.61	%


Supplemental Data
Net assets, end of period (000)	$	12,416,449		$	14,482,306		$	14,744,730		$	11,928,210		$	9,649,296		$	4,464,443

Portfolio turnover rate^(f)		5	%^(d)		11	%		15	%		26	%		32	%		24	%

^(a)	Based on average shares outstanding.

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

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following fund (the “Fund”):


iShares ETF		Diversification Classification
J.P. Morgan USD Emerging Markets Bond		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2020, if any, are disclosed in the statement of assets and liabilities.

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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund.

Recent Accounting Standards: The Fund has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Fund has changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Fund applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The cost basis of securities at October 31, 2019 has been adjusted to $14,378,585,622.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Fund.

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The 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 should the reporting period end on a day that the Fund’s listing exchange is not open. 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. A fund determines the fair value 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 the Fund’s assets and liabilities:


NOTES TO FINANCIAL STATEMENTS			17

Notes to Financial Statements (unaudited) (continued)

•

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

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. 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.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, 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 the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets		Investment Advisory Fee
First $19 billion		0.4000%
Over $19 billion, up to and including $33 billion		0.3800
Over $33 billion, up to and including $47 billion		0.3610
Over $47 billion		0.3430

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Sub-Adviser: Effective February 28, 2020, BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Fund.

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

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

For the six months ended April 30, 2020, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
J.P. Morgan USD Emerging Markets Bond	$	28,797,543	$	30,892,952	$	1,481,297

The 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 statement of operations.

5.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
J.P. Morgan USD Emerging Markets Bond	$	814,769,633	$	726,134,610

For the six months ended April 30, 2020, in-kind transactions were as follows:

iShares ETF

In-kind
Purchases

In-kind

Sales

J.P. Morgan USD Emerging Markets Bond

4,033,730,459

4,334,221,556

6.	INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2020, 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 Fund’s financial statements.

As of October 31, 2019, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $375,756,539.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
J.P. Morgan USD Emerging Markets Bond	$	13,994,470,561	$	146,083,966	$	(1,960,832,653	)	$	(1,814,748,687	)

7.	PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS			19

Notes to Financial Statements (unaudited) (continued)

instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The 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 the 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.

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. 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 Fund and its investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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 the Fund’s portfolio are disclosed in its schedule of investments.

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.

8.	CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 04/30/20						Year Ended 10/31/19

iShares ETF	Shares			Amount			Shares			Amount

J.P. Morgan USD Emerging Markets Bond
Shares sold		39,200,000		$	4,268,713,162			72,300,000		$	7,852,920,951
Shares redeemed		(42,300,000	)		(4,434,200,454	)		(85,300,000	)		(9,345,807,938	)

Net decrease		(3,100,000	)	$	(165,487,292	)		(13,000,000	)	$	(1,492,886,987	)

9.	LEGAL PROCEEDINGS

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund 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.


NOTES TO FINANCIAL STATEMENTS			21

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares J.P. Morgan USD Emerging Markets Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 the 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.


	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
J.P. Morgan USD Emerging Markets Bond	$	2.490762	$	—	$	—	$	2.490762		100	%		—	%		—	%		100	%


SUPPLEMENTAL INFORMATION			23

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Fund’s Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Fund’s 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 JPMorgan Chase & Co., 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-1014-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Aaa - A Rated Corporate Bond ETF | QLTA | NYSE Arca

iShares Convertible Bond ETF | ICVT | Cboe BZX

iShares Floating Rate Bond ETF | FLOT | Cboe BZX

Table of Contents


	Page
Fund Summary		3
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		40
Statements of Operations		41
Statements of Changes in Net Assets		42
Financial Highlights		44
Notes to Financial Statements		47
Statement Regarding Liquidity Risk Management Program		54
Supplemental Information		55
General Information		56
Glossary of Terms Used in this Report		57


Fund Summary as of April 30, 2020		iShares^® Aaa - A Rated Corporate Bond ETF

Investment Objective

The iShares Aaa - A Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of Aaa to A, or equivalently rated, fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporations, as represented by the Bloomberg Barclays U.S. Corporate Aaa - A Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		4.16	%		11.74	%		4.52	%		4.13	%		11.74	%		24.75	%		39.41	%
Fund Market		4.57			11.96			4.62			4.17			11.96			25.34			39.85
Index		4.25			11.89			4.63			4.32			11.89			25.39			41.50

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,041.60	$	0.76		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
1-5 Years	34.9	%
5-10 Years	27.1
10-15 Years	4.5
15-20 Years	8.7
More than 20 Years	24.8

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Bank of America Corp., 3.59%, 07/21/28	0.3	%
Home Depot Inc. (The), 5.88%, 12/16/36	0.3
Alibaba Group Holding Ltd., 3.40%, 12/06/27	0.3
Wells Fargo & Co., 4.30%, 07/22/27	0.3
Bristol-Myers Squibb Co., 4.25%, 10/26/49	0.3
HSBC Holdings PLC, 4.04%, 03/13/28	0.3
TWDC Enterprises 18 Corp., 3.70%, 12/01/42	0.3
Citigroup Inc., 4.41%, 03/31/31	0.2
Morgan Stanley, 6.38%, 07/24/42	0.2
Abbott Laboratories, 4.90%, 11/30/46	0.2

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® Convertible Bond ETF

Investment Objective

The iShares Convertible Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated convertible securities, specifically cash pay bonds, with outstanding issue sizes greater than $250 million, as represented by the Bloomberg Barclays U.S. Convertible Cash Pay Bond>$250MM 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	%		4.64	%		7.41	%		4.64	%		42.07	%
Fund Market		4.74			4.93			7.51			4.93			42.75
Index		4.32			4.64			7.80			4.64			44.62

The inception date of the Fund was 6/2/15. The first day of secondary market trading was 6/4/15.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,044.20	$	1.02		$	1,000.00	$	1,023.90	$	1.01		0.20	%

^(a)

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	6.0	%
1-5 Years	66.6
5-10 Years	22.5
15-20 Years	2.0
More than 20 Years	2.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Carnival Corp., 5.75%, 04/01/23	2.1	%
Tesla Inc., 2.00%, 05/15/24	2.0
Tesla Inc., 1.25%, 03/01/21	2.0
Microchip Technology Inc., 1.63%, 02/15/27	1.7
Tesla Inc., 2.38%, 03/15/22	1.6
DISH Network Corp., 3.38%, 08/15/26	1.5
ServiceNow Inc. , 06/01/22	1.3
Palo Alto Networks Inc., 0.75%, 07/01/23	1.2
DexCom Inc., 0.75%, 12/01/23	1.2
Microchip Technology Inc., 1.63%, 02/15/25	1.1

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® Floating Rate Bond ETF

Investment Objective

The iShares Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade floating rate bonds with remaining maturities between one month and five years, as represented by the Bloomberg Barclays US Floating Rate Note<5 Years Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.80	)%		0.70	%		1.45	%		1.24	%		0.70	%		7.47	%		11.57	%
Fund Market		(0.92	)		0.62			1.43			1.23			0.62			7.37			11.50
Index		(0.50	)		1.12			1.74			1.49			1.12			9.03			13.98

The inception date of the Fund was 6/14/11. The first day of secondary market trading was 6/17/11.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	992.00	$	0.99		$	1,000.00	$	1,023.90	$	1.01		0.20	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	12.2	%
Aa	20.6
A	49.6
Baa	15.8
Ba	0.9
Not Rated	0.9

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	33.3	%
1-5 Years	66.7

^(a)

Excludes money market funds.


FUND SUMMARY			5

About Fund Performance

Shareholder Expenses

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 1.1%
General Dynamics Corp. 1.88%, 08/15/23 (Call 06/15/23)	$	170	$	174,716
2.13%, 08/15/26 (Call 05/15/26)		545		566,222
2.25%, 11/15/22 (Call 08/15/22)		635		654,475
2.38%, 11/15/24 (Call 09/15/24)		110		115,581
2.63%, 11/15/27 (Call 08/15/27)		868		912,936
3.00%, 05/11/21		225		229,538
3.38%, 05/15/23 (Call 04/15/23)		303		323,798
3.50%, 05/15/25 (Call 03/15/25)		225		247,534
3.60%, 11/15/42 (Call 05/14/42)		113		130,863
3.63%, 04/01/30 (Call 01/01/30)		275		316,734
3.75%, 05/15/28 (Call 02/15/28)		610		692,252
3.88%, 07/15/21 (Call 04/15/21)		129		132,528
4.25%, 04/01/40 (Call 10/01/39)		350		431,771
Lockheed Martin Corp. 2.90%, 03/01/25 (Call 12/01/24)		50		53,585
3.35%, 09/15/21		350		362,768
3.55%, 01/15/26 (Call 10/15/25)		894		1,005,026
3.80%, 03/01/45 (Call 09/01/44)^(a)		50		60,576
4.07%, 12/15/42		490		607,335
4.09%, 09/15/52 (Call 03/15/52)		175		227,042
4.70%, 05/15/46 (Call 11/15/45)		895		1,222,293
Raytheon Co. 2.50%, 12/15/22 (Call 09/15/22)		549		569,824
4.88%, 10/15/40		242		315,754

				9,353,151

Agriculture — 0.9%
Archer-Daniels-Midland Co. 2.50%, 08/11/26 (Call 05/11/26)		425		450,470
2.75%, 03/27/25 (Call 02/27/25)		90		95,648
3.75%, 09/15/47 (Call 03/15/47)		225		257,015
4.02%, 04/16/43		289		338,566
4.50%, 03/15/49 (Call 09/15/48)		235		309,838
4.54%, 03/26/42		155		193,214
Philip Morris International Inc. 2.13%, 05/10/23 (Call 03/10/23)		218		223,559
2.38%, 08/17/22 (Call 07/17/22)		821		844,546
2.50%, 08/22/22^(a)		536		553,688
2.50%, 11/02/22 (Call 10/02/22)		140		145,049
2.63%, 02/18/22 (Call 01/18/22)		185		189,966
2.63%, 03/06/23		215		223,890
2.75%, 02/25/26 (Call 11/25/25)		109		115,571
2.90%, 11/15/21		65		66,783
3.13%, 08/17/27 (Call 05/17/27)		395		424,641
3.13%, 03/02/28 (Call 12/02/27)		105		113,006
3.25%, 11/10/24		200		216,094
3.38%, 08/11/25 (Call 05/11/25)		185		202,780
3.38%, 08/15/29 (Call 05/15/29)		175		192,077
3.60%, 11/15/23		233		250,547
3.88%, 08/21/42^(a)		325		354,630
4.13%, 03/04/43		305		343,067
4.25%, 11/10/44		513		595,183
4.38%, 11/15/41		267		307,883
4.50%, 03/20/42		225		264,746
4.88%, 11/15/43		193		238,147
6.38%, 05/16/38		300		425,703

				7,936,307


Security	Par (000)		Value

Airlines — 0.2%
American Airlines Pass Through Trust
Series 2014-1, Class A, 3.70%, 10/01/26	$	21	$	17,023
Series 2015-1, Class A, 3.38%, 05/01/27		396		320,632
JetBlue 2019-1 Class AA Pass Through Trust,
Series AA, Class 2019-1, 2.75%, 05/15/32^(a)		190		164,823
United Airlines Pass Through Trust
Series 2013-1, Class A, 4.30%, 08/15/25		486		422,590
Series 2014-1, Class A, 4.00%, 04/11/26		11698,491
Series 2014-2, Class A, 3.75%, 09/03/26		687		574,715
Series 2016-1, Class AA, 3.10%, 07/07/28		108		94,408
Series 2016-2, Class AA, 2.88%, 10/07/28		61		51,264

				1,743,946

Apparel — 0.4%
NIKE Inc. 2.25%, 05/01/23 (Call 02/01/23)		97		100,915
2.38%, 11/01/26 (Call 08/01/26)		315		337,620
2.40%, 03/27/25 (Call 02/27/25)		390		410,939
2.85%, 03/27/30 (Call 12/27/29)		704		763,453
3.25%, 03/27/40 (Call 09/27/39)		475		515,859
3.38%, 11/01/46 (Call 05/01/46)		420		466,759
3.38%, 03/27/50 (Call 09/27/49)		100		112,365
3.63%, 05/01/43 (Call 11/01/42)		622		710,641
3.88%, 11/01/45 (Call 05/01/45)		185		219,199

				3,637,750

Auto Manufacturers — 1.3%
American Honda Finance Corp. 1.65%, 07/12/21		195		194,249
1.70%, 09/09/21^(a)		260		259,072
1.95%, 05/10/23		190		188,666
2.20%, 06/27/22		140		140,664
2.30%, 09/09/26		566		559,740
2.35%, 01/08/27		315		307,522
2.60%, 11/16/22		295		299,189
2.90%, 02/16/24^(a)		635		647,300
3.50%, 02/15/28		391		408,599
3.63%, 10/10/23		360		375,930
Cummins Inc. 3.65%, 10/01/23 (Call 07/01/23)		417		451,090
4.88%, 10/01/43 (Call 04/01/43)^(a)		410		539,941
Daimler Finance North America LLC, 8.50%, 01/18/31		615		815,422
Toyota Motor Corp. 2.36%, 07/02/24		185		190,489
3.67%, 07/20/28		56		62,043
Toyota Motor Credit Corp. 1.80%, 02/13/25		200		201,442
2.15%, 09/08/22^(a)		335		340,792
2.15%, 02/13/30		85		84,180
2.25%, 10/18/23		913		935,752
2.60%, 01/11/22		943		962,558
2.63%, 01/10/23^(a)		322		332,739
2.65%, 04/12/22		95		97,551
2.70%, 01/11/23		315		326,365
2.80%, 07/13/22		144		148,645
2.90%, 04/17/24		573		602,487
3.20%, 01/11/27		202		216,708
3.30%, 01/12/22		410		423,382
3.40%, 09/15/21		200		205,630
3.45%, 09/20/23		355		377,908

				10,696,055


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Auto Parts & Equipment — 0.1%
Magna International Inc. 3.63%, 06/15/24 (Call 03/15/24)	$	639	$	669,596
4.15%, 10/01/25 (Call 07/01/25)		225		240,860

				910,456

Banks — 31.4%
Australia & New Zealand Banking Group Ltd./New York NY 2.05%, 11/21/22		100		101,912
2.63%, 05/19/22		585		601,234
2.63%, 11/09/22		765		790,513
3.70%, 11/16/25		35		38,684
Banco Santander SA 2.71%, 06/27/24		635		651,986
3.31%, 06/27/29		935		971,867
3.50%, 04/11/22		100		102,052
3.80%, 02/23/28		430		448,056
3.85%, 04/12/23		200		207,302
4.38%, 04/12/28		275		297,982
Bank of America Corp. 2.02%, 02/13/26 (Call 02/13/25)^(a)(b)		365		367,022
2.46%, 10/22/25 (Call 10/22/24)^(b)		162		165,583
2.50%, 10/21/22 (Call 10/21/21)		480		488,885
2.50%, 02/13/31 (Call 02/13/30)^(b)		625		632,150
2.59%, 04/29/31 (Call 04/29/30)^(b)		200		205,304
2.82%, 07/21/23 (Call 07/21/22)^(b)		865		887,853
2.88%, 04/24/23 (Call 04/24/22)^(b)		647		662,793
2.88%, 10/22/30 (Call 10/22/29)^(b)		665		687,976
3.00%, 12/20/23 (Call 12/20/22)^(b)		705		729,111
3.09%, 10/01/25 (Call 10/01/24)^(b)		1,023		1,071,112
3.12%, 01/20/23 (Call 01/20/22)^(b)		559		573,221
3.19%, 07/23/30 (Call 07/23/29)^(b)		620		662,272
3.25%, 10/21/27 (Call 10/21/26)^(a)		413		441,034
3.30%, 01/11/23		652		682,931
3.37%, 01/23/26 (Call 01/23/25)^(b)		670		713,108
3.42%, 12/20/28 (Call 12/20/27)^(b)		1,127		1,208,899
3.46%, 03/15/25 (Call 03/15/24)^(b)		560		592,855
3.50%, 05/17/22 (Call 05/17/21)^(b)		335		341,636
3.50%, 04/19/26		1,100		1,196,349
3.55%, 03/05/24 (Call 03/05/23)^(b)		410		430,820
3.56%, 04/23/27 (Call 04/23/26)^(b)		402		433,565
3.59%, 07/21/28 (Call 07/21/27)^(b)		2,224		2,411,617
3.71%, 04/24/28 (Call 04/24/27)^(b)		350		381,160
3.82%, 01/20/28 (Call 01/20/27)^(b)		280		306,292
3.86%, 07/23/24 (Call 07/23/23)^(b)		265		282,543
3.88%, 08/01/25		465		510,919
3.95%, 01/23/49 (Call 01/23/48)^(b)		231		268,715
3.97%, 03/05/29 (Call 03/05/28)^(b)		410		456,867
3.97%, 02/07/30 (Call 02/07/29)^(b)		485		544,058
4.00%, 04/01/24^(a)		1,095		1,189,860
4.08%, 04/23/40 (Call 04/23/39)^(b)		100		115,189
4.08%, 03/20/51 (Call 03/20/50)^(b)		1,115		1,343,441
4.10%, 07/24/23		361		390,530
4.13%, 01/22/24		680		739,221
4.24%, 04/24/38 (Call 04/24/37)^(b)		595		699,333
4.27%, 07/23/29 (Call 07/23/28)^(b)		1,235		1,404,220
4.33%, 03/15/50 (Call 03/15/49)^(a)(b)		400		497,820
4.44%, 01/20/48 (Call 01/20/47)^(b)		290		354,737
4.88%, 04/01/44		215		278,290
5.00%, 01/21/44		675		882,981
5.88%, 02/07/42		304		440,274


Security	Par (000)		Value

Banks (continued)
Bank of Montreal 1.90%, 08/27/21	$	400	$	404,220
2.35%, 09/11/22		1,404		1,445,558
2.55%, 11/06/22 (Call 10/06/22)		830		858,154
2.90%, 03/26/22		950		978,044
Bank of New York Mellon Corp. (The) 2.05%, 05/03/21 (Call 04/03/21)		375		378,870
2.10%, 10/24/24		200		206,216
2.20%, 08/16/23 (Call 06/16/23)		380		391,898
2.45%, 08/17/26 (Call 05/17/26)		697		731,822
2.60%, 02/07/22 (Call 01/07/22)		344		353,474
2.66%, 05/16/23 (Call 05/16/22)^(b)		410		421,341
2.80%, 05/04/26 (Call 02/04/26)		385		409,355
3.00%, 10/30/28 (Call 07/30/28)		449		474,804
3.25%, 09/11/24 (Call 08/11/24)		321		345,505
3.25%, 05/16/27 (Call 02/16/27)		423		461,442
3.30%, 08/23/29 (Call 05/23/29)		225		247,714
3.40%, 05/15/24 (Call 04/15/24)		466		502,301
3.40%, 01/29/28 (Call 10/29/27)		523		580,629
3.44%, 02/07/28 (Call 02/07/27)^(a)(b)		210		228,835
3.50%, 04/28/23		425		454,180
3.55%, 09/23/21 (Call 08/23/21)		325		334,659
3.85%, 04/28/28^(a)		150		172,668
Series 0012, 3.65%, 02/04/24 (Call 01/05/24)		264		288,415
Series G, 3.00%, 02/24/25 (Call 01/24/25)		175		188,995
Bank of Nova Scotia (The) 1.63%, 05/01/23		75		75,032
1.95%, 02/01/23		265		268,032
2.00%, 11/15/22		50		50,655
2.20%, 02/03/25		197		200,505
2.38%, 01/18/23		50		51,324
2.45%, 09/19/22		761		785,626
2.70%, 03/07/22		1,227		1,262,448
2.70%, 08/03/26		511		536,065
2.80%, 07/21/21^(a)		150		152,621
3.40%, 02/11/24		450		478,606
BNP Paribas SA, 3.25%, 03/03/23		425		449,110
BPCE SA 2.75%, 12/02/21		50		50,940
3.38%, 12/02/26		420		453,550
Canadian Imperial Bank of Commerce 2.25%, 01/28/25		125		126,249
2.55%, 06/16/22		1,215		1,248,327
2.61%, 07/22/23 (Call 07/22/22)^(b)		100		101,785
3.50%, 09/13/23		550		591,338
Citibank N.A. 2.84%, 05/20/22 (Call 04/20/22)^(b)		775		785,036
3.40%, 07/23/21 (Call 06/23/21)		400		409,792
3.65%, 01/23/24 (Call 12/23/23)		400		429,992
Citigroup Inc. 2.31%, 11/04/22 (Call 11/04/21)^(b)		375		377,812
2.67%, 01/29/31 (Call 01/29/30)^(b)		855		860,361
2.70%, 10/27/22 (Call 09/27/22)		105		107,529
2.88%, 07/24/23 (Call 07/24/22)^(b)		1,000		1,024,710
2.90%, 12/08/21 (Call 11/08/21)		396		403,318
2.98%, 11/05/30 (Call 11/05/29)^(b)		1,025		1,046,617
3.11%, 04/08/26 (Call 04/08/25)^(b)		100		104,709
3.14%, 01/24/23 (Call 01/24/22)^(b)		110		112,747
3.20%, 10/21/26 (Call 07/21/26)		245		258,188
3.30%, 04/27/25		800		847,688


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.35%, 04/24/25 (Call 04/24/24)^(b)	$	1,033	$	1,085,569
3.40%, 05/01/26		815		870,298
3.52%, 10/27/28 (Call 10/27/27)^(b)		1,009		1,073,778
3.67%, 07/24/28 (Call 07/24/27)^(b)		310		331,015
3.70%, 01/12/26		447		482,697
3.88%, 10/25/23		280		299,141
3.89%, 01/10/28 (Call 01/10/27)^(b)		695		750,718
3.98%, 03/20/30 (Call 03/20/29)^(b)		950		1,045,931
4.04%, 06/01/24 (Call 06/01/23)^(b)		795		848,496
4.08%, 04/23/29 (Call 04/23/28)^(b)		685		757,329
4.28%, 04/24/48 (Call 10/24/47)^(b)		207		242,529
4.41%, 03/31/31 (Call 03/31/30)^(b)		1,775		2,043,398
4.50%, 01/14/22		300		314,499
4.65%, 07/30/45		530		641,401
4.65%, 07/23/48 (Call 06/23/48)		1,095		1,336,710
5.32%, 03/26/41 (Call 03/26/40)^(b)		235		303,505
5.88%, 01/30/42		85		117,997
8.13%, 07/15/39		608		1,000,695
Comerica Inc. 3.70%, 07/31/23 (Call 07/01/23)		400		421,412
4.00%, 02/01/29 (Call 10/31/28)		100		105,661
Cooperatieve Rabobank UA 3.88%, 02/08/22^(a)		1,005		1,048,597
5.25%, 05/24/41^(a)		485		682,725
Cooperatieve Rabobank UA/NY 2.75%, 01/10/22		780		800,670
2.75%, 01/10/23		300		310,680
3.38%, 05/21/25		425		457,908
Credit Suisse AG/New York NY 2.80%, 04/08/22		25		25,595
3.00%, 10/29/21		400		408,608
3.63%, 09/09/24		885		949,596
Fifth Third Bank/Cincinnati OH, 3.95%, 07/28/25 (Call 06/28/25)^(a)		225		250,837
First Republic Bank/CA 1.91%, 02/12/24 (Call 02/12/23)^(b)		200		199,866
2.50%, 06/06/22 (Call 05/06/22)		665		679,650
Goldman Sachs Group Inc. (The) 2.35%, 11/15/21 (Call 11/15/20)		300		301,500
2.60%, 02/07/30 (Call 11/07/29)		75		74,537
2.88%, 10/31/22 (Call 10/31/21)^(b)		640		650,336
2.91%, 06/05/23 (Call 06/05/22)^(b)		780		797,269
2.91%, 07/24/23 (Call 07/24/22)^(b)		1,170		1,197,858
3.00%, 04/26/22 (Call 04/26/21)		495		501,296
3.20%, 02/23/23 (Call 01/23/23)		210		217,921
3.27%, 09/29/25 (Call 09/29/24)^(b)		960		1,002,634
3.50%, 01/23/25 (Call 10/23/24)		1,080		1,142,316
3.50%, 11/16/26 (Call 11/16/25)		1,010		1,073,095
3.63%, 01/22/23		787		826,696
3.63%, 02/20/24 (Call 01/20/24)		402		427,000
3.69%, 06/05/28 (Call 06/05/27)^(b)		1,105		1,179,289
3.75%, 05/22/25 (Call 02/22/25)		937		1,003,283
3.75%, 02/25/26 (Call 11/25/25)		636		686,435
3.80%, 03/15/30 (Call 12/15/29)		500		548,215
3.81%, 04/23/29 (Call 04/23/28)^(b)		285		308,065
3.85%, 07/08/24 (Call 04/08/24)		1,030		1,099,257
3.85%, 01/26/27 (Call 01/26/26)		1,249		1,350,769
4.00%, 03/03/24		898		965,350
4.02%, 10/31/38 (Call 10/31/37)^(b)		1,170		1,288,217
4.22%, 05/01/29 (Call 05/01/28)^(b)		685		759,172


Security	Par (000)		Value

Banks (continued)
4.41%, 04/23/39 (Call 04/23/38)^(b)	$	448	$	507,907
4.75%, 10/21/45 (Call 04/21/45)		540		653,405
4.80%, 07/08/44 (Call 01/08/44)^(a)		595		725,543
5.25%, 07/27/21		195		203,568
5.75%, 01/24/22		345		369,102
6.13%, 02/15/33		50		65,530
6.25%, 02/01/41		1,187		1,649,621
HSBC Bank USA N.A., 7.00%, 01/15/39		25		37,577
HSBC Holdings PLC 2.65%, 01/05/22		650		659,854
2.95%, 05/25/21		600		608,862
3.03%, 11/22/23 (Call 11/22/22)^(b)		550		564,729
3.26%, 03/13/23 (Call 03/13/22)^(b)		895		919,129
3.60%, 05/25/23		100		105,318
3.80%, 03/11/25 (Call 03/11/24)^(b)		650		692,204
3.90%, 05/25/26		375		408,746
3.95%, 05/18/24 (Call 05/18/23)^(b)		600		636,816
3.97%, 05/22/30 (Call 05/22/29)^(a)(b)		915		1,001,294
4.00%, 03/30/22		719		750,348
4.04%, 03/13/28 (Call 03/13/27)^(b)		1,925		2,087,354
4.25%, 03/14/24		500		530,225
4.25%, 08/18/25		225		240,386
4.29%, 09/12/26 (Call 09/15/25)^(b)		700		768,922
4.30%, 03/08/26		1,505		1,668,684
4.38%, 11/23/26		775		846,873
4.58%, 06/19/29 (Call 06/19/28)^(b)		650		735,156
4.88%, 01/14/22		324		342,167
4.95%, 03/31/30		500		592,565
5.25%, 03/14/44		435		557,035
6.10%, 01/14/42		225		319,626
6.50%, 05/02/36		525		708,687
6.50%, 09/15/37		695		956,125
6.80%, 06/01/38		555		783,138
HSBC USA Inc., 3.50%, 06/23/24		420		448,577
Huntington National Bank (The) 2.50%, 08/07/22 (Call 07/07/22)		1,040		1,067,175
3.25%, 05/14/21 (Call 04/14/21)		350		356,762
3.55%, 10/06/23 (Call 09/06/23)		100		107,127
ING Groep NV 3.15%, 03/29/22		945		969,343
3.95%, 03/29/27		460		498,304
4.10%, 10/02/23		507		542,525
4.55%, 10/02/28		490		559,247
JPMorgan Chase & Co. 2.01%, 03/13/26 (Call 03/13/25)^(b)		100		100,913
2.08%, 04/22/26 (Call 04/22/25)^(b)		100		101,404
2.30%, 08/15/21 (Call 08/15/20)		212		212,628
2.40%, 06/07/21 (Call 05/07/21)		200		202,336
2.52%, 04/22/31 (Call 04/22/30)^(b)		175		178,985
2.70%, 05/18/23 (Call 03/18/23)		202		209,131
2.74%, 10/15/30 (Call 10/15/29)^(b)		630		652,806
2.78%, 04/25/23 (Call 04/25/22)^(b)		640		655,238
2.95%, 10/01/26 (Call 07/01/26)		470		493,011
2.97%, 01/15/23 (Call 01/15/22)		440		452,118
3.11%, 04/22/41 (Call 04/22/40)^(b)		175		181,764
3.11%, 04/22/51 (Call 04/22/50)^(b)		200		207,866
3.13%, 01/23/25 (Call 10/23/24)^(a)		334		353,569
3.20%, 01/25/23		294		307,871
3.20%, 06/15/26 (Call 03/15/26)		235		250,472
3.22%, 03/01/25 (Call 03/01/24)^(b)		450		474,052


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.25%, 09/23/22	$	420	$	439,517
3.30%, 04/01/26 (Call 01/01/26)		290		312,101
3.51%, 06/18/22 (Call 06/18/21)^(b)		80		81,886
3.51%, 01/23/29 (Call 01/23/28)^(b)		125		135,383
3.54%, 05/01/28 (Call 05/01/27)^(a)(b)		295		317,786
3.56%, 04/23/24 (Call 04/23/23)^(b)		750		792,930
3.63%, 05/13/24^(a)		295		318,526
3.63%, 12/01/27 (Call 12/01/26)		200		214,332
3.70%, 05/06/30 (Call 05/06/29)^(b)		705		779,251
3.78%, 02/01/28 (Call 02/01/27)^(b)		750		819,555
3.80%, 07/23/24 (Call 07/23/23)^(b)		135		144,361
3.88%, 02/01/24		1,119		1,214,954
3.88%, 07/24/38 (Call 07/24/37)^(b)		771		871,862
3.90%, 07/15/25 (Call 04/15/25)		940		1,035,495
3.90%, 01/23/49 (Call 01/23/48)^(a)(b)		360		421,294
3.96%, 11/15/48 (Call 11/15/47)^(b)		854		1,009,069
4.01%, 04/23/29 (Call 04/23/28)^(b)		650		726,238
4.02%, 12/05/24 (Call 12/05/23)^(b)		40		43,272
4.03%, 07/24/48 (Call 07/24/47)^(b)		371		440,974
4.20%, 07/23/29 (Call 07/23/28)^(b)		550		621,769
4.25%, 10/01/27^(a)		400		448,516
4.26%, 02/22/48 (Call 02/22/47)^(b)		405		497,790
4.35%, 08/15/21		108		112,245
4.49%, 03/24/31 (Call 03/24/30)^(b)		75		88,786
4.50%, 01/24/22		375		395,861
4.63%, 05/10/21^(a)		697		722,064
4.85%, 02/01/44		210		273,200
4.95%, 06/01/45		410		517,112
5.40%, 01/06/42		205		281,328
5.50%, 10/15/40		1,090		1,486,248
5.60%, 07/15/41		397		552,366
5.63%, 08/16/43		65		89,406
6.40%, 05/15/38		692		1,019,302
KeyBank N.A./Cleveland OH 2.30%, 09/14/22		618		630,904
2.40%, 06/09/22		395		403,161
3.30%, 02/01/22		275		284,014
3.30%, 06/01/25		352		379,597
3.38%, 03/07/23		450		473,940
Lloyds Bank PLC, 2.25%, 08/14/22		575		584,827
Lloyds Banking Group PLC 2.44%, 02/05/26 (Call 02/05/25)^(b)		300		299,697
2.91%,11/07/23 (Call 11/07/22)^(b)		1,170		1,188,275
3.00%,01/11/22		160		162,843
3.10%, 07/06/21		200		202,158
3.57%,11/07/28 (Call 11/07/27)^(b)		290		304,300
3.75%, 01/11/27		410		436,502
3.87%, 07/09/25 (Call 07/09/24)^(b)		1,000		1,051,910
3.90%, 03/12/24		100		105,568
4.05%, 08/16/23		450		474,777
4.45%, 05/08/25		750		817,972
4.55%, 08/16/28		330		369,046
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		415		442,539
Manufacturers & Traders Trust Co. 2.50%, 05/18/22 (Call 04/18/22)		695		713,501
2.90%, 02/06/25 (Call 01/06/25)		275		292,053
3.40%, 08/17/27		750		803,805
Mitsubishi UFJ Financial Group Inc. 2.19%, 09/13/21		350		352,527
2.19%, 02/25/25		1,000		1,009,080


Security	Par (000)		Value

Banks (continued)
2.56%, 02/25/30	$	624	$	634,764
2.62%, 07/18/22		500		509,480
2.67%, 07/25/22		1,045		1,066,255
2.76%, 09/13/26		210		218,175
2.80%, 07/18/24		300		309,531
3.00%, 02/22/22		1,228		1,257,116
3.20%, 07/18/29		275		292,369
3.22%, 03/07/22		280		287,846
3.29%, 07/25/27^(a)		450		479,448
3.41%, 03/07/24		445		467,704
3.46%, 03/02/23		150		156,561
3.54%, 07/26/21		50		51,251
3.68%, 02/22/27		560		609,482
3.74%, 03/07/29		250		276,067
3.75%, 07/18/39		225		247,885
3.76%, 07/26/23		85		89,961
3.78%, 03/02/25		220		237,717
3.85%, 03/01/26		400		439,084
3.96%, 03/02/28		325		368,378
4.05%, 09/11/28^(a)		500		576,470
4.15%, 03/07/39		124		143,568
4.29%, 07/26/38^(a)		245		288,345
Mizuho Financial Group Inc. 2.27%, 09/13/21		700		704,606
2.59%, 05/25/31 (Call 05/25/30)^(b)		545		550,668
2.60%, 09/11/22		431		438,254
2.95%, 02/28/22^(a)		325		330,931
3.15%, 07/16/30 (Call 07/16/29)^(b)		200		210,562
3.17%, 09/11/27		566		593,066
3.55%, 03/05/23		230		240,509
3.66%, 02/28/27		737		791,906
3.92%, 09/11/24 (Call 09/11/23)^(b)		200		212,806
4.02%, 03/05/28^(a)		400		444,168
4.25%, 09/11/29 (Call 09/11/28)^(b)		300		339,105
Morgan Stanley 2.19%, 04/28/26 (Call 04/28/25)^(b)		100		101,176
2.63%, 11/17/21		715		726,640
2.70%, 01/22/31 (Call 01/22/30)^(b)		925		945,757
2.72%, 07/22/25 (Call 07/22/24)^(a)(b)		425		438,817
2.75%, 05/19/22		1,335		1,367,481
3.13%, 01/23/23		640		665,530
3.13%, 07/27/26		1,645		1,746,233
3.59%, 07/22/28 (Call 07/22/27)^(b)		1,160		1,255,839
3.62%, 04/01/31 (Call 04/01/30)^(b)		200		220,190
3.63%, 01/20/27		1,085		1,177,594
3.70%, 10/23/24		675		728,217
3.74%, 04/24/24 (Call 04/24/23)^(b)		1,015		1,074,469
3.75%, 02/25/23		784		829,229
3.77%, 01/24/29 (Call 01/24/28)^(b)		300		329,520
3.88%, 01/27/26		688		757,220
3.97%, 07/22/38 (Call 07/22/37)^(b)		408		464,039
4.00%, 07/23/25		890		980,086
4.30%, 01/27/45		695		838,538
4.38%, 01/22/47		710		878,959
4.43%, 01/23/30 (Call 01/23/29)^(b)		565		653,632
4.46%, 04/22/39 (Call 04/22/38)^(b)		260		313,318
5.50%, 07/28/21		234		245,410
5.60%, 03/24/51 (Call 03/24/50)^(b)		410		594,307
6.25%, 08/09/26		623		774,620
6.38%, 07/24/42		1,288		1,955,673


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
7.25%, 04/01/32	$	904	$	1,300,639
Series F, 3.88%, 04/29/24		837		901,901
National Australia Bank Ltd./New York 1.88%,07/12/21		400		403,332
1.88%, 12/13/22		350		355,225
2.50%, 05/22/22		1,330		1,364,088
2.50%, 07/12/26		385		399,364
2.80%, 01/10/22		190		195,064
2.88%, 04/12/23		300		314,097
3.00%, 01/20/23		55		57,415
Northern Trust Corp. 2.38%, 08/02/22		303		311,202
3.38%, 08/23/21^(a)		93		95,932
3.95%, 10/30/25		460		516,203
PNC Bank N.A. 2.23%, 07/22/22 (Call 07/22/21)^(b)		250		252,890
2.45%, 07/28/22 (Call 06/28/22)		300		307,812
2.63%, 02/17/22 (Call 01/17/22)		630		644,597
2.70%, 11/01/22 (Call 10/01/22)		650		671,248
2.95%, 01/30/23 (Call 12/30/22)		315		327,757
3.25%, 06/01/25 (Call 05/02/25)		150		160,836
3.30%, 10/30/24 (Call 09/30/24)		740		796,936
4.05%, 07/26/28		500		561,110
4.20%, 11/01/25 (Call 10/01/25)		250		281,412
PNC Financial Services Group Inc. (The) 2.55%, 01/22/30 (Call 10/24/29)		445		457,598
2.60%, 07/23/26 (Call 05/24/26)		500		523,355
2.85%, 11/09/22^(c)		112		116,546
3.15%, 05/19/27 (Call 04/19/27)		797		859,772
3.30%, 03/08/22 (Call 02/06/22)		726		751,882
3.45%, 04/23/29 (Call 01/23/29)		225		247,471
3.50%, 01/23/24 (Call 12/24/23)		452		483,242
3.90%, 04/29/24 (Call 03/29/24)		990		1,071,784
Royal Bank of Canada 1.60%, 04/17/23		50		50,233
1.95%, 01/17/23^(a)		535		542,538
2.25%, 11/01/24		50		51,141
2.55%, 07/16/24		510		527,646
2.75%, 02/01/22^(a)		689		709,071
3.70%, 10/05/23		550		589,561
4.65%, 01/27/26		380		433,280
Santander UK PLC, 4.00%, 03/13/24		862		928,055
Skandinaviska Enskilda Banken AB, 2.80%, 03/11/22		520		531,482
State Street Corp. 1.95%, 05/19/21		100		101,129
2.40%, 01/24/30		55		57,477
2.65%, 05/15/23 (Call 05/15/22)^(b)		274		281,017
2.65%, 05/19/26		320		337,888
3.10%, 05/15/23		603		633,795
3.30%, 12/16/24		630		687,418
3.55%, 08/18/25		376		416,300
3.70%, 11/20/23		340		376,985
3.78%, 12/03/24 (Call 12/03/23)^(b)		95		102,919
4.14%, 12/03/29 (Call 12/03/28)^(b)		410		476,896
Sumitomo Mitsui BankingCorp. 3.20%, 07/18/22		575		594,021
3.40%, 07/11/24		50		53,097
3.95%, 07/19/23		325		347,132
3.95%, 01/10/24		530		569,034


Security	Par (000)		Value

Banks (continued)
Sumitomo Mitsui Financial Group Inc. 2.35%, 01/15/25	$	1,000	$	1,015,680
2.44%, 10/19/21		90		91,215
2.63%, 07/14/26		484		500,306
2.70%, 07/16/24		400		411,164
2.75%, 01/15/30		750		776,197
2.78%, 07/12/22		772		788,590
2.78%, 10/18/22		596		612,038
2.85%, 01/11/22		270		275,152
3.01%, 10/19/26		1,034		1,092,979
3.04%, 07/16/29		600		629,184
3.10%, 01/17/23		200		207,306
3.35%, 10/18/27		225		240,386
3.36%, 07/12/27		325		347,526
3.45%, 01/11/27		435		465,585
3.54%, 01/17/28		225		243,590
3.78%, 03/09/26		330		359,410
3.94%, 10/16/23		320		342,141
Svenska Handelsbanken AB, 3.35%, 05/24/21		250		256,470
Toronto-Dominion Bank (The) 1.80%, 07/13/21^(a)		325		327,551
2.65%, 06/12/24		95		98,821
3.25%, 06/11/21		275		282,100
3.25%, 03/11/24		330		350,226
3.50%, 07/19/23		410		441,066
3.63%, 09/15/31 (Call 09/15/26)^(b)		1,345		1,435,626
Truist Bank 2.25%, 03/11/30 (Call 12/11/29)		650		632,411
2.45%, 08/01/22 (Call 07/01/22)		880		900,504
2.75%, 05/01/23 (Call 04/01/23)		250		260,095
2.80%, 05/17/22 (Call 04/17/22)		638		658,167
2.85%, 04/01/21 (Call 03/01/21)		242		245,882
3.63%, 09/16/25 (Call 08/16/25)		625		674,344
3.69%, 08/02/24 (Call 08/02/23)^(b)		270		287,266
4.05%, 11/03/25 (Call 09/03/25)		449		509,745
Truist Financial Corp. 2.05%, 05/10/21 (Call 04/09/21)		481		485,420
2.50%, 08/01/24 (Call 07/01/24)		250		258,818
2.75%, 04/01/22 (Call 03/01/22)		1,484		1,520,966
2.85%, 10/26/24 (Call 09/26/24)		1,046		1,104,513
3.20%, 09/03/21 (Call 08/03/21)		225		230,495
3.88%, 03/19/29 (Call 02/19/29)^(a)		350		372,928
U.S. Bancorp. 2.95%, 07/15/22 (Call 06/15/22)		486		503,345
3.00%, 03/15/22 (Call 02/15/22)		520		538,226
3.00%, 07/30/29 (Call 04/30/29)		100		104,347
3.10%, 04/27/26 (Call 03/27/26)		705		748,816
3.38%, 02/05/24 (Call 01/05/24)		300		322,203
3.60%, 09/11/24 (Call 08/11/24)		325		349,739
3.70%, 01/30/24 (Call 12/29/23)		1,217		1,323,208
3.90%, 04/26/28 (Call 03/26/28)		50		57,944
3.95%, 11/17/25 (Call 10/17/24)		200		226,044
Series V, 2.38%, 07/22/26 (Call 06/22/26)		305		318,234
Series V, 2.63%, 01/24/22 (Call 12/23/21)		695		715,683
Series X, 3.15%, 04/27/27 (Call 03/27/27)		820		890,971
U.S. Bank N.A./Cincinnati OH 2.80%, 01/27/25 (Call 12/27/24)		254		270,132
3.40%, 07/24/23 (Call 06/23/23)		335		358,232
Wachovia Corp., 5.50%, 08/01/35		700		867,538


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Wells Fargo & Co. 2.10%, 07/26/21	$	275	$	277,288
2.16%, 02/11/26 (Call 02/11/25)^(b)		500		502,750
2.57%, 02/11/31 (Call 02/11/30)^(b)		310		309,566
2.63%, 07/22/22		950		972,629
2.88%, 10/30/30 (Call 10/30/29)^(b)		685		700,255
3.00%, 02/19/25		905		950,033
3.00%, 04/22/26		578		607,270
3.00%, 10/23/26		645		676,199
3.07%, 01/24/23 (Call 01/24/22)		1,230		1,259,815
3.30%, 09/09/24		720		764,647
3.50%, 03/08/22		909		941,879
3.55%, 09/29/25		645		696,123
3.58%, 05/22/28 (Call 05/22/27)^(b)		595		639,458
3.75%, 01/24/24 (Call 12/24/23)		475		506,801
3.90%, 05/01/45		350		401,359
4.10%, 06/03/26		469		508,654
4.13%, 08/15/23		49		52,200
4.15%, 01/24/29 (Call 10/24/28)		585		661,723
4.30%, 07/22/27		1,995		2,169,961
4.40%, 06/14/46		355		401,700
4.48%, 01/16/24		319		344,657
4.48%, 04/04/31 (Call 04/04/30)^(b)		325		378,066
4.65%, 11/04/44		1,177		1,382,410
4.75%, 12/07/46		515		608,467
4.90%, 11/17/45		550		663,063
5.01%, 04/04/51 (Call 04/04/50)^(b)		525		694,963
5.38%, 02/07/35		115		149,188
5.38%, 11/02/43		545		690,744
5.61%, 01/15/44		650		842,029
Series M, 3.45%, 02/13/23		495		515,315
Wells Fargo Bank N.A. 2.08%, 09/09/22 (Call 09/09/21)^(b)		790		795,799
3.55%, 08/14/23 (Call 07/14/23)		471		501,997
5.85%, 02/01/37		250		335,500
5.95%, 08/26/36		500		674,805
6.60%, 01/15/38		150		213,423
Westpac Banking Corp. 2.00%, 08/19/21		300		303,123
2.00%, 01/13/23		185		188,397
2.10%, 05/13/21		125		126,383
2.50%, 06/28/22		1,545		1,586,051
2.65%, 01/16/30		315		323,981
2.70%, 08/19/26		155		162,460
2.75%, 01/11/23		710		737,008
2.80%, 01/11/22		435		447,128
2.85%, 05/13/26		585		616,128
3.35%, 03/08/27		380		413,030
3.65%, 05/15/23		200		213,588

				266,259,356

Beverages — 2.4%
Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45)		229		281,104
Coca-Cola Co. (The) 1.55%, 09/01/21^(a)		250		252,897
2.13%, 09/06/29		100		103,655
2.20%, 05/25/22^(a)		80		82,463
2.25%, 09/01/26		484		514,376
2.50%, 04/01/23^(a)		640		671,968
2.55%, 06/01/26^(a)		502		540,574
2.88%, 10/27/25		790		863,083


Security	Par (000)		Value

Beverages (continued)
2.90%, 05/25/27	$	1,081	$	1,175,144
2.95%, 03/25/25		40		43,465
3.20%, 11/01/23^(a)		707		768,269
3.30%, 09/01/21		266		275,326
3.38%, 03/25/27		75		84,370
4.13%, 03/25/40		90		111,708
4.20%, 03/25/50		525		679,849
Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43		200		235,072
Diageo Capital PLC 2.38%, 10/24/29 (Call 07/24/29)		200		206,800
2.63%, 04/29/23 (Call 01/29/23)		981		1,021,172
3.88%, 04/29/43 (Call 10/29/42)		142		166,393
5.88%, 09/30/36^(a)		430		594,922
Diageo Investment Corp. 2.88%, 05/11/22		599		622,157
4.25%, 05/11/42		400		483,356
Fomento Economico Mexicano SAB de CV, 4.38%, 05/10/43 .		20		22,196
PepsiCo Inc. 0.75%, 05/01/23		65		64,912
1.63%, 05/01/30 (Call 02/01/30)		90		89,468
1.70%, 10/06/21 (Call 09/06/21)		430		435,990
2.25%, 05/02/22 (Call 04/02/22)		480		494,866
2.25%, 03/19/25 (Call 02/19/25)		100		105,836
2.38%, 10/06/26 (Call 07/06/26)		95		101,944
2.63%, 07/29/29 (Call 04/29/29)		321		347,646
2.75%, 03/05/22		1,004		1,040,807
2.75%, 03/01/23		600		634,176
2.75%, 04/30/25 (Call 01/30/25)		480		518,851
2.75%, 03/19/30 (Call 12/19/29)^(a)		839		917,749
2.85%, 02/24/26 (Call 11/24/25)		170		185,713
2.88%, 10/15/49 (Call 04/15/49)		215		230,583
3.00%, 10/15/27 (Call 07/15/27)		205		225,506
3.10%, 07/17/22 (Call 05/17/22)		288		302,484
3.38%, 07/29/49 (Call 01/29/49)		425		484,717
3.45%, 10/06/46 (Call 04/06/46)		956		1,094,486
3.50%, 07/17/25 (Call 04/17/25)		135		150,729
3.60%, 03/01/24 (Call 12/01/23)^(a)		535		585,418
3.60%, 08/13/42		130		151,588
3.63%, 03/19/50 (Call 09/19/49)		450		542,902
4.00%, 03/05/42		447		546,672
4.00%, 05/02/47 (Call 11/02/46)^(a)		185		232,064
4.25%, 10/22/44 (Call 04/22/44)		379		479,643
4.45%, 04/14/46 (Call 10/14/45)		290		380,141
4.60%, 07/17/45 (Call 01/17/45)		195		259,262
5.50%, 01/15/40		35		50,026

				20,454,498

Biotechnology —0.9%
Gilead Sciences Inc. 1.95%, 03/01/22 (Call 02/01/22)		145		147,497
2.50%, 09/01/23 (Call 07/01/23)		312		326,761
2.95%, 03/01/27 (Call 12/01/26)		550		599,940
3.25%, 09/01/22 (Call 07/01/22)		470		492,786
3.50%, 02/01/25 (Call 11/01/24)		521		573,908
3.65%, 03/01/26 (Call 12/01/25)		758		853,834
3.70%, 04/01/24 (Call 01/01/24)		600		655,374
4.00%, 09/01/36 (Call 03/01/36)		332		395,551
4.15%, 03/01/47 (Call 09/01/46)^(a)		450		567,454
4.40%, 12/01/21 (Call 09/01/21)		124		129,798
4.50%, 02/01/45 (Call 08/01/44)		375		484,560
4.60%, 09/01/35 (Call 03/01/35)		422		545,477


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Biotechnology (continued)
4.75%, 03/01/46 (Call 09/01/45)	$	755	$	1,016,449
4.80%, 04/01/44 (Call 10/01/43)		473		629,445
5.65%, 12/01/41 (Call 06/01/41)		260		373,357

				7,792,191

Chemicals — 0.3%
Air Products and Chemicals Inc. 1.50%, 10/15/25 (Call 09/15/25)		25		25,200
1.85%, 05/15/27 (Call 03/15/27)		70		70,909
2.05%, 05/15/30 (Call 02/15/30)		75		76,253
2.70%, 05/15/40 (Call 11/15/39)		35		35,460
2.80%, 05/15/50 (Call 11/15/49)		30		30,552
Ecolab Inc. 2.38%, 08/10/22 (Call 07/10/22)		60		62,174
3.25%, 12/01/27 (Call 09/01/27)		139		152,186
3.95%, 12/01/47 (Call 06/01/47)		235		285,269
PPG Industries Inc., 3.75%, 03/15/28 (Call 12/15/27)^(a)		251		283,723
Praxair Inc. 2.20%, 08/15/22 (Call 05/15/22)		142		145,107
2.45%, 02/15/22 (Call 11/15/21)		408		417,380
2.70%, 02/21/23 (Call 11/21/22)		125		127,252
3.00%, 09/01/21		25		25,619
3.20%, 01/30/26 (Call 10/30/25)		375		407,692
3.55%, 11/07/42 (Call 05/07/42)		478		531,364

				2,676,140

Commercial Services — 0.7%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)		867		962,578
Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)		50		53,785
Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 11/01/47)		336		427,526
Massachusetts Institute of Technology 3.89%, 07/01/2116		382		454,202
4.68%, 07/01/2114		115		162,421
5.60%, 07/01/2111		205		342,516
Northwestern University, 4.64%, 12/01/44		370		492,133
President and Fellows of Harvard College 3.15%, 07/15/46 (Call 01/15/46)^(a)		565		640,880
3.30%, 07/15/56 (Call 01/15/56)		120		136,730
Princeton University, 5.70%, 03/01/39		503		749,043
S&P Global Inc. 2.95%, 01/22/27 (Call 10/22/26)		293		316,009
3.25%, 12/01/49 (Call 06/01/49)		75		81,916
4.00%, 06/15/25 (Call 03/15/25)		50		56,161
4.50%, 05/15/48 (Call 11/15/47)		240		319,555
University of Southern California, 3.03%, 10/01/39		694		753,233

				5,948,688

Computers — 3.6%
Apple Inc. 1.55%, 08/04/21 (Call 07/04/21)		100		100,939
1.70%, 09/11/22		55		56,424
1.80%, 09/11/24 (Call 08/11/24)		292		302,743
2.05%, 09/11/26 (Call 07/11/26)		100		105,402
2.10%, 09/12/22 (Call 08/12/22)		43		44,438
2.15%, 02/09/22^(a)		319		327,281
2.20%, 09/11/29 (Call 06/11/29)^(a)		150		159,443
2.30%, 05/11/22 (Call 04/11/22)		534		551,627
2.40%, 01/13/23 (Call 12/13/22)		215		224,641
2.40%, 05/03/23		1,410		1,479,583
2.45%, 08/04/26 (Call 05/04/26)		420		451,118


Security	Par (000)		Value

Computers (continued)
2.50%, 02/09/22 (Call 01/09/22)	$	290	$	299,089
2.50%, 02/09/25^(a)		393		420,050
2.70%, 05/13/22		242		252,445
2.75%, 01/13/25 (Call 11/13/24)		336		362,463
2.85%, 05/06/21		192		196,193
2.85%, 02/23/23 (Call 12/23/22)		290		306,017
2.85%, 05/11/24 (Call 03/11/24)		260		278,158
2.90%, 09/12/27 (Call 06/12/27)		624		686,824
2.95%, 09/11/49 (Call 03/11/49)		255		273,957
3.00%, 02/09/24 (Call 12/09/23)		1,257		1,349,440
3.00%, 06/20/27 (Call 03/20/27)		165		182,421
3.00%, 11/13/27 (Call 08/13/27)		500		553,360
3.20%, 05/13/25		574		633,972
3.20%, 05/11/27 (Call 02/11/27)		435		484,947
3.25%, 02/23/26 (Call 11/23/25)		712		791,096
3.35%, 02/09/27 (Call 11/09/26)		650		726,759
3.45%, 05/06/24		446		490,216
3.45%, 02/09/45		805		920,429
3.75%, 09/12/47 (Call 03/12/47)		900		1,089,612
3.75%, 11/13/47 (Call 05/13/47)		485		589,881
3.85%, 05/04/43		622		755,102
3.85%, 08/04/46 (Call 02/04/46)		842		1,029,151
4.25%, 02/09/47 (Call 08/09/46)		638		830,108
4.38%, 05/13/45		465		607,350
4.45%, 05/06/44		127		166,428
4.50%, 02/23/36 (Call 08/23/35)		638		815,638
4.65%, 02/23/46 (Call 08/23/45)		1,097		1,486,479
IBM Credit LLC 2.20%, 09/08/22		100		103,070
3.00%, 02/06/23		320		337,882
International Business Machines Corp. 1.70%, 05/15/27 (Call 03/15/27)		100		99,815
1.88%, 08/01/22		220		224,965
1.95%, 05/15/30 (Call 02/15/30)		200		199,258
2.50%, 01/27/22		715		734,176
2.85%, 05/13/22		400		415,900
2.88%, 11/09/22		385		403,461
3.00%, 05/15/24		650		695,929
3.30%, 05/15/26		585		646,314
3.30%, 01/27/27		340		379,953
3.38%, 08/01/23		200		215,574
3.45%, 02/19/26^(a)		223		247,784
3.50%, 05/15/29		500		564,580
3.63%, 02/12/24		415		451,719
4.00%, 06/20/42		225		264,762
4.15%, 05/15/39^(a)		590		690,147
4.25%, 05/15/49		780		953,059
4.70%, 02/19/46^(a)		455		576,858
5.60%, 11/30/39		625		854,662
5.88%, 11/29/32		492		675,546
7.00%, 10/30/25		384		496,704

				30,613,342

Cosmetics & Personal Care — 1.4%
Colgate-Palmolive Co. 1.95%, 02/01/23		118		122,682
2.30%, 05/03/22		436		450,650
3.25%, 03/15/24		82		88,928
3.70%, 08/01/47 (Call 02/01/47)		373		482,968
4.00%, 08/15/45		205		271,358


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
Estee Lauder Companies Inc. (The) 2.38%, 12/01/29 (Call 09/01/29)	$	225	$	230,470
3.13%, 12/01/49 (Call 06/01/49)		225		232,891
3.15%, 03/15/27 (Call 12/15/26)^(a)		640		690,938
4.15%, 03/15/47 (Call 09/15/46)		335		400,174
Procter & Gamble Co. (The) 1.70%, 11/03/21		425		433,037
2.15%, 08/11/22		558		578,707
2.30%, 02/06/22		208		213,814
2.45%, 03/25/25 (Call 02/25/25)		1,015		1,087,471
2.45%, 11/03/26		230		250,978
2.70%, 02/02/26		280		306,037
2.85%, 08/11/27^(a)		448		501,151
3.00%, 03/25/30 (Call 12/25/29)		575		653,119
3.10%, 08/15/23^(a)		230		249,304
3.50%, 10/25/47		775		963,759
5.55%, 03/05/37		50		74,620
Unilever Capital Corp. 2.00%, 07/28/26^(a)		215		224,172
2.13%, 09/06/29 (Call 06/06/29)		100		103,106
2.20%, 05/05/22 (Call 04/05/22)		914		938,495
2.60%, 05/05/24 (Call 03/05/24)		300		315,834
2.90%, 05/05/27 (Call 02/05/27)		100		108,477
3.00%, 03/07/22		100		104,314
3.10%, 07/30/25		200		217,766
3.25%, 03/07/24 (Call 02/07/24)		200		215,812
3.50%, 03/22/28 (Call 12/22/27)^(a)		475		538,944
5.90%, 11/15/32		520		741,416

				11,791,392

Distribution & Wholesale — 0.1%
WW Grainger Inc. 1.85%, 02/15/25 (Call 01/15/25)		375		385,376
4.60%, 06/15/45 (Call 12/15/44)		525		638,784

				1,024,160

Diversified Financial Services — 4.0%
American Express Co. 2.50%, 08/01/22 (Call 07/01/22)		857		876,000
2.50%, 07/30/24 (Call 06/29/24)		400		411,844
2.65%, 12/02/22		1,015		1,043,917
3.00%, 10/30/24 (Call 09/29/24)		668		702,081
3.13%, 05/20/26 (Call 04/20/26)		500		537,650
3.40%, 02/27/23 (Call 01/27/23)		549		575,132
3.40%, 02/22/24 (Call 01/22/24)		100		106,027
3.63%, 12/05/24 (Call 11/04/24)^(a)		561		602,497
3.70%, 11/05/21 (Call 10/05/21)		265		272,746
3.70%, 08/03/23 (Call 07/03/23)		585		622,177
4.05%, 12/03/42		316		387,615
American Express Credit Corp. 2.25%, 05/05/21 (Call 04/05/21)		350		354,004
2.70%, 03/03/22 (Call 01/31/22)		540		553,322
3.30%, 05/03/27 (Call 04/03/27)		388		427,176
Ameriprise Financial Inc. 2.88%, 09/15/26 (Call 02/02/26)^(a)		550		577,110
3.70%, 10/15/24		305		331,148
4.00%, 10/15/23		285		310,730
Brookfield Finance Inc., 3.90%, 01/25/28 (Call 10/25/27)		229		235,861
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)		500		414,025
Charles Schwab Corp. (The) 2.65%, 01/25/23 (Call 12/25/22)		966		1,007,229


Security	Par (000)		Value

Diversified Financial Services (continued)
3.20%, 03/02/27 (Call 12/02/26)	$	365	$	396,127
3.20%, 01/25/28 (Call 10/25/27)		646		685,522
3.25%, 05/21/21 (Call 04/21/21)		92		93,817
3.85%, 05/21/25 (Call 03/21/25)		420		471,765
4.00%, 02/01/29 (Call 11/01/28)		200		225,992
CME Group Inc. 3.00%, 09/15/22		505		529,083
3.00%, 03/15/25 (Call 12/15/24)		435		473,515
3.75%, 06/15/28 (Call 03/15/28)		100		116,395
4.15%, 06/15/48 (Call 12/15/47)		255		339,986
5.30%, 09/15/43 (Call 03/15/43)		212		305,778
Credit Suisse USA Inc., 7.13%, 07/15/32		695		1,017,223
Intercontinental Exchange Inc. 2.35%, 09/15/22 (Call 08/15/22)		512		526,935
3.10%, 09/15/27 (Call 06/15/27)		635		689,216
3.75%, 12/01/25 (Call 09/01/25)		685		762,145
3.75%, 09/21/28 (Call 06/21/28)^(a)		390		449,370
4.00%, 10/15/23		220		242,656
4.25%, 09/21/48 (Call 03/21/48)		275		352,853
Invesco Finance PLC 3.13%, 11/30/22		225		228,695
3.75%, 01/15/26		592		627,721
4.00%, 01/30/24		395		416,741
Mastercard Inc. 2.00%, 11/21/21 (Call 10/21/21)		100		101,860
2.00%, 03/03/25 (Call 02/03/25)		815		847,013
2.95%, 11/21/26 (Call 08/21/26)		490		538,187
2.95%, 06/01/29 (Call 03/01/29)		315		346,503
3.30%, 03/26/27 (Call 01/26/27)		160		178,453
3.35%, 03/26/30 (Call 12/26/29)		495		563,369
3.38%, 04/01/24		647		711,085
3.65%, 06/01/49 (Call 12/01/48)		15		18,228
3.80%, 11/21/46 (Call 05/21/46)		678		831,703
3.85%, 03/26/50 (Call 09/26/49)		435		546,021
ORIX Corp. 2.90%, 07/18/22		755		766,174
3.25%, 12/04/24		391		404,161
3.70%, 07/18/27		355		376,889
TD Ameritrade Holding Corp. 2.95%, 04/01/22 (Call 02/01/22)		1,047		1,074,714
3.30%, 04/01/27 (Call 01/01/27)		395		424,100
3.63%, 04/01/25 (Call 01/01/25)		395		426,237
VisaInc. 1.90%, 04/15/27 (Call 02/15/27)		75		77,575
2.15%, 09/15/22 (Call 08/15/22)		792		819,688
2.75%, 09/15/27 (Call 06/15/27)		150		163,307
2.80%, 12/14/22 (Call 10/14/22)		1,038		1,093,761
3.15%, 12/14/25 (Call 09/14/25)		1,350		1,492,249
3.65%, 09/15/47 (Call 03/15/47)		280		341,062
4.15%, 12/14/35 (Call 06/14/35)		681		862,057
4.30%, 12/14/45 (Call 06/14/45)^(a)		1,150		1,519,932

				33,824,154

Electric — 5.7%
AEP Transmission Co. LLC, 3.75%, 12/01/47 (Call 06/01/47)		275		328,130
Alabama Power Co. 3.45%, 10/01/49 (Call 04/01/49)		100		113,136
3.75%, 03/01/45 (Call 09/01/44)		232		266,097
6.00%, 03/01/39		285		402,486
Series 17-A, 2.45%, 03/30/22 (Call 02/28/22)		373		383,202
Series A, 4.30%, 07/15/48 (Call 01/15/48)		355		443,636


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Series B, 3.70%, 12/01/47 (Call 06/01/47)	$	274	$	314,749
Ameren Illinois Co., 3.70%, 12/01/47 (Call 06/01/47)		571		673,466
Arizona Public Service Co., 4.35%,11/15/45 (Call 05/15/45)		240		295,147
Baltimore Gas & Electric Co., 3.50%, 08/15/46 (Call 02/15/46)		330		368,320
Berkshire Hathaway Energy Co. 3.70%, 07/15/30 (Call 04/15/30)^(d)		150		172,613
3.75%, 11/15/23 (Call 08/15/23)		190		206,509
3.80%, 07/15/48 (Call 01/15/48)		60		71,066
4.05%, 04/15/25 (Call 03/15/25)^(d)		35		39,300
4.25%, 10/15/50 (Call 04/15/50)^(d)		145		185,548
4.45%, 01/15/49 (Call 07/15/48)		250		330,872
4.50%, 02/01/45 (Call 08/01/44)		280		365,708
5.15%, 11/15/43 (Call 05/15/43)		265		357,700
5.95%, 05/15/37		455		621,193
6.13%, 04/01/36		595		841,229
CenterPoint Energy Houston Electric LLC 3.55%, 08/01/42 (Call 02/01/42)		365		414,516
4.50%, 04/01/44 (Call 10/01/43)		250		316,557
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		100		127,230
Commonwealth Edison Co. 2.55%, 06/15/26 (Call 03/15/26)		479		512,118
3.65%, 06/15/46 (Call 12/15/45)		240		282,365
4.00%, 03/01/48 (Call 09/01/47)		315		390,512
5.90%, 03/15/36		180		256,829
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		265		314,210
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)		210		263,571
Consolidated Edison Co. of New York Inc. 3.85%, 06/15/46 (Call 12/15/45)		267		308,890
3.95%, 03/01/43 (Call 09/01/42)		428		498,021
4.45%, 03/15/44 (Call 09/15/43)		373		459,637
4.50%, 12/01/45 (Call 06/01/45)		210		264,510
4.63%, 12/01/54 (Call 06/01/54)		593		762,473
Series 07-A, 6.30%, 08/15/37		100		143,084
Series 08-B, 6.75%, 04/01/38		251		372,848
Series 09-C, 5.50%, 12/01/39		215		291,839
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		145		167,948
Series A, 4.13%, 05/15/49 (Call 11/15/48)		75		91,064
Series C, 4.30%, 12/01/56 (Call 06/01/56)		225		276,106
Series D, 4.00%, 12/01/28 (Call 09/01/28)		275		318,615
Series E, 4.65%, 12/01/48 (Call 06/01/48)		15		19,524
Consumers Energy Co. 2.50%, 05/01/60		265		260,434
3.10%, 08/15/50 (Call 02/15/50)^(a)		115		131,121
4.05%, 05/15/48 (Call 11/15/47)		200		259,332
4.35%, 04/15/49 (Call 10/15/48)		115		155,912
Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)		205		221,207
Dominion Energy South Carolina Inc. 5.10%, 06/01/65 (Call 12/01/64)		290		419,549
6.05%, 01/15/38		255		361,116
DTE Electric Co. 2.25%, 03/01/30 (Call 12/01/29)		150		156,065
2.95%, 03/01/50 (Call 09/01/49)		145		155,294
3.70%, 03/15/45 (Call 09/15/44)		485		572,722
3.95%, 03/01/49 (Call 09/01/48)		230		286,865
Series A, 4.05%, 05/15/48 (Call 11/15/47)		100		126,370
Duke Energy Carolinas LLC 2.45%, 02/01/30 (Call 11/01/29)		240		256,138


Security	Par (000)		Value

Electric (continued)
2.50%, 03/15/23 (Call 01/15/23)^(a)	$	269	$	281,105
2.95%, 12/01/26 (Call 09/01/26)		250		273,412
3.05%, 03/15/23 (Call 03/15/23)		175		186,575
3.20%, 08/15/49 (Call 02/15/49)^(a)		95		107,116
3.70%, 12/01/47 (Call 06/01/47)		210		250,265
3.75%, 06/01/45 (Call 12/01/44)		100		119,265
3.88%, 03/15/46 (Call 09/15/45)		270		328,331
3.95%, 11/15/28 (Call 08/15/28)		230		270,469
3.95%, 03/15/48 (Call 09/15/47)		132		164,257
4.00%, 09/30/42 (Call 03/30/42)		160		194,091
4.25%, 12/15/41 (Call 06/15/41)		125		155,588
5.30%, 02/15/40		268		368,395
6.00%, 01/15/38		80		116,692
6.05%, 04/15/38		140		203,067
6.10%, 06/01/37		330		470,926
Duke Energy Florida LLC 2.50%, 12/01/29 (Call 09/01/29)^(a)		140		149,989
3.20%, 01/15/27 (Call 10/15/26)		140		153,212
3.40%, 10/01/46 (Call 04/01/46)		220		247,949
3.80%, 07/15/28 (Call 04/15/28)		150		172,430
6.35%, 09/15/37^(a)		122		177,520
6.40%, 06/15/38		170		261,004
Duke Energy Indiana LLC 2.75%, 04/01/50 (Call 10/01/49)		805		825,994
3.75%, 05/15/46 (Call 12/15/45)		130		153,817
6.35%, 08/15/38		60		88,943
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)^(a)		115		128,096
Duke Energy Progress LLC 2.80%, 05/15/22 (Call 02/15/22)		212		218,879
3.00%, 09/15/21 (Call 06/15/21)^(a)		295		301,127
3.25%, 08/15/25 (Call 05/15/25)		100		109,426
3.60%, 09/15/47 (Call 03/15/47)		255		297,396
4.10%, 05/15/42 (Call 11/15/41)		75		91,804
4.10%, 03/15/43 (Call 09/15/42)		140		170,457
4.15%, 12/01/44 (Call 06/01/44)		75		92,192
4.20%, 08/15/45 (Call 02/15/45)		416		518,561
Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)		389		432,700
Entergy Louisiana LLC 4.00%, 03/15/33 (Call 12/15/32)		511		613,634
4.20%, 09/01/48 (Call 03/01/48)		195		251,751
Evergy Kansas Central Inc., 4.13%, 03/01/42 (Call 09/01/41)		309		370,426
Florida Power & Light Co. 2.75%, 06/01/23 (Call 12/01/22)		59		62,598
2.85%, 04/01/25 (Call 03/01/25)		125		135,561
3.13%, 12/01/25 (Call 06/01/25)		261		285,390
3.15%, 10/01/49 (Call 04/01/49)		225		259,052
3.25%, 06/01/24 (Call 12/01/23)		380		414,018
3.70%, 12/01/47 (Call 06/01/47)		220		269,234
3.95%, 03/01/48 (Call 09/01/47)^(a)		225		290,846
3.99%, 03/01/49 (Call 09/01/48)		15		19,500
4.05%, 06/01/42 (Call 12/01/41)		110		136,859
4.05%, 10/01/44 (Call 04/01/44)		185		234,891
4.13%, 02/01/42 (Call 08/01/41)		230		290,773
4.13%, 06/01/48 (Call 12/01/47)		100		133,885
5.69%, 03/01/40		335		498,520
5.95%, 02/01/38		505		757,621
5.96%, 04/01/39^(a)		150		226,470
Georgia Power Co. 4.30%, 03/15/42		344		403,326
Series 10-C, 4.75%, 09/01/40		114		139,542


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Series B, 3.70%, 01/30/50 (Call 07/30/49)	$	100	$	112,683
John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/42		123		153,071
Kentucky Utilities Co., 5.13%, 11/01/40 (Call 05/01/40)		464		614,387
MidAmerican Energy Co. 3.50%, 10/15/24 (Call 07/15/24)		506		554,885
3.65%, 04/15/29 (Call 01/15/29)		175		203,719
3.65%, 08/01/48 (Call 02/01/48)		125		151,711
4.25%, 07/15/49 (Call 01/15/49)		135		179,960
National Rural Utilities Cooperative Finance Corp. 2.85%, 01/27/25 (Call 10/27/24)		110		118,606
3.40%, 02/07/28 (Call 11/07/27)		313		344,184
4.02%, 11/01/32 (Call 05/01/32)		190		216,391
4.30%, 03/15/49 (Call 09/15/48)		200		257,788
Northern States Power Co./MN 2.90%, 03/01/50 (Call 09/01/49)		215		234,649
3.40%, 08/15/42 (Call 02/15/42)		60		68,374
3.60%, 09/15/47 (Call 03/15/47)		420		499,783
NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)		645		711,912
Ohio Power Co., Series M, 5.38%, 10/01/21		115		122,216
Oncor Electric Delivery Co. LLC 3.10%, 09/15/49 (Call 03/15/49)		250		284,655
3.75%, 04/01/45 (Call 10/01/44)		288		347,988
5.30%, 06/01/42 (Call 12/01/41)		175		249,557
7.00%, 05/01/32		315		462,404
PacifiCorp 4.13%, 01/15/49 (Call 07/15/48)		330		414,249
4.15%, 02/15/50 (Call 08/15/49)		15		19,078
5.75%, 04/01/37		380		510,910
6.00%, 01/15/39		215		312,292
6.25%, 10/15/37		315		451,134
PECO Energy Co., 3.90%, 03/01/48 (Call 09/01/47)		175		217,207
Potomac Electric Power Co. 4.15%, 03/15/43 (Call 09/15/42)		185		228,623
6.50%, 11/15/37		150		223,214
Public Service Co. of Colorado, 3.60%, 09/15/42 (Call 03/15/42)		124		146,053
Public Service Electric &Gas Co. 2.38%, 05/15/23 (Call 02/15/23)		164		170,096
3.80%, 03/01/46 (Call 09/01/45)		21		26,029
Puget Sound Energy Inc., 4.22%, 06/15/48 (Call 12/15/47)		150		191,297
San Diego Gas & Electric Co. 2.50%, 05/15/26 (Call 02/15/26)		245		254,962
4.50%, 08/15/40		300		361,959
Southern California Edison Co. 2.85%, 08/01/29 (Call 05/01/29)		344		355,070
3.65%, 02/01/50 (Call 08/01/49)		110		120,101
3.88%, 06/01/21 (Call 03/01/21)		129		131,699
4.00%, 04/01/47 (Call 10/01/46)		388		437,808
4.50%, 09/01/40 (Call 03/01/40)		100		118,204
4.65%, 10/01/43 (Call 04/01/43)		624		737,768
5.50%, 03/15/40^(a)		339		434,415
6.00%, 01/15/34		245		318,583
6.05%, 03/15/39		210		273,892
Series 08-A, 5.95%, 02/01/38^(a)		182		235,397
Series A, 4.20%, 03/01/29 (Call 12/01/28)^(a)		345		389,905
Series B, 4.88%, 03/01/49 (Call 09/01/48)		106		134,271
Series C, 3.50%, 10/01/23 (Call 07/01/23)		297		314,461
Series C, 4.13%, 03/01/48 (Call 09/01/47)		275		315,285


Security	Par (000)		Value

Electric (continued)
Virginia Electric & Power Co. 3.30%, 12/01/49 (Call 06/01/49)	$	120	$	136,255
4.00%, 01/15/43 (Call 07/15/42)		165		197,937
4.45%, 02/15/44 (Call 08/15/43)		213		269,181
4.60%, 12/01/48 (Call 06/01/48)		307		411,208
8.88%, 11/15/38		176		297,387
Series A, 3.15%, 01/15/26 (Call 10/15/25)		476		519,882
Series A, 3.50%, 03/15/27 (Call 12/15/26)		355		396,858
Series A, 6.00%, 05/15/37		145		201,031
Series B, 3.80%, 09/15/47 (Call 03/15/47)		70		83,593
Series B, 6.00%, 01/15/36		130		178,126
Series C, 2.75%, 03/15/23 (Call 12/15/22)		279		291,176
Series C, 4.00%, 11/15/46 (Call 05/15/46)		165		201,321
Series D, 4.65%, 08/15/43 (Call 02/15/43)		90		116,087

				47,902,573

Electrical Components & Equipment — 0.1%
Emerson Electric Co. 2.63%, 12/01/21 (Call 11/01/21)		564		577,288
2.63%, 02/15/23 (Call 11/15/22)		157		163,884

				741,172

Electronics — 0.2%
Honeywell International Inc. 1.85%, 11/01/21 (Call 10/01/21)^(a)		420		426,766
2.15%, 08/08/22 (Call 07/08/22)		75		77,179
2.30%, 08/15/24 (Call 07/15/24)		50		52,538
2.50%, 11/01/26 (Call 08/01/26)		769		821,230
Tyco Electronics Group SA, 3.50%, 02/03/22 (Call 11/03/21)		95		98,353

				1,476,066

Food — 0.1%
Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26)		955		1,004,259


Forest Products & Paper — 0.1%
Georgia-Pacific LLC 7.75%, 11/15/29		161		233,738
8.00%, 01/15/24		495		604,479

				838,217

Gas — 0.2%
Atmos Energy Corp. 3.00%, 06/15/27 (Call 03/15/27)^(a)		262		283,379
3.38%, 09/15/49 (Call 03/15/49)		100		112,822
4.13%, 10/15/44 (Call 04/15/44)		227		282,672
4.15%, 01/15/43 (Call 07/15/42)		125		150,874
4.30%, 10/01/48 (Call 04/01/48)		135		172,447
ONE Gas Inc., 4.66%, 02/01/44 (Call 08/01/43)		200		243,562
Southern California Gas Co. 3.15%, 09/15/24 (Call 06/15/24)^(a)		70		74,035
Series TT, 2.60%, 06/15/26 (Call 03/15/26)		470		503,704

				1,823,495

Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc. 2.30%, 03/15/30 (Call 12/15/29)		684		680,867
2.90%, 11/01/22		605		627,760

				1,308,627

Health Care - Products — 1.0%
Abbott Laboratories 2.95%, 03/15/25 (Call 12/15/24)		50		54,217
3.75%, 11/30/26 (Call 08/30/26)		646		746,847
4.75%, 11/30/36 (Call 05/30/36)		395		514,661
4.75%, 04/15/43 (Call 10/15/42)		80		106,919


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care - Products (continued)
4.90%, 11/30/46 (Call 05/30/46)^(a)	$	1,336	$	1,884,428
Baxter International Inc., 3.75%, 10/01/25 (Call 09/01/25)^(d)		150		167,397
Covidien International Finance SA, 3.20%, 06/15/22 (Call 03/15/22)		389		406,011
Danaher Corp. 3.35%, 09/15/25 (Call 06/15/25)^(a)		185		201,600
4.38%, 09/15/45 (Call 03/15/45)		435		534,828
Medtronic Inc. 2.75%, 04/01/23 (Call 01/01/23)		284		299,092
3.15%, 03/15/22		516		539,076
3.50%, 03/15/25		639		712,019
4.38%, 03/15/35		1,052		1,335,766
4.63%, 03/15/45		537		725,568

				8,228,429

Health Care - Services — 2.0%
Ascension Health, 3.95%, 11/15/46^(a)		561		652,471
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)		390		458,363
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46		150		173,699
Kaiser Foundation Hospitals 3.15%, 05/01/27 (Call 02/01/27)		572		621,163
4.15%, 05/01/47 (Call 11/01/46)		475		571,487
4.88%, 04/01/42		120		158,827
Series 2019, 3.27%, 11/01/49 (Call 05/12/49)		245		261,302
Memorial Sloan-Kettering Cancer Center, Series 2015, 4.20%, 07/01/55		325		408,333
New York and Presbyterian Hospital (The), 4.02%, 08/01/45		472		565,574
Northwell Healthcare Inc. 3.98%, 11/01/46 (Call 11/01/45)^(a)		345		337,610
4.26%, 11/01/47 (Call 11/01/46)		324		325,442
SSM Health Care Corp.
Series 2018, 3.69%, 06/01/23 (Call 03/01/23)		50		52,181
Series A, 3.82%, 06/01/27 (Call 03/01/27)^(a)		10		10,655
UnitedHealth Group Inc. 2.38%, 10/15/22		60		62,082
2.75%, 02/15/23 (Call 11/15/22)		505		527,851
2.88%, 12/15/21		130		133,966
2.88%, 03/15/22 (Call 12/15/21)		205		211,988
2.88%, 03/15/23		284		299,566
2.88%, 08/15/29		230		249,044
2.95%, 10/15/27		330		358,957
3.10%, 03/15/26		360		393,772
3.35%, 07/15/22		275		290,312
3.38%, 11/15/21 (Call 08/15/21)		130		134,024
3.38%, 04/15/27		405		446,140
3.45%, 01/15/27		205		227,337
3.50%, 06/15/23		305		329,199
3.50%, 02/15/24		635		690,912
3.50%, 08/15/39 (Call 02/15/39)		270		301,026
3.70%, 08/15/49 (Call 02/15/49)		600		706,404
3.75%, 07/15/25		515		577,212
3.75%, 10/15/47 (Call 04/15/47)		235		276,797
3.85%, 06/15/28		184		210,794
3.88%, 12/15/28^(a)		175		202,440
3.88%, 08/15/59 (Call 02/15/59)		205		250,014
3.95%, 10/15/42 (Call 04/15/42)		200		233,176
4.20%, 01/15/47 (Call 07/15/46)		365		449,848
4.25%, 03/15/43 (Call 09/15/42)^(a)		215		265,248
4.25%, 04/15/47 (Call 10/15/46)		520		639,922
4.38%, 03/15/42 (Call 09/15/41)		130		158,856


Security	Par (000)		Value

Health Care - Services (continued)
4.45%, 12/15/48 (Call 06/15/48)	$	350	$	444,248
4.63%, 07/15/35		510		644,171
4.63%, 11/15/41 (Call 05/15/41)		75		94,345
4.75%, 07/15/45		440		579,234
5.80%, 03/15/36		305		418,408
6.50%, 06/15/37		217		322,534
6.63%, 11/15/37		440		666,340
6.88%, 02/15/38		380		591,641

				16,984,915

Household Products & Wares — 0.2%
Kimberly-Clark Corp. 3.10%, 03/26/30 (Call 12/26/29)		625		696,256
3.20%, 07/30/46 (Call 01/30/46)		242		270,653
6.63%, 08/01/37^(a)		501		774,922

				1,741,831

Insurance — 3.7%
Aflac Inc. 3.63%, 06/15/23		930		997,565
3.63%, 11/15/24		518		569,064
4.75%, 01/15/49 (Call 07/15/48)		185		235,721
Allstate Corp. (The) 3.15%, 06/15/23^(a)		267		282,323
3.28%, 12/15/26 (Call 09/15/26)		355		390,149
4.20%, 12/15/46 (Call 06/15/46)		250		308,730
4.50%, 06/15/43		218		277,924
5.55%, 05/09/35		550		765,809
Berkshire Hathaway Finance Corp. 3.00%, 05/15/22		346		363,179
4.20%, 08/15/48 (Call 02/15/48)		490		617,145
4.25%, 01/15/49 (Call 07/15/48)		410		522,238
4.30%, 05/15/43		363		448,846
4.40%, 05/15/42		665		833,318
5.75%, 01/15/40		337		491,103
Berkshire Hathaway Inc. 2.75%, 03/15/23 (Call 01/15/23)		795		841,905
3.00%, 02/11/23		393		419,897
3.13%, 03/15/26 (Call 12/15/25)		989		1,087,574
3.40%, 01/31/22^(a)		305		320,271
3.75%, 08/15/21		25		25,932
4.50%, 02/11/43		255		328,272
Chubb Corp. (The), 6.00%, 05/11/37		153		220,901
Chubb INA Holdings Inc. 2.88%, 11/03/22 (Call 09/03/22)		420		437,955
3.15%, 03/15/25		532		578,156
3.35%, 05/15/24		205		222,163
3.35%, 05/03/26 (Call 02/03/26)		155		170,774
4.35%, 11/03/45 (Call 05/03/45)		210		274,709
Loews Corp. 2.63%, 05/15/23 (Call 02/15/23)		572		583,417
3.75%, 04/01/26 (Call 01/01/26)		476		514,913
4.13%, 05/15/43 (Call 11/15/42)		221		238,804
Manulife Financial Corp. 4.15%, 03/04/26		679		749,704
5.38%, 03/04/46		310		395,994
Marsh & McLennan Companies Inc. 2.75%, 01/30/22 (Call 12/30/21)		248		255,586
3.50%, 06/03/24 (Call 03/03/24)		580		622,166
3.50%, 03/10/25 (Call 12/10/24)		660		710,147
3.75%, 03/14/26 (Call 12/14/25)^(a)		525		578,660


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
3.88%, 03/15/24 (Call 02/15/24)	$	345	$	375,853
4.20%, 03/01/48 (Call 09/01/47)		210		254,027
4.35%, 01/30/47 (Call 07/30/46)		140		173,041
4.38%, 03/15/29 (Call 12/15/28)		390		454,752
4.80%, 07/15/21 (Call 04/15/21)		61		63,189
4.90%, 03/15/49 (Call 09/15/48)		210		285,075
MetLife Inc. 3.00%, 03/01/25		310		329,958
3.05%, 12/15/22		405		423,675
3.60%, 04/10/24		451		490,517
3.60%, 11/13/25 (Call 08/13/25)^(a)		572		629,406
4.05%, 03/01/45^(a)		308		359,990
4.13%, 08/13/42		411		481,376
4.60%, 05/13/46 (Call 12/13/45)		125		157,146
4.88%, 11/13/43		270		348,319
5.70%, 06/15/35		391		527,365
5.88%, 02/06/41		180		248,917
6.38%, 06/15/34		306		435,377
6.50%, 12/15/32		151		211,166
Series D, 4.37%, 09/15/23		287		315,149
Progressive Corp. (The) 2.45%, 01/15/27		1,055		1,099,447
3.95%, 03/26/50 (Call 09/26/49)		5		6,307
4.13%, 04/15/47 (Call 10/15/46)		550		697,279
4.20%, 03/15/48 (Call 09/15/47)		70		89,935
Prudential Financial Inc. 3.50%, 05/15/24^(a)		800		868,592
3.70%, 03/13/51 (Call 09/13/50)		255		270,450
3.88%, 03/27/28 (Call 12/27/27)^(a)		356		398,044
3.91%, 12/07/47 (Call 06/07/47)		195		210,543
3.94%, 12/07/49 (Call 06/07/49)		363		394,439
4.35%, 02/25/50 (Call 08/25/49)		195		224,059
4.60%, 05/15/44		520		611,016
5.70%, 12/14/36		485		646,524
Travelers Companies Inc. (The) 3.75%, 05/15/46 (Call 11/15/45)		660		782,179
4.00%, 05/30/47 (Call 11/30/46)		255		316,226
4.10%, 03/04/49 (Call 09/04/48)		75		95,636
4.60%, 08/01/43^(a)		135		177,397
5.35%, 11/01/40		161		226,511
6.25%, 06/15/37		340		500,235
Travelers Property Casualty Corp., 6.38%, 03/15/33		281		408,004

				31,268,135

Internet — 2.0%
Alibaba Group Holding Ltd. 3.40%, 12/06/27 (Call 09/06/27)		2,150		2,330,149
3.60%, 11/28/24 (Call 08/28/24)		845		912,406
4.20%, 12/06/47 (Call 06/06/47)		360		435,733
4.50%, 11/28/34 (Call 05/28/34)		355		438,013
Alphabet Inc. 2.00%, 08/15/26 (Call 05/15/26)		1,108		1,176,330
3.38%, 02/25/24		566		623,059
3.63%, 05/19/21^(a)		115		118,527
Amazon.com Inc. 2.40%, 02/22/23 (Call 01/22/23)		360		377,698
2.50%, 11/29/22 (Call 08/29/22)		785		819,006
2.80%, 08/22/24 (Call 06/22/24)^(a)		800		864,312
3.15%, 08/22/27 (Call 05/22/27)		1,341		1,508,384
3.80%, 12/05/24 (Call 09/05/24)		135		151,853
3.88%, 08/22/37 (Call 02/22/37)^(a)		846		1,030,225


Security	Par (000)		Value

Internet (continued)
4.05%, 08/22/47 (Call 02/22/47)	$	1,070	$	1,403,508
4.25%, 08/22/57 (Call 02/22/57)		725		989,255
4.80%, 12/05/34 (Call 06/05/34)		271		365,189
4.95%, 12/05/44 (Call 06/05/44)		365		518,004
5.20%, 12/03/25 (Call 09/03/25)		370		447,423
Baidu Inc. 3.50%, 11/28/22		434		447,380
3.63%, 07/06/27		430		451,319
3.88%, 09/29/23 (Call 08/29/23)		550		579,216
4.13%, 06/30/25		260		278,413
Booking Holdings Inc. 2.75%, 03/15/23 (Call 02/15/23)		50		50,930
3.55%, 03/15/28 (Call 12/15/27)		150		152,435
3.60%, 06/01/26 (Call 03/01/26)		300		312,984

				16,781,751

Machinery — 1.7%
ABB Finance USA Inc. 2.88%, 05/08/22		662		681,482
4.38%, 05/08/42		427		518,591
Caterpillar Financial Services Corp. 2.40%, 06/06/22		605		621,262
2.55%, 11/29/22		238		246,944
2.85%, 06/01/22^(a)		95		98,401
2.85%, 05/17/24		175		185,731
3.15%, 09/07/21		300		308,628
3.45%, 05/15/23		94		100,454
3.65%, 12/07/23^(a)		645		701,276
3.75%, 11/24/23		200		218,574
Caterpillar Inc. 2.60%, 06/26/22 (Call 03/26/22)		315		324,633
3.25%, 09/19/49 (Call 03/19/49)		275		296,763
3.25%, 04/09/50 (Call 10/09/49)		75		82,223
3.40%, 05/15/24 (Call 02/15/24)		725		787,060
3.80%, 08/15/42		395		463,635
3.90%, 05/27/21		75		77,081
4.30%, 05/15/44 (Call 11/15/43)		239		299,632
4.75%, 05/15/64 (Call 11/15/63)		350		473,641
5.20%, 05/27/41		105		144,907
Deere & Co. 2.60%, 06/08/22 (Call 03/08/22)^(a)		548		562,440
2.75%, 04/15/25 (Call 03/15/25)		50		53,264
2.88%, 09/07/49 (Call 03/07/49)^(a)		200		203,558
3.10%, 04/15/30 (Call 01/15/30)		75		82,874
3.90%, 06/09/42 (Call 12/09/41)		329		400,502
5.38%, 10/16/29		566		716,652
John Deere Capital Corp. 2.15%, 09/08/22		130		133,572
2.30%, 06/07/21		100		101,407
2.45%, 01/09/30^(a)		100		105,226
2.60%, 03/07/24		280		293,238
2.65%, 01/06/22^(a)		215		220,532
2.65%, 06/24/24		227		239,174
2.65%, 06/10/26		810		861,678
2.75%, 03/15/22		75		77,263
2.80%, 01/27/23		200		209,320
2.80%, 03/06/23		460		482,094
2.80%, 09/08/27		989		1,076,398
2.80%, 07/18/29		100		108,137
3.15%, 10/15/21		115		118,075
3.20%, 01/10/22		140		144,921


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery (continued)
3.35%, 06/12/24	$	635	$	685,324
3.65%, 10/12/23		385		417,121
3.90%, 07/12/21^(a)		90		93,038
Rockwell Automation Inc., 4.20%, 03/01/49 (Call 09/01/48)		125		157,356

				14,174,082

Manufacturing — 0.8%
3M Co. 1.63%, 09/19/21 (Call 08/19/21)		40		40,415
2.00%, 06/26/22		340		348,507
2.25%, 03/15/23 (Call 02/15/23)		440		457,076
2.25%, 09/19/26 (Call 06/19/26)^(a)		456		477,751
2.65%, 04/15/25 (Call 03/15/25)		25		26,598
2.88%, 10/15/27 (Call 07/15/27)^(a)		310		339,912
3.00%, 08/07/25		670		728,062
3.05%, 04/15/30 (Call 01/15/30)		10		10,905
3.13%, 09/19/46 (Call 03/19/46)		486		521,395
3.25%, 08/26/49 (Call 02/26/49)		10		11,162
3.63%, 09/14/28 (Call 06/14/28)		350		398,107
3.63%, 10/15/47 (Call 04/15/47)		780		892,429
4.00%, 09/14/48 (Call 03/14/48)		350		433,902
5.70%, 03/15/37^(a)		210		288,490
Illinois Tool Works Inc. 2.65%, 11/15/26 (Call 08/15/26)		531		577,638
3.50%, 03/01/24 (Call 12/01/23)		157		170,717
3.90%, 09/01/42 (Call 03/01/42)		250		297,915
4.88%, 09/15/41 (Call 03/15/41)		405		532,830

				6,553,811

Media — 4.0%
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		95		115,208
Comcast Corp. 1.63%, 01/15/22 (Call 12/15/21)		25		25,403
2.35%, 01/15/27 (Call 10/15/26)		369		383,749
2.65%, 02/01/30 (Call 11/01/29)		190		202,149
2.75%, 03/01/23 (Call 02/01/23)		771		810,344
2.85%, 01/15/23		91		95,725
3.00%, 02/01/24 (Call 01/01/24)		125		133,374
3.10%, 04/01/25 (Call 03/01/25)		120		129,889
3.13%, 07/15/22		218		229,419
3.15%, 03/01/26 (Call 12/01/25)		1,200		1,308,564
3.15%, 02/15/28 (Call 11/15/27)		427		465,127
3.20%, 07/15/36 (Call 01/15/36)		322		350,040
3.30%, 02/01/27 (Call 11/01/26)		394		431,012
3.30%, 04/01/27 (Call 02/01/27)		75		82,346
3.38%, 02/15/25 (Call 11/15/24)		250		272,692
3.38%, 08/15/25 (Call 05/15/25)^(a)		550		602,827
3.40%, 04/01/30 (Call 01/01/30)		330		370,412
3.40%, 07/15/46 (Call 01/15/46)		713		788,407
3.45%, 02/01/50 (Call 08/01/49)		458		511,178
3.55%, 05/01/28 (Call 02/01/28)		150		167,933
3.60%, 03/01/24		545		594,557
3.70%, 04/15/24 (Call 03/15/24)		430		469,719
3.75%, 04/01/40 (Call 10/01/39)		75		86,904
3.90%, 03/01/38 (Call 09/01/37)		287		334,610
3.95%, 10/15/25 (Call 08/15/25)		495		558,360
3.97%, 11/01/47 (Call 05/01/47)		569		669,548
4.00%, 08/15/47 (Call 02/15/47)		130		154,161
4.00%, 03/01/48 (Call 09/01/47)		385		461,388
4.00%, 11/01/49 (Call 05/01/49)		806		956,875


Security	Par (000)		Value

Media (continued)
4.05%, 11/01/52 (Call 05/01/52)	$	529	$	641,592
4.15%, 10/15/28 (Call 07/15/28)		885		1,034,317
4.20%, 08/15/34 (Call 02/15/34)		235		285,133
4.25%, 10/15/30 (Call 07/15/30)		655		787,624
4.25%, 01/15/33		990		1,195,762
4.40%, 08/15/35 (Call 02/25/35)		482		597,521
4.50%, 01/15/43^(a)		646		799,431
4.60%, 10/15/38 (Call 04/15/38)		473		595,720
4.60%, 08/15/45 (Call 02/15/45)		235		301,308
4.65%, 07/15/42		435		554,673
4.70%, 10/15/48 (Call 04/15/48)		687		903,364
4.75%, 03/01/44		544		708,021
4.95%, 10/15/58 (Call 04/15/58)		570		809,172
5.65%, 06/15/35		170		238,739
6.40%, 05/15/38		129		187,269
6.45%, 03/15/37		150		218,473
6.50%, 11/15/35		125		188,769
6.95%, 08/15/37		365		551,106
7.05%, 03/15/33		325		489,824
NBCUniversal Media LLC 2.88%, 01/15/23		107		112,866
4.45%, 01/15/43		300		372,855
5.95%, 04/01/41		55		78,332
6.40%, 04/30/40		180		269,435
TWDC Enterprises 18 Corp. 1.85%, 07/30/26		609		617,830
2.35%, 12/01/22		415		429,081
2.45%, 03/04/22		100		102,678
2.95%, 06/15/27^(a)		370		400,525
3.00%, 02/13/26		385		414,753
3.00%, 07/30/46		279		283,852
3.15%, 09/17/25		400		434,244
3.70%, 12/01/42		1,820		2,077,312
4.13%, 06/01/44		530		637,924
Series B, 7.00%, 03/01/32		720		1,051,236
Series E, 4.13%, 12/01/41		249		297,806
Walt Disney Co. (The) 1.75%, 08/30/24 (Call 07/30/24)		441		447,020
2.00%, 09/01/29 (Call 06/01/29)		760		759,780
2.75%, 09/01/49 (Call 03/01/49)		425		414,473
3.70%, 09/15/24 (Call 06/15/24)		778		850,362
3.70%, 10/15/25 (Call 07/15/25)		189		209,032
3.70%, 03/23/27		25		28,217
3.80%, 03/22/30		50		57,697
4.70%, 03/23/50 (Call 09/23/49)^(a)		130		174,017
4.75%, 09/15/44 (Call 03/15/44)		465		588,625
6.65%, 11/15/37		10		14,873

				33,974,563

Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp. 2.50%, 01/15/23 (Call 10/15/22)		392		405,516
3.25%, 06/15/25 (Call 03/15/25)		327		355,792
3.90%, 01/15/43 (Call 07/15/42)		225		253,456

				1,014,764

Mining — 0.5%
BHP Billiton Finance USA Ltd. 2.88%, 02/24/22^(a)		523		536,452
3.25%, 11/21/21		337		346,045
3.85%, 09/30/23		288		310,876


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mining (continued)
4.13%, 02/24/42	$	165	$	205,983
5.00%, 09/30/43		410		561,212
Rio Tinto Alcan Inc., 6.13%, 12/15/33		295		404,132
Rio Tinto Finance USA Ltd. 3.75%, 06/15/25 (Call 03/15/25)		810		880,673
5.20%, 11/02/40		300		405,849
7.13%, 07/15/28		112		154,506
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (Call 02/21/42)		498		612,286
4.75%, 03/22/42 (Call 09/22/41)		135		175,223

				4,593,237

Oil & Gas — 5.2%
BP Capital Markets America Inc. 2.11%, 09/16/21 (Call 08/16/21)		200		201,294
2.75%, 05/10/23		540		555,206
2.94%, 04/06/23 (Call 03/06/23)		50		51,581
3.00%, 02/24/50 (Call 08/24/49)		455		433,083
3.02%, 01/16/27 (Call 10/16/26)		371		380,193
3.12%, 05/04/26 (Call 02/04/26)		370		387,908
3.22%, 11/28/23 (Call 09/28/23)		240		251,352
3.22%, 04/14/24 (Call 02/14/24)		285		298,036
3.59%, 04/14/27 (Call 01/14/27)		175		184,224
3.79%, 02/06/24 (Call 01/06/24)		295		313,623
3.80%, 09/21/25 (Call 07/21/25)		270		291,754
BP Capital Markets PLC 2.50%, 11/06/22		220		224,459
3.06%, 03/17/22		240		246,396
3.28%, 09/19/27 (Call 06/19/27)		1,306		1,361,518
3.51%, 03/17/25		220		234,749
3.54%, 11/04/24		645		687,093
3.56%, 11/01/21		449		461,271
3.72%, 11/28/28 (Call 08/28/28)		603		644,752
3.81%, 02/10/24		405		431,021
3.99%, 09/26/23		158		169,022
Burlington Resources LLC 5.95%, 10/15/36		210		269,357
7.20%, 08/15/31		230		305,157
Chevron Corp. 2.10%, 05/16/21 (Call 04/15/21)		190		192,062
2.36%, 12/05/22 (Call 09/05/22)		245		252,882
2.41%, 03/03/22 (Call 01/03/22)		235		240,873
2.50%, 03/03/22 (Call 02/03/22)		478		492,455
2.57%, 05/16/23 (Call 03/16/23)		420		438,379
2.90%, 03/03/24 (Call 01/03/24)		330		350,734
2.95%, 05/16/26 (Call 02/16/26)		591		643,126
3.19%, 06/24/23 (Call 03/24/23)		841		890,796
3.33%, 11/17/25 (Call 08/17/25)		165		181,748
Conoco Funding Co., 7.25%, 10/15/31		274		346,306
ConocoPhillips 5.90%, 10/15/32		310		412,588
5.90%, 05/15/38		319		425,776
6.50%, 02/01/39		587		837,391
ConocoPhillips Co. 4.30%, 11/15/44 (Call 05/15/44)		540		638,420
4.95%, 03/15/26 (Call 12/15/25)		183		211,028
5.95%, 03/15/46 (Call 09/15/45)		210		292,078
ConocoPhillips Holding Co., 6.95%, 04/15/29		410		546,325
EOG Resources Inc. 3.15%, 04/01/25 (Call 01/01/25)		240		252,590
4.38%, 04/15/30 (Call 01/15/30)		100		111,340


Security	Par (000)		Value

Oil & Gas (continued)
4.95%, 04/15/50 (Call 10/15/49)	$	50	$	60,298
Exxon Mobil Corp. 1.57%, 04/15/23		500		505,970
1.90%, 08/16/22		190		194,195
2.02%, 08/16/24 (Call 07/16/24)		250		257,375
2.28%, 08/16/26 (Call 06/16/26)		502		519,871
2.40%, 03/06/22 (Call 01/06/22)		225		230,517
2.44%, 08/16/29 (Call 05/16/29)		325		336,131
2.61%, 10/15/30 (Call 07/15/30)		675		703,991
2.71%, 03/06/25 (Call 12/06/24)		1,015		1,066,714
2.73%, 03/01/23 (Call 01/01/23)		1,325		1,384,665
2.99%, 03/19/25 (Call 02/19/25)		550		587,345
3.00%, 08/16/39 (Call 02/16/39)		174		178,374
3.04%, 03/01/26 (Call 12/01/25)		555		594,777
3.10%, 08/16/49 (Call 02/16/49)		270		279,134
3.18%, 03/15/24 (Call 12/15/23)		281		299,585
3.29%, 03/19/27 (Call 01/19/27)		875		953,802
3.45%, 04/15/51 (Call 10/15/50)		424		464,704
3.48%, 03/19/30 (Call 12/19/29)		1,250		1,393,750
3.57%, 03/06/45 (Call 09/06/44)		309		338,998
4.11%, 03/01/46 (Call 09/01/45)		725		863,047
4.23%, 03/19/40 (Call 09/19/39)		550		659,444
4.33%, 03/19/50 (Call 09/19/49)		1,126		1,379,474
Shell International Finance BV 1.75%, 09/12/21		302		303,117
1.88%, 05/10/21		400		401,752
2.00%, 11/07/24 (Call 10/07/24)		50		50,475
2.25%, 01/06/23		540		549,191
2.38%, 08/21/22		345		353,128
2.38%, 04/06/25 (Call 03/06/25)		50		51,588
2.38%, 11/07/29 (Call 08/07/29)		420		422,386
2.50%, 09/12/26		260		268,793
2.88%, 05/10/26		536		567,763
3.13%, 11/07/49 (Call 05/07/49)		439		450,985
3.25%, 05/11/25		394		422,758
3.40%, 08/12/23		262		278,171
3.50%, 11/13/23 (Call 10/13/23)		140		148,869
3.63%, 08/21/42		835		874,788
3.75%, 09/12/46		490		537,231
3.88%, 11/13/28 (Call 08/23/28)		235		263,489
4.00%, 05/10/46		632		722,768
4.13%, 05/11/35		835		961,043
4.38%, 05/11/45		580		690,351
4.55%, 08/12/43		512		611,430
5.50%, 03/25/40		190		251,136
6.38%, 12/15/38		502		723,819
Total Capital Canada Ltd., 2.75%, 07/15/23		371		385,410
Total Capital International SA 2.22%, 07/12/21 (Call 06/12/21)		100		100,895
2.70%, 01/25/23		365		376,446
2.75%, 06/19/21		75		76,050
2.83%, 01/10/30 (Call 10/10/29)		540		560,585
2.88%, 02/17/22		319		326,736
3.46%, 07/12/49 (Call 01/12/49)		337		356,364
3.70%, 01/15/24		701		752,166
3.75%, 04/10/24		643		692,987
Total Capital SA 3.88%, 10/11/28		867		963,263
4.25%, 12/15/21		272		284,115

				44,172,155


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas Services — 0.3%
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40	$	349	$	359,966
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc. 2.77%, 12/15/22 (Call 11/15/22)		185		185,477
3.14%, 11/07/29 (Call 08/07/29)		175		163,406
3.34%, 12/15/27 (Call 09/15/27)		301		288,503
4.08%, 12/15/47 (Call 06/15/47)		364		311,875
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)		1,065		1,085,139

				2,394,366

Pharmaceuticals — 6.0%
AmerisourceBergen Corp. 3.25%, 03/01/25 (Call 12/01/24)		393		417,185
3.40%, 05/15/24 (Call 02/15/24)		321		338,421
3.45%, 12/15/27 (Call 09/15/27)		352		383,141
3.50%, 11/15/21 (Call 08/15/21)		25		25,610
4.25%, 03/01/45 (Call 09/01/44)		130		136,109
4.30%, 12/15/47 (Call 06/15/47)		220		241,795
Bristol-Myers Squibb Co. 2.00%, 08/01/22		175		178,999
2.55%, 05/14/21^(d)		300		304,854
2.60%, 05/16/22^(d)		385		397,520
2.90%, 07/26/24 (Call 06/26/24)^(d)		975		1,041,261
3.20%, 06/15/26 (Call 04/15/26)^(d)		642		707,503
3.25%, 08/15/22^(d)		60		63,019
3.25%, 02/20/23 (Call 01/20/23)^(d)		245		259,543
3.25%, 11/01/23		58		62,088
3.25%, 02/27/27		214		239,248
3.25%, 08/01/42		455		515,301
3.40%, 07/26/29 (Call 04/26/29)^(d)		1,140		1,301,515
3.45%, 11/15/27 (Call 08/15/27)^(d)		300		337,362
3.55%, 08/15/22^(d)		505		534,265
3.63%, 05/15/24 (Call 02/15/24)^(d)		125		136,119
3.88%, 08/15/25 (Call 05/15/25)^(d)		295		331,317
3.90%, 02/20/28 (Call 11/20/27)^(d)		575		662,872
4.13%, 06/15/39 (Call 12/15/38)^(d)		445		551,003
4.25%, 10/26/49 (Call 04/26/49)^(d)		1,595		2,088,653
4.50%, 03/01/44 (Call 09/01/43)^(a)		144		197,649
4.55%, 02/20/48 (Call 08/20/47)^(d)		115		154,654
5.00%, 08/15/45 (Call 02/15/45)^(d)		200		277,716
Eli Lilly & Co. 2.35%, 05/15/22		70		72,211
2.75%, 06/01/25 (Call 03/01/25)		847		910,728
3.38%, 03/15/29 (Call 12/15/28)		160		182,614
3.95%, 03/15/49 (Call 09/15/48)		400		509,240
4.15%, 03/15/59 (Call 09/15/58)		265		354,763
GlaxoSmithKline Capital Inc. 2.80%, 03/18/23		410		432,948
3.38%, 05/15/23		495		529,848
3.63%, 05/15/25		400		447,640
3.88%, 05/15/28		500		581,330
4.20%, 03/18/43		195		250,676
5.38%, 04/15/34		441		609,877
6.38%, 05/15/38		788		1,227,854
GlaxoSmithKline Capital PLC 2.85%, 05/08/22		685		710,605
2.88%, 06/01/22 (Call 05/01/22)		484		502,697
3.00%, 06/01/24 (Call 05/01/24)		25		26,858
3.13%, 05/14/21		50		51,175
3.38%, 06/01/29 (Call 03/01/29)		235		267,644


Security	Par (000)		Value

Pharmaceuticals (continued)
Johnson & Johnson 2.05%, 03/01/23 (Call 01/01/23)^(a)	$	137	$	142,266
2.25%, 03/03/22 (Call 02/03/22)		308		317,206
2.45%, 03/01/26 (Call 12/01/25)		220		237,589
2.63%, 01/15/25 (Call 11/15/24)		155		167,863
2.90%, 01/15/28 (Call 10/15/27)^(a)		385		431,450
2.95%, 03/03/27 (Call 12/03/26)		288		320,777
3.38%, 12/05/23		219		242,477
3.40%, 01/15/38 (Call 07/15/37)		395		462,344
3.50%, 01/15/48 (Call 07/15/47)^(a)		380		479,830
3.55%, 03/01/36 (Call 09/01/35)		485		572,470
3.63%, 03/03/37 (Call 09/03/36)		585		697,928
3.70%, 03/01/46 (Call 09/01/45)		435		545,821
3.75%, 03/03/47 (Call 09/03/46)		405		519,975
4.38%, 12/05/33 (Call 06/05/33)		272		356,222
4.50%, 09/01/40		280		368,911
4.50%, 12/05/43 (Call 06/05/43)		240		327,761
4.95%, 05/15/33		303		415,507
5.95%, 08/15/37		292		438,552
Mead Johnson Nutrition Co. 4.13%, 11/15/25 (Call 08/15/25)		619		707,294
4.60%, 06/01/44 (Call 12/01/43)		75		93,521
Merck & Co. Inc. 2.35%, 02/10/22		206		211,883
2.40%, 09/15/22 (Call 03/15/22)		337		349,803
2.75%, 02/10/25 (Call 11/10/24)		635		687,591
2.80%, 05/18/23		1,085		1,151,608
2.90%, 03/07/24 (Call 02/07/24)		225		242,719
3.40%, 03/07/29 (Call 12/07/28)		638		734,402
3.60%, 09/15/42 (Call 03/15/42)		150		180,900
3.70%, 02/10/45 (Call 08/10/44)		690		838,757
3.90%, 03/07/39 (Call 09/07/38)		320		393,114
4.00%, 03/07/49 (Call 09/07/48)		451		595,464
4.15%, 05/18/43		195		251,628
6.50%, 12/01/33^(a)		595		888,383
Novartis Capital Corp. 2.00%, 02/14/27 (Call 12/14/26)		75		79,394
2.20%, 08/14/30 (Call 05/14/30)		340		360,373
2.40%, 05/17/22 (Call 04/17/22)		150		154,850
2.40%, 09/21/22		724		750,622
3.00%, 11/20/25 (Call 08/20/25)		555		608,208
3.10%, 05/17/27 (Call 02/17/27)		425		473,535
3.40%, 05/06/24		693		757,227
3.70%, 09/21/42		753		911,341
4.00%, 11/20/45 (Call 05/20/45)		390		503,217
4.40%, 05/06/44		715		957,814
Pfizer Inc. 1.95%, 06/03/21		100		101,546
2.20%, 12/15/21		150		153,345
2.63%, 04/01/30 (Call 01/01/30)		55		59,521
2.75%, 06/03/26		181		199,274
2.80%, 03/11/22		340		353,209
2.95%, 03/15/24 (Call 02/15/24)		296		320,399
3.00%, 09/15/21		100		103,066
3.00%, 06/15/23		632		678,060
3.00%, 12/15/26		253		282,399
3.20%, 09/15/23 (Call 08/15/23)		425		460,522
3.40%, 05/15/24		320		351,475
3.45%, 03/15/29 (Call 12/15/28)^(a)		450		517,806
3.60%, 09/15/28 (Call 06/15/28)		205		240,061


SCHEDULE OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
3.90%, 03/15/39 (Call 09/15/38)	$	285	$	347,737
4.00%, 12/15/36		415		504,735
4.00%, 03/15/49 (Call 09/15/48)		216		278,763
4.10%, 09/15/38 (Call 03/15/38)		200		248,290
4.13%, 12/15/46		300		381,384
4.20%, 09/15/48 (Call 03/15/48)		300		397,869
4.30%, 06/15/43		355		458,326
4.40%, 05/15/44^(a)		420		555,118
7.20%, 03/15/39		672		1,125,015
Pharmacia LLC, 6.60%, 12/01/28		220		301,261
Sanofi
3.38%, 06/19/23 (Call 05/19/23)		600		640,500
3.63%, 06/19/28 (Call 03/19/28)		320		375,939
Wyeth LLC 5.95%, 04/01/37		575		841,122
6.00%, 02/15/36		421		609,073
6.45%, 02/01/24^(a)		157		187,546
6.50%, 02/01/34		197		290,993

				50,846,381

Real Estate Investment Trusts — 1.3%
AvalonBay Communities Inc.
2.30%, 03/01/30 (Call 12/01/29)		75		74,184
3.45%, 06/01/25 (Call 03/03/25)		300		320,232
ERP Operating LP
2.85%, 11/01/26 (Call 08/01/26)		740		780,878
3.00%, 04/15/23 (Call 01/15/23)		369		381,325
3.50%, 03/01/28 (Call 12/01/27)		275		294,508
4.50%, 07/01/44 (Call 01/01/44)		284		348,814
4.63%, 12/15/21 (Call 09/15/21)		242		250,910
Federal Realty Investment Trust, 4.50%, 12/01/44 (Call 06/01/44)^(a)		430		471,478
Prologis LP
2.25%, 04/15/30 (Call 01/15/30)		410		412,579
3.75%, 11/01/25 (Call 08/01/25)		415		460,073
4.25%, 08/15/23 (Call 05/15/23)		575		626,025
Public Storage
2.37%, 09/15/22 (Call 08/15/22)		195		199,777
3.09%, 09/15/27 (Call 06/15/27)		300		315,177
Realty Income Corp.
3.00%, 01/15/27 (Call 10/15/26)		495		500,702
3.25%, 10/15/22 (Call 07/15/22)		735		755,286
3.65%, 01/15/28 (Call 10/15/27)		335		350,608
4.65%, 08/01/23 (Call 05/01/23)		190		202,139
4.65%, 03/15/47 (Call 09/15/46)		110		121,333
Simon Property Group LP
2.00%, 09/13/24 (Call 06/13/24)		45		42,425
2.35%, 01/30/22 (Call 10/30/21)		165		164,754
2.45%, 09/13/29 (Call 06/13/29)^(a)		135		121,415
2.50%, 07/15/21 (Call 04/15/21)		75		74,905
2.63%, 06/15/22 (Call 03/15/22)		135		133,988
2.75%, 02/01/23 (Call 12/01/22)		395		390,904
2.75%, 06/01/23 (Call 03/01/23)		280		276,573
3.25%, 11/30/26 (Call 08/30/26)		156		153,635
3.25%, 09/13/49 (Call 03/13/49)		485		400,038
3.30%, 01/15/26 (Call 10/15/25)		390		384,520
3.38%, 10/01/24 (Call 07/01/24)		510		504,895
3.38%, 06/15/27 (Call 03/15/27)^(a)		300		290,604
3.38%, 12/01/27 (Call 09/01/27)		95		92,388
3.50%, 09/01/25 (Call 06/01/25)		265		266,799
3.75%, 02/01/24 (Call 11/01/23)		150		151,529


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
4.25%, 11/30/46 (Call 05/30/46)	$	35	$	34,307
4.75%, 03/15/42 (Call 09/15/41)		299		308,413
6.75%, 02/01/40 (Call 11/01/39)		285		364,398

				11,022,518

Retail — 3.5%
Costco Wholesale Corp.
1.75%, 04/20/32 (Call 01/20/32)		150		149,220
2.15%, 05/18/21 (Call 04/18/21)		101		102,748
2.30%, 05/18/22 (Call 04/18/22)		247		255,161
2.75%, 05/18/24 (Call 03/18/24)		415		446,133
3.00%, 05/18/27 (Call 02/18/27)		610		676,630
Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)^(a)		290		305,883
2.50%, 04/15/27 (Call 02/15/27)		185		195,377
2.63%, 06/01/22 (Call 05/01/22)		779		810,355
2.70%, 04/01/23 (Call 01/01/23)		250		264,105
2.70%, 04/15/30 (Call 01/15/30)		230		245,978
2.80%, 09/14/27 (Call 06/14/27)		405		439,129
2.95%, 06/15/29 (Call 03/15/29)		270		293,447
3.00%, 04/01/26 (Call 01/01/26)		150		164,631
3.13%, 12/15/49 (Call 06/15/49)		350		374,304
3.30%, 04/15/40 (Call 10/15/39)		100		109,255
3.35%, 09/15/25 (Call 06/15/25)		880		978,428
3.35%, 04/15/50 (Call 10/15/49)^(a)		525		581,763
3.50%, 09/15/56 (Call 03/15/56)		210		237,525
3.75%, 02/15/24 (Call 11/15/23)		185		203,607
3.90%, 12/06/28 (Call 09/06/28)		1,015		1,179,785
3.90%, 06/15/47 (Call 12/15/46)		165		193,383
4.20%, 04/01/43 (Call 10/01/42)		286		345,648
4.25%, 04/01/46 (Call 10/01/45)		316		394,488
4.40%, 03/15/45 (Call 09/15/44)		310		391,459
4.50%, 12/06/48 (Call 06/06/48)		135		175,595
4.88%, 02/15/44 (Call 08/15/43)		192		255,504
5.40%, 09/15/40 (Call 03/15/40)		700		968,226
5.88%, 12/16/36		1,640		2,363,732
5.95%, 04/01/41 (Call 10/01/40)		140		208,142
Target Corp.
2.50%, 04/15/26		340		367,428
2.65%, 09/15/30		25		26,825
2.90%, 01/15/22		355		369,875
3.38%, 04/15/29 (Call 01/15/29)		650		735,130
3.50%, 07/01/24		174		192,999
3.63%, 04/15/46^(a)		335		401,685
3.90%, 11/15/47 (Call 05/15/47)		190		237,871
4.00%, 07/01/42		622		770,484
6.50%, 10/15/37		250		379,235
7.00%, 01/15/38		425		677,080
TJX Companies Inc. (The)
2.25%, 09/15/26 (Call 06/15/26)		340		344,597
2.50%, 05/15/23 (Call 02/15/23)		810		829,918
3.75%, 04/15/27 (Call 02/15/27)		75		81,861
Walmart Inc.
2.35%, 12/15/22 (Call 11/15/22)		189		197,329
2.38%, 09/24/29 (Call 06/24/29)		400		429,756
2.55%, 04/11/23 (Call 01/11/23)		675		709,263
2.65%, 12/15/24 (Call 10/15/24)		380		408,082
2.95%, 09/24/49 (Call 03/24/49)		395		445,319
3.13%, 06/23/21		174		178,903
3.30%, 04/22/24 (Call 01/22/24)		290		316,558
3.40%, 06/26/23 (Call 05/26/23)		805		870,712


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
3.55%, 06/26/25 (Call 04/26/25)	$	358	$	401,830
3.63%, 12/15/47 (Call 06/15/47)		398		489,281
3.70%, 06/26/28 (Call 03/26/28)		570		659,467
3.95%, 06/28/38 (Call 12/28/37)		503		624,082
4.00%, 04/11/43 (Call 10/11/42)		635		812,165
4.05%, 06/29/48 (Call 12/29/47)		768		1,003,246
4.30%, 04/22/44 (Call 10/22/43)		412		537,149
5.00%, 10/25/40		371		515,401
5.25%, 09/01/35		605		850,945
5.63%, 04/01/40		375		552,521
5.63%, 04/15/41		144		215,084
6.20%, 04/15/38		105		161,444
6.50%, 08/15/37		25		38,925
7.55%, 02/15/30		622		935,793

				30,077,884

Semiconductors — 3.1%
Applied Materials Inc.
3.30%, 04/01/27 (Call 01/01/27)		415		457,608
3.90%, 10/01/25 (Call 07/01/25)		115		129,278
4.30%, 06/15/21		190		197,604
4.35%, 04/01/47 (Call 10/01/46)		189		246,554
5.10%, 10/01/35 (Call 04/01/35)		545		752,198
5.85%, 06/15/41		343		498,300
Intel Corp.
1.70%, 05/19/21 (Call 04/19/21)		195		196,663
2.35%, 05/11/22 (Call 04/11/22)^(a)		619		638,678
2.45%, 11/15/29 (Call 08/15/29)		380		403,545
2.60%, 05/19/26 (Call 02/19/26)		180		193,046
2.70%, 12/15/22		230		241,891
2.70%, 06/17/24 (Call 04/17/24)		175		186,078
2.88%, 05/11/24 (Call 03/11/24)		485		519,003
3.10%, 07/29/22		195		205,823
3.10%, 02/15/60 (Call 08/15/59)^(a)		90		96,178
3.15%, 05/11/27 (Call 02/11/27)^(a)		275		302,957
3.25%, 11/15/49 (Call 05/15/49)		150		168,180
3.30%, 10/01/21^(a)		600		622,590
3.40%, 03/25/25 (Call 02/25/25)		1,100		1,216,501
3.70%, 07/29/25 (Call 04/29/25)		993		1,114,911
3.73%, 12/08/47 (Call 06/08/47)		657		790,056
3.75%, 03/25/27 (Call 01/25/27)		175		200,169
3.90%, 03/25/30 (Call 12/25/29)^(a)		525		623,264
4.00%, 12/15/32		474		581,456
4.10%, 05/19/46 (Call 11/19/45)		250		313,893
4.10%, 05/11/47 (Call 11/11/46)		802		1,015,532
4.25%, 12/15/42		100		125,933
4.75%, 03/25/50 (Call 09/25/49)		1,225		1,711,815
4.80%, 10/01/41		85		113,523
4.90%, 07/29/45 (Call 01/29/45)		130		180,807
4.95%, 03/25/60 (Call 09/25/59)		350		499,877
Lam Research Corp.
1.90%, 06/15/30		60		59,802
2.88%, 05/15/50		55		54,836
3.13%, 06/15/60		40		39,880
4.88%, 03/15/49 (Call 09/15/48)		35		47,187
NVIDIA Corp.
2.85%, 04/01/30 (Call 01/01/30)		460		501,395
3.20%, 09/16/26 (Call 06/16/26)		324		357,829
3.50%, 04/01/40 (Call 10/01/39)		665		747,154
3.50%, 04/01/50 (Call 10/01/49)		705		809,058


Security	Par (000)		Value

Semiconductors (continued)
QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)	$	710	$	740,267
2.90%, 05/20/24 (Call 03/20/24)		1,071		1,142,296
3.00%, 05/20/22		847		882,354
3.25%, 05/20/27 (Call 02/20/27)		430		469,521
3.45%, 05/20/25 (Call 02/20/25)		426		468,042
4.30%, 05/20/47 (Call 11/20/46)		475		576,460
4.65%, 05/20/35 (Call 11/20/34)		509		648,558
4.80%, 05/20/45 (Call 11/20/44)		602		778,801
Texas Instruments Inc.
1.85%, 05/15/22 (Call 04/15/22)		455		464,946
2.25%, 05/01/23 (Call 02/01/23)		345		360,722
2.90%, 11/03/27 (Call 08/03/27)		915		1,001,696
4.15%, 05/15/48 (Call 11/15/47)		550		697,625
Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)		855		899,144

				26,291,484

Software — 5.3%
Adobe Inc.
1.90%, 02/01/25 (Call 01/01/25)		230		240,817
2.15%, 02/01/27 (Call 12/01/26)		285		298,825
2.30%, 02/01/30 (Call 11/01/29)		840		883,462
3.25%, 02/01/25 (Call 11/01/24)		622		684,331
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)		950		961,941
2.00%, 08/08/23 (Call 06/08/23)		570		595,080
2.38%, 02/12/22 (Call 01/12/22)		325		335,215
2.38%, 05/01/23 (Call 02/01/23)		630		660,316
2.40%, 02/06/22 (Call 01/06/22)		226		232,371
2.40%, 08/08/26 (Call 05/08/26)		222		239,061
2.65%, 11/03/22 (Call 09/03/22)		511		535,845
2.70%, 02/12/25 (Call 11/12/24)		219		237,530
2.88%, 02/06/24 (Call 12/06/23)		981		1,055,281
3.13%, 11/03/25 (Call 08/03/25)^(a)		155		172,751
3.30%, 02/06/27 (Call 11/06/26)^(a)		710		804,373
3.45%, 08/08/36 (Call 02/08/36)		700		815,668
3.50%, 02/12/35 (Call 08/12/34)		412		492,686
3.50%, 11/15/42		380		448,894
3.63%, 12/15/23 (Call 09/15/23)		416		458,956
3.70%, 08/08/46 (Call 02/08/46)		1,327		1,643,715
3.75%, 05/01/43 (Call 11/01/42)		674		814,846
3.75%, 02/12/45 (Call 08/12/44)		567		694,711
3.95%, 08/08/56 (Call 02/08/56)		480		625,776
4.00%, 02/12/55 (Call 08/12/54)		709		927,578
4.10%, 02/06/37 (Call 08/06/36)		625		779,137
4.20%, 11/03/35 (Call 05/03/35)^(a)		470		603,104
4.25%, 02/06/47 (Call 08/06/46)		587		784,361
4.45%, 11/03/45 (Call 05/03/45)^(a)		815		1,106,175
4.50%, 10/01/40		730		966,148
4.50%, 02/06/57 (Call 08/06/56)		410		589,482
4.75%, 11/03/55 (Call 05/03/55)		224		328,814
4.88%, 12/15/43 (Call 06/15/43)		565		790,169
5.20%, 06/01/39		539		762,760
5.30%, 02/08/41		237		342,896
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)		600		607,896
2.40%, 09/15/23 (Call 07/15/23)		350		366,125
2.50%, 05/15/22 (Call 03/15/22)		560		576,117
2.50%, 10/15/22		865		897,437
2.50%, 04/01/25 (Call 03/01/25)		90		94,942
2.63%, 02/15/23 (Call 01/15/23)		185		193,377


SCHEDULE OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
2.65%, 07/15/26 (Call 04/15/26)	$	268	$	285,286
2.80%, 07/08/21^(a)		80		81,798
2.80%, 04/01/27 (Call 02/01/27)^(a)		1,060		1,137,009
2.95%, 11/15/24 (Call 09/15/24)		705		755,908
2.95%, 05/15/25 (Call 02/15/25)^(a)		182		195,175
2.95%, 04/01/30 (Call 01/01/30)^(a)		1,555		1,695,214
3.25%, 11/15/27 (Call 08/15/27)		525		577,967
3.25%, 05/15/30 (Call 02/15/30)^(a)		817		914,795
3.40%, 07/08/24 (Call 04/08/24)		710		768,944
3.60%, 04/01/40 (Call 10/01/39)		1,500		1,691,250
3.60%, 04/01/50 (Call 10/01/49)		1,125		1,277,201
3.63%, 07/15/23		222		240,422
3.80%, 11/15/37 (Call 05/15/37)		510		581,487
3.85%, 07/15/36 (Call 01/15/36)		435		502,642
3.85%, 04/01/60 (Call 10/01/59)		550		636,443
3.90%, 05/15/35 (Call 11/15/34)		759		895,514
4.00%, 07/15/46 (Call 01/15/46)		525		621,679
4.00%, 11/15/47 (Call 05/15/47)		514		611,907
4.13%, 05/15/45 (Call 11/15/44)		255		304,480
4.30%, 07/08/34 (Call 01/08/34)		1,305		1,598,064
4.38%, 05/15/55 (Call 11/15/54)		497		628,884
4.50%, 07/08/44 (Call 01/08/44)		515		648,570
5.38%, 07/15/40		785		1,074,657
6.13%, 07/08/39^(a)		635		929,862
6.50%, 04/15/38		160		242,234
salesforce.com Inc.
3.25%, 04/11/23 (Call 03/11/23)		433		461,634
3.70%, 04/11/28 (Call 01/11/28)		655		746,418

				44,754,413

Telecommunications — 0.8%
America Movil SAB de CV
3.13%, 07/16/22		325		331,477
4.38%, 07/16/42^(a)		269		306,219
4.38%, 04/22/49 (Call 10/22/48)		325		374,485
6.13%, 03/30/40		645		872,208
6.38%, 03/01/35		350		479,528
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)		390		396,497
2.20%, 09/20/23 (Call 07/20/23)		570		595,428
2.50%, 09/20/26 (Call 06/20/26)		479		519,682
2.60%, 02/28/23		125		131,436
2.95%, 02/28/26		497		548,683
3.00%, 06/15/22^(a)		491		517,028
3.50%, 06/15/25		238		267,445
3.63%, 03/04/24		507		561,016
5.50%, 01/15/40		568		820,402
5.90%, 02/15/39		289		427,341

				7,148,875

Transportation — 1.7%
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)		181		190,421
3.00%, 04/01/25 (Call 01/01/25)		255		273,883
3.05%, 09/01/22 (Call 06/01/22)		175		182,425
3.05%, 02/15/51 (Call 08/15/50)		50		52,449
3.25%, 06/15/27 (Call 03/15/27)		335		372,051
3.40%, 09/01/24 (Call 12/01/23)		123		133,954
3.75%, 04/01/24 (Call 01/01/24)		95		103,583
3.85%, 09/01/23 (Call 06/01/23)^(a)		308		336,200
3.90%, 08/01/46 (Call 02/01/46)^(a)		150		175,270


Security	Par/ Shares (000)		Value

Transportation (continued)
4.05%, 06/15/48 (Call 12/15/47)	$	200	$	242,808
4.13%, 06/15/47 (Call 12/15/46)		165		200,708
4.15%, 04/01/45 (Call 10/01/44)		300		361,800
4.15%, 12/15/48 (Call 06/15/48)		230		283,822
4.38%, 09/01/42 (Call 03/01/42)		330		401,943
4.40%, 03/15/42 (Call 09/15/41)		304		373,066
4.45%, 03/15/43 (Call 09/15/42)		276		341,139
4.55%, 09/01/44 (Call 03/01/44)		285		356,478
4.70%, 09/01/45 (Call 03/01/45)		280		361,600
4.90%, 04/01/44 (Call 10/01/43)		160		208,904
5.05%, 03/01/41 (Call 09/01/40)		284		368,249
5.15%, 09/01/43 (Call 03/01/43)		150		200,577
5.40%, 06/01/41 (Call 12/01/40)^(a)		140		187,844
5.75%, 05/01/40 (Call 11/01/39)		301		416,738
6.15%, 05/01/37		320		446,170
Canadian National Railway Co.
2.45%, 05/01/50		60		58,420
2.75%, 03/01/26 (Call 12/01/25)		271		289,035
3.20%, 08/02/46 (Call 02/02/46)		321		359,725
4.45%, 01/20/49 (Call 07/20/48)		205		277,197
6.25%, 08/01/34		308		451,630
United Parcel Service Inc.
2.35%, 05/16/22 (Call 04/16/22)		25		25,836
2.40%, 11/15/26 (Call 08/15/26)		529		563,660
2.45%, 10/01/22		352		365,422
2.50%, 04/01/23 (Call 03/01/23)		760		792,984
2.80%, 11/15/24 (Call 09/15/24)		553		588,464
3.05%, 11/15/27 (Call 08/15/27)^(a)		380		414,675
3.40%, 03/15/29 (Call 12/15/28)		479		532,614
3.40%, 11/15/46 (Call 05/15/46)		290		316,259
3.75%, 11/15/47 (Call 05/15/47)		515		608,699
4.45%, 04/01/30 (Call 01/01/30)		50		60,662
4.88%, 11/15/40 (Call 05/15/40)		931		1,210,449
6.20%, 01/15/38		472		685,311

				14,173,124


Total Corporate Bonds & Notes — 98.6% (Cost: $788,830,659)				835,952,713


Short-Term Investments

Money Market Funds — 6.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(e)(f)(g)		34,659		34,697,595
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(e)(f)		19,427		19,427,000

				54,124,595


Total Short-Term Investments — 6.4% (Cost: $54,091,943)				54,124,595


Total Investments in Securities — 105.0% (Cost: $842,922,602)				890,077,308

Other Assets, Less Liabilities — (5.0)%				(42,494,247	)


Net Assets — 100.0%			$	847,583,061

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

^(b)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Aaa - A Rated Corporate Bond ETF

^(c)

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

^(d)

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

^(e)

Affiliate of the Fund.

^(f)

Annualized 7-day yield as of period-end.

^(g)

All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	25,602	9,057	34,659	$	34,697,595	$	67,701	^(b)	$	(9,560	)	$	23,318
BlackRock Cash Funds: Treasury, SL Agency Shares	1,677	17,750	19,427		19,427,000		12,618			—			—

				$	54,124,595	$	80,319		$	(9,560	)	$	23,318

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	835,952,713	$	—	$	835,952,713
Money Market Funds		54,124,595		—		—		54,124,595

	$	54,124,595	$	835,952,713	$	—	$	890,077,308

See notes to financial statements.


SCHEDULE OF INVESTMENTS			25

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Convertible Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Convertible Bonds

Aerospace & Defense — 0.3%
Aerojet Rocketdyne Holdings Inc., 2.25%, 12/15/23	$	900	$	1,472,472


Airlines — 0.7%
GOL Equity Finance SA, 3.75%, 07/15/24^(a)		1,050		501,763
Southwest Airlines Co., 1.25%, 05/01/25		2,500		2,746,700

				3,248,463

Auto Manufacturers — 5.8%
NIO Inc., 4.50%, 02/01/24		2,300		1,204,993
Tesla Inc. 1.25%, 03/01/21		4,075		8,991,732
2.00%, 05/15/24		3,490		8,996,696
2.38%, 03/15/22		2,850		7,110,180

				26,303,601

Auto Parts & Equipment — 0.2%
Meritor Inc., 3.25%, 10/15/37 (Call 10/15/25)		1,000		961,230


Banks — 1.0%
Barclays Bank PLC, 0.00% 02/04/25^(b)		800		928,096
BofA Finance LLC, 0.25%, 05/01/23		810		786,591
Deutsche Bank AG/London, 1.00%, 05/01/23		875		796,967
JPMorgan Chase Bank N.A., 0.13%, 01/01/23^(a)		1,900		2,028,326

				4,539,980

Beverages — 0.1%
Luckin Coffee Inc., 0.75%, 01/15/25^(a)		1,425		456,100


Biotechnology —5.4%
AMAG Pharmaceuticals Inc., 3.25%, 06/01/22		650		551,850
BioMarin Pharmaceutical Inc. 0.60%, 08/01/24		1,225		1,310,174
1.50%, 10/15/20		1,240		1,340,242
Bridgebio Pharma Inc., 2.50%, 03/15/27^(a)		1,000		962,870
Emergent BioSolutions Inc., 2.88%, 01/15/21		420		407,400
Exact Sciences Corp. 0.38%, 03/15/27		2,675		2,601,946
1.00%, 01/15/25		1,125		1,449,259
Halozyme Therapeutics Inc., 1.25%, 12/01/24^(a)		1,541		1,764,876
Illumina Inc. 0.00%, 08/15/23^(b)		2,385		2,447,248
0.50%, 06/15/21		1,525		2,042,265
Insmed Inc., 1.75%, 01/15/25		1,365		1,289,761
Intercept Pharmaceuticals Inc., 3.25%, 07/01/23		1,370		1,206,271
Ionis Pharmaceuticals Inc. 0.13%, 12/15/24^(a)		1,800		1,721,718
1.00%, 11/15/21		725		778,302
Ligand Pharmaceuticals Inc., 0.75%, 05/15/23		1,450		1,273,288
Novavax Inc., 3.75%, 02/01/23		1,125		921,353
PTC Therapeutics Inc., 1.50%, 09/15/26^(a)		875		1,027,276
Radius Health Inc., 3.00%, 09/01/24		650		497,816
Retrophin Inc., 2.50%, 09/15/25		850		639,940

				24,233,855

Commercial Services — 2.5%
Cardtronics Inc., 1.00%, 12/01/20		675		650,214
Chegg Inc. 0.13%, 03/15/25		2,425		2,557,890
0.25%, 05/15/23		625		1,029,694
Euronet Worldwide Inc., 0.75%, 03/15/49 (Call 03/20/25)		1,780		1,613,695
FTI Consulting Inc., 2.00%, 08/15/23		950		1,319,521
Macquarie Infrastructure Corp., 2.00%, 10/01/23		930		745,116


Security	Par (000)		Value

Commercial Services (continued)
Square Inc. 0.13%, 03/01/25^(a)	$	500	$	460,075
0.50%, 05/15/23		2,700		3,018,762

				11,394,967

Computers — 2.8%
CyberArk Software Ltd., 0.00% 11/15/24^(a)(b)		1,863		1,731,249
Insight Enterprises Inc., 0.75%, 02/15/25^(a)		1,025		1,022,981
Lumentum Holdings Inc. 0.25%, 03/15/24		1,395		2,028,037
Series QIB, 0.50%, 12/15/26^(a)		3,125		3,314,500
Pure Storage Inc., 0.13%, 04/15/23		1,675		1,545,991
Western Digital Corp., 1.50%, 02/01/24		3,357		3,071,789

				12,714,547

Diversified Financial Services — 1.1%
JPMorgan Chase Financial Co. LLC, 0.25%, 05/01/23^(a)		1,550		1,497,269
LendingTree Inc., 0.63%, 06/01/22		800		1,068,168
PRA Group Inc. 3.00%, 08/01/20		675		658,064
3.50%, 06/01/23		1,250		1,044,475
Qudian Inc., 1.00%, 07/01/26^(a)		1,300		670,098

				4,938,074

Electric — 0.4%
NRG Energy Inc., 2.75%, 06/01/48 (Call 06/01/25)		1,782		1,801,335


Electronics — 1.6%
Fortive Corp., 0.88%, 02/15/22		4,210		4,046,315
II VI Inc., 0.25%, 09/01/22		1,074		1,058,556
OSI Systems Inc., 1.25%, 09/01/22		800		764,536
Vishay Intertechnology Inc., 2.25%, 06/15/25		1,673		1,545,534

				7,414,941

Energy — Alternate Sources — 0.9%
Enphase Energy Inc., 0.25%, 03/01/25^(a)		950		871,929
NextEra Energy Partners LP, 1.50%, 09/15/20^(a)		1,100		1,131,977
SunPower Corp. 0.88%, 06/01/21		865		727,491
4.00%, 01/15/23		1,450		1,144,006

				3,875,403

Engineering & Construction — 0.5%
Dycom Industries Inc., 0.75%, 09/15/21		1,140		1,052,345
KBR Inc., 2.50%, 11/01/23.		1,100		1,155,132

				2,207,477

Entertainment — 0.6%
Live Nation Entertainment Inc. 2.00%, 02/15/25^(a)		1,100		870,991
2.50%, 03/15/23		1,775		1,701,817

				2,572,808

Health Care — Products — 3.8%
CONMED Corp., 2.63%, 02/01/24		1,050		1,126,220
Insulet Corp. 0.38%, 09/01/26^(a)		1,450		1,623,811
1.38%, 11/15/24		1,703		3,688,272
Integra LifeSciences Holdings Corp., 0.50%, 08/15/25^(a)		1,825		1,717,453
Natera Inc., 2.25%, 05/01/27^(a)		750		884,655
NuVasive Inc. 0.38%, 03/15/25^(a)		1,000		921,270
2.25%, 03/15/21		2,090		2,422,979
Repligen Corp., 0.38%, 07/15/24		925		1,094,025
Wright Medical Group Inc., 1.63%, 06/15/23		2,475		2,510,739


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Convertible Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care — Products (continued)
Wright Medical Group NV, 2.25%, 11/15/21	$	725	$	1,015,986

				17,005,410

Health Care — Services — 1.5%
Invitae Corp., 2.00%, 09/01/24^(a)		775		693,137
Teladoc Health Inc. 1.38%, 05/15/25		885		2,716,065
3.00%, 12/15/22		825		3,210,372

				6,619,574

Holding Companies — Diversified — 0.7%
Ares Capital Corp. 3.75%, 02/01/22		1,140		1,107,749
4.63%, 03/01/24		1,250		1,197,450
Prospect Capital Corp., 4.95%, 07/15/22 (Call 04/15/22)		725		686,314

				2,991,513

Home Builders — 0.2%
Winnebago Industries Inc., 1.50%, 04/01/25^(a)		875		839,318


Insurance — 0.8%
AXA SA, 7.25%, 05/15/21^(a)		2,575		2,258,944
MGIC Investment Corp., 9.00%, 04/01/63^(a)		1,175		1,515,527

				3,774,471

Internet — 18.5%
8x8 Inc., 0.50%, 02/01/24		1,000		925,460
Baozun Inc., 1.63%, 05/01/24		800		687,488
Booking Holdings Inc. 0.35%, 06/15/20		2,800		3,160,556
0.75%, 05/01/25^(a)		2,250		2,538,225
0.90%, 09/15/21		3,130		3,159,391
Etsy Inc. 0.00%, 03/01/23^(b)		1,100		2,041,688
0.13%, 10/01/26^(a)		1,825		1,849,309
FireEye Inc. 0.88%, 06/01/24		2,096		1,802,497
Series B, 1.63%, 06/01/35 (Call 06/01/22)		1,050		976,773
IAC Financeco 2 Inc., 0.88%, 06/15/26^(a)		1,900		1,929,469
IAC Financeco 3 Inc., 2.00%, 01/15/30^(a)		1,750		1,823,308
IAC FinanceCo Inc., 0.88%, 10/01/22^(a)		1,600		2,466,240
iQIYI Inc. 2.00%, 04/01/25		2,770		2,334,002
3.75%, 12/01/23		2,175		2,055,440
JOYY Inc. 0.75%, 06/15/25^(a)		1,530		1,417,744
1.38%, 06/15/26^(a)		1,700		1,556,401
MercadoLibre Inc., 2.00%, 08/15/28		2,475		3,668,346
Momo Inc., 1.25%, 07/01/25		2,428		1,957,429
Okta Inc., 0.13%, 09/01/25^(a)		2,975		3,144,188
Palo Alto Networks Inc., 0.75%, 07/01/23		5,095		5,208,720
Pinduoduo Inc., 0.00% 10/01/24^(a)(b)		2,650		3,386,276
Proofpoint Inc., 0.25%, 08/15/24^(a)		2,614		2,727,212
Q2 Holdings Inc., 0.75%, 06/01/26^(a)		1,025		1,097,693
Snap Inc. 0.25%, 05/01/25^(a)		2,000		2,099,640
0.75%, 08/01/26^(a)		3,975		4,115,317
Trip.com Group Ltd. 1.00%, 07/01/20		2,075		2,049,727
1.99%, 07/01/25		1,100		1,088,186
Twitter Inc. 0.25%, 06/15/24		2,605		2,451,253
1.00%, 09/15/21		2,885		2,800,585


Security	Par (000)		Value

Internet (continued)
Wayfair Inc. 0.38%, 09/01/22	$	1,225	$	1,575,999
1.00%, 08/15/26^(a)		1,800		1,829,484
1.13%, 11/01/24		1,750		2,151,048
Weibo Corp., 1.25%, 11/15/22		2,550		2,325,983
Wix.com Ltd., 0.00% 07/01/23^(b)		1,429		1,639,720
Zendesk Inc., 0.25%, 03/15/23		1,368		1,857,799
Zillow Group Inc. 0.75%, 09/01/24^(a)		1,875		2,210,981
1.38%, 09/01/26^(a)		675		793,976
1.50%, 07/01/23		1,100		1,037,784
2.00%, 12/01/21		1,340		1,483,983

				83,425,320

Iron & Steel — 0.5%
Allegheny Technologies Inc., 4.75%, 07/01/22		775		657,960
Cleveland-Cliffs Inc., 1.50%, 01/15/25		990		686,911
United States Steel Corp., 5.00%, 11/01/26^(a)		1,050		814,485

				2,159,356

Leisure Time — 2.3%
Carnival Corp., 5.75%, 04/01/23^(a)		5,500		9,312,930
Sabre GLBL Inc., 4.00%, 04/15/25^(a)		1,000		1,180,910

				10,493,840

Lodging —1.4%
Caesars Entertainment Corp., 5.00%, 10/01/24		3,375		4,779,304
Huazhu Group Ltd., 0.38%, 11/01/22		1,415		1,433,777

				6,213,081

Machinery —0.2%
Chart Industries Inc., 1.00%, 11/15/24^(a)		925		836,552


Media — 4.5%
DISH Network Corp. 2.38%, 03/15/24		2,805		2,361,277
3.38%, 08/15/26		8,265		6,768,787
Liberty Interactive LLC, 1.75%, 09/30/46 (Call 10/05/23)^(a)		1,000		1,470,720
Liberty Latin America Ltd., 2.00%, 07/15/24^(a)		1,475		1,132,018
Liberty Media Corp. 1.38%, 10/15/23		3,000		3,125,130
2.13%, 03/31/48 (Call 04/07/23)^(a)		1,050		1,017,387
2.25%, 12/01/48 (Call 12/02/21)^(a)		1,250		1,244,900
2.75%, 12/01/49 (Call 12/01/24)^(a)		1,850		1,722,868
Liberty Media Corp-Liberty Formula One, 1.00%, 01/30/23		1,375		1,446,019

				20,289,106

Oil & Gas — 0.5%
Chesapeake Energy Corp., 5.50%, 09/15/26		3,190		132,321
Ensco Jersey Finance Ltd., 3.00%, 01/31/24		2,415		326,991
EQT Corp., 1.75%, 05/01/26^(a)		1,000		1,103,980
Nabors Industries Inc., 0.75%, 01/15/24 .		1,575		170,683
Oasis Petroleum Inc., 2.63%, 09/15/23		855		94,025
Transocean Inc., 0.50%, 01/30/23 .		2,825		543,897
Whiting Petroleum Corp., 1.25%, 04/01/21^(c)		789		73,439

				2,445,336

Pharmaceuticals — 6.1%
Aerie Pharmaceuticals Inc., 1.50%, 10/01/24^(a)		825		761,640
Aphria Inc., 5.25%, 06/01/24^(a)		725		441,025
Aurora Cannabis Inc., 5.50%, 02/28/24		750		233,258
Clovis Oncology Inc., 1.25%, 05/01/25		675		388,166
DexCom Inc. 0.75%, 05/15/22		1,240		4,168,818
0.75%, 12/01/23		2,475		5,182,972


SCHEDULE OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Convertible Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
Herbalife Nutrition Ltd., 2.63%, 03/15/24	$	1,600	$	1,466,752
Horizon Pharma Investment Ltd., 2.50%, 03/15/22		1,225		1,605,938
Jazz Investments I Ltd. 1.50%, 08/15/24		2,300		2,113,125
1.88%, 08/15/21		1,250		1,219,187
Neurocrine Biosciences Inc., 2.25%, 05/15/24		1,625		2,280,947
Pacira BioSciences Inc., 2.38%, 04/01/22		1,250		1,268,900
Revance Therapeutics Inc., 1.75%, 02/15/27^(a)		900		753,471
Sarepta Therapeutics Inc., 1.50%, 11/15/24		1,850		3,260,070
Supernus Pharmaceuticals Inc., 0.63%, 04/01/23		875		750,278
Teva Pharmaceutical Finance Co. LLC, Series C, 0.25%, 02/01/26 (Call 05/19/20)		1,610		1,537,598
Tilray Inc., 5.00%, 10/01/23		1,000		307,000

				27,739,145

Pipelines — 0.2%
Cheniere Energy Inc., 4.25%, 03/15/45 (Call 09/15/20)		1,775		919,574


Real Estate Investment Trusts — 2.7%
Apollo Commercial Real Estate Finance Inc., 4.75%, 08/23/22		1,125		787,928
Arbor Realty Trust Inc., 4.75%, 11/01/22^(a)		900		770,976
Blackstone Mortgage Trust Inc., 4.38%, 05/05/22		1,275		1,139,799
Colony Capital Inc., 3.88%, 01/15/21		1,215		1,135,503
Extra Space Storage LP, 3.13%, 10/01/35 (Call 09/05/20)^(a)		1,700		1,820,904
IH Merger Sub LLC, 3.50%, 01/15/22		1,025		1,184,141
iStar Inc., 3.13%, 09/15/22		940		873,880
Spirit Realty Capital Inc., 3.75%, 05/15/21		1,125		1,088,865
Starwood Property Trust Inc., 4.38%, 04/01/23 (Call 01/01/23)		725		630,337
Two Harbors Investment Corp., 6.25%, 01/15/22		835		813,424
Uniti Fiber Holdings Inc., 4.00%, 06/15/24^(a)		1,129		938,989
VEREIT Inc., 3.75%, 12/15/20		925		903,475

				12,088,221

Retail — 1.1%
Dick’s Sporting Goods Inc., 3.25%, 04/15/25^(a)		1,600		1,706,336
Guess? Inc., 2.00%, 04/15/24^(a)		725		449,710
RH 0.00%, 07/15/20^(b)		675		839,801
0.00%, 06/15/23^(b)		1,169		1,131,055
0.00%, 09/15/24^(a)(b)		1,175		1,069,544

				5,196,446

Semiconductors — 8.0%
Advanced Micro Devices Inc., 2.13%, 09/01/26		725		4,741,188
Cree Inc., 0.88%, 09/01/23		1,875		1,878,581
Cypress Semiconductor Corp., 4.50%, 01/15/22		900		1,588,626
Inphi Corp., 0.75%, 09/01/21		716		1,247,830
Microchip Technology Inc. 1.63%, 02/15/25		2,650		4,884,639
1.63%, 02/15/27		6,200		7,802,638
2.25%, 02/15/37		2,015		2,458,199
ON Semiconductor Corp. 1.00%, 12/01/20		2,135		2,232,164
1.63%, 10/15/23		1,800		1,970,010
Silicon Laboratories Inc., 1.38%, 03/01/22		1,500		1,802,655
Synaptics Inc., 0.50%, 06/15/22		1,800		1,971,270
Teradyne Inc., 1.25%, 12/15/23		1,350		2,744,375
Veeco Instruments Inc., 2.70%, 01/15/23		725		597,712

				35,919,887

Software — 20.5%
Akamai Technologies Inc. 0.13%, 05/01/25		3,575		4,232,693


Security	Par (000)		Value

Software (continued)
0.38%, 09/01/27^(a)	$	2,975	$	3,120,507
Allscripts Healthcare Solutions Inc., 1.25%, 07/01/20		775		767,738
Alteryx Inc. 0.50%, 08/01/24^(a)		575		548,878
1.00%, 08/01/26^(a)		1,200		1,136,148
Atlassian Inc., 0.63%, 05/01/23		1,950		3,792,360
Avaya Holdings Corp., 2.25%, 06/15/23		946		759,165
Bilibili Inc., 1.38%, 04/01/26^(a)		1,545		1,991,814
Blackline Inc., 0.13%, 08/01/24^(a)		1,650		1,746,905
Coupa Software Inc., 0.13%, 06/15/25^(a)		2,440		3,110,780
DocuSign Inc., 0.50%, 09/15/23		1,872		2,927,153
Envestnet Inc., 1.75%, 06/01/23		1,075		1,191,670
Everbridge Inc., 0.13%, 12/15/24^(a)		1,350		1,593,000
Five9 Inc., 0.13%, 05/01/23		775		1,771,030
Guidewire Software Inc., 1.25%, 03/15/25		1,350		1,422,414
HubSpot Inc., 0.25%, 06/01/22 .		1,325		2,433,866
j2 Global Inc. 1.75%, 11/01/26^(a)		1,900		1,767,418
3.25%, 06/15/29 (Call 06/20/21)		975		1,246,128
MongoDB Inc., 0.25%, 01/15/26^(a)		2,525		2,639,307
New Relic Inc., 0.50%, 05/01/23		1,625		1,469,081
Nice Systems Inc., 1.25%, 01/15/24		755		1,516,470
Nuance Communications Inc. 1.00%, 12/15/35 (Call 12/20/22)		2,140		2,228,275
1.25%, 04/01/25		1,200		1,442,916
1.50%, 11/01/35 (Call 11/05/21)		625		698,063
Nutanix Inc., 0.00% 01/15/23^(b)		1,734		1,490,182
Pegasystems Inc., 0.75%, 03/01/25^(a)		1,000		958,540
Pluralsight Inc., 0.38%, 03/01/24		1,785		1,519,981
RealPage Inc., 1.50%, 11/15/22		950		1,522,993
RingCentral Inc., 0.00% 03/15/23^(b)		1,400		3,929,422
SailPoint Technologies Holding Inc., 0.13%, 09/15/24^(a)		1,200		1,112,220
Sea Ltd. 1.00%, 12/01/24^(a)		3,000		3,855,330
2.25%, 07/01/23		1,631		4,608,782
ServiceNow Inc., 0.00% 06/01/22^(b)		2,275		5,970,601
Slack Technologies Inc., 0.50%, 04/15/25^(a)		2,000		2,218,400
Splunk Inc. 0.50%, 09/15/23		3,923		4,490,893
1.13%, 09/15/25		2,547		2,993,948
Tabula Rasa HealthCare Inc., 1.75%, 02/15/26^(a)		1,153		1,273,223
Twilio Inc., 0.25%, 06/01/23 .		1,650		2,726,031
Verint Systems Inc., 1.50%, 06/01/21		965		933,966
Workday Inc., 0.25%, 10/01/22		3,575		4,360,713
Workiva Inc., 1.13%, 08/15/26^(a)		725		581,820
Zynga Inc., 0.25%, 06/01/24^(a)		2,086		2,318,380

				92,419,204

Telecommunications — 1.8%
GCI Liberty Inc., 1.75%, 09/30/46 (Call 10/05/23)^(a)		1,325		1,829,851
GDS Holdings Ltd., 2.00%, 06/01/25 .		1,075		1,337,322
Infinera Corp., 2.13%, 09/01/24 .		1,400		1,250,186
Intelsat SA, 4.50%, 06/15/25		1,225		229,516
InterDigital Inc., 2.00%, 06/01/24^(a)		1,060		1,068,162
Viavi Solutions Inc., 1.00%, 03/01/24		1,350		1,516,077
Vonage Holdings Corp., 1.75%, 06/01/24^(a)		970		868,984

				8,100,098

Transportation — 0.4%
Air Transport Services Group Inc., 1.13%, 10/15/24		525		468,164
Atlas Air Worldwide Holdings Inc., 1.88%, 06/01/24		700		577,276


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Convertible Bond ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Transportation (continued)
Golar LNG Ltd., 2.75%, 02/15/22	$	1,015	$	649,671

				1,695,111

Trucking & Leasing —0.1%
Greenbrier Companies Inc. (The), 2.88%, 02/01/24		640		509,619


Total Convertible Bonds — 99.7% (Cost: $444,821,142)				449,815,435


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(d)(e)		624		624,000


Total Short-Term Investments — 0.2% (Cost: $624,000)				624,000


Total Investments in Securities — 99.9% (Cost: $445,445,142)				450,439,435

Other Assets, Less Liabilities — 0.1%				608,023


Net Assets — 100.0%			$	451,047,458

^(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)	Zero-coupon bond.

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	—	—		—	$	—	$	242	^(b)	$	49		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	3,309	(2,685	)	624		624,000		21,515			—			—

					$	624,000	$	21,757		$	49		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements



	Level 1		Level 2		Level 3		Total

Investments
Assets
Convertible Bonds	$	—	$	449,741,996	$	73,439	$	449,815,435
Money Market Funds		624,000		—		—		624,000

	$	624,000	$	449,741,996	$	73,439	$	450,439,435

See notes to financial statements.


SCHEDULE OF INVESTMENTS			29

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.3%
General Dynamics Corp. 2.02%, 05/11/20, (3 mo. LIBOR US + 0.290%)^(a)	$	7,530	$	7,531,581
2.11%, 05/11/21, (3 mo. LIBOR US + 0.380%)^(a)		10,680		10,641,873

				18,173,454

Agriculture — 0.4%
BAT Capital Corp. 2.29%, 08/14/20, (3 mo. LIBOR US + 0.590%)^(a)		8,489		8,452,667
2.57%, 08/15/22 (Call 07/15/22),
(3 mo. LIBOR US + 0.880%)^(a)(b)		18,045		17,444,101

				25,896,768

Auto Manufacturers — 7.1%
American Honda Finance Corp. 1.00%, 06/16/20, (3 mo. LIBOR US + 0.260%)^(a)		6,515		6,511,286
1.12%, 06/11/21, (3 mo. LIBOR US + 0.350%)^(a)(b)		12,720		12,615,442
1.19%, 12/10/21, (3 mo. LIBOR US + 0.290%)^(a)		18,055		17,692,456
1.41%, 07/20/20, (3 mo. LIBOR US + 0.270%)^(a)(b)		10,735		10,731,994
1.81%, 06/27/22, (3 mo. LIBOR US + 0.540%)^(a)		3,280		3,200,394
1.82%, 01/08/21, (3 mo. LIBOR US + 0.470%)^(a)		3,000		2,985,900
1.92%, 02/12/21, (3 mo. LIBOR US + 0.210%)^(a)		9,736		9,651,297
2.09%, 11/05/21, (3 mo. LIBOR US + 0.350%)^(a)		16,455		16,114,546
2.10%, 05/10/23, (3 mo. LIBOR US + 0.370%)^(a)(b)		7,320		6,963,955
2.14%, 02/15/22, (3 mo. LIBOR US + 0.450%)^(a)		500		489,360
2.16%, 11/16/22, (3 mo. LIBOR US + 0.470%)^(a)(b)		5,635		5,423,857
BMW Finance NV, 2.50%, 08/12/22,
(3 mo. LIBOR US + 0.790%)^(a)(b)(c)		13,600		12,992,896
BMW U.S. Capital LLC
1.72%, 04/12/21, (3 mo. LIBOR US + 0.410%)^(a)(c)		9,137		8,996,290
1.84%, 04/14/22, (3 mo. LIBOR US + 0.530%)^(a)(c)		2,270		2,173,048
2.07%, 08/14/20, (3 mo. LIBOR US + 0.37%)^(a)(c)		3,423		3,425,601
2.21%, 08/13/21, (3 mo. LIBOR US + 0.500%)^(a)(b)(c)		8,272		8,061,643
Daimler Finance North America LLC
2.13%, 02/22/21, (3 mo. LIBOR US + 0.450%)^(a)(c)		13,307		13,015,577
2.14%, 05/04/20, (3 mo. LIBOR US + 0.390%)^(a)(c)		7,635		7,635,000
2.14%, 02/12/21, (3 mo. LIBOR US + 0.430%)^(a)(c)		10,828		10,527,306
2.27%, 05/05/20, (3 mo. LIBOR US + 0.530%)^(a)(c)		8,355		8,355,000
2.30%, 05/04/21, (3 mo. LIBOR US + 0.550%)^(a)(c)		15,855		15,434,684
2.41%, 11/05/21, (3 mo. LIBOR US + 0.670%)^(a)(b)(c)		3,230		3,071,116
2.56%, 02/22/22, (3 mo. LIBOR US + 0.880%)^(a)(c)		13,635		12,945,614
2.59%, 02/15/22, (3 mo. LIBOR US + 0.900%)^(a)(c)		26,241		24,830,021
2.59%, 05/04/23, (3 mo. LIBOR US + 0.840%)^(a)(c)		3,689		3,333,971
Ford Motor Credit Co. LLC
1.57%, 06/12/20, (3 mo. LIBOR US + 0.790%)^(a)(b)		16,650		16,380,603
2.19%, 11/02/20, (3 mo. LIBOR US + 0.430%)^(a)		1,520		1,438,482
General Motors Co. 1.80%, 09/10/21, (3 mo. LIBOR US + 0.900%)^(a)		7,895		7,608,411
2.54%, 08/07/20, (3 mo. LIBOR US + 0.800%)^(a)		441		438,336
General Motors Financial Co. Inc. 2.17%, 04/09/21, (3 mo. LIBOR US + 0.850%)^(a)		2,375		2,313,654
2.28%, 11/06/20, (3 mo. LIBOR US + 0.540%)^(a)		1,890		1,841,843
2.36%, 01/05/23, (3 mo. LIBOR US + 0.990%)^(a)		6,482		5,581,196
2.68%, 06/30/22, (3 mo. LIBOR US + 1.310%)^(a)(b)		13,454		11,959,933
2.84%, 11/06/21, (3 mo. LIBOR US + 1.100%)^(a)		1,902		1,749,403
2.86%, 01/14/22, (3 mo. LIBOR US + 1.550%)^(a)		7,814		7,355,709
Harley-Davidson Financial Services Inc.
2.20%, 05/21/20, (3 mo. LIBOR US + 0.500%)^(a)(c)		2,550		2,549,159
2.52%, 03/02/21, (3 mo. LIBOR US + 0.940%)^(a)(c)		2,970		2,894,621


Security	Par (000)		Value

Auto Manufacturers (continued)
Hyundai Capital America
2.29%, 07/08/21, (3 mo. LIBOR US + 0.940%)^(a)(c)	$	12,810	$	12,830,368
2.29%, 07/08/21, (3 mo. LIBOR US + 0.940%)^(a)(d)		545		545,867
Nissan Motor Acceptance Corp.
1.70%, 07/13/20, (3 mo. LIBOR US + 0.390%)^(a)(c)		2,575		2,543,276
1.76%, 09/28/20, (3 mo. LIBOR US + 0.390%)^(a)(c)		9,510		9,251,328
1.83%, 09/21/21, (3 mo. LIBOR US + 0.630%)^(a)(c)		7,325		6,773,867
1.96%, 07/13/22, (3 mo. LIBOR US + 0.650%)^(a)(b)(c)		6,125		5,494,738
2.06%, 09/28/22, (3 mo. LIBOR US + 0.690%)^(a)(c)		6,763		5,942,919
2.20%, 01/13/22, (3 mo. LIBOR US + 0.890%)^(a)(c)		7,632		7,018,311
Toyota Motor Credit Corp. 1.06%, 09/18/20, (3 mo. LIBOR US + 0.170%)^(a)		13,375		13,297,960
1.48%, 09/08/22, (3 mo. LIBOR US + 0.480%)^(a)		10,081		9,777,663
1.59%, 04/13/21, (3 mo. LIBOR US + 0.280%)^(a)		12,923		12,866,268
1.68%, 10/07/21, (3 mo. LIBOR US + 0.290%)^(a)		4,520		4,461,873
1.70%, 01/11/23, (3 mo. LIBOR US + 0.390%)^(a)(b)		4,950		4,730,864
1.83%, 08/13/21, (3 mo. LIBOR US + 0.125%)^(a)		17,620		17,385,302
1.89%, 01/08/21, (3 mo. LIBOR US + 0.540%)^(a)		7,565		7,542,910
2.00%, 01/11/22, (3 mo. LIBOR US + 0.690%)^(a)(b)		7,473		7,374,132
2.09%, 05/17/22, (3 mo. LIBOR US + 0.400%)^(a)		9,290		9,091,844
Volkswagen Group of America Finance LLC
2.06%, 09/24/21, (3 mo. LIBOR US + 0.860%)^(a)(c)		8,140		7,907,522
2.48%, 11/13/20, (3 mo. LIBOR US + 0.770%)^(a)(c)		9,123		9,035,146
2.65%, 11/12/21, (3 mo. LIBOR US + 0.940%)^(a)(c)		13,605		13,248,685

				456,410,447

Banks — 54.8%
ABN AMRO Bank NV
1.55%, 01/19/21, (3 mo. LIBOR US + 0.410%)^(a)(c)		18,505		18,464,844
2.21%, 08/27/21, (3 mo. LIBOR US + 0.570%)^(a)(b)(c)		16,728		16,654,230
ANZ New Zealand Int’l Ltd./London, 1.89%, 01/25/22,
(3 mo. LIBOR US + 1.000%)^(a)(c)		1,460		1,456,029
ASB Bank Ltd., 1.71%, 06/14/23,
(3 mo. LIBOR US + 0.970%)^(a)(c)		9,440		9,344,750
Australia & New Zealand Banking Group Ltd.
1.77%, 07/02/20, (3 mo. LIBOR US + 0.320%)^(a)(c)		150		150,330
2.05%, 11/09/20, (3 mo. LIBOR US + 0.320%)^(a)(c)		8,935		8,917,041
2.15%, 05/17/21, (3 mo. LIBOR US + 0.460%)^(a)(c)		1,225		1,220,235
2.19%, 08/19/20, (3 mo. LIBOR US + 0.500%)^(a)(c)		7,770		7,770,078
2.19%, 11/21/22, (3 mo. LIBOR US + 0.490%)^(a)(b)(c)		13,935		13,610,593
2.31%, 11/09/22, (3 mo. LIBOR US + 0.580%)^(a)(c)		4,250		4,206,395
2.40%, 05/19/22, (3 mo. LIBOR US + 0.710%)^(a)(b)(c)		6,495		6,468,306
2.55%, 11/23/21, (3 mo. LIBOR US + 0.870%)^(a)(c)		7,435		7,437,007
2.57%, 06/01/21, (3 mo. LIBOR US + 0.990%)^(a)(c)		15		15,032
Banco Santander SA 2.43%, 04/12/23, (3 mo. LIBOR US + 1.120%)^(a)		3,980		3,830,073
2.77%, 02/23/23, (3 mo. LIBOR US + 1.090%)^(a)		8,210		7,825,444
2.87%, 04/11/22, (3 mo. LIBOR US + 1.560%)^(a)(b)		9,899		9,707,226
Bank of America Corp. 1.42%, 01/23/22 (Call 01/23/21),
(3 mo. LIBOR US + 0.380%)^(a)		18,015		17,773,419
1.77%, 07/21/21 (Call 07/21/20),
(3 mo. LIBOR US + 0.660%)^(a)		29,369		29,231,259
1.87%, 06/25/22 (Call 06/25/21),
(3 mo. LIBOR US + 0.650%)^(a)		12,739		12,601,291
2.00%, 07/23/24 (Call 07/23/23),
(3 mo. LIBOR US + 0.960%)^(a)		8,595		8,438,743
2.02%, 04/24/23 (Call 04/24/22),
(3 mo. LIBOR US + 1.000%)^(a)(b)		28,954		28,657,221
2.08%, 10/01/21 (Call 10/01/20),
(3 mo. LIBOR US + 0.650%)^(a)(b)		18,922		18,788,032


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
2.10%, 03/05/24 (Call 03/05/23),
(3 mo. LIBOR US + 0.790%)^(a)	$	10,605	$	10,447,410
2.29%, 10/21/22 (Call 10/21/21),
(3 mo. LIBOR US + 1.180%)^(a)		9,682		9,688,971
2.30%, 01/20/23 (Call 01/20/22),
(3 mo. LIBOR US + 1.160%)^(a)		5,942		5,928,333
2.56%, 04/19/21, (3 mo. LIBOR US + 1.420%)^(a)		14,595		14,699,792
Bank of America N.A. 1.31%, 07/26/21 (Call 07/26/20),
(3 mo. LIBOR US + 0.320%)^(a)(b)		17,050		16,920,249
2.03%, 05/24/21 (Call 04/24/21),
(3 mo. LIBOR US + 0.350%)^(a)		32,800		32,675,688
Bank of Montreal 1.18%, 06/15/20, (3 mo. LIBOR US + 0.440%)^(a)		21,318		21,321,198
1.40%, 09/11/22, (3 mo. LIBOR US + 0.630%)^(a)(b)		8,083		8,008,879
1.50%, 01/22/21, (3 mo. LIBOR US + 0.400%)^(a)		7,245		7,229,206
1.65%, 07/13/20, (3 mo. LIBOR US + 0.340%)^(a)		9,790		9,799,301
1.80%, 03/26/22, (3 mo. LIBOR US + 0.570%)^(a)		9,090		9,006,554
2.43%, 08/27/21, (3 mo. LIBOR US + 0.790%)^(a)		11,594		11,595,159
Series D, 1.77%, 04/13/21,
(3 mo. LIBOR US + 0.460%)^(a)(b)		16,280		16,243,858
Bank of New York Mellon (The), 1.53%, 06/04/21
(Call 06/04/20), (3 mo. LIBOR US + 0.280%)^(a)(b)		21,210		21,156,127
Bank of New York Mellon Corp. (The) 1.81%, 10/30/23 (Call 10/30/22),
(3 mo. LIBOR US + 1.050%)^(a)		12,920		12,830,723
2.56%, 08/17/20, (3 mo. LIBOR US + 0.870%)^(a)		5,355		5,345,254
Bank of Nova Scotia (The)
1.41%, 01/25/21, (3 mo. LIBOR US + 0.420%)^(a)(b)		1,230		1,223,567
1.58%, 04/20/21, (3 mo. LIBOR US + 0.440%)^(a)		9,090		9,078,092
1.64%, 01/08/21, (3 mo. LIBOR US + 0.290%)^(a)		9,883		9,857,502
1.64%, 03/07/22, (3 mo. LIBOR US + 0.640%)^(a)(b)		1,379		1,372,091
1.67%, 09/19/22, (3 mo. LIBOR US + 0.620%)^(a)(b)		12,686		12,560,662
1.70%, 07/14/20, (3 mo. LIBOR US + 0.390%)^(a)		4,834		4,838,689
Banque Federative du Credit Mutuel SA
1.63%, 07/20/20, (3 mo. LIBOR US + 0.490%)^(a)(b)(c)		6,010		6,013,606
1.87%, 07/20/22, (3 mo. LIBOR US + 0.730%)^(a)(b)(c)		6,450		6,356,991
2.10%, 07/20/23, (3 mo. LIBOR US + 0.960%)^(a)(c)		6,555		6,462,509
Barclays Bank PLC 1.77%, 01/11/21 (Call 12/11/20),
(3 mo. LIBOR US + 0.460%)^(a)		9,703		9,688,348
2.39%, 08/07/20, (3 mo. LIBOR US + 0.650%)^(a)		3,154		3,150,941
Barclays PLC 2.94%, 01/10/23 (Call 01/10/22),
(3 mo. LIBOR US + 1.625%)^(a)		7,405		7,239,794
3.07%, 05/16/24 (Call 05/16/23),
(3 mo. LIBOR US + 1.380%)^(a)		25,605		24,257,665
3.12%, 02/15/23 (Call 02/15/22),
(3 mo. LIBOR US + 1.430%)^(a)		16,140		15,692,922
3.84%, 08/10/21, (3 mo. LIBOR US +2.110%)^(a)		18,116		18,187,196
BBVA USA, 1.50%, 06/11/21 (Call 05/11/21),
(3 mo. LIBOR US + 0.730%)^(a)(b)		9,765		9,639,227
BNG Bank NV
0.84%, 03/11/22, (3 mo. LIBOR US + 0.070%)^(a)(c)		9,280		9,281,578
1.41%, 07/14/20, (3 mo. LIBOR US + 0.100%)^(a)(c)		40,970		41,050,301
BPCE SA
2.02%, 09/12/23, (3 mo. LIBOR US + 1.240%)^(a)(c)		9,345		9,095,956
2.46%, 05/31/22, (3 mo. LIBOR US + 0.880%)^(a)		12,090		11,942,502
2.90%, 05/22/22, (3 mo. LIBOR US + 1.220%)^(a)(c)		9,097		9,003,119


Security	Par (000)		Value

Banks (continued)
Canadian Imperial Bank of Commerce 0.83%, 03/17/23, (SOFRRATE + 0.800%)^(a)	$	6,160	$	5,938,548
1.43%, 09/13/23, (3 mo. LIBOR US + 0.660%)^(a)		3,775		3,660,693
1.46%, 06/16/22, (3 mo. LIBOR US + 0.720%)^(a)(b)		9,867		9,806,614
1.68%, 10/05/20, (3 mo. LIBOR US + 0.310%)^(a)		1,871		1,874,461
2.08%, 02/02/21, (3 mo. LIBOR US + 0.315%)^(a)(b)		3,520		3,508,560
Capital One N.A.
1.91%, 01/30/23 (Call 01/30/22),
(3 mo. LIBOR US + 1.150%)^(a)		7,960		7,657,520
2.55%, 08/08/22 (Call 07/08/22),
(3 mo. LIBOR US + 0.820%)^(a)		3,100		3,023,027
Citibank N.A. 1.28%, 06/12/20, (3 mo. LIBOR US + 0.500%)^(a)		15,002		15,001,850
1.44%, 10/20/20, (3 mo. LIBOR US + 0.300%)^(a)		11,375		11,363,170
1.61%, 07/23/21 (Call 06/23/21),
(3 mo. LIBOR US + 0.570%)^(a)		4,930		4,906,681
2.06%, 02/12/21 (Call 01/12/21),
(3 mo. LIBOR US + 0.350%)^(a)(b)		13,825		13,773,433
2.08%, 05/01/20, (3 mo. LIBOR US + 0.320%)^(a)		24,557		24,557,000
2.22%, 02/19/22 (Call 01/19/22),
(3 mo. LIBOR US + 0.530%)^(a)(b)		8,200		8,113,162
2.29%, 05/20/22 (Call 04/20/22),
(3 mo. LIBOR US + 0.600%)^(a)		19,030		18,847,883
Citigroup Inc. 1.55%, 11/04/22 (Call 11/04/21),
(SOFRRATE + 0.870%)^(a)		18,790		18,248,472
1.68%, 10/27/22 (Call 09/27/22),
(3 mo. LIBOR US + 0.690%)^(a)(b)		6,114		5,991,965
1.95%, 04/25/22 (Call 03/25/22),
(3 mo. LIBOR US + 0.960%)^(a)		12,883		12,768,985
1.97%, 07/24/23 (Call 07/24/22),
(3 mo. LIBOR US + 0.950%)^(a)		11,655		11,470,268
2.07%, 12/08/21 (Call 11/08/21),
(3 mo. LIBOR US + 1.070%)^(a)		6,464		6,450,102
2.30%, 10/26/20, (3 mo. LIBOR US + 1.310%)^(a)		1,475		1,479,499
2.60%, 06/01/24 (Call 06/01/23),
(3 mo. LIBOR US + 1.023%)^(a)		19,750		19,240,450
2.75%, 03/30/21, (3 mo. LIBOR US + 1.380%)^(a)		9,147		9,185,600
2.79%, 05/17/24 (Call 05/17/23),
(3 mo. LIBOR US + 1.100%)^(a)(b)		22,330		21,965,128
2.95%, 08/02/21, (3 mo. LIBOR US + 1.190%)^(a)(b)		10,627		10,649,636
3.01%, 09/01/23 (Call 09/01/22),
(3 mo. LIBOR US + 1.430%)^(a)(b)		31,060		30,970,547
Citizens Bank N.A./Providence RI 2.42%, 02/14/22 (Call 01/14/22),
(3 mo. LIBOR US + 0.720%)^(a)		5,500		5,414,255
2.46%, 05/26/22, (3 mo. LIBOR US + 0.810%)^(a)		520		509,907
Commonwealth Bank of Australia 1.29%, 09/18/20, (3 mo. LIBOR US + 0.400%)^(a)(c)		3,880		3,875,887
1.44%, 03/16/23, (3 mo. LIBOR US + 0.700%)^(a)(b)(c)		12,705		12,584,303
1.57%, 09/18/22, (3 mo. LIBOR US + 0.680%)^(a)(c)		4,315		4,288,808
1.60%, 03/10/22, (3 mo. LIBOR US + 0.700%)^(a)(c)		9,300		9,256,941
1.83%, 09/06/21, (3 mo. LIBOR US + 0.830%)^(a)(b)(c)		6,973		6,973,000
2.07%, 06/04/24, (3 mo. LIBOR US + 0.820%)^(a)(b)(c)		10,570		10,294,969
Cooperatieve Rabobank UA, 2.09%, 09/26/23,
(3 mo. LIBOR US + 0.860%)^(a)(c)		1,750		1,690,255
Cooperatieve Rabobank UA/NY 1.42%, 04/26/21, (3 mo. LIBOR US + 0.430%)^(a)		11,305		11,298,443
1.79%, 01/10/23, (3 mo. LIBOR US + 0.480%)^(a)		5,650		5,552,990
2.14%, 01/10/22, (3 mo. LIBOR US + 0.830%)^(a)(b)		6,800		6,773,140


SCHEDULE OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Credit Agricole Corporate & Investment Bank SA, 2.16%, 05/03/21, (3 mo. LIBOR US + 0.400%)^(a)(b)(c)	$	850	$	841,815
Credit Agricole SA/London
1.87%, 06/10/20, (3 mo. LIBOR US + 0.970%)^(a)(c)		6,795		6,805,464
2.04%, 04/24/23, (3 mo. LIBOR US + 1.020%)^(a)(c)		8,630		8,408,813
2.61%, 07/01/21, (3 mo. LIBOR US + 1.180%)^(a)(c)		3,515		3,526,740
2.74%, 01/10/22, (3 mo. LIBOR US + 1.430%)^(a)(c)		8,260		8,231,255
Credit Suisse AG/New York NY, 1.20%, 02/04/22, (SOFRRATE + 0.450%)^(a)		2,720		2,631,437
Credit Suisse Group AG
1.94%, 12/14/23 (Call 12/14/22), (3 mo. LIBOR US + 1.200%)^(a)(b)(c)		12,485		12,058,263
2.02%, 06/12/24 (Call 06/12/23), (3 mo. LIBOR US + 1.240%)^(a)(c)		10,140		9,734,501
Credit Suisse Group Funding Guernsey Ltd., 3.43%, 04/16/21, (3 mo. LIBOR US + 2.290%)^(a)(b)		3,025		3,046,901
Danske Bank A/S, 1.84%, 09/12/23, (3 mo. LIBOR US + 1.060%)^(a)(c)		5,730		5,420,981
DBS Group Holdings Ltd.
1.49%, 06/08/20, (3 mo. LIBOR US + 0.490%)^(a)(c)		19,535		19,535,000
1.61%, 07/25/22, (3 mo. LIBOR US + 0.620%)^(a)(b)(c)		3,220		3,161,396
Deutsche Bank AG/New York NY
1.91%, 01/22/21, (3 mo. LIBOR US + 0.815%)^(a)		10,135		9,905,544
2.28%, 07/13/20, (3 mo. LIBOR US + 0.970%)^(a)		14,000		14,014,420
2.87%, 02/27/23, (3 mo. LIBOR US + 1.230%)^(a)		5,135		4,711,003
2.88%, 11/16/22, (3 mo. LIBOR US + 1.190%)^(a)		9,363		9,008,142
3.04%, 02/04/21, (3 mo. LIBOR US + 1.290%)^(a)(b)		7,870		7,704,966
Dexia Credit Local SA, 1.57%, 09/04/20, (3 mo. LIBOR US + 0.320%)^(a)(b)(c)		3,784		3,788,465
DNB Bank ASA
1.82%, 10/02/20, (3 mo. LIBOR US + 0.370%)^(a)(c)		12,530		12,514,588
2.20%, 12/02/22, (3 mo. LIBOR US + 0.620%)^(a)(c)		2,000		1,961,320
Federation des Caisses Desjardins du Quebec, 1.09%, 10/30/20, (3 mo. LIBOR US + 0.330%)^(a)(c)		9,515		9,501,108
Fifth Third Bank/Cincinnati OH
1.01%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.250%)^(a)		9,280		9,259,027
1.43%, 07/26/21 (Call 06/26/21), (3 mo. LIBOR US + 0.440%)^(a)(b)		11,270		11,182,658
2.40%, 02/01/22, (3 mo. LIBOR US + 0.640%)^(a)		1,450		1,431,353
Goldman Sachs Group Inc. (The)
1.54%, 10/31/22 (Call 10/31/21), (3 mo. LIBOR US + 0.780%)^(a)		4,650		4,571,601
1.94%, 09/15/20 (Call 08/15/20), (3 mo. LIBOR US + 1.200%)^(a)		15,239		15,253,477
2.02%, 07/24/23 (Call 07/24/22), (3 mo. LIBOR US + 1.000%)^(a)(b)		11,330		11,221,799
2.10%, 04/26/22 (Call 04/26/21), (3 mo. LIBOR US +1.110%)^(a)(b)		33,375		33,227,149
2.35%, 04/23/21 (Call 03/23/21), (3 mo. LIBOR US + 1.360%)^(a)		9,800		9,824,500
2.36%, 06/05/23 (Call 06/05/22), (3 mo. LIBOR US + 1.050%)^(a)		10,675		10,507,082
2.43%, 02/23/23, (3 mo. LIBOR US + 0.750%)^(a)		48,724		47,735,390
2.86%, 11/15/21 (Call 11/15/20), (3 mo. LIBOR US + 1.170%)^(a)(b)		26,440		26,388,442
3.21%, 11/29/23, (3 mo. LIBOR US + 1.600%)^(a)		32,675		32,586,777
3.45%, 02/25/21, (3 mo. LIBOR US + 1.770%)^(a)		4,250		4,272,483


Security	Par (000)		Value

Banks (continued)
HSBC Holdings PLC
1.43%, 09/11/21 (Call 09/11/20), (3 mo. LIBOR US + 0.650%)^(a)	$	33,881	$	33,583,525
2.00%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.230%)^(a)(b)		4,740		4,592,728
2.29%, 05/18/21 (Call 05/18/20), (3 mo. LIBOR US + 0.600%)^(a)		24,805		24,812,193
2.69%, 05/18/24 (Call 05/18/23), (3 mo. LIBOR US + 1.000%)^(a)(b)		32,274		31,315,462
2.87%, 01/05/22, (3 mo. LIBOR US + 1.500%)^(a)		26,170		26,156,653
3.24%, 03/08/21, (3 mo. LIBOR US + 2.240%)^(a)		26,652		26,407,068
3.34%, 05/25/21, (3 mo. LIBOR US + 1.660%)^(a)		12,591		12,627,262
Industrial & Commercial Bank of China Ltd./New York NY, 2.48%, 11/08/20, (3 mo. LIBOR US + 0.750%)^(a)		2,895		2,893,524
Industrial Bank of Korea, 2.36%, 08/02/21, (3 mo. LIBOR US + 0.600%)^(a)(d)		1,430		1,422,450
ING Groep NV
2.45%, 10/02/23, (3 mo. LIBOR US + 1.000%)^(a)		1,581		1,530,866
2.52%, 03/29/22, (3 mo. LIBOR US + 1.150%)^(a)		17,895		17,724,282
JPMorgan Chase & Co.
1.50%, 06/18/22 (Call 05/18/22), (3 mo. LIBOR US + 0.610%)^(a)		3,611		3,577,309
1.77%, 04/23/24 (Call 04/23/23), (3 mo. LIBOR US + 0.730%)^(a)(b)		15,431		15,090,129
1.89%, 04/25/23 (Call 04/25/22), (3 mo. LIBOR US + 0.900%)^(a)		24,017		23,720,630
1.93%, 07/23/24 (Call 07/23/23), (3 mo. LIBOR US + 0.890%)^(a)		9,118		8,963,359
2.05%, 10/29/20 (Call 09/29/20), (3 mo. LIBOR US + 1.205%)^(a)(b)		13,500		13,480,830
2.10%, 06/07/21 (Call 05/07/21), (3 mo. LIBOR US + 1.100%)^(a)		11		11,015
2.22%, 01/15/23 (Call 01/15/22), (3 mo. LIBOR US + 1.000%)^(a)(b)		18,130		18,049,503
2.25%, 10/24/23 (Call 10/24/22), (3 mo. LIBOR US + 1.230%)^(a)(b)		39,819		39,710,692
2.26%, 06/01/21 (Call 06/01/20), (3 mo. LIBOR US + 0.680%)^(a)		11,341		11,311,060
3.06%, 03/01/21 (Call 02/01/21), (3 mo. LIBOR US + 1.480%)^(a)(b)		17,592		17,687,700
KEB Hana Bank, 2.15%, 10/02/22, (3 mo. LIBOR US + 0.700%)^(a)(b)(d)		5,000		4,949,500
KeyBank NA/Cleveland OH, 2.42%, 02/01/22, (3 mo. LIBOR US + 0.660%)^(a)		10,750		10,622,398
Korea Development Bank (The)
1.73%, 09/19/20, (3 mo. LIBOR US + 0.675%)^(a)		10,620		10,618,513
2.10%, 07/06/22, (3 mo. LIBOR US + 0.725%)^(a)		9,275		9,229,645
2.34%, 02/27/22, (3 mo. LIBOR US + 0.705%)^(a)		13,505		13,446,928
Landwirtschaftliche Rentenbank
1.71%, 06/03/21, (3 mo. LIBOR US + 0.250%)^(a)(c)		20,775		20,838,364
2.04%, 02/19/21, (3 mo. LIBOR US + 0.350%)^(a)(b)(c)		15,355		15,403,368
Lloyds Bank PLC, 2.23%, 05/07/21, (3 mo. LIBOR US + 0.490%)^(a)		20,755		20,623,413
Lloyds Banking Group PLC, 2.00%, 06/21/21, (3 mo. LIBOR US + 0.800%)^(a)		4,420		4,400,331
M&T Bank Corp., 1.67%, 07/26/23 (Call 06/26/23), (3 mo. LIBOR US + 0.680%)^(a)(b)		1,470		1,446,215
Macquarie Bank Ltd.
1.96%, 07/29/20, (3 mo. LIBOR US + 1.120%)^(a)(c)		9,255		9,262,404
2.13%, 11/24/21, (3 mo. LIBOR US + 0.450%)^(a)(c)		7,000		6,915,160


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
2.19%, 08/06/21, (3 mo. LIBOR US + 0.450%)^(a)(c)	$	250	$	246,365
Macquarie Group Ltd.
2.62%, 03/27/24 (Call 03/27/23), (3 mo. LIBOR US + 1.350%)^(a)(b)(c)		9,610		9,442,786
2.63%, 11/28/23 (Call 11/28/22), (3 mo. LIBOR US + 1.020%)^(a)(c)		7,040		6,866,112
Manufacturers & Traders Trust Co., 1.26%, 01/25/21, (3 mo. LIBOR US + 0.270%)^(a)(b)		5,760		5,732,582
Mitsubishi UFJ Financial Group Inc.
1.64%, 07/26/21, (3 mo. LIBOR US + 0.650%)^(a)		12,916		12,824,942
1.70%, 03/07/22, (3 mo. LIBOR US + 0.700%)^(a)		12,015		11,822,400
1.78%, 07/25/22, (3 mo. LIBOR US + 0.790%)^(a)		15,001		14,705,780
1.83%, 09/13/21, (3 mo. LIBOR US + 1.060%)^(a)		10,272		10,242,725
1.85%, 07/26/23, (3 mo. LIBOR US + 0.860%)^(a)		23,398		22,868,737
2.32%, 03/02/23, (3 mo. LIBOR US + 0.740%)^(a)		13,390		13,034,495
2.60%, 02/22/22, (3 mo. LIBOR US + 0.920%)^(a)(b)		11,239		11,130,206
3.46%, 03/01/21, (3 mo. LIBOR US + 1.880%)^(a)		7,317		7,364,341
Mizuho Financial Group Inc.
1.62%, 09/13/23 (Call 09/13/22), (3 mo. LIBOR US + 0.850%)^(a)(b)		11,525		11,168,993
1.65%, 09/11/22, (3 mo. LIBOR US + 0.880%)^(a)		19,985		19,551,325
1.77%, 09/11/24 (Call 09/11/23), (3 mo. LIBOR US + 1.000%)^(a)		12,500		11,917,250
1.91%, 09/13/21, (3 mo. LIBOR US + 1.140%)^(a)(b)		21,479		21,443,560
2.02%, 07/16/23 (Call 07/16/22), (3 mo. LIBOR US + 0.840%)^(a)(b)		8,150		7,876,405
2.10%, 03/05/23, (3 mo. LIBOR US + 0.790%)^(a)		15,260		14,802,505
2.31%, 05/25/24 (Call 05/25/23), (3 mo. LIBOR US + 0.630%)^(a)		220		208,668
2.55%, 02/28/22, (3 mo. LIBOR US + 0.940%)^(a)		32,758		32,450,402
2.79%, 04/12/21, (3 mo. LIBOR US + 1.480%)^(a)(b)(c)		8,790		8,811,887
Morgan Stanley
0.73%, 01/20/23 (Call 01/20/22), (SOFRRATE + 0.700%)^(a)(b)		21,160		20,286,727
1.72%, 06/16/20, (3 mo. LIBOR US + 0.980%)^(a)		16,415		16,426,655
2.03%, 07/22/22 (Call 07/22/21), (3 mo. LIBOR US + 0.930%)^(a)		36,210		35,896,421
2.32%, 01/20/22 (Call 01/20/21), (3 mo. LIBOR US + 1.180%)^(a)		24,245		24,173,720
2.42%, 10/24/23 (Call 10/24/22), (3 mo. LIBOR US + 1.400%)^(a)		41,158		40,943,978
2.51%, 04/21/21, (3 mo. LIBOR US + 1.400%)^(a)(b)		8,753		8,779,609
2.95%, 05/08/24 (Call 05/08/23), (3 mo. LIBOR US + 1.220%)^(a)		18,165		17,908,510
MUFG Union Bank N.A., 1.60%, 03/07/22 (Call 02/07/22), (3 mo. LIBOR US + 0.600%)^(a)		6,885		6,863,794
National Australia Bank Ltd.
1.18%, 12/13/22, (3 mo. LIBOR US + 0.410%)^(a)(c)		6,342		6,247,187
1.66%, 01/12/21, (3 mo. LIBOR US + 0.350%)^(a)(c)		15,435		15,460,313
1.70%, 09/20/21, (3 mo. LIBOR US + 0.580%)^(a)(c)		1,830		1,823,796
1.91%, 04/12/23, (3 mo. LIBOR US + 0.600%)^(a)(c)		9,335		9,231,101
2.19%, 05/22/20, (3 mo. LIBOR US + 0.510%)^(a)(b)(c)		31,652		31,687,450
2.20%, 01/10/22, (3 mo. LIBOR US + 0.890%)^(a)(c)		14,185		14,194,504
2.31%, 07/12/21, (3 mo. LIBOR US + 1.000%)^(a)(c)		10,475		10,507,682
2.40%, 05/22/22, (3 mo. LIBOR US + 0.720%)^(a)(b)(c)		9,010		8,970,626
2.46%, 11/04/21, (3 mo. LIBOR US + 0.710%)^(a)(c)		10,485		10,464,974
National Bank of Canada
1.34%, 06/12/20 (Call 05/12/20), (3 mo. LIBOR US + 0.560%)^(a)		7,040		7,043,450


Security	Par (000)		Value

Banks (continued)
2.09%, 11/02/20 (Call 10/02/20), (3 mo. LIBOR US + 0.330%)^(a)	$	940	$	938,628
NatWest Markets PLC, 2.77%, 09/29/22, (3 mo. LIBOR US + 1.400%)^(a)(b)(c)		5,925		5,821,905
Nordea Bank Abp, 2.08%, 05/29/20, (3 mo. LIBOR US + 0.470%)^(a)(b)(c)		13,395		13,403,439
PNC Bank N.A.
1.21%, 06/10/21 (Call 06/10/20), (3 mo. LIBOR US + 0.310%)^(a)(b)		13,090		13,062,511
1.35%, 01/22/21, (3 mo. LIBOR US + 0.250%)^(a)		3,630		3,625,499
1.43%, 12/09/22 (Call 12/09/21), (3 mo. LIBOR US + 0.430%)^(a)		2,040		1,996,324
1.49%, 07/27/22, (3 mo. LIBOR US + 0.500%)^(a)		9,110		8,988,564
1.55%, 07/22/22 (Call 07/22/21), (3 mo. LIBOR US + 0.450%)^(a)(b)		26,410		26,052,673
2.00%, 02/24/23 (Call 02/24/22), (3 mo. LIBOR US + 0.325%)^(a)		18,080		17,604,315
2.05%, 05/19/20, (3 mo. LIBOR US + 0.360%)^(a)		1,695		1,695,915
Regions Bank/Birmingham AL
1.81%, 04/01/21 (Call 03/01/21), (3 mo. LIBOR US + 0.380%)^(a)		6,950		6,947,846
2.21%, 08/13/21 (Call 08/13/20), (3 mo. LIBOR US + 0.500%)^(a)		9,910		9,761,449
Royal Bank of Canada
1.15%, 04/30/21, (3 mo. LIBOR US + 0.390%)^(a)		27,792		27,765,042
1.23%, 10/26/20, (3 mo. LIBOR US + 0.240%)^(a)(b)		14,164		14,148,986
1.31%, 04/29/22, (3 mo. LIBOR US + 0.470%)^(a)		8,640		8,528,544
1.39%, 01/25/21, (3 mo. LIBOR US + 0.400%)^(a)		585		583,608
1.40%, 07/22/20, (3 mo. LIBOR US + 0.300%)^(a)		4,452		4,457,699
1.49%, 01/17/23, (3 mo. LIBOR US + 0.360%)^(a)(b)		14,750		14,395,410
2.03%, 10/05/23, (3 mo. LIBOR US + 0.660%)^(a)		9,317		9,093,858
2.49%, 02/01/22, (3 mo. LIBOR US + 0.730%)^(a)(b)		2,442		2,435,529
Royal Bank of Scotland Group PLC
2.77%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)^(a)		14,065		13,415,338
3.16%, 05/15/23 (Call 05/15/22), (3 mo. LIBOR US + 1.470%)^(a)		20,147		19,550,649
Santander UK PLC
2.06%, 11/03/20, (3 mo. LIBOR US + 0.300%)^(a)		1,452		1,449,343
2.20%, 06/01/21, (3 mo. LIBOR US + 0.620%)^(a)(b)		9,260		9,196,291
2.35%, 11/15/21, (3 mo. LIBOR US + 0.660%)^(a)		11,720		11,607,840
Skandinaviska Enskilda Banken AB
1.43%, 12/12/22, (3 mo. LIBOR US + 0.645%)^(a)(c)		7,440		7,347,893
2.12%, 05/17/21, (3 mo. LIBOR US + 0.430%)^(a)(c)		20,030		19,944,071
Societe Generale SA, 2.68%, 04/08/21, (3 mo. LIBOR US + 1.330%)^(a)(c)		1,240		1,245,729
Standard Chartered PLC
2.10%, 09/10/22 (Call 09/10/21), (3 mo. LIBOR US + 1.200%)^(a)(c)		29,650		29,051,366
2.29%, 01/20/23 (Call 01/04/22), (3 mo. LIBOR US + 1.150%)^(a)(c)		5,950		5,780,187
State Street Corp., 2.59%, 08/18/20, (3 mo. LIBOR US + 0.900%)^(a)		12,206		12,222,356
Sumitomo Mitsui Banking Corp., 1.55%, 10/16/20, (3 mo. LIBOR US + 0.370%)^(a)(b)		3,720		3,719,107
Sumitomo Mitsui Financial Group Inc.
1.87%, 01/17/23, (3 mo. LIBOR US + 0.740%)^(a)		10,865		10,522,753
1.88%, 10/18/22, (3 mo. LIBOR US + 0.740%)^(a)		14,149		13,871,680
1.98%, 10/16/23, (3 mo. LIBOR US + 0.800%)^(a)		11,340		10,946,389
2.00%, 07/19/23, (3 mo. LIBOR US + 0.860%)^(a)(b)		7,285		7,060,986


SCHEDULE OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
2.09%, 07/12/22, (3 mo. LIBOR US + 0.780%)^(a)(b)	$	9,960	$	9,801,038
2.28%, 10/19/21, (3 mo. LIBOR US + 1.140%)^(a)		4,405		4,392,049
2.42%, 07/14/21, (3 mo. LIBOR US +1.110%)^(a)		2,879		2,879,576
2.68%, 03/09/21, (3 mo. LIBOR US + 1.680%)^(a)(b)		15,460		15,501,124
Svenska Handelsbanken AB
1.36%, 09/08/20, (3 mo. LIBOR US + 0.360%)^(a)		74		73,879
2.15%, 05/24/21, (3 mo. LIBOR US + 0.470%)^(a)		24,220		24,156,059
Swedbank AB, 1.44%, 03/14/22, (3 mo. LIBOR US + 0.700%)^(a)(c)		6,610		6,550,642
Toronto-Dominion Bank (The)
0.51%, 01/27/23, (SOFRRATE + 0.480%)^(a)		16,590		16,027,765
1.05%, 06/11/20, (3 mo. LIBOR US + 0.280%)^(a)		3,566		3,565,465
1.10%, 09/17/20, (3 mo. LIBOR US + 0.260%)^(a)		13,236		13,219,587
1.20%, 06/11/21, (3 mo. LIBOR US + 0.430%)^(a)		4,265		4,249,390
1.23%, 01/25/21, (3 mo. LIBOR US + 0.240%)^(a)		3,025		3,020,069
1.67%, 12/14/20, (3 mo. LIBOR US + 0.930%)^(a)(b)		190		190,699
1.78%, 07/19/23, (3 mo. LIBOR US + 0.640%)^(a)(b)		4,375		4,325,694
2.11%, 12/01/22, (3 mo. LIBOR US + 0.530%)^(a)(b)		50		49,179
2.39%, 04/07/21, (3 mo. LIBOR US + 1.000%)^(a)		4,713		4,728,553
Truist Bank
0.89%, 03/09/23 (Call 02/09/23), (SOFRRATE + 0.730%)^(a)		2,720		2,613,702
1.49%, 10/26/21 (Call 10/26/20), (3 mo. LIBOR US + 0.500%)^(a)		7,250		7,227,163
1.80%, 06/01/20 (Call 05/01/20), (3 mo. LIBOR US + 0.220%)^(a)		11,505		11,505,000
2.28%, 05/17/22 (Call 04/17/22), (3 mo. LIBOR US + 0.590%)^(a)(b)		4,280		4,232,449
2.35%, 08/02/22 (Call 08/02/21), (3 mo. LIBOR US + 0.590%)^(a)		4,999		4,917,716
Truist Financial Corp.
1.31%, 06/15/20, (3 mo. LIBOR US + 0.570%)^(a)		13,496		13,488,307
2.08%, 04/01/22 (Call 03/01/22), (3 mo. LIBOR US + 0.650%)^(a)(b)		2,815		2,793,043
U.S. Bank N.A./Cincinnati OH
1.18%, 10/23/20 (Call 09/23/20), (3 mo. LIBOR US + 0.140%)^(a)		7,243		7,230,687
1.27%, 07/24/20 (Call 06/24/20), (3 mo. LIBOR US + 0.250%)^(a)		17,925		17,929,481
1.31%, 04/26/21 (Call 03/26/21), (3 mo. LIBOR US + 0.320%)^(a)(b)		42,645		42,499,581
1.99%, 05/21/21 (Call 05/21/20), (3 mo. LIBOR US + 0.290%)^(a)		17,240		17,132,250
2.06%, 02/04/21 (Call 01/04/21), (3 mo. LIBOR US + 0.310%)^(a)(b)		6,550		6,538,931
2.07%, 11/16/21 (Call 10/15/21), (3 mo. LIBOR US + 0.380%)^(a)		8,695		8,637,439
U.S. Bank NA/Cincinnati OH
1.29%, 01/21/22 (Call 12/21/21), (3 mo. LIBOR US + 0.180%)^(a)		8,000		7,912,400
1.40%, 12/09/22 (Call 11/09/22), (3 mo. LIBOR US + 0.400%)^(a)(b)		5,165		5,084,581
2.12%, 05/23/22 (Call 04/23/22), (3 mo. LIBOR US + 0.440%)^(a)		2,000		1,975,760
UBS AG/London
1.58%, 06/08/20 (Call 05/08/20), (3 mo. LIBOR US + 0.580%)^(a)(c)		24,845		24,848,975
2.06%, 12/01/20 (Call 11/01/20), (3 mo. LIBOR US + 0.480%)^(a)(c)		24,149		24,138,133


Security	Par (000)		Value

Banks (continued)
UBS Group AG
2.64%, 09/24/20, (3 mo. LIBOR US + 1.440%)^(a)(b)(c)	$	3,890	$	3,902,759
2.64%, 08/15/23 (Call 08/15/22), (3 mo. LIBOR US + 0.950%)^(a)(b)(c)		18,240		17,857,690
2.90%, 05/23/23 (Call 05/23/22), (3 mo. LIBOR US + 1.220%)^(a)(b)(c)		14,595		14,472,110
3.09%, 04/14/21, (3 mo. LIBOR US + 1.780%)^(a)(b)(c)		19,455		19,632,624
3.29%, 02/01/22, (3 mo. LIBOR US + 1.530%)^(a)(b)(c)		8,035		8,056,855
UniCredit SpA, 5.21%, 01/14/22, (3 mo. LIBOR US + 3.900%)^(a)(c)		7,675		7,688,355
United Overseas Bank Ltd., 1.52%, 04/23/21,
(3 mo. LIBOR US + 0.480%)^(a)(c)		480		476,760
Wells Fargo & Co.
1.98%, 07/22/20, (3 mo. LIBOR US + 0.880%)^(a)(b)		20,563		20,590,554
1.99%, 10/31/23 (Call 10/31/22), (3 mo. LIBOR US + 1.230%)^(a)		31,662		31,504,323
2.01%, 12/07/20, (3 mo. LIBOR US + 1.010%)^(a)		10,474		10,493,482
2.02%, 07/26/21, (3 mo. LIBOR US + 1.025%)^(a)		23,255		23,224,071
2.13%, 01/24/23 (Call 01/24/22), (3 mo. LIBOR US +1.110%)^(a)(b)		15,855		15,761,614
2.59%, 03/04/21, (3 mo. LIBOR US + 1.340%)^(a)		33,917		34,009,933
2.66%, 02/11/22 (Call 02/11/21), (3 mo. LIBOR US + 0.930%)^(a)		38,786		38,492,778
Wells Fargo Bank N.A.
1.53%, 01/15/21, (3 mo. LIBOR US + 0.310%)^(a)		17,195		17,158,203
1.54%, 07/23/21 (Call 07/23/20), (3 mo. LIBOR US + 0.500%)^(a)		14,805		14,731,863
1.61%, 10/22/21 (Call 09/21/21), (3 mo. LIBOR US + 0.510%)^(a)		19,415		19,288,997
1.66%, 09/09/22 (Call 09/09/21), (3 mo. LIBOR US + 0.660%)^(a)		12,540		12,410,336
2.08%, 05/21/21 (Call 05/21/20), (3 mo. LIBOR US + 0.380%)^(a)(b)		12,250		12,179,930
2.26%, 05/27/22 (Call 05/27/21), (3 mo. LIBOR US + 0.620%)^(a)(b)		14,452		14,304,734
Westpac Banking Corp.
1.33%, 01/25/21, (3 mo. LIBOR US + 0.340%)^(a)		14,888		14,856,289
1.70%, 01/13/23, (3 mo. LIBOR US + 0.390%)^(a)(b)		4,032		3,977,528
1.88%, 01/11/23, (3 mo. LIBOR US + 0.570%)^(a)(b)		2,082		2,058,557
1.97%, 05/15/20, (3 mo. LIBOR US + 0.280%)^(a)		8,678		8,683,814
2.08%, 06/28/22, (3 mo. LIBOR US + 0.710%)^(a)		8,875		8,840,743
2.16%, 01/11/22, (3 mo. LIBOR US + 0.850%)^(a)		4,581		4,580,267
2.41%, 05/15/23, (3 mo. LIBOR US + 0.720%)^(a)(b)		23,175		22,949,739
2.42%, 02/26/24, (3 mo. LIBOR US + 0.770%)^(a)(b)		9,725		9,536,043
2.54%, 08/19/21, (3 mo. LIBOR US + 0.850%)^(a)		9,369		9,372,935
Woori Bank, 2.47%, 05/21/24, (3 mo. LIBOR US + 0.770%)^(a)(d)		1,000		974,590

				3,521,989,556

Beverages — 0.4%
Anheuser-Busch InBev Finance Inc., 3.02%, 02/01/21, (3 mo. LIBOR US + 1.260%)^(a)		200		200,488
Constellation Brands Inc., 2.39%, 11/15/21 (Call 05/29/20), (3 mo. LIBOR US + 0.700%)^(a)		9,365		9,214,785
Diageo Capital PLC, 1.93%, 05/18/20,
(3 mo. LIBOR US + 0.240%)^(a)		11,805		11,810,312
PepsiCo Inc., 2.13%, 05/02/22,
(3 mo. LIBOR US + 0.365%)^(a)(b)		6,227		6,196,301

				27,421,886


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Biotechnology — 0.1%
Amgen Inc., 2.18%, 05/11/20,
(3 mo. LIBOR US + 0.450%)^(a)	$	9,111	$	9,113,369


Building Materials — 0.2%
Martin Marietta Materials Inc., 2.33%, 05/22/20, (3 mo. LIBOR US + 0.650%)^(a)		3,202		3,203,345
Vulcan Materials Co., 2.23%, 03/01/21, (3 mo. LIBOR US + 0.650%)^(a)(b)		10,699		10,675,890

				13,879,235

Chemicals — 0.2%
DuPont de Nemours Inc.
2.40%, 11/15/20, (3 mo. LIBOR US + 0.710%)^(a)		4,625		4,607,009
2.80%, 11/15/23, (3 mo. LIBOR US + 1.110%)^(a)		5,495		5,212,007

				9,819,016

Commercial Services — 0.1%
Equifax Inc., 2.56%, 08/15/21, (3 mo. LIBOR US + 0.870%)^(a)		3,915		3,859,877


Computers — 1.7%
Apple Inc.
1.80%, 05/11/20, (3 mo. LIBOR US + 0.070%)^(a)(b)		1,966		1,966,452
2.01%, 05/06/20, (3 mo. LIBOR US + 0.300%)^(a)		8,234		8,234,741
2.08%, 05/11/22, (3 mo. LIBOR US + 0.350%)^(a)(b)		22,814		22,664,797
2.23%, 02/09/22, (3 mo. LIBOR US + 0.500%)^(a)(b)		1,511		1,513,297
2.81%, 02/23/21, (3 mo. LIBOR US + 1.130%)^(a)		1,925		1,934,182
Hewlett Packard Enterprise Co., 2.09%, 10/05/21 (Call 05/14/20), (3 mo. LIBOR US + 0.720%)^(a)(b)		13,402		13,133,290
IBM Credit LLC
1.40%, 01/20/21, (3 mo. LIBOR US + 0.260%)^(a)		20,360		20,325,184
1.90%, 02/05/21, (3 mo. LIBOR US + 0.160%)^(a)		4,155		4,143,075
2.08%, 11/30/20, (3 mo. LIBOR US + 0.470%)^(a)		10,615		10,621,157
International Business Machines Corp.
2.11%, 05/13/21, (3 mo. LIBOR US + 0.400%)^(a)(b)		14,931		14,913,232
2.32%, 11/06/21, (3 mo. LIBOR US + 0.580%)^(a)(b)		7,000		6,992,510

				106,441,917

Diversified Financial Services — 2.2%
Air Lease Corp., 2.13%, 06/03/21, (3 mo. LIBOR US + 0.670%)^(a)		3,000		2,782,140
American Express Co.
1.09%, 10/30/20 (Call 09/29/20), (3 mo. LIBOR US + 0.330%)^(a)		13,864		13,870,655
2.22%, 05/17/21 (Call 04/17/21), (3 mo. LIBOR US + 0.525%)^(a)		13,495		13,412,950
2.29%, 02/27/23 (Call 01/27/23), (3 mo. LIBOR US + 0.650%)^(a)		5,375		5,255,030
2.31%, 05/20/22 (Call 04/19/22), (3 mo. LIBOR US + 0.620%)^(a)		16,205		15,975,375
2.34%, 11/05/21 (Call 10/05/21), (3 mo. LIBOR US + 0.600%)^(a)(b)		6,653		6,596,383
2.37%, 08/01/22 (Call 07/01/22), (3 mo. LIBOR US + 0.610%)^(a)		3,170		3,114,493
2.51%, 08/03/23 (Call 07/03/23), (3 mo. LIBOR US + 0.750%)^(a)		7,350		7,153,241
American Express Credit Corp.
2.16%, 03/03/22 (Call 02/03/22), (3 mo. LIBOR US + 0.700%)^(a)		7,421		7,372,763
Series F, 1.79%, 09/14/20 (Call 09/14/20), (3 mo. LIBOR US + 1.050%)^(a)(b)		12,239		12,258,827


Security	Par (000)		Value

Diversified Financial Services (continued)
BOC Aviation Ltd.
2.36%, 09/26/23 (Call 08/27/23), (3 mo. LIBOR US + 1.125%)^(a)(d)	$	4,400	$	4,287,580
2.81%, 05/02/21, (3 mo. LIBOR US + 1.050%)^(a)(d)		8,095		7,941,924
Capital One Financial Corp.
1.21%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.450%)^(a)		2,715		2,704,330
1.48%, 01/30/23 (Call 12/30/22), (3 mo. LIBOR US + 0.720%)^(a)		6,815		6,486,585
1.95%, 03/09/22 (Call 02/09/22), (3 mo. LIBOR US + 0.950%)^(a)		5,258		5,171,821
2.47%, 05/12/20, (3 mo. LIBOR US + 0.760%)^(a)		7,235		7,228,489
Charles Schwab Corp. (The), 2.02%, 05/21/21 (Call 04/21/21), (3 mo. LIBOR US + 0.320%)^(a)		12,167		12,118,454
TD Ameritrade Holding Corp., 2.19%, 11/01/21 (Call 10/01/21), (3 mo. LIBOR US + 0.430%)^(a)		8,465		8,299,509

				142,030,549

Electric — 1.5%
Consolidated Edison Co. of New York Inc., Series C, 1.62%, 06/25/21, (3 mo. LIBOR US + 0.400%)^(a)		10,552		10,427,908
Dominion Energy Inc., 1.98%, 12/01/20,
(3 mo. LIBOR US + 0.400%)^(a)(c)		990		981,763
Duke Energy Corp.
1.42%, 03/11/22, (3 mo. LIBOR US + 0.650%)^(a)		750		746,062
2.20%, 05/14/21, (3 mo. LIBOR US + 0.500%)^(a)(b)(c)		7,925		7,898,768
Duke Energy Progress LLC, 1.18%, 09/08/20, (3 mo. LIBOR US + 0.180%)^(a)		9,616		9,580,421
Florida Power & Light Co., 2.14%, 05/06/22
(Call 05/11/20), (3 mo. LIBOR US + 0.400%)^(a)		18,725		18,602,538
National Rural Utilities Cooperative Finance Corp., 1.75%, 06/30/21, (3 mo. LIBOR US + 0.375%)^(a)		4,615		4,561,374
NextEra Energy Capital Holdings Inc.
2.16%, 08/28/21 (Call 05/29/20), (3 mo. LIBOR US + 0.550%)^(a)		7,230		6,847,244
2.40%, 02/25/22, (3 mo. LIBOR US + 0.720%)^(a)(b)		7,830		7,738,624
Sempra Energy
1.19%, 03/15/21, (3 mo. LIBOR US + 0.450%)^(a)		13,258		13,031,421
1.72%, 01/15/21 (Call 05/29/20), (3 mo. LIBOR US + 0.500%)^(a)		9,848		9,748,634
Southern Power Co., 1.67%, 12/20/20 (Call 05/29/20), (3 mo. LIBOR US + 0.550%)^(a)(b)(c)		6,575		6,541,402

				96,706,159

Electronics — 0.1%
Honeywell International Inc., 2.10%, 08/08/22, (3 mo. LIBOR US + 0.370%)^(a)		5,343		5,304,423
Tyco Electronics Group SA, 1.76%, 06/05/20,
(3 mo. LIBOR US + 0.450%)^(a)		1,500		1,490,820

				6,795,243

Food — 0.5%
Campbell Soup Co., 1.37%, 03/15/21,
(3 mo. LIBOR US + 0.630%)^(a)		1,885		1,870,184
Conagra Brands Inc.
1.82%, 10/09/20, (3 mo. LIBOR US + 0.500%)^(a)		3,695		3,679,777
1.85%, 10/22/20 (Call 05/11/20), (3 mo. LIBOR US + 0.750%)^(a)		354		353,434
General Mills Inc.
1.72%, 04/16/21, (3 mo. LIBOR US + 0.540%)^(a)		12,755		12,687,781
2.14%, 10/17/23, (3 mo. LIBOR US + 1.010%)^(a)		6,376		6,237,449


SCHEDULE OF INVESTMENTS			35

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food (continued)
Tyson Foods Inc.
2.13%, 06/02/20, (3 mo. LIBOR US + 0.550%)^(a)	$	7,995	$	8,004,834
2.15%, 08/21/20, (3 mo. LIBOR US + 0.450%)^(a)		2,015		2,013,952

				34,847,411

Gas — 0.0%
Dominion Energy Gas Holdings LLC, Series A, 1.34%, 06/15/21, (3 mo. LIBOR US + 0.600%)^(a)		1,928		1,910,070


Health Care – Products — 0.1%
Zimmer Biomet Holdings Inc., 1.80%, 03/19/21 (Call 05/14/20), (3 mo. LIBOR US + 0.750%)^(a)		7,615		7,423,711


Health Care – Services — 0.2%
UnitedHealth Group Inc.
1.00%, 06/15/21, (3 mo. LIBOR US + 0.260%)^(a)		4,425		4,394,999
1.29%, 10/15/20, (3 mo. LIBOR US + 0.070%)^(a)		7,335		7,320,183

				11,715,182

Household Products & Wares — 0.2%
Reckitt Benckiser Treasury Services PLC, 1.76%, 06/24/22, (3 mo. LIBOR US + 0.560%)^(a)(b)(c)		10,795		10,540,454


Insurance — 2.1%
AIA Group Ltd., 1.64%, 09/20/21 (Call 08/20/21), (3 mo. LIBOR US + 0.520%)^(a)(c)		8,480		8,355,514
Athene Global Funding, 2.67%, 07/01/22, (3 mo. LIBOR US + 1.230%)^(a)(c)		8,801		8,469,202
Jackson National Life Global Funding
1.05%, 03/16/21, (3 mo. LIBOR US + 0.310%)^(a)(c)		750		744,480
1.25%, 06/11/21, (3 mo. LIBOR US + 0.480%)^(a)(c)		5,900		5,876,813
1.52%, 10/15/20, (3 mo. LIBOR US + 0.300%)^(a)(b)(c)		8,055		8,055,000
2.00%, 06/27/22, (3 mo. LIBOR US + 0.730%)^(a)(c)		9,195		8,954,183
Marsh & McLennan Companies Inc., 2.57%, 12/29/21 (Call 05/29/20), (3 mo. LIBOR US + 1.200%)^(a)		2,685		2,670,179
Metropolitan Life Global Funding I
0.60%, 09/07/20, (3 mo. LIBOR US + 0.570%)^(a)(c)		90		89,556
1.18%, 06/12/20, (3 mo. LIBOR US + 0.400%)^(a)(c)		10,365		10,369,457
1.58%, 01/08/21, (3 mo. LIBOR US + 0.230%)^(a)(b)(c)		14,095		14,075,408
New York Life Global Funding
1.17%, 01/28/21, (3 mo. LIBOR US + 0.280%)^(a)(c)		5,580		5,571,295
1.39%, 01/21/22, (3 mo. LIBOR US + 0.280%)^(a)(c)		5,500		5,431,855
1.42%, 06/10/22, (3 mo. LIBOR US + 0.520%)^(a)(c)		10,110		10,012,034
1.59%, 10/01/20, (3 mo. LIBOR US + 0.160%)^(a)(c)		15,260		15,245,045
1.75%, 07/12/22, (3 mo. LIBOR US + 0.440%)^(a)(c)		11,260		11,086,371
2.01%, 01/10/23, (3 mo. LIBOR US + 0.280%)^(a)(c)		5,000		4,902,400
2.06%, 08/06/21, (3 mo. LIBOR US + 0.320%)^(a)(c)		8,940		8,872,682
Principal Life Global Funding II
1.53%, 06/26/20, (3 mo. LIBOR US + 0.300%)^(a)(c)		3,160		3,161,485
1.91%, 03/02/21, (3 mo. LIBOR US + 0.330%)^(a)(c)		409		406,779
Protective Life Global Funding
1.68%, 07/13/20, (3 mo. LIBOR US + 0.370%)^(a)(c)		2,010		2,012,472
1.89%, 06/28/21, (3 mo. LIBOR US + 0.520%)^(a)(c)		690		688,254

				135,050,464

Internet — 0.4%
eBay Inc., 1.63%, 01/30/23, (3 mo. LIBOR US + 0.870%)^(a)(b)		10,279		10,051,834
Tencent Holdings Ltd.
1.74%, 01/19/23, (3 mo. LIBOR US + 0.605%)^(a)(b)(d)		6,300		6,142,752
2.22%, 04/11/24, (3 mo. LIBOR US + 0.910%)^(a)(d)		11,880		11,536,906

				27,731,492


Security	Par (000)		Value

Lodging — 0.0%
Marriott International Inc./MD 1.65%, 03/08/21, (3 mo. LIBOR US + 0.650%)^(a)	$	745	$	720,065
Series Y, 2.18%, 12/01/20, (3 mo. LIBOR US + 0.600%)^(a)		810		796,197

				1,516,262

Machinery — 2.5%
Caterpillar Financial Services Corp.
0.97%, 03/15/21, (3 mo. LIBOR US + 0.230%)^(a)		24,144		24,038,008
1.28%, 09/07/21, (3 mo. LIBOR US + 0.280%)^(a)		6,920		6,843,742
1.30%, 03/08/21, (3 mo. LIBOR US + 0.300%)^(a)(b)		10,905		10,852,656
1.35%, 12/07/20, (3 mo. LIBOR US + 0.350%)^(a)		3,675		3,665,041
1.54%, 09/04/20, (3 mo. LIBOR US + 0.290%)^(a)		10,099		10,085,366
1.87%, 05/15/20, (3 mo. LIBOR US + 0.180%)^(a)		20,222		20,229,078
1.90%, 08/26/20, (3 mo. LIBOR US + 0.250%)^(a)		2,845		2,844,716
1.91%, 11/12/21, (3 mo. LIBOR US + 0.200%)^(a)		10,600		10,469,302
Series I, 2.08%, 05/17/21, (3 mo. LIBOR US + 0.390%)^(a)		9,670		9,597,765
John Deere Capital Corp.
1.02%, 03/12/21, (3 mo. LIBOR US + 0.240%)^(a)(b)		12,785		12,712,381
1.16%, 09/10/21, (3 mo. LIBOR US + 0.260%)^(a)(b)		1,773		1,760,394
1.26%, 06/13/22, (3 mo. LIBOR US + 0.490%)^(a)		500		493,305
1.40%, 06/07/21, (3 mo. LIBOR US + 0.400%)^(a)		3,875		3,860,624
1.48%, 09/08/22, (3 mo. LIBOR US + 0.480%)^(a)		5,180		5,081,891
1.49%, 06/22/20, (3 mo. LIBOR US + 0.290%)^(a)		7,425		7,428,415
1.49%, 10/09/20, (3 mo. LIBOR US + 0.170%)^(a)		1,710		1,709,367
1.51%, 01/08/21, (3 mo. LIBOR US + 0.160%)^(a)(b)		30		29,909
1.55%, 06/07/23, (3 mo. LIBOR US + 0.550%)^(a)		12,390		12,098,835
1.73%, 07/10/20, (3 mo. LIBOR US + 0.420%)^(a)		5,210		5,217,450
Otis Worldwide Corp., 2.09%, 04/05/23 (Call 04/05/22), (3 mo. LIBOR US + 0.450%)^(a)(c)		8,660		8,422,456
Westinghouse Air Brake Technologies Corp., 2.04%, 09/15/21 (Call 05/14/20), (3 mo. LIBOR US + 1.050%)^(a)		4,895		4,683,536

				162,124,237

Manufacturing — 0.6%
3M Co., 2.00%, 02/14/24, (3 mo. LIBOR US + 0.300%)^(a)(b)		3,871		3,800,238
General Electric Co.
1.74%, 03/15/23, (3 mo. LIBOR US + 1.000%)^(a)		11,978		11,385,448
2.22%, 04/15/23, (3 mo. LIBOR US + 1.000%)^(a)		4,405		4,163,562
Siemens Financieringsmaatschappij NV,
1.35%, 03/16/22, (3 mo. LIBOR US + 0.610%)^(a)(c)		15,675		15,487,997
Textron Inc., 2.28%, 11/10/20 (Call 05/11/20),
(3 mo. LIBOR US + 0.550%)^(a)		2,948		2,919,965

				37,757,210

Media — 1.9%
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.41%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)^(a)		14,905		14,463,514
Comcast Corp.
1.76%, 10/01/20, (3 mo. LIBOR US + 0.330%)^(a)		18,155		18,166,438
1.85%, 04/15/24, (3 mo. LIBOR US + 0.630%)^(a)		6,785		6,665,177
1.87%, 10/01/21, (3 mo. LIBOR US + 0.440%)^(a)		19,569		19,512,250
NBCUniversal Enterprise Inc., 1.83%, 04/01/21,
(3 mo. LIBOR US + 0.400%)^(a)(c)		29,960		29,948,016
TWDC Enterprises 18 Corp.
1.50%, 06/05/20, (3 mo. LIBOR US + 0.190%)^(a)		9,779		9,784,770
1.64%, 03/04/22, (3 mo. LIBOR US + 0.390%)^(a)(b)		18,625		18,517,720


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
Walt Disney Co. (The)
1.83%, 09/01/21, (3 mo. LIBOR US + 0.250%)^(a)	$	165	$	163,952
1.97%, 09/01/22, (3 mo. LIBOR US + 0.390%)^(a)(b)		6,990		6,935,058

				124,156,895

Oil & Gas — 1.2%
BP Capital Markets PLC, 1.93%, 11/24/20, (3 mo. LIBOR US + 0.250%)^(a)		6,592		6,580,068
Chevron Corp.
1.94%, 03/03/22, (3 mo. LIBOR US + 0.480%)^(a)(b)		8,128		8,004,536
1.99%, 03/03/22, (3 mo. LIBOR US + 0.530%)^(a)(b)		11,610		11,469,983
2.22%, 11/15/21, (3 mo. LIBOR US + 0.530%)^(a)		756		746,225
ConocoPhillips Co., 2.59%, 05/15/22,
(3 mo. LIBOR US + 0.900%)^(a)		6,646		6,419,238
Exxon Mobil Corp.
1.37%, 03/06/22, (3 mo. LIBOR US + 0.370%)^(a)(b)		8,685		8,613,349
2.02%, 08/16/22, (3 mo. LIBOR US + 0.330%)^(a)(b)		14,025		13,891,482
Petroleos Mexicanos, 4.42%, 03/11/22, (3 mo. LIBOR US + 3.650%)^(a)		0		—
Phillips 66, 2.25%, 02/26/21 (Call 05/14/20),
(3 mo. LIBOR US + 0.600%)^(a)		1,311		1,285,567
Shell International Finance BV
2.11%, 11/13/23, (3 mo. LIBOR US + 0.400%)^(a)		7,034		6,809,686
2.18%, 05/11/20, (3 mo. LIBOR US + 0.450%)^(a)		11,039		11,041,429

				74,861,563

Pharmaceuticals — 3.0%
AbbVie Inc.
2.05%, 05/21/21, (3 mo. LIBOR US + 0.350%)^(a)(c)		18,000		17,870,040
2.15%, 11/19/21, (3 mo. LIBOR US + 0.460%)^(a)(c)		16,790		16,581,300
2.35%, 11/21/22, (3 mo. LIBOR US + 0.650%)^(a)(c)		2,873		2,837,691
AstraZeneca PLC
1.52%, 06/10/22, (3 mo. LIBOR US + 0.620%)^(a)		2,275		2,243,696
2.36%, 08/17/23, (3 mo. LIBOR US + 0.665%)^(a)(b)		5,340		5,274,532
Bayer U.S. Finance II LLC
1.75%, 12/15/23 (Call 11/15/23), (3 mo. LIBOR US + 1.010%)^(a)(c)		19,435		18,836,791
1.85%, 06/25/21 (Call 05/25/21), (3 mo. LIBOR US + 0.630%)^(a)(b)(c)		23,670		23,248,437
Becton Dickinson and Co.
2.03%, 06/06/22, (3 mo. LIBOR US + 1.030%)^(a)(b)		8,725		8,522,667
2.25%, 12/29/20 (Call 05/29/20), (3 mo. LIBOR US + 0.875%)^(a)		10,814		10,730,300
Bristol-Myers Squibb Co.
1.89%, 11/16/20, (3 mo. LIBOR US + 0.200%)^(a)(c)		5,280		5,276,251
2.07%, 05/16/22, (3 mo. LIBOR US + 0.380%)^(a)(c)		3,415		3,394,476
Cardinal Health Inc., 1.51%, 06/15/22, (3 mo. LIBOR US + 0.770%)^(a)		8,424		8,243,979
Cigna Corp.
2.11%, 07/15/23 (Call 06/15/23), (3 mo. LIBOR US + 0.890%)^(a)		9,810		9,080,332
Series WI, 1.49%, 09/17/21 (Call 05/14/20), (3 mo. LIBOR US + 0.650%)^(a)		4,615		4,611,123
CVS Health Corp., 1.72%, 03/09/21, (3 mo. LIBOR US + 0.720%)^(a)		18,408		18,363,268
Express Scripts Holding Co., 2.33%, 11/30/20 (Call 05/14/20), (3 mo. LIBOR US + 0.750%)^(a)(b)		11,017		10,984,169
GlaxoSmithKline Capital PLC, 2.05%, 05/14/21, (3 mo. LIBOR US + 0.350%)^(a)		15,040		15,010,522
Pfizer Inc., 1.07%, 09/15/23, (3 mo. LIBOR US + 0.330%)^(a)		3,874		3,771,223


Security	Par (000)		Value

Pharmaceuticals (continued)
Zoetis Inc., 2.13%, 08/20/21, (3 mo. LIBOR US + 0.440%)^(a)	$	6,735	$	6,672,432

				191,553,229

Pipelines — 0.4%
Enbridge Inc., 1.44%, 06/15/20, (3 mo. LIBOR US + 0.700%)^(a)		6,348		6,348,889
MPLX LP
1.90%, 09/09/21 (Call 09/09/20), (3 mo. LIBOR US + 0.900%)^(a)		3,725		3,481,832
2.10%, 09/09/22 (Call 09/10/20), (3 mo. LIBOR US + 1.100%)^(a)		13,278		11,718,100
Spectra Energy Partners LP, 2.01%, 06/05/20, (3 mo. LIBOR US + 0.700%)^(a)		5,080		5,040,986

				26,589,807

Real Estate Investment Trusts — 0.1%
AvalonBay Communities Inc., 1.65%, 01/15/21 (Call 05/14/20), (3 mo. LIBOR US + 0.430%)^(a)		4,685		4,625,641
SL Green Operating Partnership LP, 2.67%, 08/16/21 (Call 05/14/20), (3 mo. LIBOR US + 0.980%)^(a)(b)		1,215		1,169,182

				5,794,823

Retail — 0.5%
Home Depot Inc. (The)
1.46%, 06/05/20, (3 mo. LIBOR US + 0.150%)^(a)		9,257		9,260,518
1.89%, 03/01/22, (3 mo. LIBOR US + 0.310%)^(a)		2,220		2,183,459
McDonald’s Corp., 1.32%, 10/28/21, (3 mo. LIBOR US + 0.430%)^(a)		3,649		3,616,451
Walmart Inc.
1.24%, 06/23/20, (3 mo. LIBOR US + 0.040%)^(a)		9,705		9,712,085
1.43%, 06/23/21, (3 mo. LIBOR US + 0.230%)^(a)(b)		5,810		5,814,415

				30,586,928

Semiconductors — 0.5%
Intel Corp.
1.81%, 05/11/20, (3 mo. LIBOR US + 0.080%)^(a)		3,415		3,415,751
2.08%, 05/11/22, (3 mo. LIBOR US + 0.350%)^(a)		16,373		16,284,586
QUALCOMM Inc., 1.49%, 01/30/23, (3 mo. LIBOR US + 0.730%)^(a)(b)		15,279		15,046,912

				34,747,249

Telecommunications — 2.7%
AT&T Inc.
1.96%, 06/12/24, (3 mo. LIBOR US + 1.180%)^(a)		65,932		64,502,594
2.17%, 07/15/21, (3 mo. LIBOR US + 0.950%)^(a)		26,678		26,559,550
2.30%, 06/30/20, (3 mo. LIBOR US + 0.930%)^(a)		3,984		3,986,709
2.33%, 06/01/21, (3 mo. LIBOR US + 0.750%)^(a)		21,871		21,786,359
Verizon Communications Inc.
1.74%, 03/16/22, (3 mo. LIBOR US + 1.000%)^(a)		23,401		23,436,804
2.23%, 05/22/20, (3 mo. LIBOR US + 0.550%)^(a)		20,092		20,107,069
Vodafone Group PLC, 2.17%, 01/16/24, (3 mo. LIBOR US + 0.990%)^(a)		15,013		14,597,440

				174,976,525

Transportation — 0.4%
United Parcel Service Inc.
1.58%, 04/01/21, (3 mo. LIBOR US + 0.150%)^(a)(b)		2,220		2,210,632
1.88%, 04/01/23, (3 mo. LIBOR US + 0.450%)^(a)		9,082		8,987,184
2.07%, 05/16/22, (3 mo. LIBOR US + 0.380%)^(a)		14,422		14,322,055

				25,519,871

Trucking & Leasing — 0.1%
Aviation Capital Group LLC
1.43%, 07/30/21, (3 mo. LIBOR US + 0.670%)^(a)(c)		920		832,076


SCHEDULE OF INVESTMENTS			37

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Trucking & Leasing (continued)
2.53%, 06/01/21, (3 mo. LIBOR US + 0.950%)^(a)(c)	$	535	$	485,277
GATX Corp., 2.46%, 11/05/21, (3 mo. LIBOR US + 0.720%)^(a)		2,925		2,826,954

				4,144,307


Total Corporate Bonds & Notes — 86.5% (Cost: $5,642,538,975)				5,562,085,166


Foreign Government Obligations^(e)

Canada — 0.3%
CPPIB Capital Inc., 1.21%, 10/16/20, (3 mo. LIBOR US + 0.030%)^(a)(c)		2,250		2,252,970
Export Development Canada, 1.81%, 11/23/20, (3 mo. LIBOR US + 0.130%)^(a)(c)		8,450		8,459,464
Province of Quebec Canada, 1.33%, 09/21/20, (3 mo. LIBOR US + 0.130%)^(a)		8,150		8,159,943

				18,872,377

Finland — 0.2%
Municipality Finance PLC
1.00%, 10/26/20, (3 mo. LIBOR US + 0.010%)^(a)(c)		660		660,713
1.74%, 02/17/21, (3 mo. LIBOR US + 0.050%)^(a)(c)		10,070		10,075,639

				10,736,352

Japan — 0.4%
Japan Bank for International Cooperation
1.50%, 07/21/20, (3 mo. LIBOR US + 0.390%)^(a)		15,490		15,521,445
2.06%, 06/01/20, (3 mo. LIBOR US + 0.480%)^(a)		8,675		8,686,451

				24,207,896

Netherlands — 0.1%
Nederlandse Waterschapsbank NV, 1.74%, 11/10/20, (3 mo. LIBOR US + 0.010%)^(a)(c)		5,000		4,998,900


Norway —1.3%
Kommunalbanken AS
0.82%, 03/12/21, (3 mo. LIBOR US + 0.040%)^(a)(c)		34,050		34,039,104
1.07%, 06/16/20, (3 mo. LIBOR US + 0.330%)^(a)(b)(c)		20,613		20,629,903
1.13%, 09/08/21, (3 mo. LIBOR US + 0.130%)^(a)(c)		23,480		23,503,245
1.26%, 04/15/21, (3 mo. LIBOR US + 0.040%)^(a)(b)(c)		4,400		4,404,092

				82,576,344

South Korea — 0.8%
Export-Import Bank of Korea
1.74%, 06/25/22, (3 mo. LIBOR US + 0.525%)^(a)		6,640		6,579,642
2.16%, 06/01/21, (3 mo. LIBOR US + 0.575%)^(a)		3,530		3,516,974
2.36%, 06/01/23, (3 mo. LIBOR US + 0.775%)^(a)		15,250		15,143,555
2.69%, 11/01/22, (3 mo. LIBOR US + 0.925%)^(a)(b)		13,795		13,809,209
Series 5, 1.87%, 01/25/22, (3 mo. LIBOR US + 0.875%)^(a)		2,975		2,970,657
Industrial Bank of Korea, 1.49%, 10/23/22, (3 mo. LIBOR US + 0.450%)^(a)(d)		5,360		5,265,128
Korea Development Bank (The)
1.33%, 03/12/21, (3 mo. LIBOR US + 0.550%)^(a)		1,120		1,116,629
1.91%, 10/01/22, (3 mo. LIBOR US + 0.475%)^(a)		3,015		2,979,091

				51,380,885

Supranational — 7.4%
African Development Bank
0.75%, 12/15/21, (3 mo. LIBOR US + 0.010%)^(a)		5,000		4,989,950
0.93%, 06/15/20, (3 mo. LIBOR US + 0.190%)^(a)		8,485		8,489,497
Asian Development Bank
0.75%, 12/15/21, (3 mo. LIBOR US + 0.010%)^(a)(b)		58,989		58,990,180


Security	Par/ Shares (000)		Value

Supranational (continued)
0.79%, 03/16/21, (3 mo. LIBOR US + 0.050%)^(a)(b)	$	18,535	$	18,542,229
0.93%, 06/16/21, (3 mo. LIBOR US + 0.190%)^(a)(b)		32,185		32,243,255
European Bank for Reconstruction & Development
1.70%, 11/19/20, (3 mo. LIBOR US + 0.010%)^(a)		6,990		6,992,866
1.74%, 05/11/22, (3 mo. LIBOR US + 0.010%)^(a)		17,542		17,534,457
European Investment Bank
1.24%, 01/19/23, (3 mo. LIBOR US + 0.100%)^(a)(c)		15,833		15,857,699
1.31%, 03/24/21, (3 mo. LIBOR US + 0.110%)^(a)(c)		28,060		28,094,233
Inter-American Development Bank
0.86%, 10/09/20, (3 mo. LIBOR US)^(a)		14,214		14,212,579
0.97%, 10/25/21, (3 mo. LIBOR US - 0.020%)^(a)		22,705		22,706,135
1.22%, 01/15/22, (3 mo. LIBOR US)^(a)		8,191		8,186,249
1.23%, 07/15/20, (3 mo. LIBOR US + 0.010%)^(a)		29,785		29,818,657
1.29%, 07/15/22, (3 mo. LIBOR US + 0.070%)^(a)		15,805		15,834,555
1.42%, 07/15/21, (3 mo. LIBOR US + 0.200%)^(a)		58,986		59,181,244
1.44%, 10/15/20, (3 mo. LIBOR US + 0.220%)^(a)		25,430		25,482,132
International Bank for Reconstruction & Development
1.41%, 10/13/20, (3 mo. LIBOR US + 0.100%)^(a)		5,522		5,531,001
2.01%, 02/11/21, (3 mo. LIBOR US + 0.280%)^(a)(b)		2,900		2,906,061
Series GDIF, 1.07%, 08/06/24, (SOFRRATE + 0.300%)^(a)		25,000		24,892,500
International Finance Corp.
0.75%, 12/15/20, (3 mo. LIBOR US + 0.010%)^(a)		2,450		2,450,490
0.81%, 12/15/22, (3 mo. LIBOR US + 0.070%)^(a)		40,918		40,911,862
0.92%, 12/15/21, (3 mo. LIBOR US + 0.180%)^(a)		30,897		30,964,046

				474,811,877

Sweden — 0.0%
Svensk Exportkredit AB, 0.79%, 12/14/20, (3 mo. LIBOR US + 0.050%)^(a)		3,815		3,816,526


Total Foreign Government Obligations — 10.5% (Cost: $671,960,084)				671,401,157


U.S. Government Obligations

U.S. Government Obligations — 1.1%
U.S. Treasury Floating Rate Note, 0.17%, 10/31/20, (3 mo.Treasury money market yield + 0.045%)^(a)		72,045		72,053,433


Total U.S. Government Obligations — 1.1% (Cost: $72,002,474)				72,053,433


Short-Term Investments

Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(f)(g)(h)		147,309		147,471,018
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(f)(g)		146,272		146,272,000

				293,743,018


Total Short-Term Investments — 4.5% (Cost: $293,563,835)				293,743,018


Total Investments in Securities — 102.6% (Cost: $6,680,065,368)				6,599,282,774

Other Assets, Less Liabilities — (2.6)%				(169,866,423	)


Net Assets — 100.0%			$	6,429,416,351


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Floating Rate Bond ETF

^(a)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

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

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

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

^(e)	U.S. dollar denominated security issued by foreign domiciled entity.

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	216,523	(69,214	)	147,309	$	147,471,018	$	538,624	^(b)	$	(19,980	)	$	93,297
BlackRock Cash Funds: Treasury, SL Agency Shares	242,647	(96,375	)	146,272		146,272,000		1,331,696			—			—

					$	293,743,018	$	1,870,320		$	(19,980	)	$	93,297

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	5,562,085,166	$	—	$	5,562,085,166
Foreign Government Obligations		—		671,401,157		—		671,401,157
U.S. Government Obligations		—		72,053,433		—		72,053,433
Money Market Funds		293,743,018		—		—		293,743,018

	$	293,743,018	$	6,305,539,756	$	—	$	6,599,282,774

See notes to financial statements.


SCHEDULE OF INVESTMENTS			39

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares Aaa - A Rated Corporate Bond ETF		iShares Convertible Bond ETF		iShares Floating Rate Bond ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	835,952,713	$	449,815,435	$	6,305,539,756
Affiliated^(c)		54,124,595		624,000		293,743,018
Cash		7,141		5,156		138,750
Receivables:
Investments sold		—		23,479,309		15,096,976
Securities lending income — Affiliated		19,705		—		158,944
Capital shares sold		587,237		—		—
Dividends		4,206		206		19,909
Interest		6,801,861		1,597,118		16,297,462

Total assets		897,497,458		475,521,224		6,630,994,815


LIABILITIES
Collateral on securities loaned, at value		34,673,100		—		147,218,921
Payables:
Investments purchased		15,150,405		24,404,176		42,218,603
Capital shares redeemed		—		—		10,891,821
Investment advisory fees		90,892		69,590		1,249,119

Total liabilities		49,914,397		24,473,766		201,578,464


NET ASSETS	$	847,583,061	$	451,047,458	$	6,429,416,351


NET ASSETS CONSIST OF:
Paid-in capital	$	800,067,780	$	429,692,819	$	6,612,317,442
Accumulated earnings (loss)		47,515,281		21,354,639		(182,901,091	)

NET ASSETS	$	847,583,061	$	451,047,458	$	6,429,416,351


Shares outstanding		15,050,000		7,400,000		128,600,000

Net asset value	$	56.32	$	60.95	$	50.00

Shares authorized		Unlimited		Unlimited		Unlimited

Par value		None		None		None


^(a)Securities loaned, at value	$	33,639,521	$	—	$	143,362,565
^(b)Investments, at cost — Unaffiliated	$	788,830,659	$	444,821,142	$	6,386,501,533
^(c)Investments, at cost — Affiliated	$	54,091,943	$	624,000	$	293,563,835

See notes to financial statements.


40		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


		iShares Aaa - A Rated Corporate Bond ETF			iShares Convertible Bond ETF			iShares Floating Rate Bond ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	1,599		$	—
Dividends — Affiliated		12,618			21,515			1,331,696
Interest — Unaffiliated		7,524,857			3,651,520			106,605,171
Securities lending income — Affiliated — net		67,701			242			538,624
Other income — Unaffiliated		—			78,274			—

Total investment income		7,605,176			3,753,150			108,475,491


EXPENSES
Investment advisory fees		379,215			443,519			9,245,348

Total expenses		379,215			443,519			9,245,348

Net investment income		7,225,961			3,309,631			99,230,143


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		901,761			8,145,859			(55,309,075	)
Investments — Affiliated		(9,560	)		49			(19,980	)
In-kind redemptions — Unaffiliated		1,913,276			10,209,657			(43,516,367	)

Net realized gain (loss)		2,805,477			18,355,565			(98,845,422	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		23,578,806			(7,372,575	)		(100,763,695	)
Investments —Affiliated		23,318			—			93,297
Net change in unrealized appreciation (depreciation)		23,602,124			(7,372,575	)		(100,670,398	)

Net realized and unrealized gain (loss)		26,407,601			10,982,990			(199,515,820	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	33,633,562		$	14,292,621		$	(100,285,677	)

See notes to financial statements.


FINANCIAL STATEMENTS			41

Statements of Changes in Net Assets


	iShares Aaa - A Rated Corporate Bond ETF						iShares Convertible Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,225,961		$	9,741,870		$	3,309,631		$	5,583,844
Net realized gain		2,805,477			268,961			18,355,565			4,286,379
Net change in unrealized appreciation (depreciation)		23,602,124			30,512,162			(7,372,575	)		20,175,085

Net increase in net assets resulting from operations		33,633,562			40,522,993			14,292,621			30,045,308


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,828,238	)		(9,083,591	)		(5,118,656	)		(13,859,970	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		401,167,782			229,549,349			37,246,475			128,711,189


NET ASSETS
Total increase in net assets		427,973,106			260,988,751			46,420,440			144,896,527
Beginning of period		419,609,955			158,621,204			404,627,018			259,730,491

End of period	$	847,583,061		$	419,609,955		$	451,047,458		$	404,627,018

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

See notes to financial statements.


42		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares Floating Rate Bond ETF
		Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	99,230,143		$	297,750,171
Net realized loss		(98,845,422	)		(8,032,094	)
Net change in unrealized appreciation (depreciation)		(100,670,398	)		10,532,848

Net increase (decrease) in net assets resulting from operations		(100,285,677	)		300,250,925


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(106,270,535	)		(305,308,879	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(3,304,537,892	)		(1,886,520,589	)


NET ASSETS
Total decrease in net assets		(3,511,094,104	)		(1,891,578,543	)
Beginning of period		9,940,510,455			11,832,088,998

End of period	$	6,429,416,351		$	9,940,510,455

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

See notes to financial statements.


FINANCIAL STATEMENTS			43

Financial Highlights

(For a share outstanding throughout each period)


	iShares Aaa - A Rated Corporate Bond ETF
	Six Months Ended 04/30/20 (unaudited)				Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period		$	54.85		$	49.57		$	52.76		$	52.80		$	51.32		$	51.53

Net investment income^(a)			0.78			1.68			1.53			1.40			1.34			1.31
Net realized and unrealized gain (loss)^(b)			1.48			5.25			(3.23	)		(0.08	)		1.70			(0.23	)

Net increase (decrease) from investment operations			2.26			6.93			(1.70	)		1.32			3.04			1.08


Distributions^(c)
From net investment income			(0.79	)		(1.65	)		(1.49	)		(1.36	)		(1.56	)		(1.29	)

Total distributions			(0.79	)		(1.65	)		(1.49	)		(1.36	)		(1.56	)		(1.29	)


Net asset value, end of period		$	56.32		$	54.85		$	49.57		$	52.76		$	52.80		$	51.32


Total Return
Based on net asset value			4.16	%^(d)		14.22	%		(3.27	)%		2.57	%		6.02	%		2.11	%


Ratios to Average Net Assets
Total expenses			0.15	%^(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income			2.86	%^(e)		3.19	%		3.00	%		2.69	%		2.56	%		2.53	%


Supplemental Data
Net assets, end of period (000)		$	847,583		$	419,610		$	158,621		$	121,345		$	105,609		$	76,976

Portfolio turnover rate^(f)			11	%^(d)		16	%		15	%		16	%		26	%		19	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


44		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Convertible Bond ETF
		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 06/02/15 to 10/31/15	^(a)

Net asset value, beginning of period			$	59.07		$	55.86		$	55.38		$	47.01		$	46.80		$	49.50

Net investment income^(b)				0.45			0.96			0.93			1.00			0.79			0.30
Net realized and unrealized gain (loss)^(c)				2.14			4.74			0.87			8.57			1.02			(2.77	)

Net increase (decrease) from investment operations				2.59			5.70			1.80			9.57			1.81			(2.47	)


Distributions^(d)
From net investment income				(0.71	)		(2.02	)		(1.13	)		(1.20	)		(1.60	)		(0.23	)
From net realized gain				—			(0.47	)		(0.19	)		—			—			—

Total distributions				(0.71	)		(2.49	)		(1.32	)		(1.20	)		(1.60	)		(0.23	)


Net asset value, end of period			$	60.95		$	59.07		$	55.86		$	55.38		$	47.01		$	46.80


Total Return
Based on net asset value				4.42	%^(e)		10.55	%		3.26	%^(f)		20.63	%		3.98	%		(4.98	)%^(e)


Ratios to Average Net Assets
Total expenses				0.20	%^(g)		0.20	%		0.20	%		0.20	%		0.30	%		0.35	%^(g)

Net investment income				1.49	%^(g)		1.66	%		1.64	%		1.88	%		1.75	%		1.55	%^(g)


Supplemental Data
Net assets, end of period (000)			$	451,047		$	404,627		$	259,730		$	354,410		$	14,103		$	18,719

Portfolio turnover rate^(h)				13	%^(e)		24	%		29	%		14	%		20	%		5	%^(e)

^(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)	Not annualized.

^(f)	Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 3.17%.

^(g)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			45

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Floating Rate Bond ETF
	Six Months Ended 04/30/20 (unaudited)				Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period		$	50.98		$	50.93		$	50.93		$	50.72		$	50.43		$	50.74

Net investment income^(a)			0.54			1.44			1.19			0.73			0.45			0.25
Net realized and unrealized gain (loss)^(b)			(0.96	)		0.08			(0.13	)		0.19			0.24			(0.31	)

Net increase (decrease) from investment operations			(0.42	)		1.52			1.06			0.92			0.69			(0.06	)


Distributions^(c)
From net investment income			(0.56	)		(1.47	)		(1.06	)		(0.71	)		(0.40	)		(0.25	)

Total distributions			(0.56	)		(1.47	)		(1.06	)		(0.71	)		(0.40	)		(0.25	)


Net asset value, end of period		$	50.00		$	50.98		$	50.93		$	50.93		$	50.72		$	50.43


Total Return
Based on net asset value			(0.80	)%^(d)		3.02	%		2.11	%		1.82	%		1.39	%		(0.14	)%


Ratios to Average Net Assets
Total expenses			0.20	%^(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income			2.15	%^(e)		2.84	%		2.33	%		1.43	%		0.89	%		0.50	%


Supplemental Data
Net assets, end of period (000)		$	6,429,416		$	9,940,510		$	11,832,089		$	6,544,454		$	3,185,003		$	3,489,481

Portfolio turnover rate^(f)			12	%^(d)		23	%		17	%		21	%		26	%		23	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


46		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
Aaa — A Rated Corporate Bond		Diversified
Convertible Bond		Diversified
Floating Rate Bond		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

Recent Accounting Standards: The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at October 31, 2019 are as follows:


iShares ETF
Aaa — A Rated Corporate Bond		$ 418,879,762
Floating Rate Bond		10,190,285,001

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


NOTES TO FINANCIAL STATEMENTS			47

Notes to Financial Statements (unaudited) (continued)

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

•

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

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

4.	SECURITIES AND OTHER INVESTMENTS


48		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Securities lending transactions are entered into by a fund 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 fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender 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 fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Aaa — A Rated Corporate Bond
Barclays Bank PLC	$	1,526,513	$	1,526,513		$	—	$	—
Barclays Capital Inc.		216,500		216,500			—		—
BNP Paribas Prime Brokerage International Ltd.		126,345		126,345			—		—
BofA Securities, Inc.		2,576,543		2,576,543			—		—
Citadel Clearing LLC		50,867		48,179			—		(2,688	)^(b)
Citigroup Global Markets Inc.		419,965		419,965			—		—
Credit Suisse Securities (USA) LLC		2,798,083		2,798,083			—		—
HSBC Securities (USA) Inc.		1,346,488		1,346,488			—		—
JPMorgan Securities LLC		4,311,143		4,311,143			—		—
Morgan Stanley & Co. LLC		6,220,559		6,220,559			—		—
Nomura Securities International Inc.		50,088		50,088			—		—
RBC Capital Markets LLC		7,297,336		7,297,336			—		—
Scotia Capital (USA) Inc.		590,514		590,514			—		—
Wells Fargo Securities LLC		6,108,577		6,108,577			—		—

	$	33,639,521	$	33,636,833		$	—	$	(2,688	)

Floating Rate Bond
Barclays Bank PLC	$	9,124,988	$	9,124,988		$	—	$	—
Barclays Capital Inc.		989,900		989,900			—		—
BMO Capital Markets		1,820,750		1,820,750			—		—
BNP Paribas Prime Brokerage International Ltd.		397,435		397,435			—		—
BofA Securities, Inc.		4,892,759		4,892,759			—		—
Citigroup Global Markets Inc.		55,807,433		55,807,433			—		—
Credit Suisse Securities (USA) LLC		6,476,699		6,476,699			—		—
Goldman Sachs & Co.		10,639,885		10,639,885			—		—
HSBC Securities (USA) Inc.		948,019		948,019			—		—
JPMorgan Securities LLC		21,089,961		21,089,961			—		—
Morgan Stanley & Co. LLC		12,065,051		12,065,051			—		—
MUFG Securities Americas Inc.		103,365		103,365			—		—
Nomura Securities International Inc.		10,024,419		10,024,419			—		—
RBC Capital Markets LLC		8,661,111		8,661,111			—		—
UBS AG		9,968		9,968			—		—
Wells Fargo Securities LLC		310,822		310,822			—		—

	$	143,362,565	$	143,362,565		$	—	$	—

^(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.

^(b)

Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.


NOTES TO FINANCIAL STATEMENTS			49

Notes to Financial Statements (unaudited) (continued)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


iShares ETF	Investment Advisory Fee
Aaa — A Rated Corporate Bond		0.15	%
Convertible Bond		0.20
Floating Rate Bond		0.20


iShares ETF	Fees Paid to BTC
Aaa — A Rated Corporate Bond	$	19,991
Convertible Bond		60
Floating Rate Bond		159,678

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

6.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


	U.S. Government Securities Sales		Other Securities
iShares ETF	U.S. Government Securities Sales		Purchases		Sales
Aaa — A Rated Corporate Bond	$	—	$	65,610,757	$	56,549,810
Convertible Bond		—		95,909,702		58,766,542
Floating Rate Bond		199,952,839		1,022,235,694		1,726,613,879

For the six months ended April 30, 2020, in-kind transactions were as follows:


50		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)


iShares ETF	In-kind Purchases		In-kind Sales
Aaa — A Rated Corporate Bond	$	409,906,586	$	23,889,756
Convertible Bond		71,212,699		64,402,995
Floating Rate Bond		183,906,617		2,505,165,315

7.	INCOME TAX INFORMATION

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
Aaa — A Rated Corporate Bond	$	3,844,505
Convertible Bond		345,189
Floating Rate Bond		14,236,132


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Aaa — A Rated Corporate Bond	$	842,980,894	$	47,951,233	$	(854,819	)	$	47,096,414
Convertible Bond		447,404,970		48,329,334		(45,294,869	)		3,034,465
Floating Rate Bond		6,681,418,261		983,560		(83,119,047	)		(82,135,487	)

8.	PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS			51

Notes to Financial Statements (unaudited) (continued)

9.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
Aaa — A Rated Corporate Bond
Shares sold		7,850,000		$	425,874,261			5,950,000		$	306,231,217
Shares redeemed		(450,000	)		(24,706,479	)		(1,500,000	)		(76,681,868	)

Net increase		7,400,000		$	401,167,782			4,450,000		$	229,549,349


Convertible Bond
Shares sold		1,700,000		$	108,280,973			3,000,000		$	173,309,984
Shares redeemed		(1,150,000	)		(71,034,498	)		(800,000	)		(44,598,795	)

Net increase		550,000		$	37,246,475			2,200,000		$	128,711,189


Floating Rate Bond
Shares sold		3,700,000		$	197,262,926			36,700,000		$	1,866,089,851
Shares redeemed		(70,100,000	)		(3,501,800,818	)		(74,000,000	)		(3,752,610,440	)

Net decrease		(66,400,000	)	$	(3,304,537,892	)		(37,300,000	)	$	(1,886,520,589	)

10.

LEGAL PROCEEDINGS


52		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. On May 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. Plaintiff may choose to petition the U.S. Supreme Court for further review.

11.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			53

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Aaa — A Rated Corporate Bond ETF, iShares Convertible Bond ETF and iShares Floating Rate Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


54		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices


	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
Aaa — A Rated Corporate Bond^(a)	$	0.768234	$	—	$	0.020535	$	0.788769		97	%		—	%		3	%		100	%
Convertible Bond		0.710512		—		—		0.710512		100			—			—			100
Floating Rate Bond		0.564766		—		—		0.564766		100			—			—			100

^(a)


SUPPLEMENTAL INFORMATION			55

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


56		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

LIBOR		London Interbank Offered Rate


GLOSSARY OF TERMS USED IN THIS REPORT			57

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”).

iS-SAR-1004-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares 0-5 Year Investment Grade Corporate Bond ETF | SLQD | NASDAQ

iShares Global Green Bond ETF | BGRN | NASDAQ

Table of Contents


	Page
Fund Summary		3
About Fund Performance		5
Shareholder Expenses		5
Schedules of Investments		6
Financial Statements
Statements of Assets and Liabilities		35
Statements of Operations		36
Statements of Changes in Net Assets		37
Financial Highlights		38
Notes to Financial Statements		40
Statement Regarding Liquidity Risk Management Program		47
Supplemental Information		48
General Information		49
Glossary of Terms Used in this Report		50


Fund Summary as of April 30, 2020		iShares^® 0-5 Year Investment Grade Corporate Bond ETF

Investment Objective

The iShares 0-5 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx^® USD Liquid Investment Grade 0-5 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.34	%		4.39	%		2.49	%		2.35	%		4.39	%		13.07	%		16.41	%
Fund Market		1.67			4.72			2.51			2.41			4.72			13.20			16.89
Index		1.35			4.46			2.55			2.46			4.46			13.44			17.20

The inception date of the Fund was 10/15/13. The first day of secondary market trading was 10/17/13.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,013.40	$	0.30		$	1,000.00	$	1,024.60	$	0.30		0.06	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	1.3	%
Aa	13.7
A	46.3
Baa	36.3
Ba	1.4
Not Rated	1.0

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	19.3	%
1-2 Years	19.7
2-3 Years	22.8
3-4 Years	18.9
4-5 Years	18.6
5-6 Years	0.7

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® Global Green Bond ETF

Investment Objective

The iShares Global Green Bond ETF (the “Fund”) seeks to track the investment results of an index composed of global investment-grade green bonds that are issued to fund environmental projects, while mitigating exposure to currency fluctuations versus the U.S. dollar, as represented by Bloomberg Barclays MSCI Global Green Bond Select (USD Hedged) 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		0.99	%		6.83	%		8.78	%		6.83	%		13.10	%
Fund Market		1.03			6.85			9.04			6.85			13.50
Index		1.12			7.14			8.87			7.14			13.25

The inception date of the Fund was 11/13/18. The first day of secondary market trading was 11/15/18.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,009.90	$	1.00		$	1,000.00	$	1,023.90	$	1.01		0.20	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	26.0	%
Aa	30.1
A	20.9
Baa	17.1
Not Rated	5.9

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	2.2	%
1-5 Years	29.1
5-10 Years	40.2
10-15 Years	9.7
15-20 Years	13.0
More than 20 Years	5.8

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Shareholder Expenses


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES			5

Schedule of Investments (unaudited)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.2%
Interpublic Group of Companies Inc. (The)
3.50%, 10/01/20^(a)	$	216	$	217,387
3.75%, 10/01/21		484		494,194
3.75%, 02/15/23		762		782,926
4.20%, 04/15/24		387		405,258
Omnicom Group Inc./Omnicom Capital Inc.
3.63%, 05/01/22		1,429		1,492,309
3.65%, 11/01/24 (Call 08/01/24)		60		64,030
WPP Finance 2010
3.63%, 09/07/22		405		412,714
3.75%, 09/19/24		591		612,851

				4,481,669

Aerospace & Defense — 1.3%
Boeing Co. (The), 2.70%, 05/01/22		340		332,444
General Dynamics Corp.
1.88%, 08/15/23 (Call 06/15/23)		210		215,163
2.25%, 11/15/22 (Call 08/15/22)		1,038		1,067,359
2.38%, 11/15/24 (Call 09/15/24)^(a)		595		621,772
2.88%, 05/11/20		723		723,165
3.00%, 05/11/21		2,180		2,207,802
3.38%, 05/15/23 (Call 04/15/23)		1,523		1,628,144
L3Harris Technologies Inc.
3.83%, 04/27/25 (Call 01/27/25)		500		535,308
3.85%, 06/15/23 (Call 05/15/23)^(b)		791		840,741
4.95%, 02/15/21 (Call 11/15/20)^(b)		925		939,126
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)		2,044		2,057,949
2.90%, 03/01/25 (Call 12/01/24)		750		799,780
3.10%, 01/15/23 (Call 11/15/22)		195		206,254
3.35%, 09/15/21^(a)		566		583,343
Northrop Grumman Corp.
2.08%, 10/15/20		1,069		1,070,404
2.55%, 10/15/22 (Call 09/15/22)		1,945		2,011,472
2.93%, 01/15/25 (Call 11/15/24)		1,750		1,851,970
3.25%, 08/01/23^(a)		525		560,080
3.50%, 03/15/21		714		727,123
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		640		664,431
3.13%, 10/15/20		2,226		2,251,160
Raytheon Technologies Corp., 3.65%, 08/16/23 (Call 07/16/23)		2,416		2,606,061
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)		1,286		1,318,482
3.20%, 03/15/24 (Call 01/15/24)		142		150,679

				25,970,212

Agriculture — 1.3%
Altria Group Inc.
2.85%, 08/09/22		1,254		1,289,288
3.49%, 02/14/22		600		620,107
3.80%, 02/14/24 (Call 01/14/24)		1,083		1,158,640
4.00%, 01/31/24^(a)		1,457		1,565,538
4.75%, 05/05/21		1,923		1,984,107
BAT Capital Corp.
2.76%, 08/15/22 (Call 07/15/22)		2,956		2,998,818
2.79%, 09/06/24 (Call 08/06/24)^(a)		1,522		1,552,901
3.22%, 08/15/24 (Call 06/15/24)		2,392		2,473,586


Security	Par (000)		Value

Agriculture (continued)
Bunge Ltd. Finance Corp.
3.50%, 11/24/20^(a)	$	347	$	347,569
4.35%, 03/15/24 (Call 02/15/24)		378		393,428
Philip Morris International Inc.
1.88%, 02/25/21 (Call 01/25/21)^(a)		1,311		1,318,396
2.13%, 05/10/23 (Call 03/10/23)		254		259,707
2.38%, 08/17/22 (Call 07/17/22)		929		954,498
2.50%, 08/22/22		525		542,480
2.50%, 11/02/22 (Call 10/02/22)		1,157		1,196,530
2.63%, 02/18/22 (Call 01/18/22)		805		825,274
2.63%, 03/06/23		506		526,013
2.88%, 05/01/24 (Call 04/01/24)		574		604,447
2.90%, 11/15/21		265		272,162
3.25%, 11/10/24		1,175		1,270,685
3.60%, 11/15/23		29		31,135
Reynolds American Inc.
3.25%, 06/12/20		1,167		1,168,547
4.00%, 06/12/22		435		452,590
4.85%, 09/15/23^(a)		135		146,372
6.88%, 05/01/20		693		693,000

				24,645,818

Airlines — 0.1%
Delta Air Lines Inc., 3.80%, 04/19/23 (Call 03/19/23)		202		170,690
Southwest Airlines Co.
4.75%, 05/04/23		525		521,231
5.25%, 05/04/25 (Call 04/04/25)		390		388,362

				1,080,283

Apparel — 0.1%
NIKE Inc.
2.25%, 05/01/23 (Call 02/01/23)		417		432,588
2.40%, 03/27/25 (Call 02/27/25)		1,200		1,264,506

				1,697,094

Auto Manufacturers — 2.9%
American Honda Finance Corp.
1.65%, 07/12/21		781		782,620
1.70%, 09/09/21		525		522,812
1.95%, 07/20/20^(a)		1,025		1,026,117
1.95%, 05/10/23		830		823,156
2.05%, 01/10/23^(a)		461		458,757
2.15%, 09/10/24		981		970,153
2.20%, 06/27/22^(a)		1,033		1,039,335
2.40%, 06/27/24		885		885,445
2.45%, 09/24/20		1,125		1,126,556
2.60%, 11/16/22^(a)		666		673,930
2.65%, 02/12/21^(a)		347		349,495
2.90%, 02/16/24^(a)		220		224,159
3.00%, 06/16/20		205		205,317
3.15%, 01/08/21^(a)		104		104,886
3.38%, 12/10/21^(a)		50		51,128
3.45%, 07/14/23^(a)		800		832,107
3.55%, 01/12/24		560		581,844
3.63%, 10/10/23		858		896,563
Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)		85		92,303
Ford Motor Credit Co. LLC
2.34%, 11/02/20		1,477		1,436,663
3.16%, 08/04/20		240		239,321
General Motors Co., 4.88%, 10/02/23		1,167		1,143,409
General Motors Financial Co. Inc.
2.45%, 11/06/20		140		138,302


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Auto Manufacturers (continued)
2.90%, 02/26/25 (Call 01/26/25)^(a)	$	1,255	$	1,125,754
3.15%, 06/30/22 (Call 05/30/22)		1,645		1,555,985
3.20%, 07/13/20 (Call 06/13/20)^(a)		1,867		1,865,081
3.20%, 07/06/21 (Call 06/06/21)		1,487		1,449,053
3.25%, 01/05/23 (Call 12/05/22)		1,399		1,318,918
3.45%, 01/14/22 (Call 12/14/21)		1,702		1,642,846
3.45%, 04/10/22 (Call 02/10/22)		475		456,888
3.50%, 11/07/24 (Call 09/07/24)		560		512,764
3.55%, 04/09/21		315		310,189
3.55%, 07/08/22^(a)		1,055		1,014,463
3.70%, 11/24/20 (Call 10/24/20)		452		448,652
3.70%, 05/09/23 (Call 03/09/23)		2,003		1,916,605
3.95%, 04/13/24 (Call 02/13/24)		1,240		1,164,281
4.00%, 01/15/25 (Call 10/15/24)		1,075		1,002,944
4.15%, 06/19/23 (Call 05/19/23)		1,641		1,593,009
4.20%, 03/01/21 (Call 02/01/21)		2,619		2,593,532
4.20%, 11/06/21		495		483,778
4.25%, 05/15/23		378		369,691
4.38%, 09/25/21		450		441,619
5.10%, 01/17/24 (Call 12/17/23)		2,040		1,991,897
Toyota Motor Corp.
2.16%, 07/02/22^(a)		1,117		1,137,979
2.36%, 07/02/24		1,275		1,314,512
3.18%, 07/20/21		1,255		1,281,617
3.42%, 07/20/23		1,317		1,405,337
Toyota Motor Credit Corp.
1.90%, 04/08/21		1,395		1,400,729
2.00%, 10/07/24		170		173,464
2.15%, 09/08/22		761		778,698
2.25%, 10/18/23		25		25,647
2.60%, 01/11/22		1,004		1,022,346
2.63%, 01/10/23		176		182,199
2.65%, 04/12/22		550		563,783
2.70%, 01/11/23		1,332		1,379,868
2.75%, 05/17/21		147		149,118
2.80%, 07/13/22		45		46,269
2.90%, 04/17/24		72		75,226
2.95%, 04/13/21		1,155		1,171,148
3.00%, 04/01/25		1,200		1,274,291
3.05%, 01/08/21		175		176,993
3.30%, 01/12/22		1,045		1,079,440
3.35%, 01/08/24		1,000		1,062,665
3.40%, 09/15/21		448		460,669
3.45%, 09/20/23		1,333		1,416,221
4.25%, 01/11/21		190		194,221
4.50%, 06/17/20		143		143,548

				55,778,315

Auto Parts & Equipment — 0.0%
Aptiv Corp., 4.15%, 03/15/24 (Call 12/15/23)		115		116,451
Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)		280		292,478

				408,929

Banks — 35.1%
Australia & New Zealand Banking Group Ltd.
2.13%, 08/19/20		300		301,073
3.30%, 05/17/21		1,350		1,383,038
Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 11/21/22		900		915,543
2.25%, 11/09/20		910		917,328
2.55%, 11/23/21		1,220		1,242,990


Security	Par (000)		Value

Banks (continued)
2.63%, 05/19/22	$	685	$	702,820
2.63%, 11/09/22		825		851,221
Banco Bilbao Vizcaya Argentaria SA, 3.00%, 10/20/20^(a)		596		598,375
Banco Santander SA
2.71%, 06/27/24		920		942,447
3.13%, 02/23/23		1,370		1,392,676
3.50%, 04/11/22		780		797,449
3.85%, 04/12/23		1,025		1,062,720
Bank of America Corp.
2.02%, 02/13/26 (Call 02/13/25)^(c)		4,000		4,017,986
2.33%, 10/01/21 (Call 10/01/20)^(c)		1,145		1,146,617
2.50%, 10/21/22 (Call 10/21/21)		1,100		1,121,403
2.63%, 10/19/20		1,310		1,317,415
2.63%, 04/19/21		2,073		2,105,913
2.74%, 01/23/22 (Call 01/23/21)^(c)		825		829,825
2.82%, 07/21/23 (Call 07/21/22)^(a)(c)		2,371		2,428,457
2.88%, 04/24/23 (Call 04/24/22)^(c)		2,348		2,401,839
3.00%, 12/20/23 (Call 12/20/22)^(c)		2,902		3,000,589
3.12%, 01/20/23 (Call 01/20/22)^(c)		1,411		1,446,284
3.30%, 01/11/23		4,333		4,524,169
3.50%, 05/17/22 (Call 05/17/21)^(c)		2,430		2,478,325
3.55%, 03/05/24 (Call 03/05/23)^(c)		2,410		2,533,600
3.86%, 07/23/24 (Call 07/23/23)^(c)		2,874		3,063,237
4.00%, 04/01/24		3,046		3,299,713
4.10%, 07/24/23		1,600		1,724,372
4.13%, 01/22/24		2,819		3,056,940
4.20%, 08/26/24		4,985		5,369,508
5.00%, 05/13/21		560		581,943
5.63%, 07/01/20		1,075		1,082,326
5.70%, 01/24/22		1,430		1,531,845
5.88%, 01/05/21^(a)		1,005		1,036,595
Bank of America N.A., 3.34%, 01/25/23 (Call 01/25/22)^(c)		315		325,688
Bank of Montreal
1.90%, 08/27/21		1,308		1,321,556
2.05%, 11/01/22		530		538,320
2.10%, 06/15/20		455		455,783
2.35%, 09/11/22		939		964,435
2.50%, 06/28/24		1,795		1,851,050
2.55%, 11/06/22 (Call 10/06/22)		154		159,059
2.90%, 03/26/22		1,342		1,379,458
3.10%, 07/13/20		542		543,691
Series D, 3.10%, 04/13/21		986		1,005,286
Series E, 3.30%, 02/05/24		2,582		2,729,456
Bank of New York Mellon Corp. (The)
1.60%, 04/24/25 (Call 03/24/25)		1,500		1,512,562
2.05%, 05/03/21 (Call 04/03/21)		2,526		2,552,398
2.10%, 10/24/24		1,195		1,229,634
2.20%, 08/16/23 (Call 06/16/23)		311		319,113
2.45%, 11/27/20 (Call 10/27/20)		1,364		1,373,037
2.50%, 04/15/21 (Call 03/15/21)		213		216,183
2.60%, 08/17/20 (Call 07/17/20)		498		499,071
2.60%, 02/07/22 (Call 01/07/22)		1,557		1,599,090
2.95%, 01/29/23 (Call 12/29/22)		1,228		1,285,901
3.25%, 09/11/24 (Call 08/11/24)		9		9,686
3.40%, 05/15/24 (Call 04/15/24)		697		752,513
3.45%, 08/11/23		1,216		1,299,238
3.50%, 04/28/23		1,324		1,414,744
3.55%, 09/23/21 (Call 08/23/21)		490		505,824
4.15%, 02/01/21^(a)		215		220,058
Series 0012, 3.65%, 02/04/24 (Call 01/05/24)		1,199		1,308,264


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Bank of Nova Scotia (The)
1.95%, 02/01/23	$	130	$	131,359
2.00%, 11/15/22		340		343,654
2.15%, 07/14/20		1,205		1,207,042
2.20%, 02/03/25		1,816		1,847,735
2.35%, 10/21/20		1,615		1,624,464
2.45%, 03/22/21^(a)		2,442		2,475,741
2.45%, 09/19/22^(a)		2,459		2,534,821
2.50%, 01/08/21		612		618,802
2.70%, 03/07/22		1,464		1,504,304
2.80%, 07/21/21		1,433		1,456,317
3.13%, 04/20/21		777		793,355
3.40%, 02/11/24		1,309		1,391,582
Barclays Bank PLC
2.65%, 01/11/21 (Call 12/11/20)^(a)		1,167		1,175,379
5.14%, 10/14/20		565		572,071
Barclays PLC
2.88%, 06/08/20		1,065		1,064,207
3.20%, 08/10/21		1,700		1,722,985
3.25%, 01/12/21		2,115		2,127,800
3.68%, 01/10/23 (Call 01/10/22)		1,320		1,348,446
4.34%, 05/16/24 (Call 05/16/23)^(c)		1,219		1,279,355
4.38%, 09/11/24		1,351		1,387,580
4.61%, 02/15/23 (Call 02/15/22)^(c)		2,385		2,476,263
BBVA USA
2.50%, 08/27/24 (Call 07/27/24)		500		492,216
2.88%, 06/29/22 (Call 05/29/22)^(a)		745		747,220
3.50%, 06/11/21 (Call 05/11/21)^(a)		520		524,337
BNP Paribas SA
3.25%, 03/03/23		1,305		1,378,850
4.25%, 10/15/24		854		908,115
5.00%, 01/15/21		2,767		2,844,044
BPCE SA
2.65%, 02/03/21		755		764,029
2.75%, 12/02/21		340		345,837
4.00%, 04/15/24		1,050		1,131,293
Canadian Imperial Bank of Commerce
2.10%, 10/05/20		943		947,988
2.25%, 01/28/25		645		649,453
2.55%, 06/16/22^(a)		2,014		2,069,177
2.70%, 02/02/21		327		331,027
3.10%, 04/02/24		1,767		1,831,736
3.50%, 09/13/23		174		186,318
Capital One N.A.
2.15%, 09/06/22 (Call 08/06/22)		815		811,018
2.25%, 09/13/21 (Call 08/13/21)		2,061		2,062,418
2.65%, 08/08/22 (Call 07/08/22)		625		631,065
2.95%, 07/23/21 (Call 06/23/21)		534		538,891
Citibank N.A.
2.10%, 06/12/20 (Call 05/12/20)		1,953		1,954,894
2.13%, 10/20/20 (Call 09/20/20)		686		687,152
2.84%, 05/20/22 (Call 05/20/21)^(c)		545		551,178
2.85%, 02/12/21 (Call 01/12/21)		660		668,860
3.05%, 05/01/20		1,865		1,865,000
3.17%, 02/19/22 (Call 02/19/21)^(c)		2,125		2,150,308
3.40%, 07/23/21 (Call 06/23/21)		1,727		1,770,395
3.65%, 01/23/24 (Call 12/23/23)		2,616		2,796,933
Citigroup Inc.
2.31%, 11/04/22 (Call 11/04/21)^(c)		1,638		1,650,475
2.35%, 08/02/21		1,551		1,565,736


Security	Par (000)		Value

Banks (continued)
2.65%, 10/26/20	$	758	$	763,046
2.70%, 03/30/21		3,301		3,345,936
2.70%, 10/27/22 (Call 09/27/22)		1,954		1,998,873
2.75%, 04/25/22 (Call 03/25/22)		1,762		1,804,036
2.88%, 07/24/23 (Call 07/24/22)^(c)		2,055		2,100,253
2.90%, 12/08/21 (Call 11/08/21)		2,373		2,418,998
3.11%, 04/08/26 (Call 04/08/25)^(c)		3,000		3,138,296
3.14%, 01/24/23 (Call 01/24/22)^(c)		2,355		2,409,763
3.50%, 05/15/23		1,085		1,128,265
3.75%, 06/16/24^(a)		961		1,030,261
3.88%, 10/25/23		1,610		1,715,409
4.00%, 08/05/24		1,000		1,066,564
4.04%, 06/01/24 (Call 06/01/23)^(c)		1,061		1,131,945
4.05%, 07/30/22^(a)		550		574,804
4.50%, 01/14/22		1,631		1,709,143
5.38%, 08/09/20^(a)		1,277		1,289,457
Citizens Bank N.A./Providence RI
2.20%, 05/26/20		360		360,274
2.25%, 10/30/20 (Call 09/30/20)^(a)		990		993,396
2.55%, 05/13/21 (Call 04/13/21)		970		979,840
2.65%, 05/26/22 (Call 04/26/22)		495		501,892
3.70%, 03/29/23 (Call 02/28/23)		525		550,606
Comerica Bank
2.50%, 06/02/20		631		630,533
2.50%, 07/23/24^(a)		642		654,525
Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23)		994		1,041,103
Commonwealth Bank of Australia/New York NY
2.40%, 11/02/20^(a)		1,157		1,163,655
2.55%, 03/15/21		955		966,890
Cooperatieve Rabobank UA
3.88%, 02/08/22		2,940		3,061,364
3.95%, 11/09/22		1,520		1,584,534
4.50%, 01/11/21		1,182		1,210,897
4.63%, 12/01/23		1,261		1,350,663
Cooperatieve Rabobank UA/NY
2.50%, 01/19/21		1,960		1,981,563
2.75%, 01/10/22^(a)		1,165		1,194,339
2.75%, 01/10/23		1,373		1,417,243
3.13%, 04/26/21^(a)		1,665		1,708,795
Credit Suisse AG/New York NY
2.10%, 11/12/21^(a)		1,575		1,590,651
2.80%, 04/08/22		2,000		2,046,812
3.00%, 10/29/21		1,676		1,713,090
3.63%, 09/09/24		4,235		4,540,065
4.38%, 08/05/20		675		679,023
Credit Suisse Group Funding Guernsey Ltd.
3.13%, 12/10/20		1,588		1,596,404
3.75%, 03/26/25		2,500		2,655,423
3.80%, 09/15/22		1,551		1,608,692
3.80%, 06/09/23		1,388		1,450,940
Deutsche Bank AG, 3.38%, 05/12/21		1,708		1,700,650
Deutsche Bank AG/London, 3.70%, 05/30/24^(a)		635		625,275
Deutsche Bank AG/New York NY
2.70%, 07/13/20		347		347,307
3.15%, 01/22/21		2,175		2,177,951
3.30%, 11/16/22^(a)		1,730		1,712,445
3.38%, 05/12/21		225		222,075
3.70%, 05/30/24		543		524,127
3.95%, 02/27/23		850		847,323
4.25%, 02/04/21		635		639,511


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
4.25%, 10/14/21	$	1,550	$	1,560,702
Series D, 5.00%, 02/14/22^(a)		1,925		1,950,618
Discover Bank
2.45%, 09/12/24 (Call 08/12/24)		1,070		1,045,491
3.10%, 06/04/20 (Call 05/11/20)		1,865		1,865,336
3.35%, 02/06/23 (Call 01/06/23)		1,275		1,291,666
Fifth Third Bancorp.
2.60%, 06/15/22 (Call 05/15/22)		647		658,816
2.88%, 07/27/20 (Call 06/27/20)		1,959		1,959,157
3.50%, 03/15/22 (Call 02/15/22)^(a)		500		517,648
3.65%, 01/25/24 (Call 12/25/23)		3,516		3,723,880
4.30%, 01/16/24 (Call 12/16/23)		182		194,538
Fifth Third Bank/Cincinnati OH
1.80%, 01/30/23 (Call 12/30/22)		415		417,566
2.20%, 10/30/20 (Call 09/30/20)		544		546,481
2.25%, 06/14/21 (Call 05/14/21)		637		644,096
2.88%, 10/01/21 (Call 09/01/21)		880		896,936
3.35%, 07/26/21 (Call 06/26/21)		305		312,586
Goldman Sachs Bank USA/New York NY, 3.20%, 06/05/20		1,097		1,098,123
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)		215		215,644
2.60%, 12/27/20 (Call 06/27/20)		1,959		1,958,354
2.63%, 04/25/21 (Call 03/25/21)		1,401		1,415,464
2.75%, 09/15/20 (Call 08/15/20)		1,620		1,625,506
2.88%, 02/25/21 (Call 01/25/21)		2,682		2,709,869
2.88%, 10/31/22 (Call 10/31/21)^(c)		1,676		1,703,317
2.91%, 06/05/23 (Call 06/05/22)^(c)		2,106		2,149,684
2.91%, 07/24/23 (Call 07/24/22)^(c)		1,893		1,938,677
3.00%, 04/26/22 (Call 04/26/21)		2,658		2,692,997
3.20%, 02/23/23 (Call 01/23/23)		2,415		2,500,481
3.50%, 04/01/25 (Call 03/01/25)		4,710		5,017,554
3.63%, 01/22/23		1,621		1,703,064
3.63%, 02/20/24 (Call 01/20/24)^(a)		2,009		2,127,604
3.85%, 07/08/24 (Call 04/08/24)		2,138		2,278,580
4.00%, 03/03/24		3,130		3,366,157
5.25%, 07/27/21		2,582		2,696,589
5.75%, 01/24/22		4,390		4,699,206
Series D, 6.00%, 06/15/20		1,747		1,754,652
HSBC Bank USA N.A., 4.88%, 08/24/20		775		782,077
HSBC Holdings PLC
2.65%, 01/05/22		1,495		1,517,485
2.95%, 05/25/21		2,134		2,170,442
3.03%, 11/22/23 (Call 11/22/22)^(c)		512		525,682
3.26%, 03/13/23 (Call 03/13/22)^(c)		2,490		2,554,029
3.40%, 03/08/21		3,415		3,461,169
3.60%, 05/25/23		1,760		1,853,512
3.80%, 03/11/25 (Call 03/11/24)^(c)		2,000		2,129,462
3.95%, 05/18/24 (Call 05/18/23)^(c)		1,824		1,925,811
4.00%, 03/30/22^(a)		1,998		2,083,772
4.25%, 03/14/24		2,148		2,279,034
4.88%, 01/14/22		603		633,991
5.10%, 04/05/21		1,979		2,048,061
HSBC USA Inc.
2.75%, 08/07/20		2,060		2,068,343
5.00%, 09/27/20		220		223,230
Huntington Bancshares Inc./OH
2.30%, 01/14/22 (Call 12/14/21)		1,784		1,806,256
2.63%, 08/06/24 (Call 07/06/24)		925		947,954
3.15%, 03/14/21 (Call 02/14/21)^(a)		1,181		1,198,429


Security	Par (000)		Value

Banks (continued)
Huntington National Bank (The)
1.80%, 02/03/23 (Call 01/03/23)	$	250	$	252,137
2.88%, 08/20/20 (Call 07/20/20)^(a)		250		250,408
3.13%, 04/01/22 (Call 03/01/22)^(a)		735		758,167
3.55%, 10/06/23 (Call 09/06/23)		416		444,904
ING Groep NV
3.15%, 03/29/22		1,105		1,132,661
3.55%, 04/09/24		1,450		1,519,796
4.10%, 10/02/23		848		902,843
JPMorgan Chase &Co.
2.01%, 03/13/26 (Call 03/13/25)^(c)		1,500		1,514,392
2.08%, 04/22/26 (Call 04/22/25)^(c)		1,000		1,006,384
2.30%, 08/15/21 (Call 08/15/20)		2,373		2,382,098
2.40%, 06/07/21 (Call 05/07/21)		1,528		1,545,908
2.55%, 10/29/20 (Call 09/29/20)		873		878,561
2.55%, 03/01/21 (Call 02/01/21)		3,193		3,231,753
2.70%, 05/18/23 (Call 03/18/23)		1,601		1,655,183
2.75%, 06/23/20 (Call 05/23/20)		2,867		2,863,163
2.78%, 04/25/23 (Call 04/25/22)^(a)(c)		1,175		1,202,435
2.97%, 01/15/23 (Call 01/15/22)		1,478		1,518,800
3.13%, 01/23/25 (Call 10/23/24)		2,535		2,669,747
3.20%, 01/25/23^(a)		3,524		3,684,937
3.21%, 04/01/23 (Call 04/01/22)^(a)(c)		2,509		2,588,727
3.25%, 09/23/22		2,273		2,378,808
3.38%, 05/01/23		1,800		1,884,663
3.51%, 06/18/22 (Call 06/18/21)^(c)		1,403		1,435,993
3.56%, 04/23/24 (Call 04/23/23)^(c)		2,037		2,147,397
3.63%, 05/13/24		1,215		1,308,137
3.80%, 07/23/24 (Call 07/23/23)^(c)		2,182		2,328,339
3.88%, 02/01/24^(a)		817		887,637
3.88%, 09/10/24		3,380		3,637,777
4.02%, 12/05/24 (Call 12/05/23)^(c)		2,785		3,014,387
4.25%, 10/15/20		1,154		1,170,029
4.35%, 08/15/21		2,841		2,952,810
4.40%, 07/22/20		1,257		1,266,201
4.50%, 01/24/22^(a)		3,583		3,777,908
4.63%, 05/10/21		692		717,010
KeyBank N.A./Cleveland OH
2.30%, 09/14/22^(a)		1,090		1,111,342
3.30%, 02/01/22		1,450		1,496,762
KeyCorp
2.90%, 09/15/20		789		791,564
5.10%, 03/24/21		416		430,002
Lloyds Bank PLC
2.25%, 08/14/22		1,050		1,064,880
3.30%, 05/07/21		1,205		1,229,410
6.38%, 01/21/21		262		270,849
Lloyds Banking Group PLC
2.44%, 02/05/26 (Call 02/05/25)^(c)		200		199,647
2.91%, 11/07/23 (Call 11/07/22)^(c)		1,902		1,927,723
3.00%, 01/11/22		2,095		2,133,980
3.10%, 07/06/21		800		810,365
3.90%, 03/12/24		1,290		1,357,481
4.05%, 08/16/23		2,160		2,281,451
4.50%, 11/04/24		1,000		1,059,775
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)^(a)		783		836,758
Manufacturers & Traders Trust Co.
2.05%, 08/17/20 (Call 07/17/20)		1,165		1,165,606
2.63%, 01/25/21 (Call 12/25/20)		742		749,031


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21	$	1,386	$	1,396,263
2.19%, 02/25/25		2,500		2,508,982
2.53%, 09/13/23^(a)		546		556,202
2.62%, 07/18/22		1,550		1,576,496
2.67%, 07/25/22		2,312		2,369,490
2.80%, 07/18/24^(a)		2,600		2,704,635
2.95%, 03/01/21^(a)		1,407		1,428,777
3.00%, 02/22/22^(a)		304		311,097
3.22%, 03/07/22		1,500		1,538,216
3.41%, 03/07/24		1,440		1,513,977
3.46%, 03/02/23		1,000		1,043,124
3.54%, 07/26/21		290		297,291
3.76%, 07/26/23		1,422		1,502,826
Mizuho Financial Group Inc.
2.60%, 09/11/22^(a)		1,975		2,005,446
2.72%, 07/16/23 (Call 07/16/22)^(a)(c)		500		507,788
2.95%, 02/28/22		1,367		1,395,407
3.55%, 03/05/23		800		834,573
3.92%, 09/11/24 (Call 09/11/23)^(a)(c)		1,700		1,809,010
Morgan Stanley
2.19%, 04/28/26 (Call 04/28/25)^(c)		1,355		1,366,962
2.50%, 04/21/21^(a)		2,202		2,228,835
2.63%, 11/17/21		3,449		3,497,734
2.75%, 05/19/22		2,686		2,751,780
2.80%, 06/16/20		2,447		2,446,755
3.13%, 01/23/23^(a)		3,070		3,190,397
3.70%, 10/23/24		3,495		3,770,239
3.74%, 04/24/24 (Call 04/24/23)^(c)		2,526		2,677,388
3.75%, 02/25/23^(a)		1,902		2,004,572
4.10%, 05/22/23		1,942		2,047,123
4.88%, 11/01/22		2,191		2,336,610
5.50%, 07/24/20		2,236		2,254,006
5.50%, 07/28/21		2,103		2,205,449
5.75%, 01/25/21		1,454		1,501,385
Series F, 3.88%, 04/29/24		2,114		2,273,470
MUFG Union Bank N.A., 3.15%, 04/01/22 (Call 03/01/22)		740		762,829
National Australia Bank Ltd./New York
1.88%, 07/12/21		1,310		1,321,805
1.88%, 12/13/22		735		744,667
2.13%, 05/22/20		1,590		1,590,925
2.50%, 05/22/22		1,365		1,395,185
2.63%, 07/23/20		865		869,088
2.63%, 01/14/21^(a)		1,380		1,395,608
2.80%, 01/10/22		1,325		1,357,532
3.00%, 01/20/23^(a)		900		937,238
3.70%, 11/04/21		805		833,690
National Bank of Canada
2.15%, 06/12/20 (Call 05/29/20)		2,090		2,087,544
2.20%, 11/02/20 (Call 10/02/20)		535		537,076
Northern Trust Corp.
2.38%, 08/02/22		20		20,600
3.38%, 08/23/21^(a)		40		41,212
3.45%, 11/04/20		342		345,757
PNC Bank N.A.
2.15%, 04/29/21 (Call 03/30/21)		805		814,552
2.23%, 07/22/22 (Call 07/22/21)^(c)		645		652,677
2.30%, 06/01/20 (Call 05/04/20)^(a)		930		930,837
2.45%, 11/05/20 (Call 10/06/20)		1,305		1,310,651
2.45%, 07/28/22 (Call 06/28/22)		737		753,044


Security	Par (000)		Value

Banks (continued)
2.50%, 01/22/21 (Call 12/23/20)^(a)	$	930	$	939,893
2.55%, 12/09/21 (Call 11/09/21)		860		879,079
2.60%, 07/21/20 (Call 06/21/20)		1,160		1,159,698
2.63%, 02/17/22 (Call 01/18/22)		1,023		1,046,539
2.70%, 11/01/22 (Call 10/01/22)		900		928,531
2.95%, 01/30/23 (Call 12/30/22)		1,275		1,318,761
3.50%, 06/08/23 (Call 05/09/23)		1,258		1,338,106
3.80%, 07/25/23 (Call 06/25/23)		678		724,833
PNC Financial Services Group Inc. (The)
2.20%, 11/01/24 (Call 10/02/24)^(a)		1,800		1,864,356
2.85%, 11/09/22^(d)		25		25,932
3.30%, 03/08/22 (Call 02/06/22)^(a)		400		413,742
3.50%, 01/23/24 (Call 12/23/23)		1,656		1,763,985
3.90%, 04/29/24 (Call 03/29/24)		466		504,031
4.38%, 08/11/20		235		236,924
Regions Financial Corp.
2.75%, 08/14/22 (Call 07/14/22)		2,141		2,189,797
3.80%, 08/14/23 (Call 07/14/23)		990		1,043,040
Royal Bank of Canada
1.95%, 01/17/23^(a)		780		790,967
2.15%, 10/26/20		1,318		1,326,396
2.25%, 11/01/24		1,500		1,533,505
2.35%, 10/30/20		1,290		1,299,069
2.50%, 01/19/21		1,671		1,690,530
2.55%, 07/16/24^(a)		1,655		1,708,816
2.75%, 02/01/22		1,004		1,033,218
2.80%, 04/29/22		915		941,022
3.20%, 04/30/21		1,868		1,910,485
3.70%, 10/05/23		1,332		1,424,483
Royal Bank of Scotland Group PLC
3.50%, 05/15/23 (Call 05/15/22)^(c)		2,221		2,267,663
3.88%, 09/12/23^(a)		1,333		1,394,894
4.52%, 06/25/24 (Call 06/25/23)^(c)		802		847,359
5.13%, 05/28/24		2,681		2,842,953
6.00%, 12/19/23^(a)		1,610		1,751,741
6.10%, 06/10/23		1,868		2,018,219
6.13%, 12/15/22		814		871,424
Santander Holdings USA Inc.
3.40%, 01/18/23 (Call 12/18/22)		788		792,384
3.50%, 06/07/24 (Call 05/07/24)		860		859,707
3.70%, 03/28/22 (Call 02/28/22)^(a)		911		923,614
4.45%, 12/03/21 (Call 11/03/21)		120		123,762
Santander UK Group Holdings PLC
2.88%, 10/16/20		606		609,037
2.88%, 08/05/21^(a)		1,919		1,933,276
3.13%, 01/08/21		1,786		1,802,207
3.37%, 01/05/24 (Call 01/05/23)^(c)		743		758,877
3.57%, 01/10/23 (Call 01/10/22)		1,335		1,360,202
4.80%, 11/15/24 (Call 11/15/23)^(a)(c)		1,225		1,314,587
Santander UK PLC
2.13%, 11/03/20		1,014		1,016,778
3.40%, 06/01/21		1,435		1,462,426
3.75%, 11/15/21		475		486,624
4.00%, 03/13/24		1,325		1,419,598
Skandinaviska Enskilda Banken AB
1.88%, 09/13/21		625		629,591
2.80%, 03/11/22		710		723,535
State Street Corp.
1.95%, 05/19/21		619		626,048
2.55%, 08/18/20		1,324		1,330,183


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.10%, 05/15/23^(a)	$	1,160	$	1,214,951
3.30%, 12/16/24^(a)		925		1,008,143
3.70%, 11/20/23		698		771,798
4.38%, 03/07/21		70		71,853
Sumitomo Mitsui Banking Corp., 3.40%, 07/11/24^(a)		1,000		1,053,595
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21		1,112		1,119,717
2.35%, 01/15/25		1,740		1,762,185
2.44%, 10/19/21		843		851,710
2.45%, 09/27/24^(a)		1,200		1,220,011
2.70%, 07/16/24		1,795		1,836,474
2.78%, 07/12/22		1,265		1,291,466
2.78%, 10/18/22		1,426		1,464,975
2.85%, 01/11/22		1,820		1,852,202
2.93%, 03/09/21		1,687		1,713,802
3.10%, 01/17/23		2,559		2,652,167
3.75%, 07/19/23		275		289,953
3.94%, 10/16/23		1,000		1,063,093
Svenska Handelsbanken AB
1.88%, 09/07/21		750		757,030
1.95%, 09/08/20^(a)		1,010		1,011,737
2.40%, 10/01/20		1,045		1,050,862
2.45%, 03/30/21^(a)		1,280		1,297,922
3.35%, 05/24/21		840		861,000
3.90%, 11/20/23		839		901,594
Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22)		545		534,432
Toronto-Dominion Bank (The)
1.80%, 07/13/21		1,456		1,467,384
1.85%, 09/11/20		341		342,364
1.90%, 12/01/22		839		853,671
2.13%, 04/07/21		1,628		1,647,368
2.50%, 12/14/20		1,022		1,031,502
2.55%, 01/25/21		1,815		1,837,017
2.65%, 06/12/24		1,550		1,609,046
3.25%, 06/11/21		1,002		1,028,006
3.25%, 03/11/24		1,250		1,325,588
3.50%, 07/19/23		1,294		1,386,532
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		645		642,354
2.15%, 12/06/24 (Call 11/05/24)		1,575		1,605,550
2.25%, 06/01/20 (Call 05/01/20)		890		890,000
2.45%, 08/01/22 (Call 07/01/22)		487		498,308
2.63%, 01/15/22 (Call 12/15/21)		643		656,384
2.80%, 05/17/22 (Call 04/17/22)^(a)		346		356,186
3.00%, 02/02/23 (Call 01/02/23)^(a)		986		1,026,668
3.20%, 04/01/24 (Call 03/01/24)		926		979,161
3.50%, 08/02/22 (Call 08/02/21)^(c)		335		343,130
3.53%, 10/26/21 (Call 10/26/20)^(a)(c)		279		281,759
3.69%, 08/02/24 (Call 08/02/23)^(c)		477		506,690
Truist Financial Corp.
2.05%, 05/10/21 (Call 04/09/21)		445		449,148
2.15%, 02/01/21 (Call 01/01/21)		768		773,862
2.20%, 03/16/23 (Call 02/13/23)		961		980,752
2.50%, 08/01/24 (Call 07/01/24)		1,737		1,791,790
2.63%, 06/29/20 (Call 05/29/20)		1,606		1,604,185
2.70%, 01/27/22 (Call 12/27/21)		2,014		2,058,791
2.75%, 04/01/22 (Call 03/01/22)		1,482		1,518,028
2.90%, 03/03/21 (Call 02/03/21)		1,700		1,726,996
3.05%, 06/20/22 (Call 05/20/22)		505		521,052
3.75%, 12/06/23 (Call 11/06/23)		1,294		1,389,979


Security	Par (000)		Value

Banks (continued)
U.S. Bancorp.
2.35%, 01/29/21 (Call 12/29/20)	$	1,812	$	1,829,684
2.40%, 07/30/24 (Call 06/28/24)		1,828		1,902,630
2.95%, 07/15/22 (Call 06/15/22)		1,701		1,760,632
3.00%, 03/15/22 (Call 02/15/22)		1,160		1,200,542
3.38%, 02/05/24 (Call 01/05/24)		2,047		2,199,076
3.70%, 01/30/24 (Call 12/29/23)		10		10,808
Series V, 2.63%, 01/24/22 (Call 12/23/21)		2,143		2,202,545
U.S. Bank N.A./Cincinnati OH
1.80%, 01/21/22 (Call 12/21/21)		235		237,806
1.95%, 01/09/23 (Call 12/09/22)		1,000		1,018,572
2.05%, 10/23/20 (Call 09/23/20)		825		827,805
2.05%, 01/21/25 (Call 12/20/24)		725		744,415
2.65%, 05/23/22 (Call 04/22/22)		270		278,087
2.80%, 01/27/25 (Call 12/27/24)		1,575		1,674,797
2.85%, 01/23/23 (Call 12/23/22)		275		286,559
3.05%, 07/24/20 (Call 06/24/20)^(a)		400		400,272
3.10%, 05/21/21 (Call 05/21/20)^(c)		975		975,367
3.15%, 04/26/21 (Call 03/26/21)		730		744,280
3.40%, 07/24/23 (Call 06/23/23)		1,363		1,455,034
3.45%, 11/16/21 (Call 10/15/21)		450		465,847
UBS AG/Stamford CT, 4.88%, 08/04/20		400		403,248
Wells Fargo &Co.
2.10%, 07/26/21		3,191		3,190,987
2.16%, 02/11/26 (Call 02/11/25)^(c)		1,300		1,301,835
2.50%, 03/04/21		2,966		2,997,612
2.55%, 12/07/20		1,724		1,736,286
2.60%, 07/22/20^(a)		2,796		2,799,467
2.63%, 07/22/22		4,075		4,168,822
3.00%, 01/22/21		2,102		2,129,667
3.00%, 02/19/25		1,050		1,098,484
3.07%, 01/24/23 (Call 01/24/22)		3,477		3,553,578
3.30%, 09/09/24		2,754		2,920,674
3.50%, 03/08/22		2,162		2,237,253
3.75%, 01/24/24 (Call 12/24/23)		2,907		3,094,445
4.13%, 08/15/23^(a)		2,731		2,893,019
4.48%, 01/16/24		140		150,465
4.60%, 04/01/21		1,653		1,705,602
Series M, 3.45%, 02/13/23		1,381		1,434,948
Wells Fargo Bank N.A.
2.08%, 09/09/22 (Call 09/09/21)^(c)		670		675,281
2.60%, 01/15/21		1,951		1,971,930
2.90%, 05/27/22 (Call 05/27/21)^(c)		395		400,700
3.33%, 07/23/21 (Call 07/23/20)^(c)		1,435		1,439,146
3.55%, 08/14/23 (Call 07/14/23)		2,285		2,431,319
3.63%, 10/22/21 (Call 09/21/21)		930		960,775
Westpac Banking Corp.
2.00%, 08/19/21		722		729,302
2.00%, 01/13/23		205		209,486
2.10%, 05/13/21		1,079		1,089,042
2.30%, 05/26/20^(a)		1,305		1,306,122
2.35%, 02/19/25		1,001		1,024,707
2.50%, 06/28/22		1,565		1,607,563
2.60%, 11/23/20		957		966,453
2.65%, 01/25/21^(a)		968		978,694
2.80%, 01/11/22		910		934,511
3.05%, 05/15/20		650		650,356
3.30%, 02/26/24		1,177		1,247,010
3.65%, 05/15/23^(a)		2,010		2,142,381


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Zions Bancorp. N.A., 3.35%, 03/04/22 (Call 02/04/22)^(a)	$	420	$	420,872

				680,200,305

Beverages — 2.4%
Anheuser-Busch InBev Finance Inc.
3.30%, 02/01/23 (Call 12/01/22)		4,548		4,795,539
3.70%, 02/01/24		1,970		2,129,643
Anheuser-Busch InBev Worldwide Inc.
3.50%, 01/12/24 (Call 12/12/23)^(a)		25		26,802
4.15%, 01/23/25 (Call 12/23/24)^(a)		2,480		2,757,205
Coca-Cola Co. (The)
1.55%, 09/01/21		980		991,058
1.75%, 09/06/24		1,231		1,269,129
1.88%, 10/27/20		1,602		1,610,138
2.20%, 05/25/22^(a)		190		196,254
2.45%, 11/01/20^(a)		949		955,727
2.50%, 04/01/23^(a)		54		56,490
2.95%, 03/25/25		1,000		1,085,784
3.15%, 11/15/20		684		692,331
3.20%, 11/01/23		2,235		2,418,381
3.30%, 09/01/21		265		273,243
Constellation Brands Inc.
2.25%, 11/06/20^(a)		605		608,933
2.65%, 11/07/22 (Call 10/07/22)		695		708,360
2.70%, 05/09/22 (Call 04/09/22)		742		753,890
3.20%, 02/15/23 (Call 01/15/23)		958		995,906
3.75%, 05/01/21		202		205,343
4.25%, 05/01/23		1,226		1,313,877
Diageo Capital PLC
2.13%, 10/24/24 (Call 09/24/24)		826		851,705
2.63%, 04/29/23 (Call 01/29/23)		821		852,682
3.50%, 09/18/23 (Call 08/18/23)		397		426,979
4.83%, 07/15/20^(a)		375		377,603
Diageo Investment Corp., 2.88%, 05/11/22		1,057		1,095,291
Keurig Dr Pepper Inc.
3.55%, 05/25/21		853		870,026
4.06%, 05/25/23 (Call 04/25/23)		2,575		2,760,245
Molson Coors Beverage Co.
2.10%, 07/15/21 (Call 06/15/21)		1,550		1,545,241
3.50%, 05/01/22^(a)		315		320,214
PepsiCo Inc.
0.75%, 05/01/23		635		634,136
1.70%, 10/06/21 (Call 09/06/21)		713		721,686
2.00%, 04/15/21 (Call 03/15/21)		950		959,767
2.15%, 10/14/20 (Call 09/14/20)^(a)		1,528		1,532,983
2.25%, 05/02/22 (Call 04/02/22)		213		219,260
2.25%, 03/19/25 (Call 02/19/25)		2,000		2,117,052
2.75%, 03/05/22		1,260		1,306,834
2.75%, 03/01/23		1,578		1,663,633
3.00%, 08/25/21		733		753,883
3.10%, 07/17/22 (Call 05/17/22)		379		397,640
3.13%, 11/01/20		323		326,673
3.60%, 03/01/24 (Call 12/01/23)		1,769		1,940,700

				45,518,266

Biotechnology — 1.1%
Amgen Inc.
1.90%, 02/21/25 (Call 01/21/25)		690		706,711
2.13%, 05/01/20		648		648,000
2.20%, 05/11/20^(a)		855		855,198
2.25%, 08/19/23 (Call 06/19/23)^(a)		1,425		1,481,347


Security	Par (000)		Value

Biotechnology (continued)
2.65%, 05/11/22 (Call 04/11/22)	$	1,589	$	1,631,292
2.70%, 05/01/22 (Call 03/01/22)		288		296,854
3.63%, 05/15/22 (Call 02/15/22)		1,026		1,070,968
3.63%, 05/22/24 (Call 02/22/24)		246		267,312
3.88%, 11/15/21 (Call 08/15/21)		1,355		1,400,374
Biogen Inc.
2.90%, 09/15/20		2,312		2,328,394
3.63%, 09/15/22		819		865,398
Gilead Sciences Inc.
1.95%, 03/01/22 (Call 02/01/22)		55		56,108
2.50%, 09/01/23 (Call 07/01/23)		945		987,544
2.55%, 09/01/20		1,211		1,217,851
3.25%, 09/01/22 (Call 07/01/22)		554		583,292
3.50%, 02/01/25 (Call 11/01/24)^(a)		1,977		2,176,250
3.70%, 04/01/24 (Call 01/01/24)		1,913		2,086,837
4.40%, 12/01/21 (Call 09/01/21)		1,985		2,076,284
4.50%, 04/01/21 (Call 01/01/21)		845		864,932

				21,600,946

Building Materials — 0.2%
Carrier Global Corp.
1.92%, 02/15/23 (Call 01/15/23)^(b)		490		492,328
2.24%, 02/15/25 (Call 01/15/25)^(b)		2,316		2,290,381
Fortune Brands Home &Security Inc., 4.00%, 09/21/23 (Call 08/21/23)		266		277,378

				3,060,087

Chemicals — 0.8%
Celanese U.S. Holdings LLC, 3.50%, 05/08/24 (Call 04/08/24)		615		614,029
Dow Chemical Co. (The)
3.15%, 05/15/24 (Call 04/15/24)		790		812,817
3.50%, 10/01/24 (Call 07/01/24)		515		539,255
DuPont de Nemours Inc.
3.77%, 11/15/20		1,388		1,400,993
4.21%, 11/15/23 (Call 10/15/23)		2,403		2,596,524
Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22)		685		708,509
Ecolab Inc.
2.38%, 08/10/22 (Call 07/10/22)		715		741,219
4.35%, 12/08/21		1,293		1,364,495
LYB International Finance BV, 4.00%, 07/15/23		858		898,047
LyondellBasell Industries NV
5.75%, 04/15/24 (Call 01/15/24)		591		653,843
6.00%, 11/15/21 (Call 08/17/21)		1,125		1,175,479
Mosaic Co. (The)
3.25%, 11/15/22 (Call 10/15/22)		780		776,467
4.25%, 11/15/23 (Call 08/15/23)		351		357,305
Nutrien Ltd., 3.63%, 03/15/24 (Call 12/15/23)		55		57,279
PPG Industries Inc., 3.60%, 11/15/20		545		549,986
Praxair Inc.
2.20%, 08/15/22 (Call 05/15/22)		1,148		1,170,071
2.45%, 02/15/22 (Call 11/15/21)		395		401,974
2.70%, 02/21/23 (Call 11/21/22)^(a)		125		128,936
3.00%, 09/01/21^(a)		387		396,119
4.05%, 03/15/21		262		268,948
Sherwin-Williams Co. (The)
2.75%, 06/01/22 (Call 05/01/22)		235		237,378
3.13%, 06/01/24 (Call 04/01/24)		400		419,130
Syngenta Finance NV, 3.13%, 03/28/22		34		33,693

				16,302,496


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services — 0.6%
Automatic Data Processing Inc., 2.25%, 09/15/20 (Call 08/15/20)^(a)	$	1,382	$	1,388,295
Block Financial LLC
4.13%, 10/01/20 (Call 09/01/20)		1,267		1,273,882
5.50%, 11/01/22 (Call 05/01/22)		105		107,398
Cintas Corp. No. 2, 2.90%, 04/01/22 (Call 03/01/22)^(a)		312		318,646
Equifax Inc.
2.30%, 06/01/21 (Call 05/01/21)		160		160,481
2.60%, 12/01/24 (Call 11/01/24)^(a)		610		618,678
3.30%, 12/15/22 (Call 09/15/22)		677		693,581
Global Payments Inc.
2.65%, 02/15/25 (Call 01/15/25)		991		1,019,321
3.75%, 06/01/23 (Call 03/01/23)		115		120,839
3.80%, 04/01/21 (Call 03/01/21)		1,281		1,297,802
4.00%, 06/01/23 (Call 05/01/23)		565		600,096
IHS Markit Ltd., 4.13%, 08/01/23 (Call 07/01/23)		680		727,726
Moody’s Corp.
2.63%, 01/15/23 (Call 12/15/22)		25		25,678
2.75%, 12/15/21 (Call 11/15/21)		196		200,185
4.50%, 09/01/22 (Call 06/01/22)		630		669,921
4.88%, 02/15/24 (Call 11/15/23)^(a)		105		115,748
PayPal Holdings Inc.
2.20%, 09/26/22		246		250,223
2.40%, 10/01/24 (Call 09/01/24)		1,501		1,558,770
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)		1,064		1,105,090

				12,252,360

Computers — 3.8%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)		2,089		2,108,569
1.70%, 09/11/22		295		302,188
1.80%, 09/11/24 (Call 08/11/24)		635		658,430
2.00%, 05/06/20		1,033		1,033,083
2.00%, 11/13/20		344		346,514
2.10%, 09/12/22 (Call 08/12/22)		2,402		2,479,486
2.15%, 02/09/22		2,545		2,611,431
2.25%, 02/23/21 (Call 01/23/21)		3,223		3,259,935
2.30%, 05/11/22 (Call 04/11/22)		2,110		2,174,020
2.40%, 01/13/23 (Call 12/13/22)		473		492,534
2.40%, 05/03/23		3,975		4,171,558
2.50%, 02/09/22 (Call 01/09/22)		2,183		2,250,670
2.50%, 02/09/25		2,000		2,128,541
2.70%, 05/13/22		708		738,660
2.75%, 01/13/25 (Call 11/13/24)		947		1,022,736
2.85%, 05/06/21		2,818		2,878,515
2.85%, 02/23/23 (Call 12/23/22)		1,153		1,212,413
2.85%, 05/11/24 (Call 03/11/24)		1,454		1,556,999
3.00%, 02/09/24 (Call 12/09/23)		2,271		2,444,884
3.45%, 05/06/24		2,615		2,871,620
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (Call 06/15/24)^(b)		1,281		1,300,596
4.42%, 06/15/21 (Call 05/15/21)^(b)		3,856		3,916,884
5.45%, 06/15/23 (Call 04/15/23)^(b)		3,118		3,295,388
DXC Technology Co., 4.25%, 04/15/24 (Call 02/15/24)		470		473,751
Hewlett Packard Enterprise Co.
2.25%, 04/01/23 (Call 03/01/23)^(a)		1,197		1,215,404
3.50%, 10/05/21 (Call 09/05/21)		587		598,122
3.60%, 10/15/20 (Call 09/15/20)		2,855		2,874,464
4.40%, 10/15/22 (Call 08/15/22)^(a)		1,066		1,117,059
HP Inc.
3.75%, 12/01/20		595		602,367


Security	Par (000)		Value

Computers (continued)
4.05%, 09/15/22^(a)	$	192	$	200,193
4.30%, 06/01/21		210		215,800
4.38%, 09/15/21		167		172,029
4.65%, 12/09/21		206		214,492
IBM Credit LLC
2.20%, 09/08/22		1,055		1,087,554
2.65%, 02/05/21^(a)		830		840,544
3.00%, 02/06/23		1,075		1,135,159
3.45%, 11/30/20		704		714,679
3.60%, 11/30/21		740		773,306
International Business Machines Corp.
1.63%, 05/15/20		1,618		1,618,487
1.88%, 08/01/22		610		625,071
2.50%, 01/27/22		1,900		1,949,800
2.85%, 05/13/22		1,249		1,298,677
3.00%, 05/15/24^(a)		3,365		3,602,997
3.38%, 08/01/23		1,500		1,612,887
3.63%, 02/12/24		2,180		2,371,897
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)		79		80,442
4.75%, 06/01/23		1,000		1,037,000
4.75%, 01/01/25^(a)		650		672,357
4.88%, 03/01/24 (Call 01/01/24)		900		930,420

				73,290,612

Cosmetics & Personal Care — 0.7%
Colgate-Palmolive Co.
1.95%, 02/01/23		56		57,850
2.30%, 05/03/22		155		160,107
3.25%, 03/15/24		535		568,978
Estee Lauder Companies Inc. (The), 2.00%, 12/01/24 (Call 11/01/24)^(a)		905		930,599
Procter &Gamble Co. (The)
1.70%, 11/03/21		1,210		1,229,566
1.85%, 02/02/21^(a)		145		146,233
1.90%, 10/23/20		674		677,731
2.15%, 08/11/22		1,830		1,892,188
2.30%, 02/06/22		700		719,166
2.45%, 03/25/25 (Call 02/25/25)		1,000		1,065,483
3.10%, 08/15/23		86		93,318
Unilever Capital Corp.
1.38%, 07/28/21		803		808,570
2.10%, 07/30/20^(a)		915		917,579
2.20%, 05/05/22 (Call 04/05/22)		825		845,429
2.60%, 05/05/24 (Call 03/05/24)^(a)		380		398,683
3.00%, 03/07/22		1,050		1,093,144
3.13%, 03/22/23 (Call 02/22/23)		680		721,380
3.25%, 03/07/24 (Call 02/07/24)^(a)		650		701,307
4.25%, 02/10/21^(a)		990		1,016,774

				14,044,085

Distribution & Wholesale — 0.0%
WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)		41		42,138


Diversified Financial Services — 4.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.88%, 08/14/24 (Call 07/14/24)		560		471,800
3.30%, 01/23/23 (Call 12/23/22)		1,043		931,493
3.50%, 05/26/22 (Call 04/26/22)		550		506,303
3.95%, 02/01/22 (Call 01/01/22)		1,894		1,760,609
4.13%, 07/03/23 (Call 06/03/23)		275		250,838
4.25%, 07/01/20		248		243,867


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
4.50%, 05/15/21	$	2,255	$	2,153,181
4.63%, 10/30/20		1,203		1,187,669
4.63%, 07/01/22		335		312,230
4.88%, 01/16/24 (Call 12/16/23)		1,150		1,063,934
5.00%, 10/01/21		305		290,021
Air Lease Corp.
2.25%, 01/15/23		736		686,246
2.30%, 02/01/25 (Call 01/01/25)^(a)		180		155,602
2.50%, 03/01/21		241		232,866
2.63%, 07/01/22 (Call 06/01/22)		706		649,752
2.75%, 01/15/23 (Call 12/15/22)		930		848,196
3.00%, 09/15/23 (Call 07/15/23)		207		190,250
3.38%, 06/01/21 (Call 05/01/21)		715		687,766
3.50%, 01/15/22^(a)		250		235,865
3.75%, 02/01/22 (Call 12/01/21)^(a)		5		4,665
3.88%, 04/01/21 (Call 03/01/21)		340		331,944
3.88%, 07/03/23 (Call 06/03/23)		925		845,851
4.25%, 02/01/24 (Call 01/01/24)		925		865,040
4.25%, 09/15/24 (Call 06/15/24)		1,009		934,937
Aircastle Ltd.
4.40%, 09/25/23 (Call 08/25/23)		920		802,055
5.00%, 04/01/23^(a)		529		500,047
5.13%, 03/15/21		125		122,154
5.50%, 02/15/22		130		123,917
Ally Financial Inc.
3.88%, 05/21/24 (Call 04/21/24)		380		373,350
4.13%, 02/13/22^(a)		770		780,626
4.25%, 04/15/21		835		844,193
5.13%, 09/30/24^(a)		725		750,158
American Express Co.
2.20%, 10/30/20 (Call 09/29/20)		780		782,414
2.50%, 08/01/22 (Call 07/01/22)		2,181		2,224,217
2.50%, 07/30/24 (Call 06/30/24)^(a)		3,529		3,620,376
2.65%, 12/02/22		1,174		1,207,863
2.75%, 05/20/22 (Call 04/20/22)^(a)		525		537,477
3.00%, 02/22/21 (Call 01/22/21)^(a)		367		371,284
3.38%, 05/17/21 (Call 04/17/21)		647		658,588
3.40%, 02/27/23 (Call 01/27/23)		2,820		2,944,394
3.40%, 02/22/24 (Call 01/22/24)		978		1,036,685
3.70%, 11/05/21 (Call 10/05/21)		269		276,785
3.70%, 08/03/23 (Call 07/03/23)		1,602		1,696,903
American Express Credit Corp.
2.25%, 05/05/21 (Call 04/04/21)		2,183		2,208,547
2.70%, 03/03/22 (Call 01/31/22)		2,714		2,778,115
Series F, 2.60%, 09/14/20 (Call 08/14/20)		1,417		1,422,662
Ameriprise Financial Inc.
3.00%, 03/22/22		602		621,501
4.00%, 10/15/23		666		723,864
Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24)		706		742,366
Capital One Bank USA N.A.
2.01%, 01/27/23 (Call 01/27/22)^(c)		1,000		989,614
2.28%, 01/28/26 (Call 01/28/25)^(c)		750		724,973
3.38%, 02/15/23		640		646,883
Capital One Financial Corp.
2.40%, 10/30/20 (Call 09/30/20)		128		128,443
2.50%, 05/12/20		196		195,788
3.05%, 03/09/22 (Call 02/09/22)		2,315		2,350,851
3.20%, 01/30/23 (Call 12/30/22)		2,220		2,269,697
3.30%, 10/30/24 (Call 09/30/24)		1,153		1,173,990
3.45%, 04/30/21 (Call 03/30/21)		1,303		1,322,087


Security	Par (000)		Value

Diversified Financial Services (continued)
3.50%, 06/15/23	$	1,480	$	1,523,567
3.75%, 04/24/24 (Call 03/24/24)		400		413,659
3.90%, 01/29/24 (Call 12/29/23)		970		1,009,198
4.75%, 07/15/21		710		732,856
Charles Schwab Corp. (The)
2.65%, 01/25/23 (Call 12/25/22)		1,410		1,468,281
3.25%, 05/21/21 (Call 04/21/21)		1,218		1,243,708
3.55%, 02/01/24 (Call 01/01/24)		155		167,560
4.20%, 03/24/25 (Call 02/22/25)		1,000		1,120,459
4.45%, 07/22/20		665		668,888
CME Group Inc., 3.00%, 09/15/22		1,143		1,195,021
Discover Financial Services
3.85%, 11/21/22		944		961,973
3.95%, 11/06/24 (Call 08/06/24)		403		411,178
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20		5,664		5,680,141
Intercontinental Exchange Inc.
2.35%, 09/15/22 (Call 08/15/22)		1,267		1,301,030
2.75%, 12/01/20 (Call 11/01/20)^(a)		1,227		1,236,444
4.00%, 10/15/23^(a)		51		56,259
International Lease Finance Corp.
4.63%, 04/15/21^(a)		975		966,171
5.88%, 08/15/22^(a)		653		642,924
8.25%, 12/15/20		511		513,182
8.63%, 01/15/22		352		354,339
Invesco Finance PLC
3.13%, 11/30/22		280		285,584
4.00%, 01/30/24		185		195,117
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)		352		368,705
Jefferies Group LLC
5.13%, 01/20/23		907		949,490
6.88%, 04/15/21		626		644,760
Mastercard Inc.
2.00%, 11/21/21 (Call 10/21/21)		380		387,254
2.00%, 03/03/25 (Call 02/03/25)		1,200		1,241,643
3.38%, 04/01/24		165		181,407
Nasdaq Inc., 4.25%, 06/01/24 (Call 03/01/24)		391		423,597
Nomura Holdings Inc., 2.65%, 01/16/25^(a)		1,384		1,389,287
ORIX Corp.
2.90%, 07/18/22		397		402,643
4.05%, 01/16/24		575		608,187
Synchrony Financial
2.85%, 07/25/22 (Call 06/25/22)		385		374,015
3.75%, 08/15/21 (Call 06/15/21)		950		948,296
4.25%, 08/15/24 (Call 05/15/24)		1,466		1,426,993
4.38%, 03/19/24 (Call 02/19/24)		500		491,911
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)		1,200		1,229,854
3.63%, 04/01/25 (Call 01/01/25)		500		537,218
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)		1,070		1,105,209
2.20%, 12/14/20 (Call 11/14/20)		3,664		3,691,333
2.80%, 12/14/22 (Call 10/14/22)		2,259		2,376,251
Western Union Co. (The), 2.85%, 01/10/25 (Call 12/10/24)		845		831,617

				95,551,001

Electric — 2.4%
Alabama Power Co., Series 17-A, 2.45%, 03/30/22 (Call 02/28/22)		100		101,730
American Electric Power Co. Inc., 2.15%, 11/13/20		1,384		1,383,804


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Berkshire Hathaway Energy Co.
3.75%, 11/15/23 (Call 08/15/23)	$	526	$	571,413
4.05%, 04/15/25 (Call 03/15/25)^(b)		1,000		1,120,357
CenterPoint Energy Inc.
2.50%, 09/01/22 (Call 08/01/22)		466		477,190
2.50%, 09/01/24 (Call 08/01/24)		660		678,749
3.60%, 11/01/21		600		617,089
3.85%, 02/01/24 (Call 01/01/24)		543		579,135
Commonwealth Edison Co., 4.00%, 08/01/20 (Call 05/29/20)		240		241,258
Consolidated Edison Inc., 2.00%, 05/15/21 (Call 04/15/21)		582		585,556
Dominion Energy Inc.
2.58%, 07/01/20		736		736,135
2.72%, 08/15/21^(a)(d)		600		601,292
3.07%, 08/15/24^(d)		695		728,229
4.10%, 04/01/21^(d)		697		709,419
DTE Energy Co.
2.25%, 11/01/22		1,000		1,013,084
Series C, 2.53%, 10/01/24		597		607,009
Series D, 3.70%, 08/01/23 (Call 07/01/23)^(a)		532		563,816
Duke Energy Carolinas LLC
2.50%, 03/15/23 (Call 01/15/23)		184		190,894
3.05%, 03/15/23 (Call 02/15/23)		755		803,228
3.90%, 06/15/21 (Call 03/15/21)		560		575,824
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)		1,042		1,052,710
2.40%, 08/15/22 (Call 07/15/22)		811		830,419
3.05%, 08/15/22 (Call 05/15/22)		380		391,839
3.55%, 09/15/21 (Call 06/15/21)		482		493,731
3.75%, 04/15/24 (Call 01/15/24)		1,276		1,382,642
Duke Energy Indiana LLC, 3.75%, 07/15/20		150		150,664
Duke Energy Progress LLC
2.80%, 05/15/22 (Call 02/15/22)		634		654,579
3.00%, 09/15/21 (Call 06/15/21)		121		123,530
Edison International, 3.55%, 11/15/24 (Call 10/15/24)		435		455,172
Emera U.S. Finance LP, 2.70%, 06/15/21 (Call 05/15/21)		1,104		1,110,695
Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)		593		627,368
Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)		754		775,785
Eversource Energy, Series K, 2.75%, 03/15/22
(Call 02/15/22)		413		422,858
Exelon Corp.
2.85%, 06/15/20 (Call 05/15/20)		165		165,068
3.50%, 06/01/22 (Call 05/01/22)		960		986,224
5.15%, 12/01/20 (Call 09/01/20)		956		966,733
Exelon Generation Co. LLC
3.40%, 03/15/22 (Call 02/15/22)		570		585,306
4.00%, 10/01/20 (Call 07/01/20)		120		120,440
4.25%, 06/15/22 (Call 03/15/22)		509		533,859
FirstEnergy Corp.
Series A, 2.85%, 07/15/22 (Call 05/15/22)		675		688,649
Series B, 4.25%, 03/15/23 (Call 12/15/22)		812		862,987
Florida Power & Light Co.
2.75%, 06/01/23 (Call 12/01/22)		120		126,031
2.85%, 04/01/25 (Call 03/01/25)		1,345		1,457,086
Georgia Power Co., Series A, 2.10%, 07/30/23		35		36,092
Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24)		162		173,392
ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22)		135		137,759
MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24)		465		506,590


Security	Par (000)		Value

Electric (continued)
NextEra Energy Capital Holdings Inc.
2.40%, 09/01/21	$	35	$	35,576
2.80%, 01/15/23 (Call 12/15/22)		95		98,139
2.90%, 04/01/22		393		405,689
3.15%, 04/01/24 (Call 03/01/24)		1,888		2,000,384
Ohio Power Co., Series M, 5.38%, 10/01/21		180		191,295
Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24)		564		599,184
PPL Capital Funding Inc., 3.40%, 06/01/23 (Call 03/01/23)		75		77,537
Progress Energy Inc., 4.40%, 01/15/21 (Call 10/15/20)		1,357		1,375,468
PSEG Power LLC
3.00%, 06/15/21 (Call 05/15/21)^(a)		1,075		1,089,077
3.85%, 06/01/23 (Call 05/01/23)^(a)		1,308		1,385,079
Public Service Enterprise Group Inc.
2.65%, 11/15/22 (Call 10/15/22)		460		468,404
2.88%, 06/15/24 (Call 05/15/24)		25		26,132
Puget Energy Inc., 6.00%, 09/01/21		165		171,942
Sempra Energy
2.88%, 10/01/22 (Call 07/01/22)		366		375,498
2.90%, 02/01/23 (Call 01/01/23)		725		748,712
3.55%, 06/15/24 (Call 03/15/24)^(a)		625		659,536
4.05%, 12/01/23 (Call 09/01/23)		158		169,050
Southern California Edison Co.
3.88%, 06/01/21 (Call 03/01/21)		1,275		1,305,631
Series C, 3.50%, 10/01/23 (Call 07/01/23)		19		20,075
Southern Co. (The)
2.35%, 07/01/21 (Call 06/01/21)		2,035		2,059,154
2.75%, 06/15/20 (Call 05/15/20)		1,150		1,151,215
2.95%, 07/01/23 (Call 05/01/23)^(a)		2,006		2,113,532
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)		999		1,039,324
WEC Energy Group Inc., 3.38%, 06/15/21		271		278,223

				46,547,275

Electrical Components & Equipment — 0.0%
Emerson Electric Co.
2.63%, 12/01/21 (Call 11/01/21)		619		634,111
2.63%, 02/15/23 (Call 11/15/22)		129		132,118

				766,229

Electronics — 0.5%
Agilent Technologies Inc., 3.88%, 07/15/23 (Call 04/15/23)		256		269,149
Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24)		317		319,901
Flex Ltd., 5.00%, 02/15/23		637		663,622
Fortive Corp., 2.35%, 06/15/21 (Call 05/15/21)		143		143,590
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)		2,191		2,226,536
2.15%, 08/08/22 (Call 07/08/22)		100		102,742
2.30%, 08/15/24 (Call 07/15/24)		910		954,212
4.25%, 03/01/21^(a)		230		236,250
Jabil Inc., 4.70%, 09/15/22		20		20,474
Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24)		200		217,694
Roper Technologies Inc.
2.35%, 09/15/24 (Call 08/15/24)		533		538,331
2.80%, 12/15/21 (Call 11/15/21)		765		781,759
3.00%, 12/15/20 (Call 11/15/20)		712		717,809
3.13%, 11/15/22 (Call 08/15/22)		552		567,518
3.65%, 09/15/23 (Call 08/15/23)		734		768,421
Tech Data Corp., 3.70%, 02/15/22 (Call 01/15/22)		530		524,736

				9,052,744


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Engineering & Construction — 0.0%
Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24)	$	45	$	38,025


Environmental Control — 0.3%
Republic Services Inc.
2.50%, 08/15/24 (Call 07/15/24)		985		1,024,575
3.55%, 06/01/22 (Call 03/01/22)		906		943,933
4.75%, 05/15/23 (Call 02/15/23)		175		191,576
5.25%, 11/15/21		491		519,678
Waste Management Inc.
2.40%, 05/15/23 (Call 03/15/23)		902		932,381
2.90%, 09/15/22 (Call 06/15/22)		508		527,830
2.95%, 06/15/24 (Call 05/15/24)		1,000		1,061,993
4.75%, 06/30/20		535		537,635

				5,739,601

Food — 1.0%
Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)^(a)		872		918,621
Conagra Brands Inc.
3.20%, 01/25/23 (Call 10/25/22)		1,394		1,444,138
3.80%, 10/22/21		1,033		1,065,385
4.30%, 05/01/24 (Call 04/01/24)		778		841,324
General Mills Inc.
2.60%, 10/12/22 (Call 09/12/22)		723		745,971
3.15%, 12/15/21 (Call 09/15/21)^(a)		764		785,430
3.20%, 04/16/21^(a)		300		304,904
3.70%, 10/17/23 (Call 09/17/23)		974		1,051,874
Hershey Co. (The), 3.38%, 05/15/23 (Call 04/15/23)^(a)		848		901,991
JM Smucker Co. (The), 3.50%, 10/15/21		1,065		1,098,344
Kellogg Co.
2.65%, 12/01/23		37		38,323
4.00%, 12/15/20		1,033		1,047,760
Kroger Co. (The)
2.95%, 11/01/21 (Call 10/01/21)		720		736,383
3.30%, 01/15/21 (Call 12/15/20)^(a)		914		925,536
3.40%, 04/15/22 (Call 01/15/22)		138		142,970
3.85%, 08/01/23 (Call 05/01/23)		232		248,384
4.00%, 02/01/24 (Call 11/01/23)^(a)		354		382,917
McCormick & Co. Inc./MD
2.70%, 08/15/22 (Call 07/15/22)		175		178,893
3.15%, 08/15/24 (Call 06/15/24)		540		575,324
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		205		203,901
3.00%, 05/07/20		270		270,020
3.63%, 05/07/23 (Call 04/07/23)		1,163		1,238,237
Sysco Corp.
2.50%, 07/15/21 (Call 06/15/21)		676		678,442
2.60%, 10/01/20 (Call 09/01/20)		1,584		1,581,545
Tyson Foods Inc.
2.25%, 08/23/21 (Call 07/23/21)		515		520,544
3.95%, 08/15/24 (Call 05/15/24)		1,068		1,167,644
4.50%, 06/15/22 (Call 03/15/22)		810		854,574

				19,949,379

Forest Products & Paper — 0.0%
Georgia-Pacific LLC, 8.00%, 01/15/24		55		67,088
International Paper Co., 3.65%, 06/15/24 (Call 03/15/24)^(a)		253		268,247

				335,335

Gas — 0.1%
CenterPoint Energy Resources Corp., 4.50%, 01/15/21 (Call 10/15/20)		325		329,287


Security	Par (000)		Value

Gas (continued)
Dominion Energy Gas Holdings LLC
2.80%, 11/15/20 (Call 10/15/20)	$	810	$	814,384
Series A, 2.50%, 11/15/24 (Call 10/15/24)		625		646,688
National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)^(a)		219		208,558
NiSource Inc., 2.65%, 11/17/22 (Call 10/17/22)		376		387,544

				2,386,461

Hand & Machine Tools — 0.0%
Stanley Black & Decker Inc., 2.90%, 11/01/22^(a)		70		72,629


Health Care – Products — 0.7%
Abbott Laboratories
2.55%, 03/15/22^(a)		250		258,206
2.95%, 03/15/25 (Call 12/15/24)		1,500		1,619,447
3.40%, 11/30/23 (Call 09/30/23)		1,225		1,330,139
Boston Scientific Corp.
3.38%, 05/15/22		170		175,957
3.45%, 03/01/24 (Call 02/01/24)		949		1,001,087
Covidien International Finance SA, 3.20%, 06/15/22 (Call 03/15/22)		60		62,463
DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)		736		753,574
Medtronic Inc.
2.75%, 04/01/23 (Call 01/01/23)		375		392,379
3.15%, 03/15/22		2,517		2,626,217
3.50%, 03/15/25		2,500		2,789,814
Stryker Corp.
2.63%, 03/15/21 (Call 02/15/21)		1,075		1,086,847
3.38%, 05/15/24 (Call 02/15/24)		182		196,517
Thermo Fisher Scientific Inc.
3.00%, 04/15/23 (Call 02/15/23)^(a)		1,492		1,565,792
4.15%, 02/01/24 (Call 11/01/23)		179		197,040
Zimmer Biomet Holdings Inc., 3.15%, 04/01/22 (Call 02/01/22)		226		231,397

				14,286,876

Health Care – Services — 1.4%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		1,110		1,145,046
2.80%, 06/15/23 (Call 04/15/23)		681		705,782
Anthem Inc.
2.38%, 01/15/25 (Call 12/15/24)		1,560		1,605,723
2.50%, 11/21/20		579		582,775
2.95%, 12/01/22 (Call 11/01/22)		989		1,026,804
3.13%, 05/15/22		174		180,201
3.30%, 01/15/23		1,203		1,269,093
3.35%, 12/01/24 (Call 10/01/24)		515		551,690
3.50%, 08/15/24 (Call 05/15/24)		580		623,483
3.70%, 08/15/21 (Call 05/15/21)		945		967,751
4.35%, 08/15/20		561		565,762
CommonSpirit Health, 2.76%, 10/01/24 (Call 07/01/24)		265		259,624
HCA Inc.
4.75%, 05/01/23^(a)		1,289		1,370,980
5.00%, 03/15/24		1,671		1,807,113
5.25%, 04/15/25		1,000		1,111,711
Humana Inc., 3.15%, 12/01/22 (Call 09/01/22)		705		727,328
Laboratory Corp. of America Holdings
3.20%, 02/01/22		370		380,436
3.25%, 09/01/24 (Call 07/01/24)		175		186,056
3.75%, 08/23/22 (Call 05/23/22)		883		923,173
UnitedHealth Group Inc.
1.95%, 10/15/20^(a)		1,013		1,016,924
2.13%, 03/15/21		354		357,730


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care – Services (continued)
2.38%, 10/15/22	$	995	$	1,027,970
2.38%, 08/15/24		1,635		1,719,974
2.70%, 07/15/20^(a)		1,294		1,297,845
2.75%, 02/15/23 (Call 11/15/22)		245		256,190
2.88%, 12/15/21		265		272,975
2.88%, 03/15/22 (Call 12/15/21)		1,434		1,482,994
2.88%, 03/15/23		1,078		1,136,754
3.35%, 07/15/22		435		458,925
3.38%, 11/15/21 (Call 08/15/21)		195		200,775
3.50%, 06/15/23		1,161		1,251,002
3.50%, 02/15/24		43		46,667

				26,517,256

Holding Companies – Diversified — 0.1%
Ares Capital Corp.
3.50%, 02/10/23 (Call 01/10/23)		870		826,242
3.63%, 01/19/22 (Call 12/19/21)		604		597,560
4.20%, 06/10/24 (Call 05/10/24)		778		740,826

				2,164,628

Home Builders — 0.1%
DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)^(a)		920		918,548


Household Products & Wares — 0.0%
Clorox Co. (The)
3.05%, 09/15/22 (Call 06/15/22)		190		198,368
3.50%, 12/15/24 (Call 09/15/24)		35		38,043

				236,411

Insurance — 1.8%
Aflac Inc., 3.63%, 06/15/23		754		808,982
Allstate Corp. (The), 3.15%, 06/15/23		125		132,185
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)		2,651		2,692,118
3.38%, 08/15/20^(a)		372		374,373
4.13%, 02/15/24		1,172		1,267,584
4.88%, 06/01/22		1,465		1,560,927
6.40%, 12/15/20		729		751,128
Aon Corp.
2.20%, 11/15/22		1,000		1,019,569
5.00%, 09/30/20		535		542,255
Aon PLC, 3.50%, 06/14/24 (Call 03/14/24)		766		813,014
Berkshire Hathaway Finance Corp.
2.90%, 10/15/20		676		682,435
3.00%, 05/15/22		305		320,255
4.25%, 01/15/21^(a)		714		731,231
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)^(a)		1,238		1,257,025
2.75%, 03/15/23 (Call 01/15/23)		2,676		2,832,564
3.40%, 01/31/22^(a)		818		858,359
3.75%, 08/15/21		185		192,612
Chubb INA Holdings Inc.
2.30%, 11/03/20 (Call 10/03/20)		1,711		1,719,033
2.88%, 11/03/22 (Call 09/03/22)		1,382		1,439,051
3.35%, 05/15/24		146		158,171
CNA Financial Corp., 3.95%, 05/15/24 (Call 02/15/24)		1,231		1,304,190
Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)		968		1,004,343
Lincoln National Corp., 4.00%, 09/01/23		16		16,941
Loews Corp., 2.63%, 05/15/23 (Call 02/15/23)		699		712,124
Manulife Financial Corp., 4.90%, 09/17/20		236		238,727
Marsh & McLennan Companies Inc.
2.75%, 01/30/22 (Call 12/30/21)		521		535,582


Security	Par (000)		Value

Insurance (continued)
3.50%, 12/29/20	$	324	$	328,584
3.50%, 06/03/24 (Call 03/03/24)		50		53,643
3.88%, 03/15/24 (Call 02/15/24)		2,136		2,323,950
4.80%, 07/15/21 (Call 04/15/21)		350		361,824
MetLife Inc.
3.00%, 03/01/25		500		534,306
3.05%, 12/15/22		838		873,187
3.60%, 04/10/24		582		634,645
Series D, 4.37%, 09/15/23^(a)		780		856,044
Prudential Financial Inc.
3.50%, 05/15/24.		1,295		1,408,588
4.50%, 11/15/20		646		657,502
5.38%, 06/21/20		495		497,949
Travelers Companies Inc. (The), 3.90%, 11/01/20		985		999,962
Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)		1,104		1,172,714

				34,667,676

Internet — 1.0%
Alphabet Inc.
3.38%, 02/25/24		1,118		1,226,929
3.63%, 05/19/21^(a)		545		560,988
Amazon.com Inc.
1.90%, 08/21/20.		1,962		1,970,899
2.40%, 02/22/23 (Call 01/22/23)		2,056		2,158,430
2.50%, 11/29/22 (Call 08/29/22)		665		692,934
2.80%, 08/22/24 (Call 06/22/24)		2,536		2,722,287
3.80%, 12/05/24 (Call 09/05/24)		1,000		1,124,450
Booking Holdings Inc.
2.75%, 03/15/23 (Call 02/15/23)		695		700,828
4.10%, 04/13/25 (Call 03/13/25)		1,000		1,063,669
eBay Inc.
1.90%, 03/11/25 (Call 02/11/25)		500		496,974
2.15%, 06/05/20		320		320,054
2.60%, 07/15/22 (Call 04/15/22)		1,306		1,338,723
2.75%, 01/30/23 (Call 12/30/22)		964		992,436
2.88%, 08/01/21 (Call 06/01/21)		912		926,254
3.25%, 10/15/20 (Call 07/15/20)		467		469,076
3.45%, 08/01/24 (Call 05/01/24)^(a)		601		643,551
3.80%, 03/09/22 (Call 02/09/22)		230		239,456
Expedia Group Inc.
4.50%, 08/15/24 (Call 05/15/24)^(a)		373		367,688
5.95%, 08/15/20		540		542,025

				18,557,651

Iron & Steel — 0.1%
ArcelorMittal SA, 3.60%, 07/16/24^(a)		225		214,118
Nucor Corp.
4.00%, 08/01/23 (Call 05/01/23)		575		615,451
4.13%, 09/15/22 (Call 06/15/22)^(a)		365		384,497
Steel Dynamics Inc., 5.50%, 10/01/24 (Call 05/29/20)^(a)		275		280,961

				1,495,027

Lodging — 0.1%
Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)		1,300		1,245,276
Marriott International Inc./MD
2.13%, 10/03/22		255		239,171
2.30%, 01/15/22 (Call 12/15/21)		628		602,880
3.60%, 04/15/24 (Call 03/15/24)		775		754,982

				2,842,309

Machinery — 1.7%
ABB Finance USA Inc., 2.88%, 05/08/22		1,350		1,393,273


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery (continued)
Caterpillar Financial Services Corp.
1.70%, 08/09/21	$	738	$	743,386
1.85%, 09/04/20^(a)		890		891,847
1.90%, 09/06/22		329		334,569
1.95%, 11/18/22		79		80,511
2.15%, 11/08/24^(a)		1,110		1,145,459
2.40%, 06/06/22		945		970,195
2.55%, 11/29/22		799		822,284
2.85%, 06/01/22^(a)		95		98,226
2.85%, 05/17/24		970		1,022,752
2.95%, 05/15/20		60		60,031
2.95%, 02/26/22		1,521		1,570,246
3.15%, 09/07/21		573		588,014
3.45%, 05/15/23		684		731,455
3.65%, 12/07/23		844		915,663
Series I, 2.65%, 05/17/21		111		112,816
Caterpillar Inc.
2.60%, 06/26/22 (Call 03/26/22)		105		107,926
3.40%, 05/15/24 (Call 02/15/24)		1,235		1,336,594
3.90%, 05/27/21		1,876		1,933,441
CNH Industrial Capital LLC
4.20%, 01/15/24		218		227,491
4.38%, 11/06/20^(a)		56		55,913
4.38%, 04/05/22		381		390,244
4.88%, 04/01/21		1,180		1,189,090
CNH Industrial NV, 4.50%, 08/15/23		602		617,576
Deere &Co., 2.60%, 06/08/22 (Call 03/08/22)^(a)		1,654		1,696,773
John Deere Capital Corp.
1.95%, 06/22/20		169		169,146
2.05%, 01/09/25		579		598,111
2.15%, 09/08/22^(a)		1,053		1,068,630
2.35%, 01/08/21^(a)		578		583,018
2.38%, 07/14/20^(a)		371		371,918
2.55%, 01/08/21		711		719,141
2.60%, 03/07/24		479		501,527
2.65%, 01/06/22		780		799,131
2.65%, 06/24/24		740		775,602
2.70%, 01/06/23		150		155,030
2.75%, 03/15/22		511		523,726
2.80%, 03/04/21		680		690,674
2.80%, 01/27/23		81		84,762
2.80%, 03/06/23		1,135		1,191,162
3.13%, 09/10/21		689		708,191
3.15%, 10/15/21		494		507,539
3.20%, 01/10/22		826		855,181
3.35%, 06/12/24		375		403,337
3.45%, 03/13/25		1,000		1,091,645
3.65%, 10/12/23		110		119,256
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)^(b)		1,280		1,301,930
Westinghouse Air Brake Technologies Corp., 4.40%, 03/15/24 (Call 02/15/24)		756		756,790
Xylem Inc./NY, 4.88%, 10/01/21		125		131,332

				33,142,554

Manufacturing — 0.9%
3M Co.
1.63%, 09/19/21 (Call 08/19/21)		130		131,134
1.75%, 02/14/23 (Call 01/14/23)		25		25,528
2.00%, 08/07/20		50		50,093
2.00%, 06/26/22		997		1,008,741
2.25%, 03/15/23 (Call 02/15/23)^(a)		784		816,284


Security	Par (000)		Value

Manufacturing (continued)
3.25%, 02/14/24 (Call 01/14/24)	$	1,300	$	1,403,168
Eaton Corp., 2.75%, 11/02/22		1,625		1,681,921
General Electric Co.
2.70%, 10/09/22		1,608		1,616,331
3.10%, 01/09/23		1,550		1,571,094
3.15%, 09/07/22		735		748,901
3.38%, 03/11/24		52		53,685
3.45%, 05/15/24 (Call 02/13/24)		846		869,243
4.38%, 09/16/20		1,004		1,011,897
4.63%, 01/07/21^(a)		1,990		2,007,060
4.65%, 10/17/21		1,816		1,880,243
5.30%, 02/11/21^(a)		321		328,385
5.55%, 05/04/20		205		205,000
Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23)^(a)		21		22,857
Ingersoll-Rand Global Holding Co. Ltd., 4.25%, 06/15/23		405		435,835
Parker-Hannifin Corp.
2.70%, 06/14/24 (Call 05/14/24)		373		379,720
3.30%, 11/21/24 (Call 08/21/24)		463		487,324

				16,734,444

Media — 2.2%
Charter Communications Operating LLC/Charter
Communications Operating Capital
3.58%, 07/23/20 (Call 06/23/20)		1,503		1,505,025
4.46%, 07/23/22 (Call 05/23/22)		2,494		2,623,904
4.50%, 02/01/24 (Call 01/01/24)		1,649		1,787,561
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22^(a)		1,146		1,387,301
Comcast Corp.
1.63%, 01/15/22 (Call 12/15/21)^(a)		620		631,260
2.75%, 03/01/23 (Call 02/01/23)^(a)		955		1,003,489
2.85%, 01/15/23^(a)		1,385		1,453,143
3.00%, 02/01/24 (Call 01/01/24)		1,185		1,265,162
3.10%, 04/01/25 (Call 03/01/25)		160		172,767
3.13%, 07/15/22		961		1,011,455
3.38%, 02/15/25 (Call 11/15/24)		1,000		1,089,292
3.60%, 03/01/24		2,177		2,369,564
3.70%, 04/15/24 (Call 03/15/24)		1,935		2,115,970
Discovery Communications LLC
2.80%, 06/15/20 (Call 05/29/20)		525		525,059
2.95%, 03/20/23 (Call 02/20/23)		1,400		1,440,509
3.30%, 05/15/22		127		130,137
4.38%, 06/15/21		701		718,025
Fox Corp.
3.05%, 04/07/25 (Call 03/07/25)		500		530,636
3.67%, 01/25/22		975		1,010,726
4.03%, 01/25/24 (Call 12/25/23)		1,072		1,156,715
NBCUniversal Media LLC, 2.88%, 01/15/23^(a)		939		989,192
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)		95		101,394
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)		1,098		1,117,955
4.13%, 02/15/21 (Call 11/15/20)		1,429		1,442,778
Time Warner Entertainment Co. LP, 8.38%, 03/15/23		148		170,843
TWDC Enterprises 18 Corp.
1.80%, 06/05/20		320		320,186
2.15%, 09/17/20		387		388,462
2.30%, 02/12/21^(a)		1,025		1,033,792
2.35%, 12/01/22		1,389		1,436,119
2.45%, 03/04/22		1,525		1,564,240
2.75%, 08/16/21		410		419,164
3.75%, 06/01/21		25		25,733


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
ViacomCBS Inc.
3.38%, 03/01/22 (Call 12/01/21)	$	983	$	1,000,842
3.50%, 01/15/25 (Call 10/15/24)^(a)		500		504,704
3.70%, 08/15/24 (Call 05/15/24)		268		272,417
3.88%, 12/15/21		820		846,039
4.25%, 09/01/23 (Call 06/01/23)		1,262		1,324,967
4.50%, 03/01/21		228		235,720
Walt Disney Co. (The)
1.65%, 09/01/22		355		359,667
1.75%, 08/30/24 (Call 07/30/24)		1,729		1,752,599
3.00%, 09/15/22		575		601,122
3.70%, 09/15/24 (Call 06/15/24)		1,000		1,091,731
4.50%, 02/15/21		988		1,012,591

				41,939,957

Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.
2.25%, 06/15/20 (Call 05/15/20)		1,124		1,126,251
2.50%, 01/15/23 (Call 10/15/22)		596		616,653

				1,742,904

Mining — 0.1%
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22		1,300		1,345,792
3.25%, 11/21/21		105		108,034
3.85%, 09/30/23		120		128,761
Kinross Gold Corp.
5.13%, 09/01/21 (Call 06/01/21)		105		107,166
5.95%, 03/15/24 (Call 12/15/23)		650		713,537
Newmont Corp., 3.70%, 03/15/23 (Call 12/15/22)		105		108,071

				2,511,361

Oil &Gas — 4.6%
BP Capital Markets America Inc.
2.11%, 09/16/21 (Call 08/16/21)		189		189,615
2.52%, 09/19/22 (Call 08/19/22)		985		1,001,549
2.75%, 05/10/23		783		801,359
3.22%, 11/28/23 (Call 09/28/23)		1,041		1,085,178
3.22%, 04/14/24 (Call 02/14/24)		1,003		1,044,121
3.25%, 05/06/22		1,512		1,554,507
3.79%, 02/06/24 (Call 01/06/24)		1,288		1,364,864
4.50%, 10/01/20		1,606		1,624,871
4.74%, 03/11/21		1,040		1,068,032
BP Capital Markets PLC
2.50%, 11/06/22		756		769,059
3.06%, 03/17/22		132		135,522
3.51%, 03/17/25		1,000		1,062,854
3.54%, 11/04/24		567		600,827
3.56%, 11/01/21		2,462		2,521,564
3.81%, 02/10/24		1,300		1,378,730
3.99%, 09/26/23		404		432,134
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 12/15/22)		2,123		2,043,971
3.45%, 11/15/21 (Call 08/15/21)		477		476,165
3.80%, 04/15/24 (Call 01/15/24)		288		278,654
Chevron Corp.
2.10%, 05/16/21 (Call 04/15/21)		1,740		1,759,383
2.36%, 12/05/22 (Call 09/05/22)		1,842		1,900,167
2.41%, 03/03/22 (Call 01/03/22)		650		664,083
2.42%, 11/17/20 (Call 10/17/20)		986		992,380
2.43%, 06/24/20 (Call 05/29/20)		575		575,967
2.50%, 03/03/22 (Call 02/03/22)		1,078		1,110,974


Security	Par (000)		Value

Oil &Gas (continued)
2.57%, 05/16/23 (Call 03/16/23)	$	1,687	$	1,757,345
2.90%, 03/03/24 (Call 01/03/24)		430		456,462
3.19%, 06/24/23 (Call 03/24/23)		2,605		2,755,633
Cimarex Energy Co., 4.38%, 06/01/24 (Call 03/01/24)		775		706,645
Diamondback Energy Inc., 2.88%, 12/01/24 (Call 11/01/24)		947		862,825
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)		1,490		1,522,076
3.15%, 04/01/25 (Call 01/01/25)		1,000		1,050,790
4.10%, 02/01/21		1,094		1,113,619
4.40%, 06/01/20		150		150,246
Equinor ASA
2.45%, 01/17/23		867		888,985
2.65%, 01/15/24		1,280		1,321,730
2.75%, 11/10/21		144		147,576
2.88%, 04/06/25 (Call 03/06/25)		1,500		1,571,077
2.90%, 11/08/20		166		167,325
3.15%, 01/23/22		628		645,378
3.70%, 03/01/24		1,150		1,231,104
Exxon Mobil Corp.
1.90%, 08/16/22		295		301,498
2.02%, 08/16/24 (Call 07/16/24)^(a)		1,693		1,732,987
2.22%, 03/01/21 (Call 02/01/21)		4,093		4,126,331
2.40%, 03/06/22 (Call 01/06/22)		440		450,167
2.73%, 03/01/23 (Call 01/01/23)		855		887,006
2.99%, 03/19/25 (Call 02/19/25)		3,000		3,202,646
3.18%, 03/15/24 (Call 12/15/23)		402		427,686
Husky Energy Inc.
3.95%, 04/15/22 (Call 01/15/22)		375		358,022
4.00%, 04/15/24 (Call 01/15/24)		500		450,433
Marathon Oil Corp., 2.80%, 11/01/22 (Call 08/01/22)		520		487,534
Marathon Petroleum Corp.
3.40%, 12/15/20 (Call 11/15/20)		1,073		1,074,684
3.63%, 09/15/24 (Call 06/15/24)		759		729,984
4.50%, 05/01/23 (Call 04/01/23)		605		603,753
4.70%, 05/01/25 (Call 04/01/25)		330		329,075
4.75%, 12/15/23 (Call 10/15/23)		552		562,325
5.13%, 03/01/21		819		836,289
Newfield Exploration Co.
5.63%, 07/01/24		828		592,611
5.75%, 01/30/22		330		288,888
Noble Energy Inc., 3.90%, 11/15/24 (Call 08/15/24)		726		646,176
Ovintiv Inc, 3.90%, 11/15/21 (Call 08/15/21)		455		412,913
Phillips 66, 4.30%, 04/01/22		1,756		1,828,315
Pioneer Natural Resources Co.
3.45%, 01/15/21 (Call 12/15/20)		232		232,697
3.95%, 07/15/22 (Call 04/15/22)		616		622,755
Shell International Finance BV
1.75%, 09/12/21		460		462,781
1.88%, 05/10/21		1,990		2,001,290
2.00%, 11/07/24 (Call 10/07/24)		767		773,798
2.13%, 05/11/20		1,477		1,477,192
2.25%, 11/10/20		1,352		1,360,003
2.25%, 01/06/23^(a)		1,239		1,261,961
2.38%, 08/21/22		857		875,642
2.38%, 04/06/25 (Call 03/06/25)		1,500		1,546,932
3.40%, 08/12/23		1,021		1,080,814
3.50%, 11/13/23 (Call 10/13/23)		988		1,047,157
Suncor Energy Inc., 3.60%, 12/01/24 (Call 09/01/24)		540		551,342
Total Capital Canada Ltd., 2.75%, 07/15/23		1,373		1,421,498


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil &Gas (continued)
Total Capital International SA
2.22%, 07/12/21 (Call 06/12/21)	$	250	$	252,181
2.43%, 01/10/25 (Call 10/10/24)		1,000		1,030,004
2.70%, 01/25/23		697		718,235
2.75%, 06/19/21		1,549		1,571,161
2.88%, 02/17/22		1,090		1,116,481
3.70%, 01/15/24		572		611,621
3.75%, 04/10/24		1,296		1,394,187
Total Capital SA
4.13%, 01/28/21		431		439,740
4.45%, 06/24/20		2,927		2,940,472
Valero Energy Corp., 2.85%, 04/15/25 (Call 03/15/25)		1,000		990,697

				88,895,310

Oil &Gas Services — 0.2%
Baker Hughes a GE Co. LLC/Baker Hughes
Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22)		1,426		1,431,361
Halliburton Co.
3.25%, 11/15/21 (Call 08/15/21)		83		82,575
3.50%, 08/01/23 (Call 05/01/23)		1,007		992,550
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)		1,191		1,211,690

				3,718,176

Packaging & Containers — 0.0%
Packaging Corp. of America, 4.50%, 11/01/23 (Call 08/01/23)^(a)		205		223,776
WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24)^(a)		290		294,054

				517,830

Pharmaceuticals — 7.0%
AbbVie Inc.
2.15%, 11/19/21^(b)		1,486		1,505,712
2.30%, 05/14/21 (Call 04/14/21)		2,980		3,007,526
2.30%, 11/21/22^(b)		755		770,902
2.50%, 05/14/20		2,282		2,282,844
2.60%, 11/21/24 (Call 10/21/24)^(b)		4,475		4,644,061
2.85%, 05/14/23 (Call 03/14/23)		1,700		1,774,247
2.90%, 11/06/22		2,559		2,660,827
3.20%, 11/06/22 (Call 09/06/22)		1,162		1,211,182
3.38%, 11/14/21		743		767,673
3.75%, 11/14/23 (Call 10/14/23)^(a)		1,867		2,010,488
Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22)		1,534		1,575,924
Allergan Funding SCS
3.45%, 03/15/22 (Call 01/15/22)		2,172		2,228,444
3.85%, 06/15/24 (Call 03/15/24)		1,025		1,094,940
Allergan Inc./U.S., 3.38%, 09/15/20		86		86,063
AmerisourceBergen Corp.
3.40%, 05/15/24 (Call 02/15/24)		117		122,368
3.50%, 11/15/21 (Call 08/15/21)		340		348,002
AstraZeneca PLC
2.38%, 11/16/20		1,084		1,090,472
2.38%, 06/12/22 (Call 05/12/22)		733		750,337
3.50%, 08/17/23 (Call 07/17/23)^(a)		1,184		1,267,797
Becton Dickinson and Co.
2.40%, 06/05/20		330		329,886
2.89%, 06/06/22 (Call 05/06/22)		2,222		2,274,454
3.13%, 11/08/21		90		91,669
3.25%, 11/12/20		195		195,721
3.36%, 06/06/24 (Call 04/06/24)		1,815		1,922,983
3.73%, 12/15/24 (Call 09/15/24)		1,367		1,471,913


Security	Par (000)		Value

Pharmaceuticals (continued)
Bristol-Myers Squibb Co.
2.00%, 08/01/22	$	819	$	837,081
2.60%, 05/16/22^(b)		1,063		1,098,625
2.75%, 02/15/23 (Call 01/15/23)^(b)		1,173		1,225,243
2.90%, 07/26/24 (Call 06/26/24)^(b)		3,711		3,955,312
3.25%, 08/15/22^(b)		415		435,723
3.25%, 02/20/23 (Call 01/20/23)^(b)		795		840,634
3.25%, 11/01/23^(a)		33		35,334
3.55%, 08/15/22^(a)(b)		928		980,321
3.63%, 05/15/24 (Call 02/15/24)^(b)		1,350		1,466,913
Cardinal Health Inc.
2.62%, 06/15/22 (Call 05/15/22)		2,160		2,191,291
3.08%, 06/15/24 (Call 04/15/24)		94		96,793
3.20%, 03/15/23^(a)		860		889,494
Cigna Corp.
3.00%, 07/15/23 (Call 05/16/23)^(b)		475		493,752
3.20%, 09/17/20		474		476,953
3.25%, 04/15/25 (Call 01/15/25)^(b)		1,000		1,068,424
3.40%, 09/17/21.		2,187		2,250,310
3.50%, 06/15/24 (Call 03/17/24)^(b)		259		276,631
3.75%, 07/15/23 (Call 06/15/23)		1,972		2,102,918
3.90%, 02/15/22^(b)		1,088		1,133,199
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)		1,999		2,015,285
2.63%, 08/15/24 (Call 07/15/24)		2,810		2,918,066
2.75%, 12/01/22 (Call 09/01/22)		1,385		1,430,781
2.80%, 07/20/20 (Call 06/20/20)		2,298		2,300,646
3.35%, 03/09/21.		1,378		1,399,803
3.38%, 08/12/24 (Call 05/12/24)		168		178,859
3.50%, 07/20/22 (Call 05/20/22)		808		840,831
3.70%, 03/09/23 (Call 02/09/23)		5,854		6,199,389
4.00%, 12/05/23 (Call 09/05/23)		145		156,552
4.10%, 03/25/25 (Call 01/25/25)		5,500		6,054,724
Eli Lilly & Co., 2.35%, 05/15/22		600		618,900
Express Scripts Holding Co., 2.60%, 11/30/20		465		467,514
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23^(a)		1,300		1,372,805
3.38%, 05/15/23.		1,800		1,919,658
GlaxoSmithKline Capital PLC
2.85%, 05/08/22.		1,378		1,430,189
2.88%, 06/01/22 (Call 05/01/22)		189		196,324
3.00%, 06/01/24 (Call 05/01/24)		1,421		1,520,654
3.13%, 05/14/21		745		762,554
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)^(a)		1,642		1,657,858
1.95%, 11/10/20		221		222,573
2.05%, 03/01/23 (Call 01/01/23)^(a)		550		570,741
2.25%, 03/03/22 (Call 02/03/22)		1,026		1,056,309
2.63%, 01/15/25 (Call 11/15/24)		212		228,668
2.95%, 09/01/20^(a)		633		637,941
3.38%, 12/05/23		357		394,647
McKesson Corp.
3.65%, 11/30/20		190		191,607
3.80%, 03/15/24 (Call 12/15/23)^(a)		1,403		1,500,786
Mead Johnson Nutrition Co., 3.00%, 11/15/20		372		375,207
Merck &Co. Inc.
2.35%, 02/10/22.		1,679		1,726,110
2.40%, 09/15/22 (Call 06/15/22)		180		186,461
2.75%, 02/10/25 (Call 11/10/24)		2,580		2,786,924
2.80%, 05/18/23^(a)		2,215		2,356,789


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
2.90%, 03/07/24 (Call 02/07/24)	$	1,075	$	1,155,269
3.88%, 01/15/21 (Call 10/15/20)^(a)		171		173,357
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)^(a)		63		65,698
Mylan NV, 3.15%, 06/15/21 (Call 05/15/21)		2,563		2,587,002
Novartis Capital Corp.
1.75%, 02/14/25 (Call 01/14/25)		1,550		1,592,726
2.40%, 05/17/22 (Call 04/17/22)^(a)		973		1,002,002
2.40%, 09/21/22		1,475		1,528,338
3.40%, 05/06/24		2,095		2,285,302
Perrigo Finance Unlimited Co., 3.90%, 12/15/24 (Call 09/15/24)		700		718,959
Pfizer Inc.
1.95%, 06/03/21^(a)		943		957,361
2.20%, 12/15/21		1,629		1,665,022
2.80%, 03/11/22		486		503,900
2.95%, 03/15/24 (Call 02/15/24)^(a)		1,245		1,341,401
3.00%, 09/15/21^(a)		285		293,434
3.00%, 06/15/23		1,013		1,082,246
3.20%, 09/15/23 (Call 08/15/23)		1,137		1,230,199
3.40%, 05/15/24		752		824,430
Sanofi
3.38%, 06/19/23 (Call 05/19/23)^(a)		1,610		1,719,533
4.00%, 03/29/21		1,539		1,580,430
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)		3,049		3,095,317
2.88%, 09/23/23 (Call 07/23/23)		1,884		1,958,208
Takeda Pharmaceutical Co. Ltd.
4.00%, 11/26/21 (Call 10/26/21)		595		618,038
4.40%, 11/26/23 (Call 10/26/23)		2,103		2,301,453
Wyeth LLC, 6.45%, 02/01/24		46		54,723
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)		1,230		1,283,451
3.45%, 11/13/20 (Call 10/13/20)		345		347,598

				134,982,938

Pipelines — 2.8%
Boardwalk Pipelines LP, 4.95%, 12/15/24 (Call 09/15/24)		318		281,457
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24 (Call 01/01/24)		1,219		1,305,061
Columbia Pipeline Group Inc., 3.30%, 06/01/20 (Call 05/29/20)		1,200		1,199,563
Enable Midstream Partners LP, 3.90%, 05/15/24 (Call 02/15/24)		410		320,159
Enbridge Energy Partners LP, 4.20%, 09/15/21 (Call 06/15/21)		175		177,477
Enbridge Inc.
2.50%, 01/15/25 (Call 12/15/24)		815		798,833
2.90%, 07/15/22 (Call 06/15/22)		645		653,165
3.50%, 06/10/24 (Call 03/10/24)		343		351,453
4.00%, 10/01/23 (Call 07/01/23)		497		512,383
Energy Transfer Operating LP
3.60%, 02/01/23 (Call 11/01/22)		1,099		1,066,590
4.25%, 03/15/23 (Call 12/15/22)		368		364,780
4.50%, 04/15/24 (Call 03/15/24)		848		841,999
4.65%, 06/01/21 (Call 03/01/21)		885		887,428
5.20%, 02/01/22 (Call 11/01/21)		1,959		1,965,813
5.88%, 01/15/24 (Call 10/15/23)		932		965,154
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)		608		597,414
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23 (Call 08/01/23)		881		875,017


Security	Par (000)		Value

Pipelines (continued)
5.00%, 10/01/22 (Call 07/01/22)	$	100	$	100,102
5.88%, 03/01/22 (Call 12/01/21)		390		396,873
Enterprise Products Operating LLC
2.80%, 02/15/21		839		843,766
2.85%, 04/15/21 (Call 03/15/21)		766		767,205
3.35%, 03/15/23 (Call 12/15/22)		1,520		1,573,262
3.50%, 02/01/22		756		775,107
3.75%, 02/15/25 (Call 11/15/24)		1,250		1,326,920
3.90%, 02/15/24 (Call 11/15/23)		528		557,984
4.05%, 02/15/22		103		106,434
5.20%, 09/01/20.		1,054		1,063,783
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		100		101,979
3.50%, 03/01/21 (Call 01/01/21)		1,325		1,326,322
3.50%, 09/01/23 (Call 06/01/23)		53		54,290
3.95%, 09/01/22 (Call 06/01/22)		1,396		1,445,630
4.15%, 02/01/24 (Call 11/01/23)		582		611,688
4.25%, 09/01/24 (Call 06/01/24)		825		872,762
4.30%, 05/01/24 (Call 02/01/24)		843		889,310
5.00%, 10/01/21 (Call 07/01/21)		105		107,420
5.30%, 09/15/20		602		606,762
Kinder Morgan Inc./DE, 3.15%, 01/15/23 (Call 12/15/22)		1,495		1,521,731
Magellan Midstream Partners LP, 4.25%, 02/01/21		513		516,652
MPLX LP
3.38%, 03/15/23 (Call 02/15/23)		819		812,994
4.50%, 07/15/23 (Call 04/15/23)		803		803,261
4.88%, 12/01/24 (Call 09/01/24)		1,539		1,519,899
5.25%, 01/15/25 (Call 01/15/21)^(b)		574		568,016
ONEOK Inc.
2.75%, 09/01/24 (Call 08/01/24)		325		289,600
4.25%, 02/01/22 (Call 11/01/21)		165		164,671
7.50%, 09/01/23 (Call 06/01/23)		916		957,596
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		1,683		1,632,329
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		816		764,136
3.65%, 06/01/22 (Call 03/01/22)		960		929,437
3.85%, 10/15/23 (Call 07/15/23)		431		411,678
5.00%, 02/01/21 (Call 11/01/20)		135		134,320
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)		1,370		1,370,000
5.63%, 04/15/23 (Call 01/15/23)		1,373		1,432,314
5.75%, 05/15/24 (Call 02/15/24)		1,842		1,918,985
6.25%, 03/15/22 (Call 12/15/21)		960		990,547
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		1,040		1,103,096
Sunoco Logistics Partners Operations LP
4.25%, 04/01/24 (Call 01/01/24)		55		54,315
4.40%, 04/01/21 (Call 03/01/21)		361		359,500
TransCanada PipeLines Ltd.
2.50%, 08/01/22		980		991,745
3.75%, 10/16/23 (Call 07/16/23)		250		260,646
3.80%, 10/01/20.		1,197		1,205,229
Williams Companies Inc. (The)
3.35%, 08/15/22 (Call 05/15/22)		859		860,418
3.60%, 03/15/22 (Call 01/15/22)		1,581		1,606,054
3.70%, 01/15/23 (Call 10/15/22)		1,300		1,311,467
3.90%, 01/15/25 (Call 10/15/24)		825		832,476
4.00%, 11/15/21 (Call 08/15/21)		145		146,938
4.13%, 11/15/20 (Call 08/15/20)		205		205,662
4.30%, 03/04/24 (Call 12/04/23)		1,040		1,065,592


SCHEDULE OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
4.50%, 11/15/23 (Call 08/15/23)	$	70	$	72,462
4.55%, 06/24/24 (Call 03/24/24)		1,385		1,439,098

				54,944,209

Private Equity — 0.0%
Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)		585		620,942


Real Estate Investment Trusts — 2.1%
Alexandria Real Estate Equities Inc.
3.90%, 06/15/23 (Call 03/15/23)		360		377,546
4.00%, 01/15/24 (Call 12/15/23)		711		759,396
American Tower Corp.
2.25%, 01/15/22		305		308,922
2.80%, 06/01/20 (Call 05/11/20)		1,048		1,046,937
3.00%, 06/15/23		595		623,362
3.30%, 02/15/21 (Call 01/15/21)		536		542,206
3.38%, 05/15/24 (Call 04/15/24)		413		439,802
3.45%, 09/15/21		337		346,370
3.50%, 01/31/23^(a)		2,016		2,121,635
4.70%, 03/15/22		1,035		1,099,199
5.00%, 02/15/24^(a)		1,030		1,148,357
Boston Properties LP
3.13%, 09/01/23 (Call 06/01/23)		1,340		1,379,412
3.20%, 01/15/25 (Call 10/15/24)^(a)		500		516,268
3.80%, 02/01/24 (Call 11/01/23)^(a)		155		162,415
3.85%, 02/01/23 (Call 11/01/22)		1,047		1,098,602
4.13%, 05/15/21 (Call 02/15/21)		1,031		1,048,096
Brixmor Operating Partnership LP
3.65%, 06/15/24 (Call 04/15/24)		340		338,238
3.85%, 02/01/25 (Call 11/01/24)		40		39,998
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		1,723		1,828,693
Crown Castle International Corp.
2.25%, 09/01/21 (Call 08/01/21)		989		998,739
3.15%, 07/15/23 (Call 06/15/23)		280		292,894
3.20%, 09/01/24 (Call 07/01/24)		296		313,777
3.40%, 02/15/21 (Call 01/15/21)		1,429		1,442,358
4.88%, 04/15/22		600		638,290
5.25%, 01/15/23		1,713		1,871,903
CyrusOne LP/CyrusOne Finance Corp., 2.90%, 11/15/24 (Call 10/15/24)		525		517,483
Digital Realty Trust LP, 3.95%, 07/01/22 (Call 05/01/22)		905		938,086
Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)		915		939,944
ERP Operating LP
3.00%, 04/15/23 (Call 01/15/23)^(a)		353		365,058
4.63%, 12/15/21 (Call 09/15/21)		960		998,814
GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23)^(a)		85		82,880
Healthpeak Properties Inc.
3.88%, 08/15/24 (Call 05/17/24)		1,169		1,208,663
4.25%, 11/15/23 (Call 08/15/23)		428		442,577
Kimco Realty Corp.
3.30%, 02/01/25 (Call 12/01/24)		848		849,372
3.40%, 11/01/22 (Call 09/01/22)^(a)		249		253,059
Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)		326		322,957
Prologis LP, 4.25%, 08/15/23 (Call 05/15/23)		565		613,601
Public Storage, 2.37%, 09/15/22 (Call 08/15/22)		628		642,680


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Realty Income Corp.
3.25%, 10/15/22 (Call 07/15/22)	$	910	$	931,588
4.65%, 08/01/23 (Call 05/01/23)		286		303,555
Service Properties Trust
4.35%, 10/01/24 (Call 09/01/24)		690		581,113
4.50%, 06/15/23 (Call 12/15/22)		463		401,866
5.00%, 08/15/22 (Call 02/15/22)		310		283,641
Simon Property Group LP
2.00%, 09/13/24 (Call 06/13/24)		1,266		1,192,562
2.35%, 01/30/22 (Call 10/30/21)		770		768,897
2.50%, 09/01/20 (Call 06/01/20)		175		174,918
2.50%, 07/15/21 (Call 04/15/21)		295		296,632
2.63%, 06/15/22 (Call 03/15/22)		476		474,601
2.75%, 06/01/23 (Call 03/01/23)		1,565		1,534,107
3.38%, 10/01/24 (Call 07/01/24)		605		602,044
3.75%, 02/01/24 (Call 11/01/23)		222		224,224
Ventas Realty LP, 3.50%, 02/01/25 (Call 11/01/24)		745		738,797
Ventas Realty LP/Ventas Capital Corp., 3.25%, 08/15/22 (Call 05/15/22)^(a)		748		755,802
VEREIT Operating Partnership LP, 4.60%, 02/06/24 (Call 11/06/23)		436		432,791
Welltower Inc.
3.63%, 03/15/24 (Call 02/15/24)		711		717,862
3.75%, 03/15/23 (Call 12/15/22)		605		615,640
3.95%, 09/01/23 (Call 08/01/23)		534		549,866
Weyerhaeuser Co., 4.63%, 09/15/23		45		48,010

				40,587,105

Retail — 2.6%
AutoZone Inc.
3.13%, 07/15/23 (Call 04/15/23)^(a)		250		258,441
3.63%, 04/15/25 (Call 03/15/25)		500		535,622
3.70%, 04/15/22 (Call 01/15/22)		307		316,221
4.00%, 11/15/20 (Call 08/15/20)		80		80,449
Best Buy Co. Inc., 5.50%, 03/15/21 (Call 12/15/20)		229		232,178
Costco Wholesale Corp.
2.15%, 05/18/21 (Call 04/18/21)		438		445,277
2.25%, 02/15/22		89		91,705
2.30%, 05/18/22 (Call 04/18/22)		1,164		1,200,466
2.75%, 05/18/24 (Call 03/18/24)		992		1,061,514
Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)^(a)		1,140		1,206,096
Dollar Tree Inc., 3.70%, 05/15/23 (Call 04/15/23)		1,287		1,349,487
Home Depot Inc. (The)
1.80%, 06/05/20		281		281,237
2.00%, 04/01/21 (Call 03/01/21)^(a)		3,028		3,055,736
2.63%, 06/01/22 (Call 05/01/22)		2,270		2,365,860
2.70%, 04/01/23 (Call 01/01/23)		1,237		1,307,219
3.25%, 03/01/22		560		587,636
3.75%, 02/15/24 (Call 11/15/23)		270		296,853
4.40%, 04/01/21 (Call 01/01/21)^(a)		195		199,939
Lowe’s Companies Inc.
3.12%, 04/15/22 (Call 01/15/22)		674		694,715
3.75%, 04/15/21 (Call 01/15/21)^(a)		205		208,476
3.80%, 11/15/21 (Call 08/15/21)^(a)		130		134,411
3.88%, 09/15/23 (Call 06/15/23)^(a)		685		739,850
4.00%, 04/15/25 (Call 03/15/25)		1,000		1,109,183
McDonald’s Corp.
2.20%, 05/26/20.		1,040		1,040,832
2.63%, 01/15/22		460		471,356
2.75%, 12/09/20 (Call 11/09/20)		897		905,749
3.30%, 07/01/25 (Call 06/01/25)		180		196,559


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
3.35%, 04/01/23 (Call 03/01/23)	$	1,365	$	1,454,826
Nordstrom Inc., 4.00%, 10/15/21 (Call 07/15/21)		80		77,631
O’Reilly Automotive Inc., 4.88%, 01/14/21 (Call 10/14/20)		88		88,688
Starbucks Corp.
2.10%, 02/04/21 (Call 01/04/21)		1,055		1,064,461
2.20%, 11/22/20		796		800,124
2.70%, 06/15/22 (Call 04/15/22)^(a)		707		727,942
3.10%, 03/01/23 (Call 02/01/23)		1,680		1,752,217
3.85%, 10/01/23 (Call 07/01/23)		25		26,850
Target Corp.
2.25%, 04/15/25 (Call 03/15/25)		1,700		1,790,674
2.90%, 01/15/22		665		691,485
3.50%, 07/01/24		940		1,036,747
TJX Companies Inc. (The)
2.50%, 05/15/23 (Call 02/15/23)		804		824,886
2.75%, 06/15/21 (Call 04/15/21)		77		77,990
Walgreen Co., 3.10%, 09/15/22		943		969,997
Walgreens Boots Alliance Inc.
3.30%, 11/18/21 (Call 09/18/21)^(a)		1,913		1,948,049
3.80%, 11/18/24 (Call 08/18/24)		1,891		2,010,554
Walmart Inc.
1.90%, 12/15/20		1,147		1,155,442
2.35%, 12/15/22 (Call 11/15/22)^(a)		895		932,872
2.55%, 04/11/23 (Call 01/11/23)		1,609		1,687,965
2.65%, 12/15/24 (Call 10/15/24)		2,030		2,176,026
2.85%, 06/23/20^(a)		195		195,596
2.85%, 07/08/24 (Call 06/08/24)		1,256		1,348,289
3.13%, 06/23/21		1,704		1,749,858
3.25%, 10/25/20^(a)		85		86,065
3.30%, 04/22/24 (Call 01/22/24)		1,167		1,270,893
3.40%, 06/26/23 (Call 05/26/23)		3,640		3,935,204
3.63%, 07/08/20		810		814,260
4.25%, 04/15/21^(a)		40		41,360

				51,110,018

Semiconductors — 2.3%
Analog Devices Inc.
2.88%, 06/01/23 (Call 03/01/23)^(a)		50		51,773
3.13%, 12/05/23 (Call 10/05/23)^(a)		414		433,521
Applied Materials Inc.
2.63%, 10/01/20 (Call 09/01/20)		818		822,316
4.30%, 06/15/21		828		859,933
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.20%, 01/15/21		2,445		2,440,906
2.65%, 01/15/23 (Call 12/15/22)		1,482		1,506,281
3.13%, 01/15/25 (Call 11/15/24)		710		728,676
3.63%, 01/15/24 (Call 11/15/23)		2,397		2,496,156
Broadcom Inc.
3.13%, 04/15/21^(b)		60		60,399
3.13%, 10/15/22^(b)		2,328		2,408,744
3.63%, 10/15/24 (Call 09/15/24)^(b)		1,703		1,789,696
4.70%, 04/15/25 (Call 03/15/25)^(b)		1,500		1,653,515
Intel Corp.
1.70%, 05/19/21 (Call 04/19/21)		564		568,109
1.85%, 05/11/20		799		799,104
2.35%, 05/11/22 (Call 04/11/22)		1,590		1,636,730
2.45%, 07/29/20		2,107		2,116,210
2.70%, 12/15/22		2,556		2,678,932
2.88%, 05/11/24 (Call 03/11/24)		1,275		1,362,552
3.10%, 07/29/22		20		21,051
3.30%, 10/01/21		2,293		2,374,789


Security	Par (000)		Value

Semiconductors (continued)
3.40%, 03/25/25 (Call 02/25/25)	$	1,500	$	1,658,562
KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)		1,495		1,659,029
Lam Research Corp., 2.80%, 06/15/21 (Call 05/15/21)^(a)		1,034		1,053,638
Marvell Technology Group Ltd., 4.20%, 06/22/23 (Call 05/22/23)		75		77,816
Maxim Integrated Products Inc., 3.38%, 03/15/23 (Call 12/15/22)		125		129,546
Microchip Technology Inc.
3.92%, 06/01/21		305		309,368
4.33%, 06/01/23 (Call 05/01/23)		980		1,013,796
Micron Technology Inc., 4.64%, 02/06/24 (Call 01/06/24)		403		431,076
NVIDIA Corp., 2.20%, 09/16/21 (Call 08/16/21)		1,446		1,471,415
NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)^(b)		686		742,831
NXP BV/NXP Funding LLC/NXP USA Inc., 2.70%, 05/01/25 (Call 04/01/25)^(b)		65		65,709
QUALCOMM Inc.
2.25%, 05/20/20.		1,101		1,101,624
2.60%, 01/30/23 (Call 12/30/22)		2,581		2,687,890
2.90%, 05/20/24 (Call 03/20/24)		1,468		1,561,839
3.00%, 05/20/22^(a)		1,416		1,473,814
Texas Instruments Inc.
1.85%, 05/15/22 (Call 04/15/22)		105		107,267
2.25%, 05/01/23 (Call 02/01/23)		105		109,483
2.75%, 03/12/21 (Call 02/12/21)		942		956,088
Xilinx Inc.
2.95%, 06/01/24 (Call 04/01/24)^(a)		511		535,797
3.00%, 03/15/21		390		395,099

				44,351,080

Software — 2.8%
Activision Blizzard Inc., 2.30%, 09/15/21 (Call 08/15/21)		827		838,118
Adobe Inc.
1.70%, 02/01/23		210		215,089
1.90%, 02/01/25 (Call 01/01/25)		205		213,511
Fidelity National Information Services Inc., 3.50%, 04/15/23 (Call 01/15/23)^(a)		250		264,141
Fiserv Inc.
2.70%, 06/01/20 (Call 05/29/20)		805		805,824
2.75%, 07/01/24 (Call 06/01/24)		2,042		2,130,336
3.50%, 10/01/22 (Call 07/01/22)		230		240,796
3.80%, 10/01/23 (Call 09/01/23)		731		790,162
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)^(a)		2,485		2,513,565
2.00%, 11/03/20 (Call 10/03/20)^(a)		1,078		1,086,013
2.00%, 08/08/23 (Call 06/08/23)		1,796		1,869,488
2.13%, 11/15/22^(a)		323		337,497
2.38%, 02/12/22 (Call 01/12/22)		1,922		1,982,206
2.38%, 05/01/23 (Call 02/01/23)		1,722		1,802,204
2.40%, 02/06/22 (Call 01/06/22)		1,856		1,909,895
2.65%, 11/03/22 (Call 09/03/22)		871		912,401
2.70%, 02/12/25 (Call 11/12/24)^(a)		3,000		3,242,445
2.88%, 02/06/24 (Call 12/06/23)^(a)		2,264		2,436,866
3.00%, 10/01/20^(a)		316		319,033
3.63%, 12/15/23 (Call 09/15/23)		1,520		1,663,256
4.00%, 02/08/21		20		20,528
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)		3,583		3,630,296
2.40%, 09/15/23 (Call 07/15/23)^(a)		2,706		2,831,118
2.50%, 05/15/22 (Call 03/15/22)		2,955		3,040,134
2.50%, 10/15/22^(a)		1,704		1,767,987


SCHEDULE OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
2.50%, 04/01/25 (Call 03/01/25)	$	3,000	$	3,147,519
2.63%, 02/15/23 (Call 01/15/23)^(a)		1,246		1,300,735
2.80%, 07/08/21^(a)		2,091		2,135,157
2.95%, 11/15/24 (Call 09/15/24)		2,163		2,318,455
3.40%, 07/08/24 (Call 04/08/24)^(a)		2,048		2,216,006
3.63%, 07/15/23^(a)		1,126		1,214,615
3.88%, 07/15/20		1,099		1,105,930
salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23)		984		1,046,297
VMware Inc.
2.30%, 08/21/20		1,318		1,318,713
2.95%, 08/21/22 (Call 07/21/22)		1,393		1,413,872

				54,080,208

Telecommunications — 2.8%
AT&T Inc.
2.45%, 06/30/20 (Call 05/30/20)		1,156		1,157,084
2.63%, 12/01/22 (Call 09/01/22)		445		455,261
2.80%, 02/17/21 (Call 01/17/21)^(a)		1,932		1,950,519
3.00%, 02/15/22		2,472		2,539,149
3.00%, 06/30/22 (Call 04/30/22)		2,543		2,622,107
3.20%, 03/01/22 (Call 02/01/22)		1,589		1,644,219
3.55%, 06/01/24 (Call 03/01/24)		901		953,617
3.60%, 02/17/23 (Call 12/17/22)		1,150		1,209,088
3.80%, 03/15/22		1,608		1,677,757
3.80%, 03/01/24 (Call 01/01/24)		976		1,042,575
3.88%, 08/15/21		1,219		1,256,957
3.90%, 03/11/24 (Call 12/11/23)		57		61,046
3.95%, 01/15/25 (Call 10/15/24)		1,056		1,138,353
4.45%, 05/15/21		520		536,184
4.45%, 04/01/24 (Call 01/01/24)		1,027		1,116,822
4.60%, 02/15/21 (Call 11/15/20)		1,014		1,032,662
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)		464		504,225
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)		2,154		2,189,898
2.20%, 02/28/21^(a)		2,940		2,975,507
2.20%, 09/20/23 (Call 07/20/23)^(a)		1,057		1,098,449
2.45%, 06/15/20		729		730,401
2.60%, 02/28/23		35		36,668
3.00%, 06/15/22		247		258,014
3.63%, 03/04/24		757		833,815
Juniper Networks Inc., 4.50%, 03/15/24		206		218,725
Motorola Solutions Inc.
3.50%, 03/01/23		196		201,002
3.75%, 05/15/22		890		923,092
4.00%, 09/01/24		579		618,085
Orange SA, 4.13%, 09/14/21		549		572,006
Rogers Communications Inc.
3.00%, 03/15/23 (Call 12/15/22)		150		157,593
4.10%, 10/01/23 (Call 07/01/23)^(a)		707		770,283
Telefonica Emisiones SA
4.57%, 04/27/23		625		675,071
5.46%, 02/16/21		1,144		1,178,287
T-Mobile USA Inc., 3.50%, 04/15/25 (Call 03/15/25)^(b)		2,470		2,616,194
Verizon Communications Inc.
2.45%, 11/01/22 (Call 08/01/22)^(a)		1,193		1,233,861
2.95%, 03/15/22		1,564		1,625,535
3.13%, 03/16/22		1,816		1,891,190
3.38%, 02/15/25		3,050		3,319,888
3.45%, 03/15/21		410		418,596
3.50%, 11/01/24 (Call 08/01/24)		1,326		1,445,631


Security	Par/ Shares (000)		Value

Telecommunications (continued)
4.15%, 03/15/24 (Call 12/15/23)	$	47	$	51,926
4.60%, 04/01/21		605		624,658
5.15%, 09/15/23.		4,334		4,924,313
Vodafone Group PLC
2.50%, 09/26/22		35		35,934
2.95%, 02/19/23		100		104,784
3.75%, 01/16/24.		2,318		2,500,985

				55,128,016

Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)		400		400,097


Transportation — 1.0%
Burlington Northern SantaFe LLC
3.00%, 03/15/23 (Call 12/15/22)		1,636		1,713,432
3.05%, 03/15/22 (Call 12/15/21)		250		257,700
3.05%, 09/01/22 (Call 06/01/22)		545		567,936
3.40%, 09/01/24 (Call 06/01/24)		218		236,944
3.75%, 04/01/24 (Call 01/01/24)^(a)		30		32,705
3.85%, 09/01/23 (Call 06/01/23)^(a)		200		217,031
CSX Corp.
3.40%, 08/01/24 (Call 05/01/24)		629		675,240
3.70%, 11/01/23 (Call 08/01/23)		16		17,173
FedEx Corp.
2.63%, 08/01/22		595		608,423
3.20%, 02/01/25		516		537,775
3.40%, 01/14/22		278		286,749
4.00%, 01/15/24^(a)		970		1,037,909
Norfolk Southern Corp.
2.90%, 02/15/23 (Call 11/15/22)		867		889,991
3.00%, 04/01/22 (Call 01/01/22)		927		955,309
3.25%, 12/01/21 (Call 09/01/21)		155		159,080
Ryder System Inc.
2.50%, 09/01/24 (Call 08/01/24)		550		538,723
2.88%, 06/01/22 (Call 05/01/22)		108		107,965
3.65%, 03/18/24 (Call 02/18/24)^(a)		548		565,150
Union Pacific Corp.
2.95%, 03/01/22^(a)		188		194,774
3.15%, 03/01/24 (Call 02/01/24)^(a)		290		308,394
3.20%, 06/08/21		828		845,066
3.50%, 06/08/23 (Call 05/08/23)		1,100		1,164,086
4.00%, 02/01/21 (Call 11/01/20)^(a)		260		263,186
4.16%, 07/15/22 (Call 04/15/22)		908		958,296
United Parcel Service Inc.
2.05%, 04/01/21		232		234,346
2.35%, 05/16/22 (Call 04/16/22)		543		560,613
2.45%, 10/01/22.		1,366		1,416,354
2.50%, 04/01/23 (Call 03/01/23)		1,493		1,557,528
2.80%, 11/15/24 (Call 09/15/24)^(a)		35		37,199
3.13%, 01/15/21		685		693,902
3.90%, 04/01/25 (Call 03/01/25)		1,000		1,108,055

				18,747,034


Total Corporate Bonds & Notes — 98.3% (Cost: $1,874,849,592)				1,906,652,859


Short-Term Investments

Money Market Funds — 8.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(e)(f)(g)		82,374		82,464,487


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(e)(f)		76,478	$	76,478,000

				158,942,487


Total Short-Term Investments — 8.2% (Cost: $158,844,255)				158,942,487


Total Investments in Securities — 106.5% (Cost: $2,033,693,847)				2,065,595,346

Other Assets, Less Liabilities — (6.5)%				(126,048,325	)


Net Assets — 100.0%			$	1,939,547,021

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

^(b)

^(c)

Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(d)

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

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	88,613	(6,239	)	82,374	$	82,464,487	$	193,945	^(b)	$	(29,046	)	$	73,213
BlackRock Cash Funds: Treasury, SL Agency Shares	25,905	50,573		76,478		76,478,000		145,229			—			—

					$	158,942,487	$	339,174		$	(29,046	)	$	73,213

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	1,906,652,859	$	—	$	1,906,652,859
Money Market Funds		158,942,487		—		—		158,942,487

	$	158,942,487	$	1,906,652,859	$	—	$	2,065,595,346

See notes to financial statements.


SCHEDULE OF INVESTMENTS			25

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Global Green Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Corporate Bonds & Notes

Australia — 0.9%
Australia & New Zealand Banking Group Ltd., Series TCD, 3.25%, 06/03/20^(a)	AUD		100	$	65,599
National Australia Bank Ltd.
0.35%, 09/07/22^(a)	EUR		100		109,465
0.63%, 08/30/23^(a)	EUR		200		220,821
4.00%, 12/16/21	AUD		50		34,439
Westpac Banking Corp.
0.63%, 11/22/24^(a)	EUR		100		109,830
3.10%, 06/03/21^(a)	AUD		100		67,165
Woolworths Group Ltd., 2.85%, 04/23/24	AUD		50		34,260

					641,579

Austria — 0.6%
Raiffeisen Bank International AG
0.25%, 07/05/21^(a)	EUR		100		108,873
0.38%, 09/25/26^(a)	EUR		200		210,871
Verbund AG, 1.50%, 11/20/24^(a)	EUR		100		115,147

					434,891

Belgium — 0.1%
KBC Group NV, 0.88%, 06/27/23^(a)	EUR		100		110,326


Brazil — 0.5%
Fibria Overseas Finance Ltd., 5.50%, 01/17/27	USD		175		176,470
Suzano Austria GmbH, 5.75%, 07/14/26^(a)(b)	USD		200		205,700

					382,170

Canada — 0.8%
Bank of Nova Scotia (The), 2.38%, 01/18/23	USD		250		256,618
Brookfield Renewable Partners ULC, 4.25%, 01/15/29 (Call 10/15/28)	CAD		50		39,812
Ontario Power Generation Inc., 4.25%, 01/18/49 (Call 07/18/48)	CAD		185		156,792
Royal Bank of Canada, 0.25%, 05/02/24^(a)	EUR		100		107,082
Toronto-Dominion Bank (The), 1.85%, 09/11/20	USD		75		75,294

					635,598

China — 1.7%
Bank of China Ltd./Luxembourg
0.75%, 07/12/21^(a)	EUR		100		109,250
2.25%, 07/12/21^(a)	USD		200		201,602
CGNPC International Ltd.
1.63%, 12/11/24^(a)	EUR		100		113,130
2.00%, 09/11/25^(a)	EUR		100		116,472
China Construction Bank Corp./Luxembourg, 0.05%, 10/22/22^(a)	EUR		100		108,567
China Development Bank, 0.38%, 11/16/21^(a)	EUR		200		219,726
Industrial & Commercial Bank of China Ltd./Luxembourg, 2.88%, 10/12/22^(a)	USD		200		206,214
Industrial &Commercial Bank of China Ltd./Singapore, 0.25%, 04/25/22^(a)	EUR		100		108,645
Three Gorges Finance II Cayman Islands Ltd., 1.30%, 06/21/24^(a)	EUR		100		109,860

					1,293,466

Czech Republic — 0.3%
CPI Property Group SA
1.63%, 04/23/27 (Call 01/23/27)^(a)	EUR		100		99,525
2.75%, 01/22/28 (Call 10/22/27)^(a)	GBP		100		114,956

					214,481

Denmark — 1.1%
Danske Bank AS, 1.63%, 03/15/24^(a)	EUR		100		110,466


Security		Par (000)		Value

Denmark (continued)
Orsted A/S
1.50%, 11/26/29 (Call 08/26/29)^(a)	EUR		200	$	238,004
2.13%, 05/17/27 (Call 02/17/27)^(a)	GBP		100		131,545
Orsted AS 1.75%, 12/09/3019 (Call 09/09/27)^(a)(c)	EUR		100		106,796
2.25%, 11/24/3017 (Call 08/24/24)^(a)(c)	EUR		100		109,867
2.50%, 05/16/33 (Call 02/16/33)^(a)	GBP		100		137,524

					834,202

Finland — 0.6%
Nordea Bank Abp 0.30%, 06/30/22^(a)	EUR		200		219,349
0.38%, 05/28/26^(a)	EUR		100		109,465
OP Corporate Bank PLC, 0.38%, 02/26/24^(a)	EUR		100		109,825

					438,639

France — 8.8%
ALD SA, 1.25%, 10/11/22^(a)	EUR		100		104,269
BNP Paribas SA 0.50%, 06/04/26 (Call 06/04/25)^(a)(c)	EUR		100		107,253
1.00%, 04/17/24^(a)	EUR		100		110,584
1.13%, 08/28/24^(a)	EUR		200		222,199
BPCE SA, 0.13%, 12/04/24^(a)	EUR		100		108,010
Ceetrus SA, Series ., 2.75%, 11/26/26 (Call 08/26/26)^(a)	EUR		100		104,432
CNP Assurances, 2.00%, 07/27/50 (Call 07/27/30)^(a)(c)	EUR		100		109,236
Covivio
1.13%, 09/17/31 (Call 06/17/31)^(a)	EUR		100		100,533
1.88%, 05/20/26 (Call 02/20/26)^(a)	EUR		100		110,932
Credit Agricole Home Loan SFH SA, 0.05%, 12/06/29^(a)	EUR		200		217,978
Credit Agricole SA, 0.38%, 10/21/25^(a)	EUR		200		212,915
Credit Agricole SA/London, 0.75%, 12/05/23^(a)	EUR		100		111,356
Electricite de France SA
1.00%, 10/13/26 (Call 07/13/26)^(a)	EUR		300		338,875
2.25%, 04/27/21^(a)	EUR		200		223,218
3.63%, 10/13/25 (Call 07/13/25)^(d)	USD		400		437,220
Engie SA
0.38%, 02/28/23 (Call 11/28/22)^(a)	EUR		100		109,759
0.38%, 06/21/27 (Call 03/20/27)^(a)	EUR		100		108,874
0.50%, 10/24/30 (Call 07/24/30)^(a)	EUR		100		107,808
0.88%, 03/27/24 (Call 12/27/23)^(a)	EUR		100		111,919
1.38%, (Call 01/16/23)^(a)(c)(e)	EUR		200		214,679
1.38%, 02/28/29 (Call 11/28/28)^(a)	EUR		100		116,405
1.38%, 06/21/39 (Call 03/21/39)^(a)	EUR		200		227,713
1.50%, 03/27/28 (Call 12/27/27)^(a)	EUR		200		235,584
1.75%, 03/27/28 (Call 12/27/27)^(a)	EUR		100		119,428
2.13%, 03/30/32 (Call 12/30/31)^(a)	EUR		100		125,688
3.25%, (Call 11/28/24)^(a)(c)(e)	EUR		200		226,988
HSBC France SA, 0.63%, 12/03/20	EUR		100		109,757
ICADE, 1.50%, 09/13/27 (Call 06/13/27)^(a)	EUR		100		107,674
La Banque Postale SA, 1.38%, 04/24/29^(a)	EUR		100		111,334
La Poste SA, 1.45%, 11/30/28^(a)	EUR		100		116,736
Regie Autonome des Transports Parisiens, 0.35%, 06/20/29^(a)	EUR		100		111,164
SNCF Reseau
1.00%, 11/09/31^(a)	EUR		200		236,637
1.88%, 03/30/34^(a)	EUR		200		260,559
2.25%, 12/20/47^(a)	EUR		200		289,648
Societe Generale SA
0.13%, 10/05/21^(a)	EUR		100		109,145
0.75%, 11/25/20^(a)	EUR		100		109,834


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Global Green Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

France (continued)
Societe Generale SFH SA 0.00%, 02/11/30^(a)	EUR		200	$	216,935
0.13%, 07/18/29^(a)	EUR		200		219,965
Unibail-Rodamco-Westfield SE, 2.50%, 02/26/24^(a)	EUR		250		283,206

					6,606,449

Germany — 10.2%
Berlin Hyp AG 0.01%, 07/19/27^(a)	EUR		100		110,609
0.13%, 05/05/22^(a)	EUR		100		110,402
0.50%, 09/26/23^(a)	EUR		100		108,581
0.50%, 11/05/29^(a)	EUR		100		106,509
1.13%, 10/25/27^(a)	EUR		100		108,750
1.50%, 04/18/28^(a)	EUR		100		114,296
Series 201, 0.13%, 10/23/23	EUR		100		110,964
Series 211, 0.63%, 10/22/25^(a)	EUR		100		114,540
Commerzbank AG, 1.25%, 10/23/23^(a)	EUR		100		107,941
Deutsche Hypothekenbank AG 0.13%, 11/23/23^(a)	EUR		100		110,952
0.25%, 12/10/24^(a)	EUR		100		111,986
Deutsche Kreditbank AG 0.75%, 09/26/24^(a)	EUR		100		108,612
Series 100, 0.63%, Series 100, 06/08/21	EUR		100		108,839
E.ON SE 0.00%, 08/28/24 (Call 05/28/24)^(a)(f)	EUR		150		162,489
0.35%, 02/28/30 (Call 11/28/29)^(a)	EUR		150		160,066
0.38%, 09/29/27 (Call 06/29/27)^(a)	EUR		175		190,742
EnBW Energie Baden-Wuerttemberg AG 1.13%, 11/05/79 (Call 08/05/24)^(a)(c)	EUR		100		104,601
1.63%, 08/05/79 (Call 05/05/27)^(a)(c)	EUR		100		103,415
EnBW International Finance BV, 1.88%, 10/31/33 (Call 07/31/33)^(a)	EUR		75		93,428
Innogy Finance BV, 1.25%, 10/19/27 (Call 07/19/27)^(a)	EUR		150		172,538
KfW 0.00%, 05/05/27^(a)	EUR		700		782,765
0.05%, 05/30/24	EUR		250		279,118
0.13%, 06/03/22	SEK		3,000		306,376
0.25%, 06/30/25	EUR		500		565,766
0.50%, 09/28/26^(a)	EUR		100		115,428
0.88%, 09/15/26^(a)	GBP		200		256,554
1.25%, 08/28/23	NOK		500		49,959
1.38%, 02/02/28^(a)	SEK		1,100		120,711
1.50%, 07/24/24	AUD		100		67,136
1.63%, 06/05/20^(a)	GBP		100		126,291
1.75%, 09/14/29	USD		350		377,391
1.88%, 11/30/20	USD		50		50,429
2.00%, 11/30/21	USD		350		359,009
2.00%, 09/29/22	USD		300		311,475
2.40%, 07/02/20^(a)	AUD		150		98,524
Landesbank Baden-Wuerttemberg 0.13%, 06/27/23^(a)	EUR		100		110,930
0.20%, 12/13/21^(a)	EUR		100		108,652
1.50%, 02/03/25^(a)	GBP		100		122,097
Series 806, 0.38%, 05/24/24^(a)	EUR		200		214,896
Series 809, 0.38%, 07/29/26^(a)	EUR		100		105,725
Muenchener Hypothekenbank eG, Series 1803, 0.25%, 12/13/23^(a)	EUR		50		55,795
NRW Bank 0.00%, 10/15/29^(f)	EUR		225		247,283
0.38%, 11/17/26^(a)	EUR		50		56,708
0.50%, 09/13/27^(a)	EUR		75		86,043


Security		Par (000)		Value

Germany (continued)
0.63%, 02/02/29^(a)	EUR		75	$	87,052
0.75%, 06/30/28^(a)	EUR		75		87,948
0.88%, 11/10/25^(a)	EUR		125		145,142

					7,715,463

Hong Kong —0.4%
Link Finance Cayman 2009 Ltd. (The), 2.88%, 07/21/26^(a)	USD		200		208,254
Rail Transit International Development Co. Ltd., 1.63%, 06/22/22^(a)	EUR		100		110,828

					319,082

India — 0.5%
Axis Bank Ltd./Dubai, 2.88%, 06/01/21^(a)	USD		200		197,078
State Bank of India/London, 4.50%, 09/28/23^(a)	USD		200		205,626

					402,704

Ireland — 0.2%
ESB Finance DAC, 1.13%, 06/11/30 (Call 03/11/30)^(a)	EUR		100		111,318


Italy —2.7%
A2A SpA, 1.00%, 07/16/29 (Call 04/16/29)^(a)	EUR		100		107,168
Assicurazioni Generali SpA, 2.12%, 10/01/30^(a)	EUR		200		206,083
Enel Finance International NV 1.00%, 09/16/24^(a)	EUR		225		251,297
1.13%, 09/16/26 (Call 06/16/26)^(a)	EUR		250		280,627
1.50%, 07/21/25 (Call 04/21/25)^(a)	EUR		200		228,620
ERG SpA, 1.88%, 04/11/25 (Call 01/11/25)^(a)	EUR		100		111,821
Ferrovie dello Stato Italiane SpA, 0.88%, 12/07/23^(a)	EUR		100		108,300
Hera SpA 0.88%, 07/05/27 (Call 04/05/27)^(a)	EUR		100		109,793
2.38%, 07/04/24^(a)	EUR		100		117,368
Intesa Sanpaolo SpA, 0.88%, 06/27/22^(a)	EUR		100		108,422
Iren SpA 0.88%, 10/14/29 (Call 07/14/29)^(a)	EUR		100		106,796
1.50%, 10/24/27 (Call 07/24/27)^(a)	EUR		100		112,856
1.95%, 09/19/25 (Call 06/19/25)^(a)	EUR		100		116,082
Unione di Banche Italiane SpA, 1.50%, 04/10/24^(a)	EUR		100		107,299

					2,072,532

Japan — 1.1%
Mitsubishi UFJ Financial Group Inc. 0.98%, 10/09/23^(a)	EUR		300		328,258
2.53%, 09/13/23	USD		200		204,546
Mizuho Financial Group Inc., 0.96%, 10/16/24^(a)	EUR		100		109,022
Sumitomo Mitsui Financial Group Inc. 0.47%, 05/30/24^(a)	EUR		100		106,752
0.93%, 10/11/24^(a)	EUR		100		109,126

					857,704

Lithuania — 0.2%
Ignitis Grupe UAB, 2.00%, 07/14/27^(a)	EUR		100		114,649


Luxembourg —0.5%
NORD/LB Luxembourg SA Covered Bond Bank, 0.05%, 01/28/25^(a)	EUR		100		109,769
Prologis International Funding II SA, 0.88%, 07/09/29 (Call 04/09/29)^(a)	EUR		250		255,446

					365,215

Netherlands — 5.8%
ABN AMRO Bank NV 0.50%, 04/15/26^(a)	EUR		100		110,170
0.63%, 05/31/22^(a)	EUR		150		165,185
0.75%, 06/09/20^(a)	EUR		50		54,793
0.88%, 04/22/25^(a)	EUR		200		224,333


SCHEDULE OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Global Green Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Netherlands (continued)
Alliander NV 0.88%, 04/22/26 (Call 01/22/26)^(a)	EUR		100	$	114,042
0.88%, 06/24/32 (Call 03/24/32)^(a)	EUR		100		113,641
Cooperatieve Rabobank UA 0.13%, 10/11/21^(a)	EUR		100		109,522
0.25%, 10/30/26^(a)	EUR		100		106,960
de Volksbank NV, 0.01%, 09/16/24^(a)	EUR		100		106,834
ING Bank NV, 0.75%, 11/24/20^(a)	EUR		100		109,842
ING Groep NV 2.50%, 11/15/30^(a)	EUR		300		375,756
4.63%, 01/06/26^(b)(d)	USD		200		224,248
LeasePlan Corp. NV, 1.38%, 03/07/24^(a)	EUR		100		103,895
Nederlandse Waterschapsbank NV 0.70%, 01/25/23^(a)	SEK		550		56,942
1.00%, 09/03/25^(a)	EUR		200		233,448
2.38%, 03/24/26^(d)	USD		400		437,032
PostNL NV, 0.63%, 09/23/26 (Call 06/23/26)	EUR		100		107,705
Royal Schiphol Group NV 1.50%, 11/05/30 (Call 08/05/30)^(a)	EUR		100		112,346
2.00%, 04/06/29 (Call 01/06/29)^(a)	EUR		100		118,509
TenneT Holding BV 0.75%, 06/26/25 (Call 03/26/25)^(a)	EUR		100		112,258
0.88%, 06/03/30 (Call 03/03/30)^(a)	EUR		100		112,955
1.00%, 06/13/26 (Call 03/13/26)^(a)	EUR		100		114,082
1.25%, 10/24/33 (Call 07/24/33)^(a)	EUR		150		174,075
1.38%, 06/05/28 (Call 03/05/28)^(a)	EUR		125		146,826
1.38%, 06/26/29 (Call 03/26/29)^(a)	EUR		100		117,893
1.50%, 06/03/39 (Call 03/03/39)^(a)	EUR		100		116,412
1.75%, 06/04/27 (Call 03/04/27)^(a)	EUR		100		119,875
1.88%, 06/13/36 (Call 03/13/36)^(a)	EUR		100		124,386
2.00%, 06/05/34 (Call 03/05/34)^(a)	EUR		100		126,147
Vesteda Finance BV, 1.50%, 05/24/27 (Call 02/24/27)^(a)	EUR		100		110,784

					4,360,896

Norway —1.3%
DNB Boligkreditt AS 0.63%, 06/19/25^(a)	EUR		275		312,500
0.75%, 01/31/24^(a)	SEK		2,000		207,511
SpareBank 1 Boligkreditt AS, 0.50%, 01/30/25^(a)	EUR		200		225,366
Sparebanken Soer Boligkreditt AS, 0.01%, 10/26/26^(a)	EUR		100		109,677
SR-Boligkreditt AS, 0.00%, 10/08/26	EUR		100		109,955

					965,009

Portugal — 0.4%
EDP — Energias de Portugal SA, 1.63%, 04/15/27 (Call 01/15/27)^(a)	EUR		100		114,572
EDP Finance BV 0.38%, 09/16/26 (Call 06/16/26)^(a)	EUR		100		106,244
1.88%, 10/13/25^(a)	EUR		100		115,972

					336,788

Russia — 0.2%
Russian Railways Via RZD Capital PLC, 2.20%, 05/23/27 (Call 02/23/27)^(a)	EUR		100		110,730


South Korea — 1.2%
Hyundai Capital Services Inc., 2.88%, 03/16/21^(a)	USD		200		198,816
Korea Electric Power Corp., 2.50%, 06/24/24^(a)	USD		200		205,688
Korea Midland Power Co. Ltd., 3.38%, 01/22/22^(a)	USD		200		206,104


Security		Par (000)		Value

South Korea (continued)
LG Chem Ltd. 0.50%, 04/15/23^(a)	EUR		100	$	104,887
3.25%, 10/15/24^(a)	USD		200		205,032

					920,527

Spain — 3.5%
Adif — Alta Velocidad, 0.80%, 07/05/23^(a)	EUR		100		111,660
Banco Bilbao Vizcaya Argentaria SA 1.00%, 06/21/26^(a)	EUR		200		214,486
1.38%, 05/14/25^(a)	EUR		100		109,919
Banco Santander SA, 0.30%, 10/04/26^(a)	EUR		200		211,919
Bankinter SA, 0.63%, 10/06/27^(a)	EUR		100		100,942
Iberdrola Finanzas SA 1.00%, 03/07/24 (Call 12/07/23)^(a)	EUR		200		224,937
1.00%, 03/07/25 (Call 12/07/24)^(a)	EUR		100		113,174
1.25%, 10/28/26 (Call 07/28/26)^(a)	EUR		200		231,507
1.25%, 09/13/27^(a)	EUR		100		116,198
Iberdrola International BV 0.38%, 09/15/25^(a)	EUR		200		220,127
1.13%, 04/21/26^(a)	EUR		200		229,625
1.88%, (Call 02/22/23)^(a)(c)(e)	EUR		200		219,608
2.63%, (Call 03/26/24)^(a)(c)(e)	EUR		100		112,463
3.25%, (Call 11/12/24)^(a)(c)(e)	EUR		100		115,006
Naturgy Finance BV Co., 0.88%, 05/15/25 (Call 02/15/25)^(a)	EUR		200		222,480
Red Electrica Financiaciones SAU, 0.38%, 07/24/28 (Call 04/24/28)^(a)	EUR		100		108,390

					2,662,441

Sweden — 0.7%
Skandinaviska Enskilda Banken AB, 0.30%, 02/17/22^(a)	EUR		100		109,412
Svenska Handelsbanken AB, 0.38%, 07/03/23^(a)	EUR		100		109,983
Swedbank AB, 0.25%, 11/07/22^(a)	EUR		100		108,847
Vattenfall AB 0.05%, 10/15/25 (Call 07/15/25)^(a)	EUR		100		106,304
0.50%, 06/24/26 (Call 03/24/26)^(a)	EUR		100		107,704

					542,250

United Arab Emirates — 0.2%
MAF Sukuk Ltd., 3.93%, 02/28/30^(a)	USD		200		174,428


United Kingdom — 1.6%
Barclays PLC, 0.63%, 11/14/23 (Call 11/14/22)^(a)(c)	EUR		100		107,125
Clarion Funding PLC, 1.88%, 01/22/35^(a)	GBP		100		124,338
Greater Gabbard OFTO PLC, 4.14%, 11/29/32^(a)	GBP		81		119,953
Gwynt y Mor OFTO PLC, 2.78%, 02/17/34^(a)	GBP		83		112,607
HSBC Holdings PLC, 1.50%, 12/04/24 (Call 12/04/23)^(a)(c)	EUR		200		225,093
National Grid Electricity Transmission PLC, 0.19%, 01/20/25 (Call 10/20/24)^(a)	EUR		100		107,539
SSE PLC 0.88%, 09/06/25 (Call 06/06/25)^(a)	EUR		150		166,077
1.38%, 09/04/27 (Call 06/04/27)^(a)	EUR		200		228,854

					1,191,586

United States — 9.8%
Alexandria Real Estate Equities Inc. 3.80%, 04/15/26 (Call 02/15/26)	USD		100		106,733
4.00%, 01/15/24 (Call 12/15/23)	USD		175		187,957
Apple Inc. 2.85%, 02/23/23 (Call 12/23/22)	USD		350		369,330
3.00%, 06/20/27 (Call 03/20/27)	USD		125		138,198
Avangrid Inc. 3.15%, 12/01/24 (Call 10/01/24)	USD		100		106,132
3.80%, 06/01/29 (Call 03/01/29)	USD		150		163,671


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Global Green Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Bank of America Corp. 2.46%, 10/22/25 (Call 10/22/24)^(b)(c)	USD		425	$	434,401
3.50%, 05/17/22 (Call 05/17/21)^(c)	USD		450		458,914
Boston Properties LP 3.40%, 06/21/29 (Call 03/21/29)	USD		125		129,643
4.50%, 12/01/28 (Call 09/01/28)	USD		200		226,744
Citigroup Inc., 0.50%, 01/29/22 (Call 12/29/21)^(a)	EUR		200		218,602
Digital Euro Finco LLC, 2.50%, 01/16/26 (Call 10/16/25)^(a)	EUR		200		231,297
Digital Realty Trust LP, 3.95%, 07/01/22 (Call 05/01/22)	USD		75		78,607
DTE Electric Co. 3.95%, 03/01/49 (Call 09/01/48)	USD		95		118,488
Series A, 4.05%, 05/15/48 (Call 11/15/47)^(b)	USD		100		126,370
Duke Energy Carolinas LLC, 3.95%, 11/15/28 (Call 08/15/28)	USD		125		146,994
Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29)	USD		190		203,556
Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28)	USD		75		85,154
Duke Realty LP, 2.88%, 11/15/29 (Call 08/15/29)	USD		100		103,949
ERP Operating LP, 4.15%, 12/01/28 (Call 09/01/28)	USD		125		141,644
Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26)	USD		50		52,806
Interstate Power & Light Co. 3.50%, 09/30/49 (Call 03/30/49)	USD		125		136,745
3.60%, 04/01/29 (Call 01/01/29)	USD		50		55,093
4.10%, 09/26/28 (Call 06/26/28)	USD		50		57,117
Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)	USD		125		135,744
Kilroy Realty LP, 4.75%, 12/15/28 (Call 09/15/28)	USD		100		105,855
Massachusetts Institute of Technology, 3.96%, 07/01/38	USD		75		95,440
MidAmerican Energy Co. 3.10%, 05/01/27 (Call 02/01/27)	USD		50		54,548
3.15%, 04/15/50 (Call 10/15/49)	USD		125		141,572
3.65%, 04/15/29 (Call 01/15/29)	USD		255		296,848
3.65%, 08/01/48 (Call 02/01/48)	USD		160		194,190
3.95%, 08/01/47 (Call 02/01/47)^(b)	USD		175		220,057
4.25%, 07/15/49 (Call 01/15/49)	USD		175		233,282
Northern States Power Co./MN, 2.90%, 03/01/50 (Call 09/01/49)	USD		110		120,053
NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29)	USD		125		139,064
Prologis Euro Finance LLC, 0.38%, 02/06/28 (Call 11/06/27)	EUR		100		103,818
Public Service Co. of Colorado 3.70%, 06/15/28 (Call 12/15/27)	USD		165		192,778
4.10%, 06/15/48 (Call 12/15/47)	USD		85		109,239
Southern Power Co. 1.85%, 06/20/26	EUR		100		114,150
4.15%, 12/01/25 (Call 09/01/25)	USD		150		164,310
Series 2016, 1.00%, 06/20/22	EUR		100		110,415
Southwestern Public Service Co., 3.75%, 06/15/49 (Call 12/15/48)	USD		50		59,409
Toyota Motor Credit Corp. 0.00%, 07/21/21^(a)(f)	EUR		200		217,351
2.15%, 02/13/30	USD		120		118,842
Verizon Communications Inc., 3.88%, 02/08/29 (Call 11/08/28)	USD		180		207,668
Welltower Inc., 2.70%, 02/15/27 (Call 12/15/26)	USD		210		203,093

					7,415,871


Total Corporate Bonds & Notes — 55.9% (Cost: $42,136,185)					42,230,994


Security		Par (000)		Value

Foreign Government Obligations

Australia — 0.7%
New South Wales Treasury Corp., 3.00%, 11/15/28^(a)	AUD		300	$	224,491
Queensland Treasury Corp. 2.50%, 03/06/29^(a)	AUD		325		233,136
3.00%, 03/22/24^(d)	AUD		125		89,373

					547,000

Belgium — 2.3%
Kingdom of Belgium Government Bond, Series 86 1.25%, 04/22/33^(a)	EUR		1,405		1,763,944


Canada — 2.6%
City of Toronto Canada, 3.20%, 08/01/48	CAD		100		81,778
CPPIB Capital Inc. 0.88%, 02/06/29^(a)	EUR		250		290,465
3.00%, 06/15/28^(a)	CAD		250		203,251
Export Development Canada 1.65%, 07/31/24	CAD		100		74,824
1.80%, 09/01/22	CAD		150		111,298
Province of Ontario Canada 1.85%, 02/01/27	CAD		100		75,335
1.95%, 01/27/23	CAD		300		223,472
2.65%, 02/05/25	CAD		520		404,087
Province of Quebec Canada 1.65%, 03/03/22	CAD		75		55,113
2.25%, 02/22/24	CAD		270		204,960
2.45%, 03/01/23	CAD		225		170,224
2.60%, 07/06/25	CAD		50		38,968

					1,933,775

Chile — 1.5%
Chile Government International Bond 0.83%, 07/02/31 (Call 04/02/31)	EUR		300		300,660
1.25%, 01/29/40 (Call 10/31/39)	EUR		200		187,844
3.50%, 01/25/50 (Call 07/25/49)^(b)	USD		600		612,906

					1,101,410

Denmark — 0.6%
Kommunekredit 0.63%, 11/21/39^(a)	EUR		100		117,827
0.75%, 05/18/27^(a)	EUR		250		291,637

					409,464

Finland — 0.3%
Municipality Finance PLC 0.05%, 09/06/29^(a)	EUR		100		110,817
0.75%, 09/07/27^(a)	EUR		100		116,754

					227,571

France — 14.0%
Agence Francaise de Developpement EPIC 0.00%, 03/25/25^(a)(f)	EUR		200		220,979
0.50%, 10/31/25^(a)	EUR		100		113,091
1.38%, 09/17/24^(a)	EUR		200		234,467
Caisse des Depots et Consignations 0.00%, 06/19/24^(a)(f)	EUR		100		110,901
0.20%, 03/01/22^(a)	EUR		100		110,781
Caisse Francaise de Financement Local, 0.10%, 11/13/29^(a)	EUR		100		109,791
French Republic Government Bond OAT, 1.75%, 06/25/39^(d)	EUR		4,610		6,363,371
Regie Autonome des Transports Parisiens, 0.88%, 05/25/27^(a)	EUR		100		115,922
Region of Ile de France 0.50%, 06/14/25^(a)	EUR		200		227,165


SCHEDULE OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Global Green Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

France (continued)
0.63%, 04/23/27^(a)	EUR		100	$	114,390
1.38%, 03/14/29^(a)	EUR		100		122,073
1.38%, 06/20/33^(a)	EUR		100		123,929
2.38%, 04/24/26^(a)	EUR		100		125,748
SNCF Reseau 0.75%, 05/25/36^(a)	EUR		300		339,548
0.88%, 01/22/29^(a)	EUR		200		233,078
Societe Du Grand Paris EPIC 1.00%, 02/18/70^(a)	EUR		400		439,504
1.13%, 10/22/28^(a)	EUR		300		360,085
1.13%, 05/25/34^(a)	EUR		500		602,070
1.70%, 05/25/50^(a)	EUR		200		265,080
Societe Nationale SNCF SA, 0.63%, 04/17/30^(a)	EUR		200		222,118

					10,554,091

Indonesia — 0.6%
Perusahaan Penerbit SBSN Indonesia III 3.75%, 03/01/23^(a)	USD		200		204,098
3.90%, 08/20/24^(a)	USD		200		205,926

					410,024

Ireland — 1.5%
Ireland Government Bond, 1.35%, 03/18/31^(a)	EUR		925		1,139,665


Netherlands — 2.4%
Nederlandse Waterschapsbank NV, 0.00%, 10/02/34^(a)(f)	EUR		100		107,702
Netherlands Government Bond, 0.50%, 01/15/40^(d)	EUR		1,390		1,713,308

					1,821,010

Norway —0.6%
Kommunalbanken AS 1.38%, 10/26/20^(d)	USD		200		200,914
2.13%, 02/11/25^(d)	USD		200		213,920
2.70%, 09/05/23	AUD		100		69,621

					484,455

Poland — 1.1%
Republic of Poland Government International Bond
0.50%, 12/20/21^(a)	EUR		100		109,984
1.00%, 03/07/29^(a)	EUR		325		367,538
1.13%, 08/07/26^(a)	EUR		250		285,342
2.00%, 03/08/49^(a)	EUR		75		99,209

					862,073

South Korea — 0.1%
Korea Development Bank (The), 0.00%, 07/10/24^(a)(f)	EUR		100		106,830


Spain — 0.7%
Adif — Alta Velocidad, 1.25%, 05/04/26^(a)	EUR		100		113,977
Adif Alta Velocidad 0.55%, 04/30/30^(a)	EUR		100		105,177
0.95%, 04/30/27^(a)	EUR		200		223,078
Instituto de Credito Oficial, 0.20%, 01/31/24^(a)	EUR		100		110,118

					552,350

Supranational — 12.3%
African Development Bank, 3.00%, 12/06/21	USD		150		156,219
Asian Development Bank 0.00%, 10/24/29^(a)(f)	EUR		150		164,893
0.35%, 07/16/25	EUR		75		85,018
0.63%, 09/15/26	GBP		50		63,124
2.13%, 03/19/25	USD		50		53,781
2.38%, 08/10/27	USD		100		111,492
2.45%, 01/17/24	AUD		200		138,880
3.13%, 09/26/28	USD		200		237,190


Security		Par (000)		Value

Supranational (continued)
Series 5Y, 1.88%, 08/10/22	USD		275	$	284,036
EUROFIMA 0.15%, 10/10/34^(a)	EUR		200		217,463
0.25%, 02/09/24^(a)	EUR		100		111,181
European Bank for Reconstruction & Development
0.00%, 01/10/24^(f)	EUR		200		222,048
1.50%, 02/13/25	USD		175		182,401
1.88%, 07/15/21	USD		250		254,287
European Investment Bank 0.38%, 05/15/26^(a)	EUR		300		343,130
0.50%, 07/19/22^(a)	SEK		400		41,267
0.50%, 11/15/23^(a)	EUR		300		340,281
0.50%, 11/13/37	EUR		300		353,990
0.75%, 11/15/24^(a)	GBP		225		287,312
0.88%, 01/30/25^(a)	SEK		1,000		105,310
1.00%, 11/14/42^(a)	EUR		200		263,027
1.13%, 09/16/21^(a)	CAD		200		145,294
1.13%, 11/15/32	EUR		50		63,033
1.25%, 11/13/26^(a)	EUR		375		453,832
1.50%, 03/02/27	SEK		1,900		208,186
1.50%, 11/15/47	EUR		175		259,332
1.63%, 02/04/25^(a)	CHF		50		56,784
1.63%, 10/09/29	USD		400		426,892
2.13%, 04/13/26	USD		325		353,194
2.38%, 01/18/23^(a)	CAD		50		37,676
2.38%, 05/24/27^(b)	USD		400		444,944
2.50%, 10/15/24^(b)	USD		125		135,834
2.70%, 01/12/23^(a)	AUD		150		103,431
2.88%, 06/13/25^(d)	USD		200		223,538
3.30%, 02/03/28	AUD		350		261,292
IDB Trust Services Ltd., 0.04%, 12/04/24^(a)	EUR		150		164,101
International Bank for Reconstruction & Development
0.63%, 11/22/27	EUR		300		347,931
2.13%, 03/03/25	USD		150		161,100
2.90%, 11/26/25	AUD		100		72,209
3.13%, 11/20/25	USD		250		284,247
International Finance Corp. 1.25%, 12/15/23	GBP		100		129,407
1.38%, 09/13/24	CAD		150		110,434
2.00%, 10/24/22	USD		225		233,806
2.13%, 04/07/26	USD		200		217,322
Nordic Investment Bank 0.13%, 06/10/24^(a)	EUR		200		223,516
0.50%, 11/03/25^(a)	EUR		100		114,491

					9,248,156

Sweden — 0.8%
Kommuninvest I Sverige AB 0.38%, 03/27/24^(a)	SEK		2,000		205,138
1.88%, 06/01/21^(d)	USD		200		203,016
Svensk Exportkredit AB, 1.88%, 06/23/20	USD		200		200,332

					608,486

United Kingdom — 0.2%
Transport for London, 2.13%, 04/24/25^(a)	GBP		100		132,873


Total Foreign Government Obligations — 42.3% (Cost: $31,213,125)					31,903,177


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Global Green Bond ETF

(Percentages shown are based on Net Assets)


Security		Par/ Shares (000)		Value

Municipal Debt Obligations

United States — 0.1%
District of Columbia Water &Sewer Authority RB, Series A, 4.81%, 10/01/2114	$		50	$	67,087


Total Municipal Debt Obligations — 0.1% (Cost: $51,425)					67,087


Short-Term Investments

Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(g)(h)(i)			1,523		1,524,699
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(g)(h)			1,651		1,651,000

					3,175,699


Total Short-Term Investments — 4.2% (Cost: $3,174,214)					3,175,699


Total Investments in Securities — 102.5% (Cost: $76,574,949)					77,376,957

Other Assets, Less Liabilities — (2.5)%					(1,866,908	)


Net Assets — 100.0%				$	75,510,049

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

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

^(c)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

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

^(e)	Perpetual security with no stated maturity date.

^(f)	Zero-coupon bond.

^(g)	Affiliate of the Fund.

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

⁽ⁱ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	631	892	1,523	$	1,524,699	$	3,172	^(b)	$	(1,099	)	$	1,438
BlackRock Cash Funds: Treasury, SL Agency Shares	610	1,041	1,651		1,651,000		9,096			—			—

				$	3,175,699	$	12,268		$	(1,099	)	$	1,438

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts			Expiration Date		Notional Amount (000)			Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year Canada Bond Future		2			06/19/20	$	215		$	2,411

Short Contracts
10-Year U.S. Treasury Note		(4	)		06/19/20		(556	)		500

									$	2,911


SCHEDULE OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Global Green Bond ETF

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	2,418,000	USD	1,570,493	BNP	05/05/20	$	12,575
CHF	60,000	USD	61,631	UBS	05/05/20		535
EUR	22,260,000	USD	24,133,547	BNP	05/05/20		247,828
EUR	22,007,500	USD	23,884,300	JPM	05/05/20		220,512
GBP	1,475,000	USD	1,840,726	BNP	05/05/20		19,770
GBP	140,000	USD	173,708	MS	05/05/20		2,881
NOK	500,000	USD	48,571	BOA	05/05/20		355
SEK	12,770,000	USD	1,302,103	BOA	05/05/20		5,334
USD	24,440,752	EUR	22,262,500	BOA	05/05/20		56,639
USD	24,445,046	EUR	22,260,000	GS	05/05/20		63,671
USD	2,366,462	CAD	3,281,000	BOA	06/02/20		4,032

							634,132

CAD	3,281,000	USD	2,366,279	BOA	05/05/20		(4,053	)
EUR	1,820,000	USD	1,999,536	MS	05/05/20		(6,090	)
USD	1,471,510	AUD	2,418,000	MS	05/05/20		(111,558	)
USD	156,181	CAD	220,000	BOA	05/05/20		(2,212	)
USD	2,147,787	CAD	3,061,000	MS	05/05/20		(56,045	)
USD	62,151	CHF	60,000	GS	05/05/20		(16	)
USD	1,676,155	EUR	1,550,000	BOA	05/05/20		(21,560	)
USD	16,221	EUR	15,000	CITI	05/05/20		(209	)
USD	1,996,221	GBP	1,615,000	BNP	05/05/20		(40,865	)
USD	47,732	NOK	500,000	GS	05/05/20		(1,194	)
USD	1,263,594	SEK	12,770,000	CITI	05/05/20		(43,843	)
USD	1,570,665	AUD	2,418,000	BNP	06/02/20		(12,557	)
USD	61,679	CHF	60,000	UBS	06/02/20		(535	)
USD	23,872,948	EUR	22,010,000	BNP	06/02/20		(247,697	)
USD	1,917,779	EUR	1,750,000	CITI	06/02/20		(36	)
USD	23,897,306	EUR	22,007,500	JPM	06/02/20		(220,599	)
USD	1,840,915	GBP	1,475,000	BNP	06/02/20		(19,782	)
USD	48,578	NOK	500,000	BOA	06/02/20		(355	)
USD	1,302,437	SEK	12,770,000	BOA	06/02/20		(5,335	)

							(794,541	)

	Net unrealized depreciation					$	(160,409	)

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Foreign Currency Exchange Contracts		Interest Rate Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	2,911	$	2,911
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	634,132	$	—	$	634,132

	$	634,132	$	2,911	$	637,043


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Global Green Bond ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)


	Foreign Currency Exchange Contracts		Interest Rate Contracts		Total
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	794,541	$	—	$	794,541

^(a)

For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Foreign Currency Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	5,859	$	5,859
Forward foreign currency exchange contracts		875,538		—		875,538

	$	875,538	$	5,859	$	881,397

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	2,911	$	2,911
Forward foreign currency exchange contracts		330,698		—		330,698

	$	330,698	$	2,911	$	333,609

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	159,475
Average notional value of contracts — short	$	(185,417	)
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	41,324,979
Average amounts sold — in USD	$	82,562,677

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:


	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	2,911		$	—
Forward foreign currency exchange contracts		634,132			794,541

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	637,043		$	794,541
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(2,911	)		—

Total derivative assets and liabilities subject to an MNA	$	634,132		$	794,541


SCHEDULE OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Global Green Bond ETF


	Derivative Assets Subject to an MNA by		Derivatives Available			Net Amount of Derivative
Counterparty		Counterparty		for Offset	^(a)		Assets	^(b)
Bank of America N.A.	$	66,360	$	(33,515	)	$	32,845
BNP Paribas SA.		280,173		(280,173	)		—
Goldman Sachs & Co.		63,671		(1,210	)		62,461
JPMorgan Chase Bank N.A.		220,512		(220,512	)		—
Morgan Stanley and Co. International PLC		2,881		(2,881	)		—
UBS AG		535		(535	)		—

	$	634,132	$	(538,826	)	$	95,306


	Derivative Liabilities Subject to an MNA by		Derivatives Available			Net Amount of Derivative
Counterparty		Counterparty		for Offset	^(a)		Liabilities	^(c)
Bank of America N.A.	$	33,515	$	(33,515	)	$	—
BNP Paribas SA		320,901		(280,173	)		40,728
Citibank N.A.		44,088		—			44,088
Goldman Sachs & Co.		1,210		(1,210	)		—
JPMorgan Chase Bank N.A.		220,599		(220,512	)		87
Morgan Stanley and Co. International PLC		173,693		(2,881	)		170,812
UBS AG		535		(535	)		—

	$	794,541	$	(538,826	)	$	255,715

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA. (b) Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Measurements


	Level 1		Level 2			Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	42,230,994		$	—	$	42,230,994
Foreign Government Obligations		—		31,903,177			—		31,903,177
Municipal Debt Obligations		—		67,087			—		67,087
Money Market Funds		3,175,699		—			—		3,175,699

	$	3,175,699	$	74,201,258		$	—	$	77,376,957

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	634,132		$	—	$	634,132
Futures Contracts		2,911		—			—		2,911
Liabilities
Forward Foreign Currency Exchange Contracts		—		(794,541	)		—		(794,541	)

	$	2,911	$	(160,409	)	$	—	$	(157,498	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares 0-5 Year Investment Grade Corporate Bond ETF		iShares Global Green Bond ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,906,652,859	$	74,201,258
Affiliated^(c)		158,942,487		3,175,699
Cash		2,326		5,022
Foreign currency, at value^(d)		—		456,911
Cash pledged:
Futures contracts		—		5,000
Receivables:
Investments sold		27,127,088		—
Securities lending income — Affiliated		54,971		1,184
Variation margin on futures contracts		—		767
Capital shares sold		283,365		162,290
Dividends		13,699		1,231
Interest		15,347,884		414,762
Unrealized appreciation on:
Forward foreign currency exchange contracts		—		634,132

Total assets		2,108,424,679		79,058,256


LIABILITIES
Collateral on securities loaned, at value		82,385,506		1,524,245
Payables:
Investments purchased		86,396,782		1,217,637
Investment advisory fees		95,370		11,784
Unrealized depreciation on:
Forward foreign currency exchange contracts		—		794,541

Total liabilities		168,877,658		3,548,207


NET ASSETS	$	1,939,547,021	$	75,510,049


NET ASSETS CONSIST OF:
Paid-in capital	$	1,901,851,269	$	73,693,063
Accumulated earnings		37,695,752		1,816,986

NET ASSETS	$	1,939,547,021	$	75,510,049


Shares outstanding		37,950,000		1,400,000

Net asset value	$	51.11	$	53.94

Shares authorized		Unlimited		Unlimited

Par value		None		None


^(a) Securities loaned, at value	$	78,664,299	$	1,483,150
^(b) Investments, at cost — Unaffiliated	$	1,874,849,592	$	73,400,735
^(c) Investments, at cost — Affiliated	$	158,844,255	$	3,174,214
^(d)Foreign currency, at cost	$	—	$	449,492

See notes to financial statements.


FINANCIAL STATEMENTS			35

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares 0-5 Year Investment Grade Corporate Bond ETF			iShares Global Green Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	145,229		$	9,096
Interest — Unaffiliated		27,563,913			322,316
Securities lending income — Affiliated — net		193,945			3,172
Other income — Unaffiliated		6,879			—

Total investment income		27,909,966			334,584


EXPENSES
Investment advisory fees		593,196			66,449

Total expenses		593,196			66,449
Less:
Investment advisory fees waived		—			(13,290	)

Total expenses after fees waived		593,196			53,159

Net investment income		27,316,770			281,425


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(3,066,332	)		16,754
Investments — Affiliated		(29,046	)		(1,099	)
In-kind redemptions — Unaffiliated		4,921,083			—
Futures contracts		—			5,859
Forward foreign currency exchange contracts		—			875,538
Foreign currency transactions		—			(14,658	)
Payment by affiliate		—			1,818

Net realized gain		1,825,705			884,212

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(6,205,323	)		(759,253	)
Investments — Affiliated		73,213			1,438
Futures contracts		—			2,911
Forward foreign currency exchange contracts		—			330,698
Foreign currency translations		—			5,325

Net change in unrealized appreciation (depreciation)		(6,132,110	)		(418,881	)

Net realized and unrealized gain (loss)		(4,306,405	)		465,331

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,010,365		$	746,756

See notes to financial statements.


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares 0-5 Year Investment Grade Corporate Bond ETF						iShares Global Green Bond ETF
	Six Months Ended						Six Months Ended			Period From
		04/30/20 (unaudited)			Year Ended 10/31/19			04/30/20 (unaudited)			11/13/18 to 10/31/19	^(a)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	27,316,770		$	49,593,645		$	281,425		$	391,335
Net realized gain		1,825,705			1,133,063			884,212			1,444,408
Net change in unrealized appreciation (depreciation)		(6,132,110	)		55,261,809			(418,881	)		1,069,519

Net increase in net assets resulting from operations		23,010,365			105,988,517			746,756			2,905,262


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(28,327,945	)		(47,918,700	)		(1,350,196	)		(484,836	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		10,579,373			457,454,581			43,112,761			30,580,302


NET ASSETS
Total increase in net assets		5,261,793			515,524,398			42,509,321			33,000,728
Beginning of period		1,934,285,228			1,418,760,830			33,000,728			—

End of period	$	1,939,547,021		$	1,934,285,228		$	75,510,049		$	33,000,728

^(a)	Commencement of operations.

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

See notes to financial statements.


FINANCIAL STATEMENTS			37

Financial Highlights

(For a share outstanding throughout each period)


	iShares 0-5 Year Investment Grade Corporate Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period	$	51.17		$	49.43		$	50.49		$	50.63		$	50.30		$	50.30

Net investment income^(a)		0.70			1.48			1.27			1.02			0.92			0.73
Net realized and unrealized gain (loss)^(b)		(0.03	)		1.71			(1.18	)		(0.18	)		0.30			(0.06	)

Net increase from investment operations		0.67			3.19			0.09			0.84			1.22			0.67


Distributions^(c)
From net investment income		(0.72	)		(1.45	)		(1.15	)		(0.98	)		(0.89	)		(0.67	)
From net realized gain		(0.01	)		—			—			—			—			—

Total distributions		(0.73	)		(1.45	)		(1.15	)		(0.98	)		(0.89	)		(0.67	)


Net asset value, end of period	$	51.11		$	51.17		$	49.43		$	50.49		$	50.63		$	50.30


Total Return
Based on net asset value		1.34	%^(d)		6.55	%		0.18	%		1.68	%		2.43	%		1.37	%


Ratios to Average Net Assets
Total expenses		0.06	%^(e)		0.06	%		0.06	%		0.07	%		0.12	%		0.15	%

Net investment income		2.76	%^(e)		2.95	%		2.56	%		2.02	%		1.83	%		1.46	%


Supplemental Data
Net assets, end of period (000)	$	1,939,547		$	1,934,285		$	1,418,761		$	610,937		$	200,004		$	72,941

Portfolio turnover rate^(f)		14	%^(d)		20	%		15	%		20	%		15	%		22	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Green Bond ETF
	Six Months Ended			Period From
		04/30/20 (unaudited)			11/13/18 to 10/31/19	^(a)

Net asset value, beginning of period	$	55.00		$	50.00

Net investment income^(b)		0.28			0.77
Net realized and unrealized gain^(c)		0.26			5.19

Net increase from investment operations		0.54			5.96


Distributions^(d)
From net investment income		(1.26	)		(0.96	)
From net realized gain		(0.34	)		—

Total distributions		(1.60	)		(0.96	)


Net asset value, end of period	$	53.94		$	55.00


Total Return
Based on net asset value		0.99	%^(e)(f)		11.99	%^(e)


Ratios to Average Net Assets
Total expenses		0.25	%^(g)		0.25	%^(g)

Total expenses after fees waived		0.20	%^(g)		0.20	%^(g)

Net investment income		1.06	%^(g)		1.51	%^(g)


Supplemental Data
Net assets, end of period (000)	$	75,510		$	33,001

Portfolio turnover rate^(h)		4	%^(e)		21	%^(e)

^(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)	Not annualized.

^(f)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			39

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
0-5 Year Investment Grade Corporate Bond		Diversified
Global Green Bond		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.


iShares ETF
0-5 Year Investment Grade Corporate Bond		$1,991,382,883
Global Green Bond		32,470,024

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.


40		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

•

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 for identical assets or liabilities;

•

4.	SECURITIES AND OTHER INVESTMENTS


NOTES TO FINANCIAL STATEMENTS			41

Notes to Financial Statements (unaudited) (continued)

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.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty		Securities on Loan		Received	^(a)		Received		Net Amount
0-5 Year Investment Grade Corporate Bond
Barclays Bank PLC	$	3,665,674	$	3,665,674		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		2,299,798		2,299,798			—		—
BNP Paribas Securities Corp.		167,070		167,070			—		—
BofA Securities, Inc.		6,960,984		6,960,984			—		—
Citigroup Global Markets Inc.		92,992		92,992			—		—
Credit Suisse Securities (USA) LLC		5,959,284		5,959,284			—		—
Deutsche Bank Securities Inc.		873,695		873,695			—		—
Goldman Sachs & Co.		20,540,015		20,540,015			—		—
HSBC Securities (USA) Inc.		3,485,583		3,485,583			—		—
JPMorgan Securities LLC		21,544,481		21,544,481			—		—
Morgan Stanley & Co. LLC		12,038,128		12,038,128			—		—
Natwest Markets Securities Inc.		1,036,595		1,036,595			—		—

	$	78,664,299	$	78,664,299		$	—	$	—

Global Green Bond
Barclays Capital Inc.	$	193,358	$	193,358		$	—	$	—
BofA Securities, Inc.		56,586		56,586			—		—
Citigroup Global Markets Inc.		580,778		580,778			—		—
JPMorgan Securities LLC		244,428		244,428			—		—
Scotia Capital (USA) Inc.		408,000		408,000			—		—

	$	1,483,150	$	1,483,150		$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: The Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in futures contracts in order to gain exposure to the bond markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.


42		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Forward Foreign Currency Exchange Contracts: The iShares Global Green Bond ETF uses forward foreign currency exchange contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


iShares ETF	Investment Advisory Fee
0-5 Year Investment Grade Corporate Bond		0.06	%
Global Green Bond		0.25

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Global Green Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through March 1, 2021 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.20% of average daily net assets.

Sub-Adviser: BFA has entered into separate sub-advisory agreements with BlackRock International Limited and, effective February 28, 2020, BlackRock (Singapore) Limited (together the “Sub-Advisers”), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to the iShares Global Green Bond ETF.


NOTES TO FINANCIAL STATEMENTS			43

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended April 30, 2020, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
0-5 Year Investment Grade Corporate Bond	$	57,654
Global Green Bond		922

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

For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
0-5 Year Investment Grade Corporate Bond	$	—	$	24,956,481	$	(1,663,444	)

During the year ended April 30, 2020, iShares Global Green Bond ETF received reimbursement of $1,818 from an affiliate, which is included in payment by affiliate in the statements of operations, related to an operating event.

7.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
0-5 Year Investment Grade Corporate Bond	$	299,825,047	$	270,090,176
Global Green Bond		21,450,210		2,002,131

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
0-5 Year Investment Grade Corporate Bond	$	295,238,723	$	331,643,044
Global Green Bond		22,500,998		—


44		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

8.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
0-5 Year Investment Grade Corporate Bond	$	2,033,952,576	$	38,904,691	$	(7,261,921	)	$	31,642,770
Global Green Bond		76,433,664		2,440,207		(1,654,412	)		785,795

9.	PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS			45

Notes to Financial Statements (unaudited) (continued)

financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
0-5 Year Investment Grade Corporate Bond
Shares sold		7,000,000		$	357,611,768			10,400,000		$	522,321,611
Shares redeemed		(6,850,000	)		(347,032,395	)		(1,300,000	)		(64,867,030	)

Net increase		150,000		$	10,579,373			9,100,000		$	457,454,581

Global Green Bond
Shares sold		800,000		$	43,112,761			600,000		$	30,580,302

11.

LEGAL PROCEEDINGS

12.

SUBSEQUENT EVENTS


46		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares 0-5 Year Investment Grade Corporate Bond ETF and iShares Global Green Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			47

Supplemental Information (unaudited)

Section 19(a) Notices


	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
0-5 Year Investment Grade Corporate Bond	$	0.715254	$	0.011330		$ —	$	0.726584		98	%		2	%		—	%		100	%
Global Green Bond^(a)		0.957519		0.337572		0.303453		1.598544		60			21			19			100

^(a)


48		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			49

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

RB		Revenue Bond

Counterparty Abbreviations

BNP		BNP Paribas SA

BOA		Bank of America N.A.


Counterparty Abbreviations (continued)

CITI		Citibank N.A.

GS		Goldman Sachs &Co.

JPM		JPMorgan Chase Bank N.A.

MS		Morgan Stanley & Co. International PLC

UBS		UBS AG


Currency Abbreviations

AUD		Australian Dollar

CAD		Canadian Dollar

CHF		Swiss Franc

EUR		Euro

GBP		British Pound

NOK		Norwegian Krone

SEK		Swedish Krona

USD		United States Dollar


50		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 or Markit Indices Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-1021-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares CMBS ETF | CMBS | NYSE Arca

iShares GNMA Bond ETF | GNMA | NASDAQ

iShares Treasury Floating Rate Bond ETF | TFLO | NYSE Arca

iShares U.S. Treasury Bond ETF | GOVT | Cboe BZX

Table of Contents


	Page
Fund Summary		3
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		25
Notes to Financial Statements		29
Statement Regarding Liquidity Risk Management Program		36
Supplemental Information		37
General Information		38
Glossary of Terms Used in this Report		39


Fund Summary as of April 30, 2020		iShares^® CMBS ETF

Investment Objective

The iShares CMBS ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities, as represented by the Bloomberg Barclays U.S. CMBS (ERISA Only) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.61	%		6.92	%		3.19	%		3.32	%		6.92	%		17.00	%		30.79	%
Fund Market		1.93			6.81			3.14			3.32			6.81			16.69			30.72
Index		1.75			7.21			3.46			3.67			7.21			18.52			34.46

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,016.10	$	1.25		$	1,000.00	$	1,023.60	$	1.26		0.25	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	79.4	%
Aa	4.5
A	0.9
Not Rated	15.2

ALLOCATION BY MATURITY


Maturity	Percent of Total Investment	^(a)
1-5 Years	11.7	%
5-10 Years	27.2
10-15 Years	2.1
20-25 Years	1.0
25-30 Years	31.9
30-35 Years	21.1
35-40 Years	3.5
More than 40 Years	1.5

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® GNMA Bond ETF

Investment Objective

The iShares GNMA Bond ETF (the “Fund”) seeks to track the investment results of an index composed of mortgage-backed pass-through securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), as represented by the Bloomberg Barclays U.S. GNMA Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.36	%		7.16	%		2.53	%		2.17	%		7.16	%		13.30	%		19.29	%
Fund Market		3.57			7.36			2.61			2.21			7.36			13.73			19.66
Index		3.78			7.58			2.86			2.53			7.58			15.17			22.76

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,033.60	$	0.61		$	1,000.00	$	1,024.30	$	0.60		0.12	%

^(a)

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investment	^(a)
5-10 Years	0.2	%
10-15 Years	0.6
15-20 Years	0.1
20-25 Years	5.0
25-30 Years	63.2
30-35 Years	30.9

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Government National Mortgage Association, 3.00%, 05/01/50.	8.9	%
Government National Mortgage Association, 3.50%, 05/01/50.	7.9
Government National Mortgage Association, 3.50%, 04/20/50.	5.6
Government National Mortgage Association, 3.00%, 04/20/50.	5.1
Government National Mortgage Association, 4.00%, 05/01/50.	4.8

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® Treasury Floating Rate Bond ETF

Investment Objective

The iShares Treasury Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury floating rate bonds, as represented by the Bloomberg Barclays U.S. Treasury Floating Rate Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.76	%		1.73	%		1.15	%		0.94	%		1.73	%		5.89	%		6.02	%
Fund Market		0.76			1.73			1.13			0.94			1.73			5.80			5.99
Index		0.80			1.86			1.26			1.03			1.86			6.47			6.61

The inception date of the Fund was 2/3/14. The first day of secondary market trading was 2/4/14.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,007.60	$	0.75		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	74.7	%
1-2 Years	25.3

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
U. S. Treasury Floating Rate Note, 0.24%, 01/31/21	40.3	%
U. S. Treasury Floating Rate Note, 0.43%, 10/31/21	19.0
U. S. Treasury Floating Rate Note, 0.17%, 07/31/20	13.4
U. S. Treasury Floating Rate Note, 0.17%, 10/31/20	11.8
U. S. Treasury Floating Rate Note, 0.26%, 04/30/21	9.2

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of April 30, 2020		iShares^® U.S. Treasury Bond ETF

Investment Objective

The iShares U.S. Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds, as represented by the ICE U.S. Treasury Core Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.88	%		14.13	%		3.78	%		2.91	%		14.13	%		20.36	%		26.58	%
Fund Market		7.76			13.96			3.74			2.90			13.96			20.17			26.49
Index		7.99			14.31			3.89			3.02			14.31			21.00			27.64

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Index performance through June 30, 2016 reflects the performance of the Bloomberg Barclays U.S. Treasury Bond Index. Index performance beginning on July 1, 2016 reflects the performance of the ICE U.S. Treasury Core Bond Index.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,078.80	$	0.78		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	4.1	%
1-5 Years	47.4
5-10 Years	27.6
15-20 Years	1.8
More than 20 Years	19.1

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
U. S. Treasury Note/Bond, 2.38%, 05/15/27	5.2	%
U. S. Treasury Note/Bond, 2.38%, 08/15/24	4.7
U. S. Treasury Note/Bond, 2.25%, 08/15/27	3.6
U. S. Treasury Note/Bond, 2.00%, 02/15/50	3.0
U. S. Treasury Note/Bond, 2.25%, 02/15/27	3.0

^(a)

Excludes money market funds.


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Shareholder Expenses


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES			7

Schedule of Investments (unaudited)

April 30, 2020

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collaterized Mortgage Obligations

Mortgage-Backed Securities — 59.0%
Banc of America Commercial Mortgage Trust
Series 2016-UB10, Class A4, 3.17%, 07/15/49	$	800	$	839,574
Series 2017-BNK3, Class A3, 3.31%, 02/15/50		1,365		1,456,524
Series 2017-BNK3, Class A4, 3.57%, 02/15/50		1,000		1,082,362
Bank
Series 2017-BNK4, Class ASB, 3.42%, 05/15/50		300		315,123
Series 2017-BNK8, Class A3, 3.23%, 11/15/50		1,000		1,066,315
Series 2018-BN14, Class A3, 3.97%, 09/15/60		600		672,115
Series 2019-BN18, Class A2, 3.47%, 05/15/62		830		869,680
Series 2019-BN19, Class A3, 2.93%, 08/15/61		1,000		1,051,707
Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/11/29)		497		534,759
Series 2019-BN21, Class B, 3.21%, 10/17/52		1,000		948,676
Series 2019-BNK16, Class A4, 4.01%, 02/15/52		1,750		1,981,060
Barclays Commercial Mortgage Trust
Series 2019-C3, Class A4, 3.58%, 05/15/52		600		652,983
Series 2019-C5, Class A4, 3.06%, 11/15/52		2,000		2,093,259
BBCMS Mortgage Trust
Series 2017-C1, Class A2, 3.19%, 02/15/50		1,215		1,234,751
Series 2018-C2, Class A5, 4.31%, 12/15/51		1,250		1,411,611
Series 2018-C2, Class C, 5.14%, 12/15/51^(a)		250		209,854
Series 2020-C6, Class A4, 2.64%, 02/15/53		1,000		1,010,388
Benchmark Mortgage Trust
Series 2018-B1, Class A2, 3.57%, 01/15/51		750		775,414
Series 2018-B1, Class A5, 3.67%, 01/15/51^(a)		1,542		1,687,856
Series 2018-B1, Class AM, 3.88%, 01/15/51^(a)		500		536,935
Series 2018-B2, Class A2, 3.66%, 02/15/51		600		621,619
Series 2018-B2, Class A4, 3.61%, 02/15/51		1,000		1,091,220
Series 2018-B2, Class A5, 3.88%, 02/15/51^(a)		750		833,258
Series 2018-B2, Class AS, 4.08%, 02/15/51^(a)		1,000		1,075,015
Series 2018-B2, Class C, 4.34%, 02/15/51^(a)		500		412,356
Series 2018-B3, Class A5, 4.03%, 04/10/51		1,000		1,120,856
Series 2018-B4, Class A2, 3.98%, 07/15/51		500		526,577
Series 2018-B4, Class A5, 4.12%, 07/15/51^(a)		750		847,482
Series 2018-B4, Class ASB, 4.06%, 07/15/51^(a)		464		507,736
Series 2018-B4, Class C, 4.71%, 07/15/51^(a)		400		327,080
Series 2018-B5, Class A4, 4.21%, 07/15/51		500		569,048
Series 2018-B5, Class AS, 4.42%, 07/15/51		1,000		1,094,587
Series 2018-B5, Class B, 4.57%, 07/15/51		500		490,552
Series 2018-B7, Class A4, 4.51%, 05/15/53^(a)		1,000		1,164,762
Series 2018-B7, Class B, 4.86%, 05/15/53^(a)		400		411,289
Series 2019-B10, Class AM, 3.98%, 03/15/62		600		640,354
Series 2019-B11, Class AS, 3.78%, 05/15/52		500		529,490
Series 2019-B11, Class B, 3.96%, 05/15/52^(a)		500		427,041
Series 2019-B13, Class C, 3.84%, 08/15/57^(a)		500		391,193
Series 2019-B9, Class A5, 4.02%, 03/15/52		1,250		1,420,706
Series 2019-B9, Class C, 4.97%, 03/15/52^(a)		250		220,167
Series 2020-B16, Class A5, 2.73%, 02/15/53		500		524,217
Series 2020-B16, Class AM, 2.94%, 02/15/53		1,000		1,000,337
Series 2020-IG1, Class A3, 2.69%, 09/15/43		1,750		1,826,866
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50^(a)		1,000		1,072,047
CD Commercial Mortgage Trust
Series 2016-CD2, Class A2, 3.04%, 11/10/49		400		404,316
Series 2017-CD3, Class A4, 3.63%, 02/10/50		230		247,828
Series 2017-CD3, Class AS, 3.83%, 02/10/50		750		781,455
Series 2017-CD3, Class C, 4.71%, 02/10/50^(a)		300		275,532


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/11/27)	$	750	$	802,993
Series 2017-CD6, Class C, 4.41%, 11/13/50^(a)		500		388,449
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class A3, 3.87%, 01/10/48		500		542,054
Series 2016-C4, Class A4, 3.28%, 05/10/58		1,650		1,757,876
Series 2017-C8, Class B, 4.20%, 06/15/50^(a)		750		786,682
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class A4, 3.02%, 09/10/45		287		291,881
Series 2013-GC11, Class A3, 2.82%, 04/10/46		811		824,042
Series 2013-GC11, Class AS, 3.42%, 04/10/46		100		101,843
Series 2013-GC15, Class A4, 4.37%, 09/10/46^(a)		750		801,177
Series 2014-GC19, Class A4, 4.02%, 03/10/47		500		532,023
Series 2014-GC21, Class A5, 3.86%, 05/10/47		500		527,902
Series 2014-GC23, Class A4, 3.62%, 07/10/47		750		790,805
Series 2014-GC23, Class AS, 3.86%, 07/10/47		250		256,898
Series 2014-GC23, Class C, 4.58%, 07/10/47^(a)		250		230,214
Series 2014-GC25, Class AS, 4.02%, 10/10/47		750		773,766
Series 2014-GC25, Class B, 4.35%, 10/10/47^(a)		100		101,506
Series 2015-GC27, Class AS, 3.57%, 02/10/48		250		253,909
Series 2015-GC29, Class C, 4.30%, 04/10/48^(a)		250		238,868
Series 2015-GC31, Class A4, 3.76%, 06/10/48		750		802,272
Series 2015-GC33, Class A4, 3.78%, 09/10/58		1,500		1,609,319
Series 2015-GC35, Class AAB, 3.61%, 11/10/48		500		521,081
Series 2016-C1, Class A4, 3.21%, 05/10/49		650		679,474
Series 2016-C2, Class A4, 2.83%, 08/10/49		1,000		1,023,500
Series 2016-P3, Class A3, 3.06%, 04/15/49		1,500		1,563,052
Series 2016-P6, Class A2, 3.04%, 12/10/49		250		252,939
Series 2016-P6, Class AS, 4.03%, 12/10/49^(a)		1,000		1,025,711
Series 2017-P8, Class AS, 3.79%, 09/15/50^(a)		750		787,611
Series 2018-B2, Class A2, 3.79%, 03/10/51		1,000		1,043,448
Series 2018-B2, Class A4, 4.01%, 03/10/51		600		666,414
Series 2018-C6, Class A4, 4.41%, 11/10/51		1,000		1,168,423
Series 2019-C7, Class A4, 3.10%, 12/15/72		1,000		1,052,995
Series 2019-GC41, Class A5, 2.87%, 08/10/56		1,000		1,048,583
Series 2019-GC41, Class AS, 3.02%, 08/10/56		750		752,071
Series 2019-GC43, Class A4, 3.04%, 11/10/52		750		781,702
Series 2020-GC46, Class A5, 2.72%, 02/15/53		3,000		3,122,823
COMM Mortgage Trust
Series 2012-CR1, Class A3, 3.39%, 05/15/45		234		239,235
Series 2012-CR3, Class A3, 2.82%, 10/15/45		147		148,430
Series 2012-CR5, Class A4, 2.77%, 12/10/45		1,680		1,701,848
Series 2012-LC4, Class AM, 4.06%, 12/10/44		150		152,939
Series 2012-LC4, Class C, 5.72%, 12/10/44^(a)		200		201,901
Series 2013-CR11, Class AM, 4.72%, 08/10/50^(a)		250		264,648
Series 2013-CR12, Class A4, 4.05%, 10/10/46		800		846,073
Series 2013-CR6, Class ASB, 2.62%, 03/10/46		290		292,652
Series 2013-CR8, Class A5, 3.61%, 06/10/46^(a)		500		522,308
Series 2013-CR9, Class A4, 4.36%, 07/10/45^(a)		700		740,180
Series 2013-LC6, Class AM, 3.28%, 01/10/46		100		100,515
Series 2013-LC6, Class ASB, 2.48%, 01/10/46		162		163,175
Series 2013-LC6, Class B, 3.74%, 01/10/46		430		435,198
Series 2014-CR14, Class C, 4.77%, 02/10/47^(a)		200		186,261
Series 2014-CR15, Class A4, 4.07%, 02/10/47^(a)		400		426,119
Series 2014-CR16, Class A4, 4.05%, 04/10/47		500		532,142
Series 2014-CR16, Class ASB, 3.65%, 04/10/47		174		179,215
Series 2014-CR17, Class B, 4.38%, 05/10/47		292		291,790
Series 2014-CR18, Class AM, 4.10%, 07/15/47		300		309,923
Series 2014-CR19, Class A5, 3.80%, 08/10/47		438		464,840
Series 2014-CR19, Class B, 4.70%, 08/10/47^(a)		850		893,219


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-CR20, Class AM, 3.94%, 11/10/47	$	250	$	257,860
Series 2014-LC15, Class A4, 4.01%, 04/10/47		945		1,006,314
Series 2014-LC17, Class A5, 3.92%, 10/10/47		675		720,819
Series 2014-UBS2, Class A5, 3.96%, 03/10/47		250		265,601
Series 2014-UBS3, Class A4, 3.82%, 06/10/47		750		795,058
Series 2014-UBS3, Class C, 4.90%, 06/10/47^(a)		150		137,723
Series 2014-UBS4, Class A4, 3.42%, 08/10/47		250		260,014
Series 2014-UBS4, Class A5, 3.69%, 08/10/47		500		525,590
Series 2014-UBS4, Class AM, 3.97%, 08/10/47		500		512,577
Series 2014-UBS4, Class B, 4.35%, 08/10/47		250		247,528
Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/06/24)		730		763,357
Series 2014-UBS6, Class A5, 3.64%, 12/10/47		500		528,999
Series 2015-CR22, Class A5, 3.31%, 03/10/48		500		523,623
Series 2015-CR22, Class AM, 3.60%, 03/10/48^(a)		200		204,112
Series 2015-CR22, Class C, 4.24%, 03/10/48^(a)		300		269,740
Series 2015-CR23, Class A4, 3.50%, 05/10/48		500		528,131
Series 2015-CR24, Class B, 4.53%, 08/10/48^(a)		250		227,495
Series 2015-CR24, Class D, 3.46%, 08/10/48^(a)		200		112,676
Series 2015-CR25, Class A4, 3.76%, 08/10/48		750		802,659
Series 2015-CR25, Class ASB, 3.54%, 08/10/48		1,000		1,040,487
Series 2015-CR25, Class B, 4.69%, 08/10/48^(a)		300		283,827
Series 2015-CR26, Class A4, 3.63%, 10/10/48		1,398		1,489,622
Series 2015-DC1, Class A5, 3.35%, 02/10/48		750		771,295
Series 2015-DC1, Class B, 4.04%, 02/10/48^(a)		500		485,803
Series 2015-DC1, Class C, 4.45%, 02/10/48^(a)		250		220,929
Series 2015-LC21, Class A4, 3.71%, 07/10/48		500		533,400
Series 2015-PC1, Class A2, 3.15%, 07/10/50		87		86,570
Series 2015-PC1, Class A5, 3.90%, 07/10/50		850		913,083
Series 2015-PC1, Class ASB, 3.61%, 07/10/50		200		207,249
Series 2016-CR28, Class A4, 3.76%, 02/10/49		1,000		1,074,765
Series 2016-DC2, Class A4, 3.50%, 02/10/49		603		634,784
Series 2016-DC2, Class AM, 4.24%, 02/10/49		750		780,290
Series 2016-DC2, Class ASB, 3.55%, 02/10/49		1,000		1,043,508
Series 2016-DC2, Class C, 4.79%, 02/10/49^(a)		250		220,786
Series 2017-COR2, Class A3, 3.51%, 09/10/50		1,000		1,067,251
Series 2017-COR2, Class C, 4.71%, 09/10/50^(a)		750		673,113
Series 2018-COR3, Class A3, 4.23%, 05/10/51		750		850,802
Series 2018-COR3, Class B, 4.67%, 05/10/51^(a)		500		540,964
Commission Mortgage Trust, Series 2019-GC44, Class A5, 2.95%, 08/15/57		1,000		1,046,778
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class A4, 3.51%, 04/15/50		500		527,392
Series 2015-C2, Class A4, 3.50%, 06/15/57		500		526,229
Series 2015-C2, Class AS, 3.85%, 06/15/57^(a)		700		715,521
Series 2015-C3, Class A4, 3.72%, 08/15/48		650		693,348
Series 2015-C4, Class A3, 3.54%, 11/15/48		1,000		1,062,792
Series 2015-C4, Class D, 3.73%, 11/15/48^(a)		250		184,812
Series 2016-C5, Class C, 4.73%, 11/15/48^(a)		750		668,774
Series 2016-C6, Class C, 5.09%, 01/15/49^(a)		350		328,776
Series 2017-CX9, Class A5, 3.45%, 09/15/50		1,000		1,067,298
Series 2018-CX11, Class A5, 4.03%, 04/15/51^(a)		1,000		1,109,421
Series 2019-C15, Class B, 4.48%, 03/15/52		1,000		962,572
Series 2019-C17, Class A5, 3.02%, 09/15/52		2,000		2,092,529
DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51		1,400		1,617,554
DBJPM Mortgage Trust
Series 2016-C1, Class A4, 3.28%, 05/10/49		1,000		1,060,534
Series 2016-C1, Class ASB, 3.04%, 05/10/49		500		515,443
Series 2016-C1, Class B, 4.20%, 05/10/49^(a)		500		494,012


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2016-C1, Class C, 3.50%, 05/10/49^(a)	$	468	$	319,344
Series 2017-C6, Class A3, 3.27%, 06/10/50		750		789,343
Federal National Mortgage Association, Series 2020-M1, Class A1, 2.15%, 07/25/29		1,999		2,113,330
GS Mortgage Securities Corp. II, Series 2013-GC10, Class A5, 2.94%, 02/10/46		400		407,861
GS Mortgage Securities Trust
Series 2011-GC5, Class A3, 3.82%, 08/10/44		28		28,154
Series 2012-GC6, Class AAB, 3.31%, 01/10/45		41		41,142
Series 2012-GCJ7, Class AS, 4.09%, 05/10/45		100		101,088
Series 2012-GCJ9, Class AS, 3.12%, 11/10/45		200		199,254
Series 2013-GC12, Class AS, 3.38%, 06/10/46		300		303,439
Series 2013-GC12, Class B, 3.78%, 06/10/46^(a)		115		108,435
Series 2013-GC14, Class A5, 4.24%, 08/10/46		550		583,761
Series 2013-GC16, Class A4, 4.27%, 11/10/46		500		532,899
Series 2013-GC16, Class AS, 4.65%, 11/10/46		150		157,206
Series 2013-GC16, Class C, 5.49%, 11/10/46^(a)		100		100,404
Series 2014-GC20, Class A5, 4.00%, 04/10/47		400		423,713
Series 2014-GC20, Class B, 4.53%, 04/10/47^(a)		250		245,114
Series 2014-GC20, Class C, 5.13%, 04/10/47^(a)		500		394,760
Series 2014-GC22, Class AS, 4.11%, 06/10/47		250		259,577
Series 2014-GC24, Class AAB, 3.65%, 09/10/47		523		541,240
Series 2014-GC26, Class A5, 3.63%, 11/10/47		750		793,265
Series 2015-GC30, Class AAB, 3.12%, 05/10/50		462		472,956
Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/06/25)^(a)		500		515,576
Series 2015-GC32, Class A3, 3.50%, 07/10/48		600		627,465
Series 2015-GC34, Class A4, 3.51%, 10/10/48		1,500		1,590,081
Series 2015-GS1, Class D, 3.27%, 11/10/48		415		263,887
Series 2016-GS2, Class A4, 3.05%, 05/10/49		500		519,449
Series 2016-GS3, Class A4, 2.85%, 10/10/49		500		515,511
Series 2017-GS7, Class AAB, 3.20%, 08/10/50		1,000		1,044,949
Series 2017-GS7, Class B, 3.88%, 08/10/50		500		514,799
Series 2018-GS9, Class A4, 3.99%, 03/10/51^(a)		1,000		1,107,260
Series 2019-GC38, Class A4, 3.97%, 02/10/52		750		838,683
Series 2019-GC40, Class A4, 3.16%, 07/10/52		1,131		1,208,505
Series 2019-GSA1, Class C, 3.93%, 11/10/52^(a)		500		347,172
JPMBB Commercial Mortgage Securities Trust
Series 2013-C12, Class AS, 4.18%, 07/15/45^(a)		500		515,645
Series 2013-C12, Class D, 4.24%, 07/15/45^(a)		50		40,083
Series 2013-C14, Class B, 4.86%, 08/15/46^(a)		500		498,269
Series 2013-C14, Class A4, 4.13%, 08/15/46^(a)		680		719,018
Series 2013-C14, Class AS, 4.41%, 08/15/46^(a)		150		156,330
Series 2013-C15, Class A5, 4.13%, 11/15/45		500		529,258
Series 2013-C15, Class B, 4.93%, 11/15/45^(a)		200		204,665
Series 2013-C15, Class C, 5.37%, 11/15/45^(a)		110		109,793
Series 2013-C17, Class A4, 4.20%, 01/15/47		490		523,619
Series 2013-C17, Class C, 5.05%, 01/15/47^(a)		100		96,776
Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 02/11/24)		1,400		1,486,221
Series 2014-C18, Class AS, 4.44%, 02/15/47 (Call 02/11/24)^(a)		200		209,490
Series 2014-C18, Class ASB, 3.57%, 02/15/47		1,118		1,142,499
Series 2014-C18, Class B, 4.97%, 02/15/47 (Call 02/11/24)^(a)		225		230,350
Series 2014-C19, Class C, 4.83%, 04/15/47^(a)		200		183,184
Series 2014-C21, Class A4, 3.49%, 08/15/47		818		851,903
Series 2014-C21, Class A5, 3.77%, 08/15/47		500		527,677
Series 2014-C21, Class ASB, 3.43%, 08/15/47		330		339,131


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 07/15/24)	$	750	$	793,078
Series 2014-C22, Class C, 4.71%, 09/15/47 (Call 08/15/24)^(a)		200		170,496
Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 09/15/24)		900		959,347
Series 2014-C23, Class ASB, 3.66%, 09/15/47 (Call 07/15/24)		306		316,824
Series 2014-C24, Class A3, 3.10%, 11/15/47		500		502,998
Series 2014-C25, Class B, 4.35%, 11/15/47^(a)		185		191,200
Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 01/15/25)		500		509,914
Series 2015-C28, Class A3, 2.91%, 10/15/48		986		1,002,491
Series 2015-C28, Class ASB, 3.04%, 10/15/48		481		491,370
Series 2015-C29, Class A4, 3.61%, 05/15/48 (Call 05/15/25)		1,500		1,591,924
Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 11/15/24)		515		529,769
Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 05/15/25)^(a)		250		246,093
Series 2015-C31, Class A3, 3.80%, 08/15/48		1,090		1,171,612
Series 2015-C33, Class A4, 3.77%, 12/15/48		1,175		1,272,274
Series 2016-C1, Class A5, 3.58%, 03/15/49		750		802,057
Series 2016-C1, Class B, 4.89%, 03/15/49^(a)		450		450,909
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5, Class A3, 3.34%, 03/15/50		250		261,047
Series 2017-JP5, Class A5, 3.72%, 03/15/50		800		869,232
Series 2017-JP5, Class AS, 3.88%, 03/15/50^(a)		650		668,040
Series 2017-JP6, Class A5, 3.49%, 07/15/50		300		323,894
Series 2017-JP6, Class AS, 3.74%, 07/15/50		400		414,895
Series 2017-JP7, Class A5, 3.45%, 09/15/50		1,000		1,079,096
Series 2019-COR5, Class A2, 3.15%, 06/13/52		360		372,395
Series 2019-COR5, Class A4, 3.39%, 06/13/52		1,200		1,297,893
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class A4, 3.14%, 06/15/49		1,000		1,052,626
Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/11/26)^(a)		750		673,216
Series 2017-C5, Class A5, 3.69%, 03/15/50		2,100		2,273,777
Series 2017-C7, Class A5, 3.41%, 10/15/50		1,050		1,130,934
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2011-C5, Class A3, 4.17%, 08/15/46		78		80,249
Series 2012-C6, Class A3, 3.51%, 05/15/45		215		219,299
Series 2012-C8, Class A3, 2.83%, 10/15/45		907		919,194
Series 2012-C8, Class ASB, 2.38%, 10/15/45		156		156,348
Series 2012-LC9, Class A5, 2.84%, 12/15/47		1,276		1,291,320
Series 2013-C10, Class A5, 3.14%, 12/15/47		591		603,552
Series 2013-C10, Class AS, 3.37%, 12/15/47		100		102,097
Series 2013-C10, Class ASB, 2.70%, 12/15/47		56		56,846
Series 2013-C10, Class B, 3.67%, 12/15/47^(a)		100		100,505
Series 2013-C10, Class C, 4.25%, 12/15/47^(a)		200		196,560
Series 2013-C13, Class A4, 3.99%, 01/15/46^(a)		206		217,754
Series 2013-C13, Class ASB, 3.41%, 01/15/46		30		31,144
Series 2013-C16, Class ASB, 3.67%, 12/15/46		276		282,977
Series 2013-LC11, Class A5, 2.96%, 04/15/46		500		509,176
Series 2013-LC11, Class C, 3.96%, 04/15/46^(a)		100		91,193
Series 2014-C20, Class A5, 3.80%, 07/15/47		500		528,298
Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/11/24)^(a)		100		103,144
Series 2015-JP1, Class A5, 3.91%, 01/15/49		800		863,484
Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/11/26)		700		660,651


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2016-JP4, Class A4, 3.65%, 12/15/49^(a)	$	1,090	$	1,184,153
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class A4, 2.86%, 11/15/45		1,319		1,335,755
Series 2012-C6, Class AS, 3.48%, 11/15/45		500		504,073
Series 2013-C09, Class A4, 3.10%, 05/15/46		500		512,246
Series 2013-C10, Class A4, 4.22%, 07/15/46^(a)		1,000		1,057,026
Series 2013-C10, Class ASB, 3.91%, 07/15/46^(a)		158		162,025
Series 2013-C11, Class A3, 3.96%, 08/15/46		479		502,664
Series 2013-C13, Class A3, 3.77%, 11/15/46		1,115		1,166,658
Series 2013-C13, Class A4, 4.04%, 11/15/46		600		634,666
Series 2013-C13, Class C, 5.07%, 11/15/46^(a)		230		220,462
Series 2013-C7, Class AAB, 2.47%, 02/15/46		83		83,188
Series 2013-C7, Class AS, 3.21%, 02/15/46 (Call 01/11/23)		621		618,716
Series 2013-C7, Class B, 3.77%, 02/15/46 (Call 01/11/23)		200		199,713
Series 2013-C8, Class B, 3.69%, 12/15/48^(a)		200		198,388
Series 2014-C14, Class AS, 4.38%, 02/15/47^(a)		200		209,341
Series 2014-C14, Class B, 4.92%, 02/15/47^(a)		200		210,325
Series 2014-C15, Class ASB, 3.65%, 04/15/47		204		211,320
Series 2014-C16, Class A5, 3.89%, 06/15/47		500		530,873
Series 2014-C17, Class A5, 3.74%, 08/15/47 (Call 07/11/24)		750		793,120
Series 2014-C18, Class A3, 3.65%, 10/15/47		500		523,989
Series 2014-C18, Class A4, 3.92%, 10/15/47		150		160,066
Series 2014-C19, Class A4, 3.53%, 12/15/47		1,275		1,342,101
Series 2015-C20, Class AS, 3.61%, 02/15/48		500		509,827
Series 2015-C21, Class A4, 3.34%, 03/15/48		800		837,550
Series 2015-C22, Class C, 4.37%, 04/15/48^(a)		250		219,314
Series 2015-C23, Class A3, 3.45%, 07/15/50		750		790,137
Series 2015-C24, Class A3, 3.48%, 05/15/48		375		392,280
Series 2015-C24, Class A4, 3.73%, 05/15/48		950		1,007,278
Series 2015-C25, Class ASB, 3.38%, 10/15/48		628		647,859
Series 2016-C29, Class A4, 3.33%, 05/15/49		1,000		1,052,712
Series 2016-C30, Class A5, 2.86%, 09/15/49		500		514,263
Series 2016-C31, Class A5, 3.10%, 11/15/49		1,000		1,047,179
Series 2016-C32, Class A4, 3.72%, 12/15/49		1,000		1,078,861
Series 2017-C33, Class A5, 3.60%, 05/15/50		1,100		1,192,722
Series 2017-C34, Class A4, 3.54%, 11/15/52		1,000		1,083,778
Series 2017-C34, Class AS, 3.86%, 11/15/52		500		525,559
Morgan Stanley Capital I Trust
Series 2011-C3, Class A4, 4.12%, 07/15/49		488		499,540
Series 2012-C4, Class A4, 3.24%, 03/15/45		700		711,822
Series 2015-MS1, Class A4, 3.78%, 05/15/48^(a)		500		533,845
Series 2015-UBS8, Class A, 4.11%, 12/15/48		250		259,759
Series 2016-BNK2, Class A4, 3.05%, 11/15/49		1,250		1,297,183
Series 2017-H1, Class A5, 3.53%, 06/15/50		1,000		1,079,740
Series 2019-H7, Class A4, 3.26%, 07/15/52		1,000		1,063,333
Series 2019-L2, Class A4, 4.07%, 03/15/52		1,000		1,125,667
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48		1,000		1,019,054
UBS Commercial Mortgage Trust
Series 2012-C1, Class B, 4.82%, 05/10/45		150		155,501
Series 2017-C1, Class A2, 2.98%, 06/15/50		666		673,993
Series 2017-C2, Class A4, 3.49%, 08/15/50		1,000		1,069,516
Series 2017-C6, Class AS, 3.93%, 12/15/50^(a)		500		528,343
Series 2017-C7, Class A4, 3.68%, 12/15/50		1,000		1,085,443
Series 2018-C08, Class A4, 3.98%, 02/15/51		750		827,330
Series 2018-C12, Class ASB, 4.19%, 08/15/51		1,000		1,099,112
Series 2019-C16, Class AS, 3.89%, 04/15/52		1,334		1,399,931
Series 2019-C16, Class ASB, 3.46%, 04/15/52		1,395		1,488,989
Series 2019-C17, Class A4, 2.92%, 10/15/52		1,000		1,035,508


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4, 3.09%, 08/10/49	$	644	$	656,790
Series 2012-C4, Class A5, 2.85%, 12/10/45		250		253,264
Series 2012-C4, Class AAB, 2.46%, 12/10/45		161		161,544
Series 2013-C6, Class A4, 3.24%, 04/10/46		677		693,554
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class A3, 3.60%, 01/10/45		331		338,025
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5, Class A3, 2.92%, 10/15/45		1,112		1,130,219
Series 2012-LC5, Class AS, 3.54%, 10/15/45		200		204,308
Series 2012-LC5, Class B, 4.14%, 10/15/45		300		300,029
Series 2013-LC12, Class A4, 4.22%, 07/15/46^(a)		650		687,931
Series 2013-LC12, Class AS, 4.41%, 07/15/46^(a)		473		492,639
Series 2013-LC12, Class C, 4.41%, 07/15/46^(a)		100		84,199
Series 2015-C27, Class B, 4.14%, 02/15/48^(a)		330		324,988
Series 2015-C28, Class A4, 3.54%, 05/15/48		500		526,366
Series 2015-C28, Class AS, 3.87%, 05/15/48^(a)		250		256,122
Series 2015-C30, Class A4, 3.66%, 09/15/58		817		870,858
Series 2015-C31, Class A4, 3.70%, 11/15/48		500		533,708
Series 2015-C31, Class C, 4.76%, 11/15/48 (Call 11/11/25)^(a)		450		402,257
Series 2015-LC20, Class A3, 3.09%, 04/15/50		600		611,552
Series 2015-LC22, Class A4, 3.84%, 09/15/58		1,000		1,075,631
Series 2015-NXS2, Class A5, 3.77%, 07/15/58^(a)		750		801,838
Series 2015-SG1, Class A4, 3.79%, 09/15/48		1,000		1,054,098
Series 2015-SG1, Class D, 4.61%, 09/15/48^(a)		200		120,013
Series 2016-C32, Class ASB, 3.32%, 01/15/59		1,100		1,140,356
Series 2016-C34, Class A4, 3.10%, 06/15/49		1,000		1,035,673
Series 2016-C35, Class A4, 2.93%, 07/15/48		2,000		2,061,513
Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/11/26)		500		490,845
Series 2016-NXS6, Class B, 3.81%, 11/15/49		500		493,749
Series 2017-C38, Class A2, 3.04%, 07/15/50		500		508,787
Series 2017-C38, Class A4, 3.19%, 07/15/50		500		524,082
Series 2017-C38, Class A5, 3.45%, 07/15/50		1,000		1,065,327
Series 2017-C42, Class A4, 3.59%, 12/15/50		1,250		1,353,689
Series 2017-C42, Class B, 4.00%, 12/15/50^(a)		500		485,299
Series 2018-C44, Class A5, 4.21%, 05/15/51		1,000		1,132,264
Series 2018-C45, Class AS, 4.41%, 06/15/51^(a)		350		382,135
Series 2018-C46, Class AS, 4.38%, 08/15/51		500		544,501
Series 2018-C47, Class A4, 4.44%, 09/15/61		1,250		1,434,221
Series 2018-C48, Class A5, 4.30%, 01/15/52		1,000		1,139,666
Series 2019-C49, Class A5, 4.02%, 03/15/52		1,150		1,283,337
Series 2019-C50, Class A5, 3.73%, 05/15/52		750		821,726
Series 2019-C51, Class AS, 3.58%, 06/15/52		492		506,137
Series 2019-C53, Class A4, 3.04%, 10/15/52		1,400		1,488,147
WFRBS Commercial Mortgage Trust
Series 2012-C07, Class A2, 3.43%, 06/15/45		500		511,752
Series 2012-C10, Class A3, 2.88%, 12/15/45		200		202,931
Series 2012-C10, Class AS, 3.24%, 12/15/45		250		251,563
Series 2012-C6, Class AS, 3.84%, 04/15/45		145		146,125
Series 2012-C8, Class A3, 3.00%, 08/15/45		360		366,100
Series 2012-C8, Class ASB, 2.56%, 08/15/45		171		170,577
Series 2012-C9, Class A3, 2.87%, 11/15/45		175		177,500
Series 2012-C9, Class C, 4.54%, 11/15/45^(a)		150		144,851
Series 2013-C13, Class C, 3.91%, 05/15/45^(a)		110		107,082
Series 2013-C14, Class B, 3.84%, 06/15/46^(a)		500		450,442
Series 2013-C15, Class A4, 4.15%, 08/15/46^(a)		750		796,568
Series 2013-C17, Class A3, 3.75%, 12/15/46		756		792,491
Series 2013-C17, Class ASB, 3.56%, 12/15/46		548		562,492


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2013-C18, Class A4, 3.90%, 12/15/46	$	600	$	630,934
Series 2013-UBS1, Class A4, 4.08%, 03/15/46^(a)		800		849,590
Series 2014-C19, Class A4, 3.83%, 03/15/47		300		315,997
Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/01/24)^(a)		300		304,436
Series 2014-C20, Class A5, 4.00%, 05/15/47		200		212,714
Series 2014-C20, Class ASB, 3.64%, 05/15/47		305		314,162
Series 2014-C22, Class A3, 3.53%, 09/15/57		129		131,069
Series 2014-C22, Class A4, 3.49%, 09/15/57		1,500		1,572,636
Series 2014-C22, Class A5, 3.75%, 09/15/57		400		423,905
Series 2014-C22, Class AS, 4.07%, 09/15/57^(a)		480		496,871
Series 2014-C24, Class A5, 3.61%, 11/15/47		100		104,973
Series 2014-C24, Class C, 4.29%, 11/15/47^(a)		100		84,928
Series 2014-LC14, Class ASB, 3.52%, 03/15/47		115		117,939

				249,297,574


Total Collaterized Mortgage Obligations — 59.0% (Cost: $245,661,530)				249,297,574


U.S. Government Agency Obligations

Mortgage-Backed Securities — 40.4%
Federal National Mortgage Association
Series 2010-M4, Class A3, 3.82%, 06/25/20		5		4,645
Series 2011-M1, Class A3, 3.76%, 06/25/21		393		397,362
Series 2011-M4, Class A2, 3.73%, 06/25/21		441		447,208
Series 2012-M17, Class A2, 2.18%, 11/25/22		1,024		1,048,181
Series 2012-M2, Class A2, 2.72%, 02/25/22		533		540,689
Series 2012-M8, Class A2, 2.35%, 05/25/22		345		350,080
Series 2012-M9, Class A2, 2.48%, 04/25/22		467		473,773
Series 2013-M12, Class APT, 2.49%, 03/25/23^(a)		562		579,961
Series 2013-M14, Class A2, 3.33%, 10/25/23^(a)		1,231		1,319,028
Series 2013-M4, Class ATS2, 2.61%, 03/25/22^(a)		15		15,453
Series 2013-M6, Class 1A2, 3.56%, 02/25/43^(a)		512		591,526
Series 2013-M7, Class A2, 2.28%, 12/27/22		538		552,145
Series 2014-M11, Class 1A, 3.22%, 08/25/24^(a)		902		977,662
Series 2014-M11, Class 2A, 3.41%, 08/25/26^(a)		654		728,342
Series 2014-M13, Class A2, 3.02%, 08/25/24^(a)		200		214,942
Series 2014-M3, Class A2, 3.50%, 01/25/24^(a)		939		1,019,227
Series 2014-M4, Class A2, 3.35%, 03/25/24^(a)		681		736,262
Series 2014-M9, Class A2, 3.10%, 07/25/24^(a)		489		526,383
Series 2015-M1, Class A2, 2.53%, 09/25/24		750		796,782
Series 2015-M10, Class A1, 2.63%, 04/25/27		858		882,743
Series 2015-M11, Class A2, 2.92%, 04/25/25^(a)		800		866,828
Series 2015-M13, Class A2, 2.80%, 06/25/25^(a)		1,000		1,079,817
Series 2015-M2, Class A, 2.62%, 12/25/24		410		436,616
Series 2015-M4, Class AV2, 2.51%, 07/25/22^(a)		805		816,926
Series 2015-M8, Class A2, 2.90%, 01/25/25^(a)		1,250		1,351,326
Series 2016-M1, Class A1, 2.43%, 01/25/26		77		78,009
Series 2016-M10, Class A1, 2.10%, 07/25/28		179		180,401
Series 2016-M3, Class A2, 2.70%, 02/25/26		945		1,019,104
Series 2016-M3, Class ASQ2, 2.26%, 02/25/23		214		218,718
Series 2016-M9, Class A2, 2.29%, 06/25/26		2,000		2,120,641
Series 2017-M15, Class AV2, 2.71%, 11/25/24^(a)		1,000		1,065,913
Series 2017-M2, Class A2, 2.89%, 02/25/27^(a)		1,000		1,096,125
Series 2017-M3, Class A2, 2.57%, 12/25/26^(a)		850		907,657
Series 2017-M7, Class A2, 2.96%, 02/25/27^(a)		1,038		1,150,357
Series 2017-M8, Class A2, 3.06%, 05/25/27^(a)		2,400		2,684,934
Series 2018-M1, Class A2, 3.08%, 12/25/27^(a)		1,000		1,112,744
Series 2018-M10, Class A2, 3.50%, 07/25/28^(a)		1,040		1,190,026


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2018-M13, Class A2, 3.82%, 09/25/30^(a)	$	100	$	115,792
Series 2018-M7, Class A2, 3.15%, 03/25/28^(a)		800		891,573
Series 2019-M1, Class A2, 3.67%, 09/25/28^(a)		2,000		2,322,824
Series 2019-M2, Class A2, 3.75%, 11/25/28^(a)		1,000		1,168,610
Series 2019-M5, Class A2, 3.27%, 01/25/29		700		789,892
Series 2019-M6, Class A1, 3.30%, 08/01/28		2,939		3,252,399
Series 2019-M7, Class A2, 3.14%, 04/25/29		1,300		1,466,062
Series 2019-M9, Class A2, 2.94%, 04/25/29		970		1,071,446
Series 2020-M5, Class A2, 2.21%, 01/25/30		1,000		1,069,900
FHLMC Multifamily Structured Pass Through Certificates
Series K019, Class A2, 2.27%, 03/25/22		1,480		1,500,450
Series K020, Class A2, 2.37%, 05/25/22		1,430		1,461,613
Series K022, Class A2, 2.36%, 07/25/22		1,600		1,647,174
Series K023, Class A2, 2.31%, 08/25/22		1,000		1,029,751
Series K025, Class A2, 2.68%, 10/25/22		1,175		1,222,311
Series K026, Class A2, 2.51%, 11/25/22		1,000		1,037,265
Series K027, Class A2, 2.64%, 01/25/23		1,000		1,042,355
Series K028, Class A2, 3.11%, 02/25/23		1,710		1,805,307
Series K029, Class A2, 3.32%, 02/25/23		1,000		1,062,312
Series K031, Class A2, 3.30%, 04/25/23^(a)		1,000		1,066,352
Series K032, Class A1, 3.02%, 02/25/23		283		289,458
Series K032, Class A2, 3.31%, 05/25/23^(a)		180		192,319
Series K033, Class A2, 3.06%, 07/25/23^(a)		500		531,250
Series K034, Class A2, 3.53%, 07/25/23^(a)		1,771		1,907,371
Series K036, Class A2, 3.53%, 10/25/23^(a)		650		702,713
Series K038, Class A1, 2.60%, 10/25/23		355		361,122
Series K040, Class A2, 3.24%, 09/25/24		2,250		2,452,678
Series K041, Class A2, 3.17%, 10/25/24		1,250		1,361,864
Series K043, Class A2, 3.06%, 12/25/24		1,500		1,630,615
Series K044, Class A2, 2.81%, 01/25/25		1,250		1,346,285
Series K046, Class A2, 3.21%, 03/25/25		1,285		1,410,139
Series K048, Class A1, 2.69%, 12/25/24		371		383,129
Series K048, Class A2, 3.28%, 06/25/25^(a)		1,000		1,103,242
Series K049, Class A2, 3.01%, 07/25/25		1,000		1,091,909
Series K050, Class A2, 3.33%, 08/25/25^(a)		1,050		1,163,471
Series K051, Class A2, 3.31%, 09/25/25		1,130		1,252,582
Series K052, Class A1, 2.60%, 01/25/25		331		341,863
Series K052, Class A2, 3.15%, 11/25/25		800		881,135
Series K054, Class A2, 2.75%, 01/25/26		700		757,398
Series K056, Class A2, 2.53%, 05/25/26		1,560		1,672,477
Series K057, Class A1, 2.21%, 06/25/25		884		914,614
Series K058, Class A1, 2.34%, 07/25/26		1,323		1,385,281
Series K058, Class A2, 2.65%, 08/25/26		1,527		1,652,176
Series K059, Class A2, 3.12%, 09/25/26^(a)		1,200		1,331,562
Series K060, Class A2, 3.30%, 10/25/26		2,341		2,626,156
Series K061, Class A1, 3.01%, 08/25/26		894		951,633
Series K061, Class A2, 3.35%, 11/25/26^(a)		1,300		1,462,136
Series K062, Class A2, 3.41%, 12/25/26		1,000		1,129,388
Series K063, Class A2, 3.43%, 01/25/27^(a)		700		791,087
Series K064, Class A1, 2.89%, 10/25/26		1,151		1,236,265
Series K064, Class A2, 3.22%, 03/25/27		325		363,765
Series K065, Class A1, 2.86%, 10/25/26		1,108		1,181,681
Series K065, Class A2, 3.24%, 04/25/27		2,570		2,882,815
Series K066, Class A2, 3.12%, 06/25/27		610		680,280
Series K067, Class A1, 2.90%, 03/25/27		937		1,006,389
Series K067, Class A2, 3.19%, 07/25/27		1,600		1,793,237
Series K069, Class A2, 3.19%, 09/25/27^(a)		1,179		1,318,946
Series K070, Class A2, 3.30%, 11/25/27^(a)		1,500		1,691,356
Series K071, Class A2, 3.29%, 11/25/27		1,000		1,126,432
Series K072, Class A2, 3.44%, 12/25/27		1,450		1,650,093


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K073, Class A2, 3.35%, 01/25/28	$	1,297	$	1,468,346
Series K074, Class A1, 3.60%, 09/25/27		970		1,078,564
Series K075, Class A2, 3.65%, 02/25/28^(a)		1,000		1,154,261
Series K076, Class A1, 3.73%, 12/25/27		1,074		1,199,310
Series K076, Class A2, 3.90%, 04/25/28		1,000		1,173,570
Series K077, Class A2, 3.85%, 05/25/28^(a)		1,450		1,697,238
Series K078, Class A2, 3.85%, 06/25/28		1,000		1,171,989
Series K079, Class A2, 3.93%, 06/25/28		1,000		1,178,634
Series K080, Class A2, 3.93%, 07/25/28^(a)		700		825,488
Series K081, Class A2, 3.90%, 08/25/28^(a)		500		588,784
Series K082, Class A2, 3.92%, 09/25/28^(a)		1,000		1,179,825
Series K083, Class A2, 4.05%, 09/25/28^(a)		1,185		1,411,329
Series K084, Class A2, 3.78%, 10/25/28^(a)		1,000		1,168,750
Series K085, Class A2, 4.06%, 10/25/28^(a)		2,000		2,383,119
Series K087, Class A2, 3.77%, 12/25/28		1,800		2,112,536
Series K088, Class A1, 3.48%, 09/25/28		347		388,306
Series K088, Class A2, 3.69%, 01/25/29		2,000		2,340,635
Series K089, Class A2, 3.56%, 01/25/29		1,400		1,626,111
Series K090, Class A2, 3.42%, 02/25/29		500		576,141
Series K091, Class A2, 3.51%, 03/25/29		1,500		1,741,258
Series K092, Class A2, 3.30%, 04/25/29		2,000		2,297,511
Series K094, Class A2, 2.90%, 06/25/29		1,420		1,595,121
Series K096, Class A2, 2.52%, 07/25/29		1,215		1,329,103
Series K100, Class A2, 2.67%, 09/25/29		1,000		1,112,047
Series K101, Class A2, 2.52%, 10/25/29		250		275,144
Series K102, Class A1, 2.18%, 05/25/29		996		1,053,801
Series K102, Class A2, 2.54%, 10/25/29		1,000		1,102,411
Series K103, Class A2, 2.65%, 11/25/29		5,000		5,569,616
Series K106, Class A2, 2.07%, 01/25/30		2,000		2,139,386
Series K108, Class A2, 1.52%, 03/25/30		3,000		3,089,799
Series K1510, Class A2, 3.72%, 01/25/31		250		291,353
Series K1510, Class A3, 3.79%, 01/25/34		500		594,423
Series K-1512, Class A2, 2.99%, 05/25/31		230		260,062
Series K-1512, Class A3, 3.06%, 04/25/34		450		508,372
Series K-1513, Class A3, 2.80%, 08/25/34		1,000		1,108,301
Series K-1514, Class A2, 2.86%, 10/25/34		500		562,861
Series K152, Class A2, 3.08%, 01/25/31		250		284,478
Series K153, Class A3, 3.12%, 10/25/31^(a)		500		564,706
Series K154, Class A2, 3.42%, 04/25/32		500		577,291
Series K154, Class A3, 3.46%, 11/25/32		345		393,823
Series K157, Class A2, 3.99%, 05/25/33^(a)		1,076		1,279,716
Series K159, Class A1, 3.95%, 12/25/29		800		926,972
Series K159, Class A2, 3.95%, 11/25/30^(a)		833		986,855
Series K159, Class A3, 3.95%, 11/25/33^(a)		1,000		1,162,924
Series K717, Class A2, 2.99%, 09/25/21		1,241		1,258,941
Series K720, Class A1, 2.32%, 11/25/21		329		330,787
Series K720, Class A2, 2.72%, 06/25/22		800		819,422
Series K721, Class A2, 3.09%, 08/25/22^(a)		1,000		1,036,149
Series K723, Class A2, 2.45%, 08/25/23		455		474,449
Series K724, Class A2, 3.06%, 11/25/23^(a)		1,400		1,487,378
Series K729, Class A1, 2.95%, 02/25/24		924		946,844
Series K729, Class A2, 3.14%, 10/25/24		1,000		1,079,322
Series K731, Class A2, 3.60%, 02/25/25^(a)		1,000		1,095,429
Series K733, Class A2, 3.75%, 08/25/25		1,000		1,115,758
Series K734, Class A2, 3.21%, 02/25/26		1,950		2,149,074
Series KS03, Class A4, 3.16%, 05/25/25^(a)		1,000		1,092,652

				171,026,711


Total U.S. Government Agency Obligations — 40.4% (Cost: $159,767,257)				171,026,711


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(b)(c)		4,668	$	4,668,000


Total Short-Term Investments — 1.1% (Cost: $4,668,000)				4,668,000


Total Investments in Securities — 100.5% (Cost: $410,096,787)				424,992,285

Other Assets, Less Liabilities — (0.5)%				(1,999,817	)


Net Assets — 100.0%			$	422,992,468

^(a)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	3,061	1,607	4,668	$	4,668,000	$	7,353	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Collaterized Mortgage Obligations	$	—	$	249,297,574	$	—	$	249,297,574
U.S. Government Agency Obligations		—		171,026,711		—		171,026,711
Money Market Funds		4,668,000		—		—		4,668,000

	$	4,668,000	$	420,324,285	$	—	$	424,992,285

See notes to financial statements.


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited)

April 30, 2020

iShares^® GNMA Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government & Agency Obligations

Mortgage-Backed Securities — 99.6%
Government National Mortgage Association
2.50%, 01/15/28	$	7	$	7,024
2.50%, 02/20/28		14		14,599
2.50%, 01/20/31		222		230,996
2.50%, 04/20/43		28		29,621
2.50%, 01/20/47		351		372,926
2.50%, 05/01/50^(a)		8,017		8,464,198
3.00%, 07/15/27		10		10,943
3.00%, 09/15/27		13		13,509
3.00%, 01/20/31		289		304,616
3.00%, 07/20/31		474		499,388
3.00%, 02/20/32		388		409,275
3.00%, 09/15/42		7		7,243
3.00%, 10/15/42		47		67,711
3.00%, 01/20/43		747		803,791
3.00%, 07/15/43		121		130,063
3.00%, 09/20/43		1,558		1,676,029
3.00%, 01/15/44		2,793		3,000,560
3.00%, 08/20/44		861		923,116
3.00%, 05/20/45		856		916,501
3.00%, 07/20/45		226		242,399
3.00%, 10/20/45		362		387,118
3.00%, 11/20/45		5,586		5,981,634
3.00%, 02/20/46		1,253		1,341,389
3.00%, 04/20/46		4,261		4,555,602
3.00%, 05/20/46		1,052		1,124,970
3.00%, 06/20/46		1,208		1,292,005
3.00%, 07/20/46		1,880		2,010,194
3.00%, 08/20/46		1,192		1,274,147
3.00%, 09/20/46		1,548		1,655,425
3.00%, 12/15/46		348		372,130
3.00%, 12/20/46		1,329		1,420,642
3.00%, 02/15/47		276		294,763
3.00%, 02/20/47		841		899,604
3.00%, 06/20/47		185		197,572
3.00%, 07/20/47		3,380		3,603,964
3.00%, 01/20/48		165		175,511
3.00%, 02/20/48		161		171,907
3.00%, 12/20/49		9,913		10,561,366
3.00%, 01/20/50		3,075		3,276,368
3.00%, 02/20/50		3,085		3,287,521
3.00%, 04/20/50		13,825		14,730,932
3.00%, 05/01/50^(a)		24,263		25,828,366
3.50%, 02/15/26		6		6,314
3.50%, 11/15/26		4		4,562
3.50%, 02/20/27		12		12,737
3.50%, 01/20/31		85		89,863
3.50%, 07/20/32		275		290,236
3.50%, 09/15/41		10		10,656
3.50%, 09/15/42		16		28,050
3.50%, 09/20/42		268		290,904
3.50%, 10/15/42		11		12,054
3.50%, 10/20/42		628		682,417
3.50%, 11/15/42		55		59,631
3.50%, 11/20/42		2,052		2,231,395
3.50%, 12/20/42		211		229,422
3.50%, 03/15/43		11		791,816
3.50%, 05/15/43		21		64,974


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 06/15/43	$	170	$	184,906
3.50%, 04/20/45		820		881,821
3.50%, 11/20/45		32		34,002
3.50%, 12/20/45		215		231,063
3.50%, 03/20/46		1,154		1,239,212
3.50%, 04/20/46		180		193,704
3.50%, 06/20/46		1,828		1,962,072
3.50%, 07/20/46		10,914		11,717,038
3.50%, 11/20/46		31		33,577
3.50%, 12/20/46		408		437,828
3.50%, 01/20/47		161		172,856
3.50%, 02/20/47		415		446,018
3.50%, 03/20/47		893		954,335
3.50%, 04/20/47		233		254,912
3.50%, 08/20/47		50		1,103,843
3.50%, 10/20/47		500		538,824
3.50%, 12/15/47		663		712,302
3.50%, 12/20/47		780		840,181
3.50%, 01/20/48		1,199		1,281,574
3.50%, 02/20/48		515		550,641
3.50%, 04/20/48		66		228,418
3.50%, 10/20/49		7,231		7,672,805
3.50%, 11/20/49		5,573		5,913,932
3.50%, 12/20/49		11,146		11,827,404
3.50%, 01/20/50		7,152		7,588,714
3.50%, 04/20/50		15,300		16,235,041
3.50%, 05/01/50^(a)		21,523		22,831,195
4.00%, 03/20/26		4		4,475
4.00%, 07/20/26		3		3,628
4.00%, 02/15/41		15		15,994
4.00%, 03/15/41		19		20,286
4.00%, 04/15/41		46		63,673
4.00%, 05/15/41		10		10,731
4.00%, 12/15/41		16		17,735
4.00%, 01/15/42		12		13,627
4.00%, 02/15/42		9		35,487
4.00%, 03/15/42		67		79,993
4.00%, 05/15/42		13		14,250
4.00%, 08/15/42		18		19,428
4.00%, 09/20/42		359		395,438
4.00%, 04/15/44		103		110,827
4.00%, 05/15/44		89		96,126
4.00%, 08/20/44		60		65,518
4.00%, 10/20/44		652		709,642
4.00%, 08/15/45		5,455		5,924,733
4.00%, 09/20/45		1,730		1,874,399
4.00%, 10/20/45		15		16,328
4.00%, 01/20/46		25		27,089
4.00%, 03/20/46		289		312,739
4.00%, 07/20/46		29		31,427
4.00%, 09/20/46		833		894,446
4.00%, 11/20/46		342		366,624
4.00%, 12/15/46		56		60,283
4.00%, 06/20/47		6,279		6,712,591
4.00%, 07/20/47		1,328		1,419,990
4.00%, 08/20/47		24		25,278
4.00%, 11/20/47		378		404,461
4.00%, 03/20/48		1,134		1,212,087
4.00%, 04/20/48		125		1,010,535
4.00%, 05/20/48		1,000		4,202,095


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® GNMA Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.00%, 09/20/48	$	1,700	$	1,814,141
4.00%, 11/20/48		1,683		1,835,928
4.00%, 11/20/49		6,667		7,085,336
4.00%, 05/01/50^(a)		13,025		13,856,348
4.50%, 04/15/24		7		6,755
4.50%, 07/20/24		3		3,318
4.50%, 08/15/39		196		218,137
4.50%, 07/15/40		49		54,411
4.50%, 08/15/40		91		101,839
4.50%, 11/20/45		468		517,029
4.50%, 08/20/46		837		924,979
4.50%, 09/20/46		129		142,911
4.50%, 10/20/46		139		154,414
4.50%, 11/20/46		152		169,160
4.50%, 04/20/47		19		20,273
4.50%, 06/20/47		22		24,223
4.50%, 02/20/48		1,313		1,411,419
4.50%, 06/20/48		103		110,113
4.50%, 07/20/48		639		686,195
4.50%, 08/20/48		522		560,447
4.50%, 10/20/48		517		555,056
4.50%, 12/20/48		13		3,010,387
4.50%, 03/20/49		81		86,683
4.50%, 06/20/49		2,946		3,152,086
4.50%, 08/20/49		997		1,067,226
4.50%, 05/01/50^(a)		9,484		10,146,398
5.00%, 07/15/39		40		46,156
5.00%, 07/20/42		215		246,188
5.00%, 07/20/46		97		110,782
5.00%, 04/20/48		173		186,892
5.00%, 05/20/48		1,022		1,104,800
5.00%, 11/20/48		287		309,304
5.00%, 12/20/48		279		300,675
5.00%, 01/20/49		863		929,978
5.00%, 04/20/49		52		55,896
5.00%, 05/01/50^(a)		6,987		7,533,712
5.50%, 10/15/38		27		31,189
5.50%, 07/20/40		356		414,629
5.50%, 05/01/50^(a)		905		980,398


Security	Par/ Shares (000)			Value

Mortgage-Backed Securities (continued)
6.00%, 09/20/38	$	35		$	41,145
6.00%, 05/01/50^(a)		200			221,672

					289,841,478


Total U.S. Government & Agency Obligations — 99.6% (Cost: $282,790,214)					289,841,478


Short-Term Investments

Money Market Funds — 40.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(b)(c)		118,604			118,604,000


Total Short-Term Investments — 40.8% (Cost: $118,604,000)					118,604,000


Total Investments Before TBA Sales Commitments — 140.4% (Cost: $401,394,214)					408,445,478


TBA Sale Commitments^(a)

Mortgage-Backed Securities — (0.1)%
Government National Mortgage Association
3.50%, 05/20/50		(150	)		(159,117	)
4.00%, 05/20/50		(50	)		(53,191	)
4.50%, 05/20/50		(50	)		(53,493	)

					(265,801	)


Total TBA Sale Commitments — (0.1)% (Proceeds: $(265,234))					(265,801	)


Total Investments, Net of TBA Sales Commitments — 140.3% (Cost: $401,128,980)					408,179,677

Other Assets, Less Liabilities — (40.3)%					(117,171,154	)


Net Assets — 100.0%				$	291,008,523

^(a)	TBA transaction.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	66,232	52,372	118,604	$	118,604,000	$	385,234	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® GNMA Bond ETF

Fair Value Measurements (continued)


	Level 1		Level 2			Level 3		Total
Investments
Assets
U.S. Government Agency Obligations	$	—	$	289,841,478		$	—	$	289,841,478
Money Market Funds		118,604,000		—			—		118,604,000

		118,604,000		289,841,478			—		408,445,478

Liabilities
TBA Sales Commitments		—		(265,801	)		—		(265,801	)

	$	118,604,000	$	289,575,677		$	—	$	408,179,677

See notes to financial statements.


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Treasury Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 96.0%
U.S. Treasury Floating Rate Note 0.17%, 07/31/20,
(3 mo.Treasury money market yield + 0.043%)^(a)	$	69,199	$	69,204,537
0.17%, 10/31/20,
(3 mo.Treasury money market yield + 0.045%)^(a)		60,794		60,801,016
0.24%, 01/31/21,
(3 mo.Treasury money market yield + 0.115%)^(a)		207,970		208,095,597
0.26%, 04/30/21,
(3 mo.Treasury money market yield + 0.139%)^(a)		47,754		47,793,965
0.35%, 07/31/21,
(3 mo.Treasury money market yield + 0.220%)^(a)		32,285		32,350,067
0.43%, 10/31/21,
(3 mo.Treasury money market yield + 0.300%)^(a)		97,948		98,288,869

				516,534,051


Total U.S. Government Obligations — 96.0% (Cost: $516,046,635)				516,534,051


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 4.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(b)(c)		21,668	$	21,668,000


Total Short-Term Investments — 4.0% (Cost: $21,668,000)				21,668,000


Total Investments in Securities — 100.0% (Cost: $537,714,635)				538,202,051

Other Assets, Less Liabilities — (0.0)%				(45,205	)


Net Assets — 100.0%			$	538,156,846

^(a)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	3,581	18,087	21,668	$	21,668,000	$	45,653	^(b)	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	516,534,051	$	—	$	516,534,051
Money Market Funds		21,668,000		—		—		21,668,000

	$	21,668,000	$	516,534,051	$	—	$	538,202,051

See notes to financial statements.


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited)

April 30, 2020

iShares^® U.S. Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.1%
U.S. Treasury Note/Bond
0.13%, 04/30/22	$	35,000	$	34,954,883
0.25%, 04/15/23		110,865		110,903,976
0.38%, 03/31/22^(a)		32,656		32,767,854
0.50%, 03/31/25^(a)		40,205		40,501,826
0.50%, 04/30/27		34,615		34,579,844
0.63%, 03/31/27		60		60,473
1.13%, 02/28/21		1,593		1,605,943
1.13%, 08/31/21		222,251		225,046,500
1.13%, 02/28/22		261		265,415
1.13%, 02/28/25		102,628		106,516,639
1.13%, 02/28/27		1,779		1,853,287
1.25%, 03/31/21		5,314		5,367,555
1.38%, 05/31/20		850		850,888
1.38%, 09/30/20		612		615,299
1.38%, 10/31/20		33		33,209
1.38%, 04/30/21		15,686		15,875,948
1.38%, 10/15/22		42,896		44,102,450
1.38%, 02/15/23		10,207		10,531,551
1.38%, 06/30/23		119,307		123,529,349
1.38%, 08/31/23		1,296		1,343,638
1.50%, 05/31/20		376		376,431
1.50%, 06/15/20		39		39,067
1.50%, 02/28/23		82,128		85,057,018
1.50%, 09/30/24		225		236,514
1.50%, 08/15/26		5,152		5,478,048
1.50%, 02/15/30		106,422		115,260,015
1.63%, 11/30/20		234		236,047
1.63%, 06/30/21		2,900		2,949,617
1.63%, 08/15/22		2,000		2,064,766
1.63%, 08/31/22		4,000		4,130,625
1.63%, 11/15/22		84,364		87,336,513
1.63%, 04/30/23		56,628		58,955,057
1.63%, 05/31/23		54,322		56,596,734
1.63%, 02/15/26		94,800		101,187,890
1.63%, 05/15/26		189,959		203,129,986
1.63%, 11/30/26		2,990		3,208,760
1.63%, 08/15/29^(a)		4,438		4,848,489
1.75%, 11/30/21		275,221		281,908,012
1.75%, 02/28/22		257,544		264,827,666
1.75%, 05/31/22		1,000		1,031,914
1.75%, 06/30/22		1,272		1,314,334
1.75%, 07/15/22		34,672		35,847,597
1.75%, 09/30/22		26,645		27,626,701
1.75%, 01/31/23		92,354		96,181,640
1.75%, 05/15/23		27,024		28,246,414
1.75%, 07/31/24		313		331,299
1.75%, 12/31/26		225		243,466
1.75%, 11/15/29^(a)		63		69,109
1.88%, 01/31/22		149,265		153,614,675
1.88%, 02/28/22		52,200		53,792,508
1.88%, 03/31/22		46,517		47,999,729
1.88%, 04/30/22		185,823		191,978,387
1.88%, 05/31/22		3,000		3,104,062
1.88%, 07/31/22		69,804		72,410,743
1.88%, 08/31/22		290,921		302,136,954
1.88%, 09/30/22		311,794		324,192,682
1.88%, 10/31/22		25,664		26,715,622


Security	Par (000)		Value

U.S. Government Obligations (continued)
1.88%, 06/30/26	$	288	$	311,982
1.88%, 07/31/26		5,222		5,671,990
2.00%, 07/31/20^(a)		447		449,022
2.00%, 11/30/20^(a)		157		159,122
2.00%, 02/28/21		3,857		3,916,365
2.00%, 08/31/21		92,723		94,997,611
2.00%, 12/31/21		52,200		53,753,765
2.00%, 07/31/22		1,000		1,040,234
2.00%, 10/31/22		41,147		42,961,647
2.00%, 11/30/22		5,409		5,654,729
2.00%, 04/30/24		17,490		18,665,643
2.00%, 02/15/25		275,715		297,244,465
2.00%, 08/15/25		277,317		300,553,022
2.00%, 11/15/26		171,787		188,435,576
2.00%, 02/15/50		362,675		427,800,780
2.13%, 08/31/20^(a)		228		229,550
2.13%, 01/31/21		93		94,293
2.13%, 06/30/21		222,168		227,253,461
2.13%, 08/15/21		195,477		200,371,560
2.13%, 09/30/21		185,114		190,234,073
2.13%, 12/31/21		88,546		91,378,677
2.13%, 05/15/22		21,448		22,281,623
2.13%, 06/30/22		164,266		171,080,473
2.13%, 12/31/22		107,857		113,275,655
2.13%, 11/30/23		17,428		18,570,351
2.13%, 02/29/24		97,675		104,424,495
2.13%, 09/30/24		20,512		22,120,910
2.13%, 05/15/25		185,655		201,856,734
2.25%, 03/31/21		41,056		41,846,649
2.25%, 04/30/21		354,060		361,473,335
2.25%, 04/15/22		97,553		101,443,688
2.25%, 12/31/23		69,995		74,982,144
2.25%, 01/31/24		99,275		106,511,216
2.25%, 04/30/24		150		161,561
2.25%, 10/31/24		72,118		78,273,384
2.25%, 11/15/24		348,984		378,920,175
2.25%, 11/15/25		99,895		109,888,512
2.25%, 03/31/26		40		44,205
2.25%, 02/15/27		377,902		422,084,169
2.25%, 08/15/27		451,405		507,301,632
2.25%, 11/15/27		165,845		186,926,019
2.38%, 12/31/20		97		98,440
2.38%, 03/15/21		38		38,229
2.38%, 04/15/21		63		63,831
2.38%, 01/31/23		170		179,968
2.38%, 08/15/24		612,627		665,992,776
2.38%, 04/30/26		235		261,667
2.38%, 05/15/27		653,843		738,306,801
2.38%, 05/15/29		38		43,362
2.50%, 12/31/20		250		253,945
2.50%, 02/28/21		850		866,535
2.50%, 02/15/22		21,666		22,553,798
2.50%, 03/31/23		43,496		46,347,027
2.50%, 08/15/23		1,219		1,308,032
2.50%, 01/31/24		21,631		23,405,418
2.50%, 02/15/45		97,276		122,780,804
2.50%, 02/15/46		67,004		85,032,771
2.50%, 05/15/46		191,130		243,041,206
2.63%, 08/15/20^(a)		640		644,800
2.63%, 11/15/20		368		372,467


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® U.S. Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations (continued)
2.63%, 06/15/21	$	145	$	149,021
2.63%, 07/15/21		63		64,346
2.63%, 12/15/21		46		47,811
2.63%, 02/28/23		20,898		22,302,901
2.63%, 06/30/23		41,122		44,188,480
2.63%, 12/31/23		72,662		78,826,917
2.63%, 03/31/25		238		263,755
2.63%, 02/15/29		162		190,477
2.75%, 09/15/21		10,544		10,915,099
2.75%, 05/31/23		225		242,200
2.75%, 07/31/23		150		162,053
2.75%, 08/31/23		18,916		20,469,920
2.75%, 02/15/24		21,518		23,501,396
2.75%, 06/30/25		310		347,527
2.75%, 02/15/28		97,627		114,021,472
2.75%, 08/15/42		66,818		86,975,243
2.75%, 11/15/42		77,254		100,551,430
2.75%, 08/15/47		119,198		159,642,179
2.88%, 10/15/21		129,359		134,453,030
2.88%, 11/15/21		10,544		10,975,233
2.88%, 10/31/23		43,389		47,297,945
2.88%, 11/30/23		60,329		65,885,867
2.88%, 04/30/25		56,526		63,561,399
2.88%, 05/31/25		166,020		186,908,688
2.88%, 07/31/25		200		225,812
2.88%, 11/30/25		5,449		6,186,105
2.88%, 05/15/28		97,512		115,250,567
2.88%, 08/15/28		75,763		89,898,128
2.88%, 05/15/43		11,734		15,588,018
2.88%, 08/15/45		127,446		171,748,690
2.88%, 11/15/46		290,886		396,445,801
2.88%, 05/15/49		13,032		18,098,190
3.00%, 09/30/25		213		242,001
3.00%, 10/31/25		16,687		19,029,046
3.00%, 11/15/44		5,944		8,130,045
3.00%, 11/15/45^(a)		1,251		1,726,834
3.00%, 05/15/47		336		469,547
3.00%, 02/15/48		105,873		148,627,495
3.00%, 08/15/48		16,676		23,519,023
3.00%, 02/15/49		10,368		14,690,565
3.13%, 05/15/21		10,262		10,578,679
3.13%, 11/15/28		82,148		99,565,943
3.13%, 11/15/41		117,439		161,432,613
3.13%, 02/15/42		515		710,013
3.13%, 02/15/43		36,687		50,558,858
3.13%, 08/15/44		2,067		2,876,705
3.38%, 05/15/44		38,184		55,075,175
3.50%, 05/15/20^(a)		140,223		140,406,775
3.63%, 02/15/21		2,339		2,403,791
3.75%, 11/15/43		236,380		358,244,365
3.88%, 08/15/40		1,116		1,683,460
4.25%, 05/15/39		737		1,155,104
4.25%, 11/15/40		22,284		35,227,000


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
4.38%, 02/15/38	$	23,318	$	36,648,584
4.38%, 11/15/39		82,090		130,854,181
4.38%, 05/15/40		19,648		31,411,473
4.38%, 05/15/41		5,835		9,412,006
4.50%, 02/15/36^(a)		24,132		37,343,327
4.50%, 05/15/38		16,909		26,969,673
4.63%, 02/15/40		500		820,352
4.75%, 02/15/37		33		53,229
5.00%, 05/15/37		1,449		2,401,548
5.25%, 11/15/28		13		17,408
5.25%, 02/15/29		752		1,054,856
5.38%, 02/15/31^(a)		3		4,493
5.50%, 08/15/28		10,675		14,964,599
6.25%, 05/15/30		4		6,205
6.38%, 08/15/27		63		88,862
6.63%, 02/15/27		13		17,650
7.13%, 02/15/23		149,625		178,468,845
7.25%, 08/15/22		952		1,105,533
7.50%, 11/15/24		63		82,739
7.63%, 02/15/25		755		1,017,274
7.88%, 02/15/21		225		238,746
8.00%, 11/15/21		150		168,041
8.13%, 05/15/21		65		69,859
8.13%, 08/15/21		125		137,876
8.75%, 08/15/20		40		41,003
U.S. Treasury STRIPS Coupon 0.00%, 08/15/25^(b)		35,119		34,199,064
0.00%, 02/15/27^(b)		67,976		65,193,311
0.00%, 08/15/36^(b)		30,825		25,886,910

				14,282,624,376


Total U.S. Government Obligations — 99.1% (Cost: $13,380,030,831)				14,282,624,376


Short-Term Investments

Money Market Funds — 3.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(c)(d)(e)		460,468		460,468,045


Total Short-Term Investments — 3.2% (Cost: $460,468,045)				460,468,045


Total Investments in Securities — 102.3% (Cost: $13,840,498,876)				14,743,092,421

Other Assets, Less Liabilities — (2.3)%				(335,033,023	)


Net Assets — 100.0%			$	14,408,059,398

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

^(b)	Zero-coupon bond.

^(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 cash collateral received from loaned securities.


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® U.S. Treasury Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	427,744	32,724	460,468	$	460,468,045	$	3,418,212	^(b)	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Derivative Financial Instruments Categorized by Risk Exposure

For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Interest Rate Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(109,663	)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	14,282,624,376	$	—	$	14,282,624,376
Money Market Funds		460,468,045		—		—		460,468,045

	$	460,468,045	$	14,282,624,376	$	—	$	14,743,092,421

See notes to financial statements.


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares CMBS ETF		iShares GNMA Bond ETF		iShares Treasury Floating Rate Bond ETF		iShares U.S. Treasury Bond ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	420,324,285	$	289,841,478	$	516,534,051	$	14,282,624,376
Affiliated^(c)		4,668,000		118,604,000		21,668,000		460,468,045
Cash		4,175		—		7,617		9,770
Receivables:
Investments sold		3,419,832		80		—		175,402,597
Securities lending income — Affiliated		—		—		4,365		25,921
TBA sale commitments		—		265,234		—		—
Capital shares sold		—		—		2,867		78,094
Dividends		425		13,037		5,069		78,207
Interest		1,121,532		680,833		3,812		81,155,084

Total assets		429,538,249		409,404,662		538,225,781		14,999,842,094


LIABILITIES
Bank overdraft		—		366,162		—		—
Collateral on securities loaned, at value		—		—		—		145,643,045
TBA sale commitments at value^(d)		—		265,801		—		—
Payables:
Investments purchased		6,461,463		117,739,051		—		441,673,366
Capital shares redeemed		—		—		436		2,492,976
Investment advisory fees		84,318		25,125		68,499		1,973,309

Total liabilities		6,545,781		118,396,139		68,935		591,782,696


NET ASSETS	$	422,992,468	$	291,008,523	$	538,156,846	$	14,408,059,398


NET ASSETS CONSIST OF:
Paid-in capital	$	405,524,380	$	286,776,354	$	537,607,123	$	12,830,424,845
Accumulated earnings		17,468,088		4,232,169		549,723		1,577,634,553

NET ASSETS	$	422,992,468	$	291,008,523	$	538,156,846	$	14,408,059,398


Shares outstanding		7,900,000		5,650,000		10,700,000		512,800,000

Net asset value	$	53.54	$	51.51	$	50.30	$	28.10

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		None		None		None		None


^(a)Securities loaned, at value	$	—	$	—	$	—	$	141,402,156
^(b)Investments, at cost — Unaffiliated	$	405,428,787	$	282,790,214	$	516,046,635	$	13,380,030,831
^(c)Investments, at cost — Affiliated	$	4,668,000	$	118,604,000	$	21,668,000	$	460,468,045
^(d)Proceeds from TBA sale commitments	$	—	$	265,234	$	—	$	—

See notes to financial statements.


FINANCIAL STATEMENTS			21

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares CMBS ETF			iShares GNMA Bond ETF			iShares Treasury Floating Rate Bond ETF		iShares U.S. Treasury Bond ETF

INVESTMENT INCOME
Dividends — Affiliated	$	7,353		$	385,234		$	38,999	$	3,382,290
Interest — Unaffiliated		6,285,353			2,367,829			3,024,997		146,479,360
Securities lending income — Affiliated — net		—			—			6,654		35,922

Total investment income		6,292,706			2,753,063			3,070,650		149,897,572


EXPENSES
Investment advisory fees		527,238			150,405			368,449		12,003,959

Total expenses		527,238			150,405			368,449		12,003,959
Less:
Investment advisory fees waived		—			(26,407	)		—		—

Total expenses after fees waived		527,238			123,998			368,449		12,003,959

Net investment income		5,765,468			2,629,065			2,702,201		137,893,613


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		3,023,794			307,844			10,982		118,600,575
In-kind redemptions — Unaffiliated		—			—			95,006		573,495,356
Futures contracts		—			—			—		(109,663	)

Net realized gain		3,023,794			307,844			105,988		691,986,268

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,205,669	)		3,872,097			865,074		459,163,502

Net change in unrealized appreciation (depreciation)		(1,205,669	)		3,872,097			865,074		459,163,502

Net realized and unrealized gain		1,818,125			4,179,941			971,062		1,151,149,770

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,583,593		$	6,809,006		$	3,673,263	$	1,289,043,383

See notes to financial statements.


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares CMBS ETF						iShares GNMA Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	5,765,468		$	9,946,639		$	2,629,065		$	3,541,147
Net realized gain (loss)		3,023,794			(201,219	)		307,844			1,151,409
Net change in unrealized appreciation (depreciation)		(1,205,669	)		27,067,625			3,872,097			5,466,143

Net increase in net assets resulting from operations		7,583,593			36,813,045			6,809,006			10,158,699


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,771,738	)		(9,716,210	)		(1,995,158	)		(3,459,842	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(843,537	)		83,937,402			107,442,114			69,570,572


NET ASSETS
Total increase in net assets		968,318			111,034,237			112,255,962			76,269,429
Beginning of period		422,024,150			310,989,913			178,752,561			102,483,132

End of period	$	422,992,468		$	422,024,150		$	291,008,523		$	178,752,561

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

See notes to financial statements.


FINANCIAL STATEMENTS			23

Statements of Changes in Net Assets (continued)


	iShares Treasury Floating Rate Bond ETF						iShares U.S. Treasury Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,702,201		$	12,033,736		$	137,893,613		$	212,098,725
Net realized gain (loss)		105,988			(109,191	)		691,986,268			75,404,171
Net change in unrealized appreciation (depreciation).		865,074			(403,634	)		459,163,502			699,270,325

Net increase in net assets resulting from operations		3,673,263			11,520,911			1,289,043,383			986,773,221


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,487,851	)		(11,667,888	)		(142,680,401	)		(199,715,190	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		30,141,266			201,064,332			(1,957,514,877	)		7,684,957,730


NET ASSETS
Total increase (decrease) in net assets		30,326,678			200,917,355			(811,151,895	)		8,472,015,761
Beginning of period		507,830,168			306,912,813			15,219,211,293			6,747,195,532

End of period	$	538,156,846		$	507,830,168		$	14,408,059,398		$	15,219,211,293

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

See notes to financial statements.


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares CMBS ETF
	Six Months Ended 04/30/20 (unaudited)				Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period		$	53.42		$	49.36		$	51.60		$	52.43		$	51.45		$	51.46

Net investment income^(a)			0.72			1.45			1.37			1.28			1.20			1.17
Net realized and unrealized gain (loss)^(b)			0.12			4.04			(2.26	)		(0.88	)		0.97			(0.03	)

Net increase (decrease) from investment operations			0.84			5.49			(0.89	)		0.40			2.17			1.14


Distributions^(c)
From net investment income			(0.72	)		(1.43	)		(1.35	)		(1.23	)		(1.19	)		(1.15	)

Total distributions			(0.72	)		(1.43	)		(1.35	)		(1.23	)		(1.19	)		(1.15	)


Net asset value, end of period		$	53.54		$	53.42		$	49.36		$	51.60		$	52.43		$	51.45


Total Return
Based on net asset value			1.61	%^(d)		11.27	%		(1.74	)%		0.80	%		4.27	%		2.22	%


Ratios to Average Net Assets
Total expenses			0.25	%^(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income			2.73	%^(e)		2.81	%		2.72	%		2.49	%		2.29	%		2.28	%


Supplemental Data
Net assets, end of period (000)		$	422,992		$	422,024		$	310,990		$	250,247		$	246,412		$	169,782

Portfolio turnover rate^(f)			20	%^(d)		21	%		13	%		19	%		61	%		40	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			25

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares GNMA Bond ETF
	Six Months Ended 04/30/20 (unaudited)				Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period		$	50.35		$	47.67		$	49.74		$	50.83		$	50.26		$	50.32

Net investment income^(a)			0.66			1.34			1.12			0.80			0.53			0.57
Net realized and unrealized gain (loss)^(b)			1.02			2.69			(2.05	)		(0.72	)		0.83			0.27

Net increase (decrease) from investment operations			1.68			4.03			(0.93	)		0.08			1.36			0.84


Distributions^(c)
From net investment income			(0.52	)		(1.35	)		(1.14	)		(0.79	)		(0.54	)		(0.59	)
From net realized gain			—			—			—			(0.26	)		(0.25	)		(0.31	)
Return of capital			—			—			(0.00	)^(d)		(0.12	)		—			—

Total distributions			(0.52	)		(1.35	)		(1.14	)		(1.17	)		(0.79	)		(0.90	)


Net asset value, end of period		$	51.51		$	50.35		$	47.67		$	49.74		$	50.83		$	50.26


Total Return
Based on net asset value			3.36	%^(e)		8.55	%		(1.90	)%		0.18	%		2.71	%		1.68	%


Ratios to Average Net Assets
Total expenses			0.15	%^(f)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Total expenses after fees waived			0.12	%^(f)		0.13	%		0.12	%		0.12	%		0.10	%		0.11	%

Net investment income			2.62	%^(f)		2.71	%		2.31	%		1.60	%		1.05	%		1.13	%


Supplemental Data
Net assets, end of period (000)		$	291,009		$	178,753		$	102,483		$	126,827		$	175,375		$	60,309

Portfolio turnover rate^(g)(h)			331	%^(e)		529	%		834	%		917	%		1,233	%		1,071	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Rounds to less than $0.01.

^(e)	Not annualized.

^(f)	Annualized.

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

^(h)	Portfolio turnover rate includes to-be-announced (TBA) transactions.

See notes to financial statements.


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Treasury Floating Rate Bond ETF
	Six Months Ended 04/30/20 (unaudited)				Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period		$	50.28		$	50.31		$	50.24		$	50.14		$	50.08		$	50.10

Net investment income^(a)			0.28			1.08			0.92			0.39			0.14			0.05
Net realized and unrealized gain (loss)^(b)			0.10			(0.04	)		(0.07	)		0.01			0.06			(0.02	)

Net increase from investment operations			0.38			1.04			0.85			0.40			0.20			0.03


Distributions^(c)
From net investment income			(0.36	)		(1.07	)		(0.78	)		(0.30	)		(0.14	)		(0.05	)

Total distributions			(0.36	)		(1.07	)		(0.78	)		(0.30	)		(0.14	)		(0.05	)


Net asset value, end of period		$	50.30		$	50.28		$	50.31		$	50.24		$	50.14		$	50.08


Total Return
Based on net asset value			0.76	%^(d)		2.09	%		1.70	%		0.80	%		0.40	%		0.05	%


Ratios to Average Net Assets
Total expenses			0.15	%^(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Total expenses after fees waived			0.15	%^(e)		0.15	%		0.15	%		0.15	%		0.11	%		0.00	%

Net investment income			1.10	%^(e)		2.15	%		1.83	%		0.77	%		0.29	%		0.10	%


Supplemental Data
Net assets, end of period (000)		$	538,157		$	507,830		$	306,913		$	25,122		$	20,056		$	15,025

Portfolio turnover rate^(f)			17	%^(d)		20	%		17	%		68	%		25	%		62	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			27

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Treasury Bond ETF
	Six Months Ended 04/30/20 (unaudited)				Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period		$	26.28		$	24.17		$	25.16		$	25.74		$	25.28		$	25.01

Net investment income^(a)			0.23			0.53			0.48			0.40			0.36			0.33
Net realized and unrealized gain (loss)^(b)			1.83			2.10			(1.00	)		(0.61	)		0.45			0.25

Net increase (decrease) from investment operations			2.06			2.63			(0.52	)		(0.21	)		0.81			0.58


Distributions^(c)
From net investment income			(0.24	)		(0.52	)		(0.47	)		(0.37	)		(0.35	)		(0.31	)

Total distributions			(0.24	)		(0.52	)		(0.47	)		(0.37	)		(0.35	)		(0.31	)


Net asset value, end of period		$	28.10		$	26.28		$	24.17		$	25.16		$	25.74		$	25.28


Total Return
Based on net asset value			7.88	%^(d)		10.99	%		(2.10	)%		(0.82	)%		3.23	%		2.32	%


Ratios to Average Net Assets
Total expenses			0.15	%^(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income			1.72	%^(e)		2.09	%		1.95	%		1.58	%		1.39	%		1.30	%


Supplemental Data
Net assets, end of period (000)		$	14,408,059		$	15,219,211		$	6,747,196		$	5,211,634		$	2,635,596		$	1,519,361

Portfolio turnover rate^(f)			28	%^(d)		22	%		27	%		47	%		48	%		36	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
CMBS		Diversified
GNMA Bond		Diversified
Treasury Floating Rate Bond		Diversified
U.S. Treasury Bond		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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


NOTES TO FINANCIAL STATEMENTS			29

Notes to Financial Statements (unaudited) (continued)

Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

4.	SECURITIES AND OTHER INVESTMENTS

Stripped Bonds: A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.

TBA Commitments: A fund may purchase mortgage pass-through securities on a when-issued or to-be-announced (“TBA”) basis, with payment and delivery scheduled for a future date. The underlying mortgage pools to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. A fund could be exposed to possible risk if there are adverse market actions, expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

TBA Roll Transactions: A fund may enter into a TBA agreement, sell the obligation to purchase the pools stipulated in the TBA agreement prior to the stipulated settlement date and enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities (a “TBA roll”). TBA rolls are treated as purchase and sale transactions in which the fund realizes gains and losses. A fund’s use of TBA rolls may cause the fund to experience higher portfolio turnover and higher transactions costs. TBA rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon purchase price of those securities.


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
U.S. Treasury Bond
Barclays Capital Inc.	$	1,482,493	$	1,482,493		$	—	$	—
Deutsche Bank Securities Inc.		32,767,854		32,767,854			—		—
Goldman Sachs & Co.		39,061,373		39,061,373			—		—
JPMorgan Securities LLC		32,517,665		32,517,665			—		—
Morgan Stanley & Co. LLC		35,572,771		35,572,771			—		—

	$	141,402,156	$	141,402,156		$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


NOTES TO FINANCIAL STATEMENTS			31

Notes to Financial Statements (unaudited) (continued)


iShares ETF	Investment Advisory Fee
CMBS		0.25	%
GNMA Bond		0.15
Treasury Floating Rate Bond		0.15
U.S. Treasury Bond		0.15

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”). For the iShares GNMA Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies.


iShares ETF	Fees Paid to BTC
Treasury Floating Rate Bond	$	2,403
U.S. Treasury Bond		12,131

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

For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
U.S. Treasury Bond	$	2,233,507,320	$	2,513,873,183	$	31,318,446

7.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, including TBA rolls and excluding in-kind transactions and short-term investments, were as follows:


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)


	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
CMBS	$	40,046,256	$	41,667,527	$	43,855,335	$	48,402,475
GNMA Bond		797,121,284		689,338,983		—		—
Treasury Floating Rate Bond		80,094,479		95,032,855		—		—
U.S. Treasury Bond		4,744,825,094		4,264,772,706		—		—

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
CMBS	$	5,418,014	$	—
Treasury Floating Rate Bond		130,208,170		103,295,705
U.S. Treasury Bond		4,336,045,480		6,223,583,513

8.	INCOME TAX INFORMATION

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
CMBS	$	1,335,672
GNMA Bond		3,841,584
Treasury Floating Rate Bond		28,282
U.S. Treasury Bond		32,785,575


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CMBS	$	410,102,401	$	17,957,987	$	(3,068,103	)	$	14,889,884
GNMA Bond		401,394,214		7,087,817		(36,553	)		7,051,264
Treasury Floating Rate Bond		537,719,084		487,416		(4,449	)		482,967
U.S. Treasury Bond		13,843,028,991		904,706,958		(4,643,528	)		900,063,430

9.	PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS			33

Notes to Financial Statements (unaudited) (continued)

health issues, recessions, or other events could have a significant impact on the Funds and their investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

An outbreak of respiratory disease caused by a novel corona virus 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. The impact of the pandemic may be short term or may last for an extended period of time.

When a fund concentrates its investments in mortgage-backed securities, it assumes a greater risk of prepayment or payment extension by securities issuers, which may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
CMBS
Shares sold		1,100,000		$	59,063,128			2,350,000		$	122,068,084
Shares redeemed		(1,100,000	)		(59,906,665	)		(750,000	)		(38,130,682	)

Net increase (decrease)		—		$	(843,537	)		1,600,000		$	83,937,402

GNMA Bond
Shares sold		2,450,000		$	125,131,889			2,200,000		$	108,684,802
Shares redeemed		(350,000	)		(17,689,775	)		(800,000	)		(39,114,230	)

Net increase		2,100,000		$	107,442,114			1,400,000		$	69,570,572

Treasury Floating Rate Bond
Shares sold		2,700,000		$	135,719,113			8,500,000		$	427,257,234
Shares redeemed		(2,100,000	)		(105,577,847	)		(4,500,000	)		(226,192,902	)

Net increase		600,000		$	30,141,266			4,000,000		$	201,064,332

U.S. Treasury Bond
Shares sold		170,500,000		$	4,571,525,429			402,200,000		$	10,264,642,441
Shares redeemed		(236,900,000	)		(6,529,040,306	)		(102,100,000	)		(2,579,684,711	)

Net increase (decrease)		(66,400,000	)	$	(1,957,514,877	)		300,100,000		$	7,684,957,730


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

11.

LEGAL PROCEEDINGS

12.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			35

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares CMBS ETF, iShares GNMA Bond ETF , iShares Treasury Floating Rate Bond ETF and iShares U.S. Treasury Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

a) 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 investment 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. 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. Derivative exposure was considered in the calculation of liquidity classification.

b) 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. 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

d) 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.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of 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.


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices


	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
CMBS	$	0.721621	$	—	$	—	$	0.721621		100	%		—	%		—	%		100	%
Treasury Floating Rate Bond^(a)		0.357388		—		0.003938		0.361326		99			—			1			100
U.S. Treasury Bond^(a)		0.236329		—		0.000071		0.236400		100			—			0	^(b)		100

^(a)

^(b)

Rounds to less than 1%.


SUPPLEMENTAL INFORMATION			37

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

STRIPS		Separate Trading of Registered Interest & Principal of Securities

TBA		To-Be-Announced


GLOSSARY OF TERMS USED IN THIS REPORT			39

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 or Interactive Data Pricing and Reference Data LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-1005-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Core 1-5 Year USD Bond ETF | ISTB | NASDAQ

iShares Core International Aggregate Bond ETF | IAGG | Cboe BZX

Table of Contents


	Page
Fund Summary		3
About Fund Performance		5
Shareholder Expenses		5
Schedules of Investments		6
Financial Statements
Statements of Assets and Liabilities		100
Statements of Operations		101
Statements of Changes in Net Assets		102
Financial Highlights		103
Notes to Financial Statements		105
Statement Regarding Liquidity Risk Management Program		113
Supplemental Information		114
General Information		115
Glossary of Terms Used in this Report		116


Fund Summary as of April 30, 2020		iShares^® Core 1-5 Year USD Bond ETF

Investment Objective

The iShares Core 1-5 Year USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high yield with remaining maturities between one and five years, as represented by the Bloomberg Barclays U.S. Universal 1-5 Year Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.99	%		4.90	%		2.48	%		2.00	%		4.90	%		13.01	%		16.09	%
Fund Market		2.13			5.06			2.45			2.03			5.06			12.89			16.31
Index		2.05			4.99			2.55			2.10			4.99			13.42			16.94

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

Index Performance through June 2, 2014 reflects the performance of the Bloomberg Barclays U.S. Government/Credit 1-5 Year Bond Index. Index performance beginning on June 3, 2014 reflects the performance of the Bloomberg Barclays U.S. Universal 1-5 Year Index.

Expense Example


Actual								Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20	)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19	)		Ending Account Value (04/30/20	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,019.90		$	0.30		$	1,000.00		$	1,024.60		$	0.30		0.06	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Total Investments	^(a)
U. S. Government & Agency Obligations	55.2	%
Corporate Bonds & Notes	35.8
Foreign Government Obligations	6.8
Collaterized Mortgage Obligations	1.4
Asset-Backed Securities	0.7
Municipal Debt Obligations	0.1
Common Stocks	0.0	^(b)
Preferred Stocks	0.0	^(b)
Warrants	0.0	^(b)

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	57.8	%
Aa	4.0
A	16.2
Baa	12.3
Ba	3.6
B	2.6
Caa	0.9
Ca	0.1
Not Rated	2.5

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® Core International Aggregate Bond ETF

Investment Objective

The iShares Core International Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of global non-U.S. dollar-denominated investment-grade bonds that mitigates exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the Bloomberg Barclays Global Aggregate ex USD 10% Issuer Capped (Hedged) 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		1.47	%		6.99	%		4.73	%		6.99	%		22.98	%
Fund Market		1.39			6.78			4.76			6.78			23.14
Index		1.61			7.25			4.84			7.25			23.51

The inception date of the Fund was 11/10/15. The first day of secondary market trading was 11/12/15.

Expense Example


Actual								Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20	)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19	)		Ending Account Value (04/30/20	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,014.70		$	0.45		$	1,000.00		$	1,024.40		$	0.45		0.09	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Total Investments	^(a)
Foreign Government Obligations	77.6	%
Corporate Bonds & Notes	22.4

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	11.9	%
France	11.4
Germany	10.0
China	9.7
United Kingdom	9.4
Italy	7.2
Canada	6.0
Spain	5.2
Supranational	2.9
Australia	2.7

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Shareholder Expenses


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES			5

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities
American Express Credit Account Master Trust Series 2018-2, Class A, 3.01%, 10/15/25	$	3,000	$	3,183,709
Capital One Multi-Asset Execution Trust 1.66%, 06/17/24		2,470		2,499,019
Drive Auto Receivables Trust Series 2018-2, Class D, 4.14%, 08/15/24 (Call 11/15/21)		3,000		3,040,174
GM Financial Consumer Automobile Receivables Trust
Series 2019-2, Class A4, 2.65%, 02/16/24 (Call 08/16/22)		1,645		1,671,467
Series 2020-2, Class A3, 1.49%, 12/16/24 (Call 12/16/23)		1,861		1,865,165
Honda Auto Receivables Owner Trust Series 2019-2, Class A4, 2.54%, 03/21/25 (Call 10/21/22)		2,375		2,420,016
Nissan Auto Lease Trust
Series 2020-A, Class A3, 1.84%, 01/17/23 (Call 09/15/22)		2,000		2,013,099
Series 2020-A, Class A4, 1.88%, 04/15/25 (Call 09/15/22)		1,870		1,867,842
Santander Drive Auto Receivables Trust
Series 2018-4, Class C, 3.56%, 07/15/24 (Call 01/15/22)		2,000		2,010,281
Series 2020-1, Class C, 4.11%, 12/15/25 (Call 04/15/24)		1,018		1,022,306
USAA Auto Owner Trust Series 2019-1, Class A4, 2.14%, 11/15/24 (Call 05/15/22)		4,070		4,148,364


Total Asset-Backed Securities — 0.7% (Cost: $25,417,203)				25,741,442


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 1.4%
Benchmark Mortgage Trust, Series 2018-B4, Class A2, 3.98%, 07/15/51		3,500		3,686,037
COMM Mortgage Trust
Series 2012-CR1, Class A3, 3.39%, 05/15/45		750		765,553
Series 2013-CR12, Class A4, 4.05%, 10/10/46		2,000		2,115,182
Series 2013-CR8, Class A5, 3.61%, 06/10/46		5,366		5,605,405
Series 2013-CR9, Class A4, 4.36%, 07/10/45		2,000		2,114,800
Series 2014-CR20, Class A4, 3.59%, 11/10/47		4,200		4,428,712
GS Mortgage Securities Trust
Series 2014-GC20, Class AAB, 3.66%, 04/10/47		1,957		2,011,783
Series 2014-GC24, Class A4, 3.67%, 09/10/47		2,000		2,084,096
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class A4, 4.17%, 12/15/46		2,831		3,008,367
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 02/11/24)		225		238,857
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 07/15/24)		3,000		3,172,311
Series 2015-C27, Class AS, 3.02%, 02/15/48 (Call 11/15/24)		1,882		1,923,110
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.80%, 07/15/47		150		158,489
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C10, Class A4, 4.22%, 07/15/46		3,000		3,171,077
Series 2013-C10, Class AS, 4.22%, 07/15/46		1,000		1,031,856
Series 2013-C11, Class A4, 4.30%, 08/15/46		1,000		1,059,138
Series 2013-C7, Class A3, 2.66%, 02/15/46		2,020		2,042,616
Series 2014-C17, Class A4, 3.44%, 08/15/47		3,000		3,127,626
Series 2014-C18, Class ASB, 3.62%, 10/15/47		1,590		1,642,753


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-C22, Class A4, 3.31%, 04/15/48	$	250	$	261,480
Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/52		970		985,104
UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, Class A4, 3.18%, 03/10/46		800		817,449
Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class ASB, 3.24%, 12/15/47		1,402		1,438,254
WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A3, 2.88%, 12/15/45		3,000		3,043,965

				49,934,020


Total Collaterized Mortgage Obligations — 1.4% (Cost: $49,889,979)				49,934,020


Corporate Bonds & Notes

Advertising — 0.1%
Interpublic Group of Companies Inc. (The)
3.75%, 10/01/21		323		330,736
3.75%, 02/15/23		274		282,319
4.20%, 04/15/24		194		203,071
Lamar Media Corp., 5.00%, 05/01/23 (Call 05/01/20)		162		161,968
MDC Partners Inc., 6.50%, 05/01/24 (Call 05/01/20)^(a)		275		212,996
Omnicom Group Inc./Omnicom Capital Inc.
3.63%, 05/01/22		605		634,651
3.65%, 11/01/24 (Call 08/01/24)		18		19,214
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.63%, 02/15/24 (Call 02/15/21)		150		150,646
WPP Finance 2010
3.63%, 09/07/22		110		111,307
3.75%, 09/19/24		250		260,257

				2,367,165

Aerospace & Defense — 0.4%
Airbus Finance BV, 2.70%, 04/17/23^(a)		514		518,703
BAE Systems Holdings Inc., 3.80%, 10/07/24^(a)		22		23,396
BAE Systems PLC, 4.75%, 10/11/21^(a)		81		83,852
Boeing Co. (The)
1.88%, 06/15/23 (Call 04/15/23)		260		239,824
2.13%, 03/01/22 (Call 02/01/22)		265		255,240
2.30%, 08/01/21		200		196,490
2.35%, 10/30/21		225		218,905
2.80%, 03/01/23 (Call 02/01/23)		170		161,395
2.80%, 03/01/24 (Call 02/01/24)		243		226,267
2.85%, 10/30/24 (Call 07/30/24)		25		23,336
8.75%, 08/15/21		44		45,624
Bombardier Inc.
5.75%, 03/15/22^(a)		175		133,996
6.00%, 10/15/22 (Call 05/29/20)^(a)		400		300,084
6.13%, 01/15/23^(a)		425		303,378
7.50%, 12/01/24 (Call 12/01/20)^(a)		350		234,609
7.50%, 03/15/25 (Call 03/15/21)^(a)		350		225,589
8.75%, 12/01/21^(a)		350		291,525
Embraer SA, 5.15%, 06/15/22		56		50,831
General Dynamics Corp.
1.88%, 08/15/23 (Call 06/15/23)		79		81,191
2.25%, 11/15/22 (Call 08/15/22)		284		292,710
2.38%, 11/15/24 (Call 09/15/24)		112		117,683
3.00%, 05/11/21		425		433,572
3.38%, 05/15/23 (Call 04/15/23)		450		480,888
3.88%, 07/15/21 (Call 04/15/21)		145		148,966


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Aerospace & Defense (continued)
Howmet Aerospace Inc.
5.13%, 10/01/24 (Call 07/01/24)	$	430	$	413,767
5.87%, 02/23/22		200		203,788
L3Harris Technologies Inc.
3.85%, 06/15/23 (Call 05/15/23)^(a)		508		540,730
3.95%, 05/28/24 (Call 02/28/24)^(a)		280		297,590
Lockheed Martin Corp.
2.90%, 03/01/25 (Call 12/01/24)		50		53,585
3.10%, 01/15/23 (Call 11/15/22)		115		121,477
3.35%, 09/15/21		653		676,821
Northrop Grumman Corp.
2.55%, 10/15/22 (Call 09/15/22)		1,180		1,220,533
2.93%, 01/15/25 (Call 11/15/24)		475		504,668
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		595		617,568
3.15%, 12/15/24 (Call 09/15/24)		62		66,726
Raytheon Technologies Corp., 3.65%, 08/16/23 (Call 07/16/23)		880		948,402
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)		534		547,014
3.20%, 03/15/24 (Call 01/15/24)		74		78,626
3.70%, 12/15/23 (Call 09/15/23)		49		52,470
Spirit AeroSystems Inc.
3.95%, 06/15/23 (Call 05/15/23)		155		133,988
7.50%, 04/15/25 (Call 04/15/22)^(a)		237		233,345
SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)^(a)		345		366,328
TransDigm Inc., 6.50%, 07/15/24 (Call 07/15/20)		378		349,518
Triumph Group Inc.
5.25%, 06/01/22 (Call 06/01/20)		115		87,814
6.25%, 09/15/24 (Call 09/15/20)^(a)		175		141,521

				12,744,333

Agriculture — 0.4%
Altria Group Inc.
2.85%, 08/09/22		937		963,405
2.95%, 05/02/23		85		88,179
3.49%, 02/14/22		355		366,495
3.80%, 02/14/24 (Call 01/14/24)		580		621,603
4.00%, 01/31/24		35		37,777
4.75%, 05/05/21		420		433,268
Archer-Daniels-Midland Co., 3.38%, 03/15/22 (Call 02/15/22)		460		478,906
BAT Capital Corp.
2.76%, 08/15/22 (Call 07/15/22)		655		666,397
2.79%, 09/06/24 (Call 08/06/24)		470		478,718
3.22%, 08/15/24 (Call 06/15/24)		705		731,325
BAT International Finance PLC
3.25%, 06/07/22^(a)		195		199,044
3.50%, 06/15/22^(a)		300		310,365
Bunge Ltd. Finance Corp.
3.00%, 09/25/22 (Call 08/25/22)		95		96,009
4.35%, 03/15/24 (Call 02/15/24)		391		406,374
Cargill Inc.
1.38%, 07/23/23^(a)		1,000		1,004,680
3.25%, 03/01/23^(a)		95		100,109
Cooke Omega Investments Inc./Alpha VesselCo Holdings Inc., 8.50%, 12/15/22 (Call 06/15/20)^(a)		100		100,040
Imperial Brands Finance PLC
3.13%, 07/26/24 (Call 06/26/24)^(a)		475		473,167
3.50%, 02/11/23 (Call 11/11/22)^(a)		300		304,155
3.75%, 07/21/22 (Call 05/21/22)^(a)		550		559,729


Security	Par (000)		Value

Agriculture (continued)
Kernel Holding SA, 8.75%, 01/31/22^(b)	$	200	$	189,570
MHP SE, 7.75%, 05/10/24^(b)		200		196,104
Philip Morris International Inc.
2.13%, 05/10/23 (Call 03/10/23)		228		233,814
2.38%, 08/17/22 (Call 07/17/22)		196		201,621
2.50%, 08/22/22		300		309,900
2.50%, 11/02/22 (Call 10/02/22)		523		541,859
2.63%, 02/18/22 (Call 01/18/22)		340		349,126
2.63%, 03/06/23		54		56,233
2.88%, 05/01/24 (Call 04/01/24)		267		280,991
2.90%, 11/15/21		325		333,915
3.25%, 11/10/24		185		199,887
3.60%, 11/15/23		10		10,753
Pyxus International Inc.
8.50%, 04/15/21 (Call 10/15/20)^(a)		50		44,425
9.88%, 07/15/21 (Call 05/29/20)^(c)		160		30,586
Reynolds American Inc.
4.00%, 06/12/22		666		692,846
4.85%, 09/15/23		84		91,196
Vector Group Ltd., 6.13%, 02/01/25 (Call 02/01/21)^(a)		300		291,003

				12,473,574

Airlines — 0.1%
Air Canada, 7.75%, 04/15/21^(a)		50		49,038
American Airlines Group Inc.
3.75%, 03/01/25^(a)		195		90,620
5.00%, 06/01/22^(a)		250		141,530
American Airlines Pass Through Trust, Series 2013-2, Class A, 4.95%, 01/15/23		141		124,749
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)		378		298,076
3.40%, 04/19/21		355		340,246
3.63%, 03/15/22 (Call 02/15/22)		377		336,710
3.80%, 04/19/23 (Call 03/19/23)		319		270,633
Delta Air Lines Inc. Pass Through Trust
Series 2017-1, Class A, 6.82%, 02/10/24		23		22,003
Series 2019-1, Class AA, 3.20%, 04/25/24		20		18,213
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)^(b)		150		78,432
Korean Air Lines Co. Ltd., 2.00%, 09/04/22^(b)		400		398,968
Southwest Airlines Co.
2.75%, 11/16/22 (Call 10/16/22)		115		113,589
4.75%, 05/04/23		975		967,999
5.25%, 05/04/25 (Call 04/04/25)		725		721,955
UAL Pass Through Trust, Series 2007-1A, 6.64%, 01/02/24		39		33,577
United Airlines Holdings Inc.
4.25%, 10/01/22		144		118,598
4.88%, 01/15/25		125		90,846
5.00%, 02/01/24		125		95,698
Unity 1 Sukuk Ltd., 3.86%, 11/30/21^(b)		200		200,752
Virgin Australia Holdings Ltd.
7.88%, 10/15/21^(a)(c)		113		18,107
8.13%, 11/15/24 (Call 05/15/24)^(a)(c)		150		22,559

				4,552,898

Apparel — 0.0%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)		325		325,250
5.38%, 05/15/25 (Call 05/15/22)^(a)		80		80,000
NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)		100		105,369


SCHEDULES OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Apparel (continued)
Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22)	$	325	$	299,465

				810,084

Auto Manufacturers — 1.1%
Allison Transmission Inc., 5.00%, 10/01/24 (Call 10/01/20)^(a)		350		336,000
American Honda Finance Corp.
1.65%, 07/12/21		195		194,249
1.70%, 09/09/21		386		384,622
1.95%, 05/10/23		469		465,708
2.05%, 01/10/23		70		69,702
2.15%, 09/10/24		365		361,470
2.20%, 06/27/22		63		63,299
2.40%, 06/27/24		215		215,067
2.60%, 11/16/22		125		126,775
3.38%, 12/10/21		294		300,206
3.45%, 07/14/23		350		363,664
3.55%, 01/12/24		437		455,166
3.63%, 10/10/23		214		223,469
Aston Martin Capital Holdings Ltd., 6.50%, 04/15/22 (Call 04/15/21)^(a)		200		150,718
BCD Acquisition Inc., 9.63%, 09/15/23 (Call 09/15/20)^(a)		220		182,433
BMW Finance NV
2.40%, 08/14/24 (Call 07/14/24)^(a)		500		496,730
2.50%, 12/06/21^(b)		10		10,079
BMW U.S. Capital LLC
1.85%, 09/15/21 (Call 08/15/21)^(a)		200		199,328
2.25%, 09/15/23 (Call 07/15/23)^(a)		25		24,882
2.70%, 04/06/22 (Call 03/06/22)^(a)		215		216,585
2.95%, 04/14/22^(a)		177		179,335
3.15%, 04/18/24 (Call 03/18/24)^(a)		452		461,478
3.40%, 08/13/21^(a)		222		225,290
3.45%, 04/12/23 (Call 03/12/23)^(a)		452		466,084
3.90%, 04/09/25 (Call 03/09/25)^(a)		1,000		1,060,730
Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)		266		287,745
Daimler Finance North America LLC
2.00%, 07/06/21^(a)		55		54,085
2.13%, 03/10/25^(a)		400		373,952
2.55%, 08/15/22^(a)		165		162,507
2.70%, 06/14/24^(a)		150		144,826
2.85%, 01/06/22^(a)		405		402,797
3.35%, 05/04/21^(a)		500		501,070
3.40%, 02/22/22^(a)		175		175,315
3.65%, 02/22/24^(a)		480		482,602
3.70%, 05/04/23^(a)		405		408,621
3.75%, 11/05/21^(a)		175		176,059
3.88%, 09/15/21^(a)		250		251,567
Fiat Chrysler Automobiles NV, 5.25%, 04/15/23		450		448,429
Ford Motor Co.
8.50%, 04/21/23		1,085		1,083,969
9.00%, 04/22/25 (Call 03/22/25)		1,005		978,408
Ford Motor Credit Co. LLC
3.09%, 01/09/23		525		472,999
3.10%, 05/04/23		515		455,157
3.34%, 03/28/22 (Call 02/28/22)		410		380,455
3.35%, 11/01/22		290		263,656
3.55%, 10/07/22		28		26,112
3.66%, 09/08/24		500		433,185
3.81%, 01/09/24 (Call 11/09/23)		500		443,830
4.06%, 11/01/24 (Call 10/01/24)		530		464,354
4.14%, 02/15/23 (Call 01/15/23)		465		428,842


Security	Par (000)		Value

Auto Manufacturers (continued)
5.58%, 03/18/24 (Call 02/18/24)	$	565	$	535,857
5.60%, 01/07/22		470		457,023
5.88%, 08/02/21		718		704,889
Geely Automobile Holdings Ltd., 4.00%, (Call 12/04/24)^(b)(d)(e)		200		178,444
General Motors Co., 4.88%, 10/02/23		147		144,338
General Motors Financial Co. Inc.
2.90%, 02/26/25 (Call 01/26/25)		505		457,964
3.15%, 06/30/22 (Call 05/30/22)		760		724,151
3.20%, 07/06/21 (Call 06/06/21)		1,230		1,203,481
3.25%, 01/05/23 (Call 12/05/22)		43		40,803
3.45%, 01/14/22 (Call 12/14/21)		492		475,562
3.45%, 04/10/22 (Call 02/10/22)		826		795,934
3.50%, 11/07/24 (Call 09/07/24)		300		276,195
3.55%, 07/08/22		144		138,925
3.70%, 05/09/23 (Call 03/09/23)		665		637,555
3.95%, 04/13/24 (Call 02/13/24)		295		279,660
4.15%, 06/19/23 (Call 05/19/23)		651		631,490
4.20%, 11/06/21		153		150,934
4.25%, 05/15/23		65		63,674
4.38%, 09/25/21		331		325,466
5.10%, 01/17/24 (Call 12/17/23)		654		644,792
Harley-Davidson Financial Services Inc.
2.55%, 06/09/22 (Call 05/09/22)^(a)		247		237,696
3.35%, 02/15/23 (Call 01/15/23)^(a)		159		155,934
3.55%, 05/21/21^(a)		290		291,540
4.05%, 02/04/22^(a)		213		213,173
Hyundai Capital America
2.38%, 02/10/23^(a)		70		67,456
2.45%, 06/15/21^(b)(c)		500		493,330
2.65%, 02/10/25 (Call 01/10/25)^(a)		375		348,727
2.85%, 11/01/22^(a)		100		97,222
3.40%, 06/20/24^(b)		200		193,864
3.75%, 07/08/21^(b)		100		100,353
3.95%, 02/01/22^(b)		305		306,382
4.13%, 06/08/23^(b)		300		302,301
4.30%, 02/01/24^(b)		225		226,267
5.88%, 04/07/25 (Call 03/07/25)^(a)		1,000		1,064,850
Hyundai Capital Services Inc.
3.00%, 03/06/22^(b)		600		594,822
3.00%, 08/29/22^(b)		400		395,684
3.75%, 03/05/23^(b)		250		248,745
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23 (Call 02/01/21)^(a)(c)		150		122,609
Navistar International Corp., 9.50%, 05/01/25 (Call 04/21/22)^(a)		55		57,709
Nissan Motor Acceptance Corp.
2.60%, 09/28/22^(a)		335		309,744
2.80%, 01/13/22^(a)		60		56,884
3.45%, 03/15/23^(a)		100		92,791
3.65%, 09/21/21^(a)		208		200,724
3.88%, 09/21/23^(a)		350		325,216
PACCAR Financial Corp.
1.90%, 02/07/23		75		75,554
2.00%, 09/26/22		37		37,608
2.15%, 08/15/24		310		312,220
2.30%, 08/10/22		150		153,076
2.65%, 05/10/22		259		266,009
2.85%, 03/01/22		110		112,970
3.10%, 05/10/21		25		25,569


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Auto Manufacturers (continued)
3.15%, 08/09/21	$	380	$	389,606
3.40%, 08/09/23		25		26,491
Toyota Motor Corp.
2.16%, 07/02/22		240		244,013
2.36%, 07/02/24		121		124,590
3.18%, 07/20/21		85		86,720
3.42%, 07/20/23		228		241,929
Toyota Motor Credit Corp.
1.80%, 10/07/21		161		162,132
2.00%, 10/07/24		430		436,080
2.15%, 09/08/22		385		391,657
2.25%, 10/18/23		115		117,866
2.60%, 01/11/22		390		398,089
2.63%, 01/10/23		60		62,001
2.65%, 04/12/22		262		269,035
2.70%, 01/11/23		216		223,793
2.75%, 05/17/21		258		261,692
2.80%, 07/13/22		240		247,742
2.90%, 03/30/23		2,000		2,090,740
2.90%, 04/17/24		137		144,050
3.30%, 01/12/22		348		359,359
3.35%, 01/08/24		152		161,609
3.40%, 09/15/21		65		66,830
3.45%, 09/20/23		487		518,426
Volkswagen Group of America Finance LLC
2.85%, 09/26/24 (Call 08/26/24)^(a)		200		197,686
4.00%, 11/12/21^(a)		200		202,952
4.25%, 11/13/23^(a)		700		729,932

				41,042,797

Auto Parts & Equipment — 0.1%
Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)^(a)		20		20,855
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 04/01/21)		200		152,430
6.63%, 10/15/22 (Call 10/15/20)		136		114,093
Aptiv Corp., 4.15%, 03/15/24 (Call 12/15/23)		85		86,369
BorgWarner Inc., 3.38%, 03/15/25 (Call 12/15/24)		50		51,128
Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/23 (Call 11/15/20)		325		304,879
Hankook Tire & Technology Co. Ltd., 3.50%, 01/30/23^(b)		200		208,238
Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)		90		94,309
Meritor Inc., 6.25%, 02/15/24 (Call 02/15/21)		150		147,462
Tenneco Inc., 5.38%, 12/15/24 (Call 12/15/20)		40		17,761
Titan International Inc., 6.50%, 11/30/23 (Call 11/30/20)		150		69,425
Toyota Industries Corp., 3.24%, 03/16/23 (Call 02/16/23)^(a)		250		257,360
Truck Hero Inc., 8.50%, 04/21/24 (Call 04/30/21)^(a)		154		127,775
Weichai International Hong Kong Energy Group Co. Ltd., 3.75%, (Call 09/14/22)^(b)(d)(e)		400		390,592
ZF North America Capital Inc., 4.50%, 04/29/22^(a)		235		238,314

				2,280,990

Banks — 10.8%
ABN AMRO Bank NV
3.40%, 08/27/21^(a)		215		221,039
4.40%, 03/27/28 (Call 03/27/23)^(b)(e)		400		409,676
Abu Dhabi Commercial Bank PJSC, 4.00%, 03/13/23^(b)		200		205,396
ADCB Finance Cayman Ltd.
4.00%, 03/29/23^(b)		200		205,752
4.50%, 03/06/23^(b)		400		414,048
ADIB Capital Invest 2 Ltd., 7.13%, (Call 09/20/23)^(b)(d)(e)		400		400,760


Security	Par (000)		Value

Banks (continued)
Agricultural Bank of China Ltd./Singapore, 1.86%, 09/23/22, (3 mo. LIBOR US + 0.660%)^(b)(f)	$	600	$	595,680
AHB Sukuk Co. Ltd., 4.38%, 09/19/23^(b)		200		206,018
AIB Group PLC, 4.26%, 04/10/25 (Call 04/10/24)^(a)(e)		550		558,668
Akbank Turk AS
5.00%, 10/24/22^(b)		300		290,886
5.13%, 03/31/25^(b)		200		183,644
AKCB Finance Ltd., 4.75%, 10/09/23^(b)		400		421,116
Al Ahli Bank of Kuwait KSCP, 3.50%, 04/05/22^(b)		200		201,110
Alfa Bank AO Via Alfa Bond Issuance PLC, 6.95%, (Call 04/30/23)^(b)(d)(e)		200		190,754
Amber Circle Funding Ltd., 3.25%, 12/04/22^(b)		1,040		1,066,832
ANZ New Zealand Int’l Ltd./London
2.88%, 01/25/22^(a)		250		255,768
3.40%, 03/19/24^(a)		350		368,368
ASB Bank Ltd.
3.13%, 05/23/24^(a)		200		208,068
3.75%, 06/14/23^(a)		450		473,881
Australia & New Zealand Banking Group Ltd., 3.30%, 05/17/21		500		512,290
Australia & New Zealand Banking Group Ltd./New York NY
2.55%, 11/23/21		600		612,312
2.63%, 05/19/22		255		262,076
2.63%, 11/09/22		775		800,846
Axis Bank Ltd./Dubai, 2.88%, 06/01/21^(b)		200		197,078
Banco BBVA Peru SA, 5.00%, 08/26/22^(a)		350		365,298
Banco Bradesco SA/Cayman Islands
2.85%, 01/27/23^(a)		800		779,664
5.75%, 03/01/22^(b)		200		206,390
Banco Davivienda SA, 5.88%, 07/09/22^(b)		200		201,068
Banco de Bogota SA, 5.38%, 02/19/23^(b)		200		200,632
Banco de Credito del Peru
2.70%, 01/11/25 (Call 12/11/24)^(b)		400		390,648
4.25%, 04/01/23^(b)		400		416,140
Banco de Credito del Peru/Panama
6.13%, 04/24/27 (Call 04/24/22)^(b)(e)		120		126,350
6.88%, 09/16/26 (Call 09/16/21)^(b)(e)		400		418,452
Banco del Estado de Chile
2.70%, 01/09/25 (Call 12/09/24)^(a)		400		399,432
3.88%, 02/08/22^(a)		600		612,228
Banco do Brasil SA/Cayman
3.88%, 10/10/22		200		198,368
4.75%, 03/20/24^(b)		600		588,636
4.88%, 04/19/23^(b)		200		201,214
5.88%, 01/26/22^(b)		600		614,136
5.88%, 01/19/23^(b)		400		412,844
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 06/06/24^(b)		650		643,038
Banco Internacional del Peru SAA Interbank
3.38%, 01/18/23 (Call 10/18/22)^(b)		300		299,880
6.63%, 03/19/29 (Call 03/19/24)^(b)(e)		200		210,930
Banco Nacional de Comercio Exterior SNC, 3.80%, 08/11/26 (Call 08/11/21)^(b)(e)		200		191,096
Banco Nacional de Costa Rica, 6.25%, 11/01/23^(b)		240		220,553
Banco Safra SA/Cayman Islands, 4.13%, 02/08/23^(b)(c)		200		199,006
Banco Santander Chile, 2.70%, 01/10/25 (Call 12/10/24)^(b)		300		300,174


SCHEDULES OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand
4.13%, 11/09/22^(b)	$	300	$	303,000
5.95%, 10/01/28 (Call 10/01/23)^(b)(e)		300		290,922
Banco Santander SA
2.71%, 06/27/24		420		431,235
3.13%, 02/23/23		225		228,931
3.50%, 04/11/22		440		449,029
3.85%, 04/12/23		425		440,517
Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24)		500		462,285
Bangkok Bank PCL/Hong Kong, 4.05%, 03/19/24^(b)		400		421,876
Banistmo SA, 3.65%, 09/19/22^(b)		400		387,556
Bank Mandiri Persero Tbk PT, 3.75%, 04/11/24^(b)		200		194,290
Bank of America Corp.
2.02%, 02/13/26 (Call 02/13/25)^(e)		4,450		4,474,653
2.46%, 10/22/25 (Call 10/22/24)^(e)		1,000		1,022,120
2.50%, 10/21/22 (Call 10/21/21)		1,011		1,029,714
2.82%, 07/21/23 (Call 07/21/22)^(e)		312		320,243
2.88%, 04/24/23 (Call 04/24/22)^(e)		723		740,648
3.00%, 12/20/23 (Call 12/20/22)^(e)		2,014		2,082,879
3.12%, 01/20/23 (Call 01/20/22)^(e)		902		924,947
3.30%, 01/11/23		1,175		1,230,742
3.37%, 01/23/26 (Call 01/23/25)^(e)		950		1,011,123
3.46%, 03/15/25 (Call 03/15/24)^(e)		707		748,480
3.50%, 05/17/22 (Call 05/17/21)^(e)		460		469,113
3.55%, 03/05/24 (Call 03/05/23)^(e)		979		1,028,714
3.86%, 07/23/24 (Call 07/23/23)^(e)		808		861,490
4.00%, 04/01/24		614		667,191
4.10%, 07/24/23		776		839,477
4.13%, 01/22/24		818		889,240
4.20%, 08/26/24		808		874,983
5.00%, 05/13/21		620		644,453
5.70%, 01/24/22		805		862,767
Bank of Baroda/London, 3.88%, 04/04/24^(b)		400		393,012
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/23)^(a)(d)(e)		1,000		1,045,440
Bank of China Ltd., 5.00%, 11/13/24^(b)		800		870,944
Bank of China Ltd./Hong Kong, 3.13%, 04/17/24^(b)		200		209,352
Bank of China Ltd./Luxembourg, 2.25%, 07/12/21^(b)		200		201,602
Bank of China Ltd./Macau, 2.88%, 04/20/22^(b)		400		410,244
Bank of China Ltd./Paris, 2.56%, 11/22/22, (3 mo. LIBOR US + 0.88%)^(b)(f)		1,000		997,630
Bank of China Ltd./Singapore, 1.98%, 04/17/23, (3 mo. LIBOR US + 0.85%)^(b)(f)		900		895,104
Bank of Communications Co. Ltd./Hong Kong
1.98%, 03/21/22, (3 mo. LIBOR US + 0.780%)^(b)(f)		400		398,360
2.15%, 12/04/22, (3 mo. LIBOR US +0.9%)^(b)(f)		400		398,120
2.54%, 05/17/23, (3 mo. LIBOR US + 0.85%)^(b)(f)		200		198,734
Bank of Ireland Group PLC, 4.50%, 11/25/23^(a)		275		282,747
Bank of Montreal
1.90%, 08/27/21		1,095		1,106,552
2.05%, 11/01/22		475		483,198
2.35%, 09/11/22		602		619,819
2.50%, 06/28/24		491		507,483
2.55%, 11/06/22 (Call 10/06/22)		189		195,411
2.90%, 03/26/22		620		638,302
4.34%, 10/05/28 (Call 10/05/23)^(e)		250		262,378
Series E, 3.30%, 02/05/24		786		830,283
Bank of New York Mellon Corp. (The) 1.60%, 04/24/25 (Call 03/24/25)		1,000		1,014,670


Security	Par (000)		Value

Banks (continued)
1.85%, 01/27/23 (Call 12/27/22)	$	421	$	428,683
1.95%, 08/23/22		13		13,236
2.05%, 05/03/21 (Call 04/03/21)		880		889,082
2.10%, 10/24/24		309		318,604
2.20%, 08/16/23 (Call 06/16/23)		482		497,091
2.60%, 02/07/22 (Call 01/07/22)		620		637,075
2.66%, 05/16/23 (Call 05/16/22)^(e)		419		430,590
2.95%, 01/29/23 (Call 12/29/22)		497		522,014
3.25%, 09/11/24 (Call 08/11/24)		250		269,085
3.45%, 08/11/23		107		114,800
3.50%, 04/28/23		270		288,538
3.55%, 09/23/21 (Call 08/23/21)		308		317,154
Bank of New Zealand, 3.50%, 02/20/24^(a)		350		369,176
Bank of Nova Scotia (The)
1.88%, 04/26/21		30		30,329
1.95%, 02/01/23		12		12,137
2.00%, 11/15/22		185		187,422
2.38%, 01/18/23		27		27,715
2.45%, 09/19/22		480		495,533
2.70%, 03/07/22		842		866,325
2.80%, 07/21/21		253		257,420
3.40%, 02/11/24		930		989,120
Bank of the Philippine Islands
2.50%, 09/10/24^(b)		400		389,488
4.25%, 09/04/23^(b)		200		207,138
Bank Rakyat Indonesia Persero Tbk PT, 3.95%, 03/28/24^(b)		200		196,158
Banque Federative du Credit Mutuel SA
2.70%, 07/20/22^(a)		200		205,270
3.75%, 07/20/23^(a)		460		485,562
Barclays Bank PLC, 10.18%, 06/12/21^(a)		600		644,712
Barclays PLC
3.20%, 08/10/21		650		659,613
3.68%, 01/10/23 (Call 01/10/22)		360		368,125
3.93%, 05/07/25 (Call 05/07/24)^(e)		1,400		1,463,000
4.34%, 05/16/24 (Call 05/16/23)^(e)		635		668,744
4.38%, 09/11/24		400		412,412
4.61%, 02/15/23 (Call 02/15/22)^(e)		650		676,149
BBK BSC, 5.50%, 07/09/24^(b)		800		756,776
BBVA Bancomer SA/Texas, 6.75%, 09/30/22^(b)		600		623,058
BBVA USA
2.50%, 08/27/24 (Call 07/27/24)		45		44,442
2.88%, 06/29/22 (Call 05/29/22)		300		301,323
3.50%, 06/11/21 (Call 05/11/21)		250		252,120
BDO Unibank Inc., 2.95%, 03/06/23^(b)		150		149,964
BNG Bank NV
1.50%, 09/06/22^(a)		500		511,330
1.50%, 10/16/24^(a)		1,000		1,036,290
2.38%, 02/01/22^(a)		700		723,142
2.50%, 01/23/23^(a)		500		526,115
2.63%, 02/27/24^(a)		1,000		1,077,350
3.00%, 09/20/23^(a)		500		540,170
BNP Paribas SA
2.82%, 11/19/25 (Call 11/19/24)^(a)(e)		750		758,220
2.95%, 05/23/22^(a)		200		203,398
3.25%, 03/03/23		730		771,413
3.38%, 01/09/25^(a)		750		780,000
3.50%, 03/01/23^(a)		525		542,099
4.71%, 01/10/25 (Call 01/10/24)^(a)(e)		850		915,968


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
BNZ International Funding Ltd./London
2.65%, 11/03/22^(a)	$	250	$	255,420
3.38%, 03/01/23^(a)		500		522,045
BOS Funding Ltd., 4.00%, 09/18/24^(b)		200		184,234
Boubyan Sukuk Ltd., 2.59%, 02/18/25^(b)		200		199,204
BPCE SA
2.38%, 01/14/25^(a)		940		935,657
2.75%, 12/02/21		275		280,167
2.75%, 01/11/23^(a)		715		733,604
3.00%, 05/22/22^(a)		255		259,225
4.00%, 09/12/23^(a)		250		262,150
4.00%, 04/15/24		815		876,084
4.50%, 03/15/25^(a)		200		210,614
5.15%, 07/21/24^(a)		200		214,236
5.70%, 10/22/23^(a)		500		541,345
Caixa Economica Federal, 3.50%, 11/07/22^(b)		350		342,822
Canadian Imperial Bank of Commerce
2.55%, 06/16/22		575		590,772
2.61%, 07/22/23 (Call 07/22/22)^(e)		670		681,959
3.10%, 04/02/24		604		629,447
3.50%, 09/13/23		530		569,835
Canara Bank/London, 3.88%, 03/28/24^(b)		400		387,352
Capital One N.A.
2.25%, 09/13/21 (Call 08/13/21)		605		606,083
2.65%, 08/08/22 (Call 07/08/22)		250		252,680
2.95%, 07/23/21 (Call 06/23/21)		270		272,446
CBQ Finance Ltd.
3.25%, 06/13/21^(b)		200		201,006
5.00%, 05/24/23^(b)		200		208,926
China CITIC Bank Corp. Ltd., 1.74%, 12/14/22, (3 mo. LIBOR US + 1.000%)^(b)(f)		800		801,192
China CITIC Bank International Ltd., 4.63%, 02/28/29 (Call 02/28/24)^(b)(e)		250		252,588
China Construction Bank Corp., 4.25%, 02/27/29 (Call 02/27/24)^(b)(e)		500		523,965
China Construction Bank Corp./Hong Kong
1.73%, 06/08/21, (3 mo. LIBOR US + 0.730%)^(b)(f)		200		199,810
1.95%, 09/24/21, (3 mo. LIBOR US + 0.750%)^(b)(f)		200		199,832
China Development Bank
2.13%, 06/01/21^(b)		400		403,464
2.63%, 01/24/22^(b)		1,200		1,223,640
China Development Bank Corp./Hong Kong, 1.88%, 11/03/21^(b)		200		202,580
China Merchants Bank Co. Ltd./London, 1.79%, 06/19/22, (3 mo. LIBOR US + 0.740%)^(b)(f)		400		396,132
China Minsheng Banking Corp. Ltd./Hong Kong, 2.05%, 03/09/23, (3 mo. LIBOR US + 1.050%)^(b)(f)		400		397,464
CIMB Bank Bhd, 3.26%, 03/15/22^(b)		400		408,224
CIT Group Inc.
4.75%, 02/16/24 (Call 11/16/23)		175		168,887
5.00%, 08/15/22		400		400,392
5.00%, 08/01/23		250		244,600
5.25%, 03/07/25 (Call 12/07/24)		150		149,426
Citibank N.A.
2.84%, 05/20/22 (Call 04/20/22)^(e)		1,220		1,235,799
3.65%, 01/23/24 (Call 12/23/23)		995		1,069,605
CITIC Ltd.
2.80%, 12/14/21^(b)		200		201,978
6.80%, 01/17/23^(b)		500		557,005


Security	Par (000)		Value

Banks (continued)
Citigroup Inc.
2.31%, 11/04/22 (Call 11/04/21)^(e)	$	353	$	355,647
2.35%, 08/02/21		653		659,876
2.70%, 10/27/22 (Call 09/27/22)		151		154,638
2.75%, 04/25/22 (Call 03/25/22)		890		911,066
2.88%, 07/24/23 (Call 07/24/22)^(e)		1,142		1,170,219
2.90%, 12/08/21 (Call 11/08/21)		811		825,987
3.11%, 04/08/26 (Call 04/08/25)^(e)		2,000		2,094,180
3.14%, 01/24/23 (Call 01/24/22)^(e)		946		969,622
3.35%, 04/24/25 (Call 04/24/24)^(e)		1,155		1,213,778
3.50%, 05/15/23		413		430,817
3.75%, 06/16/24		168		179,847
3.88%, 10/25/23		334		356,832
4.00%, 08/05/24		25		26,563
4.04%, 06/01/24 (Call 06/01/23)^(e)		565		603,019
4.05%, 07/30/22		780		817,807
4.50%, 01/14/22		749		785,199
Citizens Bank N.A./Providence RI, 2.55%, 05/13/21 (Call 04/13/21)		500		504,950
Citizens Financial Group Inc., 2.38%, 07/28/21 (Call 06/28/21)		197		198,304
Comerica Bank, 2.50%, 07/23/24		250		254,278
Comerica Inc., 3.70%, 07/31/23 (Call 07/01/23)		719		757,488
Commerzbank AG, 8.13%, 09/19/23^(a)		275		303,075
Commonwealth Bank of Australia
2.00%, 09/06/21^(a)		476		481,203
2.50%, 09/18/22^(a)		400		411,408
2.75%, 03/10/22^(a)		472		485,277
3.35%, 06/04/24^(a)		289		309,328
3.45%, 03/16/23^(a)		427		451,330
Cooperatieve Rabobank UA
2.63%, 07/22/24^(a)		725		739,268
3.88%, 02/08/22		605		631,245
3.88%, 09/26/23^(a)		600		636,918
3.95%, 11/09/22		525		542,241
Cooperatieve Rabobank UA/NY
2.75%, 01/10/22		973		998,784
2.75%, 01/10/23		650		673,140
Corp. Group Banking SA, 6.75%, 03/15/23 (Call 03/15/21)^(a)		250		92,625
Credit Agricole SA/London
2.38%, 01/22/25^(a)		1,500		1,528,365
3.25%, 10/04/24^(a)		525		547,302
3.38%, 01/10/22^(a)		540		551,113
3.75%, 04/24/23^(a)		530		553,770
Credit Bank of Moscow Via CBOM Finance PLC, 7.12%, 06/25/24^(b)		600		626,952
Credit Suisse AG/New York NY
2.80%, 04/08/22		1,000		1,023,780
2.95%, 04/09/25		1,000		1,052,100
3.00%, 10/29/21		585		597,589
Credit Suisse Group AG
2.59%, 09/11/25 (Call 09/11/24)^(a)(e)		950		949,886
3.00%, 12/14/23 (Call 12/14/22)^(a)(e)		275		280,038
3.57%, 01/09/23 (Call 01/09/22)^(a)		640		654,707
4.21%, 06/12/24 (Call 06/12/23)^(a)(e)		525		552,720
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 09/15/22		750		779,992
3.80%, 06/09/23		975		1,020,932


SCHEDULES OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Danske Bank A/S
2.70%, 03/02/22^(a)	$	250	$	253,775
3.88%, 09/12/23^(a)		250		257,885
5.00%, 01/12/22^(a)		920		952,715
5.38%, 01/12/24^(a)		625		672,700
Danske Bank AS, 3.00%, 09/20/22 (Call 09/20/21)^(a)(e)		200		200,316
DBS Group Holdings Ltd.
3.30%, (Call 02/27/25)^(b)(d)(e)		400		371,288
3.60%, (Call 09/07/21)^(b)(d)(e)		400		396,548
4.52%, 12/11/28 (Call 12/11/23)^(a)(e)		200		211,008
Deutsche Bank AG
3.38%, 05/12/21		600		600,474
4.30%, 05/24/28 (Call 05/24/23)^(e)		400		357,008
4.50%, 04/01/25		500		472,695
Deutsche Bank AG/London, 3.70%, 05/30/24		570		560,561
Deutsche Bank AG/New York NY
3.30%, 11/16/22		525		516,180
3.95%, 02/27/23		505		503,520
3.96%, 11/26/25 (Call 11/26/24)^(e)		800		782,488
4.25%, 10/14/21		410		412,366
Series D, 5.00%, 02/14/22		640		650,790
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22^(b)		200		196,898
Dexia Credit Local SA
1.63%, 10/16/24^(a)		1,250		1,288,437
2.38%, 09/20/22^(a)		1,500		1,561,110
DIB Sukuk Ltd.
2.95%, 02/20/25^(b)		300		291,072
3.63%, 02/06/23^(b)		400		404,388
3.66%, 02/14/22^(b)		600		606,180
Discover Bank
2.45%, 09/12/24 (Call 08/12/24)		690		676,159
3.20%, 08/09/21 (Call 07/09/21)		250		251,270
3.35%, 02/06/23 (Call 01/06/23)		250		253,908
4.68%, 08/09/28 (Call 08/09/23)^(e)		415		423,860
DNB Bank ASA, 2.38%, 06/02/21^(a)		200		202,124
Ecobank Transnational Inc., 9.50%, 04/18/24^(b)		200		186,322
EIB Sukuk Co. Ltd., 3.54%, 05/31/21^(b)		200		202,338
Emirates Development Bank PJSC, 3.52%, 03/06/24^(b)		400		409,840
Emirates NBD Bank PJSC, 2.63%, 02/18/25^(b)		200		196,160
Fab Sukuk Co. Ltd., 3.88%, 01/22/24^(b)		600		632,088
Federation des Caisses Desjardins du Quebec, 2.05%, 02/10/25^(a)		200		200,280
Fifth Third Bancorp.
2.60%, 06/15/22 (Call 05/15/22)		641		652,807
3.50%, 03/15/22 (Call 02/15/22)		305		315,693
3.65%, 01/25/24 (Call 12/25/23)		531		560,540
4.30%, 01/16/24 (Call 12/16/23)		120		128,201
Fifth Third Bank/Cincinnati OH
1.80%, 01/30/23 (Call 12/30/22)		455		458,499
2.88%, 10/01/21 (Call 09/01/21)		465		474,226
3.35%, 07/26/21 (Call 06/26/21)		400		409,664
First Abu Dhabi Bank PJSC
2.13%, 04/16/22, (3 mo. LIBOR US + 0.950%)^(b)(f)		400		394,968
3.00%, 03/30/22^(b)		200		204,808
First Republic Bank/CA, 2.50%, 06/06/22 (Call 05/06/22)		315		321,939
FirstRand Bank Ltd., 6.25%, 04/23/28 (Call 04/23/23)^(b)(e)		400		385,208
Freedom Mortgage Corp.
8.13%, 11/15/24 (Call 11/15/20)^(a)		125		102,399
8.25%, 04/15/25 (Call 04/15/21)^(a)		250		212,348


Security	Par (000)		Value

Banks (continued)
10.75%, 04/01/24 (Call 04/01/21)^(a)	$	100	$	92,703
Global Bank Corp., 4.50%, 10/20/21^(b)		200		198,990
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)		1,436		1,443,180
2.88%, 10/31/22 (Call 10/31/21)^(e)		927		941,971
2.91%, 06/05/23 (Call 06/05/22)^(e)		864		883,129
2.91%, 07/24/23 (Call 07/24/22)^(e)		1,181		1,209,120
3.00%, 04/26/22 (Call 04/26/21)		2,021		2,046,707
3.20%, 02/23/23 (Call 01/23/23)		857		889,326
3.27%, 09/29/25 (Call 09/29/24)^(e)		525		548,315
3.50%, 01/23/25 (Call 10/23/24)		442		467,503
3.50%, 04/01/25 (Call 03/01/25)		1,960		2,089,968
3.63%, 01/22/23		415		435,933
3.63%, 02/20/24 (Call 01/20/24)		756		803,016
3.85%, 07/08/24 (Call 04/08/24)		446		475,989
4.00%, 03/03/24		1,207		1,297,525
5.25%, 07/27/21		1,277		1,333,111
5.75%, 01/24/22		1,301		1,391,888
Grupo Aval Ltd., 4.75%, 09/26/22^(b)		420		415,321
HSBC Holdings PLC
2.63%, 11/07/25 (Call 11/07/24)^(e)		805		820,850
2.65%, 01/05/22		1,185		1,202,965
2.95%, 05/25/21		625		634,231
3.03%, 11/22/23 (Call 11/22/22)^(e)		400		410,712
3.26%, 03/13/23 (Call 03/13/22)^(e)		1,105		1,134,791
3.60%, 05/25/23		300		315,954
3.80%, 03/11/25 (Call 03/11/24)^(e)		880		937,138
3.95%, 05/18/24 (Call 05/18/23)^(e)		415		440,464
4.00%, 03/30/22		670		699,212
4.25%, 03/14/24		760		805,942
4.88%, 01/14/22		241		254,513
Huntington Bancshares Inc./OH
2.30%, 01/14/22 (Call 12/14/21)		725		735,019
2.63%, 08/06/24 (Call 07/06/24)		656		674,014
Huntington National Bank (The)
1.80%, 02/03/23 (Call 01/03/23)		405		407,406
2.50%, 08/07/22 (Call 07/07/22)		275		282,186
3.13%, 04/01/22 (Call 03/01/22)		25		25,791
3.25%, 05/14/21 (Call 04/14/21)		500		509,660
ICICI Bank Ltd./Dubai, 3.25%, 09/09/22^(b)		400		394,132
Industrial &Commercial Bank of China Ltd., 2.50%, 06/16/21^(b)		200		202,210
Industrial &Commercial Bank of China Ltd./Dubai DIFC, 1.90%, 10/17/24, (3 mo. LIBOR US + 0.770%)^(b)(f)		600		587,082
Industrial &Commercial Bank of China Ltd./Hong Kong
1.41%, 09/16/22, (3 mo. LIBOR US + 0.670%)^(b)(f)		400		396,684
1.52%, 09/16/24, (3 mo. LIBOR US + 0.780%)^(b)(f)		400		391,844
2.25%, 09/16/22^(b)		600		609,456
2.66%, 02/21/22, (3 mo. LIBOR US + 0.965%)^(b)(f)		200		201,176
2.88%, 02/21/22^(b)		400		409,256
Industrial & Commercial Bank of China Ltd./London
1.47%, 06/14/21, (3 mo. LIBOR US + 0.730%)^(b)(f)		200		199,994
1.84%, 10/25/23, (3 mo. LIBOR US + 0.850%)^(b)(f)		400		399,660
Industrial &Commercial Bank of China Ltd./Luxembourg, 1.49%, 06/11/22, (3 mo. LIBOR US + 0.720%)^(b)(f)		400		400,872
Industrial &Commercial Bank of China Ltd./New York NY, 2.96%, 11/08/22		250		258,235
Industrial &Commercial Bank of China Ltd./Singapore
1.71%, 04/25/22, (3 mo. LIBOR US + 0.720%)^(b)(f)		400		398,924
1.97%, 04/24/22, (3 mo. LIBOR US + 0.950%)^(b)(f)		797		801,463


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
2.03%, 04/16/23, (3 mo. LIBOR US + 0.85%)^(b)(f)	$	300	$	298,008
Industrial &Commercial Bank of China Macau Ltd., 2.88%, 09/12/29 (Call 09/12/24)^(b)(e)		300		296,082
Industrial Bank Co. Ltd./Hong Kong, 2.54%, 11/20/21, (3 mo. LIBOR US + 0.85%)^(b)(f)		200		200,146
Industrial Bank of Korea, 2.36%, 08/02/21, (3 mo. LIBOR US + 0.600%)^(b)(f)		200		198,944
Industrial Senior Trust, 5.50%, 11/01/22^(b)		200		200,798
ING Groep NV
3.15%, 03/29/22		525		538,524
3.55%, 04/09/24		555		584,254
4.10%, 10/02/23		985		1,054,019
4.70%, 03/22/28 (Call 03/22/23)^(b)(e)		400		416,284
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24^(b)		150		125,972
Intesa Sanpaolo SpA
3.13%, 07/14/22^(a)		250		249,550
3.38%, 01/12/23^(a)		200		200,122
5.02%, 06/26/24^(a)		600		605,298
5.25%, 01/12/24		250		261,803
Series XR, 3.25%, 09/23/24^(a)		465		459,015
Itau Unibanco Holding SA/Cayman Island
2.90%, 01/24/23^(a)		400		388,860
3.25%, 01/24/25^(a)		400		388,180
5.13%, 05/13/23^(b)		400		410,312
5.50%, 08/06/22^(b)(c)		400		409,900
5.65%, 03/19/22^(b)		400		410,464
6.20%, 12/21/21^(b)		500		517,350
JPMorgan Chase & Co.
2.01%, 03/13/26 (Call 03/13/25)^(e)		3,000		3,027,390
2.08%, 04/22/26 (Call 04/22/25)^(e)		3,000		3,042,120
2.30%, 08/15/21 (Call 08/15/20)		1,769		1,774,236
2.30%, 10/15/25 (Call 10/15/24)^(e)		955		976,048
2.40%, 06/07/21 (Call 05/07/21)		302		305,527
2.70%, 05/18/23 (Call 03/18/23)		911		943,158
2.78%, 04/25/23 (Call 04/25/22)^(e)		679		695,167
2.97%, 01/15/23 (Call 01/15/22)		84		86,313
3.20%, 01/25/23		1,412		1,478,618
3.22%, 03/01/25 (Call 03/01/24)^(e)		15		15,802
3.25%, 09/23/22		1,251		1,309,134
3.38%, 05/01/23		747		781,750
3.51%, 06/18/22 (Call 06/18/21)^(e)		430		440,135
3.56%, 04/23/24 (Call 04/23/23)^(e)		1,273		1,345,867
3.63%, 05/13/24^(c)		605		653,249
3.80%, 07/23/24 (Call 07/23/23)^(e)		1,021		1,091,796
3.88%, 02/01/24		200		217,150
3.88%, 09/10/24		984		1,058,961
4.02%, 12/05/24 (Call 12/05/23)^(e)		562		607,977
4.35%, 08/15/21		747		776,365
4.50%, 01/24/22		1,730		1,826,240
4.63%, 05/10/21		540		559,418
Kasikornbank PCL/Hong Kong, 2.38%, 04/06/22^(b)		200		200,414
KEB Hana Bank, 3.50%, 01/30/24^(b)		200		211,212
KeyBank N.A./Cleveland OH
2.40%, 06/09/22		260		265,372
3.38%, 03/07/23		260		273,832
KeyBank NA/Cleveland OH, 1.25%, 03/10/23		2,000		2,001,400
KfW
1.38%, 08/05/24		2,162		2,239,875
1.50%, 06/15/21		1,525		1,543,986


Security	Par (000)		Value

Banks (continued)
1.63%, 02/15/23	$	18	$	18,603
1.75%, 09/15/21		30		30,565
1.75%, 08/22/22^(c)		1,128		1,163,295
2.00%, 11/30/21		1,276		1,308,844
2.00%, 09/29/22		170		176,503
2.00%, 10/04/22		1,452		1,507,829
2.13%, 03/07/22		2,143		2,213,376
2.13%, 06/15/22		1,147		1,189,485
2.13%, 01/17/23		1,840		1,924,732
2.38%, 08/25/21		328		336,433
2.38%, 12/29/22		2,582		2,716,780
2.50%, 02/15/22		555		576,029
2.50%, 11/20/24		1,427		1,551,634
2.63%, 01/25/22		1,025		1,065,077
2.63%, 02/28/24		1,970		2,131,441
2.88%, 05/05/22^(b)		2,250		2,362,725
Kookmin Bank
2.25%, 02/03/21^(b)		300		302,109
3.63%, 10/23/21^(b)		200		206,114
4.35%, (Call 07/02/24)^(b)(d)(e)		200		193,366
Korea Development Bank (The)
2.13%, 10/01/24		400		408,940
2.34%, 02/27/22, (3 mo. LIBOR US + 0.705%)^(f)		300		298,710
3.00%, 09/14/22		820		852,784
3.25%, 02/19/24		200		212,628
3.75%, 01/22/24		200		215,726
4.63%, 11/16/21		450		472,774
Landeskreditbank Baden-Wuerttemberg Foerderbank
1.38%, 07/21/21^(b)		525		530,544
2.00%, 07/23/24^(b)		500		528,145
Landwirtschaftliche Rentenbank
1.88%, 04/17/23^(b)		1,075		1,119,440
2.25%, 10/01/21		345		353,801
2.38%, 01/23/24^(b)		750		801,517
3.13%, 11/14/23		720		786,240
Series 36, 2.00%, 12/06/21		715		733,390
Lloyds Bank PLC
2.25%, 08/14/22		858		872,663
3.30%, 05/07/21		200		204,112
Lloyds Banking Group PLC
2.44%, 02/05/26 (Call 02/05/25)^(e)		1,290		1,288,697
2.86%, 03/17/23 (Call 03/17/22)^(e)		400		404,668
2.91%, 11/07/23 (Call 11/07/22)^(e)		1,000		1,015,620
3.00%, 01/11/22		375		381,664
3.10%, 07/06/21		300		303,237
3.90%, 03/12/24		465		490,891
4.05%, 08/16/23		475		501,153
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		395		421,212
Macquarie Bank Ltd., 2.10%, 10/17/22^(a)		21		21,210
Macquarie Group Ltd.
3.19%, 11/28/23 (Call 11/28/22)^(a)(e)		775		794,220
4.15%, 03/27/24 (Call 03/27/23)^(a)(e)		210		221,040
Malayan Banking Bhd
2.49%, 08/16/24, (3 mo. LIBOR US + 0.800%)^(b)(f)		400		380,608
3.91%, 10/29/26 (Call 10/29/21)^(b)(e)		200		200,316
Mashreqbank PSC, 4.25%, 02/26/24^(b)		200		198,960
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		241		242,740
2.19%, 02/25/25		950		958,626
2.62%, 07/18/22		360		366,826


SCHEDULES OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
2.67%, 07/25/22	$	1,678	$	1,712,131
2.80%, 07/18/24		200		206,354
2.95%, 03/01/21		398		404,149
3.00%, 02/22/22		389		398,223
3.22%, 03/07/22		20		20,560
3.41%, 03/07/24		978		1,027,898
3.46%, 03/02/23		625		652,337
3.54%, 07/26/21		445		456,134
3.76%, 07/26/23		725		767,311
Mizuho Financial Group Inc.
2.27%, 09/13/21		650		654,277
2.56%, 09/13/25 (Call 09/13/24)^(e)		1,400		1,420,888
2.60%, 09/11/22		267		271,494
2.72%, 07/16/23 (Call 07/16/22)^(e)		210		213,308
2.84%, 07/16/25 (Call 07/16/24)^(e)		200		205,178
2.95%, 02/28/22		600		610,950
3.55%, 03/05/23		850		888,836
3.92%, 09/11/24 (Call 09/11/23)^(e)		850		904,425
Morgan Stanley
2.19%, 04/28/26 (Call 04/28/25)^(e)		2,705		2,736,811
2.63%, 11/17/21		1,095		1,112,827
2.72%, 07/22/25 (Call 07/22/24)^(e)		1,007		1,039,738
2.75%, 05/19/22		966		989,503
3.13%, 01/23/23		1,045		1,086,685
3.70%, 10/23/24		740		798,342
3.74%, 04/24/24 (Call 04/24/23)^(e)		588		622,451
3.75%, 02/25/23		720		761,537
4.10%, 05/22/23		715		755,612
4.88%, 11/01/22		1,009		1,075,776
5.50%, 07/28/21		380		398,529
Series F, 3.88%, 04/29/24		675		727,339
MUFG Bank Ltd., 3.25%, 09/08/24^(a)		500		526,060
MUFG Union Bank N.A.
2.10%, 12/09/22 (Call 11/09/22)		400		404,748
3.15%, 04/01/22 (Call 03/01/22)		250		257,388
Nanyang Commercial Bank Ltd., 3.80%, 11/20/29 (Call 11/20/24)^(b)(e)		250		242,615
National Australia Bank Ltd., 3.45%, 12/04/23^(a)		250		272,720
National Australia Bank Ltd./New York
1.88%, 07/12/21		250		252,083
2.50%, 05/22/22		725		743,582
2.80%, 01/10/22		250		256,663
3.63%, 06/20/23		525		560,674
National Bank of Canada
2.10%, 02/01/23		960		969,859
2.15%, 10/07/22^(a)		415		420,349
National Bank of Oman SAOG, 5.63%, 09/25/23^(b)		200		186,186
NBK SPC Ltd., 2.75%, 05/30/22^(b)		200		199,824
Nederlandse Waterschapsbank NV
1.50%, 08/27/21^(a)		1,000		1,013,710
1.75%, 01/15/25^(a)		1,000		1,049,950
2.13%, 11/15/21^(a)		200		205,064
NongHyup Bank, 1.88%, 09/12/21^(b)		600		603,438
Nordea Bank Abp
2.25%, 05/27/21^(a)		350		354,242
3.75%, 08/30/23^(a)		485		507,281
4.88%, 05/13/21^(a)		260		268,429
Northern Trust Corp.
2.38%, 08/02/22		100		102,707
3.38%, 08/23/21		150		154,730


Security	Par (000)		Value

Banks (continued)
NRW Bank
1.50%, 08/23/21^(b)	$	400	$	405,440
1.88%, 07/31/24^(b)		1,000		1,051,760
2.25%, 05/31/23^(b)		200		210,430
Oesterreichische Kontrollbank AG
1.50%, 02/12/25		2,059		2,139,486
1.63%, 09/17/22		68		69,858
2.38%, 10/01/21		215		220,889
2.88%, 03/13/23		1,085		1,157,825
3.13%, 11/07/23		25		27,253
Philippine National Bank, 3.28%, 09/27/24^(b)		500		488,330
PNC Bank N.A.
2.63%, 02/17/22 (Call 01/17/22)		992		1,014,985
2.70%, 11/01/22 (Call 10/01/22)		650		671,248
3.50%, 06/08/23 (Call 05/08/23)		715		762,312
PNC Financial Services Group Inc. (The)
2.20%, 11/01/24 (Call 10/02/24)		120		124,330
3.50%, 01/23/24 (Call 12/24/23)		500		534,560
3.90%, 04/29/24 (Call 03/29/24)		681		737,257
QIB Sukuk Ltd., 3.98%, 03/26/24^(b)		600		622,602
QNB Finance Ltd.
2.13%, 09/07/21^(b)		200		200,506
2.76%, 05/02/22, (3 mo. LIBOR US + 1.000%)^(b)(f)		400		390,160
2.99%, 05/31/21, (3 mo. LIBOR US + 1.350%)^(b)(f)		400		397,344
3.50%, 03/28/24^(b)		400		415,040
QNB Finansbank AS
4.88%, 05/19/22^(b)		400		393,868
6.88%, 09/07/24^(b)		200		200,148
Rakfunding Cayman Ltd., 4.13%, 04/09/24^(b)		200		195,954
Regions Financial Corp.
2.75%, 08/14/22 (Call 07/14/22)		285		290,278
3.80%, 08/14/23 (Call 07/14/23)		783		826,887
Rizal Commercial Banking Corp.
3.00%, 09/11/24^(b)		400		386,868
4.13%, 03/16/23^(b)		200		201,972
Royal Bank of Canada
1.95%, 01/17/23		401		406,650
2.25%, 11/01/24		210		214,790
2.30%, 03/22/21		90		91,220
2.55%, 07/16/24		498		515,231
2.75%, 02/01/22		332		341,671
2.80%, 04/29/22		583		600,064
3.35%, 10/22/21^(a)		200		207,386
3.70%, 10/05/23		831		890,774
Royal Bank of Scotland Group PLC
3.50%, 05/15/23 (Call 05/15/22)^(e)		905		925,471
3.75%, 11/01/29 (Call 11/01/24)^(e)		665		663,238
3.88%, 09/12/23		1,355		1,420,379
4.52%, 06/25/24 (Call 06/25/23)^(e)		505		536,325
5.13%, 05/28/24		740		785,266
6.00%, 12/19/23		609		662,769
6.10%, 06/10/23		110		118,711
6.13%, 12/15/22		800		855,504
Samba Funding Ltd., 2.75%, 10/02/24^(b)		400		394,484
Santander Holdings USA Inc.
3.40%, 01/18/23 (Call 12/19/22)		292		293,962
3.50%, 06/07/24 (Call 05/07/24)		35		35,286
3.70%, 03/28/22 (Call 02/28/22)		695		704,890
4.45%, 12/03/21 (Call 11/03/21)		301		308,507


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Santander UK Group Holdings PLC
2.88%, 08/05/21	$	225	$	226,575
3.37%, 01/05/24 (Call 01/05/23)^(e)		675		690,997
3.57%, 01/10/23 (Call 01/10/22)		430		438,222
4.80%, 11/15/24 (Call 11/15/23)^(c)(e)		500		535,325
Santander UK PLC
2.88%, 06/18/24		300		310,332
3.40%, 06/01/21		300		306,297
3.75%, 11/15/21		235		241,488
4.00%, 03/13/24		556		598,606
Sberbank of Russia Via SB Capital SA, 5.13%, 10/29/22^(b)		1,000		1,035,530
Shinhan Bank Co. Ltd., 3.88%, 12/07/26 (Call 12/07/21)^(b)(e)		400		401,652
Siam Commercial Bank PCL/Cayman Islands, 3.90%, 02/11/24^(b)		400		419,364
SIB Sukuk Co. III Ltd., 3.08%, 09/08/21^(b)		250		250,010
Skandinaviska Enskilda Banken AB
1.88%, 09/13/21		250		251,845
3.25%, 05/17/21^(a)		500		510,750
Skysea International Capital Management Ltd., 4.88%, 12/07/21^(b)		400		420,728
Societe Generale SA
2.63%, 10/16/24^(a)		550		549,285
2.63%, 01/22/25^(a)		1,500		1,500,360
3.88%, 03/28/24^(a)		425		444,524
4.25%, 09/14/23^(a)		675		713,340
Standard Chartered PLC
2.82%, 01/30/26 (Call 01/30/25)^(a)(e)		1,500		1,494,030
3.52%, 02/12/30 (Call 02/12/25)^(b)(e)		500		482,850
3.79%, 05/21/25 (Call 05/21/24)^(a)(e)		665		686,573
3.89%, 03/15/24 (Call 03/15/23)^(a)(e)		460		473,340
3.95%, 01/11/23^(a)		510		515,095
4.25%, 01/20/23 (Call 01/20/22)^(a)(e)		520		534,628
5.20%, 01/26/24^(a)		250		263,540
5.70%, 01/25/22^(b)		250		259,633
State Bank of India/London
3.25%, 01/24/22^(b)		240		240,036
4.38%, 01/24/24^(b)		400		407,292
4.50%, 09/28/23^(b)		200		205,626
State Street Corp.
1.95%, 05/19/21		354		357,997
2.35%, 11/01/25 (Call 11/01/24)^(e)		500		516,265
2.65%, 05/15/23 (Call 05/15/22)^(e)		700		717,927
3.10%, 05/15/23		210		220,725
3.70%, 11/20/23		171		189,601
3.78%, 12/03/24 (Call 12/03/23)^(e)		10		10,834
Sumitomo Mitsui Banking Corp.
3.20%, 07/18/22		500		516,540
3.40%, 07/11/24		500		530,965
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21		553		556,749
2.35%, 01/15/25		495		502,762
2.44%, 10/19/21		300		304,050
2.45%, 09/27/24		300		305,409
2.70%, 07/16/24		625		642,444
2.78%, 07/12/22		829		846,815
2.78%, 10/18/22		619		635,657
2.85%, 01/11/22		324		330,182
3.10%, 01/17/23		851		882,087


Security	Par (000)		Value

Banks (continued)
3.75%, 07/19/23	$	335	$	354,383
3.94%, 10/16/23		200		213,838
4.44%, 04/02/24^(a)		500		529,340
Suncorp-Metway Ltd.
2.80%, 05/04/22^(a)		15		15,306
3.30%, 04/15/24^(a)		300		307,017
Svenska Handelsbanken AB
1.88%, 09/07/21		250		252,410
3.35%, 05/24/21		415		425,740
3.90%, 11/20/23		250		270,068
Synchrony Bank
3.00%, 06/15/22 (Call 05/15/22)		375		367,864
3.65%, 05/24/21 (Call 04/24/21)		410		409,475
Synovus Financial Corp., 3.13%, 11/01/22 (Call 10/01/22)		565		564,277
TC Ziraat Bankasi AS, 5.13%, 05/03/22^(b)		400		390,364
Toronto-Dominion Bank (The)
1.80%, 07/13/21		626		630,914
1.90%, 12/01/22		925		940,235
2.65%, 06/12/24		305		317,267
3.25%, 06/11/21		185		189,777
3.25%, 03/11/24		567		601,751
3.50%, 07/19/23		658		707,857
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		670		667,146
2.15%, 12/06/24 (Call 11/06/24)		250		255,425
2.45%, 08/01/22 (Call 07/01/22)		671		686,634
2.64%, 09/17/29 (Call 09/17/24)^(e)		300		290,322
2.80%, 05/17/22 (Call 04/17/22)		38		39,201
3.00%, 02/02/23 (Call 01/02/23)		55		57,371
3.20%, 04/01/24 (Call 03/01/24)		150		158,924
3.50%, 08/02/22 (Call 08/02/21)^(e)		269		275,911
3.69%, 08/02/24 (Call 08/02/23)^(e)		93		98,947
Truist Financial Corp.
2.05%, 05/10/21 (Call 04/09/21)		492		496,521
2.20%, 03/16/23 (Call 02/13/23)		443		452,888
2.50%, 08/01/24 (Call 07/01/24)		619		640,832
2.70%, 01/27/22 (Call 12/27/21)		579		591,703
2.75%, 04/01/22 (Call 03/01/22)		488		500,156
2.85%, 10/26/24 (Call 09/26/24)		55		58,077
3.05%, 06/20/22 (Call 05/20/22)		507		523,756
3.20%, 09/03/21 (Call 08/03/21)		161		164,932
3.75%, 12/06/23 (Call 11/06/23)		690		741,081
Turkiye Garanti Bankasi AS, 6.13%, 05/24/27 (Call 05/24/22)^(b)(e)		600		511,242
Turkiye Halk Bankasi AS, 5.00%, 07/13/21^(b)		200		192,894
Turkiye Is Bankasi AS
5.38%, 10/06/21^(b)		400		400,416
5.50%, 04/21/22^(b)		400		396,176
6.13%, 04/25/24^(b)		400		385,564
7.00%, 06/29/28 (Call 06/29/23)^(b)(e)		200		173,224
7.75%, 01/22/30 (Call 01/22/25)^(b)(e)		400		351,884
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25^(b)		200		179,828
5.75%, 01/30/23^(b)		200		192,894
6.00%, 11/01/22^(b)		200		186,492
8.13%, 03/28/24^(b)		400		404,408
U.S. Bancorp.
2.40%, 07/30/24 (Call 06/30/24)		617		642,994
2.95%, 07/15/22 (Call 06/15/22)		470		486,774
3.00%, 03/15/22 (Call 02/15/22)		303		313,620


SCHEDULES OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.38%, 02/05/24 (Call 01/05/24)	$	802	$	861,356
3.60%, 09/11/24 (Call 08/11/24)		200		215,224
4.13%, 05/24/21 (Call 04/24/21)		307		316,566
Series V, 2.63%, 01/24/22 (Call 12/23/21)		822		846,463
U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 12/21/24)		600		618,210
2.85%, 01/23/23 (Call 12/23/22)		250		260,665
UBS Group AG
2.65%, 02/01/22^(a)		255		258,988
2.86%, 08/15/23 (Call 08/15/22)^(a)(e)		1,775		1,809,275
3.49%, 05/23/23 (Call 05/23/22)^(a)		585		604,463
UniCredit SpA
3.75%, 04/12/22^(a)		315		317,350
6.57%, 01/14/22^(a)		700		722,687
United Bank for Africa PLC, 7.75%, 06/08/22^(b)		200		176,920
United Overseas Bank Ltd.
2.88%, 03/08/27 (Call 03/08/22)^(b)(e)		400		399,232
3.50%, 09/16/26 (Call 09/16/21)^(b)(e)		1,000		1,007,870
Vnesheconombank Via VEB Finance PLC, 5.94%, 11/21/23^(b)		400		434,816
VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22^(b)		400		418,104
Warba Sukuk Ltd., 2.98%, 09/24/24^(b)		200		201,044
Wells Fargo & Co.
2.10%, 07/26/21		615		620,117
2.16%, 02/11/26 (Call 02/11/25)^(e)		1,825		1,835,037
2.41%, 10/30/25 (Call 10/30/24)^(e)		1,070		1,086,874
2.63%, 07/22/22		1,544		1,580,778
3.00%, 02/19/25		500		524,880
3.07%, 01/24/23 (Call 01/24/22)		1,697		1,738,135
3.30%, 09/09/24		60		63,721
3.50%, 03/08/22		1,160		1,201,957
3.75%, 01/24/24 (Call 12/24/23)		1,924		2,052,812
4.13%, 08/15/23		75		79,898
4.48%, 01/16/24		432		466,746
Series M, 3.45%, 02/13/23		619		644,404
Wells Fargo Bank N.A.
2.08%, 09/09/22 (Call 09/09/21)^(e)		494		497,626
3.55%, 08/14/23 (Call 07/14/23)		875		932,584
3.63%, 10/22/21 (Call 09/21/21)		300		310,215
Westpac Banking Corp.
2.00%, 08/19/21		316		319,290
2.00%, 01/13/23		352		358,463
2.10%, 05/13/21		300		303,318
2.50%, 06/28/22		454		466,063
2.75%, 01/11/23		940		975,758
2.80%, 01/11/22		365		375,176
2.89%, 02/04/30 (Call 02/04/25)^(e)		500		492,715
3.30%, 02/26/24		1,182		1,259,125
3.65%, 05/15/23		324		346,013
Woori Bank
2.63%, 07/20/21^(b)(c)		200		201,374
4.25%, (Call 10/04/24)^(b)(d)(e)		400		379,236
5.25%, (Call 05/16/22)^(b)(d)(e)		200		198,996
Yapi ve Kredi Bankasi AS
5.50%, 12/06/22^(b)		400		364,732
5.75%, 02/24/22^(b)		200		199,758
6.10%, 03/16/23^(b)		200		196,056
8.25%, 10/15/24^(b)		200		204,344
Zions Bancorp. N.A., 3.50%, 08/27/21		525		528,943

				388,139,498


Security	Par (000)		Value

Beverages — 0.4%
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 11/01/22^(b)	$	200	$	191,698
Anheuser-Busch InBev Finance Inc.
3.30%, 02/01/23 (Call 12/01/22)		1,801		1,899,947
3.70%, 02/01/24		830		898,940
Beam Suntory Inc., 3.25%, 05/15/22 (Call 02/15/22)		167		169,104
Beverages & More Inc., 11.50%, 06/15/22 (Call 06/15/20)^(a)		50		27,448
Coca-Cola Co. (The)
1.55%, 09/01/21		791		800,168
1.75%, 09/06/24		647		668,539
2.20%, 05/25/22		445		458,701
2.50%, 04/01/23		15		15,749
3.20%, 11/01/23		116		126,052
3.30%, 09/01/21		325		336,394
Constellation Brands Inc.
2.65%, 11/07/22 (Call 10/07/22)		260		264,911
2.70%, 05/09/22 (Call 04/09/22)		335		340,534
3.20%, 02/15/23 (Call 01/15/23)		465		484,493
3.75%, 05/01/21		185		188,245
4.25%, 05/01/23		302		323,738
4.75%, 11/15/24		115		127,341
Diageo Capital PLC
2.13%, 10/24/24 (Call 09/24/24)		370		382,880
2.63%, 04/29/23 (Call 01/29/23)		726		755,730
Diageo Investment Corp., 2.88%, 05/11/22		502		521,407
Heineken NV, 3.40%, 04/01/22^(a)		206		213,772
Keurig Dr Pepper Inc.
3.13%, 12/15/23 (Call 10/15/23)		45		47,140
3.55%, 05/25/21		465		474,435
4.06%, 05/25/23 (Call 04/25/23)		1,012		1,084,894
Molson Coors Beverage Co.
2.10%, 07/15/21 (Call 06/15/21)		595		593,025
3.50%, 05/01/22		55		56,108
PepsiCo Inc.
0.75%, 05/01/23		425		424,422
1.70%, 10/06/21 (Call 09/06/21)		180		182,507
2.25%, 05/02/22 (Call 04/02/22)		341		351,561
2.25%, 03/19/25 (Call 02/19/25)		550		582,098
2.75%, 03/05/22		271		280,935
3.00%, 08/25/21		288		296,496
3.10%, 07/17/22 (Call 05/17/22)		320		336,093
3.60%, 03/01/24 (Call 12/01/23)		765		837,094
Pernod Ricard SA, 4.45%, 01/15/22^(a)		400		418,852
Suntory Holdings Ltd., 2.25%, 10/16/24 (Call 09/16/24)^(a)		215		212,934

				15,374,385

Biotechnology — 0.2%
Amgen Inc.
2.25%, 08/19/23 (Call 06/19/23)^(c)		574		595,198
2.65%, 05/11/22 (Call 04/11/22)		714		733,921
2.70%, 05/01/22 (Call 03/01/22)		350		361,056
3.63%, 05/15/22 (Call 02/15/22)		131		136,760
3.63%, 05/22/24 (Call 02/22/24)		87		94,672
3.88%, 11/15/21 (Call 08/15/21)		428		442,992
Biogen Inc., 3.63%, 09/15/22		802		847,169
Gilead Sciences Inc.
1.95%, 03/01/22 (Call 02/01/22)		219		222,771
2.50%, 09/01/23 (Call 07/01/23)		33		34,561
3.25%, 09/01/22 (Call 07/01/22)		919		963,553
3.70%, 04/01/24 (Call 01/01/24)		804		878,201


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Biotechnology (continued)
4.40%, 12/01/21 (Call 09/01/21)	$	464	$	485,697

				5,796,551

Building Materials — 0.1%
Associated Materials LLC/AMH New Finance Inc., 9.00%, 01/01/24 (Call 01/01/21)^(a)		150		131,098
BMC East LLC, 5.50%, 10/01/24 (Call 10/01/20)^(a)		95		90,981
Boise Cascade Co., 5.63%, 09/01/24 (Call 09/01/20)^(a)		142		141,654
Carrier Global Corp.
1.92%, 02/15/23 (Call 01/15/23)^(a)		35		35,175
2.24%, 02/15/25 (Call 01/15/25)^(a)		550		544,830
Cemex SAB de CV, 5.70%, 01/11/25 (Call 01/11/21)^(b)		500		452,340
CPG Merger Sub LLC, 8.00%, 10/01/21 (Call 05/29/20)^(a)		95		93,540
Fortune Brands Home &Security Inc., 4.00%, 09/21/23 (Call 08/21/23)		267		279,688
InterCement Financial Operations BV, 5.75%, 07/17/24 (Call 07/17/20)^(a)		200		86,472
James Hardie International Finance DAC, 4.75%, 01/15/25 (Call 01/15/21)^(a)		200		197,500
JELD-WEN Inc., 6.25%, 05/15/25 (Call 05/15/22)^(a)		50		50,557
Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)		45		45,414
Louisiana-Pacific Corp., 4.88%, 09/15/24 (Call 09/15/20)		59		57,756
Norbord Inc., 6.25%, 04/15/23 (Call 01/15/23)^(a)		125		123,492
Standard Industries Inc./NJ
5.38%, 11/15/24 (Call 11/15/20)^(a)		450		455,265
5.50%, 02/15/23 (Call 02/15/21)^(a)		66		66,134
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 07/15/20)		200		200,260
U.S. Concrete Inc., 6.38%, 06/01/24 (Call 06/01/20)		200		188,756

				3,240,912

Chemicals — 0.6%
Air Liquide Finance SA, 1.75%, 09/27/21 (Call 08/27/21)^(a)		410		412,722
Air Products &Chemicals Inc.
2.75%, 02/03/23		65		68,229
3.00%, 11/03/21		325		333,833
Air Products and Chemicals Inc., 1.50%, 10/15/25 (Call 09/15/25)		205		206,640
Airgas Inc., 3.65%, 07/15/24 (Call 04/15/24)		57		61,297
Albemarle Corp., 4.15%, 12/01/24 (Call 09/01/24)		20		20,843
Alpek SAB de CV, 5.38%, 08/08/23^(b)		400		401,204
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)		49		51,175
Atotech Alpha 3 BV/Alpha U.S. Bidco Inc., 6.25%, 02/01/25 (Call 02/01/21)^(a)		200		191,336
Axalta Coating Systems LLC, 4.88%, 08/15/24 (Call 08/15/20)^(a)		150		152,363
Blue Cube Spinco LLC, 9.75%, 10/15/23 (Call 10/15/20)		146		152,258
Bluestar Finance Holdings Ltd., 3.38%, 07/16/24^(b)		400		401,188
Braskem Finance Ltd., 6.45%, 02/03/24		280		276,402
Celanese U.S. Holdings LLC
3.50%, 05/08/24 (Call 04/08/24)		152		152,550
4.63%, 11/15/22		231		237,556
5.88%, 06/15/21		140		147,050
CF Industries Inc., 3.45%, 06/01/23		262		264,864
Chemours Co. (The), 6.63%, 05/15/23 (Call 05/15/20)		290		275,097
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 3.30%, 05/01/23 (Call 04/01/23)^(a)		160		162,099
CNAC HK Finbridge Co. Ltd.
3.50%, 07/19/22^(b)		900		906,903
4.63%, 03/14/23^(b)		900		935,109
4.88%, 03/14/25^(b)		200		213,330


Security	Par (000)		Value

Chemicals (continued)
Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 08/15/20)^(a)	$	150	$	121,382
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23 (Call 06/15/20)^(a)		235		208,222
Dow Chemical Co. (The)
3.15%, 05/15/24 (Call 04/15/24)		280		288,394
3.50%, 10/01/24 (Call 07/01/24)		285		297,888
DuPont de Nemours Inc., 4.21%, 11/15/23 (Call 10/15/23)		926		1,002,432
Eastman Chemical Co.
3.50%, 12/01/21		497		508,774
3.60%, 08/15/22 (Call 05/15/22)		465		480,652
Ecolab Inc.
2.38%, 08/10/22 (Call 07/10/22)		439		454,909
3.25%, 01/14/23 (Call 11/19/22)		430		451,724
4.35%, 12/08/21		230		243,195
Equate Petrochemical BV, 3.00%, 03/03/22^(b)		800		800,064
Eurochem Finance DAC, 5.50%, 03/13/24^(b)		400		428,944
GC Treasury Center Co. Ltd., 4.25%, 09/19/22^(b)		200		208,470
Hanwha Total Petrochemical Co. Ltd., 3.88%, 01/23/24^(b)		200		206,462
Huntsman International LLC, 5.13%, 11/15/22 (Call 08/15/22)		140		141,186
INEOS Group Holdings SA, 5.63%, 08/01/24 (Call 08/01/20)^(a)(c)		200		194,002
Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.00%, 04/15/25 (Call 04/15/21)^(a)		40		38,452
LG Chem Ltd., 3.25%, 10/15/24^(b)		200		205,032
LYB International Finance BV, 4.00%, 07/15/23		637		665,843
LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)		250		277,208
Mosaic Co. (The)
3.25%, 11/15/22 (Call 10/15/22)		472		471,183
4.25%, 11/15/23 (Call 08/15/23)		396		403,766
NewMarket Corp., 4.10%, 12/15/22		51		54,123
Nutrien Ltd.
3.15%, 10/01/22 (Call 07/01/22)		887		910,816
3.50%, 06/01/23 (Call 03/01/23)		75		77,844
OCI NV
5.25%, 11/01/24 (Call 11/01/21)^(a)		200		197,756
6.63%, 04/15/23 (Call 04/15/21)^(a)		200		201,664
OCP SA, 5.63%, 04/25/24^(b)		400		430,804
Olin Corp., 5.50%, 08/15/22		75		76,231
Orbia Advance Corp. SAB de CV, 4.88%, 09/19/22^(b)		200		200,802
Petkim Petrokimya Holding AS, 5.88%, 01/26/23 (Call 01/26/21)^(b)		200		190,004
Phosagro OAO via Phosagro Bond Funding DAC, 3.95%, 11/03/21^(b)		200		202,452
Phosagro OAO Via Phosagro Bond Funding DAC, 3.95%, 04/24/23^(b)		200		204,786
PolyOne Corp.
5.25%, 03/15/23		189		196,579
5.75%, 05/15/25 (Call 05/15/22)^(a)		55		55,675
PPG Industries Inc.
2.40%, 08/15/24 (Call 07/15/24)		284		292,227
3.20%, 03/15/23 (Call 02/15/23)		70		73,095
PQ Corp., 6.75%, 11/15/22 (Call 05/15/20)^(a)		185		186,389
Praxair Inc.
2.20%, 08/15/22 (Call 05/15/22)		186		190,070
2.45%, 02/15/22 (Call 11/15/21)		223		228,127
2.65%, 02/05/25 (Call 11/05/24)		17		17,857
2.70%, 02/21/23 (Call 11/21/22)		259		263,667


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
3.00%, 09/01/21	$	135	$	138,345
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 04/01/21)^(a)		200		173,372
Rayonier AM Products Inc., 5.50%, 06/01/24 (Call 06/01/20)^(a)		175		93,093
RPM International Inc., 3.45%, 11/15/22 (Call 08/15/22)		130		134,111
SABIC Capital II BV, 4.00%, 10/10/23^(b)		200		206,028
Sasol Financing International Ltd., 4.50%, 11/14/22		210		147,460
Sasol Financing USA LLC, 5.88%, 03/27/24 (Call 02/27/24)		560		371,795
Sherwin-Williams Co. (The), 2.75%, 06/01/22 (Call 05/01/22)		69		69,613
Syngenta Finance NV
3.13%, 03/28/22		453		447,600
4.44%, 04/24/23 (Call 03/24/23)^(a)		200		200,206
TPC Group Inc., 10.50%, 08/01/24 (Call 08/01/21)^(a)		310		253,716
Tronox Inc., 6.50%, 05/01/25 (Call 05/01/22)^(a)		20		20,121
WR Grace &Co.-Conn
5.13%, 10/01/21^(a)		475		477,893
5.63%, 10/01/24^(a)		50		50,153
Yingde Gases Investment Ltd., 6.25%, 01/19/23 (Call 01/19/21)^(b)		200		195,202

				21,351,908

Coal — 0.0%
Adaro Indonesia PT, 4.25%, 10/31/24 (Call 10/31/22)^(b)		800		707,512
Foresight Energy LLC/Foresight Energy Finance Corp., 11.50%, 04/01/23 (Call 04/01/21)^(a)(g)		100		2,646
Indika Energy Capital III Pte Ltd., 5.88%, 11/09/24 (Call 11/09/21)^(b)(c)		200		169,466
Korea Resources Corp., 3.00%, 04/24/22^(b)		200		203,518
Peabody Energy Corp., 6.00%, 03/31/22 (Call 03/31/21)^(a)		150		114,190
Warrior Met Coal Inc., 8.00%, 11/01/24 (Call 11/01/20)^(a)		100		93,602
Yankuang Group Cayman Ltd., 6.00%, 01/30/22^(b)		400		398,588

				1,689,522

Commercial Services — 0.4%
ACE Cash Express Inc., 12.00%, 12/15/22 (Call 12/15/20)^(a)		92		70,685
Adani Abbot Point Terminal Pty Ltd., 4.45%, 12/15/22^(a)(c)		200		160,222
Adani Ports &Special Economic Zone Ltd.
3.38%, 07/24/24^(b)(c)		200		179,534
3.95%, 01/19/22^(b)		200		193,176
ADT Security Corp. (The)
3.50%, 07/15/22		350		343,014
4.13%, 06/15/23		200		197,242
6.25%, 10/15/21		359		367,867
Ahern Rentals Inc., 7.38%, 05/15/23 (Call 05/15/20)^(a)		150		73,848
Algeco Global Finance PLC, 8.00%, 02/15/23 (Call 02/15/21)^(a)		200		177,510
AMN Healthcare Inc., 5.13%, 10/01/24 (Call 10/01/20)^(a)		35		35,097
APX Group Inc.
7.63%, 09/01/23 (Call 09/01/20)^(c)		105		83,571
7.88%, 12/01/22 (Call 12/01/20)		257		244,638
8.50%, 11/01/24 (Call 05/01/21)^(a)(c)		100		91,718
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.25%, 03/15/25 (Call 03/15/21)^(a)		50		29,829
5.50%, 04/01/23 (Call 04/01/21)		26		17,231
6.38%, 04/01/24 (Call 04/01/21)^(a)		225		138,422
Block Financial LLC, 5.50%, 11/01/22 (Call 05/01/22)		145		149,818


Security	Par (000)		Value

Commercial Services (continued)
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24 (Call 08/01/21)^(a)	$	150	$	143,556
Cintas Corp. No. 2, 2.90%, 04/01/22 (Call 03/01/22)		551		568,814
CMHI Finance BVI Co. Ltd., 4.38%, 08/06/23^(b)		400		430,036
DP World Crescent Ltd., 3.91%, 05/31/23^(b)		400		397,100
Emeco Pty Ltd., Series B, 9.25%, 03/31/22 (Call 03/31/21)		100		96,054
Equifax Inc.
2.30%, 06/01/21 (Call 05/01/21)		130		130,556
2.60%, 12/01/24 (Call 11/01/24)		483		491,366
3.30%, 12/15/22 (Call 09/15/22)		29		29,800
3.60%, 08/15/21		250		254,540
3.95%, 06/15/23 (Call 05/15/23)		70		73,227
ERAC USA Finance LLC
2.70%, 11/01/23 (Call 09/01/23)^(a)		111		109,585
3.30%, 10/15/22^(a)		56		56,827
3.85%, 11/15/24 (Call 08/15/24)^(a)		250		256,770
4.50%, 08/16/21^(a)		95		97,634
Gartner Inc., 5.13%, 04/01/25 (Call 04/01/21)^(a)		275		283,539
Global Payments Inc.
2.65%, 02/15/25 (Call 01/15/24)		250		257,075
3.75%, 06/01/23 (Call 03/01/23)		268		281,703
4.00%, 06/01/23 (Call 05/01/23)		326		346,668
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/20)^(a)(c)		250		52,140
6.25%, 10/15/22 (Call 10/15/20)		175		41,914
7.63%, 06/01/22 (Call 06/01/20)^(a)		105		39,944
HPHT Finance 17 Ltd., 2.75%, 09/11/22^(b)		400		402,796
IHS Markit Ltd.
3.63%, 05/01/24 (Call 04/01/24)		492		505,712
4.13%, 08/01/23 (Call 07/01/23)		390		417,538
5.00%, 11/01/22 (Call 08/01/22)^(a)		189		202,506
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 08/01/20)^(a)		275		280,717
LSC Communications Inc., 8.75%, 10/15/23 (Call 10/15/20)^(a)		135		6,480
Mersin Uluslararasi Liman Isletmeciligi AS, 5.38%, 11/15/24 (Call 11/15/22)^(b)		400		393,124
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance Inc., 7.88%, 10/01/22 (Call 05/14/20)^(a)(c)		145		100,703
Moody’s Corp.
2.63%, 01/15/23 (Call 12/15/22)		105		108,194
2.75%, 12/15/21 (Call 11/15/21)		158		161,223
4.50%, 09/01/22 (Call 06/01/22)		315		334,930
4.88%, 02/15/24 (Call 11/15/23)		17		18,815
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/20)^(a)		525		468,127
Nielsen Co Luxembourg Sarl/The
5.00%, 02/01/25 (Call 02/01/21)^(a)(c)		175		169,190
5.50%, 10/01/21 (Call 05/29/20)^(a)		247		244,253
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (Call 04/15/21)^(a)		750		737,715
PayPal Holdings Inc.
2.20%, 09/26/22		20		20,375
2.40%, 10/01/24 (Call 09/01/24)		865		899,072
Prime Security Services Borrower LLC/Prime Finance Inc., 5.25%, 04/15/24^(a)		290		284,673
Quad/Graphics Inc., 7.00%, 05/01/22		95		74,117
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)		470		490,158


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services (continued)
RR Donnelley & Sons Co.
6.00%, 04/01/24	$	150	$	137,783
6.50%, 11/15/23^(c)		50		45,243
Service Corp. International/U.S., 8.00%, 11/15/21		75		79,131
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 11/15/20)^(a)		250		253,350
Shanghai Port Group BVI Development Co. Ltd., 2.40%, 09/11/24^(b)		400		403,892
Shanhai Hong Kong International Investments Ltd., 4.10%, 09/27/22^(b)		200		194,572
WEX Inc., 4.75%, 02/01/23 (Call 02/01/21)^(a)		125		120,749

				14,547,408

Computers — 0.7%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)		475		479,460
1.70%, 09/11/22		125		128,236
1.80%, 09/11/24 (Call 08/11/24)		640		663,546
2.10%, 09/12/22 (Call 08/12/22)		458		473,316
2.15%, 02/09/22		318		326,255
2.30%, 05/11/22 (Call 04/11/22)		702		725,173
2.40%, 01/13/23 (Call 12/13/22)		395		412,712
2.40%, 05/03/23		1,667		1,749,266
2.50%, 02/09/22 (Call 01/09/22)		710		732,251
2.50%, 02/09/25		50		53,442
2.70%, 05/13/22		270		281,653
2.75%, 01/13/25 (Call 11/13/24)		300		323,628
2.85%, 05/06/21		925		945,202
2.85%, 02/23/23 (Call 12/23/22)		490		517,063
2.85%, 05/11/24 (Call 03/11/24)		663		709,304
3.00%, 02/09/24 (Call 12/09/23)		844		906,068
3.45%, 05/06/24		632		694,656
Dell Inc., 4.63%, 04/01/21		100		101,282
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (Call 06/15/24)^(a)		572		580,746
4.42%, 06/15/21 (Call 05/15/21)^(a)		1,460		1,483,856
5.45%, 06/15/23 (Call 04/15/23)^(a)		1,065		1,126,642
5.88%, 06/15/21 (Call 06/15/20)^(a)		323		323,210
7.13%, 06/15/24 (Call 06/15/20)^(a)		500		520,070
Diebold Nixdorf Inc., 8.50%, 04/15/24 (Call 04/15/21)^(c)		150		99,362
DXC Technology Co., 4.25%, 04/15/24 (Call 02/15/24)		371		383,046
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)		330		328,083
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)^(a)(c)		250		49,430
Genpact Luxembourg Sarl
3.38%, 12/01/24 (Call 11/01/24)		50		51,052
3.70%, 04/01/22 (Call 03/01/22)		250		254,352
Hewlett Packard Enterprise Co.
2.25%, 04/01/23 (Call 03/01/23)		420		426,077
3.50%, 10/05/21 (Call 09/05/21)		45		46,010
4.40%, 10/15/22 (Call 08/15/22)		581		610,085
4.65%, 10/01/24 (Call 09/01/24)		1,000		1,064,180
HP Inc.
4.05%, 09/15/22		270		281,264
4.38%, 09/15/21		153		157,780
4.65%, 12/09/21		159		165,506
IBM Credit LLC
2.20%, 09/08/22		110		113,377
3.00%, 02/06/23		770		813,028
3.60%, 11/30/21		215		224,899


Security	Par (000)		Value

Computers (continued)
International Business Machines Corp.
1.88%, 08/01/22	$	400	$	409,028
2.50%, 01/27/22		450		462,069
2.85%, 05/13/22		900		935,775
3.00%, 05/15/24		900		963,594
3.38%, 08/01/23		100		107,787
3.63%, 02/12/24		610		663,973
Lenovo Group Ltd.
3.88%, 03/16/22^(b)		400		396,032
4.75%, 03/29/23^(b)		400		397,400
Lenovo Perpetual Securities Ltd., 5.38%, (Call 03/16/22)^(b)(d)(e)		200		192,834
NCR Corp.
5.00%, 07/15/22 (Call 07/15/20)		214		213,371
6.38%, 12/15/23 (Call 12/15/20)		250		254,197
8.13%, 04/15/25 (Call 04/15/22)^(a)		150		159,042
NetApp Inc.
3.30%, 09/29/24 (Call 07/29/24)		67		70,097
3.38%, 06/15/21 (Call 04/15/21)		135		137,348
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)		157		159,587
4.75%, 06/01/23		207		216,065
4.75%, 01/01/25		525		542,587
4.88%, 03/01/24 (Call 01/01/24)		250		259,957
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (Call 06/01/22)^(a)		45		45,000
Vericast Corp.
8.38%, 08/15/22 (Call 02/15/21)^(a)		250		181,675
9.25%, 03/01/21 (Call 05/29/20)^(a)		71		71,420
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 12.50%, 05/01/24 (Call 12/20/20)^(a)(c)		99		101,809

				26,265,215

Cosmetics & Personal Care — 0.2%
Avon International Capital PLC, 6.50%, 08/15/22 (Call 08/15/20)^(a)		105		98,881
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/20)^(a)		206		201,283
Avon Products Inc., 7.00%, 03/15/23		175		166,241
Colgate-Palmolive Co.
2.10%, 05/01/23		305		317,746
2.25%, 11/15/22		229		238,242
Edgewell Personal Care Co.
4.70%, 05/19/21		225		226,183
4.70%, 05/24/22		150		152,432
Estee Lauder Companies Inc. (The)
1.70%, 05/10/21 (Call 04/10/21)		190		190,686
2.00%, 12/01/24 (Call 11/01/24)		673		694,327
Natura Cosmeticos SA, 5.38%, 02/01/23 (Call 02/01/21)^(b)		200		193,202
Procter &Gamble Co. (The)
1.70%, 11/03/21		250		254,727
2.15%, 08/11/22		447		463,588
2.30%, 02/06/22		497		510,891
2.45%, 03/25/25 (Call 02/25/25)		100		107,140
3.10%, 08/15/23		72		78,043
Revlon Consumer Products Corp., 6.25%, 08/01/24 (Call 08/01/20)		100		18,317
Unilever Capital Corp.
1.38%, 07/28/21		150		151,136
2.20%, 05/05/22 (Call 04/05/22)		520		533,936


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
2.60%, 05/05/24 (Call 03/05/24)	$	250	$	263,195
3.00%, 03/07/22		100		104,314
3.25%, 03/07/24 (Call 02/07/24)		300		323,718

				5,288,228

Distribution & Wholesale — 0.1%
Anixter Inc.
5.13%, 10/01/21		155		157,365
5.50%, 03/01/23		125		128,296
Chongqing Nan’an Urban Construction & Development Group Co. Ltd.
4.66%, 06/04/24^(b)		400		392,036
5.88%, 06/18/22^(b)		200		203,756
Core & Main Holdings LP (9.38% PIK), 8.63%, 09/15/24 (Call 09/15/20)^(a)(h)		100		97,798
Gansu Provincial Highway Aviation Tourism Investment Group Co. Ltd., 3.88%, 07/05/22^(b)		400		390,396
Li & Fung Ltd., 4.38%, 10/04/24 (Call 09/04/24)^(b)		200		176,294
Mitsubishi Corp., 2.50%, 07/09/24^(b)		250		253,625
Performance Food Group Inc.
5.50%, 06/01/24 (Call 06/01/20)^(a)		125		122,009
6.88%, 05/01/25 (Call 05/01/22)^(a)		15		15,289
Sinochem International Development Pte Ltd., 3.13%, 07/25/22^(b)		200		201,880
Sumitomo Corp., 2.60%, 07/09/24 (Call 06/09/24)^(b)		500		508,720
Wolverine Escrow LLC, 8.50%, 11/15/24 (Call 11/15/21)^(a)		225		158,346
WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)		67		68,854

				2,874,664

Diversified Financial Services — 1.9%
4finance SA, 10.75%, 05/01/22 (Call 05/01/20)^(a)		200		134,548
ABCL Glory Capital Ltd., 2.50%, 06/21/21^(b)		450		455,251
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)^(e)		350		226,930
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.88%, 08/14/24 (Call 07/14/24)		150		126,602
3.30%, 01/23/23 (Call 12/23/22)		200		178,682
3.50%, 05/26/22 (Call 04/26/22)		300		277,836
4.13%, 07/03/23 (Call 06/03/23)		400		368,596
4.45%, 12/16/21 (Call 11/16/21)		500		472,375
4.50%, 05/15/21		495		478,754
4.63%, 07/01/22		315		297,877
4.88%, 01/16/24 (Call 12/16/23)		235		217,803
AIG Global Funding
1.90%, 10/06/21^(a)		75		75,586
2.70%, 12/15/21^(a)		25		25,504
3.35%, 06/25/21^(a)		130		132,653
Air Lease Corp.
2.25%, 01/15/23		60		55,943
2.30%, 02/01/25 (Call 01/01/25)		300		261,642
2.63%, 07/01/22 (Call 06/01/22)		479		447,999
2.75%, 01/15/23 (Call 12/15/22)		277		252,981
3.00%, 09/15/23 (Call 07/15/23)		262		242,835
3.38%, 06/01/21 (Call 05/01/21)		204		196,217
3.50%, 01/15/22		88		83,039
3.75%, 02/01/22 (Call 12/01/21)		80		74,686
3.88%, 07/03/23 (Call 06/03/23)		373		345,767
4.25%, 02/01/24 (Call 01/01/24)		410		383,674
4.25%, 09/15/24 (Call 06/15/24)		35		32,794
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)		120		105,186
4.40%, 09/25/23 (Call 08/25/23)		353		311,519


Security	Par (000)		Value

Diversified Financial Services (continued)
5.00%, 04/01/23	$	247	$	233,484
5.50%, 02/15/22		343		329,441
Alliance Data Systems Corp., 4.75%, 12/15/24 (Call 12/15/21)^(a)		200		148,614
Ally Financial Inc.
3.88%, 05/21/24 (Call 04/21/24)		281		276,119
4.13%, 02/13/22		245		248,604
4.63%, 05/19/22		241		244,413
5.13%, 09/30/24		387		399,937
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)		755		771,738
2.50%, 07/30/24 (Call 06/29/24)		1,065		1,096,535
2.65%, 12/02/22		420		431,966
3.38%, 05/17/21 (Call 04/17/21)		100		101,824
3.40%, 02/27/23 (Call 01/27/23)		1,011		1,059,124
3.40%, 02/22/24 (Call 01/22/24)		420		445,313
3.70%, 11/05/21 (Call 10/05/21)		315		324,207
3.70%, 08/03/23 (Call 07/03/23)		475		505,186
American Express Credit Corp.
2.25%, 05/05/21 (Call 04/05/21)		735		743,408
2.70%, 03/03/22 (Call 01/31/22)		765		783,873
Ameriprise Financial Inc.
3.00%, 03/22/22		437		451,172
3.70%, 10/15/24		74		80,344
4.00%, 10/15/23		425		463,369
Apollo Management Holdings LP, 4.95%, 01/14/50 (Call 01/14/24)^(a)(e)		200		182,620
Avation Capital SA, 6.50%, 05/15/21 (Call 05/15/20)^(a)		200		169,690
Avolon Holdings Funding Ltd.
2.88%, 02/15/25 (Call 01/15/25)^(a)		400		326,452
3.63%, 05/01/22 (Call 04/01/22)^(a)		235		215,079
3.95%, 07/01/24 (Call 06/01/24)^(a)		353		307,583
5.13%, 10/01/23 (Call 09/01/23)^(a)		283		251,375
5.25%, 05/15/24 (Call 04/15/24)^(a)		243		215,177
5.50%, 01/15/23 (Call 12/15/22)^(a)		275		251,312
Azure Nova International Finance Ltd.
2.63%, 11/01/21^(b)		400		403,776
3.50%, 03/21/22^(b)		200		206,184
Azure Orbit IV International Finance Ltd., 3.75%, 01/25/23^(b)		200		209,442
Banco BTG Pactual SA/Cayman Islands, 5.50%, 01/31/23^(b)		400		391,564
BGC Partners Inc.
3.75%, 10/01/24 (Call 09/01/24)		70		65,675
5.38%, 07/24/23		315		310,628
BOC Aviation Ltd.
2.38%, 09/15/21 (Call 08/15/21)^(b)		400		399,144
2.63%, 01/17/25 (Call 12/17/24)^(b)		400		391,916
3.50%, 10/10/24 (Call 09/10/24)^(b)		200		203,056
4.00%, 01/25/24 (Call 12/25/23)^(b)		400		411,664
4.38%, 05/02/23^(b)		200		209,532
Bocom Leasing Management Hong Kong Co. Ltd.
2.53%, 03/02/25^(b)(f)		500		482,590
4.00%, 01/22/22^(b)		200		205,822
4.38%, 01/22/24^(b)		200		214,236
Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24)		531		559,977
Cantor Fitzgerald LP, 4.88%, 05/01/24 (Call 04/01/24)^(a)		250		248,418
Capital One Bank USA N.A.
2.01%, 01/27/23 (Call 01/27/22)^(e)		850		842,571
2.28%, 01/28/26 (Call 01/28/25)^(e)		725		700,807


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Capital One Financial Corp.
3.05%, 03/09/22 (Call 02/09/22)	$	703	$	715,703
3.20%, 01/30/23 (Call 12/30/22)		735		749,663
3.20%, 02/05/25 (Call 01/05/25)		22		22,445
3.30%, 10/30/24 (Call 09/30/24)		567		578,056
3.50%, 06/15/23		425		438,630
3.75%, 04/24/24 (Call 03/24/24)		90		93,300
3.90%, 01/29/24 (Call 12/29/23)		478		497,421
4.75%, 07/15/21		395		407,770
CCBL Cayman 1 Corp. Ltd.
2.75%, 05/31/21^(b)		200		201,822
3.50%, 05/16/24^(b)		400		403,868
CDBL Funding 1, 3.00%, 04/24/23^(b)		400		414,196
CDBL Funding 2
2.29%, 07/18/21, (3 mo. LIBOR US + 1.150%)^(b)(f)		200		200,210
3.75%, 03/11/22^(b)		400		413,548
Charles Schwab Corp. (The)
2.65%, 01/25/23 (Call 12/25/22)		215		224,176
3.25%, 05/21/21 (Call 04/21/21)		495		504,776
3.55%, 02/01/24 (Call 01/01/24)		169		183,010
Charming Light Investments Ltd., 2.38%, 08/30/21^(b)		400		401,124
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25^(b)		800		870,808
China Cinda Finance 2017 I Ltd.
3.65%, 03/09/22^(b)		500		511,620
3.88%, 02/08/23^(b)		200		207,926
4.10%, 03/09/24^(b)		400		424,204
China Great Wall International Holdings III Ltd.
2.63%, 10/27/21^(b)		200		201,850
3.13%, 08/31/22^(b)		800		816,880
China Great Wall International Holdings IV Ltd., 3.95%, (Call 07/31/24)^(b)(d)(e)		200		197,668
China Huadian Overseas Development Management Co. Ltd., 4.00%, (Call 05/29/24)^(b)(d)(e)		400		398,164
CICC Hong Kong Finance 2016 MTN Ltd.
2.94%, 05/03/22, (3 mo. LIBOR US + 1.175%)^(b)(f)		200		197,684
3.38%, 05/03/22^(b)		200		204,762
Citadel LP, 5.38%, 01/17/23 (Call 12/17/22)^(a)		20		20,284
CITIC Securities Finance MTN Co. Ltd., 2.75%, 10/24/22^(b)		400		413,944
Clifford Capital Pte. Ltd., 1.73%, 09/10/24^(b)		200		201,804
CME Group Inc., 3.00%, 09/15/22		228		238,873
Coastal Emerald Ltd.
3.95%, 08/01/22^(b)		400		396,336
4.30%, (Call 08/01/24)^(b)(d)(e)		200		193,972
CPPIB Capital Inc., 2.25%, 01/25/22^(a)		2,000		2,060,740
Credit Acceptance Corp., 5.13%, 12/31/24 (Call 12/31/21)^(a)		115		101,038
Daiwa Securities Group Inc., 3.13%, 04/19/22^(a)		40		40,436
Discover Financial Services
3.85%, 11/21/22		85		86,958
5.20%, 04/27/22		169		175,559
Dongxing Voyage Co. Ltd., 3.25%, 08/15/24^(b)		200		208,698
E*TRADE Financial Corp., 2.95%, 08/24/22 (Call 07/24/22)		296		300,715
Eaton Vance Corp., 3.63%, 06/15/23		30		31,478
Enova International Inc., 8.50%, 09/01/24 (Call 09/01/20)^(a)		98		85,795
Fairstone Financial Inc., 7.88%, 07/15/24 (Call 07/15/21)^(a)		162		153,059
Franklin Resources Inc., 2.80%, 09/15/22		50		51,825


Security	Par (000)		Value

Diversified Financial Services (continued)
Global Aircraft Leasing Co Ltd. (7.25% PIK), 6.50%, 09/15/24 (Call 09/15/21)^(a)(h)	$	550	$	332,057
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/21)^(a)		195		174,342
GTLK Europe DAC, 5.13%, 05/31/24^(b)		200		200,568
Haitong International Securities Group Ltd., 3.38%, 07/19/24^(b)		400		408,000
Horse Gallop Finance Ltd., 3.25%, 05/30/22^(b)		700		727,251
Huarong Finance 2019 Co. Ltd., 2.50%, 02/24/23 (Call 01/24/23)^(b)		300		292,161
ICBCIL Finance Co. Ltd.
2.74%, 11/20/24^(b)(f)		200		194,728
2.79%, 05/15/23, (3 mo. LIBOR US + 1.1%)^(b)(f)		200		198,780
3.13%, 11/15/22^(b)		300		305,559
3.38%, 04/05/22^(b)		550		561,489
3.65%, 03/05/22^(b)		400		411,388
3.75%, 03/05/24^(b)		400		417,512
Intercontinental Exchange Inc.
2.35%, 09/15/22 (Call 08/15/22)		225		231,563
4.00%, 10/15/23		758		836,059
International Lease Finance Corp.
5.88%, 08/15/22		665		642,157
8.63%, 01/15/22		80		81,312
Invesco Finance PLC
3.13%, 11/30/22		30		30,493
4.00%, 01/30/24		323		340,778
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.25%, 08/15/24 (Call 08/15/20)^(a)		200		178,450
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)		276		289,924
Jefferies Group LLC, 5.13%, 01/20/23		418		437,579
Joy Treasure Assets Holdings Inc., 2.88%, 09/24/24^(b)		600		608,220
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/23^(b)		400		385,696
LeasePlan Corp. NV, 2.88%, 10/24/24^(a)		200		200,246
Mastercard Inc.
2.00%, 11/21/21 (Call 10/21/21)		305		310,673
2.00%, 03/03/25 (Call 02/03/25)		525		545,622
3.38%, 04/01/24		95		104,410
Mirae Asset Daewoo Co. Ltd., 3.38%, 05/07/24^(b)		200		202,894
Mitsubishi UFJ Lease & Finance Co. Ltd.
3.41%, 02/28/22 (Call 01/28/22)^(a)		225		228,848
3.56%, 02/28/24 (Call 01/28/24)^(a)		200		206,966
3.96%, 09/19/23 (Call 08/19/23)^(a)		585		611,588
Nasdaq Inc., 4.25%, 06/01/24 (Call 03/01/24)		455		492,560
Nationstar Mortgage Holdings Inc., 8.13%, 07/15/23 (Call 07/15/20)^(a)		330		316,840
Navient Corp.
5.50%, 01/25/23		350		327,036
5.88%, 10/25/24		150		138,428
6.13%, 03/25/24		275		254,405
6.50%, 06/15/22		325		314,860
6.63%, 07/26/21		250		248,610
7.25%, 01/25/22		275		269,835
7.25%, 09/25/23		175		167,785
Nomura Holdings Inc., 2.65%, 01/16/25		800		807,840
Nuveen Finance LLC, 4.13%, 11/01/24^(a)		203		221,759
Ocwen Loan Servicing LLC, 8.38%, 11/15/22 (Call 11/15/20)^(a)		100		75,657
Ontario Teachers’ Finance Trust, 1.63%, 09/12/24^(a)		500		513,520
Orient HuiZhi Ltd., 3.63%, 11/30/22^(b)		250		258,232


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
ORIX Corp.
2.90%, 07/18/22	$	180	$	182,664
3.20%, 01/19/22^(b)		200		203,314
4.05%, 01/16/24		350		371,168
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 12/15/22 (Call 12/15/20)^(a)		125		121,253
Park Aerospace Holdings Ltd.
4.50%, 03/15/23 (Call 02/15/23)^(a)		401		353,726
5.25%, 08/15/22 (Call 07/15/22)^(a)		622		569,820
5.50%, 02/15/24 (Call 01/15/24)^(a)		490		431,822
Power Finance Corp. Ltd.
3.25%, 09/16/24^(b)		200		187,210
3.75%, 06/18/24^(b)		200		191,508
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24^(b)		400		471,900
Private Export Funding Corp., Series EE, 2.80%, 05/15/22		245		253,384
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24^(b)		200		206,886
REC Ltd.
3.38%, 07/25/24^(b)		400		372,672
5.25%, 11/13/23^(b)		200		201,576
Shriram Transport Finance Co. Ltd.
5.10%, 07/16/23^(b)		200		148,778
5.95%, 10/24/22^(b)		200		154,000
SIHC International Capital Ltd., 4.35%, 09/26/23^(b)		200		216,070
SLM Corp., 5.13%, 04/05/22 (Call 03/15/22)		60		54,328
Soar Wise Ltd., 3.50%, 05/31/22^(b)		400		409,172
SPARC EM SPC Panama Metro Line 2 SP, 0.00% 12/05/22^(b)(i)		254		233,575
Springleaf Finance Corp.
5.63%, 03/15/23		300		283,014
6.13%, 05/15/22		375		370,331
6.13%, 03/15/24 (Call 09/15/23)		391		366,304
6.88%, 03/15/25		425		401,816
7.75%, 10/01/21		225		223,196
8.25%, 10/01/23		121		118,038
SSG Resources Ltd., 4.25%, 10/04/22^(b)		400		417,956
State Elite Global Ltd.
2.25%, 10/20/21^(b)		800		810,624
2.75%, 06/13/22^(b)		800		820,624
Sunrise Cayman Ltd., 5.25%, 03/11/24^(b)		200		206,744
Synchrony Financial
2.85%, 07/25/22 (Call 06/25/22)		84		81,865
3.75%, 08/15/21 (Call 06/15/21)		496		497,275
4.25%, 08/15/24 (Call 05/15/24)		550		535,381
4.38%, 03/19/24 (Call 02/19/24)		75		73,739
TD Ameritrade Holding Corp., 2.95%, 04/01/22 (Call 02/01/22)		388		398,270
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 04/01/21)^(a)		139		104,581
USAA Capital Corp., 2.00%, 06/01/21^(a)		150		151,398
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)		277		286,684
2.80%, 12/14/22 (Call 10/14/22)		745		785,021
Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/21 (Call 11/15/20)^(a)		115		94,876
Western Union Co. (The)
3.60%, 03/15/22 (Call 02/15/22)		285		292,513
4.25%, 06/09/23 (Call 05/09/23)		365		383,911
Xingsheng BVI Co. Ltd., 3.38%, 07/25/22^(b)		400		404,352

				67,569,057


Security	Par (000)		Value

Electric — 1.5%
Abu Dhabi National Energy Co. PJSC
3.63%, 06/22/21^(b)	$	200	$	202,934
3.63%, 01/12/23^(a)		730		754,105
AEP Texas Inc., 2.40%, 10/01/22 (Call 09/01/22)		295		301,956
AES Corp. (The)
4.50%, 03/15/23 (Call 03/15/21)		175		175,728
4.88%, 05/15/23 (Call 05/15/20)		210		211,768
AES Gener SA, 7.13%, 03/26/79 (Call 07/06/24)^(b)(e)		600		573,684
Alabama Power Co.
Series 13-A, 3.55%, 12/01/23		133		145,735
Series 17-A, 2.45%, 03/30/22 (Call 02/28/22)		225		231,154
Alliant Energy Finance LLC, 3.75%, 06/15/23 (Call 05/15/23)^(a)		75		79,211
Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24)		380		393,087
American Electric Power Co. Inc., Series I, 3.65%, 12/01/21		45		46,586
Ausgrid Finance Pty Ltd., 3.85%, 05/01/23 (Call 02/01/23)^(a)		200		209,652
Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 04/01/23)		85		90,047
Berkshire Hathaway Energy Co.
2.80%, 01/15/23 (Call 12/15/22)		238		248,405
3.75%, 11/15/23 (Call 08/15/23)		80		86,951
4.05%, 04/15/25 (Call 03/15/25)^(a)		1,000		1,122,860
Bi Hai Co. Ltd., 6.25%, 03/05/22^(b)		200		198,496
Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)		200		214,994
Calpine Corp.
5.50%, 02/01/24 (Call 02/01/21)		225		225,137
5.75%, 01/15/25 (Call 10/15/20)		400		400,848
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)^(b)		600		625,188
CenterPoint Energy Houston Electric LLC, 1.85%, 06/01/21 (Call 05/01/21)		390		393,389
CenterPoint Energy Inc.
2.50%, 09/01/22 (Call 08/01/22)		385		393,485
2.50%, 09/01/24 (Call 08/01/24)		65		67,014
3.60%, 11/01/21		298		306,639
3.85%, 02/01/24 (Call 01/01/24)		180		192,150
Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25^(b)		300		273,807
CGNPC International Ltd.
2.75%, 07/02/24^(b)		400		408,664
3.88%, 09/11/23^(b)		200		212,142
China Southern Power Grid International Finance BVI Co. Ltd., 2.75%, 05/08/22^(b)		400		407,180
Chugoku Electric Power Co. Inc., 2.40%, 08/27/24^(b)		500		508,610
CLP Power Hong Kong Financing Ltd., 2.88%, 04/26/23^(b)		200		205,718
CMS Energy Corp., 5.05%, 03/15/22 (Call 12/15/21)		165		174,702
Comision Federal de Electricidad, 4.88%, 05/26/21^(b)		200		199,252
Commonwealth Edison Co., 3.40%, 09/01/21 (Call 06/01/21)		12		12,300
Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 10/15/22)		100		103,115
Consolidated Edison Inc., 2.00%, 05/15/21 (Call 04/15/21)		560		563,478
Consumers Energy Co., 2.85%, 05/15/22 (Call 02/15/22)		20		20,796
Dominion Energy Inc.
2.45%, 01/15/23^(a)		460		471,882
2.72%, 08/15/21^(j)		415		421,088
3.07%, 08/15/24^(j)		557		584,092
Series B, 2.75%, 01/15/22 (Call 12/15/21)		250		255,460
Series B, 2.75%, 09/15/22 (Call 06/15/22)		99		101,499


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Series C, 2.00%, 08/15/21 (Call 07/15/21)	$	105	$	105,718
DPL Inc., 7.25%, 10/15/21 (Call 07/15/21)		176		179,393
DTE Electric Co., 3.65%, 03/15/24 (Call 12/15/23)		25		27,076
DTE Energy Co.
2.25%, 11/01/22		200		203,676
Series B, 2.60%, 06/15/22		50		50,667
Series B, 3.30%, 06/15/22 (Call 04/15/22)		225		231,860
Series C, 2.53%, 10/01/24		100		101,913
Series C, 3.50%, 06/01/24 (Call 03/01/24)		461		485,055
Series D, 3.70%, 08/01/23 (Call 07/01/23)		250		266,183
Duke Energy Carolinas LLC
2.50%, 03/15/23 (Call 01/15/23)		91		95,095
3.05%, 03/15/23 (Call 03/15/23)		409		436,051
3.35%, 05/15/22		147		154,612
3.90%, 06/15/21 (Call 03/15/21)		275		281,952
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)		557		562,486
2.40%, 08/15/22 (Call 07/15/22)		206		211,533
3.05%, 08/15/22 (Call 05/15/22)		127		131,131
3.55%, 09/15/21 (Call 06/15/21)		523		535,934
3.75%, 04/15/24 (Call 01/15/24)		350		380,972
3.95%, 10/15/23 (Call 07/15/23)		110		118,241
Duke Energy Ohio Inc., 3.80%, 09/01/23 (Call 06/01/23)		40		42,916
Duke Energy Progress LLC, 3.38%, 09/01/23 (Call 08/01/23)		117		125,866
Edison International
2.40%, 09/15/22 (Call 08/15/22)		415		414,498
2.95%, 03/15/23 (Call 01/15/23)		562		563,472
3.55%, 11/15/24 (Call 10/15/24)		180		185,683
EDP Finance BV, 3.63%, 07/15/24^(a)		510		532,858
Electricite de France SA
5.25%, (Call 01/29/23)^(a)(d)(e)		600		598,188
5.63%, (Call 01/22/24)^(a)(d)(e)		500		499,210
Emera U.S. Finance LP, 2.70%, 06/15/21 (Call 05/15/21)		335		336,782
EnBW Energie Baden-Wuerttemberg AG, 5.13%, 04/05/77 (Call 04/05/22)^(b)(e)		290		294,550
Enel Finance International NV
2.65%, 09/10/24^(a)		625		632,019
2.75%, 04/06/23^(a)		330		332,544
2.88%, 05/25/22^(a)		760		767,281
4.25%, 09/14/23^(a)		895		947,903
Engie SA, 2.88%, 10/10/22^(a)		183		187,555
Entergy Arkansas LLC, 3.70%, 06/01/24 (Call 03/01/24)		120		131,387
Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)		329		347,799
Entergy Louisiana LLC, 4.05%, 09/01/23 (Call 06/01/23)		250		272,063
Eskom Holdings SOC Ltd.
6.75%, 08/06/23^(b)		400		298,500
7.13%, 02/11/25^(b)		200		146,124
Evergy Inc.
2.45%, 09/15/24 (Call 08/15/24)		350		362,079
4.85%, 06/01/21 (Call 03/01/21)		140		143,678
Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22)		56		59,050
Eversource Energy
2.80%, 05/01/23 (Call 02/01/23)		255		262,647
Series K, 2.75%, 03/15/22 (Call 02/15/22)		362		371,626
Series L, 2.90%, 10/01/24 (Call 08/01/24)		55		57,677
Series N, 3.80%, 12/01/23 (Call 11/01/23)		545		585,450
Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22)		349		360,601


Security	Par (000)		Value

Electric (continued)
Exelon Generation Co. LLC
3.40%, 03/15/22 (Call 02/15/22)	$	250	$	258,728
4.25%, 06/15/22 (Call 03/15/22)		220		231,066
FirstEnergy Corp.
2.05%, 03/01/25 (Call 02/01/25)		250		251,880
Series A, 2.85%, 07/15/22 (Call 05/15/22)		549		560,705
Series B, 4.25%, 03/15/23 (Call 12/15/22)		420		453,625
Florida Power & Light Co., 2.85%, 04/01/25 (Call 03/01/25)		1,120		1,214,629
Georgia Power Co.
2.85%, 05/15/22		10		10,354
Series A, 2.20%, 09/15/24 (Call 08/15/24)		224		230,872
Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24)		370		396,289
Israel Electric Corp. Ltd.
6.88%, 06/21/23^(b)		200		224,840
Series 6, 5.00%, 11/12/24^(a)(b)		400		435,684
ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22)		196		201,290
Jersey Central Power & Light Co., 4.70%, 04/01/24 (Call 01/01/24)^(a)		400		441,788
Kansai Electric Power Co. Inc. (The), 2.55%, 09/17/24^(b)		200		203,286
Korea East-West Power Co. Ltd., 3.88%, 07/19/23^(b)		400		427,236
Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/22^(a)		600		620,688
Korea Midland Power Co. Ltd., 3.38%, 01/22/22^(b)		200		206,104
MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24)		530		581,203
National Rural Utilities Cooperative Finance Corp.
1.75%, 01/21/22		490		496,047
2.30%, 09/15/22 (Call 08/15/22)		315		323,899
2.40%, 04/25/22 (Call 03/25/22)		45		46,354
2.70%, 02/15/23 (Call 12/15/22)		260		269,649
2.95%, 02/07/24 (Call 12/07/23)		315		336,433
3.05%, 02/15/22 (Call 11/15/21)		215		222,286
NextEra Energy Capital Holdings Inc.
1.95%, 09/01/22		40		40,622
2.40%, 09/01/21		343		348,649
2.80%, 01/15/23 (Call 12/15/22)		83		86,196
2.90%, 04/01/22		455		469,847
3.15%, 04/01/24 (Call 03/01/24)		550		585,101
3.20%, 02/25/22		16		16,519
4.50%, 06/01/21 (Call 03/01/21)		400		410,244
NextEra Energy Operating Partners LP
4.25%, 07/15/24 (Call 04/15/24)^(a)		250		252,413
4.25%, 09/15/24 (Call 07/15/24)^(a)		200		203,714
Niagara Mohawk Power Corp., 3.51%, 10/01/24 (Call 07/01/24)^(a)		141		153,422
Northern States Power Co./MN
2.15%, 08/15/22 (Call 02/15/22)		80		81,408
2.60%, 05/15/23 (Call 11/15/22)		39		40,470
NRG Energy Inc., 3.75%, 06/15/24 (Call 05/15/24)^(a)		300		307,728
NTPC Ltd.
3.75%, 04/03/24^(b)		400		394,876
4.75%, 10/03/22^(b)		200		202,708
Ohio Power Co., Series M, 5.38%, 10/01/21		163		173,228
Oncor Electric Delivery Co. LLC
2.75%, 06/01/24 (Call 05/01/24)		61		64,849
4.10%, 06/01/22 (Call 03/01/22)		70		73,884
7.00%, 09/01/22		275		312,315
PacifiCorp
2.95%, 02/01/22 (Call 11/01/21)		85		87,838


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
3.60%, 04/01/24 (Call 01/01/24)	$	60	$	65,866
PECO Energy Co., 1.70%, 09/15/21 (Call 08/15/21)		277		279,460
Perusahaan Listrik Negara PT, 5.50%, 11/22/21^(b)		300		305,475
Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23)		345		368,167
Power Grid Corp. of India Ltd., 3.88%, 01/17/23^(b)		400		399,244
PPL Capital Funding Inc.
3.40%, 06/01/23 (Call 03/01/23)		75		78,011
3.50%, 12/01/22 (Call 09/01/22)		555		576,456
4.20%, 06/15/22 (Call 03/15/22)		185		193,103
PPL Electric Utilities Corp., 3.00%, 09/15/21 (Call 06/15/21)		15		15,331
Progress Energy Inc., 3.15%, 04/01/22 (Call 01/01/22)		115		118,098
PSEG Power LLC
3.00%, 06/15/21 (Call 05/15/21)		370		375,180
3.85%, 06/01/23 (Call 05/01/23)		480		507,144
Public Service Co. of Colorado, 2.25%, 09/15/22 (Call 03/15/22)		25		25,569
Public Service Electric &Gas Co., 3.25%, 09/01/23 (Call 08/01/23)		210		224,937
Public Service Enterprise Group Inc.
2.00%, 11/15/21 (Call 10/15/21)		275		277,214
2.65%, 11/15/22 (Call 10/15/22)		193		198,427
2.88%, 06/15/24 (Call 05/15/24)		89		92,899
Puget Energy Inc.
5.63%, 07/15/22 (Call 04/15/22)		125		131,404
6.00%, 09/01/21		109		113,711
San Diego Gas & Electric Co.
3.00%, 08/15/21		295		299,800
Series NNN, 3.60%, 09/01/23 (Call 06/01/23)		10		10,498
Saudi Electricity Global Sukuk Co., 4.21%, 04/03/22^(b)		200		207,814
Saudi Electricity Global Sukuk Co. 2, 3.47%, 04/08/23^(b)		450		463,531
Saudi Electricity Global Sukuk Co. 3, 4.00%, 04/08/24^(b)		200		208,338
Saudi Electricity Global Sukuk Co. 4, 4.22%, 01/27/24^(b)		600		629,640
Sempra Energy
2.88%, 10/01/22 (Call 07/01/22)		347		355,991
2.90%, 02/01/23 (Call 01/01/23)		285		294,294
3.55%, 06/15/24 (Call 03/15/24)		211		222,632
4.05%, 12/01/23 (Call 09/01/23)		134		143,728
SMC Global Power Holdings Corp., 6.50%, (Call 04/25/24)^(b)(d)(e)		400		357,156
Southern California Edison Co.
3.88%, 06/01/21 (Call 03/01/21)		20		20,418
Series D, 3.40%, 06/01/23 (Call 05/01/23)		139		145,470
Southern Co. (The)
2.35%, 07/01/21 (Call 06/01/21)		907		917,077
2.95%, 07/01/23 (Call 05/01/23)		515		543,330
Series B, 5.50%, 03/15/57 (Call 03/15/22)^(e)		225		228,544
Southern Power Co., Series E, 2.50%, 12/15/21 (Call 11/15/21)		263		266,858
SPIC 2016 U.S. dollar Bond Co. Ltd., 3.00%, 12/06/21^(b)		300		306,129
SPIC Luxembourg Latin America Renewable Energy Investment Co. Sarl, 4.25%, 10/30/21^(b)		200		206,236
State Grid Overseas Investment 2013 Ltd., 3.13%, 05/22/23^(b)		800		829,376
State Grid Overseas Investment 2016 Ltd.
2.75%, 05/04/22^(b)		400		406,888
3.75%, 05/02/23^(b)		700		738,157
Three Gorges Finance I Cayman Islands Ltd., 2.30%, 06/02/21^(b)		200		201,202


Security	Par (000)		Value

Electric (continued)
TransAlta Corp., 4.50%, 11/15/22 (Call 08/15/22)	$	179	$	174,002
Union Electric Co., 3.50%, 04/15/24 (Call 01/15/24)		35		37,514
Vena Energy Capital Pte Ltd., 3.13%, 02/26/25^(b)		300		286,452
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)		252		262,997
Vistra Energy Corp., 5.88%, 06/01/23 (Call 06/01/20)		100		100,857
Vistra Operations Co. LLC, 3.55%, 07/15/24 (Call 06/15/24)^(a)		615		617,460
WEC Energy Group Inc., 3.38%, 06/15/21		150		153,875
Wisconsin Electric Power Co., 2.05%, 12/15/24 (Call 11/15/24)		10		10,401
Wisconsin Public Service Corp., 3.35%, 11/21/21		255		263,647
Xcel Energy Inc., 2.60%, 03/15/22 (Call 02/15/22)		53		54,024
Yunnan Energy Investment Overseas Finance Co. Ltd., 6.25%, 11/29/21^(b)		400		400,152

				54,895,692

Electrical Components & Equipment — 0.0%
Emerson Electric Co.
2.63%, 12/01/21 (Call 11/01/21)		263		269,196
2.63%, 02/15/23 (Call 11/15/22)		65		67,850
EnerSys, 5.00%, 04/30/23 (Call 01/30/23)^(a)		95		93,897
Schneider Electric SE, 2.95%, 09/27/22^(a)		25		25,820
WESCO Distribution Inc.
5.38%, 12/15/21 (Call 05/29/20)		185		182,266
5.38%, 06/15/24 (Call 06/15/20)		24		22,174

				661,203

Electronics — 0.2%
Agilent Technologies Inc.
3.20%, 10/01/22 (Call 07/01/22)		60		61,847
3.88%, 07/15/23 (Call 04/15/23)		161		170,063
Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)		168		168,926
Amphenol Corp.
2.05%, 03/01/25 (Call 02/01/25)		75		74,833
3.20%, 04/01/24 (Call 02/01/24)		60		63,365
Arrow Electronics Inc.
3.25%, 09/08/24 (Call 07/08/24)		198		199,835
3.50%, 04/01/22 (Call 02/01/22)		115		116,250
4.50%, 03/01/23 (Call 12/01/22)		80		82,785
Avnet Inc.
3.75%, 12/01/21 (Call 11/01/21)		63		64,080
4.88%, 12/01/22		388		409,588
Competition Team Technologies Ltd., 3.75%, 03/12/24^(b)		200		209,260
Flex Ltd., 5.00%, 02/15/23		335		349,566
Fortive Corp., 2.35%, 06/15/21 (Call 05/15/21)		301		302,168
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)		727		738,712
2.15%, 08/08/22 (Call 07/08/22)		190		195,521
2.30%, 08/15/24 (Call 07/15/24)		268		281,601
3.35%, 12/01/23		10		10,823
Ingram Micro Inc.
5.00%, 08/10/22 (Call 02/10/22)		135		127,278
5.45%, 12/15/24 (Call 09/15/24)		69		66,328
Jabil Inc., 4.70%, 09/15/22		182		187,018
Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24)		40		43,560
Legrand France SA, 8.50%, 02/15/25		64		83,537
Roper Technologies Inc.
2.35%, 09/15/24 (Call 08/15/24)		145		146,817


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electronics (continued)
2.80%, 12/15/21 (Call 11/15/21)	$	207	$	211,316
3.13%, 11/15/22 (Call 08/15/22)		75		76,690
3.65%, 09/15/23 (Call 08/15/23)		358		375,302
Sensata Technologies BV
4.88%, 10/15/23^(a)		165		167,424
5.63%, 11/01/24^(a)		150		152,637
Tech Data Corp., 3.70%, 02/15/22 (Call 01/15/22)		485		478,758
Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23)		318		324,869
Tsinghua Unic Ltd., 5.38%, 01/31/23^(b)		200		108,000
Tyco Electronics Group SA
3.45%, 08/01/24 (Call 05/01/24)		50		53,184
3.50%, 02/03/22 (Call 11/03/21)		72		74,541

				6,176,482

Energy – Alternate Sources — 0.0%
Azure Power Energy Ltd., 5.50%, 11/03/22 (Call 08/03/20)^(b)		500		479,140
Greenko Dutch BV, 5.25%, 07/24/24 (Call 07/24/20)^(b)(c)		200		178,628
Greenko Solar Mauritius Ltd., 5.55%, 01/29/25 (Call 01/29/21)^(b)		200		177,192
Pattern Energy Group Inc., 5.88%, 02/01/24 (Call 02/01/21)^(a)		125		126,295
ReNew Power Synthetic, 6.67%, 03/12/24 (Call 03/12/21)^(b)		200		173,356
TerraForm Power Operating LLC, 4.25%, 01/31/23 (Call 10/31/22)^(a)		150		153,663

				1,288,274

Engineering & Construction — 0.2%
ABB Treasury Center USA Inc., 4.00%, 06/15/21^(a)		75		77,271
AECOM, 5.88%, 10/15/24 (Call 07/15/24)		275		290,832
AECOM Global II LLC/URS Fox US LP, 5.00%, 04/01/22 (Call 01/01/22)		75		75,036
Chang Development International Ltd., 5.70%, 11/08/21^(b)		200		199,908
Chengdu Economic & Technological Development Zone State-Owned Assets Investment, 7.50%, 02/12/22^(b)		200		200,864
China Minmetals Corp., 3.75%, (Call 11/13/22)^(b)(d)(e)		300		297,228
China State Construction Finance Cayman II Ltd., 3.38%, 11/29/22^(b)		200		203,498
China State Construction Finance Cayman Ltd., 6.00%, (Call 12/03/21)^(b)(d)(e)		400		410,944
Chongqing International Logistics Hub Park Construction Co. Ltd., 3.25%, 09/06/21^(b)		200		196,008
CRCC Yuxiang Ltd., 3.50%, 05/16/23^(b)		200		207,866
CSCEC Finance Cayman II Ltd.
2.70%, 06/14/21^(b)		200		201,532
2.90%, 07/05/22^(b)		800		815,400
Dianjian Haiyu Ltd.
3.50%, (Call 06/12/22)^(b)(d)(e)		400		394,000
4.30%, (Call 06/20/24)^(b)(d)(e)		400		399,536
Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24)		116		104,155
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22 (Call 05/15/20)		106		108,175
Hongkong International Qingdao Co. Ltd.
4.00%, 10/08/24^(b)		200		191,702
4.25%, 12/04/22^(b)		200		201,690
IHS Netherlands Holdco BV, 7.13%, 03/18/25 (Call 09/18/21)^(b)		200		181,336
MasTec Inc., 4.88%, 03/15/23 (Call 03/15/21)		130		128,026
New Enterprise Stone & Lime Co. Inc., 10.13%, 04/01/22 (Call 04/01/21)^(a)		100		99,293


Security	Par (000)		Value

Engineering & Construction (continued)
Sydney Airport Finance Co. Pty Ltd., 3.90%, 03/22/23^(a)	$	127	$	129,531
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 02/01/23 (Call 05/29/20)		50		46,011
Wuhan Metro Group Co. Ltd., 2.96%, 09/24/24^(b)		400		401,268
Zhengzhou Real Estate Group Co. Ltd., 3.95%, 10/09/22^(b)		400		394,644

				5,955,754

Entertainment — 0.1%
AMC Entertainment Holdings Inc., 10.50%, 04/15/25 (Call 04/15/22)^(a)		95		83,803
Banijay Entertainment SASU, 5.38%, 03/01/25 (Call 03/01/22)^(a)		200		186,034
CCM Merger Inc., 6.00%, 03/15/22 (Call 03/15/21)^(a)		58		55,369
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 06/01/20)		30		28,052
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 05/01/22)^(a)		105		105,000
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/20)		200		167,880
5.13%, 12/15/22 (Call 12/15/20)		125		106,868
8.75%, 05/01/25 (Call 05/01/22)^(a)		35		35,535
Cirsa Finance International Sarl, 7.88%, 12/20/23 (Call 06/20/20)^(a)		200		165,814
Codere Finance 2 Luxembourg SA, 7.63%, 11/01/21 (Call 10/31/20)^(a)		200		76,478
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/23 (Call 02/15/21)^(a)		100		60,547
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 04/01/21)		300		294,444
7.00%, 08/01/23 (Call 08/01/20)		125		120,605
Enterprise Development Authority (The), 12.00%, 07/15/24 (Call 07/15/21)^(a)		150		135,342
Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/24 (Call 03/01/21)^(a)		65		54,222
International Game Technology PLC
6.25%, 02/15/22 (Call 08/15/21)^(a)		400		390,836
6.50%, 02/15/25 (Call 08/15/24)^(a)		375		367,912
Jacobs Entertainment Inc., 7.88%, 02/01/24 (Call 02/01/21)^(a)		154		116,655
Lions Gate Capital Holdings LLC
5.88%, 11/01/24 (Call 11/01/20)^(a)		175		160,431
6.38%, 02/01/24 (Call 02/01/21)^(a)		150		139,462
Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 11/01/20)^(a)		25		22,218
Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 10/15/20)^(a)(g)		175		99,302
Scientific Games International Inc., 6.63%, 05/15/21 (Call 05/15/20)		125		111,798
Six Flags Entertainment Corp., 4.88%, 07/31/24 (Call 07/31/20)^(a)		350		307,989
Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/15/22)^(a)		30		30,894
WMG Acquisition Corp.
4.88%, 11/01/24 (Call 11/01/20)^(a)		50		50,685
5.00%, 08/01/23 (Call 08/01/20)^(a)		107		108,311
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25 (Call 04/15/22)^(a)		235		240,534

				3,823,020


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Environmental Control — 0.1%
Advanced Disposal Services Inc., 5.63%, 11/15/24 (Call 11/10/20)^(a)	$	50	$	51,782
Capital Environment Holdings Ltd., 5.63%, 09/11/21^(b)		200		203,848
Covanta Holding Corp., 5.88%, 03/01/24 (Call 03/01/21)		155		153,438
GFL Environmental Inc.
4.25%, 06/01/25 (Call 06/01/22)^(a)		30		30,200
5.63%, 05/01/22 (Call 05/01/20)^(a)		100		101,406
Republic Services Inc.
2.50%, 08/15/24 (Call 07/15/24)		474		493,595
3.55%, 06/01/22 (Call 03/01/22)		771		804,739
4.75%, 05/15/23 (Call 02/15/23)		65		71,510
5.25%, 11/15/21		30		31,774
Stericycle Inc., 5.38%, 07/15/24 (Call 06/07/21)^(a)		200		200,440
Tervita Corp., 7.63%, 12/01/21 (Call 12/01/20)^(a)		175		116,783
Tuspark Forward Ltd., 6.95%, 06/18/22^(b)		200		100,000
Waste Management Inc.
2.40%, 05/15/23 (Call 03/15/23)		164		170,112
2.90%, 09/15/22 (Call 06/15/22)		79		81,999
2.95%, 06/15/24 (Call 05/15/24)		613		653,470
3.50%, 05/15/24 (Call 02/15/24)		50		53,988

				3,319,084

Food — 0.5%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.50%, 02/15/23 (Call 12/15/22)^(a)		250		247,458
5.75%, 03/15/25 (Call 09/15/20)		400		411,476
6.63%, 06/15/24 (Call 06/15/20)		400		411,608
Arcor SAIC, 6.00%, 07/06/23 (Call 07/06/20)^(b)		200		160,190
Campbell Soup Co.
2.50%, 08/02/22		115		117,417
3.30%, 03/19/25 (Call 12/19/24)		100		105,832
3.65%, 03/15/23 (Call 02/15/23)		856		903,474
3.95%, 03/15/25 (Call 01/15/25)		50		54,606
China Mengniu Dairy Co. Ltd., 4.25%, 08/07/23^(b)		400		427,680
Conagra Brands Inc.
3.20%, 01/25/23 (Call 10/25/22)		100		103,565
3.80%, 10/22/21		478		492,966
4.30%, 05/01/24 (Call 04/01/24)		755		819,922
Danone SA
2.08%, 11/02/21 (Call 10/02/21)^(a)		250		251,895
2.59%, 11/02/23 (Call 09/02/23)^(a)		510		527,937
Fresh Market Inc. (The), 9.75%, 05/01/23 (Call 05/01/20)^(a)		175		111,162
General Mills Inc.
2.60%, 10/12/22 (Call 09/12/22)		297		307,012
3.15%, 12/15/21 (Call 09/15/21)		455		467,745
3.65%, 02/15/24 (Call 11/15/23)		38		40,779
3.70%, 10/17/23 (Call 09/17/23)		409		442,890
Grupo Bimbo SAB de CV
4.50%, 01/25/22^(b)		400		409,704
5.95%, (Call 04/17/23)^(b)(d)(e)		400		397,836
Hershey Co. (The)
2.05%, 11/15/24 (Call 10/15/24)		325		336,625
3.10%, 05/15/21		50		51,129
3.38%, 05/15/23 (Call 04/15/23)		445		474,192
Ingles Markets Inc., 5.75%, 06/15/23 (Call 06/15/20)		200		201,836
JBS USA LUX SA/JBS USA Finance Inc., 5.88%, 07/15/24 (Call 07/15/20)^(a)		600		613,242
JGSH Philippines Ltd., 4.38%, 01/23/23^(b)		200		204,634


Security	Par (000)		Value

Food (continued)
JM Smucker Co. (The)
3.00%, 03/15/22	$	36	$	37,045
3.50%, 10/15/21		20		20,664
3.50%, 03/15/25		1,050		1,135,806
Kellogg Co., 2.65%, 12/01/23		101		104,786
Kraft Heinz Foods Co.
3.38%, 06/15/21		325		329,589
3.50%, 07/15/22 (Call 05/15/22)		58		59,505
4.00%, 06/15/23 (Call 05/15/23)		428		444,123
4.88%, 02/15/25 (Call 02/15/21)^(a)		250		256,275
Kroger Co. (The)
2.80%, 08/01/22 (Call 07/01/22)		85		87,946
2.95%, 11/01/21 (Call 10/01/21)		102		104,412
3.40%, 04/15/22 (Call 01/15/22)		63		65,393
3.85%, 08/01/23 (Call 05/01/23)		208		223,477
4.00%, 02/01/24 (Call 11/01/23)		310		337,289
Lamb Weston Holdings Inc., 4.63%, 11/01/24 (Call 11/01/21)^(a)		300		306,132
MARB BondCo PLC
6.88%, 01/19/25 (Call 01/19/21)^(b)		400		383,940
7.00%, 03/15/24 (Call 03/15/21)^(b)(c)		200		195,318
McCormick & Co. Inc./MD
2.70%, 08/15/22 (Call 07/15/22)		339		347,787
3.15%, 08/15/24 (Call 06/15/24)		72		76,560
Mondelez International Holdings Netherlands BV
2.00%, 10/28/21 (Call 09/28/21)^(a)		275		277,404
2.13%, 09/19/22^(a)		225		228,598
2.25%, 09/19/24 (Call 08/19/24)^(a)		200		204,590
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		410		407,802
3.63%, 05/07/23 (Call 04/07/23)		475		505,158
4.00%, 02/01/24 (Call 11/01/23)		31		33,590
Nestle Holdings Inc.
1.38%, 07/13/21^(b)		200		200,704
2.38%, 11/17/22^(b)		80		82,695
3.10%, 09/24/21 (Call 08/24/21)^(a)		250		257,435
3.13%, 03/22/23^(b)		65		68,461
3.35%, 09/24/23 (Call 08/24/23)^(a)		855		918,304
Pilgrim’s Pride Corp., 5.75%, 03/15/25 (Call 03/15/21)^(a)		325		328,266
Simmons Foods Inc.
5.75%, 11/01/24 (Call 11/01/20)^(a)		200		187,522
7.75%, 01/15/24 (Call 01/15/21)^(a)		75		78,762
Smithfield Foods Inc., 2.65%, 10/03/21 (Call 09/03/21)^(a)		229		225,173
Sysco Corp.
2.50%, 07/15/21 (Call 06/15/21)		105		105,567
2.60%, 06/12/22		190		191,290
3.55%, 03/15/25 (Call 01/15/25)		300		309,534
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 05/29/20)		150		149,948
6.00%, 02/15/24 (Call 02/15/21)^(a)		175		179,335
Tyson Foods Inc.
2.25%, 08/23/21 (Call 07/23/21)		229		231,833
3.90%, 09/28/23 (Call 08/28/23)		110		118,381
3.95%, 08/15/24 (Call 05/15/24)		30		32,944
4.50%, 06/15/22 (Call 03/15/22)		481		508,460
U.S. Foods Inc., 6.25%, 04/15/25 (Call 04/15/22)^(a)		135		138,209

				19,580,824


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food Service — 0.0%
Aramark Services Inc.
5.00%, 04/01/25 (Call 04/01/21)^(a)	$	200	$	194,168
6.38%, 05/01/25 (Call 05/01/22)^(a)		90		93,594

				287,762

Forest Products & Paper — 0.1%
Cascades Inc., 5.75%, 07/15/23 (Call 07/15/20)^(a)		108		107,929
Clearwater Paper Corp.
4.50%, 02/01/23 (Call 02/01/21)		125		122,386
5.38%, 02/01/25^(a)(c)		37		34,920
Domtar Corp., 4.40%, 04/01/22 (Call 01/01/22)		100		102,732
Fibria Overseas Finance Ltd.
4.00%, 01/14/25 (Call 11/14/24)		38		36,296
5.25%, 05/12/24		262		264,138
Georgia-Pacific LLC
3.16%, 11/15/21 (Call 09/15/21)^(a)		258		264,863
3.73%, 07/15/23 (Call 04/15/23)^(a)		275		291,800
8.00%, 01/15/24		29		35,414
International Paper Co., 3.65%, 06/15/24 (Call 03/15/24)		560		598,914
Mercer International Inc.
6.50%, 02/01/24 (Call 02/01/21)		100		96,821
7.38%, 01/15/25 (Call 01/15/21)		200		193,798
Resolute Forest Products Inc., 5.88%, 05/15/23 (Call 05/15/20)^(c)		159		130,650

				2,280,661

Gas — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.63%, 05/20/24 (Call 03/20/24)		280		285,457
Beijing Gas Singapore Capital Corp., 2.75%, 05/31/22^(b)		300		302,799
British Transco International Finance BV, 0.00% 11/04/21^(b)(i)		320		310,938
CenterPoint Energy Resources Corp., 3.55%, 04/01/23 (Call 03/01/23)		285		297,349
China Resources Gas Group Ltd., 4.50%, 04/05/22^(a)		400		418,680
Dominion Energy Gas Holdings LLC
3.55%, 11/01/23 (Call 08/01/23)		33		34,675
3.60%, 12/15/24 (Call 09/15/24)		88		95,343
Series A, 2.50%, 11/15/24 (Call 10/15/24)		409		425,368
Korea Gas Corp.
1.88%, 07/18/21^(b)		200		201,076
2.75%, 07/20/22^(b)		200		205,254
National Fuel Gas Co.
3.75%, 03/01/23 (Call 12/01/22)		57		55,828
4.90%, 12/01/21 (Call 09/01/21)		50		50,733
NiSource Inc., 3.65%, 06/15/23 (Call 05/15/23)		150		159,811
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24^(b)		400		409,096
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (Call 03/31/21)^(a)		155		119,719
Southern California Gas Co., 3.15%, 09/15/24 (Call 06/15/24)		200		211,528
Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)		25		25,426
Southern Star Central Corp., 5.13%, 07/15/22 (Call 07/15/20)^(a)		195		185,886
Talent Yield Investments Ltd., 4.50%, 04/25/22^(a)		200		208,904

				4,003,870

Hand & Machine Tools — 0.0%
Apex Tool Group LLC/BC Mountain Finance Inc., 9.00%, 02/15/23 (Call 02/15/21)^(a)		150		94,466
Colfax Corp., 6.00%, 02/15/24 (Call 02/15/21)^(a)		210		213,286


Security	Par (000)		Value

Hand & Machine Tools (continued)
Stanley Black & Decker Inc.
2.90%, 11/01/22	$	150	$	155,643
3.40%, 12/01/21 (Call 09/01/21)		221		226,361
4.00%, 03/15/60 (Call 03/15/25)^(e)		500		496,220

				1,185,976

Health Care – Products — 0.2%
Abbott Laboratories
2.55%, 03/15/22		174		180,041
2.95%, 03/15/25 (Call 12/15/24)		1,000		1,084,350
3.40%, 11/30/23 (Call 09/30/23)		211		229,163
Avantor Inc., 6.00%, 10/01/24 (Call 10/01/20)^(a)		500		527,705
Baxter International Inc., 1.70%, 08/15/21 (Call 07/15/21)		184		185,360
Boston Scientific Corp.
3.38%, 05/15/22		33		34,248
3.45%, 03/01/24 (Call 02/01/24)		514		544,156
Covidien International Finance SA
2.95%, 06/15/23 (Call 03/15/23)		69		72,699
3.20%, 06/15/22 (Call 03/15/22)		113		117,941
DH Europe Finance II Sarl
2.05%, 11/15/22		212		215,358
2.20%, 11/15/24 (Call 10/15/24)		130		133,536
Hill-Rom Holdings Inc., 5.00%, 02/15/25 (Call 02/15/21)^(a)		67		68,654
Immucor Inc., 11.13%, 02/15/22 (Call 08/15/20)^(a)		105		94,500
Kinetic Concepts Inc./KCI USA Inc., 12.50%, 11/01/21 (Call 05/01/20)^(a)		125		125,000
Medtronic Inc.
2.75%, 04/01/23 (Call 01/01/23)		27		28,435
3.15%, 03/15/22		657		686,381
3.50%, 03/15/25		750		835,702
3.63%, 03/15/24 (Call 12/15/23)		272		296,611
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 (Call 05/29/20)^(a)		97		89,228
Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24)		10		10,836
Thermo Fisher Scientific Inc.
3.00%, 04/15/23 (Call 02/15/23)		485		510,390
4.15%, 02/01/24 (Call 11/01/23)		315		347,615
Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 02/01/22)		224		229,065
3.70%, 03/19/23 (Call 02/19/23)		378		396,435

				7,043,409

Health Care – Services — 0.7%
Acadia Healthcare Co. Inc.
5.13%, 07/01/22 (Call 07/01/20)		75		72,093
5.63%, 02/15/23 (Call 02/15/21)		175		167,500
6.50%, 03/01/24 (Call 03/01/21)		130		124,420
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		432		445,565
2.80%, 06/15/23 (Call 04/15/23)		370		383,845
3.50%, 11/15/24 (Call 08/15/24)		78		83,508
Air Medical Group Holdings Inc., 6.38%, 05/15/23 (Call 05/15/20)^(a)		100		92,844
Anthem Inc.
2.38%, 01/15/25 (Call 12/15/24)		400		411,628
2.95%, 12/01/22 (Call 11/01/22)		400		415,712
3.13%, 05/15/22		373		387,099
3.30%, 01/15/23		543		571,703
3.35%, 12/01/24 (Call 10/01/24)		17		18,217
3.50%, 08/15/24 (Call 05/15/24)		667		717,192
3.70%, 08/15/21 (Call 05/15/21)		211		216,224


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care – Services (continued)
Centene Corp.
4.75%, 05/15/22 (Call 05/15/20)	$	300	$	304,296
4.75%, 01/15/25 (Call 01/15/21)		400		412,692
4.75%, 01/15/25 (Call 01/15/21)^(a)		300		309,078
CHS/Community Health Systems Inc.
6.25%, 03/31/23 (Call 03/31/21)		1,000		939,800
6.63%, 02/15/25 (Call 02/15/22)^(a)		450		416,628
8.13%, 06/30/24 (Call 06/30/21)^(a)		475		324,097
8.63%, 01/15/24 (Call 01/15/21)^(a)		300		294,021
9.88%, 06/30/23 (Call 06/30/20)^(a)(j)		550		404,217
CommonSpirit Health
2.76%, 10/01/24 (Call 07/01/24)		227		222,912
2.95%, 11/01/22		80		81,128
DaVita Inc., 5.13%, 07/15/24 (Call 07/15/20)		600		608,724
Encompass Health Corp.
5.13%, 03/15/23 (Call 03/15/21)		100		99,399
5.75%, 11/01/24 (Call 11/01/20)		200		202,592
Fresenius Medical Care U.S. Finance II Inc., 5.88%, 01/31/22^(a)		225		237,188
HCA Inc.
4.75%, 05/01/23		903		962,535
5.00%, 03/15/24		370		401,554
5.25%, 04/15/25		1,000		1,113,600
5.38%, 02/01/25		850		913,979
5.88%, 05/01/23		475		508,972
8.36%, 04/15/24		50		55,299
Humana Inc.
2.90%, 12/15/22 (Call 11/15/22)		86		88,508
3.15%, 12/01/22 (Call 09/01/22)		144		149,095
4.50%, 04/01/25 (Call 03/01/25)		1,000		1,117,540
Laboratory Corp. of America Holdings
2.30%, 12/01/24 (Call 11/01/24)		86		87,999
3.20%, 02/01/22		165		169,773
3.25%, 09/01/24 (Call 07/01/24)		250		267,618
3.60%, 02/01/25 (Call 11/01/24)		475		514,501
3.75%, 08/23/22 (Call 05/23/22)		85		89,245
LifePoint Health Inc., 6.75%, 04/15/25 (Call 04/15/22)^(a)		215		221,437
Magellan Health Inc., 4.90%, 09/22/24 (Call 07/22/24)		125		121,775
MEDNAX Inc., 5.25%, 12/01/23 (Call 12/01/20)^(a)		225		212,585
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)		250		258,735
Polaris Intermediate Corp. (9.25% PIK), 8.50%, 12/01/22 (Call 06/01/20)^(a)(c)(h)		435		364,848
Quest Diagnostics Inc.
3.50%, 03/30/25 (Call 12/30/24)		150		161,241
4.25%, 04/01/24 (Call 01/01/24)		10		10,892
Quorum Health Corp., 11.63%, 04/15/23 (Call 04/15/21)^(g)		100		17,128
SSM Health Care Corp., Series 2018, 3.69%, 06/01/23 (Call 03/01/23)		82		85,577
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 07/15/20)		600		593,016
4.63%, 09/01/24 (Call 09/01/21)^(a)		191		187,841
6.75%, 06/15/23		600		599,100
7.50%, 04/01/25 (Call 04/01/22)^(a)		245		263,360
8.13%, 04/01/22		900		907,353
UnitedHealth Group Inc.
2.38%, 10/15/22		155		160,379
2.38%, 08/15/24		430		452,300
2.75%, 02/15/23 (Call 11/15/22)		348		363,747
2.88%, 12/15/21		185		190,644
2.88%, 03/15/22 (Call 12/15/21)		604		624,590


Security	Par (000)		Value

Health Care – Services (continued)
2.88%, 03/15/23	$	103	$	108,645
3.15%, 06/15/21		260		266,211
3.35%, 07/15/22		604		637,631
3.38%, 11/15/21 (Call 08/15/21)		165		170,107
3.50%, 06/15/23		400		431,736
3.50%, 02/15/24		222		241,547
Universal Health Services Inc., 4.75%, 08/01/22 (Call 08/01/20)^(a)		289		289,627

				23,346,592

Holding Companies – Diversified — 0.5%
Amipeace Ltd., 2.50%, 12/05/24^(b)		400		408,608
Apollo Investment Corp., 5.25%, 03/03/25		100		80,857
Ares Capital Corp.
3.25%, 07/15/25 (Call 06/15/25)		200		177,890
3.50%, 02/10/23 (Call 01/10/23)		279		266,138
3.63%, 01/19/22 (Call 12/19/21)		285		280,828
4.20%, 06/10/24 (Call 05/10/24)		208		198,542
4.25%, 03/01/25 (Call 01/01/25)		260		248,079
Bright Galaxy International Ltd., 3.38%, 11/03/21^(b)		200		198,212
China Taiping New Horizon Ltd., 6.00%, 10/18/23^(b)		200		226,752
CK Hutchison Capital Securities 17 Ltd., 4.00%, (Call 05/12/22)^(a)(d)(e)		200		190,672
CK Hutchison International 17 II Ltd., 2.75%, 03/29/23^(a)		200		204,726
CK Hutchison International 17 Ltd., 2.88%, 04/05/22^(a)		1,050		1,068,501
CK Hutchison International 19 Ltd., 3.25%, 04/11/24 (Call 03/11/24)^(a)		500		523,060
FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)^(a)		175		113,890
FS KKR Capital Corp.
4.63%, 07/15/24 (Call 06/15/24)		275		233,645
4.75%, 05/15/22 (Call 04/15/22)		13		12,448
Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 01/10/25)		17		16,725
Guohui International Bvi Co. Ltd., 4.37%, 07/09/22^(b)		800		796,648
Huarong Finance 2017 Co. Ltd.
2.76%, 07/03/23, (3 mo. LIBOR US + 1.325%)^(b)(f)		200		194,344
2.89%, 11/07/22^(b)(f)		400		387,200
3.75%, 04/27/22^(b)		1,200		1,208,616
4.00%, (Call 11/07/22)^(b)(d)(e)		400		391,724
Huarong Finance 2019 Co. Ltd.
3.38%, 05/29/22^(b)		600		602,238
3.75%, 05/29/24^(b)		600		600,132
Huarong Finance II Co. Ltd., 3.63%, 11/22/21^(b)		200		201,168
Hutchison Whampoa International 12 II Ltd., 3.25%, 11/08/22^(a)		200		206,418
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24 (Call 06/15/24)		370		350,790
6.25%, 02/01/22 (Call 02/01/21)		375		378,547
6.75%, 02/01/24 (Call 02/01/21)		150		150,069
KOC Holding AS, 5.25%, 03/15/23 (Call 12/15/22)^(b)		400		394,004
MDC-GMTN BV, 5.50%, 03/01/22^(a)(c)		200		212,612
MDGH - GMTN BV, 2.50%, 11/07/24 (Call 10/07/24)^(b)		1,000		1,003,150
MDGH-GMTN BV
2.75%, 05/11/23^(b)		600		611,190
3.00%, 04/19/24^(b)		400		408,928
Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 01/25/25)		260		238,059
Owl Rock Capital Corp., 3.75%, 07/22/25 (Call 06/22/25)		175		158,207
Prospect Capital Corp., 5.88%, 03/15/23		35		31,711
Rongshi International Finance Ltd., 2.88%, 05/04/22^(b)		400		406,944


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Holding Companies – Diversified (continued)
Stena AB, 7.00%, 02/01/24^(a)	$	200	$	178,090
Stena International SA, 6.13%, 02/01/25 (Call 02/01/22)^(a)		200		174,540
Swire Pacific MTN Financing Ltd.
4.50%, 02/28/22^(b)		600		626,862
4.50%, 10/09/23^(b)		200		216,714
Temasek Financial I Ltd., 2.38%, 01/23/23^(a)		500		516,075
TPG Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24)		125		116,371
VistaJet Malta Finance PLC/XO Management Holding Inc., 10.50%, 06/01/24 (Call 06/01/22)^(a)		175		139,683
Xi Yang Overseas Ltd., 4.30%, 06/05/24^(b)		400		407,032
Yieldking Investment Ltd., 4.80%, 10/18/21^(b)		200		202,926
Zhongyuan Sincere Investment Co. Ltd., 4.25%, 06/28/24^(b)		400		396,872

				16,357,437

Home Builders — 0.1%
Adams Homes Inc., 7.50%, 02/15/25 (Call 02/15/22)^(a)		30		27,602
Beazer Homes USA Inc., 6.75%, 03/15/25 (Call 03/15/21)		100		86,611
DR Horton Inc.
2.50%, 10/15/24 (Call 09/15/24)		340		340,874
4.38%, 09/15/22 (Call 06/15/22)		50		51,519
4.75%, 02/15/23 (Call 11/15/22)		35		36,634
5.75%, 08/15/23 (Call 05/15/23)		142		153,711
Forestar Group Inc., 8.00%, 04/15/24 (Call 04/15/21)^(a)		155		152,807
KB Home
7.00%, 12/15/21 (Call 09/15/21)		170		175,884
7.50%, 09/15/22		125		133,657
7.63%, 05/15/23 (Call 11/15/22)		110		115,783
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		210		210,708
4.50%, 04/30/24 (Call 01/30/24)		200		204,354
4.75%, 04/01/21 (Call 02/01/21)		100		100,578
4.75%, 11/15/22 (Call 08/15/22)		175		178,638
4.88%, 12/15/23 (Call 09/15/23)		150		154,674
5.38%, 10/01/22		100		103,672
5.88%, 11/15/24 (Call 05/15/24)		150		159,210
6.25%, 12/15/21 (Call 06/15/21)		125		128,307
MDC Holdings Inc., 5.50%, 01/15/24 (Call 10/15/23)		125		126,756
Meritage Homes Corp., 7.00%, 04/01/22		115		118,212
New Home Co. Inc. (The), 7.25%, 04/01/22 (Call 10/01/20)		100		86,462
NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)		204		212,444
Shea Homes LP/Shea Homes Funding Corp., 6.13%, 04/01/25 (Call 04/01/21)^(a)		100		94,792
Taylor Morrison Communities Inc.
5.88%, 01/31/25 (Call 01/31/21)^(a)		150		141,777
6.00%, 09/01/23 (Call 09/01/20)^(a)		100		96,801
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.63%, 03/01/24 (Call 12/01/23)^(a)		106		99,708
5.88%, 04/15/23 (Call 01/15/23)^(a)		100		96,548
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)		158		158,346
5.63%, 01/15/24 (Call 10/15/23)		100		102,461
5.88%, 02/15/22 (Call 11/15/21)		150		154,294
TRI Pointe Group Inc., 4.88%, 07/01/21 (Call 06/01/21)		103		101,046
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		175		173,007


Security	Par (000)		Value

Home Builders (continued)
Williams Scotsman International Inc.
6.88%, 08/15/23 (Call 08/15/20)^(a)	$	215	$	216,714
7.88%, 12/15/22 (Call 12/15/20)^(a)		68		69,055

				4,563,646

Home Furnishings — 0.0%
Leggett & Platt Inc., 3.40%, 08/15/22 (Call 05/15/22)		35		35,606
Panasonic Corp.
2.54%, 07/19/22 (Call 06/19/22)^(a)		210		211,875
2.68%, 07/19/24 (Call 06/19/24)^(a)		260		263,528
Tempur Sealy International Inc., 5.63%, 10/15/23 (Call 10/15/20)		170		167,583
Well Hope Development Ltd., 3.88%, (Call 10/19/22)^(b)(d)(e)		400		391,544
Whirlpool Corp.
4.00%, 03/01/24		125		130,456
4.70%, 06/01/22		35		36,619

				1,237,211

Household Products & Wares — 0.1%
ACCO Brands Corp., 5.25%, 12/15/24 (Call 12/15/20)^(a)		200		198,648
Central Garden & Pet Co., 6.13%, 11/15/23 (Call 11/15/20)		100		101,280
Church & Dwight Co. Inc., 2.45%, 08/01/22 (Call 07/01/22)		380		388,440
Clorox Co. (The), 3.50%, 12/15/24 (Call 09/15/24)		26		28,289
Kimberly-Clark Corp., 2.40%, 06/01/23		35		36,491
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23 (Call 08/15/20)^(a)		225		195,370
Prestige Brands Inc., 6.38%, 03/01/24 (Call 03/01/21)^(a)		210		215,817
Reckitt Benckiser Treasury Services PLC
2.38%, 06/24/22 (Call 04/24/22)^(a)		1,005		1,022,738
2.75%, 06/26/24 (Call 04/26/24)^(a)		505		520,433
Spectrum Brands Inc., 6.13%, 12/15/24 (Call 12/15/20)		50		49,641

				2,757,147

Housewares — 0.0%
Newell Brands Inc.
4.00%, 06/15/22 (Call 03/15/22)		56		56,400
4.35%, 04/01/23 (Call 02/01/23)		600		610,992
Tupperware Brands Corp., 4.75%, 06/01/21 (Call 03/01/21)^(c)		185		76,927

				744,319

Insurance — 0.8%
Acrisure LLC/Acrisure Finance Inc., 8.13%, 02/15/24 (Call 02/15/21)^(a)		335		344,896
Aflac Inc.
3.63%, 06/15/23		302		323,940
3.63%, 11/15/24		57		62,619
AIA Group Ltd., 3.13%, 03/13/23^(b)		400		410,364
Alleghany Corp., 4.95%, 06/27/22		150		158,868
Allstate Corp. (The), 3.15%, 06/15/23		370		391,234
American International Group Inc.
4.13%, 02/15/24		579		628,487
4.88%, 06/01/22		679		724,011
Aon Corp., 2.20%, 11/15/22		300		305,472
Aon PLC
3.50%, 06/14/24 (Call 03/01/24)		185		195,797
4.00%, 11/27/23 (Call 08/27/23)		185		196,514
Ardonagh Midco 3 PLC, 8.63%, 07/15/23 (Call 07/15/20)^(a)		200		184,000
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23		335		347,110


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Assurant Inc.
4.00%, 03/15/23	$	285	$	295,306
4.20%, 09/27/23 (Call 08/27/23)		200		209,278
Assured Guaranty U.S. Holdings Inc., 5.00%, 07/01/24		300		324,954
Athene Global Funding
2.50%, 01/14/25^(a)		500		485,455
2.75%, 06/25/24^(a)		119		117,870
3.00%, 07/01/22^(a)		622		621,422
Berkshire Hathaway Finance Corp., 3.00%, 05/15/22		384		403,066
Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 01/15/23)		705		746,595
3.00%, 02/11/23		80		85,475
3.40%, 01/31/22		174		182,712
3.75%, 08/15/21		160		165,966
Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24)		219		230,765
China Reinsurance Finance Corp. Ltd., 3.38%, 03/09/22^(b)		600		607,542
Cloverie PLC for Swiss Re Corporate Solutions Ltd., 4.50%, 09/11/44 (Call 09/11/24)^(b)(e)		250		244,483
CNA Financial Corp.
3.95%, 05/15/24 (Call 02/15/24)		365		385,849
5.75%, 08/15/21		34		35,654
Enstar Group Ltd., 4.50%, 03/10/22 (Call 02/10/22)		150		151,967
Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)		292		304,200
Fidelity National Financial Inc., 5.50%, 09/01/22		175		184,672
Five Corners Funding Trust, 4.42%, 11/15/23^(a)		820		906,190
Genworth Holdings Inc.
4.80%, 02/15/24^(c)		200		168,798
4.90%, 08/15/23		110		94,412
7.63%, 09/24/21		225		213,545
Guardian Life Global Funding
1.95%, 10/27/21^(a)		250		250,972
2.50%, 05/08/22^(a)		53		53,944
2.90%, 05/06/24^(a)		350		362,953
3.40%, 04/25/23^(a)		50		52,835
Hanwha Life Insurance Co. Ltd., 4.70%, (Call 04/23/23)^(b)(d)(e)		380		365,674
Heungkuk Life Insurance Co. Ltd., 4.48%, (Call 11/09/22)^(b)(d)(e)		300		270,483
Jackson National Life Global Funding
2.38%, 09/15/22^(a)		47		47,486
2.65%, 06/21/24^(a)		200		204,036
3.25%, 01/30/24^(a)		50		51,991
3.30%, 06/11/21^(a)		385		392,253
3.30%, 02/01/22^(a)		258		265,482
Liberty Mutual Group Inc.
4.25%, 06/15/23^(a)		468		498,050
5.00%, 06/01/21^(a)		490		505,219
Lincoln National Corp.
4.00%, 09/01/23		375		398,355
4.20%, 03/15/22		195		202,383
Loews Corp., 2.63%, 05/15/23 (Call 02/15/23)		255		260,090
Marsh & McLennan Companies Inc.
2.75%, 01/30/22 (Call 12/30/21)		358		368,951
3.30%, 03/14/23 (Call 01/14/23)		37		38,875
3.50%, 06/03/24 (Call 03/03/24)		198		212,395
3.88%, 03/15/24 (Call 02/15/24)		495		539,268
4.80%, 07/15/21 (Call 04/15/21)		157		162,633
MassMutual Global Funding II
2.50%, 04/13/22^(a)		500		510,785
2.75%, 06/22/24^(a)		350		364,388


Security	Par (000)		Value

Insurance (continued)
MetLife Inc.
3.05%, 12/15/22	$	165	$	172,608
3.60%, 04/10/24		129		140,303
Series D, 4.37%, 09/15/23		189		207,537
Metropolitan Life Global Funding I
1.95%, 09/15/21^(a)		250		252,077
2.40%, 06/17/22^(a)		485		495,646
2.65%, 04/08/22^(a)		280		286,748
3.45%, 10/09/21^(a)		150		154,476
3.60%, 01/11/24^(a)		600		645,306
3.88%, 04/11/22^(a)		510		533,679
MGIC Investment Corp., 5.75%, 08/15/23		155		154,768
New York Life Global Funding
2.00%, 01/22/25^(a)		665		677,595
2.25%, 07/12/22^(a)		222		226,729
2.30%, 06/10/22^(a)		391		401,268
2.88%, 04/10/24^(a)		216		227,999
2.90%, 01/17/24^(a)		390		410,678
3.25%, 08/06/21^(a)		260		266,991
Pricoa Global Funding I
2.45%, 09/21/22^(a)		150		154,055
3.45%, 09/01/23^(a)		400		426,696
Primerica Inc., 4.75%, 07/15/22		172		180,999
Principal Financial Group Inc.
3.13%, 05/15/23		10		10,336
3.30%, 09/15/22		25		25,809
Principal Life Global Funding II, 2.25%, 11/21/24^(a)		503		512,743
Progressive Corp. (The), 3.75%, 08/23/21		250		257,907
Protective Life Global Funding
2.00%, 09/14/21^(a)		250		252,235
2.62%, 08/22/22^(a)		500		508,340
Prudential Financial Inc.
3.50%, 05/15/24		333		361,551
4.50%, 11/16/21		511		535,666
5.63%, 06/15/43 (Call 06/15/23)^(e)		438		452,042
5.88%, 09/15/42 (Call 09/15/22)^(e)		605		635,135
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)		150		142,341
Reinsurance Group of America Inc., 5.00%, 06/01/21		285		293,413
Reliance Standard Life Global Funding II, 3.85%, 09/19/23^(a)		748		783,261
Sunshine Life Insurance Corp. Ltd., 3.15%, 04/20/21^(b)		200		197,678
Swiss Re Finance Luxembourg SA, 4.25%, (Call 09/04/24)^(b)(d)(e)		400		390,532
Trinity Acquisition PLC, 3.50%, 09/15/21 (Call 08/15/21)		90		90,907
Unum Group, 4.00%, 03/15/24		400		410,468
Vigorous Champion International Ltd., 4.38%, 09/10/23^(b)		200		210,762
Voya Financial Inc., 5.65%, 05/15/53 (Call 05/15/23)^(e)		175		172,771
Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)		158		167,485

				30,246,529

Internet — 0.3%
Alibaba Group Holding Ltd.
2.80%, 06/06/23 (Call 05/06/23)		200		205,558
3.13%, 11/28/21 (Call 09/28/21)		670		682,864
3.60%, 11/28/24 (Call 08/28/24)		400		431,908
Alphabet Inc.
3.38%, 02/25/24		150		165,122
3.63%, 05/19/21		360		371,041
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)		780		818,345
2.50%, 11/29/22 (Call 08/29/22)		307		320,299


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Internet (continued)
2.80%, 08/22/24 (Call 06/22/24)	$	754	$	814,614
3.30%, 12/05/21 (Call 10/05/21)		135		139,942
Baidu Inc.
2.88%, 07/06/22		440		444,558
3.50%, 11/28/22		200		206,166
3.88%, 09/29/23 (Call 08/29/23)		250		263,280
Booking Holdings Inc.
2.75%, 03/15/23 (Call 02/15/23)		150		152,790
4.10%, 04/13/25 (Call 03/13/25)		1,000		1,060,210
Cogent Communications Group Inc., 5.38%, 03/01/22 (Call 12/01/21)^(a)		150		153,773
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)		290		297,293
2.75%, 01/30/23 (Call 12/30/22)		833		857,365
2.88%, 08/01/21 (Call 06/01/21)		331		335,909
3.45%, 08/01/24 (Call 05/01/24)		50		53,435
3.80%, 03/09/22 (Call 02/09/22)		212		220,887
EIG Investors Corp., 10.88%, 02/01/24 (Call 02/01/21)		125		107,224
Expedia Group Inc., 4.50%, 08/15/24 (Call 05/15/24)		169		164,648
Netflix Inc.
3.63%, 06/15/25 (Call 03/15/25)^(a)		45		45,633
5.50%, 02/15/22		250		260,037
5.75%, 03/01/24		150		163,245
5.88%, 02/15/25		250		274,630
NortonLifeLock Inc.
3.95%, 06/15/22 (Call 03/15/22)		150		152,706
5.00%, 04/15/25 (Call 04/15/21)^(a)		350		351,809
Tencent Holdings Ltd.
2.99%, 01/19/23 (Call 12/19/22)^(b)		800		819,904
3.28%, 04/11/24 (Call 03/11/24)^(b)		600		626,208
Uber Technologies Inc., 7.50%, 11/01/23 (Call 11/01/20)^(a)		175		175,452
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/20)		250		251,435
5.25%, 04/01/25 (Call 01/01/25)		200		219,120
Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24)		500		506,870

				12,114,280

Iron & Steel — 0.2%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24^(b)		400		357,608
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)		150		137,443
ArcelorMittal SA, 3.60%, 07/16/24		152		145,174
Carpenter Technology Corp.
4.45%, 03/01/23 (Call 12/01/22)		123		119,102
5.20%, 07/15/21 (Call 04/15/21)		54		54,563
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 01/15/21)^(a)		220		190,887
9.88%, 10/17/25 (Call 10/17/22)^(a)		117		115,244
Commercial Metals Co., 4.88%, 05/15/23 (Call 02/15/23)		90		90,463
CSN Resources SA, 7.63%, 02/13/23 (Call 02/13/21)^(b)		200		157,790
Evraz PLC
5.25%, 04/02/24^(b)		200		212,700
5.38%, 03/20/23^(b)		200		211,034
6.75%, 01/31/22^(b)		400		423,500
GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)^(b)		675		680,373
JSW Steel Ltd.
5.25%, 04/13/22^(b)		200		178,800
5.95%, 04/18/24^(b)		200		167,952
Metalloinvest Finance DAC, 4.85%, 05/02/24^(b)		200		209,368
Metinvest BV, 7.75%, 04/23/23 (Call 01/23/23)^(b)		200		142,328


Security	Par (000)		Value

Iron & Steel (continued)
MMK International Capital DAC, 4.38%, 06/13/24^(b)	$	600	$	624,816
Nucor Corp.
4.00%, 08/01/23 (Call 05/01/23)		407		436,276
4.13%, 09/15/22 (Call 03/15/22)		198		208,429
POSCO
2.75%, 07/15/24^(b)		400		398,904
4.00%, 08/01/23^(b)		200		208,956
Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)		191		197,635
Severstal OAO Via Steel Capital SA
3.15%, 09/16/24^(b)		600		598,668
5.90%, 10/17/22^(b)		200		213,390
Shougang Group Co. Ltd., 4.00%, 05/23/24^(b)		400		417,092
Steel Dynamics Inc.
2.80%, 12/15/24 (Call 11/15/24)		180		176,042
5.25%, 04/15/23 (Call 04/15/21)		452		453,483
5.50%, 10/01/24 (Call 10/01/20)		32		32,603

				7,560,623

Leisure Time — 0.0%
24 Hour Fitness Worldwide Inc., 8.00%, 06/01/22 (Call 06/01/20)^(a)(c)		135		5,274
Carlson Travel Inc., 6.75%, 12/15/23 (Call 12/15/20)^(a)		200		130,228
King Power Capital Ltd., 5.63%, 11/03/24^(b)		200		226,044
NCL Corp. Ltd., 3.63%, 12/15/24 (Call 12/15/21)^(a)		200		128,442
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22		204		148,149
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/20)^(a)		150		139,640
5.38%, 04/15/23 (Call 04/15/21)^(a)		175		162,984
9.25%, 04/15/25 (Call 03/16/25)^(a)		255		269,260
Vista Outdoor Inc., 5.88%, 10/01/23 (Call 10/01/20)		150		140,838

				1,350,859

Lodging — 0.2%
Arrow Bidco LLC, 9.50%, 03/15/24 (Call 03/15/21)^(a)		125		68,886
Choice Hotels International Inc., 5.75%, 07/01/22		302		301,293
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/20)^(a)		175		140,863
10.75%, 09/01/24 (Call 09/01/20)^(a)		200		127,540
Fortune Star BVI Ltd., 5.25%, 03/23/22 (Call 05/28/20)^(b)		800		770,160
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/20)		350		339,216
5.38%, 05/01/25 (Call 05/01/22)^(a)		20		19,984
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., 6.13%, 12/01/24 (Call 12/01/21)		100		91,698
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25 (Call 04/01/21)		87		85,328
Hyatt Hotels Corp., 3.38%, 07/15/23 (Call 04/15/23)		55		52,722
Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)		533		517,975
Marriott International Inc./MD
2.30%, 01/15/22 (Call 12/15/21)		418		403,947
3.25%, 09/15/22 (Call 06/15/22)		125		121,906
3.60%, 04/15/24 (Call 03/15/24)		405		386,022
3.75%, 03/15/25 (Call 12/15/24)		71		67,483
Series Z, 4.15%, 12/01/23 (Call 11/01/23)		18		17,660
MGM China Holdings Ltd., 5.38%, 05/15/24 (Call 05/15/21)^(a)		200		196,248
MGM Resorts International
6.00%, 03/15/23		405		392,830
6.75%, 05/01/25 (Call 05/01/22)		100		97,599


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Lodging (continued)
7.75%, 03/15/22	$	340	$	345,845
Minor International PCL, 4.66%, (Call 12/04/21)^(b)(d)(e)		200		200,872
Sands China Ltd., 4.60%, 08/08/23 (Call 07/08/23)		640		654,374
Studio City Co. Ltd., 7.25%, 11/30/21 (Call 11/30/20)^(a)		200		199,090
Studio City Finance Ltd., 7.25%, 02/11/24 (Call 02/11/21)^(b)		200		190,492
Wyndham Destinations Inc.
3.90%, 03/01/23 (Call 12/01/22)		150		131,080
4.25%, 03/01/22 (Call 12/01/21)		201		193,264
5.40%, 04/01/24 (Call 02/01/24)		150		132,348
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^(a)		175		163,172
5.50%, 03/01/25 (Call 12/01/24)^(a)		550		488,180
Wynn Macau Ltd., 4.88%, 10/01/24 (Call 10/01/20)^(a)		200		193,582

				7,091,659

Machinery — 0.4%
ABB Finance USA Inc.
2.88%, 05/08/22		650		669,161
3.38%, 04/03/23 (Call 03/03/23)		264		274,027
ATS Automation Tooling Systems Inc., 6.50%, 06/15/23 (Call 06/15/20)^(a)		75		75,052
Caterpillar Financial Services Corp.
1.70%, 08/09/21		555		559,473
1.90%, 09/06/22		22		22,410
1.93%, 10/01/21		70		70,849
1.95%, 11/18/22		72		73,451
2.15%, 11/08/24		130		134,723
2.40%, 06/06/22		185		189,973
2.55%, 11/29/22		43		44,616
2.85%, 06/01/22		125		129,475
2.85%, 05/17/24		283		300,354
2.95%, 02/26/22		585		604,428
3.15%, 09/07/21		280		288,053
3.30%, 06/09/24		515		557,374
3.45%, 05/15/23		160		170,986
3.65%, 12/07/23		393		427,289
Series I, 2.65%, 05/17/21		165		167,734
Caterpillar Inc.
2.60%, 06/26/22 (Call 03/26/22)		225		231,880
3.40%, 05/15/24 (Call 02/15/24)		650		705,640
3.90%, 05/27/21		295		303,186
Cleaver-Brooks Inc., 7.88%, 03/01/23 (Call 12/15/20)^(a)		135		111,201
Cloud Crane LLC, 10.13%, 08/01/24 (Call 08/01/20)^(a)		190		179,109
CNH Industrial Capital LLC
3.88%, 10/15/21		272		274,978
4.20%, 01/15/24		10		10,427
4.38%, 04/05/22		255		261,056
CNH Industrial NV, 4.50%, 08/15/23		225		231,179
Deere & Co., 2.60%, 06/08/22 (Call 03/08/22)		263		269,930
Flowserve Corp.
3.50%, 09/15/22 (Call 06/15/22)		100		100,660
4.00%, 11/15/23 (Call 08/15/23)		35		35,144
Husky III Holding Ltd., 13.00%, 02/15/25 (Call 02/15/21)^(a)		150		133,535
John Deere Capital Corp.
1.95%, 06/13/22		340		345,753
2.05%, 01/09/25		543		561,272
2.15%, 09/08/22		576		591,828
2.30%, 06/07/21		135		136,899
2.60%, 03/07/24		385		403,203
2.65%, 01/06/22		155		158,988


Security	Par (000)		Value

Machinery (continued)
2.65%, 06/24/24	$	105	$	110,631
2.70%, 01/06/23		70		72,717
2.80%, 01/27/23		20		20,932
2.80%, 03/06/23		500		524,015
2.95%, 04/01/22		192		198,780
3.13%, 09/10/21		320		328,906
3.15%, 10/15/21		150		154,011
3.20%, 01/10/22		130		134,570
3.35%, 06/12/24		100		107,925
3.45%, 06/07/23		194		207,198
3.45%, 01/10/24		105		113,028
3.65%, 10/12/23		270		292,526
3.90%, 07/12/21		75		77,531
JPW Industries Holding Corp., 9.00%, 10/01/24 (Call 10/01/20)^(a)		95		69,764
Nvent Finance Sarl, 3.95%, 04/15/23 (Call 03/15/23)		100		102,117
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)^(a)		750		764,085
Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24)		75		78,748
SPX FLOW Inc., 5.63%, 08/15/24 (Call 08/15/20)^(a)		94		94,729
Terex Corp., 5.63%, 02/01/25 (Call 02/01/21)^(a)(c)		200		181,830
Westinghouse Air Brake Technologies Corp., 4.40%, 03/15/24 (Call 02/15/24)		235		236,929
Xylem Inc./NY, 4.88%, 10/01/21		50		52,513
Zoomlion HK SPV Co. Ltd., 6.13%, 12/20/22^(a)		200		192,670

				13,921,451

Manufacturing — 0.2%
3M Co.
1.63%, 09/19/21 (Call 08/19/21)		139		140,441
1.75%, 02/14/23 (Call 01/14/23)		235		241,065
2.00%, 06/26/22		270		276,755
2.25%, 03/15/23 (Call 02/15/23)		235		244,120
2.75%, 03/01/22 (Call 02/01/22)		95		98,717
3.00%, 09/14/21 (Call 08/14/21)		215		220,874
3.25%, 02/14/24 (Call 01/14/24)		421		455,968
Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)		75		77,140
Eaton Corp., 2.75%, 11/02/22		595		615,236
Enerpac Tool Group Corp., 5.63%, 06/15/22 (Call 06/15/20)		121		114,232
FXI Holdings Inc., 7.88%, 11/01/24 (Call 11/01/20)^(a)		175		127,496
General Electric Co.
2.70%, 10/09/22		603		607,740
3.10%, 01/09/23		100		101,783
3.15%, 09/07/22		272		277,590
3.38%, 03/11/24		425		439,616
3.45%, 05/15/24 (Call 02/13/24)		300		308,070
4.65%, 10/17/21		634		658,041
Illinois Tool Works Inc.
3.38%, 09/15/21 (Call 06/15/21)		108		110,803
3.50%, 03/01/24 (Call 12/01/23)		76		82,640
Ingersoll-Rand Global Holding Co. Ltd., 4.25%, 06/15/23		271		292,168
Ingersoll-Rand Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)		300		318,792
Koppers Inc., 6.00%, 02/15/25 (Call 02/15/21)^(a)		150		122,681
LSB Industries Inc., 9.63%, 05/01/23 (Call 05/01/20)^(a)(c)		170		158,460
Parker-Hannifin Corp.
2.70%, 06/14/24 (Call 05/14/24)		355		362,902
3.30%, 11/21/24 (Call 08/21/24)		51		53,586
Siemens Financieringsmaatschappij NV 1.70%, 09/15/21^(a)		260		262,072


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Manufacturing (continued)
2.00%, 09/15/23^(a)	$	250	$	255,238
2.90%, 05/27/22^(a)		750		776,565
3.13%, 03/16/24^(a)		250		266,590
Sunny Optical Technology Group Co. Ltd., 3.75%, 01/23/23^(b)		200		203,110
Textron Inc.
3.88%, 03/01/25 (Call 12/01/24)		75		78,122
4.30%, 03/01/24 (Call 12/01/23)		228		239,642
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)		150		138,041

				8,726,296

Media — 0.8%
Altice Finco SA, 7.63%, 02/15/25 (Call 02/15/21)^(a)		200		201,734
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/20)		117		115,747
5.00%, 04/01/24 (Call 04/01/21)		348		337,932
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/01/20)^(a)		200		202,594
5.13%, 05/01/23 (Call 05/01/20)^(a)		370		374,740
5.88%, 04/01/24 (Call 04/01/21)^(a)		600		616,860
Cengage Learning Inc., 9.50%, 06/15/24 (Call 06/15/20)^(a)		200		105,930
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%, 07/23/22 (Call 05/23/22)		1,073		1,130,502
4.50%, 02/01/24 (Call 01/01/24)		586		635,581
Clear Channel Worldwide Holdings Inc., 9.25%, 02/15/24 (Call 02/15/21)^(a)		586		487,300
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		195		236,480
Comcast Corp.
1.63%, 01/15/22 (Call 12/15/21)		195		198,145
2.75%, 03/01/23 (Call 02/01/23)		598		628,516
2.85%, 01/15/23		402		422,872
3.00%, 02/01/24 (Call 01/01/24)		285		304,092
3.10%, 04/01/25 (Call 03/01/25)		170		184,010
3.13%, 07/15/22		625		657,737
3.60%, 03/01/24		890		970,928
3.70%, 04/15/24 (Call 03/15/24)		1,010		1,103,294
Cox Communications Inc.
2.95%, 06/30/23 (Call 03/30/23)^(a)		278		288,953
3.15%, 08/15/24 (Call 06/15/24)^(a)		100		105,533
3.25%, 12/15/22^(a)		652		678,817
CSC Holdings LLC
5.25%, 06/01/24		250		261,805
5.38%, 07/15/23 (Call 07/15/20)^(a)		400		404,540
5.88%, 09/15/22		250		261,187
6.75%, 11/15/21		325		338,900
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)		557		573,281
3.25%, 04/01/23		120		123,518
3.45%, 03/15/25 (Call 12/15/24)		117		120,308
3.50%, 06/15/22 (Call 04/15/22)		520		534,217
4.38%, 06/15/21		85		87,126
DISH DBS Corp.
5.00%, 03/15/23		500		476,685
5.88%, 07/15/22		635		638,505
5.88%, 11/15/24		625		601,881
6.75%, 06/01/21		675		676,127
Entercom Media Corp., 7.25%, 11/01/24 (Call 11/01/20)^(a)		100		63,004
Fox Corp.
3.67%, 01/25/22		50		51,911


Security	Par (000)		Value

Media (continued)
4.03%, 01/25/24 (Call 12/25/23)	$	585	$	631,812
GCI LLC, 6.63%, 06/15/24 (Call 06/15/21)^(a)		25		25,877
Gray Television Inc., 5.13%, 10/15/24 (Call 10/15/20)^(a)		200		197,336
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24 (Call 05/15/20)^(a)		125		81,574
NBC Universal Media LLC, 2.88%, 01/15/23		690		727,826
Nexstar Broadcasting Inc., 5.63%, 08/01/24 (Call 08/01/20)^(a)		300		293,613
Quebecor Media Inc., 5.75%, 01/15/23		270		284,475
Radiate Holdco LLC/Radiate Finance Inc.
6.63%, 02/15/25 (Call 02/15/21)^(a)		100		99,558
6.88%, 02/15/23 (Call 02/15/21)^(a)		110		108,903
Salem Media Group Inc., 6.75%, 06/01/24 (Call 06/01/20)^(a)(c)		100		78,586
Sinclair Television Group Inc., 5.63%, 08/01/24 (Call 08/01/20)^(a)		100		92,064
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)^(a)		360		362,002
4.63%, 05/15/23 (Call 05/15/20)^(a)		150		150,868
4.63%, 07/15/24 (Call 07/15/21)^(a)		500		510,200
5.38%, 04/15/25 (Call 04/15/21)^(a)		350		360,815
TEGNA Inc., 4.88%, 09/15/21 (Call 05/29/20)^(a)		100		99,660
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)		78		83,912
Time Warner Cable LLC, 4.00%, 09/01/21 (Call 06/01/21)		749		763,276
Time Warner Entertainment Co. LP, 8.38%, 03/15/23		355		410,565
Townsquare Media Inc., 6.50%, 04/01/23 (Call 04/01/21)^(a)		100		88,391
TWDC Enterprises 18 Corp.
2.35%, 12/01/22		556		574,865
2.45%, 03/04/22		177		181,740
2.55%, 02/15/22		33		33,925
2.75%, 08/16/21		72		73,599
3.75%, 06/01/21		143		147,221
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/20)^(a)		395		378,860
5.13%, 02/15/25 (Call 02/15/21)^(a)		475		420,484
6.75%, 09/15/22 (Call 09/15/20)^(a)		164		165,783
9.50%, 05/01/25 (Call 05/01/22)^(a)		20		20,368
Urban One Inc., 7.38%, 04/15/22 (Call 05/29/20)^(a)		154		126,662
ViacomCBS Inc.
2.50%, 02/15/23 (Call 01/15/23)		421		422,217
2.90%, 06/01/23 (Call 05/01/23)		120		121,642
3.38%, 03/01/22 (Call 12/01/21)		283		288,875
3.50%, 01/15/25 (Call 10/15/24)		250		252,155
3.70%, 08/15/24 (Call 05/15/24)		192		195,224
3.88%, 12/15/21		236		243,307
3.88%, 04/01/24 (Call 01/01/24)		62		64,469
4.25%, 09/01/23 (Call 06/01/23)		444		466,360
4.50%, 03/01/21		10		10,331
5.88%, 02/28/57 (Call 02/28/22)^(e)		225		207,358
Videotron Ltd.
5.00%, 07/15/22		275		284,391
5.38%, 06/15/24 (Call 03/15/24)^(a)		175		185,470
Virgin Media Finance PLC, 6.00%, 10/15/24 (Call 10/15/20)^(a)		200		202,634
VTR Finance BV, 6.88%, 01/15/24 (Call 01/15/21)^(b)		250		248,205
Walt Disney Co. (The)
1.65%, 09/01/22		100		101,471
1.75%, 08/30/24 (Call 07/30/24)		895		907,217


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
3.00%, 09/15/22	$	350	$	366,030
3.35%, 03/24/25		1,075		1,173,029
3.70%, 09/15/24 (Call 06/15/24)		21		22,953

				28,539,450

Metal Fabricate & Hardware — 0.1%
Grinding Media Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 (Call 12/15/20)^(a)		300		296,466
Hillman Group Inc. (The), 6.38%, 07/15/22 (Call 07/15/20)^(a)		113		87,132
Huayi Finance I Ltd., 3.00%, 10/30/24^(b)		400		395,924
Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22)		652		674,481
Zekelman Industries Inc., 9.88%, 06/15/23 (Call 06/15/20)^(a)		50		49,627
Zhaobing Investment BVI Ltd., 5.88%, 09/18/22^(b)		900		894,042

				2,397,672

Mining — 0.5%
Alcoa Nederland Holding BV, 6.75%, 09/30/24 (Call 09/30/20)^(a)(c)		200		201,804
Aleris International Inc., 10.75%, 07/15/23 (Call 07/15/20)^(a)		180		186,032
Anglo American Capital PLC
3.63%, 09/11/24^(a)		65		65,133
3.75%, 04/10/22^(a)		230		231,435
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22		240		247,649
Arconic Corp., 6.00%, 05/15/25 (Call 05/15/22)^(a)		45		45,347
Barminco Finance Pty Ltd., 6.63%, 05/15/22 (Call 05/15/20)^(a)(c)		150		142,776
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22		498		510,809
3.25%, 11/21/21		40		41,074
3.85%, 09/30/23		55		59,369
Century Aluminum Co., 7.50%, 06/01/21 (Call 05/29/20)^(a)		75		67,711
Chalco Hong Kong Investment Co. Ltd., 4.88%, 09/07/21^(b)		200		204,482
Chinalco Capital Holdings Ltd.
4.00%, 08/25/21^(b)		200		198,076
4.10%, (Call 09/11/24)^(b)(d)(e)		400		387,668
4.25%, 04/21/22^(b)		200		197,378
Coeur Mining Inc., 5.88%, 06/01/24 (Call 06/01/20)		80		73,816
Compass Minerals International Inc., 4.88%, 07/15/24 (Call 05/15/24)^(a)		75		73,579
Constellium SE
5.75%, 05/15/24 (Call 05/15/20)^(a)		250		241,165
6.63%, 03/01/25 (Call 03/01/21)^(a)		250		243,302
Corp. Nacional del Cobre de Chile, 4.50%, 08/13/23^(b)		400		417,132
Eldorado Gold Corp., 9.50%, 06/01/24 (Call 12/01/21)^(a)		100		106,720
Ferroglobe PLC/Globe Specialty Metals Inc., 9.38%, 03/01/22 (Call 03/01/21)^(a)		150		49,090
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 09/01/20)^(b)		700		616,861
7.25%, 05/15/22 (Call 05/15/20)^(b)		200		188,382
FMG Resources August 2006 Pty Ltd.
4.75%, 05/15/22 (Call 02/15/22)^(a)		325		325,744
5.13%, 03/15/23 (Call 12/15/22)^(a)		160		161,448
5.13%, 05/15/24 (Call 02/15/24)^(a)		300		304,674
Freeport-McMoRan Inc.
3.55%, 03/01/22 (Call 12/01/21)		110		110,976
3.88%, 03/15/23 (Call 12/15/22)		633		634,133


Security	Par (000)		Value

Mining (continued)
4.55%, 11/14/24 (Call 08/14/24)	$	400	$	400,932
Fresnillo PLC, 5.50%, 11/13/23^(b)		600		628,728
Glencore Finance Canada Ltd.
4.25%, 10/25/22^(a)		504		516,655
4.95%, 11/15/21^(a)		210		215,393
Glencore Funding LLC
3.00%, 10/27/22 (Call 09/27/22)^(a)		217		216,451
4.13%, 05/30/23^(a)		600		611,598
4.13%, 03/12/24 (Call 02/12/24)^(a)		405		415,368
4.63%, 04/29/24^(a)		460		482,922
Hudbay Minerals Inc.
7.25%, 01/15/23 (Call 07/15/20)^(a)		130		119,791
7.63%, 01/15/25 (Call 01/15/21)^(a)		200		182,376
IAMGOLD Corp., 7.00%, 04/15/25 (Call 04/15/21)^(a)		150		150,910
Indonesia Asahan Aluminium Persero PT
5.23%, 11/15/21^(b)		400		405,236
5.71%, 11/15/23^(b)		600		617,892
Joseph T Ryerson & Son Inc., 11.00%, 05/15/22 (Call 05/15/20)^(a)		125		121,560
Kaiser Aluminum Corp., 6.50%, 05/01/25 (Call 05/01/22)^(a)		50		50,887
Kinross Gold Corp.
5.13%, 09/01/21 (Call 06/01/21)		240		247,193
5.95%, 03/15/24 (Call 12/15/23)		37		40,629
Minera y Metalurgica del Boleo SAPI de CV, 3.25%, 04/17/24^(b)		200		206,684
Minmetals Bounteous Finance BVI Ltd., 3.13%, 07/27/21^(b)		400		404,776
MMC Norilsk Nickel OJSC via MMC Finance DAC
3.85%, 04/08/22^(b)		600		609,504
4.10%, 04/11/23^(b)		400		413,240
MMC Norilsk Nickel OJSC Via MMC Finance DAC, 3.38%, 10/28/24^(a)		300		304,491
Mountain Province Diamonds Inc., 8.00%, 12/15/22 (Call 12/15/20)^(a)		110		71,501
New Gold Inc., 6.25%, 11/15/22 (Call 11/15/20)^(a)		162		162,068
Newcrest Finance Pty Ltd., 4.20%, 10/01/22^(a)		250		259,887
Newmont Corp.
3.63%, 06/09/21 (Call 04/09/21)		10		10,148
3.70%, 03/15/23 (Call 12/15/22)		55		57,076
Northwest Acquisitions ULC/Dominion Finco Inc., 7.13%, 11/01/22 (Call 11/01/20)^(a)		185		18,948
Petra Diamonds U.S. Treasury PLC, 7.25%, 05/01/22 (Call 05/01/20)^(b)		200		68,162
Petropavlovsk 2016 Ltd., 8.13%, 11/14/22 (Call 08/14/22)^(b)		400		417,476
Polyus Finance PLC, 5.25%, 02/07/23^(b)		200		211,028
Rusal Capital DAC, 5.13%, 02/02/22		400		399,804
Southern Copper Corp., 3.50%, 11/08/22		200		201,174
Taseko Mines Ltd., 8.75%, 06/15/22 (Call 06/15/20)^(a)		85		44,520
Vedanta Resources Ltd.
6.13%, 08/09/24 (Call 08/09/21)^(b)		400		146,240
7.13%, 05/31/23^(b)(c)		200		74,498
8.25%, 06/07/21^(b)		500		270,000

				16,109,511

Multi-National — 0.0%
Black Sea Trade & Development Bank, 3.50%, 06/25/24^(b)		200		200,310


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
4.13%, 05/01/25 (Call 05/01/22)	$	45	$	45,183
5.50%, 12/01/24 (Call 06/01/24)		250		268,340
Pitney Bowes Inc.
4.63%, 05/15/22 (Call 04/15/22)		48		41,310
4.63%, 03/15/24 (Call 12/15/23)^(c)		125		94,164
5.70%, 04/01/23 (Call 03/01/23)		113		92,164
Xerox Corp.
4.07%, 03/17/22		135		133,658
4.13%, 03/15/23 (Call 02/15/23)		325		323,148
4.50%, 05/15/21		375		375,487

				1,373,454

Oil & Gas — 1.9%
Aker BP ASA
4.75%, 06/15/24 (Call 06/15/21)^(a)		265		245,689
6.00%, 07/01/22 (Call 07/01/20)^(a)		150		143,149
American Energy- Permian Basin LLC, 12.00%, 10/01/24 (Call 10/01/21)^(a)		207		25,565
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/21)^(c)		150		82,453
5.13%, 12/01/22 (Call 06/01/20)		300		209,589
5.38%, 11/01/21 (Call 11/01/20)^(c)		300		268,566
5.63%, 06/01/23 (Call 06/01/20)^(c)		270		158,422
Apache Corp., 3.25%, 04/15/22 (Call 01/15/22)		150		137,424
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22 (Call 04/01/21)^(a)		334		273,790
Athabasca Oil Corp., 9.88%, 02/24/22 (Call 02/24/21)^(a)		125		17,550
Baytex Energy Corp., 5.63%, 06/01/24 (Call 06/01/20)^(a)		150		54,000
BG Energy Capital PLC, 4.00%, 10/15/21^(a)		200		206,796
Bharat Petroleum Corp. Ltd., 4.38%, 01/24/22^(b)		400		396,080
BP Capital Markets America Inc.
2.11%, 09/16/21 (Call 08/16/21)		301		302,947
2.52%, 09/19/22 (Call 08/19/22)		136		138,468
2.75%, 05/10/23		798		820,472
3.19%, 04/06/25 (Call 03/06/25)		1,000		1,050,000
3.22%, 11/28/23 (Call 09/28/23)		10		10,473
3.22%, 04/14/24 (Call 02/14/24)		305		318,951
3.25%, 05/06/22		621		639,450
3.79%, 02/06/24 (Call 01/06/24)		454		482,661
BP Capital Markets PLC
2.50%, 11/06/22		350		357,094
3.06%, 03/17/22		493		506,138
3.25%, 05/06/22		338		346,981
3.56%, 11/01/21		661		679,065
3.81%, 02/10/24		255		271,384
3.99%, 09/26/23		543		580,880
Bruin E&P Partners LLC, 8.88%, 08/01/23 (Call 08/01/20)^(a)		170		3,970
California Resources Corp., 8.00%, 12/15/22 (Call 12/15/20)^(a)		525		15,047
Callon Petroleum Co.
6.13%, 10/01/24 (Call 10/01/20)^(c)		200		38,384
6.25%, 04/15/23 (Call 04/15/21)		225		46,285
Calumet Specialty Products Partners LP/Calumet Finance Corp.
7.63%, 01/15/22 (Call 01/15/21)^(c)		125		106,860
7.75%, 04/15/23 (Call 04/15/21)^(c)		125		99,591
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 12/15/22)		730		705,742
3.45%, 11/15/21 (Call 08/15/21)		235		234,951


Security	Par (000)		Value

Oil & Gas (continued)
3.80%, 04/15/24 (Call 01/15/24)	$	134	$	129,826
3.90%, 02/01/25 (Call 11/01/24)		50		47,727
Cenovus Energy Inc.
3.00%, 08/15/22 (Call 05/15/22)		80		70,765
3.80%, 09/15/23 (Call 06/15/23)		100		83,334
Chaparral Energy Inc., 8.75%, 07/15/23 (Call 07/15/20)^(a)		50		1,016
Chesapeake Energy Corp., 11.50%, 01/01/25 (Call 01/01/22)^(a)		739		22,163
Chevron Corp.
2.10%, 05/16/21 (Call 04/15/21)		740		748,029
2.36%, 12/05/22 (Call 09/05/22)		841		868,055
2.41%, 03/03/22 (Call 01/03/22)		223		228,573
2.50%, 03/03/22 (Call 02/03/22)		190		195,746
2.57%, 05/16/23 (Call 03/16/23)		142		148,214
2.90%, 03/03/24 (Call 01/03/24)		365		387,933
3.19%, 06/24/23 (Call 03/24/23)		686		726,618
Cimarex Energy Co., 4.38%, 06/01/24 (Call 03/01/24)		280		257,264
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 10/03/23^(b)		200		215,758
CNOOC Finance 2012 Ltd., 3.88%, 05/02/22^(a)		700		725,711
CNOOC Finance 2013 Ltd., 3.00%, 05/09/23		1,885		1,938,873
CNOOC Finance 2014 ULC, 4.25%, 04/30/24		200		215,676
CNPC General Capital Ltd., 3.40%, 04/16/23^(b)		200		207,778
CNX Resources Corp., 5.88%, 04/15/22 (Call 05/29/20)		329		327,056
ConocoPhillips Co., 3.35%, 11/15/24 (Call 08/15/24)		10		10,554
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)		205		170,824
4.50%, 04/15/23 (Call 01/15/23)		630		558,079
5.00%, 09/15/22 (Call 05/29/20)		419		392,926
CVR Energy Inc., 5.25%, 02/15/25 (Call 02/15/22)^(a)		200		163,828
Denbury Resources Inc.
7.75%, 02/15/24 (Call 08/15/20)^(a)		197		34,678
9.00%, 05/15/21 (Call 12/15/20)^(a)		250		44,245
9.25%, 03/31/22 (Call 03/31/21)^(a)(c)		114		20,673
Diamondback Energy Inc., 2.88%, 12/01/24 (Call 11/01/24)		372		338,952
Dolphin Energy Ltd. LLC, 5.50%, 12/15/21^(a)		200		208,880
Ecopetrol SA
4.13%, 01/16/25		400		380,016
5.88%, 09/18/23		604		616,316
Energen Corp., 4.63%, 09/01/21 (Call 06/01/21)		110		104,586
Energy Ventures Gom LLC/EnVen Finance Corp., 11.00%, 02/15/23 (Call 02/15/21)^(a)		10		5,627
Eni SpA, Series X-R, 4.00%, 09/12/23^(a)		535		550,568
Ensign Drilling Inc., 9.25%, 04/15/24 (Call 04/15/21)^(a)		225		65,212
EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)		431		441,344
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)		374		352,869
4.88%, 11/15/21		143		138,710
6.13%, 02/01/25 (Call 01/01/25)		300		287,637
Equinor ASA
2.45%, 01/17/23		623		639,416
2.65%, 01/15/24		422		438,433
2.75%, 11/10/21		360		366,995
3.15%, 01/23/22		618		635,446
3.70%, 03/01/24		481		519,975
Extraction Oil & Gas Inc., 7.38%, 05/15/24 (Call 05/15/20)^(a)		100		15,638
Exxon Mobil Corp.
1.90%, 08/16/22		110		112,429
2.02%, 08/16/24 (Call 07/16/24)		720		741,240


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
2.40%, 03/06/22 (Call 01/06/22)	$	403	$	412,882
2.73%, 03/01/23 (Call 01/01/23)		701		732,566
2.99%, 03/19/25 (Call 02/19/25)		50		53,395
Gazprom Neft OAO Via GPN Capital SA, 6.00%, 11/27/23^(b)		400		436,668
Gazprom PJSC Via Gaz Capital SA, 4.95%, 07/19/22^(b)		600		625,224
Great Western Petroleum LLC/Great Western Finance Corp., 9.00%, 09/30/21 (Call 09/30/20)^(a)		105		64,993
GS Caltex Corp., 3.00%, 06/04/24^(b)		400		406,600
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/20)^(c)		200		99,458
6.63%, 05/01/23 (Call 05/01/20)		100		53,087
Harvest Operations Corp., 4.20%, 06/01/23 (Call 05/01/23)^(b)		200		214,988
Helmerich & Payne Inc., 4.65%, 03/15/25 (Call 12/15/24)		50		50,442
Hess Corp., 3.50%, 07/15/24 (Call 04/15/24)		50		45,270
HighPoint Operating Corp., 7.00%, 10/15/22 (Call 10/15/20)^(c)		125		37,006
Hilcorp Energy I LP/Hilcorp Finance Co., 5.00%, 12/01/24 (Call 06/01/20)^(a)		175		98,364
Husky Energy Inc.
3.95%, 04/15/22 (Call 01/15/22)		15		14,620
4.00%, 04/15/24 (Call 01/15/24)		250		231,235
Indian Oil Corp. Ltd., 4.75%, 01/16/24^(b)		600		598,230
Ithaca Energy North Sea PLC, 9.38%, 07/15/24 (Call 07/15/21)^(a)		200		122,990
KazMunayGas National Co. JSC
3.88%, 04/19/22^(b)		400		394,604
4.40%, 04/30/23^(b)		210		208,753
Korea National Oil Corp., 2.00%, 10/24/21^(a)(c)		200		201,656
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/22)^(c)		205		86,887
Lonestar Resources America Inc., 11.25%, 01/01/23 (Call 01/01/21)^(a)		75		10,443
Lukoil International Finance BV
4.56%, 04/24/23^(b)		400		416,052
6.66%, 06/07/22^(b)		300		322,203
Marathon Oil Corp., 2.80%, 11/01/22 (Call 08/01/22)		443		416,566
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		319		307,015
4.50%, 05/01/23 (Call 04/01/23)		585		586,053
4.70%, 05/01/25 (Call 04/01/25)		330		332,333
4.75%, 12/15/23 (Call 10/15/23)		307		311,111
5.38%, 10/01/22 (Call 10/01/20)		173		168,287
MEG Energy Corp.
6.50%, 01/15/25 (Call 01/15/21)^(a)		150		122,760
7.00%, 03/31/24 (Call 09/30/20)^(a)		210		146,693
Montage Resources Corp., 8.88%, 07/15/23 (Call 07/15/20)		182		147,345
Murphy Oil Corp.
4.45%, 12/01/22 (Call 09/01/22)		200		159,690
6.88%, 08/15/24 (Call 08/15/20)		200		142,794
Nabors Industries Inc.
4.63%, 09/15/21		46		29,268
5.10%, 09/15/23 (Call 06/15/23)		125		33,989
5.75%, 02/01/25 (Call 11/01/24)		200		45,602
Newfield Exploration Co.
5.63%, 07/01/24		160		112,318
5.75%, 01/30/22		394		337,221
Noble Energy Inc., 3.90%, 11/15/24 (Call 08/15/24)		55		49,326


Security	Par (000)		Value

Oil & Gas (continued)
Noble Holding International Ltd., 7.75%, 01/15/24 (Call 10/15/23)	$	114	$	4,793
Nostrum Oil & Gas Finance BV, 8.00%, 07/25/22 (Call 07/25/20)^(b)		200		48,202
Oasis Petroleum Inc.
6.88%, 03/15/22 (Call 05/29/20)		317		46,257
6.88%, 01/15/23 (Call 07/15/20)^(c)		150		21,363
Occidental Petroleum Corp.
2.60%, 08/13/21		278		260,194
2.60%, 04/15/22 (Call 03/15/22)		176		154,628
2.70%, 08/15/22		529		459,918
2.70%, 02/15/23 (Call 08/15/22)		344		295,331
2.90%, 08/15/24 (Call 06/15/24)		984		738,039
3.13%, 02/15/22 (Call 11/15/21)		390		354,744
6.95%, 07/01/24		263		225,828
Oil India Ltd., 5.38%, 04/17/24^(b)		400		406,120
ONGC Videsh Ltd., 3.75%, 05/07/23^(b)		200		196,320
ONGC Videsh Vankorneft Pte Ltd., 2.88%, 01/27/22^(b)		400		390,512
Ovintiv Inc, 3.90%, 11/15/21 (Call 08/15/21)		25		22,651
Pacific Drilling SA, 8.38%, 10/01/23 (Call 09/01/20)^(a)		190		41,760
Pacific Drilling SA (12.00% PIK), 11.00%, 04/01/24 (Call 05/29/20)^(a)(c)(h)		84		12,881
Parsley Energy LLC/Parsley Finance Corp., 5.38%, 01/15/25 (Call 01/15/21)^(a)		225		203,305
PDC Energy Inc., 6.13%, 09/15/24 (Call 09/15/20)		150		118,789
Pertamina Persero PT
4.30%, 05/20/23^(b)		400		407,048
4.88%, 05/03/22^(b)		600		614,016
Petrobras Global Finance BV
4.38%, 05/20/23		700		679,574
5.30%, 01/27/25		800		768,968
6.13%, 01/17/22		75		76,686
6.25%, 03/17/24		538		545,995
Petroleos Mexicanos
3.50%, 01/30/23		500		436,525
4.25%, 01/15/25		300		246,303
4.63%, 09/21/23		540		470,297
4.88%, 01/18/24		400		345,064
Petronas Capital Ltd.
3.13%, 03/18/22^(b)		700		710,633
3.50%, 03/18/25^(b)		500		520,930
7.88%, 05/22/22^(a)		100		110,869
Phillips 66, 4.30%, 04/01/22		802		835,909
Pioneer Natural Resources Co., 3.95%, 07/15/22 (Call 04/15/22)		440		446,648
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/20)		125		47,063
7.75%, 12/15/23 (Call 12/15/20)		125		55,004
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)^(c)		225		75,375
5.38%, 10/01/22 (Call 07/01/22)		175		60,317
Range Resources Corp.
5.00%, 08/15/22 (Call 05/15/22)		150		138,940
5.00%, 03/15/23 (Call 12/15/22)^(c)		250		223,372
Reliance Holdings USA Inc., 5.40%, 02/14/22^(b)		250		259,900
Rosneft Oil Co. Via Rosneft International Finance DAC, 4.20%, 03/06/22^(b)		800		811,520
Saka Energi Indonesia PT, 4.45%, 05/05/24^(b)		200		173,000


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Saudi Arabian Oil Co.
2.75%, 04/16/22^(b)	$	800	$	808,024
2.88%, 04/16/24^(b)		800		809,592
Seven Generations Energy Ltd.
6.75%, 05/01/23 (Call 05/01/20)^(a)		115		104,394
6.88%, 06/30/23 (Call 06/30/20)^(a)		150		135,543
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)^(b)		250		62,865
Shell International Finance BV
1.75%, 09/12/21		620		622,294
1.88%, 05/10/21		470		472,059
2.00%, 11/07/24 (Call 10/07/24)		260		262,467
2.25%, 01/06/23		598		608,178
2.38%, 08/21/22		447		457,531
2.38%, 04/06/25 (Call 03/06/25)		1,000		1,031,750
3.40%, 08/12/23		38		40,345
3.50%, 11/13/23 (Call 10/13/23)		250		265,837
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23^(b)		400		412,188
Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/23^(b)		400		431,792
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24^(b)		200		217,156
Sinopec Group Overseas Development 2016 Ltd.
2.00%, 09/29/21^(b)(c)		200		199,770
2.75%, 05/03/21^(b)		200		201,414
Sinopec Group Overseas Development 2017 Ltd.
2.50%, 09/13/22^(b)		800		808,464
3.00%, 04/12/22^(b)		700		713,909
Sinopec Group Overseas Development 2018 Ltd.
2.50%, 08/08/24 (Call 07/08/24)^(b)		200		203,074
2.50%, 11/12/24 (Call 10/12/24)^(b)		1,400		1,423,744
3.75%, 09/12/23^(b)		600		634,248
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/20)		175		57,075
6.13%, 11/15/22 (Call 11/15/20)^(c)		125		51,863
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)		75		66,928
6.20%, 01/23/25 (Call 10/23/24)		300		266,007
Suncor Energy Inc., 3.60%, 12/01/24 (Call 09/01/24)		500		515,360
Suncor Energy Ventures Corp., 4.50%, 04/01/22 (Call 01/01/22)^(a)		100		101,070
Sunoco LP/Sunoco Finance Corp., 4.88%, 01/15/23 (Call 01/15/21)		375		367,072
Tecpetrol SA, 4.88%, 12/12/22 (Call 12/12/20)^(b)		330		260,396
Teine Energy Ltd., 6.88%, 09/30/22 (Call 09/30/20)^(a)(c)		100		96,059
Total Capital Canada Ltd., 2.75%, 07/15/23		400		415,536
Total Capital International SA
2.22%, 07/12/21 (Call 06/12/21)		250		252,237
2.70%, 01/25/23		462		476,488
2.75%, 06/19/21		356		360,984
2.88%, 02/17/22		729		746,678
3.70%, 01/15/24		660		708,173
3.75%, 04/10/24		150		161,661
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)^(a)		209		159,345
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)		75		23,524
8.38%, 12/15/21		100		34,803
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)^(a)		160		122,525


Security	Par (000)		Value

Oil & Gas (continued)
Tullow Oil PLC
6.25%, 04/15/22 (Call 05/11/20)^(a)	$	200	$	110,328
7.00%, 03/01/25 (Call 03/01/21)^(b)		200		101,340
Tupras Turkiye Petrol Rafinerileri AS, 4.50%, 10/18/24 (Call 07/18/24)^(b)		400		351,924
Ultra Resources Inc., 6.88%, 04/15/22 (Call 04/15/21)^(a)(g)		125		10
Valaris PLC, 4.88%, 06/01/22 (Call 03/01/22)		200		24,394
Valero Energy Corp., 2.85%, 04/15/25 (Call 03/15/25)		1,000		994,300
Vantage Drilling International, 9.25%, 11/15/23 (Call 05/15/20)^(a)		125		65,698
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp.
8.75%, 04/15/23 (Call 10/15/20)^(a)		125		66,150
9.75%, 04/15/23 (Call 10/15/20)^(a)(c)		100		50,482
W&T Offshore Inc., 9.75%, 11/01/23 (Call 11/01/20)^(a)		220		72,415
Whiting Petroleum Corp., 6.25%, 04/01/23 (Call 01/01/23)^(g)		150		15,333
Woodside Finance Ltd., 3.65%, 03/05/25 (Call 12/05/24)^(a)		100		101,589
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		225		202,169
8.25%, 08/01/23 (Call 06/01/23)		100		95,425
YPF SA, 8.75%, 04/04/24^(b)		851		456,034

				67,203,669

Oil & Gas Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22)		715		716,845
Basic Energy Services Inc., 10.75%, 10/15/23 (Call 10/15/20)^(a)		125		51,914
CGG Holding U.S. Inc., 9.00%, 05/01/23 (Call 05/01/20)^(a)		200		189,650
COSL Finance BVI Ltd., 3.25%, 09/06/22^(a)		450		459,859
Forum Energy Technologies Inc., 6.25%, 10/01/21 (Call 05/29/20)		125		38,621
FTS International Inc., 6.25%, 05/01/22 (Call 05/01/20)		125		30,919
Halliburton Co., 3.50%, 08/01/23 (Call 05/01/23)		499		491,894
KCA Deutag UK Finance PLC
7.25%, 05/15/21 (Call 05/29/20)^(a)		200		65,742
9.88%, 04/01/22 (Call 04/01/21)^(a)		200		63,940
National Oilwell Varco Inc., 2.60%, 12/01/22 (Call 09/01/22)		151		141,934
Nine Energy Service Inc., 8.75%, 11/01/23 (Call 11/01/20)^(a)		156		29,921
Oceaneering International Inc., 4.65%, 11/15/24 (Call 09/30/24)		175		90,419
Pioneer Energy Services Corp., 6.13%, 03/15/22 (Call 05/29/20)^(g)		50		439
Schlumberger Finance Canada Ltd., 2.65%, 11/20/22 (Call 10/20/22)^(a)		280		276,651
Schlumberger Holdings Corp., 3.75%, 05/01/24 (Call 04/01/24)^(a)		399		403,078
Schlumberger Investment SA
2.40%, 08/01/22 (Call 05/01/22)^(a)		70		68,976
3.30%, 09/14/21 (Call 06/14/21)^(a)		306		307,573
3.65%, 12/01/23 (Call 09/01/23)		355		361,713
SESI LLC, 7.13%, 12/15/21 (Call 05/29/20)^(a)		237		111,568
TechnipFMC PLC, 3.45%, 10/01/22 (Call 07/01/22)		25		24,582
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)^(a)		132		117,914
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)^(a)		140		117,951


SCHEDULES OF INVESTMENTS			37

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas Services (continued)
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/21)^(a)(c)	$	700	$	518,532

				4,680,635

Packaging & Containers — 0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.25%, 09/15/22 (Call 03/15/21)^(a)		200		201,220
6.00%, 02/15/25 (Call 02/15/21)^(a)		600		601,116
Ball Corp.
4.00%, 11/15/23		300		310,206
5.00%, 03/15/22		250		259,117
Berry Global Inc.
5.13%, 07/15/23 (Call 07/15/20)		225		226,307
5.50%, 05/15/22 (Call 05/15/20)		175		175,005
6.00%, 10/15/22 (Call 10/15/20)		58		58,256
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23		345		353,508
Flex Acquisition Co. Inc., 6.88%, 01/15/25 (Call 01/15/21)^(a)		225		218,338
Graphic Packaging International LLC
4.13%, 08/15/24 (Call 05/15/24)		100		101,020
4.75%, 04/15/21 (Call 01/15/21)		100		100,600
4.88%, 11/15/22 (Call 08/15/22)		150		151,506
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 04/15/21)^(a)		500		461,515
7.25%, 04/15/25 (Call 04/15/21)^(a)		450		351,616
OI European Group BV, 4.00%, 03/15/23 (Call 12/15/22)^(a)		100		97,095
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22^(a)		174		175,905
5.38%, 01/15/25^(a)(c)		100		99,672
5.88%, 08/15/23^(a)		245		249,667
Packaging Corp. of America
3.65%, 09/15/24 (Call 06/15/24)		103		109,019
4.50%, 11/01/23 (Call 08/01/23)		262		285,939
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 07/15/20)^(a)		525		527,420
7.00%, 07/15/24 (Call 07/15/20)^(a)		250		250,888
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)^(a)		150		155,096
5.13%, 12/01/24 (Call 09/01/24)^(a)		125		131,535
5.25%, 04/01/23 (Call 01/01/23)^(a)		175		182,487
Trident TPI Holdings Inc., 9.25%, 08/01/24 (Call 08/01/21)^(a)		135		118,122
WestRock RKT LLC, 4.00%, 03/01/23 (Call 12/01/22)		325		334,815
WRKCo Inc., 3.75%, 03/15/25 (Call 01/15/25)		275		289,369

				6,576,359

Pharmaceuticals — 1.6%
AbbVie Inc.
2.15%, 11/19/21^(a)		731		740,657
2.30%, 05/14/21 (Call 04/14/21)		585		590,429
2.30%, 11/21/22^(a)		587		601,164
2.60%, 11/21/24 (Call 10/21/24)^(a)		1,162		1,213,546
2.85%, 05/14/23 (Call 03/14/23)		475		495,663
2.90%, 11/06/22		814		846,161
3.20%, 11/06/22 (Call 09/06/22)		261		272,505
3.38%, 11/14/21		488		503,645
3.75%, 11/14/23 (Call 10/14/23)		543		585,370
Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22)		233		239,939


Security	Par (000)		Value

Pharmaceuticals (continued)
Allergan Funding SCS
3.45%, 03/15/22 (Call 01/15/22)	$	1,540	$	1,580,687
3.85%, 06/15/24 (Call 03/15/24)		290		309,363
Allergan Sales LLC, 5.00%, 12/15/21 (Call 09/16/21)^(a)		330		345,824
AmerisourceBergen Corp.
3.40%, 05/15/24 (Call 02/15/24)		345		363,723
3.50%, 11/15/21 (Call 08/15/21)		113		115,755
AstraZeneca PLC
2.38%, 06/12/22 (Call 05/12/22)		716		734,451
3.50%, 08/17/23 (Call 07/17/23)		294		315,780
Bausch Health Companies Inc.
5.50%, 03/01/23 (Call 05/29/20)^(a)		119		119,125
5.88%, 05/15/23 (Call 05/15/20)^(a)		94		93,408
6.13%, 04/15/25 (Call 04/15/21)^(a)		1,100		1,113,717
6.50%, 03/15/22 (Call 03/15/21)^(a)		480		490,195
7.00%, 03/15/24 (Call 03/15/21)^(a)		625		651,506
Bayer U.S. Finance II LLC
3.38%, 07/15/24 (Call 04/15/24)^(a)		570		597,873
3.50%, 06/25/21 (Call 05/25/21)^(a)		525		533,510
3.88%, 12/15/23 (Call 11/15/23)^(a)		655		695,682
Bayer U.S. Finance LLC, 3.38%, 10/08/24^(a)		260		272,532
Becton Dickinson and Co.
2.89%, 06/06/22 (Call 05/06/22)		964		988,071
3.13%, 11/08/21		394		402,715
3.36%, 06/06/24 (Call 04/06/24)		812		865,170
Bristol-Myers Squibb Co.
2.00%, 08/01/22		268		274,124
2.25%, 08/15/21^(a)		360		365,836
2.60%, 05/16/22^(a)		162		167,268
2.75%, 02/15/23 (Call 01/15/23)^(a)		216		225,632
2.90%, 07/26/24 (Call 06/26/24)^(a)		1,670		1,783,493
3.25%, 08/15/22^(a)		388		407,520
3.25%, 02/20/23 (Call 01/20/23)^(a)		470		497,899
3.25%, 11/01/23		60		64,229
3.55%, 08/15/22^(a)		268		283,531
3.63%, 05/15/24 (Call 02/15/24)^(a)		32		34,846
Cardinal Health Inc.
2.62%, 06/15/22 (Call 05/15/22)		676		687,114
3.08%, 06/15/24 (Call 04/15/24)		562		581,057
3.20%, 03/15/23		73		75,476
3.50%, 11/15/24 (Call 08/15/24)		42		43,901
Cigna Corp.
3.00%, 07/15/23 (Call 05/16/23)^(a)		490		510,164
3.05%, 11/30/22 (Call 10/31/22)^(a)		519		538,125
3.40%, 09/17/21		530		545,227
3.50%, 06/15/24 (Call 03/17/24)^(a)		310		331,142
3.75%, 07/15/23 (Call 06/15/23)		627		670,947
3.90%, 02/15/22^(a)		173		180,157
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)		475		478,848
2.63%, 08/15/24 (Call 07/15/24)		295		307,552
2.75%, 12/01/22 (Call 09/01/22)		715		740,182
3.38%, 08/12/24 (Call 05/12/24)		121		128,999
3.50%, 07/20/22 (Call 05/20/22)		702		731,631
3.70%, 03/09/23 (Call 02/09/23)		1,910		2,025,842
4.00%, 12/05/23 (Call 09/05/23)		587		634,999
4.10%, 03/25/25 (Call 01/25/25)		1,750		1,930,145
4.75%, 12/01/22 (Call 09/01/22)		575		618,936
Elanco Animal Health Inc.
4.66%, 08/27/21		175		179,275


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
5.02%, 08/28/23 (Call 07/28/23)	$	210	$	224,950
Eli Lilly & Co., 2.35%, 05/15/22		277		285,748
EMD Finance LLC
2.95%, 03/19/22 (Call 01/19/22)^(a)		215		218,573
3.25%, 03/19/25 (Call 12/19/24)^(a)		1,000		1,056,060
Endo Dac/Endo Finance LLC/Endo Finco Inc.
5.88%, 10/15/24 (Call 04/15/21)^(a)		200		191,918
6.00%, 07/15/23 (Call 07/15/20)^(a)		525		393,645
6.00%, 02/01/25 (Call 02/01/21)^(a)		400		286,252
Endo Finance LLC/Endo Finco Inc., 5.38%, 01/15/23 (Call 07/15/20)^(a)		25		18,677
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23		502		530,097
3.38%, 05/15/23		627		671,141
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		664		688,820
2.88%, 06/01/22 (Call 05/01/22)		414		429,993
3.00%, 06/01/24 (Call 05/01/24)		449		482,374
3.13%, 05/14/21		349		357,198
Johnson & Johnson
2.05%, 03/01/23 (Call 01/01/23)		680		706,139
2.25%, 03/03/22 (Call 02/03/22)		251		258,502
2.45%, 12/05/21		40		41,133
3.38%, 12/05/23		45		49,824
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.63%, 10/15/23 (Call 10/15/20)^(a)(c)		175		50,064
5.75%, 08/01/22 (Call 08/01/20)^(a)(c)		175		79,086
McKesson Corp.
2.70%, 12/15/22 (Call 09/15/22)		327		335,859
2.85%, 03/15/23 (Call 12/15/22)		292		299,805
3.80%, 03/15/24 (Call 12/15/23)		205		220,389
Merck & Co. Inc.
2.35%, 02/10/22		345		354,853
2.40%, 09/15/22 (Call 03/15/22)		188		195,142
2.75%, 02/10/25 (Call 11/10/24)		17		18,408
2.80%, 05/18/23		839		890,506
2.90%, 03/07/24 (Call 02/07/24)		375		404,531
Mylan Inc.
3.13%, 01/15/23^(a)		184		186,107
4.20%, 11/29/23 (Call 08/29/23)		310		323,377
Mylan NV, 3.15%, 06/15/21 (Call 05/15/21)		775		782,541
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)		818		844,446
2.40%, 09/21/22		247		256,082
3.40%, 05/06/24		674		736,466
Owens & Minor Inc.
3.88%, 09/15/21^(c)		100		94,432
4.38%, 12/15/24 (Call 09/15/24)		100		80,061
Pfizer Inc.
1.95%, 06/03/21		285		289,406
2.20%, 12/15/21		460		470,258
2.80%, 03/11/22		282		292,956
2.95%, 03/15/24 (Call 02/15/24)		507		548,792
3.00%, 09/15/21		322		331,873
3.00%, 06/15/23		497		533,221
3.20%, 09/15/23 (Call 08/15/23)		479		519,035
3.40%, 05/15/24		340		373,442
5.80%, 08/12/23		25		28,935
Sanofi, 3.38%, 06/19/23 (Call 05/19/23)		338		360,815


Security	Par (000)		Value

Pharmaceuticals (continued)
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)	$	1,364	$	1,384,583
2.88%, 09/23/23 (Call 07/23/23)		729		759,574
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		785		860,195
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22		208		197,502
Series 2, 3.65%, 11/10/21		233		226,506
Teva Pharmaceutical Finance IV BV, 3.65%, 11/10/21		250		242,620
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/21		735		716,243
2.80%, 07/21/23		976		897,110
6.00%, 04/15/24 (Call 01/15/24)		200		198,920
7.13%, 01/31/25 (Call 10/31/24)^(a)		350		362,649
Zoetis Inc.
3.25%, 08/20/21		99		101,399
3.25%, 02/01/23 (Call 11/01/22)		623		650,206

				56,111,702

Pipelines — 0.7%
American Midstream Partners LP/American Midstream Finance Corp., 9.50%, 12/15/21 (Call 12/15/20)^(a)		150		138,141
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24 (Call 09/15/20)		200		155,878
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 11/15/20)^(a)		291		240,942
Boardwalk Pipelines LP
3.38%, 02/01/23 (Call 11/01/22)		101		90,304
4.95%, 12/15/24 (Call 09/15/24)		261		235,939
Buckeye Partners LP
4.13%, 03/01/25 (Call 02/01/25)^(a)		160		147,949
4.15%, 07/01/23 (Call 04/01/23)		175		163,539
4.35%, 10/15/24 (Call 07/15/24)		150		138,402
6.38%, 01/22/78 (Call 01/22/23)^(e)		100		61,783
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24 (Call 01/01/24)		430		460,977
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23 (Call 04/01/21)		250		181,693
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		137		112,552
4.75%, 09/30/21 (Call 06/30/21)^(a)		200		189,904
4.95%, 04/01/22 (Call 01/01/22)		125		114,056
5.85%, 05/21/43 (Call 05/21/23)^(a)(c)(e)		178		81,926
Enable Midstream Partners LP, 3.90%, 05/15/24 (Call 02/15/24)		100		80,154
Enbridge Inc.
2.90%, 07/15/22 (Call 06/15/22)		255		256,663
3.50%, 06/10/24 (Call 03/10/24)		152		155,636
4.00%, 10/01/23 (Call 07/01/23)		285		295,212
Energy Transfer Operating LP
2.90%, 05/15/25 (Call 04/15/25)		140		130,364
3.60%, 02/01/23 (Call 11/01/22)		215		209,055
4.25%, 03/15/23 (Call 12/15/22)		530		525,320
4.50%, 04/15/24 (Call 03/15/24)		295		292,820
4.65%, 06/01/21 (Call 03/01/21)		175		174,818
4.90%, 02/01/24 (Call 11/01/23)		85		85,072
5.20%, 02/01/22 (Call 11/01/21)		571		574,751
5.88%, 01/15/24 (Call 10/15/23)		275		285,502
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)		350		345,065
Energy Transfer Partners LP/Regency Energy Finance Corp., 5.88%, 03/01/22 (Call 01/01/22)		559		567,922


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
EnLink Midstream Partners LP, 4.40%, 04/01/24 (Call 01/01/24)	$	175	$	109,942
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)		615		638,167
3.50%, 02/01/22		416		426,325
3.90%, 02/15/24 (Call 11/15/23)		95		100,566
4.05%, 02/15/22		210		217,325
Series D, 4.88%, 08/16/77 (Call 08/16/22)^(e)		275		239,696
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)		85		76,654
4.75%, 07/15/23 (Call 06/15/23)		401		378,969
Genesis Energy LP/Genesis Energy Finance Corp.
5.63%, 06/15/24 (Call 06/15/20)		100		84,844
6.00%, 05/15/23 (Call 05/15/20)		125		110,488
Global Partners LP/GLP Finance Corp., 7.00%, 06/15/23 (Call 06/15/20)		125		105,658
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		115		118,007
3.50%, 09/01/23 (Call 06/01/23)		223		229,940
3.95%, 09/01/22 (Call 06/01/22)		475		492,005
4.15%, 02/01/24 (Call 11/01/23)		63		66,221
4.25%, 09/01/24 (Call 06/01/24)		100		105,865
4.30%, 05/01/24 (Call 02/01/24)		230		242,100
5.00%, 10/01/21 (Call 07/01/21)		475		484,091
Kinder Morgan Inc./DE
3.15%, 01/15/23 (Call 12/15/22)		486		496,021
5.63%, 11/15/23 (Call 08/15/23)^(a)		431		473,040
Midwest Connector Capital Co. LLC
3.63%, 04/01/22 (Call 03/01/22)^(a)		253		245,243
3.90%, 04/01/24 (Call 03/01/24)^(a)		365		362,248
MPLX LP
3.38%, 03/15/23 (Call 02/15/23)		175		173,709
3.50%, 12/01/22 (Call 11/01/22)^(a)		64		63,224
4.50%, 07/15/23 (Call 04/15/23)		450		450,072
4.88%, 12/01/24 (Call 09/01/24)		400		397,384
6.38%, 05/01/24 (Call 05/01/20)^(a)		388		388,105
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 03/01/21)		100		64,965
7.50%, 11/01/23 (Call 11/01/20)		200		135,500
NGPL PipeCo LLC, 4.38%, 08/15/22 (Call 05/15/22)^(a)		364		364,568
NuStar Logistics LP, 4.75%, 02/01/22 (Call 11/01/21)		100		92,126
Oleoducto Central SA, 4.00%, 05/07/21^(b)		200		199,456
ONEOK Inc.
2.75%, 09/01/24 (Call 08/01/24)		155		140,109
4.25%, 02/01/22 (Call 11/02/21)		441		439,853
7.50%, 09/01/23 (Call 06/01/23)		162		170,795
ONEOK Partners LP
3.38%, 10/01/22 (Call 04/01/22)		480		466,541
5.00%, 09/15/23 (Call 06/15/23)		10		9,926
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 05/15/20)		160		121,152
Phillips 66 Partners LP
2.45%, 12/15/24 (Call 11/15/24)		50		45,863
3.61%, 02/15/25 (Call 11/15/24)		17		16,535
Plains All American Pipeline LP/PAA Finance Corp.
3.65%, 06/01/22 (Call 03/01/22)		228		223,746
3.85%, 10/15/23 (Call 07/15/23)		307		293,556
Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)^(a)		170		153,588
Ruby Pipeline LLC, 6.50%, 04/01/22^(a)		68		63,409


Security	Par (000)		Value

Pipelines (continued)
Sabine Pass Liquefaction LLC
5.63%, 04/15/23 (Call 01/15/23)	$	350	$	365,011
5.63%, 03/01/25 (Call 12/01/24)		1,000		1,050,600
5.75%, 05/15/24 (Call 02/15/24)		660		689,416
6.25%, 03/15/22 (Call 12/15/21)		405		417,757
Southern Natural Gas Co. LLC/Southern Natural Issuing Corp., 4.40%, 06/15/21 (Call 03/15/21)		175		178,449
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		270		288,274
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.50%, 08/15/22 (Call 08/15/20)		100		23,704
Sunoco Logistics Partners Operations LP
3.45%, 01/15/23 (Call 10/15/22)		32		31,113
4.25%, 04/01/24 (Call 01/01/24)		55		54,222
4.65%, 02/15/22		27		26,971
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
4.75%, 10/01/23 (Call 10/01/20)^(a)		150		115,644
5.50%, 09/15/24 (Call 09/15/20)^(a)		250		188,075
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/15/20)		275		249,936
5.25%, 05/01/23 (Call 11/01/20)		175		166,231
6.75%, 03/15/24 (Call 09/15/20)		210		199,466
Texas Eastern Transmission LP, 2.80%, 10/15/22 (Call 07/15/22)^(a)		20		19,880
TransCanada PipeLines Ltd.
2.50%, 08/01/22		320		323,690
3.75%, 10/16/23 (Call 07/16/23)		175		182,462
Western Midstream Operating LP
3.10%, 02/01/25 (Call 01/01/25)		292		266,254
4.00%, 07/01/22 (Call 04/01/22)		363		353,856
5.38%, 06/01/21 (Call 03/01/21)		80		78,763
Williams Companies Inc. (The)
3.35%, 08/15/22 (Call 05/15/22)		400		401,784
3.60%, 03/15/22 (Call 01/15/22)		707		715,859
3.70%, 01/15/23 (Call 10/15/22)		260		263,390
3.90%, 01/15/25 (Call 10/15/24)		47		47,727
4.00%, 11/15/21 (Call 08/15/21)		310		314,371
4.30%, 03/04/24 (Call 12/04/23)		265		271,307
4.50%, 11/15/23 (Call 08/15/23)		75		77,639
4.55%, 06/24/24 (Call 03/24/24)		348		361,927
7.88%, 09/01/21		315		334,319

				24,828,033

Real Estate — 1.0%
Agile Group Holdings Ltd.
6.70%, 03/07/22 (Call 03/07/21)^(b)		200		199,334
7.88%, (Call 07/31/24)^(b)(d)(e)		300		274,098
8.38%, (Call 12/04/23)^(b)(d)(e)		200		185,408
8.50%, 07/18/21 (Call 07/18/20)^(b)		400		408,888
Alpha Star Holding III Ltd., 6.25%, 04/20/22^(b)		400		306,760
Arabian Centres Sukuk Ltd., 5.38%, 11/26/24^(b)		400		345,840
AT Securities BV, 5.25%, (Call 07/21/23)^(b)(d)(e)		250		235,270
Caiyun International Investment Ltd., 5.50%, 04/08/22^(b)		400		326,072
CBRE Services Inc., 5.25%, 03/15/25 (Call 12/15/24)		100		108,895
Central Plaza Development Ltd., 5.75%, (Call 11/14/24)^(b)(d)(e)		200		192,798
CFLD Cayman Investment Ltd.
6.90%, 01/13/23^(b)		300		272,643
8.05%, 01/13/25^(b)		200		170,380


40		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate (continued)
8.60%, 04/08/24^(b)	$	300	$	270,210
China Aoyuan Group Ltd., 7.95%, 09/07/21 (Call 09/07/20)^(b)		200		201,348
China Evergrande Group
6.25%, 06/28/21^(b)		711		679,225
7.50%, 06/28/23 (Call 06/28/20)^(b)		420		332,077
8.25%, 03/23/22 (Call 03/23/21)^(b)		800		709,032
9.50%, 04/11/22^(b)		400		358,748
9.50%, 03/29/24 (Call 03/29/21)^(b)		200		162,712
10.00%, 04/11/23 (Call 04/11/21)^(b)		200		171,730
10.50%, 04/11/24 (Call 04/11/22)^(b)		200		167,070
11.50%, 01/22/23^(b)		400		360,112
12.00%, 01/22/24 (Call 01/22/22)^(b)		400		352,060
China Overseas Finance Cayman V Ltd., Series A, 3.95%, 11/15/22^(b)		800		828,728
China Resources Land Ltd.
3.75%, (Call 12/09/24)^(b)(d)(e)		400		392,684
3.75%, 08/26/24^(b)		600		638,388
China SCE Group Holdings Ltd.
5.88%, 03/10/22 (Call 03/10/21)^(b)		600		573,930
7.25%, 04/19/23 (Call 07/19/21)^(b)		400		380,976
Chouzhou International Investment Ltd., 4.50%, 05/30/22^(b)		400		399,752
CIFI Holdings Group Co. Ltd.
5.50%, 01/23/22 (Call 01/23/21)^(b)		400		395,264
6.45%, 11/07/24 (Call 11/07/22)^(b)		200		195,862
Country Garden Holdings Co. Ltd.
4.75%, 07/25/22 (Call 07/25/20)^(b)		300		295,554
4.75%, 01/17/23 (Call 01/17/21)^(b)		200		196,112
4.75%, 09/28/23 (Call 09/28/20)^(b)		400		389,460
6.50%, 04/08/24 (Call 04/08/22)^(b)		400		405,012
8.00%, 01/27/24 (Call 09/27/21)^(b)		400		423,444
CPI Property Group SA, 4.75%, 03/08/23^(b)		200		206,820
Dar Al-Arkan Sukuk Co. Ltd.
6.75%, 02/15/25^(b)		200		160,570
6.88%, 04/10/22^(b)		200		186,828
DIFC Sukuk Ltd., 4.33%, 11/12/24^(b)		200		200,440
Easy Tactic Ltd.
5.75%, 01/13/22 (Call 01/13/21)^(b)		200		182,330
8.13%, 02/27/23 (Call 02/27/21)^(b)		600		540,918
EMG SUKUK Ltd., 4.56%, 06/18/24^(b)		400		383,916
Esic Sukuk Ltd., 3.94%, 07/30/24^(b)		400		373,572
Ezdan Sukuk Co. Ltd., 4.88%, 04/05/22^(b)		500		395,000
Fantasia Holdings Group Co. Ltd., 7.38%, 10/04/21 (Call 10/04/20)^(b)		200		190,556
Franshion Brilliant Ltd.
3.60%, 03/03/22^(b)		400		398,084
4.00%, (Call 01/03/23)^(b)(d)(e)		200		189,408
5.75%, (Call 01/17/22)^(b)(d)(e)		200		169,870
Greenland Global Investment Ltd.
6.08%, 09/26/21, (3 mo. LIBOR US + 4.85%)^(b)(f)		200		194,318
6.75%, 06/25/22^(b)		400		390,352
6.75%, 09/26/23^(b)		400		380,272
Hongkong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 06/01/22^(b)		400		422,872
Hopson Development Holdings Ltd., 7.50%, 06/27/22 (Call 06/27/21)^(b)		400		377,016
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 03/15/21)^(a)		325		314,828
Huafa 2019 I Co. Ltd., 4.25%, 07/03/24^(b)		400		382,128


Security	Par (000)		Value

Real Estate (continued)
Kaisa Group Holdings Ltd.
8.50%, 06/30/22 (Call 06/30/20)^(b)	$	500	$	464,240
9.38%, 06/30/24 (Call 06/30/21)^(b)		600		515,694
11.25%, 04/09/22 (Call 04/09/21)^(b)		400		395,180
11.50%, 01/30/23 (Call 05/30/21)^(b)		400		384,472
11.95%, 10/22/22 (Call 10/22/21)^(a)		400		391,036
11.95%, 10/22/22 (Call 10/22/21)^(b)		400		391,036
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 04/01/21)		359		343,157
KWG Group Holdings Ltd.
5.88%, 11/10/24 (Call 11/10/21)^(b)		250		226,740
6.00%, 09/15/22 (Call 03/15/21)^(b)		200		193,994
7.88%, 09/01/23 (Call 09/01/21)^(b)		200		198,026
Leading Affluence Ltd., 4.50%, 01/24/23^(b)		200		206,798
Longfor Group Holdings Ltd., 3.88%, 07/13/22^(b)		400		405,852
MAF Global Securities Ltd., 4.75%, 05/07/24^(b)		400		383,424
Mitsui Fudosan Co. Ltd., 2.95%, 01/23/23 (Call 12/23/22)^(a)		200		204,288
Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)		250		230,685
Ontario Teachers’ Cadillac Fairview Properties Trust, 3.13%, 03/20/22 (Call 02/20/22)^(a)		775		780,192
Poly Real Estate Finance Ltd.
3.95%, 02/05/23^(b)		400		406,940
4.75%, 09/17/23^(b)		200		209,802
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)^(a)		180		136,865
5.25%, 12/01/21 (Call 12/01/20)^(a)		180		151,067
RongXingDa Development BVI Ltd., 8.00%, 04/24/22 (Call 04/24/21)^(b)		200		177,210
Ronshine China Holdings Ltd.
8.75%, 10/25/22 (Call 04/25/21)^(b)		400		399,480
10.50%, 03/01/22^(b)		400		413,944
Scenery Journey Ltd.
11.50%, 10/24/22 (Call 07/24/22)^(b)		700		623,126
12.00%, 10/24/23 (Call 10/24/21)^(b)		300		261,813
13.00%, 11/06/22 (Call 11/06/20)^(b)		200		184,726
13.75%, 11/06/23 (Call 11/06/21)^(b)		200		184,198
Shimao Property Holdings Ltd.
5.20%, 01/30/25 (Call 01/30/22)^(b)		300		298,368
6.13%, 02/21/24 (Call 02/21/22)^(b)		400		413,900
6.38%, 10/15/21 (Call 10/15/20)^(b)		600		617,796
Shui On Development Holding Ltd., 6.40%, (Call 06/15/22)^(b)(d)(e)		200		184,190
Sinochem Offshore Capital Co. Ltd., 3.12%, 05/24/22^(b)		250		255,488
Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24^(b)		200		206,186
Sino-Ocean Land Treasure III Ltd., 4.90%, (Call 09/21/22)^(b)(d)(e)		200		153,926
Sino-Ocean Land Treasure IV Ltd.
3.06%, 07/31/21, (3 mo. LIBOR US + 2.3%)^(b)(f)		400		394,504
5.25%, 04/30/22 (Call 04/01/22)^(b)		400		402,072
Sun Hung Kai Properties Capital Market Ltd., 3.63%, 01/16/23^(b)		400		416,280
Sunac China Holdings Ltd.
6.50%, 01/10/25 (Call 01/10/23)^(b)		200		184,306
7.25%, 06/14/22 (Call 06/14/21)^(b)		300		296,694
7.35%, 07/19/21 (Call 07/19/20)^(b)		600		602,088
7.88%, 02/15/22 (Call 02/15/21)^(b)		200		200,966
7.95%, 08/08/22 (Call 08/08/20)^(b)		200		199,884
7.95%, 10/11/23 (Call 10/11/21)^(b)		400		393,952


SCHEDULES OF INVESTMENTS			41

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate (continued)
Times China Holdings Ltd., 6.75%, 07/16/23 (Call 07/16/22)^(b)	$	400	$	394,496
Vanke Real Estate Hong Kong Co. Ltd.
4.15%, 04/18/23^(b)		400		413,092
4.20%, 06/07/24^(b)		200		208,698
5.35%, 03/11/24^(b)		600		649,164
Wanda Group Overseas Ltd., 7.50%, 07/24/22^(b)		200		172,178
Wanda Properties International Co. Ltd., 7.25%, 01/29/24^(b)		200		171,762
Westwood Group Holdings Ltd., 4.88%, 04/19/21^(b)		200		202,374
Wharf Real Estate Investment, 2.50%, 09/16/24^(b)		400		404,216
Yuzhou Properties Co. Ltd.
6.00%, 10/25/23 (Call 10/25/20)^(b)		300		264,273
8.38%, 10/30/24 (Call 10/30/22)^(b)		200		181,434
8.50%, 02/04/23 (Call 02/04/22)^(b)		200		193,874
8.50%, 02/26/24 (Call 02/26/22)^(b)		200		186,206

				35,872,326

Real Estate Investment Trusts — 0.8%
Alexandria Real Estate Equities Inc.
3.90%, 06/15/23 (Call 03/15/23)		245		257,725
4.00%, 01/15/24 (Call 12/15/23)		410		440,356
American Campus Communities Operating Partnership LP, 4.13%, 07/01/24 (Call 04/01/24)		250		253,812
American Tower Corp.
2.25%, 01/15/22		407		412,641
2.40%, 03/15/25 (Call 02/15/25)		200		206,326
2.95%, 01/15/25 (Call 12/15/24)		250		263,480
3.00%, 06/15/23		236		246,717
3.38%, 05/15/24 (Call 04/15/24)		322		343,017
3.45%, 09/15/21		54		55,568
3.50%, 01/31/23		323		341,304
4.70%, 03/15/22		304		322,793
5.00%, 02/15/24		359		401,717
AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 09/16/23)		25		26,790
Boston Properties LP
3.13%, 09/01/23 (Call 06/01/23)		75		77,228
3.80%, 02/01/24 (Call 11/01/23)		346		361,743
3.85%, 02/01/23 (Call 11/01/22)		550		581,223
4.13%, 05/15/21 (Call 02/15/21)		190		193,145
Brandywine Operating Partnership LP, 4.10%, 10/01/24 (Call 07/01/24)		55		55,960
Brixmor Operating Partnership LP
3.25%, 09/15/23 (Call 07/15/23)		301		291,892
3.65%, 06/15/24 (Call 04/15/24)		65		64,623
3.85%, 02/01/25 (Call 11/01/24)		250		251,335
CBL & Associates LP, 5.25%, 12/01/23 (Call 09/01/23)^(c)		125		33,896
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		541		573,985
CoreCivic Inc.
4.63%, 05/01/23 (Call 02/01/23)		112		106,879
5.00%, 10/15/22 (Call 07/15/22)		115		111,358
Corporate Office Properties LP, 3.70%, 06/15/21 (Call 04/15/21)		280		279,112
Crown Castle International Corp.
2.25%, 09/01/21 (Call 08/01/21)		300		302,925
3.15%, 07/15/23 (Call 06/15/23)		279		292,088
3.20%, 09/01/24 (Call 07/01/24)		117		124,414
4.88%, 04/15/22		346		368,435
5.25%, 01/15/23		676		738,226


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
CubeSmart LP, 4.38%, 12/15/23 (Call 09/15/23)	$	98	$	105,867
CyrusOne LP/CyrusOne Finance Corp., 2.90%, 11/15/24 (Call 10/15/24)		280		277,474
Digital Realty Trust LP
2.75%, 02/01/23 (Call 01/01/23)		20		20,394
3.63%, 10/01/22 (Call 07/01/22)		350		360,297
3.95%, 07/01/22 (Call 05/01/22)		80		83,847
Diversified Healthcare Trust, 4.75%, 05/01/24 (Call 11/01/23)		100		82,966
Duke Realty LP, 3.75%, 12/01/24 (Call 09/01/24)		127		133,674
Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)		270		279,169
ERP Operating LP
3.00%, 04/15/23 (Call 01/15/23)		100		103,340
4.63%, 12/15/21 (Call 09/15/21)		560		580,619
Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23)		252		250,949
GEO Group Inc. (The)
5.13%, 04/01/23 (Call 04/01/21)		150		125,319
5.88%, 01/15/22 (Call 01/15/21)		73		67,875
5.88%, 10/15/24 (Call 10/15/20)		50		39,870
GLP Capital LP/GLP Financing II Inc.
3.35%, 09/01/24 (Call 06/03/24)		250		230,765
5.38%, 11/01/23 (Call 08/01/23)		43		41,906
Growthpoint Properties International Pty Ltd., 5.87%, 05/02/23^(b)		650		613,912
HAT Holdings I LLC/HAT Holdings II LLC
5.25%, 07/15/24 (Call 07/15/21)^(a)		165		164,172
6.00%, 04/15/25 (Call 04/15/22)^(a)		130		129,955
Healthpeak Properties Inc.
3.88%, 08/15/24 (Call 05/15/24)		637		659,327
4.20%, 03/01/24 (Call 12/01/23)		15		15,606
4.25%, 11/15/23 (Call 08/15/23)		45		46,773
Host Hotels & Resorts LP
3.88%, 04/01/24 (Call 02/01/24)		35		34,434
Series C, 4.75%, 03/01/23 (Call 12/01/22)		210		210,746
Series D, 3.75%, 10/15/23 (Call 07/15/22)		213		206,912
Iron Mountain Inc.
4.38%, 06/01/21 (Call 06/01/20)^(a)		150		149,909
5.75%, 08/15/24 (Call 08/15/20)		200		197,338
6.00%, 08/15/23 (Call 08/15/20)		269		272,185
iStar Inc.
4.75%, 10/01/24 (Call 07/01/24)		225		186,725
5.25%, 09/15/22 (Call 09/15/20)		150		136,586
Kilroy Realty LP, 3.80%, 01/15/23 (Call 10/15/22)		145		147,275
Kimco Realty Corp.
2.70%, 03/01/24 (Call 01/01/24)		273		266,770
3.20%, 05/01/21 (Call 03/01/21)		355		356,086
3.30%, 02/01/25 (Call 12/01/24)		17		16,980
3.40%, 11/01/22 (Call 09/01/22)		107		109,791
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 03/15/22 (Call 09/15/21)^(a)		165		136,932
5.88%, 08/01/21 (Call 08/01/20)^(a)		75		67,082
Mack-Cali Realty LP
3.15%, 05/15/23 (Call 02/15/23)		100		83,038
4.50%, 04/18/22 (Call 01/18/22)		100		84,651
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., 5.63%, 05/01/24 (Call 02/01/24)		350		355,593
Mid-America Apartments LP, 4.30%, 10/15/23 (Call 07/15/23)		184		191,520


42		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
MPT Operating Partnership LP/MPT Finance Corp.
5.50%, 05/01/24 (Call 05/01/20)	$	50	$	50,436
6.38%, 03/01/24 (Call 03/01/21)		175		180,612
National Retail Properties Inc., 3.90%, 06/15/24 (Call 03/15/24)		230		236,196
Office Properties Income Trust
4.00%, 07/15/22 (Call 06/15/22)		160		156,371
4.15%, 02/01/22 (Call 12/01/21)		103		100,563
Omega Healthcare Investors Inc.
4.38%, 08/01/23 (Call 06/01/23)		394		390,316
4.50%, 01/15/25 (Call 10/15/24)		38		37,411
4.95%, 04/01/24 (Call 01/01/24)		35		35,485
Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)		14		13,643
Prologis LP, 4.25%, 08/15/23 (Call 05/15/23)		161		175,287
Public Storage, 2.37%, 09/15/22 (Call 08/15/22)		405		414,922
Rayonier Inc., 3.75%, 04/01/22 (Call 01/01/22)		83		81,831
Realty Income Corp.
3.25%, 10/15/22 (Call 07/15/22)		610		626,836
4.65%, 08/01/23 (Call 05/01/23)		144		153,200
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/23 (Call 04/15/21)		108		100,817
SBA Communications Corp.
4.00%, 10/01/22 (Call 10/01/20)		250		251,523
4.88%, 09/01/24 (Call 09/01/20)		375		386,587
Scentre Group Trust 1/Scentre Group Trust 2, 3.50%, 02/12/25 (Call 11/12/24)^(a)		275		278,105
Service Properties Trust
4.35%, 10/01/24 (Call 09/01/24)		85		71,317
4.50%, 06/15/23 (Call 12/15/22)		75		64,610
4.65%, 03/15/24 (Call 09/15/23)		325		276,302
5.00%, 08/15/22 (Call 02/15/22)		429		392,428
Simon Property Group LP
2.00%, 09/13/24 (Call 06/13/24)		485		457,243
2.35%, 01/30/22 (Call 10/30/21)		135		134,799
2.50%, 07/15/21 (Call 04/15/21)		675		674,143
2.63%, 06/15/22 (Call 03/15/22)		475		471,437
2.75%, 02/01/23 (Call 12/01/22)		260		257,304
2.75%, 06/01/23 (Call 03/01/23)		184		181,748
3.38%, 10/01/24 (Call 07/01/24)		35		34,650
3.75%, 02/01/24 (Call 11/01/23)		223		225,272
SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 09/15/22)		175		175,716
Starwood Property Trust Inc.
4.75%, 03/15/25 (Call 09/15/24)		175		149,863
5.00%, 12/15/21 (Call 09/15/21)		250		236,350
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25 (Call 02/15/22)^(a)		820		787,889
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/21)^(a)		200		187,188
8.25%, 10/15/23 (Call 04/15/21)^(c)		420		348,999
Ventas Realty LP
3.10%, 01/15/23 (Call 12/15/22)		245		243,594
3.13%, 06/15/23 (Call 03/15/23)		198		194,959
3.50%, 04/15/24 (Call 03/15/24)		20		19,766
3.75%, 05/01/24 (Call 02/01/24)		95		95,226
Ventas Realty LP/Ventas Capital Corp., 3.25%, 08/15/22 (Call 05/15/22)		374		375,545
VEREIT Operating Partnership LP, 4.60%, 02/06/24 (Call 11/06/23)		255		253,983


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
VICI Properties LP/VICI Note Co. Inc., 3.50%, 02/15/25 (Call 02/15/22)^(a)	$	130	$	123,156
Vornado Realty LP, 3.50%, 01/15/25 (Call 11/15/24)		28		26,445
Washington Prime Group LP, 6.45%, 08/15/24 (Call 06/15/24)^(c)		250		134,550
WEA Finance LLC/Westfield UK & Europe Finance PLC, 3.75%, 09/17/24 (Call 06/17/24)^(a)		535		535,380
Welltower Inc.
3.63%, 03/15/24 (Call 02/15/24)		525		532,140
3.75%, 03/15/23 (Call 12/15/22)		25		25,367
3.95%, 09/01/23 (Call 08/01/23)		276		284,136
4.50%, 01/15/24 (Call 10/15/23)		103		107,623
Weyerhaeuser Co., 4.63%, 09/15/23		402		431,113
WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24)		30		31,251
Yuexiu REIT MTN Co. Ltd., 4.75%, 04/27/21^(b)		200		204,442

				28,421,417

Retail — 0.7%
1011778 BC ULC/New Red Finance Inc.
4.25%, 05/15/24 (Call 05/15/20)^(a)		500		500,565
5.75%, 04/15/25 (Call 04/15/22)^(a)		180		189,677
Advance Auto Parts Inc., 4.50%, 12/01/23 (Call 09/01/23)		208		219,022
Alimentation Couche-Tard Inc., 2.70%, 07/26/22 (Call 06/26/22)^(a)		267		268,666
AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24)		250		241,775
AutoZone Inc.
2.88%, 01/15/23 (Call 10/15/22)		177		180,744
3.13%, 04/18/24 (Call 03/18/24)		315		327,669
3.70%, 04/15/22 (Call 01/15/22)		38		39,195
Bed Bath & Beyond Inc., 3.75%, 08/01/24 (Call 05/01/24)		100		61,869
Brinker International Inc.
3.88%, 05/15/23		123		92,341
5.00%, 10/01/24 (Call 07/01/24)^(a)		100		84,156
Burlington Coat Factory Warehouse Corp., 6.25%, 04/15/25 (Call 04/15/22)^(a)		100		101,720
Caleres Inc., 6.25%, 08/15/23 (Call 08/15/20)		55		48,958
Carvana Co., 8.88%, 10/01/23 (Call 10/01/20)^(a)		210		205,619
CEC Entertainment Inc., 8.00%, 02/15/22 (Call 05/29/20)		100		6,981
Conn’s Inc., 7.25%, 07/15/22 (Call 07/15/20)		85		57,783
Costco Wholesale Corp.
2.15%, 05/18/21 (Call 04/18/21)		89		90,541
2.25%, 02/15/22		75		77,471
2.30%, 05/18/22 (Call 04/18/22)		702		725,194
2.75%, 05/18/24 (Call 03/18/24)		69		74,176
Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)		305		322,757
Dollar Tree Inc., 3.70%, 05/15/23 (Call 04/15/23)		406		425,740
DriveTime Automotive Group Inc./Bridgecrest Acceptance Corp., 8.00%, 06/01/21 (Call 06/01/20)^(a)		150		135,392
eG Global Finance PLC, 6.75%, 02/07/25 (Call 05/15/21)^(a)		250		225,963
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/29/20)		125		100,573
6.75%, 01/15/22 (Call 05/29/20)		125		99,680
6.75%, 06/15/23 (Call 06/15/20)^(c)		100		79,974
10.00%, 04/15/25 (Call 04/15/22)^(a)		50		52,921
FirstCash Inc., 5.38%, 06/01/24 (Call 06/01/20)^(a)		125		123,330
Future Retail Ltd., 5.60%, 01/22/25 (Call 01/22/23)^(a)(c)		400		109,372
Gap Inc. (The)
5.95%, 04/12/21 (Call 01/12/21)		200		205,506
8.38%, 05/15/23^(a)		65		67,744
8.63%, 05/15/25 (Call 05/15/22)^(a)		175		180,688


SCHEDULES OF INVESTMENTS			43

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
Golden Nugget Inc., 6.75%, 10/15/24 (Call 10/15/20)^(a)	$	400	$	315,284
Group 1 Automotive Inc., 5.00%, 06/01/22 (Call 06/01/20)		200		192,464
Guitar Center Inc., 9.50%, 10/15/21 (Call 03/15/21)^(a)(g)		225		154,719
Home Depot Inc. (The)
2.63%, 06/01/22 (Call 05/01/22)		645		670,961
2.70%, 04/01/23 (Call 01/01/23)		247		260,936
3.25%, 03/01/22		205		215,033
3.75%, 02/15/24 (Call 11/15/23)		285		313,665
J Crew Brand LLC/J Crew Brand Corp., 13.00%, 09/15/21^(a)		70		70,825
JC Penney Corp. Inc., 5.88%, 07/01/23 (Call 07/01/20)^(a)(c)		150		70,368
Jollibee Worldwide Pte Ltd., 3.90%, (Call 01/23/25)^(b)(d)(e)		200		184,000
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.00%, 06/01/24 (Call 06/01/20)^(a)		350		361,032
KGA Escrow LLC, 7.50%, 08/15/23 (Call 08/15/20)^(a)		124		112,857
Kohl’s Corp., 3.25%, 02/01/23 (Call 11/01/22)		149		135,235
L Brands Inc.
5.63%, 02/15/22		281		247,224
5.63%, 10/15/23		175		142,340
6.63%, 04/01/21		100		90,712
Lowe’s Companies Inc.
3.12%, 04/15/22 (Call 01/15/22)		303		312,457
3.13%, 09/15/24 (Call 06/15/24)		78		82,987
3.80%, 11/15/21 (Call 08/15/21)		44		45,521
3.88%, 09/15/23 (Call 06/15/23)		40		42,929
4.00%, 04/15/25 (Call 03/15/25)		1,000		1,109,510
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		195		140,209
3.63%, 06/01/24 (Call 03/01/24)		150		106,301
3.88%, 01/15/22 (Call 10/15/21)		107		90,084
McDonald’s Corp.
1.45%, 09/01/25 (Call 08/01/25)		205		205,029
2.63%, 01/15/22		427		437,995
3.30%, 07/01/25 (Call 06/15/25)		180		196,306
3.35%, 04/01/23 (Call 03/01/23)		533		568,279
3.63%, 05/20/21		100		102,643
Men’s Wearhouse Inc. (The), 7.00%, 07/01/22 (Call 07/01/20)		95		40,409
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa Borrower/NMG, 8.00%, 10/25/24 (Call 05/29/20)^(a)(c)(g)		103		8,377
Nordstrom Inc., 4.00%, 10/15/21 (Call 07/15/21)		153		150,782
Party City Holdings Inc., 6.13%, 08/15/23 (Call 08/15/20)^(a)		125		10,920
Penske Automotive Group Inc., 5.75%, 10/01/22 (Call 10/01/20)		150		145,116
PetSmart Inc., 7.13%, 03/15/23 (Call 03/15/21)^(a)		625		598,325
PriSo Acquisition Corp., 9.00%, 05/15/23 (Call 05/15/20)^(a)(c)		111		86,281
QVC Inc.
4.38%, 03/15/23		196		188,803
4.45%, 02/15/25 (Call 11/15/24)		67		61,381
4.85%, 04/01/24		229		218,024
5.13%, 07/02/22		275		269,604
Reliance Intermediate Holdings LP, 6.50%, 04/01/23 (Call 01/01/21)^(a)		69		69,647
Rite Aid Corp., 6.13%, 04/01/23 (Call 04/01/21)^(a)		425		388,246
SACI Falabella, 4.38%, 01/27/25 (Call 10/27/24)^(b)		400		396,252


Security	Par (000)		Value

Retail (continued)
Sally Holdings LLC/Sally Capital Inc.
5.50%, 11/01/23 (Call 11/01/20)	$	50	$	43,877
8.75%, 04/30/25 (Call 04/30/22)^(a)		80		81,188
Starbucks Corp.
2.70%, 06/15/22 (Call 04/15/22)		78		80,313
3.10%, 03/01/23 (Call 02/01/23)		362		377,718
3.85%, 10/01/23 (Call 07/01/23)		233		250,631
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/20)		175		170,224
Target Corp.
2.25%, 04/15/25 (Call 03/15/25)		920		968,254
2.90%, 01/15/22		350		364,665
3.50%, 07/01/24		335		371,579
TJX Companies Inc. (The)
2.50%, 05/15/23 (Call 02/15/23)		94		96,311
2.75%, 06/15/21 (Call 04/15/21)		157		158,950
3.50%, 04/15/25 (Call 03/15/25)		1,000		1,078,630
Walgreen Co., 3.10%, 09/15/22		406		417,916
Walgreens Boots Alliance Inc.
3.30%, 11/18/21 (Call 09/18/21)		494		503,870
3.80%, 11/18/24 (Call 08/18/24)		708		753,666
Walmart Inc.
2.35%, 12/15/22 (Call 11/15/22)		178		185,844
2.55%, 04/11/23 (Call 01/11/23)		685		719,771
2.65%, 12/15/24 (Call 10/15/24)		625		671,187
2.85%, 07/08/24 (Call 06/08/24)		515		554,846
3.13%, 06/23/21		650		668,317
3.30%, 04/22/24 (Call 01/22/24)		285		311,100
3.40%, 06/26/23 (Call 05/26/23)		1,086		1,174,650
Yum! Brands Inc.
3.75%, 11/01/21 (Call 08/01/21)		100		101,262
3.88%, 11/01/23 (Call 08/01/23)		95		96,289
7.75%, 04/01/25 (Call 04/01/22)^(a)		220		240,205

				25,775,097

Savings & Loans — 0.1%
First Niagara Financial Group Inc., 7.25%, 12/15/21		50		53,085
Nationwide Building Society
2.00%, 01/27/23^(a)		1,000		1,005,850
3.62%, 04/26/23 (Call 04/26/22)^(a)(e)		208		213,366
3.77%, 03/08/24 (Call 03/08/23)^(a)(e)		335		346,836
4.36%, 08/01/24 (Call 08/01/23)^(a)(e)		235		248,781
People’s United Financial Inc., 3.65%, 12/06/22 (Call 09/06/22)		296		303,533

				2,171,451

Semiconductors — 0.4%
Advanced Micro Devices Inc., 7.50%, 08/15/22		147		160,439
Altera Corp., 4.10%, 11/15/23		10		11,097
Analog Devices Inc.
2.50%, 12/05/21 (Call 11/05/21)		123		124,152
3.13%, 12/05/23 (Call 10/05/23)		435		457,168
Applied Materials Inc., 4.30%, 06/15/21		240		249,605
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%, 01/15/23 (Call 12/15/22)		515		524,646
3.13%, 01/15/25 (Call 11/15/24)		417		429,664
3.63%, 01/15/24 (Call 11/15/23)		613		640,750
Broadcom Inc.
3.13%, 10/15/22^(a)		492		509,943
3.63%, 10/15/24 (Call 09/15/24)^(a)		650		684,827


44		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors (continued)
Intel Corp.
1.70%, 05/19/21 (Call 04/19/21)	$	195	$	196,663
2.35%, 05/11/22 (Call 04/11/22)		221		228,026
2.70%, 12/15/22		411		432,249
2.88%, 05/11/24 (Call 03/11/24)		550		588,560
3.10%, 07/29/22		134		141,437
3.30%, 10/01/21		937		972,278
3.40%, 03/25/25 (Call 02/25/25)		1,075		1,188,853
KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)		300		333,819
Lam Research Corp., 2.80%, 06/15/21 (Call 05/15/21)		265		270,046
Marvell Technology Group Ltd., 4.20%, 06/22/23 (Call 05/22/23)		141		145,908
Microchip Technology Inc.
3.92%, 06/01/21		395		401,190
4.33%, 06/01/23 (Call 05/01/23)		375		389,415
Micron Technology Inc., 4.64%, 02/06/24 (Call 01/06/24)		376		404,753
NVIDIA Corp., 2.20%, 09/16/21 (Call 08/16/21)		569		579,999
NXP BV/NXP Funding LLC
3.88%, 09/01/22^(a)		210		217,136
4.13%, 06/01/21^(a)		200		204,278
4.63%, 06/15/22^(a)		245		255,454
4.63%, 06/01/23^(a)		270		287,801
4.88%, 03/01/24 (Call 02/01/24)^(a)		300		325,272
NXP BV/NXP Funding LLC/NXP USA Inc., 2.70%, 05/01/25 (Call 04/01/25)^(a)		120		121,308
QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)		397		413,924
2.90%, 05/20/24 (Call 03/20/24)		595		634,609
3.00%, 05/20/22		1,032		1,075,076
SK Hynix Inc., 3.00%, 09/17/24^(b)		200		203,032
Texas Instruments Inc.
1.38%, 03/12/25 (Call 02/12/25)		140		141,639
2.25%, 05/01/23 (Call 02/01/23)		17		17,775
2.63%, 05/15/24 (Call 03/15/24)		122		129,037
Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)		308		323,902

				14,415,730

Software — 0.6%
Activision Blizzard Inc.
2.30%, 09/15/21 (Call 08/15/21)		197		199,882
2.60%, 06/15/22 (Call 05/15/22)		169		173,294
Adobe Inc.
1.70%, 02/01/23		340		349,051
1.90%, 02/01/25 (Call 01/01/25)		420		439,753
Blackboard Inc., 10.38%, 11/15/24 (Call 11/15/20)^(a)		100		94,004
CA Inc., 3.60%, 08/15/22 (Call 07/15/22)		489		495,792
Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)		38		41,333
CDK Global Inc., 5.00%, 10/15/24 (Call 07/15/24)		171		177,864
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/21)^(a)		345		341,205
Fidelity National Information Services Inc., 3.50%, 04/15/23 (Call 01/15/23)		100		105,955
Fiserv Inc.
2.75%, 07/01/24 (Call 06/01/24)		540		567,356
3.50%, 10/01/22 (Call 07/01/22)		257		269,824
3.80%, 10/01/23 (Call 09/01/23)		717		774,977
Genesys Telecommunications Laboratories Inc./Greeneden Lux 3 Sarl/Greeneden
U.S. Ho, 10.00%, 11/30/24 (Call 11/30/20)^(a)		200		210,476
Infor U.S. Inc., 6.50%, 05/15/22 (Call 05/15/20)		525		525,509


Security	Par (000)		Value

Software (continued)
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)	$	1,128	$	1,142,179
2.00%, 08/08/23 (Call 06/08/23)		904		943,776
2.13%, 11/15/22		235		246,139
2.38%, 02/12/22 (Call 01/12/22)		531		547,689
2.38%, 05/01/23 (Call 02/01/23)		398		417,152
2.40%, 02/06/22 (Call 01/06/22)		647		665,239
2.65%, 11/03/22 (Call 09/03/22)		269		282,079
2.88%, 02/06/24 (Call 12/06/23)		755		812,169
3.63%, 12/15/23 (Call 09/15/23)		391		431,375
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)		912		924,002
2.40%, 09/15/23 (Call 07/15/23)		233		243,734
2.50%, 05/15/22 (Call 03/15/22)		1,435		1,476,299
2.50%, 10/15/22		666		690,975
2.50%, 04/01/25 (Call 03/01/25)		1,500		1,582,365
2.63%, 02/15/23 (Call 01/15/23)		800		836,224
2.80%, 07/08/21		285		291,404
2.95%, 11/15/24 (Call 09/15/24)		262		280,919
3.40%, 07/08/24 (Call 04/08/24)		1,412		1,529,224
3.63%, 07/15/23		50		54,149
PTC Inc., 3.63%, 02/15/25 (Call 02/15/22)^(a)		200		197,158
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 11/15/20)^(a)(c)		375		370,474
Riverbed Technology Inc., 8.88%, 03/01/23 (Call 05/29/20)^(a)		125		75,699
RP Crown Parent LLC, 7.38%, 10/15/24 (Call 10/15/20)^(a)		119		117,449
salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23)		350		373,145
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 03/01/21)^(a)		650		646,672
Sophia LP/Sophia Finance Inc., 9.00%, 09/30/23 (Call 09/30/20)^(a)		75		75,623
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 02/01/23 (Call 02/01/21)^(a)		200		194,574
10.50%, 02/01/24 (Call 02/01/21)^(a)(c)		200		178,508
VMware Inc., 2.95%, 08/21/22 (Call 07/21/22)		783		794,510

				21,187,179

Storage & Warehousing — 0.0%
LBC Tank Terminals Holding Netherlands BV, 6.88%, 05/15/23 (Call 05/15/20)^(a)		200		195,014
Mobile Mini Inc., 5.88%, 07/01/24 (Call 07/01/20)		8		8,164

				203,178

Telecommunications — 1.1%
America Movil SAB de CV, 3.13%, 07/16/22		450		458,969
AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)		140		143,307
3.00%, 02/15/22		502		516,091
3.00%, 06/30/22 (Call 04/30/22)		783		806,075
3.20%, 03/01/22 (Call 02/01/22)		610		632,173
3.40%, 06/15/22		110		114,563
3.55%, 06/01/24 (Call 03/01/24)		88		93,183
3.60%, 02/17/23 (Call 12/17/22)		686		721,946
3.80%, 03/15/22		435		454,144
3.80%, 03/01/24 (Call 01/01/24)		510		545,511
3.88%, 08/15/21		529		545,769
3.90%, 03/11/24 (Call 12/11/23)		65		69,731
3.95%, 01/15/25 (Call 10/15/24)		17		18,416
4.00%, 01/15/22		410		427,581
4.05%, 12/15/23		100		108,158


SCHEDULES OF INVESTMENTS			45

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
4.45%, 05/15/21	$	306	$	315,495
4.45%, 04/01/24 (Call 01/01/24)		460		501,602
Bharti Airtel International Netherlands BV
5.13%, 03/11/23^(b)		450		461,853
5.35%, 05/20/24^(b)		450		463,986
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)		220		239,001
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)		150		150,858
Series S, 6.45%, 06/15/21		410		419,065
Series T, 5.80%, 03/15/22		525		538,235
Series W, 6.75%, 12/01/23		275		289,608
Series Y, 7.50%, 04/01/24 (Call 01/01/24)		350		379,645
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/20)^(a)		225		227,320
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)		964		980,060
2.20%, 09/20/23 (Call 07/20/23)		416		434,558
2.60%, 02/28/23		15		15,772
3.00%, 06/15/22		175		184,277
3.63%, 03/04/24		449		496,836
Colombia Telecomunicaciones SA ESP, 5.38%, 09/27/22 (Call 09/27/20)^(b)		400		395,496
CommScope Inc.
5.00%, 06/15/21 (Call 05/11/20)^(a)		16		15,737
5.50%, 03/01/24 (Call 03/01/21)^(a)		410		410,004
5.50%, 06/15/24 (Call 06/15/20)^(a)		275		247,060
Consolidated Communications Inc., 6.50%, 10/01/22 (Call 10/01/20)^(c)		175		158,666
Corning Inc., 2.90%, 05/15/22 (Call 03/15/22)		155		159,115
Deutsche Telekom International Finance BV
1.95%, 09/19/21 (Call 08/19/21)^(a)		480		481,872
2.49%, 09/19/23 (Call 07/19/23)^(a)		200		205,004
2.82%, 01/19/22 (Call 12/19/21)^(a)		280		285,776
Digicel Group One Ltd., 8.25%, 12/30/22 (Call 09/30/20)^(b)(g)		205		120,811
Digicel Group Two Ltd., 8.25%, 09/30/22 (Call 09/30/20)^(b)(g)		295		9,124
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24 (Call 05/27/21)^(b)		200		185,012
Digicel Ltd., 6.75%, 03/01/23 (Call 03/01/21)^(b)(g)		200		77,940
DKT Finance ApS, 9.38%, 06/17/23 (Call 06/17/20)^(a)		200		200,818
Empresa Nacional de Telecomunicaciones SA, 4.88%, 10/30/24 (Call 07/30/24)^(b)		400		409,060
Frontier Communications Corp.
7.13%, 01/15/23^(g)		220		59,363
7.63%, 04/15/24^(g)		175		49,546
8.75%, 04/15/22^(g)		125		35,045
Gogo Intermediate Holdings LLC/Gogo Finance Co. Inc., 9.88%, 05/01/24 (Call 05/01/21)^(a)		290		237,635
GTH Finance BV, 7.25%, 04/26/23 (Call 01/26/23)^(b)		200		219,020
GTT Communications Inc., 7.88%, 12/31/24 (Call 12/31/20)^(a)		200		119,800
HC2 Holdings Inc., 11.50%, 12/01/21 (Call 06/01/20)^(a)		125		108,656
Hughes Satellite Systems Corp., 7.63%, 06/15/21		325		337,399
Intelsat Connect Finance SA, 9.50%, 02/15/23 (Call 08/15/20)^(a)		132		25,366
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/20)^(g)		340		185,011
8.00%, 02/15/24 (Call 02/15/21)^(a)		425		433,334
8.50%, 10/15/24 (Call 10/15/20)^(a)(g)		300		173,880


Security	Par (000)		Value

Telecommunications (continued)
9.50%, 09/30/22^(a)	$	175	$	194,290
Juniper Networks Inc., 4.50%, 03/15/24		117		125,470
Kenbourne Invest SA, 6.88%, 11/26/24 (Call 11/26/21)^(b)		200		187,052
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)^(a)(e)		200		208,154
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/01/20)		170		170,092
5.38%, 08/15/22 (Call 05/29/20)		241		241,116
5.38%, 01/15/24 (Call 01/15/21)		350		352,538
5.63%, 02/01/23 (Call 05/29/20)		121		121,154
Metropolitan Light Co. Ltd., 5.50%, 11/21/22 (Call 11/21/20)^(a)		264		263,815
Motorola Solutions Inc.
3.50%, 03/01/23		80		82,150
3.75%, 05/15/22		253		261,774
4.00%, 09/01/24		35		37,341
MTN Mauritius Investment Ltd., 4.76%, 11/11/24^(b)		400		368,440
Nokia OYJ, 3.38%, 06/12/22		150		151,395
Ooredoo International Finance Ltd., 3.25%, 02/21/23^(a)		500		511,935
Orange SA, 4.13%, 09/14/21		688		719,882
ORBCOMM Inc., 8.00%, 04/01/24 (Call 04/01/21)^(a)		75		69,039
Oztel Holdings SPC Ltd., 5.63%, 10/24/23^(b)		200		183,832
PCCW-HKT Capital No. 5 Ltd., 3.75%, 03/08/23^(b)		200		206,882
Plantronics Inc., 5.50%, 05/31/23 (Call 05/15/20)^(a)		165		132,389
Proven Glory Capital Ltd., 3.25%, 02/21/22^(b)		200		201,182
Qwest Corp., 6.75%, 12/01/21		300		313,482
Rogers Communications Inc.
3.00%, 03/15/23 (Call 12/15/22)		334		350,146
4.10%, 10/01/23 (Call 07/01/23)		193		212,207
Sprint Communications Inc.
6.00%, 11/15/22		750		792,465
9.25%, 04/15/22		75		82,579
11.50%, 11/15/21		333		372,314
Sprint Corp.
7.13%, 06/15/24		775		869,426
7.25%, 09/15/21		760		797,141
7.63%, 02/15/25 (Call 11/15/24)		500		575,020
7.88%, 09/15/23		1,325		1,488,452
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
3.36%, 09/20/21^(a)		328		329,057
4.74%, 03/20/25^(a)		200		211,952
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)		550		570,988
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22		350		362,632
Telefonica Emisiones SA, 4.57%, 04/27/23		200		215,982
Telstra Corp. Ltd., 4.80%, 10/12/21^(a)		96		100,656
T-Mobile USA Inc.
3.50%, 04/15/25 (Call 03/15/25)^(a)		1,435		1,517,828
4.00%, 04/15/22 (Call 03/16/22)		225		230,128
6.00%, 03/01/23 (Call 09/01/20)		338		341,576
6.00%, 04/15/24 (Call 04/15/21)		300		306,156
6.38%, 03/01/25 (Call 09/01/20)		550		566,968
6.50%, 01/15/24 (Call 01/15/21)		300		307,182
Trilogy International Partners LLC/Trilogy International Finance Inc., 8.88%, 05/01/22 (Call 05/01/20)^(a)(c)		110		102,621
Turk Telekomunikasyon AS, 4.88%, 06/19/24^(b)		300		282,744
VEON Holdings BV
3.95%, 06/16/21 (Call 03/16/21)^(b)		450		452,768
4.95%, 06/16/24 (Call 03/16/24)^(b)		300		314,946
Verizon Communications Inc. 2.45%, 11/01/22 (Call 08/01/22)		469		485,485


46		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
2.95%, 03/15/22	$	1,338	$	1,391,373
3.13%, 03/16/22		628		655,136
3.38%, 02/15/25		725		793,599
3.50%, 11/01/24 (Call 08/01/24)		125		136,736
4.15%, 03/15/24 (Call 12/15/23)		35		38,792
5.15%, 09/15/23		1,554		1,766,059
VF Ukraine PAT via VFU Funding PLC, 6.20%, 02/11/25 (Call 02/11/22)^(b)		200		181,274
Vodafone Group PLC
2.50%, 09/26/22		25		25,719
2.95%, 02/19/23		20		20,895
3.75%, 01/16/24		1,017		1,097,150
Xplornet Communications Inc. (10.63% PIK), 9.63%, 06/01/22 (Call 06/01/20)^(a)(h)		145		146,216

				40,695,110

Textiles — 0.0%
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)		197		209,330


Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)		143		142,355
Mattel Inc., 3.15%, 03/15/23 (Call 12/15/22)		81		74,563

				216,918

Transportation — 0.5%
AP Moller — Maersk A/S, 3.75%, 09/22/24 (Call 06/22/24)^(a)		88		89,279
AVIC International Finance & Investment Ltd., 4.38%, 05/23/21^(b)		200		204,602
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)		341		358,749
3.05%, 03/15/22 (Call 12/15/21)		244		252,028
3.05%, 09/01/22 (Call 06/01/22)		360		375,275
3.40%, 09/01/24 (Call 12/01/23)		15		16,336
3.45%, 09/15/21 (Call 06/15/21)		74		75,954
3.75%, 04/01/24 (Call 01/01/24)		510		556,078
3.85%, 09/01/23 (Call 06/01/23)		500		545,780
Canadian National Railway Co., 2.85%, 12/15/21 (Call 09/15/21)		119		121,529
Canadian Pacific Railway Co., 2.90%, 02/01/25 (Call 11/01/24)		600		635,448
COSCO Finance 2011 Ltd., 4.00%, 12/03/22^(b)		200		212,160
CRCC Chengan Ltd., 3.97%, (Call 06/27/24)^(b)(d)(e)		400		395,924
CSX Corp.
3.70%, 11/01/23 (Call 08/01/23)		96		103,307
4.25%, 06/01/21 (Call 03/01/21)		405		415,445
Eastern Creation II Investment Holdings Ltd., 2.80%, 07/15/22^(b)		400		404,104
Empresa de Transporte de Pasajeros Metro SA, 4.75%, 02/04/24^(b)		600		642,210
FedEx Corp.
2.63%, 08/01/22		432		442,938
3.40%, 01/14/22		100		103,049
4.00%, 01/15/24		240		258,566
Global Ship Lease Inc., 9.88%, 11/15/22 (Call 11/15/20)^(a)		200		175,936
Hidrovias International Finance SARL, 5.95%, 01/24/25 (Call 01/24/22)^(b)		300		273,087
Hornbeck Offshore Services Inc., 5.00%, 03/01/21 (Call 05/29/20)		50		2,708
JB Hunt Transport Services Inc., 3.30%, 08/15/22 (Call 06/15/22)		10		10,234
Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23)		345		351,131


Security	Par (000)		Value

Transportation (continued)
Kenan Advantage Group Inc. (The), 7.88%, 07/31/23 (Call 07/31/20)^(a)(c)	$	125	$	104,503
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., 8.13%, 11/15/21 (Call 06/01/20)^(a)		210		139,268
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 01/15/21)^(a)		196		78,035
Norfolk Southern Corp.
2.90%, 02/15/23 (Call 11/15/22)		222		230,134
3.00%, 04/01/22 (Call 01/01/22)		42		43,378
3.25%, 12/01/21 (Call 09/01/21)		689		707,954
3.85%, 01/15/24 (Call 10/15/23)		98		105,491
Pelabuhan Indonesia III Persero PT, 4.50%, 05/02/23^(b)		200		202,252
Rumo Luxembourg Sarl, 7.38%, 02/09/24 (Call 02/09/21)^(b)		500		515,575
Russian Railways via RZD Capital PLC, 5.70%, 04/05/22^(b)		600		631,110
Ryder System Inc.
2.25%, 09/01/21 (Call 08/01/21)		230		228,116
2.50%, 09/01/22 (Call 08/01/22)		155		152,529
2.50%, 09/01/24 (Call 08/01/24)		85		83,150
2.80%, 03/01/22 (Call 02/01/22)		25		24,920
2.88%, 06/01/22 (Call 05/01/22)		55		54,919
3.40%, 03/01/23 (Call 02/01/23)		265		268,273
3.50%, 06/01/21		225		226,755
3.65%, 03/18/24 (Call 02/18/24)		284		292,333
3.75%, 06/09/23 (Call 05/09/23)		135		139,691
3.88%, 12/01/23 (Call 11/01/23)		322		330,675
SCF Capital Designated Activity Co., 5.38%, 06/16/23^(b)		400		412,740
Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23 (Call 07/15/20)^(a)		250		224,375
Transnet SOC Ltd., 4.00%, 07/26/22^(a)		200		184,044
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/24^(b)		200		169,144
Union Pacific Corp.
2.75%, 04/15/23 (Call 01/15/23)		29		30,257
2.95%, 03/01/22		120		124,388
2.95%, 01/15/23 (Call 10/15/22)		75		77,989
3.15%, 03/01/24 (Call 02/01/24)		449		480,883
3.20%, 06/08/21		125		127,758
3.25%, 01/15/25 (Call 10/01/24)		50		53,893
3.50%, 06/08/23 (Call 05/08/23)		610		648,338
3.65%, 02/15/24 (Call 11/15/23)		440		473,572
3.75%, 03/15/24 (Call 12/15/23)		25		27,025
4.16%, 07/15/22 (Call 04/15/22)		429		456,074
United Parcel Service Inc.
2.20%, 09/01/24 (Call 08/01/24)		150		155,659
2.35%, 05/16/22 (Call 04/16/22)		275		284,199
2.45%, 10/01/22		590		612,497
2.50%, 04/01/23 (Call 03/01/23)		507		529,004
2.80%, 11/15/24 (Call 09/15/24)		73		77,681
Watco Companies LLC/Watco Finance Corp., 6.38%, 04/01/23 (Call 04/01/21)^(a)		162		156,840
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/20)^(a)		162		163,972
6.25%, 05/01/25 (Call 05/01/22)^(a)		75		75,954
6.50%, 06/15/22 (Call 06/15/20)^(a)		369		370,469
6.75%, 08/15/24 (Call 08/15/21)^(a)		302		311,410

				17,809,083


SCHEDULES OF INVESTMENTS			47

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Trucking & Leasing — 0.1%
Aviation Capital Group LLC
2.88%, 01/20/22 (Call 12/20/21)^(a)	$	103	$	89,203
3.88%, 05/01/23 (Call 04/01/23)^(a)		439		364,484
4.38%, 01/30/24 (Call 12/30/23)^(a)		200		180,864
6.75%, 04/06/21^(a)		250		235,545
CMB International Leasing Management Ltd., 3.00%, 07/03/24^(b)		400		420,252
DAE Funding LLC
4.50%, 08/01/22 (Call 08/01/20)^(b)(c)		275		245,275
5.00%, 08/01/24 (Call 08/01/20)^(b)		400		354,560
Fly Leasing Ltd., 6.38%, 10/15/21 (Call 10/15/20)^(c)		200		185,398
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/22 (Call 03/15/21)^(a)		271		244,653
GATX Corp., 4.35%, 02/15/24 (Call 01/15/24)		75		80,007
Penske Truck Leasing Co. LP/PTL Finance Corp.
2.70%, 03/14/23 (Call 02/14/23)^(a)		630		631,468
2.70%, 11/01/24 (Call 10/01/24)^(a)		65		64,333
3.38%, 02/01/22 (Call 12/01/21)^(a)		325		329,869
3.45%, 07/01/24 (Call 06/01/24)^(a)		89		91,393
3.65%, 07/29/21 (Call 06/29/21)^(a)		31		31,398
3.90%, 02/01/24 (Call 01/01/24)^(a)		285		294,377
4.13%, 08/01/23 (Call 07/01/23)^(a)		355		370,858
4.25%, 01/17/23^(a)		40		41,678
4.88%, 07/11/22^(a)		120		125,768
SMBC Aviation Capital Finance DAC
3.00%, 07/15/22 (Call 06/15/22)^(a)		310		308,134
4.13%, 07/15/23 (Call 06/15/23)^(a)		250		256,530

				4,946,047

Water — 0.0%
Agua y Saneamientos Argentinos SA, 6.63%, 02/01/23 (Call 02/01/21)^(b)		300		68,760
American Water Capital Corp., 3.85%, 03/01/24 (Call 12/01/23)		115		125,809

				194,569


Total Corporate Bonds & Notes — 35.3% (Cost: $1,280,800,404)				1,269,067,479


Foreign Government Obligations^(k)

Argentina — 0.1%
Argentina Bonar Bonds
8.75%, 05/07/24^(g)		675		159,631
8.75%, 05/07/24		3,200		756,768
Argentine Republic Government International Bond
4.63%, 01/11/23^(g)		800		224,136
5.63%, 01/26/22^(g)		1,215		340,200
Provincia de Buenos Aires/Government Bonds
6.50%, 02/15/23^(b)		400		110,280
9.13%, 03/16/24^(b)		500		139,110
9.95%, 06/09/21^(b)		150		39,685
Provincia de Cordoba, 7.45%, 09/01/24^(b)		150		57,708

				1,827,518

Azerbaijan — 0.0%
Republic of Azerbaijan International Bond, 4.75%, 03/18/24^(b)		600		606,048
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23^(b)		200		200,130

				806,178


Security	Par (000)		Value

Bahrain — 0.0%
Bahrain Government International Bond
6.13%, 07/05/22^(a)	$	400	$	402,016
6.13%, 08/01/23^(b)		600		603,072
CBB International Sukuk Co. 5 SPC, 5.62%, 02/12/24^(b)		200		195,870
CBB International Sukuk Co. 6 Spc, 5.25%, 03/20/25^(b)		200		194,200

				1,395,158

Belarus — 0.0%
Development Bank of the Republic of Belarus JSC, 6.75%, 05/02/24^(b)		200		184,704
Republic of Belarus International Bond, 6.88%, 02/28/23^(b)		200		195,974

				380,678

Bermuda — 0.0%
Bermuda Government International Bond, 4.85%, 02/06/24^(b)		500		520,415


Bolivia — 0.0%
Bolivian Government International Bond, 4.88%, 10/29/22^(b)		200		187,302


Brazil — 0.1%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23^(b)		400		415,196
Brazilian Government International Bond
2.63%, 01/05/23		1,400		1,401,568
4.25%, 01/07/25^(c)		1,000		1,035,070
8.75%, 02/04/25^(c)		300		363,168
8.88%, 04/15/24		100		122,161

				3,337,163

Canada — 0.8%
Canada Government International Bond
1.63%, 01/22/25		1,085		1,139,293
2.00%, 11/15/22		485		503,653
2.63%, 01/25/22		1,175		1,219,838
CDP Financial Inc.
1.00%, 04/17/23^(a)		1,000		1,008,050
2.75%, 03/07/22^(a)		500		519,465
Export Development Canada
1.38%, 10/21/21		335		339,653
1.38%, 02/24/23		835		856,994
1.50%, 05/26/21		360		364,255
2.00%, 05/17/22		1,340		1,382,853
2.50%, 01/24/23		560		591,058
2.63%, 02/21/24		695		750,982
Hydro-Quebec, Series IO, 8.05%, 07/07/24		250		326,203
OMERS Finance Trust, 2.50%, 05/02/24^(a)		500		530,850
Ontario Teachers’ Finance Trust, 2.13%, 09/19/22^(a)		1,250		1,292,962
Province of Alberta Canada
1.88%, 11/13/24^(c)		900		933,903
2.20%, 07/26/22		466		481,080
2.95%, 01/23/24^(c)		900		969,579
3.35%, 11/01/23		450		489,087
Province of British Columbia Canada
2.00%, 10/23/22		941		975,356
2.65%, 09/22/21		295		303,823
Province of Manitoba Canada
2.10%, 09/06/22		493		509,530
2.13%, 05/04/22		260		267,826
2.60%, 04/16/24		500		536,050


48		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Canada (continued)
Province of Ontario Canada
2.20%, 10/03/22	$	314	$	325,794
2.25%, 05/18/22		1,061		1,096,597
2.40%, 02/08/22		430		443,644
2.45%, 06/29/22		245		254,709
2.50%, 09/10/21		556		570,406
2.55%, 04/25/22		510		529,574
3.05%, 01/29/24		1,702		1,847,725
3.20%, 05/16/24		535		586,858
3.40%, 10/17/23		946		1,033,846
Province of Quebec Canada
1.50%, 02/11/25		1,416		1,464,526
2.38%, 01/31/22		828		853,627
2.50%, 04/09/24^(c)		1,250		1,339,500
2.63%, 02/13/23		375		395,681
2.75%, 08/25/21		400		411,332
Series QO, 2.88%, 10/16/24		93		101,805

				27,547,967

Chile — 0.0%
Chile Government International Bond
3.13%, 03/27/25		200		212,302
3.25%, 09/14/21		610		629,032

				841,334

China — 0.1%
China Government International Bond
2.13%, 11/02/22^(b)		800		823,424
3.25%, 10/19/23^(b)		400		430,728
Export-Import Bank of China (The)
2.63%, 03/14/22^(b)		600		614,040
2.75%, 11/28/22^(b)		1,000		1,032,850

				2,901,042

Colombia — 0.1%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		700		686,672
4.00%, 02/26/24 (Call 11/26/23)		800		810,952
4.38%, 07/12/21		750		761,782
8.13%, 05/21/24		200		230,994

				2,490,400

Costa Rica — 0.0%
Costa Rica Government International Bond, 4.25%, 01/26/23^(b)		200		179,158


Croatia — 0.0%
Croatia Government International Bond
5.50%, 04/04/23^(b)		500		540,240
6.00%, 01/26/24^(b)		400		446,476

				986,716

Denmark — 0.0%
Kommunekredit, 2.25%, 11/16/22^(b)		500		521,455


Dominican Republic — 0.0%
Dominican Republic International Bond
5.50%, 01/27/25^(b)		400		374,232
5.88%, 04/18/24^(b)		200		193,298
6.60%, 01/28/24^(b)		200		194,988
7.50%, 05/06/21^(b)		400		398,564

				1,161,082


Security	Par (000)		Value

Ecuador — 0.0%
Ecuador Government International Bond
7.88%, 03/27/25^(b)(g)	$	200	$	56,996
7.95%, 06/20/24^(b)(g)		850		265,481
8.75%, 06/02/23^(b)(g)		600		186,252
10.75%, 03/28/22^(b)(g)		850		270,155

				778,884

Egypt — 0.0%
Egypt Government International Bond
4.55%, 11/20/23^(b)		600		563,358
6.13%, 01/31/22^(b)		600		598,320
6.20%, 03/01/24^(b)		200		194,030

				1,355,708

El Salvador — 0.0%
El Salvador Government International Bond
5.88%, 01/30/25^(b)		200		159,514
7.75%, 01/24/23^(b)		200		171,928

				331,442

Finland — 0.1%
Finnvera Oyj, 1.63%, 10/23/24^(a)		750		780,345
Municipality Finance PLC
2.50%, 11/15/23^(a)		500		533,075
2.88%, 03/07/23^(a)		400		426,576

				1,739,996

France — 0.1%
Agence Francaise de Developpement EPIC, 2.75%, 01/22/22^(b)		1,000		1,036,770
Caisse d’Amortissement de la Dette Sociale, 1.88%, 02/12/22^(a)(c)		500		512,525

				1,549,295

Gabon — 0.0%
Gabon Government International Bond, 6.38%, 12/12/24^(b)		250		180,120


Germany — 0.1%
FMS Wertmanagement
1.38%, 06/08/21		825		833,811
2.00%, 08/01/22		740		765,730
2.75%, 03/06/23		525		559,046
2.75%, 01/30/24		1,150		1,246,083
Land Nordrhein-Westfalen, 1.50%, 02/13/23		1,000		1,026,230

				4,430,900

Guatemala — 0.0%
Guatemala Government Bond, 5.75%, 06/06/22^(b)		200		204,242


Hong Kong — 0.0%
Hong Kong Government International Bond, 2.50%, 05/28/24^(a)		200		211,166


Hungary — 0.1%
Hungary Government International Bond
5.38%, 02/21/23		450		486,752
5.75%, 11/22/23		1,148		1,278,493

				1,765,245

India — 0.0%
Export-Import Bank of India
3.13%, 07/20/21^(b)		200		199,580
4.00%, 01/14/23^(b)		600		612,564

				812,144


SCHEDULES OF INVESTMENTS			49

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Indonesia — 0.2%
Indonesia Government International Bond
2.95%, 01/11/23	$	340	$	340,218
3.38%, 04/15/23^(b)		646		656,866
3.70%, 01/08/22^(b)		400		406,012
3.75%, 04/25/22^(b)		450		457,501
4.13%, 01/15/25^(b)		600		627,276
4.45%, 02/11/24		200		210,706
4.88%, 05/05/21^(b)		600		612,018
5.38%, 10/17/23^(b)		400		432,008
5.88%, 01/15/24^(b)		800		881,496
Lembaga Pembiayaan Ekspor Indonesia, 3.88%, 04/06/24^(b)		200		197,122
Perusahaan Penerbit SBSN Indonesia III
3.40%, 03/29/22^(b)		400		404,596
3.75%, 03/01/23^(b)		400		408,196
3.90%, 08/20/24^(b)		400		411,852
4.35%, 09/10/24^(b)		400		418,232

				6,464,099

Iraq — 0.0%
Iraq International Bond, 6.75%, 03/09/23^(b)		300		226,491


Israel — 0.0%
Israel Government AID Bond, 5.50%, 09/18/23		330		383,543
Israel Government International Bond
3.15%, 06/30/23		500		526,620
4.00%, 06/30/22		500		528,125

				1,438,288

Italy — 0.1%
Republic of Italy Government International Bond
2.38%, 10/17/24		975		954,281
6.88%, 09/27/23		1,192		1,349,761

				2,304,042

Japan — 0.3%
Development Bank of Japan Inc.
1.63%, 09/01/21^(a)		250		253,323
1.88%, 10/02/24^(b)		500		519,075
2.50%, 10/18/22^(b)		700		729,225
3.13%, 09/06/23^(a)		775		833,729
Japan Bank for International Cooperation
1.50%, 07/21/21		1,250		1,261,825
2.00%, 11/04/21		400		407,916
2.38%, 07/21/22		700		725,067
2.38%, 11/16/22		700		728,434
2.50%, 06/01/22		940		974,301
2.50%, 05/23/24		1,750		1,862,857
3.00%, 05/29/24		500		542,265
3.25%, 07/20/23		500		538,535
3.38%, 10/31/23		400		434,752

				9,811,304

Jersey — 0.1%
IDB Trust Services Ltd.
1.81%, 02/26/25^(b)		1,000		1,032,660
1.96%, 10/02/24^(b)		500		515,745
2.26%, 12/07/21^(b)		400		408,472
2.84%, 04/25/24^(b)		500		532,410
3.39%, 09/26/23^(b)		500		538,855

				3,028,142


Security	Par (000)		Value

Kazakhstan — 0.0%
Kazakhstan Government International Bond, 3.88%, 10/14/24^(b)	$	600	$	632,982


Kenya — 0.0%
Kenya Government International Bond, 6.88%, 06/24/24^(b)		700		643,608


Kuwait — 0.0%
Kuwait International Government Bond, 2.75%, 03/20/22^(b)		1,400		1,431,612


Lebanon — 0.0%
Lebanon Government International Bond
6.00%, 01/27/23^(b)(g)		600		95,562
6.10%, 10/04/22^(b)(g)		150		23,886
6.25%, 05/27/22^(g)		185		29,779
6.40%, 05/26/23^(g)		100		16,121
6.65%, 04/22/24^(b)(g)		250		40,075

				205,423

Lithuania — 0.0%
Lithuania Government International Bond, 6.63%, 02/01/22^(b)		400		435,528


Malaysia — 0.1%
1MDB Global Investments Ltd., 4.40%, 03/09/23^(b)		1,000		890,780
Export-Import Bank of Malaysia Bhd, 2.48%, 10/20/21^(b)		400		400,188
Wakala Global Sukuk Bhd, 4.65%, 07/06/21^(a)		250		258,508

				1,549,476

Mexico — 0.1%
Mexico Government International Bond
3.63%, 03/15/22		2,300		2,340,250
4.00%, 10/02/23		1,170		1,196,255
8.00%, 09/24/22		300		337,665

				3,874,170

Mongolia — 0.0%
Mongolia Government International Bond
5.13%, 12/05/22^(b)		650		578,520
5.63%, 05/01/23^(b)		400		355,688

				934,208

Morocco — 0.0%
Morocco Government International Bond, 4.25%, 12/11/22^(b)		420		437,518


Namibia — 0.0%
Namibia International Bonds, 5.50%, 11/03/21^(b)		200		193,252


Nigeria — 0.0%
Nigeria Government International Bond, 6.38%, 07/12/23^(b)		200		172,096


Norway — 0.1%
Kommunalbanken AS
2.00%, 06/19/24^(a)		1,050		1,109,472
2.50%, 01/11/23^(a)		450		473,787
2.75%, 02/05/24^(a)		500		540,390
2.88%, 06/14/21^(a)		500		513,380
3.13%, 10/18/21^(a)		500		519,265

				3,156,294

Oman — 0.1%
Oman Government International Bond
3.63%, 06/15/21^(b)		600		576,000
3.88%, 03/08/22^(b)		600		552,192


50		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oman (continued)
4.13%, 01/17/23^(b)	$	500	$	436,300
4.88%, 02/01/25^(b)		200		164,966
Oman Sovereign Sukuk SAOC, 4.40%, 06/01/24^(b)		700		649,320

				2,378,778

Pakistan — 0.0%
Pakistan Government International Bond, 8.25%, 04/15/24^(b)		200		189,650
Third Pakistan International Sukuk Co. Ltd. (The)
5.50%, 10/13/21^(b)		200		188,766
5.63%, 12/05/22^(b)		400		368,276

				746,692

Panama — 0.0%
Panama Government International Bond, 3.75%, 03/16/25 (Call 12/16/24)		300		315,972


Paraguay — 0.0%
Paraguay Government International Bond, 4.63%, 01/25/23^(b)		200		204,794


Peru — 0.0%
Corp. Financiera de Desarrollo SA, 4.75%, 02/08/22^(b)		500		513,660
Fondo MIVIVIENDA SA, 3.50%, 01/31/23^(b)		570		570,695

				1,084,355

Philippines — 0.0%
Philippine Government International Bond, 4.20%, 01/21/24		900		964,710


Poland — 0.1%
Republic of Poland Government International Bond
3.00%, 03/17/23		800		837,712
4.00%, 01/22/24		171		187,178
5.00%, 03/23/22		1,160		1,239,495

				2,264,385

Qatar — 0.1%
Qatar Government International Bond
2.38%, 06/02/21^(b)		800		808,688
3.38%, 03/14/24^(b)		400		422,772
3.40%, 04/16/25^(a)		1,000		1,064,730
3.88%, 04/23/23^(b)		900		955,098
4.50%, 01/20/22^(a)		914		957,452
SoQ Sukuk A QSC, 3.24%, 01/18/23^(b)		550		570,647

				4,779,387

Romania — 0.1%
Romanian Government International Bond
4.38%, 08/22/23^(b)		600		624,132
4.88%, 01/22/24^(b)		150		159,039
6.75%, 02/07/22^(b)		700		743,085

				1,526,256

Russia — 0.1%
Russian Foreign Bond-Eurobond
4.50%, 04/04/22^(b)		1,600		1,684,128
4.88%, 09/16/23^(b)		600		655,056

				2,339,184

Saudi Arabia — 0.2%
KSA Sukuk Ltd., 2.89%, 04/20/22^(b)		2,000		2,042,700
Saudi Government International Bond
2.38%, 10/26/21^(b)		1,800		1,820,700
2.88%, 03/04/23^(b)		650		666,009


Security	Par (000)		Value

Saudi Arabia (continued)
4.00%, 04/17/25^(b)	$	1,600	$	1,709,904

				6,239,313

Serbia — 0.0%
Serbia International Bond, 7.25%, 09/28/21^(b)		532		557,281


South Africa — 0.0%
Republic of South Africa Government International Bond, 5.88%, 05/30/22		800		823,664


South Korea — 0.2%
Export-Import Bank of Korea
1.88%, 10/21/21		200		201,844
2.36%, 06/01/23, (3 mo. LIBOR US + 0.775%)^(f)		200		198,604
2.50%, 05/10/21		200		202,570
2.69%, 11/01/22, (3 mo. LIBOR US + 0.925%)^(f)		1,000		1,001,030
2.75%, 01/25/22		1,000		1,023,560
3.00%, 11/01/22		200		208,388
4.00%, 01/14/24		200		217,814
4.38%, 09/15/21		400		416,804
5.00%, 04/11/22		900		963,441
Industrial Bank of Korea, 2.13%, 10/23/24^(b)		400		409,284
Korea Development Bank (The), 1.75%, 02/18/25		500		503,660
Korea International Bond
2.00%, 06/19/24		600		623,244
3.88%, 09/11/23		200		219,006
Suhyup Bank, 3.63%, 01/29/24^(b)		200		212,562

				6,401,811

Sri Lanka — 0.0%
Sri Lanka Government International Bond
5.75%, 01/18/22^(b)		200		125,680
5.75%, 04/18/23^(b)		400		235,928
6.25%, 07/27/21^(b)		300		210,000
6.35%, 06/28/24^(b)		200		120,180
6.85%, 03/14/24^(b)		400		241,224

				933,012

Supranational — 2.5%
African Development Bank
0.75%, 04/03/23		1,000		1,009,360
1.25%, 07/26/21		680		686,922
1.63%, 09/16/22		25		25,712
2.13%, 11/16/22		1,045		1,089,726
2.38%, 09/23/21		320		328,781
3.00%, 09/20/23		1,281		1,389,168
African Export-Import Bank (The)
4.00%, 05/24/21^(b)		250		251,335
4.13%, 06/20/24^(b)		250		244,873
5.25%, 10/11/23^(b)		250		250,680
Asian Development Bank
1.50%, 10/18/24		2,933		3,059,324
1.63%, 01/24/23		1,000		1,032,590
1.75%, 06/08/21^(c)		1,008		1,023,241
1.75%, 09/13/22		1,961		2,022,124
1.88%, 02/18/22		445		456,962
2.00%, 02/16/22^(c)		1,015		1,044,222
2.00%, 01/22/25		128		136,559
2.63%, 01/30/24		1,418		1,532,050
2.75%, 03/17/23		1,361		1,450,880
Asian Infrastructure Investment Bank (The), 2.25%, 05/16/24		1,384		1,477,780


SCHEDULES OF INVESTMENTS			51

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Supranational (continued)
Banque Ouest Africaine de Developpement, 5.50%, 05/06/21^(a)	$	200	$	198,798
Corp. Andina de Fomento
2.13%, 09/27/21		310		310,639
4.38%, 06/15/22		750		787,687
Council of Europe Development Bank
1.75%, 09/26/22		710		731,591
2.63%, 02/13/23		940		995,836
European Bank for Reconstruction & Development
1.50%, 11/02/21		135		137,242
1.50%, 02/13/25		1,150		1,198,633
1.88%, 02/23/22		485		497,741
2.13%, 03/07/22		285		293,955
2.75%, 03/07/23		410		436,634
European Investment Bank
1.38%, 09/15/21		891		903,135
1.63%, 06/15/21		65		65,912
1.63%, 03/14/25		2,000		2,105,140
2.00%, 12/15/22		1,335		1,390,176
2.13%, 10/15/21		565		579,215
2.25%, 03/15/22		1,347		1,394,118
2.25%, 08/15/22^(c)		1,190		1,240,099
2.25%, 06/24/24		1,525		1,636,172
2.38%, 05/13/21		850		867,476
2.38%, 06/15/22		2,445		2,548,423
2.50%, 03/15/23		2,299		2,434,687
2.63%, 05/20/22		1,116		1,167,012
2.63%, 03/15/24		2,680		2,900,966
2.88%, 12/15/21		78		81,176
2.88%, 08/15/23		1,697		1,831,555
3.13%, 12/14/23		399		437,292
3.25%, 01/29/24		2,989		3,298,092
European Stability Mechanism, 1.38%, 09/11/24^(a)		1,000		1,033,530
Inter-American Development Bank
0.88%, 04/03/25		2,000		2,031,320
1.25%, 09/14/21		518		524,133
1.75%, 04/14/22		1,152		1,182,735
1.75%, 09/14/22		816		841,231
1.75%, 03/14/25		108		114,140
1.88%, 07/23/21		10		10,182
2.13%, 01/18/22^(c)		1,169		1,203,334
2.13%, 01/15/25		1,007		1,079,625
2.50%, 01/18/23		1,454		1,535,366
2.63%, 01/16/24		1,026		1,107,116
3.00%, 10/04/23		624		677,939
3.00%, 02/21/24		646		707,990
International Bank for Reconstruction & Development
0.75%, 03/11/25		2,000		2,019,680
1.38%, 05/24/21		890		899,381
1.38%, 09/20/21		826		837,382
1.50%, 08/28/24		137		142,762
1.63%, 02/10/22		2,644		2,702,009
1.63%, 01/15/25		560		588,151
1.88%, 06/19/23		265		276,978
2.00%, 01/26/22		2,023		2,080,372
2.13%, 07/01/22		1,050		1,089,291
2.13%, 02/13/23		310		324,465
2.25%, 06/24/21		1,100		1,123,617
2.50%, 03/19/24		3,955		4,267,208
2.50%, 11/25/24		1,094		1,190,644


Security	Par (000)		Value

Supranational (continued)
2.75%, 07/23/21	$	2,235	$	2,300,061
3.00%, 09/27/23		1,955		2,123,775
7.63%, 01/19/23		1,826		2,179,112
International Development Association, 2.75%, 04/24/23^(a)		300		320,994
International Finance Corp.
1.13%, 07/20/21		300		302,628
1.38%, 10/16/24^(c)		864		893,782
2.00%, 10/24/22		872		906,130
2.88%, 07/31/23		540		582,552
Nordic Investment Bank
1.25%, 08/02/21		650		656,760
2.13%, 02/01/22		40		41,177
2.25%, 05/21/24		1,000		1,069,290
North American Development Bank, 2.40%, 10/26/22		150		154,350

				90,102,883

Sweden — 0.2%
Kommuninvest I Sverige AB
2.25%, 05/29/21^(a)		1,000		1,019,160
2.63%, 09/15/22^(a)		1,000		1,050,640
Svensk Exportkredit AB
1.75%, 12/12/23		200		208,126
2.00%, 08/30/22		500		516,905
2.38%, 03/09/22		450		465,305
2.88%, 05/22/21		575		589,358
2.88%, 03/14/23		760		809,202
3.13%, 11/08/21		10		10,394
Sweden Government International Bond
2.38%, 02/15/23^(a)		1,000		1,051,970
2.50%, 02/28/22^(a)		1,000		1,038,540

				6,759,600

Tunisia — 0.0%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25^(b)		200		168,054


Turkey — 0.3%
Export Credit Bank of Turkey, 4.25%, 09/18/22^(b)		400		381,400
Hazine Mustesarligi Varlik Kiralama AS
4.25%, 06/08/21^(b)		638		632,003
4.49%, 11/25/24^(b)		200		182,556
5.00%, 04/06/23^(b)		400		384,028
5.80%, 02/21/22^(b)		800		792,672
Turkey Government International Bond
3.25%, 03/23/23		600		553,596
4.25%, 03/13/25		600		536,634
5.60%, 11/14/24		1,000		952,510
5.75%, 03/22/24		800		771,944
6.25%, 09/26/22		980		982,470
6.35%, 08/10/24		900		885,492
7.25%, 12/23/23		600		607,686
7.38%, 02/05/25		950		966,786
Turkiye Ihracat Kredi Bankasi AS, 8.25%, 01/24/24^(b)		400		409,988

				9,039,765

Ukraine — 0.1%
Ukraine Government International Bond
7.75%, 09/01/21^(b)		800		771,448
7.75%, 09/01/22^(b)		400		382,476
7.75%, 09/01/23^(b)		430		408,909
7.75%, 09/01/24^(b)		450		424,593


52		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ukraine (continued)
8.99%, 02/01/24^(b)	$	200	$	195,558

				2,182,984

United Arab Emirates — 0.1%
Abu Dhabi Government International Bond
2.13%, 05/03/21^(b)		800		805,016
2.13%, 09/30/24^(b)		800		810,104
2.50%, 10/11/22^(b)		1,400		1,429,526
2.50%, 04/16/25^(a)		1,000		1,028,310
Dubai DOF Sukuk Ltd.
3.88%, 01/30/23^(b)		400		410,084
6.45%, 05/02/22^(b)		200		214,316

				4,697,356

Uruguay — 0.0%
Uruguay Government International Bond
4.50%, 08/14/24^(c)		400		427,516
8.00%, 11/18/22		80		87,061

				514,577

Venezuela — 0.0%
Venezuela Government International Bond
7.75%, 10/13/19^(g)		325		26,000
9.00%, 05/07/23^(g)		100		9,038
12.75%, 08/23/22^(g)		300		25,869

				60,907

Vietnam — 0.0%
Vietnam Government International Bond, 4.80%, 11/19/24^(b)		200		209,042


Zambia — 0.0%
Zambia Government International Bond
5.38%, 09/20/22^(b)		367		120,420
8.50%, 04/14/24^(b)		200		65,510

				185,930


Total Foreign Government Obligations — 6.7% (Cost: $243,280,601)				240,861,933


Municipal Debt Obligations

California — 0.1%
State of California GO BAB, 5.70%, 11/01/21		2,400		2,560,992


Florida — 0.0%
State Board of Administration Finance Corp. RB
Series A, 2.64%, 07/01/21		100		101,679
Series A, 3.00%, 07/01/20		250		250,790

				352,469

New York — 0.0%
New York State Urban Development Corp. RB, Series B, 2.10%, 03/15/22		125		125,752


Total Municipal Debt Obligations — 0.1% (Cost: $3,019,840)				3,039,213


U.S. Government & Agency Obligations

Mortgage-Backed Securities — 6.3%
Federal Home Loan Mortgage Corp.
2.50%, 01/01/30		759		795,155
2.50%, 08/01/31		491		515,343
2.50%, 10/01/31		1,382		1,447,218
2.50%, 12/01/31		724		758,725


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
2.50%, 02/01/32	$	814	$	854,644
2.50%, 01/01/33		2,292		2,413,551
3.00%, 05/01/29		309		327,220
3.00%, 05/01/30		682		720,856
3.00%, 06/01/30		57		60,234
3.00%, 07/01/30		425		448,971
3.00%, 12/01/30		722		763,244
3.00%, 05/01/31		281		297,316
3.00%, 06/01/31		182		192,833
3.50%, 05/01/32		136		145,542
3.50%, 09/01/32		122		129,616
3.50%, 07/01/33		472		498,813
3.50%, 06/01/34		2,567		2,711,068
3.70%, 02/01/45, (12 mo. LIBOR US + 1.622%)		32		33,357
4.00%, 05/01/33		383		406,387
Federal National Mortgage Association
3.77%, 04/01/44, (12 mo. LIBOR US + 1.590%)		71		73,104
3.78%, 12/01/44, (12 mo. LIBOR US + 1.576%)		30		31,223
Series 2012-M13, Class A2, 2.38%, 05/25/22		823		841,218
Series 2014-M13, Class A2, 3.02%, 08/25/24		100		107,471
FHLMC Multifamily Structured Pass Through Certificates
Series K010, Class A2, 4.33%, 10/25/20		816		817,621
Series K013, Class A2, 3.97%, 01/25/21 (Call 01/11/21)		50		50,565
Series K017, Class A2, 2.87%, 12/25/21		680		692,337
Series K020, Class A2, 2.37%, 05/25/22		100		102,211
Series K022, Class A2, 2.36%, 07/25/22		3,000		3,088,451
Series K027, Class A2, 2.64%, 01/25/23		2,358		2,457,768
Series K028, Class A2, 3.11%, 02/25/23		500		527,868
Series K030, Class A2, 3.25%, 04/25/23		2,500		2,655,222
Series K033, Class A2, 3.06%, 07/25/23		2,000		2,125,001
Series K034, Class A2, 3.53%, 07/25/23		1,250		1,346,253
Series K036, Class A2, 3.53%, 10/25/23		500		540,548
Series K038, Class A1, 2.60%, 10/25/23		35		36,112
Series K-1512, Class A2, 2.99%, 05/25/31		460		520,124
Series K-1512, Class A3, 3.06%, 04/25/34		450		508,372
Series K722, Class A2, 2.41%, 03/25/23		1,700		1,758,779
Series K724, Class A2, 3.06%, 11/25/23		1,500		1,593,619
Series K725, Class A1, 2.67%, 05/25/23		556		567,120
Series K729, Class A1, 2.95%, 02/25/24		2,771		2,840,533
Uniform Mortgage-Backed Securities
2.50%, 07/01/28		922		965,309
2.50%, 12/01/29		242		253,630
2.50%, 03/01/30		133		139,507
2.50%, 07/01/30		156		163,770
2.50%, 08/01/30		461		483,112
2.50%, 12/01/30		77		80,367
2.50%, 01/01/31		67		69,909
2.50%, 08/01/31		1,415		1,489,685
2.50%, 09/01/31		1,362		1,426,671
2.50%, 10/01/31		6,517		6,823,128
2.50%, 12/01/31		1,956		2,048,766
2.50%, 01/01/32		7,790		8,177,730
2.50%, 02/01/32		1,389		1,459,794
2.50%, 03/01/32		1,409		1,475,463
2.50%, 04/01/32		1,850		1,937,644
2.50%, 10/01/32		210		221,012
2.50%, 01/01/33		1,763		1,846,572
2.50%, 05/01/35^(l)		56,275		58,840,349
3.00%, 10/01/27		72		76,013
3.00%, 10/01/28		358		379,703


SCHEDULES OF INVESTMENTS			53

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.00%, 11/01/28	$	319	$	338,084
3.00%, 03/01/30		8,162		8,613,962
3.00%, 04/01/30		152		161,025
3.00%, 07/01/30		98		103,931
3.00%, 08/01/30		365		385,570
3.00%, 09/01/30		663		700,912
3.00%, 10/01/30		316		333,740
3.00%, 11/01/30		73		77,093
3.00%, 12/01/30		288		303,970
3.00%, 01/01/31		3,400		3,606,700
3.00%, 02/01/31		1,753		1,861,049
3.00%, 03/01/31		363		385,557
3.00%, 04/01/31		179		190,474
3.00%, 06/01/31		943		1,000,590
3.00%, 07/01/31		1,152		1,227,653
3.00%, 09/01/31		302		320,933
3.00%, 10/01/31		86		91,492
3.00%, 01/01/32		1,064		1,133,988
3.00%, 02/01/32		3,554		3,782,490
3.00%, 03/01/32		311		330,387
3.00%, 06/01/32		1,121		1,185,199
3.00%, 08/01/32		629		671,681
3.00%, 11/01/32		959		1,023,552
3.00%, 12/01/32		2,071		2,194,085
3.00%, 02/01/33		1,116		1,191,494
3.00%, 10/01/33		1,863		1,967,692
3.00%, 07/01/34		1,201		1,269,458
3.00%, 09/01/34		8,674		9,207,522
3.00%, 11/01/34		1,099		1,163,850
3.00%, 12/01/34		13,219		13,968,573
3.00%, 05/01/35^(l)		9,620		10,144,591
3.50%, 01/01/27		16		16,462
3.50%, 12/01/29		30		32,381
3.50%, 07/01/30		317		337,153
3.50%, 10/01/30		171		181,641
3.50%, 11/01/30		22		23,653
3.50%, 03/01/31		213		225,509
3.50%, 06/01/31		294		315,484
3.50%, 01/01/32		148		158,754
3.50%, 05/01/32		263		281,350
3.50%, 06/01/32		253		272,681
3.50%, 07/01/32		83		88,889
3.50%, 08/01/32		94		100,737
3.50%, 09/01/32		624		661,128
3.50%, 10/01/32		94		100,166
3.50%, 11/01/32		66		70,598
3.50%, 03/01/33		776		833,451
3.50%, 04/01/33		1,213		1,293,738
3.50%, 05/01/33		670		720,654
3.50%, 06/01/33		2,104		2,220,598
3.50%, 07/01/34		2,734		2,894,095
3.50%, 08/01/34		2,516		2,658,548
3.50%, 01/01/35		1,164		1,237,113
3.50%, 05/01/35^(l)		10,374		10,949,433
4.00%, 07/01/29		200		212,072
4.00%, 07/01/32		651		689,465
4.00%, 05/01/33		864		915,498
4.00%, 06/01/33		439		465,573
4.00%, 07/01/33		322		340,945
4.00%, 05/01/35^(l)		4,402		4,651,433


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.50%, 05/01/35^(l)	$	112	$	118,215
5.00%, 05/01/35^(l)		178		186,876

				227,351,337

U.S. Government Agency Obligations — 1.5%
Federal Farm Credit Banks Funding Corp.
1.85%, 07/26/24		35		36,628
1.90%, 06/24/21		115		116,754
2.85%, 09/20/21		645		664,531
Federal Home Loan Banks
1.13%, 07/14/21		970		979,904
1.38%, 09/28/20		250		251,092
1.50%, 08/15/24		260		271,417
1.88%, 12/11/20		180		181,717
1.88%, 11/29/21		200		205,122
2.13%, 06/10/22		600		623,268
2.13%, 06/09/23		300		315,684
2.38%, 09/10/21		600		616,014
2.63%, 12/10/21		650		674,381
2.88%, 12/10/21		275		285,766
3.00%, 12/09/22		3,724		3,980,323
3.38%, 09/08/23		1,105		1,212,715
3.63%, 06/11/21		6,915		7,162,557
Federal Home Loan Mortgage Corp.
1.13%, 08/12/21		1,150		1,162,719
2.38%, 02/16/21		900		915,462
2.38%, 01/13/22		3,720		3,852,209
2.75%, 06/19/23		4,195		4,505,094
Federal National Mortgage Association
1.25%, 05/06/21		1,700		1,718,054
1.25%, 08/17/21		900		911,106
1.38%, 02/26/21		850		857,786
1.38%, 10/07/21		875		889,035
1.75%, 07/02/24		6,750		7,099,312
1.88%, 04/05/22		1,500		1,546,185
2.00%, 01/05/22		790		812,997
2.00%, 10/05/22		1,400		1,456,966
2.25%, 04/12/22		525		545,270
2.38%, 01/19/23		2,610		2,754,255
2.50%, 02/05/24		505		543,653
2.63%, 01/11/22		410		426,347
2.63%, 09/06/24		2,050		2,239,338
2.88%, 10/30/20		2,750		2,786,245
2.88%, 09/12/23		800		866,360

				53,466,266

U.S. Government Obligations — 46.7%
U.S. Treasury Note/Bond
0.38%, 03/31/22^(c)		30,000		30,103,125
1.13%, 06/30/21		10,500		10,616,484
1.13%, 08/31/21		23,000		23,288,398
1.13%, 09/30/21		10,100		10,234,141
1.13%, 02/28/25		8,000		8,302,500
1.25%, 10/31/21		11,400		11,581,242
1.25%, 07/31/23		29,500		30,440,312
1.38%, 05/31/21		8,000		8,104,062
1.38%, 08/31/23		39,500		40,947,305
1.38%, 09/30/23		54,800		56,837,875
1.38%, 01/31/25		9,000		9,434,531
1.50%, 01/31/22		8,700		8,896,430
1.50%, 02/28/23		13,000		13,462,109


54		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations (continued)
1.50%, 03/31/23	$	2,000	$	2,073,438
1.50%, 09/30/24		11,500		12,087,578
1.50%, 10/31/24		15,000		15,776,953
1.63%, 08/15/22		3,500		3,612,930
1.63%, 08/31/22		2,500		2,581,836
1.63%, 11/15/22		25,000		25,880,859
1.63%, 04/30/23		2,000		2,082,188
1.63%, 05/31/23		16,800		17,504,813
1.75%, 11/30/21		8,000		8,196,250
1.75%, 02/28/22		9,550		9,819,340
1.75%, 03/31/22		6,000		6,176,719
1.75%, 04/30/22		6,700		6,906,758
1.75%, 05/15/22		9,750		10,054,688
1.75%, 05/31/22		2,500		2,579,688
1.75%, 06/30/22		5,900		6,095,898
1.75%, 09/30/22		6,000		6,221,250
1.75%, 01/31/23		18,000		18,745,312
1.75%, 05/15/23		16,000		16,722,500
1.75%, 06/30/24		11,500		12,180,117
1.75%, 07/31/24		12,500		13,251,953
1.75%, 12/31/24		15,000		15,976,172
1.88%, 11/30/21		5,000		5,132,617
1.88%, 01/31/22		22,500		23,154,785
1.88%, 02/28/22		26,250		27,051,856
1.88%, 03/31/22		8,200		8,461,695
1.88%, 04/30/22		15,250		15,755,156
1.88%, 05/31/22		2,800		2,897,125
1.88%, 07/31/22		8,500		8,817,422
1.88%, 08/31/22		8,200		8,515,828
1.88%, 09/30/22		5,500		5,719,570
1.88%, 08/31/24		19,800		21,114,844
2.00%, 05/31/21		8,800		8,973,938
2.00%, 08/31/21		10,500		10,754,297
2.00%, 10/31/21		6,500		6,675,449
2.00%, 11/15/21		8,700		8,941,969
2.00%, 12/31/21		13,546		13,950,263
2.00%, 02/15/22		14,300		14,757,488
2.00%, 07/31/22		9,100		9,465,422
2.00%, 10/31/22		8,200		8,561,953
2.00%, 11/30/22		5,500		5,750,078
2.00%, 02/15/23		8,000		8,391,250
2.00%, 04/30/24		34,500		36,807,187
2.00%, 06/30/24		14,000		14,970,156
2.00%, 02/15/25		27,500		29,644,141
2.13%, 05/31/21		12,000		12,253,125
2.13%, 06/30/21		6,750		6,902,402
2.13%, 08/15/21		29,300		30,026,777
2.13%, 09/30/21		60,500		62,154,297
2.13%, 12/31/21		34,000		35,082,422
2.13%, 05/15/22		6,500		6,752,383
2.13%, 06/30/22		12,500		13,018,555
2.13%, 12/31/22		16,300		17,120,094
2.13%, 11/30/23		7,000		7,457,734
2.13%, 02/29/24		37,000		39,555,312
2.13%, 03/31/24		18,000		19,272,656
2.13%, 07/31/24		13,900		14,952,274
2.13%, 09/30/24		15,000		16,176,562
2.13%, 11/30/24		7,800		8,431,313
2.25%, 12/31/23		8,350		8,944,938
2.25%, 01/31/24		23,000		24,671,094


Security	Par/ Shares (000)			Value


U.S. Government Obligations (continued)
2.25%, 04/30/24	$	12,600		$	13,570,594
2.25%, 10/31/24		7,200			7,813,688
2.25%, 11/15/24		19,600			21,279,781
2.25%, 12/31/24		9,000			9,792,422
2.38%, 01/31/23		7,000			7,410,703
2.38%, 02/29/24		14,000			15,103,594
2.38%, 08/15/24		23,400			25,434,703
2.50%, 01/15/22		32,050			33,299,449
2.50%, 02/15/22		12,000			12,491,250
2.50%, 03/31/23		8,000			8,525,000
2.50%, 01/31/24		16,500			17,852,227
2.50%, 05/15/24		28,000			30,452,188
2.50%, 01/31/25		9,300			10,243,078
2.63%, 05/15/21		18,000			18,456,328
2.63%, 07/15/21		20,000			20,587,500
2.63%, 02/28/23		5,500			5,870,391
2.63%, 06/30/23		5,250			5,641,289
2.63%, 03/31/25		5,250			5,829,961
2.75%, 09/15/21		26,200			27,120,070
2.75%, 04/30/23		13,800			14,830,688
2.75%, 07/31/23		16,500			17,826,445
2.75%, 08/31/23		12,000			12,985,313
2.75%, 02/28/25		12,450			13,879,805
2.88%, 10/15/21		9,000			9,352,266
2.88%, 11/15/21		130,000			135,357,422
2.88%, 09/30/23		8,000			8,706,875
2.88%, 11/30/23		9,900			10,811,883
3.13%, 05/15/21		17,000			17,513,320
7.13%, 02/15/23		6,500			7,743,633
7.25%, 08/15/22		1,000			1,160,469
7.50%, 11/15/24		20,000			26,440,625
8.00%, 11/15/21		1,000			1,119,297

					1,678,314,438


Total U.S. Government & Agency Obligations — 54.5% (Cost: $1,882,618,586)					1,959,132,041


Common Stocks

Diversified Financial Services — 0.0%
HoldCo.^(m)(n)		16			15,264


Total Common Stocks — 0.0% (Cost $15,264)					15,264


Preferred Stocks

Diversified Financial Services — 0.0%
HoldCo. Preference Shares^(m)(n)		0	^(o)		97


Total Preferred Stocks — 0.0% (Cost $97)					97


Warrants

Advertising —0.0%
Affinion Group Inc. (Expires 12/12/23)^(m)(n)		0	^(o)		0	^(p)


Total Warrants — 0.0% (Cost $0)					0	^(p)


SCHEDULES OF INVESTMENTS			55

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 5.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(q)(r)(s)		126,898	$	127,037,534
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(q)(r)(t)		51,589		51,589,233

				178,626,767


Total Short-Term Investments — 5.0% (Cost: $178,515,921)				178,626,767


Total Investments in Securities — 103.7% (Cost: $3,663,557,895)				3,726,418,256

Other Assets, Less Liabilities — (3.7)%				(131,862,276	)


Net Assets — 100.0%			$	3,594,555,980

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

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

^(d)	Perpetual security with no stated maturity date.

^(e)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(f)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

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

^(h)	Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

⁽ⁱ⁾	Zero-coupon bond.

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

^(k)	U.S. dollar denominated security issued by foreign domiciled entity.

^(l)	TBA transaction.

^(m)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽ⁿ⁾	Non-income producing security.

^(o)	Rounds to less than 1,000.

^(p)	Rounds to less than $1.

^(q)	Affiliate of the Fund.

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

^(s)	All or a portion of this security has been pledged as collateral in connection with outstanding TBA agreements.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	71,608	55,290	126,898	$	127,037,534	$	686,772		$	(15,370	)	$	85,472
BlackRock Cash Funds: Treasury, SL Agency Shares	29,770	21,819	51,589		51,589,233		107,821	^(b)		—			—

				$	178,626,767	$	794,593		$	(15,370	)	$	85,472

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


56		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core 1-5 Year USD Bond ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3			Total

Investments
Assets
Asset-Backed Securities	$	—	$	25,741,442	$	—		$	25,741,442
Collaterized Mortgage Obligations		—		49,934,020		—			49,934,020
Corporate Bonds & Notes		—		1,269,067,479		—			1,269,067,479
Foreign Government Obligations		—		240,861,933		—			240,861,933
Municipal Debt Obligations		—		3,039,213		—			3,039,213
U.S. Government & Agency Obligations		—		1,959,132,041		—			1,959,132,041
Common Stocks		—		—		15,264			15,264
Preferred Stocks		—		—		97			97
Warrants		—		—		0	^(a)		0	^(a)
Money Market Funds		178,626,767		—		—			178,626,767

	$	178,626,767	$	3,547,776,128	$	15,361		$	3,726,418,256

^(a)

Rounds to less than $1.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			57

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Corporate Bonds & Notes

Australia — 0.5%
APT Pipelines Ltd.
2.00%, 03/22/27^(a)	EUR		100	$	114,688
3.50%, 03/22/30^(a)	GBP		100		133,369
Aurizon Network Pty Ltd., 2.00%, 09/18/24^(a)	EUR		200		226,760
Ausgrid Finance Pty Ltd., 3.75%, 10/30/24 (Call 07/30/24)^(a)	AUD		200		139,561
AusNet Services Holdings Pty Ltd.
0.63%, 08/25/30^(a)	EUR		100		106,535
1.50%, 02/26/27^(a)	EUR		290		334,996
2.60%, 07/31/29	AUD		100		64,881
3.00%, 02/13/24^(a)	EUR		200		239,844
Australia & New Zealand Banking Group Ltd.
0.45%, 11/22/23^(a)	EUR		200		222,756
0.75%, 09/29/26^(a)	EUR		200		221,049
3.10%, 02/08/24^(a)	AUD		300		210,746
BHP Billiton Finance Ltd.
5.63%, 10/22/79 (Call 10/22/24)^(a)(b)	EUR		100		122,114
Series 09, 2.25%, 09/25/20^(a)	EUR		100		110,314
Series 11, 3.25%, 09/25/24^(a)	GBP		150		206,308
Series 12, 4.30%, 09/25/42	GBP		100		179,339
Series 17, 1.50%, 04/29/30 (Call 01/29/30)^(a)	EUR		200		225,551
Commonwealth Bank of Australia
0.50%, 07/11/22^(a)	EUR		400		437,940
0.50%, 07/27/26^(a)	EUR		100		111,515
0.75%, 11/04/21^(a)	EUR		300		332,734
0.88%, 02/19/29^(a)	EUR		200		230,379
1.94%, 10/03/29 (Call 10/03/24)^(a)(b)	EUR		100		109,804
2.75%, 11/17/21^(a)	AUD		200		134,923
3.00%, 01/11/24^(a)	AUD		200		140,061
3.00%, 09/04/26^(a)	GBP		100		143,052
Lonsdale Finance Pty Ltd., 2.45%, 11/20/26 (Call 08/20/26)^(a)	AUD		200		126,626
Macquarie Bank Ltd.
1.13%, 01/20/22^(a)	EUR		200		220,363
1.75%, 08/07/24^(a)	AUD		400		264,774
Macquarie Group Ltd., 0.63%, 02/03/27^(a)	EUR		100		102,642
National Australia Bank Ltd.
0.25%, 03/28/22^(a)	EUR		300		330,755
0.25%, 05/20/24^(a)	EUR		340		370,283
0.30%, 10/31/25^(a)	CHF		150		154,423
0.35%, 09/07/22^(a)	EUR		360		394,075
0.63%, 08/30/23^(a)	EUR		360		397,478
0.75%, 01/30/26^(a)	EUR		200		226,515
0.88%, 11/16/22^(a)	EUR		200		224,438
1.38%, 06/27/22^(a)	GBP		200		249,589
2.25%, 06/06/25^(a)	EUR		100		121,704
2.75%, 08/08/22^(a)	EUR		50		57,645
2.90%, 02/26/24^(a)	AUD		200		139,594
Origin Energy Finance Ltd., 1.00%, 09/17/29 (Call 06/17/29)^(a)	EUR		130		123,742
Pacific National Finance Pty Ltd., 5.25%, 05/19/25	AUD		50		35,524
Qantas Airways Ltd., 2.95%, 11/27/29 (Call 08/27/29)^(a)	AUD		200		111,188
Scentre Group Trust 1/Scentre Group Trust 2
1.38%, 03/22/23 (Call 12/22/22)^(a)	EUR		150		162,854
1.45%, 03/28/29 (Call 12/28/28)^(a)	EUR		100		100,642
Telstra Corp. Ltd.
3.50%, 09/21/22^(a)	EUR		250		293,447


Security		Par (000)		Value

Australia (continued)
4.00%, 09/16/22^(a)	AUD		50	$	34,691
Transurban Finance Co. Pty Ltd., 2.00%, 08/28/25 (Call 05/28/25)^(a)	EUR		100		112,931
Wesfarmers Ltd., 3.66%, 11/18/20^(a)	AUD		100		66,316
Westfield America Management Ltd., 2.13%, 03/30/25 (Call 01/30/25)^(a)	GBP		200		243,955
Westpac Banking Corp.
0.38%, 03/05/23^(a)	EUR		200		217,973
0.38%, 04/02/26^(a)	EUR		300		333,200
0.50%, 05/17/24^(a)	EUR		200		222,948
0.50%, 01/16/25^(a)	EUR		200		223,465
1.13%, 09/05/27^(a)	EUR		320		360,902
1.50%, 03/24/21^(a)	EUR		100		111,078
3.25%, 11/16/23	AUD		100		70,445

					10,705,424

Austria — 0.4%
Autobahnen-und
Schnellstrassen-Finanzierungs-AG
0.25%, 10/18/24^(a)	EUR		400		448,819
0.63%, 09/15/22^(a)	EUR		100		112,042
1.38%, 04/09/21^(a)	EUR		300		333,732
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, 0.63%, 06/19/34^(a)	EUR		200		232,830
Erste Group Bank AG
0.00%, 09/11/29^(a)(c)	EUR		400		437,892
0.63%, 04/17/26^(a)	EUR		200		228,931
1.00%, 06/10/30 (Call 06/10/25)^(a)(b)	EUR		200		205,502
3.50%, 02/08/22	EUR		450		525,470
Heta Asset Resolution AG, 2.38%, 12/13/22^(a)	EUR		100		115,393
HYPO NOE Landesbank fuer Niederoesterreich und Wien AG, 0.38%, 04/04/23^(a)	EUR		200		222,690
Hypo Tirol Bank AG, 0.50%, 02/11/21^(a)	EUR		100		110,089
Hypo Vorarlberg Bank AG, 0.63%, 07/17/26^(a)	EUR		100		114,481
JAB Holdings BV
1.75%, 05/25/23^(a)	EUR		100		111,727
1.75%, 06/25/26^(a)	EUR		300		329,517
Series 11Y, 2.50%, 06/25/29^(a)	EUR		100		113,366
OeBB Infrastruktur AG
1.00%, 11/18/24^(a)	EUR		50		58,040
3.38%, 05/18/32^(a)	EUR		50		76,472
OeBB-Infrastruktur AG
2.25%, 07/04/23^(a)	EUR		500		593,559
3.00%, 10/24/33	EUR		100		152,104
Oesterreichische Kontrollbank AG
0.25%, 09/26/24^(a)	EUR		200		224,289
0.75%, 03/07/22^(a)	GBP		100		126,787
OMV AG
1.88%, 12/04/28^(a)	EUR		200		229,588
2.00%, 04/09/28^(a)	EUR		100		115,221
2.88%, (Call 03/19/24)^(a)(b)(d)	EUR		100		105,696
4.25%, 10/12/21^(a)	EUR		270		311,585
5.25%, (Call 12/09/21)^(a)(b)(d)	EUR		220		246,448
Raiffeisen Bank International AG, 1.50%, 03/12/30 (Call 03/12/25)^(a)(b)	EUR		200		201,235
Raiffeisenlandesbank Niederoesterreich-Wien AG
0.38%, 09/13/24^(a)	EUR		300		336,877
0.63%, 08/28/26	EUR		100		114,722
Raiffeisenlandesbank Oberoesterreich AG, 0.50%, 01/22/35^(a)	EUR		100		114,914


58		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Austria (continued)
Raiffeisen-Landesbank Steiermark AG, 1.38%, 05/11/33^(a)	EUR		100	$	127,515
Raiffeisenlandesbank Vorarlberg Waren-Und Revisionsverband registrierte GenmbH, 0.38%, 11/13/34	EUR		200		225,730
Telekom Finanzmanagement GmbH, 1.50%, 12/07/26 (Call 09/07/26)^(a)	EUR		100		116,047
UniCredit Bank Austria AG
0.25%, 06/21/30^(a)	EUR		100		111,920
0.63%, 03/20/29^(a)	EUR		200		231,494
4.13%, 02/24/21^(a)	EUR		100		113,359
UNIQA Insurance Group AG, 6.00%, 07/27/46 (Call 07/27/26)^(a)(b)	EUR		100		124,815
Verbund AG, 1.50%, 11/20/24^(a)	EUR		200		230,293
Volksbank Wien AG, 0.13%, 11/19/29	EUR		200		221,224

					8,152,415

Belgium — 0.4%
Anheuser-Busch InBev Finance Inc.
Series MPLE, 2.60%, 05/15/24 (Call 03/15/24)	CAD		150		109,494
Series MPLE, 4.32%, 05/15/47 (Call 11/15/46)	CAD		100		68,876
Anheuser-Busch InBev SA/NV
0.80%, 04/20/23^(a)	EUR		390		432,554
0.88%, 03/17/22^(a)	EUR		330		364,669
1.15%, 01/22/27 (Call 10/22/26)^(a)	EUR		300		336,210
1.50%, 03/17/25^(a)	EUR		170		195,299
1.50%, 04/18/30^(a)	EUR		300		337,426
2.25%, 05/24/29^(a)	GBP		100		127,506
2.75%, 03/17/36^(a)	EUR		370		439,988
2.85%, 05/25/37^(a)	GBP		110		143,900
2.88%, 04/02/32	EUR		150		182,548
3.70%, 04/02/40 (Call 10/02/39)^(a)	EUR		150		193,068
4.00%, 06/02/21^(a)	EUR		200		227,003
Anheuser-Busch InBev Worldwide Inc., 3.75%, 09/06/24^(a)	AUD		100		69,585
Argenta Spaarbank NV, 1.00%, 01/29/27^(a)	EUR		100		106,358
Belfius Bank SA
0.00%, 08/28/26^(a)(c)	EUR		200		208,696
0.13%, 09/14/26^(a)	EUR		200		221,724
0.38%, 02/13/26^(a)	EUR		200		207,991
1.38%, 06/05/20^(a)	EUR		100		109,681
BNP Paribas Fortis SA, 0.63%, 10/04/25	EUR		100		113,696
Dexia Credit Local SA, 0.63%, 01/21/22^(a)	EUR		600		666,578
Elia System Operator SA/NV, 1.50%, 09/05/28 (Call 06/05/28)^(a)	EUR		200		233,389
Euroclear Bank SA, 0.50%, 07/10/23^(a)	EUR		185		202,106
Euroclear Investments SA, 1.50%, 04/11/30^(a)	EUR		200		224,499
Flemish Community (The), 0.38%, 10/13/26^(a)	EUR		100		112,313
FLUVIUS System Operator CVBA, 1.75%, 12/04/26^(a)	EUR		300		351,440
ING Belgium SA
0.00%, 02/20/30^(a)(c)	EUR		200		217,877
0.75%, 09/28/26^(a)	EUR		200		230,977
KBC Bank NV
0.45%, 01/22/22^(a)	EUR		100		110,786
2.00%, 01/31/23^(a)	EUR		500		581,155
KBC Group NV
0.75%, 03/01/22^(a)	EUR		300		328,879
0.75%, 10/18/23^(a)	EUR		300		329,175
0.75%, 01/24/30^(a)	EUR		100		106,093


Security		Par (000)		Value

Belgium (continued)
MMS USA Financing Inc., 0.63%, 06/13/25 (Call 03/13/25)^(a)	EUR		400	$	418,536

					8,310,075

Bermuda — 0.0%
PartnerRe Ireland Finance DAC, 1.25%, 09/15/26^(a)	EUR		100		109,727


Canada — 1.6%
407 International Inc.
2.43%, 05/04/27 (Call 02/04/27)	CAD		200		149,821
2.47%, 09/08/22 (Call 08/08/22)	CAD		300		220,317
3.67%, 03/08/49 (Call 09/08/48)	CAD		200		166,589
3.83%, 05/11/46 (Call 11/11/45)	CAD		200		166,976
3.98%, 09/11/52 (Call 06/11/52)	CAD		25		21,694
Aeroports de Montreal, Series I, 5.47%, 04/16/40	CAD		150		149,171
AIMCo Realty Investors LP, Series 4, 2.71%, 06/01/29 (Call 03/01/29)	CAD		200		150,901
Alectra Inc., Series A, 2.49%, 05/17/27 (Call 02/17/27)	CAD		150		112,891
Algonquin Power Co., 4.60%, 01/29/29 (Call 10/29/28)	CAD		100		78,628
Alimentation Couche-Tard Inc., 3.06%, 07/26/24 (Call 05/26/24)	CAD		150		111,710
AltaGas Ltd., 3.98%, 10/04/27 (Call 07/04/27)	CAD		150		110,940
AltaLink LP
3.72%, 12/03/46 (Call 06/03/46)	CAD		50		42,004
3.99%, 06/30/42	CAD		200		171,665
4.09%, 06/30/45 (Call 12/30/44)^(a)	CAD		100		88,252
Bank of Montreal
0.20%, 01/26/23^(a)	EUR		150		165,274
0.25%, 01/10/24^(a)	EUR		100		110,341
0.75%, 09/21/22^(a)	EUR		150		167,389
2.27%, 07/11/22	CAD		350		257,334
2.28%, 07/29/24	CAD		200		146,398
2.57%, 06/01/27 (Call 06/01/22)^(a)(b)	CAD		200		145,373
2.70%, 09/11/24	CAD		200		151,592
2.70%, 12/09/26	CAD		50		38,645
2.84%, 06/04/20	CAD		100		72,129
2.85%, 03/06/24	CAD		500		373,476
2.89%, 06/20/23	CAD		400		301,920
3.19%, 03/01/28	CAD		200		160,359
3.40%, 04/23/21	CAD		200		147,131
Bank of Nova Scotia (The)
0.25%, 09/28/22^(a)	EUR		300		330,861
0.25%, 01/11/24^(a)	EUR		150		165,606
0.38%, 04/06/22^(a)	EUR		300		327,680
0.38%, 03/10/23^(a)	EUR		150		165,829
0.38%, 10/23/23^(a)	EUR		300		332,444
0.50%, 04/30/24^(a)	EUR		106		114,646
1.25%, 06/08/22^(a)	GBP		400		501,195
1.83%, 04/27/22	CAD		300		218,420
1.90%, 12/02/21	CAD		100		72,754
2.09%, 09/09/20	CAD		200		144,637
2.29%, 06/28/24	CAD		350		260,675
2.84%, 07/03/29 (Call 07/03/24)^(b)	CAD		600		437,104
2.98%, 04/17/23	CAD		300		226,326
3.10%, 02/02/28	CAD		400		318,891
bcIMC Realty Corp., 3.00%, 03/31/27 (Call 12/31/26)	CAD		100		77,269


SCHEDULES OF INVESTMENTS			59

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Canada (continued)
Bell Canada Inc.
2.70%, 02/27/24 (Call 12/27/23)	CAD		100	$	74,245
2.75%, 01/29/25 (Call 12/29/24)	CAD		300		223,915
3.00%, 10/03/22 (Call 09/03/22)	CAD		50		37,221
3.50%, 09/30/50 (Call 03/30/50)	CAD		100		71,293
3.55%, 03/02/26 (Call 12/02/25)	CAD		100		77,819
3.60%, 09/29/27 (Call 06/29/27)	CAD		200		157,329
3.80%, 08/21/28 (Call 05/21/28)	CAD		100		79,988
4.35%, 12/18/45 (Call 06/18/45)^(a)	CAD		200		163,284
Series M-26, 3.35%, 03/22/23 (Call 12/22/22)	CAD		100		75,242
British Columbia Ferry Services Inc., Series 19-1, 2.79%, 10/15/49 (Call 04/15/49)	CAD		100		71,054
Brookfield Asset Management Inc.
4.54%, 03/31/23	CAD		150		114,512
4.82%, 01/28/26 (Call 10/28/25)	CAD		200		159,333
Brookfield Infrastructure Finance ULC, 4.19%, 09/11/28 (Call 06/11/28)	CAD		100		75,628
Brookfield Renewable Partners ULC
3.75%, 06/02/25 (Call 03/02/25)	CAD		200		152,263
4.25%, 01/15/29 (Call 10/15/28)	CAD		200		159,250
Bruce Power LP
3.97%, 06/23/26 (Call 03/23/26)	CAD		200		154,282
4.13%, 06/21/33 (Call 03/21/33)	CAD		100		77,320
Canadian Imperial Bank of Commerce
0.04%, 07/09/27^(a)	EUR		200		217,264
0.38%, 05/03/24^(a)	EUR		300		320,595
0.75%, 03/22/23^(a)	EUR		340		374,752
2.04%, 03/21/22	CAD		100		73,018
2.35%, 08/28/24	CAD		500		366,424
2.47%, 12/05/22	CAD		200		148,165
2.95%, 06/19/29 (Call 06/19/24)^(b)	CAD		200		146,159
2.97%, 07/11/23	CAD		200		151,294
3.45%, 04/04/28 (Call 04/04/23)^(b)	CAD		500		370,452
Canadian National Railway Co.
3.05%, 02/08/50 (Call 08/08/49)	CAD		200		146,071
3.20%, 07/31/28 (Call 04/30/28)	CAD		500		391,274
Canadian Natural Resources Ltd., 3.42%, 12/01/26 (Call 09/01/26)	CAD		100		65,935
Canadian Pacific Railway Co., 3.15%, 03/13/29 (Call 12/13/28)	CAD		100		77,166
Canadian Tire Corp. Ltd., 3.17%, 07/06/23 (Call 06/06/23)	CAD		200		147,258
Canadian Western Bank, 2.60%, 09/06/24 (Call 08/06/24)	CAD		400		284,883
Capital Power Corp., 4.42%, 02/08/30 (Call 11/08/29)	CAD		100		72,458
Choice Properties Real Estate Investment Trust, Series J, 3.55%, 01/10/25 (Call 11/10/24)	CAD		600		451,934
CI Financial Corp.
3.22%, 07/22/24 (Call 06/22/24)	CAD		100		71,306
3.52%, 07/20/23 (Call 06/20/23)	CAD		200		146,145
CPPIB Capital Inc.
0.38%, 06/20/24^(a)	EUR		750		836,072
1.50%, 03/04/33^(a)	EUR		250		314,211
CU Inc.
2.96%, 09/07/49 (Call 03/07/49)	CAD		200		146,635
3.55%, 11/22/47 (Call 05/22/47)	CAD		200		161,531
3.96%, 07/27/45 (Call 01/27/45)	CAD		25		21,370
4.72%, 09/09/43 (Call 03/09/43)	CAD		100		93,859
5.18%, 11/21/35	CAD		100		93,458


Security		Par (000)		Value

Canada (continued)
Enbridge Gas Inc.
3.51%, 11/29/47 (Call 05/29/47)	CAD		200	$	160,501
4.00%, 08/22/44 (Call 02/22/44)^(a)	CAD		50		42,871
4.88%, 06/21/41 (Call 12/21/40)	CAD		150		140,979
Enbridge Inc.
2.99%, 10/03/29 (Call 07/03/29)	CAD		400		283,054
3.95%, 11/19/24 (Call 08/19/24)	CAD		400		301,563
4.24%, 08/27/42	CAD		100		71,988
Enbridge Pipelines Inc.
3.45%, 09/29/25 (Call 06/29/25)	CAD		150		113,632
3.52%, 02/22/29 (Call 11/22/28)	CAD		400		303,202
4.33%, 02/22/49 (Call 08/22/48)	CAD		100		77,051
5.33%, 04/06/40	CAD		50		42,868
EPCOR Utilities Inc.
3.11%, 07/08/49 (Call 01/08/49)	CAD		100		74,349
3.55%, 11/27/47 (Call 05/27/47)	CAD		100		80,842
Fairfax Financial Holdings Ltd.
4.23%, 06/14/29 (Call 03/14/29)	CAD		100		70,781
4.50%, 03/22/23	CAD		100		73,958
Federation des Caisses Desjardins du Quebec
0.05%, 11/26/27^(a)	EUR		200		216,979
0.38%, 05/30/23^(a)	EUR		100		110,883
2.09%, 01/17/22	CAD		200		146,002
Finning International Inc., 2.63%, 08/14/26 (Call 06/14/26)	CAD		200		140,686
First Capital REIT Trust
Series R, 4.79%, 08/30/24	CAD		200		150,638
Series V, 3.46%, 01/22/27 (Call 11/22/26)	CAD		100		69,979
Fortis Inc./Canada, 2.85%, 12/12/23 (Call 10/12/23)	CAD		50		37,220
FortisAlberta Inc., 3.73%, 09/18/48 (Call 03/18/48)	CAD		100		83,465
FortisBC Energy Inc., 3.67%, 04/09/46 (Call 10/08/45)	CAD		200		165,766
General Motors Financial Co. Inc., 2.35%, 09/03/25 (Call 07/07/25)^(a)	GBP		100		112,834
General Motors Financial of Canada Ltd., Series 5, 3.25%, 11/07/23	CAD		200		134,395
Granite REIT Holdings LP, Series 3, 3.87%, 11/30/23 (Call 09/30/23)	CAD		50		37,330
Greater Toronto Airports Authority, 3.26%, 06/01/37 (Call 12/01/36)	CAD		350		264,803
Great-West Lifeco Inc.
2.50%, 04/18/23^(a)	EUR		100		114,475
3.34%, 02/28/28 (Call 11/28/27)	CAD		200		157,212
Honda Canada Finance Inc., 3.18%, 08/28/23	CAD		200		148,335
HSBC Bank Canada
2.17%, 06/29/22	CAD		150		109,122
2.54%, 01/31/23	CAD		200		146,810
2.91%, 09/29/21	CAD		100		73,317
3.25%, 09/15/23	CAD		300		225,516
Husky Energy Inc., 3.60%, 03/10/27 (Call 12/10/26).	CAD		200		126,717
Hydro One Inc.
2.77%, 02/24/26 (Call 11/26/25)	CAD		150		114,136
2.97%, 06/26/25 (Call 04/26/25)	CAD		150		114,884
3.64%, 04/05/50 (Call 10/05/49)	CAD		300		249,728
3.72%, 11/18/47 (Call 05/18/47)	CAD		50		41,679
4.59%, 10/09/43 (Call 04/09/43)	CAD		200		185,150
6.93%, 06/01/32	CAD		130		137,442
IGM Financial Inc., 4.12%, 12/09/47 (Call 06/09/47)	CAD		200		142,200
Intact Financial Corp., 2.85%, 06/07/27 (Call 03/07/27)^(a)	CAD		200		149,635


60		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Canada (continued)
Inter Pipeline Ltd.
3.17%, 03/24/25 (Call 12/24/24)	CAD		200	$	135,471
3.48%, 12/16/26 (Call 09/16/26)	CAD		100		67,465
Laurentian Bank of Canada, 3.45%, 06/27/23	CAD		200		147,857
Liberty Utilities Canada LP, 3.32%, 02/14/50 (Call 08/14/49)	CAD		100		71,153
Loblaw Companies Ltd., 4.49%, 12/11/28 (Call 09/11/28)	CAD		150		125,752
Lower Mattagami Energy LP, 3.42%, 06/20/24	CAD		300		232,343
Manufacturers life Insurance Co. (The), 3.18%, 11/22/27 (Call 11/22/22)^(a)(b)	CAD		50		37,173
Manulife Financial Corp.
3.05%, 08/20/29 (Call 08/20/24)^(b)	CAD		50		37,109
3.32%, 05/09/28 (Call 05/09/23)^(b)	CAD		500		372,418
Metro Inc., 3.39%, 12/06/27 (Call 09/06/27)	CAD		150		117,380
Metro Inc./CN, 4.27%, 12/04/47 (Call 06/04/47)	CAD		100		82,421
National Bank of Canada
0.00%, 09/29/23^(a)(c)	EUR		100		109,526
0.38%, 01/15/24^(a)	EUR		300		333,049
2.11%, 03/18/22	CAD		100		73,114
2.55%, 07/12/24	CAD		300		221,576
NAV Canada, 3.21%, 09/29/50 (Call 03/29/50)	CAD		100		77,896
North West Redwater Partnership/NWR Financing Co. Ltd.
4.05%, 07/22/44 (Call 01/24/44)^(a)	CAD		150		109,751
Series G, 4.75%, 06/01/37 (Call 12/01/36)^(a)	CAD		50		40,131
Series J, 2.80%, 06/01/27 (Call 03/01/27)	CAD		200		145,678
Series K, 3.65%, 06/01/35 (Call 12/01/34)	CAD		200		145,853
Nouvelle Autoroute 30 Financement Inc., Series C, 3.75%, 03/31/33	CAD		148		116,743
Nova Scotia Power Inc., 4.50%, 07/20/43 (Call 01/20/43)	CAD		100		88,134
OMERS Realty Corp., 3.63%, 06/05/30 (Call 03/05/30)	CAD		200		164,377
Ontario Power Generation Inc.
3.65%, 09/13/50 (Call 03/13/50)	CAD		100		77,413
4.25%, 01/18/49 (Call 07/18/48)	CAD		100		84,753
Pembina Pipeline Corp.
2.99%, 01/22/24 (Call 11/22/23)	CAD		200		145,123
3.31%, 02/01/30 (Call 11/01/29)	CAD		400		283,339
4.81%, 03/25/44 (Call 09/25/43)^(a)	CAD		25		18,135
Series 11, 4.75%, 03/26/48 (Call 09/26/47)	CAD		150		107,905
Power Corp. of Canada, 4.46%, 07/27/48 (Call 01/27/48)	CAD		100		75,933
Reliance LP, 3.75%, 03/15/26 (Call 01/15/26)	CAD		200		145,357
RioCan Real Estate Investment Trust, 2.58%, 02/12/25 (Call 01/12/25)	CAD		400		284,871
Rogers Communications Inc.
6.11%, 08/25/40 (Call 02/25/40)	CAD		25		24,841
6.56%, 03/22/41 (Call 09/22/40)	CAD		200		209,309
Royal Bank of Canada
0.25%, 01/29/24^(a)	EUR		500		552,469
0.25%, 05/02/24^(a)	EUR		200		214,164
0.63%, 09/10/25^(a)	EUR		200		225,645
1.13%, 12/15/25^(a)	GBP		200		243,650
1.58%, 09/13/21	CAD		150		108,560
1.92%, 07/17/20	CAD		200		144,355
1.97%, 03/02/22^(a)	CAD		500		364,682
2.33%, 12/05/23	CAD		150		111,552
2.33%, 01/28/27	CAD		200		146,323


Security		Par (000)		Value

Canada (continued)
2.61%, 11/01/24	CAD		500	$	371,093
2.95%, 05/01/23	CAD		400		301,609
3.30%, 09/26/23	CAD		200		151,241
3.45%, 09/29/26 (Call 09/29/21)^(b)	CAD		400		293,560
Saputo Inc., 2.83%, 11/21/23 (Call 09/21/23)	CAD		100		73,445
Shaw Communications Inc.
4.40%, 11/02/28 (Call 08/02/28)	CAD		350		287,136
6.75%, 11/09/39	CAD		50		48,639
Sienna Senior Living Inc., Series A, 3.11%, 11/04/24 (Call 10/04/24)	CAD		200		140,377
Sun Life Financial Inc.
2.38%, 08/13/29 (Call 08/13/24)^(b)	CAD		200		144,247
3.05%, 09/19/28 (Call 09/19/23)^(b)	CAD		50		37,071
5.40%, 05/29/42 (Call 05/29/37)^(b)	CAD		100		87,506
Suncor Energy Inc., 3.00%, 09/14/26 (Call 06/14/26)	CAD		150		103,094
TELUS Corp.
2.35%, 03/28/22 (Call 02/28/22)	CAD		300		219,185
3.15%, 02/19/30 (Call 11/19/29)	CAD		100		76,635
3.30%, 05/02/29 (Call 02/02/29)	CAD		200		155,330
3.35%, 04/01/24 (Call 01/02/24)	CAD		100		75,912
3.75%, 01/17/25 (Call 10/17/24)	CAD		200		155,283
3.75%, 03/10/26 (Call 12/10/25)	CAD		150		117,945
4.75%, 01/17/45 (Call 07/17/44)	CAD		100		84,483
4.85%, 04/05/44 (Call 10/05/43)	CAD		100		85,320
5.15%, 11/26/43 (Call 05/26/43)	CAD		100		88,604
Teranet Holdings LP, 6.10%, 06/17/41	CAD		100		79,749
Toronto Hydro Corp.
2.52%, 08/25/26 (Call 05/25/26)	CAD		200		151,545
3.55%, 07/28/45 (Call 01/28/45)	CAD		200		163,666
Toronto-Dominion Bank (The)
0.00%, 02/09/24^(a)(c)	EUR		200		219,395
0.10%, 07/19/27^(a)	EUR		300		328,209
0.25%, 04/27/22^(a)	EUR		100		110,178
0.63%, 07/20/23^(a)	EUR		503		551,426
0.63%, 06/06/25^(a)	EUR		200		225,463
1.91%, 07/18/23	CAD		250		183,459
1.99%, 03/23/22	CAD		440		321,212
2.05%, 03/08/21	CAD		300		217,749
2.50%, 12/02/24	CAD		200		147,871
3.01%, 05/30/23	CAD		200		151,342
3.06%, 01/26/32 (Call 01/26/27)^(b)	CAD		200		147,026
3.23%, 07/24/24	CAD		350		271,017
3.59%, 09/14/28 (Call 09/14/23)^(b)	CAD		200		149,702
4.86%, 03/04/31 (Call 03/04/26)^(b)	CAD		200		161,427
Toyota Credit Canada Inc., 3.04%, 07/12/23	CAD		200		149,005
TransCanada PipeLines Ltd.
3.00%, 09/18/29 (Call 06/18/29)^(a)	CAD		400		288,716
3.30%, 07/17/25 (Call 04/17/25)^(a)	CAD		300		223,989
3.39%, 03/15/28 (Call 12/15/27)	CAD		150		111,546
4.18%, 07/03/48 (Call 01/03/48)^(a)	CAD		100		73,197
4.35%, 06/06/46 (Call 12/06/45)	CAD		250		187,780
Wells Fargo Canada Corp., 3.04%, 01/29/21	CAD		50		36,442

					35,401,476

China — 0.1%
Bank of China Ltd./Frankfurt, 0.25%, 04/17/22^(a)	EUR		200		216,747
Bank of China Ltd./Paris, 0.50%, 03/13/22^(a)	EUR		200		217,892
CGNPC International Ltd., 2.00%, 09/11/25^(a)	EUR		200		232,944
China Construction Bank Corp./Luxembourg, 0.05%, 10/22/22^(a)	EUR		650		705,687


SCHEDULES OF INVESTMENTS			61

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

China (continued)
State Grid Overseas Investment 2016 Ltd., 1.38%, 05/02/25^(a)	EUR		200	$	222,565
Three Gorges Finance II Cayman Islands Ltd., 1.30%, 06/21/24^(a)	EUR		155		170,282

					1,766,117

Czech Republic — 0.1%
CEZ AS
0.88%, 11/21/22 (Call 08/21/22)^(a)	EUR		300		326,635
0.88%, 12/02/26 (Call 09/02/26)^(a)	EUR		200		209,601
4.50%, 06/29/20^(a)	EUR		200		220,363
4.88%, 04/16/25^(a)	EUR		51		65,493
CPI Property Group SA
1.45%, 04/14/22 (Call 03/14/22)^(a)	EUR		310		333,981
1.63%, 04/23/27 (Call 01/23/27)^(a)	EUR		200		199,051
2.75%, 01/22/28 (Call 10/22/27)^(a)	GBP		100		114,956
EP Infrastructure AS, 1.66%, 04/26/24 (Call 01/26/24)^(a)	EUR		430		464,847

					1,934,927

Denmark — 0.2%
AP Moller — Maersk A/S
1.50%, 11/24/22^(a)	EUR		250		274,299
1.75%, 03/16/26 (Call 12/16/25)^(a)	EUR		200		212,716
Carlsberg Breweries A/S, 0.50%, 09/06/23 (Call 06/06/23)^(a)	EUR		280		305,353
Danmarks Skibskredit AS, 0.13%, 03/20/25^(a)	EUR		300		327,726
Danske Bank A/S
0.13%, 02/14/22^(a)	EUR		100		110,187
0.38%, 09/08/20^(a)	EUR		150		164,605
0.50%, 08/27/25 (Call 08/27/24)^(a)(b)	EUR		200		210,576
0.75%, 05/04/20^(a)	EUR		100		109,530
0.75%, 11/22/27^(a)	EUR		300		348,723
0.88%, 05/22/23^(a)	EUR		400		431,899
1.38%, 02/12/30 (Call 02/12/25)^(a)(b)	EUR		200		210,067
3.75%, 06/23/22^(a)	EUR		200		237,744
DLR Kredit A/S, Series B, 1.00%, 10/01/22^(a)	DKK		1,500		226,738
ISS Global AS, 2.13%, 12/02/24 (Call 09/02/24)^(a)	EUR		200		220,471
Jyske Realkredit A/S
0.25%, 07/01/23^(a)	EUR		300		333,157
0.50%, 10/01/26^(a)	EUR		100		113,623
Nordea Kredit Realkreditaktieselskab
Series C2, 3.00%, 10/01/44	DKK		102		15,982
Series CT2, 1.00%, 10/01/22^(a)	DKK		1,500		226,983
Nykredit Realkredit A/S
0.38%, 06/16/20^(a)	EUR		200		219,073
0.75%, 01/20/27	EUR		400		416,494
Series 13H, 1.00%, 07/01/21^(a)	DKK		1,000		148,971
Orsted A/S
1.50%, 11/26/29 (Call 08/26/29)^(a)	EUR		280		333,206
2.13%, 05/17/27 (Call 02/17/27)^(a)	GBP		100		131,545
5.75%, 04/09/40^(a)	GBP		50		103,113

					5,432,781

Finland — 0.2%
Citycon Treasury BV
2.38%, 09/16/22 (Call 06/16/22)^(a)	EUR		100		108,034
2.38%, 01/15/27 (Call 10/15/26)^(a)	EUR		100		93,837
Fortum OYJ, 1.63%, 02/27/26 (Call 11/27/25)^(a)	EUR		300		337,133
Nordea Bank AB, 4.00%, 03/29/21^(a)	EUR		150		168,149
Nordea Bank Abp 0.38%, 05/28/26^(a)	EUR		340		372,182


Security		Par (000)		Value

Finland (continued)
0.88%, 06/26/23^(a)	EUR		250	$	274,748
1.00%, 02/22/23^(a)	EUR		221		246,907
Nordea Mortgage Bank PLC
0.13%, 06/18/27^(a)	EUR		400		444,885
0.25%, 02/28/23^(a)	EUR		200		222,280
0.25%, 11/21/23^(a)	EUR		200		223,051
1.38%, 02/28/33^(a)	EUR		100		126,802
Series FI43, 1.00%, 11/05/24^(a)	EUR		150		173,476
OP Corporate Bank PLC
0.38%, 10/11/22^(a)	EUR		100		109,749
0.38%, 08/29/23^(a)	EUR		250		275,002
0.88%, 06/21/21^(a)	EUR		200		220,745
OP Mortgage Bank
0.25%, 11/23/20^(a)	EUR		100		109,834
0.25%, 03/13/24^(a)	EUR		100		111,586
0.63%, 09/01/25^(a)	EUR		490		560,494
0.63%, 02/15/29^(a)	EUR		200		231,971
Sampo OYJ
1.00%, 09/18/23^(a)	EUR		300		332,622
3.38%, 05/23/49 (Call 05/23/29)^(a)(b)	EUR		110		127,548

					4,871,035

France — 3.5%
Accor SA, 1.25%, 01/25/24^(a)	EUR		300		310,288
Aeroports de Paris
2.13%, 10/11/38 (Call 07/11/38)^(a)	EUR		100		118,112
3.13%, 06/11/24^(a)	EUR		200		238,026
3.88%, 02/15/22	EUR		400		464,206
4.00%, 07/08/21	EUR		200		228,168
Air Liquide Finance SA
0.63%, 06/20/30 (Call 03/20/30)^(a)	EUR		200		226,980
1.88%, 06/05/24^(a)	EUR		200		235,189
Airbus Finance BV, 0.88%, 05/13/26 (Call 02/13/26)^(a)	EUR		200		216,918
ALD SA, 1.25%, 10/11/22^(a)	EUR		100		104,269
APRR SA
1.25%, 01/06/27 (Call 10/06/26)^(a)	EUR		200		226,239
1.88%, 01/15/25 (Call 10/15/24)^(a)	EUR		400		462,839
Arkea Home Loans SFH SA
0.75%, 10/05/27^(a)	EUR		200		231,189
2.38%, 07/11/23^(a)	EUR		100		118,482
Arkea Public Sector SCF SA, 0.13%, 01/15/30^(a)	EUR		200		219,185
Arkema SA
0.75%, 12/03/29 (Call 09/03/29)^(a)	EUR		100		104,921
1.50%, (Call 10/21/25)^(a)(b)(d)	EUR		100		99,733
1.50%, 04/20/27 (Call 01/20/27)^(a)	EUR		200		227,334
Atos SE, 1.75%, 05/07/25 (Call 02/07/25)^(a)	EUR		300		344,425
Auchan Holding SA
1.75%, 04/23/21^(a)	EUR		200		219,472
2.25%, 04/06/23^(a)	EUR		100		111,044
2.38%, 04/25/25 (Call 01/25/25)^(a)	EUR		200		220,872
Autoroutes du Sud de la France SA
1.13%, 04/20/26 (Call 01/20/26)^(a)	EUR		200		225,711
1.38%, 06/27/28 (Call 03/27/28)^(a)	EUR		200		229,735
1.38%, 02/21/31 (Call 11/21/30)^(a)	EUR		200		228,179
5.63%, 07/04/22	EUR		300		364,465
AXA Bank Europe SCF
0.13%, 03/14/22^(a)	EUR		100		110,172
0.50%, 04/18/25^(a)	EUR		200		225,684
AXA Home Loan SFH SA, 0.00%, 10/16/29^(a)(c)	EUR		300		327,226


62		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

France (continued)
AXA SA
3.25%, 05/28/49 (Call 05/28/29)^(a)(b)	EUR		350	$	423,393
3.94%, (Call 11/07/24)^(a)(b)(d)	EUR		218		257,901
5.45%, (Call 03/04/26)^(a)(b)(d)	GBP		200		275,131
6.69%, (Call 07/06/26)^(b)(d)	GBP		50		73,130
Banque Federative du Credit Mutuel SA
0.50%, 11/16/22^(a)	EUR		400		440,091
0.75%, 06/08/26^(a)	EUR		500		556,653
0.75%, 01/17/30^(a)	EUR		200		211,117
1.25%, 01/14/25^(a)	EUR		300		341,076
1.25%, 12/05/25^(a)	GBP		200		245,411
1.63%, 01/19/26^(a)	EUR		100		116,672
1.63%, 11/15/27^(a)	EUR		200		219,686
1.75%, 03/15/29^(a)	EUR		200		231,934
1.88%, 11/04/26^(a)	EUR		100		110,578
2.25%, 12/18/23^(a)	GBP		300		385,383
2.38%, 03/24/26^(a)	EUR		200		227,321
4.00%, 10/22/20^(a)	EUR		100		111,140
4.13%, 07/20/20^(a)	EUR		200		220,891
BNP Paribas Cardif SA, 4.03%, (Call 11/25/25)^(a)(b)(d)	EUR		200		230,024
BNP Paribas Home Loan SFH SA
0.38%, 07/22/24^(a)	EUR		200		223,798
1.38%, 06/17/20^(a)	EUR		200		219,478
3.75%, 01/11/21^(a)	EUR		100		112,452
BNP Paribas SA
0.75%, 11/11/22^(a)	EUR		350		387,445
1.00%, 04/17/29 (Call 04/17/28)^(a)(b)	EUR		100		109,440
1.13%, 10/10/23^(a)	EUR		350		388,112
1.13%, 11/22/23^(a)	EUR		200		221,842
1.13%, 01/15/32 (Call 01/15/27)^(a)(b)	EUR		300		312,860
1.38%, 05/28/29^(a)	EUR		200		226,160
1.50%, 11/17/25^(a)	EUR		200		226,138
2.13%, 01/23/27 (Call 01/23/26)^(a)(b)	EUR		400		465,253
2.38%, 05/20/24^(a)	EUR		150		177,844
2.63%, 10/14/27 (Call 10/14/22)^(a)(b)	EUR		250		277,993
2.75%, 01/27/26^(a)	EUR		200		235,643
2.88%, 10/01/26^(a)	EUR		180		214,809
3.38%, 01/23/26^(a)	GBP		200		268,690
Bouygues SA, 4.50%, 02/09/22^(a)	EUR		300		352,896
BPCE SA
0.25%, 01/15/26^(a)	EUR		200		215,380
0.38%, 10/05/23^(a)	EUR		100		109,589
0.50%, 02/24/27^(a)	EUR		300		315,016
0.63%, 09/26/23^(a)	EUR		300		331,554
0.63%, 09/26/24^(a)	EUR		200		216,105
1.00%, 07/15/24^(a)	EUR		200		224,523
1.13%, 12/14/22^(a)	EUR		200		222,983
1.13%, 01/18/23^(a)	EUR		200		220,865
2.75%, 11/30/27 (Call 11/30/22)^(a)(b)	EUR		300		336,085
3.00%, 07/19/24^(a)	EUR		100		121,298
5.25%, 04/16/29^(a)	GBP		200		300,878
BPCE SFH SA
0.38%, 02/10/23^(a)	EUR		200		222,317
0.38%, 02/21/24^(a)	EUR		400		446,457
0.50%, 01/23/35^(a)	EUR		200		226,293
0.63%, 09/22/27^(a)	EUR		200		229,470
0.75%, 09/02/25^(a)	EUR		400		457,314
1.00%, 06/08/29^(a)	EUR		200		237,599
1.75%, 06/27/24^(a)	EUR		200		236,361


Security		Par (000)		Value

France (continued)
Caisse Centrale du Credit Immobilier de France SA, 0.13%, 03/01/21^(a)	EUR		100	$	109,802
Caisse de Refinancement de l’Habitat SA
0.00%, 10/08/29^(a)(c)	EUR		300		326,911
3.60%, 03/08/24	EUR		300		376,071
Caisse Nationale de Reassurance Mutuelle Agricole Groupama
3.38%, 09/24/28^(a)	EUR		200		221,708
6.00%, 01/23/27	EUR		200		262,178
Capgemini SE
0.50%, 11/09/21 (Call 08/09/21)^(a)	EUR		200		218,471
2.38%, 04/15/32 (Call 01/15/32)^(a)	EUR		100		118,279
Carmila SA, 2.38%, 09/18/23 (Call 06/18/23)^(a)	EUR		200		223,687
Carrefour SA
1.00%, 05/17/27 (Call 02/17/27)^(a)	EUR		100		110,839
1.25%, 06/03/25 (Call 03/03/25)^(a)	EUR		200		225,086
1.75%, 07/15/22 (Call 04/15/22)^(a)	EUR		400		447,154
1.75%, 05/04/26 (Call 02/04/26)^(a)	EUR		100		115,177
Cie. de Financement Foncier SA
0.23%, 09/14/26^(a)	EUR		400		444,928
0.38%, 12/11/24^(a)	EUR		200		223,908
0.63%, 02/10/23^(a)	EUR		300		335,622
0.75%, 05/29/26^(a)	EUR		300		344,326
0.88%, 09/11/28^(a)	EUR		400		469,034
1.25%, 11/15/32^(a)	EUR		200		246,857
2.00%, 05/07/24^(a)	EUR		500		594,375
2.25%, 10/13/21^(a)	CHF		400		429,401
4.00%, 10/24/25^(a)	EUR		100		133,971
4.25%, 01/19/22^(a)	EUR		300		353,441
4.38%, 04/15/21^(a)	EUR		100		114,231
Cie. de Saint-Gobain
0.63%, 03/15/24^(a)	EUR		300		324,183
1.88%, 03/15/31^(a)	EUR		200		219,603
4.63%, 10/09/29^(a)	GBP		100		149,224
Cie. Generale des Etablissements Michelin SCA, 2.50%, 09/03/38 (Call 06/03/38)^(a)	EUR		100		130,113
CIF Euromortgage SA, 4.13%, 01/19/22^(a)	EUR		200		235,178
CNP Assurances
2.75%, 02/05/29	EUR		300		365,221
4.00%, (Call 11/18/24)^(a)(b)(d)	EUR		100		117,773
Coentreprise de Transport d’Electricite SA
0.88%, 09/29/24 (Call 06/29/24)^(a)	EUR		200		224,079
1.50%, 07/29/28 (Call 04/29/28)^(a)	EUR		200		233,253
Covivio, 1.50%, 06/21/27 (Call 03/21/27)^(a)	EUR		300		324,013
Credit Agricole Assurances SA
4.25%, (Call 01/13/25)^(a)(b)(d)	EUR		100		117,795
4.75%, 09/27/48 (Call 09/27/28)^(a)(b)	EUR		200		254,443
Credit Agricole Home Loan SFH SA
0.13%, 08/28/20^(a)	EUR		200		219,283
0.38%, 10/21/21^(a)	EUR		150		165,715
0.38%, 09/30/24^(a)	EUR		300		335,513
0.50%, 04/03/25^(a)	EUR		100		112,671
0.63%, 11/28/22^(a)	EUR		400		447,150
0.75%, 05/05/27^(a)	EUR		100		115,553
1.00%, 01/16/29	EUR		400		474,396
1.38%, 02/03/32^(a)	EUR		200		249,476
1.50%, 02/03/37^(a)	EUR		200		261,360
1.50%, 09/28/38^(a)	EUR		100		132,260


SCHEDULES OF INVESTMENTS			63

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

France (continued)
Credit Agricole Public Sector SCF SA
0.63%, 03/29/29	EUR		200	$	229,478
1.88%, 06/07/23^(a)	EUR		200		232,933
Credit Agricole SA
0.88%, 01/14/32^(a)	EUR		100		105,210
2.00%, 03/25/29^(a)	EUR		200		229,273
2.63%, 03/17/27^(a)	EUR		200		238,320
3.90%, 04/19/21^(a)	EUR		50		56,460
Series 2, 0.84%, 06/09/27^(a)	JPY		100,000		943,732
Credit Agricole SA/London
0.75%, 12/01/22^(a)	EUR		300		332,467
0.88%, 01/19/22^(a)	EUR		200		221,198
1.38%, 05/03/27^(a)	EUR		600		699,469
2.38%, 11/27/20^(a)	EUR		100		110,854
2.38%, 05/20/24^(a)	EUR		100		118,599
Credit Mutuel — CIC Home Loan SFH SA
1.00%, 04/30/28^(a)	EUR		200		235,814
1.00%, 01/30/29^(a)	EUR		200		236,480
Credit Mutuel Arkea SA
1.13%, 05/23/29^(a)	EUR		200		222,534
1.88%, 10/25/29 (Call 10/25/24)^(a)(b)	EUR		200		214,506
3.38%, 03/11/31^(a)	EUR		100		121,202
Credit Mutuel Home Loan SFH SA, 0.13%, 01/28/30^(a)	EUR		100		109,281
Credit Mutuel-CIC Home Loan SFH SA
0.38%, 09/12/22^(a)	EUR		400		443,881
1.75%, 06/19/24^(a)	EUR		600		708,663
Danone SA
0.71%, 11/03/24 (Call 08/03/24)^(a)	EUR		500		564,989
1.25%, 05/30/24 (Call 02/29/24)^(a)	EUR		200		229,257
Dassault Systemes SE, 0.13%, 09/16/26 (Call 06/16/26)^(a)	EUR		200		214,276
Dexia Credit Local SA
0.25%, 06/02/22^(a)	EUR		150		165,879
0.63%, 02/03/24^(a)	EUR		500		564,019
1.25%, 11/26/24^(a)	EUR		700		815,089
1.63%, 12/08/23^(a)	GBP		100		130,557
2.00%, 01/22/21^(a)	EUR		300		333,795
2.13%, 02/12/25^(a)	GBP		100		133,471
Edenred, 1.38%, 03/10/25 (Call 12/10/24)^(a)	EUR		100		111,407
Electricite de France SA
2.75%, 03/10/23^(a)	EUR		400		468,447
4.00%, (Call 07/04/24)^(a)(b)(d)	EUR		400		438,032
4.50%, 11/12/40^(a)	EUR		350		552,204
5.13%, 09/22/50^(a)	GBP		200		387,782
5.38%, (Call 01/29/25)^(a)(b)(d)	EUR		100		113,957
5.50%, 03/27/37^(a)	GBP		200		360,370
5.50%, 10/17/41^(a)	GBP		100		188,312
5.88%, 07/18/31	GBP		74		129,568
6.00%, (Call 01/29/26)^(a)(b)(d)	GBP		100		130,332
6.13%, 06/02/34^(a)	GBP		400		739,570
Engie SA
0.88%, 03/27/24 (Call 12/27/23)^(a)	EUR		400		447,675
0.88%, 09/19/25 (Call 06/19/25)^(a)	EUR		200		224,994
1.25%, 10/24/41 (Call 07/24/41)^(a)	EUR		300		334,587
1.38%, 06/22/28 (Call 03/22/28)^(a)	EUR		200		231,864
1.38%, 02/28/29 (Call 11/28/28)^(a)	EUR		700		814,836
1.50%, 03/13/35 (Call 12/13/34)^(a)	EUR		100		116,234
7.00%, 10/30/28	GBP		50		91,309


Security		Par (000)		Value

France (continued)
EssilorLuxottica SA
0.38%, 11/27/27 (Call 08/27/27)^(a)	EUR		300	$	327,075
2.38%, 04/09/24 (Call 01/09/24)^(a)	EUR		100		118,011
Eutelsat SA, 2.25%, 07/13/27 (Call 04/13/27)^(a)	EUR		100		104,169
Gecina SA
1.38%, 01/26/28 (Call 10/26/27)^(a)	EUR		200		221,082
1.63%, 05/29/34 (Call 02/28/34)^(a)	EUR		100		106,510
Holding d’Infrastructures de Transport SASU, 0.63%, 03/27/23 (Call 12/27/22)^(a)	EUR		300		317,250
HSBC France SA
0.20%, 09/04/21^(a)	EUR		400		437,104
0.25%, 05/17/24^(a)	EUR		200		217,947
HSBC SFH France SA, 0.50%, 04/17/25^(a)	EUR		200		226,138
ICADE, 1.13%, 11/17/25 (Call 08/17/25)^(a)	EUR		100		106,395
Icade Sante SAS, 0.88%, 11/04/29 (Call 08/04/29)^(a)	EUR		200		197,257
Imerys SA, 1.50%, 01/15/27 (Call 10/15/26)^(a)	EUR		200		190,937
Indigo Group SAS, 1.63%, 04/19/28 (Call 01/19/28)^(a)	EUR		200		216,565
Kering SA, 2.50%, 07/15/20^(a)	EUR		100		110,017
Klepierre SA
0.63%, 07/01/30 (Call 04/01/30)^(a)	EUR		300		284,582
1.00%, 04/17/23 (Call 01/17/23)^(a)	EUR		100		107,992
La Banque Postale Home Loan SFH SA
0.00%, 10/22/29^(a)(c)	EUR		200		216,493
0.50%, 01/18/23^(a)	EUR		50		55,790
1.00%, 10/04/28^(a)	EUR		200		236,843
La Banque Postale SA
2.00%, 07/13/28^(a)	EUR		200		234,293
3.00%, 06/09/28^(a)	EUR		100		118,138
4.38%, 11/30/20^(a)	EUR		100		111,632
La Poste SA
0.38%, 09/17/27^(a)	EUR		300		324,998
1.00%, 09/17/34^(a)	EUR		100		108,339
1.13%, 06/04/25^(a)	EUR		100		114,026
Legrand SA, 1.00%, 03/06/26 (Call 12/06/25)^(a)	EUR		200		226,015
LVMH Moet Hennessy Louis Vuitton SE
0.13%, 02/11/28 (Call 11/11/27)^(a)	EUR		500		539,008
0.75%, 05/26/24 (Call 02/26/24)^(a)	EUR		340		379,831
1.13%, 02/11/27 (Call 11/11/26)^(a)	GBP		100		123,291
MMS USA Investments Inc., 1.75%, 06/13/31 (Call 03/13/31)^(a)	EUR		100		103,885
Orange SA
0.88%, 02/03/27 (Call 11/03/26)^(a)	EUR		300		339,953
1.38%, 03/20/28 (Call 12/20/27)^(a)	EUR		400		470,011
1.50%, 09/09/27 (Call 06/09/27)^(a)	EUR		200		236,657
2.38%, (Call 01/15/25)^(a)(b)(d)	EUR		300		331,800
3.25%, 01/15/32 (Call 10/15/31)^(a)	GBP		200		287,593
3.88%, 01/14/21^(a)	EUR		100		112,159
5.00%, (Call 10/01/26)^(a)(b)(d)	EUR		100		125,358
5.38%, 11/22/50^(a)	GBP		50		109,688
8.13%, 11/20/28^(a)	GBP		50		95,312
8.13%, 01/28/33	EUR		300		598,346
Pernod Ricard SA
0.50%, 10/24/27 (Call 07/24/27)^(a)	EUR		100		107,485
1.75%, 04/08/30 (Call 01/08/30)^(a)	EUR		100		117,899
1.88%, 09/28/23 (Call 06/28/23)^(a)	EUR		300		344,300
Peugeot SA, 2.00%, 03/20/25 (Call 12/20/24)^(a)	EUR		400		433,826


64		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

France (continued)
PSA Banque France SA
0.63%, 10/10/22^(a)	EUR		260	$	275,417
0.63%, 06/21/24 (Call 03/21/24)^(a)	EUR		200		206,503
RCI Banque SA
0.50%, 09/15/23 (Call 06/15/23)^(a)	EUR		213		222,131
0.75%, 09/26/22 (Call 06/26/22)^(a)	EUR		299		315,731
0.75%, 04/10/23 (Call 01/10/23)^(a)	EUR		30		31,615
1.00%, 05/17/23 (Call 02/17/23)^(a)	EUR		20		21,198
1.13%, 01/15/27 (Call 10/15/26)^(a)	EUR		100		100,375
1.63%, 04/11/25 (Call 01/11/25)^(a)	EUR		100		106,658
1.75%, 04/10/26 (Call 01/10/26)^(a)	EUR		200		213,253
RTE Reseau de Transport d’Electricite SADIR
0.00%, 09/09/27 (Call 06/09/27)^(a)(c)	EUR		200		212,258
1.13%, 09/09/49 (Call 06/09/49)^(a)	EUR		100		107,963
1.63%, 11/27/25 (Call 08/27/25)^(a)	EUR		300		351,657
2.13%, 09/27/38 (Call 06/27/38)^(a)	EUR		100		132,360
Sanofi
1.25%, 03/21/34 (Call 12/21/33)^(a)	EUR		100		120,544
1.75%, 09/10/26 (Call 06/10/26)^(a)	EUR		100		121,309
Series 12FX, 1.38%, 03/21/30 (Call 12/21/29)^(a)	EUR		300		366,378
Series 5, 0.50%, 03/21/23 (Call 12/21/22)^(a)	EUR		400		444,963
Series 8, 1.00%, 03/21/26 (Call 12/21/25)^(a)	EUR		600		696,164
Schneider Electric SE
0.25%, 09/09/24 (Call 06/09/24)^(a)	EUR		400		436,332
0.88%, 03/11/25 (Call 12/11/24)^(a)	EUR		200		224,639
1.50%, 09/08/23 (Call 06/08/23)^(a)	EUR		300		340,653
SCOR SE, 3.00%, 06/08/46 (Call 06/08/26)^(a)(b)	EUR		200		235,253
SNCF Reseau
1.00%, 11/09/31^(a)	EUR		700		828,231
1.13%, 05/19/27^(a)	EUR		200		236,322
1.13%, 05/25/30^(a)	EUR		600		714,887
1.88%, 03/30/34^(a)	EUR		200		260,559
2.25%, 12/20/47^(a)	EUR		100		144,824
4.25%, 10/07/26^(a)	EUR		100		139,967
4.50%, 01/30/24^(a)	EUR		450		581,831
4.83%, 03/25/60	GBP		50		128,822
5.25%, 12/07/28^(a)	GBP		150		255,461
Societe Generale SA
0.25%, 01/18/22^(a)	EUR		500		546,796
0.75%, 02/19/21^(a)	EUR		200		220,030
0.75%, 05/26/23^(a)	EUR		100		110,843
0.75%, 01/25/27^(a)	EUR		100		105,420
0.88%, 07/01/26^(a)	EUR		100		107,222
1.00%, 04/01/22^(a)	EUR		200		219,483
1.38%, 02/23/28 (Call 02/23/23)^(a)(b)	EUR		200		212,885
1.88%, 10/03/24^(a)	GBP		100		125,145
2.13%, 09/27/28^(a)	EUR		300		347,533
2.50%, 09/16/26 (Call 09/16/21)^(a)(b)	EUR		300		326,448
2.63%, 02/27/25^(a)	EUR		200		231,172
Societe Generale SCF SA, 4.13%, 02/15/22^(a)	EUR		100		117,986
Societe Generale SFH SA
0.00%, 02/11/30^(a)(c)	EUR		200		216,935
0.25%, 01/23/24^(a)	EUR		100		111,262
0.50%, 01/28/26^(a)	EUR		300		339,916
0.75%, 10/18/27^(a)	EUR		200		232,125
Societe National SNCF SA
1.50%, 02/02/29^(a)	EUR		300		363,499
4.63%, 02/02/24^(a)	EUR		50		64,660
Sodexo SA, 2.50%, 06/24/26 (Call 03/24/26)^(a)	EUR		150		181,807


Security		Par (000)		Value

France (continued)
Suez
1.25%, 05/19/28 (Call 02/19/28)^(a)	EUR		300	$	345,223
1.75%, 09/10/25 (Call 06/10/25)^(a)	EUR		200		234,182
2.88%, (Call 01/19/24)^(a)(b)(d)	EUR		100		109,325
TDF Infrastructure SAS, 2.50%, 04/07/26 (Call 01/07/26)^(a)	EUR		300		331,140
Teleperformance, 1.88%, 07/02/25 (Call 04/02/25)^(a)	EUR		100		110,647
Terega SA, 2.20%, 08/05/25 (Call 05/05/25)^(a)	EUR		200		228,867
Terega SASU, 0.63%, 02/27/28 (Call 11/27/27)^(a)	EUR		100		101,970
Thales SA
0.25%, 01/29/27 (Call 10/29/26)^(a)	EUR		100		104,388
0.75%, 06/07/23 (Call 03/07/23)^(a)	EUR		200		218,696
Total Capital Canada Ltd., 1.13%, 03/18/22^(a)	EUR		300		333,424
Total Capital International SA
0.25%, 07/12/23^(a)	EUR		300		327,134
0.75%, 07/12/28^(a)	EUR		600		661,675
1.41%, 09/03/31 (Call 06/03/31)^(a)	GBP		100		118,104
1.66%, 07/22/26 (Call 04/22/26)^(a)	GBP		100		124,671
2.50%, 03/25/26^(a)	EUR		400		489,117
TOTAL SA
2.71%, (Call 05/05/23)^(a)(b)(d)	EUR		100		109,554
3.37%, (Call 10/06/26)^(a)(b)(d)	EUR		100		113,944
3.88%, (Call 05/18/22)^(a)(b)(d)	EUR		400		447,978
Unibail-Rodamco-Westfield SE
0.88%, 03/29/32 (Call 12/29/31)^(a)	EUR		200		185,684
1.50%, 02/22/28^(a)	EUR		100		105,311
1.75%, 02/27/34 (Call 11/27/33)^(a)	EUR		300		301,232
2.13%, (Call 07/25/23)^(a)(b)(d)	EUR		300		275,661
2.50%, 06/04/26^(a)	EUR		200		226,136
3.88%, 11/05/20^(a)	EUR		100		111,295
Valeo SA, 0.63%, 01/11/23 (Call 10/11/22)^(a)	EUR		200		203,380
Veolia Environnement SA
0.31%, 10/04/23 (Call 07/04/23)^(a)	EUR		200		218,598
0.89%, 01/14/24 (Call 10/14/23)^(a)	EUR		400		446,392
1.50%, 11/30/26 (Call 08/30/26)^(a)	EUR		100		116,337
4.38%, 12/11/20^(a)	EUR		100		112,261
6.13%, 11/25/33	EUR		135		239,220
6.13%, 10/29/37	GBP		50		102,314
Vinci SA
1.63%, 01/18/29 (Call 10/18/28)^(a)	EUR		200		232,878
2.75%, 09/15/34 (Call 06/15/34)^(a)	GBP		100		140,682
Vivendi SA
0.63%, 06/11/25 (Call 03/11/25)^(a)	EUR		400		432,446
1.13%, 11/24/23 (Call 08/24/23)^(a)	EUR		100		111,242
Wendel SA
1.00%, 04/20/23 (Call 01/20/23)^(a)	EUR		200		220,269
1.38%, 04/26/26 (Call 01/26/26)^(a)	EUR		100		107,640

					77,750,855

Germany — 3.8%
Aareal Bank AG
0.00%, 07/04/22^(a)(c)	EUR		200		220,534
0.13%, 02/01/23^(a)	EUR		400		442,957
Allianz Finance II BV
0.50%, 01/14/31 (Call 10/14/30)^(a)	EUR		200		220,466
0.88%, 01/15/26 (Call 10/15/25)^(a)	EUR		300		343,534
5.75%, 07/08/41 (Call 07/08/21)^(b)	EUR		100		115,212
Allianz Finance II BV Co., 1.38%, 04/21/31 (Call 01/21/31)^(a)	EUR		100		119,356


SCHEDULES OF INVESTMENTS			65

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Germany (continued)
Allianz SE
1.30%, 09/25/49 (Call 09/25/29)^(a)(b)	EUR		100	$	108,280
2.24%, 07/07/45 (Call 07/07/25)^(a)(b)	EUR		300		347,165
3.10%, 07/06/47 (Call 07/06/27)^(a)(b)	EUR		100		123,229
3.38%, (Call 09/18/24)^(a)(b)(d)	EUR		100		116,316
alstria office REIT-AG, 2.13%, 04/12/23 (Call 01/12/23)^(a)	EUR		200		223,553
Aroundtown SA
1.63%, 01/31/28 (Call 10/31/27)^(a)	EUR		300		314,056
2.00%, 11/02/26 (Call 08/02/26)^(a)	EUR		300		327,233
3.63%, 04/10/31 (Call 01/10/31)^(a)	GBP		250		311,708
BASF SE
0.88%, 10/06/23^(a)	GBP		300		372,983
0.88%, 10/06/31 (Call 07/06/31)^(a)	EUR		100		112,678
Series 10Y, 2.00%, 12/05/22^(a)	EUR		380		435,227
Series 7Y, 0.88%, 05/22/25^(a)	EUR		300		342,502
Bayer AG, 2.38%, 11/12/79 (Call 02/12/25)^(a)(b)	EUR		200		208,289
Bayer Capital Corp. BV, 1.25%, 11/13/23 (Call 08/13/23)^(a)	EUR		400		449,003
Bayerische Landesbank
0.35%, 12/01/22^(a)	EUR		360		400,676
0.75%, 01/20/26^(a)	EUR		180		207,824
1.75%, 04/08/24^(a)	EUR		300		354,581
Bayerische Landesbodenkreditanstalt, 0.63%, 11/23/26	EUR		100		115,982
Berlin Hyp AG
0.00%, 08/29/22^(a)(c)	EUR		115		126,742
0.00%, 10/10/22^(a)(c)	EUR		431		475,034
0.25%, 05/30/23^(a)	EUR		100		111,234
0.50%, 11/05/29^(a)	EUR		200		213,018
1.25%, 04/23/21	EUR		340		377,720
Bertelsmann SE &Co. KGaA
1.25%, 09/29/25 (Call 06/29/25)^(a)	EUR		500		563,521
1.75%, 10/14/24 (Call 07/14/24)^(a)	EUR		100		115,148
3.00%, 04/23/75 (Call 04/23/23)^(a)(b)	EUR		100		109,008
BMW Canada Inc., Series V, 2.41%, 11/27/23	CAD		200		141,331
BMW Finance NV
0.13%, 07/13/22^(a)	EUR		190		205,225
0.38%, 07/10/23^(a)	EUR		588		637,441
0.38%, 01/14/27^(a)	EUR		100		106,139
0.75%, 07/13/26^(a)	EUR		355		387,128
0.88%, 11/17/20^(a)	EUR		150		164,238
0.88%, 04/03/25^(a)	EUR		200		219,704
0.88%, 01/14/32^(a)	EUR		100		107,057
1.00%, 01/21/25^(a)	EUR		50		55,415
1.50%, 02/06/29^(a)	EUR		200		228,607
BMW International Investment BV, 1.88%, 09/11/23^(a)	GBP		211		263,534
Commerzbank AG
0.05%, 07/11/24^(a)	EUR		100		110,921
0.13%, 02/23/23^(a)	EUR		300		332,257
0.50%, 08/28/23^(a)	EUR		150		163,061
0.50%, 06/09/26	EUR		470		536,047
0.63%, 08/28/24^(a)	EUR		300		326,139
0.88%, 01/22/27^(a)	EUR		200		201,721
0.88%, 04/18/28^(a)	EUR		450		531,862
1.13%, 09/19/25^(a)	EUR		200		211,016
Daimler AG
0.38%, 11/08/26^(a)	EUR		150		156,164
0.75%, 02/08/30^(a)	EUR		125		128,291


Security		Par (000)		Value

Germany (continued)
0.85%, 02/28/25^(a)	EUR		250	$	268,915
1.00%, 11/15/27^(a)	EUR		200		213,658
1.13%, 08/08/34^(a)	EUR		150		151,925
1.50%, 07/03/29^(a)	EUR		150		164,091
2.00%, 02/27/31^(a)	EUR		510		579,785
Daimler Canada Finance Inc., 3.30%, 08/16/22	CAD		150		108,085
Daimler International Finance BV
0.25%, 05/11/22^(a)	EUR		500		539,211
1.63%, 11/11/24^(a)	GBP		200		240,212
DekaBank Deutsche Girozentrale, 0.30%, 11/20/26^(a)	EUR		200		215,454
Deutsche Apotheker-und Aerztebank eG, 0.50%, 02/14/25	EUR		400		453,375
Deutsche Bahn Finance GMBH
0.63%, 09/26/28^(a)	EUR		150		169,741
0.88%, 07/11/31^(a)	EUR		20		22,754
0.95%, (Call 01/22/25)^(a)(b)(d)	EUR		200		215,194
1.00%, 12/17/27 (Call 09/17/27)	EUR		150		174,674
1.13%, 12/18/28^(a)	EUR		62		73,003
1.38%, 07/07/25 (Call 04/07/25)^(a)	GBP		100		126,946
1.38%, 04/16/40^(a)	EUR		100		120,998
1.63%, 08/16/33 (Call 05/16/33)^(a)	EUR		200		247,761
3.50%, 09/27/24^(a)	AUD		100		71,859
4.38%, 09/23/21^(a)	EUR		200		232,302
Series CB, 1.60%, (Call 07/18/29)^(a)(b)(d)	EUR		100		107,821
Deutsche Bank AG
0.13%, 01/21/30^(a)	EUR		100		111,269
0.25%, 05/15/23^(a)	EUR		250		277,902
0.25%, 03/08/24^(a)	EUR		122		136,178
0.25%, 08/31/28^(a)	EUR		22		24,753
0.63%, 12/19/23^(a)	CHF		100		96,385
0.75%, 03/21/22^(a)	CHF		150		151,536
1.13%, 08/30/23^(a)	EUR		150		164,987
1.13%, 03/17/25^(a)	EUR		200		204,142
1.75%, 01/17/28^(a)	EUR		100		100,747
2.63%, 02/12/26^(a)	EUR		300		323,812
3.88%, 02/12/24^(a)	GBP		300		381,705
Deutsche Boerse AG, 1.63%, 10/08/25^(a)	EUR		120		142,749
Deutsche Hypothekenbank AG
0.13%, 11/23/23^(a)	EUR		500		554,758
0.25%, 02/22/23	EUR		300		333,144
0.25%, 05/17/24	EUR		100		111,669
Deutsche Kreditbank AG
0.00%, 11/07/29^(a)(c)	EUR		270		297,029
0.75%, 09/26/24^(a)	EUR		500		543,061
Deutsche Pfandbriefbank AG
0.05%, 08/09/21	EUR		200		219,881
0.05%, 09/05/22^(a)	EUR		200		220,688
0.25%, 03/15/23	EUR		100		111,094
0.50%, 01/19/23^(a)	EUR		100		111,808
0.63%, 08/30/27	EUR		100		115,572
Deutsche Post AG
0.38%, 04/01/21 (Call 01/01/21)^(a)	EUR		25		27,417
1.63%, 12/05/28 (Call 09/05/28)^(a)	EUR		100		121,172
2.88%, 12/11/24^(a)	EUR		154		188,320
Deutsche Telekom AG
1.75%, 03/25/31^(a)	EUR		100		118,748
1.75%, 12/09/49^(a)	EUR		100		113,933
Deutsche Telekom International Finance BV
0.38%, 10/30/21^(a)	EUR		300		329,579


66		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Germany (continued)
0.63%, 04/03/23^(a)	EUR		560	$	620,305
0.63%, 12/13/24^(a)	EUR		650		723,891
1.38%, 01/30/27^(a)	EUR		200		232,024
1.50%, 04/03/28^(a)	EUR		405		472,625
2.25%, 04/13/29^(a)	GBP		100		130,981
2.50%, 10/10/25^(a)	GBP		200		264,084
DVB Bank SE, 0.88%, 04/09/21^(a)	EUR		100		109,008
DZ HYPAG
0.05%, 12/06/24	EUR		100		111,048
0.13%, 03/01/24^(a)	EUR		200		222,379
0.38%, 11/10/34^(a)	EUR		300		339,210
0.50%, 07/29/22^(a)	EUR		200		223,016
0.50%, 11/13/25^(a)	EUR		300		342,056
0.75%, 02/02/26^(a)	EUR		200		231,159
0.75%, 06/30/27^(a)	EUR		250		291,654
0.88%, 01/18/30^(a)	EUR		200		238,561
E.ON International Finance BV
5.53%, 02/21/23	EUR		250		313,327
5.88%, 10/30/37^(a)	GBP		150		290,937
6.38%, 06/07/32	GBP		90		166,740
E.ON SE
0.25%, 10/24/26 (Call 07/24/26)^(a)	EUR		400		435,373
1.63%, 05/22/29 (Call 02/22/29)^(a)	EUR		150		178,702
EnBW Energie Baden-Wuerttemberg AG, 1.63%, 08/05/79 (Call 05/05/27)^(a)(b)	EUR		100		103,415
EnBW International Finance BV, 6.13%, 07/07/39	EUR		30		58,471
Erste Abwicklungsanstalt, 0.00%, 02/25/21^(a)(c)	EUR		100		109,798
Eurogrid GmbH, 3.88%, 10/22/20^(a)	EUR		150		167,100
Evonik Finance BV
0.00%, 03/08/21 (Call 12/08/20)^(a)(c)	EUR		350		381,626
0.75%, 09/07/28 (Call 06/07/28)^(a)	EUR		270		293,208
FMS Wertmanagement
0.00%, 10/20/20^(a)(c)	EUR		200		219,332
1.00%, 09/07/22^(a)	GBP		800		1,020,877
FMS Wertmanagement AoeR, 0.05%, 07/06/21^(a)	EUR		300		330,108
Fresenius Finance Ireland PLC, 0.88%, 01/31/22 (Call 10/31/21)^(a)	EUR		100		109,704
Fresenius Medical Care AG & Co. KGaA, 1.25%, 11/29/29 (Call 08/29/29)^(a)	EUR		100		108,987
Fresenius SE & Co. KGaA
0.75%, 01/15/28 (Call 10/15/27)^(a)	EUR		100		106,817
2.88%, 02/15/29 (Call 11/15/28)^(a)	EUR		270		334,720
Grand City Properties SA, 1.38%, 08/03/26 (Call 05/03/26)^(a)	EUR		200		219,503
Hamburg Commercial Bank AG
0.38%, 07/12/23^(a)	EUR		300		334,406
0.50%, 05/23/22^(a)	EUR		100		108,817
0.75%, 06/22/22^(a)	EUR		100		111,739
Hamburger Sparkasse AG, 0.38%, 05/23/24^(a)	EUR		300		336,657
Hannover Finance Luxembourg SA, 5.00%, 06/30/43 (Call 06/30/23)^(b)	EUR		100		123,053
Hannover Rueck SE, 1.13%, 04/18/28 (Call 01/18/28)^(a)	EUR		200		230,508
HeidelbergCement AG
1.50%, 02/07/25 (Call 11/07/24)^(a)	EUR		481		522,040
2.25%, 03/30/23 (Call 12/30/22)^(a)	EUR		110		122,758
HeidelbergCement Finance Luxembourg SA
1.13%, 12/01/27 (Call 09/01/27)^(a)	EUR		220		227,554
1.50%, 06/14/27 (Call 03/14/27)^(a)	EUR		10		10,655


Security		Par (000)		Value

Germany (continued)
ING-DiBa AG
0.25%, 11/16/26^(a)	EUR		300	$	337,896
1.25%, 10/09/33^(a)	EUR		100		126,665
innogy Finance BV, 1.63%, 05/30/26 (Call 02/28/26)^(a)	EUR		158		184,550
Innogy Finance BV
0.75%, 11/30/22 (Call 08/30/22)^(a)	EUR		500		552,458
1.50%, 07/31/29 (Call 04/30/29)^(a)	EUR		100		115,494
6.13%, 07/06/39^(a)	GBP		50		101,387
6.25%, 06/03/30^(a)	GBP		260		457,817
6.50%, 08/10/21^(a)	EUR		100		118,131
KfW
0.00%, 05/25/21^(a)(c)	EUR		760		835,916
0.00%, 04/28/22^(c)	EUR		300		331,587
0.00%, 06/30/22^(a)(c)	EUR		2,500		2,765,249
0.00%, 09/15/23^(c)	EUR		200		222,208
0.00%, 07/04/24^(a)(c)	EUR		500		557,234
0.00%, 05/05/27^(a)(c)	EUR		950		1,062,324
0.05%, 05/30/24	EUR		50		55,824
0.13%, 02/24/23	EUR		1,000		1,112,890
0.13%, 11/07/23	EUR		1,100		1,227,830
0.13%, 01/15/24	EUR		400		446,865
0.13%, 10/04/24	EUR		500		560,602
0.25%, 06/30/25	EUR		1,000		1,131,532
0.38%, 03/15/23	EUR		300		336,220
0.38%, 04/23/25	EUR		600		682,225
0.38%, 03/09/26	EUR		1,370		1,564,365
0.63%, 07/04/22	EUR		200		224,383
0.63%, 01/15/25	EUR		500		574,348
0.63%, 01/07/28	EUR		351		410,781
0.75%, 06/28/28	EUR		840		996,103
0.88%, 03/15/22^(a)	GBP		500		636,282
0.88%, 09/15/26^(a)	GBP		970		1,244,285
0.88%, 07/04/39^(a)	EUR		320		402,643
1.00%, 12/15/22^(a)	GBP		300		384,043
1.13%, 12/07/21^(a)	GBP		500		638,067
1.13%, 09/15/32^(a)	EUR		120		150,490
1.13%, 05/09/33^(a)	EUR		500		629,808
1.13%, 06/15/37^(a)	EUR		100		129,030
1.25%, 07/04/36^(a)	EUR		440		573,711
1.38%, 02/01/21^(a)	GBP		120		152,532
1.38%, 12/15/25^(a)	GBP		400		527,073
1.38%, 07/31/35^(a)	EUR		170		223,890
2.13%, 08/15/23	EUR		550		653,741
2.90%, 06/06/22^(a)	AUD		500		343,092
3.38%, 01/18/21	EUR		50		56,248
5.00%, 03/19/24	AUD		70		53,090
6.00%, 08/20/20	AUD		50		33,274
6.00%, 12/07/28	GBP		150		273,530
Landesbank Baden-Wuerttemberg
0.05%, 11/11/21^(a)	EUR		100		110,091
0.13%, 02/21/22^(a)	EUR		480		529,692
0.20%, 12/13/21^(a)	EUR		300		325,955
0.38%, 01/14/26^(a)	EUR		86		97,317
2.20%, 05/09/29^(a)	EUR		300		293,618
Series 812, 0.00%, 07/16/27^(a)(c)	EUR		100		110,756
Landesbank Hessen-Thueringen Girozentrale
0.00%, 07/18/22^(a)(c)	EUR		300		330,525
0.38%, 03/03/22	EUR		400		443,193
0.50%, 09/25/25^(a)	EUR		300		341,326


SCHEDULES OF INVESTMENTS			67

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Germany (continued)
0.88%, 03/20/28^(a)	EUR		300	$	354,664
Series H337, 0.00%, 09/26/29^(c)	EUR		100		110,166
Landeskreditbank
Baden-Wuerttemberg Foerderbank
0.38%, 04/13/26^(a)	EUR		130		147,727
0.88%, 03/07/22^(a)	GBP		100		126,974
Landwirtschaftliche Rentenbank
0.00%, 11/27/29^(a)(c)	EUR		400		442,580
0.25%, 07/15/24^(a)	EUR		700		784,643
0.25%, 08/29/25^(a)	EUR		600		675,206
0.38%, 01/22/24^(a)	EUR		100		112,368
0.50%, 02/28/29^(a)	EUR		300		347,172
0.63%, 05/18/27^(a)	EUR		200		231,971
1.25%, 05/20/22^(a)	EUR		317		358,435
1.38%, 09/08/25^(a)	GBP		200		262,757
2.60%, 03/23/27^(a)	AUD		100		71,022
2.70%, 09/05/22^(a)	AUD		70		48,039
4.75%, 05/06/26^(a)	AUD		200		158,583
LANXESS AG, 1.13%, 05/16/25 (Call 02/16/25)^(a)	EUR		225		248,468
LEG Immobilien AG, 0.88%, 11/28/27 (Call 08/28/27)^(a)	EUR		200		209,969
Linde Finance BV
0.25%, 01/18/22	EUR		194		213,253
Series 10, 2.00%, 04/18/23^(a)	EUR		270		313,076
Merck Financial Services GmbH, 0.50%, 07/16/28 (Call 04/16/28)^(a)	EUR		100		110,914
Merck KGaA
1.63%, 06/25/79 (Call 12/18/24)^(a)(b)	EUR		100		106,520
2.63%, 12/12/74 (Call 06/12/21)^(a)(b)	EUR		25		27,655
2.88%, 06/25/79 (Call 06/25/29)^(a)(b)	EUR		100		112,245
3.38%, 12/12/74 (Call 12/12/24)^(a)(b)	EUR		200		233,825
Muenchener Hypothekenbank eG
0.63%, 05/07/27^(a)	EUR		400		462,300
2.50%, 07/04/28^(a)	EUR		190		253,066
Series 1546, 1.75%, 06/03/22^(a)	EUR		250		285,386
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
3.25%, 05/26/49 (Call 05/26/29)^(a)(b)	EUR		100		129,682
6.63%, 05/26/42 (Call 05/26/22)^(a)(b)	GBP		100		136,560
Norddeutsche Landesbank-Girozentrale, 0.75%, 01/18/28^(a)	EUR		372		433,785
NRW Bank
0.13%, 07/07/23	EUR		300		332,822
0.25%, 05/16/24^(a)	EUR		150		167,702
0.25%, 03/10/25^(a)	EUR		300		336,384
0.38%, 01/25/23	EUR		500		557,749
0.38%, 11/17/26^(a)	EUR		100		113,416
0.50%, 05/26/25^(a)	EUR		300		340,935
0.50%, 05/11/26^(a)	EUR		50		57,102
0.88%, 04/12/34	EUR		200		242,493
1.20%, 03/28/39	EUR		100		129,610
1.25%, 12/15/21^(a)	GBP		300		382,776
Series 1, 0.00%, 02/01/22^(c)	EUR		200		220,212
O2 Telefonica Deutschland Finanzierungs GmbH, 1.75%, 07/05/25 (Call 04/05/25)^(a)	EUR		200		228,094
SAP SE
0.75%, 12/10/24 (Call 09/10/24)^(a)	EUR		200		225,708
1.00%, 04/01/25 (Call 01/01/25)^(a)	EUR		129		147,400
1.25%, 03/10/28 (Call 12/10/27)^(a)	EUR		400		472,556
1.75%, 02/22/27 (Call 11/22/26)^(a)	EUR		102		122,917


Security		Par (000)		Value

Germany (continued)
Schaeffler AG, 1.88%, 03/26/24 (Call 12/26/23)^(a)	EUR		200	$	207,914
Siemens Financieringsmaatschappij NV
0.00%, 09/05/24^(a)(c)	EUR		125		136,384
0.38%, 09/06/23^(a)	EUR		110		121,811
0.50%, 09/05/34^(a)	EUR		100		106,054
1.00%, 02/20/25^(a)	GBP		200		251,276
1.25%, 02/28/31^(a)	EUR		250		292,538
1.75%, 03/12/21^(a)	EUR		150		166,515
1.75%, 02/28/39^(a)	EUR		100		123,567
2.75%, 09/10/25^(a)	GBP		200		274,470
2.88%, 03/10/28^(a)	EUR		341		445,945
Talanx AG, 2.25%, 12/05/47 (Call 12/05/27)^(a)(b)	EUR		100		112,923
Talanx Finanz Luxembourg SA, 8.37%, 06/15/42 (Call 06/15/22)^(a)(b)	EUR		100		125,505
TLG Immobilien AG, 1.50%, 05/28/26 (Call 02/28/26)^(a)	EUR		200		209,202
UniCredit Bank AG
0.00%, 09/10/24^(a)(c)	EUR		86		95,238
0.13%, 03/01/22^(a)	EUR		280		308,809
0.50%, 05/04/26^(a)	EUR		200		228,015
0.85%, 05/22/34^(a)	EUR		480		579,044
Vier Gas Transport GmbH, 3.13%, 07/10/23^(a)	EUR		295		353,018
Volkswagen Bank GmbH, 2.50%, 07/31/26^(a)	EUR		100		115,306
Volkswagen Financial Services AG, 2.25%, 10/16/26^(a)	EUR		70		80,644
Volkswagen Financial Services NV, 2.25%, 04/12/25^(a)	GBP		150		186,645
Volkswagen International Finance NV
2.00%, 03/26/21^(a)	EUR		100		110,002
2.50%, (Call 03/20/22)^(a)(b)(d)	EUR		287		303,418
2.63%, 11/16/27^(a)	EUR		300		351,394
2.70%, (Call 12/14/22)^(a)(b)(d)	EUR		300		315,032
3.38%, 11/16/26^(a)	GBP		200		258,627
3.88%, (Call 06/14/27)^(a)(b)(d)	EUR		100		104,097
4.13%, 11/16/38^(a)	EUR		200		279,891
4.63%, (Call 03/24/26)^(a)(b)(d)(e)	EUR		200		221,798
4.63%, (Call 06/27/28)^(a)(b)(d)	EUR		100		109,520
Series 10Y, 1.88%, 03/30/27^(a)	EUR		400		450,549
Series 4Y, 0.50%, 03/30/21^(a)	EUR		600		651,344
Series NC6, 3.38%, (Call 06/27/24)^(a)(b)(d)	EUR		200		212,017
Volkswagen Leasing GmbH
1.13%, 04/04/24^(a)	EUR		384		416,192
1.38%, 01/20/25^(a)	EUR		50		54,303
1.50%, 06/19/26^(a)	EUR		350		381,722
2.38%, 09/06/22^(a)	EUR		300		337,334
Vonovia Finance BV
0.63%, 10/07/27 (Call 07/07/27)^(a)	EUR		100		105,454
0.75%, 01/25/22^(a)	EUR		200		218,896
1.25%, 12/06/24^(a)	EUR		100		112,354
1.50%, 06/10/26^(a)	EUR		100		112,515
1.63%, 10/07/39 (Call 07/07/39)^(a)	EUR		100		103,959
1.75%, 01/25/27^(a)	EUR		200		228,101
1.80%, 06/29/25 (Call 03/29/25)^(a)	EUR		200		228,924
VW Credit Canada Inc., 3.25%, 03/29/23	CAD		250		180,505
Wintershall Dea Finance BV, 0.45%, 09/25/23 (Call 06/25/23)^(a)	EUR		100		102,163
Wirecard AG, 0.50%, 09/11/24 (Call 06/11/24)^(a)	EUR		100		95,720
Wirtschafts- und Infrastrukturbank Hessen, 0.88%, 06/14/28	EUR		200		235,529


68		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Germany (continued)
Wuerth Finance International BV, 1.00%, 05/19/22 (Call 02/19/22)^(a)	EUR		190	$	209,372

					84,777,430

Hong Kong — 0.0%
CK Hutchison Europe Finance 18 Ltd., 1.25%, 04/13/25^(a)	EUR		105		116,300
CK Hutchison Finance 16 II Ltd., 0.88%, 10/03/24^(a)	EUR		300		327,897
Hutchison Whampoa Finance 14 Ltd., 1.38%, 10/31/21^(a)	EUR		334		370,290

					814,487

Iceland — 0.0%
Landsbankinn HF, 0.50%, 05/20/24^(a)	EUR		200		205,323


India — 0.0%
Bharti Airtel International Netherlands BV, 3.38%, 05/20/21^(a)	EUR		300		329,921


Indonesia — 0.0%
Perusahaan Listrik Negara PT, 1.88%, 11/05/31^(a)	EUR		100		94,907


Ireland — 0.1%
AIB Mortgage Bank, 0.88%, 02/04/23^(a)	EUR		100		112,914
Bank of Ireland Group PLC
0.75%, 07/08/24 (Call 07/08/23)^(a)(b)	EUR		100		105,116
1.38%, 08/29/23^(a)	EUR		150		161,228
Bank of Ireland Mortgage Bank, 0.63%, 03/14/25^(a)	EUR		100		113,690
CRH Finance DAC, 1.38%, 10/18/28 (Call 07/18/28)^(a)	EUR		100		111,190
CRH Finance Germany GmbH, 1.75%, 07/16/21 (Call 04/16/21)^(a)	EUR		100		110,584
ESB Finance DAC
1.75%, 02/07/29 (Call 11/07/28)^(a)	EUR		100		119,093
2.13%, 11/05/33 (Call 08/05/33)^(a)	EUR		100		122,188
3.49%, 01/12/24^(a)	EUR		100		121,491
Freshwater Finance PLC, Series A, 5.18%, 04/20/35^(a)	GBP		100		174,309
Kerry Group Financial Services Unltd Co., 0.63%, 09/20/29 (Call 06/20/29)^(a)	EUR		200		208,054
Ryanair DAC, 1.13%, 08/15/23^(a)	EUR		100		95,676

					1,555,533

Italy — 0.8%
2i Rete Gas SpA, 2.20%, 09/11/25 (Call 06/11/25)^(a)	EUR		290		336,641
A2A SpA
1.00%, 07/16/29 (Call 04/16/29)^(a)	EUR		200		214,337
1.63%, 10/19/27 (Call 07/19/27)^(a)	EUR		100		114,600
ACEA SpA
1.50%, 06/08/27 (Call 03/08/27)^(a)	EUR		100		113,148
1.75%, 05/23/28 (Call 02/23/28)^(a)	EUR		310		353,250
Aeroporti di Roma SpA, 1.63%, 06/08/27 (Call 03/08/27)^(a)	EUR		100		102,877
Assicurazioni Generali SpA
4.13%, 05/04/26^(a)	EUR		200		237,579
5.13%, 09/16/24^(a)	EUR		100		128,667
5.50%, 10/27/47 (Call 10/27/27)^(a)(b)	EUR		200		245,373
7.75%, 12/12/42 (Call 12/12/22)^(a)(b)	EUR		200		246,182
Banca Monte dei Paschi di Siena SpA
0.88%, 10/08/26^(a)	EUR		100		108,092
2.00%, 01/29/24^(a)	EUR		200		229,768


Security		Par (000)		Value

Italy (continued)
2.88%, 04/16/21^(a)	EUR		100	$	112,237
Series 16, 2.88%, 07/16/24^(a)	EUR		200		238,881
Banco BPM SpA
0.63%, 06/08/23^(a)	EUR		100		109,954
0.75%, 03/31/22^(a)	EUR		150		166,120
1.13%, 09/25/23^(a)	EUR		300		335,835
Banco di Desio e della Brianza SpA, 0.38%, 07/24/26^(a)	EUR		200		222,731
BPER Banca, 1.00%, 07/22/23^(a)	EUR		200		225,240
Credit Agricole Italia SpA
0.25%, 09/30/24^(a)	EUR		100		110,029
0.25%, 01/17/28^(a)	EUR		100		109,226
0.88%, 01/31/22^(a)	EUR		400		444,889
1.00%, 03/25/27^(a)	EUR		200		230,348
1.00%, 01/17/45^(a)	EUR		100		113,232
Enel Finance International NV
0.38%, 06/17/27 (Call 03/17/27)^(a)	EUR		400		427,022
1.38%, 06/01/26^(a)	EUR		829		948,010
5.00%, 09/14/22^(a)	EUR		300		363,634
5.63%, 08/14/24^(a)	GBP		200		291,415
5.75%, 09/14/40^(a)	GBP		130		245,540
Enel SpA
2.50%, 11/24/78 (Call 08/24/23)^(a)(b)	EUR		100		107,812
5.25%, 05/20/24^(a)	EUR		60		77,935
6.63%, 09/15/76 (Call 09/15/21)^(a)(b)	GBP		225		293,879
Eni SpA
0.63%, 01/23/30^(a)	EUR		100		100,405
0.75%, 05/17/22^(a)	EUR		450		492,249
1.13%, 09/19/28^(a)	EUR		270		293,105
1.75%, 01/18/24^(a)	EUR		479		541,590
2.63%, 11/22/21^(a)	EUR		200		225,665
FCA Bank SpA/Ireland
0.25%, 02/28/23 (Call 01/28/23)^(a)	EUR		100		103,489
0.63%, 11/24/22 (Call 10/24/22)^(a)	EUR		125		131,729
1.25%, 09/23/20^(a)	EUR		100		109,630
Ferrovie dello Stato Italiane SpA, 1.50%, 06/27/25^(a)	EUR		360		397,115
Hera SpA
0.88%, 10/14/26^(a)	EUR		100		110,669
5.20%, 01/29/28^(a)	EUR		100		143,386
Intesa Sanpaolo SpA
0.63%, 01/20/22^(a)	EUR		100		110,817
0.63%, 03/23/23^(a)	EUR		300		334,787
1.00%, 07/04/24^(a)	EUR		175		187,372
1.13%, 06/16/27^(a)	EUR		200		233,774
1.38%, 01/18/24^(a)	EUR		300		326,681
1.38%, 12/18/25^(a)	EUR		100		117,220
1.75%, 07/04/29^(a)	EUR		225		237,580
2.13%, 08/30/23^(a)	EUR		150		167,900
2.50%, 01/15/30^(a)	GBP		200		230,938
3.25%, 02/10/26^(a)	EUR		100		129,257
Iren SpA
1.50%, 10/24/27 (Call 07/24/27)^(a)	EUR		100		112,856
1.95%, 09/19/25 (Call 06/19/25)^(a)	EUR		100		116,082
Italgas SpA
0.88%, 04/24/30^(a)	EUR		100		105,346
1.63%, 01/19/27^(a)	EUR		100		114,412
Mediobanca Banca di Credito Finanziario SpA
0.50%, 10/01/26^(a)	EUR		100		111,207
0.88%, 01/15/26^(a)	EUR		200		203,340


SCHEDULES OF INVESTMENTS			69

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Italy (continued)
1.13%, 04/23/25^(a)	EUR		250	$	251,900
Series 4, 1.38%, 11/10/25^(a)	EUR		300		350,550
Snam SpA
0.88%, 10/25/26^(a)	EUR		361		397,096
1.38%, 10/25/27 (Call 07/25/27)^(a)	EUR		110		124,807
Societa Iniziative Autostradali e Servizi SpA, 3.38%, 02/13/24^(a)	EUR		209		239,306
Terna Rete Elettrica Nazionale SpA
0.88%, 02/02/22^(a)	EUR		300		330,240
1.38%, 07/26/27^(a)	EUR		300		338,398
4.90%, 10/28/24^(a)	EUR		103		133,620
UniCredit SpA
0.38%, 10/31/26^(a)	EUR		200		222,015
0.75%, 04/30/25^(a)	EUR		300		339,322
1.63%, 07/03/25 (Call 07/03/24)^(a)(b)	EUR		300		313,035
1.80%, 01/20/30^(a)	EUR		250		249,400
2.00%, 03/04/23^(a)	EUR		454		505,113
3.25%, 01/14/21^(a)	EUR		150		167,293
5.00%, 10/31/21^(a)	EUR		200		235,606
Unione di Banche Italiane SpA
1.00%, 01/27/23^(a)	EUR		250		281,451
1.00%, 09/25/25^(a)	EUR		300		345,062
1.13%, 10/04/27^(a)	EUR		200		233,487

					18,150,785

Japan — 0.2%
American Honda Finance Corp., 1.38%, 11/10/22	EUR		100		110,104
Asahi Group Holdings Ltd., 1.15%, 09/19/25 (Call 06/19/25)^(a)	EUR		200		220,828
East Japan Railway Co., 4.50%, 01/25/36^(a)	GBP		50		89,757
Honda Canada Finance Inc., Series 16-4, 1.82%, 12/07/21	CAD		50		35,904
JT International Financial Services BV, 1.00%, 11/26/29 (Call 08/26/29)^(a)	EUR		200		213,042
Mitsubishi UFJ Financial Group Inc.
0.85%, 07/19/29^(a)	EUR		200		206,438
0.87%, 09/07/24^(a)	EUR		300		324,755
Mizuho Financial Group Inc.
0.40%, 09/06/29^(a)	EUR		100		101,174
0.80%, 04/15/30^(a)	EUR		100		103,225
1.02%, 10/11/23^(a)	EUR		310		339,988
MUFG Bank Ltd., 0.88%, 03/11/22^(a)	EUR		100		109,738
Nomura Europe Finance NV, 1.50%, 05/12/21^(a)	EUR		200		220,635
Sumitomo Mitsui Banking Corp.
0.41%, 11/07/29^(a)	EUR		200		221,441
0.55%, 11/06/23^(a)	EUR		200		223,364
Sumitomo Mitsui Financial Group Inc.
0.61%, 01/18/22^(a)	EUR		400		435,807
0.93%, 10/11/24^(a)	EUR		200		218,252
1.55%, 06/15/26^(a)	EUR		247		275,750
Takeda Pharmaceutical Co. Ltd., 3.00%, 11/21/30 (Call 08/21/30)^(a)	EUR		200		249,001
Toyota Motor Credit Corp., 0.25%, 07/16/26^(a)	EUR		100		105,366
Toyota Motor Finance Netherlands BV, 1.38%, 05/23/23^(a)	GBP		100		124,734

					3,929,303

Liechtenstein — 0.0%
LGT Bank AG, 1.88%, 02/08/23^(a)	CHF		100		108,446


Lithuania — 0.0%
Ignitis Grupe UAB, 2.00%, 07/14/27^(a)	EUR		200		229,299


Security		Par (000)		Value

Luxembourg — 0.1%
ArcelorMittal SA, 1.75%, 11/19/25 (Call 08/19/25)^(a).	EUR		200	$	200,337
Blackstone Property Partners Europe Holdings Sarl, 1.75%, 03/12/29 (Call 12/12/28)^(a)	EUR		200		201,954
CK Hutchison Group Telecom Finance SA
0.75%, 04/17/26 (Call 01/17/26)^(a)	EUR		210		226,395
1.13%, 10/17/28 (Call 07/17/28)^(a)	EUR		200		217,590
GELF Bond Issuer I SA, 1.13%, 07/18/29 (Call 04/18/29)^(a)	EUR		200		204,880
Logicor Financing Sarl
2.25%, 05/13/25 (Call 02/13/25)^(a)	EUR		150		165,729
2.75%, 01/15/30 (Call 10/15/29)^(a)	GBP		100		117,139
3.25%, 11/13/28 (Call 08/13/28)^(a)	EUR		260		292,199
Prologis International Funding II SA, 0.88%, 07/09/29 (Call 04/09/29)^(a)	EUR		125		127,723
SELP Finance Sarl, 1.50%, 12/20/26 (Call 09/20/26)^(a)	EUR		150		155,045

					1,908,991

Mexico — 0.1%
America Movil SAB de CV
3.00%, 07/12/21	EUR		370		414,424
4.75%, 06/28/22	EUR		340		401,986
4.95%, 07/22/33	GBP		100		165,042
5.00%, 10/27/26	GBP		100		150,407
5.75%, 06/28/30	GBP		120		202,684

					1,334,543

Netherlands — 1.3%
ABN AMRO Bank NV
0.63%, 05/31/22^(a)	EUR		300		330,371
0.88%, 01/15/24^(a)	EUR		500		557,864
0.88%, 01/14/26^(a)	EUR		100		115,959
1.00%, 04/13/31^(a)	EUR		300		358,856
1.13%, 01/12/32^(a)	EUR		200		242,372
1.13%, 04/23/39^(a)	EUR		200		250,280
1.38%, 01/12/37^(a)	EUR		100		128,032
1.45%, 04/12/38^(a)	EUR		400		523,049
2.38%, 01/23/24^(a)	EUR		400		479,868
2.50%, 09/05/23^(a)	EUR		200		238,900
3.38%, 08/15/31^(a)	CHF		200		283,991
4.13%, 03/28/22^(a)	EUR		370		433,581
7.13%, 07/06/22^(a)	EUR		290		354,880
Achmea Bank NV, 0.38%, 11/22/24^(a)	EUR		300		334,396
Aegon Bank NV, 0.25%, 05/25/23^(a)	EUR		100		110,624
Aegon NV, 6.13%, 12/15/31	GBP		50		90,525
Akzo Nobel NV, 1.13%, 04/08/26 (Call 01/08/26)^(a)	EUR		200		227,719
Alliander NV, 2.88%, 06/14/24	EUR		200		243,435
ASML Holding NV, 1.38%, 07/07/26 (Call 04/07/26)^(a)	EUR		200		232,298
ASR Nederland NV, 5.00%, (Call 09/30/24)^(a)(b)(d)	EUR		230		267,893
BNG Bank NV
0.20%, 11/09/24^(a)	EUR		450		502,457
0.25%, 06/07/24^(a)	EUR		300		335,365
0.38%, 01/14/22^(a)	EUR		50		55,419
0.63%, 06/19/27^(a)	EUR		250		288,814
0.75%, 01/11/28^(a)	EUR		250		291,777
0.75%, 01/24/29^(a)	EUR		390		457,218
0.88%, 10/17/35^(a)	EUR		300		365,678
1.00%, 03/15/22^(a)	GBP		200		254,596
1.00%, 06/17/22^(a)	GBP		100		127,404
1.00%, 01/12/26^(a)	EUR		200		233,706


70		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Netherlands (continued)
1.38%, 10/21/30^(a)	EUR		50	$	62,639
1.50%, 07/15/39^(a)	EUR		284		382,949
2.25%, 07/17/23^(a)	EUR		80		94,776
3.00%, 10/25/21^(a)	EUR		300		344,500
3.25%, 07/15/25^(a)	AUD		200		145,553
3.30%, 07/17/28^(a)	AUD		400		297,556
Cooperatieve Rabobank UA
0.25%, 05/31/24^(a)	EUR		200		223,115
0.50%, 12/06/22^(a)	EUR		400		441,726
0.75%, 08/29/23^(a)	EUR		300		330,952
0.75%, 06/21/39^(a)	EUR		300		352,676
0.88%, 02/01/29^(a)	EUR		200		234,692
1.13%, 04/08/21^(a)	CHF		100		104,576
1.25%, 03/23/26^(a)	EUR		370		428,170
1.38%, 02/03/27^(a)	EUR		410		481,433
1.50%, 04/26/38^(a)	EUR		100		132,263
2.25%, 03/23/22^(a)	GBP		190		243,594
3.88%, 07/25/23^(a)	EUR		400		474,655
4.38%, 06/07/21^(a)	EUR		150		171,608
5.25%, 09/14/27^(a)	GBP		100		146,534
5.38%, 08/03/60^(a)	GBP		50		132,158
Series 2541, 4.00%, 09/19/22	GBP		150		200,473
de Volksbank NV
0.13%, 09/28/20^(a)	EUR		200		218,723
1.00%, 03/08/28^(a)	EUR		200		236,221
Enexis Holding NV
0.75%, 07/02/31 (Call 04/02/31)^(a)	EUR		200		220,320
1.50%, 10/20/23 (Call 07/20/23)^(a)	EUR		300		342,243
EXOR NV, 1.75%, 01/18/28 (Call 10/18/27)^(a)	EUR		200		223,827
Heineken NV
1.00%, 05/04/26 (Call 02/04/26)^(a)	EUR		220		247,648
1.25%, 03/17/27 (Call 12/17/26)^(a)	EUR		400		456,416
2.13%, 08/04/20^(a)	EUR		100		110,045
ING Bank NV
0.00%, 04/08/22^(a)(c)	EUR		300		325,265
0.75%, 02/22/21^(a)	EUR		100		109,998
0.75%, 02/18/29^(a)	EUR		200		232,528
1.88%, 05/22/23^(a)	EUR		400		465,752
3.38%, 01/10/22^(a)	EUR		100		116,130
ING Groep NV
1.13%, 02/14/25^(a)	EUR		300		333,180
1.63%, 09/26/29 (Call 09/26/24)^(a)(b)	EUR		300		330,026
2.00%, 09/20/28^(a)	EUR		300		354,249
2.50%, 11/15/30^(a)	EUR		100		125,252
3.00%, 04/11/28 (Call 04/11/23)^(b)	EUR		200		226,000
JAB Holdings BV
1.00%, 12/20/27^(a)	EUR		100		102,000
2.25%, 12/19/39^(a)	EUR		100		101,360
Koninklijke Ahold Delhaize NV, 0.25%, 06/26/25 (Call 03/26/25)^(a)	EUR		252		272,386
Koninklijke DSM NV, 1.00%, 04/09/25 (Call 01/09/25)^(a)	EUR		100		112,993
Koninklijke KPN NV
5.63%, 09/30/24^(a)	EUR		50		66,537
5.75%, 09/17/29^(a)	GBP		160		247,136
Koninklijke Philips NV
0.50%, 09/06/23 (Call 06/06/23)^(a)	EUR		120		133,103
2.00%, 03/30/30 (Call 12/30/29)^(a)	EUR		100		121,989
LeasePlan Corp. NV, 0.75%, 10/03/22^(a)	EUR		320		338,120


Security		Par (000)		Value

Netherlands (continued)
Nationale-Nederlanden Bank NV Netherlands (The), 1.00%, 09/25/28^(a)	EUR		200	$	234,484
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, 0.13%, 06/01/23^(a)	EUR		100		111,164
Nederlandse Gasunie NV, 1.38%, 10/16/28 (Call 07/16/28)^(a)	EUR		300		356,783
Nederlandse Waterschapsbank NV
0.13%, 01/17/24^(a)	EUR		300		333,923
0.50%, 01/19/23^(a)	EUR		100		111,987
0.50%, 04/29/30^(a)	EUR		300		345,585
0.63%, 02/06/29^(a)	EUR		200		232,747
1.00%, 09/03/25^(a)	EUR		400		466,896
1.00%, 03/01/28^(a)	EUR		600		715,018
1.25%, 06/07/32^(a)	EUR		100		125,425
1.50%, 06/15/39^(a)	EUR		200		272,088
1.63%, 01/29/48^(a)	EUR		100		151,386
3.00%, 03/28/22^(a)	EUR		600		698,865
3.45%, 07/17/28^(a)	AUD		300		224,770
NIBC Bank NV, 1.00%, 09/11/28^(a)	EUR		200		234,521
NN Group NV
1.00%, 03/18/22^(a)	EUR		200		220,013
4.63%, 04/08/44 (Call 04/08/24)^(a)(b)	EUR		100		118,863
4.63%, 01/13/48 (Call 01/13/28)^(a)(b)	EUR		200		243,172
Royal Schiphol Group NV, 1.50%, 11/05/30 (Call 08/05/30)^(a)	EUR		100		112,346
Schlumberger Finance BV, 0.50%, 10/15/31 (Call 07/15/31)^(a)	EUR		100		97,418
Shell International Finance BV
0.88%, 08/21/28^(a)	CHF		75		79,739
0.88%, 11/08/39^(a)	EUR		200		200,052
1.25%, 03/15/22^(a)	EUR		400		443,916
1.25%, 05/12/28^(a)	EUR		120		136,428
1.88%, 09/15/25^(a)	EUR		260		304,439
Stedin Holding NV, 1.38%, 09/19/28 (Call 06/19/28)^(a)	EUR		200		234,212
TenneT Holding BV
1.00%, 06/13/26 (Call 03/13/26)^(a)	EUR		400		456,328
1.50%, 06/03/39 (Call 03/03/39)^(a)	EUR		100		116,412
4.63%, 02/21/23^(a)	EUR		300		366,378
Unilever NV
0.38%, 02/14/23^(a)	EUR		135		149,629
0.50%, 08/12/23^(a)	EUR		405		451,878
1.00%, 02/14/27^(a)	EUR		100		115,862
1.63%, 02/12/33^(a)	EUR		260		322,847
Unilever NV Co., 1.75%, 03/25/30	EUR		100		124,366
Wintershall Dea Finance BV, 1.33%, 09/25/28 (Call 06/25/28)^(a)	EUR		300		276,837
Wolters Kluwer NV, 1.50%, 03/22/27 (Call 12/22/26)^(a)	EUR		100		115,426

					29,615,575

New Zealand — 0.1%
ANZ New Zealand Int’l Ltd./London
0.13%, 09/22/23^(a)	EUR		100		109,985
0.50%, 01/17/24^(a)	EUR		200		222,847
ASB Finance Ltd./London, 0.63%, 10/18/24^(a)	EUR		200		225,034
BNZ International Funding Ltd./London, 0.13%, 06/17/21^(a)	EUR		150		164,766
Westpac Securities NZ Ltd./London
0.13%, 06/16/21^(a)	EUR		100		109,821
0.38%, 02/05/24^(a)	CHF		150		155,808


SCHEDULES OF INVESTMENTS			71

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

New Zealand (continued)
0.50%, 01/17/24^(a)	EUR		200	$	222,826

					1,211,087

Norway — 0.4%
Avinor AS, 1.00%, 04/29/25 (Call 01/29/25)^(a)	EUR		200		220,799
DNB Bank ASA
0.05%, 11/14/23^(a)	EUR		555		599,314
1.13%, 03/01/23^(a)	EUR		200		223,941
4.38%, 02/24/21^(a)	EUR		100		113,167
DNB Boligkreditt AS
0.05%, 01/11/22^(a)	EUR		300		330,108
0.25%, 01/23/23^(a)	EUR		400		443,408
0.25%, 09/07/26^(a)	EUR		500		556,631
0.38%, 01/14/21^(a)	EUR		100		109,955
0.38%, 11/14/23^(a)	EUR		500		557,666
0.38%, 11/20/24^(a)	EUR		100		112,009
Eika Boligkreditt AS
0.50%, 08/28/25^(a)	EUR		100		112,809
1.50%, 03/12/21^(a)	EUR		100		111,158
Equinor ASA
1.63%, 11/09/36 (Call 08/09/36)^(a)	EUR		200		227,058
2.88%, 09/10/25^(a)	EUR		100		122,135
4.25%, 04/10/41^(a)	GBP		290		507,086
5.63%, 03/11/21^(a)	EUR		280		320,635
6.88%, 03/11/31^(a)	GBP		100		189,770
Kommunal Landspensjonskasse Gjensidig Forsikringsselskap, 4.25%, 06/10/45 (Call 06/10/25)^(a)(b)	EUR		100		115,177
SpareBank 1 Boligkreditt AS
0.05%, 01/25/22^(a)	EUR		200		220,120
0.13%, 11/05/29^(a)	EUR		400		437,669
0.25%, 08/30/26^(a)	EUR		200		222,593
0.50%, 01/30/25^(a)	EUR		200		225,367
1.75%, 12/18/23^(a)	GBP		200		260,787
SpareBank 1 SR-Bank ASA, 0.38%, 02/10/22^(a)	EUR		280		305,430
Sparebanken Soer Boligkreditt AS, 0.50%, 02/06/26^(a)	EUR		200		226,114
Sparebanken Vest Boligkreditt AS, 0.50%, 02/12/26^(a)	EUR		200		226,567
SR-Boligkreditt AS
0.00%, 10/08/26^(c)	EUR		100		109,955
0.75%, 10/17/25^(a)(f)	EUR		100		114,539
Statkraft AS
1.50%, 09/21/23 (Call 06/21/23)^(a)	EUR		320		363,310
1.50%, 03/26/30 (Call 12/26/29)^(a)	EUR		100		116,428
Telenor ASA
0.88%, 02/14/35 (Call 11/14/34)^(a)	EUR		200		210,596
2.63%, 12/06/24^(a)	EUR		290		348,819

					8,361,120

Poland — 0.0%
PKO Bank Hipoteczny SA
0.63%, 01/24/23^(a)	EUR		300		333,972
0.75%, 08/27/24^(a)	EUR		100		112,309
Powszechna Kasa Oszczednosci Bank Polski SA, 0.75%, 07/25/21^(a)	EUR		150		162,637

					608,918

Portugal — 0.0%
Banco Santander Totta SA, 0.88%, 04/25/24^(a)	EUR		200		227,496
Caixa Economica Montepio Geral Caixa Economica Bancaria SA, 0.13%, 11/14/24^(a)	EUR		200		216,920


Security		Par (000)		Value

Portugal (continued)
Caixa Geral de Depositos SA, 1.00%, 01/27/22^(a)	EUR		100	$	111,498
EDP Finance BV, 1.13%, 02/12/24^(a)	EUR		404		450,404

					1,006,318

Romania — 0.0%
Globalworth Real Estate Investments Ltd., 3.00%, 03/29/25^(a)	EUR		100		109,803


Russia — 0.0%
Gazprom PJSC Via Gaz Capital SA, 4.36%, 03/21/25^(a)	EUR		200		238,764


Singapore — 0.1%
DBS Bank Ltd., 0.38%, 11/21/24^(a)	EUR		200		223,123
Temasek Financial I Ltd.
0.50%, 03/01/22^(a)	EUR		300		330,634
0.50%, 11/20/31 (Call 08/20/31)^(a)	EUR		300		325,222
United Overseas Bank Ltd., 0.50%, 01/16/25^(a)	EUR		230		257,688

					1,136,667

Spain — 1.1%
Abertis Infraestructuras SA
1.00%, 02/27/27^(a)	EUR		100		98,361
1.38%, 05/20/26^(a)	EUR		200		203,513
1.50%, 06/27/24 (Call 03/27/24)^(a)	EUR		100		105,408
1.63%, 07/15/29 (Call 04/15/29)^(a)	EUR		100		98,001
3.00%, 03/27/31 (Call 12/27/30)^(a)	EUR		200		218,431
AyT Cedulas Cajas Global, Series 10, 4.25% 10/25/23	EUR		300		377,862
AyT Cedulas Cajas X Fondo de Titulizacion de Activos, Series X, 3.75%, 06/30/25	EUR		300		392,925
Banco Bilbao Vizcaya Argentaria SA
0.38%, 11/15/26^(a)	EUR		200		212,166
0.63%, 05/17/21^(a)	EUR		300		331,038
0.63%, 01/17/22^(a)	EUR		400		438,606
0.63%, 03/18/23	EUR		500		559,435
0.88%, 11/22/26^(a)	EUR		200		232,074
1.13%, 02/28/24^(a)	EUR		200		218,149
3.50%, 02/10/27^(a)	EUR		300		362,750
Banco de Sabadell SA
0.13%, 10/20/23^(a)	EUR		400		442,015
0.13%, 02/10/28^(a)	EUR		100		109,198
0.63%, 11/07/25 (Call 11/07/24)^(a)(b)	EUR		300		302,894
1.00%, 04/26/27^(a)	EUR		100		116,796
Banco Santander SA
0.30%, 10/04/26^(a)	EUR		200		211,919
0.50%, 02/04/27^(a)	EUR		200		206,376
0.75%, 09/09/22^(a)	EUR		100		111,887
0.75%, 06/12/23^(a)	CHF		200		206,215
0.88%, 05/09/31^(a)	EUR		300		351,493
1.13%, 11/27/24^(a)	EUR		100		115,802
1.13%, 10/25/28^(a)	EUR		300		357,404
1.38%, 02/09/22^(a)	EUR		300		331,528
1.38%, 07/31/24^(a)	GBP		200		246,703
1.50%, 01/25/26^(a)	EUR		400		477,196
2.00%, 11/27/34^(a)	EUR		100		135,246
2.13%, 02/08/28^(a)	EUR		200		222,802
2.50%, 03/18/25^(a)	EUR		300		341,527
BanCo Santander SA, 0.75%, 09/29/20^(a)	EUR		200		219,796
Bankia SA
0.75%, 07/09/26^(a)	EUR		200		208,387
1.00%, 03/14/23^(a)	EUR		500		565,208


72		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Spain (continued)
1.00%, 06/25/24^(a)	EUR		100	$	104,080
1.00%, 09/25/25^(a)	EUR		100		115,478
1.13%, 08/05/22^(a)	EUR		500		563,368
4.00%, 02/03/25	EUR		100		131,063
4.13%, 03/24/36	EUR		100		171,838
Bankinter SA
0.88%, 08/03/22^(a)	EUR		100		112,013
1.00%, 02/05/25^(a)	EUR		200		229,912
2.50%, 04/06/27 (Call 04/06/22)^(a)(b)	EUR		100		109,545
CaixaBank SA
0.75%, 04/18/23^(a)	EUR		300		325,189
1.00%, 01/17/28^(a)	EUR		400		469,016
1.13%, 01/12/23^(a)	EUR		100		108,364
1.13%, 03/27/26^(a)	EUR		400		434,948
1.25%, 01/11/27^(a)	EUR		100		118,369
2.63%, 03/21/24	EUR		500		606,539
2.75%, 07/14/28 (Call 07/14/23)^(a)(b)	EUR		300		325,258
Series 29, 3.63%, 01/18/21	EUR		100		112,437
Caja Rural de Navarra SCC, 0.50%, 03/16/22^(a)	EUR		300		332,267
Cajamar Caja Rural SCC, 0.88%, 06/18/23^(a)	EUR		200		225,051
Canal de Isabel II Gestion SA, 1.68%, 02/26/25^(a)	EUR		100		113,238
Cedulas TDA 6 Fond de Titulizacion de Activos, 3.88%, 05/23/25	EUR		300		392,990
Criteria Caixa SAU, 1.50%, 05/10/23^(a)	EUR		200		220,212
Deutsche Bank SA Espanola
0.63%, 12/15/21^(a)	EUR		200		221,846
1.13%, 01/20/23^(a)	EUR		100		113,015
Enagas Financiaciones SAU, 1.00%, 03/25/23^(a)	EUR		100		111,284
FCC Aqualia SA, 2.63%, 06/08/27 (Call 03/08/27)^(a).	EUR		150		165,997
FCC Servicios Medio Ambiente Holding SA, 1.66%, 12/04/26 (Call 09/23/26)^(a)	EUR		100		106,981
Ferrovial Emisiones SA, 2.50%, 07/15/24^(a)	EUR		100		116,659
Iberdrola FinanzasSA
1.00%, 03/07/24 (Call 12/07/23)^(a)	EUR		300		337,406
1.00%, 03/07/25 (Call 12/07/24)^(a)	EUR		200		226,348
1.62%, 11/29/29^(a)	EUR		200		239,689
7.38%, 01/29/24	GBP		200		305,683
Iberdrola International BV
1.13%, 01/27/23^(a)	EUR		200		224,131
3.25%, (Call 11/12/24)^(a)(b)(d)	EUR		100		115,007
IM Cedulas 10 Fondo de Titulazion de Activos, 4.50%, 02/21/22	EUR		300		355,692
Inmobiliaria Colonial Socimi SA, 2.00%, 04/17/26^(a)	EUR		300		321,660
Liberbank SA, 0.25%, 09/25/29^(a)	EUR		200		217,995
Mapfre SA
1.63%, 05/19/26^(a)	EUR		200		228,258
4.38%, 03/31/47 (Call 03/31/27)^(a)(b)	EUR		100		116,650
Merlin Properties Socimi SA
1.75%, 05/26/25 (Call 02/26/25)^(a)	EUR		105		112,070
2.23%, 04/25/23 (Call 01/25/23)^(a)	EUR		200		219,522
Merlin Properties SOCIMI SA, 1.88%, 11/02/26 (Call 08/02/26)^(a)	EUR		200		209,058
Naturgy Finance BV
1.25%, 04/19/26 (Call 01/19/26)^(a)	EUR		300		338,441
1.50%, 01/29/28 (Call 10/29/27)^(a)	EUR		300		343,889
NorteGas Energia Distribucion SAU, 2.07%, 09/28/27 (Call 06/28/27)^(a)	EUR		100		112,671
Programa Cedulas TDA Fondo de Titulizacion de Activos 4.25%, 03/28/27	EUR		200		281,814


Security		Par (000)		Value

Spain (continued)
Series A4, 4.13%, 04/10/21	EUR		100	$	113,784
Series A6, 4.25%, 04/10/31	EUR		300		470,909
Red Electrica Financiaciones SAU, 1.00%, 04/21/26^(a)	EUR		400		455,338
Repsol International Finance BV, 0.25%, 08/02/27 (Call 05/02/27)^(a)	EUR		200		198,714
Santander Consumer Finance SA
0.38%, 06/27/24^(a)	EUR		300		318,670
1.00%, 05/26/21^(a)	EUR		300		329,142
Telefonica Emisiones SA
0.75%, 04/13/22^(a)	EUR		100		109,809
1.53%, 01/17/25^(a)	EUR		200		227,798
1.96%, 07/01/39 (Call 01/01/39)^(a)	EUR		125		140,643
2.32%, 10/17/28^(a)	EUR		100		121,314
Telefonica Emisiones SAU
1.46%, 04/13/26^(a)	EUR		200		227,428
1.48%, 09/14/21^(a)	EUR		100		110,942
1.72%, 01/12/28^(a)	EUR		400		462,707
5.29%, 12/09/22^(a)	GBP		250		342,980

					23,222,230

Supranational — 0.2%
Asian Development Bank, 2.65%, 01/11/23	AUD		500		344,388
Council of Europe Development Bank, 0.38%, 03/27/25^(a)	EUR		500		566,944
Council Of Europe Development Bank, 1.13%, 12/15/21^(a)	GBP		200		254,919
European Financial Stability Facility, 0.50%, 07/11/25^(a)	EUR		1,000		1,142,923
European Investment Bank
0.38%, 07/16/25	EUR		1,000		1,138,520
1.38%, 03/07/25^(a)	GBP		600		787,083
European Union, 1.38%, 10/04/29^(a)	EUR		350		437,830
International Bank for Reconstruction & Development, 0.00%, 04/24/28^(c)	EUR		300		331,130
Nordic Investment Bank, 1.13%, 03/16/22^(a)	GBP		200		255,348

					5,259,085

Sweden — 1.0%
Akelius Residential Property AB, 2.38%, 08/15/25 (Call 05/15/25)^(a)	GBP		100		126,049
Atlas Copco AB, 0.63%, 08/30/26 (Call 05/30/26)^(a)	EUR		100		109,718
Danske Hypotek AB, Series 2112, 1.00%, 12/15/21^(a)	SEK		2,000		207,820
Essity AB, 0.63%, 03/28/22 (Call 12/28/21)^(a)	EUR		500		548,406
Fastighets AB Balder
1.13%, 01/29/27 (Call 10/29/26)^(a)	EUR		150		152,413
1.25%, 01/28/28 (Call 10/28/27)^(a)	EUR		100		101,213
Investor AB, 1.50%, 09/12/30 (Call 06/12/30)^(a)	EUR		200		229,027
Lansforsakringar Hypotek AB
0.25%, 04/12/23^(a)	EUR		200		221,809
0.63%, 03/27/25^(a)	EUR		200		227,154
Series 516, 1.25%, 09/20/23^(a)	SEK		2,500		264,938
Series 519, 1.50%, 09/16/26^(a)	SEK		6,000		649,433
Nordea Hypotek AB
Series 5531, 1.00%, 04/08/22^(a)	SEK		7,500		781,437
Series 5533, 1.25%, 09/20/23^(a)	SEK		8,000		847,793
Securitas AB, 1.25%, 03/15/22^(a)	EUR		200		219,034
Skandinaviska Enskilda Banken AB
0.15%, 02/11/21^(a)	EUR		100		109,842
0.30%, 02/17/22^(a)	EUR		320		350,117


SCHEDULES OF INVESTMENTS			73

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Sweden (continued)
0.38%, 02/09/26^(a)	EUR		500	$	561,538
0.63%, 11/12/29^(a)	EUR		200		207,279
1.25%, 08/05/22^(a)	GBP		200		249,906
Series 576, 1.00%, 12/20/23^(a)	SEK		4,000		420,841
Series 579, 1.00%, 12/18/24^(a)	SEK		8,000		843,312
Stadshypotek AB
0.38%, 02/22/23^(a)	EUR		200		222,368
0.38%, 02/21/24^(a)	EUR		150		167,673
0.38%, 12/06/24^(a)	EUR		200		224,394
0.38%, 03/13/26^(a)	EUR		200		224,905
0.63%, 11/10/21^(a)	EUR		200		222,048
1.50%, 12/15/21^(a)	SEK		2,000		209,471
1.50%, 03/01/24^(a)	SEK		6,000		643,314
1.63%, 10/30/20^(a)	EUR		100		110,506
Series 1587, 1.50%, 06/01/23^(a)	SEK		5,000		532,604
Series 1589, 1.50%, 12/03/24^(a)	SEK		6,000		646,380
Series 1590, 1.00%, Series 1590, 09/03/25^(a)	SEK		2,000		210,652
Svenska Handelsbanken AB
0.50%, 03/21/23^(a)	EUR		700		772,713
1.63%, 06/18/22^(a)	GBP		184		232,725
2.25%, 08/27/20^(a)	EUR		300		330,581
Sveriges Sakerstallda Obligationer AB
0.38%, 10/05/20^(a)	EUR		100		109,804
0.38%, 06/05/29^(a)	EUR		100		113,058
0.50%, 01/29/25^(a)	EUR		500		564,490
0.88%, 03/29/27^(a)	EUR		100		116,797
1.00%, 03/17/21^(a)	SEK		4,000		412,904
Series 145, 1.00%, 06/12/24^(a)	SEK		10,000		1,053,373
Swedbank AB
0.25%, 11/07/22^(a)	EUR		300		326,540
1.25%, 12/29/21^(a)	GBP		200		249,369
Swedbank Hypotek AB
0.13%, 07/18/22^(a)	EUR		150		165,560
0.38%, 03/11/22^(a)	EUR		100		110,729
0.50%, 02/05/26^(a)	EUR		300		339,141
1.00%, 06/18/25^(a)	SEK		8,600		906,085
1.13%, 12/07/21^(a)	GBP		400		507,552
Series 180, 5.70%, 05/12/20^(a)	SEK		1,000		102,495
Series 189, 1.00%, 12/16/20^(a)	SEK		2,000		205,947
Series 191, 1.00%, 06/15/22^(a)	SEK		9,000		938,977
Series 194, 1.00%, 09/18/24^(a)	SEK		7,000		737,755
Tele2 AB, 2.13%, 05/15/28 (Call 02/15/28)^(a)	EUR		125		145,810
Telia Co. AB
2.13%, 02/20/34 (Call 11/20/33)^(a)	EUR		100		116,507
3.00%, 04/04/78 (Call 04/04/23)^(a)(b)	EUR		200		224,250
4.00%, 03/22/22^(a)	EUR		100		116,624
4.75%, 11/16/21	EUR		280		327,867
Vattenfall AB
6.25%, 03/17/21^(a)	EUR		490		563,924
6.88%, 04/15/39^(a)	GBP		110		249,870
Volvo Treasury AB, 4.85%, 03/10/78 (Call 03/10/23)^(a)(b)	EUR		250		279,986

					21,164,827

Switzerland — 0.9%
ABB Finance BV, 0.75%, 05/16/24 (Call 02/16/24)^(a)	EUR		200		220,953
Adecco International Financial Services BV, 1.25%, 11/20/29 (Call 08/20/29)^(a)	EUR		125		136,437
Argentum Netherlands BV for Givaudan SA, 1.13%, 09/17/25 (Call 06/17/25)^(a)	EUR		200		226,830


Security		Par (000)		Value

Switzerland (continued)
Argentum Netherlands BV for Zurich Insurance Co. Ltd., 3.50%, 10/01/46 (Call 10/01/26)^(a)(b)	EUR		200	$	246,600
Coca-Cola HBC Finance BV, 0.63%, 11/21/29 (Call 08/21/29)^(a)	EUR		200		205,800
Credit Suisse AG/Guernsey, 1.75%, 01/15/21^(a)	EUR		200		222,079
Credit Suisse Group AG
1.00%, 06/24/27 (Call 06/24/26)^(a)(b)	EUR		430		460,203
1.25%, 07/17/25 (Call 07/17/24)^(a)(b)	EUR		273		298,787
2.13%, 09/12/25 (Call 09/12/24)^(a)(b)	GBP		200		251,912
Credit Suisse Group Funding Guernsey Ltd.
1.00%, 04/14/23^(a)	CHF		100		104,430
1.25%, 04/14/22^(a)	EUR		500		549,857
Credit Suisse Schweiz AG, 0.00%, 10/31/30^(a)(c)	CHF		100		103,688
ELM BV for Swiss Life Insurance & Pension Group, 4.50%, (Call 05/19/27)^(a)(b)(d)	EUR		100		121,933
Glencore Canada Financial Corp., 7.38%, 05/27/20^(a)	GBP		50		63,074
Glencore Finance Europe Ltd.
1.25%, 03/17/21 (Call 12/17/20)^(a)	EUR		200		216,782
1.75%, 03/17/25 (Call 12/17/24)^(a)	EUR		260		279,156
1.88%, 09/13/23 (Call 06/13/23)^(a)	EUR		200		217,426
6.00%, 04/03/22^(a)	GBP		300		398,900
Holcim Finance Luxembourg SA
1.38%, 05/26/23 (Call 02/26/23)^(a)	EUR		470		518,724
2.25%, 05/26/28 (Call 02/26/28)^(a)	EUR		200		227,152
LafargeHolcim Ltd., 3.00%, 11/22/22^(a)	CHF		100		109,841
Nestle Finance International Ltd.
0.75%, 11/08/21^(a)	EUR		100		110,641
0.75%, 05/16/23 (Call 02/16/23)^(a)	EUR		302		338,603
Nestle Holdings Inc., 0.25%, 10/04/27^(a)	CHF		900		953,721
Novartis Finance SA
0.63%, 09/20/28^(a)	EUR		100		114,325
1.38%, 08/14/30 (Call 05/14/30)^(a)	EUR		200		241,446
Pfandbriefbank schweizerischer Hypothekarinstitute AG
Series 670, 0.00%, 07/29/24^(a)(c)	CHF		500		522,359
Series 675, 0.00%, 06/15/27^(a)(c)	CHF		2,400		2,504,241
Series 682, 0.00%, Series 682, 04/06/27^(a)(c)	CHF		1,000		1,044,294
Pfandbriefzentrale der schweizerischen
Kantonalbanken AG
Series 482, 0.00%, 06/14/24^(a)(c)	CHF		1,600		1,670,886
Series 483, 0.00%, 01/27/27^(a)(c)	CHF		2,500		2,609,232
Richemont International Holding SA, 1.50%, 03/26/30 (Call 12/26/29)^(a)	EUR		380		440,026
Roche Finance Europe BV, 0.50%, 02/27/23 (Call 11/27/22)^(a)	EUR		462		513,234
Roche Kapitalmarkt AG, Series 2024, 0.10%, 09/23/24 (Call 06/23/24)^(a)	CHF		200		209,623
Sika Capital BV, 1.50%, 04/29/31 (Call 01/29/31)^(a)	EUR		100		109,916
Swiss Re Finance Jersey Ltd., 1.38%, 05/27/23^(a)	EUR		250		280,180
Swiss Re Finance Luxembourg SA, 2.53%, 04/30/50 (Call 04/30/30)^(a)(b)	EUR		100		114,312
UBS AG/London
0.13%, 11/05/21 (Call 10/05/21)^(a)	EUR		200		218,256
0.63%, 01/23/23 (Call 12/23/22)^(a)	EUR		700		771,341
1.25%, 09/03/21^(a)	EUR		330		365,526
1.38%, 04/16/21^(a)	EUR		150		166,776
UBS Group AG, 0.25%, 01/29/26 (Call 01/29/25)^(a)(b)	EUR		200		211,984


74		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Switzerland (continued)
Zurich Finance Ireland Designated Activity Co., 1.63%, 06/17/39 (Call 03/17/39)^(a)	EUR		100	$	118,637

					18,810,123

United Arab Emirates — 0.0%
DP World PLC, 4.25%, 09/25/30^(a)	GBP		100		111,376
Emirates Telecommunications Group Co. PJSC, 2.75%, 06/18/26^(a)	EUR		400		488,526
First Abu Dhabi Bank PJSC, 1.38%, 02/19/23^(a)	GBP		200		247,532
MDGH-GMTN BV, 6.88%, 03/14/26^(a)	GBP		100		158,382

					1,005,816

United Kingdom — 2.4%
AA Bond Co. Ltd., 2.88%, 07/31/22 (Call 10/31/21)^(a)	GBP		100		119,218
Affinity Sutton Capital Markets PLC, 4.25%, 10/08/42^(a)	GBP		100		174,939
Affordable Housing Finance PLC, 3.80%, 05/20/42^(a)	GBP		100		184,493
Anglian Water Services Financing PLC, 4.50%, 02/22/26^(a)	GBP		100		137,124
Anglo American Capital PLC, 1.63%, 09/18/25^(a)	EUR		300		332,412
Annington Funding PLC
2.65%, 07/12/25 (Call 06/12/25)^(a)	GBP		100		128,414
3.18%, 07/12/29 (Call 04/12/29)^(a)	GBP		240		311,328
3.69%, 07/12/34 (Call 04/12/34)^(a)	GBP		100		134,621
Aspire Defence Finance PLC, Series B, 4.67%, 03/31/40	GBP		132		222,358
Aster Treasury PLC, 4.50%, 12/18/43^(a)	GBP		100		183,484
AstraZeneca PLC, 0.25%, 05/12/21 (Call 02/12/21)^(a)	EUR		200		218,425
Aviva PLC
1.88%, 11/13/27^(a)	EUR		100		115,660
3.88%, 07/03/44 (Call 07/03/24)^(a)(b)	EUR		100		117,499
5.13%, 06/04/50 (Call 06/04/30)^(a)(b)	GBP		100		137,803
6.13%, (Call 09/29/22)^(b)(d)	GBP		200		259,069
6.13%, 07/05/43 (Call 07/05/23)^(a)(b)	EUR		200		247,744
6.88%, 05/20/58 (Call 05/20/38)^(b)	GBP		50		84,604
Babcock International Group PLC, 1.38%, 09/13/27 (Call 06/13/27)^(a)	EUR		125		131,231
Bank of Scotland PLC
4.50%, 07/13/21^(a)	EUR		200		230,972
4.88%, 12/20/24	GBP		125		186,215
Barclays Bank PLC
4.25%, 01/12/22^(a)	GBP		100		133,977
6.63%, 03/30/22^(a)	EUR		300		355,242
10.00%, 05/21/21^(a)	GBP		100		134,785
Barclays PLC
1.88%, 03/23/21^(a)	EUR		100		110,084
2.38%, 10/06/23 (Call 10/06/22)^(a)(b)	GBP		317		400,128
3.13%, 01/17/24^(a)	GBP		100		128,718
3.25%, 02/12/27^(a)	GBP		200		259,927
3.25%, 01/17/33	GBP		100		128,038
BAT International Finance PLC
0.88%, 10/13/23 (Call 07/13/23)^(a)	EUR		100		108,328
2.25%, 01/16/30 (Call 10/16/29)^(a)	EUR		326		348,855
2.38%, 01/19/23^(a)	EUR		102		115,558
4.00%, 11/23/55 (Call 08/23/55)^(a)	GBP		100		136,542
6.00%, 11/24/34^(a)	GBP		100		161,484
7.25%, 03/12/24	GBP		150		224,504


Security		Par (000)		Value

United Kingdom (continued)
BG Energy Capital PLC, 1.25%, 11/21/22 (Call 08/21/22)^(a)	EUR		200	$	221,312
BP Capital Markets PLC
1.08%, 06/26/25 (Call 03/26/25)^(a)	EUR		153		166,410
1.10%, 11/15/34^(a)	EUR		200		194,922
1.12%, 01/25/24 (Call 10/25/23)^(a)	EUR		400		438,716
1.57%, 02/16/27^(a)	EUR		150		165,167
1.95%, 03/03/25^(a)	EUR		650		738,529
2.27%, 07/03/26^(a)	GBP		200		253,653
Series MPLE, 3.47%, 05/15/25^(a)	CAD		300		222,688
British Telecommunications PLC
1.13%, 03/10/23^(a)	EUR		300		332,510
1.75%, 03/10/26^(a)	EUR		390		443,498
2.13%, 09/26/28^(a)	EUR		100		116,320
3.13%, 11/21/31 (Call 08/21/31)^(a)	GBP		200		273,557
Broadgate Financing PLC, Series C2, 5.10%, 04/05/33^(a)	GBP		115		179,111
BUPA Finance PLC, 2.00%, 04/05/24^(a)	GBP		200		254,273
Cadent Finance PLC
2.13%, 09/22/28^(a)	GBP		250		326,974
3.13%, 03/21/40^(a)	GBP		100		147,886
Centrica PLC, 7.00%, 09/19/33^(a)	GBP		150		281,999
Channel Link Enterprises Finance PLC
Series A5, 3.04%, 06/30/50 (Call 06/20/29)^(a)(b)	GBP		150		195,380
Series A7, 1.76%, 06/30/50 (Call 06/20/22)^(a)(b)	EUR		285		309,367
Circle Anglia Social Housing PLC, 7.25%, 11/12/38^(a)	GBP		50		114,290
Clarion Funding PLC
1.88%, 01/22/35^(a)	GBP		100		124,338
2.63%, 01/18/29^(a)	GBP		100		135,277
Clydesdale Bank PLC, 0.00%, 09/22/26^(c)	EUR		200		216,723
CNH Industrial Finance Europe SA
1.38%, 05/23/22 (Call 02/23/22)^(a)	EUR		350		381,465
1.75%, 03/25/27 (Call 12/25/26)^(a)	EUR		200		199,564
Coca-Cola European Partners PLC, 1.88%, 03/18/30 (Call 12/18/29)^(a)	EUR		200		231,996
Compass Group International BV, 0.63%, 07/03/24 (Call 04/03/24)^(a)	EUR		275		299,879
Coventry Building Society, 5.88%, 09/28/22^(a)	GBP		200		277,020
CPUK Finance Ltd., 3.69%, 02/28/28 (Call 05/28/28)^(a)	GBP		100		124,790
Diageo Finance PLC
2.38%, 05/20/26 (Call 02/20/26)^(a)	EUR		300		359,290
2.50%, 03/27/32 (Call 12/27/31)^(a)	EUR		100		127,181
DS Smith PLC, Series EMT7, 1.38%, 07/26/24 (Call 04/26/24)^(a)	EUR		200		216,486
DWR Cymru Financing UK PLC, 1.38%, 03/31/33^(a).	GBP		200		247,598
Eastern Power Networks PLC, 5.75%, 03/08/24^(a)	GBP		50		73,051
Eversholt Funding PLC, 3.53%, 08/07/42^(a)	GBP		100		131,490
FCE Bank PLC
1.88%, 06/24/21^(a)	EUR		300		317,250
2.73%, 06/03/22^(a)	GBP		100		118,044
G4S International Finance PLC, 1.50%, 06/02/24 (Call 03/02/24)^(a)	EUR		200		207,108
Gatwick Funding Ltd.
2.88%, 07/05/49^(a)	GBP		100		121,040
6.13%, 03/02/26^(a)	GBP		100		148,774
GlaxoSmithKline Capital PLC
1.00%, 09/12/26 (Call 06/12/26)^(a)	EUR		400		457,388
3.38%, 12/20/27^(a)	GBP		200		291,766


SCHEDULES OF INVESTMENTS			75

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United Kingdom (continued)
4.00%, 06/16/25	EUR		113	$	147,464
5.25%, 12/19/33	GBP		100		184,273
6.38%, 03/09/39	GBP		100		220,641
Global Switch Holdings Ltd., 2.25%, 05/31/27 (Call 02/28/27)^(a)	EUR		210		236,242
Great Rolling Stock Co. Ltd. (The), 6.88%, 07/27/35^(a)	GBP		71		110,834
Greene King Finance PLC, 3.59%, 03/15/35^(a)	GBP		150		212,344
Hammerson PLC
1.75%, 03/15/23 (Call 12/15/22)^(a)	EUR		100		93,133
7.25%, 04/21/28^(a)	GBP		25		31,657
Heathrow Funding Ltd.
1.50%, 02/11/30^(a)	EUR		150		161,287
2.75%, 08/09/49^(a)	GBP		100		123,361
5.23%, 02/15/23^(a)	GBP		160		215,548
6.45%, 12/10/31^(a)	GBP		200		345,068
Series MPLE, 3.78%, 09/04/30 (Call 06/04/30)^(a)	CAD		200		145,637
HSBC Bank Capital Funding Sterling 1 LP, 5.84%, (Call 11/05/31)^(a)(b)(d)	GBP		150		250,718
HSBC Bank PLC
5.38%, 08/22/33^(a)	GBP		200		309,177
6.50%, 07/07/23^(a)	GBP		50		70,880
HSBC Holdings PLC
0.88%, 09/06/24^(a)	EUR		337		372,634
1.50%, 12/04/24 (Call 12/04/23)^(a)(b)	EUR		400		450,186
2.26%, 11/13/26 (Call 11/13/25)^(a)(b)	GBP		340		433,221
3.00%, 07/22/28 (Call 07/22/27)^(b)	GBP		200		264,097
3.20%, 12/05/23	CAD		200		147,977
6.50%, 05/20/24^(a)	GBP		50		74,364
6.75%, 09/11/28^(a)	GBP		150		244,191
Imperial Brands Finance PLC
1.38%, 01/27/25 (Call 10/27/24)^(a)	EUR		218		237,541
4.88%, 06/07/32 (Call 03/07/32)^(a)	GBP		100		145,508
8.13%, 03/15/24^(a)	GBP		50		75,484
9.00%, 02/17/22^(a)	GBP		150		210,912
Informa PLC, 1.50%, 07/05/23 (Call 06/05/23)^(a)	EUR		300		314,855
InterContinental Hotels Group PLC, 3.75%, 08/14/25 (Call 05/14/25)^(a)	GBP		100		123,481
International Consolidated Airlines Group SA, 1.50%, 07/04/27 (Call 04/04/27)^(a)	EUR		100		83,853
ITV PLC, 1.38%, 09/26/26 (Call 06/26/26)^(a)	EUR		100		99,832
Land Securities Capital Markets PLC
2.38%, 03/29/27^(a)	GBP		100		132,891
2.63%, 09/22/37^(a)	GBP		100		137,463
Leeds Building Society, 4.88%, 11/16/20^(a)	GBP		100		129,093
Legal &General Group PLC
3.75%, 11/26/49 (Call 11/26/29)^(a)(b)	GBP		100		122,525
5.13%, 11/14/48 (Call 11/14/28)^(a)(b)	GBP		100		137,240
5.38%, 10/27/45 (Call 10/27/25)^(a)(b)	GBP		100		137,288
Lloyds Bank Corporate Markets PLC
0.38%, 01/28/25^(a)	EUR		200		209,868
1.75%, 07/11/24^(a)	GBP		300		374,247
Lloyds Bank PLC
0.38%, 01/18/21^(a)	EUR		100		109,876
0.50%, 07/22/20^(a)	EUR		200		219,367
0.63%, 03/26/25^(a)	EUR		300		338,665
1.38%, 04/16/21^(a)	EUR		200		221,958
5.13%, 03/07/25^(a)	GBP		200		301,965
6.00%, 02/08/29^(a)	GBP		100		176,950
7.50%, 04/15/24^(a)	GBP		330		504,777


Security		Par (000)		Value

United Kingdom (continued)
7.63%, 04/22/25^(a)	GBP		100	$	152,355
9.63%, 04/06/23^(a)	GBP		50		75,327
Lloyds Banking Group PLC
0.63%, 01/15/24 (Call 01/15/23)^(a)(b)	EUR		200		214,473
0.75%, 11/09/21^(a)	EUR		100		108,817
4.00%, 03/07/25	AUD		250		171,808
4.50%, 03/18/30 (Call 03/18/25)^(a)(b)	EUR		200		232,587
Logicor UK PLC, 1.88%, 11/17/26^(a)	GBP		200		246,662
London & Quadrant Housing Trust
2.63%, 02/28/28 (Call 11/28/27)^(a)	GBP		200		264,028
3.13%, 02/28/53 (Call 11/28/52)^(a)	GBP		100		148,051
London & Quadrant Housing Trust Ltd., 5.50%, 01/27/40^(a)	GBP		50		94,169
London Stock Exchange Group PLC, 1.75%, 12/06/27 (Call 09/06/27)^(a)	EUR		250		280,594
M&G PLC, 5.56%, 07/20/55 (Call 07/20/35)^(a)(b)	GBP		100		133,590
Manchester Airport Group Funding PLC
2.88%, 09/30/44^(a)	GBP		100		123,629
4.13%, 04/02/24^(a)	GBP		100		134,459
Martlet Homes Ltd., 3.00%, 05/09/52^(a)	GBP		100		150,784
Metropolitan Funding PLC, 4.13%, 04/05/48^(a)	GBP		200		330,320
Motability Operations Group PLC
0.38%, 01/03/26^(a)	EUR		200		213,553
2.38%, 03/14/32^(a)	GBP		100		136,675
3.63%, 03/10/36^(a)	GBP		130		207,427
4.38%, 02/08/27^(a)	GBP		100		150,377
National Westminster Bank PLC, 0.50%, 05/15/24^(a)	EUR		350		390,673
Nationwide Building Society 0.13%, 01/25/21^(a)	EUR		200		219,474
0.50%, 02/23/24^(a)	EUR		200		223,507
1.13%, 06/03/22^(a)	EUR		250		277,035
2.00%, 07/25/29 (Call 07/25/24)^(a)(b)	EUR		150		162,177
2.25%, 06/25/29^(a)	EUR		300		390,608
3.25%, 01/20/28^(a)	GBP		100		138,269
Natwest Markets PLC, 0.63%, 03/02/22^(a)	EUR		500		539,731
Network Rail Infrastructure Finance PLC
4.75%, 01/22/24^(a)	GBP		50		73,066
4.75%, 11/29/35	GBP		50		98,871
Next Group PLC, 3.00%, 08/26/25 (Call 05/26/25)^(a)	GBP		130		156,257
NGG Finance PLC
2.13%, 09/05/82 (Call 06/05/27)^(a)(b)	EUR		100		105,153
5.63%, 06/18/73 (Call 06/18/25)^(a)(b)	GBP		200		274,901
NIE Finance PLC, 2.50%, 10/27/25 (Call 07/27/25)^(a)	GBP		200		263,938
Northumbrian Water Finance PLC, 1.63%, 10/11/26^(a)	GBP		100		127,225
Notting Hill Genesis
3.75%, 12/20/32^(a)	GBP		100		146,691
5.25%, 07/07/42^(a)	GBP		150		277,749
Orbit Capital PLC, 3.50%, 03/24/45^(a)	GBP		100		154,591
Peabody Capital No. 2 PLC, 3.25%, 09/14/48^(a)	GBP		100		153,650
Pension Insurance Corp. PLC, 5.63%, 09/20/30^(a)	GBP		100		137,780
Phoenix Group Holdings PLC, 4.13%, 07/20/22^(a)	GBP		250		324,959
Places for People Homes Ltd., 3.63%, 11/22/28^(a)	GBP		100		138,214
Prs Finance PLC, 2.00%, 01/23/29^(a)	GBP		200		273,231
Prudential PLC
5.63%, 10/20/51^(a)	GBP		235		318,432
6.13%, 12/19/31^(a)	GBP		150		244,472


76		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United Kingdom (continued)
RELX Capital Inc., 1.30%, 05/12/25 (Call 02/12/25) .	EUR		250	$	282,032
Rentokil Initial PLC, 0.88%, 05/30/26 (Call 02/28/26)^(a)	EUR		100		106,132
RL Finance Bonds No. 2 PLC, 6.13%, 11/30/43 (Call 11/30/23)^(a)(b)	GBP		100		139,272
RL Finance Bonds No. 4 PLC, 4.88%, 10/07/49 (Call 04/07/39)^(a)(b)	GBP		100		121,416
Rolls-Royce PLC, 0.88%, 05/09/24 (Call 02/09/24)^(a)	EUR		200		198,589
Rothesay Life PLC, 3.38%, 07/12/26^(a)	GBP		100		123,149
Royal Bank of Scotland Group PLC
0.75%, 11/15/25 (Call 11/15/24)^(a)(b)	EUR		200		209,553
2.50%, 03/22/23^(a)	EUR		310		347,084
3.13%, 03/28/27 (Call 03/28/26)^(a)(b)	GBP		250		322,023
Royal Mail PLC, 2.38%, 07/29/24 (Call 04/29/24)^(a)	EUR		250		285,197
Sanctuary Capital PLC, 6.70%, 03/23/39	GBP		50		112,171
Santander UK Group Holdings PLC
1.13%, 09/08/23^(a)	EUR		100		108,535
2.92%, 05/08/26 (Call 05/08/25)^(a)(b)	GBP		100		129,780
Santander UK PLC
0.10%, 05/12/24	EUR		300		330,016
0.25%, 08/09/21^(a)	EUR		100		109,990
1.13%, 03/10/25^(a)	EUR		300		335,727
1.25%, 09/18/24^(a)	EUR		240		277,548
5.25%, 02/16/29^(a)	GBP		150		253,906
Scottish Widows Ltd., 5.50%, 06/16/23^(a)	GBP		310		422,042
Segro PLC, 2.38%, 10/11/29^(a)	GBP		100		129,024
Severn Trent Utilities Finance PLC
2.75%, 12/05/31^(a)	GBP		100		141,921
3.63%, 01/16/26^(a)	GBP		100		140,221
Sky Ltd.
1.50%, 09/15/21^(a)	EUR		300		332,421
2.25%, 11/17/25^(a)	EUR		200		239,040
6.00%, 05/21/27	GBP		200		329,694
Smiths Group PLC, 2.00%, 02/23/27 (Call 11/23/26)^(a)	EUR		100		110,925
South Eastern Power Networks PLC, 5.63%, 09/30/30^(a)	GBP		300		517,575
Southern Electric Power Distribution PLC, 5.50%, 06/07/32^(a)	GBP		150		262,138
Southern Gas Networks PLC, 3.10%, 09/15/36 (Call 06/15/36)^(a)	GBP		100		148,713
Southern Water Services Finance Ltd.
6.19%, 03/31/29^(a)	GBP		25		43,098
Series A4, 6.64%, 03/31/26^(a)	GBP		240		378,057
SP Transmission PLC, 2.00%, 11/13/31 (Call 08/13/31)^(a)	GBP		100		129,537
SSE PLC
0.88%, 09/06/25 (Call 06/06/25)^(a)	EUR		300		332,155
8.38%, 11/20/28^(a)	GBP		180		338,374
Stagecoach Group PLC, 4.00%, 09/29/25 (Call 06/29/25)^(a)	GBP		100		123,713
Standard Chartered PLC
1.63%, 10/03/27 (Call 10/03/26)^(a)(b)	EUR		150		164,727
3.13%, 11/19/24^(a)	EUR		190		215,722
3.63%, 11/23/22^(a)	EUR		100		113,935
4.38%, 01/18/38^(a)	GBP		100		160,250
Student Finance PLC, 2.67%, 09/30/24^(a)	GBP		100		127,544
Tesco Personal Finance Group PLC, 3.50%, 07/25/25 (Call 07/25/24)^(a)	GBP		100		128,418


Security		Par (000)		Value

United Kingdom (continued)
Tesco PLC, 5.13%, 04/10/47^(a)	EUR		50	$	78,572
Tesco Property Finance 3 PLC, 5.74%, 04/13/40^(a)	GBP		193		316,824
Tesco Property Finance 6 PLC, 5.41%, 07/13/44^(a)	GBP		190		305,532
Thames Water Utilities Finance PLC
3.50%, 02/25/28^(a)	GBP		150		212,236
5.13%, 09/28/37^(a)	GBP		160		285,299
THFC Funding No. 2 PLC, 6.35%, 07/08/39	GBP		150		317,705
UNITE USAF II PLC, 3.37%, 06/30/23^(a)	GBP		100		131,357
United Utilities Water Finance PLC
1.75%, 02/10/38 (Call 11/10/37)^(a)	GBP		100		125,248
2.00%, 02/14/25 (Call 11/14/24)^(a)	GBP		100		130,052
2.63%, 02/12/31 (Call 11/12/30)^(a)	GBP		200		279,293
University of Cambridge, 2.35%, 06/27/78^(a)	GBP		100		206,796
University of Oxford, 2.54%, 12/31/2117^(a)	GBP		100		194,896
Urenco Finance NV, 2.25%, 08/05/22 (Call 05/05/22)^(a)	EUR		610		683,547
Virgin Money UK PLC, 3.13%, 06/22/25 (Call 06/22/24)^(a)(b)	GBP		150		180,104
Vodafone Group PLC
0.38%, 12/03/24^(a)	CHF		100		103,875
0.50%, 01/30/24^(a)	EUR		230		252,577
1.13%, 11/20/25^(a)	EUR		370		418,083
1.50%, 07/24/27^(a)	EUR		220		254,079
1.60%, 07/29/31^(a)	EUR		200		231,636
1.75%, 08/25/23^(a)	EUR		600		685,583
3.00%, 08/12/56^(a)	GBP		100		136,960
4.20%, 12/13/27^(a)	AUD		400		279,916
5.63%, 12/04/25	GBP		50		76,490
5.90%, 11/26/32^(a)	GBP		50		88,118
Wellcome Trust Ltd. (The)
1.13%, 01/21/27 (Call 10/21/26)^(a)	EUR		100		113,971
2.52%, 02/07/2118^(a)	GBP		150		298,764
4.00%, 05/09/59^(a)	GBP		100		239,829
Western Power Distribution South West PLC, 2.38%, 05/16/29^(a)	GBP		100		130,224
Western Power Distribution West Midlands PLC
3.88%, 10/17/24 (Call 07/17/24)^(a)	GBP		270		370,865
5.75%, 04/16/32^(a)	GBP		100		174,681
6.00%, 05/09/25^(a)	GBP		150		227,527
Whitbread Group PLC, 3.38%, 10/16/25 (Call 07/16/25)^(a)	GBP		100		120,030
WPP Finance SA, 2.25%, 09/22/26^(a)	EUR		207		232,368
Yorkshire Building Society
0.75%, 11/10/22^(a)	EUR		400		448,021
1.25%, 03/17/22^(a)	EUR		290		318,539
Yorkshire Water Finance PLC, 3.63%, 08/01/29	GBP		200		288,698

					52,918,434

United States — 2.6%
3M Co., 0.38%, 02/15/22 (Call 11/15/21)	EUR		280		307,819
Abbott Ireland Financing DAC, 1.50%, 09/27/26 (Call 06/27/26)^(a)	EUR		200		232,834
AbbVie Inc.
0.75%, 11/18/27 (Call 08/18/27)	EUR		200		221,776
1.38%, 05/17/24 (Call 02/17/24)	EUR		200		226,999
Allergan Funding SCS
1.25%, 06/01/24 (Call 03/01/24)	EUR		100		112,229
1.50%, 11/15/23 (Call 10/15/23)	EUR		270		306,259
Altria Group Inc., 2.20%, 06/15/27 (Call 04/15/27)	EUR		350		399,456
American Honda Finance Corp.
0.55%, 03/17/23	EUR		300		323,911


SCHEDULES OF INVESTMENTS			77

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
1.38%, 11/10/22	EUR		100	$	110,104
American International Group Inc., 1.88%, 06/21/27 (Call 03/21/27)	EUR		150		167,734
American Tower Corp., 1.95%, 05/22/26 (Call 02/22/26)	EUR		125		141,091
Amgen Inc.
0.41%, 03/08/23^(a)	CHF		100		104,069
4.00%, 09/13/29^(a)	GBP		200		296,465
Apple Inc.
0.38%, 11/25/24^(a)	CHF		400		424,034
0.50%, 11/15/31 (Call 08/15/31)	EUR		300		335,829
0.75%, 02/25/30^(a)	CHF		150		161,709
0.88%, 05/24/25 (Call 02/24/25)	EUR		400		459,378
2.51%, 08/19/24 (Call 06/19/24)	CAD		200		150,208
3.05%, 07/31/29	GBP		200		298,034
3.35%, 01/10/24^(a)	AUD		150		105,338
Archer-Daniels-Midland Co., 1.00%, 09/12/25 (Call 06/12/25)	EUR		150		166,107
AT&T Inc.
0.25%, 03/04/26 (Call 02/04/26)	EUR		800		845,090
1.30%, 09/05/23 (Call 06/05/23)	EUR		340		378,874
1.45%, 06/01/22 (Call 03/01/22)	EUR		300		333,266
2.60%, 12/17/29 (Call 09/17/29)	EUR		155		190,930
3.15%, 09/04/36 (Call 06/04/36)	EUR		300		386,704
3.55%, 12/17/32 (Call 09/17/32)	EUR		200		265,715
4.38%, 09/14/29	GBP		100		146,262
4.60%, 09/19/28^(a)	AUD		100		72,511
4.88%, 06/01/44	GBP		150		250,226
5.50%, 03/15/27^(a)	GBP		150		229,160
7.00%, 04/30/40	GBP		150		303,859
Series MPLE, 2.85%, 05/25/24 (Call 03/25/24)	CAD		200		147,272
Series MPLE, 4.00%, 11/25/25 (Call 09/25/25)	CAD		150		116,543
Series MPLE, 4.85%, 05/25/47 (Call 11/25/46)	CAD		150		115,497
Bank of America Corp.
0.74%, 02/07/22 (Call 02/07/21)^(a)(b)	EUR		200		218,642
1.00%, 03/31/29 (Call 03/31/28)^(a)(b)	EUR		150		193,914
1.66%, 04/25/28 (Call 04/25/27)^(a)(b)	EUR		400		455,636
2.30%, 07/25/25^(a)	GBP		200		256,808
6.13%, 09/15/21^(a)	GBP		200		267,833
Series MPLE, 3.41%, 09/20/25 (Call 09/20/24)^(b)	CAD		200		150,557
Baxter International Inc.
0.40%, 05/15/24 (Call 04/15/24)	EUR		320		348,540
1.30%, 05/15/29 (Call 02/15/29)	EUR		100		111,461
Becton Dickinson Euro Finance Sarl, 1.21%, 06/04/26 (Call 03/04/26)	EUR		200		214,164
Berkshire Hathaway Finance Corp., 2.38%, 06/19/39 (Call 03/19/39)	GBP		250		349,716
Berkshire Hathaway Inc.
0.75%, 03/16/23 (Call 12/16/22)	EUR		330		366,148
1.13%, 03/16/27 (Call 12/16/26)	EUR		440		503,036
Booking Holdings Inc.
1.80%, 03/03/27 (Call 12/03/26)	EUR		130		137,351
2.15%, 11/25/22 (Call 08/25/22)	EUR		383		420,356
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)	EUR		200		105,363
Celanese U.S. Holdings LLC, 1.13%, 09/26/23 (Call 06/26/23)	EUR		381		408,325
Citigroup Inc.
0.75%, 10/26/23 (Call 07/26/23)^(a)	EUR		650		711,404
1.25%, 04/10/29 (Call 03/10/29)^(a)	EUR		200		221,191
1.38%, 10/27/21^(a)	EUR		400		443,228


Security		Par (000)		Value

United States (continued)
1.50%, 10/26/28 (Call 07/26/28)^(a)	EUR		320	$	362,816
5.15%, 05/21/26^(a)	GBP		300		442,159
7.38%, 09/01/39^(a)	GBP		100		216,243
Coca-Cola Co. (The)
0.25%, 12/22/22^(a)	CHF		50		52,276
0.75%, 03/09/23 (Call 12/09/22)	EUR		350		391,198
1.25%, 03/08/31	EUR		250		294,874
1.63%, 03/09/35 (Call 12/09/34)	EUR		250		306,051
Colgate-Palmolive Co., 0.50%, 03/06/26 (Call 01/06/26)	EUR		360		398,882
Comcast Corp.
1.25%, 02/20/40 (Call 08/20/39)	EUR		200		220,760
1.88%, 02/20/36 (Call 11/20/35)	GBP		100		128,044
CyrusOne LP/CyrusOne Finance Corp., 1.45%, 01/22/27 (Call 11/22/26)	EUR		100		99,340
Danaher Corp., 2.50%, 03/30/30 (Call 12/30/29)	EUR		100		124,996
DH Europe Finance II Sarl
0.45%, 03/18/28 (Call 12/18/27)	EUR		125		132,842
0.75%, 09/18/31 (Call 06/18/31)	EUR		150		160,340
1.35%, 09/18/39 (Call 03/18/39)	EUR		200		218,311
DH Europe Finance Sarl, 2.50%, 07/08/25 (Call 04/08/25)	EUR		100		120,520
Digital Dutch Finco BV, 1.50%, 03/15/30 (Call 12/15/29)^(a)	EUR		200		214,832
Digital Euro Finco LLC, 2.63%, 04/15/24 (Call 02/15/24)^(a)	EUR		200		230,497
Digital Stout Holding LLC, 4.25%, 01/17/25 (Call 10/19/24)^(a)	GBP		200		275,512
Dover Corp., 0.75%, 11/04/27 (Call 08/04/27)	EUR		200		207,268
Dow Chemical Co. (The), 1.13%, 03/15/32 (Call 12/15/31)	EUR		300		292,619
Eaton Capital Un Ltd. Co., 0.70%, 05/14/25 (Call 02/14/25)^(a)	EUR		175		191,085
Ecolab Inc., 1.00%, 01/15/24 (Call 10/15/23)	EUR		350		386,840
Eli Lilly & Co.
0.63%, 11/01/31 (Call 08/01/31)	EUR		400		436,665
1.63%, 06/02/26 (Call 03/02/26)	EUR		250		296,939
FedEx Corp., 1.63%, 01/11/27 (Call 10/11/26)	EUR		240		259,221
Fidelity National Information Services Inc.
1.00%, 12/03/28 (Call 09/03/28)	EUR		200		216,742
1.10%, 07/15/24 (Call 04/15/24)	EUR		200		223,308
1.50%, 05/21/27 (Call 02/21/27)	EUR		350		396,324
2.25%, 12/03/29 (Call 09/03/29)	GBP		100		128,327
3.36%, 05/21/31 (Call 02/21/31)	GBP		150		211,899
Fiserv Inc.
1.63%, 07/01/30 (Call 04/01/30)	EUR		150		166,184
3.00%, 07/01/31 (Call 04/01/31)	GBP		100		137,212
GE Capital European Funding Unlimited Co.
2.63%, 03/15/23^(a)	EUR		300		340,478
4.63%, 02/22/27	EUR		100		126,526
GE Capital UK Funding Un Ltd. Co.
4.13%, 09/13/23^(a)	GBP		100		131,677
6.25%, 05/05/38	GBP		190		319,448
General Electric Co.
0.88%, 05/17/25 (Call 02/17/25)	EUR		180		188,140
2.13%, 05/17/37 (Call 02/17/37)	EUR		100		101,533
4.13%, 09/19/35^(a)	EUR		200		252,364
5.25%, 12/07/28	GBP		200		297,636
General Motors Financial Co. Inc, 2.20%, 04/01/24 (Call 03/01/24)^(a)	EUR		309		307,033


78		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Goldman Sachs Group Inc. (The)
0.50%, 12/04/24^(a)	CHF		250	$	251,098
0.88%, 01/21/30^(a)	EUR		300		312,147
1.63%, 07/27/26^(a)	EUR		455		511,224
2.00%, 07/27/23^(a)	EUR		200		226,061
2.00%, 03/22/28^(a)	EUR		250		288,436
2.63%, 08/19/20^(a)	EUR		100		110,201
2.88%, 06/03/26^(a)	EUR		63		75,608
5.50%, 10/12/21	GBP		200		263,161
7.25%, 04/10/28	GBP		195		332,410
Harley-Davidson Financial Services Inc., 0.90%, 11/19/24 (Call 08/19/24)^(a)	EUR		200		200,749
Illinois Tool Works Inc., 2.13%, 05/22/30 (Call 02/22/30)	EUR		260		314,053
International Business Machines Corp.
0.30%, 11/02/26	JPY		100,000		922,935
0.38%, 01/31/23	EUR		100		109,670
1.13%, 09/06/24	EUR		100		113,290
1.25%, 05/26/23	EUR		400		450,663
1.75%, 01/31/31	EUR		355		428,166
2.75%, 12/21/20	GBP		100		127,526
International Flavors & Fragrances Inc, 1.80%, 09/25/26 (Call 06/25/26)	EUR		100		104,897
International Flavors & Fragrances Inc., 1.80%, 09/25/26 (Call 06/25/26)	EUR		100		104,897
John Deere Canada Funding Inc., 3.02%, 07/13/23	CAD		200		149,573
John Deere Cash Management SA
0.50%, 09/15/23^(a)	EUR		330		361,062
2.20%, 04/02/32^(a)	EUR		100		121,842
Johnson & Johnson
0.65%, 05/20/24 (Call 02/20/24)	EUR		200		226,006
1.65%, 05/20/35 (Call 02/20/35)	EUR		200		253,818
JPMorgan Chase & Co.
0.50%, 12/04/23^(a)	CHF		50		51,939
1.05%, 11/04/32 (Call 11/04/31)^(a)(b)	EUR		400		427,049
1.09%, 03/11/27 (Call 03/11/26)^(a)(b)	EUR		400		440,762
1.50%, 10/26/22^(a)	EUR		400		448,451
1.50%, 01/27/25^(a)	EUR		420		476,932
1.81%, 06/12/29 (Call 06/12/28)^(a)(b)	EUR		200		233,233
2.63%, 04/23/21^(a)	EUR		200		223,980
3.50%, 12/18/26^(a)	GBP		100		138,880
Kellogg Co., 0.80%, 11/17/22	EUR		200		220,655
Liberty Mutual Finance Europe DAC, 1.75%, 03/27/24^(a)	EUR		254		282,621
LYB International Finance II BV, 0.88%, 09/17/26 (Call 06/17/26)	EUR		200		204,109
Marsh & McLennan Companies Inc., 1.98%, 03/21/30 (Call 12/21/29)	EUR		100		112,397
Mastercard Inc., 1.10%, 12/01/22 (Call 09/01/22)	EUR		200		223,274
McDonald’s Corp.
0.17%, 10/04/24^(a)	CHF		100		103,133
0.63%, 01/29/24^(a)	EUR		500		549,036
0.90%, 06/15/26 (Call 04/15/26)^(a)	EUR		200		218,655
1.75%, 05/03/28^(a)	EUR		100		116,227
5.88%, 04/23/32	GBP		25		44,644
McKesson Corp.
1.50%, 11/17/25 (Call 08/17/25)	EUR		250		277,946
3.13%, 02/17/29 (Call 11/17/28)	GBP		100		127,134
Medtronic Global Holdings SCA
0.38%, 03/07/23 (Call 02/07/23)	EUR		300		329,934


Security		Par (000)		Value

United States (continued)
1.13%, 03/07/27 (Call 12/07/26)	EUR		420	$	482,719
1.75%, 07/02/49 (Call 01/02/49)	EUR		200		227,152
Merck & Co. Inc., 0.50%, 11/02/24 (Call 08/02/24)	EUR		450		500,199
Metropolitan Life Global Funding I
0.88%, 01/20/22^(a)	EUR		370		408,268
3.50%, 09/30/26^(a)	GBP		400		556,018
Microsoft Corp., 2.13%, 12/06/21 (Call 09/06/21)	EUR		310		349,729
Mondelez International Holdings Netherlands BV, 0.88%, 10/01/31 (Call 07/01/31)^(a)	EUR		150		159,774
Mondelez International Inc.
0.63%, 12/30/21 (Call 11/30/21)^(a)	CHF		50		51,811
1.63%, 01/20/23 (Call 10/20/22)	EUR		300		337,869
1.63%, 03/08/27 (Call 12/08/26)	EUR		181		205,616
Morgan Stanley
1.00%, 12/02/22	EUR		350		385,908
1.34%, 10/23/26 (Call 10/23/25)^(b)	EUR		350		390,397
1.75%, 03/11/24	EUR		370		420,572
2.38%, 03/31/21	EUR		188		209,164
5.38%, 08/10/20	EUR		50		55,493
Series MPLE, 3.00%, 02/07/24	CAD		200		148,517
Mylan NV, 2.25%, 11/22/24 (Call 09/22/24)^(a)	EUR		330		368,663
Nasdaq Inc.
0.88%, 02/13/30 (Call 11/13/29)	EUR		100		104,377
1.75%, 03/28/29 (Call 12/28/28)	EUR		200		225,623
National Grid North America Inc., 0.75%, 08/08/23^(a)	EUR		350		385,697
New York Life Global Funding
0.25%, 01/23/27^(a)	EUR		100		108,119
1.25%, 12/17/26^(a)	GBP		110		135,573
1.63%, 12/15/23^(a)	GBP		100		126,458
1.75%, 12/15/22^(a)	GBP		134		170,005
Oracle Corp., 3.13%, 07/10/25	EUR		100		125,353
PepsiCo Inc.
1.13%, 03/18/31 (Call 12/18/30)	EUR		200		228,657
2.15%, 05/06/24 (Call 03/06/24)	CAD		200		148,168
Pfizer Inc.
0.25%, 03/06/22 (Call 02/06/22)	EUR		550		604,740
6.50%, 06/03/38^(a)	GBP		150		334,397
Philip Morris International Inc.
0.80%, 08/01/31 (Call 05/01/31)	EUR		100		100,301
1.45%, 08/01/39 (Call 05/01/39)	EUR		100		98,202
1.88%, 03/03/21	EUR		240		264,936
2.00%, 05/09/36 (Call 02/09/36)	EUR		100		108,865
2.88%, 03/03/26	EUR		300		358,968
PPG Industries Inc., 0.88%, 03/13/22 (Call 12/13/21)	EUR		150		164,824
Procter & Gamble Co. (The)
0.50%, 10/25/24	EUR		300		335,773
2.00%, 08/16/22^(a)	EUR		200		228,913
Procter & Gamble Co.(The), 1.88%, 10/30/38	EUR		100		131,050
Prologis Euro Finance LLC
1.00%, 02/06/35 (Call 11/06/34)	EUR		200		208,486
1.88%, 01/05/29 (Call 10/05/28)	EUR		100		115,852
Public Storage, 0.88%, 01/24/32 (Call 10/24/31)	EUR		100		104,163
SES SA, 0.88%, 11/04/27 (Call 08/04/27)^(a)	EUR		200		196,950
Simon International Finance SCA, 1.25%, 05/13/25 (Call 02/13/25)^(a)	EUR		270		295,213
Southern Power Co., Series 2016, 1.00%, 06/20/22	EUR		300		331,245
Stryker Corp., 2.63%, 11/30/30 (Call 08/30/30)	EUR		260		324,573


SCHEDULES OF INVESTMENTS			79

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Thermo Fisher Scientific Inc.
0.50%, 03/01/28 (Call 12/01/27)	EUR		175	$	186,755
1.40%, 01/23/26 (Call 11/23/25)	EUR		200		227,003
1.45%, 03/16/27 (Call 12/16/26)	EUR		300		341,960
1.88%, 10/01/49 (Call 04/01/49)	EUR		200		221,334
Time Warner Cable LLC, 5.75%, 06/02/31	GBP		150		231,363
Toyota Motor Credit Corp.
0.63%, 11/21/24^(a)	EUR		320		348,530
0.75%, 07/21/22^(a)	EUR		370		406,221
1.00%, 03/09/21^(a)	EUR		50		54,918
United Parcel Service Inc.
1.63%, 11/15/25 (Call 08/15/25)	EUR		350		401,419
5.13%, 02/12/50^(a)	GBP		50		99,748
Verizon Communications Inc.
0.88%, 04/02/25	EUR		490		554,510
1.00%, 11/30/27^(a)	CHF		200		214,976
1.38%, 11/02/28	EUR		500		587,809
3.38%, 10/27/36	GBP		200		301,208
4.05%, 02/17/25^(a)	AUD		200		142,382
Series 20Y, 2.88%, 01/15/38	EUR		200		272,241
Walgreens Boots Alliance Inc., 2.13%, 11/20/26 (Call 08/20/26)	EUR		200		222,902
Walmart Inc.
4.88%, 09/21/29	EUR		150		224,691
5.63%, 03/27/34	GBP		250		484,296
5.75%, 12/19/30	GBP		25		45,829
Wells Fargo &Co.
0.50%, 04/26/24^(a)	EUR		350		376,708
1.00%, 02/02/27^(a)	EUR		200		218,214
1.00%, 05/04/30 (Call 05/04/29)^(a)(b)	EUR		150		166,769
1.38%, 06/30/22^(a)	GBP		250		312,720
1.38%, 10/26/26^(a)	EUR		450		502,215
1.50%, 09/12/22^(a)	EUR		340		378,197
1.50%, 05/24/27^(a)	EUR		150		168,389
2.00%, 07/28/25^(a)	GBP		130		163,702
2.25%, 09/03/20^(a)	EUR		100		110,157
2.25%, 05/02/23^(a)	EUR		100		114,123
3.18%, 02/08/24 (Call 01/08/24)	CAD		100		74,363
3.50%, 09/12/29^(a)	GBP		250		350,659
3.87%, 05/21/25	CAD		25		18,807
Series MPLE, 2.09%, 04/25/22	CAD		200		144,825
Wells Fargo Bank N.A., 5.25%, 08/01/23^(a)	GBP		150		207,989
Welltower Inc., 4.80%, 11/20/28 (Call 08/20/28)	GBP		100		143,189
Whirlpool Finance Luxembourg Sarl, 1.25%, 11/02/26 (Call 08/02/26)	EUR		100		109,497
WPC Eurobond BV
1.35%, 04/15/28 (Call 01/15/28)	EUR		100		98,875
2.25%, 07/19/24 (Call 05/19/24)	EUR		100		110,161

					56,996,414


Total Corporate Bonds & Notes — 22.2% (Cost: $500,985,571)					489,538,981


Foreign Government Obligations

Australia — 2.2%
Australia Government Bond
1.50%, 06/21/31^(a)	AUD		700		485,572
2.00%, 12/21/21^(a)	AUD		2,650		1,785,026
2.25%, 11/21/22	AUD		1,210		832,620


Security		Par (000)		Value

Australia (continued)
2.25%, 05/21/28^(a)	AUD		3,730	$	2,730,826
2.50%, 05/21/30^(a)	AUD		2,262		1,712,919
2.75%, 04/21/24^(a)	AUD		2,390		1,714,697
2.75%, 11/21/27^(a)	AUD		3,320		2,504,688
2.75%, 11/21/28^(a)	AUD		1,780		1,354,960
2.75%, 11/21/29^(a)	AUD		2,960		2,277,415
2.75%, 06/21/35^(a)	AUD		1,200		952,730
2.75%, 05/21/41^(a)	AUD		1,010		800,367
3.00%, 03/21/47^(a)	AUD		960		811,774
3.25%, 04/21/25^(a)	AUD		3,660		2,729,706
3.25%, 04/21/29^(a)	AUD		2,080		1,649,438
3.25%, 06/21/39^(a)	AUD		660		559,270
3.75%, 04/21/37^(a)	AUD		630		562,205
4.25%, 04/21/26^(a)	AUD		2,950		2,355,029
4.50%, 04/21/33^(a)	AUD		1,050		976,371
4.75%, 04/21/27^(a)	AUD		2,100		1,763,367
5.50%, 04/21/23^(a)	AUD		1,600		1,209,833
5.75%, 05/15/21^(a)	AUD		3,330		2,304,180
5.75%, 07/15/22^(a)	AUD		3,700		2,715,742
Australian Capital Territory
1.25%, 05/22/25^(a)	AUD		170		113,248
1.75%, 10/23/31	AUD		300		193,527
2.50%, 05/21/26^(a)	AUD		60		42,889
National Housing Finance and Investment Corp., 1.52%, 05/27/30^(a)	AUD		500		338,729
New South Wales Treasury Corp.
1.25%, 03/20/25^(a)	AUD		1,140		764,271
2.00%, 03/20/31	AUD		400		271,064
3.00%, 05/20/27^(a)	AUD		100		73,992
3.00%, 03/20/28	AUD		540		400,573
3.00%, 11/15/28^(a)	AUD		200		149,661
3.00%, 04/20/29^(a)	AUD		750		558,492
4.00%, 04/20/23	AUD		500		360,930
4.00%, 05/20/26^(a)	AUD		700		541,341
5.00%, 08/20/24	AUD		150		116,217
6.00%, 05/01/20^(a)	AUD		50		32,735
6.00%, 03/01/22	AUD		300		216,310
Northern Territory Treasury Corp.
2.00%, 05/21/29	AUD		400		265,075
2.50%, 11/21/22	AUD		300		204,557
2.75%, 04/21/27	AUD		100		71,760
Queensland Treasury Corp.
1.75%, 08/21/31^(g)	AUD		200		131,723
2.75%, 08/20/27^(g)	AUD		950		693,528
3.00%, 03/22/24^(g)	AUD		1,650		1,179,725
3.25%, 07/21/28^(g)	AUD		200		151,335
3.25%, 08/21/29^(g)	AUD		342		259,654
3.50%, 08/21/30^(g)	AUD		600		467,000
4.20%, 02/20/47^(g)	AUD		300		262,019
4.25%, 07/21/23^(g)	AUD		150		109,805
4.75%, 07/21/25^(g)	AUD		680		536,644
5.75%, 07/22/24^(a)	AUD		400		317,875
6.00%, 07/21/22^(a)	AUD		170		124,894
South Australian Government Financing Authority
1.50%, 09/22/22^(a)	AUD		100		67,020
2.75%, 05/24/30	AUD		500		361,525
3.00%, 09/20/27^(a)	AUD		350		258,819
5.00%, 05/20/21	AUD		80		54,885


80		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Australia (continued)
Tasmanian Public Finance Corp.
2.00%, 01/24/30^(a)	AUD		200	$	134,303
4.00%, 06/11/24^(a)	AUD		40		29,475
Treasury Corp. of Victoria
1.75%, 07/27/21^(a)	AUD		200		133,089
2.25%, 11/20/34	AUD		800		543,956
2.50%, 10/22/29	AUD		700		503,807
3.00%, 10/20/28^(a)	AUD		500		373,768
5.50%, 12/17/24	AUD		490		391,774
6.00%, 10/17/22	AUD		380		282,653
Western Australian Treasury Corp.
2.50%, 07/22/20^(a)	AUD		150		98,692
2.50%, 07/23/24^(a)	AUD		100		70,587
2.75%, 10/20/22^(a)	AUD		800		553,127
2.75%, 07/24/29^(a)	AUD		600		437,880
3.00%, 10/21/26^(a)	AUD		150		110,829
3.00%, 10/21/27^(a)	AUD		40		29,689
3.25%, 07/20/28^(a)	AUD		500		378,201
5.00%, 07/23/25^(a)	AUD		50		39,891

					48,592,278

Austria — 1.0%
Autobahnen- und Schnell- strassen-Finanzierungs AG, 0.10%, 07/09/29^(a)	EUR		400		447,250
KAF Karntner Ausgleichszahlungs-Fonds, 0.00%, 01/14/32^(a)(c)	EUR		150		159,608
Republic of Austria Government Bond
0.00%, 09/20/22^(c)(g)	EUR		300		333,588
0.00%, 07/15/23^(c)(g)	EUR		700		781,293
0.00%, 07/15/24^(c)(g)	EUR		420		470,220
0.00%, 02/20/30^(c)(g)	EUR		820		913,576
0.50%, 04/20/27^(g)	EUR		1,270		1,471,724
0.50%, 02/20/29^(g)	EUR		1,250		1,457,570
0.75%, 10/20/26^(g)	EUR		1,720		2,023,834
0.75%, 02/20/28^(g)	EUR		600		709,965
1.20%, 10/20/25^(g)	EUR		1,687		2,016,786
1.50%, 02/20/47^(g)	EUR		501		729,573
1.50%, 11/02/86^(g)	EUR		170		282,869
1.65%, 10/21/24^(g)	EUR		734		883,019
2.10%, 12/31/2117^(g)	EUR		510		1,124,479
2.40%, 05/23/34^(g)	EUR		716		1,046,593
3.15%, 06/20/44^(g)	EUR		640		1,200,343
3.40%, 11/22/22^(g)	EUR		1,194		1,443,497
3.65%, 04/20/22^(g)	EUR		465		552,652
3.80%, 01/26/62^(g)	EUR		365		932,737
4.15%, 03/15/37^(g)	EUR		883		1,634,686
4.85%, 03/15/26^(g)	EUR		350		503,537
6.25%, 07/15/27	EUR		344		555,537

					21,674,936

Belgium — 1.7%
Flemish Community (The)
1.50%, 07/12/38^(a)	EUR		100		126,203
1.50%, 04/11/44^(a)	EUR		100		127,681
Kingdom of Belgium Government Bond
0.10%, 06/22/30^(a)	EUR		600		665,756
0.20%, 10/22/23^(g)	EUR		860		965,413
0.40%, 06/22/40	EUR		570		614,263
0.50%, 10/22/24^(g)	EUR		1,100		1,256,071
0.80%, 06/22/27^(g)	EUR		1,560		1,836,152
0.80%, 06/22/28^(g)	EUR		1,914		2,263,885


Security		Par (000)		Value

Belgium (continued)
0.90%, 06/22/29^(g)	EUR		910	$	1,088,212
1.00%, 06/22/26^(g)	EUR		1,310		1,551,438
1.00%, 06/22/31^(g)	EUR		1,010		1,224,854
1.45%, 06/22/37^(g)	EUR		650		841,989
1.60%, 06/22/47^(g)	EUR		815		1,124,335
1.70%, 06/22/50^(g)	EUR		620		881,168
1.90%, 06/22/38^(g)	EUR		720		997,576
2.15%, 06/22/66^(g)	EUR		494		844,217
2.25%, 06/22/23^(a)	EUR		1,261		1,503,184
2.25%, 06/22/57^(g)	EUR		317		526,596
2.60%, 06/22/24^(g)	EUR		1,792		2,214,739
3.00%, 06/22/34^(g)	EUR		1,660		2,532,331
3.75%, 06/22/45^(a)	EUR		992		1,913,001
4.00%, 03/28/22	EUR		823		980,920
4.00%, 03/28/32^(a)	EUR		1,970		3,162,752
4.25%, 09/28/22^(g)	EUR		670		820,130
4.25%, 03/28/41^(g)	EUR		1,132		2,170,359
4.50%, 03/28/26^(g)	EUR		1,590		2,244,340
5.00%, 03/28/35^(g)	EUR		560		1,041,364
5.50%, 03/28/28	EUR		569		906,719
Series 86, 1.25%, 04/22/33^(a)	EUR		690		866,279

					37,291,927

Bulgaria — 0.0%
Bulgaria Government International Bond
2.95%, 09/03/24^(a)	EUR		400		478,283
3.00%, 03/21/28^(a)	EUR		100		124,048
3.13%, 03/26/35^(a)	EUR		100		127,969

					730,300

Canada — 4.4%
Canada Housing Trust No. 1
1.15%, 12/15/21^(g)	CAD		200		145,700
1.20%, 06/15/20^(g)	CAD		100		72,078
1.25%, 06/15/21^(g)	CAD		880		639,914
1.50%, 12/15/21^(g)	CAD		200		146,509
1.75%, 06/15/22^(g)	CAD		1,750		1,293,610
1.90%, 09/15/26^(g)	CAD		160		122,611
1.95%, 12/15/25^(g)	CAD		210		160,581
2.25%, 12/15/25^(g)	CAD		100		77,647
2.35%, 06/15/23^(g)	CAD		4,770		3,618,977
2.35%, 06/15/27^(g)	CAD		700		553,715
2.35%, 03/15/28^(g)	CAD		350		278,551
2.55%, 12/15/23^(g)	CAD		800		614,744
2.55%, 03/15/25^(g)	CAD		910		710,959
2.65%, 03/15/28^(g)	CAD		200		162,429
2.65%, 12/15/28^(g)	CAD		920		753,334
2.90%, 06/15/24^(g)	CAD		1,350		1,057,655
3.15%, 09/15/23^(g)	CAD		1,500		1,170,031
Canadian Government Bond
0.50%, 03/01/22	CAD		1,220		881,725
0.75%, 09/01/21	CAD		3,840		2,781,239
1.00%, 09/01/22	CAD		2,100		1,536,896
1.25%, 11/01/21	CAD		4,000		2,920,422
1.25%, 03/01/25	CAD		5,870		4,399,446
1.50%, 08/01/21	CAD		5,000		3,653,587
1.50%, 09/01/24	CAD		1,630		1,229,409
1.75%, 03/01/23	CAD		645		483,447
2.00%, 09/01/23	CAD		1,850		1,405,198
2.00%, 12/01/51	CAD		1,270		1,126,939
2.50%, 06/01/24	CAD		714		558,323


SCHEDULES OF INVESTMENTS			81

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Canada (continued)
2.75%, 06/01/22	CAD		1,000	$	756,780
2.75%, 12/01/48	CAD		1,650		1,659,492
2.75%, 12/01/64	CAD		230		260,779
3.50%, 12/01/45	CAD		1,144		1,259,401
4.00%, 06/01/41	CAD		2,150		2,406,399
5.00%, 06/01/37	CAD		2,120		2,507,673
5.75%, 06/01/33	CAD		1,590		1,859,211
City of Montreal Canada
3.00%, 09/01/27	CAD		300		237,531
3.15%, 12/01/36	CAD		250		200,013
3.50%, 09/01/23	CAD		60		46,732
City of Ottawa Ontario, 3.10%, 07/27/48	CAD		100		80,175
City of Toronto Canada
2.40%, 06/07/27	CAD		250		191,582
2.80%, 11/22/49	CAD		200		152,502
2.95%, 04/28/35	CAD		50		39,308
3.20%, 08/01/48	CAD		100		81,778
3.50%, 12/06/21	CAD		400		300,613
CPPIB Capital Inc., 1.95%, 09/30/29^(a)	CAD		500		378,545
Export Development Canada, 0.25%, 03/07/26^(a)	EUR		600		673,695
Hydro-Quebec
4.00%, 02/15/55	CAD		690		725,227
5.00%, 02/15/45	CAD		400		443,901
5.00%, 02/15/50	CAD		820		960,574
6.50%, 02/15/35	CAD		400		457,975
9.63%, 07/15/22	CAD		320		275,519
Labrador-Island Link Funding Trust, Series A 3.76%, 06/01/33^(g)	CAD		300		273,018
Municipal Finance Authority of British Columbia
2.15%, 12/01/22	CAD		300		223,729
2.15%, 06/03/24	CAD		1,180		890,121
Muskrat Falls/Labrador Transmission Assets Funding Trust, Series A 3.63%, 06/01/29^(g)	CAD		300		260,668
Ontario Electricity Financial Corp., 8.25%, 06/22/26	CAD		300		305,430
OPB Finance Trust, Series F 2.98%, 01/25/27 (Call 10/25/26)	CAD		200		156,878
Province of Alberta Canada
0.63%, 01/16/26^(a)	EUR		200		224,970
1.60%, 09/01/22	CAD		250		183,939
2.05%, 06/01/30	CAD		600		446,254
2.20%, 06/01/26	CAD		100		75,768
2.35%, 06/01/25	CAD		50		38,064
2.55%, 12/15/22	CAD		200		150,819
2.55%, 06/01/27	CAD		580		448,512
2.90%, 12/01/28	CAD		550		438,159
2.90%, 09/20/29	CAD		300		239,659
3.05%, 12/01/48	CAD		500		399,798
3.10%, 06/01/50	CAD		400		326,105
3.30%, 12/01/46	CAD		490		405,646
3.45%, 12/01/43	CAD		25		21,032
3.90%, 12/01/33	CAD		200		175,934
Province of British Columbia Canada
0.88%, 10/08/25^(a)	EUR		300		346,179
2.20%, 06/18/30	CAD		1,540		1,196,886
2.30%, 06/18/26	CAD		200		154,488
2.55%, 06/18/27	CAD		300		236,225
2.80%, 06/18/48	CAD		580		478,302
2.85%, 06/18/25	CAD		50		39,386
2.95%, 12/18/28	CAD		200		163,620
2.95%, 06/18/50	CAD		100		85,982


Security		Par (000)		Value

Canada (continued)
3.25%, 12/18/21	CAD		650	$	488,950
3.30%, 12/18/23	CAD		400		314,214
4.30%, 06/18/42	CAD		210		210,354
4.95%, 06/18/40	CAD		170		181,517
5.00%, 06/18/31	CAD		120		117,873
6.35%, 06/18/31	CAD		40		43,304
Province of Manitoba Canada
0.75%, 12/15/21^(a)	GBP		100		126,442
2.45%, 06/02/25	CAD		50		38,451
2.60%, 06/02/27	CAD		200		156,600
2.85%, 09/05/46	CAD		190		149,703
3.00%, 06/02/28	CAD		300		242,080
3.20%, 03/05/50	CAD		230		197,117
3.25%, 09/05/29	CAD		600		497,582
3.40%, 09/05/48	CAD		280		245,310
4.10%, 03/05/41	CAD		400		372,791
4.15%, 06/03/20	CAD		50		36,110
4.60%, 03/05/38	CAD		70		68,306
Province of New Brunswick Canada
2.35%, 08/14/27	CAD		570		439,002
2.60%, 08/14/26	CAD		200		156,128
2.85%, 06/02/23	CAD		50		38,258
3.05%, 08/14/50	CAD		200		165,382
3.10%, 08/14/28	CAD		200		162,495
3.10%, 08/14/48	CAD		100		82,271
3.55%, 06/03/43	CAD		210		181,725
3.80%, 08/14/45	CAD		200		181,544
4.50%, 06/02/20	CAD		40		28,893
4.55%, 03/26/37	CAD		60		57,271
Province of Newfoundland and Labrador Canada
2.30%, 06/02/25	CAD		500		376,965
2.85%, 06/02/29	CAD		670		523,053
3.00%, 06/02/26	CAD		130		101,771
3.30%, 10/17/46	CAD		250		195,680
3.70%, 10/17/48	CAD		120		101,901
Province of Nova Scotia Canada
2.10%, 06/01/27	CAD		600		456,042
3.15%, 12/01/51	CAD		300		259,219
3.50%, 06/02/62	CAD		30		28,914
4.40%, 06/01/42	CAD		20		19,699
4.70%, 06/01/41	CAD		200		202,552
Province of Ontario Canada
0.38%, 06/14/24^(a)	EUR		200		222,677
0.63%, 04/17/25^(a)	EUR		200		225,634
1.35%, 03/08/22	CAD		1,090		796,050
1.95%, 01/27/23	CAD		150		111,736
2.05%, 06/02/30	CAD		500		382,084
2.30%, 09/08/24	CAD		300		228,829
2.40%, 06/02/26	CAD		2,860		2,216,117
2.60%, 09/08/23	CAD		1,000		763,642
2.60%, 06/02/25	CAD		250		194,267
2.60%, 06/02/27	CAD		700		551,584
2.65%, 02/05/25	CAD		1,000		777,091
2.70%, 06/02/29	CAD		710		570,387
2.80%, 06/02/48	CAD		1,040		851,917
2.85%, 06/02/23	CAD		1,550		1,188,231
2.90%, 06/02/28	CAD		500		404,111
2.90%, 12/02/46	CAD		1,130		934,191
2.90%, 06/02/49	CAD		1,450		1,214,547
3.00%, 09/28/20^(a)	EUR		50		55,447


82		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Canada (continued)
3.45%, 06/02/45	CAD		990	$	888,737
3.50%, 06/02/24	CAD		470		374,037
3.50%, 06/02/43	CAD		2,100		1,880,891
4.00%, 06/02/21	CAD		600		448,388
4.20%, 06/02/20	CAD		50		36,109
4.60%, 06/02/39	CAD		400		403,499
4.65%, 06/02/41	CAD		1,600		1,650,640
4.70%, 06/02/37	CAD		883		885,003
5.60%, 06/02/35	CAD		500		536,452
5.85%, 03/08/33	CAD		290		309,572
6.20%, 06/02/31	CAD		580		620,259
6.50%, 03/08/29	CAD		50		51,300
Province of Quebec Canada
0.88%, 01/15/25^(a)	EUR		100		114,165
0.88%, 05/04/27^(a)	EUR		550		636,325
1.50%, 12/15/23^(a)	GBP		200		259,715
1.65%, 03/03/22	CAD		400		293,934
2.25%, 02/22/24	CAD		400		303,645
2.30%, 09/01/29	CAD		2,010		1,572,169
2.45%, 03/01/23	CAD		1,000		756,550
2.50%, 09/01/26	CAD		800		625,612
2.60%, 07/06/25	CAD		300		233,808
2.75%, 09/01/25	CAD		250		196,413
2.75%, 09/01/27	CAD		500		399,363
2.75%, 09/01/28	CAD		590		474,413
3.00%, 09/01/23	CAD		50		38,676
3.10%, 12/01/51	CAD		460		408,835
3.50%, 12/01/45	CAD		860		784,028
3.50%, 12/01/48	CAD		1,370		1,276,918
3.75%, 09/01/24	CAD		100		80,762
4.25%, 12/01/21	CAD		200		152,448
4.50%, 12/01/20	CAD		50		36,856
5.00%, 12/01/38	CAD		950		1,001,277
5.00%, 12/01/41	CAD		790		855,671
5.75%, 12/01/36	CAD		50		55,524
6.25%, 06/01/32	CAD		110		119,966
Province of Saskatchewan Canada
2.20%, 06/02/30	CAD		400		305,529
2.65%, 06/02/27	CAD		450		352,720
2.75%, 12/02/46	CAD		300		230,788
3.10%, 06/02/50	CAD		100		83,407
3.20%, 06/03/24	CAD		20		15,697
3.30%, 06/02/48	CAD		200		170,451
3.40%, 02/03/42	CAD		100		84,323
3.90%, 06/02/45	CAD		150		138,094
4.75%, 06/01/40	CAD		100		100,004
PSP Capital Inc.
1.73%, 06/21/22^(a)	CAD		300		221,062
3.00%, 11/05/25^(a)	CAD		200		158,979
Regional Municipality of Peel Ontario, 3.85%, 10/30/42	CAD		100		88,920
Regional Municipality of York, 2.60%, 12/15/25	CAD		50		38,719
South Coast British Columbia Transportation Authority, 3.25%, 11/23/28	CAD		250		204,705

					96,786,021

Chile — 0.2%
Bonos de la Tesoreria de la Republica en pesos
4.50%, 03/01/26	CLP		780,000		1,064,681
4.70%, 09/01/30^(g)	CLP		350,000		495,457
5.00%, 03/01/35	CLP		600,000		898,930


Security		Par (000)		Value

Chile (continued)
5.10%, 07/15/50	CLP		250,000	$	396,321
Chile Government International Bond
0.83%, 07/02/31 (Call 04/02/31)	EUR		100		100,220
1.25%, 01/29/40 (Call 10/31/39)	EUR		200		187,844
1.63%, 01/30/25	EUR		100		112,324
1.75%, 01/20/26	EUR		300		338,401

					3,594,178

China — 9.6%
Agricultural Development Bank of China
3.20%, 04/03/22	CNY		16,000		2,335,920
3.30%, 11/21/21	CNY		13,000		1,890,790
3.51%, 04/03/24	CNY		22,000		3,282,789
3.55%, 11/21/23	CNY		24,000		3,576,091
3.63%, 07/19/26	CNY		17,800		2,663,438
3.75%, 01/25/29	CNY		16,000		2,395,053
3.83%, 01/06/24	CNY		12,300		1,850,048
3.85%, 01/06/27	CNY		13,100		1,981,938
3.95%, 02/26/31	CNY		10,000		1,519,743
4.00%, 11/12/25	CNY		7,000		1,072,031
4.24%, 06/01/21	CNY		8,000		1,168,957
4.37%, 05/25/23	CNY		12,000		1,827,126
4.39%, 09/08/27	CNY		6,800		1,062,776
4.65%, 05/11/28	CNY		18,000		2,863,411
China Development Bank
0.38%, 11/16/21^(a)	EUR		150		164,794
0.63%, 12/12/22^(a)	EUR		300		329,664
1.25%, 01/21/23^(a)	GBP		100		125,068
3.03%, 01/18/22	CNY		40,000		5,811,413
3.05%, 08/25/26	CNY		16,000		2,326,084
3.24%, 02/25/23	CNY		15,600		2,296,660
3.42%, 07/02/24	CNY		33,800		5,035,515
3.48%, 01/08/29	CNY		24,800		3,650,468
3.68%, 09/07/21	CNY		20,000		2,919,759
3.76%, 08/14/23	CNY		29,000		4,350,976
3.80%, 01/25/36	CNY		26,000		3,860,435
3.85%, 01/09/24	CNY		15,000		2,255,689
4.04%, 07/06/28	CNY		27,600		4,222,211
4.15%, 10/26/25	CNY		38,000		5,862,713
4.25%, 04/13/22	CNY		7,600		1,130,900
4.73%, 08/24/21	CNY		12,000		1,772,900
4.73%, 04/02/25	CNY		12,500		1,970,188
4.88%, 02/09/28	CNY		53,900		8,690,305
5.25%, 06/24/28	CNY		10,000		1,657,844
5.90%, 01/20/24	CNY		18,700		3,001,547
China Government Bond
1.99%, 04/09/25	CNY		15,000		2,146,154
2.65%, 07/14/21	CNY		15,000		2,161,707
2.69%, 11/14/21	CNY		1,000		144,707
2.69%, 03/07/22	CNY		81,000		11,758,818
2.70%, 11/03/26	CNY		5,000		722,850
2.75%, 03/17/23	CNY		11,600		1,698,340
2.75%, 09/01/23	CNY		20,000		2,928,400
2.79%, 11/17/23	CNY		10,000		1,469,682
2.90%, 05/05/26	CNY		18,000		2,646,295
3.13%, 04/13/22	CNY		7,500		1,098,256
3.17%, 10/11/21	CNY		43,000		6,266,396
3.17%, 04/19/23	CNY		14,200		2,103,322
3.19%, 04/11/24	CNY		69,500		10,407,254
3.22%, 12/06/25	CNY		30,000		4,510,996
3.25%, 11/22/28	CNY		36,000		5,372,806


SCHEDULES OF INVESTMENTS			83

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

China (continued)
3.29%, 05/23/29	CNY		39,700	$	5,953,018
3.30%, 07/12/23	CNY		24,000		3,587,446
3.40%, 02/09/27	CNY		12,000		1,814,530
3.52%, 04/25/46	CNY		8,000		1,156,662
3.54%, 08/16/28	CNY		20,000		3,050,026
3.57%, 06/22/24	CNY		20,000		3,039,232
3.61%, 06/07/25	CNY		10,000		1,538,187
3.69%, 05/17/28	CNY		10,000		1,537,068
3.74%, 09/22/35	CNY		4,000		617,485
3.97%, 07/23/48	CNY		36,600		5,742,892
4.00%, 06/24/69	CNY		26,000		4,198,392
4.05%, 07/24/47	CNY		18,400		2,914,323
4.08%, 10/22/48	CNY		34,800		5,553,132
4.09%, 04/27/35	CNY		6,100		978,734
4.22%, 03/19/48	CNY		4,000		653,086
4.50%, 06/23/41	CNY		4,000		674,255
China Government International Bond, 1.00%, 11/12/39 (Call 08/12/39)^(a)	EUR		200		208,221
Export-Import Bank of China (The)
0.75%, 05/28/23^(a)	EUR		100		109,945
3.28%, 02/11/24	CNY		52,700		7,788,747
3.74%, 09/25/21	CNY		31,000		4,526,241
3.86%, 05/20/29	CNY		13,700		2,069,570
3.87%, 09/14/25	CNY		5,000		758,328
3.88%, 01/12/36	CNY		2,700		403,748
4.37%, 06/19/23	CNY		7,000		1,066,359
4.46%, 04/02/21	CNY		10,000		1,458,378
4.89%, 03/26/28	CNY		21,800		3,518,862

					211,278,094

Colombia — 0.0%
Colombia Government International Bond, 3.88%, 03/22/26 (Call 12/22/25)	EUR		100		114,471


Croatia — 0.0%
Croatia Government International Bond
2.70%, 06/15/28^(a)	EUR		300		347,484
2.75%, 01/27/30^(a)	EUR		250		290,350

					637,834

Cyprus — 0.0%
Cyprus Government International Bond
1.25%, 01/21/40^(a)	EUR		250		232,297
2.38%, 09/25/28^(a)	EUR		400		452,074
4.25%, 11/04/25^(a)	EUR		300		372,831

					1,057,202

Czech Republic — 0.2%
Czech Republic Government Bond
0.45%, 10/25/23^(a)	CZK		13,470		541,040
0.95%, 05/15/30^(a)	CZK		10,500		413,781
1.00%, 06/26/26^(a)	CZK		7,000		281,533
2.00%, 10/13/33	CZK		7,000		302,664
2.50%, 08/25/28^(a)	CZK		14,600		654,536
2.75%, 07/23/29	CZK		13,480		618,949
3.63%, 04/14/21^(a)	EUR		50		56,602
3.85%, 09/29/21^(a)	CZK		9,450		400,757
4.20%, 12/04/36^(a)	CZK		3,700		210,230
4.70%, 09/12/22^(a)	CZK		4,000		177,694
5.70%, 05/25/24^(a)	CZK		11,440		555,187
Czech Republic International, 3.88%, 05/24/22^(a)	EUR		200		236,072

					4,449,045


Security		Par (000)		Value

Denmark — 0.5%
Denmark Government Bond
0.25%, 11/15/22^(g)	DKK		11,000	$	1,649,552
0.50%, 11/15/27	DKK		9,000		1,417,041
0.50%, 11/15/29^(g)	DKK		4,880		774,893
1.50%, 11/15/23	DKK		5,618		886,569
1.75%, 11/15/25	DKK		5,780		958,073
3.00%, 11/15/21	DKK		7,158		1,108,533
4.50%, 11/15/39	DKK		10,298		2,872,490
7.00%, 11/10/24	DKK		1,500		296,630
Kommunekredit
0.50%, 01/24/25^(a)	EUR		300		340,255
0.63%, 05/11/26^(a)	EUR		300		345,351
0.75%, 05/18/27^(a)	EUR		120		139,986

					10,789,373

Finland — 0.5%
Finland Government Bond
0.00%, 04/15/22^(c)(g)	EUR		600		665,552
0.50%, 04/15/26^(g)	EUR		691		798,873
0.50%, 09/15/27^(g)	EUR		680		789,164
0.50%, 09/15/28^(g)	EUR		661		769,540
0.50%, 09/15/29^(g)	EUR		660		770,298
0.75%, 04/15/31^(g)	EUR		58		69,724
0.88%, 09/15/25^(g)	EUR		570		669,703
1.13%, 04/15/34^(g)	EUR		520		658,936
1.38%, 04/15/47^(g)	EUR		258		371,540
1.50%, 04/15/23^(g)	EUR		650		756,627
1.63%, 09/15/22^(g)	EUR		1,050		1,212,180
2.00%, 04/15/24^(g)	EUR		551		665,859
2.63%, 07/04/42^(g)	EUR		535		907,961
2.75%, 07/04/28^(g)	EUR		157		214,846
Finnvera OYJ
0.75%, 08/07/28^(a)	EUR		200		235,487
1.13%, 05/17/32^(a)	EUR		100		124,329
Municipality Finance PLC
0.13%, 03/07/24^(a)	EUR		300		333,719
0.75%, 09/07/27^(a)	EUR		150		175,132
1.25%, 02/23/33^(a)	EUR		200		251,978

					10,441,448

France — 7.8%
Action Logement Services, 0.50%, 10/30/34^(a)	EUR		200		220,896
Agence Francaise de Developpement EPIC
0.25%, 07/21/26^(a)	EUR		700		781,967
0.25%, 06/29/29^(a)	EUR		500		551,861
0.38%, 04/30/24^(a)	EUR		300		337,022
0.50%, 10/25/22^(a)	EUR		200		223,695
1.00%, 01/31/28^(a)	EUR		200		234,850
1.38%, 07/05/32^(a)	EUR		100		122,759
1.50%, 10/31/34^(a)	EUR		100		124,585
Agence France Locale, 0.50%, 06/20/24^(a)	EUR		100		112,825
Bpifrance Financement SA
0.05%, 09/26/29^(a)	EUR		300		326,359
0.13%, 11/25/20^(a)	EUR		100		109,781
0.25%, 02/14/23^(a)	EUR		900		1,001,256
0.75%, 10/25/21^(a)	EUR		100		111,170
0.75%, 11/25/24^(a)	EUR		100		114,335
0.88%, 09/26/28^(a)	EUR		200		234,258
1.00%, 05/25/27^(a)	EUR		100		117,077
1.88%, 05/25/30^(a)	EUR		200		256,202


84		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

France (continued)
Caisse d’Amortissement de la Dette Sociale
0.13%, 11/25/22^(a)	EUR		400	$	444,179
0.13%, 10/25/23^(a)	EUR		1,000		1,115,190
1.38%, 11/25/24^(a)	EUR		1,250		1,476,355
2.50%, 10/25/22	EUR		50		58,755
3.38%, 04/25/21^(a)	EUR		400		453,984
4.00%, 12/15/25^(a)	EUR		540		733,472
Caisse de Refinancement de l’Habitat SA
2.38%, 03/05/24^(a)	CHF		150		171,430
2.50%, 03/29/21^(a)	CHF		500		530,949
3.50%, 06/22/20	EUR		150		165,112
3.90%, 01/18/21	EUR		250		281,744
4.00%, 06/17/22	EUR		150		179,009
4.30%, 02/24/23	EUR		300		370,272
Caisse des Depots et Consignations, 0.20%, 03/01/22^(a)	EUR		100		110,781
Caisse Francaise de Financement Local
0.10%, 11/13/29^(a)	EUR		200		219,581
0.20%, 04/27/23^(a)	EUR		400		443,487
0.38%, 05/11/24^(a)	EUR		100		112,094
0.38%, 02/13/40^(a)	EUR		200		217,892
0.50%, 02/19/27^(a)	EUR		300		340,613
0.63%, 04/13/26^(a)	EUR		200		228,221
0.75%, 01/11/27^(a)	EUR		100		115,495
0.75%, 09/27/27^(a)	EUR		200		231,599
1.45%, 01/16/34^(a)	EUR		300		383,142
5.38%, 07/08/24^(a)	EUR		100		135,053
City of Paris France, 1.38%, 11/20/34^(a)	EUR		100		124,157
French Republic Government Bond OAT
0.00%, 02/25/22^(a)(c)	EUR		3,300		3,655,767
0.00%, 05/25/22^(a)(c)	EUR		8,816		9,785,266
0.00%, 03/25/23^(a)(c)	EUR		3,500		3,901,327
0.00%, 03/25/24^(a)(c)	EUR		3,590		4,018,043
0.00%, 03/25/25^(a)(c)	EUR		4,280		4,799,080
0.00%, 02/25/26^(c)	EUR		2,050		2,294,493
0.00%, 11/25/29^(a)(c)	EUR		5,750		6,365,173
0.25%, 11/25/26^(a)	EUR		4,514		5,134,040
0.50%, 05/25/25^(a)	EUR		4,897		5,633,745
0.50%, 05/25/26^(a)	EUR		3,060		3,532,337
0.50%, 05/25/29^(a)	EUR		800		928,753
0.75%, 05/25/28^(a)	EUR		800		946,339
0.75%, 11/25/28^(a)	EUR		2,500		2,963,334
0.75%, 05/25/52^(g)	EUR		740		841,735
1.00%, 11/25/25^(a)	EUR		1,800		2,129,145
1.00%, 05/25/27^(a)	EUR		3,550		4,248,295
1.25%, 05/25/34^(a)	EUR		6,700		8,442,588
1.25%, 05/25/36^(g)	EUR		2,290		2,899,848
1.50%, 05/25/31^(a)	EUR		3,010		3,855,471
1.50%, 05/25/50^(g)	EUR		2,090		2,865,385
1.75%, 05/25/23^(a)	EUR		6,130		7,205,868
1.75%, 11/25/24^(a)	EUR		2,950		3,570,630
1.75%, 06/25/39^(g)	EUR		1,500		2,070,511
1.75%, 05/25/66^(g)	EUR		1,295		2,022,345
2.00%, 05/25/48^(g)	EUR		2,254		3,394,583
2.25%, 10/25/22^(a)	EUR		2,223		2,610,745
2.25%, 05/25/24^(a)	EUR		2,126		2,597,445
2.50%, 05/25/30^(a)	EUR		2,700		3,734,017
2.75%, 10/25/27^(a)	EUR		3,500		4,716,531
3.00%, 04/25/22^(a)	EUR		4,230		4,968,093
3.25%, 10/25/21^(a)	EUR		2,250		2,604,872


Security		Par (000)		Value

France (continued)
3.25%, 05/25/45^(a)	EUR		1,700	$	3,071,702
3.50%, 04/25/26^(a)	EUR		1,153		1,559,380
4.00%, 10/25/38^(a)	EUR		2,093		3,807,138
4.00%, 04/25/55^(a)	EUR		1,338		3,020,463
4.00%, 04/25/60^(a)	EUR		1,680		4,002,594
4.25%, 10/25/23^(a)	EUR		2,000		2,565,170
4.50%, 04/25/41^(a)	EUR		3,079		6,163,011
4.75%, 04/25/35^(a)	EUR		1,688		3,100,493
5.50%, 04/25/29^(a)	EUR		1,650		2,736,783
5.75%, 10/25/32^(a)	EUR		1,678		3,145,257
6.00%, 10/25/25^(a)	EUR		298		442,784
Regie Autonome des Transports Parisiens
0.88%, 05/25/27^(a)	EUR		400		463,689
2.88%, 09/09/22^(a)	EUR		50		58,895
Region of Ile de France, 0.50%, 06/14/25^(a)	EUR		200		227,165
SA de Gestion de Stocks de Securite, 0.63%, 10/20/28^(a)	EUR		200		228,068
SFIL SA
0.00%, 05/24/24^(a)(c)	EUR		400		442,102
0.10%, 10/18/22^(a)	EUR		100		110,735
SNCF Reseau
0.75%, 05/25/36^(a)	EUR		200		226,366
0.88%, 01/22/29^(a)	EUR		300		349,616
2.63%, 12/29/25^(a)	EUR		300		379,397
Societe Du Grand Paris EPIC, 1.13%, 05/25/34^(a)	EUR		400		481,656
UNEDIC ASSEO
0.13%, 05/25/22^(a)	EUR		600		663,535
0.13%, 11/25/24	EUR		200		222,260
0.30%, 11/04/21^(a)	EUR		100		110,530
0.50%, 03/20/29^(a)	EUR		500		568,510
0.63%, 02/17/25^(a)	EUR		100		114,078
0.63%, 03/03/26^(a)	EUR		600		686,530
0.88%, 10/25/22^(a)	EUR		300		338,648
1.25%, 05/25/33^(a)	EUR		200		245,807
1.50%, 04/20/32^(a)	EUR		300		378,900

					172,270,530

Germany — 6.1%
Bundesobligation
0.00%, 10/08/21^(a)(c)	EUR		3,134		3,468,267
0.00%, 10/07/22^(a)(c)	EUR		5,621		6,273,350
0.00%, 10/13/23^(a)(c)	EUR		3,578		4,028,950
Bundesrepublik Deutschland Bundesanleihe
0.00%, 08/15/26^(a)(c)	EUR		3,143		3,609,283
0.00%, 08/15/29^(a)(c)	EUR		1,829		2,121,438
0.00%, 02/15/30^(a)(c)	EUR		5,150		5,975,519
0.00%, 08/15/50^(a)(c)	EUR		570		659,626
0.25%, 02/15/27^(a)	EUR		4,161		4,871,147
0.25%, 08/15/28^(a)	EUR		652		770,359
0.25%, 02/15/29^(a)	EUR		2,020		2,392,891
0.50%, 02/15/25^(a)	EUR		4,399		5,122,543
0.50%, 02/15/26^(a)	EUR		2,380		2,802,585
0.50%, 02/15/28^(a)	EUR		5,580		6,696,487
1.00%, 08/15/24^(a)	EUR		568		670,856
1.00%, 08/15/25^(a)	EUR		2,140		2,569,499
1.25%, 08/15/48^(a)	EUR		1,431		2,230,687
1.50%, 02/15/23^(a)	EUR		8,180		9,542,551
1.50%, 05/15/24^(a)	EUR		1,500		1,797,699
1.75%, 07/04/22^(a)	EUR		1,482		1,712,756
1.75%, 02/15/24^(a)	EUR		1,515		1,822,048
2.00%, 01/04/22^(a)	EUR		1,360		1,559,068


SCHEDULES OF INVESTMENTS			85

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Germany (continued)
2.25%, 09/04/21^(a)	EUR		1,621	$	1,844,973
2.50%, 07/04/44^(a)	EUR		3,208		5,944,234
2.50%, 08/15/46^(a)	EUR		2,603		4,962,365
3.25%, 07/04/42^(a)	EUR		1,300		2,589,671
4.00%, 01/04/37^(a)	EUR		2,049		3,967,734
4.25%, 07/04/39^(a)	EUR		1,279		2,690,939
4.75%, 07/04/34^(a)	EUR		1,384		2,684,332
4.75%, 07/04/40^(a)	EUR		1,820		4,129,722
5.50%, 01/04/31^(a)	EUR		1,232		2,250,936
5.63%, 01/04/28^(a)	EUR		294		481,639
6.25%, 01/04/30^(a)	EUR		595		1,096,706
6.50%, 07/04/27^(a)	EUR		229		383,735
Bundesschatzanweisungen
0.00%, 06/11/21^(a)(c)	EUR		1,158		1,277,840
0.00%, 09/10/21^(a)(c)	EUR		3,000		3,316,393
Free and Hanseatic City of Hamburg
0.50%, 04/27/26^(a)	EUR		150		170,816
1.45%, 11/05/38^(a)	EUR		100		134,266
1.88%, 09/26/22^(a)	EUR		500		575,679
Gemeinsame Deutsche Bundeslaender
0.25%, 10/01/20^(a)	EUR		175		192,082
0.25%, 03/18/24	EUR		500		558,241
0.63%, 10/25/27^(a)	EUR		100		115,497
0.63%, 02/13/29^(a)	EUR		300		347,872
1.13%, 09/30/24^(a)	EUR		200		232,355
1.75%, 06/13/22	EUR		500		570,925
HSH Finanzfonds AoeR, 0.13%, 09/20/24	EUR		100		111,146
KfW, 4.00%, 02/27/25^(a)	AUD		500		374,734
Land Baden-Wuerttemberg
0.63%, 01/16/25^(a)	EUR		300		342,295
0.63%, 01/27/26^(a)	EUR		100		114,744
0.80%, 04/05/28^(a)	EUR		200		234,773
Land Berlin
0.25%, 04/22/25^(a)	EUR		300		336,318
0.63%, 03/20/26^(a)	EUR		100		114,817
0.63%, 02/08/27^(a)	EUR		350		403,462
0.75%, 11/11/22^(a)	EUR		500		561,922
0.75%, 09/08/23^(a)	EUR		270		305,919
0.75%, 04/03/34^(a)	EUR		100		118,740
1.00%, 05/19/32^(a)	EUR		300		365,162
1.38%, 06/05/37^(a)	EUR		420		552,546
1.50%, 08/28/20^(a)	EUR		150		165,223
3.13%, 08/17/21^(a)	EUR		30		34,321
Land Thueringen
0.20%, 10/26/26^(a)	EUR		60		67,249
0.50%, 03/02/27^(a)	EUR		100		114,341
State of Brandenburg
0.25%, 10/19/26^(a)	EUR		900		1,012,258
1.13%, 07/04/33^(a)	EUR		100		124,358
State of Bremen
0.50%, 10/07/22^(a)	EUR		100		111,534
0.55%, 02/04/50^(a)	EUR		300		360,887
1.20%, 01/30/34^(a)	EUR		200		250,556
State of Hesse
0.00%, 09/15/21^(a)(c)	EUR		200		220,083
0.25%, 06/10/25^(a)	EUR		1,000		1,121,587
0.38%, 07/04/22^(a)	EUR		370		410,772
0.38%, 07/06/26	EUR		200		226,659
0.63%, 08/02/28^(a)	EUR		250		289,682
0.75%, 08/04/36^(a)	EUR		200		239,108


Security		Par (000)		Value

Germany (continued)
1.75%, 01/20/23^(a)	EUR		50	$	57,785
State of Lower Saxony
0.00%, 08/02/24^(a)(c)	EUR		280		309,944
0.00%, 07/10/26^(a)(c)	EUR		400		442,773
0.05%, 09/20/23^(a)	EUR		1,000		1,106,965
0.38%, 01/09/26^(a)	EUR		200		226,331
0.40%, 07/10/20^(a)	EUR		50		54,841
0.50%, 06/08/26^(a)	EUR		450		513,571
0.75%, 02/15/28^(a)	EUR		520		607,807
State of North Rhine-Westphalia Germany
0.00%, 02/16/21^(a)(c)	EUR		150		164,645
0.00%, 12/05/22^(a)(c)	EUR		400		441,055
0.20%, 02/16/24^(a)	EUR		310		345,353
0.25%, 03/13/26^(a)	EUR		600		673,485
0.50%, 03/11/25^(a)	EUR		300		340,048
0.50%, 04/16/26^(a)	EUR		65		74,033
0.50%, 02/16/27^(a)	EUR		500		571,193
0.50%, 11/25/39^(a)	EUR		100		115,597
0.63%, 11/17/23^(a)	EUR		500		564,605
0.63%, 07/21/31^(a)	EUR		160		186,259
0.75%, 08/16/41^(a)	EUR		50		60,779
0.80%, 07/30/49^(a)	EUR		710		896,218
1.00%, 01/16/25^(a)	EUR		300		347,684
1.10%, 03/13/34^(a)	EUR		300		371,520
1.25%, 05/12/36^(a)	EUR		200		257,032
1.38%, 01/15/2120^(a)	EUR		110		156,416
1.45%, 02/16/43^(a)	EUR		250		347,366
1.50%, 06/12/40^(a)	EUR		200		274,395
1.55%, 06/16/48^(a)	EUR		50		73,805
1.63%, 10/24/30^(a)	EUR		320		408,769
1.65%, 05/16/47^(a)	EUR		70		105,245
1.75%, 10/26/57^(a)	EUR		180		301,533
1.75%, 07/11/68^(a)	EUR		50		86,736
1.88%, 09/15/22^(a)	EUR		650		748,453
1.95%, 09/26/78^(a)	EUR		400		769,177
2.15%, 03/21/2119^(a)	EUR		100		199,438
State of Rhineland-Palatinate
0.05%, 01/23/30^(a)	EUR		200		220,201
0.38%, 01/26/27^(a)	EUR		300		339,880
0.75%, 01/19/26^(a)	EUR		500		577,081
State of Saxony-Anhalt, 0.50%, 06/25/27^(a)	EUR		400		457,901
State of Schleswig-Holstein Germany
0.13%, 05/24/23^(a)	EUR		200		221,765
0.20%, 08/15/39^(a)	EUR		250		272,984
0.38%, 10/30/24	EUR		300		337,869

					134,530,294

Hungary — 0.2%
Hungary Government Bond
1.00%, 09/23/20	HUF		55,000		171,359
1.50%, 08/24/22	HUF		51,000		159,366
1.75%, 10/26/22	HUF		178,130		560,244
2.50%, 10/27/21	HUF		79,260		251,682
2.50%, 10/24/24	HUF		300,000		978,744
2.75%, 12/22/26	HUF		40,000		133,014
3.00%, 10/27/27	HUF		169,460		568,054
5.50%, 06/24/25	HUF		58,070		216,358
6.75%, 10/22/28	HUF		90,000		386,031


86		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Hungary (continued)
Hungary Government International Bond, 1.25%, 10/22/25^(a)	EUR		250	$	273,825

					3,698,677

Iceland — 0.0%
Iceland Government International Bond, 0.50%, 12/20/22^(a)	EUR		100		111,364


Indonesia — 0.7%
Indonesia Government International Bond
1.40%, 10/30/31	EUR		200		190,556
1.75%, 04/24/25	EUR		200		210,298
2.63%, 06/14/23^(a)	EUR		150		165,230
3.75%, 06/14/28^(a)	EUR		200		234,394
Indonesia Treasury Bond
5.63%, 05/15/23	IDR		15,000,000		977,415
7.00%, 05/15/27	IDR		25,000,000		1,608,588
7.00%, 09/15/30	IDR		20,048,000		1,270,956
7.50%, 08/15/32	IDR		18,000,000		1,153,827
7.50%, 06/15/35	IDR		28,000,000		1,790,758
7.50%, 04/15/40	IDR		10,210,000		648,711
8.13%, 05/15/24	IDR		14,000,000		972,113
8.25%, 05/15/29	IDR		16,186,000		1,110,278
8.25%, 05/15/36	IDR		18,000,000		1,222,572
8.38%, 03/15/24	IDR		15,790,000		1,102,890
8.38%, 09/15/26	IDR		9,000,000		627,495
8.38%, 04/15/39	IDR		6,431,000		439,180
8.75%, 02/15/44	IDR		4,379,000		303,539
12.80%, 06/15/21	IDR		18,000,000		1,303,224
Perusahaan Penerbit SBSN Indonesia, 8.88%, 11/15/31	IDR		7,600,000		528,004

					15,860,028

Ireland — 0.6%
Ireland Government Bond
0.40%, 05/15/35^(a)	EUR		180		196,736
0.80%, 03/15/22^(a)	EUR		640		718,033
0.90%, 05/15/28^(a)	EUR		730		859,513
1.00%, 05/15/26^(a)	EUR		928		1,087,619
1.10%, 05/15/29^(a)	EUR		1,014		1,216,278
1.30%, 05/15/33^(a)	EUR		313		386,896
1.35%, 03/18/31^(a)	EUR		492		606,178
1.50%, 05/15/50^(a)	EUR		240		316,198
1.70%, 05/15/37^(a)	EUR		530		695,502
2.00%, 02/18/45^(a)	EUR		751		1,085,496
2.40%, 05/15/30^(a)	EUR		740		995,483
3.40%, 03/18/24^(a)	EUR		2,218		2,785,449
3.90%, 03/20/23^(a)	EUR		855		1,053,673
5.40%, 03/13/25	EUR		475		664,777

					12,667,831

Israel — 0.3%
Israel Government Bond, 1.00%, 03/31/30	ILS		1,600		469,630
Israel Government Bond — Fixed
1.00%, 04/30/21	ILS		1,270		369,292
1.25%, 11/30/22	ILS		1,200		355,200
1.50%, 11/30/23	ILS		2,760		829,877
1.75%, 08/31/25	ILS		3,049		938,233
2.00%, 03/31/27	ILS		1,550		488,793
2.25%, 09/28/28	ILS		1,578		511,861
3.75%, 03/31/24	ILS		1,377		450,048
3.75%, 03/31/47	ILS		921		378,866


Security		Par (000)		Value

Israel (continued)
4.25%, 03/31/23	ILS		450	$	144,817
5.50%, 01/31/22	ILS		500		157,670
5.50%, 01/31/42	ILS		1,310		655,226
6.25%, 10/30/26	ILS		650		255,460
Israel Government International Bond
1.50%, 01/18/27^(a)	EUR		100		114,468
1.50%, 01/16/29^(a)	EUR		300		344,504
2.38%, 01/18/37^(a)	EUR		100		132,602
2.50%, 01/16/49^(a)	EUR		100		139,103

					6,735,650

Italy — 6.3%
Cassa Depositi e Prestiti SpA
0.75%, 11/21/22^(a)	EUR		200		217,831
1.50%, 06/21/24^(a)	EUR		100		110,045
2.13%, 03/21/26^(a)	EUR		100		112,265
Italy Buoni Poliennali Del Tesoro
0.35%, 11/01/21	EUR		2,420		2,647,630
0.35%, 02/01/25^(a)	EUR		3,230		3,410,705
0.45%, 06/01/21^(a)	EUR		2,456		2,694,199
0.65%, 10/15/23	EUR		5,810		6,326,274
0.85%, 01/15/27^(g)	EUR		940		991,281
0.90%, 08/01/22^(a)	EUR		1,735		1,911,804
0.95%, 03/15/23	EUR		1,450		1,597,746
1.00%, 07/15/22^(a)	EUR		1,370		1,513,751
1.20%, 04/01/22	EUR		2,231		2,472,302
1.25%, 12/01/26^(a)	EUR		1,400		1,520,202
1.35%, 04/15/22	EUR		200		222,223
1.35%, 04/01/30^(a)	EUR		1,500		1,582,670
1.45%, 09/15/22	EUR		1,000		1,115,935
1.45%, 11/15/24^(a)	EUR		2,193		2,439,728
1.45%, 05/15/25^(a)	EUR		1,270		1,407,751
1.45%, 03/01/36	EUR		800		801,409
1.50%, 06/01/25	EUR		945		1,049,621
1.60%, 06/01/26	EUR		2,040		2,266,922
1.65%, 03/01/32^(g)	EUR		1,102		1,178,100
1.75%, 07/01/24^(a)	EUR		3,740		4,211,613
1.85%, 05/15/24	EUR		480		543,241
2.00%, 12/01/25	EUR		1,627		1,851,196
2.00%, 02/01/28^(a)	EUR		1,033		1,167,674
2.05%, 08/01/27	EUR		2,016		2,288,721
2.10%, 07/15/26^(a)	EUR		1,110		1,267,296
2.15%, 12/15/21	EUR		457		513,742
2.20%, 06/01/27	EUR		2,060		2,362,974
2.25%, 09/01/36^(g)	EUR		1,205		1,341,930
2.30%, 10/15/21^(a)	EUR		2,940		3,304,003
2.45%, 10/01/23^(a)	EUR		1,982		2,286,440
2.45%, 09/01/33^(g)	EUR		1,870		2,149,597
2.45%, 09/01/50^(g)	EUR		1,130		1,209,655
2.50%, 12/01/24	EUR		600		697,301
2.50%, 11/15/25^(a)	EUR		2,750		3,206,203
2.70%, 03/01/47^(g)	EUR		1,100		1,254,903
2.80%, 12/01/28^(a)	EUR		2,978		3,556,050
2.80%, 03/01/67^(g)	EUR		890		999,792
2.95%, 09/01/38^(g)	EUR		1,660		2,000,399
3.00%, 08/01/29^(a)	EUR		2,300		2,788,970
3.10%, 03/01/40^(g)	EUR		650		796,588
3.25%, 09/01/46^(g)	EUR		1,539		1,917,479
3.35%, 03/01/35^(g)	EUR		1,930		2,443,850
3.45%, 03/01/48^(g)	EUR		1,661		2,140,707
3.50%, 03/01/30^(g)	EUR		4,000		5,046,309


SCHEDULES OF INVESTMENTS			87

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Italy (continued)
3.75%, 08/01/21^(g)	EUR		480	$	547,357
3.85%, 09/01/49^(g)	EUR		820		1,129,373
4.00%, 09/01/20	EUR		80		88,763
4.00%, 02/01/37^(g)	EUR		2,426		3,305,713
4.50%, 05/01/23	EUR		1,460		1,775,283
4.50%, 03/01/24	EUR		2,989		3,706,131
4.50%, 03/01/26^(g)	EUR		810		1,044,812
4.75%, 09/01/21	EUR		4,840		5,604,536
4.75%, 08/01/23^(g)	EUR		1,700		2,095,320
4.75%, 09/01/28^(g)	EUR		892		1,212,681
4.75%, 09/01/44^(g)	EUR		1,290		1,977,419
5.00%, 03/01/22	EUR		1,660		1,965,654
5.00%, 03/01/25^(g)	EUR		1,342		1,732,930
5.00%, 08/01/34^(g)	EUR		1,698		2,515,164
5.00%, 08/01/39^(g)	EUR		1,502		2,322,609
5.00%, 09/01/40^(g)	EUR		2,104		3,264,570
5.25%, 11/01/29	EUR		1,863		2,658,155
5.50%, 09/01/22	EUR		4,000		4,869,747
5.50%, 11/01/22^(a)	EUR		1,700		2,082,118
5.75%, 02/01/33	EUR		1,233		1,906,251
6.00%, 05/01/31^(a)	EUR		2,535		3,894,188
6.50%, 11/01/27	EUR		597		880,285

					139,516,086

Japan — 11.6%
Development Bank of Japan Inc., 0.88%, 10/10/25^(a)	EUR		100		114,732
Japan Government Five Year Bond
0.10%, 06/20/21	JPY		400,000		3,753,383
0.10%, 09/20/21	JPY		350,000		3,286,436
0.10%, 12/20/21	JPY		390,000		3,664,472
0.10%, 06/20/22	JPY		1,200,000		11,291,570
0.10%, 09/20/22	JPY		85,000		800,503
0.10%, 12/20/22	JPY		731,800		6,896,035
0.10%, 03/20/23	JPY		230,000		2,168,906
0.10%, 09/20/23	JPY		449,050		4,240,097
0.10%, 12/20/23	JPY		300,000		2,834,703
0.10%, 03/20/24	JPY		96,350		911,061
0.10%, 06/20/24	JPY		478,450		4,526,383
0.10%, 09/20/24	JPY		475,000		4,495,210
Japan Government Forty Year Bond
0.40%, 03/20/56	JPY		93,000		858,903
0.50%, 03/20/59	JPY		75,000		716,692
0.80%, 03/20/58	JPY		100,000		1,053,163
0.90%, 03/20/57	JPY		103,500		1,119,951
1.40%, 03/20/55	JPY		65,000		797,786
1.90%, 03/20/53	JPY		50,000		678,300
2.00%, 03/20/52	JPY		48,000		659,113
2.20%, 03/20/49	JPY		77,000		1,068,114
2.20%, 03/20/50	JPY		40,950		573,109
2.20%, 03/20/51	JPY		49,000		693,538
Japan Government Ten Year Bond
0.10%, 03/20/26	JPY		100,000		950,157
0.10%, 06/20/26	JPY		867,500		8,244,637
0.10%, 09/20/26	JPY		650,100		6,182,622
0.10%, 12/20/26	JPY		357,950		3,408,048
0.10%, 03/20/27	JPY		195,000		1,856,434
0.10%, 06/20/27	JPY		512,150		4,878,871
0.10%, 09/20/27	JPY		276,350		2,633,666
0.10%, 12/20/27	JPY		75,000		714,967
0.10%, 03/20/28	JPY		260,000		2,478,893


Security		Par (000)		Value

Japan (continued)
0.10%, 06/20/28	JPY		165,000	$	1,572,819
0.10%, 09/20/28	JPY		183,650		1,749,411
0.10%, 12/20/28	JPY		160,000		1,522,959
0.10%, 03/20/29	JPY		121,000		1,150,787
0.10%, 06/20/29	JPY		411,050		3,905,773
0.10%, 09/20/29	JPY		390,000		3,702,146
0.10%, 12/20/29	JPY		357,700		3,393,592
0.30%, 12/20/24	JPY		210,000		2,006,955
0.30%, 12/20/25	JPY		92,200		885,296
0.40%, 03/20/25	JPY		100,000		961,406
0.40%, 06/20/25	JPY		425,000		4,091,740
0.40%, 09/20/25	JPY		105,000		1,012,344
0.50%, 09/20/24	JPY		555,000		5,343,280
0.50%, 12/20/24	JPY		404,250		3,898,734
0.60%, 03/20/23	JPY		200,000		1,912,582
0.60%, 12/20/23	JPY		651,000		6,261,435
0.60%, 03/20/24	JPY		265,200		2,555,999
0.60%, 06/20/24	JPY		255,450		2,466,471
0.70%, 12/20/22	JPY		200,000		1,913,817
0.80%, 09/20/22	JPY		165,600		1,585,384
0.80%, 12/20/22	JPY		130,000		1,247,433
0.80%, 06/20/23	JPY		130,000		1,253,269
0.80%, 09/20/23	JPY		190,000		1,836,445
0.90%, 03/20/22	JPY		160,000		1,526,849
0.90%, 06/20/22	JPY		132,650		1,269,612
1.00%, 09/20/21	JPY		185,650		1,764,990
1.00%, 12/20/21	JPY		202,400		1,929,704
1.00%, 03/20/22	JPY		195,800		1,871,960
1.20%, 06/20/21	JPY		20,000		190,001
Japan Government Thirty Year Bond
0.30%, 06/20/46	JPY		73,000		665,113
0.40%, 06/20/49	JPY		18,950		176,170
0.40%, 09/20/49	JPY		82,450		765,994
0.40%, 12/20/49	JPY		48,050		446,382
0.50%, 09/20/46	JPY		81,350		778,894
0.50%, 03/20/49	JPY		188,800		1,803,889
0.60%, 12/20/46	JPY		42,000		412,164
0.70%, 12/20/48	JPY		126,700		1,274,085
0.80%, 03/20/46	JPY		81,600		838,610
0.80%, 03/20/47	JPY		81,000		833,042
0.80%, 06/20/47	JPY		47,000		483,739
0.80%, 09/20/47	JPY		50,000		515,009
0.80%, 12/20/47	JPY		70,000		720,666
0.80%, 03/20/48	JPY		131,600		1,355,836
0.90%, 09/20/48	JPY		35,000		369,494
1.40%, 09/20/45	JPY		55,000		639,242
1.40%, 12/20/45	JPY		25,000		291,196
1.50%, 12/20/44	JPY		89,500		1,058,868
1.50%, 03/20/45	JPY		25,250		298,967
1.60%, 06/20/45	JPY		77,000		930,164
1.70%, 12/20/43	JPY		95,000		1,159,083
1.70%, 03/20/44	JPY		70,000		855,049
1.70%, 06/20/44	JPY		69,250		847,824
1.70%, 09/20/44	JPY		56,850		696,815
1.80%, 03/20/43	JPY		79,600		982,429
1.80%, 09/20/43	JPY		36,000		446,042
1.90%, 09/20/42	JPY		124,000		1,549,307
1.90%, 06/20/43	JPY		89,250		1,122,321
2.00%, 09/20/40	JPY		161,200		2,011,431
2.00%, 09/20/41	JPY		138,000		1,738,437


88		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Japan (continued)
2.00%, 03/20/42	JPY		171,000	$	2,164,049
2.20%, 09/20/39	JPY		40,000		507,243
2.20%, 03/20/41	JPY		62,000		800,425
2.30%, 03/20/35	JPY		29,000		355,390
2.30%, 06/20/35	JPY		15,000		184,388
2.30%, 12/20/35	JPY		155,000		1,916,863
2.30%, 03/20/39	JPY		34,500		441,104
2.30%, 03/20/40	JPY		75,000		971,307
2.40%, 09/20/38	JPY		70,500		907,682
2.50%, 06/20/34	JPY		20,150		250,253
2.50%, 09/20/37	JPY		49,000		631,614
2.50%, 03/20/38	JPY		5,000		64,823
Japan Government Twenty Year Bond
0.20%, 06/20/36	JPY		91,300		849,905
0.30%, 06/20/39	JPY		75,450		705,569
0.30%, 09/20/39	JPY		150,900		1,411,123
0.30%, 12/20/39	JPY		69,850		653,194
0.40%, 03/20/36	JPY		274,900		2,643,780
0.40%, 03/20/39	JPY		195,900		1,865,973
0.40%, 03/20/40	JPY		24,000		228,451
0.50%, 09/20/36	JPY		165,750		1,614,875
0.50%, 12/20/38	JPY		60,000		581,922
0.60%, 12/20/36	JPY		70,000		692,858
0.60%, 06/20/37	JPY		100,000		988,937
0.60%, 09/20/37	JPY		77,000		760,798
0.70%, 03/20/37	JPY		52,300		525,152
0.80%, 06/20/23	JPY		100,000		964,212
1.00%, 12/20/35	JPY		135,000		1,417,074
1.20%, 12/20/34	JPY		270,350		2,904,237
1.20%, 03/20/35	JPY		120,950		1,300,177
1.20%, 09/20/35	JPY		85,000		915,514
1.30%, 06/20/35	JPY		94,200		1,027,043
1.40%, 09/20/34	JPY		417,350		4,589,972
1.50%, 03/20/34	JPY		82,000		910,101
1.50%, 06/20/34	JPY		134,150		1,491,011
1.60%, 06/20/30	JPY		106,700		1,162,579
1.60%, 03/20/32	JPY		40,000		442,153
1.60%, 03/20/33	JPY		97,000		1,081,554
1.60%, 12/20/33	JPY		178,200		1,997,386
1.70%, 12/20/22	JPY		100,000		981,877
1.70%, 12/20/31	JPY		60,600		675,160
1.70%, 03/20/32	JPY		56,000		625,769
1.70%, 06/20/32	JPY		55,000		615,377
1.70%, 09/20/32	JPY		46,000		516,287
1.70%, 12/20/32	JPY		25,000		281,173
1.70%, 06/20/33	JPY		31,000		350,038
1.70%, 09/20/33	JPY		150,000		1,697,026
1.80%, 06/20/31	JPY		11,000		123,213
1.80%, 09/20/31	JPY		180,000		2,021,417
1.80%, 12/20/31	JPY		110,000		1,237,306
1.90%, 12/20/28	JPY		86,150		946,027
1.90%, 09/20/30	JPY		45,000		504,668
1.90%, 06/20/31	JPY		80,000		904,400
2.00%, 06/21/21	JPY		39,000		373,865
2.00%, 03/20/27	JPY		35,000		376,240
2.00%, 06/20/30	JPY		20,000		225,518
2.10%, 09/20/25	JPY		70,000		735,237
2.10%, 12/20/26	JPY		107,000		1,151,870
2.10%, 09/20/27	JPY		60,000		655,413
2.10%, 12/20/27	JPY		50,000		548,651


Security		Par (000)		Value

Japan (continued)
2.10%, 06/20/29	JPY		100,000	$	1,121,756
2.10%, 09/20/29	JPY		25,000		281,332
2.10%, 03/20/30	JPY		90,000		1,019,613
2.10%, 12/20/30	JPY		205,000		2,343,462
2.20%, 03/20/26	JPY		74,300		792,075
2.20%, 03/20/28	JPY		75,000		831,877
2.20%, 12/20/29	JPY		105,050		1,195,862
2.20%, 03/20/30	JPY		355,000		4,055,701
2.30%, 06/20/27	JPY		25,000		275,207
Japan Government Two Year Bond
0.10%, 07/01/21	JPY		364,300		3,418,359
0.10%, 09/01/21	JPY		350,000		3,286,174

					256,488,551

Kazakhstan — 0.0%
Kazakhstan Government International Bond
0.60%, 09/30/26^(a)	EUR		200		199,625
1.50%, 09/30/34^(a)	EUR		100		92,047
1.55%, 11/09/23^(a)	EUR		100		107,885

					399,557

Latvia — 0.0%
Latvia Government International Bond
1.38%, 09/23/25^(a)	EUR		100		115,771
1.88%, 02/19/49^(a)	EUR		240		338,642

					454,413

Lithuania — 0.0%
Lithuania Government International Bond
0.95%, 05/26/27^(a)	EUR		220		252,467
2.13%, 10/22/35^(a)	EUR		60		78,931
Republic of Lithuania, 1.63%, 06/19/49^(a)	EUR		170		226,888

					558,286

Luxembourg — 0.0%
Luxembourg Government Bond
0.63%, 02/01/27^(a)	EUR		70		81,723
2.13%, 07/10/23^(a)	EUR		217		257,776
2.25%, 03/19/28^(a)	EUR		190		250,359

					589,858

Malaysia — 0.6%
Malaysia Government Bond
3.48%, 03/15/23	MYR		2,200		526,777
3.48%, 06/14/24	MYR		5,180		1,248,248
3.62%, 11/30/21	MYR		7,080		1,678,701
3.66%, 10/15/20	MYR		600		140,361
3.76%, 05/22/40	MYR		2,140		524,673
3.80%, 08/17/23	MYR		2,500		605,884
3.84%, 04/15/33	MYR		3,000		741,551
3.90%, 11/30/26	MYR		1,900		472,733
3.90%, 11/16/27	MYR		7,400		1,850,843
3.96%, 09/15/25	MYR		3,030		755,541
4.06%, 09/30/24	MYR		4,500		1,112,243
4.23%, 06/30/31	MYR		4,500		1,160,780
4.25%, 05/31/35	MYR		800		206,279
4.50%, 04/15/30	MYR		850		223,372
4.64%, 11/07/33	MYR		2,660		712,299
4.74%, 03/15/46	MYR		1,000		271,933
4.76%, 04/07/37	MYR		2,565		699,142
4.89%, 06/08/38	MYR		1,310		364,521
4.92%, 07/06/48	MYR		790		224,130
4.94%, 09/30/43	MYR		450		125,006


SCHEDULES OF INVESTMENTS			89

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Malaysia (continued)
Malaysia Government Investment Issue
3.99%, 10/15/25	MYR		150	$	37,199
4.58%, 08/30/33	MYR		1,600		427,862

					14,110,078

Mexico — 0.6%
Mexican Bonos
7.50%, 06/03/27	MXN		21,000		948,060
8.50%, 05/31/29	MXN		16,000		760,407
8.50%, 11/18/38	MXN		10,500		483,542
10.00%, 12/05/24	MXN		19,000		942,299
10.00%, 11/20/36	MXN		10,000		527,887
Series M, 5.75%, 03/05/26	MXN		20,000		836,800
Series M, 6.50%, 06/10/21	MXN		33,500		1,425,783
Series M, 6.50%, 06/09/22	MXN		13,000		560,212
Series M, 7.75%, 05/29/31	MXN		25,000		1,121,535
Series M, 7.75%, 11/23/34	MXN		6,000		267,480
Series M, 7.75%, 11/13/42	MXN		20,000		847,073
Series M, 8.00%, 12/07/23	MXN		8,000		364,795
Series M, 8.00%, 09/05/24	MXN		38,000		1,752,054
Series M, 8.00%, 11/07/47	MXN		12,000		520,697
Mexico Government International Bond
1.38%, 01/15/25	EUR		250		256,026
1.75%, 04/17/28	EUR		500		488,778
2.88%, 04/08/39	EUR		300		273,640
3.00%, 03/06/45	EUR		200		183,073
5.63%, 03/19/2114	GBP		100		121,888
6.75%, 02/06/24	GBP		100		139,272

					12,821,301

Morocco — 0.0%
Morocco Government International Bond, 1.50%, 11/27/31^(a)	EUR		100		98,614


Netherlands — 1.3%
Netherlands Government Bond
0.00%, 01/15/22^(c)(g)	EUR		4,173		4,623,249
0.00%, 01/15/24^(c)(g)	EUR		1,579		1,772,715
0.00%, 07/15/30^(c)(g)	EUR		580		655,958
0.25%, 07/15/25^(g)	EUR		1,070		1,225,987
0.25%, 07/15/29^(g)	EUR		390		452,549
0.50%, 07/15/26^(g)	EUR		750		876,826
0.75%, 07/15/27^(g)	EUR		2,194		2,623,812
0.75%, 07/15/28^(g)	EUR		1,160		1,397,247
1.75%, 07/15/23^(g)	EUR		1,425		1,683,356
2.00%, 07/15/24^(g)	EUR		1,110		1,353,774
2.25%, 07/15/22^(g)	EUR		1,300		1,517,098
2.50%, 01/15/33^(g)	EUR		1,232		1,831,972
2.75%, 01/15/47^(g)	EUR		1,387		2,676,417
3.75%, 01/15/42^(g)	EUR		1,442		2,926,433
4.00%, 01/15/37^(g)	EUR		1,740		3,261,490
7.50%, 01/15/23^(g)	EUR		217		290,939

					29,169,822

New Zealand — 0.2%
New Zealand Government Bond
2.75%, 04/15/25^(a)	NZD		1,200		828,574
2.75%, 04/15/37^(a)	NZD		410		315,555
3.00%, 04/20/29	NZD		1,750		1,290,920
3.50%, 04/14/33^(a)	NZD		330		265,970
3.50%, 04/14/33	NZD		200		146,017
4.50%, 04/15/27^(a)	NZD		900		705,962


Security		Par (000)		Value

New Zealand (continued)
5.50%, 04/15/23^(a)	NZD		1,220	$	870,842
6.00%, 05/15/21^(a)	NZD		600		392,417

					4,816,257

Norway — 0.3%
Kommunalbanken AS
0.05%, 10/24/29^(a)	EUR		200		220,593
0.88%, 05/24/27^(a)	EUR		100		117,573
1.50%, 12/15/23^(a)	GBP		200		260,585
4.25%, 07/16/25	AUD		150		114,427
Norway Government Bond
1.50%, 02/19/26^(g)	NOK		7,190		747,793
1.75%, 03/13/25^(g)	NOK		3,900		407,129
1.75%, 02/17/27^(g)	NOK		4,950		525,992
1.75%, 09/06/29^(g)	NOK		3,117		337,450
2.00%, 05/24/23^(g)	NOK		6,910		710,963
2.00%, 04/26/28^(g)	NOK		6,000		655,303
3.00%, 03/14/24^(g)	NOK		5,987		645,869
3.75%, 05/25/21^(g)	NOK		8,085		819,596

					5,563,273

Peru — 0.0%
Peruvian Government International Bond
2.75%, 01/30/26	EUR		100		118,018
3.75%, 03/01/30	EUR		200		255,205

					373,223

Philippines — 0.0%
Philippine Government International Bond
0.70%, 02/03/29	EUR		100		98,704
0.88%, 05/17/27	EUR		200		206,125

					304,829

Poland — 0.4%
Bank Gospodarstwa Krajowego
1.38%, 06/01/25^(a)	EUR		200		227,781
1.63%, 04/30/28^(a)	EUR		100		114,421
Republic of Poland Government Bond
1.75%, 07/25/21	PLN		100		24,505
2.25%, 10/25/24	PLN		5,000		1,284,583
2.50%, 04/25/24	PLN		4,420		1,142,221
2.50%, 07/25/26	PLN		3,820		998,828
2.50%, 07/25/27	PLN		3,650		956,070
2.75%, 10/25/29	PLN		2,500		672,549
4.00%, 04/25/47	PLN		2,250		744,081
Republic of Poland Government International Bond
0.88%, 10/14/21^(a)	EUR		540		597,400
0.88%, 05/10/27^(a)	EUR		200		224,536
1.00%, 03/07/29^(a)	EUR		400		452,354
1.50%, 09/09/25^(a)	EUR		100		116,175
1.50%, 01/19/26^(a)	EUR		170		196,907
3.00%, 01/15/24^(a)	EUR		400		480,561
4.50%, 01/18/22^(a)	EUR		160		188,220
5.25%, 01/20/25	EUR		700		940,048

					9,361,240

Portugal — 0.7%
Portugal Obrigacoes do Tesouro OT
0.48%, 10/18/30^(g)	EUR		830		877,880
1.95%, 06/15/29^(g)	EUR		1,233		1,495,643
2.13%, 10/17/28^(g)	EUR		840		1,030,228
2.20%, 10/17/22^(g)	EUR		1,300		1,507,529
2.25%, 04/18/34^(g)	EUR		760		963,336
2.88%, 10/15/25^(g)	EUR		1,160		1,446,506


90		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Portugal (continued)
2.88%, 07/21/26^(g)	EUR		910	$	1,147,059
4.10%, 04/15/37^(g)	EUR		587		925,475
4.10%, 02/15/45^(g)	EUR		240		399,597
4.13%, 04/14/27^(g)	EUR		985		1,345,772
4.95%, 10/25/23^(g)	EUR		1,500		1,926,654
5.65%, 02/15/24^(g)	EUR		1,030		1,365,693

					14,431,372

Romania — 0.1%
Romanian Government International Bond
2.00%, 12/08/26^(a)	EUR		200		210,238
2.00%, 01/28/32^(a)	EUR		150		139,298
2.12%, 07/16/31^(a)	EUR		200		189,642
2.38%, 04/19/27^(a)	EUR		250		265,876
2.75%, 10/29/25^(a)	EUR		60		66,745
2.88%, 05/26/28^(a)	EUR		150		161,586
2.88%, 03/11/29^(a)	EUR		300		322,018
3.38%, 02/08/38^(a)	EUR		300		307,790
3.50%, 04/03/34^(a)	EUR		200		211,945
3.63%, 04/24/24^(a)	EUR		50		57,503
4.63%, 04/03/49^(a)	EUR		100		110,444

					2,043,085

Russia — 0.4%
Russian Federal Bond – OFZ
6.90%, 05/23/29	RUB		20,000		288,846
7.00%, 01/25/23	RUB		11,000		154,934
7.00%, 08/16/23	RUB		34,000		482,137
7.05%, 01/19/28	RUB		11,455		166,631
7.10%, 10/16/24	RUB		65,140		933,953
7.40%, 12/07/22	RUB		85,000		1,208,365
7.40%, 07/17/24	RUB		85,000		1,229,641
7.60%, 04/14/21	RUB		15,000		207,535
7.65%, 04/10/30	RUB		55,490		840,348
7.70%, 03/23/33	RUB		25,000		384,733
7.75%, 09/16/26	RUB		60,000		899,610
7.95%, 10/07/26	RUB		100,000		1,513,629
8.50%, 09/17/31	RUB		34,982		566,406
Russian Foreign Bond – Eurobond, 2.88%, 12/04/25^(a)	EUR		200		234,208

					9,110,976

Saudi Arabia — 0.0%
Saudi Government International Bond, 2.00%, 07/09/39^(a)	EUR		200		200,528


Singapore — 0.4%
Singapore Government Bond
1.25%, 10/01/21	SGD		640		460,198
1.75%, 04/01/22	SGD		1,300		946,921
2.13%, 06/01/26	SGD		300		231,576
2.25%, 06/01/21	SGD		450		326,172
2.25%, 08/01/36	SGD		810		663,415
2.38%, 06/01/25	SGD		150		115,955
2.38%, 07/01/39	SGD		140		118,746
2.63%, 05/01/28	SGD		680		550,739
2.75%, 07/01/23	SGD		689		523,874
2.75%, 04/01/42	SGD		330		300,913
2.75%, 03/01/46	SGD		910		848,103
2.88%, 09/01/30	SGD		1,020		858,997
3.00%, 09/01/24	SGD		1,150		903,179
3.25%, 09/01/20	SGD		1,350		968,352


Security		Par (000)		Value

Singapore (continued)
3.38%, 09/01/33	SGD		430	$	391,496
3.50%, 03/01/27	SGD		1,130		948,873

					9,157,509

Slovakia — 0.2%
Slovakia Government Bond
0.63%, 05/22/26	EUR		350		395,189
1.38%, 01/21/27^(a)	EUR		400		472,880
1.63%, 01/21/31^(a)	EUR		330		396,737
1.88%, 03/09/37^(a)	EUR		344		431,982
2.00%, 10/17/47^(a)	EUR		250		347,580
3.00%, 02/28/23^(a)	EUR		259		308,621
4.35%, 10/14/25^(a)	EUR		1,050		1,416,351

					3,769,340

Slovenia — 0.1%
Slovenia Government Bond
1.19%, 03/14/29^(a)	EUR		1,290		1,489,278
1.25%, 03/22/27^(a)	EUR		230		267,150
1.75%, 11/03/40^(a)	EUR		80		94,817
2.13%, 07/28/25^(a)	EUR		398		481,187
2.25%, 03/03/32^(a)	EUR		290		364,139
3.00%, 04/08/21^(a)	EUR		50		56,437
3.13%, 08/07/45^(a)	EUR		150		223,786

					2,976,794

South Korea — 2.5%
Export-Import Bank of Korea, 0.63%, 07/11/23^(a)	EUR		200		220,712
Korea Treasury Bond
1.13%, 09/10/39	KRW		1,330,000		1,000,450
1.38%, 09/10/21	KRW		1,050,000		867,892
1.38%, 09/10/24	KRW		2,574,180		2,127,131
1.38%, 12/10/29	KRW		1,826,710		1,480,223
1.50%, 12/10/26	KRW		1,750,000		1,448,173
1.50%, 09/10/36	KRW		943,500		761,857
1.50%, 03/10/50	KRW		492,620		389,493
1.63%, 06/10/22	KRW		2,000,000		1,665,606
1.75%, 12/10/20	KRW		2,200,000		1,818,026
1.88%, 03/10/22	KRW		860,000		718,193
1.88%, 03/10/24	KRW		1,400,000		1,179,906
1.88%, 06/10/26	KRW		300,000		254,117
1.88%, 06/10/29	KRW		1,144,980		968,021
2.00%, 09/10/20	KRW		200,000		164,996
2.00%, 03/10/21	KRW		1,970,000		1,634,618
2.00%, 12/10/21	KRW		5,266,940		4,402,469
2.00%, 09/10/22	KRW		1,250,000		1,050,633
2.00%, 03/10/46	KRW		1,079,640		952,130
2.00%, 03/10/49	KRW		3,475,680		3,077,195
2.13%, 06/10/27	KRW		3,100,000		2,675,502
2.13%, 03/10/47	KRW		1,730,000		1,568,512
2.25%, 09/10/23	KRW		1,800,000		1,534,016
2.25%, 06/10/25	KRW		1,996,790		1,713,820
2.25%, 12/10/25	KRW		730,000		628,977
2.25%, 09/10/37	KRW		300,000		269,711
2.38%, 03/10/23	KRW		2,600,000		2,214,772
2.38%, 12/10/27	KRW		2,300,000		2,018,116
2.38%, 12/10/28	KRW		1,000,000		877,526
2.38%, 09/10/38	KRW		760,000		697,469
2.63%, 06/10/28	KRW		2,100,000		1,872,215
2.63%, 09/10/35	KRW		1,628,800		1,521,462
2.63%, 03/10/48	KRW		1,960,000		1,951,626
2.75%, 12/10/44	KRW		1,752,210		1,766,137


SCHEDULES OF INVESTMENTS			91

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

South Korea (continued)
3.00%, 03/10/23	KRW		750,000	$	649,660
3.00%, 09/10/24	KRW		120,000		105,855
3.00%, 12/10/42	KRW		1,280,000		1,324,963
3.38%, 09/10/23	KRW		1,200,000		1,059,758
3.75%, 12/10/33	KRW		1,771,260		1,840,516
4.00%, 12/10/31	KRW		750,000		774,953
4.25%, 06/10/21	KRW		900,000		767,986
4.75%, 12/10/30	KRW		160,000		172,686
5.25%, 03/10/27	KRW		100,000		102,917
5.50%, 12/10/29	KRW		150,000		167,022

					54,458,018

Spain — 4.1%
Adif — Alta Velocidad
1.88%, 09/22/22^(a)	EUR		100		114,126
1.88%, 01/28/25^(a)	EUR		300		351,240
Autonomous Community of Andalusia Spain, 1.88%, 10/31/28^(a)	EUR		200		238,041
Autonomous Community of Madrid Spain
0.75%, 04/30/22^(a)	EUR		100		111,164
1.00%, 09/30/24^(a)	EUR		50		56,481
1.19%, 05/08/22^(a)	EUR		170		190,538
1.57%, 04/30/29^(a)	EUR		200		233,121
1.77%, 04/30/28^(a)	EUR		150		177,488
1.83%, 04/30/25^(a)	EUR		50		58,714
4.30%, 09/15/26	EUR		200		270,423
Basque Government, 1.45%, 04/30/28^(a)	EUR		200		232,197
Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA
0.03%, 06/17/20^(a)	EUR		200		219,115
0.50%, 03/17/23^(a)	EUR		400		444,153
Instituto de Credito Oficial, 0.25%, 04/30/22^(a)	EUR		200		220,541
Spain Government Bond
0.05%, 10/31/21	EUR		1,900		2,088,936
0.25%, 07/30/24^(g)	EUR		2,440		2,696,103
0.35%, 07/30/23	EUR		1,300		1,444,337
0.40%, 04/30/22	EUR		4,197		4,654,252
0.45%, 10/31/22	EUR		2,890		3,216,823
0.50%, 04/30/30^(g)	EUR		2,400		2,572,071
0.60%, 10/31/29^(g)	EUR		2,010		2,186,736
0.75%, 07/30/21	EUR		4,386		4,862,161
1.00%, 10/31/50^(g)	EUR		450		434,547
1.25%, 10/31/30^(g)	EUR		390		446,928
1.30%, 10/31/26^(g)	EUR		3,124		3,630,236
1.40%, 04/30/28^(g)	EUR		2,502		2,922,871
1.40%, 07/30/28^(g)	EUR		1,670		1,952,344
1.45%, 10/31/27^(g)	EUR		1,677		1,967,379
1.45%, 04/30/29^(g)	EUR		1,970		2,310,681
1.50%, 04/30/27^(g)	EUR		1,300		1,529,913
1.60%, 04/30/25^(g)	EUR		3,430		4,028,501
1.85%, 07/30/35^(g)	EUR		1,435		1,749,316
1.95%, 04/30/26^(g)	EUR		1,450		1,744,907
1.95%, 07/30/30^(g)	EUR		1,650		2,021,186
2.15%, 10/31/25^(g)	EUR		1,000		1,210,438
2.35%, 07/30/33^(g)	EUR		1,205		1,553,843
2.70%, 10/31/48^(g)	EUR		1,050		1,482,595
2.75%, 10/31/24^(g)	EUR		2,408		2,954,929
2.90%, 10/31/46^(g)	EUR		1,402		2,032,181
3.45%, 07/30/66^(g)	EUR		1,194		2,064,199
3.80%, 04/30/24^(g)	EUR		1,285		1,619,663
4.20%, 01/31/37^(g)	EUR		2,060		3,331,340


Security		Par (000)		Value

Spain (continued)
4.40%, 10/31/23^(g)	EUR		1,200	$	1,520,123
4.65%, 07/30/25^(g)	EUR		2,885		3,896,554
4.70%, 07/30/41^(g)	EUR		1,579		2,828,424
4.80%, 01/31/24^(g)	EUR		350		452,750
4.90%, 07/30/40^(g)	EUR		1,475		2,674,782
5.15%, 10/31/28^(g)	EUR		1,210		1,823,829
5.15%, 10/31/44^(g)	EUR		1,320		2,573,560
5.40%, 01/31/23^(g)	EUR		1,600		2,019,558
5.75%, 07/30/32	EUR		1,735		2,989,091
6.00%, 01/31/29	EUR		1,748		2,786,715

					91,192,144

Supranational — 2.7%
African Development Bank
0.13%, 10/07/26	EUR		150		167,229
0.50%, 03/21/29	EUR		300		345,401
Asian Development Bank
0.35%, 07/16/25	EUR		300		340,071
1.38%, 12/15/23^(a)	GBP		500		650,125
Council of Europe Development Bank
0.13%, 04/10/24^(a)	EUR		150		167,579
0.75%, 06/09/25^(a)	EUR		50		57,798
EUROFIMA
0.25%, 04/25/23^(a)	EUR		150		166,950
0.25%, 02/09/24^(a)	EUR		300		333,542
European Bank for Reconstruction & Development, 1.25%, 12/15/22	GBP		200		257,053
European Financial Stability Facility
0.00%, 03/29/21^(a)(c)	EUR		1,100		1,208,974
0.00%, 11/17/22^(a)(c)	EUR		710		786,699
0.00%, 04/24/23^(a)(c)	EUR		300		332,868
0.00%, 07/17/23^(a)(c)	EUR		1,380		1,530,393
0.05%, 10/17/29^(a)	EUR		570		635,509
0.10%, 01/19/21^(a)	EUR		200		219,838
0.38%, 10/11/24^(a)	EUR		350		395,710
0.40%, 02/17/25^(a)	EUR		925		1,049,281
0.50%, 01/20/23^(a)	EUR		600		674,391
0.63%, 10/16/26^(a)	EUR		900		1,043,950
0.70%, 01/20/50^(a)	EUR		310		382,037
0.75%, 05/03/27^(a)	EUR		540		633,680
0.95%, 02/14/28^(a)	EUR		530		632,865
1.20%, 02/17/45^(a)	EUR		300		402,178
1.25%, 05/24/33^(a)	EUR		860		1,094,621
1.38%, 05/31/47^(a)	EUR		720		1,037,219
1.45%, 09/05/40^(a)	EUR		450		613,519
1.70%, 02/13/43^(a)	EUR		910		1,312,315
1.75%, 06/27/24^(a)	EUR		100		119,194
1.75%, 07/17/53^(a)	EUR		350		554,895
1.80%, 07/10/48^(a)	EUR		200		310,066
2.00%, 02/28/56^(a)	EUR		150		259,599
2.13%, 02/19/24^(a)	EUR		50		59,987
2.35%, 07/29/44^(a)	EUR		50		83,450
2.75%, 12/03/29^(a)	EUR		80		111,377
3.38%, 07/05/21^(a)	EUR		50		57,234
3.38%, 04/03/37^(a)	EUR		280		472,603
European Investment Bank
0.00%, 10/16/23^(c)	EUR		1,100		1,223,481
0.00%, 03/15/24^(c)	EUR		250		278,472
0.00%, 03/25/25^(c)	EUR		350		390,942
0.00%, 03/13/26^(a)(c)	EUR		60		67,065
0.05%, 05/24/24^(a)	EUR		1,000		1,117,228


92		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Supranational (continued)
0.05%, 10/13/34^(a)	EUR		500	$	547,677
0.13%, 04/15/25	EUR		150		168,452
0.13%, 06/20/29^(a)	EUR		50		56,622
0.20%, 07/15/24^(a)	EUR		480		539,881
0.25%, 10/14/24^(a)	EUR		630		710,512
0.38%, 03/15/22^(a)	EUR		1,000		1,112,157
0.38%, 04/14/26^(a)	EUR		350		399,866
0.38%, 05/15/26^(a)	EUR		510		583,321
0.50%, 01/15/27	EUR		891		1,030,153
0.50%, 11/13/37	EUR		375		442,487
0.63%, 01/22/29^(a)	EUR		610		719,746
0.75%, 11/15/24^(a)	GBP		790		1,008,783
0.88%, 12/15/23^(a)	GBP		200		256,135
0.88%, 01/14/28^(a)	EUR		400		477,783
1.00%, 09/21/26^(a)	GBP		40		51,794
1.00%, 03/14/31^(a)	EUR		1,100		1,350,518
1.00%, 04/14/32^(a)	EUR		590		729,506
1.00%, 11/14/42^(a)	EUR		600		789,083
1.13%, 09/07/21^(a)	GBP		270		344,107
1.13%, 11/15/32	EUR		400		504,267
1.13%, 04/13/33^(a)	EUR		400		503,409
1.13%, 09/15/36^(a)	EUR		350		449,522
1.50%, 11/15/47	EUR		50		74,095
1.50%, 10/16/48	EUR		430		640,541
1.75%, 09/15/45^(a)	EUR		200		305,267
2.13%, 01/15/24	EUR		1,140		1,368,599
2.25%, 10/14/22^(a)	EUR		200		233,586
2.70%, 01/12/23^(a)	AUD		500		344,768
2.75%, 09/15/21	EUR		300		342,962
3.30%, 02/03/28	AUD		550		410,601
3.50%, 04/15/27^(a)	EUR		50		69,506
3.88%, 06/08/37^(a)	GBP		570		1,064,111
4.00%, 04/15/30	EUR		300		467,110
4.00%, 10/15/37	EUR		200		370,003
4.50%, 06/07/29^(a)	GBP		240		402,357
5.00%, 04/15/39	GBP		40		86,894
5.63%, 06/07/32	GBP		100		196,044
6.00%, 08/06/20	AUD		50		33,206
Series 2000, 1.50%, 07/15/20	EUR		100		109,946
European Stability Mechanism
0.00%, 01/17/22^(a)(c)	EUR		200		220,532
0.00%, 10/18/22^(a)(c)	EUR		350		387,028
0.00%, 03/14/25^(a)(c)	EUR		2,400		2,676,299
0.13%, 04/22/24^(a)	EUR		400		446,830
0.50%, 03/02/26^(a)	EUR		200		229,917
0.50%, 03/05/29^(a)	EUR		600		696,000
0.75%, 03/15/27^(a)	EUR		600		703,189
0.75%, 09/05/28^(a)	EUR		660		780,195
0.88%, 07/18/42^(a)	EUR		80		99,905
1.00%, 09/23/25^(a)	EUR		100		117,596
1.13%, 05/03/32^(a)	EUR		150		186,304
1.20%, 05/23/33^(a)	EUR		400		504,530
1.38%, 03/04/21^(a)	EUR		50		55,580
1.63%, 11/17/36^(a)	EUR		100		136,604
1.75%, 10/20/45^(a)	EUR		110		166,262
1.80%, 11/02/46^(a)	EUR		510		783,994
1.85%, 12/01/55^(a)	EUR		100		165,274
European Union
0.50%, 04/04/25^(a)	EUR		1,480		1,688,382
0.63%, 11/04/23^(a)	EUR		400		454,409


Security		Par (000)		Value

Supranational (continued)
0.75%, 04/04/31^(a)	EUR		960	$	1,143,293
1.13%, 04/04/36^(a)	EUR		100		127,526
1.25%, 04/04/33^(a)	EUR		460		583,621
1.50%, 10/04/35^(a)	EUR		60		79,977
1.88%, 04/04/24^(a)	EUR		270		322,356
2.50%, 11/04/27^(a)	EUR		250		330,896
2.75%, 09/21/21^(a)	EUR		50		57,161
2.88%, 04/04/28	EUR		180		245,977
3.38%, 04/04/32^(a)	EUR		50		76,693
3.75%, 04/04/42^(a)	EUR		130		252,780
Inter-American Development Bank
1.38%, 12/15/24	GBP		100		130,638
1.95%, 04/23/24	AUD		500		341,613
2.50%, 04/14/27^(a)	AUD		100		70,743
International Bank for Reconstruction & Development
0.00%, 02/21/30^(c)	EUR		500		548,674
0.25%, 05/21/29	EUR		400		452,219
0.25%, 01/10/50	EUR		270		301,125
0.63%, 12/15/23	GBP		200		253,355
0.63%, 11/22/27	EUR		200		231,954
0.63%, 01/12/33^(a)	EUR		60		70,677
1.25%, 09/07/23	GBP		200		258,700
2.60%, 09/20/22	AUD		350		239,878
2.90%, 11/26/25	AUD		510		368,268
International Finance Corp.
2.70%, 02/05/21	AUD		100		66,559
2.80%, 08/15/22	AUD		250		171,813
3.15%, 06/26/29^(a)	AUD		480		359,528
Nordic Investment Bank, 0.38%, 09/19/22^(a)	EUR		300		334,570

					58,792,189

Sweden — 0.4%
Kommuninvest I Sverige AB
0.75%, 02/22/23^(a)	SEK		2,000		208,467
1.00%, 09/15/21^(a)	SEK		700		72,610
1.00%, 11/13/23^(a)	SEK		5,000		527,060
1.00%, 11/12/26^(a)	SEK		5,000		527,700
Sweden Government Bond
0.75%, 05/12/28	SEK		8,700		960,196
0.75%, 11/12/29^(g)	SEK		300		33,327
1.00%, 11/12/26^(a)	SEK		3,915		433,900
1.50%, 11/13/23^(g)	SEK		14,500		1,583,150
2.25%, 06/01/32^(a)	SEK		2,650		341,441
3.50%, 06/01/22	SEK		10,345		1,144,875
3.50%, 03/30/39	SEK		5,380		876,552
5.00%, 12/01/20	SEK		13,800		1,455,251
Sweden Government International Bond, 0.13%, 04/24/23^(a)	EUR		300		333,808

					8,498,337

Switzerland — 0.4%
Swiss Confederation Government Bond
0.00%, 06/22/29^(a)(c)	CHF		5,248		5,731,992
0.00%, 06/26/34^(a)(c)	CHF		1,660		1,822,242
0.00%, 07/24/39^(a)(c)	CHF		730		811,611

					8,365,845

Thailand — 0.8%
Thailand Government Bond
2.00%, 12/17/22	THB		32,436		1,036,248
2.13%, 12/17/26	THB		25,000		824,339


SCHEDULES OF INVESTMENTS			93

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Thailand (continued)
2.40%, 12/17/23	THB		31,780	$	1,037,773
2.55%, 06/26/20	THB		5,000		154,945
2.88%, 12/17/28	THB		75,000		2,641,284
2.88%, 06/17/46	THB		24,980		892,965
3.30%, 06/17/38	THB		27,440		1,081,580
3.40%, 06/17/36	THB		15,670		612,721
3.58%, 12/17/27	THB		14,000		509,725
3.60%, 06/17/67	THB		14,250		573,206
3.63%, 06/16/23	THB		59,500		2,000,307
3.65%, 12/17/21	THB		46,000		1,489,928
3.80%, 06/14/41	THB		2,000		82,253
3.85%, 12/12/25	THB		20,500		732,266
4.00%, 06/17/66	THB		9,000		390,954
4.26%, 12/12/37^(a)	THB		35,800		1,460,027
4.68%, 06/29/44	THB		17,120		777,694
4.85%, 06/17/61	THB		4,500		222,573

					16,520,788

United Kingdom — 6.9%
LCR Finance PLC
4.50%, 12/07/28^(a)	GBP		150		250,412
4.50%, 12/07/38^(a)	GBP		200		409,967
Transport for London
2.13%, 04/24/25^(a)	GBP		100		132,873
2.25%, 08/09/22^(a)	GBP		100		130,007
3.88%, 07/23/42^(a)	GBP		100		179,759
United Kingdom Gilt
0.50%, 07/22/22^(a)	GBP		3,654		4,659,996
0.63%, 06/07/25^(a)	GBP		3,720		4,821,260
0.75%, 07/22/23^(a)	GBP		1,956		2,523,405
0.88%, 10/22/29^(a)	GBP		3,590		4,825,166
1.00%, 04/22/24^(a)	GBP		5,012		6,558,075
1.25%, 07/22/27^(a)	GBP		2,860		3,907,856
1.50%, 07/22/26^(a)	GBP		2,950		4,054,868
1.50%, 07/22/47^(a)	GBP		2,650		4,128,921
1.63%, 10/22/28^(a)	GBP		4,140		5,886,176
1.63%, 10/22/54^(a)	GBP		700		1,193,301
1.63%, 10/22/71^(a)	GBP		870		1,762,845
1.75%, 09/07/22^(a)	GBP		2,103		2,760,635
1.75%, 09/07/37^(a)	GBP		2,290		3,479,161
1.75%, 01/22/49^(a)	GBP		1,630		2,698,235
1.75%, 07/22/57^(a)	GBP		1,820		3,303,245
2.00%, 09/07/25^(a)	GBP		915		1,276,313
2.25%, 09/07/23^(a)	GBP		1,538		2,084,018
2.50%, 07/22/65^(a)	GBP		1,770		4,143,085
2.75%, 09/07/24^(a)	GBP		2,476		3,487,883
3.25%, 01/22/44^(a)	GBP		2,530		5,068,610
3.50%, 01/22/45^(a)	GBP		2,469		5,200,278
3.50%, 07/22/68^(a)	GBP		1,800		5,355,555


Security		Par/ Shares (000)		Value

United Kingdom (continued)
3.75%, 07/22/52^(a)	GBP		2,235	$	5,525,219
4.00%, 01/22/60^(a)	GBP		1,870		5,424,927
4.25%, 12/07/27^(a)	GBP		1,238		2,047,601
4.25%, 06/07/32^(a)	GBP		2,462		4,537,645
4.25%, 03/07/36^(a)	GBP		2,421		4,819,121
4.25%, 09/07/39^(a)	GBP		2,058		4,367,793
4.25%, 12/07/40^(a)	GBP		2,945		6,388,614
4.25%, 12/07/46^(a)	GBP		1,996		4,795,077
4.25%, 12/07/49^(a)	GBP		1,216		3,074,829
4.25%, 12/07/55^(a)	GBP		2,267		6,376,416
4.50%, 09/07/34^(a)	GBP		3,478		6,878,429
4.50%, 12/07/42^(a)	GBP		2,505		5,794,669
4.75%, 12/07/30^(a)	GBP		1,795		3,337,614
4.75%, 12/07/38^(a)	GBP		1,566		3,463,585
5.00%, 03/07/25^(a)	GBP		584		911,770
6.00%, 12/07/28^(a)	GBP		518		980,474
8.00%, 06/07/21^(a)	GBP		214		293,507

					153,299,195


Total Foreign Government Obligations — 77.0% (Cost: $1,666,131,516)					1,700,752,989


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(h)(i)			9,650		9,650,000


Total Short-Term Investments — 0.4% (Cost: $9,650,000)					9,650,000


Total Investments in Securities — 99.6% (Cost: $2,176,767,087)					2,199,941,970

Other Assets, Less Liabilities — 0.4%					8,808,950


Net Assets — 100.0%				$	2,208,750,920

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

^(b)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(c)	Zero-coupon bond.

^(d)	Perpetual security with no stated maturity date.

^(e)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(f)	Maturity date represents next reset date.

^(g)	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.

^(h)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	2,400	7,250	9,650	$	9,650,000	$	92,784	$	—		$	—

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.


94		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	3,620,000	USD	2,216,102	CITI	05/05/20	$	153,917
AUD	3,790,000	USD	2,377,065	MS	05/05/20		104,253
AUD	86,540,000	USD	56,289,683	SSB	05/05/20		368,183
CAD	33,340,000	USD	23,987,356	CITI	05/05/20		16,486
CAD	33,335,000	USD	23,961,397	JPM	05/05/20		38,845
CAD	38,585,000	USD	27,673,794	MS	05/05/20		106,298
CAD	33,335,000	USD	23,983,101	SSB	05/05/20		17,141
CAD	33,335,000	USD	23,976,029	UBS	05/05/20		24,214
CHF	850,000	USD	880,066	MS	05/05/20		626
CHF	21,500,000	USD	22,084,579	UBS	05/05/20		191,751
CZK	111,550,000	USD	4,475,929	JPM	05/05/20		44,676
DKK	77,200,000	USD	11,251,500	MS	05/05/20		83,848
EUR	201,890,000	USD	218,994,121	CITI	05/05/20		2,135,966
EUR	201,890,000	USD	219,107,179	JPM	05/05/20		2,022,907
EUR	221,890,000	USD	240,805,525	MS	05/05/20		2,230,558
EUR	201,890,000	USD	218,949,705	SSB	05/05/20		2,180,382
EUR	201,890,000	USD	218,969,894	UBS	05/05/20		2,160,193
GBP	177,180,000	USD	218,928,300	JPM	05/05/20		4,558,302
HUF	1,241,890,000	USD	3,829,814	UBS	05/05/20		40,612
ILS	21,980,000	USD	6,281,601	JPM	05/05/20		51,142
NOK	48,030,000	USD	4,668,428	JPM	05/05/20		31,388
NZD	8,590,000	USD	5,272,048	JPM	05/05/20		27,503
PLN	25,300,000	USD	6,075,845	SSB	05/05/20		33,569
SEK	12,980,000	USD	1,296,166	MS	05/05/20		32,772
SEK	185,690,000	USD	18,937,138	SSB	05/05/20		74,452
SGD	13,710,000	USD	9,732,170	JPM	05/05/20		7,121
THB	531,420,000	USD	16,422,126	SSB	05/05/20		2,538
THB	21,300,000	USD	650,879	UBS	05/05/20		7,443
USD	231,566,246	EUR	210,890,000	CITI	05/05/20		578,461
USD	231,484,674	EUR	210,890,000	JPM	05/05/20		496,889
USD	231,504,930	EUR	210,900,000	MS	05/05/20		506,192
USD	231,446,292	EUR	210,890,000	SSB	05/05/20		458,507
USD	231,387,454	EUR	210,890,000	UBS	05/05/20		399,668
CNH	280,620,000	USD	39,708,673	CITI	05/07/20		40,610
CNH	280,615,000	USD	39,697,686	JPM	05/07/20		50,889
CNH	280,615,000	USD	39,700,606	MS	05/07/20		47,969
CNH	280,615,000	USD	39,717,632	UBS	05/07/20		30,943
CNY	314,395,000	USD	44,471,169	SSB	05/07/20		64,080
JPY	1,362,210,000	USD	12,672,342	MS	05/07/20		66,331
EUR	3,440,000	USD	3,769,824	CITI	06/02/20		54
JPY	234,930,000	USD	2,197,667	CITI	06/02/20		10
USD	12,131,250	CNH	85,700,000	CITI	06/02/20		43
USD	52,567,139	JPY	5,605,100,000	CITI	06/02/20		133,653
USD	52,558,686	JPY	5,605,100,000	JPM	06/02/20		125,200
USD	52,569,269	JPY	5,605,100,000	MS	06/02/20		135,783
USD	52,566,128	JPY	5,605,100,000	SSB	06/02/20		132,643
USD	52,569,333	JPY	5,605,100,000	UBS	06/02/20		135,847
USD	12,189,829	MXN	290,000,000	SSB	06/02/20		66,938
IDR	13,834,340,000	USD	862,162	CITI	06/17/20		62,665


SCHEDULES OF INVESTMENTS			95

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
MYR	4,770,000	USD	1,100,346	MS	06/17/20	$	6,850
USD	2,417,375	CLP	2,016,550,000	CITI	06/17/20		2,233
USD	17,301,996	IDR	252,955,186,962	CITI	06/17/20		391,915
USD	63,933,632	KRW	76,256,840,000	CITI	06/17/20		1,307,944
USD	16,200,817	MYR	69,380,000	MS	06/17/20		96,571
USD	8,483,672	RUB	620,360,000	MS	06/17/20		147,129

							22,233,103

DKK	5,970,000	USD	878,988	MS	05/05/20		(2,408	)
EUR	26,650,000	USD	29,280,584	MS	05/05/20		(90,843	)
EUR	4,420,000	USD	4,842,683	SSB	05/05/20		(1,457	)
MXN	290,000,000	USD	12,250,993	UBS	05/05/20		(71,237	)
USD	57,225,387	AUD	93,950,000	MS	05/05/20		(4,283,818	)
USD	24,175,879	CAD	34,385,000	CITI	05/05/20		(580,333	)
USD	24,172,045	CAD	34,385,000	JPM	05/05/20		(584,167	)
USD	24,163,753	CAD	34,390,000	MS	05/05/20		(596,060	)
USD	24,165,844	CAD	34,385,000	SSB	05/05/20		(590,368	)
USD	24,173,167	CAD	34,385,000	UBS	05/05/20		(583,046	)
USD	23,148,215	CHF	22,350,000	JPM	05/05/20		(8,807	)
USD	4,473,904	CZK	111,550,000	DB	05/05/20		(46,701	)
USD	12,195,596	DKK	83,170,000	JPM	05/05/20		(16,333	)
USD	6,552,533	EUR	6,060,000	JPM	05/05/20		(84,985	)
USD	209,710,248	GBP	177,180,000	JPM	05/05/20		(13,776,354	)
USD	3,808,057	HUF	1,241,890,000	JPM	05/05/20		(62,370	)
USD	6,171,066	ILS	21,980,000	JPM	05/05/20		(161,677	)
USD	12,156,457	MXN	290,000,000	CITI	05/05/20		(23,299	)
USD	4,588,609	NOK	48,030,000	JPM	05/05/20		(111,206	)
USD	5,100,751	NZD	8,590,000	JPM	05/05/20		(198,800	)
USD	6,095,729	PLN	25,300,000	DB	05/05/20		(13,685	)
USD	19,662,654	SEK	198,670,000	DB	05/05/20		(677,874	)
USD	9,623,906	SGD	13,710,000	SSB	05/05/20		(115,385	)
USD	16,850,295	THB	552,720,000	JPM	05/05/20		(232,691	)
JPY	5,605,100,000	USD	52,549,619	CITI	05/07/20		(133,665	)
JPY	5,605,100,000	USD	52,541,245	JPM	05/07/20		(125,291	)
JPY	5,605,100,000	USD	52,552,082	MS	05/07/20		(136,129	)
JPY	5,605,100,000	USD	52,548,634	SSB	05/07/20		(132,680	)
JPY	5,605,100,000	USD	52,552,575	UBS	05/07/20		(136,621	)
USD	38,825,229	CNH	276,030,000	CITI	05/07/20		(273,889	)
USD	37,058,451	CNH	263,430,000	JPM	05/07/20		(255,901	)
USD	52,127,587	CNH	370,540,000	MS	05/07/20		(358,691	)
USD	37,047,038	CNH	263,430,000	UBS	05/07/20		(267,315	)
USD	37,050,206	CNY	263,430,000	SSB	05/07/20		(265,657	)
USD	54,662,336	JPY	5,920,210,000	CITI	05/07/20		(700,361	)
USD	55,943,302	JPY	6,060,190,000	JPM	05/07/20		(728,414	)
USD	53,568,489	JPY	5,802,430,000	MS	05/07/20		(692,791	)
USD	53,553,734	JPY	5,802,440,000	SSB	05/07/20		(707,639	)
USD	53,525,822	JPY	5,802,440,000	UBS	05/07/20		(735,551	)
USD	56,296,607	AUD	86,540,000	SSB	06/02/20		(366,762	)
USD	24,651,476	CAD	34,260,000	CITI	06/02/20		(16,873	)
USD	3,765,624	CAD	5,230,000	DB	06/02/20		(151	)


96		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	23,963,258	CAD	33,335,000	JPM	06/02/20	$	(39,060	)
USD	23,973,693	CAD	33,335,000	MS	06/02/20		(28,625	)
USD	23,984,499	CAD	33,335,000	SSB	06/02/20		(17,819	)
USD	23,977,581	CAD	33,335,000	UBS	06/02/20		(24,737	)
USD	22,101,719	CHF	21,500,000	UBS	06/02/20		(191,704	)
USD	39,682,253	CNH	280,620,000	CITI	06/02/20		(40,725	)
USD	42,967,751	CNH	303,915,000	JPM	06/02/20		(52,736	)
USD	39,673,103	CNH	280,615,000	MS	06/02/20		(49,167	)
USD	39,688,983	CNH	280,615,000	UBS	06/02/20		(33,288	)
USD	39,680,845	CNY	280,615,000	SSB	06/02/20		(61,425	)
USD	4,475,810	CZK	111,550,000	JPM	06/02/20		(44,499	)
USD	11,257,346	DKK	77,200,000	MS	06/02/20		(83,812	)
USD	219,114,346	EUR	201,890,000	CITI	06/02/20		(2,135,860	)
USD	5,994,398	EUR	5,470,000	DB	06/02/20		(147	)
USD	219,226,496	EUR	201,890,000	JPM	06/02/20		(2,023,710	)
USD	219,106,351	EUR	201,890,000	MS	06/02/20		(2,143,854	)
USD	219,069,830	EUR	201,890,000	SSB	06/02/20		(2,180,376	)
USD	219,090,624	EUR	201,890,000	UBS	06/02/20		(2,159,582	)
USD	221,862,006	GBP	179,430,000	JPM	06/02/20		(4,487,099	)
USD	3,828,128	HUF	1,241,890,000	UBS	06/02/20		(40,530	)
USD	6,285,937	ILS	21,980,000	JPM	06/02/20		(51,655	)
USD	4,669,037	NOK	48,030,000	JPM	06/02/20		(31,479	)
USD	5,270,982	NZD	8,590,000	JPM	06/02/20		(27,566	)
USD	6,074,193	PLN	25,300,000	SSB	06/02/20		(33,617	)
USD	18,941,995	SEK	185,690,000	SSB	06/02/20		(74,450	)
USD	9,732,962	SGD	13,710,000	JPM	06/02/20		(7,376	)
USD	16,424,664	THB	531,420,000	SSB	06/02/20		(91	)
KRW	7,776,120,000	USD	6,397,486	CITI	06/17/20		(11,372	)

							(45,024,646	)

	Net unrealized depreciation					$	(22,791,543	)

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	22,233,103

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	45,024,646


SCHEDULES OF INVESTMENTS			97

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:



		Foreign Currency Exchange Contracts

Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	54,588,027

Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	10,613,930

Average Quarterly Balances of Outstanding Derivative Financial Instruments

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities

Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	22,233,103	$	45,024,646

Total derivative assets and liabilities in the Statement of Assets and Liabilities	$	22,233,103	$	45,024,646
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA	$	22,233,103	$	45,024,646



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Cash Collateral Received	^(b)		Net Amount of Derivative Assets

Citibank N.A.	$	4,823,957	$	(3,916,377	)	$	(907,580	)	$	—
JPMorgan Chase Bank N.A.		7,454,862		(7,454,862	)		—			—
Morgan Stanley & Co. International PLC		3,565,180		(3,565,180	)		—			—
State Street Bank and Trust Co.		3,331,495		(3,331,495	)		—			—
UBS AG		3,057,609		(3,057,609	)		—			—

	$	22,233,103	$	(21,325,523	)	$	(907,580	)	$	—



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Cash Collateral Pledged	^(c)		Net Amount of Derivative Liabilities	^(d)(e)

Citibank N.A.	$	3,916,377	$	(3,916,377	)	$	—		$	—
Deutsche Bank AG London		738,558		—			—			738,558
JPMorgan Chase Bank N.A.		23,112,176		(7,454,862	)		(10,640,000	)		5,017,314
Morgan Stanley & Co. International PLC		8,466,198		(3,565,180	)		—			4,901,018
State Street Bank and Trust Co.		4,547,726		(3,331,495	)		—			1,216,231
UBS AG		4,243,611		(3,057,609	)		—			1,186,002

	$	45,024,646	$	(21,325,523	)	$	(10,640,000	)	$	13,059,123


98		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core International Aggregate Bond ETF

^(a)

The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

^(e)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

Fair Value Measurements


	Level 1		Level 2			Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	489,538,981		$	—	$	489,538,981
Foreign Government Obligations		—		1,700,752,989			—		1,700,752,989
Money Market Funds		9,650,000		—			—		9,650,000

	$	9,650,000	$	2,190,291,970		$	—	$	2,199,941,970

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	22,233,103		$	—	$	22,233,103
Liabilities
Forward Foreign Currency Exchange Contracts		—		(45,024,646	)		—		(45,024,646	)

	$	—	$	(22,791,543	)	$	—	$	(22,791,543	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


SCHEDULES OF INVESTMENTS			99

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares Core 1-5 Year USD Bond ETF		iShares Core International Aggregate Bond ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	3,547,791,489	$	2,190,291,970
Affiliated^(c)		178,626,767		9,650,000
Cash		—		7,487
Foreign currency, at value^(d)		—		19,572,209
Cash pledged:
Collateral — OTC derivatives		—		10,640,000
Receivables:
Investments sold		70,275,322		37,392,946
Securities lending income — Affiliated		24,352		—
Capital shares sold		3,425,789		—
Dividends		77,415		4,268
Interest		24,359,798		15,231,080
Unrealized appreciation on:
Forward foreign currency exchange contracts		—		22,233,103

Total assets		3,824,580,932		2,305,023,063


LIABILITIES
Bank overdraft		38,904		—
Cash received:
Collateral — OTC derivatives		—		2,840,000
Collateral — TBA commitments		84,000		—
Collateral on securities loaned, at value		51,489,233		—
Deferred foreign capital gain tax		—		135,078
Payables:
Investments purchased		177,488,893		48,097,373
Capital shares redeemed		757,352		—
Investment advisory fees		166,570		162,073
Foreign taxes		—		12,973
Unrealized depreciation on:
Forward foreign currency exchange contracts		—		45,024,646

Total liabilities		230,024,952		96,272,143


NET ASSETS	$	3,594,555,980	$	2,208,750,920


NET ASSETS CONSIST OF:
Paid-in capital	$	3,526,372,834	$	2,115,402,365
Accumulated earnings		68,183,146		93,348,555

NET ASSETS	$	3,594,555,980	$	2,208,750,920


Shares outstanding		70,700,000		39,800,000

Net asset value	$	50.84	$	55.50

Shares authorized		Unlimited		Unlimited

Par value		. None		None


^(a) Securities loaned, at value	$	49,457,087	$	—
^(b) Investments, at cost — Unaffiliated	$	3,485,041,974	$	2,167,117,087
^(c) Investments, at cost — Affiliated	$	178,515,921	$	9,650,000
^(d) Foreign currency, at cost	$	—	$	19,286,315

See notes to financial statements.


100		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares Core 1-5 Year USD Bond ETF			iShares Core International Aggregate Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	687,384		$	92,784
Interest — Unaffiliated		45,094,608			12,144,671
Securities lending income — Affiliated — net		107,209			—
Other income — Unaffiliated		7,915			4,192
Foreign taxes withheld		—			(135,722	)
Other foreign taxes		—			(70	)

Total investment income		45,897,116			12,105,855


EXPENSES
Investment advisory fees		1,049,400			1,011,676
Miscellaneous		—			15,367

Total expenses		1,049,400			1,027,043
Less:
Investment advisory fees waived		(38,434	)		—

Total expenses after fees waived		1,010,966			1,027,043

Net investment income		44,886,150			11,078,812


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		3,270,751			(9,168,284	)
Investments — Affiliated		(15,370	)		—
In-kind redemptions — Unaffiliated		13,089			(247,679	)
Forward foreign currency exchange contracts		—			54,588,027
Foreign currency transactions		—			(638,841	)
Payment by affiliate		—			9,037

Net realized gain		3,268,470			44,542,260

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		19,587,113			(35,435,015	)
Investments — Affiliated		85,472			—
Forward foreign currency exchange contracts		—			10,613,930
Foreign currency translations		—			(68,960	)

Net change in unrealized appreciation (depreciation)		19,672,585			(24,890,045	)

Net realized and unrealized gain		22,941,055			19,652,215

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	67,827,205		$	30,731,027


^(a)Net of foreign capital gain tax of	$	—		$	12,974
^(b)Net of deferred foreign capital gain tax of	$	—		$	(63,999	)

See notes to financial statements.


FINANCIAL STATEMENTS			101

Statements of Changes in Net Assets


	iShares Core 1-5 Year USD Bond ETF						iShares Core International Aggregate Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	44,886,150		$	71,814,943		$	11,078,812		$	13,811,384
Net realized gain		3,268,470			2,568,630			44,542,260			85,482,741
Net change in unrealized appreciation (depreciation)		19,672,585			81,088,458			(24,890,045	)		31,455,160

Net increase in net assets resulting from operations		67,827,205			155,472,031			30,731,027			130,749,285


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(44,735,684	)		(69,738,103	)		(21,971,792	)		(52,704,402	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		708,212,165			572,233,486			371,877,969			878,750,694


NET ASSETS
Total increase in net assets		731,303,686			657,967,414			380,637,204			956,795,577
Beginning of period		2,863,252,294			2,205,284,880			1,828,113,716			871,318,139

End of period	$	3,594,555,980		$	2,863,252,294		$	2,208,750,920		$	1,828,113,716

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

See notes to financial statements.


102		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core 1-5 Year USD Bond ETF
		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16	^(a)		Year Ended 10/31/15	^(a)


Net asset value, beginning of period			$	50.50		$	48.79		$	50.08		$	50.44		$	50.00		$	50.12

Net investment income^(b)				0.64			1.42			1.24			1.03			0.94			0.77
Net realized and unrealized gain (loss)^(c)				0.36			1.68			(1.37	)		(0.38	)		0.43			(0.13	)

Net increase (decrease) from investment operations				1.00			3.10			(0.13	)		0.65			1.37			0.64


Distributions^(d)
From net investment income				(0.66	)		(1.39	)		(1.16	)		(1.01	)		(0.93	)		(0.76	)

Total distributions				(0.66	)		(1.39	)		(1.16	)		(1.01	)		(0.93	)		(0.76	)


Net asset value, end of period			$	50.84		$	50.50		$	48.79		$	50.08		$	50.44		$	50.00


Total Return
Based on net asset value				1.99	%^(e)		6.43	%		(0.25	)%		1.29	%		2.79	%		1.28	%


Ratios to Average Net Assets
Total expenses				0.06	%^(f)		0.06	%		0.06	%		0.08	%		0.12	%		0.12	%

Total expenses after fees waived				0.06	%^(f)		0.06	%		0.06	%		0.07	%		0.11	%		0.12	%

Net investment income				2.57	%^(f)		2.85	%		2.53	%		2.06	%		1.87	%		1.53	%


Supplemental Data
Net assets, end of period (000)			$	3,594,556		$	2,863,252		$	2,205,285		$	1,156,893		$	580,113		$	429,973

Portfolio turnover rate^(g)(h)				38	%^(e)		83	%		107	%		124	%		124	%		138	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(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)	Not annualized.

^(f)	Annualized.

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

^(h)	Portfolio turnover rate includes to-be-announced (TBA) transactions.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			103

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core International Aggregate Bond ETF
			Six Months Ended 04/30/20 (unaudited	)		Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Period From 11/10/15 to 10/31/16	^(a)


Net asset value, beginning of period		$	55.23		$	52.17		$	51.98		$	52.62		$	49.85

Net investment income^(b)			0.27			0.55			0.47			0.44			0.42
Net realized and unrealized gain^(c)			0.54			4.80			0.44			0.30			2.67

Net increase from investment operations			0.81			5.35			0.91			0.74			3.09


Distributions^(d)
From net investment income			(0.52	)		(2.29	)		(0.72	)		(0.76	)		(0.32	)
From net realized gain			(0.02	)		—			—			(0.20	)		—
Return of capital			—			—			—			(0.42	)		—

Total distributions			(0.54	)		(2.29	)		(0.72	)		(1.38	)		(0.32	)


Net asset value, end of period		$	55.50		$	55.23		$	52.17		$	51.98		$	52.62


Total Return
Based on net asset value			1.47	%^(e)(f)		10.50	%		1.77	%		1.46	%		6.22	%^(e)


Ratios to Average Net Assets
Total expenses			0.09	%^(g)		0.09	%		0.09	%		0.11	%		0.15	%^(g)

Net investment income			0.99	%^(g)		1.02	%		0.91	%		0.84	%		0.83	%^(g)


Supplemental Data
Net assets, end of period (000)		$	2,208,751		$	1,828,114		$	871,318		$	465,235		$	186,791

Portfolio turnover rate^(h)			13	%^(e)		12	%		11	%		20	%		110	%^(e)

^(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)	Not annualized.

^(f)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)	Annualized.

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

See notes to financial statements.


104		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF	Diversification Classification
Core 1-5 Year USD Bond		Diversified
Core International Aggregate Bond		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis.


NOTES TO FINANCIAL STATEMENTS			105

Notes to Financial Statements (unaudited) (continued)


iShares ETF
Core 1-5 Year USD Bond	$	2,915,954,698
Core International Aggregate Bond		1,743,154,492

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

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

•

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an 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 policies 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 the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•


106		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

4.	SECURITIES AND OTHER INVESTMENTS

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the schedule of investments and the obligation to return the collateral is presented as a liability in the statement of assets and liabilities. Securities pledged as collateral by a fund, if any, are noted in the schedule of investments.


NOTES TO FINANCIAL STATEMENTS			107

Notes to Financial Statements (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Core 1-5 Year USD Bond
Barclays Bank PLC	$	192,776	$	192,776		$	—	$	—
Barclays Capital Inc.		2,599,899		2,599,899			—		—
BNP Paribas Prime Brokerage International Ltd.		466,505		466,505			—		—
BofA Securities, Inc.		1,310,729		1,310,729			—		—
Citadel Clearing LLC		725,470		725,470			—		—
Citigroup Global Markets Inc.		4,416,486		4,416,486			—		—
Credit Suisse Securities (USA) LLC		596,697		596,697			—		—
Deutsche Bank Securities Inc.		30,347,266		30,347,266			—		—
Goldman Sachs & Co.		841,575		841,575			—		—
Jefferies LLC		653,800		653,800			—		—
JPMorgan Securities LLC		3,058,505		3,058,505			—		—
Morgan Stanley & Co. LLC		1,017,564		1,017,564			—		—
RBC Capital Markets LLC		1,863,228		1,863,228			—		—
Wells Fargo Securities LLC		1,366,587		1,366,587			—		—

	$	49,457,087	$	49,457,087		$	—	$	—

^(a)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: The iShares Core International Aggregate Bond ETF uses forward foreign currency exchange contracts to offset the Fund’s exposure to the component currencies of the non-U.S. dollar-denominated securities held in its portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.


108		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


iShares ETF	Investment Advisory Fee
Core 1-5 Year USD Bond		0.06	%
Core International Aggregate Bond		0.09

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”). For the iShares Core 1-5 Year USD Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

Sub-Adviser: BFA has entered into separate sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore) Limited (together, the “Sub-Advisers”), both affiliates of BFA, under which BFA pays each of the Sub-Advisers for services it provides to the iShares Core International Aggregate Bond ETF.

iShares ETF

Fees Paid

to BTC

Core 1-5 Year USD Bond

29,196

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

For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core 1-5 Year USD Bond	$	1,077,006	$	1,273,413	$	(114,377	)
Core International Aggregate Bond		1,043,794		—		—

During the six months ended April 30, 2020, the iShares Core International Aggregate Bond ETF received a reimbursement of $9,037 from an affiliate, which is included in payment by affiliate in the statement of operations, related to operating events.


NOTES TO FINANCIAL STATEMENTS			109

Notes to Financial Statements (unaudited) (continued)

7.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, including TBA rolls and excluding in-kind transactions and short-term investments, were as follows:


	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Core 1-5 Year USD Bond	$	1,065,806,698	$	1,108,967,513	$	321,483,518	$	202,278,891
Core International Aggregate Bond		—		—		454,425,815		283,882,995

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Core 1-5 Year USD Bond	$	914,403,328	$	318,931,589
Core International Aggregate Bond		353,903,719		79,850,154

8.	INCOME TAX INFORMATION

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
Core 1-5 Year USD Bond	$	4,273,994


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core 1-5 Year USD Bond	$	3,664,180,956	$	106,087,377	$	(43,850,077	)	$	62,237,300
Core International Aggregate Bond		2,178,287,187		83,184,845		(84,321,605	)		(1,136,760	)

9.	PRINCIPAL RISKS


110		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. 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. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

The iShares Core International Aggregate Bond ETF may invest directly in the domestic bond market in the People’s Republic of China (“China” or the “PRC”) (the “China Interbank Bond Market”) through the northbound trading of Bond Connect (“Bond Connect”). The Fund may be exposed to additional risks when investing in the China Interbank Bond Market, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) political and economic instability, and regulatory and tax risks (iii) potential delays and disruptions in the functionality of the newly developed trading platforms and operational systems, or the potential that Bond Connect ceases to operate; (iv) settlement and custody risks due to the link between the offshore custody agent and onshore custodians and clearing institutions; and (v) currency risk. In such event, there is no assurance that the Fund will achieve its investment objective.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 04/30/20						Year Ended 10/31/19

iShares ETF	Shares			Amount			Shares			Amount

Core 1-5 Year USD Bond
Shares sold		20,800,000		$	1,049,430,370			16,400,000		$	814,955,738
Shares redeemed		(6,800,000	)		(341,218,205	)		(4,900,000	)		(242,722,252	)

Net increase		14,000,000		$	708,212,165			11,500,000		$	572,233,486

Core International Aggregate Bond
Shares sold		11,550,000		$	636,890,464			16,400,000		$	878,750,694
Shares redeemed		(4,850,000	)		(265,012,495	)		—			—

Net increase		6,700,000		$	371,877,969			16,400,000		$	878,750,694


NOTES TO FINANCIAL STATEMENTS			111

Notes to Financial Statements (unaudited) (continued)

11.

LEGAL PROCEEDINGS

12.

SUBSEQUENT EVENTS


112		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Core 1-5 Year USD Bond ETF and iShares Core International Aggregate Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			113

Supplemental Information (unaudited)

Section 19(a) Notices


	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
Core 1-5 Year USD Bond	$	0.657916	$	—	$	—	$	0.657916		100	%		—	%		—	%		100	%
Core International Aggregate Bond^(a)		0.372865		0.018692		0.144873		0.536430		70			3			27			100

^(a)


114		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			115

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

BAB		Build America Bond

GO		General Obligation

LIBOR		London Interbank Offered Rate

PIK		Payment-in-kind

RB		Revenue Bond

Counterparty Abbreviations

CITI		Citibank N.A.

DB		Deutsche Bank AG London

Currency Abbreviations

AUD		Australian Dollar

CAD		Canadian Dollar

CHF		Swiss Franc

CLP		Chilean Peso

CNY		Chinese Yuan

CZK		Czech Koruna

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HUF		Hungarian Forint

IDR		Indonesian Rupiah

ILS		Israeli Shekel

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

MYR		Malaysian Ringgit

NOK		Norwegian Krone

NZD		New Zealand Dollar

PLN		Polish Zloty

RUB		New Russian Ruble

SEK		Swedish Krona

SGD		Singapore Dollar

THB		Thai Baht

USD		United States Dollar


Counterparty Abbreviations (continued)

JPM		JPMorgan Chase Bank N.A.

MS		Morgan Stanley & Co. International PLC

SSB		State Street Bank and Trust Co.

UBS		UBS AG


116		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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”).

iS-SAR-1006-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Core Total USD Bond Market ETF | IUSB | NASDAQ

Table of Contents


	Page
Fund Summary		3
About Fund Performance		4
Shareholder Expenses		4
Schedule of Investments		5
Financial Statements
Statement of Assets and Liabilities		108
Statement of Operations		109
Statements of Changes in Net Assets		110
Financial Highlights		111
Notes to Financial Statements		112
Statement Regarding Liquidity Risk Management Program		118
Supplemental Information		119
General Information		120
Glossary of Terms Used in this Report		121


Fund Summary as of April 30, 2020		iShares^® Core Total USD Bond Market ETF

Investment Objective

The iShares Core Total USD Bond Market ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high yield, as represented by the Bloomberg Barclays U.S. Universal Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.46	%		9.07	%		3.72	%		3.80	%		9.07	%		20.05	%		24.59	%
Fund Market		3.52			8.95			3.68			3.82			8.95			19.78			24.70
Index		3.46			9.15			3.79			3.83			9.15			20.42			24.81

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,034.60	$	0.25		$	1,000.00	$	1,024.60	$	0.25		0.05	%

^(a)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE


Investment Type	Percent of Total Investments	^(a)
U. S. Government & Agency Obligations	58.7	%
Corporate Bonds & Notes	34.1
Foreign Government Obligations	5.2
Collaterized Mortgage Obligations	1.2
Municipal Debt Obligations	0.5
Asset-Backed Securities	0.3

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Aaa	50.4	%
Aa	3.4
A	23.6
Baa	14.3
Ba	3.6
B	2.3
Caa	0.7
Ca	0.1
Not Rated	1.6

^(a)

Excludes money market funds.


FUND SUMMARY			3

About Fund Performance

Shareholder Expenses


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities
American Express Credit Account Master Trust
Series 2017-A, Class 7A, 2.35%, 05/15/25	$	1,050	$	1,085,230
Series 2018-2, Class A, 3.01%, 10/15/25		2,000		2,122,473
Citibank Credit Card Issuance Trust Series 2017-A8, Class A8, 1.86%, 08/08/22		1,500		1,503,142
Discover Card Execution Note Trust Series 2017-A2, Class A2, 2.39%, 07/15/24		2,000		2,048,924
GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A3, 1.49%, 12/16/24		1,569		1,572,511
Nissan Auto Receivables Owner Trust Series 2019-C, Class A4, 1.95%, 05/15/26		1,500		1,519,401
Santander Drive Auto Receivables Trust
Series 2018-4, Class C, 3.56%, 07/15/24		1,605		1,613,250
Series 2020-1, Class C, 4.11%, 12/15/25		1,018		1,022,306
Toyota Auto Receivables Owner Trust Series 2017-D, Class A4, 2.12%, 02/15/23		550		555,947


Total Asset-Backed Securities — 0.3% (Cost: $12,845,715)				13,043,184


Collaterized Mortgage Obligations

Mortgage-Backed Securities — 1.2%
Benchmark Mortgage Trust
Series 2018-B4, Class ASB, 4.06%, 07/15/51^(a)		464		507,736
Series 2018-B5, Class A4, 4.21%, 07/15/51		750		853,572
Series 2019-B11, Class A4, 3.28%, 05/15/52		3,000		3,188,072
Series 2019-B9, Class A5, 4.02%, 03/15/52		2,500		2,841,412
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class A4, 3.57%, 06/15/50		1,000		1,090,287
Citigroup Commercial Mortgage Trust
Series 2016-GC37, Class A4, 3.31%, 04/10/49		1,000		1,051,897
Series 2017-P7, Class A4, 3.71%, 04/14/50		750		809,731
COMM Mortgage Trust
Series 2012-CR1, Class A3, 3.39%, 05/15/45		937		956,941
Series 2013-CR12, Class A4, 4.05%, 10/10/46		2,200		2,326,700
Series 2013-CR9, Class A4, 4.36%, 07/10/45^(a)		450		475,830
Series 2014-CR20, Class A4, 3.59%, 11/10/47		800		843,564
Series 2014-UBS4, Class AM, 3.97%, 08/10/47		750		768,865
Series 2015-CR22, Class A5, 3.31%, 03/10/48		2,000		2,094,493
Series 2015-CR25, Class A4, 3.76%, 08/10/48		650		695,638
Series 2017-COR2, Class A3, 3.51%, 09/10/50		1,000		1,067,251
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A5, 4.03%, 04/15/51^(a)		1,750		1,941,486
GS Mortgage Securities Trust
Series 2014-GC24, Class A4, 3.67%, 09/10/47		4,000		4,168,193
Series 2014-GC24, Class A5, 3.93%, 09/10/47		1,250		1,330,446
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class A4, 4.13%, 08/15/46^(a)		1,020		1,078,528
Series 2014-C18, Class A5, 4.08%, 02/15/47		1,000		1,061,586
Series 2015-C31, Class A3, 3.80%, 08/15/48		2,500		2,687,184
Series 2015-C32, Class A5, 3.60%, 11/15/48		2,500		2,674,497
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5, 3.45%, 09/15/50		1,000		1,079,096
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.65%, 12/15/49^(a)		2,499		2,714,861
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class A5, 4.06%, 02/15/47		2,000		2,124,487
Series 2014-C17, Class A5, 3.74%, 08/15/47		2,500		2,643,732
Series 2014-C18, Class ASB, 3.62%, 10/15/47		845		873,006


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-C22, Class A4, 3.31%, 04/15/48	$	500	$	522,960
Series 2015-C23, Class A4, 3.72%, 07/15/50		500		534,265
Morgan Stanley Capital I Trust
Series 2018, Class A3, 4.14%, 10/15/51		1,000		1,131,003
Series 2018-H3, Class A5, 4.18%, 07/15/51		1,000		1,126,098
Series 2019-H6, Class A4, 3.42%, 06/15/52		880		951,666
Series 2019-L3, Class AS, 3.49%, 11/15/52		420		426,540
UBS Commercial Mortgage Trust, Series 2018-C08, Class A4, 3.98%, 02/15/51		875		965,218
UBS-Barclays Commercial Mortgage Trust, Series
2013-C5, Class A4, 3.18%, 03/10/46		2,000		2,043,623
Wells Fargo Commercial Mortgage Trust, Series
2014-LC18, Class ASB, 3.24%, 12/15/47		701		719,127
WFRBS Commercial Mortgage Trust
Series 2012-C07, Class A2, 3.43%, 06/15/45		200		204,701
Series 2012-C10, Class A3, 2.88%, 12/15/45		3,325		3,373,728

				55,948,020


Total Collaterized Mortgage Obligations — 1.2% (Cost: $54,438,587)				55,948,020


Corporate Bonds & Notes

Advertising — 0.1%
Interpublic Group of Companies Inc. (The)
3.75%, 10/01/21		65		66,557
3.75%, 02/15/23		264		272,015
4.20%, 04/15/24		100		104,676
4.65%, 10/01/28 (Call 10/01/20)		30		31,919
5.40%, 10/01/48 (Call 10/01/20)		164		171,820
Lamar Media Corp.
3.75%, 02/15/28 (Call 07/15/20)^(b)		100		92,055
4.00%, 02/15/30 (Call 06/15/20)^(b)		35		32,275
5.00%, 05/01/23 (Call 05/01/20)		75		74,985
5.75%, 02/01/26 (Call 08/01/20)		140		142,586
MDC Partners Inc., 6.50%, 05/01/24 (Call 05/01/20)^(b)		150		116,179
National CineMedia LLC
5.75%, 08/15/26 (Call 08/15/20)		75		36,310
5.88%, 04/15/28 (Call 10/15/20)^(b)		75		54,004
Omnicom Group Inc., 2.45%, 04/30/30 (Call 10/30/20)		7		6,396
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 10/15/20)		385		411,603
3.63%, 05/01/22		275		288,478
3.65%, 11/01/24 (Call 05/01/20)		30		32,023
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.63%, 03/15/30 (Call 09/15/20)^(b)		100		92,242
5.00%, 08/15/27 (Call 08/15/20)^(b)		45		43,012
5.63%, 02/15/24 (Call 05/15/20)		50		50,215
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 06/15/20)^(b)		200		164,994
WPP Finance 2010, 3.75%, 09/19/24		100		104,103

				2,388,447

Aerospace & Defense — 0.5%
Airbus Finance BV, 2.70%, 04/17/23^(b)		200		201,830
Airbus SE, 3.15%, 04/10/27 (Call 10/10/20)^(b)		150		150,732
BAE Systems Holdings Inc.
3.80%, 10/07/24^(b)		135		143,566
3.85%, 12/15/25 (Call 06/15/20)^(b)		105		114,064
Boeing Co. (The)
1.88%, 06/15/23 (Call 06/15/20)		145		133,748


SCHEDULE OF INVESTMENTS			5

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Aerospace & Defense (continued)
2.25%, 06/15/26 (Call 06/15/20)	$	85	$	75,067
2.35%, 10/30/21		99		96,318
2.60%, 10/30/25 (Call 10/31/20)		10		8,944
2.70%, 05/01/22		45		43,415
2.70%, 02/01/27 (Call 08/01/20)		179		157,933
2.80%, 03/01/23 (Call 09/01/20)		55		52,216
2.80%, 03/01/24 (Call 09/01/20)		50		46,557
2.80%, 03/01/27 (Call 09/01/20)		110		98,546
2.85%, 10/30/24 (Call 10/30/20)		100		93,344
2.95%, 02/01/30 (Call 08/01/20)		265		226,575
3.10%, 05/01/26 (Call 05/01/20)		270		249,685
3.20%, 03/01/29 (Call 09/01/20)		45		39,551
3.25%, 03/01/28 (Call 09/01/20)		131		116,338
3.25%, 02/01/35 (Call 08/01/20)		150		124,132
3.38%, 06/15/46 (Call 06/15/20)		25		18,755
3.45%, 11/01/28 (Call 05/01/20)		5		4,504
3.50%, 03/01/39 (Call 09/01/20)		50		40,098
3.55%, 03/01/38 (Call 09/01/20)		105		88,093
3.60%, 05/01/34 (Call 05/01/20)		154		130,112
3.65%, 03/01/47 (Call 09/01/20)		150		115,788
3.75%, 02/01/50 (Call 08/01/20)		210		167,576
3.83%, 03/01/59 (Call 09/01/20)		15		11,253
3.85%, 11/01/48 (Call 05/01/20)		9		7,124
3.90%, 05/01/49 (Call 05/01/20)		152		122,649
3.95%, 08/01/59 (Call 08/01/20)		205		160,646
5.88%, 02/15/40		160		160,139
6.13%, 02/15/33		50		52,615
6.88%, 03/15/39		103		110,912
8.75%, 08/15/21		21		21,775
Bombardier Inc.
5.75%, 03/15/22^(b)		100		76,569
6.00%, 10/15/22 (Call 05/29/20)^(b)		200		150,042
6.13%, 01/15/23^(b)		225		160,612
7.45%, 05/01/34^(b)		100		62,383
7.50%, 12/01/24 (Call 06/01/20)^(b)		175		117,304
7.50%, 03/15/25 (Call 09/15/20)^(b)		275		177,248
7.88%, 04/15/27 (Call 10/15/20)^(b)		340		223,965
8.75%, 12/01/21^(b)		175		145,763
Embraer Netherlands Finance BV
5.05%, 06/15/25		235		198,892
5.40%, 02/01/27		210		178,582
Embraer Overseas Ltd., 5.70%, 09/16/23^(b)		25		22,416
Embraer SA, 5.15%, 06/15/22		25		22,692
General Dynamics Corp.
1.88%, 08/15/23 (Call 08/15/20)		225		231,241
2.13%, 08/15/26 (Call 08/15/20)		165		171,425
2.25%, 11/15/22 (Call 05/15/20)		146		150,478
2.38%, 11/15/24 (Call 05/15/20)		85		89,313
2.63%, 11/15/27 (Call 05/15/20)		135		141,989
3.00%, 05/11/21		380		387,665
3.38%, 05/15/23 (Call 05/15/20)		75		80,148
3.50%, 05/15/25 (Call 05/15/20)		109		119,916
3.60%, 11/15/42 (Call 05/15/20)		20		23,162
3.63%, 04/01/30 (Call 10/01/20)		250		287,940
3.75%, 05/15/28 (Call 05/15/20)		190		215,620
3.88%, 07/15/21 (Call 07/15/20)		5		5,137
4.25%, 04/01/50 (Call 10/01/20)		260		336,874
Hexcel Corp., 4.70%, 08/15/25 (Call 08/15/20)		55		62,452
Howmet Aerospace Inc. 5.13%, 10/01/24 (Call 10/01/20)		230		221,317


Security	Par (000)		Value

Aerospace & Defense (continued)
5.40%, 04/15/21 (Call 10/15/20)	$	163	$	166,297
5.87%, 02/23/22		100		101,894
5.90%, 02/01/27		175		168,108
5.95%, 02/01/37		110		103,216
6.75%, 01/15/28		50		48,506
Kratos Defense & Security Solutions Inc., 6.50%, 11/30/25 (Call 05/30/20)^(b)		37		36,516
L3Harris Technologies Inc.
3.83%, 04/27/25 (Call 10/27/20)		110		118,417
3.85%, 06/15/23 (Call 06/15/20)^(b)		15		15,966
3.85%, 12/15/26 (Call 06/15/20)^(b)		257		281,322
3.95%, 05/28/24 (Call 05/28/20)^(b)		143		151,983
4.40%, 06/15/28 (Call 06/15/20)		190		215,988
4.40%, 06/15/28 (Call 06/15/20)^(b)		75		84,637
4.85%, 04/27/35 (Call 10/27/20)		110		130,646
5.05%, 04/27/45 (Call 10/27/20)		125		156,402
Leonardo U.S. Holdings Inc., 6.25%, 01/15/40^(b)		100		111,823
Lockheed Martin Corp.
2.90%, 03/01/25 (Call 09/01/20)		367		393,310
3.10%, 01/15/23 (Call 07/15/20)		50		52,816
3.35%, 09/15/21		350		362,768
3.55%, 01/15/26 (Call 07/15/20)		120		134,903
3.60%, 03/01/35 (Call 09/01/20)		140		167,142
3.80%, 03/01/45 (Call 09/01/20)		245		296,822
4.07%, 12/15/42		148		183,440
4.09%, 09/15/52 (Call 09/15/20)		97		125,846
4.50%, 05/15/36 (Call 05/15/20)		95		117,770
4.70%, 05/15/46 (Call 05/15/20)		388		529,888
5.72%, 06/01/40		30		43,545
Series B, 6.15%, 09/01/36		155		226,691
Moog Inc., 4.25%, 12/15/27 (Call 06/15/20)^(b)		50		47,056
Northrop Grumman Corp.
2.55%, 10/15/22 (Call 10/15/20)		155		160,324
2.93%, 01/15/25 (Call 07/15/20)		654		694,849
3.20%, 02/01/27 (Call 08/01/20)		75		81,173
3.25%, 08/01/23		375		399,716
3.25%, 01/15/28 (Call 07/15/20)		406		439,998
3.85%, 04/15/45 (Call 10/15/20)		250		291,000
4.03%, 10/15/47 (Call 10/15/20)		391		471,476
4.75%, 06/01/43		171		220,980
5.25%, 05/01/50 (Call 11/01/20)		255		361,743
Northrop Grumman Systems Corp., 7.75%, 02/15/31		35		51,699
Raytheon Co.
2.50%, 12/15/22 (Call 06/15/20)		320		332,138
3.15%, 12/15/24 (Call 06/15/20)		176		189,416
4.88%, 10/15/40		35		45,667
Raytheon Technologies Corp.
3.13%, 05/04/27 (Call 05/04/20)		317		344,493
3.65%, 08/16/23 (Call 08/16/20)		360		387,983
3.75%, 11/01/46 (Call 05/01/20)		300		352,569
3.95%, 08/16/25 (Call 08/16/20)		210		236,034
4.05%, 05/04/47 (Call 05/04/20)		225		277,510
4.13%, 11/16/28 (Call 05/16/20)		515		598,554
4.15%, 05/15/45 (Call 05/15/20)		125		154,557
4.45%, 11/16/38 (Call 05/16/20)		180		223,679
4.50%, 06/01/42		588		754,028
4.63%, 11/16/48 (Call 05/16/20)		370		496,237
5.40%, 05/01/35		95		128,183
5.70%, 04/15/40		235		335,366
6.05%, 06/01/36		125		176,064


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Aerospace & Defense (continued)
6.13%, 07/15/38	$	185	$	273,574
7.50%, 09/15/29		57		83,192
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 09/15/20)		15		15,366
3.20%, 03/15/24 (Call 09/15/20)		60		63,751
3.50%, 03/15/27 (Call 09/15/20)		320		343,181
3.70%, 12/15/23 (Call 06/15/20)		50		53,541
4.35%, 04/15/47 (Call 10/15/20)		163		197,781
4.80%, 12/15/43 (Call 06/15/20)		135		167,420
Rolls-Royce PLC, 3.63%, 10/14/25 (Call 10/14/20)^(b)		20		19,521
Signature Aviation U.S. Holdings Inc.
4.00%, 03/01/28 (Call 09/01/20)^(b)		100		86,316
5.38%, 05/01/26 (Call 05/01/20)^(b)		65		59,989
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 06/15/20)		190		152,956
7.50%, 04/15/25 (Call 10/15/20)^(b)		130		127,995
SSL Robotics LLC, 9.75%, 12/31/23 (Call 06/15/20)^(b)		260		276,073
TransDigm Inc.
5.50%, 11/15/27 (Call 05/15/20)^(b)		420		354,409
6.25%, 03/15/26 (Call 09/15/20)^(b)		630		619,170
6.38%, 06/15/26 (Call 06/15/20)		175		150,719
6.50%, 07/15/24 (Call 07/15/20)		175		161,814
6.50%, 05/15/25 (Call 05/15/20)		150		137,103
7.50%, 03/15/27 (Call 09/15/20)		120		109,322
8.00%, 12/15/25 (Call 10/01/20)^(b)		105		109,252
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/20)		200		173,966
Triumph Group Inc.
5.25%, 06/01/22 (Call 06/01/20)		75		57,270
6.25%, 09/15/24 (Call 09/15/20)^(b)		75		60,652
7.75%, 08/15/25 (Call 08/15/20)		100		64,851

				24,144,083

Agriculture — 0.4%
Adecoagro SA, 6.00%, 09/21/27 (Call 09/21/22)^(c)		150		127,643
Altria Group Inc.
2.85%, 08/09/22		470		483,245
2.95%, 05/02/23		250		259,350
3.49%, 02/14/22		100		103,238
3.80%, 02/14/24 (Call 08/14/20)		70		75,021
3.88%, 09/16/46 (Call 09/16/20)		232		226,300
4.00%, 01/31/24		330		356,185
4.25%, 08/09/42		155		156,189
4.40%, 02/14/26 (Call 08/14/20)		490		544,738
4.50%, 05/02/43		205		212,767
4.75%, 05/05/21		485		500,321
4.80%, 02/14/29 (Call 08/14/20)		335		374,563
5.38%, 01/31/44		375		428,340
5.80%, 02/14/39 (Call 08/14/20)		212		253,370
5.95%, 02/14/49 (Call 08/14/20)		230		288,206
6.20%, 02/14/59 (Call 08/14/20)		385		491,791
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 08/11/20)		253		268,162
3.38%, 03/15/22 (Call 09/15/20)		70		72,877
3.75%, 09/15/47 (Call 09/15/20)		115		131,363
4.02%, 04/16/43		135		158,154
4.50%, 03/15/49 (Call 09/15/20)		69		90,974
4.54%, 03/26/42		135		168,283
5.38%, 09/15/35		85		122,368
BAT Capital Corp. 2.76%, 08/15/22 (Call 08/15/20)		235		239,089


Security	Par (000)		Value

Agriculture (continued)
2.79%, 09/06/24 (Call 09/06/20)	$	240	$	244,452
3.22%, 08/15/24 (Call 08/15/20)		255		264,522
3.22%, 09/06/26 (Call 09/06/20)		300		308,769
3.46%, 09/06/29 (Call 09/06/20)		205		209,422
3.56%, 08/15/27 (Call 08/15/20)		700		719,096
4.39%, 08/15/37 (Call 08/15/20)		510		520,134
4.54%, 08/15/47 (Call 08/15/20)		330		344,619
4.76%, 09/06/49 (Call 09/06/20)		233		253,425
5.28%, 04/02/50 (Call 10/02/20)		250		289,780
BAT International Finance PLC
3.50%, 06/15/22^(b)		193		199,668
3.95%, 06/15/25^(b)		375		398,126
Bunge Ltd. Finance Corp.
3.00%, 09/25/22 (Call 09/25/20)		107		108,136
3.25%, 08/15/26 (Call 08/15/20)		315		312,322
3.75%, 09/25/27 (Call 09/25/20)		140		138,158
4.35%, 03/15/24 (Call 09/15/20)		248		257,751
Cargill Inc.
3.25%, 03/01/23^(b)		95		100,109
3.25%, 05/23/29 (Call 05/23/20)^(b)		100		109,046
3.88%, 05/23/49 (Call 05/23/20)^(b)		110		122,060
Cooke Omega Investments Inc./Alpha VesselCo. Holdings Inc., 8.50%, 12/15/22 (Call 06/15/20)^(b)		50		50,020
Imperial Brands Finance PLC
3.13%, 07/26/24 (Call 07/26/20)^(b)		450		448,263
3.50%, 02/11/23 (Call 08/11/20)^(b)		200		202,770
3.50%, 07/26/26 (Call 07/26/20)^(b)		250		250,287
3.75%, 07/21/22 (Call 07/21/20)^(b)		200		203,538
3.88%, 07/26/29 (Call 07/26/20)^(b)		275		277,417
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 07/15/20)^(b)		250		259,635
Philip Morris International Inc.
2.38%, 08/17/22 (Call 08/17/20)		143		147,101
2.50%, 08/22/22		26		26,858
2.75%, 02/25/26 (Call 08/25/20)		175		185,549
2.88%, 05/01/24 (Call 05/01/20)		390		410,436
2.90%, 11/15/21		50		51,372
3.13%, 08/17/27 (Call 08/17/20)		57		61,277
3.13%, 03/02/28 (Call 09/02/20)		50		53,813
3.25%, 11/10/24		115		124,254
3.38%, 08/11/25 (Call 08/11/20)		125		137,014
3.38%, 08/15/29 (Call 08/15/20)		175		192,077
3.88%, 08/21/42		188		205,140
4.13%, 05/17/21		70		72,125
4.13%, 03/04/43		245		275,578
4.25%, 11/10/44		295		342,259
4.38%, 11/15/41		80		92,250
4.50%, 03/20/42		60		70,599
4.88%, 11/15/43		195		240,614
6.38%, 05/16/38		175		248,327
Pyxus International Inc.
8.50%, 04/15/21 (Call 10/15/20)^(b)		55		48,867
9.88%, 07/15/21 (Call 05/29/20)^(d)		85		16,249
Reynolds American Inc.
4.00%, 06/12/22		335		348,504
4.45%, 06/12/25 (Call 06/12/20)		391		424,610
5.70%, 08/15/35 (Call 08/15/20)		192		224,118
5.85%, 08/15/45 (Call 08/15/20)		200		235,422
6.15%, 09/15/43		50		59,461
7.25%, 06/15/37		30		38,121


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Agriculture (continued)
Vector Group Ltd.
6.13%, 02/01/25 (Call 08/01/20)^(b)	$	135	$	130,951
10.50%, 11/01/26 (Call 05/01/20)^(b)		85		79,610

				17,266,618

Airlines — 0.1%
Air Canada, 7.75%, 04/15/21^(b)		75		73,557
Air Canada Pass Through Trust
Series 2013-1, Class A, 4.13%, 05/15/25^(b)		7		6,493
Series 2015-1, Class A, 3.60%, 03/15/27^(b)		79		71,057
Series 2017-1, Class AA, 3.30%, 01/15/30^(b)		92		80,190
American Airlines Group Inc.
3.75%, 03/01/25^(b)		100		46,472
5.00%, 06/01/22^(b)		120		67,934
American Airlines Pass Through Trust
Series 2013-2, Class A, 4.95%, 01/15/23		189		166,332
Series 2015-1, Class A, 3.38%, 05/01/27		131		105,646
Series 2015-2, Class AA, 3.60%, 09/22/27		8		7,039
Series 2016-2, Class AA, 3.20%, 06/15/28		16		14,548
Series 2016-3, Class AA, 3.00%, 10/15/28		281		242,847
Series 2017-2, Class AA, 3.35%, 10/15/29		178		143,294
Series 2019-1, Class AA, 3.15%, 02/15/32		59		50,850
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 10/28/20)		155		122,227
3.40%, 04/19/21		162		155,267
3.63%, 03/15/22 (Call 09/15/20)		415		370,649
3.75%, 10/28/29 (Call 10/28/20)		148		103,998
3.80%, 04/19/23 (Call 10/19/20)		330		279,965
4.38%, 04/19/28 (Call 10/19/20)		60		44,351
Delta Air Lines Inc. Pass Through Trust, Series 2019-1, Class AA, 3.20%, 04/25/24		30		27,319
Gol Finance Inc., 7.00%, 01/31/25 (Call 01/31/22)^(c)		200		104,576
JetBlue 2019-1 Class AA Pass Through Trust, Series AA, Class 2019-1, 2.75%, 05/15/32		25		21,687
Latam Airlines Pass Through Trust, Series 2015-1,
Class A, 4.20%, 11/15/27		142		110,400
Southwest Airlines Co.
2.63%, 02/10/30 (Call 08/10/20)		300		247,140
2.75%, 11/16/22 (Call 05/16/20)		20		19,755
3.00%, 11/15/26 (Call 05/15/20)		155		141,712
3.45%, 11/16/27 (Call 05/16/20)		30		27,468
4.75%, 05/04/23		150		148,923
5.25%, 05/04/25		115		114,517
Spirit Airlines Pass Through Trust, Series 2015-1, Class A, 4.10%, 04/01/28		147		118,089
U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 11/15/25		16		13,230
United Airlines Holdings Inc.
4.25%, 10/01/22		75		61,770
4.88%, 01/15/25		50		36,339
5.00%, 02/01/24		100		76,558
6.00%, 12/01/20^(d)		50		48,410
United Airlines Pass Through Trust
Series 2013-1, Class A, 4.30%, 08/15/25		36		31,631
Series 2014-1, Class A, 4.00%, 04/11/26		18		15,389
Series 2014-2, Class A, 3.75%, 09/03/26		127		106,082
Series 2016-1, Class A, 3.45%, 07/07/28		130		94,121
Series 2016-1, Class AA, 3.10%, 07/07/28		91		79,303
Series 2016-2, Class AA, 2.88%, 10/07/28		43		36,617
Series 2018-1, Class AA, 3.50%, 03/01/30		103		90,510
Series 2019, Class AA, 4.15%, 08/25/31		34		32,021


Security	Par (000)		Value

Airlines (continued)
Series AA, Class 2019-2, 2.70%, 05/01/32	$	27	$	22,849
Unity 1 Sukuk Ltd., 3.86%, 11/30/21^(c)		200		200,752
Virgin Australia Holdings Ltd.
7.88%, 10/15/21^(b)(d)		75		12,018
8.13%, 11/15/24 (Call 05/15/20)^(b)		75		11,279

				4,203,181

Apparel — 0.1%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 05/15/20)^(b)		219		219,169
4.88%, 05/15/26 (Call 05/15/20)^(b)		225		226,730
5.38%, 05/15/25^(b)		55		55,000
Levi Strauss & Co.
5.00%, 05/01/25 (Call 05/01/20)		140		140,035
5.00%, 05/01/25 (Call 05/01/20)^(b)		60		60,534
Michael Kors USA Inc., 4.00%, 11/01/24 (Call 05/01/20)^(b)		50		39,057
NIKE Inc.
2.25%, 05/01/23 (Call 05/01/20)		127		132,126
2.38%, 11/01/26 (Call 05/01/20)		225		241,157
2.85%, 03/27/30 (Call 09/27/20)		550		596,447
3.25%, 03/27/40 (Call 09/27/20)		505		548,440
3.38%, 11/01/46 (Call 05/01/20)		8		8,891
3.63%, 05/01/43 (Call 05/01/20)		40		45,700
3.88%, 11/01/45 (Call 05/01/20)		180		213,275
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 09/15/20)		233		247,761
Tapestry Inc.
3.00%, 07/15/22 (Call 07/15/20)		115		105,964
4.13%, 07/15/27 (Call 07/15/20)		232		198,153
4.25%, 04/01/25 (Call 10/01/20)		305		270,270
Under Armour Inc., 3.25%, 06/15/26 (Call 06/15/20)		90		81,171
William Carter Co. (The), 5.63%, 03/15/27 (Call 09/15/20)^(b)		75		75,980
Wolverine World Wide Inc., 5.00%, 09/01/26 (Call 09/01/20)^(b)		25		23,958

				3,529,818

Auto Manufacturers — 0.6%
Allison Transmission Inc.
4.75%, 10/01/27 (Call 10/01/20)^(b)		150		140,298
5.00%, 10/01/24 (Call 10/01/20)^(b)		175		168,000
5.88%, 06/01/29 (Call 06/01/20)^(b)		70		67,857
American Honda Finance Corp.
1.65%, 07/12/21		10		9,962
1.70%, 09/09/21		100		99,643
1.95%, 05/10/23		157		155,898
2.05%, 01/10/23		125		124,468
2.15%, 09/10/24		150		148,549
2.20%, 06/27/22		50		50,237
2.30%, 09/09/26		85		84,060
2.35%, 01/08/27		210		205,015
2.40%, 06/27/24		90		90,028
2.60%, 11/16/22		317		321,501
2.90%, 02/16/24		83		84,608
3.38%, 12/10/21		150		153,166
3.45%, 07/14/23		215		223,394
3.50%, 02/15/28		348		363,663
3.55%, 01/12/24		145		151,028
3.63%, 10/10/23		54		56,390
Aston Martin Capital Holdings Ltd., 6.50%, 04/15/22 (Call 10/15/20)^(b)		200		150,718
BCD Acquisition Inc., 9.63%, 09/15/23 (Call 09/15/20)^(b)		100		82,924


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Auto Manufacturers (continued)
BMW Finance NV
2.40%, 08/14/24 (Call 08/14/20)^(b)	$	5	$	4,967
2.85%, 08/14/29 (Call 08/14/20)^(b)		200		199,596
BMW U.S. Capital LLC
1.85%, 09/15/21 (Call 09/15/20)^(b)		365		363,774
2.25%, 09/15/23 (Call 09/15/20)^(b)		225		223,933
2.80%, 04/11/26 (Call 10/11/20)^(b)		347		350,789
2.95%, 04/14/22^(b)		134		135,767
3.15%, 04/18/24 (Call 10/18/20)^(b)		128		130,684
3.40%, 08/13/21^(b)		130		131,927
3.45%, 04/12/23 (Call 10/12/20)^(b)		488		503,206
3.63%, 04/18/29 (Call 10/18/20)^(b)		105		112,307
3.75%, 04/12/28 (Call 10/12/20)^(b)		305		321,430
Cummins Inc.
3.65%, 10/01/23 (Call 10/01/20)		57		61,660
4.88%, 10/01/43 (Call 10/01/20)		75		98,770
Daimler Finance North America LLC
2.00%, 07/06/21^(b)		230		226,173
2.13%, 03/10/25^(b)		450		420,696
2.55%, 08/15/22^(b)		150		147,733
2.70%, 06/14/24^(b)		155		149,654
3.10%, 08/15/29^(b)		155		148,259
3.25%, 08/01/24^(b)		150		148,114
3.30%, 05/19/25^(b)		5		4,925
3.35%, 05/04/21^(b)		255		255,546
3.35%, 02/22/23^(b)		160		159,990
3.40%, 02/22/22^(b)		150		150,270
3.45%, 01/06/27^(b)		5		4,948
3.65%, 02/22/24^(b)		150		150,813
3.70%, 05/04/23^(b)		155		156,386
3.75%, 11/05/21^(b)		255		256,543
3.75%, 02/22/28^(b)		205		205,750
4.30%, 02/22/29^(b)		150		155,974
8.50%, 01/18/31		160		212,142
Fiat Chrysler Automobiles NV, 5.25%, 04/15/23		200		199,302
Ford Motor Co.
4.35%, 12/08/26 (Call 06/08/20)		314		251,068
4.75%, 01/15/43		376		241,430
5.29%, 12/08/46 (Call 06/08/20)		266		180,603
6.63%, 10/01/28		150		125,167
7.40%, 11/01/46		30		24,324
7.45%, 07/16/31		288		243,769
8.50%, 04/21/23		405		404,615
9.00%, 04/22/25 (Call 10/22/20)		620		603,595
9.63%, 04/22/30 (Call 10/22/20)		30		29,915
Ford Motor Credit Co. LLC
3.09%, 01/09/23		405		364,885
3.10%, 05/04/23		615		543,537
3.34%, 03/18/21		505		486,780
3.81%, 10/12/21		360		342,990
3.81%, 01/09/24 (Call 07/09/20)		200		177,532
3.82%, 11/02/27 (Call 05/02/20)		300		237,270
4.06%, 11/01/24 (Call 05/01/20)		200		175,228
4.13%, 08/04/25		375		320,857
4.14%, 02/15/23 (Call 08/15/20)		198		182,604
4.25%, 09/20/22		197		183,744
4.27%, 01/09/27 (Call 07/09/20)		210		179,212
4.39%, 01/08/26		230		200,351
4.54%, 08/01/26 (Call 08/01/20)		205		175,818
4.69%, 06/09/25 (Call 06/09/20)		120		106,753


Security	Par (000)		Value

Auto Manufacturers (continued)
5.11%, 05/03/29 (Call 05/03/20)	$	350	$	299,890
5.58%, 03/18/24 (Call 09/18/20)		345		327,205
5.88%, 08/02/21		450		441,783
General Motors Co.
4.20%, 10/01/27 (Call 10/01/20)		226		200,116
4.88%, 10/02/23		94		92,298
5.00%, 10/01/28 (Call 10/01/20)		185		170,152
5.00%, 04/01/35		180		151,175
5.15%, 04/01/38 (Call 10/01/20)		65		53,639
5.20%, 04/01/45		221		175,299
5.40%, 04/01/48 (Call 10/01/20)		130		103,481
5.95%, 04/01/49 (Call 10/01/20)		250		212,417
6.25%, 10/02/43		350		305,501
6.60%, 04/01/36 (Call 10/01/20)		155		145,384
6.75%, 04/01/46 (Call 10/01/20)		93		84,888
General Motors Financial Co. Inc.
2.90%, 02/26/25 (Call 08/26/20)		315		285,661
3.15%, 06/30/22 (Call 06/30/20)		345		328,726
3.20%, 07/06/21 (Call 07/06/20)		88		86,103
3.25%, 01/05/23 (Call 07/05/20)		50		47,446
3.45%, 01/14/22 (Call 07/14/20)		295		285,144
3.45%, 04/10/22 (Call 10/10/20)		375		361,350
3.55%, 07/08/22		125		120,595
3.70%, 05/09/23 (Call 05/09/20)		161		154,356
3.85%, 01/05/28 (Call 07/05/20)		95		82,169
3.95%, 04/13/24 (Call 10/13/20)		269		255,012
4.00%, 01/15/25 (Call 07/15/20)		195		182,838
4.15%, 06/19/23 (Call 06/19/20)		160		155,205
4.20%, 11/06/21		398		392,627
4.25%, 05/15/23		201		196,900
4.30%, 07/13/25 (Call 07/13/20)		250		234,957
4.35%, 04/09/25 (Call 10/09/20)		240		226,901
4.35%, 01/17/27 (Call 07/17/20)		260		236,475
4.38%, 09/25/21		40		39,331
5.10%, 01/17/24 (Call 07/17/20)		271		267,184
5.25%, 03/01/26 (Call 09/01/20)		167		160,734
5.65%, 01/17/29 (Call 07/17/20)		120		115,373
Harley-Davidson Financial Services Inc.
2.55%, 06/09/22 (Call 06/09/20)^(b)		85		81,798
3.55%, 05/21/21^(b)		400		402,124
4.05%, 02/04/22^(b)		125		125,101
Hyundai Capital America
2.38%, 02/10/23^(b)		70		67,456
2.65%, 02/10/25 (Call 08/10/20)^(b)		300		278,982
2.75%, 09/27/26^(c)		50		45,713
3.00%, 06/20/22^(c)		400		394,544
3.00%, 02/10/27 (Call 08/10/20)^(b)		300		268,383
3.50%, 11/02/26 (Call 05/02/20)^(b)		65		61,641
3.75%, 07/08/21^(c)		100		100,353
3.95%, 02/01/22^(c)		45		45,204
4.13%, 06/08/23^(c)(d)		300		302,301
4.30%, 02/01/24^(c)		50		50,282
Hyundai Capital Services Inc.
3.00%, 03/06/22^(c)		200		198,274
3.75%, 03/05/23^(c)		250		248,745
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 (Call 10/01/20)^(b)		200		132,782
JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 10/15/20)^(b)		50		48,577


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Auto Manufacturers (continued)
Navistar International Corp.
6.63%, 11/01/25 (Call 05/01/20)^(b)	$	155	$	132,809
9.50%, 05/01/25 (Call 11/01/20)^(b)		40		41,970
Nissan Motor Acceptance Corp.
2.60%, 09/28/22^(b)		150		138,691
2.65%, 07/13/22^(b)		100		92,915
2.80%, 01/13/22^(b)		225		213,316
3.65%, 09/21/21^(b)		21		20,265
3.88%, 09/21/23^(b)		50		46,460
PACCAR Financial Corp.
1.80%, 02/06/25		219		217,916
1.90%, 02/07/23		75		75,554
2.15%, 08/15/24		110		110,788
2.30%, 08/10/22		155		158,179
2.65%, 05/10/22		50		51,353
3.40%, 08/09/23		25		26,491
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)^(b)		300		293,973
Toyota Motor Corp.
2.16%, 07/02/22		125		127,090
2.36%, 07/02/24		100		102,967
2.76%, 07/02/29		90		94,898
3.18%, 07/20/21		440		448,906
3.42%, 07/20/23		185		196,302
3.67%, 07/20/28		45		49,856
Toyota Motor Credit Corp.
1.80%, 10/07/21		115		115,808
2.00%, 10/07/24		135		136,909
2.15%, 09/08/22		112		113,936
2.15%, 02/13/30		7		6,932
2.60%, 01/11/22		65		66,348
2.63%, 01/10/23		205		211,837
2.65%, 04/12/22		355		364,532
2.70%, 01/11/23		25		25,902
2.75%, 05/17/21		45		45,644
2.80%, 07/13/22		128		132,129
2.90%, 04/17/24		175		184,005
3.05%, 01/11/28		55		58,241
3.20%, 01/11/27		125		134,101
3.30%, 01/12/22		384		396,534
3.40%, 09/15/21		69		70,942
3.40%, 04/14/25		260		281,746
3.45%, 09/20/23		243		258,681
3.65%, 01/08/29		91		100,709
Volkswagen Group of America Finance LLC
2.70%, 09/26/22^(b)		5		4,966
2.85%, 09/26/24 (Call 08/26/24)^(b)		200		197,686
3.20%, 09/26/26 (Call 09/26/20)^(b)		205		204,547
4.25%, 11/13/23^(b)		225		234,621
4.75%, 11/13/28^(b)		215		234,524
Wabash National Corp., 5.50%, 10/01/25 (Call 10/01/20)^(b)		50		41,003

				30,599,039

Auto Parts & Equipment — 0.1%
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 08/15/20)^(b)		200		149,022
Adient U.S.LLC
7.00%, 05/15/26 (Call 05/15/20)^(b)		60		59,693
9.00%, 04/15/25 (Call 10/15/20)^(b)		15		15,642
American Axle & Manufacturing Inc. 6.25%, 04/01/25 (Call 10/01/20)		135		102,890


Security	Par (000)		Value

Auto Parts & Equipment (continued)
6.25%, 03/15/26 (Call 09/15/20)	$	80	$	59,536
6.50%, 04/01/27 (Call 10/01/20)		100		75,364
6.63%, 10/15/22 (Call 10/15/20)		39		32,718
Aptiv Corp., 4.15%, 03/15/24 (Call 09/15/20)		162		164,608
Aptiv PLC
4.25%, 01/15/26 (Call 07/15/20)		35		36,437
4.35%, 03/15/29 (Call 09/15/20)		40		37,946
4.40%, 10/01/46 (Call 10/01/20)		118		91,535
5.40%, 03/15/49 (Call 09/15/20)		134		121,978
BorgWarner Inc.
3.38%, 03/15/25 (Call 09/15/20)		62		63,398
4.38%, 03/15/45 (Call 09/15/20)		50		47,785
Cooper-Standard Automotive Inc., 5.63%, 11/15/26 (Call 05/15/20)^(b)		73		49,048
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 10/15/20)^(b)(d)		75		67,826
Dana Inc.
5.38%, 11/15/27 (Call 05/15/20)		50		44,300
5.50%, 12/15/24 (Call 06/15/20)		100		94,137
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 08/01/20)^(b)		60		42,149
Delphi Technologies PLC, 5.00%, 10/01/25^(b)		125		116,855
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 09/15/20)^(d)		100		86,252
5.00%, 05/31/26 (Call 05/31/20)		150		130,516
5.13%, 11/15/23 (Call 05/15/20)		150		140,713
IHO Verwaltungs GmbH (6.75% PIK), 6.00%, 05/15/27 (Call 05/15/20)^(b)(e)		200		168,532
Lear Corp.
3.80%, 09/15/27 (Call 09/15/20)		224		207,758
4.25%, 05/15/29 (Call 05/15/20)		145		134,672
5.25%, 05/15/49 (Call 05/15/20)		160		144,464
Magna International Inc.
3.63%, 06/15/24 (Call 06/15/20)		85		89,070
4.15%, 10/01/25 (Call 10/01/20)		115		123,106
Meritor Inc., 6.25%, 02/15/24 (Call 08/15/20)		50		49,154
Panther BF Aggregator 2 LP/Panther Finance Co. Inc.
6.25%, 05/15/26 (Call 05/15/20)^(b)		165		165,929
8.50%, 05/15/27 (Call 05/15/20)^(b)		300		254,133
Tenneco Inc., 5.00%, 07/15/26 (Call 07/15/20)		75		34,305
Titan International Inc., 6.50%, 11/30/23 (Call 05/30/20)		100		46,283
Toyota Industries Corp.
3.11%, 03/12/22 (Call 09/12/20)^(b)		200		203,410
3.24%, 03/16/23 (Call 09/16/20)^(b)		250		257,360
3.57%, 03/16/28 (Call 09/16/20)^(b)		260		278,153
ZF North America Capital Inc.
4.50%, 04/29/22^(b)		155		157,185
4.75%, 04/29/25^(b)		235		218,797

				4,362,659

Banks — 6.5%
ABN AMRO Bank NV
3.40%, 08/27/21^(b)		300		308,427
4.40%, 03/27/28 (Call 03/27/23)^(a)(c)		200		204,838
4.75%, 07/28/25^(b)		255		273,847
Abu Dhabi Commercial Bank PJSC
2.75%, 10/05/21^(c)		200		201,404
4.00%, 03/13/23^(c)		200		205,396
Agricultural Bank of China Ltd./Singapore, 1.86%, 09/23/22, (3 mo. LIBOR US + 0.660%)^(c)(f)		400		397,120


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
AIB Group PLC
4.26%, 04/10/25 (Call 10/10/20)^(a)(b)	$	5	$	5,079
4.75%, 10/12/23^(b)		10		10,348
Akbank Turk AS
5.13%, 03/31/25^(c)		200		183,644
7.20%, 03/16/27 (Call 03/16/22)^(a)(c)		400		368,164
Alfa Bank AO Via Alfa Bond Issuance PLC, 6.95%, (Call 04/30/23)^(a)(c)(g)		400		381,508
Amber Circle Funding Ltd., 3.25%, 12/04/22^(c)		600		615,480
ANZ New Zealand Int’l Ltd./London
3.40%, 03/19/24^(b)		200		210,496
3.45%, 07/17/27^(b)		5		5,363
3.45%, 01/21/28^(b)		250		268,432
ASB Bank Ltd., 3.75%, 06/14/23^(b)		350		368,574
Australia & New Zealand Banking Group Ltd., 3.30%, 05/17/21		600		614,748
Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 11/21/22		450		458,604
2.63%, 05/19/22		250		256,938
Axis Bank Ltd./Dubai, 2.88%, 06/01/21^(c)		200		197,078
Azure Orbit International Finance Ltd., 3.75%, 03/06/23^(c)		200		211,678
Banco Bradesco SA/Cayman Islands
3.20%, 01/27/25^(c)		200		189,716
5.75%, 03/01/22^(c)		200		206,390
Banco Davivienda SA, 5.88%, 07/09/22^(c)		200		201,068
Banco de Bogota SA, 6.25%, 05/12/26^(c)		200		199,696
Banco de Credito del Peru, 4.25%, 04/01/23^(c)		200		208,070
Banco de Credito del Peru/Panama, 6.88%, 09/16/26 (Call 09/16/21)^(a)(c)		200		209,226
Banco del Estado de Chile, 2.70%, 01/09/25 (Call 07/09/20)^(b)		200		199,716
Banco do Brasil SA/Cayman
3.88%, 10/10/22		200		198,368
4.63%, 01/15/25^(c)		200		194,850
4.75%, 03/20/24^(c)		200		196,212
5.88%, 01/26/22^(c)		200		204,712
5.88%, 01/19/23^(c)		400		412,844
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.13%, 06/06/24^(c)		150		148,394
Banco Internacional del Peru SAA Interbank, 3.38%, 01/18/23 (Call 10/18/22)^(c)		150		149,940
Banco Nacional de Comercio Exterior SNC, 3.80%, 08/11/26 (Call 08/11/21)^(a)(c)		400		382,192
Banco Santander Chile, 2.70%, 01/10/25 (Call 07/10/20)^(c)		250		250,145
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 4.13%, 11/09/22^(c)(d)		400		404,000
Banco Santander SA
2.71%, 06/27/24		215		220,751
3.13%, 02/23/23		235		239,105
3.31%, 06/27/29		415		431,363
3.50%, 04/11/22		400		408,208
3.80%, 02/23/28		230		239,658
3.85%, 04/12/23		225		233,215
4.25%, 04/11/27		200		213,682
5.18%, 11/19/25		50		54,239
Bangkok Bank PCL/Hong Kong
4.05%, 03/19/24^(c)		200		210,938
4.45%, 09/19/28^(c)		300		328,272


Security	Par (000)		Value

Banks (continued)
Bank of America Corp.
2.02%, 02/13/26 (Call 08/13/20)^(a)	$	600	$	603,324
2.46%, 10/22/25 (Call 10/22/20)^(a)		270		275,972
2.50%, 10/21/22 (Call 10/21/20)		493		502,125
2.50%, 02/13/31 (Call 08/13/20)^(a)		200		202,288
2.59%, 04/29/31 (Call 10/29/20)^(a)		500		513,260
2.82%, 07/21/23 (Call 07/21/20)^(a)		74		75,955
2.88%, 04/24/23 (Call 10/24/20)^(a)		425		435,374
2.88%, 10/22/30 (Call 10/22/20)^(a)		335		346,574
3.00%, 12/20/23 (Call 06/20/20)^(a)		636		657,751
3.09%, 10/01/25 (Call 10/01/20)^(a)		170		177,995
3.12%, 01/20/23 (Call 07/20/20)^(a)		266		272,767
3.19%, 07/23/30 (Call 07/23/20)^(a)		405		432,613
3.25%, 10/21/27 (Call 10/21/20)		477		509,379
3.30%, 01/11/23		320		335,181
3.37%, 01/23/26 (Call 07/23/20)^(a)		426		453,409
3.42%, 12/20/28 (Call 06/20/20)^(a)		1,185		1,271,114
3.46%, 03/15/25 (Call 09/15/20)^(a)		490		518,748
3.50%, 05/17/22 (Call 05/17/20)^(a)		300		305,943
3.50%, 04/19/26		321		349,116
3.55%, 03/05/24 (Call 09/05/20)^(a)		350		367,773
3.56%, 04/23/27 (Call 10/23/20)^(a)		54		58,240
3.59%, 07/21/28 (Call 07/21/20)^(a)		374		405,551
3.71%, 04/24/28 (Call 10/24/20)^(a)		579		630,548
3.82%, 01/20/28 (Call 07/20/20)^(a)		438		479,128
3.86%, 07/23/24 (Call 07/23/20)^(a)		600		639,720
3.88%, 08/01/25		435		477,956
3.95%, 01/23/49 (Call 07/23/20)^(a)		325		378,063
3.97%, 03/05/29 (Call 09/05/20)^(a)		455		507,011
3.97%, 02/07/30 (Call 08/07/20)^(a)		470		527,232
4.00%, 04/01/24		350		380,320
4.00%, 01/22/25		397		428,712
4.08%, 04/23/40 (Call 10/23/20)^(a)		5		5,759
4.08%, 03/20/51 (Call 09/20/20)^(a)		1,300		1,566,344
4.10%, 07/24/23		332		359,158
4.13%, 01/22/24		585		635,948
4.20%, 08/26/24		1,150		1,245,335
4.24%, 04/24/38 (Call 10/24/20)^(a)		437		513,628
4.25%, 10/22/26		127		139,234
4.27%, 07/23/29 (Call 07/23/20)^(a)		565		642,416
4.33%, 03/15/50 (Call 09/15/20)^(a)		353		439,326
4.44%, 01/20/48 (Call 07/20/20)^(a)		650		795,099
4.45%, 03/03/26		325		359,671
4.88%, 04/01/44		60		77,662
5.00%, 01/21/44		362		473,539
5.70%, 01/24/22		10		10,718
5.88%, 02/07/42		298		431,584
6.11%, 01/29/37		100		134,900
6.22%, 09/15/26		5		5,844
7.75%, 05/14/38		200		314,842
Series L, 3.95%, 04/21/25		30		32,304
Series L, 4.18%, 11/25/27 (Call 05/25/20)		330		362,129
Series L, 4.75%, 04/21/45		200		245,360
Bank of America N.A.
3.34%, 01/25/23 (Call 07/25/20)^(a)		250		258,475
6.00%, 10/15/36		362		507,477
Bank of China Hong Kong Ltd., 5.90%, (Call 09/14/20)^(a)(b)(g)		500		522,720
Bank of China Ltd., 5.00%, 11/13/24^(c)		500		544,340


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Bank of China Ltd./Hong Kong
1.85%, 03/08/23, (3 mo. LIBOR US + 0.850%)^(c)(f)	$	250	$	247,873
2.19%, 07/11/22, (3 mo. LIBOR US + 0.880%)^(c)(f)		400		400,644
Bank of China Ltd./London, 1.73%, 06/07/21, (3 mo. LIBOR US + 0.730%)^(c)(f)		400		399,716
Bank of China Ltd./Luxembourg
1.85%, 04/17/22, (3 mo. LIBOR US + 0.720%)^(c)(f)		200		199,252
2.25%, 07/12/21^(c)		200		201,602
Bank of China Ltd./Macau
2.44%, 11/20/21, (3 mo. LIBOR US + 0.750%)^(c)(f)		500		498,500
2.88%, 04/20/22^(c)		300		307,683
Bank of Communications Co. Ltd./Hong Kong
1.98%, 03/21/22, (3 mo. LIBOR US + 0.780%)^(c)(f)		400		398,360
2.15%, 12/04/22, (3 mo. LIBOR US +0.9%)^(c)(f)		400		398,120
Bank of Ireland Group PLC, 4.50%, 11/25/23^(b)		205		210,775
Bank of Montreal
1.90%, 08/27/21		435		439,589
2.05%, 11/01/22		165		167,848
2.50%, 06/28/24		465		480,610
2.55%, 11/06/22 (Call 05/06/20)		175		180,936
2.90%, 03/26/22		541		556,970
3.80%, 12/15/32 (Call 06/15/20)^(a)		223		228,700
Series E, 3.30%, 02/05/24		515		544,015
Bank of New York Mellon Corp. (The)
1.85%, 01/27/23 (Call 07/27/20)		100		101,825
2.05%, 05/03/21 (Call 05/03/20)		1,150		1,161,868
2.10%, 10/24/24		115		118,574
2.20%, 08/16/23 (Call 08/16/20)		10		10,313
2.45%, 08/17/26 (Call 08/17/20)		279		292,939
2.60%, 02/07/22 (Call 08/07/20)		185		190,095
2.66%, 05/16/23 (Call 05/16/20)^(a)		25		25,692
2.80%, 05/04/26 (Call 05/04/20)		135		143,540
2.95%, 01/29/23 (Call 07/29/20)		230		241,576
3.00%, 10/30/28 (Call 10/30/20)		100		105,747
3.25%, 05/16/27 (Call 05/16/20)		232		253,084
3.30%, 08/23/29 (Call 08/23/20)		186		204,777
3.40%, 05/15/24 (Call 05/15/20)		225		242,528
3.40%, 01/29/28 (Call 07/29/20)		175		194,283
3.44%, 02/07/28 (Call 08/07/20)^(a)		270		294,216
3.45%, 08/11/23		50		53,645
3.50%, 04/28/23		200		213,732
3.85%, 04/28/28		25		28,778
3.95%, 11/18/25 (Call 05/18/20)		130		145,699
Series 0012, 3.65%, 02/04/24 (Call 08/04/20)		75		81,936
Series G, 3.00%, 02/24/25 (Call 08/24/20)		80		86,398
Bank of Nova Scotia (The)
1.88%, 04/26/21		50		50,549
1.95%, 02/01/23		10		10,114
2.00%, 11/15/22		29		29,380
2.20%, 02/03/25		20		20,356
2.38%, 01/18/23		215		220,691
2.45%, 09/19/22		150		154,854
2.70%, 03/07/22		545		560,745
2.70%, 08/03/26		200		209,810
2.80%, 07/21/21		200		203,494
3.40%, 02/11/24		455		483,924
4.50%, 12/16/25		305		333,685
Bank of the Philippine Islands, 2.50%, 09/10/24^(c)		400		389,488
BankUnited Inc., 4.88%, 11/17/25 (Call 05/17/20)		50		53,392


Security	Par (000)		Value

Banks (continued)
Banque Federative du Credit Mutuel SA, 3.75%, 07/20/23^(b)	$	250	$	263,892
Barclays Bank PLC, 6.86%, (Call 06/15/20)^(a)(b)(g)		25		30,000
Barclays PLC
3.20%, 08/10/21		200		202,958
3.68%, 01/10/23 (Call 07/10/20)		270		276,094
4.34%, 05/16/24 (Call 05/16/20)^(a)		455		479,179
4.34%, 01/10/28 (Call 07/10/20)		250		269,907
4.38%, 09/11/24		285		293,844
4.38%, 01/12/26		610		658,696
4.84%, 05/09/28 (Call 05/09/20)		205		216,738
4.95%, 01/10/47		240		288,538
4.97%, 05/16/29 (Call 05/16/20)^(a)		660		745,556
5.09%, 06/20/30 (Call 06/20/20)^(a)		215		234,346
5.20%, 05/12/26		490		529,577
BBVA Bancomer SA/Texas, 6.75%, 09/30/22^(c)		420		436,141
BBVA USA
2.50%, 08/27/24 (Call 08/27/20)		520		513,552
3.88%, 04/10/25 (Call 10/10/20)		18		18,223
BNG Bank NV
1.50%, 09/06/22^(b)		500		511,330
1.50%, 10/16/24^(b)		1,000		1,036,290
2.38%, 03/16/26^(b)(d)		250		272,417
3.13%, 11/08/21^(b)		250		259,803
BNP Paribas SA
2.82%, 11/19/25 (Call 05/19/20)^(a)(b)		5		5,055
2.95%, 05/23/22^(b)		350		355,946
3.05%, 01/13/31 (Call 07/13/20)^(a)(b)		510		511,826
3.25%, 03/03/23		241		254,672
3.38%, 01/09/25^(b)		825		858,000
3.50%, 11/16/27^(b)		10		10,453
3.80%, 01/10/24^(b)		340		356,364
4.38%, 09/28/25^(b)		5		5,321
4.38%, 05/12/26^(b)		5		5,345
4.38%, 03/01/33 (Call 09/01/20)^(a)(b)		200		213,724
4.40%, 08/14/28^(b)		265		294,208
4.63%, 03/13/27^(b)		200		216,940
4.71%, 01/10/25 (Call 07/10/20)^(a)(b)		450		484,924
5.20%, 01/10/30 (Call 07/10/20)^(a)(b)		440		518,122
7.20%, (Call 06/25/20)^(a)(b)(g)		100		105,677
BNZ International Funding Ltd./London
2.75%, 03/02/21^(b)		250		252,395
3.38%, 03/01/23^(b)		550		574,249
BPCE SA
2.38%, 01/14/25^(b)		350		348,383
2.70%, 10/01/29^(b)		5		5,182
2.75%, 12/02/21		500		509,395
3.38%, 12/02/26		726		783,993
3.50%, 10/23/27^(b)		250		261,495
4.00%, 04/15/24		300		322,485
4.50%, 03/15/25^(b)		595		626,577
4.63%, 09/12/28^(b)		5		5,635
4.88%, 04/01/26^(b)		5		5,388
Caixa Economica Federal, 3.50%, 11/07/22^(c)		250		244,873
Canadian Imperial Bank of Commerce
2.25%, 01/28/25		165		166,648
2.55%, 06/16/22		275		282,543
2.61%, 07/22/23 (Call 07/22/20)^(a)		325		330,801
3.10%, 04/02/24		85		88,581
3.50%, 09/13/23		155		166,650


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Capital One N.A., 2.25%, 09/13/21 (Call 09/13/20)	$	112	$	112,200
CBQ Finance Ltd., 3.25%, 06/13/21^(c)		200		201,006
China CITIC Bank Corp. Ltd., 1.74%, 12/14/22, (3 mo. LIBOR US + 1.000%)^(c)(f)		300		300,447
China Construction Bank Corp., 4.25%, 02/27/29 (Call 02/27/24)^(a)(c)		300		314,379
China Construction Bank Corp./Hong Kong
1.73%, 06/08/21, (3 mo. LIBOR US + 0.730%)^(c)(f)		500		499,525
1.83%, 06/08/23, (3 mo. LIBOR US + 0.830%)^(c)(f)		200		199,260
1.95%, 09/24/21, (3 mo. LIBOR US + 0.750%)^(c)(f)		400		399,664
China Development Bank
2.13%, 06/01/21^(c)		400		403,464
2.63%, 01/24/22^(c)		200		203,940
3.38%, 01/24/27^(c)		200		215,846
4.00%, 01/24/37^(c)		200		235,910
China Development Bank Corp./Hong Kong
1.70%, 03/06/22, (3 mo. LIBOR US + 0.700%)^(c)(f)		200		199,380
1.88%, 11/03/21^(c)		200		202,580
China Merchants Bank Co. Ltd./London, 1.79%, 06/19/22,
(3 mo. LIBOR US + 0.740%)^(c)(f)		400		396,132
China Minsheng Banking Corp. Ltd./Hong Kong, 2.05%, 03/09/23, (3 mo. LIBOR US + 1.050%)^(c)(f)		200		198,732
CIT Bank N.A., 2.97%, 09/27/25 (Call 09/27/20)^(a)		80		72,601
CIT Group Inc.
4.13%, 03/09/21 (Call 09/09/20)		100		98,251
4.75%, 02/16/24 (Call 08/16/20)		105		101,332
5.00%, 08/15/22		192		192,188
5.00%, 08/01/23		150		146,760
5.25%, 03/07/25 (Call 09/09/20)		75		74,713
6.13%, 03/09/28		50		51,962
Citibank N.A.
2.84%, 05/20/22 (Call 05/20/20)^(a)		315		319,079
3.40%, 07/23/21 (Call 07/23/20)		535		548,097
3.65%, 01/23/24 (Call 07/23/20)		330		354,743
CITIC Ltd.
3.70%, 06/14/26^(c)		200		211,902
3.88%, 02/28/27^(c)		400		425,932
4.00%, 01/11/28^(c)		200		215,034
6.80%, 01/17/23^(c)		200		222,802
Citigroup Inc.
2.31%, 11/04/22 (Call 05/04/20)^(a)		130		130,975
2.35%, 08/02/21		67		67,706
2.67%, 01/29/31 (Call 07/29/20)^(a)		105		105,658
2.70%, 10/27/22 (Call 10/27/20)		460		471,081
2.75%, 04/25/22 (Call 10/25/20)		808		827,125
2.88%, 07/24/23 (Call 07/24/20)^(a)		589		603,554
2.90%, 12/08/21 (Call 06/08/20)		644		655,901
2.98%, 11/05/30 (Call 05/05/20)^(a)		134		136,826
3.11%, 04/08/26 (Call 10/08/20)^(a)		600		628,254
3.14%, 01/24/23 (Call 07/24/20)^(a)		215		220,369
3.20%, 10/21/26 (Call 10/21/20)		690		727,143
3.30%, 04/27/25		45		47,682
3.35%, 04/24/25 (Call 10/24/20)^(a)		379		398,287
3.40%, 05/01/26		316		337,441
3.50%, 05/15/23		87		90,753
3.52%, 10/27/28 (Call 10/27/20)^(a)		348		370,342
3.67%, 07/24/28 (Call 07/24/20)^(a)		556		593,691
3.70%, 01/12/26		75		80,990
3.75%, 06/16/24		150		160,578
3.88%, 10/25/23		50		53,418


Security	Par (000)		Value

Banks (continued)
3.88%, 03/26/25	$	157	$	167,503
3.88%, 01/24/39 (Call 07/24/20)^(a)		25		27,163
3.89%, 01/10/28 (Call 07/10/20)^(a)		255		275,443
3.98%, 03/20/30 (Call 09/20/20)^(a)		204		224,600
4.00%, 08/05/24		425		451,567
4.04%, 06/01/24 (Call 06/01/20)^(a)		650		693,738
4.05%, 07/30/22		100		104,847
4.08%, 04/23/29 (Call 10/23/20)^(a)		200		221,118
4.13%, 07/25/28		448		485,193
4.28%, 04/24/48 (Call 10/24/20)^(a)		275		322,201
4.30%, 11/20/26		158		172,278
4.40%, 06/10/25		100		108,934
4.41%, 03/31/31 (Call 09/30/20)^(a)		600		690,726
4.45%, 09/29/27		730		800,255
4.50%, 01/14/22		231		242,164
4.60%, 03/09/26		341		375,840
4.65%, 07/30/45		250		302,547
4.65%, 07/23/48 (Call 07/23/20)		360		439,466
4.75%, 05/18/46		320		389,222
5.30%, 05/06/44		344		436,312
5.32%, 03/26/41 (Call 09/26/20)^(a)		600		774,906
5.50%, 09/13/25		397		454,700
5.88%, 02/22/33		30		37,373
5.88%, 01/30/42		121		167,972
6.00%, 10/31/33		110		138,639
6.63%, 06/15/32		200		260,712
6.68%, 09/13/43		131		191,588
8.13%, 07/15/39		488		803,189
Citizens Bank N.A./Providence RI
3.70%, 03/29/23 (Call 09/29/20)		250		261,945
3.75%, 02/18/26 (Call 08/18/20)		310		329,118
Citizens Financial Group Inc.
2.38%, 07/28/21 (Call 07/28/20)		10		10,066
2.50%, 02/06/30 (Call 08/06/20)		255		241,952
2.85%, 07/27/26 (Call 07/27/20)		235		235,357
4.30%, 12/03/25 (Call 06/03/20)		290		310,335
Comerica Inc.
3.70%, 07/31/23 (Call 07/31/20)		300		316,059
4.00%, 02/01/29 (Call 08/01/20)		410		433,210
Commerzbank AG, 8.13%, 09/19/23^(b)		250		275,522
Commonwealth Bank of Australia
2.00%, 09/06/21^(b)		137		138,497
2.50%, 09/18/22^(b)		375		385,695
2.63%, 09/06/26^(b)		125		130,575
2.75%, 03/10/22^(b)		70		71,969
2.85%, 05/18/26^(b)		230		242,645
3.15%, 09/19/27^(b)		275		293,007
3.35%, 06/04/24^(b)		100		107,034
3.45%, 03/16/23^(b)		334		353,031
3.61%, 09/12/34 (Call 09/12/20)^(a)(b)		400		408,736
3.74%, 09/12/39^(b)		200		199,990
3.90%, 03/16/28^(b)		155		173,819
3.90%, 07/12/47^(b)		195		219,919
4.32%, 01/10/48^(b)		215		228,276
Cooperatieve Rabobank UA
2.63%, 07/22/24^(b)		455		463,954
3.75%, 07/21/26		140		147,442
3.88%, 02/08/22		535		558,208
3.95%, 11/09/22		300		309,852
4.38%, 08/04/25		255		274,732


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
5.25%, 05/24/41	$	187	$	263,236
5.25%, 08/04/45		325		426,930
5.75%, 12/01/43		385		533,340
Cooperatieve Rabobank UA/NY
2.75%, 01/10/22		405		415,732
2.75%, 01/10/23		280		289,968
3.38%, 05/21/25		250		269,357
Credit Agricole SA
3.25%, 01/14/30^(b)		540		545,578
4.00%, 01/10/33 (Call 07/10/20)^(a)(b)		350		367,328
4.38%, 03/17/25^(b)		100		106,458
Credit Agricole SA/London
3.25%, 10/04/24^(b)		325		338,806
3.38%, 01/10/22^(b)		550		561,319
3.75%, 04/24/23^(b)		455		475,407
4.13%, 01/10/27^(b)		35		38,206
Credit Bank of Moscow Via CBOM Finance PLC
4.70%, 01/29/25^(c)		300		285,894
7.12%, 06/25/24^(c)		200		208,984
Credit Suisse AG/New York NY
3.00%, 10/29/21		330		337,102
3.63%, 09/09/24		500		536,495
Credit Suisse Group AG
2.59%, 09/11/25 (Call 09/11/20)^(a)(b)		10		9,999
3.00%, 12/14/23 (Call 06/14/20)^(a)(b)		250		254,580
3.57%, 01/09/23 (Call 07/09/20)^(b)		300		306,894
3.87%, 01/12/29 (Call 07/12/20)^(a)(b)		437		463,255
4.19%, 04/01/31 (Call 10/01/20)^(a)(b)		255		277,909
4.21%, 06/12/24 (Call 06/12/20)^(a)(b)		250		263,200
4.28%, 01/09/28 (Call 07/09/20)^(b)		355		383,180
Credit Suisse Group Funding Guernsey Ltd.
3.80%, 09/15/22		455		473,195
4.55%, 04/17/26		250		277,697
4.88%, 05/15/45		535		673,688
Danske Bank A/S
3.88%, 09/12/23^(b)		255		263,043
4.38%, 06/12/28^(b)		305		320,189
5.00%, 01/12/22^(b)		350		362,446
Danske Bank AS, 3.24%, 12/20/25 (Call 06/20/20)^(a)(b)		200		199,748
Deutsche Bank AG
3.38%, 05/12/21		175		175,138
4.10%, 01/13/26		120		116,826
4.30%, 05/24/28 (Call 05/24/20)^(a)		240		214,205
4.50%, 04/01/25		200		189,078
Deutsche Bank AG/London, 3.70%, 05/30/24		230		226,191
Deutsche Bank AG/New York NY
3.30%, 11/16/22		225		221,220
3.38%, 05/12/21		175		175,368
3.70%, 05/30/24		100		97,259
3.96%, 11/26/25 (Call 05/26/20)^(a)		315		308,105
4.10%, 01/13/26		210		204,582
4.25%, 10/14/21		250		251,443
4.88%, 12/01/32 (Call 06/01/20)^(a)		250		225,848
Series D, 5.00%, 02/14/22		305		310,142
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22^(c)		200		196,898
Dexia Credit Local SA, 2.38%, 09/20/22^(b)		1,000		1,040,740
DIB Sukuk Ltd.
2.95%, 02/20/25^(c)		200		194,048
3.66%, 02/14/22^(c)		600		606,180


Security	Par (000)		Value

Banks (continued)
Discover Bank, 4.65%, 09/13/28 (Call 09/13/20)	$	110	$	115,356
Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/20)^(b)		200		254,092
Emirates NBD Bank PJSC, 2.63%, 02/18/25^(c)		300		294,240
Fab Sukuk Co. Ltd., 3.63%, 03/05/23^(c)		200		208,038
Fifth Third Bancorp.
2.38%, 01/28/25 (Call 07/28/20)		113		114,483
2.60%, 06/15/22 (Call 06/15/20)		185		188,408
3.50%, 03/15/22 (Call 09/15/20)		100		103,506
3.65%, 01/25/24 (Call 07/25/20)		18		19,001
3.95%, 03/14/28 (Call 09/14/20)		230		265,289
4.30%, 01/16/24 (Call 07/16/20)		135		144,226
8.25%, 03/01/38		255		379,552
Fifth Third Bank/Cincinnati OH
2.25%, 02/01/27 (Call 08/01/20)		260		260,746
3.35%, 07/26/21 (Call 07/26/20)		200		204,832
3.85%, 03/15/26 (Call 09/15/20)		205		220,051
3.95%, 07/28/25 (Call 07/28/20)		300		334,449
First Abu Dhabi Bank PJSC
2.13%, 04/16/22, (3 mo. LIBOR US + 0.950%)^(c)(f)		200		197,484
3.00%, 03/30/22^(c)		400		409,616
First Republic Bank/CA
2.50%, 06/06/22 (Call 06/06/20)		9		9,198
4.38%, 08/01/46 (Call 08/01/20)		15		16,869
Freedom Mortgage Corp.
8.13%, 11/15/24 (Call 05/15/20)^(b)		75		61,439
8.25%, 04/15/25 (Call 10/15/20)^(b)		105		89,186
10.75%, 04/01/24 (Call 10/01/20)^(b)		50		46,352
Goldman Sachs Capital I, 6.35%, 02/15/34		420		534,370
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 05/15/20)		475		477,375
2.88%, 10/31/22 (Call 10/31/20)^(a)		145		147,342
2.91%, 06/05/23 (Call 06/05/20)^(a)		362		370,015
2.91%, 07/24/23 (Call 07/24/20)^(a)		471		482,215
3.00%, 04/26/22 (Call 10/26/20)		1,426		1,444,139
3.20%, 02/23/23 (Call 08/23/20)		210		217,921
3.27%, 09/29/25 (Call 09/29/20)^(a)		385		402,098
3.50%, 01/23/25 (Call 07/23/20)		175		185,098
3.50%, 04/01/25 (Call 10/01/20)		960		1,023,658
3.50%, 11/16/26 (Call 05/16/20)		433		460,050
3.63%, 01/22/23		280		294,123
3.63%, 02/20/24 (Call 08/20/20)		485		515,162
3.69%, 06/05/28 (Call 06/05/20)^(a)		383		408,749
3.75%, 05/22/25 (Call 05/22/20)		201		215,219
3.75%, 02/25/26 (Call 08/25/20)		429		463,020
3.81%, 04/23/29 (Call 10/23/20)^(a)		275		297,256
3.85%, 07/08/24 (Call 07/08/20)		440		469,586
3.85%, 01/26/27 (Call 07/26/20)		560		605,629
4.00%, 03/03/24		369		396,675
4.02%, 10/31/38 (Call 10/31/20)^(a)		481		529,600
4.22%, 05/01/29 (Call 05/01/20)^(a)		411		455,503
4.25%, 10/21/25		495		528,467
4.41%, 04/23/39 (Call 10/23/20)^(a)		270		306,104
4.75%, 10/21/45 (Call 10/21/20)		410		496,104
4.80%, 07/08/44 (Call 07/08/20)		293		357,284
5.15%, 05/22/45		434		528,139
5.25%, 07/27/21		486		507,355
5.75%, 01/24/22		647		692,199
5.95%, 01/15/27		78		92,724
6.25%, 02/01/41		467		649,009


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
6.45%, 05/01/36	$	290	$	380,019
6.75%, 10/01/37		940		1,279,866
Grupo Aval Ltd., 4.38%, 02/04/30 (Call 11/04/29)^(c)		200		167,696
Halyk Savings Bank of Kazakhstan JSC, 5.50%, 12/21/22 (Call 05/28/20)^(c)		73		71,733
HSBC Bank USA N.A./New York NY, 5.88%, 11/01/34		20		26,056
HSBC Holdings PLC
2.63%, 11/07/25 (Call 05/07/20)^(a)		415		423,171
2.65%, 01/05/22		500		507,580
2.95%, 05/25/21		535		542,902
3.26%, 03/13/23 (Call 09/13/20)^(a)		950		975,612
3.80%, 03/11/25 (Call 09/11/20)^(a)		220		234,285
3.90%, 05/25/26		5		5,450
3.97%, 05/22/30 (Call 05/22/20)^(a)		635		694,887
4.00%, 03/30/22		80		83,488
4.25%, 03/14/24		200		212,090
4.25%, 08/18/25		210		224,360
4.29%, 09/12/26 (Call 09/12/20)^(a)		300		329,538
4.30%, 03/08/26		1,020		1,130,935
4.38%, 11/23/26		500		546,370
4.58%, 06/19/29 (Call 06/19/20)^(a)		560		633,366
4.88%, 01/14/22		33		34,850
4.95%, 03/31/30		205		242,952
5.25%, 03/14/44		505		646,673
6.10%, 01/14/42		230		326,729
6.50%, 05/02/36		471		635,793
6.50%, 09/15/37		425		584,681
6.80%, 06/01/38		287		404,974
7.63%, 05/17/32		39		53,671
HSBC USA Inc., 3.50%, 06/23/24		200		213,608
Huntington Bancshares Inc./OH
2.30%, 01/14/22 (Call 07/14/20)		50		50,691
2.55%, 02/04/30 (Call 08/04/20)		367		352,922
2.63%, 08/06/24 (Call 08/06/20)		230		236,316
4.00%, 05/15/25 (Call 05/15/20)		215		234,135
Huntington National Bank (The)
2.50%, 08/07/22 (Call 08/07/20)		250		256,533
3.25%, 05/14/21 (Call 05/14/20)		250		254,830
ICICI Bank Ltd./Dubai
3.25%, 09/09/22^(c)		600		591,198
4.00%, 03/18/26^(c)		200		190,998
Industrial & Commercial Bank of China Ltd., 4.88%, 09/21/25^(c)		600		658,356
Industrial & Commercial Bank of China Ltd./Hong Kong
2.25%, 09/16/22^(c)		400		406,304
2.66%, 02/21/22, (3 mo. LIBOR US + 0.965%)^(c)(f)		600		603,528
2.88%, 02/21/22^(c)		600		613,884
Industrial & Commercial Bank of China Ltd./London
1.47%, 06/14/21, (3 mo. LIBOR US + 0.730%)^(c)(f)		400		399,988
1.84%, 10/25/23, (3 mo. LIBOR US + 0.850%)^(c)(f)		800		799,320
Industrial & Commercial Bank of China Ltd./New York NY, 2.96%, 11/08/22		250		258,235
Industrial & Commercial Bank of China Ltd./Singapore, 1.97%, 04/24/22, (3 mo. LIBOR US + 0.950%)^(c)(f)		200		201,120
Industrial Bank Co. Ltd./Hong Kong, 2.36%, 03/05/23, (3 mo. LIBOR US + 1.050%)^(c)(f)		200		200,856
Industrial Bank of Korea, 2.36%, 08/02/21, (3 mo. LIBOR US + 0.600%)^(c)(f)		200		198,944
ING Bank NV, 2.05%, 08/15/21^(b)		260		261,833


Security	Par (000)		Value

Banks (continued)
ING Groep NV
3.15%, 03/29/22	$	310	$	317,986
3.55%, 04/09/24		210		221,069
3.95%, 03/29/27		200		216,654
4.05%, 04/09/29		255		282,576
4.10%, 10/02/23		225		240,766
4.55%, 10/02/28		200		228,264
4.63%, 01/06/26^(b)		200		224,248
International Bank of Azerbaijan OJSC, 3.50%, 09/01/24^(c)		150		125,972
Intesa Sanpaolo SpA
3.38%, 01/12/23^(b)		230		230,140
3.88%, 01/12/28^(b)		5		4,908
5.02%, 06/26/24^(b)		400		403,532
5.71%, 01/15/26^(b)		200		204,494
Series XR, 4.00%, 09/23/29^(b)		205		201,755
Itau Unibanco Holding SA/Cayman Island
5.13%, 05/13/23^(c)		700		718,046
6.20%, 12/21/21^(c)		800		827,760
JPMorgan Chase & Co.
2.01%, 03/13/26 (Call 09/13/20)^(a)		600		605,478
2.08%, 04/22/26 (Call 10/22/20)^(a)		500		507,020
2.30%, 08/15/21 (Call 08/15/20)		235		235,696
2.30%, 10/15/25 (Call 10/15/20)^(a)		456		466,050
2.40%, 06/07/21 (Call 06/07/20)		169		170,974
2.52%, 04/22/31 (Call 10/22/20)^(a)		700		715,939
2.70%, 05/18/23 (Call 05/18/20)		440		455,532
2.74%, 10/15/30 (Call 10/15/20)^(a)		177		183,407
2.78%, 04/25/23 (Call 10/25/20)^(a)		25		25,595
2.95%, 10/01/26 (Call 10/01/20)		423		443,710
2.97%, 01/15/23 (Call 07/15/20)		519		533,293
3.11%, 04/22/41 (Call 10/22/20)^(a)		500		519,325
3.11%, 04/22/51 (Call 10/22/20)^(a)		1,100		1,143,263
3.13%, 01/23/25 (Call 07/23/20)		630		666,912
3.20%, 01/25/23		1,375		1,439,872
3.20%, 06/15/26 (Call 06/15/20)		382		407,151
3.21%, 04/01/23 (Call 10/01/20)^(a)		605		624,064
3.22%, 03/01/25 (Call 09/01/20)^(a)		101		106,398
3.25%, 09/23/22		433		453,122
3.30%, 04/01/26 (Call 10/01/20)		465		500,438
3.38%, 05/01/23		351		367,329
3.51%, 06/18/22 (Call 06/18/20)^(a)		575		588,553
3.51%, 01/23/29 (Call 07/23/20)^(a)		735		796,049
3.54%, 05/01/28 (Call 05/01/20)^(a)		160		172,358
3.56%, 04/23/24 (Call 10/23/20)^(a)		320		338,317
3.63%, 05/13/24^(d)		268		289,373
3.63%, 12/01/27 (Call 06/01/20)		300		321,498
3.70%, 05/06/30 (Call 05/06/20)^(a)		163		180,167
3.78%, 02/01/28 (Call 08/01/20)^(a)		111		121,294
3.80%, 07/23/24 (Call 07/23/20)^(a)		465		497,243
3.88%, 02/01/24		656		712,252
3.88%, 09/10/24		365		392,806
3.88%, 07/24/38 (Call 07/24/20)^(a)		370		418,403
3.90%, 07/15/25 (Call 07/15/20)		534		588,249
3.90%, 01/23/49 (Call 07/23/20)^(a)		583		682,262
3.96%, 01/29/27 (Call 07/29/20)^(a)		725		801,226
3.96%, 11/15/48 (Call 05/15/20)^(a)		685		809,382
4.01%, 04/23/29 (Call 10/23/20)^(a)		425		474,848
4.02%, 12/05/24 (Call 06/05/20)^(a)		469		507,369
4.03%, 07/24/48 (Call 07/24/20)^(a)		327		388,675
4.13%, 12/15/26		220		244,457


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
4.20%, 07/23/29 (Call 07/23/20)^(a)	$	545	$	616,117
4.25%, 10/01/27		225		252,290
4.26%, 02/22/48 (Call 08/22/20)^(a)		343		421,585
4.35%, 08/15/21		168		174,604
4.45%, 12/05/29 (Call 06/05/20)^(a)		164		190,068
4.50%, 01/24/22		202		213,237
4.63%, 05/10/21		180		186,473
4.85%, 02/01/44		140		182,133
4.95%, 06/01/45		218		274,952
5.40%, 01/06/42		400		548,932
5.50%, 10/15/40		215		293,159
5.60%, 07/15/41		140		194,789
5.63%, 08/16/43		500		687,740
6.40%, 05/15/38		435		640,746
7.63%, 10/15/26		125		162,709
8.75%, 09/01/30		15		23,338
Kasikornbank PCL/Hong Kong, 2.38%, 04/06/22^(c)		200		200,414
KeyBank N.A./Cleveland OH
3.40%, 05/20/26		300		314,322
3.90%, 04/13/29		20		21,307
6.95%, 02/01/28		5		6,158
KeyCorp
2.25%, 04/06/27		130		126,372
2.55%, 10/01/29		285		274,760
4.10%, 04/30/28		200		218,420
4.15%, 10/29/25		371		408,601
KfW
0.00%, 04/18/36^(h)		500		401,995
0.00%, 06/29/37^(h)		150		118,971
1.38%, 08/05/24		130		134,683
1.50%, 06/15/21		1,320		1,336,434
1.63%, 02/15/23		21		21,703
1.75%, 08/22/22^(d)		1,130		1,165,358
1.75%, 09/14/29		225		242,609
2.00%, 11/30/21		320		328,237
2.00%, 09/29/22		395		410,109
2.00%, 10/04/22		263		273,112
2.00%, 05/02/25^(d)		882		944,745
2.13%, 03/07/22		545		562,898
2.13%, 06/15/22		783		812,002
2.13%, 01/17/23		980		1,025,129
2.13%, 08/07/23^(c)		25		26,375
2.38%, 08/25/21		110		112,828
2.38%, 12/29/22		1,061		1,116,384
2.50%, 02/15/22		1,070		1,110,542
2.50%, 11/20/24		965		1,049,283
2.63%, 01/25/22		549		570,466
2.63%, 02/28/24		350		378,682
2.88%, 05/05/22^(c)		36		37,804
2.88%, 04/03/28		770		894,008
3.13%, 12/15/21		1,327		1,385,932
Kookmin Bank, 4.35%, (Call 07/02/24)^(a)(c)(g)		400		386,732
Korea Development Bank (The)
2.00%, 09/12/26		200		202,978
3.00%, 09/14/22		400		415,992
3.00%, 01/13/26		200		214,652
3.38%, 09/16/25		200		218,238
Landesbank Baden-Wuerttemberg, 7.63%, 02/01/23		850		987,836
Landeskreditbank Baden-Wuerttemberg Foerderbank, 2.63%, 02/07/22^(c)		1,000		1,037,020


Security	Par (000)		Value

Banks (continued)
Landwirtschaftliche Rentenbank
1.75%, 07/27/26	$	411	$	436,572
1.88%, 04/17/23^(c)		200		208,268
2.00%, 01/13/25		850		904,757
2.25%, 10/01/21		56		57,429
2.38%, 03/24/21^(c)		220		223,806
2.38%, 06/10/25		304		331,129
3.13%, 11/14/23		100		109,200
Series 36, 2.00%, 12/06/21		350		359,002
Series 37, 2.50%, 11/15/27		83		93,206
Lloyds Bank PLC
2.25%, 08/14/22		200		203,418
3.30%, 05/07/21		200		204,112
3.50%, 05/14/25		150		160,019
Lloyds Banking Group PLC
2.44%, 02/05/26 (Call 08/05/20)^(a)		215		214,783
2.86%, 03/17/23 (Call 09/17/20)^(a)		300		303,501
3.00%, 01/11/22		200		203,554
3.10%, 07/06/21		250		252,698
3.57%, 11/07/28 (Call 05/07/20)^(a)		425		445,957
3.75%, 01/11/27		505		537,643
4.05%, 08/16/23		200		211,012
4.34%, 01/09/48		325		353,915
4.45%, 05/08/25		295		321,736
4.50%, 11/04/24		200		212,564
4.55%, 08/16/28		275		307,538
4.58%, 12/10/25		205		221,593
4.65%, 03/24/26		275		298,587
M&T Bank Corp., 3.55%, 07/26/23 (Call 07/26/20)		125		133,295
Macquarie Bank Ltd.
2.30%, 01/22/25^(b)		15		15,103
3.90%, 01/15/26^(b)		5		5,366
Macquarie Group Ltd.
3.19%, 11/28/23 (Call 05/28/20)^(a)(b)		141		144,497
3.76%, 11/28/28 (Call 05/28/20)^(a)(b)		155		162,155
4.15%, 03/27/24 (Call 09/27/20)^(a)(b)		200		210,514
4.65%, 03/27/29 (Call 09/27/20)^(a)(b)		140		153,632
5.03%, 01/15/30 (Call 07/15/20)^(a)(b)		485		551,552
Manufacturers & Traders Trust Co.
2.50%, 05/18/22 (Call 05/18/20)		250		256,655
3.40%, 08/17/27		5		5,359
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		25		25,181
2.62%, 07/18/22		255		259,835
2.67%, 07/25/22		433		441,807
2.80%, 07/18/24		325		335,325
2.95%, 03/01/21		275		279,249
3.00%, 02/22/22		105		107,490
3.20%, 07/18/29		310		329,580
3.22%, 03/07/22		605		621,952
3.29%, 07/25/27		375		399,540
3.41%, 03/07/24		300		315,306
3.46%, 03/02/23		540		563,620
3.54%, 07/26/21		5		5,125
3.68%, 02/22/27		265		288,415
3.74%, 03/07/29		225		248,461
3.75%, 07/18/39		200		220,342
3.76%, 07/26/23		110		116,420
3.78%, 03/02/25		395		426,809
3.85%, 03/01/26		620		680,580


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
3.96%, 03/02/28	$	100	$	113,347
4.05%, 09/11/28		125		144,118
4.15%, 03/07/39		130		150,515
4.29%, 07/26/38		60		70,615
Mizuho Financial Group Inc.
2.56%, 09/13/25 (Call 09/13/20)^(a)		200		202,984
2.72%, 07/16/23 (Call 07/16/20)^(a)		300		304,725
2.84%, 07/16/25 (Call 07/16/20)^(a)		350		359,061
2.87%, 09/13/30 (Call 09/13/20)^(a)		205		211,499
2.95%, 02/28/22		205		208,741
3.15%, 07/16/30 (Call 07/16/20)^(a)		315		331,635
3.17%, 09/11/27		255		267,194
3.48%, 04/12/26^(b)		250		267,640
3.55%, 03/05/23		505		528,073
3.66%, 02/28/27		205		220,273
3.92%, 09/11/24 (Call 09/11/20)^(a)		200		212,806
4.25%, 09/11/29 (Call 09/11/20)^(a)		250		282,587
4.35%, 10/20/25^(b)(d)		250		267,140
Morgan Stanley
2.19%, 04/28/26 (Call 10/28/20)^(a)		930		940,937
2.63%, 11/17/21		346		351,633
2.70%, 01/22/31 (Call 07/22/20)^(a)		215		219,825
2.72%, 07/22/25 (Call 07/22/20)^(a)		260		268,453
2.75%, 05/19/22		1,799		1,842,770
3.13%, 01/23/23		440		457,552
3.13%, 07/27/26		361		383,216
3.59%, 07/22/28 (Call 07/22/20)^(a)		231		250,085
3.62%, 04/01/31 (Call 10/01/20)^(a)		1,080		1,189,026
3.63%, 01/20/27		233		252,884
3.70%, 10/23/24		216		233,029
3.74%, 04/24/24 (Call 10/24/20)^(a)		461		488,010
3.75%, 02/25/23		330		349,038
3.77%, 01/24/29 (Call 07/24/20)^(a)		742		815,013
3.88%, 01/27/26		313		344,491
3.95%, 04/23/27		332		354,330
3.97%, 07/22/38 (Call 07/22/20)^(a)		150		170,603
4.00%, 07/23/25		540		594,659
4.10%, 05/22/23		54		57,067
4.30%, 01/27/45		490		591,200
4.35%, 09/08/26		305		335,424
4.38%, 01/22/47		599		741,544
4.43%, 01/23/30 (Call 07/23/20)^(a)		355		410,689
4.46%, 04/22/39 (Call 10/22/20)^(a)		225		271,141
4.88%, 11/01/22		745		794,304
5.00%, 11/24/25		171		193,786
5.50%, 07/28/21		230		241,215
5.60%, 03/24/51 (Call 09/24/20)^(a)		700		1,014,671
6.38%, 07/24/42		422		640,756
7.25%, 04/01/32		255		366,884
Series F, 3.88%, 04/29/24		434		467,652
MUFG Americas Holdings Corp., 3.00%, 02/10/25 (Call 08/10/20)		155		158,813
National Australia Bank Ltd., 3.93%, 08/02/34 (Call 08/02/20)^(a)(b)		270		282,010
National Australia Bank Ltd./New York
1.88%, 12/13/22		110		111,642
2.50%, 05/22/22		440		451,277
2.50%, 07/12/26		250		259,328
2.88%, 04/12/23		300		314,097
3.63%, 06/20/23		500		533,975


Security	Par (000)		Value

Banks (continued)
National Bank of Canada
2.10%, 02/01/23	$	505	$	510,186
2.15%, 10/07/22^(b)		285		288,674
NBK SPC Ltd., 2.75%, 05/30/22^(c)		200		199,824
NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 11/27/25)^(a)(c)(g)		200		184,908
Nederlandse Waterschapsbank NV
1.50%, 08/27/21^(b)		500		506,855
1.75%, 01/15/25^(b)		1,000		1,049,950
2.38%, 03/24/26^(b)		200		218,516
NongHyup Bank
1.88%, 09/12/21^(c)		200		201,146
2.88%, 07/17/22^(c)		200		205,486
Nordea Bank Abp
2.25%, 05/27/21^(b)		200		202,424
3.75%, 08/30/23^(b)		20		20,919
4.63%, 09/13/33 (Call 09/13/20)^(a)(b)		205		216,890
Northern Trust Corp.
2.38%, 08/02/22		50		51,354
3.15%, 05/03/29 (Call 05/03/20)		320		351,187
3.38%, 08/23/21		260		268,198
3.38%, 05/08/32 (Call 05/08/20)^(a)		57		59,829
3.65%, 08/03/28 (Call 08/03/20)		105		118,178
3.95%, 10/30/25		100		112,218
Oesterreichische Kontrollbank AG
1.50%, 02/12/25		1,014		1,053,637
2.38%, 10/01/21		302		310,272
3.13%, 11/07/23		25		27,253
PNC Bank N.A.
2.23%, 07/22/22 (Call 07/22/20)^(a)		500		505,780
2.63%, 02/17/22 (Call 08/17/20)		250		255,793
2.95%, 02/23/25 (Call 08/23/20)		255		270,575
3.10%, 10/25/27 (Call 10/25/20)		255		271,124
3.25%, 01/22/28 (Call 07/22/20)		450		487,188
3.30%, 10/30/24 (Call 10/30/20)		205		220,773
4.05%, 07/26/28		115		129,055
PNC Financial Services Group Inc. (The)
2.20%, 11/01/24 (Call 05/01/20)		25		25,902
2.55%, 01/22/30 (Call 07/22/20)		15		15,425
2.60%, 07/23/26 (Call 07/23/20)		250		261,678
2.85%, 11/09/22⁽ⁱ⁾		35		36,421
3.15%, 05/19/27 (Call 05/19/20)		120		129,451
3.45%, 04/23/29 (Call 10/23/20)		150		164,981
3.50%, 01/23/24 (Call 07/23/20)		191		204,202
3.90%, 04/29/24 (Call 10/29/20)		60		64,957
Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25 (Call 06/15/20)^(b)(d)		45		37,900
QIB Sukuk Ltd., 3.98%, 03/26/24^(c)		400		415,068
QNB Finance Ltd.
2.99%, 05/31/21, (3 mo. LIBOR US + 1.350%)^(c)(f)		400		397,344
3.50%, 03/28/24^(c)		200		207,520
QNB Finansbank AS, 4.88%, 05/19/22^(c)		200		196,934
RBS Capital Trust II, 6.43%, (Call 06/30/20)^(a)(g)		100		136,078
Regions Financial Corp.
2.75%, 08/14/22 (Call 08/14/20)		240		244,445
3.80%, 08/14/23 (Call 08/14/20)		250		264,012
7.38%, 12/10/37		15		20,586
Royal Bank of Canada
1.95%, 01/17/23		287		291,044
2.25%, 11/01/24		250		255,703
2.55%, 07/16/24		75		77,595


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
2.75%, 02/01/22	$	840	$	864,469
2.80%, 04/29/22		430		442,586
3.70%, 10/05/23		330		353,737
4.65%, 01/27/26		205		233,743
Royal Bank of Scotland Group PLC
3.75%, 11/01/29 (Call 05/01/20)^(a)		20		19,947
3.88%, 09/12/23		225		235,856
4.27%, 03/22/25 (Call 09/22/20)^(a)		405		429,166
4.45%, 05/08/30 (Call 05/08/20)^(a)		315		351,464
4.80%, 04/05/26		250		277,747
4.89%, 05/18/29 (Call 05/18/20)^(a)		280		317,128
5.08%, 01/27/30 (Call 07/27/20)^(a)		15		17,279
5.13%, 05/28/24		685		726,901
6.00%, 12/19/23		255		277,514
6.10%, 06/10/23		502		541,753
6.13%, 12/15/22		335		358,242
7.65%, (Call 09/30/20)^(a)(g)		165		227,373
Santander Holdings USA Inc.
3.24%, 10/05/26 (Call 10/05/20)		120		115,567
3.40%, 01/18/23 (Call 07/18/20)		50		50,336
3.50%, 06/07/24 (Call 06/07/20)		207		208,691
3.70%, 03/28/22 (Call 09/28/20)		553		560,869
4.40%, 07/13/27 (Call 07/13/20)		175		177,396
4.50%, 07/17/25 (Call 07/17/20)		225		231,469
Santander UK Group Holdings PLC
2.88%, 08/05/21		300		302,100
3.57%, 01/10/23 (Call 07/10/20)		515		524,847
4.75%, 09/15/25^(b)		165		172,374
4.80%, 11/15/24 (Call 05/15/20)^(a)		55		58,886
5.63%, 09/15/45^(b)		5		5,885
Santander UK PLC
2.10%, 01/13/23		5		5,018
2.88%, 06/18/24		300		310,332
3.40%, 06/01/21		665		678,958
3.75%, 11/15/21		200		205,522
4.00%, 03/13/24		418		450,031
Sberbank of Russia Via SB Capital SA, 5.13%, 10/29/22^(c)		200		207,106
Shinhan Bank Co. Ltd.
2.88%, 03/28/22^(c)		200		204,898
3.88%, 03/24/26^(c)		200		200,320
Shinhan Financial Group Co. Ltd., 5.88%, (Call 08/13/23)^(a)(c)(g)		200		206,042
Skandinaviska Enskilda Banken AB
2.80%, 03/11/22		255		260,630
3.25%, 05/17/21^(b)		500		510,750
Societe Generale SA
2.63%, 10/16/24^(b)		5		4,994
3.00%, 01/22/30^(b)		300		295,716
3.88%, 03/28/24^(b)		450		470,673
4.25%, 09/14/23^(b)		515		544,252
4.25%, 04/14/25^(b)		25		25,864
4.75%, 11/24/25^(b)		250		264,272
4.75%, 09/14/28^(b)		205		231,949
5.63%, 11/24/45^(b)		5		5,920
Standard Chartered PLC
2.74%, 09/10/22 (Call 09/10/20)^(a)(b)		500		500,920
2.82%, 01/30/26 (Call 07/30/20)^(a)(b)		800		796,816
3.20%, 04/17/25^(b)		5		5,063
3.79%, 05/21/25 (Call 05/21/20)^(a)(b)		200		206,488
3.89%, 03/15/24 (Call 09/15/20)^(a)(b)		200		205,800


Security	Par (000)		Value

Banks (continued)
3.95%, 01/11/23^(b)	$	325	$	328,247
4.05%, 04/12/26^(b)(d)		500		528,695
4.25%, 01/20/23 (Call 07/20/20)^(a)(b)		275		282,736
4.30%, 02/19/27^(b)		215		221,074
4.31%, 05/21/30 (Call 05/21/20)^(a)(b)		200		215,178
4.87%, 03/15/33 (Call 09/15/20)^(a)(b)		200		212,762
5.20%, 01/26/24^(b)		200		210,832
5.30%, 01/09/43^(b)		5		5,759
5.70%, 01/25/22^(c)		200		207,706
5.70%, 03/26/44^(b)		200		238,826
7.01%, (Call 07/30/20)^(a)(b)(g)		100		105,728
State Bank of India/London
3.25%, 01/24/22^(c)		200		200,030
4.38%, 01/24/24^(c)		740		753,490
State Street Corp.
1.95%, 05/19/21		60		60,677
2.35%, 11/01/25 (Call 05/01/20)^(a)		10		10,325
2.40%, 01/24/30		120		125,404
2.65%, 05/15/23 (Call 05/15/20)^(a)		300		307,683
2.65%, 05/19/26		395		417,080
3.03%, 11/01/34 (Call 05/01/20)^(a)		25		26,158
3.10%, 05/15/23		135		141,894
3.30%, 12/16/24		125		136,393
3.55%, 08/18/25		120		132,862
3.70%, 11/20/23		347		384,747
3.78%, 12/03/24 (Call 06/03/20)^(a)		80		86,669
4.14%, 12/03/29 (Call 06/03/20)^(a)		50		58,158
Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25		250		270,800
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21		313		315,122
2.35%, 01/15/25		15		15,235
2.44%, 10/19/21		25		25,338
2.63%, 07/14/26		79		81,662
2.70%, 07/16/24		500		513,955
2.72%, 09/27/29		205		210,129
2.78%, 07/12/22		42		42,903
2.78%, 10/18/22		380		390,226
2.85%, 01/11/22		355		361,773
3.01%, 10/19/26		100		105,704
3.04%, 07/16/29		460		482,374
3.10%, 01/17/23		312		323,397
3.20%, 09/17/29		400		410,112
3.35%, 10/18/27		265		283,121
3.36%, 07/12/27		40		42,772
3.45%, 01/11/27		130		139,140
3.54%, 01/17/28		405		438,461
3.75%, 07/19/23		455		481,326
3.94%, 10/16/23		50		53,460
3.94%, 07/19/28		205		228,844
4.31%, 10/16/28		75		85,955
Suncorp-Metway Ltd., 3.30%, 04/15/24^(b)		100		102,339
SVB Financial Group, 3.50%, 01/29/25		35		36,432
Svenska Handelsbanken AB
3.35%, 05/24/21		405		415,481
3.90%, 11/20/23		505		545,536
Swedbank AB, 2.80%, 03/14/22^(b)		15		15,309
Synovus Financial Corp.
3.13%, 11/01/22 (Call 05/01/20)		168		167,785
5.90%, 02/07/29 (Call 08/07/20)^(a)		25		23,723
TC Ziraat Bankasi AS, 5.13%, 09/29/23^(c)		200		190,098


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Toronto-Dominion Bank (The)
1.80%, 07/13/21	$	389	$	392,054
1.90%, 12/01/22		170		172,800
2.65%, 06/12/24		365		379,680
3.25%, 06/11/21		100		102,582
3.25%, 03/11/24		471		499,868
3.50%, 07/19/23		150		161,366
3.63%, 09/15/31 (Call 09/15/20)^(a)		680		725,818
Truist Bank
1.50%, 03/10/25 (Call 09/10/20)		315		313,658
2.45%, 08/01/22 (Call 08/01/20)		212		216,940
2.64%, 09/17/29 (Call 09/17/20)^(a)		250		241,935
2.80%, 05/17/22 (Call 05/17/20)		155		159,900
3.00%, 02/02/23 (Call 08/02/20)		150		156,467
3.20%, 04/01/24 (Call 10/01/20)		75		79,462
3.30%, 05/15/26 (Call 05/15/20)		200		212,612
3.50%, 08/02/22 (Call 08/02/20)^(a)		110		112,826
3.63%, 09/16/25 (Call 09/16/20)		205		221,185
3.69%, 08/02/24 (Call 08/02/20)^(a)		85		90,436
4.05%, 11/03/25 (Call 05/03/20)		205		232,734
Truist Financial Corp.
2.05%, 05/10/21 (Call 05/10/20)		313		315,876
2.20%, 03/16/23 (Call 09/16/20)		260		265,803
2.50%, 08/01/24 (Call 08/01/20)		460		476,224
2.70%, 01/27/22 (Call 07/27/20)		384		392,425
2.75%, 04/01/22 (Call 10/01/20)		50		51,246
2.85%, 10/26/24 (Call 10/26/20)		265		279,824
3.05%, 06/20/22 (Call 06/20/20)		100		103,305
3.75%, 12/06/23 (Call 06/06/20)		468		502,646
3.88%, 03/19/29 (Call 09/19/20)		150		159,827
4.00%, 05/01/25 (Call 05/01/20)		196		216,343
Turkiye Garanti Bankasi AS
5.25%, 09/13/22^(c)		200		197,228
5.88%, 03/16/23^(c)		200		196,888
Turkiye Is Bankasi AS
5.38%, 10/06/21^(c)		400		400,416
6.00%, 10/24/22^(c)		200		188,246
6.13%, 04/25/24^(c)		200		192,782
7.75%, 01/22/30 (Call 01/22/25)^(a)(c)		200		175,942
Turkiye Vakiflar Bankasi TAO
5.25%, 02/05/25^(c)		200		179,828
5.75%, 01/30/23^(c)		400		385,788
U.S. Bancorp.
2.40%, 07/30/24 (Call 07/30/20)		216		225,100
2.95%, 07/15/22 (Call 07/15/20)		250		258,923
3.00%, 03/15/22 (Call 09/15/20)		250		258,763
3.00%, 07/30/29 (Call 07/30/20)		210		219,129
3.10%, 04/27/26 (Call 10/27/20)		100		106,215
3.60%, 09/11/24 (Call 09/11/20)		75		80,709
3.70%, 01/30/24 (Call 07/30/20)		150		163,091
3.90%, 04/26/28 (Call 10/26/20)		100		115,887
3.95%, 11/17/25 (Call 05/17/20)		216		244,128
4.13%, 05/24/21 (Call 05/24/20)		77		79,399
Series V, 2.38%, 07/22/26 (Call 07/22/20)		465		485,176
Series V, 2.63%, 01/24/22 (Call 07/24/20)		159		163,732
Series X, 3.15%, 04/27/27 (Call 10/27/20)		450		488,947
U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 07/21/20)		5		5,152
2.80%, 01/27/25 (Call 07/27/20)		250		265,877
2.85%, 01/23/23 (Call 07/23/20)		20		20,853


Security	Par (000)		Value

Banks (continued)
UBS AG/London, 4.50%, 06/26/48^(b)	$	260	$	350,210
UBS Group AG
2.86%, 08/15/23 (Call 08/15/20)^(a)(b)		350		356,758
3.13%, 08/13/30 (Call 08/13/20)^(a)(b)		10		10,354
3.49%, 05/23/23 (Call 05/23/20)^(b)		726		750,154
4.13%, 09/24/25^(b)		215		236,307
4.13%, 04/15/26^(b)		383		421,572
4.25%, 03/23/28 (Call 09/23/20)^(b)		215		238,478
UniCredit SpA
5.86%, 06/19/32 (Call 06/19/20)^(a)(b)		220		217,952
6.57%, 01/14/22^(b)		705		727,849
7.30%, 04/02/34 (Call 10/02/20)^(a)(b)		230		250,999
United Bank for Africa PLC, 7.75%, 06/08/22^(c)		200		176,920
Vnesheconombank Via VEB Finance PLC, 6.03%, 07/05/22^(c)		600		634,584
Wachovia Corp.
5.50%, 08/01/35		324		401,546
6.55%, 10/15/35		200		260,714
Webster Financial Corp., 4.10%, 03/25/29 (Call 09/25/20)		133		144,370
Wells Fargo & Co.
2.10%, 07/26/21		220		221,830
2.16%, 02/11/26 (Call 08/11/20)^(a)		550		553,025
2.41%, 10/30/25 (Call 10/31/20)^(a)		325		330,125
2.57%, 02/11/31 (Call 08/11/20)^(a)		800		798,880
2.63%, 07/22/22		480		491,434
2.88%, 10/30/30 (Call 10/31/20)^(a)		234		239,211
3.00%, 02/19/25		698		732,732
3.00%, 04/22/26		740		777,474
3.00%, 10/23/26		390		408,864
3.07%, 01/24/23 (Call 07/24/20)		581		595,083
3.20%, 06/17/27 (Call 06/17/20)^(a)		460		485,590
3.30%, 09/09/24		918		974,925
3.50%, 03/08/22		475		492,181
3.55%, 09/29/25		335		361,552
3.58%, 05/22/28 (Call 05/22/20)^(a)		680		730,810
3.75%, 01/24/24 (Call 07/24/20)		214		228,327
3.90%, 05/01/45		184		211,000
4.10%, 06/03/26		450		488,047
4.13%, 08/15/23		175		186,429
4.15%, 01/24/29 (Call 07/24/20)		175		197,951
4.30%, 07/22/27		300		326,310
4.40%, 06/14/46		120		135,786
4.65%, 11/04/44		220		258,394
4.75%, 12/07/46		1,276		1,507,581
4.90%, 11/17/45		260		313,448
5.01%, 04/04/51 (Call 10/04/20)^(a)		1,005		1,330,359
5.38%, 02/07/35		260		337,295
5.38%, 11/02/43		225		285,169
5.61%, 01/15/44		630		816,121
Series M, 3.45%, 02/13/23		250		260,260
Wells Fargo Bank N.A.
2.90%, 05/27/22 (Call 05/27/20)^(a)		910		922,967
3.55%, 08/14/23 (Call 08/14/20)		290		309,085
3.63%, 10/22/21 (Call 10/22/20)		250		258,513
Westpac Banking Corp.
2.00%, 08/19/21		120		121,249
2.00%, 01/13/23		210		213,856
2.10%, 05/13/21		25		25,277
2.35%, 02/19/25		45		46,284
2.50%, 06/28/22		137		140,640


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
2.65%, 01/16/30	$	18	$	18,513
2.70%, 08/19/26		435		455,937
2.75%, 01/11/23		191		198,266
2.80%, 01/11/22		105		107,927
2.85%, 05/13/26		118		124,279
2.89%, 02/04/30 (Call 08/04/20)^(a)		215		211,867
3.30%, 02/26/24		469		499,602
3.35%, 03/08/27		225		244,557
3.40%, 01/25/28^(d)		226		247,400
3.65%, 05/15/23		310		331,061
4.11%, 07/24/34 (Call 07/24/20)^(a)		10		10,561
4.32%, 11/23/31 (Call 05/23/20)^(a)		615		651,789
4.42%, 07/24/39^(d)		235		261,203
Woori Bank
2.63%, 07/20/21^(c)		200		201,374
4.25%, (Call 10/04/24)^(a)(c)(g)		400		379,236
5.13%, 08/06/28^(c)		200		222,122
Yapi ve Kredi Bankasi AS
5.50%, 12/06/22^(c)		200		182,366
5.85%, 06/21/24^(c)		200		190,268
8.25%, 10/15/24^(c)		200		204,344
Zions Bancorp. N.A.
3.25%, 10/29/29 (Call 10/29/20)		265		240,832
3.35%, 03/04/22 (Call 09/04/20)		250		249,978

				312,718,782

Beverages — 0.7%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 08/01/20)		674		735,179
4.70%, 02/01/36 (Call 08/01/20)		735		822,039
4.90%, 02/01/46 (Call 08/01/20)		1,250		1,441,750
Anheuser-Busch InBev Finance Inc.
3.30%, 02/01/23 (Call 08/01/20)		611		644,568
3.65%, 02/01/26 (Call 08/01/20)		170		184,217
4.00%, 01/17/43		450		466,596
4.63%, 02/01/44		275		306,993
4.70%, 02/01/36 (Call 08/01/20)		80		88,817
4.90%, 02/01/46 (Call 08/01/20)		275		315,243
Anheuser-Busch InBev Worldwide Inc.
3.50%, 01/12/24 (Call 07/12/20)		275		295,441
3.75%, 07/15/42		140		142,538
4.00%, 04/13/28 (Call 10/13/20)		450		497,785
4.15%, 01/23/25 (Call 07/23/20)		239		265,871
4.38%, 04/15/38 (Call 10/15/20)		400		430,356
4.44%, 10/06/48 (Call 10/06/20)		500		544,210
4.50%, 06/01/50 (Call 12/01/20)		900		1,006,821
4.60%, 04/15/48 (Call 10/15/20)		673		747,865
4.75%, 01/23/29 (Call 07/23/20)		954		1,102,442
4.75%, 04/15/58 (Call 10/15/20)		105		117,780
4.90%, 01/23/31 (Call 07/23/20)		284		334,575
4.95%, 01/15/42		75		85,909
5.45%, 01/23/39 (Call 07/23/20)		130		156,749
5.55%, 01/23/49 (Call 07/23/20)		370		462,689
5.80%, 01/23/59 (Call 07/23/20)		535		706,954
8.20%, 01/15/39		313		467,738
Bacardi Ltd.
2.75%, 07/15/26 (Call 07/15/20)^(b)		100		98,473
4.70%, 05/15/28 (Call 05/15/20)^(b)		100		110,113
5.15%, 05/15/38 (Call 05/15/20)^(b)		100		110,652
5.15%, 05/15/38 (Call 11/15/37)^(c)		15		16,598


Security	Par (000)		Value

Beverages (continued)
5.30%, 05/15/48 (Call 05/15/20)^(b)	$	100	$	114,411
Beam Suntory Inc., 3.25%, 05/15/22 (Call 05/15/20)		120		121,512
Brown-Forman Corp.
4.00%, 04/15/38 (Call 10/15/20)		45		49,505
4.50%, 07/15/45 (Call 07/15/20)		25		30,688
Coca-Cola Co. (The)
1.55%, 09/01/21		425		429,926
1.75%, 09/06/24		140		144,661
2.13%, 09/06/29		100		103,655
2.25%, 09/01/26		210		223,180
2.55%, 06/01/26		10		10,768
2.88%, 10/27/25		410		447,929
2.90%, 05/25/27		175		190,241
3.20%, 11/01/23		375		407,497
3.45%, 03/25/30		200		231,114
4.13%, 03/25/40		500		620,600
4.20%, 03/25/50		200		258,990
Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 05/25/20)		50		54,167
Coca-Cola Icecek AS, 4.22%, 09/19/24 (Call 06/19/24)^(c)		400		392,884
Constellation Brands Inc.
2.65%, 11/07/22 (Call 05/07/20)		256		260,836
2.70%, 05/09/22 (Call 05/09/20)		129		131,131
3.15%, 08/01/29 (Call 08/01/20)		320		331,171
3.50%, 05/09/27 (Call 05/09/20)		46		48,726
3.60%, 02/15/28 (Call 08/15/20)		50		53,126
3.70%, 12/06/26 (Call 06/06/20)		73		78,259
3.75%, 05/01/21		39		39,684
4.25%, 05/01/23		200		214,396
4.40%, 11/15/25 (Call 05/15/20)		136		149,975
4.50%, 05/09/47 (Call 05/09/20)		280		314,703
4.65%, 11/15/28 (Call 05/15/20)		115		131,370
4.75%, 11/15/24		150		166,097
4.75%, 12/01/25		75		84,047
5.25%, 11/15/48 (Call 05/15/20)		85		104,695
Cott Holdings Inc., 5.50%, 04/01/25 (Call 10/01/20)^(b)		125		125,664
Diageo Capital PLC
2.63%, 04/29/23 (Call 10/29/20)		285		296,671
3.50%, 09/18/23 (Call 09/18/20)		200		216,118
3.88%, 05/18/28 (Call 05/18/20)		200		228,766
5.88%, 09/30/36		185		255,955
Diageo Investment Corp.
2.88%, 05/11/22		125		129,833
4.25%, 05/11/42		250		302,097
Fomento Economico Mexicano SAB de CV
2.88%, 05/10/23		150		152,483
3.50%, 01/16/50 (Call 07/16/20)		150		142,818
4.38%, 05/10/43		255		282,994
Heineken NV
3.40%, 04/01/22^(b)		30		31,132
3.50%, 01/29/28 (Call 07/29/20)^(b)		295		321,175
4.35%, 03/29/47 (Call 09/29/20)^(b)		110		132,246
Keurig Dr Pepper Inc.
2.55%, 09/15/26 (Call 09/15/20)		135		137,647
3.40%, 11/15/25 (Call 05/15/20)		35		37,395
3.43%, 06/15/27 (Call 06/15/20)		192		204,948
3.55%, 05/25/21		90		91,826
3.80%, 05/01/50 (Call 11/01/20)		255		272,363
4.06%, 05/25/23 (Call 05/25/20)		480		514,574
4.42%, 05/25/25 (Call 05/25/20)		395		441,839


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Beverages (continued)
4.42%, 12/15/46 (Call 06/15/20)	$	15	$	17,289
4.50%, 11/15/45 (Call 05/15/20)		160		186,053
4.60%, 05/25/28 (Call 05/25/20)		359		415,359
4.99%, 05/25/38 (Call 05/25/20)		40		47,969
5.09%, 05/25/48 (Call 05/25/20)		70		89,038
Molson Coors Beverage Co.
2.10%, 07/15/21 (Call 07/15/20)		230		229,236
3.00%, 07/15/26 (Call 07/15/20)		165		163,749
4.20%, 07/15/46 (Call 07/15/20)		340		321,847
5.00%, 05/01/42		75		78,562
PepsiCo Inc.
0.75%, 05/01/23		130		129,823
1.63%, 05/01/30		260		258,463
1.70%, 10/06/21 (Call 10/06/20)		100		101,393
2.25%, 05/02/22 (Call 05/02/20)		110		113,407
2.25%, 03/19/25 (Call 09/19/20)		600		635,016
2.38%, 10/06/26 (Call 10/06/20)		693		743,651
2.63%, 07/29/29 (Call 07/29/20)		325		351,978
2.75%, 03/05/22		120		124,399
2.75%, 03/01/23		15		15,854
2.75%, 04/30/25 (Call 10/30/20)		25		27,024
2.75%, 03/19/30 (Call 09/19/20)		1,100		1,203,246
2.85%, 02/24/26 (Call 08/24/20)		50		54,622
2.88%, 10/15/49 (Call 10/15/20)		210		225,221
3.00%, 08/25/21		37		38,092
3.00%, 10/15/27 (Call 10/15/20)		110		121,003
3.10%, 07/17/22 (Call 07/17/20)		78		81,923
3.38%, 07/29/49 (Call 07/29/20)		315		359,261
3.45%, 10/06/46 (Call 10/06/20)		275		314,836
3.50%, 03/19/40 (Call 09/19/20)		500		580,575
3.60%, 03/01/24 (Call 09/01/20)		393		430,036
3.63%, 03/19/50 (Call 09/19/20)		600		723,870
4.00%, 03/05/42		50		61,149
4.00%, 05/02/47 (Call 05/02/20)		200		250,880
4.25%, 10/22/44 (Call 10/22/20)		12		15,187
4.45%, 04/14/46 (Call 10/14/20)		485		635,753
4.60%, 07/17/45 (Call 07/17/20)		5		6,648
Pernod Ricard SA
3.25%, 06/08/26 (Call 06/08/20)^(b)(d)		150		157,356
4.45%, 01/15/22^(b)		150		157,070
Suntory Holdings Ltd., 2.25%, 10/16/24 (Call 10/16/20)^(b)		200		198,078

				32,630,365

Biotechnology — 0.2%
Amgen Inc.
1.90%, 02/21/25 (Call 08/21/20)		15		15,386
2.20%, 02/21/27 (Call 08/21/20)		57		58,789
2.25%, 08/19/23 (Call 08/19/20)^(d)		160		165,909
2.60%, 08/19/26 (Call 08/19/20)		339		363,133
2.65%, 05/11/22 (Call 05/11/20)		204		209,692
3.13%, 05/01/25 (Call 05/01/20)		414		449,633
3.15%, 02/21/40 (Call 08/21/20)		6		6,337
3.20%, 11/02/27 (Call 05/02/20)		25		27,380
3.38%, 02/21/50 (Call 08/21/20)		400		436,288
3.63%, 05/15/22 (Call 05/15/20)		175		182,695
3.63%, 05/22/24 (Call 05/22/20)		405		440,717
3.88%, 11/15/21 (Call 05/15/20)		166		171,370
4.40%, 05/01/45 (Call 05/01/20)		407		496,491
4.56%, 06/15/48 (Call 06/15/20)		309		393,533
4.66%, 06/15/51 (Call 06/15/20)		688		899,821
4.95%, 10/01/41		190		246,261


Security	Par (000)		Value

Biotechnology (continued)
5.15%, 11/15/41 (Call 05/15/20)	$	125	$	166,801
5.65%, 06/15/42 (Call 06/15/20)		60		85,448
5.75%, 03/15/40^(d)		50		68,053
6.38%, 06/01/37		29		43,249
Baxalta Inc.
4.00%, 06/23/25 (Call 06/23/20)		265		291,731
5.25%, 06/23/45 (Call 06/23/20)		142		198,431
Biogen Inc.
2.25%, 05/01/30 (Call 11/01/20)		400		399,796
3.15%, 05/01/50 (Call 11/01/20)		380		371,712
4.05%, 09/15/25 (Call 09/15/20)		340		377,835
5.20%, 09/15/45 (Call 09/15/20)		380		495,239
Concordia International Corp., 8.00%, 09/06/24 (Call 10/01/20)		16		14,400
Gilead Sciences Inc.
1.95%, 03/01/22 (Call 09/01/20)		80		81,378
2.50%, 09/01/23 (Call 09/01/20)		25		26,183
2.95%, 03/01/27 (Call 09/01/20)		245		267,246
3.25%, 09/01/22 (Call 09/01/20)		321		336,562
3.50%, 02/01/25 (Call 08/01/20)		110		121,171
3.65%, 03/01/26 (Call 09/01/20)		658		741,191
3.70%, 04/01/24 (Call 10/01/20)		625		682,681
4.15%, 03/01/47 (Call 09/01/20)		550		693,555
4.40%, 12/01/21 (Call 06/01/20)		50		52,338
4.50%, 02/01/45 (Call 08/01/20)		340		439,334
4.60%, 09/01/35 (Call 09/01/20)		135		174,501
4.75%, 03/01/46 (Call 09/01/20)		375		504,859
4.80%, 04/01/44 (Call 10/01/20)		327		435,155
5.65%, 12/01/41 (Call 06/01/20)		50		71,800

				11,704,084

Building Materials — 0.2%
American Woodmark Corp., 4.88%, 03/15/26 (Call 09/15/20)^(b)		50		47,281
BMC East LLC, 5.50%, 10/01/24 (Call 10/01/20)^(b)		25		23,942
Boise Cascade Co., 5.63%, 09/01/24 (Call 09/01/20)^(b)		50		49,878
Builders FirstSource Inc.
5.00%, 03/01/30 (Call 09/01/20)^(b)		110		94,979
6.75%, 06/01/27 (Call 06/01/20)^(b)		43		44,354
Carrier Global Corp.
1.92%, 02/15/23 (Call 08/15/20)^(b)		165		165,825
2.24%, 02/15/25 (Call 08/15/20)^(b)		171		169,393
2.49%, 02/15/27 (Call 08/15/20)^(b)		274		262,451
3.38%, 04/05/40 (Call 10/05/20)^(b)		202		181,109
3.58%, 04/05/50 (Call 10/05/20)^(b)		419		378,881
Cemex SAB de CV
5.45%, 11/19/29 (Call 11/19/24)^(c)		200		162,030
5.70%, 01/11/25 (Call 01/11/21)^(c)		450		407,106
Cornerstone Building Brands Inc., 8.00%, 04/15/26 (Call 10/15/20)^(b)		90		76,518
CRH America Finance Inc.
3.40%, 05/09/27 (Call 05/09/20)^(b)		40		41,439
3.95%, 04/04/28 (Call 10/04/20)^(b)		250		262,755
4.50%, 04/04/48 (Call 10/04/20)^(b)		255		270,805
Eagle Materials Inc., 4.50%, 08/01/26 (Call 08/01/20)		27		25,306
Fortune Brands Home & Security Inc.
3.25%, 09/15/29 (Call 09/15/20)		255		249,449
4.00%, 09/21/23 (Call 09/21/20)		145		151,890
4.00%, 06/15/25 (Call 06/15/20)		10		10,570
Griffon Corp., 5.75%, 03/01/28 (Call 09/01/20)		135		129,306


SCHEDULE OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Building Materials (continued)
James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 07/15/20)^(b)	$	200	$	189,576
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 06/15/20)^(b)		100		89,988
4.88%, 12/15/27 (Call 06/15/20)^(b)		50		44,087
JELD-WEN Inc., 6.25%, 05/15/25 (Call 11/15/20)^(b)		35		35,390
Johnson Controls International PLC
3.63%, 07/02/24 (Call 07/02/20)⁽ⁱ⁾		97		101,548
3.90%, 02/14/26 (Call 08/14/20)		97		102,844
4.50%, 02/15/47 (Call 08/15/20)		225		255,150
4.63%, 07/02/44 (Call 07/02/20)		95		105,965
4.95%, 07/02/64 (Call 07/02/20)⁽ⁱ⁾		10		11,143
5.13%, 09/14/45 (Call 09/14/20)		13		15,235
6.00%, 01/15/36		44		53,110
LafargeHolcim Finance U.S. LLC
3.50%, 09/22/26 (Call 09/22/20)^(b)		5		5,020
4.75%, 09/22/46 (Call 09/22/20)^(b)		5		4,991
Lennox International Inc., 3.00%, 11/15/23 (Call 05/15/20)		75		75,690
Louisiana-Pacific Corp., 4.88%, 09/15/24 (Call 09/15/20)		40		39,157
Martin Marietta Materials Inc.
3.45%, 06/01/27 (Call 06/01/20)		50		51,208
3.50%, 12/15/27 (Call 06/15/20)		155		161,521
4.25%, 12/15/47 (Call 06/15/20)		185		189,222
Masco Corp.
3.50%, 11/15/27 (Call 05/15/20)		105		103,055
4.38%, 04/01/26 (Call 10/01/20)		108		112,890
4.45%, 04/01/25 (Call 10/01/20)		215		226,502
4.50%, 05/15/47 (Call 05/15/20)		55		54,659
Masonite International Corp.
5.38%, 02/01/28 (Call 08/01/20)^(b)		75		71,925
5.75%, 09/15/26 (Call 09/15/20)^(b)		50		48,767
Norbord Inc., 5.75%, 07/15/27 (Call 07/15/20)^(b)		61		55,783
Owens Corning
3.40%, 08/15/26 (Call 08/15/20)		112		113,085
3.95%, 08/15/29 (Call 08/15/20)		90		92,610
4.30%, 07/15/47 (Call 07/15/20)		71		68,685
4.40%, 01/30/48 (Call 07/30/20)		85		81,388
7.00%, 12/01/36		22		27,311
Patrick Industries Inc., 7.50%, 10/15/27 (Call 10/15/20)^(b)		50		46,998
PGT Innovations Inc., 6.75%, 08/01/26 (Call 08/01/20)^(b)(d)		50		49,433
Standard Industries Inc./NJ
4.75%, 01/15/28 (Call 07/15/20)^(b)		155		152,863
5.00%, 02/15/27 (Call 08/15/20)^(b)		50		50,083
5.38%, 11/15/24 (Call 05/15/20)^(b)		200		202,340
5.50%, 02/15/23 (Call 08/15/20)^(b)		22		22,045
6.00%, 10/15/25 (Call 10/15/20)^(b)		145		149,599
Summit Materials LLC/Summit Materials Finance Corp.
5.13%, 06/01/25 (Call 06/01/20)^(b)		125		121,629
6.13%, 07/15/23 (Call 07/15/20)		75		75,098
6.50%, 03/15/27 (Call 09/15/20)^(b)		35		34,547
U.S. Concrete Inc., 6.38%, 06/01/24 (Call 06/01/20)		105		99,097
Votorantim Cimentos International SA, 7.25%, 04/05/41^(c)		200		217,364
Vulcan Materials Co.
4.50%, 04/01/25 (Call 10/01/20)		76		79,985
4.50%, 06/15/47 (Call 06/15/20)		140		153,216
4.70%, 03/01/48 (Call 09/01/20)		80		88,838

				7,335,907


Security	Par (000)		Value

Chemicals — 0.7%
Air Liquide Finance SA
2.25%, 09/27/23 (Call 09/27/20)^(b)	$	400	$	411,392
2.50%, 09/27/26 (Call 09/27/20)^(b)		285		293,980
Air Products and Chemicals Inc.
1.50%, 10/15/25 (Call 10/15/20)		45		45,360
1.85%, 05/15/27 (Call 11/15/20)		175		177,271
2.05%, 05/15/30 (Call 11/15/20)		180		183,008
2.70%, 05/15/40 (Call 11/15/20)		100		101,314
2.80%, 05/15/50 (Call 11/15/20)		65		66,195
3.35%, 07/31/24 (Call 07/31/20)		135		147,320
Airgas Inc., 3.65%, 07/15/24 (Call 07/15/20)		5		5,377
Albemarle Corp.
4.15%, 12/01/24 (Call 06/01/20)		111		115,681
5.45%, 12/01/44 (Call 06/01/20)		17		17,096
Albemarle Wodgina Pty Ltd., 3.45%, 11/15/29 (Call 05/15/20)^(b)		210		199,183
Alpek SAB de CV, 4.50%, 11/20/22^(c)		400		395,508
Ashland LLC
4.75%, 08/15/22 (Call 08/15/20)		15		15,666
6.88%, 05/15/43 (Call 05/15/20)		50		53,281
Blue Cube Spinco LLC
9.75%, 10/15/23 (Call 10/15/20)		100		104,286
10.00%, 10/15/25 (Call 10/15/20)		75		79,438
Bluestar Finance Holdings Ltd., 3.38%, 07/16/24^(c)		400		401,188
Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)^(c)		200		181,000
Braskem Finance Ltd., 6.45%, 02/03/24		50		49,358
Braskem Idesa SAPI, 7.45%, 11/15/29 (Call 11/15/24)^(c)		200		148,856
Braskem Netherlands Finance BV
4.50%, 01/10/28 (Call 10/10/27)^(c)(d)		200		170,914
4.50%, 01/31/30^(c)		400		315,720
Cabot Corp.
3.40%, 09/15/26 (Call 09/15/20)		25		25,096
4.00%, 07/01/29 (Call 07/01/20)		265		272,256
Celanese U.S. Holdings LLC
3.50%, 05/08/24 (Call 05/08/20)		330		331,195
4.63%, 11/15/22		63		64,788
5.88%, 06/15/21		155		162,806
CF Industries Inc.
3.45%, 06/01/23		100		101,093
4.50%, 12/01/26^(b)		205		220,324
4.95%, 06/01/43		150		153,183
5.15%, 03/15/34		115		120,131
5.38%, 03/15/44		125		129,386
Chemours Co. (The)
5.38%, 05/15/27 (Call 05/15/20)		75		63,560
6.63%, 05/15/23 (Call 05/15/20)		127		120,473
7.00%, 05/15/25 (Call 05/15/20)^(d)		125		117,544
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, 3.70%, 06/01/28 (Call 06/01/20)^(b)		100		99,099
CNAC HK Finbridge Co. Ltd.
3.50%, 07/19/22^(c)		800		806,136
4.13%, 03/14/21^(c)		200		201,870
4.13%, 07/19/27^(c)		400		412,828
4.63%, 03/14/23^(c)		200		207,802
5.13%, 03/14/28^(c)		700		763,637
Consolidated Energy Finance SA, 6.88%, 06/15/25 (Call 06/15/20)^(b)		150		116,258
Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 08/15/20)^(b)		155		125,428


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23 (Call 06/15/20)^(b)	$	56	$	49,619
Dow Chemical Co. (The)
3.15%, 05/15/24 (Call 05/15/20)		25		25,750
3.50%, 10/01/24 (Call 10/01/20)		335		350,149
3.63%, 05/15/26 (Call 05/15/20)		80		84,390
4.25%, 10/01/34 (Call 10/01/20)		350		367,899
4.38%, 11/15/42 (Call 05/15/20)		290		309,288
4.55%, 11/30/25 (Call 05/30/20)		30		32,606
4.63%, 10/01/44 (Call 10/01/20)		55		59,993
4.80%, 11/30/28 (Call 05/31/20)		270		303,151
4.80%, 05/15/49 (Call 05/15/20)^(d)		186		213,920
5.25%, 11/15/41 (Call 05/15/20)		110		128,065
5.55%, 11/30/48 (Call 05/31/20)		50		63,083
7.38%, 11/01/29		110		148,438
9.40%, 05/15/39		135		215,486
DuPont de Nemours Inc.
4.21%, 11/15/23 (Call 05/15/20)		614		664,680
4.49%, 11/15/25 (Call 05/15/20)		300		329,904
4.73%, 11/15/28 (Call 05/15/20)		465		527,277
5.32%, 11/15/38 (Call 05/15/20)		190		231,409
5.42%, 11/15/48 (Call 05/15/20)		419		539,676
Eastman Chemical Co.
3.50%, 12/01/21		460		470,897
3.60%, 08/15/22 (Call 08/15/20)		411		424,834
3.80%, 03/15/25 (Call 09/15/20)		120		125,622
4.50%, 12/01/28 (Call 06/01/20)		155		170,988
4.65%, 10/15/44 (Call 10/15/20)		140		160,378
4.80%, 09/01/42 (Call 09/01/20)		110		123,456
Ecolab Inc.
2.38%, 08/10/22 (Call 08/10/20)		102		105,696
2.70%, 11/01/26 (Call 05/01/20)		85		90,846
3.25%, 01/14/23 (Call 07/14/20)		215		225,862
3.25%, 12/01/27 (Call 06/01/20)		99		108,391
3.95%, 12/01/47 (Call 06/01/20)		185		224,573
4.35%, 12/08/21		145		153,319
5.50%, 12/08/41		84		105,456
Element Solutions Inc., 5.88%, 12/01/25 (Call 06/01/20)^(b)		100		99,296
Equate Petrochemical BV, 4.25%, 11/03/26^(c)		400		388,280
Eurochem Finance DAC, 5.50%, 03/13/24^(c)		200		214,472
FMC Corp.
3.20%, 10/01/26 (Call 10/01/20)		130		134,948
3.45%, 10/01/29 (Call 10/01/20)		75		77,847
3.95%, 02/01/22 (Call 08/01/20)		190		194,197
4.50%, 10/01/49 (Call 10/01/20)		105		118,509
GCP Applied Technologies Inc., 5.50%, 04/15/26 (Call 10/15/20)^(b)		150		144,371
HB Fuller Co., 4.00%, 02/15/27 (Call 08/15/20)		125		115,631
Hexion Inc., 7.88%, 07/15/27 (Call 07/15/20)^(b)		50		45,989
Huntsman International LLC
4.50%, 05/01/29 (Call 05/01/20)		195		187,957
5.13%, 11/15/22 (Call 05/15/20)		75		75,635
INEOS Group Holdings SA, 5.63%, 08/01/24 (Call 08/01/20)^(b)(d)		200		194,002
Ingevity Corp., 4.50%, 02/01/26 (Call 08/01/20)^(b)		50		44,312
Innophos Holdings Inc., 9.38%, 02/15/28 (Call 08/15/20)^(b)		50		48,071
International Flavors & Fragrances Inc.
4.38%, 06/01/47 (Call 06/01/20)		255		256,612
4.45%, 09/26/28 (Call 09/26/20)		85		90,491
5.00%, 09/26/48 (Call 09/26/20)		100		112,579


Security	Par (000)		Value

Chemicals (continued)
Israel Chemicals Ltd., 6.38%, 05/31/38 (Call 11/30/37)^(b)(c)	$	138	$	149,206
Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.00%, 04/15/25 (Call 07/15/20)^(b)		75		72,097
Lubrizol Corp. (The), 6.50%, 10/01/34		75		117,148
LYB International Finance BV
4.00%, 07/15/23		290		303,131
4.88%, 03/15/44 (Call 09/15/20)		199		217,871
5.25%, 07/15/43		10		11,375
LYB International Finance II BV, 3.50%, 03/02/27 (Call 09/02/20)		275		282,450
LYB International Finance III LLC
4.20%, 10/15/49 (Call 10/15/20)		135		137,390
4.20%, 05/01/50 (Call 11/01/20)		350		353,962
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/20)		120		126,949
5.75%, 04/15/24 (Call 10/15/20)		260		288,296
Methanex Corp.
4.25%, 12/01/24 (Call 06/01/20)		5		4,486
5.25%, 12/15/29 (Call 06/15/20)		205		172,872
5.65%, 12/01/44 (Call 06/01/20)		75		51,413
Mosaic Co. (The)
3.25%, 11/15/22 (Call 05/15/20)		200		199,654
4.05%, 11/15/27 (Call 05/15/20)		240		239,657
4.25%, 11/15/23 (Call 05/15/20)		345		351,765
4.88%, 11/15/41 (Call 05/15/20)		65		57,921
5.45%, 11/15/33 (Call 05/15/20)		54		54,141
5.63%, 11/15/43 (Call 05/15/20)		155		156,021
Neon Holdings Inc., 10.13%, 04/01/26 (Call 10/01/20)^(b)		75		67,500
NewMarket Corp., 4.10%, 12/15/22		60		63,674
Nufarm Australia Ltd./Nufarm Americas Inc., 5.75%, 04/30/26 (Call 10/30/20)^(b)		80		75,556
Nutrien Ltd.
3.00%, 04/01/25 (Call 10/01/20)		167		172,028
3.15%, 10/01/22 (Call 10/01/20)		220		225,907
3.38%, 03/15/25 (Call 09/15/20)		90		94,066
3.63%, 03/15/24 (Call 09/15/20)		35		36,708
4.00%, 12/15/26 (Call 06/15/20)		147		159,182
4.13%, 03/15/35 (Call 09/15/20)		10		10,689
4.20%, 04/01/29 (Call 10/01/20)		154		175,126
4.90%, 06/01/43 (Call 06/01/20)		74		82,147
5.00%, 04/01/49 (Call 10/01/20)		175		227,090
5.25%, 01/15/45 (Call 07/15/20)		165		197,500
5.63%, 12/01/40		60		66,793
5.88%, 12/01/36		40		46,865
6.13%, 01/15/41 (Call 07/15/20)		110		137,666
OCI NV, 6.63%, 04/15/23 (Call 10/15/20)^(b)		200		201,664
OCP SA
4.50%, 10/22/25^(c)		400		412,748
5.63%, 04/25/24^(c)		400		430,804
Olin Corp.
5.00%, 02/01/30 (Call 08/01/20)		75		65,991
5.13%, 09/15/27 (Call 09/15/20)		125		114,929
5.63%, 08/01/29 (Call 08/01/20)		120		108,526
Orbia Advance Corp. SAB de CV
4.00%, 10/04/27 (Call 07/04/27)^(c)		200		188,888
5.50%, 01/15/48 (Call 07/15/47)^(c)		200		186,004
5.88%, 09/17/44^(c)		200		192,656
PolyOne Corp.
5.25%, 03/15/23		100		104,010
5.75%, 05/15/25^(b)		35		35,430


SCHEDULE OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
PPG Industries Inc.
2.40%, 08/15/24 (Call 08/15/20)	$	330	$	339,560
2.80%, 08/15/29 (Call 08/15/20)		142		148,210
3.20%, 03/15/23 (Call 09/15/20)		60		62,653
3.75%, 03/15/28 (Call 09/15/20)^(d)		128		144,687
PQ Corp.
5.75%, 12/15/25 (Call 08/15/20)^(b)		50		49,575
6.75%, 11/15/22 (Call 05/15/20)^(b)		75		75,563
Praxair Inc.
2.20%, 08/15/22 (Call 08/15/20)		60		61,313
2.65%, 02/05/25 (Call 08/05/20)		410		430,672
3.20%, 01/30/26 (Call 07/30/20)		9		9,785
3.55%, 11/07/42 (Call 05/07/20)		70		77,815
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 10/01/20)^(b)		75		65,015
Rayonier AM Products Inc., 5.50%, 06/01/24 (Call 06/01/20)^(b)		75		39,897
RPM International Inc.
3.45%, 11/15/22 (Call 05/15/20)		74		76,340
3.75%, 03/15/27 (Call 09/15/20)		109		111,178
4.25%, 01/15/48 (Call 07/15/20)		85		81,382
4.55%, 03/01/29 (Call 09/01/20)		75		78,247
5.25%, 06/01/45 (Call 06/01/20)		55		58,618
SABIC Capital II BV
4.00%, 10/10/23^(c)		200		206,028
4.50%, 10/10/28^(c)		200		212,600
Sasol Financing International Ltd., 4.50%, 11/14/22		200		140,438
Sasol Financing USA LLC, 5.88%, 03/27/24 (Call 09/27/20)		275		182,578
Sherwin-Williams Co. (The)
2.30%, 05/15/30 (Call 11/15/20)		155		153,724
2.75%, 06/01/22 (Call 06/01/20)		9		9,080
2.95%, 08/15/29 (Call 08/15/20)		195		203,527
3.13%, 06/01/24 (Call 06/01/20)		175		183,958
3.45%, 08/01/25 (Call 08/01/20)		150		161,529
3.45%, 06/01/27 (Call 06/01/20)		222		239,161
3.80%, 08/15/49 (Call 08/15/20)		180		197,248
4.00%, 12/15/42 (Call 06/15/20)		45		48,969
4.50%, 06/01/47 (Call 06/01/20)		141		169,248
4.55%, 08/01/45 (Call 08/01/20)		105		123,566
Sociedad Quimica y Minera de Chile SA, 4.25%, 01/22/50 (Call 07/22/49)^(c)		200		178,434
SPCM SA, 4.88%, 09/15/25 (Call 09/15/20)^(b)		200		203,256
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 8.00%, 10/01/26 (Call 10/01/20)^(b)		150		140,514
Syngenta Finance NV
3.13%, 03/28/22		753		744,024
4.89%, 04/24/25 (Call 10/24/20)^(b)		365		365,916
5.18%, 04/24/28 (Call 10/24/20)^(b)		550		566,285
TPC Group Inc., 10.50%, 08/01/24 (Call 08/01/20)^(b)		130		106,397
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25 (Call 05/03/20)^(b)		196		167,402
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)^(b)		75		68,471
Tronox Inc.
6.50%, 05/01/25 (Call 11/01/20)^(b)		10		10,061
6.50%, 04/15/26 (Call 10/15/20)^(b)		100		90,516
Valvoline Inc.
4.25%, 02/15/30 (Call 10/15/20)^(b)		70		68,102
4.38%, 08/15/25 (Call 08/15/20)		100		100,979


Security	Par (000)		Value

Chemicals (continued)
Venator Finance Sarl/Venator Materials LLC, 5.75%,
07/15/25 (Call 07/15/20)^(b)	$	50	$	34,801
Westlake Chemical Corp.
3.60%, 08/15/26 (Call 08/15/20)		133		128,290
4.38%, 11/15/47 (Call 05/15/20)		125		109,045
5.00%, 08/15/46 (Call 08/15/20)		120		115,284
WR Grace & Co.-Conn
5.13%, 10/01/21^(b)		125		125,761
5.63%, 10/01/24^(b)		25		25,076
Yara International ASA, 4.75%, 06/01/28 (Call 06/01/20)^(b)		150		165,406
				32,855,721

Coal — 0.0%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 05/01/20)^(b)		70		45,778
China Shenhua Overseas Capital Co. Ltd., 3.88%, 01/20/25^(c)		200		208,590
CONSOL Energy Inc., 11.00%, 11/15/25 (Call 05/15/20)^(b)		50		21,731
Korea Resources Corp., 3.00%, 04/24/22^(c)		200		203,518
Natural Resource Partners LP/NRP Finance Corp., 9.13%, 06/30/25 (Call 06/30/20)^(b)(d)		50		42,048
Peabody Energy Corp.
6.00%, 03/31/22 (Call 09/30/20)^(b)		75		57,095
6.38%, 03/31/25 (Call 09/30/20)^(b)		75		44,532
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25 (Call 06/15/20)^(b)		115		89,875
Warrior Met Coal Inc., 8.00%, 11/01/24 (Call 05/01/20)^(b)		35		32,761

				745,928

Commercial Services — 0.5%
ACE Cash Express Inc., 12.00%, 12/15/22 (Call 06/15/20)^(b)		54		41,489
Adani Ports & Special Economic Zone Ltd., 4.00%, 07/30/27 (Call 06/30/27)^(c)		200		171,768
ADT Security Corp. (The)
3.50%, 07/15/22		175		171,507
4.13%, 06/15/23		125		123,276
4.88%, 07/15/32^(b)		125		111,200
6.25%, 10/15/21		175		179,322
Ahern Rentals Inc., 7.38%, 05/15/23 (Call 05/15/20)^(b)		75		36,924
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.63%, 07/15/26 (Call 07/15/20)^(b)		240		248,220
9.75%, 07/15/27 (Call 07/15/20)^(b)		175		179,657
American University (The), Series 2019, 3.67%, 04/01/49		32		35,350
AMN Healthcare Inc., 4.63%, 10/01/27 (Call 10/01/20)^(b)		100		98,459
APTIM Corp., 7.75%, 06/15/25 (Call 06/15/20)^(b)		75		24,724
APX Group Inc.
6.75%, 02/15/27 (Call 08/15/20)^(b)		90		77,401
7.63%, 09/01/23 (Call 09/01/20)^(d)		69		54,918
7.88%, 12/01/22 (Call 06/01/20)		150		142,785
ASGN Inc., 4.63%, 05/15/28 (Call 05/15/20)^(b)		85		78,342
Ashtead Capital Inc.
4.13%, 08/15/25 (Call 08/15/20)^(b)		200		197,980
4.25%, 11/01/29 (Call 05/01/20)^(b)		200		190,288
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 09/15/20)		183		203,174
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.25%, 03/15/25 (Call 09/15/20)^(b)		100		59,658
5.50%, 04/01/23 (Call 10/01/20)		22		14,580


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services (continued)
5.75%, 07/15/27 (Call 07/15/20)^(b)	$	60	$	34,874
6.38%, 04/01/24 (Call 10/01/20)^(b)		75		46,141
Block Financial LLC
5.25%, 10/01/25 (Call 10/01/20)		229		234,601
5.50%, 11/01/22 (Call 05/01/20)		84		86,791
Brink’s Co. (The), 4.63%, 10/15/27 (Call 10/15/20)^(b)		125		118,077
California Institute of Technology, 3.65%, 09/01/2119 (Call 09/01/20)		131		135,193
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24 (Call 08/01/20)^(b)		90		86,134
Cardtronics Inc./Cardtronics USA Inc., 5.50%, 05/01/25 (Call 05/01/20)^(b)		60		56,975
Carriage Services Inc., 6.63%, 06/01/26 (Call 06/01/20)^(b)		50		49,751
Cimpress PLC, 7.00%, 06/15/26 (Call 06/15/20)^(b)		150		109,439
Cintas Corp. No. 2
2.90%, 04/01/22 (Call 10/01/20)		620		640,045
3.25%, 06/01/22 (Call 06/01/20)		427		438,747
3.70%, 04/01/27 (Call 10/01/20)		347		373,268
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114		115		149,779
CMHI Finance BVI Co. Ltd., 4.38%, 08/06/23^(c)		250		268,772
DP World Crescent Ltd.
3.88%, 07/18/29^(c)		400		352,680
4.85%, 09/26/28^(c)		200		189,318
DP World PLC
4.70%, 09/30/49 (Call 03/30/49)^(c)		200		169,574
5.63%, 09/25/48^(c)		200		192,550
6.85%, 07/02/37^(b)		420		461,189
Equifax Inc.
2.30%, 06/01/21 (Call 06/01/20)		125		125,535
2.60%, 12/01/24 (Call 06/01/20)		325		330,629
3.30%, 12/15/22 (Call 06/15/20)		35		35,965
3.95%, 06/15/23 (Call 06/15/20)		40		41,844
ERAC USA Finance LLC
2.70%, 11/01/23 (Call 05/01/20)^(b)		25		24,681
3.30%, 12/01/26 (Call 06/01/20)^(b)		13		12,994
3.80%, 11/01/25 (Call 05/01/20)^(b)		200		204,322
3.85%, 11/15/24 (Call 05/15/20)^(b)		100		102,708
4.20%, 11/01/46 (Call 05/01/20)^(b)		155		149,318
5.63%, 03/15/42^(b)		214		248,157
7.00%, 10/15/37^(b)		135		174,513
Experian Finance PLC, 4.25%, 02/01/29 (Call 08/01/20)^(b)		200		219,748
Garda World Security Corp.
4.63%, 02/15/27 (Call 08/15/20)^(b)		75		72,959
9.50%, 11/01/27 (Call 05/01/20)^(b)		102		101,888
Gartner Inc., 5.13%, 04/01/25 (Call 10/01/20)^(b)		150		154,657
GEMS MENASA Cayman Ltd./GEMS Education
Delaware LLC, 7.13%, 07/31/26 (Call 07/31/22)^(c)		200		183,770
George Washington University (The)
Series 2014, 4.30%, 09/15/44		12		14,213
Series 2018, 4.13%, 09/15/48 (Call 09/15/20)		95		112,855
Georgetown University (The)
Series 20A, 2.94%, 04/01/50		38		36,372
Series A, 5.22%, 10/01/2118 (Call 10/01/20)		15		22,668
Global Payments Inc.
2.65%, 02/15/25 (Call 08/15/20)		284		292,037
3.20%, 08/15/29 (Call 08/15/20)		104		107,028
4.00%, 06/01/23 (Call 06/01/20)		75		79,755
4.15%, 08/15/49 (Call 08/15/20)		25		27,119
4.45%, 06/01/28 (Call 06/01/20)		40		44,370
4.80%, 04/01/26 (Call 10/01/20)		125		141,974


Security	Par (000)		Value

Commercial Services (continued)
Graham Holdings Co., 5.75%, 06/01/26 (Call 06/01/20)^(b)(d)	$	35	$	35,078
Harsco Corp., 5.75%, 07/31/27 (Call 07/31/20)^(b)		75		71,168
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/20)^(b)		175		165,875
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/20)^(b)		125		26,070
6.00%, 01/15/28 (Call 07/15/20)^(b)		155		26,875
6.25%, 10/15/22 (Call 10/15/20)		75		17,963
7.13%, 08/01/26 (Call 08/01/20)^(b)		70		15,131
7.63%, 06/01/22 (Call 06/01/20)^(b)		152		57,824
IHS Markit Ltd.
3.63%, 05/01/24 (Call 05/01/20)		95		97,648
4.00%, 03/01/26 (Call 09/01/20)^(b)		148		157,219
4.13%, 08/01/23 (Call 08/01/20)		215		230,181
4.25%, 05/01/29 (Call 05/01/20)		100		107,479
4.75%, 02/15/25 (Call 08/15/20)^(b)		95		102,856
4.75%, 08/01/28 (Call 08/01/20)		190		218,268
5.00%, 11/01/22 (Call 05/01/20)^(b)		83		88,931
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 08/01/20)^(b)		150		153,118
Johns Hopkins University, Series 2013, 4.08%, 07/01/53		25		30,802
Korn Ferry, 4.63%, 12/15/27 (Call 06/15/20)^(b)		50		46,551
Laureate Education Inc., 8.25%, 05/01/25 (Call 05/01/20)^(b)		125		127,677
Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 05/01/20)		45		57,258
LSC Communications Inc., 8.75%, 10/15/23 (Call 10/15/20)^(b)(j)		50		2,400
Massachusetts Institute of Technology
4.68%, 07/01/2114		190		268,348
5.60%, 07/01/2111		205		342,516
Series F, 2.99%, 07/01/50 (Call 07/01/20)		15		17,300
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance Inc., 7.88%, 10/01/22 (Call 05/14/20)^(b)(d)		75		52,088
Moody’s Corp.
2.63%, 01/15/23 (Call 07/15/20)		120		123,650
2.75%, 12/15/21 (Call 06/15/20)		44		44,898
3.25%, 01/15/28 (Call 07/15/20)		209		222,942
4.25%, 02/01/29 (Call 08/01/20)		20		23,300
4.50%, 09/01/22 (Call 09/01/20)		44		46,784
4.88%, 02/15/24 (Call 08/15/20)		104		115,102
4.88%, 12/17/48 (Call 06/17/20)		15		19,689
5.25%, 07/15/44		160		216,947
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/20)^(b)		205		182,792
Nielsen Co Luxembourg Sarl/The
5.00%, 02/01/25 (Call 08/01/20)^(b)(d)		100		96,680
5.50%, 10/01/21 (Call 05/29/20)^(b)		50		49,444
Nielsen Finance LLC/Nielsen Finance Co., 5.00%,
04/15/22 (Call 10/15/20)^(b)		325		319,676
Northwestern University
4.64%, 12/01/44		150		199,513
Series 2017, 3.66%, 12/01/57 (Call 06/01/20)		50		58,320
PayPal Holdings Inc.
2.20%, 09/26/22		70		71,314
2.40%, 10/01/24 (Call 10/01/20)		415		431,347
2.65%, 10/01/26 (Call 10/01/20)		118		123,606
2.85%, 10/01/29 (Call 10/01/20)		242		256,919


SCHEDULE OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services (continued)
President and Fellows of Harvard College
2.52%, 10/15/50 (Call 10/15/20)	$	78	$	82,068
3.15%, 07/15/46 (Call 07/15/20)		125		141,787
3.30%, 07/15/56 (Call 07/15/20)		200		227,884
Prime Security Services Borrower LLC/Prime Finance Inc.
5.25%, 04/15/24^(b)		90		88,347
5.75%, 04/15/26^(b)		230		226,925
6.25%, 01/15/28 (Call 07/15/20)^(b)		230		206,094
Princeton University, 5.70%, 03/01/39		20		29,783
Refinitiv U.S. Holdings Inc.
6.25%, 05/15/26 (Call 05/15/20)^(b)		180		192,024
8.25%, 11/15/26 (Call 05/15/20)^(b)		265		294,052
RELX Capital Inc., 4.00%, 03/18/29 (Call 09/18/20)		150		164,193
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 07/15/20)^(b)		75		75,750
RR Donnelley & Sons Co.
6.00%, 04/01/24^(d)		50		45,928
7.88%, 03/15/21		41		40,986
S&P Global Inc.
2.50%, 12/01/29 (Call 06/01/20)		125		133,231
2.95%, 01/22/27 (Call 07/22/20)		60		64,712
3.25%, 12/01/49 (Call 06/01/20)		153		167,108
4.00%, 06/15/25 (Call 06/15/20)		115		129,169
4.40%, 02/15/26 (Call 08/15/20)		125		144,297
4.50%, 05/15/48 (Call 05/15/20)		50		66,574
Service Corp. International/U.S.
4.63%, 12/15/27 (Call 06/15/20)		75		76,649
5.13%, 06/01/29 (Call 06/01/20)		175		183,183
5.38%, 05/15/24 (Call 05/15/20)		75		76,481
7.50%, 04/01/27		25		26,922
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 05/15/20)^(b)		100		101,340
Shanghai Port Group BVI Development Co. Ltd.
2.40%, 09/11/24^(c)		400		403,892
3.38%, 06/18/29^(c)		300		316,869
Sotheby’s, 7.38%, 10/15/27 (Call 06/01/20)^(b)		200		168,518
Team Health Holdings Inc., 6.38%, 02/01/25 (Call 08/01/20)^(b)(d)		115		63,332
TMS International Holding Corp., 7.25%, 08/15/25 (Call 08/15/20)^(b)		65		48,641
Trustees of the University of Pennsylvania (The), 3.61%, 02/15/2119 (Call 08/15/20)		115		135,150
United Rentals North America Inc.
3.88%, 11/15/27 (Call 05/15/20)		115		112,415
4.00%, 07/15/30 (Call 07/15/20)		125		117,488
4.63%, 10/15/25 (Call 10/15/20)		130		127,642
4.88%, 01/15/28 (Call 07/15/20)		300		300,930
5.25%, 01/15/30 (Call 07/15/20)		135		134,891
5.50%, 07/15/25 (Call 07/15/20)		125		126,554
5.50%, 05/15/27 (Call 08/15/20)		205		207,095
5.88%, 09/15/26 (Call 09/15/20)		178		183,064
6.50%, 12/15/26 (Call 06/15/20)		175		181,685
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		20		23,412
Series 2017, 3.39%, 02/15/48 (Call 08/15/20)		140		170,675
University of Southern California, 3.03%, 10/01/39		426		462,359
Verisk Analytics Inc.
4.00%, 06/15/25 (Call 06/15/20)		94		102,808
4.13%, 03/15/29 (Call 09/15/20)		142		155,327
5.50%, 06/15/45 (Call 06/15/20)		70		92,258


Security	Par (000)		Value

Commercial Services (continued)
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/20)^(b)	$	145	$	151,032
WEX Inc., 4.75%, 02/01/23 (Call 08/01/20)^(b)		50		48,300
William Marsh Rice University, 3.77%, 05/15/55		15		18,168
WW International Inc., 8.63%, 12/01/25 (Call 06/01/20)^(b)		50		49,675

				21,704,213

Computers — 0.6%
Apple Inc.
1.55%, 08/04/21 (Call 08/04/20)		230		232,160
1.70%, 09/11/22		115		117,977
1.80%, 09/11/24 (Call 09/11/20)		155		160,702
2.05%, 09/11/26 (Call 09/11/20)		613		646,114
2.10%, 09/12/22 (Call 09/12/20)		50		51,672
2.20%, 09/11/29 (Call 09/11/20)		248		263,612
2.30%, 05/11/22 (Call 05/11/20)		7		7,231
2.40%, 01/13/23 (Call 07/13/20)		15		15,673
2.40%, 05/03/23		290		304,311
2.45%, 08/04/26 (Call 08/04/20)		350		375,931
2.50%, 02/09/22 (Call 08/09/20)		770		794,132
2.50%, 02/09/25		210		224,454
2.70%, 05/13/22		100		104,316
2.75%, 01/13/25 (Call 07/13/20)		335		361,385
2.85%, 05/06/21		402		410,780
2.85%, 02/23/23 (Call 08/23/20)		250		263,807
2.85%, 05/11/24 (Call 05/11/20)		430		460,031
2.90%, 09/12/27 (Call 09/12/20)		610		671,415
2.95%, 09/11/49 (Call 09/11/20)		340		365,276
3.00%, 02/09/24 (Call 08/09/20)		545		585,079
3.00%, 06/20/27 (Call 06/20/20)		200		221,116
3.00%, 11/13/27 (Call 05/13/20)		277		306,561
3.20%, 05/13/25		185		204,329
3.20%, 05/11/27 (Call 05/11/20)		424		472,684
3.25%, 02/23/26 (Call 08/23/20)		453		503,324
3.35%, 02/09/27 (Call 08/09/20)		479		535,565
3.45%, 05/06/24		151		165,970
3.45%, 02/09/45		397		453,926
3.75%, 09/12/47 (Call 09/12/20)		75		90,801
3.75%, 11/13/47 (Call 05/13/20)		310		377,037
3.85%, 05/04/43		367		445,534
3.85%, 08/04/46 (Call 08/04/20)		257		314,123
4.25%, 02/09/47 (Call 08/09/20)		395		513,938
4.38%, 05/13/45		440		574,697
4.45%, 05/06/44		250		327,615
4.50%, 02/23/36 (Call 08/23/20)		190		242,902
4.65%, 02/23/46 (Call 08/23/20)		513		695,136
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/20)^(b)		205		183,932
Booz Allen Hamilton Inc., 5.13%, 05/01/25 (Call 05/01/20)^(b)		25		24,910
Dell Inc.
5.40%, 09/10/40		50		47,382
6.50%, 04/15/38		75		77,081
7.10%, 04/15/28^(d)		75		83,097
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (Call 07/15/20)^(b)		235		238,593
4.42%, 06/15/21 (Call 06/15/20)^(b)		1,604		1,630,209
4.90%, 10/01/26 (Call 10/01/20)^(b)		60		62,278
5.30%, 10/01/29 (Call 10/01/20)^(b)		615		640,578
5.45%, 06/15/23 (Call 06/15/20)^(b)		295		312,075
5.88%, 06/15/21 (Call 06/15/20)^(b)		161		161,105
6.02%, 06/15/26 (Call 06/15/20)^(b)		479		519,270


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Computers (continued)
6.20%, 07/15/30 (Call 07/15/20)^(b)	$	150	$	166,078
7.13%, 06/15/24 (Call 06/15/20)^(b)		250		260,035
8.10%, 07/15/36 (Call 07/15/20)^(b)		312		380,256
8.35%, 07/15/46 (Call 07/15/20)^(b)		296		369,760
Diebold Nixdorf Inc., 8.50%, 04/15/24 (Call 10/15/20)^(d)		70		46,369
DXC Technology Co.
4.25%, 04/15/24 (Call 10/15/20)		190		196,169
4.75%, 04/15/27 (Call 10/15/20)		197		200,987
EMC Corp.
2.65%, 06/01/20		30		29,931
3.38%, 06/01/23 (Call 06/01/20)		195		193,867
Everi Payments Inc., 7.50%, 12/15/25 (Call 06/15/20)^(b)		39		31,987
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)^(b)(d)		150		29,658
Genpact Luxembourg Sarl
3.38%, 12/01/24 (Call 06/01/20)		29		29,610
3.70%, 04/01/22 (Call 10/01/20)		175		178,047
Hewlett Packard Enterprise Co.
2.25%, 04/01/23 (Call 10/01/20)		290		294,196
4.40%, 10/15/22 (Call 10/15/20)		439		460,976
4.90%, 10/15/25 (Call 10/15/20)		215		233,726
6.20%, 10/15/35 (Call 10/15/20)		130		155,042
6.35%, 10/15/45 (Call 10/15/20)		295		354,339
HP Inc.
4.05%, 09/15/22		325		338,559
4.30%, 06/01/21		25		25,701
6.00%, 09/15/41		170		190,597
IBM Credit LLC
3.00%, 02/06/23		125		131,985
3.60%, 11/30/21		500		523,020
International Business Machines Corp.
1.70%, 05/15/27		505		504,066
1.88%, 08/01/22		60		61,354
1.95%, 05/15/30		700		697,403
2.50%, 01/27/22		15		15,402
2.85%, 05/13/22		45		46,789
2.88%, 11/09/22		25		26,199
2.95%, 05/15/50		115		114,047
3.00%, 05/15/24		475		508,563
3.30%, 05/15/26		150		165,722
3.30%, 01/27/27		100		111,751
3.38%, 08/01/23		285		307,193
3.45%, 02/19/26		655		727,797
3.50%, 05/15/29		725		818,641
3.63%, 02/12/24		489		532,267
4.00%, 06/20/42		155		182,392
4.15%, 05/15/39		255		298,284
4.25%, 05/15/49		670		818,653
4.70%, 02/19/46		230		291,599
5.60%, 11/30/39		105		143,583
5.88%, 11/29/32		8		10,984
6.22%, 08/01/27		5		6,394
7.00%, 10/30/25		5		6,468
Lenovo Group Ltd.
3.88%, 03/16/22^(c)		200		198,016
4.75%, 03/29/23^(c)		200		198,700
MTS Systems Corp., 5.75%, 08/15/27 (Call 08/15/20)^(b)		75		70,440
NCR Corp.
5.00%, 07/15/22 (Call 07/15/20)		90		89,735
5.75%, 09/01/27 (Call 09/01/20)^(b)		90		90,185


Security	Par (000)		Value

Computers (continued)
6.13%, 09/01/29 (Call 09/01/20)^(b)	$	75	$	74,876
6.38%, 12/15/23 (Call 06/15/20)		125		127,099
8.13%, 04/15/25 (Call 10/15/20)^(b)		50		53,014
NetApp Inc., 3.30%, 09/29/24 (Call 09/29/20)		205		214,475
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 08/01/20)^(b)		70		68,762
8.25%, 02/01/28 (Call 08/01/20)^(b)		80		78,672
Science Applications International Corp., 4.88%, 04/01/28 (Call 10/01/20)^(b)		25		24,548
Seagate HDD Cayman
4.25%, 03/01/22 (Call 09/01/20)		62		63,022
4.75%, 06/01/23		81		84,547
4.75%, 01/01/25		178		183,963
4.88%, 03/01/24 (Call 09/01/20)		60		62,390
4.88%, 06/01/27 (Call 06/01/20)		190		197,590
5.75%, 12/01/34 (Call 06/01/20)		140		142,321
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.
5.75%, 06/01/25^(b)		30		30,000
6.75%, 06/01/25 (Call 06/01/20)^(b)		165		159,895
Vericast Corp.
8.38%, 08/15/22 (Call 08/15/20)^(b)		150		109,005
9.25%, 03/01/21 (Call 05/29/20)^(b)		41		41,242
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 12.50%, 05/01/24 (Call 11/01/20)^(b)(d)		58		59,295
Western Digital Corp., 4.75%, 02/15/26 (Call 08/15/20)		380		388,113

				30,868,177

Cosmetics & Personal Care — 0.1%
Avon International Capital PLC, 6.50%, 08/15/22 (Call 08/15/20)^(b)		49		46,144
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/20)^(b)		75		73,283
Avon Products Inc.
7.00%, 03/15/23		175		166,241
8.95%, 03/15/43^(d)		50		48,769
Colgate-Palmolive Co.
2.10%, 05/01/23		20		20,836
2.25%, 11/15/22		368		382,853
3.70%, 08/01/47 (Call 08/01/20)		160		207,171
4.00%, 08/15/45		240		317,688
Coty Inc., 6.50%, 04/15/26 (Call 10/15/20)^(b)		85		71,721
Edgewell Personal Care Co.
4.70%, 05/19/21		115		115,605
4.70%, 05/24/22		75		76,216
Estee Lauder Companies Inc. (The)
2.00%, 12/01/24 (Call 06/01/20)		180		185,704
2.38%, 12/01/29 (Call 06/01/20)		80		81,945
3.13%, 12/01/49 (Call 06/01/20)		133		137,664
3.15%, 03/15/27 (Call 09/15/20)		57		61,537
4.15%, 03/15/47 (Call 09/15/20)		55		65,700
4.38%, 06/15/45 (Call 06/15/20)		125		151,936
Procter & Gamble Co. (The)
2.15%, 08/11/22		105		108,897
2.30%, 02/06/22		180		185,031
2.45%, 11/03/26		178		194,235
3.00%, 03/25/30		500		567,930
3.10%, 08/15/23		85		92,134
3.50%, 10/25/47		215		267,365
3.55%, 03/25/40		500		600,155
5.50%, 02/01/34		58		82,279


SCHEDULE OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
5.55%, 03/05/37	$	4	$	5,970
Revlon Consumer Products Corp.
5.75%, 02/15/21 (Call 05/29/20)		75		34,517
6.25%, 08/01/24 (Call 08/01/20)		50		9,159
Unilever Capital Corp.
1.38%, 07/28/21		100		100,757
2.00%, 07/28/26		100		104,266
2.60%, 05/05/24 (Call 05/05/20)		200		210,556
3.00%, 03/07/22		100		104,314
3.25%, 03/07/24 (Call 09/07/20)		100		107,906
3.50%, 03/22/28 (Call 09/22/20)		165		187,212
5.90%, 11/15/32		512		730,010

				5,903,706

Distribution & Wholesale — 0.1%
American Builders & Contractors Supply Co. Inc.
4.00%, 01/15/28 (Call 07/15/20)^(b)		105		100,126
5.88%, 05/15/26 (Call 05/15/20)^(b)		75		75,392
Anixter Inc.
5.13%, 10/01/21		75		76,144
5.50%, 03/01/23		75		76,978
6.00%, 12/01/25 (Call 06/01/20)		65		65,785
Chongqing Nan’an Urban Construction & Development Group Co. Ltd., 3.63%, 07/19/21^(c)		250		248,017
Core & Main Holdings LP (9.38% PIK), 8.63%, 09/15/24 (Call 09/15/20)^(b)(e)		50		48,899
Core & Main LP, 6.13%, 08/15/25 (Call 08/15/20)^(b)		100		96,981
Ferguson Finance PLC, 4.50%, 10/24/28 (Call 10/24/20)^(b)		482		521,751
H&E Equipment Services Inc., 5.63%, 09/01/25 (Call 09/01/20)^(d)		150		142,858
HD Supply Inc., 5.38%, 10/15/26 (Call 10/15/20)^(b)		25		25,280
IAA Inc., 5.50%, 06/15/27 (Call 06/15/20)^(b)		75		74,934
KAR Auction Services Inc., 5.13%, 06/01/25 (Call 06/01/20)^(b)		150		128,511
Li & Fung Ltd., 4.38%, 10/04/24 (Call 09/04/24)^(c)		200		176,294
Performance Food Group Inc.
5.50%, 06/01/24 (Call 06/01/20)^(b)		100		97,607
5.50%, 10/15/27 (Call 10/15/20)^(b)(d)		180		170,901
6.88%, 05/01/25 (Call 11/01/20)^(b)		10		10,193
Resideo Funding Inc., 6.13%, 11/01/26 (Call 05/01/20)^(b)		60		52,529
Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 06/01/20)^(b)		20		19,871
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 05/15/20)^(b)		100		70,376
9.00%, 11/15/26 (Call 05/15/20)^(b)		150		104,916
13.13%, 11/15/27 (Call 05/15/20)^(b)		100		60,695
WW Grainger Inc.
1.85%, 02/15/25 (Call 08/15/20)		15		15,415
3.75%, 05/15/46 (Call 05/15/20)		50		53,940
4.20%, 05/15/47 (Call 05/15/20)		130		150,198
4.60%, 06/15/45 (Call 06/15/20)		282		343,118

				3,007,709

Diversified Financial Services — 1.3%
Advisor Group Holdings Inc., 10.75%, 08/01/27 (Call 08/01/20)^(b)		10		7,698
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/20)^(a)		150		97,255
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.88%, 08/14/24 (Call 08/14/20)		155		130,822
3.50%, 01/15/25 (Call 07/15/20)		150		130,317


Security	Par (000)		Value

Diversified Financial Services (continued)
3.65%, 07/21/27 (Call 07/21/20)	$	150	$	125,797
3.88%, 01/23/28 (Call 07/23/20)^(d)		158		133,150
3.95%, 02/01/22 (Call 08/01/20)		450		421,573
4.45%, 10/01/25 (Call 10/01/20)		165		144,332
4.45%, 04/03/26 (Call 10/03/20)		3		2,631
4.50%, 05/15/21		210		203,108
4.63%, 07/01/22		210		198,584
5.00%, 10/01/21		255		244,797
AG Issuer LLC, 6.25%, 03/01/28 (Call 09/01/20)^(b)		35		30,783
Air Lease Corp.
2.25%, 01/15/23		105		97,901
2.30%, 02/01/25 (Call 08/01/20)		58		50,584
2.63%, 07/01/22 (Call 07/01/20)		143		133,745
2.75%, 01/15/23 (Call 07/15/20)		160		146,126
3.00%, 09/15/23 (Call 09/15/20)		215		199,273
3.00%, 02/01/30 (Call 08/01/20)		203		161,878
3.25%, 03/01/25 (Call 09/01/20)		133		119,502
3.25%, 10/01/29 (Call 10/01/20)		123		99,084
3.38%, 06/01/21		90		86,567
3.50%, 01/15/22		80		75,490
3.63%, 04/01/27 (Call 10/01/20)		103		88,382
3.63%, 12/01/27 (Call 06/01/20)		130		109,407
3.75%, 02/01/22 (Call 08/01/20)		25		23,339
3.75%, 06/01/26 (Call 06/01/20)		170		149,962
3.88%, 07/03/23 (Call 07/03/20)		61		56,546
4.25%, 09/15/24 (Call 09/15/20)		245		229,558
4.63%, 10/01/28 (Call 10/01/20)		115		101,896
Aircastle Ltd.
4.13%, 05/01/24 (Call 05/01/20)		145		127,100
4.25%, 06/15/26 (Call 06/15/20)		64		54,803
4.40%, 09/25/23 (Call 09/25/20)		210		185,323
5.00%, 04/01/23		140		132,339
5.50%, 02/15/22		265		254,525
Alliance Data Systems Corp., 4.75%, 12/15/24 (Call 06/15/20)^(b)		150		111,460
Ally Financial Inc.
3.88%, 05/21/24 (Call 05/21/20)		261		256,466
4.13%, 02/13/22		100		101,471
4.63%, 05/19/22		65		65,920
4.63%, 03/30/25		285		285,997
5.13%, 09/30/24		125		129,179
5.75%, 11/20/25 (Call 05/20/20)		176		180,314
8.00%, 11/01/31		526		633,955
American Express Co.
2.50%, 08/01/22 (Call 08/01/20)		102		104,261
2.50%, 07/30/24 (Call 07/30/20)		125		128,701
2.65%, 12/02/22		139		142,960
2.75%, 05/20/22 (Call 05/20/20)		25		25,610
3.00%, 10/30/24 (Call 10/30/20)		90		94,592
3.13%, 05/20/26 (Call 05/20/20)		249		267,750
3.38%, 05/17/21 (Call 05/17/20)		105		106,915
3.40%, 02/27/23 (Call 08/27/20)		150		157,140
3.40%, 02/22/24 (Call 08/22/20)		780		827,011
3.63%, 12/05/24 (Call 06/05/20)		205		220,164
3.70%, 11/05/21 (Call 05/05/20)		203		208,934
4.05%, 12/03/42		246		301,751
4.20%, 11/06/25 (Call 05/06/20)		110		123,713
American Express Credit Corp.
2.25%, 05/05/21 (Call 05/05/20)		625		632,150
2.70%, 03/03/22 (Call 09/03/20)		95		97,344


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
3.30%, 05/03/27 (Call 05/03/20)	$	695	$	765,174
Ameriprise Financial Inc.
2.88%, 09/15/26 (Call 09/15/20)		173		181,527
3.00%, 03/22/22		136		140,410
3.70%, 10/15/24		175		190,003
4.00%, 10/15/23		295		321,633
Avation Capital SA, 6.50%, 05/15/21 (Call 05/15/20)^(b)		200		169,690
Avolon Holdings Funding Ltd.
2.88%, 02/15/25 (Call 08/15/20)^(b)		60		48,968
3.63%, 05/01/22 (Call 05/01/20)^(b)		186		170,233
3.95%, 07/01/24 (Call 07/01/20)^(b)		145		126,344
4.38%, 05/01/26 (Call 05/01/20)^(b)		146		125,115
5.13%, 10/01/23 (Call 10/15/20)^(b)		205		182,091
5.25%, 05/15/24 (Call 05/15/20)^(b)		235		208,092
5.50%, 01/15/23 (Call 07/15/20)^(b)		155		141,648
Azure Nova International Finance Ltd.
2.63%, 11/01/21^(c)		200		201,888
3.50%, 03/21/22^(c)		200		206,184
Azure Orbit IV International Finance Ltd., 3.75%, 01/25/23^(c)		200		209,442
Banco BTG Pactual SA/Cayman Islands, 4.50%, 01/10/25 (Call 07/10/20)^(c)(d)		200		183,510
BGC Partners Inc.
3.75%, 10/01/24 (Call 10/01/20)		195		182,951
5.38%, 07/24/23		80		78,890
Blackstone Holdings Finance Co. LLC
2.50%, 01/10/30 (Call 07/10/20)^(b)(d)		100		98,956
3.50%, 09/10/49 (Call 09/10/20)^(b)		205		196,978
4.00%, 10/02/47 (Call 10/02/20)^(b)(d)		5		5,126
4.45%, 07/15/45^(b)		45		47,827
5.00%, 06/15/44^(b)		50		57,468
BOC Aviation Ltd.
3.00%, 09/11/29 (Call 09/11/20)^(b)		400		382,012
3.50%, 10/10/24 (Call 10/10/20)^(c)		200		203,056
3.50%, 09/18/27 (Call 09/18/20)^(c)		200		201,552
3.88%, 04/27/26 (Call 10/27/20)^(c)		400		414,040
Bocom Leasing Management Hong Kong Co. Ltd., 4.38%, 01/22/24^(c)		200		214,236
Brookfield Finance Inc.
3.90%, 01/25/28 (Call 07/25/20)		180		185,393
4.00%, 04/01/24 (Call 10/01/20)		175		184,550
4.25%, 06/02/26 (Call 06/02/20)		85		89,925
4.70%, 09/20/47 (Call 09/20/20)		130		129,074
4.85%, 03/29/29 (Call 09/29/20)		70		76,886
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/20)		9		7,452
Cantor Fitzgerald LP, 4.88%, 05/01/24 (Call 05/01/20)^(b)		105		104,335
Capital One Bank USA N.A.
2.01%, 01/27/23 (Call 07/27/20)^(a)		370		366,766
2.28%, 01/28/26 (Call 07/28/20)^(a)		345		333,487
Capital One Financial Corp.
3.05%, 03/09/22 (Call 09/09/20)		126		128,277
3.20%, 01/30/23 (Call 07/30/20)		250		254,987
3.20%, 02/05/25 (Call 08/05/20)		267		272,396
3.30%, 10/30/24 (Call 10/30/20)		315		321,142
3.50%, 06/15/23		405		417,988
3.75%, 04/24/24 (Call 10/24/20)		175		181,417
3.75%, 07/28/26 (Call 07/28/20)		255		251,583
3.75%, 03/09/27 (Call 09/09/20)		439		446,652
3.80%, 01/31/28 (Call 07/31/20)		60		61,043
3.90%, 01/29/24 (Call 07/29/20)		270		280,970


Security	Par (000)		Value

Diversified Financial Services (continued)
4.20%, 10/29/25 (Call 10/29/20)	$	384	$	391,976
4.25%, 04/30/25 (Call 10/30/20)		50		53,279
4.75%, 07/15/21		108		111,492
Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 07/12/20)		220		238,469
CCBL Cayman 1 Corp. Ltd., 2.75%, 05/31/21^(c)		200		201,822
CDBL Funding 1, 4.25%, 12/02/24^(c)		200		218,608
CDBL Funding 2, 2.29%, 07/18/21, (3 mo. LIBOR US + 1.150%)^(c)(f)		200		200,210
CDP Financial Inc., 3.15%, 07/24/24^(b)		415		454,454
Charles Schwab Corp. (The)
2.65%, 01/25/23 (Call 07/25/20)		187		194,981
3.00%, 03/10/25 (Call 09/10/20)		152		160,962
3.20%, 03/02/27 (Call 09/02/20)		130		141,086
3.20%, 01/25/28 (Call 07/25/20)		165		175,095
3.25%, 05/21/21 (Call 05/21/20)		290		295,727
3.25%, 05/22/29 (Call 05/22/20)		110		117,551
3.45%, 02/13/26 (Call 08/13/20)		70		75,312
3.55%, 02/01/24 (Call 08/01/20)		350		379,015
3.85%, 05/21/25 (Call 05/21/20)		50		56,163
4.00%, 02/01/29 (Call 08/01/20)		165		186,443
Charming Light Investments Ltd.
4.38%, 12/21/27^(c)		600		654,702
5.00%, 09/03/24^(c)		250		274,452
China Cinda Finance 2014 Ltd., 5.63%, 05/14/24^(c)		200		223,438
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25^(c)		400		435,404
China Cinda Finance 2017 I Ltd.
4.10%, 03/09/24^(c)		600		636,306
4.40%, 03/09/27^(c)		200		218,844
4.75%, 02/08/28^(c)		400		449,556
China Great Wall International Holdings III Ltd.
2.63%, 10/27/21^(c)		200		201,850
3.13%, 08/31/22^(c)		450		459,495
CICC Hong Kong Finance 2016 MTN Ltd., 2.94%, 05/03/22, (3 mo. LIBOR US + 1.175%)^(c)(f)		400		395,368
Citadel LP, 5.38%, 01/17/23 (Call 07/17/20)^(b)		55		55,780
CITIC Securities Finance MTN Co. Ltd., 3.25%, 04/20/22^(c)		200		206,274
Clifford Capital Pte. Ltd., 1.73%, 09/10/24^(c)		200		201,804
CME Group Inc.
3.00%, 09/15/22		215		225,253
3.00%, 03/15/25 (Call 09/15/20)		259		281,932
3.75%, 06/15/28 (Call 06/15/20)		215		250,249
4.15%, 06/15/48 (Call 06/15/20)		105		139,994
5.30%, 09/15/43 (Call 09/15/20)		115		165,870
Coastal Emerald Ltd., 3.95%, 08/01/22^(c)		400		396,336
CPPIB Capital Inc., 2.25%, 01/25/22^(b)		500		515,185
Credit Acceptance Corp.
5.13%, 12/31/24 (Call 06/30/20)^(b)		55		48,322
6.63%, 03/15/26 (Call 09/15/20)		45		40,500
Credit Suisse USA Inc., 7.13%, 07/15/32		252		368,835
Curo Group Holdings Corp., 8.25%, 09/01/25 (Call 09/01/20)^(b)		125		100,797
Daiwa Securities Group Inc., 3.13%, 04/19/22^(b)		101		102,101
Discover Financial Services
3.75%, 03/04/25 (Call 09/04/20)		160		162,224
3.85%, 11/21/22		48		49,105
3.95%, 11/06/24 (Call 05/06/20)		318		327,591
4.10%, 02/09/27 (Call 08/09/20)		319		319,609
4.50%, 01/30/26 (Call 07/30/20)		300		311,958


SCHEDULE OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
5.20%, 04/27/22	$	40	$	41,552
E*TRADE Financial Corp.
2.95%, 08/24/22 (Call 08/24/20)		106		107,689
3.80%, 08/24/27 (Call 08/24/20)		50		52,976
4.50%, 06/20/28 (Call 06/20/20)		142		158,412
Eaton Vance Corp., 3.50%, 04/06/27 (Call 10/06/20)		175		182,339
Enova International Inc., 8.50%, 09/01/24 (Call 09/01/20)^(b)		50		43,773
Fairstone Financial Inc., 7.88%, 07/15/24 (Call 07/15/20)^(b)		65		61,413
Franklin Resources Inc., 2.85%, 03/30/25		130		136,629
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/25		260		267,839
4.42%, 11/15/35		1,960		2,042,457
Global Aircraft Leasing Co Ltd. (7.25% PIK), 6.50%, 09/15/24 (Call 09/15/20)^(b)(e)		325		196,215
goeasy Ltd., 5.38%, 12/01/24 (Call 06/01/20)^(b)		75		67,055
Gtlk Europe Capital DAC, 5.95%, 04/17/25^(c)		200		201,488
ICBCIL Finance Co. Ltd.
2.64%, 05/15/21, (3 mo. LIBOR US + 0.950%)^(c)(f)		400		398,060
2.75%, 05/19/21^(c)		200		201,610
3.13%, 11/15/22^(c)		410		417,597
3.38%, 04/05/22^(c)		200		204,178
ICD Sukuk Co. Ltd., 5.00%, 02/01/27^(c)		400		393,432
Intercontinental Exchange Inc.
2.35%, 09/15/22 (Call 09/15/20)		133		136,880
3.10%, 09/15/27 (Call 09/15/20)		263		285,455
3.45%, 09/21/23 (Call 09/21/20)		120		129,274
3.75%, 12/01/25 (Call 06/01/20)		290		322,660
4.00%, 10/15/23		215		237,141
4.25%, 09/21/48 (Call 09/21/20)		200		256,620
International Lease Finance Corp.
5.88%, 08/15/22		464		448,062
8.63%, 01/15/22		50		50,820
Inventive Global Investments Ltd.
1.90%, 09/19/21, (3 mo. LIBOR US + 0.850%)^(c)(f)		200		200,728
3.88%, 09/19/21^(c)		400		414,984
Invesco Finance PLC
3.13%, 11/30/22		125		127,052
3.75%, 01/15/26		100		106,034
4.00%, 01/30/24		100		105,504
5.38%, 11/30/43		140		148,641
Janus Capital Group Inc., 4.88%, 08/01/25 (Call 08/01/20)		100		104,721
Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.25%, 06/03/26 (Call 06/01/20)^(b)		200		181,420
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 10/18/20)		329		345,598
Jefferies Group LLC
5.13%, 01/20/23		175		183,197
6.25%, 01/15/36		155		167,087
6.45%, 06/08/27		85		94,192
6.50%, 01/20/43		60		63,368
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
4.15%, 01/23/30		152		151,207
4.85%, 01/15/27		70		72,650
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/20)^(b)		26		29,482
Kuwait Projects Co. SPC Ltd., 5.00%, 03/15/23^(c)		200		192,848
Lazard Group LLC
3.63%, 03/01/27 (Call 09/01/20)		120		120,474


Security	Par (000)		Value

Diversified Financial Services (continued)
3.75%, 02/13/25	$	105	$	107,311
4.38%, 03/11/29 (Call 09/11/20)		114		119,803
4.50%, 09/19/28 (Call 09/19/20)		215		226,969
LeasePlan Corp. NV, 2.88%, 10/24/24^(b)		200		200,246
Legg Mason Inc.
4.75%, 03/15/26		150		161,133
5.63%, 01/15/44		286		334,057
LPL Holdings Inc.
4.63%, 11/15/27 (Call 05/15/20)^(b)		35		33,244
5.75%, 09/15/25 (Call 09/15/20)^(b)		125		123,492
Mastercard Inc.
2.00%, 03/03/25 (Call 09/03/20)		295		306,588
2.95%, 11/21/26 (Call 05/21/20)		148		162,554
2.95%, 06/01/29 (Call 06/01/20)		300		330,003
3.30%, 03/26/27 (Call 09/26/20)		120		133,840
3.35%, 03/26/30 (Call 09/26/20)		110		125,193
3.38%, 04/01/24		50		54,953
3.50%, 02/26/28 (Call 08/26/20)		215		242,845
3.65%, 06/01/49 (Call 06/01/20)		140		170,131
3.80%, 11/21/46 (Call 05/21/20)		226		277,234
3.85%, 03/26/50 (Call 09/26/20)		40		50,209
3.95%, 02/26/48 (Call 08/26/20)		15		18,886
Mitsubishi UFJ Lease & Finance Co. Ltd.
3.56%, 02/28/24 (Call 08/28/20)^(b)		200		206,966
3.96%, 09/19/23 (Call 09/19/20)^(b)		205		214,317
Nasdaq Inc.
3.25%, 04/28/50 (Call 10/28/20)		90		89,942
3.85%, 06/30/26 (Call 06/30/20)		245		269,047
4.25%, 06/01/24 (Call 06/01/20)		225		243,574
Nationstar Mortgage Holdings Inc.
6.00%, 01/15/27 (Call 07/15/20)^(b)		90		77,397
8.13%, 07/15/23 (Call 07/15/20)^(b)		165		158,420
9.13%, 07/15/26 (Call 07/15/20)^(b)		165		158,199
Navient Corp.
5.00%, 10/26/20		50		49,162
5.00%, 03/15/27 (Call 09/15/20)		100		84,403
5.50%, 01/25/23		150		140,158
5.63%, 08/01/33		125		95,620
5.88%, 10/25/24		100		92,285
6.13%, 03/25/24		150		138,766
6.50%, 06/15/22		200		193,760
6.63%, 07/26/21		125		124,305
6.75%, 06/25/25		100		92,624
6.75%, 06/15/26		100		90,900
7.25%, 01/25/22		100		98,122
7.25%, 09/25/23		75		71,908
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/20)^(b)		5		4,878
NFP Corp.
6.88%, 07/15/25 (Call 07/15/20)^(b)(d)		120		114,846
8.00%, 07/15/25 (Call 07/15/20)^(b)		50		47,629
Nomura Holdings Inc.
2.65%, 01/16/25		315		318,087
3.10%, 01/16/30		315		315,765
Nuveen Finance LLC, 4.13%, 11/01/24^(b)		222		242,515
Nuveen LLC, 4.00%, 11/01/28 (Call 05/01/20)^(b)		185		214,060
Ocwen Loan Servicing LLC, 8.38%, 11/15/22 (Call 05/15/20)^(b)		50		37,829
ORIX Corp.
2.90%, 07/18/22		30		30,444


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
3.25%, 12/04/24	$	350	$	361,781
3.70%, 07/18/27		160		169,866
4.05%, 01/16/24		265		281,027
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 12/15/22 (Call 06/15/20)^(b)		58		56,261
Park Aerospace Holdings Ltd.
4.50%, 03/15/23 (Call 09/15/20)^(b)		198		174,658
5.25%, 08/15/22 (Call 08/15/20)^(b)		537		491,951
5.50%, 02/15/24^(b)		280		246,756
Power Finance Corp. Ltd.
3.25%, 09/16/24^(c)		600		561,630
5.25%, 08/10/28^(c)		200		197,078
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24^(c)		505		595,774
QIIB Senior Sukuk Ltd., 4.26%, 03/05/24^(c)		400		413,772
Quicken Loans Inc.
5.25%, 01/15/28 (Call 07/15/20)^(b)		175		171,351
5.75%, 05/01/25 (Call 05/01/20)^(b)		200		196,196
Raymond James Financial Inc.
3.63%, 09/15/26		158		164,502
4.95%, 07/15/46		120		139,585
REC Ltd., 3.38%, 07/25/24^(c)		400		372,672
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22^(c)		400		308,000
SIHC International Capital Ltd.
3.95%, 09/26/21^(c)		200		203,650
4.35%, 09/26/23^(c)		200		216,070
Soar Wise Ltd., 3.50%, 05/31/22^(c)		400		409,172
Springleaf Finance Corp.
5.38%, 11/15/29 (Call 05/15/20)		180		150,664
5.63%, 03/15/23		135		127,356
6.13%, 05/15/22		140		138,257
6.13%, 03/15/24 (Call 09/15/20)		233		218,284
6.63%, 01/15/28 (Call 07/15/20)		135		119,131
6.88%, 03/15/25		215		203,272
7.13%, 03/15/26		235		219,166
7.75%, 10/01/21		125		123,997
8.25%, 12/15/20		100		100,619
8.25%, 10/01/23		30		29,266
State Elite Global Ltd., 2.75%, 06/13/22^(c)		200		205,156
Stifel Financial Corp., 4.25%, 07/18/24		240		248,441
Synchrony Financial
2.85%, 07/25/22 (Call 07/25/20)		65		63,348
3.70%, 08/04/26 (Call 08/04/20)		146		134,189
3.75%, 08/15/21 (Call 08/15/20)		32		32,082
3.95%, 12/01/27 (Call 06/01/20)		190		179,917
4.25%, 08/15/24 (Call 08/15/20)		239		232,647
4.38%, 03/19/24 (Call 09/19/20)		145		142,563
4.50%, 07/23/25 (Call 07/23/20)		290		283,788
5.15%, 03/19/29 (Call 09/19/20)		210		208,024
TD Ameritrade Holding Corp.
2.75%, 10/01/29 (Call 10/01/20)		210		216,701
2.95%, 04/01/22 (Call 10/01/20)		203		208,373
3.30%, 04/01/27 (Call 10/01/20)		225		241,576
3.75%, 04/01/24 (Call 10/01/20)		50		53,422
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 10/01/20)^(b)		70		52,667
Visa Inc.
2.75%, 09/15/27 (Call 09/15/20)		91		99,073
2.80%, 12/14/22 (Call 06/14/20)		310		326,653
3.15%, 12/14/25 (Call 06/14/20)		1,002		1,107,581


Security	Par (000)		Value

Diversified Financial Services (continued)
3.65%, 09/15/47 (Call 09/15/20)	$	10	$	12,181
4.15%, 12/14/35 (Call 06/14/20)		343		434,193
4.30%, 12/14/45 (Call 06/14/20)		611		807,546
Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/21 (Call 08/15/20)^(b)		100		82,501
Western Union Co. (The)
2.85%, 01/10/25 (Call 07/10/20)		50		49,572
3.60%, 03/15/22 (Call 09/15/20)		125		128,295
4.25%, 06/09/23 (Call 06/09/20)		75		78,886

				61,215,652

Electric — 2.4%
Abu Dhabi National Energy Co. PJSC
3.63%, 06/22/21^(c)		200		202,934
3.88%, 05/06/24^(c)		200		210,066
4.38%, 04/23/25^(c)		200		212,892
4.38%, 06/22/26^(c)		200		214,100
5.88%, 12/13/21^(b)(d)		200		211,562
6.50%, 10/27/36^(b)		380		463,262
Acwa Power Management And Investments One Ltd., 5.95%, 12/15/39^(c)		200		185,622
Adani Electricity Mumbai Ltd., 3.95%, 02/12/30^(c)		200		169,166
AEP Texas Inc.
2.40%, 10/01/22 (Call 10/01/20)		95		97,240
3.80%, 10/01/47 (Call 10/01/20)		155		175,962
Series G, 4.15%, 05/01/49 (Call 05/01/20)		25		29,674
Series H, 3.45%, 01/15/50 (Call 07/15/20)		5		5,515
AEP Transmission Co. LLC
3.10%, 12/01/26 (Call 06/01/20)		100		108,965
3.15%, 09/15/49 (Call 09/15/20)		60		66,041
3.75%, 12/01/47 (Call 06/01/20)		100		119,320
3.80%, 06/15/49 (Call 06/15/20)		5		6,098
4.00%, 12/01/46 (Call 06/01/20)		25		30,829
4.25%, 09/15/48 (Call 09/15/20)		50		64,060
AES Corp. (The)
4.00%, 03/15/21		25		25,000
4.50%, 03/15/23 (Call 09/15/20)		100		100,416
4.88%, 05/15/23 (Call 05/15/20)		120		121,010
5.13%, 09/01/27 (Call 09/01/20)		145		151,081
5.50%, 04/15/25 (Call 10/15/20)		74		75,854
6.00%, 05/15/26 (Call 05/15/20)		100		105,058
Alabama Power Co.
3.45%, 10/01/49 (Call 10/01/20)		65		73,538
3.75%, 03/01/45 (Call 09/01/20)		127		145,665
4.15%, 08/15/44 (Call 08/15/20)		135		160,391
4.30%, 01/02/46 (Call 07/02/20)		50		61,697
6.00%, 03/01/39		5		7,061
6.13%, 05/15/38		50		66,889
Series A, 4.30%, 07/15/48 (Call 07/15/20)		130		162,458
Series B, 3.70%, 12/01/47 (Call 06/01/20)		27		31,015
Alliant Energy Finance LLC
3.75%, 06/15/23 (Call 06/15/20)^(b)		155		163,702
4.25%, 06/15/28 (Call 06/15/20)^(b)		125		144,264
Ameren Corp.
2.50%, 09/15/24 (Call 09/15/20)		106		109,651
3.65%, 02/15/26 (Call 08/15/20)		295		319,237
Ameren Illinois Co.
3.25%, 03/01/25 (Call 09/01/20)		50		53,903
3.25%, 03/15/50 (Call 09/15/20)		200		225,318
3.70%, 12/01/47 (Call 06/01/20)		135		159,226


SCHEDULE OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
American Electric Power Co. Inc. 3.20%, 11/13/27 (Call 05/13/20)	$	185	$	197,032
Series F, 2.95%, 12/15/22 (Call 06/15/20)		150		155,272
Series I, 3.65%, 12/01/21		35		36,234
Series J, 4.30%, 12/01/28 (Call 06/01/20)		310		354,442
Appalachian Power Co.
3.40%, 06/01/25 (Call 06/01/20)		14		14,800
4.40%, 05/15/44 (Call 05/15/20)		130		156,253
7.00%, 04/01/38		25		35,296
Series Y, 4.50%, 03/01/49 (Call 09/01/20)		20		24,984
Arizona Public Service Co.
2.60%, 08/15/29 (Call 08/15/20)		149		155,300
2.95%, 09/15/27 (Call 09/15/20)		100		106,299
3.15%, 05/15/25 (Call 05/15/20)		150		160,218
3.50%, 12/01/49 (Call 06/01/20)		205		223,028
3.75%, 05/15/46 (Call 05/15/20)		5		5,701
4.20%, 08/15/48 (Call 08/15/20)		50		59,094
4.25%, 03/01/49 (Call 09/01/20)		25		30,073
4.35%, 11/15/45 (Call 05/15/20)		105		129,127
4.50%, 04/01/42 (Call 10/01/20)		33		40,189
5.05%, 09/01/41 (Call 09/01/20)		10		12,412
Atlantic City Electric Co., 4.00%, 10/15/28 (Call 10/15/20)		100		114,658
Ausgrid Finance Pty Ltd.
3.85%, 05/01/23 (Call 05/01/20)^(b)		250		262,065
4.35%, 08/01/28 (Call 08/01/20)^(b)		200		220,202
Avangrid Inc.
3.15%, 12/01/24 (Call 06/01/20)		205		217,571
3.80%, 06/01/29 (Call 06/01/20)		173		188,767
Avista Corp., 4.35%, 06/01/48 (Call 06/01/20)		55		68,906
Baltimore Gas & Electric Co.
3.20%, 09/15/49 (Call 09/15/20)		50		54,017
3.50%, 08/15/46 (Call 08/15/20)		125		139,515
3.75%, 08/15/47 (Call 08/15/20)		50		58,166
4.25%, 09/15/48 (Call 09/15/20)		25		31,476
6.35%, 10/01/36		15		21,297
Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/20)^(b)		150		183,108
Berkshire Hathaway Energy Co.
2.80%, 01/15/23 (Call 07/15/20)		265		276,586
3.25%, 04/15/28 (Call 10/15/20)		315		347,565
3.50%, 02/01/25 (Call 08/01/20)		295		323,043
3.75%, 11/15/23 (Call 05/15/20)		80		86,951
3.80%, 07/15/48 (Call 07/15/20)		215		254,652
4.25%, 10/15/50 (Call 10/15/20)^(b)		250		319,910
4.50%, 02/01/45 (Call 08/01/20)		185		241,628
5.15%, 11/15/43 (Call 05/15/20)		225		303,707
5.95%, 05/15/37		5		6,826
6.13%, 04/01/36		365		516,048
Black Hills Corp.
3.05%, 10/15/29 (Call 10/15/20)		107		108,966
3.88%, 10/15/49 (Call 10/15/20)		100		101,410
4.20%, 09/15/46 (Call 09/15/20)		9		8,974
4.35%, 05/01/33 (Call 05/01/20)		215		236,481
Calpine Corp.
4.50%, 02/15/28 (Call 08/15/20)^(b)		215		208,707
5.13%, 03/15/28 (Call 09/15/20)^(b)		250		243,737
5.25%, 06/01/26 (Call 06/01/20)^(b)		210		214,416
5.50%, 02/01/24 (Call 08/01/20)		100		100,061
5.75%, 01/15/25 (Call 10/15/20)		200		200,424


Security	Par (000)		Value

Electric (continued)
Cemig Geracao e Transmissao SA, 9.25%, 12/05/24 (Call 12/05/23)^(c)	$	200	$	208,396
CenterPoint Energy Houston Electric LLC
2.25%, 08/01/22 (Call 08/01/20)		5		5,079
3.95%, 03/01/48 (Call 09/01/20)		140		171,011
4.50%, 04/01/44 (Call 10/01/20)		150		189,934
Series AA, 3.00%, 02/01/27 (Call 08/01/20)		10		10,595
Series AC, 4.25%, 02/01/49 (Call 08/01/20)		35		44,531
Series K2, 6.95%, 03/15/33		3		4,456
Series Z, 2.40%, 09/01/26 (Call 09/01/20)		10		10,370
CenterPoint Energy Inc.
2.50%, 09/01/22 (Call 09/01/20)		25		25,551
2.50%, 09/01/24 (Call 09/01/20)		45		46,394
2.95%, 03/01/30 (Call 09/01/20)		100		102,878
3.70%, 09/01/49 (Call 09/01/20)		100		102,235
3.85%, 02/01/24 (Call 08/01/20)		260		277,550
4.25%, 11/01/28 (Call 05/01/20)		220		243,965
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30^(c)		200		171,692
CGNPC International Ltd., 2.75%, 07/02/24^(c)		400		408,664
China Clean Energy Development Ltd., 4.00%, 11/05/25^(c)		200		216,778
China Southern Power Grid International Finance BVI Co. Ltd., 3.50%, 05/08/27^(c)		400		432,008
Clearway Energy Operating LLC
4.75%, 03/15/28 (Call 09/15/20)^(b)		75		76,387
5.00%, 09/15/26 (Call 09/15/20)		100		100,796
5.75%, 10/15/25 (Call 10/15/20)		80		82,852
Cleco Corporate Holdings LLC
3.38%, 09/15/29 (Call 09/15/20)^(b)		107		111,266
3.74%, 05/01/26 (Call 05/01/20)		270		273,839
Cleveland Electric Illuminating Co. (The)
3.50%, 04/01/28 (Call 10/01/20)^(b)		150		161,952
4.55%, 11/15/30 (Call 05/15/20)^(b)		50		58,113
5.95%, 12/15/36		5		6,344
CLP Power Hong Kong Financing Ltd., 3.38%, 10/26/27^(c)		200		214,292
CMS Energy Corp.
3.00%, 05/15/26 (Call 05/15/20)		15		15,934
3.45%, 08/15/27 (Call 08/15/20)		8		8,640
3.60%, 11/15/25 (Call 05/15/20)		150		159,108
4.88%, 03/01/44 (Call 09/01/20)		50		63,673
5.05%, 03/15/22 (Call 09/15/20)		30		31,764
Comision Federal de Electricidad
4.75%, 02/23/27^(c)		200		190,058
4.88%, 01/15/24^(c)		200		198,592
5.75%, 02/14/42^(c)		200		191,212
6.13%, 06/16/45^(c)		200		203,074
Commonwealth Edison Co.
2.55%, 06/15/26 (Call 06/15/20)		165		176,408
3.00%, 03/01/50 (Call 09/01/20)		2		2,163
3.65%, 06/15/46 (Call 06/15/20)		59		69,415
3.70%, 08/15/28 (Call 08/15/20)		300		342,420
3.70%, 03/01/45 (Call 09/01/20)		140		163,591
3.80%, 10/01/42 (Call 10/01/20)		5		5,853
4.00%, 03/01/48 (Call 09/01/20)		135		167,362
4.00%, 03/01/49 (Call 09/01/20)		95		118,200
4.35%, 11/15/45 (Call 05/15/20)		80		101,526
4.60%, 08/15/43 (Call 08/15/20)		25		32,119
4.70%, 01/15/44 (Call 07/15/20)		8		10,532
Series 122, 2.95%, 08/15/27 (Call 08/15/20)		175		188,863
Series 123, 3.75%, 08/15/47 (Call 08/15/20)		85		100,785
Series 127, 3.20%, 11/15/49 (Call 05/15/20)		70		76,964


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Connecticut Light & Power Co. (The)
2.50%, 01/15/23 (Call 07/15/20)	$	50	$	51,558
4.00%, 04/01/48 (Call 10/01/20)		102		128,020
4.30%, 04/15/44 (Call 10/15/20)		80		100,155
6.35%, 06/01/36		15		21,071
Series A, 3.20%, 03/15/27 (Call 09/15/20)		8		8,724
Series A, 4.15%, 06/01/45 (Call 06/01/20)		15		18,962
Consolidated Edison Co. of New York Inc.
3.70%, 11/15/59 (Call 05/15/20)		100		114,059
3.80%, 05/15/28 (Call 05/15/20)		40		45,108
3.85%, 06/15/46 (Call 06/15/20)		110		127,258
3.95%, 03/01/43 (Call 09/01/20)		390		453,804
4.45%, 03/15/44 (Call 09/15/20)		232		285,887
4.50%, 12/01/45 (Call 06/01/20)		25		31,489
4.50%, 05/15/58 (Call 05/15/20)		100		125,946
4.63%, 12/01/54 (Call 06/01/20)		50		64,290
5.70%, 06/15/40		30		41,095
Series 06-A, 5.85%, 03/15/36		16		20,502
Series 06-B, 6.20%, 06/15/36		75		104,393
Series 08-B, 6.75%, 04/01/38		30		44,564
Series 12-A, 4.20%, 03/15/42		5		6,009
Series 2017, 3.88%, 06/15/47 (Call 06/15/20)		100		115,826
Series 20B, 3.95%, 04/01/50 (Call 10/01/20)		250		300,407
Series A, 4.13%, 05/15/49 (Call 05/15/20)		200		242,836
Series C, 4.30%, 12/01/56 (Call 06/01/20)		115		141,121
Series D, 4.00%, 12/01/28 (Call 06/01/20)		85		98,481
Series E, 4.65%, 12/01/48 (Call 06/01/20)		250		325,402
Consolidated Edison Inc., 2.00%, 05/15/21 (Call 05/15/20)		95		95,590
Consorcio Transmantaro SA, 4.70%, 04/16/34^(c)		200		205,952
Consumers Energy Co.
2.50%, 05/01/60		440		432,419
3.10%, 08/15/50 (Call 08/15/20)		35		39,906
3.25%, 08/15/46 (Call 08/15/20)		5		5,735
3.75%, 02/15/50 (Call 08/15/20)		85		105,495
3.95%, 07/15/47 (Call 07/15/20)		335		423,159
4.05%, 05/15/48 (Call 05/15/20)		125		162,082
Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 06/15/20)		85		92,936
Delmarva Power & Light Co.
3.50%, 11/15/23 (Call 05/15/20)		79		85,246
4.15%, 05/15/45 (Call 05/15/20)		50		56,911
Dominion Energy Inc.
2.72%, 08/15/21⁽ⁱ⁾		200		202,934
3.07%, 08/15/24⁽ⁱ⁾		223		233,847
3.90%, 10/01/25 (Call 10/01/20)		295		324,420
4.25%, 06/01/28 (Call 06/01/20)		369		414,357
4.70%, 12/01/44 (Call 06/01/20)		70		84,653
5.75%, 10/01/54 (Call 10/01/20)^(a)		35		35,000
7.00%, 06/15/38		195		265,333
Series A, 4.60%, 03/15/49 (Call 09/15/20)		130		158,578
Series B, 2.75%, 01/15/22 (Call 07/15/20)		180		183,931
Series B, 2.75%, 09/15/22 (Call 09/15/20)		125		128,155
Series B, 5.95%, 06/15/35		80		100,893
Series C, 4.05%, 09/15/42 (Call 09/15/20)		85		91,669
Series C, 4.90%, 08/01/41 (Call 08/01/20)		150		179,029
Series D, 2.85%, 08/15/26 (Call 08/15/20)		178		185,925
Series E, 6.30%, 03/15/33		150		195,252
Series F, 5.25%, 08/01/33		85		97,966
Dominion Energy South Carolina Inc.
4.60%, 06/15/43 (Call 06/15/20)		45		56,920


Security	Par (000)		Value

Electric (continued)
5.30%, 05/15/33	$	5	$	6,366
5.45%, 02/01/41 (Call 08/01/20)		165		226,672
6.05%, 01/15/38		104		147,279
DPL Inc.
4.35%, 04/15/29 (Call 10/15/20)^(d)		125		121,976
7.25%, 10/15/21 (Call 10/15/20)		102		103,967
Drax Finco PLC, 6.63%, 11/01/25 (Call 05/01/20)^(b)		200		206,920
DTE Electric Co.
2.25%, 03/01/30 (Call 09/01/20)		7		7,283
2.95%, 03/01/50 (Call 09/01/20)		23		24,633
3.38%, 03/01/25 (Call 09/01/20)		14		15,233
3.65%, 03/15/24 (Call 09/15/20)		255		276,178
3.70%, 03/15/45 (Call 09/15/20)		50		59,044
3.70%, 06/01/46 (Call 06/01/20)		33		38,674
3.75%, 08/15/47 (Call 08/15/20)		70		84,108
3.95%, 03/01/49 (Call 09/01/20)		125		155,905
4.30%, 07/01/44 (Call 07/01/20)		80		100,802
5.70%, 10/01/37		40		54,060
Series A, 4.00%, 04/01/43 (Call 10/01/20)		25		30,141
DTE Energy Co.
2.25%, 11/01/22		100		101,838
2.85%, 10/01/26 (Call 10/01/20)		295		300,717
2.95%, 03/01/30 (Call 09/01/20)		110		110,856
3.80%, 03/15/27 (Call 09/15/20)		60		63,902
6.38%, 04/15/33		325		427,823
Series B, 3.30%, 06/15/22 (Call 06/15/20)		114		117,476
Series C, 2.53%, 10/01/24		117		119,238
Series C, 3.40%, 06/15/29 (Call 06/15/20)		141		147,480
Series C, 3.50%, 06/01/24 (Call 06/01/20)		55		57,870
Series D, 3.70%, 08/01/23 (Call 08/01/20)		155		165,033
Duke Energy Carolinas LLC
2.45%, 08/15/29 (Call 08/15/20)		75		79,727
2.45%, 02/01/30 (Call 08/01/20)		200		213,448
2.50%, 03/15/23 (Call 09/15/20)		50		52,250
2.95%, 12/01/26 (Call 06/01/20)		48		52,495
3.05%, 03/15/23 (Call 09/15/20)		255		271,866
3.20%, 08/15/49 (Call 08/15/20)		150		169,131
3.35%, 05/15/22		125		131,472
3.70%, 12/01/47 (Call 06/01/20)		25		29,794
3.75%, 06/01/45 (Call 06/01/20)		52		62,018
3.88%, 03/15/46 (Call 09/15/20)		135		164,165
3.90%, 06/15/21 (Call 06/15/20)		190		194,803
3.95%, 11/15/28 (Call 05/15/20)		105		123,475
3.95%, 03/15/48 (Call 09/15/20)		100		124,437
4.00%, 09/30/42 (Call 09/30/20)		305		369,986
4.25%, 12/15/41 (Call 06/15/20)		48		59,746
5.30%, 02/15/40		88		120,966
6.00%, 01/15/38		105		153,158
6.05%, 04/15/38		50		72,524
6.10%, 06/01/37		50		71,353
Series A, 6.00%, 12/01/28		50		64,038
Duke Energy Corp.
1.80%, 09/01/21 (Call 09/01/20)		585		590,762
2.65%, 09/01/26 (Call 09/01/20)		360		382,486
3.05%, 08/15/22 (Call 08/15/20)		65		67,114
3.15%, 08/15/27 (Call 08/15/20)		25		26,758
3.40%, 06/15/29 (Call 06/15/20)		70		76,741
3.55%, 09/15/21 (Call 09/15/20)		58		59,434
3.75%, 04/15/24 (Call 10/15/20)		360		391,856
3.75%, 09/01/46 (Call 09/01/20)		533		604,646


SCHEDULE OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
3.95%, 08/15/47 (Call 08/15/20)	$	55	$	64,261
4.20%, 06/15/49 (Call 06/15/20)		125		153,836
4.80%, 12/15/45 (Call 06/15/20)		206		264,928
Duke Energy Florida LLC
2.50%, 12/01/29 (Call 06/01/20)		175		187,486
3.20%, 01/15/27 (Call 07/15/20)		150		164,155
3.40%, 10/01/46 (Call 10/01/20)		15		16,906
3.80%, 07/15/28 (Call 07/15/20)		505		580,513
3.85%, 11/15/42 (Call 05/15/20)		92		109,167
6.35%, 09/15/37		85		123,682
6.40%, 06/15/38		214		328,558
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/20)		250		256,520
6.35%, 08/15/38		60		88,943
6.45%, 04/01/39		15		22,048
Series YYY, 3.25%, 10/01/49 (Call 10/01/20)		96		106,932
Duke Energy Ohio Inc.
3.65%, 02/01/29 (Call 08/01/20)		90		103,757
3.70%, 06/15/46 (Call 06/15/20)		5		5,865
4.30%, 02/01/49 (Call 08/01/20)		20		26,138
Duke Energy Progress LLC
3.25%, 08/15/25 (Call 08/15/20)		15		16,414
3.45%, 03/15/29 (Call 09/15/20)		275		312,232
3.60%, 09/15/47 (Call 09/15/20)		90		104,963
3.70%, 09/01/28 (Call 09/01/20)		40		45,802
3.70%, 10/15/46 (Call 10/15/20)		75		88,544
4.10%, 05/15/42 (Call 05/15/20)		8		9,792
4.10%, 03/15/43 (Call 09/15/20)		80		97,404
4.15%, 12/01/44 (Call 06/01/20)		80		98,338
4.20%, 08/15/45 (Call 08/15/20)		65		81,025
E.ON International Finance BV, 6.65%, 04/30/38^(b)		200		267,144
Edison International
2.40%, 09/15/22 (Call 09/15/20)		125		124,849
2.95%, 03/15/23 (Call 09/15/20)		160		160,419
3.13%, 11/15/22 (Call 05/15/20)		10		10,161
3.55%, 11/15/24 (Call 05/15/20)		175		180,525
4.13%, 03/15/28 (Call 09/15/20)		150		157,308
5.75%, 06/15/27 (Call 06/15/20)		130		147,811
EDP Finance BV, 3.63%, 07/15/24^(b)		422		440,914
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/20)		39		44,255
6.00%, 05/15/35		15		19,547
Electricite de France SA
3.63%, 10/13/25 (Call 10/13/20)^(b)		690		754,204
4.50%, 09/21/28 (Call 09/21/20)^(b)		442		509,109
4.75%, 10/13/35 (Call 10/13/20)^(b)		325		404,534
4.88%, 01/22/44^(b)		380		450,999
4.95%, 10/13/45 (Call 10/13/20)^(b)		248		297,488
5.00%, 09/21/48 (Call 09/21/20)^(b)		600		739,680
5.25%, (Call 07/29/20)^(a)(b)(g)		105		104,683
5.25%, 10/13/55 (Call 10/13/20)^(b)		125		154,310
5.60%, 01/27/40^(b)		150		192,265
6.00%, 01/22/2114^(b)		156		201,639
6.95%, 01/26/39^(b)		129		188,045
Emera U.S. Finance LP
2.70%, 06/15/21 (Call 06/15/20)		205		206,091
3.55%, 06/15/26 (Call 06/15/20)		293		310,310
4.75%, 06/15/46 (Call 06/15/20)		240		257,314
Empresa de Transmision Electrica SA, 5.13%, 05/02/49^(c)		400		408,952


Security	Par (000)		Value

Electric (continued)
Empresa Electrica Guacolda SA, 4.56%, 04/30/25 (Call 01/30/25)^(c)	$	200	$	145,224
Enel Americas SA, 4.00%, 10/25/26 (Call 10/25/20)		75		77,027
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		110		118,802
Enel Finance International NV
2.65%, 09/10/24^(b)		310		313,481
3.50%, 04/06/28^(b)		260		269,971
3.63%, 05/25/27^(b)		200		209,740
4.25%, 09/14/23^(b)		610		646,057
4.63%, 09/14/25^(b)		385		422,064
4.88%, 06/14/29^(b)		200		230,970
6.00%, 10/07/39^(b)		375		464,921
6.80%, 09/15/37^(b)		250		326,850
Engie SA, 2.88%, 10/10/22^(b)		75		76,867
Entergy Arkansas LLC
3.50%, 04/01/26 (Call 10/01/20)		316		351,499
4.20%, 04/01/49 (Call 10/01/20)		50		63,781
Entergy Corp.
2.95%, 09/01/26 (Call 09/01/20)		405		425,809
4.00%, 07/15/22 (Call 07/15/20)		100		105,714
Entergy Louisiana LLC
2.40%, 10/01/26 (Call 10/01/20)		175		179,791
3.05%, 06/01/31 (Call 06/01/20)		139		153,038
3.12%, 09/01/27 (Call 09/01/20)		25		27,328
3.25%, 04/01/28 (Call 10/01/20)		8		8,714
4.20%, 09/01/48 (Call 09/01/20)		90		116,193
4.20%, 04/01/50 (Call 10/01/20)		100		129,463
5.40%, 11/01/24		50		57,536
Entergy Mississippi LLC
2.85%, 06/01/28 (Call 06/01/20)		25		26,762
3.85%, 06/01/49 (Call 06/01/20)		115		141,204
Entergy Texas Inc.
3.55%, 09/30/49 (Call 09/30/20)		5		5,673
4.00%, 03/30/29 (Call 09/30/20)		41		46,858
4.50%, 03/30/39 (Call 09/30/20)		250		303,497
Eskom Holdings SOC Ltd.
6.75%, 08/06/23^(c)		400		298,500
7.13%, 02/11/25^(c)		400		292,248
Evergy Inc.
2.45%, 09/15/24 (Call 09/15/20)		315		325,871
2.90%, 09/15/29 (Call 09/15/20)		242		247,813
Evergy Kansas Central Inc.
3.10%, 04/01/27 (Call 10/01/20)		35		37,665
3.25%, 09/01/49 (Call 09/01/20)		50		55,281
4.10%, 04/01/43 (Call 10/01/20)		64		76,993
4.13%, 03/01/42 (Call 09/01/20)		33		39,560
4.25%, 12/01/45 (Call 06/01/20)		155		191,498
Evergy Metro Inc.
3.65%, 08/15/25 (Call 08/15/20)		150		166,486
4.20%, 06/15/47 (Call 06/15/20)		95		119,472
4.20%, 03/15/48 (Call 09/15/20)		50		63,041
5.30%, 10/01/41 (Call 10/01/20)		25		34,113
Series 2019, 4.13%, 04/01/49 (Call 10/01/20)		110		138,216
Eversource Energy
3.35%, 03/15/26 (Call 09/15/20)		100		105,090
3.45%, 01/15/50 (Call 07/15/20)		9		9,719
Series H, 3.15%, 01/15/25 (Call 07/15/20)		50		52,957
Series K, 2.75%, 03/15/22 (Call 09/15/20)		274		281,286
Series L, 2.90%, 10/01/24 (Call 10/01/20)		180		188,762
Series M, 3.30%, 01/15/28 (Call 07/15/20)		100		107,220


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Series N, 3.80%, 12/01/23 (Call 06/01/20)	$	60	$	64,453
Series O, 4.25%, 04/01/29 (Call 10/01/20)		250		288,557
Exelon Corp.
3.40%, 04/15/26 (Call 10/15/20)		235		255,624
3.50%, 06/01/22 (Call 06/01/20)		289		298,606
3.95%, 06/15/25 (Call 06/15/20)		525		579,516
4.45%, 04/15/46 (Call 10/15/20)		250		297,765
4.70%, 04/15/50 (Call 10/15/20)		250		323,037
4.95%, 06/15/35 (Call 06/15/20)		108		132,316
5.10%, 06/15/45 (Call 06/15/20)		80		102,775
5.63%, 06/15/35		75		97,378
Exelon Generation Co. LLC
3.40%, 03/15/22 (Call 09/15/20)		65		67,269
4.25%, 06/15/22 (Call 06/15/20)		60		63,018
5.60%, 06/15/42 (Call 06/15/20)		150		158,121
5.75%, 10/01/41 (Call 10/01/20)		100		100,485
6.25%, 10/01/39		185		208,095
FirstEnergy Corp.
2.05%, 03/01/25 (Call 09/01/20)		15		15,113
2.65%, 03/01/30 (Call 09/01/20)		7		7,183
Series A, 2.85%, 07/15/22 (Call 07/15/20)		100		102,132
Series B, 3.90%, 07/15/27 (Call 07/15/20)		306		336,520
Series B, 4.25%, 03/15/23 (Call 09/15/20)		482		520,589
Series C, 3.40%, 03/01/50 (Call 09/01/20)		250		264,895
Series C, 4.85%, 07/15/47 (Call 07/15/20)		320		410,810
Series C, 7.38%, 11/15/31		213		314,348
FirstEnergy Transmission LLC
4.35%, 01/15/25 (Call 07/15/20)^(b)		25		27,719
4.55%, 04/01/49 (Call 10/01/20)^(b)		8		9,568
Florida Power & Light Co.
2.75%, 06/01/23 (Call 06/01/20)		5		5,305
2.85%, 04/01/25 (Call 10/01/20)		120		130,139
3.13%, 12/01/25 (Call 06/01/20)		35		38,271
3.15%, 10/01/49 (Call 10/01/20)		230		264,808
3.70%, 12/01/47 (Call 06/01/20)		75		91,784
3.95%, 03/01/48 (Call 09/01/20)		150		193,897
3.99%, 03/01/49 (Call 09/01/20)		255		331,508
4.05%, 06/01/42 (Call 06/01/20)		180		223,951
4.05%, 10/01/44 (Call 10/01/20)		55		69,832
4.13%, 02/01/42 (Call 08/01/20)		100		126,423
4.13%, 06/01/48 (Call 06/01/20)		165		220,910
4.95%, 06/01/35		5		6,626
5.69%, 03/01/40		85		126,490
5.95%, 02/01/38		200		300,048
5.96%, 04/01/39		50		75,490
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 10/04/20)		179		181,751
Georgia Power Co.
4.30%, 03/15/42		401		470,156
4.30%, 03/15/43		100		118,173
Series A, 2.10%, 07/30/23		21		21,645
Series A, 2.20%, 09/15/24 (Call 09/15/20)		105		108,221
Series B, 2.65%, 09/15/29 (Call 09/15/20)		115		118,317
Series B, 3.70%, 01/30/50 (Call 07/30/20)		308		347,064
Hongkong Electric Finance Ltd., 2.88%, 05/03/26^(c)		200		206,694
Hydro-Quebec, Series HK, 9.38%, 04/15/30		80		139,022
Iberdrola International BV, 6.75%, 07/15/36		60		82,996
Indiana Michigan Power Co.
4.25%, 08/15/48 (Call 08/15/20)		77		95,622
Series K, 4.55%, 03/15/46 (Call 09/15/20)		135		172,768
Series L, 3.75%, 07/01/47 (Call 07/01/20)		34		38,921


Security	Par (000)		Value

Electric (continued)
Indianapolis Power & Light Co., 4.05%, 05/01/46 (Call 05/01/20)^(b)	$	19	$	22,464
Interstate Power & Light Co.
3.25%, 12/01/24 (Call 06/01/20)		20		21,421
3.50%, 09/30/49 (Call 09/30/20)		55		60,168
3.70%, 09/15/46 (Call 09/15/20)		105		116,892
4.10%, 09/26/28 (Call 09/26/20)		70		79,964
IPALCO Enterprises Inc., 3.70%, 09/01/24 (Call 09/01/20)		130		137,050
Israel Electric Corp. Ltd., Series 6, 5.00%, 11/12/24^(b)(c)		1,050		1,143,670
ITC Holdings Corp.
2.70%, 11/15/22 (Call 05/15/20)		70		71,889
3.25%, 06/30/26 (Call 06/30/20)		158		168,106
3.35%, 11/15/27 (Call 05/15/20)		200		213,600
3.65%, 06/15/24 (Call 06/15/20)		20		21,193
5.30%, 07/01/43 (Call 07/01/20)		115		142,404
Jersey Central Power & Light Co., 4.30%, 01/15/26 (Call 07/15/20)^(b)		2		2,187
Kallpa Generacion SA, 4.88%, 05/24/26 (Call 02/24/26)^(c)		200		204,346
Kentucky Utilities Co.
4.38%, 10/01/45 (Call 10/01/20)		50		62,241
5.13%, 11/01/40 (Call 05/01/20)		95		125,790
Korea East-West Power Company Ltd., 2.63%, 06/19/22^(c)		600		613,446
Korea Hydro & Nuclear Power Co. Ltd., 3.00%, 09/19/22^(b)		200		206,896
Louisville Gas & Electric Co.
4.38%, 10/01/45 (Call 10/01/20)		25		29,921
Series 25, 3.30%, 10/01/25 (Call 10/01/20)		73		78,621
Massachusetts Electric Co., 5.90%, 11/15/39^(b)		15		20,504
Mexico Generadora de Energia S de rl, 5.50%, 12/06/32^(c)		164		160,402
MidAmerican Energy Co.
3.15%, 04/15/50 (Call 10/15/20)		108		122,319
3.50%, 10/15/24 (Call 10/15/20)		145		159,008
3.65%, 04/15/29 (Call 10/15/20)		306		356,218
3.65%, 08/01/48 (Call 08/01/20)		120		145,643
3.95%, 08/01/47 (Call 08/01/20)		118		148,381
4.25%, 05/01/46 (Call 05/01/20)		175		224,108
4.40%, 10/15/44 (Call 10/15/20)		120		155,767
4.80%, 09/15/43 (Call 09/15/20)		25		33,626
5.75%, 11/01/35		25		35,219
6.75%, 12/30/31		125		181,392
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (Call 05/15/20)^(b)		295		328,471
Minejesa Capital BV, 4.63%, 08/10/30^(c)		400		381,948
Mississippi Power Co., Series 12-A, 4.25%, 03/15/42		15		16,732
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/20)^(b)		57		78,078
Narragansett Electric Co. (The), 3.92%, 08/01/28 (Call 08/01/20)^(b)		50		55,670
National Grid USA
5.80%, 04/01/35		55		64,998
8.00%, 11/15/30		10		12,799
National Rural Utilities Cooperative Finance Corp.
2.30%, 09/15/22 (Call 09/15/20)		200		205,650
2.40%, 04/25/22 (Call 10/25/20)		200		206,016
2.85%, 01/27/25 (Call 07/27/20)		59		63,616
2.95%, 02/07/24 (Call 08/07/20)		18		19,225
3.05%, 02/15/22 (Call 08/15/20)		50		51,695
3.05%, 04/25/27 (Call 10/25/20)		100		106,142
3.25%, 11/01/25 (Call 05/01/20)		125		134,880


SCHEDULE OF INVESTMENTS			35

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
3.40%, 11/15/23 (Call 05/15/20)	$	10	$	10,664
3.40%, 02/07/28 (Call 08/07/20)		321		352,981
3.70%, 03/15/29 (Call 09/15/20)		70		78,694
3.90%, 11/01/28 (Call 05/01/20)		50		56,223
4.02%, 11/01/32 (Call 05/01/20)		79		89,973
4.30%, 03/15/49 (Call 09/15/20)		90		116,005
4.40%, 11/01/48 (Call 05/01/20)		100		124,197
5.25%, 04/20/46 (Call 10/20/20)^(a)		160		161,064
Nevada Power Co.
Series CC, 3.70%, 05/01/29 (Call 05/01/20)		225		257,515
Series DD, 2.40%, 05/01/30 (Call 05/01/20)		320		336,013
Series EE, 3.13%, 08/01/50 (Call 08/01/20)		200		212,648
Series N, 6.65%, 04/01/36		5		7,254
Series R, 6.75%, 07/01/37		229		336,774
New England Power Co., 3.80%, 12/05/47 (Call 06/05/20)^(b)		250		286,290
New York State Electric &Gas Corp., 3.30%, 09/15/49 (Call 09/15/20)^(b)		100		103,809
NextEra Energy Capital Holdings Inc.
2.75%, 11/01/29 (Call 05/01/20)		103		111,163
2.80%, 01/15/23 (Call 07/15/20)		15		15,578
2.90%, 04/01/22		65		67,121
3.15%, 04/01/24 (Call 10/01/20)		270		287,231
3.25%, 04/01/26 (Call 10/01/20)		195		211,240
3.50%, 04/01/29 (Call 10/01/20)		378		425,870
3.55%, 05/01/27 (Call 05/01/20)		280		309,812
3.63%, 06/15/23 (Call 06/15/20)		75		79,158
4.80%, 12/01/77 (Call 06/01/20)^(a)		210		207,270
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 10/15/20)^(b)		100		99,318
4.25%, 07/15/24 (Call 07/15/20)^(b)		85		85,820
4.25%, 09/15/24 (Call 09/15/20)^(b)		85		86,578
4.50%, 09/15/27 (Call 09/15/20)^(b)		75		76,922
Niagara Mohawk Power Corp., 4.28%, 10/01/34 (Call 10/01/20)^(b)		100		119,028
Northern States Power Co./MN
2.15%, 08/15/22 (Call 08/15/20)		25		25,440
2.90%, 03/01/50 (Call 09/01/20)		45		49,113
3.40%, 08/15/42 (Call 08/15/20)		200		227,914
3.60%, 09/15/47 (Call 09/15/20)		10		11,900
4.00%, 08/15/45 (Call 08/15/20)		25		31,045
4.13%, 05/15/44 (Call 05/15/20)		94		117,943
5.35%, 11/01/39		31		43,418
6.25%, 06/01/36		70		100,274
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/20)		215		237,534
NRG Energy Inc.
3.75%, 06/15/24 (Call 06/15/20)^(b)		260		266,698
4.45%, 06/15/29 (Call 06/15/20)^(b)		152		157,043
5.25%, 06/15/29 (Call 06/15/20)^(b)		125		133,700
5.75%, 01/15/28 (Call 07/15/20)		75		80,940
6.63%, 01/15/27 (Call 07/15/20)		225		240,190
7.25%, 05/15/26 (Call 05/15/20)		175		188,172
NSTAR Electric Co.
3.20%, 05/15/27 (Call 05/15/20)		32		35,320
3.25%, 05/15/29 (Call 05/15/20)		220		244,752
4.40%, 03/01/44 (Call 09/01/20)		5		6,159
NTPC Ltd.
4.38%, 11/26/24^(c)		200		201,872
4.50%, 03/19/28^(c)		400		398,112


Security	Par (000)		Value

Electric (continued)
Oglethorpe Power Corp.
4.25%, 04/01/46 (Call 10/01/20)	$	100	$	109,365
5.05%, 10/01/48 (Call 10/01/20)		10		11,484
5.38%, 11/01/40		25		31,144
5.95%, 11/01/39		40		53,882
Ohio Edison Co., 6.88%, 07/15/36		76		104,406
Ohio Power Co., 4.00%, 06/01/49 (Call 06/01/20)		75		93,512
Oklahoma Gas & Electric Co.
3.80%, 08/15/28 (Call 08/15/20)		150		166,902
3.85%, 08/15/47 (Call 08/15/20)		14		15,515
4.15%, 04/01/47 (Call 10/01/20)		75		88,562
OmGrid Funding Ltd., 5.20%, 05/16/27^(c)		200		169,078
Oncor Electric Delivery Co. LLC
2.75%, 06/01/24 (Call 06/01/20)		260		276,406
2.95%, 04/01/25 (Call 10/01/20)		124		133,286
3.10%, 09/15/49 (Call 09/15/20)		100		113,862
3.70%, 11/15/28 (Call 05/15/20)		155		178,337
3.75%, 04/01/45 (Call 10/01/20)		55		66,456
3.80%, 09/30/47 (Call 09/30/20)		85		105,581
3.80%, 06/01/49 (Call 06/01/20)		200		253,192
4.10%, 11/15/48 (Call 05/15/20)		50		64,633
4.55%, 12/01/41 (Call 06/01/20)		40		52,422
5.25%, 09/30/40		5		6,917
5.30%, 06/01/42 (Call 06/01/20)		200		285,208
7.00%, 09/01/22		10		11,357
7.00%, 05/01/32		53		77,801
7.50%, 09/01/38		5		8,249
PacifiCorp
2.95%, 02/01/22 (Call 08/01/20)		60		62,003
3.30%, 03/15/51 (Call 09/15/20)		250		279,617
3.50%, 06/15/29 (Call 06/15/20)		210		238,917
4.10%, 02/01/42 (Call 08/01/20)		50		60,400
4.13%, 01/15/49 (Call 07/15/20)		30		37,659
4.15%, 02/15/50 (Call 08/15/20)		75		95,390
5.75%, 04/01/37		55		73,948
6.00%, 01/15/39		100		145,252
Pampa Energia SA, 7.50%, 01/24/27 (Call 01/24/22)^(c)		350		209,968
PECO Energy Co.
1.70%, 09/15/21 (Call 09/15/20)		75		75,666
3.00%, 09/15/49 (Call 09/15/20)		50		53,583
3.90%, 03/01/48 (Call 09/01/20)		250		310,295
5.95%, 10/01/36		25		34,846
Pennsylvania Electric Co.
3.25%, 03/15/28 (Call 09/15/20)^(b)		13		13,771
3.60%, 06/01/29 (Call 06/01/20)^(b)		123		134,489
Perusahaan Listrik Negara PT
3.88%, 07/17/29^(c)		400		391,700
4.13%, 05/15/27^(c)		811		803,823
4.88%, 07/17/49^(c)		200		192,326
5.25%, 10/24/42^(c)		200		203,206
5.25%, 05/15/47^(c)		200		202,258
5.50%, 11/22/21^(c)		200		203,650
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/20)		210		259,518
6.50%, 11/15/37		100		148,809
PPL Capital Funding Inc.
3.10%, 05/15/26 (Call 05/15/20)		192		201,744
3.40%, 06/01/23 (Call 06/01/20)		55		57,208
3.50%, 12/01/22 (Call 06/01/20)		65		67,513
3.95%, 03/15/24 (Call 09/15/20)		130		139,877


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
4.00%, 09/15/47 (Call 09/15/20)	$	5	$	5,362
4.70%, 06/01/43 (Call 06/01/20)		80		91,894
5.00%, 03/15/44 (Call 09/15/20)		80		96,018
PPL Electric Utilities Corp.
3.00%, 09/15/21 (Call 09/15/20)		50		51,102
3.00%, 10/01/49 (Call 10/01/20)		80		85,363
3.95%, 06/01/47 (Call 06/01/20)		250		308,110
4.13%, 06/15/44 (Call 06/15/20)		60		73,849
4.15%, 10/01/45 (Call 10/01/20)		25		30,745
4.15%, 06/15/48 (Call 06/15/20)		100		127,356
6.25%, 05/15/39		75		110,916
PPL WEM Ltd./Western Power Distribution Ltd., 5.38%, 05/01/21 (Call 05/01/20)^(b)		125		128,296
Progress Energy Inc.
3.15%, 04/01/22 (Call 10/01/20)		50		51,347
6.00%, 12/01/39		135		190,625
7.75%, 03/01/31		225		324,135
PSEG Power LLC
3.00%, 06/15/21 (Call 06/15/20)		35		35,490
3.85%, 06/01/23 (Call 06/01/20)		352		371,906
8.63%, 04/15/31		225		299,875
Public Service Co. of Colorado
2.25%, 09/15/22 (Call 09/15/20)		100		102,277
3.55%, 06/15/46 (Call 06/15/20)		100		110,817
3.60%, 09/15/42 (Call 09/15/20)		50		58,893
3.70%, 06/15/28 (Call 06/15/20)		100		116,835
3.80%, 06/15/47 (Call 06/15/20)		110		133,311
4.05%, 09/15/49 (Call 09/15/20)		55		70,823
4.10%, 06/15/48 (Call 06/15/20)		75		96,387
4.30%, 03/15/44 (Call 09/15/20)		6		7,704
6.50%, 08/01/38		55		86,247
Series 17, 6.25%, 09/01/37		25		37,575
Public Service Co. of New Hampshire, 3.60%, 07/01/49 (Call 07/01/20)		250		295,212
Public Service Electric & Gas Co.
2.25%, 09/15/26 (Call 09/15/20)		159		166,592
2.45%, 01/15/30 (Call 07/15/20)		200		212,756
3.00%, 05/15/25 (Call 05/15/20)		14		15,074
3.00%, 05/15/27 (Call 05/15/20)		15		16,219
3.15%, 01/01/50 (Call 07/01/20)		200		228,604
3.20%, 05/15/29 (Call 05/15/20)		69		77,423
3.20%, 08/01/49 (Call 08/01/20)		100		113,745
3.25%, 09/01/23 (Call 09/01/20)		50		53,557
3.60%, 12/01/47 (Call 06/01/20)		75		91,142
3.65%, 09/01/42 (Call 09/01/20)		8		9,449
3.70%, 05/01/28 (Call 05/01/20)		150		171,567
3.85%, 05/01/49 (Call 05/01/20)		85		106,695
3.95%, 05/01/42 (Call 05/01/20)		40		48,788
4.15%, 11/01/45 (Call 05/01/20)		50		60,535
Series K, 4.05%, 05/01/45 (Call 05/01/20)		50		62,258
Public Service Enterprise Group Inc.
2.00%, 11/15/21 (Call 05/15/20)		5		5,040
2.65%, 11/15/22 (Call 05/15/20)		326		335,167
2.88%, 06/15/24 (Call 06/15/20)		70		73,067
Puget Energy Inc.
3.65%, 05/15/25 (Call 05/15/20)		220		220,143
5.63%, 07/15/22 (Call 07/15/20)		30		31,537
6.00%, 09/01/21		100		104,322
Puget Sound Energy Inc.
3.25%, 09/15/49 (Call 09/15/20)		105		115,192


Security	Par (000)		Value

Electric (continued)
4.22%, 06/15/48 (Call 06/15/20)	$	88	$	112,227
4.30%, 05/20/45 (Call 05/20/20)		38		47,667
4.43%, 11/15/41 (Call 05/15/20)		25		29,394
5.76%, 10/01/39		81		112,191
6.27%, 03/15/37		20		28,010
San Diego Gas & Electric Co.
2.50%, 05/15/26 (Call 05/15/20)		300		312,198
3.00%, 08/15/21		112		113,822
4.50%, 08/15/40		25		30,163
Series RRR, 3.75%, 06/01/47 (Call 06/01/20)		161		180,476
Series TTT, 4.10%, 06/15/49 (Call 06/15/20)		110		134,850
Saudi Electricity Global Sukuk Co. 3
4.00%, 04/08/24^(c)		400		416,676
5.50%, 04/08/44^(c)		400		447,852
Saudi Electricity Global Sukuk Co. 4, 4.72%, 09/27/28^(c)		600		660,882
Sempra Energy
2.88%, 10/01/22 (Call 10/01/20)		25		25,648
2.90%, 02/01/23 (Call 08/01/20)		120		123,913
3.25%, 06/15/27 (Call 06/15/20)		125		130,861
3.40%, 02/01/28 (Call 08/01/20)		115		121,294
3.55%, 06/15/24 (Call 06/15/20)		225		237,404
3.75%, 11/15/25 (Call 05/15/20)		100		107,312
3.80%, 02/01/38 (Call 08/01/20)		55		58,812
4.00%, 02/01/48 (Call 08/01/20)		140		159,054
4.05%, 12/01/23 (Call 06/01/20)		70		75,082
6.00%, 10/15/39		345		467,744
Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 05/01/20)		25		26,625
SMC Global Power Holdings Corp., 6.50%, (Call 04/25/24)^(a)(c)(g)		200		178,578
Southern California Edison Co.
2.85%, 08/01/29 (Call 08/01/20)		525		541,894
3.65%, 02/01/50 (Call 08/01/20)		205		223,825
3.88%, 06/01/21 (Call 06/01/20)		182		185,807
4.00%, 04/01/47 (Call 10/01/20)		348		392,673
4.05%, 03/15/42 (Call 09/15/20)		68		74,519
4.50%, 09/01/40 (Call 09/01/20)		5		5,910
4.65%, 10/01/43 (Call 10/01/20)		270		319,226
5.50%, 03/15/40		135		172,997
5.63%, 02/01/36		11		13,498
6.00%, 01/15/34		92		119,631
6.65%, 04/01/29		100		114,862
Series 05-E, 5.35%, 07/15/35		100		127,368
Series 06-E, 5.55%, 01/15/37		130		158,826
Series 08-A, 5.95%, 02/01/38		25		32,335
Series 13-A, 3.90%, 03/15/43 (Call 09/15/20)		35		38,520
Series A, 4.20%, 03/01/29 (Call 09/01/20)		75		84,762
Series B, 3.65%, 03/01/28 (Call 09/01/20)		155		168,463
Series B, 4.88%, 03/01/49 (Call 09/01/20)		144		182,406
Series C, 3.50%, 10/01/23 (Call 10/01/20)		115		121,761
Series C, 3.60%, 02/01/45 (Call 08/01/20)		50		53,060
Series C, 4.13%, 03/01/48 (Call 09/01/20)		95		108,917
Series D, 3.40%, 06/01/23 (Call 06/01/20)		5		5,233
Series E, 3.70%, 08/01/25 (Call 08/01/20)		25		27,247
Southern Co. (The)
2.35%, 07/01/21 (Call 07/01/20)		583		589,477
2.95%, 07/01/23 (Call 07/01/20)		276		291,183
3.25%, 07/01/26 (Call 07/01/20)		460		491,809
4.25%, 07/01/36 (Call 07/01/20)		265		294,818
4.40%, 07/01/46 (Call 07/01/20)		332		392,567
Series B, 5.50%, 03/15/57 (Call 09/15/20)^(a)		418		424,583


SCHEDULE OF INVESTMENTS			37

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Southern Power Co.
4.15%, 12/01/25 (Call 06/01/20)	$	85	$	93,109
5.15%, 09/15/41		285		320,554
Series F, 4.95%, 12/15/46 (Call 06/15/20)		44		46,378
Southwestern Electric Power Co. 6.20%, 03/15/40		120		159,995
Series J, 3.90%, 04/01/45 (Call 10/01/20)		30		32,715
Series K, 2.75%, 10/01/26 (Call 10/01/20)		569		556,567
Series L, 3.85%, 02/01/48 (Call 08/01/20)		170		181,834
Series M, 4.10%, 09/15/28 (Call 09/15/20)		311		348,199
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 08/15/20)		5		5,481
3.70%, 08/15/47 (Call 08/15/20)		320		370,659
3.75%, 06/15/49 (Call 06/15/20)		120		142,582
Series 6, 4.40%, 11/15/48 (Call 05/15/20)		35		45,575
SP PowerAssets Ltd., 3.25%, 11/24/25^(b)		200		216,426
SPIC 2016 U.S. dollar Bond Co. Ltd., 3.00%, 12/06/21^(c)		200		204,086
State Grid Overseas Investment 2013 Ltd., 3.13%, 05/22/23^(c)		400		414,688
State Grid Overseas Investment 2014 Ltd.
4.13%, 05/07/24^(c)		400		433,536
4.85%, 05/07/44^(c)		200		265,124
State Grid Overseas Investment 2016 Ltd.
2.88%, 05/18/26^(c)		200		210,138
3.50%, 05/04/27^(c)		1,050		1,143,712
Tabreed Sukuk Spc Ltd., 5.50%, 10/31/25^(c)		200		213,446
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 06/01/20)		150		103,527
6.63%, 01/15/28 (Call 07/15/20)^(b)		70		66,650
7.25%, 05/15/27 (Call 05/15/20)^(b)		15		14,844
10.50%, 01/15/26 (Call 07/15/20)^(b)		100		82,393
Tampa Electric Co.
3.63%, 06/15/50 (Call 06/15/20)		70		81,885
4.10%, 06/15/42 (Call 06/15/20)		165		191,928
4.30%, 06/15/48 (Call 06/15/20)		75		91,562
4.35%, 05/15/44 (Call 05/15/20)		55		65,465
6.55%, 05/15/36		90		127,175
Terraform Global Operating LLC, 6.13%, 03/01/26 (Call 09/01/20)^(b)		50		49,668
Three Gorges Finance I Cayman Islands Ltd.
2.30%, 10/16/24 (Call 09/16/24)^(c)		400		404,680
3.15%, 06/02/26^(c)		200		211,426
3.20%, 10/16/49 (Call 04/16/49)^(c)		200		204,102
TNB Global Ventures Capital Bhd, 4.85%, 11/01/28^(c)		400		444,804
Toledo Edison Co. (The), 6.15%, 05/15/37		157		229,884
TransAlta Corp.
4.50%, 11/15/22 (Call 05/15/20)		75		72,906
6.50%, 03/15/40		111		96,602
Tri-State Generation & Transmission Association Inc.
4.25%, 06/01/46 (Call 06/01/20)		100		119,044
6.00%, 06/15/40^(b)		15		20,311
Tucson Electric Power Co., 4.85%, 12/01/48 (Call 06/01/20)		60		77,687
Union Electric Co.
3.25%, 10/01/49 (Call 10/01/20)		115		127,782
3.50%, 03/15/29 (Call 09/15/20)		175		197,360
3.90%, 09/15/42 (Call 09/15/20)		125		149,380
4.00%, 04/01/48 (Call 10/01/20)		90		111,457
5.30%, 08/01/37		5		6,611
8.45%, 03/15/39		10		16,397


Security	Par (000)		Value

Electric (continued)
Virginia Electric & Power Co.
3.30%, 12/01/49 (Call 06/01/20)	$	95	$	107,869
4.00%, 01/15/43 (Call 07/15/20)		65		77,975
4.45%, 02/15/44 (Call 08/15/20)		215		271,708
4.60%, 12/01/48 (Call 06/01/20)		75		100,458
6.35%, 11/30/37		153		220,707
8.88%, 11/15/38		85		143,624
Series A, 2.88%, 07/15/29 (Call 07/15/20)		25		27,132
Series A, 3.10%, 05/15/25 (Call 05/15/20)		50		53,851
Series A, 3.15%, 01/15/26 (Call 07/15/20)		150		163,828
Series A, 3.80%, 04/01/28 (Call 10/01/20)		185		210,580
Series A, 6.00%, 05/15/37		56		77,640
Series B, 3.80%, 09/15/47 (Call 09/15/20)		51		60,903
Series B, 4.20%, 05/15/45 (Call 05/15/20)		80		98,338
Series C, 2.75%, 03/15/23 (Call 09/15/20)		45		46,964
Series C, 4.00%, 11/15/46 (Call 05/15/20)		30		36,604
Series D, 4.65%, 08/15/43 (Call 08/15/20)		15		19,348
Vistra Energy Corp.
5.88%, 06/01/23 (Call 06/01/20)		157		158,345
8.13%, 01/30/26 (Call 07/30/20)^(b)		50		52,375
Vistra Operations Co. LLC
3.55%, 07/15/24 (Call 07/15/20)^(b)		173		173,692
4.30%, 07/15/29 (Call 07/15/20)^(b)		107		106,609
5.00%, 07/31/27 (Call 07/31/20)^(b)		250		255,250
5.50%, 09/01/26 (Call 09/01/20)^(b)		125		129,494
5.63%, 02/15/27 (Call 08/15/20)^(b)		350		368,816
WEC Energy Group Inc.
3.10%, 03/08/22		135		139,211
3.55%, 06/15/25 (Call 06/15/20)		145		157,132
Westar Energy Inc., 3.25%, 12/01/25 (Call 06/01/20)		50		53,229
Wisconsin Electric Power Co.
4.30%, 12/15/45 (Call 06/15/20)		40		48,000
4.30%, 10/15/48 (Call 10/15/20)		57		70,789
Wisconsin Power & Light Co.
3.00%, 07/01/29 (Call 07/01/20)		15		16,253
3.05%, 10/15/27 (Call 10/15/20)		120		129,952
6.38%, 08/15/37		10		14,129
Wisconsin Public Service Corp.
3.30%, 09/01/49 (Call 09/01/20)		140		153,503
4.75%, 11/01/44 (Call 05/01/20)		15		19,685
Xcel Energy Inc.
2.60%, 12/01/29 (Call 06/01/20)		200		208,958
3.30%, 06/01/25 (Call 06/01/20)		214		229,496
3.35%, 12/01/26 (Call 06/01/20)		150		163,777
3.50%, 12/01/49 (Call 06/01/20)		253		276,160
4.00%, 06/15/28 (Call 06/15/20)		170		192,193

				113,695,703

Electrical Components & Equipment — 0.0%
Emerson Electric Co.
2.63%, 12/01/21 (Call 06/01/20)		46		47,084
2.63%, 02/15/23 (Call 08/15/20)		25		26,096
3.15%, 06/01/25 (Call 06/01/20)		100		107,830
5.25%, 11/15/39		30		39,683
Energizer Holdings Inc.
5.50%, 06/15/25 (Call 06/15/20)^(b)		75		76,372
6.38%, 07/15/26 (Call 07/15/20)^(b)(d)		125		130,094
7.75%, 01/15/27 (Call 07/15/20)^(b)		70		74,385
EnerSys, 4.38%, 12/15/27 (Call 06/15/20)^(b)		50		48,409


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electrical Components & Equipment (continued)
WESCO Distribution Inc.
5.38%, 12/15/21 (Call 05/29/20)	$	75	$	73,891
5.38%, 06/15/24 (Call 06/15/20)		50		46,197

				670,041

Electronics — 0.2%
Agilent Technologies Inc.
2.75%, 09/15/29 (Call 09/15/20)		115		119,762
3.05%, 09/22/26 (Call 09/22/20)		55		57,509
3.20%, 10/01/22 (Call 10/01/20)		175		180,388
3.88%, 07/15/23 (Call 07/15/20)		10		10,563
Allegion PLC, 3.50%, 10/01/29 (Call 10/01/20)		290		288,593
Allegion U.S. Holding Co. Inc.
3.20%, 10/01/24 (Call 10/01/20)		65		65,358
3.55%, 10/01/27 (Call 10/01/20)		60		59,917
Amphenol Corp.
2.05%, 03/01/25 (Call 09/01/20)		19		18,958
2.80%, 02/15/30 (Call 08/15/20)		235		237,016
3.20%, 04/01/24 (Call 10/01/20)		220		232,340
4.35%, 06/01/29 (Call 06/01/20)		46		52,392
Arrow Electronics Inc.
3.25%, 09/08/24 (Call 09/08/20)		329		332,050
3.88%, 01/12/28 (Call 07/12/20)		198		197,804
4.00%, 04/01/25 (Call 10/01/20)		15		15,509
4.50%, 03/01/23 (Call 09/01/20)		175		181,094
Avnet Inc.
3.75%, 12/01/21 (Call 06/01/20)		35		35,600
4.63%, 04/15/26 (Call 10/15/20)		34		36,558
4.88%, 12/01/22		350		369,474
Competition Team Technologies Ltd., 4.25%, 03/12/29^(c)		200		220,538
Flex Ltd.
4.75%, 06/15/25 (Call 06/15/20)		127		135,016
4.88%, 06/15/29 (Call 06/15/20)		122		124,268
5.00%, 02/15/23		153		159,652
Fortive Corp.
3.15%, 06/15/26 (Call 06/15/20)		145		148,872
4.30%, 06/15/46 (Call 06/15/20)		150		159,579
Honeywell International Inc.
1.85%, 11/01/21 (Call 05/01/20)		1,050		1,066,915
2.30%, 08/15/24 (Call 08/15/20)		117		122,938
2.50%, 11/01/26 (Call 05/01/20)		348		371,636
3.81%, 11/21/47 (Call 05/21/20)		220		263,787
5.70%, 03/15/36		69		93,282
5.70%, 03/15/37		19		26,053
Hubbell Inc., 3.50%, 02/15/28 (Call 08/15/20)		120		123,560
Ingram Micro Inc.
5.00%, 08/10/22 (Call 08/10/20)		100		94,280
5.45%, 12/15/24 (Call 06/15/20)		126		121,120
Itron Inc., 5.00%, 01/15/26 (Call 07/15/20)^(b)		75		75,375
Jabil Inc.
3.60%, 01/15/30 (Call 07/15/20)		42		39,301
3.95%, 01/12/28 (Call 07/12/20)		245		237,395
4.70%, 09/15/22		50		51,379
Keysight Technologies Inc.
3.00%, 10/30/29 (Call 10/30/20)		95		96,325
4.55%, 10/30/24 (Call 10/31/20)		15		16,335
4.60%, 04/06/27 (Call 10/06/20)		235		263,139
LG Display Co. Ltd., 3.88%, 11/15/21^(c)		500		518,345
PerkinElmer Inc., 3.30%, 09/15/29 (Call 09/15/20)		210		213,717
Roper Technologies Inc.
2.35%, 09/15/24 (Call 09/15/20)		130		131,629


Security	Par (000)		Value

Electronics (continued)
2.80%, 12/15/21 (Call 06/15/20)	$	510	$	520,633
2.95%, 09/15/29 (Call 09/15/20)		110		114,629
3.65%, 09/15/23 (Call 09/15/20)		15		15,725
3.80%, 12/15/26 (Call 06/15/20)		263		283,690
3.85%, 12/15/25 (Call 06/15/20)		60		63,219
4.20%, 09/15/28 (Call 09/15/20)		230		257,986
Sensata Technologies BV
4.38%, 02/15/30^(b)(d)		75		73,817
4.88%, 10/15/23^(b)		75		76,102
5.00%, 10/01/25^(b)		125		124,718
5.63%, 11/01/24^(b)		125		127,198
Tech Data Corp.
3.70%, 02/15/22 (Call 08/15/20)		65		64,163
4.95%, 02/15/27 (Call 08/15/20)		193		192,844
Trimble Inc.
4.15%, 06/15/23 (Call 06/15/20)		350		357,560
4.75%, 12/01/24 (Call 06/01/20)		115		119,730
4.90%, 06/15/28 (Call 06/15/20)		73		78,272
TTM Technologies Inc., 5.63%, 10/01/25 (Call 10/01/20)^(b)(d)		40		38,205
Tyco Electronics Group SA
3.13%, 08/15/27 (Call 08/15/20)		135		142,347
3.45%, 08/01/24 (Call 08/01/20)		25		26,592
7.13%, 10/01/37		155		226,706

				10,269,457

Energy – Alternate Sources — 0.0%
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 07/15/20)^(b)		100		104,786
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26 (Call 07/29/22)^(c)		200		176,852
Pattern Energy Group Inc., 5.88%, 02/01/24 (Call 08/01/20)^(b)		65		65,673
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 07/31/20)^(b)		115		117,808
4.75%, 01/15/30 (Call 07/15/20)^(b)		105		107,765
5.00%, 01/31/28 (Call 07/31/20)^(b)		105		110,050
Topaz Solar Farms LLC, 5.75%, 09/30/39^(b)		196		216,458

				899,392

Engineering & Construction — 0.1%
AECOM
5.13%, 03/15/27 (Call 09/15/20)		142		144,557
5.88%, 10/15/24 (Call 10/15/20)		125		132,196
AECOM Global II LLC/URS Fox US LP, 5.00%, 04/01/22 (Call 10/01/20)		95		95,046
Aeropuerto Internacional de Tocumen SA, 5.63%, 05/18/36 (Call 05/18/35)^(c)		200		205,570
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)^(b)		210		158,012
CCCI Treasure Ltd., 3.43%, (Call 11/21/24)^(a)(c)(g)		200		196,246
China Railway Xunjie Co. Ltd., 2.88%, 07/25/22^(c)		200		205,472
CSCEC Finance Cayman II Ltd., 2.70%, 06/14/21^(c)		200		201,532
Delhi International Airport Ltd., 6.13%, 10/31/26^(c)		200		177,236
Dianjian International Finance Ltd., 4.60%, (Call 03/13/23)^(a)(c)(g)		200		200,286
Fluor Corp.
3.50%, 12/15/24 (Call 06/15/20)		416		373,522
4.25%, 09/15/28 (Call 09/15/20)		289		236,827
frontdoor Inc., 6.75%, 08/15/26 (Call 08/15/20)^(b)		35		35,936


SCHEDULE OF INVESTMENTS			39

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Engineering & Construction (continued)
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22 (Call 05/15/20)	$	50	$	51,026
Heathrow Funding Ltd., 4.88%, 07/15/21^(b)		100		101,550
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 09/18/22)^(c)		200		180,106
MasTec Inc., 4.88%, 03/15/23 (Call 09/15/20)		75		73,861
Mexico City Airport Trust
3.88%, 04/30/28 (Call 01/30/28)^(c)		200		168,680
4.25%, 10/31/26 (Call 07/31/26)^(c)		400		359,904
5.50%, 10/31/46 (Call 04/30/46)^(c)		200		165,776
5.50%, 07/31/47 (Call 01/31/47)^(c)		200		165,608
New Enterprise Stone & Lime Co. Inc.
6.25%, 03/15/26 (Call 09/15/20)^(b)		40		37,609
10.13%, 04/01/22 (Call 10/01/20)^(b)		25		24,823
Sydney Airport Finance Co. Pty Ltd., 3.90%, 03/22/23^(b)		450		458,968
TopBuild Corp., 5.63%, 05/01/26 (Call 05/01/20)^(b)		60		59,359
Tutor Perini Corp., 6.88%, 05/01/25 (Call 05/01/20)^(b)(d)		100		78,696
Weekley Homes LLC/Weekley Finance Corp.
6.00%, 02/01/23 (Call 05/29/20)		25		23,006
6.63%, 08/15/25 (Call 08/15/20)		50		45,361

				4,356,771

Entertainment — 0.1%
Allen Media LLC/Allen Media Co-Issuer Inc., 10.50%, 02/15/28 (Call 08/15/20)^(b)		50		37,322
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)^(d)		100		22,674
5.88%, 11/15/26 (Call 05/15/20)^(d)		110		24,511
6.13%, 05/15/27 (Call 05/15/20)^(d)		75		17,981
10.50%, 04/15/25 (Call 10/15/20)^(b)		65		57,339
Boyne USA Inc., 7.25%, 05/01/25 (Call 05/01/20)^(b)		75		75,076
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)^(b)		235		184,795
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/20)^(b)(d)		70		60,127
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 06/01/20)		50		46,753
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 10/15/20)		50		44,673
5.50%, 05/01/25 (Call 11/01/20)^(b)		170		170,000
Churchill Downs Inc.
4.75%, 01/15/28 (Call 07/15/20)^(b)		50		46,908
5.50%, 04/01/27 (Call 10/01/20)^(b)		90		86,734
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/20)		175		146,895
5.13%, 12/15/22 (Call 06/15/20)		100		85,494
8.75%, 05/01/25 (Call 11/01/20)^(b)		25		25,382
Cirsa Finance International Sarl, 7.88%, 12/20/23 (Call 06/20/20)^(b)		200		165,814
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/23 (Call 08/15/20)^(b)		50		30,274
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 10/01/20)		90		88,333
6.00%, 09/15/26 (Call 09/15/20)		100		100,436
7.00%, 08/01/23 (Call 08/01/20)		50		48,242
Enterprise Development Authority (The), 12.00%, 07/15/24 (Call 07/15/20)^(b)		100		90,228
Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/24 (Call 09/01/20)^(b)		25		20,855
Golden Entertainment Inc., 7.63%, 04/15/26 (Call 10/15/20)^(b)(d)		50		37,903


Security	Par (000)		Value

Entertainment (continued)
International Game Technology PLC
6.25%, 02/15/22 (Call 08/15/20)^(b)	$	200	$	195,418
6.25%, 01/15/27 (Call 07/15/20)^(b)		200		194,194
6.50%, 02/15/25 (Call 08/15/20)^(b)		200		196,220
Jacobs Entertainment Inc., 7.88%, 02/01/24 (Call 08/01/20)^(b)		35		26,513
Lions Gate Capital Holdings LLC
5.88%, 11/01/24 (Call 05/01/20)^(b)		89		81,591
6.38%, 02/01/24 (Call 08/01/20)^(b)		110		102,272
Live Nation Entertainment Inc.
4.75%, 10/15/27 (Call 10/15/20)^(b)		195		165,023
4.88%, 11/01/24 (Call 05/01/20)^(b)		75		66,655
5.63%, 03/15/26 (Call 09/15/20)^(b)		25		22,081
Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 10/15/20)^(b)(j)		100		56,744
Motion Bondco DAC, 6.63%, 11/15/27 (Call 05/15/20)^(b)		200		160,442
Penn National Gaming Inc., 5.63%, 01/15/27 (Call 07/15/20)^(b)		75		62,437
Scientific Games International Inc.
5.00%, 10/15/25 (Call 10/15/20)^(b)		180		157,095
6.63%, 05/15/21 (Call 05/15/20)		25		22,360
7.00%, 05/15/28 (Call 05/15/20)^(b)		105		75,743
7.25%, 11/15/29 (Call 05/15/20)^(b)		75		53,637
8.25%, 03/15/26 (Call 09/15/20)^(b)		175		132,729
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/20)^(b)		110		96,797
5.50%, 04/15/27 (Call 10/15/20)^(b)		50		43,625
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 01/01/21)^(b)		140		145,905
Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27 (Call 05/01/20)^(b)		45		38,207
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/20)^(b)		125		129,509
Twin River Worldwide Holdings Inc., 6.75%, 06/01/27 (Call 06/01/20)^(b)		70		55,055
Vail Resorts Inc., 6.25%, 05/15/25^(b)		20		20,596
WMG Acquisition Corp.
4.88%, 11/01/24 (Call 05/01/20)^(b)		25		25,342
5.00%, 08/01/23 (Call 08/01/20)^(b)		25		25,306
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 10/01/20)^(b)		140		131,527
7.75%, 04/15/25 (Call 10/15/20)^(b)		35		35,824

				4,233,596

Environmental Control — 0.1%
Advanced Disposal Services Inc., 5.63%, 11/15/24 (Call 05/15/20)^(b)		70		72,495
Clean Harbors Inc.
4.88%, 07/15/27 (Call 07/15/20)^(b)		130		134,385
5.13%, 07/15/29 (Call 07/15/20)^(b)		50		50,906
Covanta Holding Corp.
5.88%, 03/01/24 (Call 09/01/20)		75		74,244
5.88%, 07/01/25 (Call 07/01/20)		75		72,556
6.00%, 01/01/27 (Call 07/01/20)		85		81,597
GFL Environmental Inc.
4.25%, 06/01/25 (Call 12/01/20)^(b)		20		20,134
5.13%, 12/15/26 (Call 06/15/20)^(b)		75		77,992
5.63%, 05/01/22 (Call 05/01/20)^(b)		40		40,562
7.00%, 06/01/26 (Call 06/01/20)^(b)		72		75,790
8.50%, 05/01/27 (Call 05/01/20)^(b)		51		55,612


40		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Environmental Control (continued)
Republic Services Inc.
2.30%, 03/01/30 (Call 09/01/20)	$	7	$	7,061
2.50%, 08/15/24 (Call 08/15/20)		175		182,234
2.90%, 07/01/26 (Call 07/01/20)		103		109,437
3.05%, 03/01/50 (Call 09/01/20)		219		222,839
3.20%, 03/15/25 (Call 09/15/20)		225		240,923
3.38%, 11/15/27 (Call 05/15/20)		129		139,919
3.55%, 06/01/22 (Call 06/01/20)		160		167,002
3.95%, 05/15/28 (Call 05/15/20)		140		159,032
4.75%, 05/15/23 (Call 05/15/20)		91		100,115
5.25%, 11/15/21		96		101,676
5.70%, 05/15/41 (Call 05/15/20)		25		33,126
Tervita Corp., 7.63%, 12/01/21 (Call 06/01/20)^(b)		80		53,386
Waste Connections Inc.
2.60%, 02/01/30 (Call 08/01/20)		57		58,056
3.50%, 05/01/29 (Call 05/01/20)		95		102,264
4.25%, 12/01/28 (Call 06/01/20)		275		311,206
Waste Management Inc.
2.40%, 05/15/23 (Call 05/15/20)		55		57,050
2.90%, 09/15/22 (Call 09/15/20)		140		145,314
2.95%, 06/15/24 (Call 06/15/20)		57		60,763
3.13%, 03/01/25 (Call 09/01/20)		5		5,380
3.15%, 11/15/27 (Call 05/15/20)		260		286,133
3.20%, 06/15/26 (Call 06/15/20)		135		147,784
3.45%, 06/15/29 (Call 06/15/20)		29		32,968
3.50%, 05/15/24 (Call 05/15/20)		12		12,957
3.90%, 03/01/35 (Call 09/01/20)		20		23,564
4.00%, 07/15/39 (Call 07/15/20)		160		193,133
4.10%, 03/01/45 (Call 09/01/20)		155		190,014
4.15%, 07/15/49 (Call 07/15/20)		263		330,865
Waste Pro USA Inc., 5.50%, 02/15/26 (Call 08/15/20)^(b)		80		79,756

				4,310,230

Food — 0.6%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.50%, 02/15/23 (Call 08/15/20)^(b)		125		123,729
4.63%, 01/15/27 (Call 07/15/20)^(b)		190		191,731
4.88%, 02/15/30 (Call 08/15/20)^(b)		150		152,172
5.75%, 03/15/25 (Call 09/15/20)		210		216,025
5.88%, 02/15/28 (Call 08/15/20)^(b)		114		119,200
6.63%, 06/15/24 (Call 06/15/20)		199		204,775
7.50%, 03/15/26 (Call 09/15/20)^(b)		10		10,941
Almarai Sukuk Ltd., 4.31%, 03/05/24^(c)		200		204,088
B&G Foods Inc.
5.25%, 04/01/25 (Call 10/01/20)		150		151,943
5.25%, 09/15/27 (Call 09/15/20)		80		80,977
BRF SA, 4.75%, 05/22/24^(c)		200		190,770
Campbell Soup Co.
3.30%, 03/19/25 (Call 09/19/20)		100		105,832
3.65%, 03/15/23 (Call 09/15/20)		140		147,764
3.95%, 03/15/25 (Call 09/15/20)		50		54,606
4.15%, 03/15/28 (Call 09/15/20)		215		242,894
4.80%, 03/15/48 (Call 09/15/20)		340		432,888
Cencosud SA, 4.38%, 07/17/27 (Call 04/17/27)^(c)		400		375,500
Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 10/15/20)^(b)		95		94,872
Conagra Brands Inc.
3.20%, 01/25/23 (Call 07/25/20)		335		346,943
4.30%, 05/01/24 (Call 05/01/20)		160		173,758
4.60%, 11/01/25 (Call 05/01/20)		77		85,986


Security	Par (000)		Value

Food (continued)
4.85%, 11/01/28 (Call 05/01/20)	$	37	$	43,409
5.30%, 11/01/38 (Call 05/01/20)		205		256,004
5.40%, 11/01/48 (Call 05/01/20)		200		266,906
7.00%, 10/01/28		25		32,370
8.25%, 09/15/30		105		151,563
Danone SA, 2.95%, 11/02/26 (Call 05/02/20)^(b)		250		265,812
Dole Food Co. Inc., 7.25%, 06/15/25 (Call 06/15/20)^(b)		50		46,985
Fresh Market Inc. (The), 9.75%, 05/01/23 (Call 05/01/20)^(b)		100		63,521
General Mills Inc.
2.60%, 10/12/22 (Call 10/12/20)		150		155,057
3.15%, 12/15/21 (Call 06/15/20)		65		66,821
3.20%, 02/10/27 (Call 08/10/20)		100		110,587
3.65%, 02/15/24 (Call 08/15/20)		155		166,337
4.00%, 04/17/25 (Call 10/17/20)		64		71,444
4.15%, 02/15/43 (Call 08/15/20)		105		119,665
4.20%, 04/17/28 (Call 10/17/20)		110		127,683
4.55%, 04/17/38 (Call 10/17/20)		230		283,461
4.70%, 04/17/48 (Call 10/17/20)		155		207,106
5.40%, 06/15/40		15		20,128
Grupo Bimbo SAB de CV
4.70%, 11/10/47 (Call 05/10/47)^(c)		200		198,896
4.88%, 06/27/44^(c)		200		203,078
5.95%, (Call 04/17/23)^(a)(c)(g)		200		198,918
Hershey Co. (The)
2.05%, 11/15/24 (Call 05/15/20)		125		129,471
2.30%, 08/15/26 (Call 08/15/20)		193		202,955
2.45%, 11/15/29 (Call 05/15/20)		174		183,206
3.13%, 11/15/49 (Call 05/15/20)		130		140,369
3.20%, 08/21/25 (Call 08/21/20)		10		10,904
H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26 (Call 06/01/20)^(b)		79		67,504
Ingles Markets Inc., 5.75%, 06/15/23 (Call 06/15/20)		84		84,771
Ingredion Inc., 3.20%, 10/01/26 (Call 10/01/20)		257		267,617
JBS USA LUX SA/JBS USA Finance Inc.
5.75%, 06/15/25 (Call 06/15/20)^(b)		200		203,340
5.88%, 07/15/24 (Call 07/15/20)^(b)		290		296,400
6.75%, 02/15/28 (Call 08/15/20)^(b)		400		428,636
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
5.50%, 01/15/30 (Call 07/15/20)^(b)		185		187,616
6.50%, 04/15/29 (Call 10/15/20)^(b)		115		121,509
JM Smucker Co. (The)
3.38%, 12/15/27 (Call 06/15/20)		349		369,270
3.50%, 03/15/25		265		286,656
4.25%, 03/15/35		120		137,948
4.38%, 03/15/45		34		38,277
KeHE Distributors LLC/KeHE Finance Corp., 8.63%, 10/15/26 (Call 10/15/20)^(b)		35		37,097
Kellogg Co.
2.65%, 12/01/23		192		199,198
3.40%, 11/15/27 (Call 05/15/20)		153		164,082
4.30%, 05/15/28 (Call 05/15/20)		125		143,035
4.50%, 04/01/46		115		143,766
Series B, 7.45%, 04/01/31		156		226,913
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		165		210,175
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 06/01/20)		700		698,152
3.38%, 06/15/21		50		50,706
3.50%, 06/06/22		200		205,554


SCHEDULE OF INVESTMENTS			41

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food (continued)
3.50%, 07/15/22 (Call 07/15/20)	$	58	$	59,505
3.75%, 04/01/30 (Call 10/01/20)^(b)		185		188,752
3.95%, 07/15/25 (Call 07/15/20)		283		297,464
4.00%, 06/15/23 (Call 06/15/20)		175		181,592
4.38%, 06/01/46 (Call 06/01/20)		475		453,772
4.63%, 01/30/29 (Call 07/30/20)		200		211,242
4.63%, 10/01/39 (Call 10/01/20)^(b)		225		223,481
4.88%, 02/15/25 (Call 08/15/20)^(b)		185		189,644
4.88%, 10/01/49 (Call 10/01/20)^(b)		255		255,125
5.00%, 07/15/35 (Call 07/15/20)		160		171,454
5.00%, 06/04/42		480		488,174
5.20%, 07/15/45 (Call 07/15/20)		335		346,564
6.88%, 01/26/39		75		90,282
7.13%, 08/01/39^(b)		185		223,158
Kroger Co. (The)
2.65%, 10/15/26 (Call 10/15/20)		300		316,206
2.95%, 11/01/21 (Call 05/01/20)		5		5,118
3.40%, 04/15/22 (Call 10/15/20)		34		35,291
3.70%, 08/01/27 (Call 08/01/20)		65		72,513
3.85%, 08/01/23 (Call 08/01/20)		111		119,260
3.95%, 01/15/50 (Call 07/15/20)		100		112,315
4.45%, 02/01/47 (Call 08/01/20)		155		182,596
4.50%, 01/15/29 (Call 07/15/20)		200		235,466
4.65%, 01/15/48 (Call 07/15/20)		205		246,182
5.00%, 04/15/42 (Call 10/15/20)		25		30,477
5.15%, 08/01/43 (Call 08/01/20)		185		229,857
5.40%, 07/15/40 (Call 07/15/20)		230		291,415
5.40%, 01/15/49 (Call 07/15/20)		100		131,465
6.90%, 04/15/38		39		55,436
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 05/01/20)^(b)		100		102,044
4.88%, 11/01/26 (Call 05/01/20)^(b)		100		100,451
MARB BondCo PLC, 6.88%, 01/19/25 (Call 01/19/21)^(c)		200		191,970
Mars Inc.
3.20%, 04/01/30 (Call 10/01/20)^(b)		6		6,653
3.60%, 04/01/34 (Call 10/01/20)^(b)		20		23,185
3.95%, 04/01/49 (Call 10/01/20)^(b)		125		152,556
4.13%, 04/01/54 (Call 10/01/20)^(b)		250		313,702
4.20%, 04/01/59 (Call 10/01/20)^(b)		94		117,969
McCormick & Co. Inc./MD
2.70%, 08/15/22 (Call 08/15/20)		14		14,363
3.15%, 08/15/24 (Call 08/15/20)		125		132,918
3.40%, 08/15/27 (Call 08/15/20)		250		271,337
4.20%, 08/15/47 (Call 08/15/20)		110		131,669
Minerva Luxembourg SA, 6.50%, 09/20/26 (Call 09/20/21)^(c)		200		192,140
Mondelez International Holdings Netherlands BV
2.00%, 10/28/21 (Call 10/28/20)^(b)		245		247,141
2.25%, 09/19/24 (Call 09/19/20)^(b)		250		255,738
Mondelez International Inc.
1.50%, 05/04/25		150		149,196
2.75%, 04/13/30 (Call 10/13/20)		300		319,290
3.63%, 05/07/23 (Call 05/07/20)		75		79,762
3.63%, 02/13/26 (Call 08/13/20)		150		165,746
4.13%, 05/07/28 (Call 05/07/20)		80		92,366
4.63%, 05/07/48 (Call 05/07/20)		65		81,002
NBM U.S. Holdings Inc., 7.00%, 05/14/26 (Call 05/14/22)^(c)		200		192,402
Nestle Holdings Inc. 2.38%, 11/17/22^(c)		23		23,775


Security	Par (000)		Value

Food (continued)
3.10%, 09/24/21 (Call 09/24/20)^(b)	$	250	$	257,435
3.35%, 09/24/23 (Call 09/24/20)^(b)		315		338,323
3.63%, 09/24/28 (Call 09/24/20)^(b)		50		57,599
3.90%, 09/24/38 (Call 09/24/20)^(b)		150		182,943
4.00%, 09/24/48 (Call 09/24/20)^(b)		355		454,396
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 09/15/20)^(b)		150		151,508
5.88%, 09/30/27 (Call 09/30/20)^(b)		135		137,464
Post Holdings Inc.
4.63%, 04/15/30 (Call 10/15/20)^(b)		205		201,201
5.00%, 08/15/26 (Call 08/15/20)^(b)		300		298,692
5.50%, 12/15/29 (Call 06/15/20)^(b)		120		120,946
5.63%, 01/15/28 (Call 07/15/20)^(b)		150		152,568
5.75%, 03/01/27 (Call 09/01/20)^(b)		250		256,670
Safeway Inc., 7.25%, 02/01/31		100		104,401
Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)^(c)		400		403,444
Simmons Foods Inc.
5.75%, 11/01/24 (Call 05/01/20)^(b)		55		51,569
7.75%, 01/15/24 (Call 07/15/20)^(b)		50		52,508
Smithfield Foods Inc.
4.25%, 02/01/27 (Call 08/01/20)^(b)		170		166,017
5.20%, 04/01/29 (Call 10/01/20)^(b)		119		124,218
Sysco Corp.
2.40%, 02/15/30 (Call 08/15/20)		7		6,456
2.50%, 07/15/21 (Call 07/15/20)		50		50,270
2.60%, 06/12/22		25		25,170
3.25%, 07/15/27 (Call 07/15/20)		99		97,572
3.30%, 07/15/26 (Call 07/15/20)		250		247,203
3.30%, 02/15/50 (Call 08/15/20)		14		11,793
3.55%, 03/15/25 (Call 09/15/20)		90		92,860
3.75%, 10/01/25 (Call 10/01/20)		75		77,496
4.45%, 03/15/48 (Call 09/15/20)		120		119,612
4.50%, 04/01/46 (Call 10/01/20)		170		170,389
4.85%, 10/01/45 (Call 10/01/20)		40		41,600
5.38%, 09/21/35		80		87,292
5.95%, 04/01/30 (Call 10/01/20)		250		294,677
6.60%, 04/01/50 (Call 10/01/20)		255		315,055
Tesco PLC, 6.15%, 11/15/37^(b)		205		255,789
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 05/29/20)		25		24,991
6.00%, 02/15/24 (Call 08/15/20)^(b)		200		204,954
Tyson Foods Inc.
3.55%, 06/02/27 (Call 06/02/20)		197		213,304
3.90%, 09/28/23 (Call 09/28/20)		115		123,762
3.95%, 08/15/24 (Call 08/15/20)		315		345,914
4.35%, 03/01/29 (Call 09/01/20)		45		52,199
4.50%, 06/15/22 (Call 06/15/20)		304		321,355
4.55%, 06/02/47 (Call 06/02/20)		168		201,069
4.88%, 08/15/34 (Call 08/15/20)		215		267,454
5.10%, 09/28/48 (Call 09/28/20)		199		257,719
5.15%, 08/15/44 (Call 08/15/20)		115		145,546
U.S. Foods Inc.
5.88%, 06/15/24 (Call 06/15/20)^(b)		50		47,671
6.25%, 04/15/25 (Call 10/15/20)^(b)		90		92,139

				28,502,666

Food Service — 0.0%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/20)		50		47,808
5.00%, 04/01/25 (Call 10/01/20)^(b)		100		97,084


42		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food Service (continued)
5.00%, 02/01/28 (Call 08/01/20)^(b)	$	243	$	236,240
6.38%, 05/01/25 (Call 11/01/20)^(b)		160		166,389

				547,521

Forest Products & Paper — 0.1%
Cascades Inc., 5.75%, 07/15/23 (Call 07/15/20)^(b)		51		50,966
Celulosa Arauco y Constitucion SA
3.88%, 11/02/27 (Call 05/02/20)		220		210,419
5.15%, 01/29/50 (Call 07/29/49)^(c)		450		413,608
5.50%, 11/02/47 (Call 05/02/20)		70		65,827
Clearwater Paper Corp.
4.50%, 02/01/23 (Call 08/01/20)		10		9,791
5.38%, 02/01/25^(b)		75		70,783
Fibria Overseas Finance Ltd.
4.00%, 01/14/25 (Call 07/14/20)		5		4,776
5.25%, 05/12/24		5		5,041
5.50%, 01/17/27		95		95,798
Georgia-Pacific LLC
3.60%, 03/01/25 (Call 09/01/20)^(b)		15		16,116
3.73%, 07/15/23 (Call 07/15/20)^(b)		200		212,218
7.75%, 11/15/29		50		72,589
8.00%, 01/15/24		25		30,529
International Paper Co.
3.00%, 02/15/27 (Call 08/15/20)		351		367,585
3.65%, 06/15/24 (Call 06/15/20)		285		304,805
3.80%, 01/15/26 (Call 07/15/20)		285		313,984
4.35%, 08/15/48 (Call 08/15/20)		258		291,083
4.40%, 08/15/47 (Call 08/15/20)		105		117,807
4.80%, 06/15/44 (Call 06/15/20)		177		199,877
5.00%, 09/15/35 (Call 09/15/20)		126		146,170
5.15%, 05/15/46 (Call 05/15/20)		195		235,127
6.00%, 11/15/41 (Call 05/15/20)		24		30,173
7.30%, 11/15/39		145		195,699
Inversiones CMPC SA, 3.85%, 01/13/30 (Call 07/13/20)^(b)		200		193,026
Inversiones CMPC SA/Cayman Islands Branch, 4.38%, 05/15/23 (Call 02/15/23)^(c)		200		205,132
Mercer International Inc.
5.50%, 01/15/26 (Call 07/15/20)		50		44,029
6.50%, 02/01/24 (Call 08/01/20)		85		82,298
7.38%, 01/15/25 (Call 07/15/20)		100		96,899
Resolute Forest Products Inc., 5.88%, 05/15/23 (Call 05/15/20)		75		61,628
Schweitzer-Mauduit International Inc., 6.88%, 10/01/26 (Call 10/01/20)^(b)		75		74,253
Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/25		125		148,617
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)^(c)		400		404,252

				4,770,905

Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 05/20/20)		125		126,872
5.63%, 05/20/24 (Call 05/20/20)		150		152,923
5.75%, 05/20/27 (Call 05/20/20)		100		101,831
5.88%, 08/20/26 (Call 08/20/20)		75		76,794
APT Pipelines Ltd., 4.20%, 03/23/25 (Call 09/23/20)^(b)		344		363,460
Atmos Energy Corp.
2.63%, 09/15/29 (Call 09/15/20)		80		85,241
3.00%, 06/15/27 (Call 06/15/20)		25		27,040
3.38%, 09/15/49 (Call 09/15/20)		75		84,616
4.13%, 10/15/44 (Call 10/15/20)		55		68,489
4.13%, 03/15/49 (Call 09/15/20)		155		193,294


Security	Par (000)		Value

Gas (continued)
4.15%, 01/15/43 (Call 07/15/20)	$	95	$	114,664
4.30%, 10/01/48 (Call 10/01/20)		43		54,928
5.50%, 06/15/41 (Call 06/15/20)		43		59,188
Boston Gas Co.
3.00%, 08/01/29 (Call 08/01/20)^(b)		355		373,552
3.15%, 08/01/27 (Call 08/01/20)^(b)		75		79,123
4.49%, 02/15/42^(b)		115		137,933
Brooklyn Union Gas Co. (The)
3.87%, 03/04/29 (Call 09/04/20)^(b)		250		280,167
4.27%, 03/15/48 (Call 09/15/20)^(b)		25		29,643
4.49%, 03/04/49 (Call 09/04/20)^(b)		150		183,561
4.50%, 03/10/46 (Call 09/10/20)^(b)		10		12,192
CenterPoint Energy Resources Corp.
3.55%, 04/01/23 (Call 10/01/20)		190		198,233
4.00%, 04/01/28 (Call 10/01/20)		155		171,239
4.10%, 09/01/47 (Call 09/01/20)		80		86,548
5.85%, 01/15/41 (Call 07/15/20)		5		6,553
Dominion Energy Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/20)		85		93,091
4.80%, 11/01/43 (Call 05/01/20)		173		187,522
Series A, 2.50%, 11/15/24 (Call 05/15/20)		160		166,403
Series B, 3.00%, 11/15/29 (Call 05/15/20)		263		260,291
Series C, 3.90%, 11/15/49 (Call 05/15/20)		100		98,895
KeySpan Gas East Corp., 2.74%, 08/15/26 (Call 08/15/20)^(b)		195		205,041
Korea Gas Corp.
3.50%, 07/21/25^(c)(d)		400		435,760
3.88%, 02/12/24^(c)		400		431,324
Nakilat Inc., 6.07%, 12/31/33^(b)		300		348,078
National Fuel Gas Co.
3.75%, 03/01/23 (Call 09/01/20)		50		48,972
3.95%, 09/15/27 (Call 09/15/20)		185		167,660
4.75%, 09/01/28 (Call 09/01/20)		95		88,843
5.20%, 07/15/25 (Call 07/15/20)		50		49,213
NiSource Inc.
2.65%, 11/17/22 (Call 05/17/20)		24		24,795
2.95%, 09/01/29 (Call 09/01/20)		155		163,106
3.49%, 05/15/27 (Call 05/15/20)		237		255,142
3.65%, 06/15/23 (Call 06/15/20)		30		31,962
3.95%, 03/30/48 (Call 09/30/20)		78		89,176
4.38%, 05/15/47 (Call 05/15/20)		227		271,156
4.80%, 02/15/44 (Call 08/15/20)		155		193,967
5.25%, 02/15/43 (Call 08/15/20)		65		83,622
5.65%, 02/01/45 (Call 08/01/20)		205		287,865
5.95%, 06/15/41 (Call 06/15/20)		25		32,954
ONE Gas Inc.
4.50%, 11/01/48 (Call 05/01/20)		200		258,186
4.66%, 02/01/44 (Call 08/01/20)		10		12,178
Perusahaan Gas Negara Tbk PT, 5.13%, 05/16/24^(c)		400		409,096
Piedmont Natural Gas Co. Inc., 3.50%, 06/01/29 (Call 06/01/20)		285		310,331
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (Call 09/30/20)^(b)		100		77,238
Southern California Gas Co.
3.15%, 09/15/24 (Call 09/15/20)		15		15,865
3.20%, 06/15/25 (Call 06/15/20)		150		158,904
3.75%, 09/15/42 (Call 09/15/20)		23		26,700
Series TT, 2.60%, 06/15/26 (Call 06/15/20)		285		305,437
Series UU, 4.13%, 06/01/48 (Call 06/01/20)		205		261,092
Series VV, 4.30%, 01/15/49 (Call 07/15/20)		58		72,734


SCHEDULE OF INVESTMENTS			43

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Gas (continued)
Series XX, 2.55%, 02/01/30 (Call 08/01/20)	$	40	$	42,339
Southern Co. Gas Capital Corp.
2.45%, 10/01/23 (Call 10/01/20)		65		66,106
3.25%, 06/15/26 (Call 06/15/20)		18		18,518
3.50%, 09/15/21 (Call 09/15/20)		25		25,516
3.95%, 10/01/46 (Call 10/01/20)		25		26,604
4.40%, 06/01/43 (Call 06/01/20)		45		49,860
4.40%, 05/30/47 (Call 05/30/20)		9		10,424
5.88%, 03/15/41 (Call 09/15/20)		64		81,462
Southern Star Central Corp., 5.13%, 07/15/22 (Call 07/15/20)^(b)		60		57,196
Southwest Gas Corp.
3.70%, 04/01/28 (Call 10/01/20)		200		219,882
3.80%, 09/29/46 (Call 10/01/20)		50		54,419
4.15%, 06/01/49 (Call 06/01/20)		50		57,671
Washington Gas Light Co.
3.65%, 09/15/49 (Call 09/15/20)		205		232,320
Series K, 3.80%, 09/15/46 (Call 09/15/20)		5		5,787

				9,938,787

Hand & Machine Tools — 0.0%
Apex Tool Group LLC/BC Mountain Finance Inc., 9.00%, 02/15/23 (Call 08/15/20)^(b)		75		47,233
Colfax Corp.
6.00%, 02/15/24 (Call 08/15/20)^(b)		30		30,470
6.38%, 02/15/26 (Call 08/15/20)^(b)		40		41,343
Kennametal Inc., 4.63%, 06/15/28 (Call 06/15/20)		180		178,436
Snap-on Inc., 4.10%, 03/01/48 (Call 09/01/20)		65		75,256
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 09/15/20)		7		6,968
3.40%, 03/01/26 (Call 09/01/20)		288		308,969
4.00%, 03/15/60 (Call 09/15/20)^(a)		17		16,871
4.25%, 11/15/28 (Call 05/15/20)		105		119,160
4.85%, 11/15/48 (Call 05/15/20)		155		204,073
5.20%, 09/01/40		45		58,429

				1,087,208

Health Care – Products — 0.3%
Abbott Laboratories
2.95%, 03/15/25 (Call 09/15/20)		64		69,398
3.40%, 11/30/23 (Call 05/30/20)		257		279,123
3.75%, 11/30/26 (Call 05/30/20)		573		662,451
3.88%, 09/15/25 (Call 09/15/20)		175		198,377
4.75%, 11/30/36 (Call 05/30/20)		257		334,856
4.75%, 04/15/43 (Call 10/15/20)		120		160,379
4.90%, 11/30/46 (Call 05/30/20)		480		677,040
5.30%, 05/27/40		110		153,139
6.00%, 04/01/39		75		109,659
Alcon Finance Corp., 3.00%, 09/23/29 (Call 09/23/20)^(b)		215		224,245
Avantor Inc.
6.00%, 10/01/24 (Call 10/01/20)^(b)		235		248,021
9.00%, 10/01/25 (Call 10/01/20)^(b)		350		380,002
Baxter International Inc.
2.60%, 08/15/26 (Call 08/15/20)		120		127,704
3.50%, 08/15/46 (Call 08/15/20)		140		151,491
Boston Scientific Corp.
3.45%, 03/01/24 (Call 09/01/20)		85		89,987
3.75%, 03/01/26 (Call 09/01/20)		210		228,908
3.85%, 05/15/25		119		131,059
4.00%, 03/01/29 (Call 09/01/20)		119		133,977
4.55%, 03/01/39 (Call 09/01/20)		315		375,915


Security	Par (000)		Value

Health Care – Products (continued)
4.70%, 03/01/49 (Call 09/01/20)	$	155	$	193,716
7.00%, 11/15/35		55		78,937
7.38%, 01/15/40		125		193,386
Covidien International Finance SA
2.95%, 06/15/23 (Call 06/15/20)		100		105,361
3.20%, 06/15/22 (Call 06/15/20)		115		120,029
Danaher Corp., 4.38%, 09/15/45 (Call 09/15/20)		60		73,769
DH Europe Finance II Sarl
2.05%, 11/15/22		25		25,396
2.20%, 11/15/24 (Call 05/15/20)		140		143,808
2.60%, 11/15/29 (Call 05/15/20)		155		162,733
3.25%, 11/15/39 (Call 05/15/20)		260		285,267
3.40%, 11/15/49 (Call 05/15/20)		160		176,502
Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 06/15/20)		170		193,712
Fresenius U.S. Finance II Inc., 4.25%, 02/01/21^(b)		25		25,229
Hill-Rom Holdings Inc.
4.38%, 09/15/27 (Call 09/15/20)^(b)		50		50,980
5.00%, 02/15/25 (Call 08/15/20)^(b)		100		102,468
Hologic Inc.
4.38%, 10/15/25 (Call 10/15/20)^(b)		100		101,049
4.63%, 02/01/28 (Call 08/01/20)^(b)		75		76,125
Immucor Inc., 11.13%, 02/15/22 (Call 08/15/20)^(b)		50		45,000
Kinetic Concepts Inc./KCI USA Inc., 12.50%, 11/01/21 (Call 05/01/20)^(b)		100		100,000
Koninklijke Philips NV, 5.00%, 03/15/42		285		355,101
Medtronic Global Holdings SCA, 3.35%, 04/01/27 (Call 10/01/20)		95		104,707
Medtronic Inc.
3.15%, 03/15/22		260		271,627
3.50%, 03/15/25		431		480,250
3.63%, 03/15/24 (Call 09/15/20)		75		81,786
4.38%, 03/15/35		421		534,561
4.63%, 03/15/45		410		553,971
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 05/29/20)^(b)		40		36,795
7.25%, 02/01/28 (Call 08/01/20)^(b)		95		86,474
Stryker Corp.
3.38%, 05/15/24 (Call 05/15/20)		225		243,815
3.38%, 11/01/25 (Call 05/01/20)		145		161,005
3.50%, 03/15/26 (Call 09/15/20)		65		72,229
3.65%, 03/07/28 (Call 09/07/20)		126		140,467
4.38%, 05/15/44 (Call 05/15/20)		27		31,710
4.63%, 03/15/46 (Call 09/15/20)		320		406,554
Teleflex Inc.
4.63%, 11/15/27 (Call 05/15/20)		75		77,865
4.88%, 06/01/26 (Call 06/01/20)		75		76,367
Thermo Fisher Scientific Inc.
2.60%, 10/01/29 (Call 10/01/20)		150		159,074
2.95%, 09/19/26 (Call 09/19/20)		265		287,973
3.00%, 04/15/23 (Call 10/15/20)		376		395,684
3.20%, 08/15/27 (Call 08/15/20)		275		299,868
3.65%, 12/15/25 (Call 06/15/20)		329		361,308
4.15%, 02/01/24 (Call 08/01/20)		232		256,021
4.50%, 03/25/30 (Call 09/25/20)		250		304,042
5.30%, 02/01/44 (Call 08/01/20)		5		6,924
Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 10/01/20)		134		137,030
3.38%, 11/30/21 (Call 05/30/20)		100		101,660


44		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care – Products (continued)
3.55%, 04/01/25 (Call 10/01/20)	$	314	$	326,915
3.70%, 03/19/23 (Call 09/19/20)		240		251,705
4.45%, 08/15/45 (Call 08/15/20)		90		92,594
5.75%, 11/30/39		65		78,721

				13,764,001

Health Care – Services — 0.8%
Acadia Healthcare Co. Inc.
5.13%, 07/01/22 (Call 07/01/20)		40		38,450
5.63%, 02/15/23 (Call 08/15/20)		128		122,514
6.50%, 03/01/24 (Call 09/01/20)		75		71,781
Adventist Health System/West, 2.95%, 03/01/29 (Call 09/01/20)		25		25,115
Advocate Health & Hospitals Corp.
3.39%, 10/15/49 (Call 10/15/20)		53		56,184
3.83%, 08/15/28 (Call 08/15/20)		7		7,619
4.27%, 08/15/48 (Call 08/15/20)		30		36,292
Series 2020, 3.01%, 06/15/50 (Call 12/15/20)		111		111,726
Aetna Inc.
2.75%, 11/15/22 (Call 05/15/20)		310		319,734
2.80%, 06/15/23 (Call 06/15/20)		125		129,678
3.50%, 11/15/24 (Call 05/15/20)		181		193,782
3.88%, 08/15/47 (Call 08/15/20)		248		269,834
4.13%, 11/15/42 (Call 05/15/20)		239		267,888
4.50%, 05/15/42 (Call 05/15/20)		240		273,542
4.75%, 03/15/44 (Call 09/15/20)		195		233,358
6.63%, 06/15/36		108		151,302
6.75%, 12/15/37		75		103,918
AHP Health Partners Inc., 9.75%, 07/15/26 (Call 07/15/20)^(b)		75		74,172
Air Medical Group Holdings Inc., 6.38%, 05/15/23 (Call 05/15/20)^(b)		47		43,637
Air Methods Corp., 8.00%, 05/15/25 (Call 05/15/20)^(b)		75		44,415
Allina Health System, Series 2019, 3.89%, 04/15/49		103		110,911
Anthem Inc.
2.25%, 05/15/30		330		328,967
2.38%, 01/15/25 (Call 07/15/20)		55		56,599
2.88%, 09/15/29 (Call 09/15/20)		90		94,226
2.95%, 12/01/22 (Call 06/01/20)		25		25,982
3.13%, 05/15/22		99		102,742
3.13%, 05/15/50		355		354,105
3.30%, 01/15/23		526		553,804
3.35%, 12/01/24 (Call 06/01/20)		236		252,895
3.50%, 08/15/24 (Call 08/15/20)		150		161,288
3.65%, 12/01/27 (Call 06/01/20)		413		451,095
3.70%, 08/15/21 (Call 08/15/20)		75		76,857
3.70%, 09/15/49 (Call 09/15/20)		132		142,956
4.10%, 03/01/28 (Call 09/01/20)		425		476,748
4.38%, 12/01/47 (Call 06/01/20)		64		76,197
4.55%, 03/01/48 (Call 09/01/20)		210		257,676
4.63%, 05/15/42		235		281,022
4.65%, 01/15/43		170		207,434
4.65%, 08/15/44 (Call 08/15/20)		225		268,510
5.10%, 01/15/44		110		138,261
6.38%, 06/15/37		75		102,259
Ascension Health
3.95%, 11/15/46		265		308,208
4.85%, 11/15/53		40		53,016
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 11/15/20)		28		32,709


Security	Par (000)		Value

Health Care – Services (continued)
Baylor Scott & White Holdings, 4.19%, 11/15/45 (Call 05/15/20)	$	8	$	8,798
Catalent Pharma Solutions Inc.
4.88%, 01/15/26 (Call 07/15/20)^(b)		100		101,992
5.00%, 07/15/27 (Call 07/15/20)^(b)		20		20,417
Centene Corp.
3.38%, 02/15/30 (Call 08/15/20)^(b)		315		317,331
4.25%, 12/15/27 (Call 06/15/20)^(b)		400		418,448
4.63%, 12/15/29 (Call 06/15/20)^(b)		655		716,930
4.75%, 05/15/22 (Call 05/15/20)		140		142,005
4.75%, 01/15/25 (Call 07/15/20)		220		226,981
5.25%, 04/01/25 (Call 10/01/20)^(b)		165		171,001
5.38%, 06/01/26 (Call 06/01/20)^(b)		325		344,389
5.38%, 08/15/26 (Call 08/15/20)^(b)		120		127,752
Charles River Laboratories International Inc.
4.25%, 05/01/28 (Call 05/01/20)^(b)		80		80,662
5.50%, 04/01/26 (Call 10/01/20)^(b)		75		78,260
CHS/Community Health Systems Inc.
6.25%, 03/31/23 (Call 09/30/20)		440		413,512
6.63%, 02/15/25 (Call 08/15/20)^(b)		300		277,752
6.88%, 04/01/28 (Call 10/01/20)^(b)		265		92,403
8.00%, 03/15/26 (Call 09/15/20)^(b)		450		431,212
8.00%, 12/15/27 (Call 06/15/20)^(b)		109		102,305
8.13%, 06/30/24 (Call 06/30/20)^(b)(d)		250		170,578
8.63%, 01/15/24 (Call 07/15/20)^(b)		125		122,509
9.88%, 06/30/23 (Call 06/30/20)^(b)(i)		350		257,229
City of Hope
Series 2013, 5.62%, 11/15/43		5		6,847
Series 2018, 4.38%, 08/15/48 (Call 08/15/20)		15		17,515
CommonSpirit Health
3.35%, 10/01/29 (Call 10/01/20)		97		94,927
3.82%, 10/01/49 (Call 10/01/20)		153		155,795
4.19%, 10/01/49 (Call 10/01/20)		170		163,348
4.35%, 11/01/42		10		9,586
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/20)		34		35,338
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 08/01/20)		40		42,006
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)		282		286,143
5.13%, 07/15/24 (Call 07/15/20)		225		228,272
Dignity Health, 5.27%, 11/01/64		63		65,495
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 06/01/20)		75		88,147
Encompass Health Corp.
4.50%, 02/01/28 (Call 08/01/20)		55		55,494
4.75%, 02/01/30 (Call 08/01/20)		100		100,114
5.75%, 11/01/24 (Call 05/01/20)		123		124,594
5.75%, 09/15/25 (Call 09/15/20)		75		75,257
Fresenius Medical Care U.S. Finance Inc., 5.75%, 02/15/21^(b)		100		101,766
Hadrian Merger Sub Inc., 8.50%, 05/01/26 (Call 05/01/20)^(b)		50		43,499
Hartford HealthCare Corp., 3.45%, 07/01/54		18		17,114
HCA Inc.
3.50%, 09/01/30 (Call 09/01/20)		650		622,667
4.13%, 06/15/29 (Call 06/15/20)		70		75,546
4.50%, 02/15/27 (Call 08/15/20)		225		244,111
4.75%, 05/01/23		360		383,735
5.00%, 03/15/24		340		368,995


SCHEDULE OF INVESTMENTS			45

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care – Services (continued)
5.13%, 06/15/39 (Call 06/15/20)	$	291	$	337,740
5.25%, 04/15/25		200		222,720
5.25%, 06/15/26 (Call 06/15/20)		310		346,298
5.25%, 06/15/49 (Call 06/15/20)		267		318,929
5.38%, 02/01/25		411		441,936
5.38%, 09/01/26 (Call 09/01/20)		195		211,376
5.50%, 06/15/47 (Call 06/15/20)		237		286,270
5.63%, 09/01/28 (Call 09/01/20)		225		249,565
5.88%, 05/01/23		175		187,516
5.88%, 02/15/26 (Call 08/15/20)		250		279,707
5.88%, 02/01/29 (Call 08/01/20)		235		269,717
7.50%, 11/06/33		35		39,816
7.69%, 06/15/25^(d)		100		112,159
Humana Inc.
2.90%, 12/15/22 (Call 06/15/20)		65		66,895
3.13%, 08/15/29 (Call 08/15/20)		100		105,213
3.85%, 10/01/24 (Call 10/01/20)		209		225,007
3.95%, 03/15/27 (Call 09/15/20)		212		231,379
3.95%, 08/15/49 (Call 08/15/20)		95		107,325
4.63%, 12/01/42 (Call 06/01/20)		200		238,072
4.80%, 03/15/47 (Call 09/15/20)		60		75,425
4.95%, 10/01/44 (Call 10/01/20)		209		263,384
Indiana University Health Inc. Obligated Group, 3.97%, 11/01/48 (Call 05/01/20)		72		88,191
IQVIA Inc.
5.00%, 10/15/26 (Call 10/15/20)^(b)		200		205,030
5.00%, 05/15/27 (Call 05/15/20)^(b)		200		205,978
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46		8		9,264
Kaiser Foundation Hospitals
3.15%, 05/01/27 (Call 05/01/20)		25		27,149
4.15%, 05/01/47 (Call 05/01/20)		395		475,236
4.88%, 04/01/42		13		17,206
Series 2019, 3.27%, 11/01/49 (Call 05/01/20)		162		172,779
Laboratory Corp. of America Holdings
2.30%, 12/01/24 (Call 06/01/20)		345		353,018
3.60%, 02/01/25 (Call 08/01/20)		325		352,027
3.60%, 09/01/27 (Call 09/01/20)		125		134,148
3.75%, 08/23/22 (Call 08/23/20)		25		26,249
4.70%, 02/01/45 (Call 08/01/20)		275		329,975
LifePoint Health Inc.
4.38%, 02/15/27 (Call 08/15/20)^(b)		140		131,613
6.75%, 04/15/25 (Call 10/15/20)^(b)		40		41,198
Magellan Health Inc., 4.90%, 09/22/24 (Call 09/22/20)		175		170,485
Mayo Clinic, Series 2013, 4.00%, 11/15/47		35		39,836
MEDNAX Inc.
5.25%, 12/01/23 (Call 06/01/20)^(b)		90		85,034
6.25%, 01/15/27 (Call 07/15/20)^(b)		200		181,022
MedStar Health Inc., Series 20A, 3.63%, 08/15/49		10		11,002
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52		110		135,197
5.00%, 07/01/42		30		38,865
Series 2015, 4.20%, 07/01/55		8		10,051
Molina Healthcare Inc.
4.88%, 06/15/25 (Call 06/15/20)^(b)		65		65,562
5.38%, 11/15/22 (Call 05/15/20)		100		103,494
Montefiore Obligated Group, Series 18-C, 5.25%, 11/01/48		5		5,164


Security	Par (000)		Value

Health Care – Services (continued)
Mount Sinai Hospitals Group Inc.
Series 2017, 3.98%, 07/01/48	$	33	$	35,380
Series 2019, 3.74%, 07/01/49 (Call 07/01/20)		130		133,155
New York and Presbyterian Hospital (The)
4.02%, 08/01/45		150		179,738
Series 2019, 3.95%, 08/01/2119 (Call 08/01/20)		92		98,043
Northwell Healthcare Inc.
3.81%, 11/01/49 (Call 05/01/20)		5		4,829
3.98%, 11/01/46 (Call 05/01/20)		180		176,144
4.26%, 11/01/47 (Call 05/01/20)		25		25,111
Partners Healthcare System Inc.
Series 2017, 3.77%, 07/01/48 (Call 07/01/20)		40		45,621
Series 2020, 3.19%, 07/01/49 (Call 07/01/20)		205		213,249
Polaris Intermediate Corp. (9.25% PIK), 8.50%, 12/01/22 (Call 06/01/20)^(b)(e)		170		142,584
Providence St Joseph Health Obligated Group
Series 19A, 2.53%, 10/01/29 (Call 10/01/20)		60		61,178
Series A, 3.93%, 10/01/48 (Call 10/01/20)		15		16,407
Series I, 3.74%, 10/01/47		205		214,032
Quest Diagnostics Inc.
2.95%, 06/30/30 (Call 06/30/20)		145		151,860
3.45%, 06/01/26 (Call 06/01/20)		13		13,936
3.50%, 03/30/25 (Call 09/30/20)		75		80,621
4.20%, 06/30/29 (Call 06/30/20)		300		339,492
4.70%, 03/30/45 (Call 09/30/20)		5		6,063
Quorum Health Corp., 11.63%, 04/15/23 (Call 10/15/20)^(j)		50		8,564
Radiology Partners Inc., 9.25%, 02/01/28 (Call 08/01/20)^(b)		135		128,581
Rede D’or Finance Sarl
4.50%, 01/22/30 (Call 10/22/29)^(c)		200		170,486
4.95%, 01/17/28 (Call 10/17/27)^(c)		200		179,448
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 06/01/20)^(b)		225		240,619
Roche Holdings Inc.
2.63%, 05/15/26 (Call 05/15/20)^(b)		335		362,862
3.63%, 09/17/28 (Call 09/17/20)^(b)		200		234,082
4.00%, 11/28/44 (Call 05/28/20)^(b)		5		6,251
RWJ Barnabas Health Inc., 3.95%, 07/01/46 (Call 07/01/20)		100		106,768
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/20)^(b)		160		153,986
SSM Health Care Corp.
Series 2018, 3.69%, 06/01/23 (Call 06/01/20)		10		10,436
Series A, 3.82%, 06/01/27 (Call 06/01/20)		295		314,325
Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/20)		28		32,194
Surgery Center Holdings Inc.
6.75%, 07/01/25 (Call 07/01/20)^(b)		50		43,335
10.00%, 04/15/27 (Call 10/15/20)^(b)		55		51,555
Sutter Health
Series 2018, 3.70%, 08/15/28 (Call 08/15/20)		29		31,570
Series 2018, 4.09%, 08/15/48 (Call 08/15/20)		46		52,082
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 07/15/20)		280		276,741
4.63%, 09/01/24 (Call 09/01/20)^(b)		95		93,429
4.88%, 01/01/26 (Call 07/01/20)^(b)		360		355,676
5.13%, 05/01/25 (Call 05/01/20)		200		187,850
5.13%, 11/01/27 (Call 05/01/20)^(b)		240		238,342
6.25%, 02/01/27 (Call 08/01/20)^(b)		160		157,619
6.75%, 06/15/23		350		349,475
6.88%, 11/15/31		125		105,913


46		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care – Services (continued)
7.00%, 08/01/25 (Call 08/01/20)^(d)	$	100	$	93,613
7.50%, 04/01/25 (Call 10/01/20)^(b)		30		32,248
8.13%, 04/01/22		375		378,064
Toledo Hospital (The)
5.75%, 11/15/38 (Call 05/15/20)		30		34,080
Series B, 5.33%, 11/15/28		12		12,382
Trinity Health Corp., Series 2019, 3.43%, 12/01/48		62		64,202
UnitedHealth Group Inc.
2.38%, 10/15/22		120		124,164
2.38%, 08/15/24		160		168,298
2.75%, 02/15/23 (Call 08/15/20)		191		199,643
2.88%, 12/15/21		346		356,556
2.88%, 03/15/22 (Call 09/15/20)		160		165,454
2.88%, 03/15/23		75		79,111
2.88%, 08/15/29		70		75,796
2.95%, 10/15/27		182		197,971
3.10%, 03/15/26		312		341,269
3.15%, 06/15/21		200		204,778
3.35%, 07/15/22		457		482,446
3.38%, 04/15/27		80		88,126
3.45%, 01/15/27		130		144,165
3.50%, 06/15/23		225		242,851
3.50%, 02/15/24		329		357,968
3.50%, 08/15/39 (Call 08/15/20)		250		278,727
3.70%, 08/15/49 (Call 08/15/20)		155		182,488
3.75%, 07/15/25		630		706,104
3.75%, 10/15/47 (Call 10/15/20)		153		180,213
3.85%, 06/15/28		365		418,151
3.88%, 12/15/28		265		306,552
3.88%, 08/15/59 (Call 08/15/20)		250		304,895
3.95%, 10/15/42 (Call 10/15/20)		41		47,801
4.20%, 01/15/47 (Call 07/15/20)		44		54,228
4.25%, 03/15/43 (Call 09/15/20)		219		270,182
4.25%, 04/15/47 (Call 10/15/20)		387		476,250
4.25%, 06/15/48 (Call 06/15/20)		100		125,027
4.38%, 03/15/42 (Call 09/15/20)		100		122,197
4.45%, 12/15/48 (Call 06/15/20)		142		180,238
4.63%, 07/15/35		320		404,186
4.63%, 11/15/41 (Call 05/15/20)		60		75,476
4.75%, 07/15/45		240		315,946
5.80%, 03/15/36		60		82,310
5.95%, 02/15/41 (Call 08/15/20)		85		122,570
6.50%, 06/15/37		5		7,432
6.63%, 11/15/37		5		7,572
6.88%, 02/15/38		240		373,668
Universal Health Services Inc., 5.00%, 06/01/26 (Call 06/01/20)^(b)		80		81,395
US Renal Care Inc., 10.63%, 07/15/27 (Call 07/15/20)^(b)		75		74,260
West Street Merger Sub Inc., 6.38%, 09/01/25 (Call 09/01/20)^(b)		115		107,777
Willis-Knighton Medical Center, Series 2018, 4.81%, 09/01/48 (Call 09/01/20)		49		61,789

				38,589,658

Holding Companies – Diversified — 0.3%
Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)^(c)		200		196,022
Apollo Investment Corp., 5.25%, 03/03/25		65		52,557
Ares Capital Corp.
3.25%, 07/15/25 (Call 07/15/20)		358		318,423
3.50%, 02/10/23 (Call 08/10/20)		97		92,528
3.63%, 01/19/22 (Call 07/19/20)		383		377,393


Security	Par (000)		Value

Holding Companies – Diversified (continued)
4.20%, 06/10/24 (Call 06/10/20)	$	110	$	104,998
4.25%, 03/01/25 (Call 09/01/20)		220		209,913
Beijing State-Owned Assets Management Hong Kong Co. Ltd., 4.13%, 05/26/25^(c)		400		419,060
CK Hutchison International 17 Ltd., 2.88%, 04/05/22^(b)		200		203,524
CK Hutchison International 19 II Ltd.
2.75%, 09/06/29 (Call 09/06/20)^(b)		200		207,178
3.38%, 09/06/49 (Call 09/06/20)^(b)		200		209,850
Compass Group Diversified Holdings LLC, 8.00%, 05/01/26 (Call 05/01/20)^(b)		75		78,756
FS Energy & Power Fund, 7.50%, 08/15/23 (Call 08/15/20)^(b)		58		37,746
FS KKR Capital Corp.
4.13%, 02/01/25 (Call 08/01/20)		114		93,941
4.63%, 07/15/24 (Call 07/15/20)		105		89,210
Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 08/10/20)		20		19,676
Huarong Finance 2017 Co. Ltd.
3.75%, 04/27/22^(c)		600		604,308
4.25%, 11/07/27^(c)		430		434,807
4.75%, 04/27/27^(c)		400		416,236
Huarong Finance 2019 Co. Ltd., 3.38%, 02/24/30 (Call 11/24/29)^(c)		200		190,968
Huarong Finance II Co. Ltd.
3.25%, 06/03/21^(c)		215		215,673
3.63%, 11/22/21^(c)		800		804,672
4.88%, 11/22/26^(c)		200		209,602
5.50%, 01/16/25^(c)		400		427,596
Hutchison Whampoa International 11 Ltd., 4.63%, 01/13/22^(b)		325		339,875
Hutchison Whampoa International 12 II Ltd., 3.25%, 11/08/22^(b)		200		206,418
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24 (Call 09/15/20)		225		213,318
5.25%, 05/15/27 (Call 05/15/20)		175		166,198
6.25%, 02/01/22 (Call 08/01/20)		175		176,656
6.25%, 05/15/26 (Call 05/15/20)		265		260,082
6.38%, 12/15/25 (Call 06/15/20)		150		148,818
6.75%, 02/01/24 (Call 08/01/20)		125		125,058
KOC Holding AS, 5.25%, 03/15/23 (Call 12/15/22)^(c)		200		197,002
MDC-GMTN BV, 5.50%, 03/01/22^(b)(d)		200		212,612
MDGH — GMTN BV
2.88%, 11/07/29 (Call 08/07/29)^(c)		250		250,328
3.70%, 11/07/49 (Call 05/07/49)^(c)		200		192,380
MDGH-GMTN BV
2.75%, 05/11/23^(c)		200		203,730
3.00%, 04/19/24^(c)		600		613,392
3.25%, 04/28/22^(c)		200		204,014
4.50%, 11/07/28^(c)		600		673,662
Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 08/25/20)		15		13,734
Owl Rock Capital Corp.
3.75%, 07/22/25 (Call 07/22/20)		108		97,636
4.00%, 03/30/25 (Call 09/30/20)		223		203,229
PTT Treasury Center Co. Ltd., 4.50%, 10/25/42^(c)		400		416,420
Rongshi International Finance Ltd., 3.63%, 05/04/27^(c)		400		428,272
Stena AB, 7.00%, 02/01/24^(b)(d)		200		178,090
Stena International SA, 6.13%, 02/01/25 (Call 08/01/20)^(b)		200		174,540
Swire Pacific MTN Financing Ltd. 3.00%, 07/05/24^(c)		600		619,872


SCHEDULE OF INVESTMENTS			47

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Holding Companies – Diversified (continued)
4.50%, 10/09/23^(c)	$	250	$	270,892
Temasek Financial I Ltd., 2.38%, 01/23/23^(b)		250		258,037
TPG Specialty Lending Inc., 3.88%, 11/01/24 (Call 05/01/20)		105		97,752

				12,956,654

Home Builders — 0.1%
Adams Homes Inc., 7.50%, 02/15/25 (Call 08/15/20)^(b)		20		18,401
Ashton Woods USA LLC/Ashton Woods Finance Co.
6.63%, 01/15/28 (Call 07/15/20)^(b)		50		40,990
6.75%, 08/01/25 (Call 08/01/20)^(b)		35		29,190
9.88%, 04/01/27 (Call 10/01/20)^(b)		40		38,480
Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 10/15/20)		75		58,036
6.75%, 03/15/25 (Call 09/15/20)		62		53,699
7.25%, 10/15/29 (Call 10/15/20)		50		38,793
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
4.88%, 02/15/30 (Call 08/15/20)^(b)		115		94,822
6.25%, 09/15/27 (Call 09/15/20)^(b)		82		75,440
6.38%, 05/15/25 (Call 05/15/20)^(b)		75		74,878
Century Communities Inc.
5.88%, 07/15/25 (Call 07/15/20)		55		50,839
6.75%, 06/01/27 (Call 06/01/20)		100		87,820
DR Horton Inc.
2.50%, 10/15/24 (Call 10/15/20)		120		120,308
4.38%, 09/15/22 (Call 09/15/20)		5		5,152
5.75%, 08/15/23 (Call 08/15/20)		106		114,742
Forestar Group Inc.
5.00%, 03/01/28 (Call 09/01/20)^(b)		45		39,353
8.00%, 04/15/24 (Call 10/15/20)^(b)		20		19,717
Installed Building Products Inc., 5.75%, 02/01/28 (Call 08/01/20)^(b)		65		62,349
KB Home
4.80%, 11/15/29 (Call 05/15/20)		45		41,735
6.88%, 06/15/27 (Call 06/15/20)		80		84,403
7.00%, 12/15/21 (Call 06/15/20)		75		77,596
7.50%, 09/15/22		50		53,463
7.63%, 05/15/23 (Call 05/15/20)		80		84,206
Lennar Corp.
2.95%, 11/29/20 (Call 05/29/20)		50		49,797
4.13%, 01/15/22 (Call 07/15/20)		85		85,286
4.50%, 04/30/24 (Call 10/30/20)		100		102,177
4.75%, 04/01/21 (Call 10/01/20)		100		100,578
4.75%, 11/15/22 (Call 05/15/20)		100		102,079
4.75%, 05/30/25 (Call 05/30/20)		85		87,320
4.75%, 11/29/27 (Call 05/29/20)		150		154,680
4.88%, 12/15/23 (Call 06/15/20)		100		103,116
5.00%, 06/15/27 (Call 06/15/20)		50		50,912
5.25%, 06/01/26 (Call 06/01/20)		80		83,200
5.38%, 10/01/22		50		51,836
5.88%, 11/15/24 (Call 05/15/20)		75		79,605
6.25%, 12/15/21 (Call 06/15/20)		50		51,323
8.38%, 01/15/21		50		51,614
LGI Homes Inc., 6.88%, 07/15/26 (Call 07/15/20)^(b)		50		46,502
M/I Homes Inc., 4.95%, 02/01/28 (Call 08/01/20)^(b)		100		87,909
Mattamy Group Corp.
4.63%, 03/01/30 (Call 09/01/20)^(b)		70		62,449
5.25%, 12/15/27 (Call 06/15/20)^(b)		75		70,342
MDC Holdings Inc. 3.85%, 01/15/30 (Call 07/15/20)		50		44,823


Security	Par (000)		Value

Home Builders (continued)
5.50%, 01/15/24 (Call 07/15/20)	$	68	$	68,955
6.00%, 01/15/43 (Call 07/15/20)		75		72,763
Meritage Homes Corp.
5.13%, 06/06/27 (Call 06/06/20)		50		48,652
6.00%, 06/01/25 (Call 06/01/20)		60		61,729
7.00%, 04/01/22		50		51,396
New Home Co. Inc. (The), 7.25%, 04/01/22 (Call 10/01/20)		50		43,231
NVR Inc., 3.95%, 09/15/22 (Call 09/15/20)		15		15,621
PulteGroup Inc.
4.25%, 03/01/21 (Call 09/01/20)		75		75,973
5.00%, 01/15/27 (Call 07/15/20)		100		103,841
5.50%, 03/01/26 (Call 09/01/20)		120		127,792
6.00%, 02/15/35		100		105,900
6.38%, 05/15/33		85		91,067
7.88%, 06/15/32		50		57,706
Shea Homes LP/Shea Homes Funding Corp.
4.75%, 02/15/28 (Call 08/15/20)^(b)		60		51,796
6.13%, 04/01/25 (Call 10/01/20)^(b)		48		45,500
Taylor Morrison Communities Inc.
5.75%, 01/15/28 (Call 07/15/20)^(b)		65		58,917
5.88%, 01/31/25 (Call 07/31/20)^(b)		74		69,943
5.88%, 06/15/27 (Call 06/15/20)^(b)		100		91,952
6.00%, 09/01/23 (Call 09/01/20)^(b)		70		67,761
6.63%, 07/15/27 (Call 07/15/20)^(b)		25		22,892
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.63%, 03/01/24 (Call 09/01/20)^(b)		50		47,032
5.88%, 04/15/23 (Call 10/15/20)^(b)		50		48,274
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 05/01/20)		75		70,247
4.35%, 02/15/28 (Call 08/15/20)		75		73,907
4.38%, 04/15/23 (Call 10/15/20)		35		35,077
4.88%, 11/15/25 (Call 05/15/20)		50		51,010
4.88%, 03/15/27 (Call 09/15/20)		100		101,279
5.63%, 01/15/24 (Call 07/15/20)		46		47,132
5.88%, 02/15/22 (Call 08/15/20)		75		77,147
TRI Pointe Group Inc., 5.25%, 06/01/27 (Call 06/01/20)		73		65,822
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		120		118,633
Williams Scotsman International Inc.
6.88%, 08/15/23 (Call 08/15/20)^(b)		70		70,558
7.88%, 12/15/22 (Call 06/15/20)^(b)		45		45,698

				5,015,163

Home Furnishings — 0.0%
Leggett & Platt Inc.
3.50%, 11/15/27 (Call 05/15/20)		120		118,378
4.40%, 03/15/29 (Call 09/15/20)		115		119,252
Panasonic Corp.
2.54%, 07/19/22 (Call 07/19/20)^(b)		5		5,045
2.68%, 07/19/24 (Call 07/19/20)^(b)		200		202,714
3.11%, 07/19/29 (Call 07/19/20)^(b)		200		205,384
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/20)		50		47,932
5.63%, 10/15/23 (Call 10/15/20)		100		98,578
Whirlpool Corp.
3.70%, 05/01/25		185		190,879
4.00%, 03/01/24		15		15,655
4.50%, 06/01/46 (Call 06/01/20)		160		162,400


48		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Home Furnishings (continued)
4.75%, 02/26/29 (Call 08/26/20)	$	166	$	180,533

				1,346,750

Household Products & Wares — 0.1%
ACCO Brands Corp., 5.25%, 12/15/24 (Call 06/15/20)^(b)		80		79,459
Avery Dennison Corp.
2.65%, 04/30/30 (Call 10/31/20)		60		58,774
4.88%, 12/06/28 (Call 06/06/20)		105		119,676
Church & Dwight Co. Inc.
3.15%, 08/01/27 (Call 08/01/20)		125		133,601
3.95%, 08/01/47 (Call 08/01/20)		19		21,484
Clorox Co. (The)
3.10%, 10/01/27 (Call 10/01/20)		105		112,456
3.50%, 12/15/24 (Call 06/15/20)		36		39,170
3.90%, 05/15/28 (Call 05/15/20)		60		68,065
Kimberly-Clark Corp.
2.65%, 03/01/25		225		238,795
2.88%, 02/07/50 (Call 08/07/20)		108		116,062
3.05%, 08/15/25		200		218,006
3.20%, 04/25/29 (Call 10/25/20)		590		657,602
3.20%, 07/30/46 (Call 07/30/20)		195		218,088
3.90%, 05/04/47 (Call 05/04/20)		15		18,485
3.95%, 11/01/28 (Call 05/01/20)		200		233,120
5.30%, 03/01/41		10		13,844
6.63%, 08/01/37		27		41,762
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23 (Call 08/15/20)^(b)		100		86,831
Prestige Brands Inc.
5.13%, 01/15/28 (Call 07/15/20)^(b)		75		76,408
6.38%, 03/01/24 (Call 09/01/20)^(b)		75		77,078
Reckitt Benckiser Treasury Services PLC, 2.75%, 06/26/24 (Call 06/26/20)^(b)		250		257,640
SC Johnson & Son Inc., 4.75%, 10/15/46 (Call 10/15/20)^(b)		455		580,617
Spectrum Brands Inc.
5.00%, 10/01/29 (Call 10/01/20)^(b)(d)		45		42,974
5.75%, 07/15/25 (Call 07/15/20)		200		199,394
6.13%, 12/15/24 (Call 06/15/20)		25		24,820

				3,734,211

Housewares — 0.0%
American Greetings Corp., 8.75%, 04/15/25 (Call 10/15/20)^(b)		25		20,533
Newell Brands Inc.
4.35%, 04/01/23 (Call 10/01/20)		630		641,542
4.70%, 04/01/26 (Call 10/01/20)		333		336,240
5.88%, 04/01/36 (Call 10/01/20)		65		68,108
6.00%, 04/01/46 (Call 10/01/20)		125		128,679
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29 (Call 10/15/20)		105		102,628
Tupperware Brands Corp., 4.75%, 06/01/21 (Call 06/01/20)^(d)		121		50,314

				1,348,044

Insurance — 1.2%
Acrisure LLC/Acrisure Finance Inc.
7.00%, 11/15/25 (Call 05/15/20)^(b)		145		130,101
8.13%, 02/15/24 (Call 08/15/20)^(b)		155		159,579
10.13%, 08/01/26 (Call 08/01/20)^(b)		65		65,286
Aegon NV, 5.50%, 04/11/48 (Call 10/11/20)^(a)		180		187,486
Aflac Inc. 2.88%, 10/15/26 (Call 10/15/20)		87		92,080


Security	Par (000)		Value

Insurance (continued)
3.25%, 03/17/25	$	89	$	95,560
3.63%, 06/15/23		40		42,906
3.63%, 11/15/24		335		368,024
4.00%, 10/15/46 (Call 10/15/20)		120		134,263
4.75%, 01/15/49 (Call 07/15/20)		105		133,788
AIA Group Ltd.
3.13%, 03/13/23^(c)		400		410,364
3.60%, 04/09/29 (Call 10/09/20)^(b)		215		232,866
3.90%, 04/06/28 (Call 10/06/20)^(b)		400		435,320
AIG SunAmerica Global Financing X, 6.90%, 03/15/32^(b)		8		10,956
Alleghany Corp.
4.90%, 09/15/44 (Call 09/15/20)		12		14,213
4.95%, 06/27/22		150		158,868
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer, 6.75%, 10/15/27 (Call 10/15/20)^(b)(d)		190		189,512
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 10/29/20)		59		59,523
Allstate Corp. (The)
3.28%, 12/15/26 (Call 06/15/20)		65		71,436
3.85%, 08/10/49 (Call 08/10/20)		120		142,274
4.20%, 12/15/46 (Call 06/15/20)		275		339,603
4.50%, 06/15/43		235		299,597
5.35%, 06/01/33		38		49,647
5.55%, 05/09/35		32		44,556
6.50%, 05/15/57 (Call 05/15/20)^(a)		9		10,274
Series B, 5.75%, 08/15/53 (Call 08/15/20)^(a)		136		136,891
American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 06/15/20)		266		258,815
American Financial Group Inc./OH
3.50%, 08/15/26 (Call 08/15/20)		38		37,740
4.50%, 06/15/47 (Call 06/15/20)		224		208,643
American International Group Inc.
3.75%, 07/10/25 (Call 07/10/20)		225		240,275
3.88%, 01/15/35 (Call 07/15/20)		193		206,400
3.90%, 04/01/26 (Call 10/01/20)		405		438,753
4.13%, 02/15/24		442		479,778
4.20%, 04/01/28 (Call 10/01/20)		60		65,143
4.25%, 03/15/29 (Call 09/15/20)		299		327,988
4.38%, 01/15/55 (Call 07/15/20)		220		235,569
4.50%, 07/16/44 (Call 07/16/20)		150		167,361
4.70%, 07/10/35 (Call 07/10/20)		260		302,507
4.80%, 07/10/45 (Call 07/10/20)		215		247,942
4.88%, 06/01/22		465		495,825
6.25%, 05/01/36		205		257,086
8.18%, 05/15/58 (Call 05/15/20)^(a)		110		135,334
Series A-9, 5.75%, 04/01/48 (Call 10/01/20)^(a)		124		126,698
AmWINS Group Inc., 7.75%, 07/01/26 (Call 07/01/20)^(b)		90		92,880
Aon Corp.
2.20%, 11/15/22		173		176,156
3.75%, 05/02/29 (Call 05/02/20)		10		10,961
4.50%, 12/15/28 (Call 06/15/20)		240		276,365
6.25%, 09/30/40		10		14,123
8.21%, 01/01/27		105		123,611
Aon PLC
3.50%, 06/14/24 (Call 06/14/20)		430		455,095
3.88%, 12/15/25 (Call 06/15/20)		206		223,110
4.00%, 11/27/23 (Call 05/27/20)		25		26,556
4.60%, 06/14/44 (Call 06/14/20)		75		89,981
4.75%, 05/15/45 (Call 05/15/20)		215		261,803


SCHEDULE OF INVESTMENTS			49

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Arch Capital Finance LLC
4.01%, 12/15/26 (Call 06/15/20)	$	22	$	23,250
5.03%, 12/15/46 (Call 06/15/20)		168		212,124
Arch Capital Group Ltd., 7.35%, 05/01/34		8		11,683
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		128		157,213
Assurant Inc.
3.70%, 02/22/30 (Call 08/22/20)		55		52,770
4.90%, 03/27/28 (Call 09/27/20)		78		84,522
Assured Guaranty U.S. Holdings Inc., 5.00%, 07/01/24		139		150,562
AssuredPartners Inc., 7.00%, 08/15/25 (Call 08/15/20)^(b)		105		97,941
Athene Global Funding
2.75%, 06/25/24^(b)		108		106,974
2.95%, 11/12/26^(b)		63		61,651
3.00%, 07/01/22^(b)		153		152,858
Athene Holding Ltd., 4.13%, 01/12/28 (Call 07/12/20)		290		272,066
AXA SA, 8.60%, 12/15/30		540		751,189
AXIS Specialty Finance LLC
3.90%, 07/15/29 (Call 07/15/20)		135		141,950
4.90%, 01/15/40 (Call 07/15/20)^(a)		11		9,696
AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 06/06/20)		355		375,817
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22		200		209,930
4.20%, 08/15/48 (Call 08/15/20)		143		180,106
4.25%, 01/15/49 (Call 07/15/20)		248		315,890
4.30%, 05/15/43		35		43,277
4.40%, 05/15/42		335		419,792
5.75%, 01/15/40		205		298,742
Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 09/15/20)		492		521,028
3.13%, 03/15/26 (Call 09/15/20)		650		714,785
3.40%, 01/31/22		89		93,456
3.75%, 08/15/21		215		223,017
4.50%, 02/11/43		295		379,765
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 06/22/20)		250		239,297
4.70%, 06/22/47 (Call 06/22/20)		345		298,860
Brown & Brown Inc.
4.20%, 09/15/24 (Call 09/15/20)		175		184,401
4.50%, 03/15/29 (Call 09/15/20)		117		123,059
China Reinsurance Finance Corp. Ltd., 3.38%, 03/09/22^(c).		1,000		1,012,570
Chubb Corp. (The)
6.00%, 05/11/37		4		5,775
Series 1, 6.50%, 05/15/38		35		53,347
Chubb INA Holdings Inc.
2.70%, 03/13/23		13		13,590
2.88%, 11/03/22 (Call 05/03/20)		85		88,634
3.15%, 03/15/25		856		930,267
3.35%, 05/15/24		147		159,307
3.35%, 05/03/26 (Call 05/03/20)		135		148,739
4.35%, 11/03/45 (Call 05/03/20)		138		180,523
Cincinnati Financial Corp., 6.13%, 11/01/34		8		11,038
Cloverie PLC for Zurich Insurance Co. Ltd., 5.63%, 06/24/46 (Call 06/24/26)^(a)(c)		200		220,918
CNA Financial Corp.
3.45%, 08/15/27 (Call 08/15/20)		300		301,272
3.90%, 05/01/29 (Call 05/01/20)		165		171,118
3.95%, 05/15/24 (Call 05/15/20)		195		206,138
4.50%, 03/01/26 (Call 09/01/20)		155		165,845


Security	Par (000)		Value

Insurance (continued)
CNO Financial Group Inc.
5.25%, 05/30/25 (Call 05/30/20)	$	204	$	218,331
5.25%, 05/30/29 (Call 05/31/20)		102		106,998
Enstar Group Ltd.
4.50%, 03/10/22 (Call 09/10/20)		150		151,967
4.95%, 06/01/29 (Call 06/01/20)		105		105,510
Equitable Holdings Inc.
3.90%, 04/20/23 (Call 10/20/20)		35		36,462
4.35%, 04/20/28 (Call 10/20/20)		380		397,214
5.00%, 04/20/48 (Call 10/20/20)		205		213,596
7.00%, 04/01/28		8		9,300
Fairfax Financial Holdings Ltd., 4.85%, 04/17/28 (Call 10/17/20)		265		268,707
Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 05/01/20)^(a)(b)		105		126,175
Fidelity & Guaranty Life Holdings Inc., 5.50%, 05/01/25 (Call 05/01/20)^(b)		135		142,513
Fidelity National Financial Inc., 4.50%, 08/15/28 (Call 08/15/20)		62		66,651
Five Corners Funding Trust, 4.42%, 11/15/23^(b)		100		110,511
Genworth Holdings Inc.
4.80%, 02/15/24^(d)		85		71,739
4.90%, 08/15/23		60		51,497
6.50%, 06/15/34		50		41,785
7.20%, 02/15/21		50		46,640
7.63%, 09/24/21		135		128,127
Globe Life Inc., 4.55%, 09/15/28 (Call 09/15/20)		147		159,075
Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 05/17/20)^(b)		162		183,228
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 06/03/20)^(b)		14		15,352
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/20)^(b)		100		94,483
Guardian Life Global Funding
2.90%, 05/06/24^(b)		175		181,477
3.40%, 04/25/23^(b)		50		52,835
Guardian Life Insurance Co. of America (The)
4.85%, 01/24/77^(b)		100		128,698
4.88%, 06/19/64^(b)		158		199,532
Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 10/15/20)		13		13,847
Harborwalk Funding Trust, 5.08%, 02/15/69 (Call 08/15/20)^(a)(b)		205		242,888
Hartford Financial Services Group Inc. (The)
2.80%, 08/19/29 (Call 08/19/20)		115		118,164
3.60%, 08/19/49 (Call 08/19/20)		135		143,220
4.30%, 04/15/43		5		5,695
4.40%, 03/15/48 (Call 09/15/20)		45		52,904
5.95%, 10/15/36		35		46,552
6.10%, 10/01/41		190		257,108
High Street Funding Trust I, 4.11%, 02/15/28 (Call 08/15/20)^(b)		150		161,837
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/20)^(b)		210		209,066
Jackson National Life Global Funding
2.65%, 06/21/24^(b)		110		112,220
3.05%, 04/29/26^(b)		27		28,259
3.05%, 06/21/29^(b)		100		104,740
3.30%, 06/11/21^(b)		250		254,710
3.88%, 06/11/25^(b)		425		460,011
Kemper Corp., 4.35%, 02/15/25 (Call 08/15/20)		30		30,976
La Mondiale SAM, 5.88%, 01/26/47 (Call 01/26/27)^(a)(c)		200		207,892


50		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Liberty Mutual Group Inc.
3.95%, 10/15/50 (Call 10/15/20)^(b)	$	205	$	209,840
4.25%, 06/15/23^(b)		87		92,586
4.50%, 06/15/49 (Call 06/15/20)^(b)		10		11,030
4.57%, 02/01/29^(b)		435		487,591
6.50%, 03/15/35^(b)		5		6,712
Lincoln National Corp.
3.05%, 01/15/30 (Call 07/15/20)		320		319,702
3.35%, 03/09/25		66		68,954
3.63%, 12/12/26 (Call 09/12/20)		25		26,582
3.80%, 03/01/28 (Call 06/01/20)		205		214,202
4.00%, 09/01/23		25		26,557
4.35%, 03/01/48 (Call 09/01/20)		80		87,407
6.30%, 10/09/37		25		30,375
7.00%, 06/15/40		175		233,592
Loews Corp.
2.63%, 05/15/23 (Call 05/15/20)		63		64,257
3.75%, 04/01/26 (Call 10/01/20)		150		162,263
4.13%, 05/15/43 (Call 05/15/20)		149		161,003
6.00%, 02/01/35		25		33,837
Manulife Financial Corp.
4.06%, 02/24/32 (Call 08/24/20)^(a)		220		225,465
4.15%, 03/04/26		610		673,519
5.38%, 03/04/46		235		300,189
Markel Corp.
3.35%, 09/17/29 (Call 09/17/20)		65		66,949
3.50%, 11/01/27 (Call 05/01/20)		110		114,458
4.15%, 09/17/50 (Call 09/17/20)		40		40,699
4.30%, 11/01/47 (Call 05/01/20)		120		124,063
4.90%, 07/01/22		25		26,659
5.00%, 04/05/46		54		60,796
5.00%, 05/20/49 (Call 05/20/20)		115		131,877
Marsh & McLennan Companies Inc.
2.75%, 01/30/22 (Call 07/30/20)		90		92,753
3.30%, 03/14/23 (Call 09/14/20)		255		267,921
3.50%, 06/03/24 (Call 06/03/20)		37		39,690
3.50%, 03/10/25 (Call 09/10/20)		205		220,576
3.75%, 03/14/26 (Call 09/14/20)		168		185,171
3.88%, 03/15/24 (Call 09/15/20)		72		78,439
4.20%, 03/01/48 (Call 09/01/20)		200		241,930
4.35%, 01/30/47 (Call 07/30/20)		123		152,029
4.38%, 03/15/29 (Call 09/15/20)		250		291,507
4.75%, 03/15/39 (Call 09/15/20)		75		95,168
4.80%, 07/15/21 (Call 07/15/20)		25		25,897
4.90%, 03/15/49 (Call 09/15/20)		14		19,005
5.88%, 08/01/33		25		33,106
Massachusetts Mutual Life Insurance Co.
3.73%, 10/15/70^(b)		60		61,424
4.90%, 04/01/77^(b)		8		9,955
MassMutual Global Funding II
2.35%, 01/14/27^(b)		1,005		1,025,120
2.75%, 06/22/24^(b)		500		520,555
2.95%, 01/11/25^(b)		200		210,032
3.40%, 03/08/26^(b)		200		217,536
MBIA Inc., 5.70%, 12/01/34		50		34,133
Mercury General Corp., 4.40%, 03/15/27 (Call 09/15/20)		327		323,485
MetLife Capital Trust IV, 7.88%, 12/15/37 (Call 06/15/20)^(b)		150		184,538
MetLife Inc. 3.00%, 03/01/25		238		253,322


Security	Par (000)		Value

Insurance (continued)
3.05%, 12/15/22	$	340	$	355,677
3.60%, 04/10/24		385		418,734
3.60%, 11/13/25 (Call 05/13/20)		175		192,563
4.05%, 03/01/45		53		61,946
4.13%, 08/13/42		195		228,390
4.60%, 05/13/46 (Call 05/13/20)		214		269,034
4.88%, 11/13/43		165		212,862
5.70%, 06/15/35		60		80,926
5.88%, 02/06/41		200		276,574
6.40%, 12/15/36 (Call 06/15/20)		143		158,616
6.50%, 12/15/32		140		195,783
9.25%, 04/08/38 (Call 10/08/20)^(b)		215		289,831
10.75%, 08/01/39 (Call 08/01/20)		75		113,889
Series D, 4.37%, 09/15/23		430		472,174
Series N, 4.72%, 12/15/44		265		331,306
Metropolitan Life Global Funding I
2.40%, 06/17/22^(b)		150		153,293
2.65%, 04/08/22^(b)		290		296,989
3.05%, 06/17/29^(b)		150		162,042
3.45%, 12/18/26^(b)		200		221,058
MGIC Investment Corp., 5.75%, 08/15/23		75		74,888
Nationwide Financial Services Inc.
3.90%, 11/30/49 (Call 05/30/20)^(b)		205		201,847
5.30%, 11/18/44^(b)		128		146,080
Nationwide Mutual Insurance Co., 9.38%, 08/15/39^(b)		100		166,095
New York Life Global Funding
2.00%, 01/22/25^(b)		850		866,099
2.25%, 07/12/22^(b)		350		357,455
2.30%, 06/10/22^(b)		64		65,681
2.35%, 07/14/26^(b)		100		103,101
2.88%, 04/10/24^(b)		191		201,610
2.90%, 01/17/24^(b)		23		24,219
3.00%, 01/10/28^(b)		150		159,401
3.25%, 08/06/21^(b)		85		87,286
New York Life Insurance Co.
4.45%, 05/15/69 (Call 05/15/20)^(b)		107		135,580
5.88%, 05/15/33^(b)		295		404,601
6.75%, 11/15/39^(b)		175		265,435
Nippon Life Insurance Co.
5.00%, 10/18/42 (Call 10/18/20)^(a)(b)		200		209,172
5.10%, 10/16/44 (Call 10/16/20)^(a)(b)		5		5,475
Northwestern Mutual Life Insurance Co. (The)
3.63%, 09/30/59 (Call 09/30/20)^(b)		462		502,462
3.85%, 09/30/47 (Call 09/30/20)^(b)		120		136,198
6.06%, 03/30/40^(b)		63		90,111
Old Republic International Corp., 3.88%, 08/26/26 (Call 08/26/20)		32		33,676
Pacific Life Insurance Co., 4.30%, 10/24/67 (Call 10/24/20)^(a)(b)		144		135,685
Pacific LifeCorp, 5.13%, 01/30/43^(b)		50		53,952
PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 07/02/20)		382		405,757
Pricoa Global Funding I, 3.45%, 09/01/23^(b)		200		213,348
Primerica Inc., 4.75%, 07/15/22		210		220,987
Principal Financial Group Inc.
3.10%, 11/15/26 (Call 05/15/20)		25		26,490
3.40%, 05/15/25 (Call 05/15/20)		349		370,090
3.70%, 05/15/29 (Call 05/15/20)		30		33,241
4.30%, 11/15/46 (Call 05/15/20)		50		57,823
4.63%, 09/15/42		105		125,253


SCHEDULE OF INVESTMENTS			51

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Principal Life Global Funding II
2.50%, 09/16/29^(b)	$	205	$	206,392
3.00%, 04/18/26^(b)		125		132,985
Progressive Corp. (The)
2.45%, 01/15/27		142		147,982
3.70%, 01/26/45		105		124,809
3.75%, 08/23/21		17		17,538
4.00%, 03/01/29 (Call 09/01/20)		15		17,460
4.13%, 04/15/47 (Call 10/15/20)		355		450,062
4.20%, 03/15/48 (Call 09/15/20)		48		61,669
6.63%, 03/01/29		61		82,644
Protective Life Corp., 4.30%, 09/30/28 (Call 09/30/20)^(b)(d)		162		172,485
Protective Life Global Funding
2.00%, 09/14/21^(b)		250		252,235
3.10%, 04/15/24^(b)		150		157,146
Prudential Financial Inc.
3.50%, 05/15/24		50		54,287
3.70%, 03/13/51 (Call 09/13/20)		270		286,359
3.88%, 03/27/28 (Call 09/27/20)		113		126,345
3.91%, 12/07/47 (Call 06/07/20)		195		210,543
3.94%, 12/07/49 (Call 06/07/20)		260		282,519
4.35%, 02/25/50 (Call 08/25/20)		154		176,949
4.42%, 03/27/48 (Call 09/27/20)		15		17,309
4.50%, 11/16/21		171		179,254
4.50%, 09/15/47 (Call 09/15/20)^(a)		225		216,349
4.60%, 05/15/44		133		156,279
5.20%, 03/15/44 (Call 09/15/20)^(a)		495		495,203
5.38%, 05/15/45 (Call 05/15/20)^(a)		305		310,325
5.63%, 06/15/43 (Call 06/15/20)^(a)		430		443,786
5.70%, 12/14/36		175		233,282
5.70%, 09/15/48 (Call 09/15/20)^(a)(d)		210		215,901
5.88%, 09/15/42 (Call 09/15/20)^(a)		88		92,383
Series B, 5.75%, 07/15/33		10		12,868
Radian Group Inc.
4.50%, 10/01/24 (Call 10/01/20)		125		118,618
4.88%, 03/15/27 (Call 09/15/20)		60		53,417
Reinsurance Group of America Inc.
3.90%, 05/15/29 (Call 05/15/20)		110		115,690
3.95%, 09/15/26 (Call 09/15/20)		50		53,457
Reliance Standard Life Global Funding II
2.50%, 10/30/24^(b)		25		24,866
3.85%, 09/19/23^(b)		450		471,213
RenaissanceRe Finance Inc., 3.45%, 07/01/27 (Call 07/01/20)		75		77,510
RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 10/15/20)		112		119,967
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/20)		5		5,464
Sompo International Holdings Ltd., 4.70%, 10/15/22		65		67,360
Sompo Japan Nipponkoa Insurance Inc., 5.33%, 03/28/73 (Call 09/28/20)^(a)(b)		45		47,769
Sumitomo Life Insurance Co., 6.50%, 09/20/73 (Call 09/20/20)^(a)(b)		5		5,504
Swiss Re America Holding Corp., 7.00%, 02/15/26		5		6,194
Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42^(b)		183		220,742
Teachers Insurance & Annuity Association of America
4.27%, 05/15/47 (Call 05/15/20)^(b)		424		504,221
4.90%, 09/15/44^(b)		231		297,680
6.85%, 12/16/39^(b)		205		314,937
Transatlantic Holdings Inc., 8.00%, 11/30/39		85		125,089


Security	Par (000)		Value

Insurance (continued)
Travelers Companies Inc. (The)
3.75%, 05/15/46 (Call 05/15/20)	$	90	$	106,661
4.00%, 05/30/47 (Call 05/30/20)		45		55,805
4.05%, 03/07/48 (Call 09/07/20)		35		44,077
4.10%, 03/04/49 (Call 09/04/20)		120		153,018
4.30%, 08/25/45 (Call 08/25/20)		245		312,343
4.60%, 08/01/43^(d)		65		85,413
5.35%, 11/01/40		100		140,690
6.25%, 06/15/37		136		200,094
6.75%, 06/20/36		65		98,168
Travelers Property Casualty Corp., 6.38%, 03/15/33		10		14,520
Trinity Acquisition PLC
3.50%, 09/15/21 (Call 09/15/20)		5		5,050
4.40%, 03/15/26 (Call 09/15/20)		125		138,806
Unum Group
4.00%, 03/15/24		59		60,544
4.00%, 06/15/29 (Call 06/15/20)		160		162,234
4.50%, 12/15/49 (Call 06/15/20)		105		92,844
5.75%, 08/15/42		130		133,829
USI Inc./NY, 6.88%, 05/01/25 (Call 05/01/20)^(b)(d)		154		153,321
Voya Financial Inc.
3.65%, 06/15/26		100		104,979
4.70%, 01/23/48 (Call 07/23/20)^(a)		175		161,564
4.80%, 06/15/46		20		22,999
5.65%, 05/15/53 (Call 05/15/20)^(a)		110		108,599
5.70%, 07/15/43		190		231,000
Western & Southern Financial Group Inc., 5.75%, 07/15/33^(b)		5		6,191
Western & Southern Life Insurance Co. (The), 5.15%, 01/15/49 (Call 07/15/20)^(b)		100		121,175
Willis North America Inc.
2.95%, 09/15/29 (Call 09/15/20)		95		97,275
3.60%, 05/15/24 (Call 05/15/20)		202		214,126
3.88%, 09/15/49 (Call 09/15/20)		140		152,288
4.50%, 09/15/28 (Call 09/15/20)		100		113,455
5.05%, 09/15/48 (Call 09/15/20)		20		25,087
WR Berkley Corp., 4.63%, 03/15/22		25		25,989
XLIT Ltd.
4.45%, 03/31/25		74		81,393
5.50%, 03/31/45		200		259,448

				56,933,987

Internet — 0.4%
Alibaba Group Holding Ltd.
3.13%, 11/28/21 (Call 05/28/20)		15		15,288
3.40%, 12/06/27 (Call 06/06/20)		400		433,516
3.60%, 11/28/24 (Call 05/28/20)		435		469,700
4.00%, 12/06/37 (Call 06/06/20)		235		269,131
4.20%, 12/06/47 (Call 06/06/20)		295		357,059
4.40%, 12/06/57 (Call 06/06/20)		390		492,960
4.50%, 11/28/34 (Call 05/28/20)		125		154,230
Alphabet Inc.
2.00%, 08/15/26 (Call 08/15/20)		370		392,818
3.38%, 02/25/24		265		291,715
3.63%, 05/19/21		360		371,041
Amazon.com Inc.
2.40%, 02/22/23 (Call 08/22/20)		290		304,256
2.50%, 11/29/22 (Call 05/29/20)		240		250,397
2.80%, 08/22/24 (Call 08/22/20)		295		318,715
3.15%, 08/22/27 (Call 08/22/20)		580		652,396
3.30%, 12/05/21 (Call 06/05/20)		105		108,844


52		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Internet (continued)
3.80%, 12/05/24 (Call 06/05/20)	$	147	$	165,351
3.88%, 08/22/37 (Call 08/22/20)		225		273,996
4.05%, 08/22/47 (Call 08/22/20)		543		712,248
4.25%, 08/22/57 (Call 08/22/20)		250		341,122
4.80%, 12/05/34 (Call 06/05/20)		355		478,384
4.95%, 12/05/44 (Call 06/05/20)		220		312,222
5.20%, 12/03/25 (Call 06/03/20)		440		532,070
Baidu Inc.
3.63%, 07/06/27		200		209,916
3.88%, 09/29/23 (Call 09/29/20)		350		368,592
4.13%, 06/30/25		165		176,685
4.38%, 05/14/24 (Call 05/14/20)		275		293,794
4.38%, 03/29/28 (Call 09/29/20)		30		33,077
Booking Holdings Inc.
2.75%, 03/15/23 (Call 09/15/20)		110		112,046
3.55%, 03/15/28 (Call 09/15/20)		163		165,645
3.60%, 06/01/26 (Call 06/01/20)		210		219,089
3.65%, 03/15/25 (Call 09/15/20)		121		125,256
Cogent Communications Group Inc.
5.38%, 03/01/22 (Call 09/01/20)^(b)		80		82,012
5.63%, 04/15/21 (Call 05/29/20)^(b)		25		24,942
eBay Inc.
2.60%, 07/15/22 (Call 07/15/20)		80		82,012
2.75%, 01/30/23 (Call 07/30/20)		420		432,285
2.88%, 08/01/21 (Call 08/01/20)		125		126,854
3.45%, 08/01/24 (Call 08/01/20)		50		53,435
3.60%, 06/05/27 (Call 06/05/20)		280		302,719
3.80%, 03/09/22 (Call 09/09/20)		75		78,144
4.00%, 07/15/42 (Call 07/15/20)		180		180,889
EIG Investors Corp., 10.88%, 02/01/24 (Call 08/01/20)		75		64,334
Expedia Group Inc.
3.25%, 02/15/30 (Call 08/15/20)		30		25,031
3.80%, 02/15/28 (Call 08/15/20)		200		173,054
4.50%, 08/15/24 (Call 08/15/20)		60		58,455
5.00%, 02/15/26 (Call 08/15/20)		165		157,489
Getty Images Inc., 9.75%, 03/01/27 (Call 09/01/20)^(b)		15		11,110
Go Daddy Operating Co. LLC/GD Finance Co. Inc.,
5.25%, 12/01/27 (Call 06/01/20)^(b)		100		102,746
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 07/01/20)^(b)		70		65,449
JD.com Inc., 3.88%, 04/29/26		5		5,348
Match Group Inc.
4.13%, 08/01/30 (Call 08/01/20)^(b)		85		82,878
5.00%, 12/15/27 (Call 06/15/20)^(b)		150		156,852
5.63%, 02/15/29 (Call 08/15/20)^(b)		140		146,587
Netflix Inc.
3.63%, 06/15/25 (Call 12/15/20)^(b)		30		30,422
4.38%, 11/15/26		165		173,999
4.88%, 04/15/28		265		282,206
4.88%, 06/15/30 (Call 06/15/20)^(b)(d)		150		160,064
5.38%, 11/15/29^(b)		180		198,814
5.50%, 02/15/22		145		150,822
5.75%, 03/01/24		75		81,623
5.88%, 02/15/25		145		159,285
5.88%, 11/15/28		350		396,217
6.38%, 05/15/29		140		164,291
NortonLifeLock Inc.
3.95%, 06/15/22 (Call 06/15/20)		75		76,353
5.00%, 04/15/25 (Call 10/15/20)^(b)		250		251,293
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/20)^(b)		100		87,154


Security	Par (000)		Value

Internet (continued)
Prosus NV
4.85%, 07/06/27 (Call 04/06/27)^(c)	$	200	$	215,310
5.50%, 07/21/25 (Call 04/21/25)^(c)		200		220,260
Tencent Holdings Ltd.
1.74%, 01/19/23, (3 mo. LIBOR US + 0.605%)^(c)(f)		200		195,008
2.22%, 04/11/24, (3 mo. LIBOR US + 0.910%)^(c)(f)		400		388,448
2.99%, 01/19/23 (Call 07/19/20)^(c)		400		409,952
3.28%, 04/11/24 (Call 10/11/20)^(c)		200		208,736
3.60%, 01/19/28 (Call 07/19/20)^(c)		200		216,390
3.80%, 02/11/25^(c)		200		214,890
3.93%, 01/19/38 (Call 07/19/20)^(c)		800		896,304
Twitter Inc., 3.88%, 12/15/27 (Call 06/15/20)^(b)		125		124,781
Uber Technologies Inc.
7.50%, 11/01/23 (Call 05/01/20)^(b)		100		100,258
7.50%, 09/15/27 (Call 09/15/20)^(b)		190		193,063
8.00%, 11/01/26 (Call 05/01/20)^(b)		225		230,407
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/20)		75		75,431
4.75%, 07/15/27 (Call 07/15/20)		115		122,430
5.25%, 04/01/25 (Call 10/01/20)		150		164,340

				18,002,735

Iron & Steel — 0.2%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24^(c)		400		357,608
Allegheny Technologies Inc.
5.88%, 12/01/27 (Call 06/01/20)		65		53,520
7.88%, 08/15/23 (Call 08/15/20)		85		77,885
ArcelorMittal SA
3.60%, 07/16/24		190		181,467
4.25%, 07/16/29^(d)		110		104,214
4.55%, 03/11/26		155		149,284
6.13%, 06/01/25		65		66,752
6.75%, 03/01/41		130		132,701
7.00%, 10/15/39		125		129,371
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26 (Call 07/15/20)^(b)		75		65,687
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25 (Call 09/01/20)^(b)		85		79,679
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 07/15/20)^(b)		50		43,383
6.75%, 03/15/26 (Call 09/15/20)^(b)		145		126,541
9.88%, 10/17/25 (Call 10/17/20)^(b)		315		310,272
Commercial Metals Co.
5.38%, 07/15/27 (Call 07/15/20)		50		48,898
5.75%, 04/15/26 (Call 10/15/20)		70		69,516
CSN Resources SA
7.63%, 02/13/23 (Call 02/13/21)^(c)		200		157,790
7.63%, 04/17/26 (Call 04/17/22)^(c)		200		141,900
Evraz PLC
5.25%, 04/02/24^(c)		200		212,700
6.75%, 01/31/22^(c)		200		211,750
GTL Trade Finance Inc., 7.25%, 04/16/44 (Call 10/16/43)^(c)		200		218,544
GTL Trade Finance Inc./Gerdau Holdings Inc., 5.89%, 04/29/24 (Call 01/29/24)^(c)		150		151,194
Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 (Call 10/01/20)^(b)		50		40,194
Metinvest BV, 8.50%, 04/23/26 (Call 01/23/26)^(c)		200		134,192
Mineral Resources Ltd., 8.13%, 05/01/27 (Call 05/01/20)^(b)		150		153,424


SCHEDULE OF INVESTMENTS			53

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Iron & Steel (continued)
Novolipetsk Steel via Steel Funding DAC, 4.00%, 09/21/24^(c)	$	400	$	415,000
Nucor Corp.
3.95%, 05/01/28 (Call 05/01/20)		265		290,930
4.00%, 08/01/23 (Call 08/01/20)		425		455,570
4.13%, 09/15/22 (Call 09/15/20)		21		22,106
4.40%, 05/01/48 (Call 05/01/20)		35		41,085
5.20%, 08/01/43 (Call 08/01/20)		240		300,794
6.40%, 12/01/37		69		95,414
Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 10/15/20)		40		41,390
Severstal OAO Via Steel Capital SA, 5.90%, 10/17/22^(c)		200		213,390
Steel Dynamics Inc.
2.80%, 12/15/24 (Call 06/15/20)		96		93,889
3.45%, 04/15/30 (Call 10/15/20)		35		33,429
4.13%, 09/15/25 (Call 09/15/20)		343		340,126
5.00%, 12/15/26 (Call 06/15/20)		119		122,369
5.25%, 04/15/23 (Call 10/15/20)		135		135,443
5.50%, 10/01/24 (Call 10/01/20)		125		127,355
U.S. Steel Corp.
6.25%, 03/15/26 (Call 09/15/20)^(d)		110		69,831
6.65%, 06/01/37		50		31,026
6.88%, 08/15/25 (Call 08/15/20)		125		85,636
Vale Overseas Ltd.
6.25%, 08/10/26		205		224,873
6.88%, 11/21/36		343		401,742
6.88%, 11/10/39		245		288,343
8.25%, 01/17/34		53		67,524
Vale SA, 5.63%, 09/11/42		103		108,193

				7,423,924

Leisure Time — 0.0%
24 Hour Fitness Worldwide Inc., 8.00%, 06/01/22 (Call 06/01/20)^(b)(d)		75		2,930
Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 09/15/20)^(b)(d)		50		30,960
Harley-Davidson Inc.
3.50%, 07/28/25 (Call 07/28/20)^(d)		162		160,450
4.63%, 07/28/45 (Call 07/28/20)		70		69,468
King Power Capital Ltd., 5.63%, 11/03/24^(c)		400		452,088
LTF Merger Sub Inc., 8.50%, 06/15/23 (Call 06/15/20)^(b)		50		40,467
NCL Corp. Ltd., 3.63%, 12/15/24 (Call 06/15/20)^(b)		60		38,533
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28 (Call 09/15/20)		175		114,632
5.25%, 11/15/22		200		145,244
7.50%, 10/15/27		25		19,641
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 05/15/20)^(b)(d)		150		139,639
5.38%, 04/15/23 (Call 10/15/20)^(b)		50		46,567
9.25%, 04/15/25 (Call 10/15/20)^(b)		20		21,118
Silversea Cruise Finance Ltd., 7.25%, 02/01/25 (Call 08/01/20)^(b)		50		45,070
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/20)^(b)		200		134,426
Vista Outdoor Inc., 5.88%, 10/01/23 (Call 10/01/20)		50		46,946
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 08/15/20)^(b)		100		78,775

				1,586,954

Lodging — 0.2%
Arrow Bidco LLC, 9.50%, 03/15/24 (Call 09/15/20)^(b)		100		55,109
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 06/01/20)^(b)		145		124,101


Security	Par (000)		Value

Lodging (continued)
6.00%, 08/15/26 (Call 08/15/20)	$	115	$	103,975
6.38%, 04/01/26 (Call 10/01/20)		100		90,745
Choice Hotels International Inc.
3.70%, 12/01/29 (Call 06/01/20)		9		8,252
5.75%, 07/01/22		117		116,726
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/20)^(b)		100		80,493
10.75%, 09/01/24 (Call 09/01/20)^(b)		50		31,885
Fortune Star BVI Ltd., 5.25%, 03/23/22 (Call 05/28/20)^(c)		200		192,540
Gohl Capital Ltd., 4.25%, 01/24/27^(c)		600		563,262
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/20)		200		193,838
4.88%, 01/15/30 (Call 07/15/20)		155		147,738
5.13%, 05/01/26 (Call 05/01/20)		250		247,005
5.38%, 05/01/25 (Call 11/01/20)^(b)		65		64,947
5.75%, 05/01/28 (Call 11/01/20)^(b)		70		70,480
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., 6.13%, 12/01/24 (Call 06/01/20)		80		73,358
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 10/01/20)		145		142,213
4.88%, 04/01/27 (Call 10/01/20)		100		97,033
Hyatt Hotels Corp.
3.38%, 07/15/23 (Call 07/15/20)		25		23,965
4.38%, 09/15/28 (Call 09/15/20)		240		227,868
4.85%, 03/15/26 (Call 09/15/20)		105		103,257
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 06/25/20)		51		47,460
3.20%, 08/08/24 (Call 08/08/20)		150		145,771
3.50%, 08/18/26 (Call 08/18/20)		118		112,882
3.90%, 08/08/29 (Call 08/08/20)		65		60,037
Marriott International Inc./MD
2.30%, 01/15/22 (Call 07/15/20)		120		115,966
3.60%, 04/15/24 (Call 10/15/20)		50		47,657
3.75%, 03/15/25 (Call 09/15/20)		10		9,505
3.75%, 10/01/25 (Call 10/01/20)		25		23,899
Series AA, 4.65%, 12/01/28 (Call 06/01/20)		65		62,822
Series R, 3.13%, 06/15/26 (Call 06/15/20)		150		136,879
Series X, 4.00%, 04/15/28 (Call 10/15/20)		98		90,995
Marriott Ownership Resorts Inc., 4.75%, 01/15/28 (Call 09/15/20)^(b)		60		52,925
Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/20)		90		85,896
Melco Resorts Finance Ltd.
5.38%, 12/04/29 (Call 06/04/20)^(b)		200		188,512
5.63%, 07/17/27 (Call 07/17/22)^(c)		200		196,836
MGM China Holdings Ltd., 5.88%, 05/15/26 (Call 05/15/20)^(b)		200		194,438
MGM Resorts International
4.63%, 09/01/26 (Call 09/01/20)		77		69,272
5.50%, 04/15/27 (Call 10/15/20)		82		75,287
5.75%, 06/15/25 (Call 06/15/20)		99		95,043
6.00%, 03/15/23		200		193,990
6.75%, 05/01/25 (Call 11/01/20)		70		68,319
7.75%, 03/15/22		191		194,283
Sands China Ltd.
4.60%, 08/08/23 (Call 08/08/20)		400		408,984
5.13%, 08/08/25 (Call 08/08/20)		200		208,644
5.40%, 08/08/28 (Call 08/08/20)		5		5,255


54		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Lodging (continued)
Station Casinos LLC
4.50%, 02/15/28 (Call 08/15/20)^(b)	$	125	$	99,990
5.00%, 10/01/25 (Call 10/01/20)^(b)		100		83,338
Studio City Co. Ltd., 7.25%, 11/30/21 (Call 05/30/20)^(b)		200		199,090
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 05/15/20)^(b)		16		13,621
Wyndham Destinations Inc.
3.90%, 03/01/23 (Call 09/01/20)		43		37,576
4.25%, 03/01/22 (Call 09/01/20)		145		139,419
4.63%, 03/01/30 (Call 09/01/20)^(b)		50		42,483
5.40%, 04/01/24 (Call 10/01/20)		50		44,116
5.75%, 04/01/27 (Call 10/01/20)		125		109,734
6.35%, 10/01/25 (Call 10/01/20)		80		71,112
Wyndham Hotels & Resorts Inc., 5.38%, 04/15/26 (Call 10/15/20)^(b)		60		55,221
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 05/30/20)^(b)(d)		50		46,621
5.25%, 05/15/27 (Call 05/15/20)^(b)		175		152,005
5.50%, 03/01/25 (Call 09/01/20)^(b)(d)		250		221,900
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 10/01/20)^(b)		200		193,582
5.13%, 12/15/29 (Call 06/15/20)^(b)		200		190,150
5.50%, 10/01/27 (Call 10/01/20)^(b)		200		194,154

				7,544,459

Machinery — 0.3%
ABB Finance USA Inc.
2.88%, 05/08/22		119		122,503
3.38%, 04/03/23 (Call 10/03/20)		100		103,798
3.80%, 04/03/28 (Call 10/03/20)		155		175,536
4.38%, 05/08/42		101		122,664
BWX Technologies Inc., 5.38%, 07/15/26 (Call 07/15/20)^(b)		50		51,358
Caterpillar Financial Services Corp.
1.70%, 08/09/21		142		143,145
1.90%, 09/06/22		110		112,049
1.95%, 11/18/22		5		5,101
2.15%, 11/08/24		45		46,635
2.55%, 11/29/22		75		77,818
2.85%, 06/01/22		25		25,895
2.85%, 05/17/24		55		58,373
2.95%, 02/26/22		175		180,812
3.15%, 09/07/21		310		318,916
3.25%, 12/01/24		140		152,209
3.30%, 06/09/24		96		103,899
3.45%, 05/15/23		150		160,299
3.65%, 12/07/23		340		369,665
Series I, 2.65%, 05/17/21		96		97,591
Caterpillar Inc.
2.60%, 09/19/29 (Call 09/19/20)		35		36,891
3.25%, 09/19/49 (Call 09/19/20)		380		410,073
3.25%, 04/09/50 (Call 10/09/20)		255		279,556
3.40%, 05/15/24 (Call 05/15/20)		264		286,598
3.80%, 08/15/42		284		333,348
3.90%, 05/27/21		86		88,386
4.30%, 05/15/44 (Call 05/15/20)		10		12,537
4.75%, 05/15/64 (Call 05/15/20)		130		175,924
5.20%, 05/27/41		186		256,693
6.05%, 08/15/36		45		63,039
Cleaver-Brooks Inc., 7.88%, 03/01/23 (Call 09/01/20)^(b)		75		61,778


Security	Par (000)		Value

Machinery (continued)
Cloud Crane LLC, 10.13%, 08/01/24 (Call 08/01/20)^(b)	$	100	$	94,268
CNH Industrial Capital LLC
3.88%, 10/15/21		75		75,821
4.20%, 01/15/24		105		109,479
4.38%, 04/05/22		191		195,536
CNH Industrial NV
3.85%, 11/15/27 (Call 05/15/20)		66		65,659
4.50%, 08/15/23		235		241,453
Crane Co., 4.20%, 03/15/48 (Call 09/15/20)		15		12,943
Deere & Co.
2.60%, 06/08/22 (Call 06/08/20)		60		61,581
2.88%, 09/07/49 (Call 09/07/20)		115		117,046
3.90%, 06/09/42 (Call 06/09/20)		205		249,553
5.38%, 10/16/29		35		44,316
Dover Corp.
2.95%, 11/04/29 (Call 05/04/20)		40		42,139
3.15%, 11/15/25 (Call 05/15/20)		135		142,464
5.38%, 03/01/41 (Call 09/01/20)		110		133,219
Flowserve Corp., 4.00%, 11/15/23 (Call 05/15/20)		20		20,082
Granite US Holdings Corp., 11.00%, 10/01/27 (Call 10/01/20)^(b)		50		42,552
Husky III Holding Ltd., 13.00%, 02/15/25 (Call 08/15/20)^(b)(e)		100		89,023
John Deere Capital Corp.
1.95%, 06/13/22		315		320,330
2.05%, 01/09/25		25		25,841
2.15%, 09/08/22		75		77,061
2.25%, 09/14/26		280		292,606
2.30%, 06/07/21		238		241,349
2.45%, 01/09/30		105		110,487
2.60%, 03/07/24		85		89,019
2.65%, 01/06/22		207		212,326
2.65%, 06/24/24		135		142,240
2.65%, 06/10/26		103		109,571
2.70%, 01/06/23		40		41,553
2.80%, 01/27/23		50		52,330
2.80%, 03/06/23		331		346,898
2.80%, 09/08/27		205		223,116
2.80%, 07/18/29		175		189,240
2.95%, 04/01/22		140		144,943
3.05%, 01/06/28		25		27,121
3.13%, 09/10/21		230		236,401
3.15%, 10/15/21		25		25,669
3.20%, 01/10/22		26		26,914
3.35%, 06/12/24		80		86,340
3.40%, 09/11/25		9		9,842
3.45%, 06/07/23		110		117,483
3.45%, 03/13/25		340		373,415
3.45%, 03/07/29		117		131,612
3.65%, 10/12/23		31		33,586
3.90%, 07/12/21		50		51,688
JPW Industries Holding Corp., 9.00%, 10/01/24 (Call 10/01/20)^(b)		50		36,718
Manitowoc Co. Inc. (The), 9.00%, 04/01/26 (Call 10/01/20)^(b)		64		58,012
Mueller Water Products Inc., 5.50%, 06/15/26 (Call 06/15/20)^(b)		65		67,215
Nvent Finance Sarl
3.95%, 04/15/23 (Call 10/15/20)		150		153,175
4.55%, 04/15/28 (Call 10/15/20)		165		175,359


SCHEDULE OF INVESTMENTS			55

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery (continued)
Oshkosh Corp., 4.60%, 05/15/28 (Call 05/15/20)	$	130	$	136,469
Otis Worldwide Corp.
2.06%, 04/05/25 (Call 10/05/20)^(b)		14		14,263
2.57%, 02/15/30 (Call 08/15/20)^(b)		12		12,099
3.11%, 02/15/40 (Call 08/15/20)^(b)		6		5,921
3.36%, 02/15/50 (Call 08/15/20)^(b)		200		203,904
RBS Global Inc./Rexnord LLC, 4.88%, 12/15/25 (Call 06/15/20)^(b)		75		73,377
Rockwell Automation Inc.
2.88%, 03/01/25 (Call 09/01/20)		15		15,750
3.50%, 03/01/29 (Call 09/01/20)		297		329,768
4.20%, 03/01/49 (Call 09/01/20)		70		88,119
SPX FLOW Inc., 5.88%, 08/15/26 (Call 08/15/20)^(b)		100		101,760
Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/20)^(b)		73		73,161
Tennant Co., 5.63%, 05/01/25 (Call 05/01/20)		50		50,019
Terex Corp., 5.63%, 02/01/25 (Call 08/01/20)^(b)(d)		100		90,915
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 10/15/20)^(b)		100		93,359
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26 (Call 05/15/20)		175		170,394
4.40%, 03/15/24 (Call 09/15/20)		155		156,273
4.95%, 09/15/28 (Call 09/15/20)		160		158,976
Xylem Inc./NY
3.25%, 11/01/26 (Call 05/01/20)		165		176,637
4.38%, 11/01/46 (Call 05/01/20)		70		75,281

				12,426,128

Manufacturing — 0.3%
3M Co.
1.63%, 09/19/21 (Call 09/19/20)		80		80,830
2.00%, 06/26/22		245		251,130
2.00%, 02/14/25 (Call 08/14/20)		50		51,847
2.25%, 03/15/23 (Call 09/15/20)		110		114,269
2.25%, 09/19/26 (Call 09/19/20)		135		141,440
2.38%, 08/26/29 (Call 08/26/20)		65		67,573
2.88%, 10/15/27 (Call 10/15/20)		425		466,008
3.00%, 09/14/21 (Call 09/14/20)		65		66,776
3.00%, 08/07/25		199		216,245
3.13%, 09/19/46 (Call 09/19/20)		165		177,017
3.25%, 02/14/24 (Call 08/14/20)		134		145,130
3.25%, 08/26/49 (Call 08/26/20)		68		75,901
3.38%, 03/01/29 (Call 09/01/20)		100		112,413
3.63%, 09/14/28 (Call 09/14/20)		137		155,831
3.63%, 10/15/47 (Call 10/15/20)		195		223,107
3.88%, 06/15/44		130		152,593
4.00%, 09/14/48 (Call 09/14/20)		108		133,890
5.70%, 03/15/37		60		82,426
Amsted Industries Inc.
4.63%, 05/15/30 (Call 05/15/20)^(b)		50		46,418
5.63%, 07/01/27 (Call 07/01/20)^(b)		100		101,008
Carlisle Companies Inc.
2.75%, 03/01/30 (Call 09/01/20)		7		6,429
3.50%, 12/01/24 (Call 06/01/20)		100		102,853
3.75%, 11/15/22 (Call 05/15/20)		75		76,852
3.75%, 12/01/27 (Call 06/01/20)		5		5,106
Eaton Corp.
2.75%, 11/02/22		324		335,019
3.10%, 09/15/27 (Call 09/15/20)		50		53,045
4.00%, 11/02/32		114		129,062
4.15%, 11/02/42		325		375,245


Security	Par (000)		Value

Manufacturing (continued)
EnPro Industries Inc., 5.75%, 10/15/26 (Call 10/15/20)	$	75	$	73,112
Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp., 12.25%, 11/15/26 (Call 05/15/20)^(b)		115		94,869
FXI Holdings Inc., 7.88%, 11/01/24 (Call 05/01/20)^(b)		80		58,284
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 07/15/20)^(b)		100		90,927
General Electric Co.
2.70%, 10/09/22		210		211,651
3.10%, 01/09/23		200		203,566
3.15%, 09/07/22		268		273,507
3.38%, 03/11/24		75		77,579
3.45%, 05/15/24 (Call 05/15/20)		136		139,658
3.63%, 05/01/30 (Call 11/01/20)		400		401,964
4.13%, 10/09/42		25		24,661
4.35%, 05/01/50 (Call 11/01/20)		600		604,116
4.65%, 10/17/21		1,376		1,428,178
5.55%, 01/05/26		30		33,684
5.88%, 01/14/38		605		690,493
6.15%, 08/07/37		170		200,976
6.75%, 03/15/32		567		702,887
6.88%, 01/10/39		405		506,230
Hillenbrand Inc., 4.50%, 09/15/26 (Call 09/15/20)		35		32,050
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 05/15/20)		166		180,580
3.50%, 03/01/24 (Call 09/01/20)		115		125,048
3.90%, 09/01/42 (Call 09/01/20)		349		415,889
4.88%, 09/15/41 (Call 09/15/20)		50		65,782
Ingersoll-Rand Global Holding Co. Ltd.
3.75%, 08/21/28 (Call 08/21/20)		198		212,735
4.25%, 06/15/23		160		172,498
5.75%, 06/15/43		83		103,477
Ingersoll-Rand Luxembourg Finance SA
3.50%, 03/21/26 (Call 09/21/20)		349		369,793
3.55%, 11/01/24 (Call 05/01/20)		60		63,758
3.80%, 03/21/29 (Call 09/21/20)		275		297,470
4.50%, 03/21/49 (Call 09/21/20)		30		35,029
4.65%, 11/01/44 (Call 05/01/20)		90		103,719
Koppers Inc., 6.00%, 02/15/25 (Call 08/15/20)^(b)		104		85,058
LSB Industries Inc., 9.63%, 05/01/23 (Call 05/01/20)^(b)(d)		75		69,909
Parker-Hannifin Corp.
2.70%, 06/14/24 (Call 06/14/20)		100		102,226
3.25%, 03/01/27 (Call 09/01/20)		235		245,718
3.25%, 06/14/29 (Call 06/14/20)		55		58,409
3.30%, 11/21/24 (Call 05/21/20)		74		77,752
3.50%, 09/15/22		30		31,388
4.00%, 06/14/49 (Call 06/14/20)		215		240,329
4.10%, 03/01/47 (Call 09/01/20)		24		26,769
4.20%, 11/21/34 (Call 05/21/20)		139		157,359
4.45%, 11/21/44 (Call 05/21/20)		90		103,093
Pentair Finance Sarl, 4.50%, 07/01/29 (Call 07/01/20)		160		171,091
Siemens Financieringsmaatschappij NV
2.35%, 10/15/26^(b)		250		258,550
2.90%, 05/27/22^(b)		250		258,855
3.25%, 05/27/25^(b)		250		267,332
3.30%, 09/15/46^(b)		700		764,757
4.20%, 03/16/47^(b)		260		331,763
6.13%, 08/17/26^(b)		150		184,146
Sunny Optical Technology Group Co. Ltd., 3.75%, 01/23/23^(c)		210		213,265


56		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Manufacturing (continued)
Textron Inc.
3.38%, 03/01/28 (Call 09/01/20)	$	50	$	48,778
3.65%, 03/15/27 (Call 09/15/20)		437		435,195
3.90%, 09/17/29 (Call 09/17/20)		95		96,041
4.00%, 03/15/26 (Call 09/15/20)		100		99,506
4.30%, 03/01/24 (Call 09/01/20)		74		77,778
Trinity Industries Inc., 4.55%, 10/01/24 (Call 10/01/20)		200		184,054

				16,528,754

Media — 1.3%
Altice Financing SA
5.00%, 01/15/28 (Call 07/15/20)^(b)		200		193,930
7.50%, 05/15/26 (Call 07/15/20)^(b)		600		625,944
AMC Networks Inc.
4.75%, 12/15/22 (Call 06/15/20)		50		49,465
4.75%, 08/01/25 (Call 08/01/20)		155		143,051
5.00%, 04/01/24 (Call 10/01/20)		75		72,830
Belo Corp.
7.25%, 09/15/27		50		49,487
7.75%, 06/01/27		30		31,050
Block Communications Inc., 4.88%, 03/01/28 (Call 09/01/20)^(b)		15		14,966
Cable Onda SA, 4.50%, 01/30/30 (Call 01/30/25)^(c)		200		190,016
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 09/01/20)^(b)		75		75,973
4.50%, 08/15/30 (Call 08/15/20)^(b)		335		339,476
4.50%, 05/01/32 (Call 11/01/20)^(b)		205		203,879
4.75%, 03/01/30 (Call 09/01/20)^(b)		525		535,442
5.00%, 02/01/28 (Call 08/01/20)^(b)		425		436,832
5.13%, 05/01/23 (Call 05/01/20)^(b)		125		126,601
5.13%, 05/01/27 (Call 05/01/20)^(b)		575		597,281
5.38%, 05/01/25 (Call 05/01/20)^(b)		100		102,684
5.38%, 06/01/29 (Call 06/01/20)^(b)		300		316,419
5.50%, 05/01/26 (Call 05/01/20)^(b)		265		274,908
5.75%, 02/15/26 (Call 08/15/20)^(b)		450		469,201
5.88%, 04/01/24 (Call 10/01/20)^(b)		275		282,727
5.88%, 05/01/27 (Call 05/01/20)^(b)		190		198,035
Cengage Learning Inc., 9.50%, 06/15/24 (Call 06/15/20)^(b)		75		39,724
Charter Communications Operating LLC/Charter Communications Operating Capital
3.70%, 04/01/51 (Call 10/01/20)		405		398,803
3.75%, 02/15/28 (Call 08/15/20)		206		221,108
4.20%, 03/15/28 (Call 09/15/20)		429		475,212
4.46%, 07/23/22 (Call 07/23/20)		220		231,790
4.50%, 02/01/24 (Call 08/01/20)		20		21,692
4.80%, 03/01/50 (Call 09/01/20)		400		452,800
4.91%, 07/23/25 (Call 07/23/20)		1,025		1,158,486
5.05%, 03/30/29 (Call 09/30/20)		114		133,749
5.13%, 07/01/49 (Call 07/01/20)		195		233,544
5.38%, 04/01/38 (Call 10/01/20)		110		129,337
5.38%, 05/01/47 (Call 05/01/20)		240		289,954
5.75%, 04/01/48 (Call 10/01/20)		451		570,556
6.38%, 10/23/35 (Call 10/23/20)		331		426,239
6.48%, 10/23/45 (Call 10/23/20)		699		927,818
6.83%, 10/23/55 (Call 10/23/20)		159		214,079
Clear Channel Worldwide Holdings Inc.
5.13%, 08/15/27 (Call 08/15/20)^(b)		150		141,084
9.25%, 02/15/24 (Call 08/15/20)^(b)		315		261,945
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		75		90,954


Security	Par (000)		Value

Media (continued)
Comcast Corp.
1.63%, 01/15/22 (Call 07/15/20)	$	50	$	50,807
2.35%, 01/15/27 (Call 07/15/20)		575		597,983
2.65%, 02/01/30 (Call 08/01/20)		320		340,461
2.75%, 03/01/23 (Call 09/01/20)		246		258,553
2.85%, 01/15/23		130		136,750
3.00%, 02/01/24 (Call 08/01/20)		175		186,723
3.10%, 04/01/25 (Call 10/01/20)		55		59,533
3.13%, 07/15/22		53		55,776
3.15%, 03/01/26 (Call 09/01/20)		125		136,309
3.15%, 02/15/28 (Call 08/15/20)		244		265,787
3.20%, 07/15/36 (Call 07/15/20)		435		472,880
3.25%, 11/01/39 (Call 05/01/20)		225		245,088
3.30%, 02/01/27 (Call 08/01/20)		232		253,794
3.38%, 02/15/25 (Call 08/15/20)		190		207,246
3.38%, 08/15/25 (Call 08/15/20)		300		328,815
3.40%, 04/01/30 (Call 10/01/20)		730		819,396
3.40%, 07/15/46 (Call 07/15/20)		670		740,859
3.45%, 02/01/50 (Call 08/01/20)		325		362,736
3.55%, 05/01/28 (Call 05/01/20)		205		229,508
3.60%, 03/01/24		193		210,549
3.70%, 04/15/24 (Call 10/15/20)		335		365,944
3.90%, 03/01/38 (Call 09/01/20)		167		194,704
3.95%, 10/15/25 (Call 10/15/20)		560		631,680
3.97%, 11/01/47 (Call 05/01/20)		234		275,350
4.00%, 08/15/47 (Call 08/15/20)		275		326,109
4.00%, 03/01/48 (Call 09/01/20)		175		209,722
4.00%, 11/01/49 (Call 05/01/20)		355		421,452
4.05%, 11/01/52 (Call 05/01/20)		201		243,781
4.15%, 10/15/28 (Call 10/15/20)		589		688,376
4.20%, 08/15/34 (Call 08/15/20)		270		327,599
4.25%, 10/15/30 (Call 10/15/20)		390		468,967
4.25%, 01/15/33		342		413,081
4.40%, 08/15/35 (Call 08/15/20)		250		309,917
4.50%, 01/15/43		220		272,252
4.60%, 10/15/38 (Call 10/15/20)		327		411,840
4.60%, 08/15/45 (Call 08/15/20)		185		237,200
4.65%, 07/15/42		118		150,463
4.70%, 10/15/48 (Call 10/15/20)		758		996,725
4.75%, 03/01/44		185		240,779
4.95%, 10/15/58 (Call 10/15/20)		438		621,785
5.65%, 06/15/35		5		7,022
6.40%, 05/15/38		35		50,810
6.45%, 03/15/37		81		117,976
6.50%, 11/15/35		240		362,436
6.95%, 08/15/37		105		158,537
Cox Communications Inc.
2.95%, 06/30/23 (Call 06/30/20)^(b)		156		162,146
3.15%, 08/15/24 (Call 08/15/20)^(b)		184		194,181
3.25%, 12/15/22^(b)		295		307,133
3.35%, 09/15/26 (Call 09/15/20)^(b)		215		229,358
3.50%, 08/15/27 (Call 08/15/20)^(b)		198		209,486
3.85%, 02/01/25 (Call 08/01/20)^(b)		125		134,606
4.60%, 08/15/47 (Call 08/15/20)^(b)		250		286,427
4.70%, 12/15/42^(b)		205		223,013
8.38%, 03/01/39^(b)		25		37,860
CSC Holdings LLC
5.25%, 06/01/24		139		145,564
5.38%, 07/15/23 (Call 07/15/20)^(b)		200		202,270
5.38%, 02/01/28 (Call 08/01/20)^(b)		200		207,436


SCHEDULE OF INVESTMENTS			57

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
5.50%, 05/15/26 (Call 05/15/20)^(b)	$	200	$	207,850
5.50%, 04/15/27 (Call 10/15/20)^(b)		200		208,122
5.75%, 01/15/30 (Call 07/15/20)^(b)		400		415,916
5.88%, 09/15/22		74		77,311
6.50%, 02/01/29 (Call 08/01/20)^(b)		400		437,240
6.63%, 10/15/25 (Call 07/15/20)^(b)		200		209,272
6.75%, 11/15/21		150		156,415
7.50%, 04/01/28 (Call 09/15/20)^(b)		200		220,110
10.88%, 10/15/25 (Call 07/15/20)^(b)		250		270,290
Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 07/01/20)^(b)		100		81,605
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/20)^(b)		500		380,125
6.63%, 08/15/27 (Call 08/15/20)^(b)(d)		285		156,340
Discovery Communications LLC
2.95%, 03/20/23 (Call 09/20/20)		96		98,806
3.30%, 05/15/22		150		153,864
3.45%, 03/15/25 (Call 09/15/20)		143		147,043
3.90%, 11/15/24 (Call 05/15/20)		60		63,272
3.95%, 06/15/25 (Call 06/15/20)		88		93,151
3.95%, 03/20/28 (Call 09/20/20)		411		432,906
4.13%, 05/15/29 (Call 05/15/20)^(d)		200		211,052
4.88%, 04/01/43		225		243,925
4.90%, 03/11/26 (Call 09/11/20)		150		163,312
4.95%, 05/15/42		40		43,494
5.00%, 09/20/37 (Call 09/20/20)		189		207,794
5.20%, 09/20/47 (Call 09/20/20)		124		141,353
5.30%, 05/15/49 (Call 05/15/20)		250		289,357
6.35%, 06/01/40		100		122,837
DISH DBS Corp.
5.00%, 03/15/23		264		251,690
5.88%, 07/15/22		350		351,932
5.88%, 11/15/24		350		337,053
6.75%, 06/01/21		400		400,668
7.75%, 07/01/26^(d)		325		320,125
Entercom Media Corp.
6.50%, 05/01/27 (Call 05/01/20)^(b)		65		47,785
7.25%, 11/01/24 (Call 05/01/20)^(b)		100		63,004
EW Scripps Co. (The), 5.13%, 05/15/25 (Call 05/15/20)^(b)		75		64,140
Fox Corp.
4.03%, 01/25/24 (Call 07/25/20)		380		410,408
4.71%, 01/25/29 (Call 07/25/20)		238		276,777
5.48%, 01/25/39 (Call 07/25/20)		358		452,365
5.58%, 01/25/49 (Call 07/25/20)		140		190,873
GCI LLC, 6.88%, 04/15/25 (Call 10/15/20)		50		51,726
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/20)^(b)		100		98,668
5.88%, 07/15/26 (Call 07/15/20)^(b)		125		120,981
7.00%, 05/15/27 (Call 05/15/20)^(b)		110		110,550
Grupo Televisa SAB
5.00%, 05/13/45 (Call 05/13/20)		296		290,154
5.25%, 05/24/49 (Call 05/24/20)		200		203,796
6.63%, 03/18/25		330		366,307
6.63%, 01/15/40		30		35,205
Houghton Mifflin Harcourt Publishers Inc., 9.00%, 02/15/25 (Call 08/15/20)^(b)		75		65,602
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 07/15/20)^(b)(d)		85		74,133
5.25%, 08/15/27 (Call 08/15/20)^(b)		105		96,075
6.38%, 05/01/26 (Call 08/01/20)		110		104,240


Security	Par (000)		Value

Media (continued)
8.38%, 05/01/27 (Call 05/01/20)	$	250	$	207,462
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 10/15/20)^(b)		200		210,108
Liberty Interactive LLC
8.25%, 02/01/30		125		110,442
8.50%, 07/15/29		39		33,673
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24 (Call 05/15/20)^(b)		75		48,944
Meredith Corp., 6.88%, 02/01/26 (Call 08/01/20)		200		171,198
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 08/15/20)^(b)		48		48,680
NBCUniversal Media LLC
2.88%, 01/15/23		250		263,705
4.45%, 01/15/43		250		310,712
5.95%, 04/01/41		160		227,875
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/20)^(b)(d)		80		78,297
5.63%, 07/15/27 (Call 07/15/20)^(b)		275		262,820
Quebecor Media Inc., 5.75%, 01/15/23		125		131,701
Radiate Holdco LLC/Radiate Finance Inc.
6.63%, 02/15/25 (Call 08/15/20)^(b)		65		64,713
6.88%, 02/15/23 (Call 08/15/20)^(b)		70		69,302
Salem Media Group Inc., 6.75%, 06/01/24 (Call 06/01/20)^(b)(d)		39		30,649
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/20)^(b)		100		85,151
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/20)^(b)		175		148,645
5.50%, 03/01/30 (Call 06/01/20)^(b)		100		82,992
5.63%, 08/01/24 (Call 08/01/20)^(b)		75		69,048
5.88%, 03/15/26 (Call 09/15/20)^(b)		50		42,932
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)^(b)		135		135,751
4.63%, 05/15/23 (Call 05/15/20)^(b)		65		65,376
4.63%, 07/15/24 (Call 07/15/20)^(b)		240		244,896
5.00%, 08/01/27 (Call 08/01/20)^(b)		270		276,820
5.38%, 04/15/25 (Call 10/15/20)^(b)		225		231,952
5.38%, 07/15/26 (Call 07/15/20)^(b)		150		155,965
5.50%, 07/01/29 (Call 07/01/20)^(b)		205		216,322
Sky Ltd., 3.75%, 09/16/24^(b)		475		520,937
TCI Communications Inc.
7.13%, 02/15/28		20		27,391
7.88%, 02/15/26		175		231,476
TEGNA Inc.
4.63%, 03/15/28 (Call 09/15/20)^(b)		160		143,595
5.00%, 09/15/29 (Call 09/15/20)^(b)		165		147,064
5.50%, 09/15/24 (Call 05/15/20)^(b)		110		111,396
Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)^(b)		200		208,374
Thomson Reuters Corp.
3.35%, 05/15/26 (Call 05/15/20)		123		128,274
4.30%, 11/23/23 (Call 05/23/20)		195		209,779
5.50%, 08/15/35		5		6,135
5.65%, 11/23/43 (Call 05/23/20)		140		171,140
5.85%, 04/15/40		82		99,377
Time Warner Cable LLC
4.00%, 09/01/21 (Call 09/01/20)		85		86,620
4.50%, 09/15/42 (Call 09/15/20)		333		354,086
5.50%, 09/01/41 (Call 09/01/20)		324		381,669
5.88%, 11/15/40 (Call 05/15/20)		121		145,536


58		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
6.55%, 05/01/37	$	285	$	354,722
6.75%, 06/15/39		238		311,004
7.30%, 07/01/38		133		177,119
Time Warner Entertainment Co. LP
8.38%, 03/15/23		236		272,939
8.38%, 07/15/33		291		423,929
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		145		147,102
2.35%, 12/01/22		50		51,697
2.75%, 08/16/21		60		61,333
2.95%, 06/15/27^(d)		60		64,950
3.00%, 02/13/26		122		131,428
3.00%, 07/30/46		145		147,522
3.15%, 09/17/25		777		843,519
3.75%, 06/01/21		75		77,214
4.13%, 06/01/44		425		511,543
4.38%, 08/16/41		75		92,287
Series B, 7.00%, 03/01/32		33		48,182
Series E, 4.13%, 12/01/41		100		119,601
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/20)^(b)		175		167,849
5.13%, 02/15/25 (Call 08/15/20)^(b)		264		233,701
9.50%, 05/01/25 (Call 11/01/20)^(b)		15		15,276
UPC Holding BV, 5.50%, 01/15/28 (Call 07/15/20)^(b)		200		193,726
Urban One Inc., 7.38%, 04/15/22 (Call 05/29/20)^(b)		75		61,686
ViacomCBS Inc.
2.50%, 02/15/23 (Call 08/15/20)		315		315,910
2.90%, 06/01/23 (Call 06/01/20)		350		354,788
2.90%, 01/15/27 (Call 07/15/20)		213		204,109
3.38%, 03/01/22 (Call 09/01/20)		250		255,190
3.38%, 02/15/28 (Call 08/15/20)		112		109,511
3.50%, 01/15/25 (Call 07/15/20)		345		347,974
3.70%, 06/01/28 (Call 06/01/20)		137		136,429
3.88%, 04/01/24 (Call 10/01/20)		40		41,593
4.00%, 01/15/26 (Call 07/15/20)		155		160,605
4.20%, 06/01/29 (Call 06/01/20)		100		102,941
4.25%, 09/01/23 (Call 09/01/20)		150		157,554
4.38%, 03/15/43		175		170,389
4.85%, 07/01/42 (Call 07/01/20)		233		234,333
4.90%, 08/15/44 (Call 08/15/20)		195		196,234
5.25%, 04/01/44 (Call 10/01/20)		160		170,984
5.85%, 09/01/43 (Call 09/01/20)		270		305,354
5.88%, 02/28/57 (Call 08/28/20)^(a)		125		115,199
5.90%, 10/15/40 (Call 10/15/20)		90		100,302
6.25%, 02/28/57 (Call 08/28/20)^(a)		125		123,759
6.88%, 04/30/36		243		290,317
7.88%, 07/30/30		99		131,131
Videotron Ltd.
5.00%, 07/15/22		130		134,439
5.13%, 04/15/27 (Call 10/15/20)^(b)		135		141,095
5.38%, 06/15/24 (Call 06/15/20)^(b)		100		105,983
Virgin Media Finance PLC, 6.00%, 10/15/24 (Call 10/15/20)^(b)		200		202,634
Virgin Media Secured Finance PLC, 5.50%, 05/15/29 (Call 05/15/20)^(b)		200		209,064
VTR Finance BV, 6.88%, 01/15/24 (Call 01/15/21)^(c)		200		198,564
Walt Disney Co. (The)
1.65%, 09/01/22		81		82,192
1.75%, 08/30/24 (Call 08/28/20)		674		683,200
2.00%, 09/01/29 (Call 09/01/20)		274		273,921


Security	Par (000)		Value

Media (continued)
2.75%, 09/01/49 (Call 09/01/20)	$	299	$	291,594
3.00%, 09/15/22		100		104,580
3.35%, 03/24/25		500		545,595
3.38%, 11/15/26 (Call 05/15/20)		280		307,703
3.70%, 09/15/24 (Call 09/15/20)		40		43,720
3.70%, 10/15/25 (Call 10/15/20)		325		359,447
3.80%, 03/22/30		250		288,485
4.63%, 03/23/40 (Call 09/23/20)		500		625,310
4.70%, 03/23/50 (Call 09/23/20)		400		535,436
4.75%, 09/15/44 (Call 09/15/20)		127		160,764
4.75%, 11/15/46 (Call 05/15/20)		102		130,591
4.95%, 10/15/45 (Call 10/15/20)		140		185,206
5.40%, 10/01/43		77		105,328
6.15%, 03/01/37		34		48,591
6.15%, 02/15/41		7		10,083
6.20%, 12/15/34		200		285,050
6.55%, 03/15/33		103		147,300
6.65%, 11/15/37		44		65,442
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 07/15/20)^(b)		200		198,354
6.00%, 01/15/27 (Call 07/15/20)^(b)		150		152,785
Ziggo BV, 5.50%, 01/15/27 (Call 07/15/20)^(b)		270		274,909

				60,998,910

Metal Fabricate & Hardware — 0.0%
Advanced Drainage Systems Inc., 5.00%, 09/30/27 (Call 09/30/20)^(b)		70		69,196
Grinding Media Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 (Call 06/15/20)^(b)		125		123,527
Hillman Group Inc. (The), 6.38%, 07/15/22 (Call 07/15/20)^(b)		45		34,699
Park-Ohio Industries Inc., 6.63%, 04/15/27 (Call 10/15/20)		130		99,675
Precision Castparts Corp.
2.50%, 01/15/23 (Call 07/15/20)		150		155,172
3.25%, 06/15/25 (Call 06/15/20)		376		409,107
4.38%, 06/15/45 (Call 06/15/20)		70		84,284
Timken Co. (The), 4.50%, 12/15/28 (Call 06/15/20)		105		112,929
Valmont Industries Inc., 5.25%, 10/01/54 (Call 10/01/20)		115		113,236

				1,201,825

Mining — 0.4%
Alcoa Nederland Holding BV
6.13%, 05/15/28 (Call 05/15/20)^(b)		200		193,968
6.75%, 09/30/24 (Call 09/30/20)^(b)(d)		240		242,165
Aleris International Inc., 10.75%, 07/15/23 (Call 07/15/20)^(b)		75		77,513
Anglo American Capital PLC
3.63%, 09/11/24^(b)		10		10,021
4.00%, 09/11/27^(b)		5		4,996
4.13%, 09/27/22^(b)		200		203,130
4.50%, 03/15/28 (Call 09/15/20)^(b)		315		322,002
4.88%, 05/14/25^(b)		5		5,262
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22		250		257,967
Arconic Corp.
6.00%, 05/15/25^(b)		30		30,231
6.13%, 02/15/28 (Call 08/15/20)^(b)		105		99,526
Barminco Finance Pty Ltd., 6.63%, 05/15/22 (Call 05/15/20)^(b)(d)		100		95,184
Barrick Gold Corp.
5.25%, 04/01/42		140		180,613
6.45%, 10/15/35		50		63,110


SCHEDULE OF INVESTMENTS			59

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mining (continued)
Barrick North America Finance LLC
5.70%, 05/30/41	$	125	$	166,475
5.75%, 05/01/43		194		270,541
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		115		155,474
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22		171		175,398
4.13%, 02/24/42		15		18,726
5.00%, 09/30/43		573		784,328
6.42%, 03/01/26		100		127,632
Century Aluminum Co., 7.50%, 06/01/21 (Call 05/29/20)^(b)		50		45,141
Chinalco Capital Holdings Ltd., 4.00%, 08/25/21^(c)		200		198,076
Coeur Mining Inc., 5.88%, 06/01/24 (Call 06/01/20)		50		46,135
Compass Minerals International Inc.
4.88%, 07/15/24 (Call 07/15/20)^(b)		51		50,034
6.75%, 12/01/27 (Call 06/01/20)^(b)		75		74,188
Constellium SE, 5.88%, 02/15/26 (Call 08/15/20)^(b)		250		237,992
Corp. Nacional del Cobre de Chile
3.63%, 08/01/27 (Call 05/01/27)^(c)		200		202,334
3.70%, 01/30/50 (Call 07/30/49)^(c)		200		182,690
4.38%, 02/05/49 (Call 08/05/48)^(c)		200		205,332
4.50%, 08/13/23^(c)		100		104,283
4.50%, 09/16/25^(c)		400		426,612
4.50%, 08/01/47 (Call 02/01/47)^(c)		450		469,746
4.88%, 11/04/44^(c)		200		214,310
5.63%, 10/18/43^(c)		400		469,672
Eldorado Gold Corp., 9.50%, 06/01/24 (Call 06/01/20)^(b)		79		84,309
First Quantum Minerals Ltd.
6.50%, 03/01/24 (Call 09/01/20)^(c)		200		176,246
7.25%, 04/01/23 (Call 10/01/20)^(c)		200		181,496
7.50%, 04/01/25 (Call 04/01/21)^(c)		600		528,216
FMG Resources August 2006 Pty Ltd.
4.50%, 09/15/27 (Call 09/15/20)^(b)		85		83,157
4.75%, 05/15/22 (Call 05/15/20)^(b)		150		150,343
5.13%, 03/15/23 (Call 09/15/20)^(b)		65		65,588
5.13%, 05/15/24 (Call 05/15/20)^(b)		125		126,947
Freeport-McMoRan Inc.
3.55%, 03/01/22 (Call 09/01/20)		36		36,319
3.88%, 03/15/23 (Call 09/15/20)		305		305,546
4.13%, 03/01/28 (Call 09/01/20)		100		92,803
4.25%, 03/01/30 (Call 09/01/20)		100		93,248
4.55%, 11/14/24 (Call 05/14/20)		125		125,291
5.00%, 09/01/27 (Call 09/01/20)		110		107,214
5.25%, 09/01/29 (Call 09/01/20)		110		108,703
5.40%, 11/14/34 (Call 05/14/20)		150		138,567
5.45%, 03/15/43 (Call 09/15/20)^(d)		345		316,468
Fresnillo PLC, 5.50%, 11/13/23^(c)(d)		200		209,576
Glencore Finance Canada Ltd.
4.25%, 10/25/22^(b)		334		342,387
4.95%, 11/15/21^(b)		100		102,568
5.55%, 10/25/42^(b)		55		56,423
6.00%, 11/15/41^(b)		143		152,181
Glencore Funding LLC
3.00%, 10/27/22 (Call 10/27/20)^(b)		160		159,595
3.88%, 10/27/27 (Call 10/27/20)^(b)		150		149,706
4.00%, 04/16/25^(b)		110		110,868
4.00%, 03/27/27 (Call 09/27/20)^(b)		50		50,445
4.13%, 05/30/23^(b)		350		356,765
4.13%, 03/12/24 (Call 09/12/20)^(b)		310		317,936
4.63%, 04/29/24^(b)		155		162,724
4.88%, 03/12/29 (Call 09/12/20)^(b)		145		153,406


Security	Par (000)		Value

Mining (continued)
Hecla Mining Co., 7.25%, 02/15/28 (Call 08/15/20)	$	90	$	88,861
Hudbay Minerals Inc.
7.25%, 01/15/23 (Call 07/15/20)^(b)		50		46,074
7.63%, 01/15/25 (Call 07/15/20)^(b)		130		118,544
IAMGOLD Corp., 7.00%, 04/15/25 (Call 10/15/20)^(b)		141		141,856
Indonesia Asahan Aluminium Persero PT
5.23%, 11/15/21^(c)		200		202,618
5.71%, 11/15/23^(c)		400		411,928
6.53%, 11/15/28^(c)		400		433,844
Industrias Penoles SAB de CV, 5.65%, 09/12/49 (Call 03/12/49)^(c)		200		190,828
Joseph T Ryerson & Son Inc., 11.00%, 05/15/22 (Call 05/15/20)^(b)		75		72,936
JW Aluminum Continuous Cast Co., 10.25%, 06/01/26
(Call 06/01/20)^(b)		25		25,479
Kaiser Aluminum Corp.
4.63%, 03/01/28 (Call 09/01/20)^(b)		75		69,883
6.50%, 05/01/25 (Call 11/01/20)^(b)		35		35,621
Kinross Gold Corp.
4.50%, 07/15/27 (Call 07/15/20)		189		197,947
5.13%, 09/01/21 (Call 09/01/20)		20		20,599
5.95%, 03/15/24 (Call 09/15/20)		160		175,691
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)^(c)		200		171,604
Minmetals Bounteous Finance BVI Ltd., 4.20%, 07/27/26^(c)		400		432,844
MMC Norilsk Nickel OJSC via MMC Finance DAC
3.85%, 04/08/22^(c)		250		253,960
4.10%, 04/11/23^(c)		250		258,275
Mountain Province Diamonds Inc., 8.00%, 12/15/22 (Call 06/15/20)^(b)		75		48,751
New Gold Inc.
6.25%, 11/15/22 (Call 05/15/20)^(b)		75		75,031
6.38%, 05/15/25 (Call 05/15/20)^(b)		75		72,219
Newcastle Coal Infrastructure Group Pty Ltd., 4.40%,
09/29/27 (Call 09/29/20)^(b)		109		99,515
Newcrest Finance Pty Ltd., 4.45%, 11/15/21^(b)		55		56,644
Newmont Corp.
2.25%, 10/01/30 (Call 10/01/20)		175		173,294
2.80%, 10/01/29 (Call 10/01/20)		117		120,237
3.70%, 03/15/23 (Call 09/15/20)		65		67,454
4.88%, 03/15/42 (Call 09/15/20)		210		259,923
5.45%, 06/09/44 (Call 06/09/20)		10		13,249
5.88%, 04/01/35		60		83,564
6.25%, 10/01/39		228		318,190
Northwest Acquisitions ULC/Dominion Finco Inc., 7.13%, 11/01/22 (Call 05/01/20)^(b)		125		12,803
Novelis Corp.
4.75%, 01/30/30 (Call 07/30/20)^(b)		255		225,907
5.88%, 09/30/26 (Call 05/15/20)^(b)		250		243,275
Polyus Finance PLC, 5.25%, 02/07/23^(c)		200		211,028
Rio Tinto Alcan Inc.
5.75%, 06/01/35		56		75,126
6.13%, 12/15/33		8		10,960
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 06/15/20)		695		755,639
5.20%, 11/02/40		290		392,321
7.13%, 07/15/28		90		124,157
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 08/21/20)		145		178,276


60		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mining (continued)
Rusal Capital DAC, 5.30%, 05/03/23	$	500	$	499,260
Southern Copper Corp.
3.50%, 11/08/22		30		30,176
3.88%, 04/23/25		115		119,319
5.25%, 11/08/42		255		268,278
5.88%, 04/23/45		195		218,964
6.75%, 04/16/40		133		162,217
7.50%, 07/27/35		80		102,010
Taseko Mines Ltd., 8.75%, 06/15/22 (Call 06/15/20)^(b)		25		13,094
Teck Resources Ltd.
5.20%, 03/01/42 (Call 09/01/20)		60		50,540
5.40%, 02/01/43 (Call 08/01/20)		50		42,398
6.00%, 08/15/40 (Call 08/15/20)		130		119,578
6.13%, 10/01/35		155		154,250
6.25%, 07/15/41 (Call 07/15/20)		230		215,409
Vedanta Resources Finance II PLC, 9.25%, 04/23/26 (Call 04/23/23)^(c)		200		81,870
Vedanta Resources Ltd.
6.13%, 08/09/24 (Call 08/09/21)^(c)		200		73,120
6.38%, 07/30/22^(c)		200		74,284
7.13%, 05/31/23^(c)(d)		200		74,498

				20,722,068

Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
4.13%, 05/01/25 (Call 11/01/20)		30		30,122
4.25%, 04/01/28 (Call 10/01/20)		70		70,424
5.00%, 09/01/25 (Call 09/01/20)		105		107,836
5.50%, 12/01/24 (Call 06/01/20)		100		107,336
Pitney Bowes Inc.
4.63%, 05/15/22 (Call 05/15/20)		21		18,073
4.63%, 03/15/24 (Call 09/15/20)^(d)		70		52,732
5.70%, 04/01/23 (Call 10/01/20)		76		61,987
Xerox Corp.
3.80%, 05/15/24		40		38,994
4.07%, 03/17/22		50		49,503
4.13%, 03/15/23 (Call 09/15/20)		111		110,367
4.50%, 05/15/21		200		200,260
4.80%, 03/01/35		25		21,306
6.75%, 12/15/39		120		115,908

				984,848

Office Furnishings — 0.0%
Steelcase Inc., 5.13%, 01/18/29 (Call 07/18/20)		159		173,536


Oil & Gas — 2.1%
Aker BP ASA
4.75%, 06/15/24 (Call 06/15/20)^(b)		165		152,976
5.88%, 03/31/25 (Call 09/30/20)^(b)		150		139,893
American Energy- Permian Basin LLC, 12.00%, 10/01/24 (Call 10/01/20)^(b)		50		6,175
Antero Resources Corp.
5.00%, 03/01/25 (Call 09/01/20)		100		54,969
5.13%, 12/01/22 (Call 06/01/20)		184		128,548
5.38%, 11/01/21 (Call 05/01/20)		100		89,522
5.63%, 06/01/23 (Call 06/01/20)^(d)		150		88,013
Apache Corp.
3.25%, 04/15/22 (Call 10/15/20)		110		100,778
4.25%, 01/15/30 (Call 07/15/20)^(d)		205		159,051
4.25%, 01/15/44 (Call 07/15/20)		205		136,676
4.38%, 10/15/28 (Call 10/15/20)		35		27,977
4.75%, 04/15/43 (Call 10/15/20)		313		215,034


Security	Par (000)		Value

Oil & Gas (continued)
5.10%, 09/01/40 (Call 09/01/20)	$	380	$	263,807
5.25%, 02/01/42 (Call 08/01/20)		15		10,314
5.35%, 07/01/49 (Call 07/01/20)		110		77,458
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.00%, 11/01/26 (Call 05/01/20)^(b)		100		55,958
10.00%, 04/01/22 (Call 10/01/20)^(b)		141		115,582
Baytex Energy Corp.
5.63%, 06/01/24 (Call 06/01/20)^(b)		74		26,640
8.75%, 04/01/27 (Call 10/01/20)^(b)		100		38,738
Berry Petroleum Co. LLC, 7.00%, 02/15/26 (Call 08/15/20)^(b)(d)		60		27,700
BG Energy Capital PLC, 4.00%, 10/15/21^(b)		200		206,796
BP Capital Markets America Inc.
2.11%, 09/16/21 (Call 09/16/20)		377		379,439
2.52%, 09/19/22 (Call 09/19/20)		50		50,908
2.75%, 05/10/23		185		190,210
3.00%, 02/24/50 (Call 08/24/20)		9		8,566
3.02%, 01/16/27 (Call 07/16/20)		158		161,915
3.12%, 05/04/26 (Call 05/04/20)		175		183,470
3.22%, 11/28/23 (Call 05/28/20)		50		52,365
3.22%, 04/14/24 (Call 10/14/20)		400		418,296
3.25%, 05/06/22		150		154,456
3.41%, 02/11/26 (Call 08/11/20)		200		212,434
3.59%, 04/14/27 (Call 10/14/20)		350		368,448
3.63%, 04/06/30 (Call 10/06/20)		200		215,966
3.79%, 02/06/24 (Call 08/06/20)		25		26,578
3.80%, 09/21/25 (Call 09/21/20)		110		118,863
3.94%, 09/21/28 (Call 09/21/20)		125		135,815
4.23%, 11/06/28 (Call 05/06/20)		75		83,448
BP Capital Markets PLC
2.50%, 11/06/22		140		142,838
3.06%, 03/17/22		164		168,371
3.28%, 09/19/27 (Call 09/19/20)		440		458,704
3.51%, 03/17/25		350		373,464
3.54%, 11/04/24		152		161,920
3.56%, 11/01/21		235		241,423
3.72%, 11/28/28 (Call 05/28/20)		200		213,848
3.81%, 02/10/24		25		26,606
BPRL International Singapore Pte Ltd., 4.38%, 01/18/27^(c)		200		189,112
Bruin E&P Partners LLC, 8.88%, 08/01/23 (Call 08/01/20)^(b)		100		2,335
Burlington Resources LLC
5.95%, 10/15/36		30		38,480
7.20%, 08/15/31		4		5,307
California Resources Corp., 8.00%, 12/15/22 (Call 06/15/20)^(b)		311		8,913
Callon Petroleum Co.
6.13%, 10/01/24 (Call 10/01/20)		100		19,192
6.25%, 04/15/23 (Call 10/15/20)		100		20,571
6.38%, 07/01/26 (Call 07/01/20)		50		8,084
8.25%, 07/15/25 (Call 07/15/20)		42		7,426
Calumet Specialty Products Partners LP/Calumet Finance Corp.
7.63%, 01/15/22 (Call 07/15/20)^(d)		75		64,116
7.75%, 04/15/23 (Call 10/15/20)^(d)		50		39,837
11.00%, 04/15/25 (Call 10/15/20)^(b)(d)		90		69,703
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 07/15/20)		290		280,363
3.45%, 11/15/21 (Call 05/15/20)		140		139,971
3.85%, 06/01/27 (Call 06/01/20)		145		132,650


SCHEDULE OF INVESTMENTS			61

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
3.90%, 02/01/25 (Call 08/01/20)	$	65	$	62,044
4.95%, 06/01/47 (Call 06/01/20)		155		141,087
6.25%, 03/15/38		190		188,678
6.45%, 06/30/33		5		4,898
6.75%, 02/01/39		285		281,378
7.20%, 01/15/32		185		192,174
Cenovus Energy Inc.
3.00%, 08/15/22 (Call 08/15/20)		175		154,798
3.80%, 09/15/23 (Call 09/15/20)		250		208,335
4.25%, 04/15/27 (Call 10/15/20)		105		82,567
5.25%, 06/15/37 (Call 06/15/20)		35		23,598
5.40%, 06/15/47 (Call 06/15/20)		94		62,476
6.75%, 11/15/39		340		241,570
Centennial Resource Production LLC
5.38%, 01/15/26 (Call 07/15/20)^(b)		75		22,496
6.88%, 04/01/27 (Call 10/01/20)^(b)		100		29,654
Chaparral Energy Inc., 8.75%, 07/15/23 (Call 07/15/20)^(b)		50		1,016
Chesapeake Energy Corp., 11.50%, 01/01/25 (Call 07/01/20)^(b)		357		10,706
Chevron Corp.
2.10%, 05/16/21 (Call 05/16/20)		375		379,069
2.36%, 12/05/22 (Call 06/05/20)		560		578,015
2.50%, 03/03/22 (Call 09/03/20)		208		214,290
2.57%, 05/16/23 (Call 05/16/20)		48		50,100
2.90%, 03/03/24 (Call 09/03/20)		270		286,964
2.95%, 05/16/26 (Call 05/16/20)		420		457,044
3.19%, 06/24/23 (Call 06/24/20)		210		222,434
3.33%, 11/17/25 (Call 05/17/20)		175		192,762
Cimarex Energy Co.
3.90%, 05/15/27 (Call 05/15/20)		275		243,111
4.38%, 03/15/29 (Call 09/15/20)		53		46,090
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 10/03/23^(c)		600		647,274
CNOOC Finance 2013 Ltd.
2.88%, 09/30/29 (Call 06/30/29)		300		308,223
3.00%, 05/09/23		400		411,432
4.25%, 05/09/43		200		231,544
CNOOC Finance 2014 ULC, 4.25%, 04/30/24		200		215,676
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25		600		639,810
4.38%, 05/02/28		200		226,612
CNOOC Nexen Finance 2014 ULC, 4.88%, 04/30/44		200		252,954
CNPC General Capital Ltd., 3.95%, 04/19/22^(b)		200		207,264
CNX Resources Corp.
5.88%, 04/15/22 (Call 05/29/20)		153		152,096
7.25%, 03/14/27 (Call 09/14/20)^(b)		75		67,128
Comstock Resources Inc.
7.50%, 05/15/25 (Call 05/15/20)^(b)		115		95,755
9.75%, 08/15/26 (Call 08/15/20)		150		129,628
Concho Resources Inc.
3.75%, 10/01/27 (Call 10/01/20)		210		205,676
4.30%, 08/15/28 (Call 08/15/20)		75		76,283
4.38%, 01/15/25 (Call 07/15/20)		220		218,108
4.85%, 08/15/48 (Call 08/15/20)		135		134,325
4.88%, 10/01/47 (Call 10/01/20)		132		131,159
ConocoPhillips
5.90%, 10/15/32		90		119,784
5.90%, 05/15/38		89		118,790
6.50%, 02/01/39		453		646,232
ConocoPhillips Co.
4.30%, 11/15/44 (Call 05/15/20)		315		372,412


Security	Par (000)		Value

Oil & Gas (continued)
4.95%, 03/15/26 (Call 09/15/20)	$	295	$	340,182
5.95%, 03/15/46 (Call 09/15/20)		95		132,131
ConocoPhillips Holding Co., 6.95%, 04/15/29		463		616,947
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 06/01/20)		360		299,984
4.38%, 01/15/28 (Call 07/15/20)		120		92,345
4.50%, 04/15/23 (Call 10/15/20)		150		132,876
4.90%, 06/01/44 (Call 06/01/20)		139		96,552
5.00%, 09/15/22 (Call 05/29/20)		349		327,282
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/20)^(b)		175		141,592
CVR Energy Inc.
5.25%, 02/15/25 (Call 08/15/20)^(b)		100		81,914
5.75%, 02/15/28 (Call 08/15/20)^(b)		100		84,484
Denbury Resources Inc.
7.75%, 02/15/24 (Call 08/15/20)^(b)		94		16,547
9.00%, 05/15/21 (Call 05/15/20)^(b)		150		26,547
9.25%, 03/31/22 (Call 09/30/20)^(b)(d)		52		9,430
Devon Energy Corp.
4.75%, 05/15/42 (Call 05/15/20)		228		181,853
5.00%, 06/15/45 (Call 06/15/20)		194		159,377
5.60%, 07/15/41 (Call 07/15/20)		157		128,260
5.85%, 12/15/25 (Call 06/15/20)		330		323,826
7.88%, 09/30/31		9		8,980
Diamondback Energy Inc.
2.88%, 12/01/24 (Call 06/01/20)		180		164,009
3.25%, 12/01/26 (Call 06/01/20)		175		151,671
3.50%, 12/01/29 (Call 06/01/20)		315		272,632
5.38%, 05/31/25 (Call 05/31/20)		85		81,274
Dolphin Energy Ltd. LLC, 5.50%, 12/15/21^(b)		200		208,880
Ecopetrol SA
4.13%, 01/16/25		350		332,514
5.38%, 06/26/26 (Call 06/26/20)		460		456,679
5.88%, 09/18/23		550		561,214
5.88%, 05/28/45		620		549,518
7.38%, 09/18/43		300		310,521
Empresa Nacional del Petroleo
3.75%, 08/05/26 (Call 05/05/26)^(c)		600		577,458
4.50%, 09/14/47 (Call 03/14/47)^(c)		250		223,317
Endeavor Energy Resources LP/EER Finance Inc.
5.50%, 01/30/26 (Call 07/30/20)^(b)		100		88,316
5.75%, 01/30/28 (Call 07/30/20)^(b)		165		147,106
Energen Corp., 4.63%, 09/01/21 (Call 09/01/20)		75		71,309
Eni SpA
5.70%, 10/01/40^(b)		100		101,337
Series X-R, 4.00%, 09/12/23^(b)		280		288,148
Series X-R, 4.75%, 09/12/28^(b)		220		228,281
Eni USA Inc., 7.30%, 11/15/27		67		78,776
Ensign Drilling Inc., 9.25%, 04/15/24 (Call 10/15/20)^(b)		125		36,229
EOG Resources Inc.
2.63%, 03/15/23 (Call 09/15/20)		23		23,552
3.15%, 04/01/25 (Call 10/01/20)		67		70,515
3.90%, 04/01/35 (Call 10/01/20)		165		178,147
4.15%, 01/15/26 (Call 07/15/20)		75		82,869
4.95%, 04/15/50 (Call 10/15/20)		5		6,030
EQT Corp.
3.00%, 10/01/22 (Call 10/01/20)		135		127,372
3.90%, 10/01/27 (Call 10/01/20)		215		180,746
4.88%, 11/15/21		145		140,650
6.13%, 02/01/25 (Call 08/01/20)		150		143,818


62		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
7.00%, 02/01/30 (Call 08/01/20)	$	125	$	117,437
Equinor ASA
2.45%, 01/17/23		446		457,752
2.65%, 01/15/24		379		393,758
2.75%, 11/10/21		200		203,886
3.15%, 01/23/22		610		627,220
3.25%, 11/10/24		212		229,172
3.25%, 11/18/49 (Call 05/18/20)		73		76,880
3.63%, 09/10/28 (Call 09/10/20)		239		264,485
3.70%, 03/01/24		474		512,408
3.95%, 05/15/43		173		191,220
4.25%, 11/23/41		92		105,009
4.80%, 11/08/43		133		161,300
5.10%, 08/17/40		139		176,695
Extraction Oil & Gas Inc.
5.63%, 02/01/26 (Call 08/01/20)^(b)		125		20,575
7.38%, 05/15/24 (Call 05/15/20)^(b)		50		7,819
Exxon Mobil Corp.
1.57%, 04/15/23		600		607,164
1.90%, 08/16/22		81		82,788
2.02%, 08/16/24 (Call 08/16/20)		116		119,422
2.28%, 08/16/26 (Call 08/16/20)		109		112,880
2.40%, 03/06/22 (Call 09/06/20)		250		256,130
2.44%, 08/16/29 (Call 08/16/20)		100		103,425
2.61%, 10/15/30 (Call 10/15/20)		200		208,590
2.71%, 03/06/25 (Call 09/06/20)		607		637,927
2.73%, 03/01/23 (Call 09/01/20)		253		264,393
2.99%, 03/19/25 (Call 09/19/20)		600		640,740
3.00%, 08/16/39 (Call 08/16/20)		105		107,640
3.04%, 03/01/26 (Call 09/01/20)		318		340,791
3.10%, 08/16/49 (Call 08/16/20)		175		180,920
3.29%, 03/19/27 (Call 09/19/20)		400		436,024
3.45%, 04/15/51 (Call 10/15/20)		450		493,200
3.48%, 03/19/30 (Call 09/19/20)		1,000		1,115,000
3.57%, 03/06/45 (Call 09/06/20)		215		235,872
4.11%, 03/01/46 (Call 09/01/20)		299		355,933
4.23%, 03/19/40 (Call 09/19/20)		800		959,192
4.33%, 03/19/50 (Call 09/19/20)		600		735,066
Gazprom PJSC Via Gaz Capital SA
4.95%, 07/19/22^(c)		200		208,408
6.51%, 03/07/22^(c)		315		334,275
7.29%, 08/16/37^(c)		600		825,120
8.63%, 04/28/34^(c)		100		147,575
Global Marine Inc., 7.00%, 06/01/28		50		12,734
Great Western Petroleum LLC/Great Western Finance Corp., 9.00%, 09/30/21 (Call 09/30/20)^(b)		45		27,854
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/20)		100		49,729
6.38%, 05/15/25 (Call 05/15/20)		110		52,076
6.38%, 01/15/26 (Call 07/15/20)		100		45,990
6.63%, 05/01/23 (Call 05/01/20)		50		26,544
Harvest Operations Corp., 4.20%, 06/01/23 (Call 05/01/23)^(c)		200		214,988
Hess Corp.
3.50%, 07/15/24 (Call 07/15/20)		65		58,850
4.30%, 04/01/27 (Call 10/01/20)		75		67,985
5.60%, 02/15/41		258		227,035
5.80%, 04/01/47 (Call 10/01/20)		85		74,472
6.00%, 01/15/40		62		56,196
7.13%, 03/15/33		80		73,241


Security	Par (000)		Value

Oil & Gas (continued)
7.30%, 08/15/31	$	125	$	116,188
7.88%, 10/01/29		54		51,893
HighPoint Operating Corp.
7.00%, 10/15/22 (Call 10/15/20)^(d)		50		14,803
8.75%, 06/15/25 (Call 06/15/20)^(d)		50		14,574
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/20)^(b)		75		42,156
5.75%, 10/01/25 (Call 10/01/20)^(b)		75		41,420
6.25%, 11/01/28 (Call 05/01/20)^(b)		120		62,243
HollyFrontier Corp., 5.88%, 04/01/26 (Call 10/01/20)		324		332,904
Husky Energy Inc.
4.00%, 04/15/24 (Call 10/15/20)		110		101,743
4.40%, 04/15/29 (Call 10/15/20)		202		164,093
Indian Oil Corp. Ltd., 4.75%, 01/16/24^(c)		400		398,820
Indigo Natural Resources LLC, 6.88%, 02/15/26 (Call 08/15/20)^(b)		110		102,155
Ithaca Energy North Sea PLC, 9.38%, 07/15/24 (Call 07/15/20)^(b)		200		122,990
Jagged Peak Energy LLC, 5.88%, 05/01/26 (Call 05/01/20)		70		60,439
KazMunayGas National Co. JSC
3.88%, 04/19/22^(c)		600		591,906
4.75%, 04/19/27^(c)		400		388,812
5.38%, 04/24/30^(c)		200		198,000
5.75%, 04/19/47^(c)		200		199,396
6.38%, 10/24/48^(c)		200		209,074
Korea National Oil Corp., 4.00%, 01/23/24^(c)		200		215,488
Laredo Petroleum Inc.
9.50%, 01/15/25 (Call 07/15/20)^(d)		105		44,503
10.13%, 01/15/28 (Call 07/15/20)^(d)		60		24,466
Lonestar Resources America Inc., 11.25%, 01/01/23 (Call 07/01/20)^(b)		25		3,481
Lukoil International Finance BV
4.56%, 04/24/23^(c)		400		416,052
4.75%, 11/02/26^(c)		400		429,452
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 08/01/20)^(b)		50		40,305
Marathon Oil Corp.
2.80%, 11/01/22 (Call 05/01/20)		228		214,395
3.85%, 06/01/25 (Call 06/01/20)		50		42,985
4.40%, 07/15/27 (Call 07/15/20)		125		96,571
5.20%, 06/01/45 (Call 06/01/20)		135		97,732
6.60%, 10/01/37		240		187,978
6.80%, 03/15/32		125		99,691
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 09/15/20)		438		421,544
3.80%, 04/01/28 (Call 10/01/20)		135		126,673
4.50%, 05/01/23 (Call 11/01/20)		355		355,639
4.50%, 04/01/48 (Call 10/01/20)		60		51,435
4.70%, 05/01/25 (Call 11/01/20)		200		201,414
4.75%, 12/15/23 (Call 06/15/20)		104		105,393
4.75%, 09/15/44 (Call 09/15/20)		270		246,561
5.00%, 09/15/54 (Call 09/15/20)		15		12,609
5.13%, 12/15/26 (Call 06/15/20)		122		123,801
5.38%, 10/01/22 (Call 10/01/20)		525		510,699
5.85%, 12/15/45 (Call 06/15/20)		100		93,260
6.50%, 03/01/41 (Call 09/01/20)		159		167,413
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/20)		155		78,016
Medco Bell Pte Ltd., 6.38%, 01/30/27 (Call 07/30/20)^(b)		400		239,300


SCHEDULE OF INVESTMENTS			63

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
MEG Energy Corp.
6.50%, 01/15/25 (Call 07/15/20)^(b)	$	62	$	50,741
7.00%, 03/31/24 (Call 09/30/20)^(b)		120		83,825
7.13%, 02/01/27 (Call 08/01/20)^(b)		190		130,558
Montage Resources Corp., 8.88%, 07/15/23 (Call 07/15/20)		90		72,863
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 07/15/20)^(b)		775		260,501
10.50%, 05/15/27 (Call 05/15/20)^(b)		95		35,212
Motiva Enterprises LLC, 6.85%, 01/15/40^(b)		190		175,208
Murphy Oil Corp.
4.45%, 12/01/22 (Call 06/01/20)		100		79,845
5.75%, 08/15/25 (Call 08/15/20)		100		68,668
5.88%, 12/01/27 (Call 06/01/20)		90		61,283
5.88%, 12/01/42 (Call 06/01/20)		100		57,548
6.88%, 08/15/24 (Call 08/15/20)		50		35,699
7.05%, 05/01/29		75		48,124
Nabors Industries Inc.
4.63%, 09/15/21		11		6,999
5.10%, 09/15/23 (Call 09/15/20)		75		20,393
5.50%, 01/15/23 (Call 07/15/20)^(d)		100		38,039
5.75%, 02/01/25 (Call 08/01/20)		125		28,501
Nabors Industries Ltd.
7.25%, 01/15/26 (Call 07/15/20)^(b)		100		37,663
7.50%, 01/15/28 (Call 07/15/20)^(b)		50		19,969
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 05/15/20)^(b)		200		132,886
Newfield Exploration Co.
5.38%, 01/01/26 (Call 07/01/20)		160		111,547
5.63%, 07/01/24		75		52,649
5.75%, 01/30/22		115		98,427
Nexen Inc.
5.88%, 03/10/35		85		116,725
6.40%, 05/15/37		500		695,535
7.50%, 07/30/39		210		333,108
7.88%, 03/15/32		30		45,675
Noble Energy Inc.
3.85%, 01/15/28 (Call 07/15/20)		160		124,886
3.90%, 11/15/24 (Call 05/15/20)		150		134,526
4.20%, 10/15/49 (Call 10/15/20)		16		11,007
4.95%, 08/15/47 (Call 08/15/20)		104		73,468
5.05%, 11/15/44 (Call 05/15/20)		70		51,372
5.25%, 11/15/43 (Call 05/15/20)		175		132,506
6.00%, 03/01/41 (Call 09/01/20)		287		228,610
Noble Holding International Ltd.
5.25%, 03/15/42		75		707
6.05%, 03/01/41^(d)		75		410
6.20%, 08/01/40		125		683
7.75%, 01/15/24 (Call 07/15/20)		55		2,312
7.88%, 02/01/26 (Call 08/01/20)^(b)		100		23,255
7.95%, 04/01/25 (Call 10/01/20)^(d)		75		340
8.95%, 04/01/45 (Call 10/01/20)		50		410
Nostrum Oil & Gas Finance BV, 8.00%, 07/25/22 (Call 07/25/20)^(c)		200		48,202
Oasis Petroleum Inc.
6.25%, 05/01/26 (Call 05/01/20)^(b)(d)		115		14,929
6.88%, 03/15/22 (Call 05/29/20)		139		20,283
6.88%, 01/15/23 (Call 07/15/20)		75		10,682
Occidental Petroleum Corp. 2.60%, 08/13/21		5		4,680


Security	Par (000)		Value

Oil & Gas (continued)
2.70%, 08/15/22	$	106	$	92,157
2.70%, 02/15/23 (Call 08/15/20)		410		351,993
2.90%, 08/15/24 (Call 08/15/20)		515		386,271
3.13%, 02/15/22 (Call 08/15/20)		150		136,440
3.20%, 08/15/26 (Call 08/15/20)		170		122,215
3.40%, 04/15/26 (Call 10/15/20)		290		207,892
3.50%, 06/15/25 (Call 06/15/20)		25		18,021
3.50%, 08/15/29 (Call 08/15/20)		84		58,339
4.10%, 02/15/47 (Call 08/15/20)		55		31,988
4.20%, 03/15/48 (Call 09/15/20)		65		39,258
4.30%, 08/15/39 (Call 08/15/20)		140		88,473
4.40%, 04/15/46 (Call 10/15/20)		470		286,893
4.40%, 08/15/49 (Call 08/15/20)		5		3,027
4.50%, 07/15/44 (Call 07/15/20)		235		142,055
4.63%, 06/15/45 (Call 06/15/20)		90		55,632
4.85%, 03/15/21 (Call 09/15/20)		165		158,392
5.55%, 03/15/26 (Call 09/15/20)		310		241,468
6.20%, 03/15/40		125		88,998
6.45%, 09/15/36		330		243,606
6.60%, 03/15/46 (Call 09/15/20)		170		125,778
6.95%, 07/01/24		225		193,198
7.50%, 05/01/31		203		155,654
7.88%, 09/15/31		160		122,512
7.95%, 06/15/39		5		3,797
Oil and Gas Holding Co. BSCC (The)
7.63%, 11/07/24^(c)		200		195,700
8.38%, 11/07/28^(c)		200		194,896
Oil India International Pte Ltd., 4.00%, 04/21/27^(c)		415		383,954
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26^(c)		600		569,856
Ovintiv Inc, 3.90%, 11/15/21 (Call 05/15/20)		200		181,208
Ovintiv Inc.
6.50%, 08/15/34		205		128,158
6.50%, 02/01/38		8		4,681
6.63%, 08/15/37		143		87,846
7.20%, 11/01/31		120		78,397
7.38%, 11/01/31		20		13,329
8.13%, 09/15/30		90		62,177
Pacific Drilling SA, 8.38%, 10/01/23 (Call 10/01/20)^(b)		110		24,177
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25 (Call 06/15/20)^(b)		50		35,197
Parkland Fuel Corp.
5.88%, 07/15/27 (Call 07/15/20)^(b)		100		96,385
6.00%, 04/01/26 (Call 10/01/20)^(b)		50		48,469
Parsley Energy LLC/Parsley Finance Corp.
4.13%, 02/15/28 (Call 08/15/20)^(b)		50		40,571
5.25%, 08/15/25 (Call 08/15/20)^(b)		100		88,186
5.38%, 01/15/25 (Call 07/15/20)^(b)		75		67,769
5.63%, 10/15/27 (Call 10/15/20)^(b)		100		85,805
Patterson-UTI Energy Inc.
3.95%, 02/01/28 (Call 08/01/20)		145		96,421
5.15%, 11/15/29 (Call 05/15/20)		5		3,314
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 08/15/20)^(b)		165		117,500
7.25%, 06/15/25 (Call 06/15/20)		150		113,753
PDC Energy Inc.
5.75%, 05/15/26 (Call 05/15/20)		80		61,807
6.13%, 09/15/24 (Call 09/15/20)		100		79,193
Pertamina Persero PT
4.70%, 07/30/49^(c)		100		92,997
4.88%, 05/03/22^(c)		200		204,672


64		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
6.00%, 05/03/42^(c)	$	428	$	457,284
6.45%, 05/30/44^(c)		400		445,276
6.50%, 05/27/41^(c)		200		223,542
6.50%, 11/07/48^(c)		400		450,636
Petrobras Global Finance BV
4.38%, 05/20/23		345		334,933
5.09%, 01/15/30^(b)		400		365,004
5.30%, 01/27/25		353		339,307
5.75%, 02/01/29		350		332,990
6.00%, 01/27/28		800		776,432
6.13%, 01/17/22		100		102,248
6.25%, 03/17/24		400		405,944
6.85%, 06/05/2115		350		327,495
6.88%, 01/20/40		208		204,734
6.90%, 03/19/49		400		386,160
7.25%, 03/17/44		200		200,248
7.38%, 01/17/27		779		819,422
8.75%, 05/23/26		653		720,723
Petroleos del Peru SA
4.75%, 06/19/32^(c)		400		387,972
5.63%, 06/19/47^(c)		400		390,484
Petroleos Mexicanos
3.50%, 01/30/23		190		165,879
4.25%, 01/15/25		15		12,315
4.50%, 01/23/26		190		146,317
4.63%, 09/21/23		350		304,822
4.88%, 01/18/24		490		422,703
5.35%, 02/12/28		395		295,227
5.50%, 06/27/44		200		130,374
5.63%, 01/23/46		700		461,958
5.95%, 01/28/31 (Call 07/28/20)^(b)		1,015		736,951
6.35%, 02/12/48		600		401,778
6.38%, 01/23/45		250		167,992
6.49%, 01/23/27 (Call 07/23/20)^(b)		400		324,908
6.50%, 03/13/27		1,045		848,979
6.50%, 01/23/29		200		156,222
6.50%, 06/02/41		685		458,272
6.63%, 06/15/35		280		197,422
6.63%, 06/15/38		350		238,822
6.75%, 09/21/47		685		472,581
6.84%, 01/23/30 (Call 07/23/20)^(b)		855		669,414
6.88%, 08/04/26		400		331,308
7.69%, 01/23/50 (Call 07/23/20)^(b)		855		626,954
Petroliam Nasional Bhd, 7.63%, 10/15/26^(c)		115		146,771
Petronas Capital Ltd.
3.50%, 03/18/25^(c)		600		625,116
3.50%, 04/21/30 (Call 10/21/20)^(b)		300		313,290
4.50%, 03/18/45^(c)		300		326,646
4.55%, 04/21/50 (Call 10/21/20)^(b)		450		491,256
4.80%, 04/21/60 (Call 10/21/20)^(b)		200		229,240
Phillips 66
3.90%, 03/15/28 (Call 09/15/20)		104		109,304
4.30%, 04/01/22		358		373,136
4.65%, 11/15/34 (Call 05/15/20)		232		254,149
4.88%, 11/15/44 (Call 05/15/20)		453		510,377
5.88%, 05/01/42		69		87,844
Pioneer Natural Resources Co.
3.95%, 07/15/22 (Call 07/15/20)		115		116,738
4.45%, 01/15/26 (Call 07/15/20)		125		131,804


Security	Par (000)		Value

Oil & Gas (continued)
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/20)	$	50	$	18,825
7.13%, 01/15/26 (Call 07/15/20)^(b)		75		30,017
7.75%, 12/15/23 (Call 06/15/20)		50		22,002
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59^(c)		200		186,806
Puma International Financing SA
5.00%, 01/24/26 (Call 01/24/21)^(b)		450		323,793
5.13%, 10/06/24 (Call 10/06/20)^(b)		200		144,216
QEP Resources Inc.
5.25%, 05/01/23 (Call 05/01/20)		125		41,875
5.38%, 10/01/22 (Call 10/01/20)		75		25,850
5.63%, 03/01/26 (Call 09/01/20)		75		23,600
6.88%, 03/01/21		50		23,988
Range Resources Corp.
4.88%, 05/15/25 (Call 05/15/20)		100		77,465
5.00%, 08/15/22 (Call 08/15/20)		100		92,627
5.00%, 03/15/23 (Call 09/15/20)^(d)		125		111,686
5.88%, 07/01/22 (Call 07/01/20)		67		59,564
9.25%, 02/01/26 (Call 08/01/20)^(b)		75		59,498
Reliance Holdings USA Inc., 5.40%, 02/14/22^(c)		500		519,800
Reliance Industries Ltd., 4.88%, 02/10/45^(c)		250		248,032
Saudi Arabian Oil Co.
2.75%, 04/16/22^(c)		941		950,438
2.88%, 04/16/24^(c)		600		607,194
3.50%, 04/16/29^(c)		600		605,376
4.25%, 04/16/39^(c)		600		620,220
4.38%, 04/16/49^(c)		400		418,776
Seven Generations Energy Ltd.
5.38%, 09/30/25 (Call 09/30/20)^(b)		140		111,927
6.75%, 05/01/23 (Call 05/01/20)^(b)		50		45,389
6.88%, 06/30/23 (Call 06/30/20)^(b)		100		90,362
Shelf Drilling Holdings Ltd., 8.25%, 02/15/25 (Call 02/15/21)^(c)		105		26,403
Shell International Finance BV
1.75%, 09/12/21		295		296,091
1.88%, 05/10/21		130		130,569
2.00%, 11/07/24 (Call 05/07/20)		215		217,040
2.25%, 01/06/23		135		137,298
2.38%, 08/21/22		60		61,414
2.38%, 11/07/29 (Call 05/07/20)		363		365,062
2.50%, 09/12/26		183		189,189
2.88%, 05/10/26		190		201,259
3.13%, 11/07/49 (Call 05/07/20)		200		205,460
3.25%, 05/11/25		459		492,502
3.25%, 04/06/50 (Call 10/06/20)		255		263,606
3.40%, 08/12/23		199		211,282
3.50%, 11/13/23 (Call 05/13/20)		153		162,693
3.63%, 08/21/42		325		340,486
3.75%, 09/12/46		237		259,844
3.88%, 11/13/28 (Call 05/13/20)		280		313,944
4.00%, 05/10/46		209		239,017
4.13%, 05/11/35		221		254,360
4.38%, 05/11/45		636		757,005
4.55%, 08/12/43		183		218,539
5.50%, 03/25/40		208		274,928
6.38%, 12/15/38		270		389,305
Sinopec Capital 2013 Ltd., 3.13%, 04/24/23^(c)		200		206,094
Sinopec Group Overseas Development 2012 Ltd., 3.90%, 05/17/22^(b)		200		207,402


SCHEDULE OF INVESTMENTS			65

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Sinopec Group Overseas Development 2013 Ltd.
4.38%, 10/17/23^(c)	$	200	$	215,896
5.38%, 10/17/43^(c)		200		269,120
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24^(c)		400		434,312
Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25^(c)		200		210,100
Sinopec Group Overseas Development 2016 Ltd.
2.00%, 09/29/21^(c)		200		199,770
2.75%, 09/29/26^(c)		200		206,390
3.50%, 05/03/26^(c)		200		214,498
Sinopec Group Overseas Development 2017 Ltd.
2.50%, 09/13/22^(c)		250		252,645
3.00%, 04/12/22^(c)		564		575,207
3.63%, 04/12/27^(c)		200		215,470
4.25%, 04/12/47^(c)(d)		200		234,816
Sinopec Group Overseas Development 2018 Ltd.
3.44%, 11/12/49 (Call 05/11/49)^(c)		200		206,594
3.75%, 09/12/23^(c)		200		211,416
4.25%, 09/12/28^(c)(d)		400		453,544
4.60%, 09/12/48^(c)		200		248,822
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/20)		75		24,461
5.63%, 06/01/25 (Call 06/01/20)		75		21,333
6.13%, 11/15/22 (Call 05/15/20)^(d)		125		51,863
6.63%, 01/15/27 (Call 07/15/20)		80		21,838
6.75%, 09/15/26 (Call 09/15/20)^(d)		100		27,142
Southwestern Energy Co.
4.10%, 03/15/22 (Call 09/15/20)		75		66,929
6.20%, 01/23/25 (Call 07/23/20)		200		177,338
7.50%, 04/01/26 (Call 10/01/20)^(d)		100		89,687
7.75%, 10/01/27 (Call 10/01/20)^(d)		75		65,234
Suncor Energy Inc.
3.60%, 12/01/24 (Call 06/01/20)		165		170,069
4.00%, 11/15/47 (Call 05/15/20)		150		142,921
5.95%, 12/01/34		125		125,551
5.95%, 05/15/35		11		11,441
6.50%, 06/15/38		95		103,299
6.80%, 05/15/38		325		354,897
6.85%, 06/01/39		135		150,848
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23 (Call 07/15/20)		125		122,357
5.50%, 02/15/26 (Call 08/15/20)		150		144,000
5.88%, 03/15/28 (Call 09/15/20)		75		71,405
6.00%, 04/15/27 (Call 10/15/20)		80		76,112
Thaioil Treasury Center Co. Ltd., 3.50%, 10/17/49^(c)		200		168,406
Tosco Corp., 8.13%, 02/15/30		50		68,189
Total Capital Canada Ltd., 2.75%, 07/15/23		3		3,117
Total Capital International SA
2.22%, 07/12/21 (Call 07/12/20)		100		100,895
2.43%, 01/10/25 (Call 07/10/20)		240		247,481
2.70%, 01/25/23		50		51,568
2.75%, 06/19/21		100		101,400
2.83%, 01/10/30 (Call 07/10/20)		170		176,480
2.88%, 02/17/22		225		230,456
3.46%, 02/19/29 (Call 08/19/20)		250		270,655
3.46%, 07/12/49 (Call 07/12/20)		331		350,019
3.70%, 01/15/24		15		16,095
3.75%, 04/10/24		173		186,449
Total Capital SA, 3.88%, 10/11/28		350		388,860


Security	Par (000)		Value

Oil & Gas (continued)
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/20)^(b)	$	67	$	50,990
Transocean Inc.
6.80%, 03/15/38		175		37,041
7.25%, 11/01/25 (Call 05/01/20)^(b)		100		37,909
7.50%, 01/15/26 (Call 07/15/20)^(b)		100		37,793
7.50%, 04/15/31		125		26,851
8.00%, 02/01/27 (Call 08/01/20)^(b)		125		49,730
8.38%, 12/15/21^(d)		150		52,205
9.35%, 12/15/41		75		17,209
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/20)^(b)		8		6,767
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 08/01/20)^(b)		55		42,782
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/15/20)^(b)		75		57,434
Tullow Oil PLC, 7.00%, 03/01/25 (Call 03/01/21)^(c)		200		101,340
Ultra Resources Inc.
6.88%, 04/15/22 (Call 10/15/20)^(b)(j)		25		2
7.13%, 04/15/25 (Call 10/15/20)^(b)(j)		50		680
Ultrapar International SA, 5.25%, 06/06/29^(c)		200		183,104
Valaris PLC
4.88%, 06/01/22 (Call 03/01/22)		100		12,197
5.40%, 12/01/42 (Call 06/01/42)		100		13,664
5.75%, 10/01/44 (Call 10/01/20)		200		15,888
5.85%, 01/15/44 (Call 07/15/43)		75		10,241
7.38%, 06/15/25 (Call 03/15/25)		75		10,042
7.75%, 02/01/26 (Call 08/01/20)		150		11,964
8.00%, 01/31/24 (Call 07/31/20)		37		3,302
Valero Energy Corp.
3.40%, 09/15/26 (Call 09/15/20)		425		423,797
3.65%, 03/15/25		35		35,846
4.00%, 04/01/29 (Call 10/01/20)		235		241,131
4.35%, 06/01/28 (Call 06/01/20)		100		102,773
4.90%, 03/15/45		290		314,296
6.63%, 06/15/37		161		196,138
7.50%, 04/15/32		142		174,268
Vermilion Energy Inc., 5.63%, 03/15/25 (Call 09/15/20)^(b)		37		24,693
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp.
8.75%, 04/15/23 (Call 10/15/20)^(b)		75		39,690
9.75%, 04/15/23 (Call 10/15/20)^(b)(d)		50		25,241
Viper Energy Partners LP, 5.38%, 11/01/27 (Call 05/01/20)^(b)		85		75,523
W&T Offshore Inc., 9.75%, 11/01/23 (Call 05/01/20)^(b)		85		27,979
Whiting Petroleum Corp.
5.75%, 03/15/21 (Call 09/15/20)^(j)		189		19,149
6.25%, 04/01/23 (Call 10/01/20)^(j)		75		7,667
6.63%, 01/15/26 (Call 07/15/20)^(j)		130		13,044
Woodside Finance Ltd.
3.65%, 03/05/25 (Call 09/05/20)^(b)		155		157,463
3.70%, 09/15/26 (Call 09/15/20)^(b)		145		146,319
4.50%, 03/04/29 (Call 09/04/20)^(b)		328		334,183
WPX Energy Inc.
4.50%, 01/15/30 (Call 07/15/20)		135		110,622
5.25%, 09/15/24 (Call 09/15/20)		125		112,316
5.25%, 10/15/27 (Call 10/15/20)		95		82,704
5.75%, 06/01/26 (Call 06/01/20)		65		58,982
8.25%, 08/01/23 (Call 08/01/20)		100		95,425
YPF SA
6.95%, 07/21/27^(c)		98		43,673


66		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
7.00%, 12/15/47 (Call 06/15/47)^(c)(d)	$	200	$	88,278
8.50%, 03/23/21^(c)		200		125,576
8.50%, 07/28/25^(c)		201		96,956
8.50%, 06/27/29 (Call 03/27/29)^(c)		100		45,844
8.75%, 04/04/24^(c)		350		187,558

				102,512,201

Oil & Gas Services — 0.1%
Apergy Corp., 6.38%, 05/01/26 (Call 05/01/20)		40		32,806
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 10/01/20)^(b)		100		75,385
6.88%, 04/01/27 (Call 10/01/20)^(b)		75		56,566
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40		120		123,770
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
2.77%, 12/15/22 (Call 06/15/20)		35		35,090
3.14%, 11/07/29 (Call 05/07/20)		107		99,911
3.34%, 12/15/27 (Call 06/15/20)		175		167,734
4.08%, 12/15/47 (Call 06/15/20)		400		342,720
Basic Energy Services Inc., 10.75%, 10/15/23 (Call 10/15/20)^(b)		50		20,766
COSL Singapore Capital Ltd., 4.50%, 07/30/25^(c)		200		220,114
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 10/01/20)^(b)		65		45,500
Exterran Energy Solutions LP/EES Finance Corp., 8.13%, 05/01/25 (Call 05/01/20)		75		42,994
Forum Energy Technologies Inc., 6.25%, 10/01/21 (Call 05/29/20)		75		23,173
FTS International Inc., 6.25%, 05/01/22 (Call 05/01/20)		50		12,368
Halliburton Co.
2.92%, 03/01/30 (Call 09/01/20)		7		5,640
3.50%, 08/01/23 (Call 08/01/20)		189		186,309
3.80%, 11/15/25 (Call 05/15/20)		180		174,109
4.75%, 08/01/43 (Call 08/01/20)		139		112,097
4.85%, 11/15/35 (Call 05/15/20)		116		101,665
5.00%, 11/15/45 (Call 05/15/20)		555		457,159
6.70%, 09/15/38		185		187,897
7.45%, 09/15/39		29		30,354
Hi-Crush Inc., 9.50%, 08/01/26 (Call 08/01/20)^(b)		90		5,677
KCA Deutag UK Finance PLC, 9.88%, 04/01/22 (Call 10/01/20)^(b)		200		63,940
KLX Energy Services Holdings Inc., 11.50%, 11/01/25 (Call 05/01/20)^(b)		25		9,326
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 06/01/20)		132		124,075
3.60%, 12/01/29 (Call 06/01/20)		120		97,733
3.95%, 12/01/42 (Call 06/01/20)		70		48,506
Nine Energy Service Inc., 8.75%, 11/01/23 (Call 05/01/20)^(b)		70		13,426
Oceaneering International Inc.
4.65%, 11/15/24 (Call 05/15/20)		50		25,834
6.00%, 02/01/28 (Call 08/01/20)		100		51,291
Schlumberger Finance Canada Ltd., 2.65%, 11/20/22 (Call 05/20/20)^(b)		285		281,591
Schlumberger Holdings Corp.
3.75%, 05/01/24 (Call 05/01/20)^(b)		70		70,715
3.90%, 05/17/28 (Call 05/17/20)^(b)		371		357,254
4.00%, 12/21/25 (Call 06/21/20)^(b)		12		12,125
4.30%, 05/01/29 (Call 05/01/20)^(b)		100		98,229


Security	Par (000)		Value

Oil & Gas Services (continued)
Schlumberger Investment SA
3.30%, 09/14/21 (Call 09/14/20)^(b)	$	125	$	125,642
3.65%, 12/01/23 (Call 06/01/20)		23		23,435
SESI LLC
7.13%, 12/15/21 (Call 05/29/20)^(b)		100		47,075
7.75%, 09/15/24 (Call 09/15/20)		100		20,609
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)^(b)		81		72,607
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 06/01/20)^(b)		88		73,720
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 10/01/20)		90		74,201
6.88%, 09/01/27 (Call 09/01/20)		135		110,630
Weatherford International Ltd., 11.00%, 12/01/24 (Call 06/01/20)^(b)(d)		350		259,266

				4,621,034

Packaging & Containers — 0.2%
Amcor Finance USA Inc., 4.50%, 05/15/28 (Call 05/15/20)		105		115,118
ARD Finance SA (7.25% PIK), 6.50%, 06/30/27 (Call 06/30/20)^(b)(e)		200		187,152
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
5.25%, 04/30/25 (Call 10/30/20)^(b)		200		205,392
5.25%, 08/15/27 (Call 05/15/20)^(b)		200		194,148
6.00%, 02/15/25 (Call 08/15/20)^(b)		200		200,372
Ball Corp.
4.00%, 11/15/23		125		129,252
4.88%, 03/15/26 (Call 09/15/20)		125		134,347
5.00%, 03/15/22		100		103,647
5.25%, 07/01/25		191		211,164
Berry Global Inc.
4.50%, 02/15/26 (Call 08/15/20)^(b)		90		88,965
4.88%, 07/15/26 (Call 07/15/20)^(b)		225		230,101
5.13%, 07/15/23 (Call 07/15/20)		50		50,291
5.50%, 05/15/22 (Call 05/15/20)		100		100,003
5.63%, 07/15/27 (Call 07/15/20)^(b)		15		15,483
6.00%, 10/15/22 (Call 10/15/20)		34		34,150
Cascades Inc./Cascades USA Inc.
5.13%, 01/15/26 (Call 07/15/20)^(b)		50		50,224
5.38%, 01/15/28 (Call 07/15/20)^(b)		50		50,572
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23		150		153,699
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 09/30/20)		100		101,205
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 08/01/20)		100		102,817
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26		60		65,711
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 07/15/20)^(b)		100		97,039
7.88%, 07/15/26 (Call 07/15/20)^(b)		105		101,631
Graphic Packaging International LLC
3.50%, 03/15/28^(b)		75		71,647
4.13%, 08/15/24 (Call 08/15/20)		51		51,520
4.75%, 07/15/27 (Call 07/15/20)^(b)		50		51,695
4.88%, 11/15/22 (Call 05/15/20)		275		277,761
Greif Inc., 6.50%, 03/01/27 (Call 09/01/20)^(b)		65		65,435
Intertape Polymer Group Inc., 7.00%, 10/15/26 (Call 10/15/20)^(b)		75		76,587
Klabin Austria GmbH, 7.00%, 04/03/49 (Call 10/03/48)^(c)		200		195,466


SCHEDULE OF INVESTMENTS			67

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Packaging & Containers (continued)
LABL Escrow Issuer LLC
6.75%, 07/15/26 (Call 07/15/20)^(b)	$	100	$	103,303
10.50%, 07/15/27 (Call 07/15/20)^(b)		130		129,080
Matthews International Corp., 5.25%, 12/01/25 (Call 06/01/20)^(b)		41		37,283
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 10/15/20)^(b)		225		207,682
7.25%, 04/15/25 (Call 10/15/20)^(b)(d)		225		175,808
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22^(b)		75		75,821
5.38%, 01/15/25^(b)(d)		100		99,672
5.88%, 08/15/23^(b)		150		152,857
Packaging Corp. of America
3.00%, 12/15/29 (Call 06/15/20)		20		20,842
3.40%, 12/15/27 (Call 06/15/20)		305		324,785
3.65%, 09/15/24 (Call 09/15/20)		195		206,396
4.05%, 12/15/49 (Call 06/15/20)		24		27,971
4.50%, 11/01/23 (Call 05/01/20)		170		185,533
Pactiv LLC
7.95%, 12/15/25		100		104,333
8.38%, 04/15/27		35		37,094
Plastipak Holdings Inc., 6.25%, 10/15/25 (Call 10/15/20)^(b)		100		90,221
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 07/15/20)^(b)		262		263,208
7.00%, 07/15/24 (Call 07/15/20)^(b)		150		150,532
Sealed Air Corp.
4.00%, 12/01/27 (Call 06/01/20)^(b)		70		69,124
4.88%, 12/01/22 (Call 06/01/20)^(b)		100		103,397
5.13%, 12/01/24 (Call 06/01/20)^(b)		75		78,921
5.25%, 04/01/23 (Call 10/01/20)^(b)		75		78,208
5.50%, 09/15/25 (Call 09/15/20)^(b)		75		79,608
6.88%, 07/15/33^(b)		75		81,841
Silgan Holdings Inc.
4.13%, 02/01/28 (Call 10/01/20)^(b)		105		103,235
4.75%, 03/15/25 (Call 09/15/20)		25		25,377
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/20)		86		97,998
Trident TPI Holdings Inc., 9.25%, 08/01/24 (Call 08/01/20)^(b)		78		68,248
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 06/15/20)^(b)		200		205,778
8.50%, 08/15/27 (Call 06/15/20)^(b)		200		209,286
WestRock MWV LLC
7.95%, 02/15/31		60		80,261
8.20%, 01/15/30		95		129,013
WestRock RKT LLC, 4.90%, 03/01/22		50		52,539
WRKCo Inc.
3.00%, 09/15/24 (Call 09/15/20)		175		176,606
3.38%, 09/15/27 (Call 09/15/20)		100		103,270
3.75%, 03/15/25 (Call 09/15/20)		115		121,009
3.90%, 06/01/28 (Call 06/01/20)		55		59,241
4.00%, 03/15/28 (Call 09/15/20)		150		160,813
4.20%, 06/01/32 (Call 06/01/20)		50		56,090
4.65%, 03/15/26 (Call 09/15/20)		130		144,604
4.90%, 03/15/29 (Call 09/15/20)		140		159,383

				8,348,865

Pharmaceuticals — 1.7%
AbbVie Inc.
2.15%, 11/19/21^(b)		500		506,605
2.30%, 05/14/21 (Call 05/14/20)		105		105,974


Security	Par (000)		Value

Pharmaceuticals (continued)
2.30%, 11/21/22^(b)	$	425	$	435,255
2.60%, 11/21/24 (Call 05/21/20)^(b)		815		851,153
2.90%, 11/06/22		276		286,905
2.95%, 11/21/26 (Call 05/21/20)^(b)		341		360,979
3.20%, 11/06/22 (Call 05/06/20)		652		680,740
3.20%, 05/14/26 (Call 05/14/20)		385		412,477
3.20%, 11/21/29 (Call 05/21/20)^(b)		833		888,936
3.38%, 11/14/21		156		161,001
3.60%, 05/14/25 (Call 05/14/20)		500		543,070
3.75%, 11/14/23 (Call 05/14/20)		19		20,483
4.05%, 11/21/39 (Call 05/21/20)^(b)		425		473,709
4.25%, 11/14/28 (Call 05/14/20)		320		368,960
4.25%, 11/21/49 (Call 05/21/20)^(b)		1,190		1,372,213
4.30%, 05/14/36 (Call 05/14/20)		194		221,546
4.40%, 11/06/42		350		410,648
4.45%, 05/14/46 (Call 05/14/20)		235		273,686
4.50%, 05/14/35 (Call 05/14/20)		288		335,457
4.70%, 05/14/45 (Call 05/14/20)		425		510,255
4.88%, 11/14/48 (Call 05/14/20)		675		843,635
Allergan Finance LLC
3.25%, 10/01/22 (Call 10/01/20)		85		87,531
4.63%, 10/01/42 (Call 10/01/20)		50		59,098
Allergan Funding SCS
3.45%, 03/15/22 (Call 09/15/20)		1,552		1,593,004
3.80%, 03/15/25 (Call 09/15/20)		475		495,173
3.85%, 06/15/24 (Call 06/15/20)		15		16,002
4.55%, 03/15/35 (Call 09/15/20)		325		371,322
4.75%, 03/15/45 (Call 09/15/20)		75		86,366
4.85%, 06/15/44 (Call 06/15/20)		375		441,270
Allergan Inc./U.S., 2.80%, 03/15/23 (Call 09/15/20)		175		177,728
Allergan Sales LLC, 5.00%, 12/15/21 (Call 06/15/20)^(b)		100		104,795
AmerisourceBergen Corp.
3.25%, 03/01/25 (Call 09/01/20)		175		185,770
3.40%, 05/15/24 (Call 05/15/20)		50		52,714
3.45%, 12/15/27 (Call 06/15/20)		180		195,925
4.25%, 03/01/45 (Call 09/01/20)		25		26,175
4.30%, 12/15/47 (Call 06/15/20)		155		170,356
AstraZeneca PLC
2.38%, 06/12/22 (Call 06/12/20)		74		75,907
3.38%, 11/16/25		450		498,343
3.50%, 08/17/23 (Call 08/17/20)		50		53,704
4.00%, 01/17/29 (Call 07/17/20)		132		155,409
4.00%, 09/18/42		210		258,245
4.38%, 11/16/45		230		301,972
4.38%, 08/17/48 (Call 08/17/20)		85		113,278
6.45%, 09/15/37		312		470,462
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/20)^(b)		325		358,114
9.25%, 04/01/26 (Call 10/01/20)^(b)		275		304,529
Bausch Health Companies Inc.
5.00%, 01/30/28 (Call 07/30/20)^(b)		280		269,634
5.25%, 01/30/30 (Call 07/30/20)^(b)		235		232,241
5.50%, 03/01/23 (Call 05/29/20)^(b)		64		64,067
5.50%, 11/01/25 (Call 05/01/20)^(b)		280		290,892
5.75%, 08/15/27 (Call 08/15/20)^(b)		65		68,624
5.88%, 05/15/23 (Call 05/15/20)^(b)		58		57,635
6.13%, 04/15/25 (Call 10/15/20)^(b)		625		632,794
6.50%, 03/15/22 (Call 09/15/20)^(b)		205		209,354
7.00%, 03/15/24 (Call 09/15/20)^(b)		250		260,603
7.00%, 01/15/28 (Call 07/15/20)^(b)		135		140,231


68		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
7.25%, 05/30/29 (Call 05/30/20)^(b)	$	120	$	128,269
9.00%, 12/15/25 (Call 06/15/20)^(b)		290		316,500
Bayer U.S. Finance II LLC
3.38%, 07/15/24 (Call 07/15/20)^(b)		564		591,580
3.50%, 06/25/21 (Call 06/25/20)^(b)		275		279,458
3.88%, 12/15/23 (Call 06/15/20)^(b)		265		281,459
3.95%, 04/15/45 (Call 10/15/20)^(b)		70		75,489
4.20%, 07/15/34 (Call 07/15/20)^(b)		330		363,818
4.25%, 12/15/25 (Call 06/15/20)^(b)		110		121,755
4.38%, 12/15/28 (Call 06/15/20)^(b)		260		294,096
4.40%, 07/15/44 (Call 07/15/20)^(b)		204		228,341
4.63%, 06/25/38 (Call 06/25/20)^(b)		280		323,070
4.70%, 07/15/64 (Call 07/15/20)^(b)		170		186,199
4.88%, 06/25/48 (Call 06/25/20)^(b)		230		285,559
5.50%, 07/30/35^(b)		55		67,318
Becton Dickinson and Co.
2.89%, 06/06/22 (Call 06/06/20)		130		133,246
3.13%, 11/08/21		331		338,322
3.36%, 06/06/24 (Call 06/06/20)		300		319,644
3.70%, 06/06/27 (Call 06/06/20)		472		513,541
3.73%, 12/15/24 (Call 06/15/20)		150		161,936
4.67%, 06/06/47 (Call 06/06/20)		309		386,939
4.69%, 12/15/44 (Call 06/15/20)		182		222,621
Bristol-Myers Squibb Co.
2.00%, 08/01/22		132		135,016
2.55%, 05/14/21^(b)		750		762,135
2.60%, 05/16/22^(b)		214		220,959
2.90%, 07/26/24 (Call 07/26/20)^(b)		650		694,174
3.20%, 06/15/26 (Call 06/15/20)^(b)		285		314,079
3.25%, 08/15/22^(b)		337		353,954
3.25%, 02/20/23 (Call 08/20/20)^(b)		322		341,114
3.25%, 11/01/23		15		16,057
3.25%, 02/27/27		275		307,444
3.25%, 08/01/42		50		56,627
3.40%, 07/26/29 (Call 07/26/20)^(b)		589		672,450
3.45%, 11/15/27 (Call 05/15/20)^(b)		25		28,114
3.55%, 08/15/22^(b)		223		235,923
3.88%, 08/15/25 (Call 08/15/20)^(b)		434		487,430
3.90%, 02/20/28 (Call 08/20/20)^(b)		315		363,138
4.00%, 08/15/23^(b)		275		300,432
4.13%, 06/15/39 (Call 06/15/20)^(b)		182		225,354
4.25%, 10/26/49 (Call 10/26/20)^(b)		791		1,035,814
4.35%, 11/15/47 (Call 05/15/20)^(b)		325		424,005
4.50%, 03/01/44 (Call 09/01/20)		100		137,256
4.55%, 02/20/48 (Call 08/20/20)^(b)		250		336,205
4.63%, 05/15/44 (Call 05/15/20)^(b)		216		287,755
5.00%, 08/15/45 (Call 08/15/20)^(b)		313		434,626
5.25%, 08/15/43^(b)		10		14,509
Cardinal Health Inc.
2.62%, 06/15/22 (Call 06/15/20)		160		162,630
3.08%, 06/15/24 (Call 06/15/20)		133		137,510
3.41%, 06/15/27 (Call 06/15/20)		300		320,673
3.75%, 09/15/25 (Call 09/15/20)		202		215,706
4.37%, 06/15/47 (Call 06/15/20)		255		267,566
4.50%, 11/15/44 (Call 05/15/20)		10		10,642
4.60%, 03/15/43		60		61,592
4.90%, 09/15/45 (Call 09/15/20)		70		79,432
Cigna Corp.
2.40%, 03/15/30 (Call 09/15/20)		80		80,815
3.00%, 07/15/23 (Call 07/15/20)^(b)		300		312,345


Security	Par (000)		Value

Pharmaceuticals (continued)
3.05%, 10/15/27 (Call 10/15/20)^(b)	$	409	$	429,352
3.25%, 04/15/25 (Call 10/15/20)^(b)		420		448,610
3.40%, 09/17/21		137		140,936
3.40%, 03/01/27 (Call 09/01/20)^(b)		125		134,063
3.40%, 03/15/50 (Call 09/15/20)		145		152,173
3.50%, 06/15/24 (Call 06/15/20)^(b)		65		69,433
3.75%, 07/15/23 (Call 07/15/20)		64		68,486
3.88%, 10/15/47 (Call 10/15/20)^(b)		192		211,670
3.90%, 02/15/22^(b)		450		468,616
4.13%, 11/15/25 (Call 05/15/20)		390		436,749
4.38%, 10/15/28 (Call 10/15/20)		148		169,605
4.50%, 02/25/26 (Call 08/25/20)^(b)		350		397,771
4.80%, 08/15/38 (Call 08/15/20)		375		456,536
4.80%, 07/15/46 (Call 07/15/20)^(b)		410		508,548
4.90%, 12/15/48 (Call 06/15/20)		430		554,055
6.13%, 11/15/41^(b)		285		398,934
CVS Health Corp.
2.13%, 06/01/21 (Call 06/01/20)		842		848,820
2.63%, 08/15/24 (Call 08/15/20)		25		26,064
2.75%, 12/01/22 (Call 06/01/20)		305		315,742
2.88%, 06/01/26 (Call 06/01/20)		347		365,957
3.00%, 08/15/26 (Call 08/15/20)		25		26,519
3.25%, 08/15/29 (Call 08/15/20)		295		314,104
3.38%, 08/12/24 (Call 08/12/20)		150		159,917
3.50%, 07/20/22 (Call 07/20/20)		392		408,546
3.63%, 04/01/27 (Call 10/01/20)		90		98,394
3.70%, 03/09/23 (Call 09/09/20)		486		515,476
3.75%, 04/01/30 (Call 10/01/20)		775		860,358
3.88%, 07/20/25 (Call 07/20/20)		665		729,099
4.00%, 12/05/23 (Call 06/05/20)		460		497,614
4.10%, 03/25/25 (Call 09/25/20)		286		315,441
4.13%, 04/01/40 (Call 10/01/20)		500		560,930
4.25%, 04/01/50 (Call 10/01/20)		145		168,232
4.30%, 03/25/28 (Call 09/25/20)		1,304		1,472,529
4.78%, 03/25/38 (Call 09/25/20)		750		886,740
4.88%, 07/20/35 (Call 07/20/20)		270		331,735
5.05%, 03/25/48 (Call 09/25/20)		1,244		1,577,765
5.13%, 07/20/45 (Call 07/20/20)		625		786,362
5.30%, 12/05/43 (Call 06/05/20)		105		132,067
6.13%, 09/15/39		25		34,216
6.25%, 06/01/27		95		115,328
Elanco Animal Health Inc.
4.66%, 08/27/21		65		66,588
5.02%, 08/28/23 (Call 08/28/20)		95		101,763
5.65%, 08/28/28 (Call 08/28/20)		85		94,053
Eli Lilly & Co.
2.35%, 05/15/22		15		15,474
2.75%, 06/01/25 (Call 06/01/20)		250		268,810
3.10%, 05/15/27 (Call 05/15/20)		190		209,181
3.38%, 03/15/29 (Call 09/15/20)		85		97,014
3.88%, 03/15/39 (Call 09/15/20)		9		10,934
3.95%, 05/15/47 (Call 05/15/20)		28		35,385
3.95%, 03/15/49 (Call 09/15/20)		429		546,160
4.15%, 03/15/59 (Call 09/15/20)		123		164,664
EMD Finance LLC, 3.25%, 03/19/25 (Call 09/19/20)^(b)		225		237,614
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/20)^(b)		200		149,960
6.00%, 02/01/25 (Call 08/01/20)^(b)		200		143,126
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23		35		36,959


SCHEDULE OF INVESTMENTS			69

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
3.38%, 05/15/23	$	260	$	278,304
3.63%, 05/15/25		210		235,011
3.88%, 05/15/28		390		453,437
4.20%, 03/18/43		25		32,138
5.38%, 04/15/34		95		131,379
6.38%, 05/15/38		367		571,856
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		200		207,476
2.88%, 06/01/22 (Call 06/01/20)		29		30,120
3.00%, 06/01/24 (Call 06/01/20)		125		134,291
3.13%, 05/14/21		291		297,836
3.38%, 06/01/29 (Call 06/01/20)		300		341,673
HLF Financing Sarl LLC/Herbalife International Inc., 7.25%, 08/15/26 (Call 08/15/20)^(b)		87		84,715
Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 08/01/20)^(b)		200		208,238
Johnson & Johnson
2.05%, 03/01/23 (Call 09/01/20)		106		110,075
2.45%, 03/01/26 (Call 09/01/20)		279		301,306
2.63%, 01/15/25 (Call 07/15/20)		100		108,299
2.90%, 01/15/28 (Call 07/15/20)		307		344,040
2.95%, 03/03/27 (Call 09/03/20)		215		239,469
3.38%, 12/05/23		150		166,080
3.40%, 01/15/38 (Call 07/15/20)		100		117,049
3.50%, 01/15/48 (Call 07/15/20)^(d)		116		146,474
3.55%, 03/01/36 (Call 09/01/20)		223		263,218
3.63%, 03/03/37 (Call 09/03/20)		190		226,678
3.70%, 03/01/46 (Call 09/01/20)		525		658,749
3.75%, 03/03/47 (Call 09/03/20)		200		256,778
4.38%, 12/05/33 (Call 06/05/20)		105		137,512
4.50%, 09/01/40		60		79,052
4.50%, 12/05/43 (Call 06/05/20)		115		157,052
4.95%, 05/15/33		28		38,397
5.85%, 07/15/38		3		4,477
5.95%, 08/15/37		85		127,661
McKesson Corp.
2.70%, 12/15/22 (Call 06/15/20)		440		451,920
3.80%, 03/15/24 (Call 09/15/20)		175		188,137
3.95%, 02/16/28 (Call 08/16/20)		160		178,106
4.75%, 05/30/29 (Call 05/30/20)		174		205,033
4.88%, 03/15/44 (Call 09/15/20)		33		39,710
Mead Johnson Nutrition Co.
4.13%, 11/15/25 (Call 05/15/20)		325		371,358
4.60%, 06/01/44 (Call 06/01/20)		270		336,676
Merck & Co. Inc.
2.35%, 02/10/22		165		169,712
2.40%, 09/15/22 (Call 09/15/20)		155		160,888
2.75%, 02/10/25 (Call 08/10/20)		1,015		1,099,062
2.80%, 05/18/23		192		203,787
2.90%, 03/07/24 (Call 09/07/20)		40		43,150
3.40%, 03/07/29 (Call 09/07/20)		210		241,731
3.60%, 09/15/42 (Call 09/15/20)		60		72,360
3.70%, 02/10/45 (Call 08/10/20)		470		571,327
3.90%, 03/07/39 (Call 09/07/20)		132		162,159
4.00%, 03/07/49 (Call 09/07/20)		134		176,923
4.15%, 05/18/43		405		522,612
6.55%, 09/15/37		110		169,692
Mylan Inc.
4.55%, 04/15/28 (Call 10/15/20)		200		219,656
5.20%, 04/15/48 (Call 10/15/20)		120		136,919


Security	Par (000)		Value

Pharmaceuticals (continued)
5.40%, 11/29/43 (Call 05/29/20)	$	183	$	201,452
Mylan NV
3.15%, 06/15/21 (Call 06/15/20)		400		403,892
3.95%, 06/15/26 (Call 06/15/20)		280		296,646
5.25%, 06/15/46 (Call 06/15/20)		260		299,725
Novartis Capital Corp.
1.75%, 02/14/25 (Call 08/14/20)		16		16,490
2.20%, 08/14/30 (Call 08/14/20)		5		5,300
2.40%, 05/17/22 (Call 05/17/20)		430		443,902
2.40%, 09/21/22		100		103,677
2.75%, 08/14/50 (Call 08/14/20)		250		270,962
3.00%, 11/20/25 (Call 05/20/20)		259		283,830
3.10%, 05/17/27 (Call 05/17/20)		250		278,550
3.40%, 05/06/24		139		151,883
3.70%, 09/21/42		30		36,308
4.00%, 11/20/45 (Call 05/20/20)		100		129,030
4.40%, 05/06/44		494		661,762
Owens & Minor Inc.
3.88%, 09/15/21^(d)		50		47,216
4.38%, 12/15/24 (Call 06/15/20)		75		60,046
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 10/01/20)^(b)		380		386,734
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 06/15/20)		225		231,273
4.90%, 12/15/44 (Call 06/15/20)		270		265,413
Pfizer Inc.
2.20%, 12/15/21		141		144,144
2.75%, 06/03/26		489		538,369
2.80%, 03/11/22		65		67,525
2.95%, 03/15/24 (Call 09/15/20)		328		355,037
3.00%, 09/15/21		50		51,533
3.00%, 06/15/23		294		315,427
3.00%, 12/15/26		638		712,136
3.20%, 09/15/23 (Call 09/15/20)		100		108,358
3.40%, 05/15/24		50		54,918
3.45%, 03/15/29 (Call 09/15/20)^(d)		190		218,629
3.60%, 09/15/28 (Call 09/15/20)		214		250,600
3.90%, 03/15/39 (Call 09/15/20)		145		176,919
4.00%, 12/15/36		130		158,110
4.00%, 03/15/49 (Call 09/15/20)		255		329,095
4.10%, 09/15/38 (Call 09/15/20)		170		211,047
4.13%, 12/15/46		250		317,820
4.20%, 09/15/48 (Call 09/15/20)		80		106,098
4.30%, 06/15/43		103		132,979
4.40%, 05/15/44		360		475,816
5.60%, 09/15/40		85		124,735
5.80%, 08/12/23		375		434,017
7.20%, 03/15/39		340		569,204
Sanofi
3.38%, 06/19/23 (Call 06/19/20)		121		129,168
3.63%, 06/19/28 (Call 06/19/20)		100		117,481
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 09/23/20)		751		762,333
2.88%, 09/23/23 (Call 09/23/20)		350		364,679
3.20%, 09/23/26 (Call 09/23/20)		423		459,027
Takeda Pharmaceutical Co. Ltd.
4.40%, 11/26/23 (Call 05/26/20)		300		328,737
5.00%, 11/26/28 (Call 05/26/20)		265		319,023
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22		200		189,906


70		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
Series 2, 3.65%, 11/10/21	$	50	$	48,607
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36		130		122,226
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/21		375		365,430
2.80%, 07/21/23		295		271,155
3.15%, 10/01/26		575		500,405
4.10%, 10/01/46		470		366,633
6.75%, 03/01/28 (Call 09/01/20)^(d)		200		206,340
7.13%, 01/31/25 (Call 07/31/20)^(b)		200		207,228
Vizient Inc., 6.25%, 05/15/27 (Call 05/15/20)^(b)		10		10,498
Wyeth LLC
5.95%, 04/01/37		475		694,839
6.00%, 02/15/36		72		104,165
6.50%, 02/01/34		103		152,143
Zoetis Inc.
3.00%, 09/12/27 (Call 09/12/20)		265		286,282
3.25%, 08/20/21		50		51,212
3.25%, 02/01/23 (Call 08/01/20)		500		521,835
3.90%, 08/20/28 (Call 08/20/20)		110		126,760
3.95%, 09/12/47 (Call 09/12/20)		130		152,992
4.45%, 08/20/48 (Call 08/20/20)		60		76,243
4.50%, 11/13/25 (Call 05/13/20)		205		234,653
4.70%, 02/01/43 (Call 08/01/20)		80		103,032

				83,076,169

Pipelines — 1.0%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47^(c)		600		642,354
AI Candelaria Spain SLU, 7.50%, 12/15/28 (Call 06/15/20)^(b)		250		227,077
American Midstream Partners LP/American Midstream Finance Corp., 9.50%, 12/15/21 (Call 06/15/20)^(b)		95		87,489
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 09/15/24 (Call 09/15/20)		100		77,939
5.75%, 03/01/27 (Call 09/01/20)^(b)		125		93,308
5.75%, 01/15/28 (Call 07/15/20)^(b)		125		92,020
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.13%, 11/15/22 (Call 05/15/20)^(b)		85		70,378
6.63%, 07/15/26 (Call 07/15/20)^(b)		50		33,322
Boardwalk Pipelines LP
3.38%, 02/01/23 (Call 08/01/20)		24		21,458
4.45%, 07/15/27 (Call 07/15/20)		35		30,030
4.80%, 05/03/29 (Call 05/03/20)		200		176,056
4.95%, 12/15/24 (Call 06/15/20)		200		180,796
5.95%, 06/01/26 (Call 06/01/20)		143		130,339
Buckeye Partners LP
3.95%, 12/01/26 (Call 06/01/20)^(d)		175		158,104
4.13%, 03/01/25 (Call 09/01/20)^(b)		50		46,234
4.13%, 12/01/27 (Call 06/01/20)		100		88,747
4.15%, 07/01/23 (Call 07/01/20)		100		93,451
4.50%, 03/01/28 (Call 09/01/20)^(b)		50		44,963
5.60%, 10/15/44 (Call 10/15/20)		75		52,772
5.85%, 11/15/43 (Call 05/15/20)		75		54,146
6.38%, 01/22/78 (Call 07/22/20)^(a)		75		46,337
Cameron LNG LLC, 3.30%, 01/15/35 (Call 07/15/20)^(b)		9		8,999
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/15/20)^(b)		200		183,348
5.13%, 06/30/27 (Call 06/30/20)		235		235,106
5.88%, 03/31/25 (Call 06/30/20)		301		311,905
7.00%, 06/30/24 (Call 06/30/20)		367		393,439


Security	Par (000)		Value

Pipelines (continued)
Cheniere Energy Partners LP
4.50%, 10/01/29 (Call 10/01/20)^(b)	$	230	$	212,299
5.25%, 10/01/25 (Call 10/01/20)		180		171,985
5.63%, 10/01/26 (Call 10/01/20)		205		196,937
CNX Midstream Partners LP/CNX Midstream Finance Corp., 6.50%, 03/15/26 (Call 09/15/20)^(b)		50		41,468
Colonial Pipeline Co., 3.75%, 10/01/25 (Call 10/01/20)^(b)		50		53,491
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, 08/15/26 (Call 08/15/20)^(b)		8		8,334
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 06/01/20)		62		70,072
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/20)^(b)		95		61,309
5.75%, 04/01/25 (Call 10/01/20)		100		72,877
6.25%, 04/01/23 (Call 10/01/20)		125		90,846
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 09/15/20)		75		61,616
4.75%, 09/30/21 (Call 09/30/20)^(b)		100		94,952
4.95%, 04/01/22 (Call 10/01/20)		25		22,811
5.13%, 05/15/29 (Call 05/15/20)		90		66,986
5.38%, 07/15/25 (Call 07/15/20)		120		96,840
5.60%, 04/01/44 (Call 10/01/20)		85		45,906
5.85%, 05/21/43 (Call 05/21/20)^(a)(b)		75		34,520
6.45%, 11/03/36^(b)		50		29,133
6.75%, 09/15/37^(b)		125		74,040
8.13%, 08/16/30		75		58,745
Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75%, 05/15/25 (Call 05/15/20)		26		24,898
Enable Midstream Partners LP
3.90%, 05/15/24 (Call 05/15/20)		240		192,370
4.15%, 09/15/29 (Call 09/15/20)		100		71,409
4.40%, 03/15/27 (Call 09/15/20)		50		38,774
4.95%, 05/15/28 (Call 05/15/20)		197		151,109
5.00%, 05/15/44 (Call 05/15/20)		112		70,921
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 09/15/20)		105		109,155
5.88%, 10/15/25 (Call 10/15/20)		180		197,401
7.38%, 10/15/45 (Call 10/15/20)		125		163,766
Series B, 7.50%, 04/15/38		35		43,590
Enbridge Inc.
2.50%, 01/15/25 (Call 07/15/20)		90		88,461
3.13%, 11/15/29 (Call 05/15/20)		15		14,511
3.50%, 06/10/24 (Call 06/10/20)		130		133,110
3.70%, 07/15/27 (Call 07/15/20)		115		116,495
4.00%, 11/15/49 (Call 05/15/20)		25		23,790
4.25%, 12/01/26 (Call 06/01/20)		250		263,177
4.50%, 06/10/44 (Call 06/10/20)		160		162,334
5.50%, 12/01/46 (Call 06/01/20)		144		165,741
Energy Transfer Operating LP
2.90%, 05/15/25 (Call 05/15/20)		65		60,526
3.60%, 02/01/23 (Call 08/01/20)		275		267,396
3.75%, 05/15/30 (Call 05/15/20)		170		154,955
4.05%, 03/15/25 (Call 09/15/20)		305		298,235
4.20%, 04/15/27 (Call 10/15/20)		40		37,544
4.25%, 03/15/23 (Call 09/15/20)		110		109,029
4.50%, 04/15/24 (Call 10/15/20)		495		491,342
4.75%, 01/15/26 (Call 07/15/20)		145		143,517
4.90%, 03/15/35 (Call 09/15/20)		360		327,316
5.00%, 05/15/50 (Call 05/15/20)		290		260,246


SCHEDULE OF INVESTMENTS			71

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
5.15%, 02/01/43 (Call 08/01/20)	$	107	$	88,669
5.15%, 03/15/45 (Call 09/15/20)		177		156,879
5.20%, 02/01/22 (Call 08/01/20)		390		392,562
5.25%, 04/15/29 (Call 10/15/20)		355		354,578
5.30%, 04/15/47 (Call 10/15/20)		130		116,887
5.50%, 06/01/27 (Call 06/01/20)		215		216,417
5.88%, 01/15/24 (Call 07/15/20)		175		181,683
5.95%, 10/01/43 (Call 10/01/20)		10		9,368
6.00%, 06/15/48 (Call 06/15/20)		355		337,701
6.05%, 06/01/41 (Call 06/01/20)		60		58,212
6.13%, 12/15/45 (Call 06/15/20)		263		250,100
6.25%, 04/15/49 (Call 10/15/20)		11		10,817
6.50%, 02/01/42 (Call 08/01/20)		305		309,779
6.63%, 10/15/36		20		19,830
7.50%, 07/01/38		75		80,955
Series 20Y, 5.80%, 06/15/38 (Call 06/15/20)		22		20,674
Energy Transfer Partners LP/Regency Energy Finance Corp.
5.00%, 10/01/22 (Call 10/01/20)		73		73,141
5.88%, 03/01/22 (Call 09/01/20)		481		488,677
EnLink Midstream LLC, 5.38%, 06/01/29 (Call 06/01/20)		70		43,397
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 06/01/20)		113		70,243
4.40%, 04/01/24 (Call 10/01/20)		75		47,118
4.85%, 07/15/26 (Call 07/15/20)		75		45,887
5.05%, 04/01/45 (Call 10/01/20)		100		40,456
5.45%, 06/01/47 (Call 06/01/20)		100		40,523
5.60%, 04/01/44 (Call 10/01/20)		100		39,922
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 07/31/20)		120		118,634
3.13%, 07/31/29 (Call 07/31/20)		45		45,226
3.35%, 03/15/23 (Call 09/15/20)		435		451,386
3.50%, 02/01/22		150		153,723
3.70%, 02/15/26 (Call 08/15/20)		59		62,769
3.70%, 01/31/51 (Call 07/31/20)		130		122,652
3.75%, 02/15/25 (Call 08/15/20)		451		479,981
3.90%, 02/15/24 (Call 08/15/20)		78		82,570
3.95%, 02/15/27 (Call 08/15/20)		163		171,109
3.95%, 01/31/60 (Call 07/31/20)		304		281,373
4.15%, 10/16/28 (Call 10/16/20)		292		315,763
4.20%, 01/31/50 (Call 07/31/20)		60		61,087
4.25%, 02/15/48 (Call 08/15/20)		361		360,801
4.45%, 02/15/43 (Call 08/15/20)		325		331,217
4.80%, 02/01/49 (Call 08/01/20)		205		223,649
4.85%, 08/15/42 (Call 08/15/20)		149		155,386
4.85%, 03/15/44 (Call 09/15/20)		275		298,356
4.90%, 05/15/46 (Call 05/15/20)		240		259,582
4.95%, 10/15/54 (Call 10/15/20)		55		56,829
5.10%, 02/15/45 (Call 08/15/20)		170		186,782
5.38%, 02/15/78 (Call 08/15/20)^(a)		65		56,375
5.70%, 02/15/42		206		224,777
5.95%, 02/01/41		45		51,570
6.13%, 10/15/39		50		57,952
6.45%, 09/01/40		50		59,717
7.55%, 04/15/38		70		90,819
Series E, 5.25%, 08/16/77 (Call 08/16/20)^(a)		65		58,057
Series H, 6.65%, 10/15/34		25		30,581
Series J, 5.75%, 03/01/35		100		111,975
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 08/01/20)		110		99,199


Security	Par (000)		Value

Pipelines (continued)
4.13%, 12/01/26 (Call 06/01/20)	$	100	$	85,248
4.75%, 07/15/23 (Call 07/15/20)		225		212,638
Series 10Y, 5.50%, 07/15/28 (Call 07/15/20)		150		133,391
Series 30Y, 6.50%, 07/15/48 (Call 07/15/20)		110		88,438
Genesis Energy LP/Genesis Energy Finance Corp.
5.63%, 06/15/24 (Call 06/15/20)		75		63,633
6.00%, 05/15/23 (Call 05/15/20)		75		66,293
6.25%, 05/15/26 (Call 05/15/20)		75		62,605
6.50%, 10/01/25 (Call 10/01/20)		100		84,498
7.75%, 02/01/28 (Call 08/01/20)		125		106,598
Global Partners LP/GLP Finance Corp.
7.00%, 06/15/23 (Call 06/15/20)		25		21,132
7.00%, 08/01/27 (Call 08/01/20)		30		24,130
Gulfstream Natural Gas System LLC, 4.60%, 09/15/25 (Call 09/15/20)^(b)		50		54,233
Hess Midstream Operations LP
5.13%, 06/15/28 (Call 06/15/20)^(b)		75		66,023
5.63%, 02/15/26 (Call 08/15/20)^(b)		95		88,328
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 08/01/20)^(b)		65		58,983
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 08/15/20)		250		256,537
3.50%, 09/01/23 (Call 09/01/20)		25		25,778
3.95%, 09/01/22 (Call 09/01/20)		150		155,370
4.15%, 02/01/24 (Call 08/01/20)		50		52,557
4.25%, 09/01/24 (Call 09/01/20)		80		84,692
4.30%, 05/01/24 (Call 05/01/20)		18		18,947
5.00%, 10/01/21 (Call 10/01/20)		25		25,479
5.00%, 08/15/42 (Call 08/15/20)		85		92,165
5.00%, 03/01/43 (Call 09/01/20)		45		47,825
5.40%, 09/01/44 (Call 09/01/20)		90		98,591
5.50%, 03/01/44 (Call 09/01/20)		105		117,469
5.63%, 09/01/41		250		269,115
5.80%, 03/15/35		42		46,743
6.38%, 03/01/41		35		40,497
6.50%, 02/01/37		10		11,183
6.95%, 01/15/38		178		212,699
7.30%, 08/15/33		20		25,000
7.40%, 03/15/31		104		126,281
7.50%, 11/15/40		34		42,048
Kinder Morgan Inc./DE
3.15%, 01/15/23 (Call 07/15/20)		149		152,072
4.30%, 06/01/25 (Call 06/01/20)		690		737,465
4.30%, 03/01/28 (Call 09/01/20)		480		510,178
5.05%, 02/15/46 (Call 08/15/20)		116		127,692
5.20%, 03/01/48 (Call 09/01/20)		200		227,770
5.30%, 12/01/34 (Call 06/01/20)		260		274,128
5.55%, 06/01/45 (Call 06/01/20)		570		656,845
5.63%, 11/15/23 (Call 05/15/20)^(b)		140		153,656
7.75%, 01/15/32		82		106,047
7.80%, 08/01/31		75		94,230
Magellan Midstream Partners LP
3.20%, 03/15/25 (Call 09/15/20)		50		48,475
3.95%, 03/01/50 (Call 09/01/20)		70		67,248
4.20%, 12/01/42 (Call 06/01/20)		25		21,770
4.20%, 10/03/47 (Call 10/03/20)		140		130,773
4.25%, 09/15/46 (Call 09/15/20)		5		4,710
4.85%, 02/01/49 (Call 08/01/20)		150		159,024
5.00%, 03/01/26 (Call 09/01/20)		160		171,610
5.15%, 10/15/43 (Call 10/15/20)		110		114,458


72		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
Midwest Connector Capital Co. LLC
3.63%, 04/01/22 (Call 10/01/20)^(b)	$	100	$	96,934
3.90%, 04/01/24 (Call 10/01/20)^(b)		133		131,997
4.63%, 04/01/29 (Call 10/01/20)^(b)		112		113,320
MPLX LP
3.38%, 03/15/23 (Call 09/15/20)		258		256,096
3.50%, 12/01/22 (Call 06/01/20)^(b)		63		62,236
4.00%, 02/15/25 (Call 08/15/20)		70		66,452
4.00%, 03/15/28 (Call 09/15/20)		290		275,239
4.13%, 03/01/27 (Call 09/01/20)		375		362,077
4.25%, 12/01/27 (Call 06/01/20)^(b)		8		7,711
4.50%, 04/15/38 (Call 10/15/20)		215		190,866
4.70%, 04/15/48 (Call 10/15/20)		135		121,395
4.80%, 02/15/29 (Call 08/15/20)		100		100,667
4.88%, 12/01/24 (Call 06/01/20)		290		288,103
4.88%, 06/01/25 (Call 06/01/20)		80		78,003
4.90%, 04/15/58 (Call 10/15/20)		50		42,123
5.20%, 03/01/47 (Call 09/01/20)		150		141,511
5.20%, 12/01/47 (Call 06/01/20)^(b)		40		37,060
5.25%, 01/15/25 (Call 07/15/20)^(b)		410		406,035
5.50%, 02/15/49 (Call 08/15/20)		420		419,311
6.38%, 05/01/24 (Call 05/01/20)^(b)		125		125,034
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 09/01/20)		100		64,965
7.50%, 11/01/23 (Call 05/01/20)		100		67,750
7.50%, 04/15/26 (Call 10/15/20)		70		45,490
NGPL PipeCo LLC
4.38%, 08/15/22 (Call 08/15/20)^(b)		40		40,062
4.88%, 08/15/27 (Call 08/15/20)^(b)		135		137,869
7.77%, 12/15/37^(b)		135		147,465
Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 10/01/20)		140		142,243
NuStar Logistics LP
4.75%, 02/01/22 (Call 08/01/20)		30		27,638
5.63%, 04/28/27 (Call 10/28/20)		100		90,000
6.00%, 06/01/26 (Call 06/01/20)		100		90,270
6.75%, 02/01/21		75		72,633
Oleoducto Central SA, 4.00%, 05/07/21^(c)		400		398,912
ONEOK Inc.
2.75%, 09/01/24 (Call 09/01/20)		70		63,275
3.40%, 09/01/29 (Call 09/01/20)		100		83,192
4.00%, 07/13/27 (Call 07/13/20)		215		193,150
4.25%, 02/01/22 (Call 08/01/20)		25		24,935
4.35%, 03/15/29 (Call 09/15/20)		125		110,754
4.45%, 09/01/49 (Call 09/01/20)		160		123,158
4.55%, 07/15/28 (Call 07/15/20)		210		190,657
4.95%, 07/13/47 (Call 07/13/20)		49		40,651
5.20%, 07/15/48 (Call 07/15/20)		125		110,649
6.00%, 06/15/35		45		41,876
7.50%, 09/01/23 (Call 09/01/20)		125		131,786
ONEOK Partners LP
3.38%, 10/01/22 (Call 10/01/20)		185		179,813
4.90%, 03/15/25 (Call 09/15/20)		105		103,178
5.00%, 09/15/23 (Call 09/15/20)		100		99,258
6.13%, 02/01/41 (Call 08/01/20)		105		98,493
6.20%, 09/15/43 (Call 09/15/20)		110		99,073
6.65%, 10/01/36		55		52,370
6.85%, 10/15/37		65		61,465
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 05/15/20)		25		18,930
Peru LNG Srl, 5.38%, 03/22/30^(c)		200		111,460


Security	Par (000)		Value

Pipelines (continued)
Phillips 66 Partners LP
2.45%, 12/15/24 (Call 06/15/20)	$	120	$	110,071
3.15%, 12/15/29 (Call 06/15/20)		250		227,202
3.55%, 10/01/26 (Call 10/01/20)		100		97,297
3.75%, 03/01/28 (Call 09/01/20)		207		200,604
4.68%, 02/15/45 (Call 08/15/20)		20		19,161
4.90%, 10/01/46 (Call 10/01/20)		35		34,705
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 06/15/20)		165		140,781
3.60%, 11/01/24 (Call 05/01/20)		250		235,395
3.65%, 06/01/22 (Call 06/01/20)		199		195,287
4.30%, 01/31/43 (Call 07/31/20)		120		93,306
4.50%, 12/15/26 (Call 06/15/20)		215		197,991
4.65%, 10/15/25 (Call 10/15/20)		235		222,145
4.70%, 06/15/44 (Call 06/15/20)		185		153,326
4.90%, 02/15/45 (Call 08/15/20)		80		67,274
5.15%, 06/01/42 (Call 06/01/20)		185		157,973
6.65%, 01/15/37		10		9,216
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 05/15/20)^(b)		40		36,138
4.80%, 05/15/30 (Call 05/15/20)^(b)		100		85,594
4.95%, 07/15/29 (Call 07/15/20)^(b)		95		84,163
6.88%, 04/15/40^(b)		80		70,356
7.50%, 07/15/38^(b)		25		21,961
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/20)		286		281,204
5.00%, 03/15/27 (Call 09/15/20)		212		217,342
5.63%, 04/15/23 (Call 10/15/20)		250		260,722
5.63%, 03/01/25 (Call 09/01/20)		428		449,657
5.75%, 05/15/24 (Call 05/15/20)		125		130,571
5.88%, 06/30/26 (Call 06/30/20)		364		387,893
Southern Gas Corridor CJSC, 6.88%, 03/24/26^(c)		450		470,353
Spectra Energy Partners LP
3.38%, 10/15/26 (Call 10/15/20)		108		106,600
3.50%, 03/15/25 (Call 09/15/20)		100		102,028
4.50%, 03/15/45 (Call 09/15/20)		189		186,437
5.95%, 09/25/43 (Call 09/25/20)		60		68,132
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
5.50%, 08/15/22 (Call 08/15/20)		50		11,852
5.75%, 04/15/25 (Call 10/15/20)		70		13,999
Sunoco Logistics Partners Operations LP
3.90%, 07/15/26 (Call 07/15/20)		25		23,423
4.00%, 10/01/27 (Call 10/01/20)		90		83,734
4.25%, 04/01/24 (Call 10/01/20)		53		52,250
5.30%, 04/01/44 (Call 10/01/20)		10		8,911
5.35%, 05/15/45 (Call 05/15/20)		334		297,985
5.40%, 10/01/47 (Call 10/01/20)		185		166,750
5.95%, 12/01/25 (Call 06/01/20)		105		106,193
6.10%, 02/15/42		154		151,707
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
4.75%, 10/01/23 (Call 10/01/20)^(b)		50		38,548
5.50%, 09/15/24 (Call 09/15/20)^(b)		100		75,230
5.50%, 01/15/28 (Call 07/15/20)^(b)		130		87,881
6.00%, 03/01/27 (Call 09/01/20)^(b)		75		49,345
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/15/20)		100		90,886
5.00%, 01/15/28 (Call 07/15/20)		150		126,134


SCHEDULE OF INVESTMENTS			73

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
5.13%, 02/01/25 (Call 08/01/20)	$	95	$	85,352
5.25%, 05/01/23 (Call 05/01/20)		50		47,495
5.38%, 02/01/27 (Call 08/01/20)		75		63,766
5.50%, 03/01/30 (Call 09/01/20)^(b)		160		136,290
5.88%, 04/15/26 (Call 10/15/20)		145		130,171
6.50%, 07/15/27 (Call 07/15/20)		100		89,791
6.75%, 03/15/24 (Call 09/15/20)		175		166,222
6.88%, 01/15/29 (Call 07/15/20)		100		91,768
TC PipeLines LP
3.90%, 05/25/27 (Call 05/25/20)		92		90,277
4.38%, 03/13/25 (Call 09/13/20)		30		31,059
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28		25		29,215
Texas Eastern Transmission LP
3.50%, 01/15/28 (Call 07/15/20)^(b)		13		12,712
4.15%, 01/15/48 (Call 07/15/20)^(b)		235		217,796
TransCanada PipeLines Ltd.
2.50%, 08/01/22		185		187,133
4.25%, 05/15/28 (Call 05/15/20)		200		215,900
4.63%, 03/01/34 (Call 09/01/20)		263		279,882
4.75%, 05/15/38 (Call 05/15/20)		100		107,390
4.88%, 01/15/26 (Call 07/15/20)		105		116,519
4.88%, 05/15/48 (Call 05/15/20)		75		84,923
5.00%, 10/16/43 (Call 10/16/20)		329		363,410
5.10%, 03/15/49 (Call 09/15/20)		224		262,284
5.60%, 03/31/34		9		9,970
5.85%, 03/15/36		250		297,037
6.20%, 10/15/37		15		18,481
7.25%, 08/15/38		55		73,573
7.63%, 01/15/39		330		468,666
Transcanada Trust, 5.50%, 09/15/79 (Call 09/15/20)^(a)		300		282,102
Transcontinental Gas Pipe Line Co. LLC
4.00%, 03/15/28 (Call 09/15/20)		316		326,725
4.45%, 08/01/42 (Call 08/01/20)		100		104,320
4.60%, 03/15/48 (Call 09/15/20)		35		38,743
5.40%, 08/15/41 (Call 08/15/20)		30		32,700
7.85%, 02/01/26 (Call 08/01/20)		130		152,607
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 (Call 08/15/20)		25		19,902
Transportadora de Gas del Peru SA, 4.25%, 04/30/28^(c)		200		205,136
Valero Energy Partners LP, 4.50%, 03/15/28 (Call 09/15/20)		65		67,521
Western Midstream Operating LP
3.10%, 02/01/25 (Call 08/01/20)		205		186,925
3.95%, 06/01/25 (Call 06/01/20)		350		310,985
4.05%, 02/01/30 (Call 08/01/20)		112		102,199
4.50%, 03/01/28 (Call 09/01/20)		80		70,397
4.65%, 07/01/26 (Call 07/01/20)		104		92,691
5.25%, 02/01/50 (Call 08/01/20)		150		117,938
5.30%, 03/01/48 (Call 09/01/20)		150		112,856
5.38%, 06/01/21 (Call 06/01/20)		115		113,222
5.50%, 08/15/48 (Call 08/15/20)		120		89,045
Williams Companies Inc. (The)
3.35%, 08/15/22 (Call 08/15/20)		95		95,424
3.60%, 03/15/22 (Call 09/15/20)		314		317,934
3.70%, 01/15/23 (Call 07/15/20)		125		126,630
3.75%, 06/15/27 (Call 06/15/20)		275		275,058
3.90%, 01/15/25 (Call 07/15/20)		147		149,273
4.00%, 09/15/25 (Call 09/15/20)		150		152,919
4.30%, 03/04/24 (Call 09/04/20)		265		271,307
4.55%, 06/24/24 (Call 06/24/20)		210		218,404


Security	Par (000)		Value

Pipelines (continued)
4.90%, 01/15/45 (Call 07/15/20)	$	160	$	161,579
5.10%, 09/15/45 (Call 09/15/20)		130		136,559
5.40%, 03/04/44 (Call 09/04/20)		80		83,992
5.75%, 06/24/44 (Call 06/24/20)		155		170,215
5.80%, 11/15/43 (Call 05/15/20)		30		32,488
6.30%, 04/15/40		257		296,755
7.88%, 09/01/21		50		53,067
8.75%, 03/15/32		60		77,999
Series A, 7.50%, 01/15/31		29		33,922

				46,451,996

Private Equity — 0.0%
Apollo Management Holdings LP
4.40%, 05/27/26 (Call 05/27/20)^(b)		155		168,597
4.87%, 02/15/29 (Call 08/15/20)^(b)		55		64,368
5.00%, 03/15/48 (Call 09/15/20)^(b)		75		84,251
Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 07/15/20)		45		47,996
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 09/15/20)^(b)		100		114,597
Carlyle Finance Subsidiary LLC, 3.50%, 09/19/29 (Call 09/19/20)^(b)		105		104,107
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 06/01/20)^(b)		90		98,647
KKR Group Finance Co. VI LLC, 3.75%, 07/01/29 (Call 07/01/20)^(b)		250		267,990

				950,553

Real Estate — 0.5%
Agile Group Holdings Ltd.
8.38%, (Call 12/04/23)^(a)(c)(g)		200		185,408
8.50%, 07/18/21 (Call 07/18/20)^(c)		200		204,444
CBRE Services Inc.
4.88%, 03/01/26 (Call 09/01/20)		251		266,863
5.25%, 03/15/25 (Call 09/15/20)		94		102,361
CFLD Cayman Investment Ltd., 8.60%, 04/08/24^(c)		400		360,280
China Evergrande Group
7.50%, 06/28/23 (Call 06/28/20)^(c)		400		316,264
8.25%, 03/23/22 (Call 03/23/21)^(c)		200		177,258
8.75%, 06/28/25 (Call 06/28/21)^(c)		711		557,588
9.50%, 04/11/22^(c)		200		179,374
9.50%, 03/29/24 (Call 03/29/21)^(c)		400		325,424
10.00%, 04/11/23 (Call 04/11/21)^(c)		200		171,730
10.50%, 04/11/24 (Call 04/11/22)^(c)		200		167,070
China Overseas Finance Cayman III Ltd., 5.38%, 10/29/23^(c)		600		658,008
China Overseas Finance Cayman VI Ltd., 5.95%, 05/08/24^(c)		200		225,060
China Overseas Finance Cayman VII Ltd., 4.25%, 04/26/23^(c)		200		210,056
China Overseas Finance Cayman VIII Co., 2.75%, 03/02/30		200		198,632
China Overseas Finance Cayman VIII Ltd., 3.45%, 07/15/29^(c)		250		261,837
China Resources Land Ltd., 3.75%, 08/26/24^(c)		400		425,592
China SCE Group Holdings Ltd., 7.25%, 04/19/23 (Call 07/19/21)^(c)		400		380,976
CIFI Holdings Group Co. Ltd.
6.00%, 07/16/25 (Call 01/14/23)^(c)		200		189,052
6.55%, 03/28/24 (Call 03/28/22)^(c)		200		198,688
Country Garden Holdings Co. Ltd.
4.75%, 01/17/23 (Call 01/17/21)^(c)		250		245,140


74		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate (continued)
4.75%, 09/28/23 (Call 09/28/20)^(c)	$	400	$	389,460
5.13%, 01/17/25 (Call 01/17/22)^(c)		200		192,206
6.15%, 09/17/25 (Call 09/17/23)^(c)		400		400,976
6.50%, 04/08/24 (Call 04/08/22)^(c)		200		202,506
7.25%, 04/04/21 (Call 05/28/20)^(c)		200		201,780
8.00%, 01/27/24 (Call 09/27/21)^(c)		200		211,722
Dar Al-Arkan Sukuk Co. Ltd., 6.88%, 03/21/23^(c)		200		181,122
Easy Tactic Ltd.
5.75%, 01/13/22 (Call 01/13/21)^(c)		250		227,913
8.13%, 02/27/23 (Call 02/27/21)^(c)		200		180,306
Ezdan Sukuk Co. Ltd., 4.38%, 05/18/21^(c)		200		163,370
Five Point Operating Co. LP/Five Point Capital Corp.,
7.88%, 11/15/25 (Call 05/15/20)^(b)		100		96,671
Franshion Brilliant Ltd., 4.25%, 07/23/29^(c)		200		189,652
GLP Pte Ltd., 3.88%, 06/04/25^(c)		200		184,234
Greenland Global Investment Ltd., 5.88%, 07/03/24^(c)		450		406,764
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 06/01/20)^(b)		100		90,891
Hongkong Land Finance Cayman Islands Co. Ltd. (The),
4.63%, 01/16/24^(c)		400		434,316
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 09/15/20)^(b)		175		169,523
Hunt Companies Inc., 6.25%, 02/15/26 (Call 08/15/20)^(b)		135		114,750
Kaisa Group Holdings Ltd.
9.38%, 06/30/24 (Call 06/30/21)^(c)		400		343,796
10.50%, 01/15/25 (Call 01/15/23)^(c)		400		351,964
11.25%, 04/09/22 (Call 04/09/21)^(c)		400		395,180
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 10/01/20)		182		173,968
KWG Group Holdings Ltd., 7.88%, 09/01/23 (Call 09/01/21)^(c)		600		594,078
Leading Affluence Ltd., 4.50%, 01/24/23^(c)		250		258,497
Longfor Group Holdings Ltd., 3.95%, 09/16/29^(c)		600		580,734
MAF Global Securities Ltd., 4.75%, 05/07/24^(c)		200		191,712
MAF Sukuk Ltd.
4.50%, 11/03/25^(c)		200		187,432
4.64%, 05/14/29^(c)		200		184,908
Mitsui Fudosan Co. Ltd., 2.95%, 01/23/23 (Call 07/23/20)^(b)		200		204,288
Nan Fung Treasury Ltd., 5.00%, 09/05/28^(c)		200		210,796
Newmark Group Inc., 6.13%, 11/15/23 (Call 05/15/20)		100		92,274
Ontario Teachers’ Cadillac Fairview Properties Trust
3.13%, 03/20/22 (Call 09/20/20)^(b)		413		415,767
4.13%, 02/01/29 (Call 08/01/20)^(b)		5		5,349
Poly Real Estate Finance Ltd.
3.95%, 02/05/23^(c)		200		203,470
4.75%, 09/17/23^(c)		200		209,802
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 06/01/20)^(b)		100		76,036
5.25%, 12/01/21 (Call 06/01/20)^(b)		75		62,945
9.38%, 04/01/27 (Call 10/01/20)^(b)(d)		100		69,916
Ronshine China Holdings Ltd., 8.75%, 10/25/22 (Call 04/25/21)^(c)		400		399,480
Scenery Journey Ltd.
11.50%, 10/24/22 (Call 07/24/22)^(c)		200		178,036
12.00%, 10/24/23 (Call 10/24/21)^(c)		400		349,084
13.75%, 11/06/23 (Call 11/06/21)^(c)		200		184,198
Shimao Property Holdings Ltd.
5.60%, 07/15/26 (Call 07/15/23)^(c)		400		401,748
6.13%, 02/21/24 (Call 02/21/22)^(c)		400		413,900


Security	Par (000)		Value

Real Estate (continued)
Shui On Development Holding Ltd., 6.40%, (Call 06/15/22)^(a)(c)(g)	$	300	$	276,285
Sinochem Offshore Capital Co. Ltd., 3.12%, 05/24/22^(c)		200		204,390
Sinochem Overseas Capital Co. Ltd., 6.30%, 11/12/40^(b)		300		418,719
Sino-Ocean Land Treasure Finance I Ltd., 6.00%, 07/30/24^(c)		200		206,186
Sino-Ocean Land Treasure IV Ltd.
3.06%, 07/31/21, (3 mo. LIBOR US +2.3%)^(c)(f)		200		197,252
4.75%, 08/05/29 (Call 05/05/29)^(c)		250		232,540
5.25%, 04/30/22 (Call 04/01/22)^(c)		200		201,036
Sun Hung Kai Properties Capital Market Ltd.
2.88%, 01/21/30^(c)		200		205,048
3.63%, 01/16/23^(c)		200		208,140
Sunac China Holdings Ltd.
7.95%, 08/08/22 (Call 08/08/20)^(c)		200		199,884
7.95%, 10/11/23 (Call 10/11/21)^(c)		200		196,976
8.35%, 04/19/23 (Call 04/19/21)^(c)		400		399,856
Swire Properties MTN Financing Ltd., 3.63%, 01/13/26^(c)		600		642,438
Vanke Real Estate Hong Kong Co. Ltd.
3.23%, 05/25/23, (3 mo. LIBOR US + 1.550%)^(c)(f)		400		391,412
3.50%, 11/12/29^(c)		200		197,496
5.35%, 03/11/24^(c)		400		432,776
Wanda Group Overseas Ltd., 7.50%, 07/24/22^(c)		300		258,267
Westwood Group Holdings Ltd., 4.88%, 04/19/21^(c)		200		202,374
WeWork Companies Inc., 7.88%, 05/01/25^(b)(d)		125		52,026
Wharf REIC Finance BVI Ltd., 3.50%, 01/17/28^(c)		250		266,755
Yuzhou Properties Co. Ltd.
7.38%, 01/13/26 (Call 01/13/24)^(c)		300		245,799
8.50%, 02/04/23 (Call 02/04/22)^(c)		200		193,874

				22,614,154

Real Estate Investment Trusts — 1.0%
Alexandria Real Estate Equities Inc.
2.75%, 12/15/29 (Call 06/15/20)		135		135,058
3.38%, 08/15/31 (Call 08/15/20)		60		63,789
3.45%, 04/30/25 (Call 10/30/20)		200		213,304
3.80%, 04/15/26 (Call 10/15/20)		140		149,426
3.95%, 01/15/28 (Call 07/15/20)		10		10,742
4.00%, 01/15/24 (Call 07/15/20)		260		279,250
4.00%, 02/01/50 (Call 08/01/20)		160		182,146
4.30%, 01/15/26 (Call 07/15/20)		68		73,770
4.50%, 07/30/29 (Call 07/30/20)		200		225,372
American Campus Communities Operating Partnership LP
2.85%, 02/01/30 (Call 08/01/20)		305		278,904
3.30%, 07/15/26 (Call 07/15/20)		180		177,754
3.63%, 11/15/27 (Call 05/15/20)		105		103,658
4.13%, 07/01/24 (Call 07/01/20)		17		17,259
American Homes 4 Rent LP
4.25%, 02/15/28 (Call 08/15/20)		160		159,162
4.90%, 02/15/29 (Call 08/15/20)		10		10,239
American Tower Corp.
2.25%, 01/15/22		60		60,832
2.40%, 03/15/25 (Call 09/15/20)		240		247,591
2.75%, 01/15/27 (Call 07/15/20)		174		180,301
2.90%, 01/15/30 (Call 07/15/20)		240		252,888
2.95%, 01/15/25 (Call 07/15/20)		55		57,966
3.00%, 06/15/23		90		94,087
3.13%, 01/15/27 (Call 07/15/20)		165		174,619
3.38%, 05/15/24 (Call 05/15/20)		15		15,979
3.38%, 10/15/26 (Call 10/15/20)		114		123,147
3.45%, 09/15/21		150		154,354


SCHEDULE OF INVESTMENTS			75

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.50%, 01/31/23	$	320	$	338,134
3.55%, 07/15/27 (Call 07/15/20)		164		178,443
3.60%, 01/15/28 (Call 07/15/20)		245		267,045
3.70%, 10/15/49 (Call 10/15/20)		85		93,962
3.80%, 08/15/29 (Call 08/15/20)		375		419,569
3.95%, 03/15/29 (Call 09/15/20)		25		28,135
4.00%, 06/01/25 (Call 06/01/20)		370		407,233
4.40%, 02/15/26 (Call 08/15/20)		55		61,910
4.70%, 03/15/22		25		26,546
5.00%, 02/15/24		125		139,874
AvalonBay Communities Inc.
2.30%, 03/01/30 (Call 09/01/20)		7		6,924
2.90%, 10/15/26 (Call 10/15/20)		70		72,778
2.95%, 05/11/26 (Call 05/15/20)		165		169,386
3.20%, 01/15/28 (Call 07/15/20)		28		29,554
3.30%, 06/01/29 (Call 06/01/20)		192		205,158
3.35%, 05/15/27 (Call 05/15/20)		70		74,668
3.45%, 06/01/25 (Call 06/01/20)		114		121,688
3.90%, 10/15/46 (Call 10/15/20)		245		274,594
4.35%, 04/15/48 (Call 10/15/20)		5		6,154
Boston Properties LP
2.75%, 10/01/26 (Call 10/01/20)		330		329,947
2.90%, 03/15/30 (Call 09/15/20)		68		66,473
3.13%, 09/01/23 (Call 09/01/20)		235		241,979
3.20%, 01/15/25 (Call 07/15/20)		125		131,361
3.40%, 06/21/29 (Call 06/21/20)		169		175,277
3.65%, 02/01/26 (Call 08/01/20)		262		273,499
3.80%, 02/01/24 (Call 08/01/20)		144		150,552
3.85%, 02/01/23 (Call 08/01/20)		228		240,944
4.13%, 05/15/21 (Call 05/15/20)		74		75,225
4.50%, 12/01/28 (Call 06/01/20)		95		107,703
Brandywine Operating Partnership LP
3.95%, 11/15/27 (Call 05/15/20)		180		184,898
4.10%, 10/01/24 (Call 10/01/20)		50		50,873
4.55%, 10/01/29 (Call 10/01/20)		22		23,482
Brixmor Operating Partnership LP
3.25%, 09/15/23 (Call 09/15/20)		25		24,244
3.65%, 06/15/24 (Call 06/15/20)		100		99,420
3.85%, 02/01/25 (Call 08/01/20)		60		60,320
3.88%, 08/15/22 (Call 08/15/20)		86		86,895
3.90%, 03/15/27 (Call 09/15/20)		160		157,923
4.13%, 06/15/26 (Call 06/15/20)		175		178,248
4.13%, 05/15/29 (Call 05/15/20)		110		110,288
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/20)^(b)		140		111,959
Camden Property Trust
3.15%, 07/01/29 (Call 07/01/20)		100		105,919
3.35%, 11/01/49 (Call 05/01/20)		145		151,506
3.50%, 09/15/24 (Call 09/15/20)		100		103,486
4.10%, 10/15/28 (Call 10/15/20)		27		30,044
CBL & Associates LP
4.60%, 10/15/24 (Call 10/15/20)^(d)		110		29,306
5.25%, 12/01/23 (Call 06/01/20)^(d)		75		20,338
5.95%, 12/15/26 (Call 06/15/20)^(d)		100		27,972
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		360		381,949
Columbia Property Trust Operating Partnership LP, 3.65%, 08/15/26 (Call 08/15/20)		115		114,060


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
CoreCivic Inc.
4.63%, 05/01/23 (Call 05/01/20)	$	50	$	47,714
4.75%, 10/15/27 (Call 10/15/20)		50		41,720
5.00%, 10/15/22 (Call 10/15/20)		75		72,625
Corporate Office Properties LP, 5.00%, 07/01/25 (Call 07/01/20)		190		198,696
Crown Castle International Corp.
2.25%, 09/01/21 (Call 09/01/20)		187		188,823
3.10%, 11/15/29 (Call 05/15/20)		7		7,440
3.15%, 07/15/23 (Call 07/15/20)		150		157,036
3.20%, 09/01/24 (Call 09/01/20)		76		80,816
3.65%, 09/01/27 (Call 09/01/20)		265		288,929
3.70%, 06/15/26 (Call 06/15/20)		179		195,117
3.80%, 02/15/28 (Call 08/15/20)		95		104,619
4.00%, 03/01/27 (Call 09/01/20)		102		113,016
4.00%, 11/15/49 (Call 05/15/20)		164		186,240
4.30%, 02/15/29 (Call 08/15/20)		280		321,387
4.45%, 02/15/26 (Call 08/15/20)		84		94,217
4.75%, 05/15/47 (Call 05/15/20)		140		170,834
4.88%, 04/15/22		213		226,811
5.20%, 02/15/49 (Call 08/15/20)		65		84,599
5.25%, 01/15/23		221		241,343
CTR Partnership LP/CareTrust Capital Corp., 5.25%, 06/01/25 (Call 06/01/20)		75		74,889
CubeSmart LP
3.00%, 02/15/30 (Call 08/15/20)		20		19,542
3.13%, 09/01/26 (Call 09/01/20)		250		250,500
4.38%, 12/15/23 (Call 06/15/20)		5		5,401
4.38%, 02/15/29 (Call 08/15/20)		50		54,871
CyrusOne LP/CyrusOne Finance Corp.
2.90%, 11/15/24 (Call 05/15/20)		130		128,827
3.45%, 11/15/29 (Call 05/15/20)		230		219,908
Digital Realty Trust LP
3.60%, 07/01/29 (Call 07/01/20)		110		118,214
3.63%, 10/01/22 (Call 10/01/20)		100		102,942
3.70%, 08/15/27 (Call 08/15/20)		225		240,716
3.95%, 07/01/22 (Call 07/01/20)		270		282,984
4.45%, 07/15/28 (Call 07/15/20)		130		146,558
4.75%, 10/01/25 (Call 10/01/20)		79		86,052
Diversified Healthcare Trust, 4.75%, 02/15/28 (Call 08/15/20)		155		133,405
Duke Realty LP
2.88%, 11/15/29 (Call 05/15/20)		30		31,185
3.38%, 12/15/27 (Call 06/15/20)		215		229,545
4.00%, 09/15/28 (Call 09/15/20)		55		61,117
EPR Properties
3.75%, 08/15/29 (Call 08/15/20)		190		152,912
4.50%, 06/01/27 (Call 06/01/20)		140		117,384
4.75%, 12/15/26 (Call 06/15/20)		80		67,647
4.95%, 04/15/28 (Call 10/15/20)		35		29,794
Equinix Inc.
2.63%, 11/18/24 (Call 05/18/20)		66		68,241
2.90%, 11/18/26 (Call 05/18/20)		451		460,872
3.20%, 11/18/29 (Call 05/18/20)		9		9,408
5.38%, 05/15/27 (Call 05/15/20)		225		241,774
5.88%, 01/15/26 (Call 07/15/20)		210		219,645
ERP Operating LP
2.50%, 02/15/30 (Call 08/15/20)		55		55,615
2.85%, 11/01/26 (Call 05/01/20)		89		93,916
3.00%, 04/15/23 (Call 10/15/20)		15		15,501


76		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.00%, 07/01/29 (Call 07/01/20)	$	150	$	157,041
3.25%, 08/01/27 (Call 08/01/20)		50		52,593
3.50%, 03/01/28 (Call 09/01/20)		15		16,064
4.00%, 08/01/47 (Call 08/01/20)		18		20,600
4.15%, 12/01/28 (Call 06/01/20)		440		498,586
4.50%, 07/01/44 (Call 07/01/20)		175		214,938
4.50%, 06/01/45 (Call 06/01/20)		125		152,735
4.63%, 12/15/21 (Call 06/15/20)		196		203,217
ESH Hospitality Inc.
4.63%, 10/01/27 (Call 10/01/20)^(b)		125		113,130
5.25%, 05/01/25 (Call 05/01/20)^(b)		200		187,956
Essex Portfolio LP
2.65%, 03/15/32 (Call 09/15/20)		54		51,828
3.00%, 01/15/30 (Call 07/15/20)		110		111,034
3.25%, 05/01/23 (Call 05/01/20)		105		104,562
3.38%, 04/15/26 (Call 10/15/20)		13		13,691
3.50%, 04/01/25 (Call 10/01/20)		52		53,903
3.63%, 05/01/27 (Call 05/01/20)		5		5,304
3.88%, 05/01/24 (Call 05/01/20)		260		271,196
4.00%, 03/01/29 (Call 09/01/20)		185		201,791
4.50%, 03/15/48 (Call 09/15/20)		90		101,833
Federal Realty Investment Trust
3.20%, 06/15/29 (Call 06/15/20)		105		106,939
3.25%, 07/15/27 (Call 07/15/20)		120		121,006
4.50%, 12/01/44 (Call 06/01/20)		130		142,540
Felcor Lodging LP, 6.00%, 06/01/25 (Call 06/01/20)		75		71,261
GEO Group Inc. (The)
5.13%, 04/01/23 (Call 10/01/20)		50		41,773
5.88%, 01/15/22 (Call 07/15/20)		59		54,858
5.88%, 10/15/24 (Call 10/15/20)		50		39,870
6.00%, 04/15/26 (Call 10/15/20)		75		56,255
GLP Capital LP/GLP Financing II Inc.
3.35%, 09/01/24 (Call 09/01/20)		75		69,230
4.00%, 01/15/30 (Call 07/15/20)		95		84,089
5.25%, 06/01/25 (Call 06/01/20)		92		90,384
5.30%, 01/15/29 (Call 07/15/20)		70		67,201
5.38%, 11/01/23 (Call 05/01/20)		100		97,456
5.38%, 04/15/26 (Call 10/15/20)		415		413,431
5.75%, 06/01/28 (Call 06/01/20)		125		123,136
Goodman U.S. Finance Three LLC, 3.70%, 03/15/28 (Call 09/15/20)^(b)		377		419,612
HAT Holdings I LLC/HAT Holdings II LLC
5.25%, 07/15/24 (Call 07/15/20)^(b)		100		99,498
6.00%, 04/15/25 (Call 10/15/20)^(b)		60		59,979
Healthcare Realty Trust Inc., 3.63%, 01/15/28 (Call 07/15/20)		55		54,658
Healthcare Trust of America Holdings LP
3.10%, 02/15/30 (Call 08/15/20)		100		93,086
3.50%, 08/01/26 (Call 08/01/20)		133		133,045
3.75%, 07/01/27 (Call 07/01/20)		120		117,972
Healthpeak Properties Inc.
3.00%, 01/15/30 (Call 07/15/20)		199		192,509
3.25%, 07/15/26 (Call 07/15/20)		75		75,326
3.40%, 02/01/25 (Call 08/01/20)		125		128,468
3.50%, 07/15/29 (Call 07/15/20)		60		59,878
3.88%, 08/15/24 (Call 08/15/20)		140		144,907
4.00%, 06/01/25 (Call 06/01/20)		150		156,931
4.20%, 03/01/24 (Call 09/01/20)		25		26,011
4.25%, 11/15/23 (Call 05/15/20)		57		59,245
6.75%, 02/01/41 (Call 08/01/20)		130		173,394


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Highwoods Realty LP
3.05%, 02/15/30 (Call 08/15/20)	$	320	$	302,051
4.13%, 03/15/28 (Call 09/15/20)		50		51,941
4.20%, 04/15/29 (Call 10/15/20)		110		114,598
Host Hotels & Resorts LP
3.88%, 04/01/24 (Call 05/15/20)		120		118,061
Series C, 4.75%, 03/01/23 (Call 09/01/20)		23		23,082
Series E, 4.00%, 06/15/25 (Call 06/15/20)		300		289,815
Series F, 4.50%, 02/01/26 (Call 08/01/20)		80		76,700
Hudson Pacific Properties LP
3.25%, 01/15/30 (Call 07/15/20)		125		113,843
3.95%, 11/01/27 (Call 05/01/20)		39		38,731
4.65%, 04/01/29 (Call 10/01/20)		64		65,174
Iron Mountain Inc.
4.38%, 06/01/21 (Call 06/01/20)^(b)		40		39,976
4.88%, 09/15/27 (Call 09/15/20)^(b)		225		220,439
4.88%, 09/15/29 (Call 09/15/20)^(b)		185		177,112
5.25%, 03/15/28 (Call 09/15/20)^(b)		200		195,784
5.75%, 08/15/24 (Call 08/15/20)		126		124,323
6.00%, 08/15/23 (Call 08/15/20)		100		101,184
Iron Mountain U.S. Holdings Inc., 5.38%, 06/01/26 (Call 06/01/20)^(b)		50		49,867
iStar Inc.
4.25%, 08/01/25 (Call 08/01/20)		100		81,044
4.75%, 10/01/24 (Call 10/01/20)		100		82,989
5.25%, 09/15/22 (Call 09/15/20)		125		113,821
Kilroy Realty LP
3.05%, 02/15/30 (Call 08/15/20)		115		107,338
3.45%, 12/15/24 (Call 06/15/20)		55		56,487
3.80%, 01/15/23 (Call 07/15/20)		100		101,569
4.25%, 08/15/29 (Call 08/15/20)		120		122,047
4.38%, 10/01/25 (Call 10/01/20)		9		9,246
4.75%, 12/15/28 (Call 06/15/20)		90		95,270
Kimco Realty Corp.
2.80%, 10/01/26 (Call 10/01/20)		135		128,949
3.20%, 05/01/21 (Call 05/01/20)		75		75,230
3.30%, 02/01/25 (Call 08/01/20)		90		89,897
3.70%, 10/01/49 (Call 10/01/20)		115		97,857
3.80%, 04/01/27 (Call 10/01/20)		105		106,687
4.13%, 12/01/46 (Call 06/01/20)		5		4,579
4.25%, 04/01/45 (Call 10/01/20)		115		104,406
4.45%, 09/01/47 (Call 09/01/20)		130		125,844
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 08/01/20)^(b)		130		92,953
5.25%, 03/15/22 (Call 09/15/20)^(b)		95		78,840
5.25%, 10/01/25 (Call 10/01/20)^(b)		120		87,296
5.88%, 08/01/21 (Call 08/01/20)^(b)		18		16,100
Life Storage LP
3.88%, 12/15/27 (Call 06/15/20)		200		204,484
4.00%, 06/15/29 (Call 06/15/20)		110		114,176
Lifestorage LP/CA, 3.50%, 07/01/26 (Call 07/01/20)		56		56,876
Mack-Cali Realty LP
3.15%, 05/15/23 (Call 02/15/23)		100		83,038
4.50%, 04/18/22 (Call 10/15/20)		25		21,163
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 09/01/20)		80		77,488
4.50%, 01/15/28 (Call 07/15/20)		75		70,769
5.63%, 05/01/24 (Call 05/01/20)		198		201,164


SCHEDULE OF INVESTMENTS			77

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
5.75%, 02/01/27 (Call 08/01/20)	$	115	$	116,516
Mid-America Apartments LP
2.75%, 03/15/30 (Call 09/15/20)		30		29,438
3.60%, 06/01/27 (Call 06/01/20)		37		39,163
3.75%, 06/15/24 (Call 06/15/20)		35		35,990
3.95%, 03/15/29 (Call 09/15/20)		120		130,687
4.00%, 11/15/25 (Call 05/15/20)		30		31,424
4.20%, 06/15/28 (Call 06/15/20)		442		482,823
4.30%, 10/15/23 (Call 10/15/20)		25		26,022
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29 (Call 08/01/20)		115		114,301
5.00%, 10/15/27 (Call 10/15/20)		170		173,357
5.25%, 08/01/26 (Call 08/01/20)		75		75,860
5.50%, 05/01/24 (Call 05/01/20)		58		58,506
6.38%, 03/01/24 (Call 09/01/20)		100		103,207
National Retail Properties Inc.
2.50%, 04/15/30 (Call 10/15/20)		6		5,245
3.10%, 04/15/50 (Call 10/15/20)		205		157,165
3.50%, 10/15/27 (Call 10/15/20)		35		34,204
3.60%, 12/15/26 (Call 06/15/20)		114		115,498
3.90%, 06/15/24 (Call 06/15/20)		27		27,727
4.30%, 10/15/28 (Call 10/15/20)		20		20,182
4.80%, 10/15/48 (Call 10/15/20)		38		38,229
Office Properties Income Trust
4.25%, 05/15/24 (Call 05/15/20)		210		202,467
4.50%, 02/01/25 (Call 08/01/20)		15		14,193
Omega Healthcare Investors Inc.
3.63%, 10/01/29 (Call 10/01/20)		150		134,344
4.38%, 08/01/23 (Call 08/01/20)		93		92,130
4.50%, 01/15/25 (Call 07/15/20)		10		9,845
4.50%, 04/01/27 (Call 10/01/20)		220		215,200
4.75%, 01/15/28 (Call 07/15/20)		80		77,415
4.95%, 04/01/24 (Call 10/01/20)		105		106,454
5.25%, 01/15/26 (Call 07/15/20)		115		115,797
Physicians Realty LP, 3.95%, 01/15/28 (Call 07/15/20)		45		41,807
Prologis LP
2.13%, 04/15/27 (Call 10/15/20)		30		30,312
2.25%, 04/15/30 (Call 10/15/20)		246		247,547
3.00%, 04/15/50 (Call 10/15/20)		104		105,176
3.75%, 11/01/25 (Call 05/01/20)		331		366,950
4.25%, 08/15/23 (Call 08/15/20)		125		136,092
4.38%, 02/01/29 (Call 08/01/20)		305		351,641
4.38%, 09/15/48 (Call 09/15/20)		5		6,139
Public Storage
2.37%, 09/15/22 (Call 09/15/20)		105		107,573
3.09%, 09/15/27 (Call 09/15/20)		230		241,636
3.39%, 05/01/29 (Call 05/01/20)		50		53,707
Rayonier Inc., 3.75%, 04/01/22 (Call 10/01/20)		15		14,789
Realty Income Corp.
3.00%, 01/15/27 (Call 07/15/20)		76		76,876
3.25%, 10/15/22 (Call 10/15/20)		152		156,195
3.25%, 06/15/29 (Call 06/15/20)		180		185,954
3.65%, 01/15/28 (Call 07/15/20)		125		130,824
3.88%, 07/15/24 (Call 07/15/20)		55		57,399
3.88%, 04/15/25 (Call 10/15/20)		55		58,315
4.13%, 10/15/26 (Call 10/15/20)		200		217,068
4.65%, 08/01/23 (Call 08/01/20)		116		123,411
4.65%, 03/15/47 (Call 09/15/20)		15		16,545
Regency Centers LP 2.95%, 09/15/29 (Call 09/15/20)		125		123,099


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.60%, 02/01/27 (Call 08/01/20)	$	155	$	160,086
4.40%, 02/01/47 (Call 08/01/20)		30		31,920
4.65%, 03/15/49 (Call 09/15/20)		110		119,583
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/23 (Call 10/15/20)		50		46,675
Ryman Hospitality Properties Inc., 4.75%, 10/15/27 (Call 10/15/20)^(b)		125		109,256
Sabra Health Care LP
3.90%, 10/15/29 (Call 10/15/20)		120		107,848
4.80%, 06/01/24 (Call 06/01/20)		120		116,598
5.13%, 08/15/26 (Call 08/15/20)		97		94,013
SBA Communications Corp.
3.88%, 02/15/27 (Call 08/15/20)^(b)		160		163,301
4.00%, 10/01/22 (Call 10/01/20)		275		276,675
4.88%, 09/01/24 (Call 09/01/20)		125		128,862
Scentre Group Trust 1/Scentre Group Trust 2, 3.50%, 02/12/25 (Call 08/12/20)^(b)		190		192,145
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/20)		80		61,481
4.35%, 10/01/24 (Call 10/01/20)		181		151,863
4.38%, 02/15/30 (Call 08/15/20)		35		26,873
4.50%, 06/15/23 (Call 06/15/20)		55		47,381
4.50%, 03/15/25 (Call 09/15/20)		130		105,903
4.75%, 10/01/26 (Call 10/01/20)		93		76,300
4.95%, 10/01/29 (Call 10/01/20)		154		119,747
5.00%, 08/15/22 (Call 08/15/20)		123		112,514
5.25%, 02/15/26 (Call 08/15/20)		60		49,687
Simon Property Group LP
2.00%, 09/13/24 (Call 09/13/20)		220		207,409
2.35%, 01/30/22 (Call 07/30/20)		393		392,414
2.45%, 09/13/29 (Call 09/13/20)		261		234,736
2.50%, 07/15/21 (Call 07/15/20)		85		84,892
2.63%, 06/15/22 (Call 06/15/20)		270		267,975
2.75%, 02/01/23 (Call 08/01/20)		225		222,667
2.75%, 06/01/23 (Call 06/01/20)		10		9,878
3.25%, 09/13/49 (Call 09/13/20)		65		53,613
3.30%, 01/15/26 (Call 07/15/20)		395		389,450
3.38%, 10/01/24 (Call 10/01/20)		261		258,387
3.38%, 06/15/27 (Call 06/15/20)		114		110,430
3.38%, 12/01/27 (Call 06/01/20)		8		7,780
3.50%, 09/01/25 (Call 09/01/20)		65		65,441
3.75%, 02/01/24 (Call 08/01/20)		195		196,987
4.25%, 11/30/46 (Call 05/30/20)		25		24,505
4.75%, 03/15/42 (Call 09/15/20)		19		19,598
6.75%, 02/01/40 (Call 08/01/20)		179		228,868
SITE Centers Corp., 3.63%, 02/01/25 (Call 08/01/20)		240		236,117
SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 10/15/20)		205		205,838
SL Green Realty Corp., 4.50%, 12/01/22 (Call 06/01/20)^(d)		240		247,483
Spirit Realty LP
3.20%, 01/15/27 (Call 07/15/20)		125		110,468
3.40%, 01/15/30 (Call 07/15/20)		105		87,008
4.00%, 07/15/29 (Call 07/15/20)		50		44,165
4.45%, 09/15/26 (Call 09/15/20)		80		78,708
Starwood Property Trust Inc.
3.63%, 02/01/21 (Call 08/01/20)		85		81,401
4.75%, 03/15/25 (Call 09/15/20)		110		94,200
5.00%, 12/15/21 (Call 06/15/20)		110		103,994


78		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
STORE Capital Corp.
4.50%, 03/15/28 (Call 09/15/20)	$	78	$	76,045
4.63%, 03/15/29 (Call 09/15/20)		65		63,491
Tanger Properties LP
3.13%, 09/01/26 (Call 09/01/20)		115		97,124
3.88%, 07/15/27 (Call 07/15/20)		85		77,314
Trust Fibra Uno
5.25%, 01/30/26 (Call 10/30/25)^(c)		200		183,492
6.39%, 01/15/50 (Call 07/28/49)^(c)		200		177,872
UDR Inc.
2.95%, 09/01/26 (Call 09/01/20)		105		103,361
3.00%, 08/15/31 (Call 08/15/20)		120		120,926
3.10%, 11/01/34 (Call 05/01/20)		20		20,209
3.20%, 01/15/30 (Call 07/15/20)		200		206,530
3.50%, 07/01/27 (Call 07/01/20)		50		52,024
3.50%, 01/15/28 (Call 07/15/20)		50		52,068
4.40%, 01/26/29 (Call 07/26/20)		20		22,150
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
7.13%, 12/15/24 (Call 06/15/20)^(b)(d)		90		69,728
7.88%, 02/15/25 (Call 08/15/20)^(b)		415		398,749
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 10/15/20)^(b)(d)		100		93,594
8.25%, 10/15/23 (Call 10/15/20)^(d)		150		124,643
Ventas Realty LP
2.65%, 01/15/25 (Call 07/15/20)		60		57,030
3.00%, 01/15/30 (Call 07/15/20)		105		96,156
3.10%, 01/15/23 (Call 07/15/20)		50		49,713
3.13%, 06/15/23 (Call 06/15/20)		235		231,390
3.25%, 10/15/26 (Call 10/15/20)		145		140,736
3.50%, 04/15/24 (Call 10/15/20)		170		168,009
3.50%, 02/01/25 (Call 08/01/20)		140		139,779
3.75%, 05/01/24 (Call 05/01/20)		15		15,036
3.85%, 04/01/27 (Call 10/01/20)		145		142,957
4.00%, 03/01/28 (Call 09/01/20)		94		93,196
4.13%, 01/15/26 (Call 07/15/20)		110		110,890
4.38%, 02/01/45 (Call 08/01/20)		10		8,727
4.40%, 01/15/29 (Call 07/15/20)		60		61,090
4.88%, 04/15/49 (Call 10/15/20)		95		91,268
5.70%, 09/30/43 (Call 09/30/20)		15		15,958
Ventas Realty LP/Ventas Capital Corp., 3.25%, 08/15/22
(Call 08/15/20)		129		129,533
VEREIT Operating Partnership LP
3.10%, 12/15/29 (Call 06/15/20)		40		34,294
3.95%, 08/15/27 (Call 08/15/20)		170		159,859
4.60%, 02/06/24 (Call 08/06/20)		247		246,014
4.63%, 11/01/25 (Call 05/01/20)		90		88,862
4.88%, 06/01/26 (Call 06/01/20)		123		123,664
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 08/15/20)^(b)		105		99,472
3.75%, 02/15/27 (Call 08/15/20)^(b)		100		92,934
4.13%, 08/15/30 (Call 08/15/20)^(b)		145		131,982
4.25%, 12/01/26 (Call 06/01/20)^(b)		190		177,859
4.63%, 12/01/29 (Call 06/01/20)^(b)		180		167,506
Vornado Realty LP, 3.50%, 01/15/25 (Call 07/15/20)		165		155,839
Washington Prime Group LP, 6.45%, 08/15/24 (Call 08/15/20)^(d)		200		107,640
WEA Finance LLC
2.88%, 01/15/27 (Call 07/15/20)^(b)		220		201,760
3.50%, 06/15/29 (Call 06/15/20)^(b)		150		136,951
4.13%, 09/20/28 (Call 09/20/20)^(b)		110		106,556


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
WEA Finance LLC/Westfield UK & Europe Finance PLC
3.75%, 09/17/24 (Call 09/17/20)^(b)	$	345	$	345,245
4.75%, 09/17/44 (Call 09/17/20)^(b)		15		13,802
Welltower Inc.
3.10%, 01/15/30 (Call 07/15/20)		125		118,849
3.63%, 03/15/24 (Call 09/15/20)		118		119,605
3.75%, 03/15/23 (Call 09/15/20)		89		90,307
3.95%, 09/01/23 (Call 09/01/20)		70		72,064
4.00%, 06/01/25 (Call 06/01/20)		342		351,856
4.13%, 03/15/29 (Call 09/15/20)		105		110,173
4.25%, 04/01/26 (Call 10/01/20)		66		68,975
4.25%, 04/15/28 (Call 10/15/20)		150		154,533
4.50%, 01/15/24 (Call 07/15/20)		113		118,071
4.95%, 09/01/48 (Call 09/01/20)		105		116,650
6.50%, 03/15/41 (Call 09/15/20)		85		105,076
Weyerhaeuser Co.
4.00%, 11/15/29 (Call 05/15/20)		180		192,884
4.63%, 09/15/23		119		127,618
4.70%, 03/15/21 (Call 09/15/20)		5		5,169
6.95%, 10/01/27		20		24,644
7.38%, 03/15/32		360		478,966
WP Carey Inc.
3.85%, 07/15/29 (Call 07/15/20)		55		53,862
4.60%, 04/01/24 (Call 10/01/20)		255		265,633

				48,018,556

Retail — 0.9%
1011778 BC ULC/New Red Finance Inc.
3.88%, 01/15/28 (Call 09/15/20)^(b)		145		140,508
4.25%, 05/15/24 (Call 07/15/20)^(b)		150		150,169
4.38%, 01/15/28 (Call 05/15/20)^(b)		150		145,536
5.00%, 10/15/25 (Call 10/15/20)^(b)		440		441,712
5.75%, 04/15/25 (Call 10/15/20)^(b)		20		21,075
AAG FH LP/AAG FH Finco Inc., 9.75%, 07/15/24 (Call 07/15/20)^(b)		32		28,018
Advance Auto Parts Inc., 4.50%, 12/01/23 (Call 06/01/20)		67		70,550
Alimentation Couche-Tard Inc.
2.70%, 07/26/22 (Call 07/26/20)^(b)		100		100,624
2.95%, 01/25/30 (Call 07/25/20)^(b)		200		195,884
3.55%, 07/26/27 (Call 07/26/20)^(b)		264		268,261
3.80%, 01/25/50 (Call 07/25/20)^(b)		185		173,116
4.50%, 07/26/47 (Call 07/26/20)^(b)		35		36,114
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 09/01/20)^(b)		53		44,454
4.75%, 03/01/30 (Call 09/01/20)^(b)		53		44,354
AutoNation Inc.
3.50%, 11/15/24 (Call 05/15/20)		80		77,368
3.80%, 11/15/27 (Call 05/15/20)		65		61,506
4.50%, 10/01/25 (Call 10/01/20)		170		170,297
AutoZone Inc.
3.13%, 07/15/23 (Call 07/15/20)		25		25,867
3.13%, 04/18/24 (Call 10/18/20)		125		130,027
3.13%, 04/21/26 (Call 10/21/20)		76		78,216
3.25%, 04/15/25 (Call 10/15/20)		45		47,419
3.75%, 06/01/27 (Call 06/01/20)		225		238,837
3.75%, 04/18/29 (Call 10/18/20)		135		142,231
Beacon Roofing Supply Inc.
4.50%, 11/15/26 (Call 05/15/20)^(b)		75		71,620
4.88%, 11/01/25 (Call 05/01/20)^(b)		200		176,462
Bed Bath & Beyond Inc. 3.75%, 08/01/24 (Call 08/01/20)		125		77,336


SCHEDULE OF INVESTMENTS			79

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
4.92%, 08/01/34 (Call 08/01/20)^(d)	$	35	$	16,876
5.17%, 08/01/44 (Call 08/01/20)		175		75,817
Best Buy Co. Inc., 4.45%, 10/01/28 (Call 10/01/20)		115		121,641
Brinker International Inc.
3.88%, 05/15/23		100		75,074
5.00%, 10/01/24 (Call 10/01/20)^(b)		50		42,078
Burlington Coat Factory Warehouse Corp., 6.25%, 04/15/25 (Call 10/15/20)^(b)		50		50,860
Carvana Co., 8.88%, 10/01/23 (Call 10/01/20)^(b)		110		107,705
CEC Entertainment Inc., 8.00%, 02/15/22 (Call 05/29/20)		50		3,491
Costco Wholesale Corp.
2.15%, 05/18/21 (Call 05/18/20)		378		384,543
2.30%, 05/18/22 (Call 05/18/20)		30		30,991
2.75%, 05/18/24 (Call 05/18/20)		137		147,278
3.00%, 05/18/27 (Call 05/18/20)		35		38,823
Darden Restaurants Inc.
3.85%, 05/01/27 (Call 05/01/20)		302		290,914
4.55%, 02/15/48 (Call 08/15/20)		60		54,778
Dollar General Corp.
3.25%, 04/15/23 (Call 10/15/20)		275		291,010
3.88%, 04/15/27 (Call 10/15/20)		130		142,912
4.13%, 05/01/28 (Call 05/01/20)		105		118,649
4.15%, 11/01/25 (Call 05/01/20)		75		82,828
Dollar Tree Inc.
3.70%, 05/15/23 (Call 05/15/20)		72		75,501
4.00%, 05/15/25 (Call 05/15/20)		54		58,277
4.20%, 05/15/28 (Call 05/15/20)		10		10,745
DriveTime Automotive Group Inc./Bridgecrest Acceptance Corp., 8.00%, 06/01/21 (Call 06/01/20)^(b)		50		45,131
eG Global Finance PLC
6.75%, 02/07/25 (Call 05/15/20)^(b)		200		180,770
8.50%, 10/30/25 (Call 10/30/20)^(b)		200		192,184
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/29/20)		75		60,344
6.75%, 01/15/22 (Call 05/29/20)^(d)		45		35,885
6.75%, 06/15/23 (Call 06/15/20)^(d)		68		54,382
10.00%, 04/15/25 (Call 10/15/20)^(b)		25		26,460
FirstCash Inc., 5.38%, 06/01/24 (Call 06/01/20)^(b)		75		73,998
Gap Inc. (The)
5.95%, 04/12/21 (Call 10/12/20)		200		205,506
8.38%, 05/15/23^(b)		45		46,900
8.63%, 05/15/25 (Call 11/15/20)^(b)		120		123,900
8.88%, 05/15/27 (Call 11/15/20)^(b)		165		170,630
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/20)^(b)		200		157,642
8.75%, 10/01/25 (Call 10/01/20)^(b)		100		57,707
Group 1 Automotive Inc., 5.00%, 06/01/22 (Call 06/01/20)		50		48,116
Guitar Center Inc., 9.50%, 10/15/21 (Call 10/15/20)^(b)(j)		100		68,764
Home Depot Inc. (The)
2.50%, 04/15/27 (Call 10/15/20)		400		422,436
2.63%, 06/01/22 (Call 06/01/20)		379		394,255
2.70%, 04/01/23 (Call 10/01/20)		400		422,568
2.70%, 04/15/30 (Call 10/15/20)		190		203,199
2.80%, 09/14/27 (Call 09/14/20)		313		339,377
2.95%, 06/15/29 (Call 06/15/20)		355		385,828
3.00%, 04/01/26 (Call 10/01/20)		220		241,459
3.13%, 12/15/49 (Call 06/15/20)		400		427,776
3.25%, 03/01/22		50		52,447
3.30%, 04/15/40 (Call 10/15/20)		500		546,275
3.35%, 09/15/25 (Call 09/15/20)		249		276,851


Security	Par (000)		Value

Retail (continued)
3.35%, 04/15/50 (Call 10/15/20)	$	685	$	759,062
3.50%, 09/15/56 (Call 09/15/20)		140		158,350
3.75%, 02/15/24 (Call 08/15/20)		66		72,638
3.90%, 12/06/28 (Call 06/06/20)		235		273,152
3.90%, 06/15/47 (Call 06/15/20)		183		214,480
4.20%, 04/01/43 (Call 10/01/20)		208		251,380
4.25%, 04/01/46 (Call 10/01/20)		285		355,788
4.40%, 03/15/45 (Call 09/15/20)		315		397,773
4.50%, 12/06/48 (Call 06/06/20)		113		146,979
4.88%, 02/15/44 (Call 08/15/20)		78		103,798
5.40%, 09/15/40 (Call 09/15/20)		33		45,645
5.88%, 12/16/36		340		490,042
5.95%, 04/01/41 (Call 10/01/20)		42		62,443
IRB Holding Corp., 6.75%, 02/15/26 (Call 10/15/20)^(b)		70		58,351
JC Penney Corp. Inc.
5.88%, 07/01/23 (Call 07/01/20)^(b)		100		46,912
6.38%, 10/15/36^(d)(j)		25		1,370
7.40%, 04/01/37		25		1,223
7.63%, 03/01/97		25		754
8.63%, 03/15/25 (Call 09/15/20)^(b)		25		2,043
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/20)^(b)		150		155,017
5.00%, 06/01/24 (Call 06/01/20)^(b)		120		123,782
5.25%, 06/01/26 (Call 06/01/20)^(b)		225		230,609
KGA Escrow LLC, 7.50%, 08/15/23 (Call 08/15/20)^(b)		60		54,608
Kohl’s Corp.
3.25%, 02/01/23 (Call 08/01/20)		5		4,538
4.25%, 07/17/25 (Call 07/17/20)		110		96,665
5.55%, 07/17/45 (Call 07/17/20)		225		161,453
L Brands Inc.
5.25%, 02/01/28		100		71,819
5.63%, 02/15/22		125		109,975
5.63%, 10/15/23		100		81,337
6.63%, 04/01/21		85		77,105
6.69%, 01/15/27		75		52,653
6.75%, 07/01/36		125		91,250
6.88%, 11/01/35		175		129,640
6.95%, 03/01/33		75		42,733
7.50%, 06/15/29 (Call 06/15/20)		75		55,312
7.60%, 07/15/37		25		14,394
Lithia Motors Inc.
4.63%, 12/15/27 (Call 06/15/20)^(b)		50		47,260
5.25%, 08/01/25 (Call 08/01/20)^(b)		50		48,586
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 10/15/20)		330		343,589
3.10%, 05/03/27 (Call 05/03/20)		300		318,243
3.12%, 04/15/22 (Call 10/15/20)		60		61,873
3.13%, 09/15/24 (Call 09/15/20)		151		160,655
3.38%, 09/15/25 (Call 09/15/20)		200		216,988
3.65%, 04/05/29 (Call 10/05/20)		295		324,155
3.70%, 04/15/46 (Call 10/15/20)		237		257,581
4.05%, 05/03/47 (Call 05/03/20)		330		372,012
4.25%, 09/15/44 (Call 09/15/20)		65		73,153
4.38%, 09/15/45 (Call 09/15/20)		85		98,453
4.55%, 04/05/49 (Call 10/05/20)		160		193,579
4.65%, 04/15/42 (Call 10/15/20)		195		231,293
5.13%, 04/15/50 (Call 10/15/20)		250		326,380
5.50%, 10/15/35		10		12,882


80		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 08/15/20)	$	143	$	102,820
3.63%, 06/01/24 (Call 06/01/20)		165		116,931
3.88%, 01/15/22 (Call 07/15/20)		42		35,360
4.50%, 12/15/34 (Call 06/15/20)		70		40,081
5.13%, 01/15/42 (Call 07/15/20)		50		29,371
McDonald’s Corp.
2.63%, 01/15/22		75		76,931
2.63%, 09/01/29 (Call 09/01/20)		205		213,946
3.30%, 07/01/25 (Call 07/01/20)		45		49,077
3.35%, 04/01/23 (Call 10/01/20)		270		287,871
3.38%, 05/26/25 (Call 05/26/20)		181		197,433
3.50%, 03/01/27 (Call 09/01/20)		30		32,973
3.50%, 07/01/27 (Call 07/01/20)		600		661,458
3.60%, 07/01/30 (Call 07/01/20)		1,040		1,170,884
3.63%, 05/01/43		110		118,210
3.63%, 09/01/49 (Call 09/01/20)		185		202,573
3.70%, 01/30/26 (Call 07/30/20)		354		392,480
3.70%, 02/15/42		35		38,000
3.80%, 04/01/28 (Call 10/01/20)		370		415,525
4.20%, 04/01/50 (Call 10/01/20)		585		696,624
4.45%, 03/01/47 (Call 09/01/20)		6		7,310
4.45%, 09/01/48 (Call 09/01/20)		50		61,108
4.60%, 05/26/45 (Call 05/26/20)		50		60,070
4.70%, 12/09/35 (Call 06/09/20)		125		155,989
4.88%, 07/15/40		60		73,633
4.88%, 12/09/45 (Call 06/09/20)		561		703,483
5.70%, 02/01/39		25		33,038
6.30%, 10/15/37		110		152,459
6.30%, 03/01/38		125		176,442
Men’s Wearhouse Inc. (The), 7.00%, 07/01/22 (Call 07/01/20)		28		11,910
Michaels Stores Inc., 8.00%, 07/15/27 (Call 07/15/20)^(b)(d)		70		48,808
Murphy Oil USA Inc.
4.75%, 09/15/29 (Call 09/15/20)		50		51,565
5.63%, 05/01/27 (Call 05/01/20)		50		51,817
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa Borrower/NMG, 8.00%, 10/25/24 (Call 05/29/20)^(b)(j)		41		3,335
Nordstrom Inc.
4.38%, 04/01/30 (Call 10/01/20)		125		95,189
5.00%, 01/15/44 (Call 07/15/20)		145		101,338
6.95%, 03/15/28		90		84,086
O’Reilly Automotive Inc.
3.55%, 03/15/26 (Call 09/15/20)		25		26,310
3.60%, 09/01/27 (Call 09/01/20)		196		205,339
3.90%, 06/01/29 (Call 06/01/20)		300		321,462
4.35%, 06/01/28 (Call 06/01/20)		5		5,475
Party City Holdings Inc.
6.13%, 08/15/23 (Call 08/15/20)^(b)		25		2,184
6.63%, 08/01/26 (Call 08/01/20)^(b)		95		8,928
Penske Automotive Group Inc.
5.38%, 12/01/24 (Call 06/01/20)		25		23,296
5.50%, 05/15/26 (Call 05/15/20)		75		69,553
5.75%, 10/01/22 (Call 10/01/20)		115		111,256
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)^(b)		225		226,588
7.13%, 03/15/23 (Call 09/15/20)^(b)		275		263,263
8.88%, 06/01/25 (Call 06/01/20)^(b)		125		122,300


Security	Par (000)		Value

Retail (continued)
PriSo Acquisition Corp., 9.00%, 05/15/23 (Call 05/15/20)^(b)(d)	$	75	$	58,298
QVC Inc.
4.38%, 03/15/23		125		120,410
4.45%, 02/15/25 (Call 08/15/20)		56		51,304
4.75%, 02/15/27 (Call 08/15/20)		105		95,114
4.85%, 04/01/24		175		166,612
5.13%, 07/02/22		230		225,487
5.45%, 08/15/34 (Call 08/15/20)		55		43,239
Rite Aid Corp.
6.13%, 04/01/23 (Call 07/31/20)^(b)		239		218,331
7.50%, 07/01/25 (Call 07/01/20)^(b)		111		109,288
7.70%, 02/15/27		40		29,157
Ross Stores Inc., 5.45%, 04/15/50 (Call 10/15/20)		210		239,799
Sally Holdings LLC/Sally Capital Inc.
5.63%, 12/01/25 (Call 06/01/20)		125		103,190
8.75%, 04/30/25 (Call 10/30/20)^(b)		40		40,594
Sonic Automotive Inc., 6.13%, 03/15/27 (Call 09/15/20)		25		21,791
SRS Distribution Inc., 8.25%, 07/01/26 (Call 07/01/20)^(b)(d)		65		59,797
Staples Inc.
7.50%, 04/15/26 (Call 10/15/20)^(b)		300		234,633
10.75%, 04/15/27 (Call 10/15/20)^(b)		155		86,794
Starbucks Corp.
2.45%, 06/15/26 (Call 06/15/20)		145		149,331
3.10%, 03/01/23 (Call 09/01/20)		370		386,065
3.50%, 03/01/28 (Call 09/01/20)		215		232,505
3.55%, 08/15/29 (Call 08/15/20)		235		257,807
3.75%, 12/01/47 (Call 06/01/20)		140		149,009
3.80%, 08/15/25 (Call 08/15/20)		344		378,015
3.85%, 10/01/23 (Call 10/01/20)		233		250,631
4.00%, 11/15/28 (Call 05/15/20)		175		197,356
4.45%, 08/15/49 (Call 08/15/20)		250		298,770
4.50%, 11/15/48 (Call 05/15/20)		166		196,381
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/20)		25		24,318
5.88%, 03/01/27 (Call 09/01/20)		100		96,171
Superior Plus LP/Superior General Partner Inc., 7.00%, 07/15/26 (Call 07/15/20)^(b)		45		45,080
Target Corp.
2.25%, 04/15/25 (Call 10/15/20)		210		221,014
2.35%, 02/15/30 (Call 08/15/20)		184		193,642
2.50%, 04/15/26		200		216,134
2.65%, 09/15/30 (Call 09/15/20)		50		53,649
2.90%, 01/15/22		157		163,578
3.38%, 04/15/29 (Call 10/15/20)		165		186,610
3.50%, 07/01/24		480		532,411
3.63%, 04/15/46		425		509,600
3.90%, 11/15/47 (Call 05/15/20)		86		107,668
4.00%, 07/01/42		195		241,550
6.35%, 11/01/32		15		21,629
TJX Companies Inc. (The)
2.25%, 09/15/26 (Call 09/15/20)		275		278,718
2.50%, 05/15/23 (Call 05/15/20)		5		5,123
4.50%, 04/15/50 (Call 10/15/20)		260		319,995
Walgreen Co., 4.40%, 09/15/42		10		10,211
Walgreens Boots Alliance Inc.
3.30%, 11/18/21 (Call 05/18/20)		606		618,108
3.45%, 06/01/26 (Call 06/01/20)		275		287,493
3.80%, 11/18/24 (Call 05/18/20)^(d)		536		570,572


SCHEDULE OF INVESTMENTS			81

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
4.10%, 04/15/50 (Call 10/15/20)	$	155	$	152,621
4.50%, 11/18/34 (Call 05/18/20)		155		169,190
4.65%, 06/01/46 (Call 06/01/20)		92		96,257
4.80%, 11/18/44 (Call 05/18/20)		235		250,148
Walmart Inc.
2.35%, 12/15/22 (Call 06/15/20)		43		44,895
2.38%, 09/24/29 (Call 09/24/20)		290		311,573
2.55%, 04/11/23 (Call 10/11/20)		310		325,736
2.65%, 12/15/24 (Call 06/15/20)		183		196,524
2.85%, 07/08/24 (Call 07/08/20)		810		872,670
2.95%, 09/24/49 (Call 09/24/20)		255		287,484
3.05%, 07/08/26 (Call 07/08/20)		300		332,325
3.13%, 06/23/21		185		190,213
3.25%, 07/08/29 (Call 07/08/20)		335		382,567
3.30%, 04/22/24 (Call 10/22/20)		475		518,500
3.40%, 06/26/23 (Call 06/26/20)		270		292,040
3.55%, 06/26/25 (Call 06/26/20)		334		374,892
3.63%, 12/15/47 (Call 06/15/20)		195		239,723
3.70%, 06/26/28 (Call 06/26/20)		760		879,290
3.95%, 06/28/38 (Call 06/28/20)		530		657,582
4.00%, 04/11/43 (Call 10/11/20)		35		44,765
4.05%, 06/29/48 (Call 06/29/20)		410		535,587
4.30%, 04/22/44 (Call 10/22/20)		130		169,489
5.00%, 10/25/40		335		465,389
5.25%, 09/01/35		150		210,978
5.63%, 04/15/41		11		16,430
5.88%, 04/05/27		17		21,807
6.20%, 04/15/38		89		136,843
6.50%, 08/15/37		13		20,241
7.55%, 02/15/30		14		21,063
Yum! Brands Inc.
3.75%, 11/01/21 (Call 05/01/20)		25		25,316
3.88%, 11/01/20 (Call 05/01/20)		25		25,000
3.88%, 11/01/23 (Call 05/01/20)		50		50,679
4.75%, 01/15/30 (Call 07/15/20)^(b)		120		122,345
5.35%, 11/01/43 (Call 05/01/20)		75		71,221
6.88%, 11/15/37		100		102,178
7.75%, 04/01/25 (Call 10/01/20)^(b)		10		10,918

				44,584,440

Savings & Loans — 0.0%
Nationwide Building Society
3.77%, 03/08/24 (Call 09/08/20)^(a)(b)		215		222,596
3.90%, 07/21/25^(b)		5		5,422
3.96%, 07/18/30 (Call 07/18/20)^(a)(b)		305		329,592
4.00%, 09/14/26^(b)		10		10,328
4.13%, 10/18/32 (Call 10/18/20)^(a)(b)		270		274,887
4.30%, 03/08/29 (Call 09/08/20)^(a)(b)		245		268,559
4.36%, 08/01/24 (Call 08/01/20)^(a)(b)		200		211,728

				1,323,112

Semiconductors — 0.5%
Advanced Micro Devices Inc., 7.50%, 08/15/22		41		44,748
Amkor Technology Inc., 6.63%, 09/15/27 (Call 09/15/20)^(b)		100		103,430
Analog Devices Inc.
2.50%, 12/05/21 (Call 06/05/20)		10		10,094
3.13%, 12/05/23 (Call 06/05/20)		284		298,473
3.50%, 12/05/26 (Call 06/05/20)		245		265,127
3.90%, 12/15/25 (Call 06/15/20)		209		228,945
5.30%, 12/15/45 (Call 06/15/20)		120		159,320


Security	Par (000)		Value

Semiconductors (continued)
Applied Materials Inc.
3.30%, 04/01/27 (Call 10/01/20)	$	140	$	154,374
3.90%, 10/01/25 (Call 10/01/20)		198		222,584
4.30%, 06/15/21		31		32,241
4.35%, 04/01/47 (Call 10/01/20)		100		130,452
5.10%, 10/01/35 (Call 10/01/20)		49		67,629
5.85%, 06/15/41		80		116,222
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%, 01/15/23 (Call 07/15/20)		304		309,694
3.13%, 01/15/25 (Call 07/15/20)		245		252,441
3.50%, 01/15/28 (Call 07/15/20)		178		180,296
3.63%, 01/15/24 (Call 07/15/20)		1,417		1,481,148
3.88%, 01/15/27 (Call 07/15/20)		751		783,608
Broadcom Inc.
3.13%, 10/15/22^(b)		350		362,764
3.63%, 10/15/24 (Call 10/15/20)^(b)		65		68,483
4.25%, 04/15/26 (Call 10/15/20)^(b)		331		355,593
4.75%, 04/15/29 (Call 10/15/20)^(b)		95		104,813
5.00%, 04/15/30 (Call 10/15/20)^(b)		250		281,245
Entegris Inc.
4.38%, 04/15/28 (Call 10/15/20)^(b)		35		35,030
4.63%, 02/10/26 (Call 08/15/20)^(b)		75		75,633
Intel Corp.
1.70%, 05/19/21 (Call 05/19/20)		100		100,853
2.35%, 05/11/22 (Call 05/11/20)		15		15,477
2.45%, 11/15/29 (Call 05/15/20)		330		350,447
2.60%, 05/19/26 (Call 05/19/20)		50		53,624
2.70%, 12/15/22		65		68,360
2.88%, 05/11/24 (Call 05/11/20)		217		232,214
3.10%, 07/29/22		200		211,100
3.15%, 05/11/27 (Call 05/11/20)		350		385,581
3.25%, 11/15/49 (Call 05/15/20)		525		588,630
3.30%, 10/01/21		55		57,071
3.40%, 03/25/25 (Call 09/25/20)		600		663,546
3.70%, 07/29/25 (Call 07/29/20)		480		538,930
3.73%, 12/08/47 (Call 06/08/20)		736		885,055
3.75%, 03/25/27 (Call 09/25/20)		300		343,146
3.90%, 03/25/30 (Call 09/25/20)		500		593,585
4.00%, 12/15/32		112		137,390
4.10%, 05/19/46 (Call 05/19/20)		80		100,446
4.10%, 05/11/47 (Call 05/11/20)		115		145,619
4.25%, 12/15/42		5		6,297
4.75%, 03/25/50 (Call 09/25/20)		705		985,167
4.80%, 10/01/41		135		180,302
KLA Corp.
3.30%, 03/01/50 (Call 09/01/20)		282		279,676
4.10%, 03/15/29 (Call 09/15/20)		110		124,135
4.65%, 11/01/24 (Call 05/01/20)		210		233,673
5.00%, 03/15/49 (Call 09/15/20)		73		92,173
Lam Research Corp.
1.90%, 06/15/30		120		119,604
2.80%, 06/15/21 (Call 06/15/20)		20		20,381
2.88%, 05/15/50		110		109,671
3.13%, 06/15/60		40		39,880
3.75%, 03/15/26 (Call 09/15/20)		33		36,900
3.80%, 03/15/25 (Call 09/15/20)		210		231,063
4.00%, 03/15/29 (Call 09/15/20)		120		140,108
4.88%, 03/15/49 (Call 09/15/20)		73		98,419
Marvell Technology Group Ltd., 4.20%, 06/22/23 (Call 06/22/20)		35		36,218


82		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors (continued)
Maxim Integrated Products Inc., 3.45%, 06/15/27 (Call 06/15/20)	$	45	$	47,243
Microchip Technology Inc.
3.92%, 06/01/21		850		863,319
4.33%, 06/01/23 (Call 06/01/20)		280		290,763
Micron Technology Inc.
4.19%, 02/15/27 (Call 08/15/20)		213		226,681
4.64%, 02/06/24 (Call 08/06/20)		153		164,700
4.66%, 02/15/30 (Call 08/15/20)		105		116,794
4.98%, 02/06/26 (Call 08/06/20)		109		120,192
5.33%, 02/06/29 (Call 08/06/20)		177		202,120
NVIDIA Corp.
2.20%, 09/16/21 (Call 09/16/20)		162		165,131
2.85%, 04/01/30 (Call 10/01/20)		560		610,394
3.20%, 09/16/26 (Call 09/16/20)		250		276,102
3.50%, 04/01/40 (Call 10/01/20)		295		331,444
3.50%, 04/01/50 (Call 10/01/20)		905		1,038,578
3.70%, 04/01/60 (Call 10/01/20)		65		76,864
NXP BV/NXP Funding LLC
4.13%, 06/01/21^(b)		430		439,198
4.63%, 06/01/23^(b)		680		724,832
4.88%, 03/01/24 (Call 09/01/20)^(b)		15		16,264
5.35%, 03/01/26 (Call 09/01/20)^(b)		253		284,795
5.55%, 12/01/28 (Call 06/01/20)^(b)		202		232,496
NXP BV/NXP Funding LLC/NXP USA Inc.
2.70%, 05/01/25^(b)		45		45,491
3.40%, 05/01/30^(b)		70		70,148
3.88%, 06/18/26 (Call 06/18/20)^(b)		35		36,904
4.30%, 06/18/29 (Call 06/18/20)^(b)		55		58,418
Qorvo Inc.
4.38%, 10/15/29 (Call 10/15/20)^(b)		165		164,640
5.50%, 07/15/26 (Call 07/15/20)		100		104,946
QUALCOMM Inc.
2.60%, 01/30/23 (Call 07/30/20)		555		578,660
2.90%, 05/20/24 (Call 05/20/20)		201		214,381
3.00%, 05/20/22		125		130,217
3.25%, 05/20/27 (Call 05/20/20)		460		502,279
3.45%, 05/20/25 (Call 05/20/20)		270		296,646
4.30%, 05/20/47 (Call 05/20/20)		105		127,428
4.65%, 05/20/35 (Call 05/20/20)		170		216,611
4.80%, 05/20/45 (Call 05/20/20)		440		569,224
Texas Instruments Inc.
1.38%, 03/12/25 (Call 09/12/20)		45		45,527
1.85%, 05/15/22 (Call 05/15/20)		5		5,109
2.25%, 09/04/29 (Call 09/04/20)		70		73,176
2.90%, 11/03/27 (Call 05/03/20)		286		313,098
3.88%, 03/15/39 (Call 09/15/20)		250		302,065
4.15%, 05/15/48 (Call 05/15/20)		77		97,668
Xilinx Inc., 2.95%, 06/01/24 (Call 06/01/20)		80		84,130

				24,593,804

Shipbuilding — 0.0%
Huntington Ingalls Industries Inc.
3.48%, 12/01/27 (Call 06/01/20)		155		159,944
5.00%, 11/15/25 (Call 05/15/20)^(b)		280		287,868

				447,812

Software — 0.8%
ACI Worldwide Inc., 5.75%, 08/15/26 (Call 08/15/20)^(b)		60		60,121
Activision Blizzard Inc.
2.30%, 09/15/21 (Call 09/15/20)		192		194,809


Security	Par (000)		Value

Software (continued)
2.60%, 06/15/22 (Call 06/15/20)	$	1	$	1,025
3.40%, 09/15/26 (Call 09/15/20)		365		404,588
4.50%, 06/15/47 (Call 06/15/20)		63		79,565
Adobe Inc.
1.70%, 02/01/23		65		66,730
1.90%, 02/01/25 (Call 08/01/20)		85		88,998
2.15%, 02/01/27 (Call 08/01/20)		222		232,769
2.30%, 02/01/30 (Call 08/01/20)		945		993,894
3.25%, 02/01/25 (Call 08/01/20)		257		282,754
Ascend Learning LLC, 6.88%, 08/01/25 (Call 08/01/20)^(b)		55		54,598
Autodesk Inc.
2.85%, 01/15/30 (Call 07/15/20)		85		88,732
3.50%, 06/15/27 (Call 06/15/20)		135		148,136
3.60%, 12/15/22 (Call 06/15/20)		25		25,939
4.38%, 06/15/25 (Call 06/15/20)		195		214,709
Broadridge Financial Solutions Inc.
2.90%, 12/01/29 (Call 06/01/20)		282		291,190
3.40%, 06/27/26 (Call 06/27/20)		55		58,525
CA Inc.
3.60%, 08/15/22 (Call 08/15/20)		195		197,709
4.70%, 03/15/27 (Call 09/15/20)		175		181,849
Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 10/15/20)		25		27,193
Camelot Finance SA, 4.50%, 11/01/26 (Call 05/01/20)^(b)		40		39,956
Castle U.S. Holding Crop., 9.50%, 02/15/28 (Call 08/15/20)^(b)		50		46,881
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/20)		50		49,860
5.00%, 10/15/24 (Call 10/15/20)		100		104,014
5.25%, 05/15/29 (Call 09/15/20)^(b)		75		76,460
5.88%, 06/15/26 (Call 06/15/20)		70		73,293
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 09/01/20)^(b)		180		178,020
Citrix Systems Inc.
3.30%, 03/01/30 (Call 09/01/20)		7		7,124
4.50%, 12/01/27 (Call 06/01/20)		135		150,381
Donnelley Financial Solutions Inc., 8.25%, 10/15/24 (Call 10/15/20)^(d)		60		55,852
Dun & Bradstreet Corp./The
6.88%, 08/15/26 (Call 08/15/20)^(b)		125		132,003
10.25%, 02/15/27 (Call 08/15/20)^(b)(d)		135		147,780
Electronic Arts Inc., 4.80%, 03/01/26 (Call 09/01/20)		81		93,879
Fair Isaac Corp.
4.00%, 06/15/28 (Call 06/15/20)^(b)		65		64,464
5.25%, 05/15/26 (Call 05/15/20)^(b)		55		56,630
Fidelity National Information Services Inc.
3.00%, 08/15/26 (Call 08/15/20)		240		255,355
3.50%, 04/15/23 (Call 10/15/20)		70		74,169
3.75%, 05/21/29 (Call 05/21/20)		50		56,142
3.88%, 06/05/24 (Call 06/05/20)		25		27,006
Series 10Y, 4.25%, 05/15/28 (Call 05/15/20)		30		34,035
Fiserv Inc.
2.75%, 07/01/24 (Call 07/01/20)		255		267,918
3.20%, 07/01/26 (Call 07/01/20)		194		207,888
3.50%, 07/01/29 (Call 07/01/20)		330		360,802
3.80%, 10/01/23 (Call 10/01/20)		505		545,834
3.85%, 06/01/25 (Call 06/01/20)		410		449,093
4.20%, 10/01/28 (Call 10/01/20)		75		85,186
4.40%, 07/01/49 (Call 07/01/20)		280		339,786
4.75%, 06/15/21		30		31,079


SCHEDULE OF INVESTMENTS			83

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
Genesys Telecommunications Laboratories Inc./Greeneden Lux 3 Sarl/Greeneden U.S. Ho, 10.00%, 11/30/24 (Call 05/30/20)^(b)	$	105	$	110,500
Granite Merger Sub 2 Inc., 11.00%, 07/15/27 (Call 07/15/20)^(b)		75		72,813
Infor U.S. Inc., 6.50%, 05/15/22 (Call 05/15/20)		250		250,242
j2 Cloud Services LLC/j2 Global Co-Obligor Inc., 6.00%, 07/15/25 (Call 07/15/20)^(b)		115		116,647
Microsoft Corp.
1.55%, 08/08/21 (Call 08/08/20)		245		248,080
2.00%, 08/08/23 (Call 08/08/20)		115		120,060
2.38%, 02/12/22 (Call 08/12/20)		100		103,143
2.38%, 05/01/23 (Call 05/01/20)		545		571,225
2.40%, 02/06/22 (Call 08/06/20)		135		138,806
2.40%, 08/08/26 (Call 08/08/20)		425		457,661
2.65%, 11/03/22 (Call 05/03/20)		383		401,621
2.70%, 02/12/25 (Call 08/12/20)		115		124,730
2.88%, 02/06/24 (Call 08/06/20)		758		815,396
3.13%, 11/03/25 (Call 05/03/20)		327		364,448
3.30%, 02/06/27 (Call 08/06/20)		855		968,647
3.45%, 08/08/36 (Call 08/08/20)		575		670,013
3.50%, 02/12/35 (Call 08/12/20)		130		155,459
3.50%, 11/15/42		107		126,399
3.63%, 12/15/23 (Call 06/15/20)		205		226,168
3.70%, 08/08/46 (Call 08/08/20)		569		704,803
3.75%, 05/01/43 (Call 05/01/20)		150		181,345
3.75%, 02/12/45 (Call 08/12/20)		555		680,008
3.95%, 08/08/56 (Call 08/08/20)		173		225,540
4.00%, 02/12/55 (Call 08/12/20)		630		824,223
4.10%, 02/06/37 (Call 08/06/20)		330		411,385
4.20%, 11/03/35 (Call 05/03/20)		321		411,907
4.25%, 02/06/47 (Call 08/06/20)		305		407,547
4.45%, 11/03/45 (Call 05/03/20)		633		859,152
4.50%, 10/01/40		176		232,934
4.50%, 02/06/57 (Call 08/06/20)		207		297,616
4.75%, 11/03/55 (Call 05/03/20)		445		653,224
4.88%, 12/15/43 (Call 06/15/20)		160		223,765
5.20%, 06/01/39		28		39,624
5.30%, 02/08/41		62		89,703
MSCI Inc.
3.63%, 09/01/30 (Call 09/01/20)^(b)		55		55,593
4.00%, 11/15/29 (Call 05/15/20)^(b)		150		156,747
4.75%, 08/01/26 (Call 08/01/20)^(b)		75		78,374
5.38%, 05/15/27 (Call 05/15/20)^(b)		150		161,879
5.75%, 08/15/25 (Call 08/15/20)^(b)		100		104,586
Nuance Communications Inc., 5.63%, 12/15/26 (Call 06/15/20)		100		105,545
Open Text Corp.
3.88%, 02/15/28 (Call 08/15/20)^(b)		160		156,211
5.88%, 06/01/26 (Call 06/01/20)^(b)		145		152,201
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 08/15/20)^(b)		160		155,682
Oracle Corp.
1.90%, 09/15/21 (Call 09/15/20)		1,735		1,757,833
2.40%, 09/15/23 (Call 09/15/20)		316		330,558
2.50%, 05/15/22 (Call 05/15/20)		840		864,175
2.50%, 10/15/22		325		337,187
2.50%, 04/01/25 (Call 10/01/20)		300		316,473
2.63%, 02/15/23 (Call 08/15/20)		255		266,546
2.65%, 07/15/26 (Call 07/15/20)		610		649,345


Security	Par (000)		Value

Software (continued)
2.80%, 07/08/21	$	30	$	30,674
2.95%, 11/15/24 (Call 05/15/20)		290		310,941
2.95%, 05/15/25 (Call 05/15/20)		237		254,156
2.95%, 04/01/30 (Call 10/01/20)		505		550,536
3.25%, 11/15/27 (Call 05/15/20)		85		93,576
3.25%, 05/15/30 (Call 05/15/20)		16		17,915
3.40%, 07/08/24 (Call 07/08/20)		15		16,245
3.60%, 04/01/40 (Call 10/01/20)		505		569,387
3.60%, 04/01/50 (Call 10/01/20)		955		1,084,202
3.63%, 07/15/23		210		227,426
3.80%, 11/15/37 (Call 05/15/20)		360		410,461
3.85%, 07/15/36 (Call 07/15/20)		314		362,827
3.85%, 04/01/60 (Call 10/01/20)		750		867,877
3.90%, 05/15/35 (Call 05/15/20)		225		265,468
4.00%, 07/15/46 (Call 07/15/20)		384		454,714
4.00%, 11/15/47 (Call 05/15/20)		793		944,051
4.13%, 05/15/45 (Call 05/15/20)		105		125,374
4.30%, 07/08/34 (Call 07/08/20)		288		352,676
4.38%, 05/15/55 (Call 05/15/20)		175		221,438
4.50%, 07/08/44 (Call 07/08/20)		220		277,059
5.38%, 07/15/40		220		301,178
6.13%, 07/08/39		180		263,583
6.50%, 04/15/38		247		373,948
PTC Inc.
3.63%, 02/15/25 (Call 08/15/20)^(b)		50		49,290
4.00%, 02/15/28 (Call 08/15/20)^(b)		45		44,071
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 05/15/20)^(b)(d)		225		222,284
Riverbed Technology Inc., 8.88%, 03/01/23 (Call 05/29/20)^(b)		75		45,419
salesforce.com Inc.
3.25%, 04/11/23 (Call 10/11/20)		125		133,266
3.70%, 04/11/28 (Call 10/11/20)		356		405,687
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 09/01/20)^(b)		350		348,208
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 09/30/20)^(b)		345		354,253
Veritas U.S. Inc./Veritas Bermuda Ltd., 10.50%, 02/01/24 (Call 08/01/20)^(b)(d)		200		178,508
VMware Inc.
2.95%, 08/21/22 (Call 08/21/20)		195		197,866
3.90%, 08/21/27 (Call 08/21/20)		76		77,785
4.70%, 05/15/30 (Call 11/15/20)		250		267,245

				36,338,086

Storage & Warehousing — 0.0%
LBC Tank Terminals Holding Netherlands BV, 6.88%, 05/15/23 (Call 05/15/20)^(b)		200		195,014


Telecommunications — 1.6%
Altice France Holding SA
6.00%, 02/15/28 (Call 08/15/20)^(b)		200		182,370
10.50%, 05/15/27 (Call 05/15/20)^(b)		200		215,970
Altice France SA/France
5.50%, 01/15/28 (Call 10/15/20)^(b)		200		201,546
7.38%, 05/01/26 (Call 07/15/20)^(b)		800		836,528
8.13%, 02/01/27 (Call 08/01/20)^(b)		300		323,262
America Movil SAB de CV
3.63%, 04/22/29 (Call 10/22/20)		235		250,830
4.38%, 04/22/49 (Call 10/22/20)		235		270,781
6.13%, 11/15/37		325		432,533


84		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
6.38%, 03/01/35	$	130	$	178,110
AT&T Inc.
2.95%, 07/15/26 (Call 07/15/20)		280		291,032
3.00%, 02/15/22		141		144,958
3.00%, 06/30/22 (Call 06/30/20)		915		941,965
3.20%, 03/01/22 (Call 09/01/20)		187		193,797
3.40%, 06/15/22		275		286,407
3.40%, 05/15/25 (Call 05/15/20)		736		781,750
3.55%, 06/01/24 (Call 06/01/20)		345		365,320
3.60%, 02/17/23 (Call 08/17/20)		180		189,432
3.60%, 07/15/25 (Call 07/15/20)		326		349,322
3.80%, 03/15/22		517		539,753
3.80%, 03/01/24 (Call 09/01/20)		215		229,970
3.80%, 02/15/27 (Call 08/15/20)		283		305,244
3.88%, 08/15/21		101		104,202
3.88%, 01/15/26 (Call 07/15/20)		300		324,765
3.90%, 03/11/24 (Call 09/11/20)		298		319,688
3.95%, 01/15/25 (Call 07/15/20)		210		227,487
4.00%, 01/15/22		2		2,086
4.10%, 02/15/28 (Call 08/15/20)		411		452,840
4.13%, 02/17/26 (Call 08/17/20)		350		384,583
4.25%, 03/01/27 (Call 09/01/20)		465		513,323
4.30%, 02/15/30 (Call 08/15/20)		296		333,382
4.30%, 12/15/42 (Call 06/15/20)		300		324,738
4.35%, 03/01/29 (Call 09/01/20)		330		371,587
4.35%, 06/15/45 (Call 06/15/20)		480		527,669
4.45%, 05/15/21		90		92,793
4.45%, 04/01/24 (Call 10/01/20)		252		274,791
4.50%, 05/15/35 (Call 05/15/20)		1,364		1,526,657
4.50%, 03/09/48 (Call 09/09/20)		850		972,689
4.55%, 03/09/49 (Call 09/09/20)		359		412,031
4.65%, 06/01/44 (Call 06/01/20)		304		341,444
4.75%, 05/15/46 (Call 05/15/20)		440		507,672
4.80%, 06/15/44 (Call 06/15/20)		250		287,045
4.85%, 03/01/39 (Call 09/01/20)		328		379,142
4.85%, 07/15/45 (Call 07/15/20)		190		217,656
4.90%, 08/15/37 (Call 08/14/20)		171		197,712
4.90%, 06/15/42		214		246,751
5.15%, 03/15/42		130		155,714
5.15%, 11/15/46 (Call 05/15/20)		391		469,509
5.15%, 02/15/50 (Call 08/14/20)		249		308,464
5.25%, 03/01/37 (Call 09/01/20)		296		351,837
5.30%, 08/15/58 (Call 08/14/20)		200		252,820
5.35%, 09/01/40		228		275,467
5.38%, 10/15/41		100		116,576
5.45%, 03/01/47 (Call 09/01/20)		257		325,719
5.55%, 08/15/41		70		85,549
5.65%, 02/15/47 (Call 08/15/20)		275		349,979
5.70%, 03/01/57 (Call 09/01/20)		230		301,891
6.00%, 08/15/40 (Call 08/15/20)		176		230,196
6.25%, 03/29/41		125		160,775
6.30%, 01/15/38		4		5,298
6.35%, 03/15/40		240		320,520
6.38%, 03/01/41		175		235,774
6.55%, 02/15/39		25		34,270
Bell Canada Inc.
4.30%, 07/29/49 (Call 07/29/20)		120		141,353
4.46%, 04/01/48 (Call 10/01/20)		161		201,712
Bharti Airtel International Netherlands BV, 5.35%, 05/20/24^(c)		200		206,216


Security	Par (000)		Value

Telecommunications (continued)
Bharti Airtel Ltd., 4.38%, 06/10/25^(c)	$	300	$	299,100
British Telecommunications PLC
3.25%, 11/08/29 (Call 05/08/20)^(b)		225		228,476
4.25%, 11/08/49 (Call 05/08/20)^(b)		5		5,440
4.50%, 12/04/23 (Call 06/04/20)		200		217,274
5.13%, 12/04/28 (Call 06/04/20)		25		28,888
9.63%, 12/15/30		350		535,328
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 07/15/20)^(b)		200		198,272
CenturyLink Inc.
4.00%, 02/15/27 (Call 08/15/20)^(b)		235		229,955
5.13%, 12/15/26 (Call 08/15/20)^(b)		265		253,581
5.63%, 04/01/25 (Call 10/01/20)		119		119,681
Series G, 6.88%, 01/15/28		95		96,838
Series P, 7.60%, 09/15/39		100		102,232
Series S, 6.45%, 06/15/21		200		204,422
Series T, 5.80%, 03/15/22		246		252,202
Series U, 7.65%, 03/15/42		100		101,172
Series W, 6.75%, 12/01/23		100		105,312
Series Y, 7.50%, 04/01/24 (Call 10/01/20)		150		162,705
Cincinnati Bell Inc.
7.00%, 07/15/24 (Call 07/15/20)^(b)		100		101,031
8.00%, 10/15/25 (Call 10/15/20)^(b)		75		75,835
Cisco Systems Inc.
1.85%, 09/20/21 (Call 09/20/20)		155		157,582
2.20%, 09/20/23 (Call 09/20/20)		260		271,599
2.50%, 09/20/26 (Call 09/20/20)		218		236,515
2.60%, 02/28/23		100		105,149
2.95%, 02/28/26		360		397,436
3.00%, 06/15/22		15		15,795
3.50%, 06/15/25		9		10,113
3.63%, 03/04/24		115		127,252
5.50%, 01/15/40		355		512,751
5.90%, 02/15/39		230		340,099
Colombia Telecomunicaciones SA ESP, 5.38%, 09/27/22 (Call 09/27/20)^(c)		200		197,748
CommScope Inc.
5.00%, 06/15/21 (Call 05/11/20)^(b)		8		7,869
5.50%, 03/01/24 (Call 09/01/20)^(b)		152		152,002
5.50%, 06/15/24 (Call 06/15/20)^(b)		150		134,760
6.00%, 03/01/26 (Call 09/01/20)^(b)		220		220,462
8.25%, 03/01/27 (Call 09/01/20)^(b)(d)		160		153,494
CommScope Technologies LLC
5.00%, 03/15/27 (Call 09/15/20)^(b)		125		107,459
6.00%, 06/15/25 (Call 06/15/20)^(b)		250		222,642
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/20)^(b)		300		287,337
Consolidated Communications Inc., 6.50%, 10/01/22 (Call 10/01/20)		100		90,666
Corning Inc.
2.90%, 05/15/22 (Call 05/15/20)		150		153,983
3.90%, 11/15/49 (Call 05/15/20)		240		254,470
4.38%, 11/15/57 (Call 05/15/20)		135		147,208
4.70%, 03/15/37		11		12,742
4.75%, 03/15/42		89		101,476
5.35%, 11/15/48 (Call 05/15/20)		55		71,853
5.45%, 11/15/79 (Call 05/15/20)		68		76,919
5.75%, 08/15/40		120		148,278
5.85%, 11/15/68 (Call 05/15/20)		130		153,929
Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/20)^(b)		675		738,936


SCHEDULE OF INVESTMENTS			85

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
Deutsche Telekom International Finance BV
3.60%, 01/19/27 (Call 07/19/20)^(b)	$	15	$	16,272
4.38%, 06/21/28 (Call 06/21/20)^(b)		275		316,272
8.75%, 06/15/30		571		844,155
9.25%, 06/01/32		160		248,843
Digicel Group One Ltd., 8.25%, 12/30/22 (Call 09/30/20)^(c)(j)		327		192,708
Digicel Group Two Ltd., 8.25%, 09/30/22 (Call 09/30/20)^(c)(j)		98		3,031
Digicel Ltd., 6.00%, 04/15/21 (Call 05/28/20)^(c)(j)		250		150,720
Embarq Corp., 8.00%, 06/01/36		240		250,810
Empresa Nacional de Telecomunicaciones SA, 4.88%, 10/30/24^(c)		200		204,530
Frontier Communications Corp.
8.00%, 04/01/27 (Call 10/01/20)^(b)(j)		325		331,588
8.50%, 04/01/26 (Call 10/01/20)^(b)(j)		235		217,112
Frontier Florida LLC, Series E, 6.86%, 02/01/28		50		43,241
Gogo Intermediate Holdings LLC/Gogo Finance Co. Inc., 9.88%, 05/01/24 (Call 05/01/20)^(b)		170		139,303
GTH Finance BV, 7.25%, 04/26/23 (Call 01/26/23)^(c)		200		219,020
GTT Communications Inc., 7.88%, 12/31/24 (Call 06/30/20)^(b)		75		44,925
HC2 Holdings Inc., 11.50%, 12/01/21 (Call 06/01/20)^(b)		83		72,148
HKT Capital No. 4 Ltd., 3.00%, 07/14/26^(c)		200		201,720
Hughes Satellite Systems Corp.
5.25%, 08/01/26		122		128,626
6.63%, 08/01/26		125		133,328
7.63%, 06/15/21		100		103,815
Intelsat Connect Finance SA, 9.50%, 02/15/23 (Call 06/15/20)^(b)(d)		86		16,527
Intelsat Jackson Holdings SA
8.00%, 02/15/24 (Call 08/15/20)^(b)		175		178,432
8.50%, 10/15/24 (Call 10/15/20)^(b)(j)		150		86,940
9.50%, 09/30/22^(b)		75		83,267
9.75%, 07/15/25 (Call 07/15/20)^(b)		150		86,766
Intrado Corp., 8.50%, 10/15/25 (Call 10/15/20)^(b)		200		139,660
Juniper Networks Inc.
3.75%, 08/15/29 (Call 08/15/20)^(d)		107		113,372
4.35%, 06/15/25 (Call 06/15/20)		57		59,727
4.50%, 03/15/24		192		205,899
5.95%, 03/15/41		194		224,254
Koninklijke KPN NV, 8.38%, 10/01/30		5		6,934
Level 3 Financing Inc.
3.40%, 03/01/27 (Call 09/01/20)^(b)		77		77,316
4.63%, 09/15/27 (Call 09/15/20)^(b)		195		195,191
5.13%, 05/01/23 (Call 09/01/20)		100		100,054
5.25%, 03/15/26 (Call 10/15/20)		80		82,262
5.38%, 08/15/22 (Call 05/29/20)		105		105,050
5.38%, 01/15/24 (Call 07/15/20)		94		94,682
5.38%, 05/01/25 (Call 09/01/20)		125		126,876
5.63%, 02/01/23 (Call 05/29/20)		90		90,114
Liquid Telecommunications Financing PLC, 8.50%, 07/13/22 (Call 07/13/20)^(c)		200		170,712
Millicom International Cellular SA
5.13%, 01/15/28 (Call 07/15/20)^(b)		200		185,976
6.25%, 03/25/29 (Call 03/25/24)^(c)		200		195,916
Motorola Solutions Inc.
3.50%, 03/01/23		5		5,134
3.75%, 05/15/22		335		346,618
4.00%, 09/01/24		80		85,350


Security	Par (000)		Value

Telecommunications (continued)
4.60%, 02/23/28 (Call 08/23/20)	$	180	$	199,634
4.60%, 05/23/29 (Call 05/23/20)		210		238,906
5.50%, 09/01/44		125		133,599
MTN Mauritius Investment Ltd., 4.76%, 11/11/24^(c)		400		368,440
Nokia of America Corp., 6.45%, 03/15/29^(d)		25		25,076
Nokia OYJ
3.38%, 06/12/22		65		65,605
4.38%, 06/12/27		100		101,209
6.63%, 05/15/39		125		133,769
Ooredoo International Finance Ltd.
3.25%, 02/21/23^(b)		400		409,548
4.50%, 01/31/43^(b)(d)		200		226,022
Orange SA
4.13%, 09/14/21		131		137,071
5.38%, 01/13/42		135		183,616
5.50%, 02/06/44 (Call 08/06/20)		135		187,757
9.00%, 03/01/31		236		373,925
Oztel Holdings SPC Ltd.
5.63%, 10/24/23^(c)		200		183,832
6.63%, 04/24/28^(c)		250		213,972
PCCW-HKT Capital No. 5 Ltd., 3.75%, 03/08/23^(c)		200		206,882
Plantronics Inc., 5.50%, 05/31/23 (Call 05/15/20)^(b)		75		60,177
Proven Glory Capital Ltd., 4.00%, 02/21/27^(c)		400		400,048
Proven Honour Capital Ltd., 4.13%, 05/06/26^(c)		200		203,218
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25 (Call 05/15/20)^(b)		75		75,482
Qwest Corp.
6.75%, 12/01/21		150		156,741
7.25%, 09/15/25		25		26,252
Rogers Communications Inc.
2.90%, 11/15/26 (Call 05/15/20)		65		69,939
3.00%, 03/15/23 (Call 09/15/20)		25		26,209
3.63%, 12/15/25 (Call 06/15/20)		180		199,865
3.70%, 11/15/49 (Call 05/15/20)		115		124,525
4.10%, 10/01/23 (Call 10/01/20)		318		349,647
4.30%, 02/15/48 (Call 08/15/20)		210		252,147
4.35%, 05/01/49 (Call 05/01/20)		325		389,646
4.50%, 03/15/43 (Call 09/15/20)		180		211,093
5.00%, 03/15/44 (Call 09/15/20)		285		368,756
7.50%, 08/15/38		45		68,706
SingTel Group Treasury Pte Ltd., 3.88%, 08/28/28 (Call 05/28/28)^(c)		400		448,552
Sprint Capital Corp.
6.88%, 11/15/28		425		513,353
8.75%, 03/15/32		310		435,680
Sprint Communications Inc.
6.00%, 11/15/22		345		364,534
7.00%, 08/15/20		175		176,692
9.25%, 04/15/22		37		40,739
11.50%, 11/15/21		125		139,758
Sprint Corp.
7.13%, 06/15/24		400		448,736
7.25%, 09/15/21		380		398,571
7.63%, 02/15/25 (Call 08/15/20)		225		258,759
7.63%, 03/01/26 (Call 09/01/20)		255		301,639
7.88%, 09/15/23		725		814,436
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
3.36%, 09/20/21^(b)		171		171,110
4.74%, 03/20/25^(b)		450		476,892


86		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
Telecom Italia Capital SA
6.00%, 09/30/34	$	300	$	312,069
6.38%, 11/15/33		215		232,404
7.20%, 07/18/36		200		226,196
7.72%, 06/04/38		175		203,339
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(b)		200		207,632
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22		251		260,059
Telefonica Emisiones SA
4.10%, 03/08/27		320		346,163
4.57%, 04/27/23		150		161,986
4.67%, 03/06/38		160		180,747
4.90%, 03/06/48		439		508,643
5.21%, 03/08/47		350		421,214
5.52%, 03/01/49 (Call 09/01/20)		150		188,275
7.05%, 06/20/36		250		347,315
Telefonica Europe BV, 8.25%, 09/15/30		145		207,228
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 06/01/20)^(b)		85		83,524
6.50%, 10/15/27 (Call 10/15/20)^(b)		105		99,249
Telstra Corp. Ltd.
3.13%, 04/07/25 (Call 10/07/20)^(b)		55		58,111
4.80%, 10/12/21^(b)		38		39,843
TELUS Corp.
3.70%, 09/15/27 (Call 09/15/20)		242		262,797
4.30%, 06/15/49 (Call 06/15/20)		140		162,819
4.60%, 11/16/48 (Call 05/16/20)		120		146,590
T-Mobile USA Inc.
3.50%, 04/15/25 (Call 10/15/20)^(b)		390		412,511
3.75%, 04/15/27 (Call 10/15/20)^(b)		1,000		1,072,180
3.88%, 04/15/30 (Call 10/15/20)^(b)		1,500		1,641,240
4.00%, 04/15/22 (Call 10/15/20)		100		102,279
4.38%, 04/15/40 (Call 10/15/20)^(b)		530		600,214
4.50%, 02/01/26 (Call 08/01/20)		200		206,164
4.50%, 04/15/50 (Call 10/15/20)^(b)		815		954,781
4.75%, 02/01/28 (Call 08/01/20)		300		315,075
5.13%, 04/15/25 (Call 10/15/20)		100		102,352
5.38%, 04/15/27 (Call 10/15/20)		80		84,539
6.00%, 03/01/23 (Call 09/01/20)		225		227,380
6.00%, 04/15/24 (Call 10/15/20)		150		153,078
6.38%, 03/01/25 (Call 09/01/20)		275		283,484
6.50%, 01/15/24 (Call 07/15/20)		150		153,591
6.50%, 01/15/26 (Call 07/15/20)		300		316,716
Trilogy International Partners LLC/Trilogy International Finance Inc., 8.88%, 05/01/22 (Call 05/01/20)^(b)(d)		50		46,646
Turk Telekomunikasyon AS, 4.88%, 06/19/24^(c)		200		188,496
U.S. Cellular Corp., 6.70%, 12/15/33		178		188,034
VEON Holdings BV
4.00%, 04/09/25 (Call 10/09/20)^(b)		200		206,878
4.95%, 06/16/24 (Call 03/16/24)^(c)		200		209,964
Verizon Communications Inc.
2.45%, 11/01/22 (Call 05/01/20)		60		62,109
2.63%, 08/15/26		400		424,908
2.95%, 03/15/22		60		62,393
3.13%, 03/16/22		31		32,340
3.38%, 02/15/25		750		820,965
3.50%, 11/01/24 (Call 05/01/20)		600		656,334
3.85%, 11/01/42 (Call 05/01/20)		240		282,578
3.88%, 02/08/29 (Call 08/08/20)		135		155,751
4.00%, 03/22/50 (Call 09/22/20)		255		317,258
4.02%, 12/03/29 (Call 06/03/20)		181		212,523


Security	Par (000)		Value

Telecommunications (continued)
4.13%, 03/16/27	$	394	$	456,945
4.13%, 08/15/46		89		109,254
4.27%, 01/15/36		495		593,045
4.33%, 09/21/28		1,542		1,824,818
4.40%, 11/01/34 (Call 05/01/20)		375		453,577
4.50%, 08/10/33		380		472,735
4.52%, 09/15/48		430		566,667
4.75%, 11/01/41		205		267,299
4.81%, 03/15/39		448		578,113
4.86%, 08/21/46		470		636,789
5.01%, 04/15/49		556		781,625
5.01%, 08/21/54		11		15,862
5.15%, 09/15/23		124		140,921
5.25%, 03/16/37		365		486,242
5.50%, 03/16/47		669		965,755
6.55%, 09/15/43		605		915,129
ViaSat Inc.
5.63%, 09/15/25 (Call 09/15/20)^(b)		100		94,849
5.63%, 04/15/27 (Call 10/15/20)^(b)		80		79,181
Vodafone Group PLC
3.75%, 01/16/24		194		209,289
4.13%, 05/30/25		308		343,519
4.25%, 09/17/50		185		205,139
4.38%, 05/30/28		555		638,505
4.38%, 02/19/43		130		146,262
4.88%, 06/19/49		215		258,561
5.00%, 05/30/38		181		217,725
5.13%, 06/19/59		375		462,709
5.25%, 05/30/48		295		373,199
6.15%, 02/27/37		495		642,708
6.25%, 11/30/32		80		105,594
7.00%, 04/04/79 (Call 10/04/20)^(a)		295		337,619
7.88%, 02/15/30		110		155,402
Xplornet Communications Inc. (10.63% PIK), 9.63%, 06/01/22 (Call 06/01/20)^(b)(e)		58		58,419
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 09/01/20)^(b)		310		301,013
6.13%, 03/01/28 (Call 09/01/20)^(b)		125		117,785

				77,756,699

Textiles — 0.0%
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 08/01/20)		215		228,457


Toys, Games & Hobbies — 0.0%
Hasbro Inc.
2.60%, 11/19/22		90		90,897
3.00%, 11/19/24 (Call 05/19/20)		140		139,369
3.15%, 05/15/21 (Call 05/15/20)		25		25,255
3.50%, 09/15/27 (Call 09/15/20)		205		197,509
3.55%, 11/19/26 (Call 05/19/20)		200		196,932
3.90%, 11/19/29 (Call 05/19/20)		115		111,606
5.10%, 05/15/44 (Call 05/15/20)		55		49,582
6.35%, 03/15/40		90		93,826
Mattel Inc.
3.15%, 03/15/23 (Call 09/15/20)		50		46,027
5.45%, 11/01/41 (Call 05/01/20)		75		59,452
5.88%, 12/15/27 (Call 06/15/20)^(b)		60		58,793
6.20%, 10/01/40		75		63,792
6.75%, 12/31/25 (Call 06/30/20)^(b)		250		253,860

				1,386,900


SCHEDULE OF INVESTMENTS			87

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Transportation — 0.7%
AP Moller — Maersk A/S
3.75%, 09/22/24 (Call 09/22/20)^(b)	$	120	$	121,744
3.88%, 09/28/25 (Call 09/28/20)^(b)		180		180,661
4.50%, 06/20/29 (Call 06/20/20)^(b)		100		99,523
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 09/15/20)		32		33,666
3.00%, 04/01/25 (Call 10/01/20)		155		166,478
3.05%, 09/01/22 (Call 09/01/20)		325		338,790
3.25%, 06/15/27 (Call 06/15/20)		110		122,166
3.40%, 09/01/24 (Call 09/01/20)		60		65,344
3.45%, 09/15/21 (Call 09/15/20)		5		5,132
3.55%, 02/15/50 (Call 08/15/20)		100		113,344
3.65%, 09/01/25 (Call 09/01/20)		85		94,347
3.75%, 04/01/24 (Call 10/01/20)		165		179,908
3.90%, 08/01/46 (Call 08/01/20)		185		216,167
4.05%, 06/15/48 (Call 06/15/20)		105		127,474
4.13%, 06/15/47 (Call 06/15/20)		218		265,177
4.15%, 04/01/45 (Call 10/01/20)		230		277,380
4.15%, 12/15/48 (Call 06/15/20)		80		98,721
4.38%, 09/01/42 (Call 09/01/20)		125		152,251
4.40%, 03/15/42 (Call 09/15/20)		75		92,039
4.45%, 03/15/43 (Call 09/15/20)		165		203,942
4.55%, 09/01/44 (Call 09/01/20)		193		241,404
4.70%, 09/01/45 (Call 09/01/20)		173		223,417
4.90%, 04/01/44 (Call 10/01/20)		175		228,489
4.95%, 09/15/41 (Call 09/15/20)		10		12,738
5.05%, 03/01/41 (Call 09/01/20)		68		88,172
5.15%, 09/01/43 (Call 09/01/20)		100		133,718
5.40%, 06/01/41 (Call 06/01/20)		85		114,048
5.75%, 05/01/40 (Call 05/01/20)		300		415,353
6.15%, 05/01/37		25		34,857
6.20%, 08/15/36		150		208,785
7.00%, 12/15/25		13		16,393
Canadian National Railway Co.
2.45%, 05/01/50		200		194,732
2.75%, 03/01/26 (Call 09/01/20)		255		271,970
2.85%, 12/15/21 (Call 06/15/20)		25		25,531
2.95%, 11/21/24 (Call 05/21/20)		175		186,382
3.20%, 08/02/46 (Call 08/02/20)		175		196,112
3.65%, 02/03/48 (Call 08/03/20)		130		154,323
6.20%, 06/01/36		185		273,313
6.25%, 08/01/34		3		4,399
6.38%, 11/15/37		10		15,020
Canadian Pacific Railway Co.
2.90%, 02/01/25 (Call 08/01/20)		145		153,567
4.00%, 06/01/28 (Call 06/01/20)		55		61,976
4.45%, 03/15/23 (Call 09/15/20)		50		53,396
4.80%, 09/15/35 (Call 09/15/20)		15		18,721
4.80%, 08/01/45 (Call 08/01/20)		197		265,633
5.75%, 01/15/42		75		105,927
5.95%, 05/15/37		65		90,358
6.13%, 09/15/2115 (Call 09/15/20)		74		111,527
7.13%, 10/15/31		210		300,726
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 08/01/20)^(b)		100		92,968
CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 10/15/20)		145		156,800
COSCO Finance 2011 Ltd., 4.00%, 12/03/22^(c)		400		424,320
CRCC Chengan Ltd., 3.97%, (Call 06/27/24)^(a)(c)(g)		400		395,924


Security	Par (000)		Value

Transportation (continued)
CSX Corp.
2.40%, 02/15/30 (Call 08/15/20)	$	120	$	123,276
2.60%, 11/01/26 (Call 05/01/20)		125		131,931
3.25%, 06/01/27 (Call 06/01/20)		130		139,784
3.35%, 11/01/25 (Call 05/01/20)		190		209,002
3.35%, 09/15/49 (Call 09/15/20)		115		122,529
3.40%, 08/01/24 (Call 08/01/20)		286		312,850
3.70%, 11/01/23 (Call 05/01/20)		132		142,047
3.80%, 03/01/28 (Call 09/01/20)		465		518,428
3.80%, 11/01/46 (Call 05/01/20)		160		180,395
3.80%, 04/15/50 (Call 10/15/20)		275		317,713
3.95%, 05/01/50 (Call 05/01/20)		190		224,251
4.10%, 03/15/44 (Call 09/15/20)		175		203,045
4.25%, 06/01/21 (Call 06/01/20)		25		25,645
4.25%, 03/15/29 (Call 09/15/20)		120		139,792
4.25%, 11/01/66 (Call 05/01/20)		15		17,258
4.30%, 03/01/48 (Call 09/01/20)		25		30,537
4.50%, 03/15/49 (Call 09/15/20)		35		44,092
4.50%, 08/01/54 (Call 08/01/20)		10		12,304
4.65%, 03/01/68 (Call 09/01/20)		10		12,173
4.75%, 05/30/42 (Call 05/30/20)		274		342,596
4.75%, 11/15/48 (Call 05/15/20)		68		87,716
5.50%, 04/15/41 (Call 10/15/20)		70		92,207
6.00%, 10/01/36		85		113,176
6.15%, 05/01/37		5		6,743
6.22%, 04/30/40		155		217,108
Empresa de Transporte de Pasajeros Metro SA, 5.00%, 01/25/47 (Call 07/25/46)^(c)		200		209,654
FedEx Corp.
2.63%, 08/01/22		163		167,127
3.10%, 08/05/29 (Call 08/05/20)		210		213,847
3.20%, 02/01/25		125		130,950
3.25%, 04/01/26 (Call 10/01/20)		85		87,933
3.30%, 03/15/27 (Call 09/15/20)		149		153,239
3.40%, 02/15/28 (Call 08/15/20)		155		161,288
3.88%, 08/01/42		35		33,629
3.90%, 02/01/35		300		314,034
4.00%, 01/15/24		170		183,151
4.05%, 02/15/48 (Call 08/15/20)		225		221,713
4.10%, 04/15/43		35		34,344
4.10%, 02/01/45		125		123,485
4.20%, 10/17/28 (Call 10/17/20)		5		5,442
4.40%, 01/15/47 (Call 07/15/20)		70		71,896
4.55%, 04/01/46 (Call 10/01/20)		196		209,675
4.75%, 11/15/45 (Call 05/15/20)		326		353,022
4.90%, 01/15/34		75		88,136
4.95%, 10/17/48 (Call 10/17/20)		35		39,612
5.10%, 01/15/44		205		232,579
5.25%, 05/15/50 (Call 11/15/20)		250		301,037
Indian Railway Finance Corp. Ltd., 3.73%, 03/29/24^(c)		300		301,176
JB Hunt Transport Services Inc.
3.30%, 08/15/22 (Call 08/15/20)		50		51,172
3.88%, 03/01/26 (Call 09/01/20)		310		335,693
Kansas City Southern
2.88%, 11/15/29 (Call 05/15/20)		170		172,565
3.00%, 05/15/23 (Call 05/15/20)		25		25,444
3.13%, 06/01/26 (Call 06/01/20)		100		103,427
4.20%, 11/15/69 (Call 05/15/20)		94		94,731
4.70%, 05/01/48 (Call 05/01/20)		25		29,800
4.95%, 08/15/45 (Call 08/15/20)		130		156,989


88		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Transportation (continued)
Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42^(c)	$	200	$	231,446
Kenan Advantage Group Inc. (The), 7.88%, 07/31/23 (Call 07/31/20)^(b)(d)		100		83,602
Kirby Corp., 4.20%, 03/01/28 (Call 09/01/20)		259		246,840
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(c)		216		240,908
MV24 Capital BV, 6.75%, 06/01/34^(c)		197		167,930
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., 8.13%, 11/15/21 (Call 06/01/20)^(b)		100		66,318
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 07/15/20)^(b)		50		19,907
Norfolk Southern Corp.
2.55%, 11/01/29 (Call 05/01/20)		75		78,213
2.90%, 02/15/23 (Call 08/15/20)		295		305,809
2.90%, 06/15/26 (Call 06/15/20)		308		326,335
3.00%, 04/01/22 (Call 10/01/20)		392		404,865
3.05%, 05/15/50		255		254,401
3.15%, 06/01/27 (Call 06/01/20)		115		123,900
3.25%, 12/01/21 (Call 06/01/20)		25		25,688
3.40%, 11/01/49 (Call 05/01/20)		80		85,883
3.65%, 08/01/25 (Call 08/01/20)		8		8,759
3.80%, 08/01/28 (Call 08/01/20)		155		173,530
3.94%, 11/01/47 (Call 05/01/20)		218		249,752
3.95%, 10/01/42 (Call 10/01/20)		100		113,320
4.05%, 08/15/52 (Call 08/15/20)		8		9,384
4.10%, 05/15/49 (Call 05/15/20)		63		76,173
4.45%, 06/15/45 (Call 06/15/20)		40		49,000
4.65%, 01/15/46 (Call 07/15/20)		115		145,777
4.84%, 10/01/41		195		247,153
5.10%, 08/01/2118 (Call 08/01/20)		260		327,064
Pelabuhan Indonesia II PT
4.25%, 05/05/25^(c)		200		198,274
5.38%, 05/05/45^(c)		220		220,253
Pelabuhan Indonesia III Persero PT, 4.50%, 05/02/23^(c)		400		404,504
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (Call 01/18/22)^(c)		200		197,592
Russian Railways via RZD Capital PLC
4.38%, 03/01/24^(c)		400		421,048
5.70%, 04/05/22^(c)		200		210,370
Ryder System Inc.
2.25%, 09/01/21 (Call 09/01/20)		250		247,952
2.50%, 09/01/22 (Call 09/01/20)		40		39,362
2.50%, 09/01/24 (Call 09/01/20)		80		78,258
2.88%, 06/01/22 (Call 06/01/20)		35		34,949
2.90%, 12/01/26 (Call 06/01/20)		225		219,899
3.40%, 03/01/23 (Call 09/01/20)		127		128,568
3.45%, 11/15/21 (Call 05/15/20)		10		10,038
3.65%, 03/18/24 (Call 09/18/20)		55		56,614
3.75%, 06/09/23 (Call 06/09/20)		425		439,769
3.88%, 12/01/23 (Call 06/01/20)		50		51,347
Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23 (Call 07/15/20)^(b)		125		112,188
Transnet SOC Ltd., 4.00%, 07/26/22^(b)		200		184,044
TTX Co., 4.60%, 02/01/49 (Call 08/01/20)^(b)		255		318,197
Ukraine Railways Via Rail Capital Markets PLC, 8.25%, 07/09/24^(c)		200		169,144
Union Pacific Corp.
2.15%, 02/05/27 (Call 08/05/20)		80		82,290
2.40%, 02/05/30 (Call 08/05/20)		155		159,199
2.75%, 04/15/23 (Call 10/15/20)		35		36,517
2.75%, 03/01/26 (Call 09/01/20)		133		140,920


Security	Par (000)		Value

Transportation (continued)
2.95%, 03/01/22	$	10	$	10,366
3.00%, 04/15/27 (Call 10/15/20)		50		53,771
3.15%, 03/01/24 (Call 09/01/20)		244		261,326
3.20%, 06/08/21		135		137,978
3.25%, 01/15/25 (Call 07/15/20)		75		80,839
3.25%, 08/15/25 (Call 08/15/20)		190		205,850
3.25%, 02/05/50 (Call 08/05/20)		452		471,657
3.35%, 08/15/46 (Call 08/15/20)		50		52,483
3.38%, 02/01/35 (Call 08/01/20)		5		5,530
3.50%, 06/08/23 (Call 06/08/20)		98		104,159
3.55%, 08/15/39 (Call 08/15/20)		25		27,074
3.60%, 09/15/37 (Call 09/15/20)		253		272,567
3.65%, 02/15/24 (Call 08/15/20)		180		193,734
3.70%, 03/01/29 (Call 09/01/20)		281		316,119
3.75%, 03/15/24 (Call 09/15/20)		5		5,405
3.75%, 07/15/25 (Call 07/15/20)		145		160,814
3.75%, 02/05/70 (Call 08/05/20)		253		271,871
3.80%, 10/01/51 (Call 10/01/20)		150		169,893
3.84%, 03/20/60 (Call 09/20/20)^(b)		35		39,001
3.88%, 02/01/55 (Call 08/01/20)		125		141,154
3.95%, 09/10/28 (Call 09/10/20)		425		484,088
3.95%, 08/15/59 (Call 08/15/20)		60		68,277
4.00%, 04/15/47 (Call 10/15/20)		205		236,359
4.05%, 11/15/45 (Call 05/15/20)		85		98,444
4.05%, 03/01/46 (Call 09/01/20)		50		57,843
4.10%, 09/15/67 (Call 09/15/20)		18		20,446
4.15%, 01/15/45 (Call 07/15/20)		57		65,613
4.16%, 07/15/22 (Call 07/15/20)		162		172,224
4.38%, 09/10/38 (Call 09/10/20)		180		211,765
4.38%, 11/15/65 (Call 05/15/20)		40		47,908
4.50%, 09/10/48 (Call 09/10/20)		400		495,848
United Parcel Service Inc.
2.20%, 09/01/24 (Call 09/01/20)		85		88,207
2.40%, 11/15/26 (Call 05/15/20)		275		293,018
2.45%, 10/01/22		447		464,044
2.50%, 04/01/23 (Call 10/01/20)		65		67,821
2.50%, 09/01/29 (Call 09/01/20)		32		33,357
2.80%, 11/15/24 (Call 05/15/20)		135		143,658
3.05%, 11/15/27 (Call 05/15/20)		260		283,725
3.40%, 03/15/29 (Call 09/15/20)		60		66,716
3.40%, 11/15/46 (Call 05/15/20)		120		130,866
3.40%, 09/01/49 (Call 09/01/20)		45		50,603
3.63%, 10/01/42		70		78,499
3.75%, 11/15/47 (Call 05/15/20)		69		81,554
4.25%, 03/15/49 (Call 09/15/20)		100		128,105
4.88%, 11/15/40 (Call 05/15/20)		55		71,509
5.20%, 04/01/40 (Call 10/01/20)		500		665,535
5.30%, 04/01/50 (Call 10/01/20)		250		359,910
6.20%, 01/15/38		181		262,799
Watco Companies LLC/Watco Finance Corp., 6.38%, 04/01/23 (Call 10/01/20)^(b)		50		48,408
XPO CNW Inc., 6.70%, 05/01/34		100		95,098
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/20)^(b)		95		96,156
6.25%, 05/01/25 (Call 11/01/20)^(b)		50		50,636
6.50%, 06/15/22 (Call 06/15/20)^(b)		188		188,748
6.75%, 08/15/24 (Call 08/15/20)^(b)		150		154,674

				33,665,946


SCHEDULE OF INVESTMENTS			89

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Trucking & Leasing — 0.1%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/20)^(a)(b)	$	200	$	149,698
Aviation Capital Group LLC
2.88%, 01/20/22 (Call 07/20/20)^(b)		35		30,312
3.50%, 11/01/27 (Call 05/01/20)^(b)		57		41,467
3.88%, 05/01/23 (Call 05/01/20)^(b)		385		319,650
4.13%, 08/01/25 (Call 08/01/20)^(b)		117		100,302
4.38%, 01/30/24 (Call 07/30/20)^(b)		200		180,864
4.88%, 10/01/25 (Call 10/01/20)^(b)		125		107,120
CMBLEMTN 1 Ltd., 3.25%, 11/29/21^(c)		200		204,850
DAE Funding LLC, 5.00%, 08/01/24 (Call 08/01/20)^(c)		600		531,840
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/25 (Call 10/01/20)^(b)		65		53,373
6.75%, 03/15/22 (Call 09/15/20)^(b)		95		85,764
GATX Corp.
3.25%, 03/30/25 (Call 09/30/20)		95		96,344
3.25%, 09/15/26 (Call 09/15/20)		70		71,415
3.50%, 03/15/28 (Call 09/15/20)		25		25,454
3.85%, 03/30/27 (Call 09/30/20)		173		178,488
4.35%, 02/15/24 (Call 08/15/20)		125		133,345
4.55%, 11/07/28 (Call 05/07/20)		105		114,544
4.70%, 04/01/29 (Call 10/01/20)		60		66,299
5.20%, 03/15/44 (Call 09/15/20)		80		94,310
Penske Truck Leasing Co. LP/PTL Finance Corp.
2.70%, 03/14/23 (Call 09/14/20)^(b)		35		35,082
2.70%, 11/01/24 (Call 05/01/20)^(b)		5		4,949
3.38%, 02/01/22 (Call 08/01/20)^(b)		229		232,430
3.40%, 11/15/26 (Call 05/15/20)^(b)		272		276,118
3.45%, 07/01/24 (Call 07/01/20)^(b)		300		308,067
3.65%, 07/29/21 (Call 07/29/20)^(b)		80		81,026
3.90%, 02/01/24 (Call 08/01/20)^(b)		205		211,744
4.13%, 08/01/23 (Call 08/01/20)^(b)		5		5,223
4.20%, 04/01/27 (Call 10/01/20)^(b)		105		110,635
4.25%, 01/17/23^(b)		5		5,210
4.45%, 01/29/26 (Call 07/29/20)^(b)		173		183,432
SMBC Aviation Capital Finance DAC, 4.13%, 07/15/23 (Call 07/15/20)^(b)		315		323,228

				4,362,583

Water — 0.0%
American Water Capital Corp.
2.95%, 09/01/27 (Call 09/01/20)		75		79,940
3.40%, 03/01/25 (Call 09/01/20)		55		59,864
3.45%, 06/01/29 (Call 06/01/20)		215		241,103
3.75%, 09/01/28 (Call 09/01/20)		150		169,954
3.75%, 09/01/47 (Call 09/01/20)		134		154,335
3.85%, 03/01/24 (Call 09/01/20)		35		38,290
4.00%, 12/01/46 (Call 06/01/20)		5		5,994
4.15%, 06/01/49 (Call 06/01/20)		200		251,650
4.20%, 09/01/48 (Call 09/01/20)		75		93,373
4.30%, 12/01/42 (Call 06/01/20)		15		18,304
4.30%, 09/01/45 (Call 09/01/20)		190		233,358
6.59%, 10/15/37		25		36,933
Essential Utilities Inc.
3.57%, 05/01/29 (Call 05/01/20)		40		43,246
4.28%, 05/01/49 (Call 05/01/20)		108		128,840
Veolia Environnement SA, 6.75%, 06/01/38		50		69,361

				1,624,545


Total Corporate Bonds & Notes — 33.7% (Cost: $1,580,859,990)				1,614,849,901


Security	Par (000)		Value

Foreign Government Obligations

Angola — 0.0%
Angolan Government International Bond
8.00%, 11/26/29^(c)	$	200	$	87,152
8.25%, 05/09/28^(c)		200		87,588
9.38%, 05/08/48^(c)		600		257,346
9.50%, 11/12/25^(c)		250		118,728

				550,814

Argentina — 0.1%
Argentina Bonar Bonds, 8.75%, 05/07/24^(j)		2,165		512,001
Argentine Republic Government International Bond
3.75%, 12/31/38^(j)		325		78,897
4.63%, 01/11/23^(j)		296		82,930
5.63%, 01/26/22^(j)		571		159,880
5.88%, 01/11/28^(j)		550		138,407
6.63%, 07/06/28^(d)(j)		300		74,586
6.88%, 01/26/27^(j)		500		125,375
6.88%, 01/11/48^(d)(j)		450		104,629
7.13%, 07/06/36^(d)(j)		450		107,959
7.13%, 06/28/2117^(j)		350		81,491
7.50%, 04/22/26^(j)		850		229,653
7.63%, 04/22/46^(j)		150		36,785
8.28%, 12/31/33^(j)		659		218,226
Series NY, 3.75%, 12/31/38^(i)(j)		1,172		369,438
Series NY, 8.28%, 12/31/33^(d)(j)		724		254,444
Ciudad Autonoma De Buenos Aires/Government Bonds, 7.50%, 06/01/27^(c)		250		142,695
Provincia de Buenos Aires/Government Bonds
6.50%, 02/15/23^(c)		200		55,140
7.88%, 06/15/27^(c)		200		53,850
9.13%, 03/16/24^(c)		300		83,466
Provincia de Cordoba, 7.45%, 09/01/24^(c)		150		57,708

				2,967,560

Azerbaijan — 0.0%
Republic of Azerbaijan International Bond, 4.75%, 03/18/24^(c)		200		202,016
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23^(c)		200		200,130
6.95%, 03/18/30^(c)		222		233,453

				635,599

Bahrain — 0.1%
Bahrain Government International Bond
6.00%, 09/19/44^(c)		200		169,820
6.13%, 08/01/23^(c)		400		402,048
6.75%, 09/20/29^(c)		200		193,688
7.00%, 10/12/28^(c)		200		199,432
7.50%, 09/20/47^(c)		200		190,142
CBB International Sukuk Co. 6 Spc, 5.25%, 03/20/25^(c)		800		776,800
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25^(c)		400		408,436

				2,340,366

Belarus — 0.0%
Republic of Belarus International Bond, 7.63%, 06/29/27^(c)		200		197,014


Belgium — 0.0%
Belgium Government International Bond, 2.88%, 09/18/24^(c)		200		218,574


Belize — 0.0%
Belize Government International Bond, 4.94%, 02/20/34^(c)(i)		100		49,929


90		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Bolivia — 0.0%
Bolivian Government International Bond, 4.50%, 03/20/28^(c)	$	200	$	162,952


Brazil — 0.1%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23^(c)		200		207,598
Brazilian Government International Bond
4.25%, 01/07/25^(d)		550		569,289
4.50%, 05/30/29 (Call 05/31/20)		400		398,432
4.63%, 01/13/28 (Call 07/13/20)^(d)		650		670,579
4.75%, 01/14/50 (Call 07/14/20)		400		358,152
5.00%, 01/27/45		600		558,492
5.63%, 01/07/41		200		199,150
5.63%, 02/21/47		200		200,630
6.00%, 04/07/26		1,000		1,096,280
7.13%, 01/20/37		125		141,346
8.25%, 01/20/34		387		472,783
8.75%, 02/04/25^(d)		100		121,056
8.88%, 04/15/24		130		158,809
10.13%, 05/15/27		908		1,216,275

				6,368,871

Canada — 0.3%
Canada Government International Bond, 2.00%, 11/15/22		725		752,883
CDP Financial Inc., 2.75%, 03/07/22^(b)		500		519,465
CPPIB Capital Inc.
2.75%, 07/22/21^(b)(d)		500		513,865
2.75%, 11/02/27^(b)		250		282,475
Export Development Canada
1.38%, 10/21/21		200		202,778
1.50%, 05/26/21		350		354,137
2.00%, 05/17/22		190		196,076
2.63%, 02/21/24		500		540,275
Hydro-Quebec, Series HH, 8.50%, 12/01/29		400		655,536
Province of Alberta Canada
1.88%, 11/13/24		1,000		1,037,670
2.05%, 08/17/26^(b)		250		262,793
2.20%, 07/26/22		580		598,769
3.30%, 03/15/28		250		288,285
3.35%, 11/01/23		115		124,989
Province of British Columbia Canada
2.00%, 10/23/22		700		725,557
2.25%, 06/02/26		610		659,300
2.65%, 09/22/21		128		131,828
Province of Manitoba Canada
2.10%, 09/06/22		405		418,580
2.13%, 05/04/22		95		97,860
2.13%, 06/22/26		225		240,415
3.05%, 05/14/24		250		272,668
Province of New Brunswick Canada, 3.63%, 02/24/28		5		5,904
Province of Ontario Canada
2.00%, 10/02/29		500		535,180
2.20%, 10/03/22		260		269,766
2.25%, 05/18/22		680		702,814
2.30%, 06/15/26		5		5,386
2.40%, 02/08/22		300		309,519
2.45%, 06/29/22		350		363,870
2.50%, 09/10/21		375		384,716
2.50%, 04/27/26		575		626,307
3.05%, 01/29/24		300		325,686
3.20%, 05/16/24		310		340,048


Security	Par (000)		Value

Canada (continued)
Province of Quebec Canada
2.38%, 01/31/22	$	360	$	371,142
2.50%, 04/20/26		600		655,428
2.63%, 02/13/23		320		337,648
2.75%, 04/12/27		400		444,504
Series NN, 7.13%, 02/09/24		50		61,466
Series PD, 7.50%, 09/15/29		258		398,344
Series QO, 2.88%, 10/16/24		912		998,348

				16,012,280

Cayman Islands — 0.0%
KSA Sukuk Ltd.
2.97%, 10/29/29^(c)		300		305,379
4.30%, 01/19/29^(c)		400		444,308
Sharjah Sukuk Program Ltd.
3.85%, 04/03/26^(c)		200		204,664
4.23%, 03/14/28^(c)		200		206,732

				1,161,083

Chile — 0.1%
Chile Government International Bond
2.25%, 10/30/22		405		414,064
3.13%, 03/27/25		800		849,208
3.13%, 01/21/26^(d)		400		427,500
3.24%, 02/06/28 (Call 08/06/20)		200		214,276
3.86%, 06/21/47		650		696,260

				2,601,308

China — 0.1%
China Government International Bond
1.88%, 12/03/22^(c)		400		410,892
2.13%, 12/03/29^(c)		400		419,464
2.63%, 11/02/27^(c)		200		215,096
3.25%, 10/19/23^(c)		400		430,728
4.00%, 10/19/48^(c)		400		527,496
Export-Import Bank of China (The)
2.63%, 03/14/22^(c)		400		409,360
2.75%, 11/28/22^(c)		200		206,570
2.88%, 04/26/26^(c)		200		212,276
3.25%, 11/28/27^(c)		200		216,244
3.63%, 07/31/24^(c)		400		431,228

				3,479,354

Colombia — 0.1%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		200		196,192
3.88%, 04/25/27 (Call 10/25/20)		600		590,466
4.00%, 02/26/24 (Call 08/26/20)		605		613,282
4.38%, 07/12/21		500		507,855
4.50%, 01/28/26 (Call 07/28/20)		400		410,420
5.00%, 06/15/45 (Call 06/15/20)		600		598,986
5.20%, 05/15/49 (Call 05/15/20)		600		618,804
5.63%, 02/26/44 (Call 08/26/20)		400		428,004
6.13%, 01/18/41		400		444,708
8.13%, 05/21/24		400		461,988
10.38%, 01/28/33		85		119,431

				4,990,136

Costa Rica — 0.0%
Costa Rica Government International Bond
4.25%, 01/26/23^(c)		250		223,947
5.63%, 04/30/43^(c)		400		274,540
6.13%, 02/19/31^(c)		400		325,524
7.00%, 04/04/44^(c)		200		153,026


SCHEDULE OF INVESTMENTS			91

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Costa Rica (continued)
Instituto Costarricense de Electricidad, 6.95%, 11/10/21^(c)	$	200	$	185,942

				1,162,979

Croatia — 0.0%
Croatia Government International Bond
5.50%, 04/04/23^(c)		400		432,192
6.00%, 01/26/24^(c)		200		223,238
6.38%, 03/24/21^(c)		400		412,532

				1,067,962

Denmark — 0.0%
Kommunekredit
2.25%, 11/16/22^(c)		500		521,455
2.88%, 11/15/21^(c)		1,000		1,036,280

				1,557,735

Dominican Republic — 0.1%
Dominican Republic International Bond
5.50%, 01/27/25^(c)		200		187,116
5.88%, 04/18/24^(c)		400		386,596
5.95%, 01/25/27^(c)		600		541,758
6.00%, 07/19/28^(c)		200		179,742
6.40%, 06/05/49^(c)		150		121,826
6.50%, 02/15/48^(c)		450		372,235
6.60%, 01/28/24^(c)		100		97,494
6.85%, 01/27/45^(c)		300		256,191
6.88%, 01/29/26^(c)		300		288,204
7.45%, 04/30/44^(c)		300		272,403
7.50%, 05/06/21^(c)		67		66,427

				2,769,992

Ecuador — 0.0%
Ecuador Government International Bond
7.88%, 01/23/28^(c)(j)		600		169,854
7.95%, 06/20/24^(c)(j)		450		140,548
8.75%, 06/02/23^(c)(j)		400		124,168
9.63%, 06/02/27^(c)(j)		200		56,966
9.65%, 12/13/26^(c)(j)		400		113,740
10.75%, 03/28/22^(c)(j)		600		190,698
10.75%, 01/31/29^(c)(j)		700		200,536

				996,510

Egypt — 0.1%
Egypt Government International Bond
5.88%, 06/11/25^(c)		410		387,421
6.13%, 01/31/22^(c)		400		398,880
6.59%, 02/21/28^(c)		200		183,452
6.88%, 04/30/40^(c)		100		82,849
7.50%, 01/31/27^(c)		600		586,170
7.60%, 03/01/29^(c)		200		189,856
7.90%, 02/21/48^(c)		200		172,716
8.50%, 01/31/47^(c)		400		357,808
8.70%, 03/01/49^(c)		400		359,428

				2,718,580

El Salvador — 0.0%
El Salvador Government International Bond
6.38%, 01/18/27^(c)		100		79,530
7.65%, 06/15/35^(c)		400		316,652
8.25%, 04/10/32^(c)		250		204,058
8.63%, 02/28/29^(c)		200		168,922

				769,162

Finland — 0.0%
Municipality Finance PLC, 1.38%, 09/12/22^(b)		500		510,325


Security	Par (000)		Value

Gabon — 0.0%
Gabon Government International Bond
6.38%, 12/12/24^(c)	$	200	$	144,096
6.63%, 02/06/31^(b)		200		140,886

				284,982

Germany — 0.1%
FMS Wertmanagement
1.38%, 06/08/21		1,138		1,150,154
2.00%, 08/01/22		355		367,343
2.75%, 01/30/24		500		541,775

				2,059,272

Ghana — 0.0%
Ghana Government International Bond
7.63%, 05/16/29^(c)		400		306,168
8.13%, 01/18/26^(c)		400		329,644
8.13%, 03/26/32^(c)		200		153,480
8.63%, 06/16/49^(c)		400		301,460
10.75%, 10/14/30^(c)		300		311,787

				1,402,539

Guatemala — 0.0%
Guatemala Government Bond
4.38%, 06/05/27^(c)		200		197,732
4.50%, 05/03/26^(c)		200		198,992
5.38%, 04/24/32 (Call 10/24/20)^(b)		300		309,747
5.75%, 06/06/22^(c)		200		204,242
6.13%, 06/01/50 (Call 12/01/49)^(c)		200		208,120

				1,118,833

Honduras — 0.0%
Honduras Government International Bond, 6.25%, 01/19/27^(c)		200		187,768


Hong Kong — 0.0%
Hong Kong Sukuk 2017 Ltd., 3.13%, 02/28/27^(c)		200		218,752


Hungary — 0.0%
Hungary Government International Bond
5.38%, 03/25/24		300		334,155
5.75%, 11/22/23		502		559,063
7.63%, 03/29/41		160		257,091

				1,150,309

India — 0.0%
Export-Import Bank of India
3.13%, 07/20/21^(c)		200		199,580
3.38%, 08/05/26^(c)		450		442,282
3.88%, 02/01/28^(c)(d)		400		394,212

				1,036,074

Indonesia — 0.2%
Indonesia Government International Bond
2.95%, 01/11/23		500		500,320
3.38%, 04/15/23^(c)		200		203,364
3.50%, 01/11/28		200		201,936
3.50%, 02/14/50		300		295,698
3.70%, 10/30/49		400		393,384
3.85%, 07/18/27^(c)		600		619,170
4.10%, 04/24/28		200		210,450
4.13%, 01/15/25^(c)		200		209,092
4.20%, 10/15/50		400		403,432
4.35%, 01/08/27^(c)		200		211,600
4.35%, 01/11/48		400		414,992
4.45%, 04/15/70		300		299,943


92		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Indonesia (continued)
4.75%, 01/08/26^(c)	$	200	$	216,546
4.75%, 02/11/29		400		440,144
4.88%, 05/05/21^(c)		200		204,006
5.25%, 01/08/47^(c)		400		455,940
5.35%, 02/11/49		400		469,724
5.38%, 10/17/23^(c)		400		432,008
5.95%, 01/08/46^(c)		500		623,710
6.63%, 02/17/37^(c)		200		254,128
6.75%, 01/15/44^(c)		200		268,684
7.75%, 01/17/38^(c)		420		590,302
8.50%, 10/12/35^(c)		400		578,596
Perusahaan Penerbit SBSN Indonesia III
3.40%, 03/29/22^(c)		400		404,596
3.75%, 03/01/23^(c)		200		204,098
3.90%, 08/20/24^(c)		200		205,926
4.15%, 03/29/27^(c)		800		838,608
4.35%, 09/10/24^(c)		200		209,116
4.40%, 03/01/28^(c)		400		425,272
4.55%, 03/29/26^(c)		200		212,370

				10,997,155

Iraq — 0.0%
Iraq International Bond
5.80%, 01/15/28 (Call 06/14/20)^(c)		314		228,586
6.75%, 03/09/23^(c)		200		150,994

				379,580

Israel — 0.1%
Israel Government AID Bond, 5.50%, 09/18/33		70		103,637
Israel Government International Bond
2.88%, 03/16/26		200		211,656
3.88%, 07/03/50		350		387,790
4.00%, 06/30/22		200		211,250
4.50%, 01/30/43		500		602,670
4.50%, 04/03/2120		200		234,822
State of Israel
2.50%, 01/15/30		200		205,246
3.38%, 01/15/50		400		411,156

				2,368,227

Italy — 0.1%
Republic of Italy Government International Bond
2.38%, 10/17/24		1,015		993,431
4.00%, 10/17/49		500		452,265
5.38%, 06/15/33		325		371,605
6.88%, 09/27/23		1,030		1,166,321

				2,983,622

Ivory Coast — 0.0%
Ivory Coast Government International Bond
5.75%, 12/31/32 (Call 06/30/20)^(c)(i)		86		74,612
6.13%, 06/15/33^(c)		200		172,902
6.38%, 03/03/28^(c)		200		179,918

				427,432

Jamaica — 0.0%
Jamaica Government International Bond
6.75%, 04/28/28^(d)		550		552,387
7.88%, 07/28/45		200		210,446
8.00%, 03/15/39		100		105,880

				868,713


Security	Par (000)		Value

Japan — 0.2%
Development Bank of Japan Inc.
1.63%, 09/01/21^(b)	$	200	$	202,658
1.75%, 08/28/24^(b)		500		517,420
2.13%, 09/01/22^(b)		250		258,073
2.50%, 10/18/22^(c)		200		208,350
3.13%, 09/06/23^(b)		200		215,156
Japan Bank for International Cooperation
1.50%, 07/21/21		791		798,483
1.88%, 04/20/21		100		101,228
1.88%, 07/21/26		200		209,988
2.00%, 10/17/29^(d)		215		230,940
2.13%, 02/10/25		200		210,962
2.25%, 11/04/26		1,133		1,217,216
2.38%, 07/21/22		275		284,848
2.38%, 04/20/26		250		270,510
2.50%, 05/23/24		500		532,245
2.50%, 05/28/25		1,000		1,075,490
2.75%, 11/16/27		200		223,560
2.88%, 06/01/27		560		628,662
3.00%, 05/29/24		250		271,132
3.25%, 07/20/23		250		269,267
3.38%, 10/31/23		500		543,440
3.50%, 10/31/28		400		476,184

				8,745,812

Jersey — 0.0%
IDB Trust Services Ltd.
2.26%, 09/26/22^(c)		605		625,836
3.10%, 03/15/23^(c)		300		314,505
3.39%, 09/26/23^(c)		200		215,542

				1,155,883

Jordan — 0.0%
Hashemite Kingdom of Jordan Government AID Bond, 2.58%, 06/30/22		200		208,984
Jordan Government International Bond
5.75%, 01/31/27^(c)		400		382,640
6.13%, 01/29/26^(c)		200		196,970

				788,594

Kazakhstan — 0.0%
Kazakhstan Government International Bond
3.88%, 10/14/24^(c)		200		210,994
4.88%, 10/14/44^(c)		200		226,770
5.13%, 07/21/25^(c)		600		667,512
6.50%, 07/21/45^(c)		200		264,166

				1,369,442

Kenya — 0.0%
Kenya Government International Bond
7.00%, 05/22/27^(c)		200		181,540
8.00%, 05/22/32^(c)		400		362,748
8.25%, 02/28/48^(c)		200		180,118

				724,406

Kuwait — 0.0%
Kuwait International Government Bond
2.75%, 03/20/22^(c)		600		613,548
3.50%, 03/20/27^(c)		800		876,960

				1,490,508

Lebanon — 0.0%
Lebanon Government International Bond 6.00%, 01/27/23^(c)(j)		250		39,817


SCHEDULE OF INVESTMENTS			93

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Lebanon (continued)
6.20%, 02/26/25^(c)(j)	$	200	$	31,704
6.40%, 05/26/23^(j)		50		8,061
6.60%, 11/27/26^(c)(j)		250		39,687
6.65%, 04/22/24^(c)(j)		300		48,090
6.65%, 11/03/28^(c)(j)		50		8,001
6.65%, 02/26/30^(c)(j)		200		31,678
6.75%, 11/29/27^(c)(j)		25		3,972
6.85%, 05/25/29^(j)		50		7,946
7.00%, 03/23/32^(c)(j)		100		15,986
7.25%, 03/23/37^(c)(j)		315		49,729
8.25%, 04/12/21^(c)(j)		300		48,195

				332,866

Lithuania — 0.0%
Lithuania Government International Bond
6.13%, 03/09/21^(c)		400		415,588
6.63%, 02/01/22^(c)		200		217,764

				633,352

Malaysia — 0.0%
Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25^(c)		400		420,840
Malaysia Sukuk Global Bhd
3.18%, 04/27/26^(c)		400		424,268
4.08%, 04/27/46^(c)		250		290,482

				1,135,590

Mexico — 0.2%
Mexico Government International Bond
3.25%, 04/16/30 (Call 10/16/20)		500		455,250
3.60%, 01/30/25		200		200,654
3.63%, 03/15/22		750		763,125
3.75%, 01/11/28		200		193,942
3.90%, 04/27/25 (Call 10/27/20)		200		202,076
4.00%, 10/02/23		844		862,939
4.13%, 01/21/26		600		609,678
4.15%, 03/28/27		1,065		1,069,313
4.35%, 01/15/47		1,200		1,057,944
4.50%, 04/22/29		200		201,798
4.50%, 01/31/50 (Call 07/31/20)		200		180,180
4.60%, 02/10/48		300		273,363
4.75%, 04/27/32 (Call 10/27/20)		500		503,900
4.75%, 03/08/44		1,120		1,041,544
5.00%, 04/27/51 (Call 10/27/20)		600		574,176
5.55%, 01/21/45		650		675,584
5.75%, 10/12/2110		200		190,210
6.05%, 01/11/40		230		250,583
6.75%, 09/27/34		100		120,375
7.50%, 04/08/33		165		209,875
8.30%, 08/15/31		200		268,088

				9,904,597

Mongolia — 0.0%
Mongolia Government International Bond
5.63%, 05/01/23^(c)		300		266,766
10.88%, 04/06/21^(c)		400		394,464

				661,230

Morocco — 0.0%
Morocco Government International Bond, 4.25%, 12/11/22^(c)		600		625,026


Mozambique — 0.0%
Mozambique International Bond, 5.00%, 09/15/31^(c)		200		137,384


Security	Par (000)		Value

Nigeria — 0.0%
Nigeria Government International Bond
6.50%, 11/28/27^(c)	$	200	$	150,880
7.14%, 02/23/30^(c)		300		227,931
7.63%, 11/21/25^(c)		200		167,150
7.63%, 11/28/47^(c)		400		292,516
7.70%, 02/23/38^(c)		200		147,470
7.88%, 02/16/32^(c)		400		303,544

				1,289,491

Norway — 0.1%
Kommunalbanken AS
2.13%, 02/11/25^(b)		1,000		1,069,600
2.88%, 06/14/21^(b)		500		513,380
3.13%, 10/18/21^(b)		500		519,265

				2,102,245

Oman — 0.1%
Oman Government International Bond
3.63%, 06/15/21^(c)		200		192,000
3.88%, 03/08/22^(c)		200		184,064
4.13%, 01/17/23^(c)		200		174,520
4.75%, 06/15/26^(c)		400		306,260
4.88%, 02/01/25^(c)		200		164,966
5.38%, 03/08/27^(c)		200		152,996
5.63%, 01/17/28^(c)		200		153,034
6.00%, 08/01/29^(c)		200		152,954
6.50%, 03/08/47^(c)		650		459,082
6.75%, 01/17/48^(c)		400		283,844
Oman Sovereign Sukuk SAOC
4.40%, 06/01/24^(c)		400		371,040
5.93%, 10/31/25^(c)		500		473,220

				3,067,980

Pakistan — 0.0%
Pakistan Government International Bond
6.88%, 12/05/27^(c)		200		174,762
8.25%, 09/30/25^(c)		400		371,972

				546,734

Panama — 0.1%
Panama Government International Bond
3.16%, 01/23/30 (Call 07/23/20)		200		204,552
3.75%, 03/16/25 (Call 09/16/20)		400		421,296
3.75%, 04/17/26^(c)		250		252,498
3.87%, 07/23/60 (Call 07/23/20)		200		207,856
3.88%, 03/17/28 (Call 09/17/20)		650		699,289
4.00%, 09/22/24 (Call 09/22/20)		200		211,520
4.50%, 04/16/50 (Call 10/16/20)		400		445,868
4.50%, 04/01/56 (Call 10/01/20)		200		225,032
6.70%, 01/26/36		685		900,069
7.13%, 01/29/26		200		241,690
8.88%, 09/30/27		50		67,509
9.38%, 04/01/29		300		420,051

				4,297,230

Paraguay — 0.0%
Paraguay Government International Bond
5.60%, 03/13/48^(c)		200		209,610
6.10%, 08/11/44^(c)		400		429,732

				639,342

Peru — 0.1%
Peruvian Government International Bond 2.39%, 01/23/26 (Call 07/23/20)		200		203,564


94		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Peru (continued)
2.78%, 01/23/31 (Call 07/23/20)	$	200	$	206,252
2.84%, 06/20/30		100		103,425
4.13%, 08/25/27^(d)		700		784,455
5.63%, 11/18/50		300		447,201
6.55%, 03/14/37		140		201,195
7.35%, 07/21/25		1,245		1,556,400
8.75%, 11/21/33		280		441,451

				3,943,943

Philippines — 0.1%
Philippine Government International Bond
2.95%, 05/05/45		200		205,842
3.00%, 02/01/28		200		211,254
3.70%, 03/01/41		200		230,118
3.70%, 02/02/42		1,000		1,159,630
3.75%, 01/14/29		500		560,385
3.95%, 01/20/40		200		233,620
5.00%, 01/13/37		400		507,524
6.38%, 01/15/32		200		271,190
6.38%, 10/23/34		225		320,585
7.50%, 09/25/24		300		349,992
7.75%, 01/14/31		338		495,758
9.50%, 02/02/30		100		159,362
10.63%, 03/16/25		80		109,634

				4,814,894

Poland — 0.1%
Republic of Poland Government International Bond
3.00%, 03/17/23		50		52,357
3.25%, 04/06/26		635		692,334
4.00%, 01/22/24		566		619,549
5.00%, 03/23/22		600		641,118

				2,005,358

Qatar — 0.2%
Qatar Government International Bond
2.38%, 06/02/21^(c)		600		606,516
3.25%, 06/02/26^(c)		200		211,626
3.38%, 03/14/24^(c)		400		422,772
3.75%, 04/16/30^(b)		400		436,552
3.88%, 04/23/23^(c)		800		848,976
4.00%, 03/14/29^(c)		800		887,968
4.40%, 04/16/50^(b)		600		681,786
4.50%, 01/20/22^(b)		200		209,508
4.50%, 04/23/28^(c)		650		741,644
4.63%, 06/02/46^(c)		1,100		1,296,405
4.82%, 03/14/49^(c)		1,100		1,324,070
5.10%, 04/23/48^(c)		850		1,060,392
6.40%, 01/20/40^(b)		100		141,657
9.75%, 06/15/30^(b)		134		212,876
SoQ Sukuk A QSC, 3.24%, 01/18/23^(c)		600		622,524

				9,705,272

Romania — 0.0%
Romanian Government International Bond
4.38%, 08/22/23^(c)		400		416,088
4.88%, 01/22/24^(c)		400		424,104
6.13%, 01/22/44^(c)		250		296,475
6.75%, 02/07/22^(c)		300		318,465

				1,455,132

Russia — 0.2%
Russian Foreign Bond-Eurobond 4.25%, 06/23/27^(c)		200		216,832


Security	Par (000)		Value

Russia (continued)
4.38%, 03/21/29^(c)	$	600	$	661,662
4.50%, 04/04/22^(c)		600		631,548
4.75%, 05/27/26^(c)		1,000		1,108,440
4.88%, 09/16/23^(c)		1,200		1,310,112
5.10%, 03/28/35^(c)		400		468,580
5.25%, 06/23/47^(c)		1,200		1,482,996
5.63%, 04/04/42^(c)		600		761,082
5.88%, 09/16/43^(c)		200		262,910
7.50%, 03/31/30^(c)(i)		240		273,520
12.75%, 06/24/28^(c)		600		1,009,320

				8,187,002

Saudi Arabia — 0.3%
KSA Sukuk Ltd.
2.89%, 04/20/22^(c)		400		408,540
3.63%, 04/20/27^(c)		1,200		1,254,804
Saudi Government International Bond
2.38%, 10/26/21^(c)		600		606,900
2.50%, 02/03/27^(c)		300		296,559
2.88%, 03/04/23^(c)		800		819,704
2.90%, 10/22/25^(b)		600		608,274
3.25%, 10/26/26^(c)		600		619,614
3.25%, 10/22/30^(b)		300		302,706
3.63%, 03/04/28^(c)		850		891,225
4.00%, 04/17/25^(c)		850		908,387
4.38%, 04/16/29^(c)		400		445,416
4.50%, 04/17/30^(c)		500		559,900
4.50%, 10/26/46^(c)		1,350		1,397,493
4.50%, 04/22/60^(b)		600		598,308
4.63%, 10/04/47^(c)		510		533,123
5.00%, 04/17/49^(c)		600		661,104
5.25%, 01/16/50^(c)		1,000		1,131,190

				12,043,247

Senegal — 0.0%
Senegal Government International Bond
6.25%, 05/23/33^(c)		200		175,190
6.75%, 03/13/48^(c)		200		166,618

				341,808

South Africa — 0.1%
Republic of South Africa Government International Bond
4.30%, 10/12/28		1,000		839,760
4.67%, 01/17/24		200		197,474
4.85%, 09/27/27		200		179,900
4.85%, 09/30/29		400		343,536
5.38%, 07/24/44		200		154,708
5.65%, 09/27/47		200		156,142
5.75%, 09/30/49		400		311,644
5.88%, 06/22/30		200		184,102
6.25%, 03/08/41		153		134,386
6.30%, 06/22/48		200		165,854

				2,667,506

South Korea — 0.1%
Export-Import Bank of Korea
2.38%, 06/25/24		400		413,892
2.75%, 01/25/22		200		204,712
2.88%, 01/21/25		400		423,136
3.25%, 11/10/25		400		434,668
3.25%, 08/12/26		600		655,944
4.38%, 09/15/21		400		416,804
Korea Gas Corp., 2.88%, 07/16/29^(c)		500		528,960


SCHEDULE OF INVESTMENTS			95

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

South Korea (continued)
Korea International Bond
2.75%, 01/19/27	$	200	$	216,556
3.50%, 09/20/28		400		464,004
3.88%, 09/11/23		200		219,006
3.88%, 09/20/48		400		551,152
4.13%, 06/10/44^(d)		250		344,985

				4,873,819

Sri Lanka — 0.0%
Sri Lanka Government International Bond
5.75%, 04/18/23^(c)		200		117,964
6.13%, 06/03/25^(c)		200		115,816
6.20%, 05/11/27^(c)		200		114,514
6.25%, 07/27/21^(c)		200		140,000
6.75%, 04/18/28^(c)		200		113,116
6.83%, 07/18/26^(c)		400		230,876
6.85%, 03/14/24^(c)		200		120,612
6.85%, 11/03/25^(c)		200		115,306
7.55%, 03/28/30^(c)		400		226,580

				1,294,784

Supranational — 1.0%
Africa Finance Corp., 4.38%, 04/17/26^(c)		265		266,895
African Development Bank
1.25%, 07/26/21		510		515,192
2.13%, 11/16/22		275		286,770
2.38%, 09/23/21		235		241,448
3.00%, 09/20/23		1,000		1,084,440
African Export-Import Bank (The), 4.13%, 06/20/24^(c)		250		244,873
Asian Development Bank
1.50%, 10/18/24		15		15,646
1.75%, 06/08/21^(d)		925		938,986
1.75%, 09/13/22		1,364		1,406,516
1.75%, 08/14/26		515		547,399
1.75%, 09/19/29		6		6,455
1.88%, 02/18/22		375		385,080
1.88%, 01/24/30		530		578,055
2.00%, 02/16/22^(d)		935		961,919
2.00%, 01/22/25		435		464,088
2.00%, 04/24/26		193		208,351
2.38%, 08/10/27		150		167,238
2.50%, 11/02/27		680		764,891
2.63%, 01/30/24		415		448,378
2.63%, 01/12/27		419		470,876
2.75%, 03/17/23		376		400,831
2.75%, 01/19/28^(d)		202		231,811
Asian Infrastructure Investment Bank (The), 2.25%, 05/16/24		225		240,246
Banque Ouest Africaine de Developpement, 5.00%, 07/27/27^(b)		200		185,758
Corp. Andina de Fomento
2.13%, 09/27/21		75		75,155
4.38%, 06/15/22		100		105,025
Council of Europe Development Bank, 2.63%, 02/13/23		200		211,880
European Bank for Reconstruction & Development
1.63%, 09/27/24		500		522,920
1.88%, 02/23/22		185		189,860
2.75%, 03/07/23		100		106,496
European Investment Bank
0.00%, 11/06/26^(h)		150		141,639
1.38%, 09/15/21		322		326,386


Security	Par (000)		Value

Supranational (continued)
1.38%, 09/06/22	$	1,000	$	1,023,140
1.38%, 05/15/23		22		22,624
1.63%, 06/15/21		50		50,702
1.63%, 03/14/25		1,000		1,052,570
1.63%, 10/09/29		115		122,731
1.88%, 02/10/25		781		830,359
2.00%, 12/15/22		210		218,679
2.13%, 10/15/21		120		123,019
2.13%, 04/13/26		125		135,844
2.25%, 03/15/22		166		171,807
2.25%, 08/15/22^(d)		771		803,459
2.38%, 05/13/21		500		510,280
2.38%, 06/15/22		385		401,286
2.38%, 05/24/27^(d)		430		478,315
2.50%, 03/15/23		336		355,831
2.63%, 05/20/22		2,095		2,190,762
2.63%, 03/15/24		245		265,200
2.88%, 12/15/21		1,087		1,131,263
2.88%, 08/15/23		1,720		1,856,379
3.25%, 01/29/24		1,482		1,635,254
4.88%, 02/15/36		245		371,457
Inter-American Development Bank
1.25%, 09/14/21		22		22,260
1.75%, 04/14/22		603		619,088
1.75%, 09/14/22		562		579,377
1.75%, 03/14/25		1,000		1,056,850
2.00%, 06/02/26		455		491,728
2.13%, 01/15/25		766		821,244
2.25%, 06/18/29		25		27,925
2.38%, 07/07/27		415		460,965
2.50%, 01/18/23		851		898,622
2.63%, 01/16/24		641		691,677
3.00%, 10/04/23		854		927,820
3.00%, 02/21/24		490		537,020
3.13%, 09/18/28		576		679,340
3.88%, 10/28/41		50		71,317
4.38%, 01/24/44		400		620,972
International Bank for Reconstruction & Development
1.38%, 05/24/21		305		308,215
1.38%, 09/20/21		50		50,689
1.63%, 02/10/22		1,360		1,389,838
1.63%, 01/15/25		1,016		1,067,074
1.75%, 04/19/23		116		120,498
1.75%, 10/23/29		406		437,327
1.88%, 06/19/23		57		59,576
1.88%, 10/27/26		850		911,591
2.00%, 01/26/22		200		205,672
2.13%, 07/01/22		1,005		1,042,607
2.13%, 02/13/23^(d)		275		287,832
2.13%, 03/03/25		230		247,020
2.25%, 06/24/21		50		51,074
2.50%, 03/19/24		17		18,342
2.50%, 11/25/24		1,062		1,155,817
2.50%, 07/29/25		475		521,792
2.50%, 11/22/27		221		249,054
2.75%, 07/23/21		1,333		1,371,804
3.00%, 09/27/23		599		650,712
4.75%, 02/15/35		225		333,405
7.63%, 01/19/23		620		739,896


96		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Supranational (continued)
International Finance Corp.
1.38%, 10/16/24	$	1,000	$	1,034,470
2.00%, 10/24/22		188		195,358
2.13%, 04/07/26		410		445,510
Nordic Investment Bank, 2.13%, 02/01/22		250		257,355

				48,151,197

Sweden — 0.1%
Kommuninvest I Sverige AB
2.25%, 05/29/21^(b)		550		560,538
2.63%, 09/15/22^(b)		250		262,660
Svensk Exportkredit AB
1.63%, 11/14/22		500		513,300
2.00%, 08/30/22		15		15,507
2.38%, 03/09/22		210		217,142
2.88%, 05/22/21		550		563,734
2.88%, 03/14/23		400		425,896
Sweden Government International Bond, 2.50%, 02/28/22^(b)		1,500		1,557,810

				4,116,587

Trinidad and Tobago — 0.0%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26^(c)(d)		400		363,868


Tunisia — 0.0%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25^(c)		200		168,054


Turkey — 0.2%
Hazine Mustesarligi Varlik Kiralama AS
4.49%, 11/25/24^(c)		200		182,556
5.80%, 02/21/22^(c)		756		749,075
Turkey Government International Bond
3.25%, 03/23/23		200		184,532
4.25%, 03/13/25		400		357,756
4.25%, 04/14/26		200		172,534
4.88%, 10/09/26		400		351,996
4.88%, 04/16/43		650		470,509
5.13%, 03/25/22		200		197,502
5.13%, 02/17/28		200		173,474
5.25%, 03/13/30		400		331,788
5.60%, 11/14/24		400		381,004
5.63%, 03/30/21		400		402,524
5.75%, 03/22/24		800		771,944
5.75%, 05/11/47		600		455,748
6.00%, 03/25/27		800		735,920
6.00%, 01/14/41		650		521,456
6.13%, 10/24/28		400		363,444
6.25%, 09/26/22		600		601,512
6.63%, 02/17/45		450		377,199
6.75%, 05/30/40		350		302,050
6.88%, 03/17/36		331		298,466
7.25%, 12/23/23		800		810,248
7.25%, 03/05/38		250		233,270
7.38%, 02/05/25		220		223,887
7.63%, 04/26/29		400		394,700
8.00%, 02/14/34		150		151,592
11.88%, 01/15/30^(d)		100		125,701


Security	Par (000)		Value

Turkey (continued)
Turkiye Ihracat Kredi Bankasi AS
5.38%, 10/24/23^(c)	$	200	$	190,848
8.25%, 01/24/24^(c)		400		409,988

				10,923,223

Ukraine — 0.1%
Ukraine Government International Bond
7.38%, 09/25/32^(c)		600		530,856
7.75%, 09/01/21^(c)		200		192,862
7.75%, 09/01/22^(c)		200		191,238
7.75%, 09/01/23^(c)		400		380,380
7.75%, 09/01/24^(c)		221		208,522
7.75%, 09/01/25^(c)		200		186,926
7.75%, 09/01/26^(c)		300		277,497
7.75%, 09/01/27^(c)		200		183,934
8.99%, 02/01/24^(c)		200		195,558
9.75%, 11/01/28^(c)		200		196,390
Ukreximbank Via Biz Finance PLC, 9.75%, 01/22/25^(c)		200		194,292

				2,738,455

United Arab Emirates — 0.1%
Abu Dhabi Government International Bond
2.13%, 05/03/21^(c)		400		402,508
2.13%, 09/30/24^(c)		600		607,578
2.50%, 10/11/22^(c)		200		204,218
2.50%, 09/30/29^(c)		500		507,655
3.13%, 05/03/26^(c)		1,400		1,486,268
3.13%, 10/11/27^(c)		400		425,260
3.13%, 04/16/30^(b)		400		424,560
3.13%, 09/30/49^(c)		800		767,512
3.88%, 04/16/50^(b)		500		532,675
4.13%, 10/11/47^(c)		200		224,178
Dubai DOF Sukuk Ltd., 3.88%, 01/30/23^(c)		200		205,042
Emirate of Dubai Government International Bonds, 5.25%, 01/30/43^(c)		200		196,812
RAK Capital, 3.09%, 03/31/25^(c)		400		396,560
Sharjah Sukuk Ltd., 3.76%, 09/17/24^(c)		200		204,326
Sharjah Sukuk Program Ltd., 3.23%, 10/23/29^(c)		200		190,570

				6,775,722

Uruguay — 0.1%
Uruguay Government International Bond
4.13%, 11/20/45		350		359,957
4.38%, 10/27/27		500		545,840
4.38%, 01/23/31 (Call 07/23/20)		500		549,515
4.50%, 08/14/24		480		513,019
4.98%, 04/20/55		250		282,253
5.10%, 06/18/50		620		704,382
7.63%, 03/21/36		100		138,898
8.00%, 11/18/22		75		81,620

				3,175,484

Venezuela — 0.0%
Venezuela Government International Bond
7.65%, 04/21/25^(c)(j)		350		31,248
9.00%, 05/07/23^(c)(j)		100		9,038
9.25%, 09/15/27^(j)		365		32,149
9.38%, 01/13/34^(j)		100		8,593
11.75%, 10/21/26^(c)(j)		200		16,946
11.95%, 08/05/31^(c)(j)		200		17,600
12.75%, 08/23/22^(c)(j)		75		6,467

				122,041


SCHEDULE OF INVESTMENTS			97

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Vietnam — 0.0%
Vietnam Government International Bond, 4.80%, 11/19/24^(c)	$	400	$	418,084


Zambia — 0.0%
Zambia Government International Bond
8.50%, 04/14/24^(c)		200		65,510
8.97%, 07/30/27^(c)		200		66,228

				131,738


Total Foreign Government Obligations — 5.1% (Cost: $256,075,422)				246,837,273


Municipal Debt Obligations

California — 0.2%
Bay Area Toll Authority RB BAB
Series F-2, 6.26%, 04/01/49		390		628,146
Series S-1, 7.04%, 04/01/50		50		83,198
Series S-3, 6.91%, 10/01/50		100		167,775
California State University RB, 2.98%, 11/01/51(11/01/20)		205		205,090
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB, 6.95%, 11/01/50		50		80,292
Los Angeles Community College District/CA GO BAB, 6.75%, 08/01/49		135		236,093
Los Angeles Department of Water & Power System Revenue RB BAB
Series A, 6.60%, 07/01/50		115		191,051
Series D, 6.57%, 07/01/45		100		158,209
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		175		230,867
5.76%, 07/01/29		400		496,244
Series RY, 6.76%, 07/01/34		100		139,939
Regents of the University of California Medical Center Pooled RB
3.26%, 05/15/60 ( 05/15/20)		185		184,160
3.71%, 05/15/2120 ( 05/15/20)^(d)		100		103,671
Regents of the University of California Medical Center Pooled RB BAB, Series H, 6.55%, 05/15/48		50		75,659
San Diego County Regional Transportation Commission RB BAB, 5.91%, 04/01/48		60		90,844
San Diego County Water Authority RB BAB, Series B, 6.14%, 05/01/49		150		217,009
Santa Clara Valley Transportation Authority RB BAB, 5.88%, 04/01/32		200		250,338
State of California Department of Water Resources Power Supply Revenue RB, Series P, 2.00%, 05/01/22		80		80,797
State of California GO
3.38%, 04/01/25		200		217,290
3.50%, 04/01/28		315		349,584
4.60%, 04/01/38 (Call 10/01/20)		125		140,841
Series A, 2.37%, 04/01/22		100		102,098
State of California GO BAB
7.30%, 10/01/39		420		667,846
7.50%, 04/01/34		450		708,300
7.55%, 04/01/39		355		596,191
7.60%, 11/01/40		100		173,135
7.63%, 03/01/40		700		1,168,888
University of California RB
Series AQ, 4.77%, 05/15/2115		500		660,285
Series AX, 3.06%, 07/01/25 (Call 07/01/20)		50		53,312


Security	Par (000)		Value

California (continued)
University of California RB BAB, 5.77%, 05/15/43	$	100	$	139,866

				8,597,018

Connecticut — 0.0%
State of Connecticut GO, Series A, 5.85%, 03/15/32		190		241,631
State of Connecticut GO BAB, Series D, 5.09%, 10/01/30		50		59,446

				301,077

District of Columbia — 0.0%
District of Columbia Water &Sewer Authority RB, 3.21%, 10/01/48( 10/01/20)		60		61,443


Florida — 0.0%
County of Miami-Dade FL Aviation Revenue RB, Series C, 4.28%, 10/01/41 (Call 10/01/20)		60		62,680


Georgia — 0.0%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010-A, 6.64%, 04/01/57		98		129,456
Project M, Series 2010-A, 6.66%, 04/01/57		149		202,169
Project P, Series 2010-A, 7.06%, 04/01/57		25		34,164

				365,789

Illinois — 0.1%
Chicago O’Hare International Airport RB, Series C, 4.47%, 01/01/49		80		85,482
Chicago O’Hare International Airport RB BAB, Series B, 6.40%, 01/01/40		100		137,927
Chicago Transit Authority RB
Series A, 6.90%, 12/01/40		250		324,667
Series B, 6.90%, 12/01/40		170		223,385
Illinois State Toll Highway Authority RB BAB, Series A, 6.18%, 01/01/34		180		240,196
State of Illinois GO
4.95%, 06/01/23^(d)		44		43,561
5.10%, 06/01/33^(d)		1,550		1,397,108
State of Illinois GO BAB, Series 5, 7.35%, 07/01/35		50		53,156

				2,505,482

Massachusetts — 0.0%
Commonwealth of Massachusetts GOL
2.81%, 09/01/43		100		101,224
2.90%, 09/01/49		150		154,173
Series E, 5.46%, 12/01/39		145		196,014
Massachusetts School Building Authority RB, 3.40%, 10/15/40( 10/15/20)		65		66,152

				517,563

Michigan — 0.0%
Michigan Finance Authority RB, 3.38%, 12/01/40		55		56,944


Missouri — 0.0%
Health & Educational Facilities Authority of the State of Missouri RB, Series A, 3.65%, 08/15/57 (Call 08/15/20)		225		273,305


Nebraska — 0.0%
University of Nebraska Facilities Corp. RB, Class A, 3.04%, 10/01/49		50		51,733


New Jersey — 0.0%
New Jersey Economic Development Authority RB
Series A, 7.43%, 02/15/29 (NPFGC)		350		415,303
Series B, 0.00%, 02/15/22^(h)		100		97,075
New Jersey State Turnpike Authority RB BAB Series A, 7.10%, 01/01/41		135		207,556


98		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
Series F, 7.41%, 01/01/40	$	305	$	478,877
New Jersey Transportation Trust Fund Authority RB, 4.13%, 06/15/42		45		44,223
New Jersey Transportation Trust Fund Authority RB BAB
Series B, 6.56%, 12/15/40		200		251,738
Series C, 5.75%, 12/15/28		50		57,779
Rutgers The State University of New Jersey RB, 3.27%, 05/01/43		200		201,672

				1,754,223

New York — 0.1%
City of New York NY GO BAB
Series A-2, 5.21%, 10/01/31		135		163,905
Series F1, 6.27%, 12/01/37		250		351,835
Metropolitan Transportation Authority RB BAB 7.34%, 11/15/39		250		366,480
Series 2010-A, 6.67%, 11/15/39		150		191,982
Series A, 5.87%, 11/15/39		100		118,828
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.57%, 11/01/38		200		261,746
Series C-2, 5.77%, 08/01/36		40		50,708
New York City Water & Sewer System RB BAB
5.44%, 06/15/43		275		400,667
5.72%, 06/15/42		250		375,397
5.88%, 06/15/44		115		178,219
New York State Dormitory Authority RB, Series F, 3.11%, 02/15/39		150		153,521
New York State Dormitory Authority RB BAB
Series D, 5.60%, 03/15/40		140		183,702
Series F, 5.63%, 03/15/39		50		64,830
New York State Thruway Authority RB Class M, 2.90%, 01/01/35		100		98,496
Series M, 3.50%, 01/01/42 ( 07/01/20)		100		97,774
New York State Urban Development Corp. RB, Series B, 3.90%, 03/15/33( 09/15/20)		250		273,335
Port Authority of New York & New Jersey RB
Series 165, 5.65%, 11/01/40		255		339,198
Series 168, 4.93%, 10/01/51		275		356,571
Series 174, 4.46%, 10/01/62		400		500,092
Series 181, 4.96%, 08/01/46		100		132,778

				4,660,064

Ohio — 0.0%
American Municipal Power Inc. RB BAB, Series B, 8.08%, 02/15/50		250		423,132
JobsOhio Beverage System RB, Series B, 4.53%, 01/01/35		100		120,908
Ohio State University (The) RB, Series A, 3.80%, 12/01/46		50		60,337
Ohio State University (The) RB BAB, Series C, 4.91%, 06/01/40		175		237,454
Ohio Turnpike & Infrastructure Commission RB, Class A, 3.22%, 02/15/48( 08/15/20)		50		50,623
Ohio Water Development Authority Water Pollution Control Loan Fund RB, Series B-2, 4.88%, 12/01/34		50		59,970

				952,424

Oregon — 0.0%
Oregon School Boards Association GOL
Series B, 5.55%, 06/30/28 (NPFGC)		100		117,665
Series B, 5.68%, 06/30/28 (NPFGC)		100		119,576


Security	Par (000)		Value

Oregon (continued)
State of Oregon GO, 5.89%, 06/01/27	$	340	$	417,462

				654,703

Tennessee — 0.0%
Metropolitan Government Nashville & Davidson County Health & Educational Facility Building RB, Series 2016B, 4.05%, 07/01/26 (Call 07/01/20)		250		267,965


Texas — 0.1%
City of San Antonio Texas Electric & Gas Systems Revenue RB BAB, 5.81%, 02/01/41		200		285,640
Dallas Area Rapid Transit RB BAB 5.02%, 12/01/48^(d)		275		370,381
Series B, 6.00%, 12/01/44		50		72,563
Dallas County Hospital District GOL BAB, Series C, 5.62%, 08/15/44		50		67,714
Dallas/Fort Worth International Airport RB, Class A, 3.14%, 11/01/45		125		118,561
Grand Parkway Transportation Corp. RB, 3.24%, 10/01/52( 10/01/20)		95		94,333
North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49		200		315,436
Permanent University Fund — Texas A&M University System RB, Series B, 3.66%, 07/01/47 (Call 07/01/20)		100		106,166
Permanent University Fund — University of Texas System RB, Series A, 3.38%, 07/01/47 (Call 07/01/20)		120		136,482
State of Texas GO BAB, 5.52%, 04/01/39		265		388,797
Texas Private Activity Bond Surface Transportation Corp. RB, Series B, 3.92%, 12/31/49		150		152,696
Texas Transportation Commission State Highway Fund RB BAB, Series B, First Class, 5.18%, 04/01/30		265		329,962

				2,438,731

Utah — 0.0%
State of Utah GO BAB, Series B, 3.54%, 07/01/25		100		106,407


Virginia — 0.0%
University of Virginia RB, Series C, 4.18%, 09/01/2117 (Call 09/01/20)		50		59,942


Washington — 0.0%
Central Puget Sound Regional Transit Authority RB BAB, 5.49%, 11/01/39		30		38,653
State of Washington GO BAB, Series F, 5.14%, 08/01/40		100		135,872

				174,525

Wisconsin — 0.0%
State of Wisconsin RB
Series A, 5.70%, 05/01/26		20		22,904
Series C, 3.15%, 05/01/27		250		266,945

				289,849


Total Municipal Debt Obligations — 0.5% (Cost: $22,747,962)				24,151,867


U.S. Government & Agency Obligations

Mortgage-Backed Securities — 23.4%
Federal Home Loan Mortgage Corp.
2.50%, 01/01/30		38		39,758
2.50%, 08/01/31		339		356,170
2.50%, 10/01/31		702		735,547
2.50%, 12/01/31		400		418,997
2.50%, 02/01/32		757		794,131


SCHEDULE OF INVESTMENTS			99

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
2.50%, 01/01/33	$	1,395	$	1,468,850
3.00%, 05/01/29		34		35,994
3.00%, 05/01/30		80		84,807
3.00%, 06/01/30		41		43,618
3.00%, 07/01/30		94		99,621
3.00%, 12/01/30		1,032		1,091,728
3.00%, 02/01/31		31		32,466
3.00%, 05/01/31		33		34,687
3.00%, 06/01/31		22		22,855
3.00%, 07/01/46		328		348,451
3.00%, 08/01/46		2,382		2,528,195
3.00%, 09/01/46		1,521		1,618,504
3.00%, 10/01/46		2,551		2,721,905
3.00%, 11/01/46		2,185		2,318,156
3.00%, 12/01/46		2,262		2,402,012
3.00%, 01/01/47		1,526		1,619,016
3.00%, 02/01/47		3,394		3,601,461
3.00%, 05/01/47		714		764,269
3.00%, 06/01/47		1,775		1,891,107
3.00%, 08/01/47		297		315,140
3.00%, 09/01/47		1,243		1,323,676
3.00%, 10/01/47		787		835,240
3.00%, 06/01/49		620		652,775
3.50%, 05/01/32		112		120,283
3.50%, 09/01/32		89		94,359
3.50%, 07/01/33		453		478,600
3.50%, 06/01/34		2,265		2,392,352
3.50%, 03/01/38		1,075		1,145,404
3.50%, 09/01/38		16		16,927
3.50%, 10/01/42		1,461		1,577,461
3.50%, 04/01/43		33		35,660
3.50%, 07/01/43		42		45,797
3.50%, 01/01/44		110		118,902
3.50%, 09/01/44		230		248,199
3.50%, 10/01/44		1,565		1,680,340
3.50%, 12/01/45		248		268,093
3.50%, 01/01/46		26		28,210
3.50%, 03/01/46		6,678		7,289,120
3.50%, 05/01/46		204		221,596
3.50%, 07/01/46		293		312,570
3.50%, 08/01/46		374		399,902
3.50%, 09/01/46		150		161,028
3.50%, 11/01/46		74		78,524
3.50%, 12/01/46		3,254		3,488,853
3.50%, 01/01/47		760		811,639
3.50%, 02/01/47		1,078		1,151,578
3.50%, 03/01/47		210		222,667
3.50%, 04/01/47		221		235,170
3.50%, 05/01/47		229		245,946
3.50%, 07/01/47		2,067		2,194,738
3.50%, 08/01/47		87		92,711
3.50%, 09/01/47		3,829		4,082,984
3.50%, 12/01/47		91		96,828
3.50%, 01/01/48		1,238		1,353,708
3.50%, 02/01/48		3,875		4,092,495
3.50%, 03/01/48		2,697		2,858,664
3.50%, 05/01/48		1,824		1,926,879
3.50%, 06/01/48		1,521		1,606,126
3.50%, 04/01/49		2,604		2,806,871
3.50%, 05/01/49		487		525,160


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 06/01/49	$	861	$	928,484
4.00%, 05/01/33		309		327,731
4.00%, 08/01/42		200		218,585
4.00%, 07/01/44		49		54,334
4.00%, 02/01/45		206		230,261
4.00%, 06/01/45		20		21,193
4.00%, 08/01/45		145		156,503
4.00%, 09/01/45		1,463		1,580,584
4.00%, 01/01/46		271		293,127
4.00%, 03/01/46		12		13,277
4.00%, 05/01/46		27		28,663
4.00%, 07/01/46		490		531,234
4.00%, 10/01/46		338		365,277
4.00%, 11/01/46		779		838,592
4.00%, 02/01/47		479		514,961
4.00%, 10/01/47		152		162,614
4.00%, 11/01/47		16		17,620
4.00%, 01/01/48		1,000		1,070,099
4.00%, 02/01/48		1,550		1,661,077
4.00%, 06/01/48		1,285		1,399,123
4.00%, 07/01/48		2,139		2,274,542
4.00%, 08/01/48		766		814,808
4.00%, 09/01/48		570		606,504
4.00%, 12/01/48		1,378		1,484,693
4.00%, 01/01/49		1,379		1,474,313
4.50%, 02/01/41		148		164,310
4.50%, 05/01/42		160		177,664
4.50%, 01/01/45		105		115,828
4.50%, 01/01/46		144		158,794
4.50%, 04/01/46		21		23,353
4.50%, 05/01/46		17		18,797
4.50%, 07/01/46		8		8,947
4.50%, 09/01/46		1,494		1,638,723
4.50%, 05/01/47		153		164,685
4.50%, 06/01/47		63		68,108
4.50%, 05/01/48		1,350		1,454,571
4.50%, 06/01/48		609		659,494
4.50%, 07/01/48		470		508,959
4.50%, 10/01/48		2,191		2,428,851
4.50%, 12/01/48		1,234		1,335,780
4.50%, 01/01/49		1,379		1,491,948
5.00%, 04/01/33		589		668,187
5.00%, 09/01/47		42		45,544
5.00%, 03/01/48		277		301,800
5.00%, 04/01/48		1,482		1,611,780
5.00%, 05/01/48		265		287,769
5.00%, 07/01/48		455		494,188
5.00%, 04/01/49		297		322,839
Federal National Mortgage Association
3.00%, 02/01/47		687		732,640
3.00%, 02/01/50		7,597		8,019,106
3.50%, 11/01/51		2,558		2,772,392
4.00%, 02/01/47		1,476		1,610,757
4.00%, 01/01/57		929		1,020,573
4.00%, 02/01/57		1,048		1,151,484
Series 2014-M02, Class ASV2, 2.78%, 06/25/21^(a)		141		141,395
Series 2014-M13, Class A2, 3.02%, 08/25/24^(a)		10		10,747
FHLMC Multifamily Structured Pass Through Certificates
Series K017, Class A2, 2.87%, 12/25/21		1,134		1,153,895
Series K020, Class A2, 2.37%, 05/25/22		50		51,105


100		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K022, Class A2, 2.36%, 07/25/22	$	3,000	$	3,088,451
Series K028, Class A2, 3.11%, 02/25/23		2,700		2,850,485
Series K034, Class A2, 3.53%, 07/25/23^(a)		1,000		1,077,002
Series K036, Class A2, 3.53%, 10/25/23^(a)		750		810,823
Series K040, Class A2, 3.24%, 09/25/24		2,380		2,594,388
Series K064, Class A2, 3.22%, 03/25/27		3,000		3,357,826
Series K078, Class A2, 3.85%, 06/25/28		600		703,193
Series K086, Class A2, 3.86%, 11/25/28^(a)		1,000		1,178,245
Series K089, Class A2, 3.56%, 01/25/29		2,000		2,323,016
Series K100, Class A2, 2.67%, 09/25/29		3,000		3,336,140
Series K101, Class A2, 2.52%, 10/25/29		2,000		2,201,156
Series K108, Class A2, 1.52%, 03/25/30		3,000		3,089,799
Series K-1512, Class A2, 2.99%, 05/25/31		910		1,028,942
Series K-1512, Class A3, 3.06%, 04/25/34		720		813,395
Series K730, Class A2, 3.59%, 01/25/25^(a)		2,000		2,199,179
Freddie Mac Multifamily Structured Pass Through Certificates, Series K053, Class A2, 3.00%, 12/25/25		3,000		3,282,726
Government National Mortgage Association
2.50%, 05/20/45		143		152,397
2.50%, 01/20/47		751		797,743
2.50%, 05/01/50^(k)		7,524		7,943,434
3.00%, 01/20/43		1,387		1,492,877
3.00%, 03/15/43		19		20,222
3.00%, 11/20/43		44		47,566
3.00%, 12/20/43		55		59,164
3.00%, 05/20/45		3,083		3,300,928
3.00%, 06/20/45		247		264,439
3.00%, 07/20/45		2,907		3,113,278
3.00%, 10/20/45		673		720,510
3.00%, 11/20/45		70		75,205
3.00%, 12/20/45		141		150,444
3.00%, 02/20/46		2,351		2,517,710
3.00%, 04/20/46		2,285		2,443,577
3.00%, 05/20/46		1,979		2,115,886
3.00%, 06/20/46		2,260		2,415,894
3.00%, 07/20/46		3,312		3,540,681
3.00%, 08/20/46		5,308		5,675,313
3.00%, 09/20/46		4,033		4,312,312
3.00%, 11/20/46		1,371		1,465,566
3.00%, 12/15/46		896		958,970
3.00%, 12/20/46		4,112		4,396,122
3.00%, 02/15/47		1,480		1,581,922
3.00%, 02/20/47		1,754		1,875,096
3.00%, 03/20/47		416		444,425
3.00%, 06/20/47		1,446		1,542,427
3.00%, 07/20/47		136		144,812
3.00%, 11/20/47		3,164		3,373,721
3.00%, 12/20/47		1,399		1,491,720
3.00%, 01/20/48		1,190		1,268,559
3.00%, 02/20/48		1,091		1,163,530
3.00%, 01/20/50		3,001		3,197,101
3.00%, 02/20/50		3,011		3,207,984
3.00%, 05/01/50^(k)		26,880		28,614,206
3.50%, 09/20/42		1,148		1,247,824
3.50%, 10/20/42		2,692		2,926,809
3.50%, 11/20/42		1,227		1,334,666
3.50%, 12/20/42		902		980,977
3.50%, 06/15/43		602		653,465
3.50%, 10/20/44		159		173,534
3.50%, 12/20/44		361		389,276


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 04/20/45	$	1,458	$	1,568,273
3.50%, 05/20/45		506		545,254
3.50%, 09/20/45		1,049		1,146,160
3.50%, 10/20/45		170		182,598
3.50%, 11/20/45		1,367		1,470,399
3.50%, 12/20/45		1,324		1,424,140
3.50%, 03/20/46		3,252		3,491,504
3.50%, 04/20/46		1,326		1,423,871
3.50%, 06/20/46		5,927		6,362,786
3.50%, 11/20/46		170		182,722
3.50%, 12/20/46		1,819		1,952,656
3.50%, 01/20/47		551		591,994
3.50%, 02/20/47		2,666		2,862,265
3.50%, 03/20/47		3,798		4,058,484
3.50%, 04/20/47		426		464,393
3.50%, 06/20/47		751		802,858
3.50%, 08/20/47		3,480		3,753,932
3.50%, 09/20/47		3,948		4,218,596
3.50%, 10/20/47		349		375,747
3.50%, 11/20/47		3,520		3,761,283
3.50%, 12/15/47		2,026		2,177,928
3.50%, 12/20/47		786		845,491
3.50%, 01/20/48		723		772,682
3.50%, 02/20/48		1,203		1,285,116
3.50%, 04/20/48		4,293		4,677,871
3.50%, 08/20/48		2,664		2,826,990
3.50%, 01/20/49		1,085		1,159,393
3.50%, 10/20/49		7,069		7,501,148
3.50%, 11/20/49		4,420		4,689,677
3.50%, 12/20/49		3,181		3,375,520
3.50%, 01/20/50		5,370		5,698,100
3.50%, 05/01/50^(k)		11,476		12,173,526
4.00%, 09/20/45		361		390,832
4.00%, 10/20/45		15		16,328
4.00%, 01/20/46		58		63,208
4.00%, 03/20/46		739		800,243
4.00%, 07/20/46		68		73,329
4.00%, 09/20/46		16		17,693
4.00%, 11/20/46		181		194,769
4.00%, 12/15/46		126		135,637
4.00%, 04/20/47		3,441		3,678,623
4.00%, 07/20/47		8,334		8,909,913
4.00%, 08/20/47		332		355,070
4.00%, 11/20/47		2,808		3,001,691
4.00%, 03/20/48		5,411		5,785,153
4.00%, 04/20/48		2,145		2,294,059
4.00%, 05/15/48		893		955,969
4.00%, 05/20/48		2,155		2,298,556
4.00%, 08/20/48		5,179		5,524,887
4.00%, 09/20/48		2,147		2,290,353
4.00%, 11/20/48		417		444,545
4.00%, 11/20/49		5,733		6,092,978
4.00%, 05/01/50^(k)		5,104		5,429,774
4.50%, 04/15/40		26		29,576
4.50%, 11/20/45		129		142,799
4.50%, 08/20/46		132		146,147
4.50%, 09/20/46		21		23,312
4.50%, 10/20/46		116		128,505
4.50%, 11/20/46		58		64,136
4.50%, 02/20/47		68		73,768


SCHEDULE OF INVESTMENTS			101

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.50%, 04/20/47	$	101	$	108,356
4.50%, 06/20/47		216		232,539
4.50%, 10/20/47		111		119,688
4.50%, 04/20/48		2,033		2,186,370
4.50%, 06/20/48		2,139		2,296,405
4.50%, 07/20/48		2,266		2,433,312
4.50%, 08/20/48		1,736		1,863,748
4.50%, 12/20/48		3,253		3,491,891
4.50%, 03/20/49		753		809,039
4.50%, 06/20/49		4,216		4,511,069
4.50%, 07/20/49		2,359		2,523,874
4.50%, 08/20/49		806		862,766
4.50%, 05/01/50^(k)		4,634		4,957,656
5.00%, 07/20/46		32		36,927
5.00%, 03/20/48		388		419,092
5.00%, 04/20/48		1,155		1,248,420
5.00%, 05/20/48		570		616,050
5.00%, 11/20/48		833		897,636
5.00%, 12/20/48		1,164		1,253,813
5.00%, 01/20/49		2,454		2,643,386
5.00%, 04/20/49		205		221,226
5.00%, 05/20/49		286		308,129
5.00%, 05/01/50^(k)		3,298		3,555,152
5.50%, 04/20/48		57		64,415
Uniform Mortgage-Backed Securities
2.50%, 12/01/29		142		148,409
2.50%, 03/01/30		201		210,685
2.50%, 07/01/30		185		194,295
2.50%, 08/01/30		54		56,837
2.50%, 12/01/30		69		71,977
2.50%, 01/01/31		55		58,118
2.50%, 09/01/31		592		619,922
2.50%, 10/01/31		3,865		4,047,255
2.50%, 12/01/31		905		947,667
2.50%, 01/01/32		3,394		3,563,814
2.50%, 02/01/32		682		716,732
2.50%, 03/01/32		717		750,688
2.50%, 04/01/32		661		691,764
2.50%, 10/01/32		113		119,487
2.50%, 01/01/33		5,708		5,977,240
2.50%, 05/01/35^(k)		28,452		29,749,011
2.50%, 04/01/47		2,022		2,119,961
2.50%, 01/01/50		1,604		1,670,950
2.50%, 05/01/50^(k)		20,154		20,992,438
3.00%, 10/01/27		99		104,435
3.00%, 03/01/30		4,146		4,376,108
3.00%, 04/01/30		142		150,636
3.00%, 07/01/30		119		126,026
3.00%, 08/01/30		464		490,726
3.00%, 09/01/30		740		782,339
3.00%, 10/01/30		294		311,304
3.00%, 11/01/30		68		71,587
3.00%, 12/01/30		170		180,062
3.00%, 01/01/31		2,468		2,618,638
3.00%, 02/01/31		914		971,887
3.00%, 03/01/31		286		303,944
3.00%, 04/01/31		101		107,141
3.00%, 06/01/31		549		582,251
3.00%, 09/01/31		211		224,246
3.00%, 10/01/31		81		85,341


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.00%, 01/01/32	$	660	$	703,388
3.00%, 02/01/32		2,191		2,330,820
3.00%, 03/01/32		85		89,916
3.00%, 06/01/32		765		809,112
3.00%, 08/01/32		426		454,350
3.00%, 11/01/32		646		688,899
3.00%, 12/01/32		1,367		1,447,702
3.00%, 02/01/33		774		826,061
3.00%, 10/01/33		953		1,006,727
3.00%, 07/01/34		879		928,676
3.00%, 09/01/34		5,278		5,602,677
3.00%, 11/01/34		610		646,356
3.00%, 12/01/34		7,186		7,593,715
3.00%, 05/01/35^(k)		12,260		12,928,553
3.00%, 12/01/35		6,755		7,150,563
3.00%, 01/01/37		501		532,169
3.00%, 11/01/42		219		234,441
3.00%, 12/01/42		545		582,872
3.00%, 03/01/43		534		568,948
3.00%, 09/01/43		501		533,736
3.00%, 01/01/44		693		738,990
3.00%, 10/01/44		6,699		7,144,025
3.00%, 01/01/45		228		242,941
3.00%, 03/01/45		1,714		1,827,744
3.00%, 05/01/45		731		779,888
3.00%, 11/01/45		94		99,527
3.00%, 08/01/46		1,522		1,619,917
3.00%, 10/01/46		84		90,231
3.00%, 11/01/46		9,765		10,388,350
3.00%, 12/01/46		4,931		5,236,521
3.00%, 01/01/47		3,814		4,052,556
3.00%, 02/01/47		6,069		6,439,768
3.00%, 03/01/47		4,575		4,854,777
3.00%, 05/01/47		114		120,391
3.00%, 07/01/47		2,041		2,165,733
3.00%, 08/01/47		680		721,186
3.00%, 12/01/47		696		744,195
3.00%, 03/01/48		826		874,061
3.00%, 09/01/49		4,220		4,507,223
3.00%, 10/01/49		680		718,271
3.00%, 11/01/49		11,525		12,165,062
3.00%, 12/01/49		17,234		18,195,101
3.00%, 02/01/50		5,242		5,539,810
3.00%, 05/01/50^(k)		77,249		81,548,993
3.50%, 01/01/27		7		7,430
3.50%, 12/01/29		22		23,550
3.50%, 07/01/30		364		387,226
3.50%, 10/01/30		40		42,334
3.50%, 03/01/31		259		274,014
3.50%, 06/01/31		254		272,105
3.50%, 01/01/32		127		136,925
3.50%, 05/01/32		210		225,080
3.50%, 06/01/32		210		226,534
3.50%, 07/01/32		128		136,314
3.50%, 08/01/32		78		83,690
3.50%, 09/01/32		565		598,512
3.50%, 10/01/32		241		257,323
3.50%, 11/01/32		170		181,365
3.50%, 03/01/33		521		559,708
3.50%, 04/01/33		805		859,432


102		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 05/01/33	$	355	$	381,233
3.50%, 06/01/33		1,699		1,793,097
3.50%, 07/01/34		2,186		2,314,359
3.50%, 08/01/34		2,314		2,445,355
3.50%, 01/01/35		911		967,816
3.50%, 05/01/35^(k)		6,551		6,914,376
3.50%, 10/01/44		1,305		1,406,502
3.50%, 02/01/45		725		781,660
3.50%, 03/01/45		224		242,784
3.50%, 05/01/45		106		114,526
3.50%, 07/01/45		265		287,572
3.50%, 10/01/45		345		371,942
3.50%, 11/01/45		267		285,834
3.50%, 12/01/45		3,447		3,690,989
3.50%, 01/01/46		1,227		1,327,686
3.50%, 02/01/46		769		823,401
3.50%, 03/01/46		3,492		3,746,464
3.50%, 04/01/46		58		61,622
3.50%, 05/01/46		96		103,072
3.50%, 06/01/46		206		219,652
3.50%, 07/01/46		278		302,576
3.50%, 08/01/46		311		332,709
3.50%, 09/01/46		633		682,391
3.50%, 10/01/46		968		1,041,965
3.50%, 11/01/46		184		196,226
3.50%, 12/01/46		5,464		5,889,989
3.50%, 01/01/47		3,707		4,025,947
3.50%, 02/01/47		452		484,215
3.50%, 04/01/47		1,202		1,291,145
3.50%, 05/01/47		572		619,591
3.50%, 06/01/47		1,233		1,319,545
3.50%, 07/01/47		1,310		1,427,819
3.50%, 08/01/47		1,620		1,727,738
3.50%, 09/01/47		2,110		2,239,329
3.50%, 10/01/47		1,635		1,786,142
3.50%, 11/01/47		4,448		4,760,211
3.50%, 12/01/47		1,248		1,324,152
3.50%, 01/01/48		4,438		4,759,089
3.50%, 02/01/48		15,267		16,316,977
3.50%, 03/01/48		539		569,325
3.50%, 04/01/48		2,692		2,855,701
3.50%, 05/01/48		187		205,239
3.50%, 06/01/48		2,573		2,716,581
3.50%, 11/01/48		766		813,004
3.50%, 12/01/48		1,647		1,739,162
3.50%, 03/01/49		1,123		1,210,791
3.50%, 04/01/49		518		564,204
3.50%, 06/01/49		6,882		7,465,941
3.50%, 07/01/49		13,549		14,338,324
3.50%, 11/01/49		1,895		1,999,641
3.50%, 12/01/49		2,380		2,511,971
3.50%, 02/01/50		6,221		6,566,694
3.50%, 05/01/50^(k)		51,391		54,302,340
4.00%, 07/01/29		582		616,935
4.00%, 07/01/32		756		800,731
4.00%, 05/01/33		975		1,033,882
4.00%, 06/01/33		446		473,023
4.00%, 07/01/33		337		357,561
4.00%, 05/01/35^(k)		4,015		4,242,504
4.00%, 06/01/38		316		338,468


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.00%, 06/01/42	$	3,873	$	4,231,760
4.00%, 10/01/44		18		19,445
4.00%, 12/01/44		181		200,532
4.00%, 01/01/45		1,631		1,776,318
4.00%, 02/01/45		414		463,018
4.00%, 03/01/45		507		549,968
4.00%, 05/01/45		228		254,083
4.00%, 06/01/45		773		840,465
4.00%, 07/01/45		111		119,891
4.00%, 08/01/45		88		95,509
4.00%, 09/01/45		117		126,752
4.00%, 01/01/46		139		149,731
4.00%, 04/01/46		42		45,178
4.00%, 06/01/46		2,066		2,313,078
4.00%, 07/01/46		459		493,294
4.00%, 08/01/46		33		36,127
4.00%, 10/01/46		563		614,959
4.00%, 02/01/47		409		441,307
4.00%, 03/01/47		406		443,593
4.00%, 04/01/47		1,482		1,597,675
4.00%, 05/01/47		525		571,436
4.00%, 06/01/47		629		687,237
4.00%, 07/01/47		1,120		1,198,209
4.00%, 08/01/47		1,795		1,926,604
4.00%, 09/01/47		4,945		5,329,294
4.00%, 10/01/47		3,653		3,971,386
4.00%, 11/01/47		1,869		1,998,795
4.00%, 12/01/47		978		1,059,167
4.00%, 01/01/48		4,640		4,977,305
4.00%, 04/01/48		1,418		1,515,186
4.00%, 07/01/48		174		185,371
4.00%, 09/01/48		760		811,752
4.00%, 10/01/48		2,275		2,419,536
4.00%, 11/01/48		2,474		2,630,383
4.00%, 12/01/48		1,348		1,433,502
4.00%, 01/01/49		814		876,604
4.00%, 02/01/49		976		1,043,791
4.00%, 03/01/49		3,389		3,632,912
4.00%, 04/01/49		2,020		2,215,219
4.00%, 05/01/49		1,470		1,611,960
4.00%, 06/01/49		2,917		3,163,816
4.00%, 07/01/49		3,064		3,320,135
4.00%, 08/01/49		4,905		5,245,304
4.00%, 11/01/49		2,013		2,142,855
4.00%, 12/01/49		1,425		1,516,767
4.00%, 02/01/50		6,399		6,813,024
4.00%, 05/01/50^(k)		46,790		49,836,300
4.50%, 05/01/35^(k)		960		1,013,272
4.50%, 06/01/41		24		27,011
4.50%, 01/01/42		22		24,818
4.50%, 09/01/42		95		105,427
4.50%, 08/01/43		265		292,736
4.50%, 04/01/44		355		390,720
4.50%, 02/01/45		110		123,513
4.50%, 08/01/45		134		150,167
4.50%, 12/01/45		117		129,611
4.50%, 02/01/46		943		1,049,720
4.50%, 08/01/46		15		16,685
4.50%, 10/01/46		49		52,608
4.50%, 01/01/47		14		14,877


SCHEDULE OF INVESTMENTS			103

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.50%, 03/01/47	$	269	$	296,120
4.50%, 04/01/47		1,000		1,099,605
4.50%, 06/01/47		276		301,216
4.50%, 10/01/47		1,076		1,190,679
4.50%, 01/01/48		3,053		3,306,635
4.50%, 02/01/48		1,580		1,731,749
4.50%, 03/01/48		249		272,808
4.50%, 04/01/48		89		96,581
4.50%, 05/01/48		721		776,614
4.50%, 06/01/48		512		568,144
4.50%, 07/01/48		310		334,911
4.50%, 08/01/48		2,162		2,374,479
4.50%, 10/01/48		2,895		3,139,271
4.50%, 11/01/48		1,390		1,496,612
4.50%, 12/01/48		4,151		4,515,308
4.50%, 02/01/49		2,931		3,157,571
4.50%, 05/01/49		3,179		3,430,094
4.50%, 07/01/49		1,790		1,937,449
4.50%, 08/01/49		1,234		1,335,658
4.50%, 05/01/50^(k)		9,597		10,346,766
5.00%, 05/01/35^(k)		293		307,611
5.00%, 06/01/39		15		17,009
5.00%, 02/01/41		58		65,853
5.00%, 04/01/41		695		784,190
5.00%, 10/01/41		28		31,411
5.00%, 01/01/42		89		100,059
5.00%, 05/01/42		63		70,605
5.00%, 09/01/47		79		86,138
5.00%, 03/01/48		608		661,031
5.00%, 04/01/48		2,407		2,616,151
5.00%, 05/01/48		300		329,663
5.00%, 07/01/48		612		673,573
5.00%, 08/01/48		597		660,870
5.00%, 09/01/48		490		532,597
5.00%, 01/01/49		1,268		1,382,741
5.00%, 04/01/49		2,605		2,855,442
5.00%, 05/01/50^(k)		5,521		6,001,131
5.50%, 09/01/41		1,199		1,381,319
5.50%, 01/01/47		1,007		1,161,105
5.50%, 05/01/50^(k)		6,438		7,062,687
6.00%, 07/01/41		170		200,194
6.00%, 02/01/49		434		511,226

				1,121,970,618

U.S. Government Agency Obligations — 1.0%
Federal Farm Credit Banks Funding Corp.
1.68%, 10/13/20		250		251,060
1.85%, 07/26/24		55		57,558
1.90%, 06/24/21		1,065		1,081,241
2.85%, 09/20/21		570		587,260
Federal Home Loan Banks
1.13%, 07/14/21		1,000		1,010,210
1.50%, 08/15/24		150		156,587
1.75%, 06/12/20		225		225,367
2.00%, 09/09/22		250		259,933
2.50%, 12/08/23		550		589,501
2.50%, 12/10/27		250		275,940
2.63%, 05/28/20		520		520,879
2.75%, 12/13/24		1,140		1,252,358
2.88%, 09/11/20		500		504,260
2.88%, 09/13/24		250		274,887


Security	Par (000)		Value

U.S. Government Agency Obligations (continued)
3.00%, 12/09/22	$	1,520	$	1,624,622
3.00%, 03/10/28		60		68,430
3.13%, 06/13/25		2,805		3,144,349
3.13%, 09/12/25		1,075		1,214,879
3.25%, 06/09/28		170		197,671
3.25%, 11/16/28		795		941,383
3.38%, 09/08/23		200		219,496
3.63%, 06/11/21		500		517,900
5.50%, 07/15/36		285		446,980
Federal Home Loan Mortgage Corp.
0.00%, 12/14/29^(h)		200		174,102
2.38%, 02/16/21		2,100		2,136,078
2.38%, 01/13/22		2,335		2,417,986
2.75%, 06/19/23		700		751,744
6.25%, 07/15/32		2,055		3,247,763
6.75%, 09/15/29		1,550		2,321,574
6.75%, 03/15/31		560		880,830
Federal National Mortgage Association
1.25%, 05/06/21		300		303,186
1.25%, 08/17/21		575		582,095
1.38%, 02/26/21		3,020		3,047,663
1.75%, 07/02/24		300		315,525
1.88%, 04/05/22		620		639,090
1.88%, 09/24/26		1,025		1,092,014
2.00%, 01/05/22		850		874,743
2.25%, 04/12/22		300		311,583
2.38%, 01/19/23		490		517,082
2.50%, 02/05/24		570		613,628
2.63%, 01/11/22		425		441,945
2.63%, 09/06/24		2,755		3,009,452
2.88%, 10/30/20		1,395		1,413,386
6.25%, 05/15/29		650		940,914
6.63%, 11/15/30		1,170		1,808,270
7.25%, 05/15/30		585		923,896
Tennessee Valley Authority
3.50%, 12/15/42		390		485,343
5.25%, 09/15/39		350		532,938
5.88%, 04/01/36		330		516,823
7.13%, 05/01/30		145		222,633

				45,945,037

U.S. Government Obligations — 33.6%
U.S. Treasury Note/Bond
0.38%, 03/31/22^(d)		15,000		15,051,562
0.50%, 03/15/23		500		503,750
0.63%, 03/31/27		2,000		2,015,313
1.13%, 07/31/21		18,500		18,716,797
1.13%, 08/31/21		3,650		3,695,768
1.13%, 09/30/21		2,000		2,026,563
1.13%, 02/28/25		5,000		5,189,063
1.25%, 03/31/21		600		606,000
1.25%, 10/31/21		5,900		5,993,801
1.25%, 07/31/23		18,000		18,573,750
1.25%, 08/31/24		3,800		3,950,813
1.38%, 04/30/21		6,750		6,831,475
1.38%, 05/31/21		2,400		2,431,219
1.38%, 06/30/23		2,750		2,846,465
1.38%, 08/31/23		3,900		4,042,898
1.38%, 09/30/23		28,400		29,456,125
1.38%, 01/31/25		5,000		5,241,406
1.50%, 08/31/21		4,250		4,324,873


104		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations (continued)
1.50%, 09/30/21	$	5,500	$	5,602,480
1.50%, 01/31/22		6,900		7,055,789
1.50%, 08/15/22		6,200		6,382,125
1.50%, 02/28/23		4,000		4,142,188
1.50%, 03/31/23		15,250		15,809,961
1.50%, 10/31/24		10,000		10,517,969
1.50%, 08/15/26		4,700		4,995,586
1.50%, 02/15/30		13,500		14,617,969
1.63%, 08/15/22		4,800		4,954,875
1.63%, 08/31/22		13,400		13,838,641
1.63%, 11/15/22		5,800		6,004,359
1.63%, 04/30/23		23,000		23,945,156
1.63%, 05/31/23		2,500		2,604,883
1.63%, 10/31/23		4,000		4,187,500
1.63%, 02/15/26		12,250		13,073,047
1.63%, 05/15/26		6,300		6,735,586
1.63%, 08/15/29		18,000		19,650,937
1.75%, 11/30/21		11,950		12,243,148
1.75%, 02/28/22		7,900		8,122,805
1.75%, 03/31/22		1,000		1,029,453
1.75%, 04/30/22		1,300		1,340,117
1.75%, 05/15/22		2,000		2,062,500
1.75%, 05/31/22		4,500		4,643,438
1.75%, 09/30/22		9,700		10,057,688
1.75%, 01/31/23		2,600		2,707,656
1.75%, 05/15/23		13,000		13,587,031
1.75%, 06/30/24		4,200		4,448,391
1.75%, 12/31/24		10,000		10,650,781
1.75%, 11/15/29^(d)		8,100		8,947,969
1.88%, 11/30/21		2,000		2,053,047
1.88%, 01/31/22		13,000		13,378,320
1.88%, 02/28/22		11,300		11,645,180
1.88%, 03/31/22		11,000		11,351,055
1.88%, 05/31/22		6,600		6,828,938
1.88%, 07/31/22		12,350		12,811,195
1.88%, 08/31/22		7,368		7,651,679
1.88%, 09/30/22		21,000		21,838,359
1.88%, 10/31/22		3,000		3,123,047
1.88%, 07/31/26		20,000		21,720,313
2.00%, 05/31/21		35,000		35,691,797
2.00%, 08/31/21		13,105		13,421,875
2.00%, 10/31/21		4,000		4,107,969
2.00%, 11/15/21		12,500		12,847,656
2.00%, 12/31/21		6,600		6,796,969
2.00%, 10/31/22		1,200		1,252,969
2.00%, 11/30/22		9,600		10,036,500
2.00%, 02/15/23		6,000		6,293,438
2.00%, 05/31/24		12,250		13,087,402
2.00%, 06/30/24		4,000		4,277,188
2.00%, 02/15/25		32,561		35,100,172
2.00%, 08/15/25		20,100		21,784,945
2.00%, 11/15/26		11,750		12,884,609
2.00%, 02/15/50		12,950		15,276,953
2.13%, 06/30/21		7,833		8,009,957
2.13%, 08/15/21		17,950		18,395,244
2.13%, 09/30/21		3,500		3,595,703
2.13%, 12/31/21		5,500		5,675,098
2.13%, 05/15/22		21,000		21,815,391
2.13%, 06/30/22		5,950		6,196,832
2.13%, 12/31/22		16,500		17,330,156


Security	Par (000)		Value

U.S. Government Obligations (continued)
2.13%, 11/30/23	$	7,000	$	7,457,734
2.13%, 02/29/24		2,500		2,672,656
2.13%, 03/31/24		7,300		7,816,133
2.13%, 07/31/24		1,500		1,613,555
2.13%, 11/30/24		5,000		5,404,688
2.13%, 05/15/25		24,900		27,076,805
2.13%, 05/31/26		3,000		3,298,359
2.25%, 03/31/21		200		203,828
2.25%, 04/30/21		7,000		7,145,195
2.25%, 07/31/21		3,400		3,487,523
2.25%, 04/15/22		24,500		25,477,129
2.25%, 12/31/23		8,700		9,319,875
2.25%, 01/31/24		5,100		5,470,547
2.25%, 11/15/24		3,340		3,626,248
2.25%, 12/31/24		9,250		10,064,434
2.25%, 11/15/25		14,450		15,893,871
2.25%, 02/15/27		11,050		12,336,289
2.25%, 08/15/27		21,050		23,651,648
2.25%, 11/15/27		13,500		15,210,703
2.25%, 08/15/46		5,600		6,818,875
2.25%, 08/15/49		8,250		10,205,508
2.38%, 01/31/23		6,500		6,881,367
2.38%, 02/29/24		500		539,414
2.38%, 08/15/24		22,200		24,130,359
2.38%, 05/15/27		8,750		9,877,930
2.38%, 05/15/29		7,000		8,088,281
2.38%, 11/15/49		12,000		15,238,125
2.50%, 08/15/23		2,450		2,628,965
2.50%, 01/31/24		9,000		9,737,578
2.50%, 05/15/24		47,300		51,442,446
2.50%, 02/28/26		1,000		1,118,125
2.50%, 02/15/45		750		947,109
2.50%, 02/15/46		8,845		11,236,915
2.50%, 05/15/46		13,663		17,390,946
2.63%, 05/15/21		8,000		8,202,812
2.63%, 06/15/21		4,750		4,880,625
2.63%, 01/31/26		4,500		5,057,227
2.63%, 02/15/29		10,189		11,956,155
2.75%, 08/15/21		4,000		4,132,344
2.75%, 09/15/21		11,000		11,386,289
2.75%, 04/30/23		5,000		5,373,438
2.75%, 05/31/23		5,300		5,705,367
2.75%, 07/31/23		1,300		1,404,508
2.75%, 08/31/23		7,300		7,899,398
2.75%, 02/15/24		6,500		7,097,695
2.75%, 08/31/25		16,500		18,548,320
2.75%, 02/15/28		16,000		18,680,000
2.75%, 08/15/42		4,750		6,177,227
2.75%, 11/15/42		12,800		16,660,000
2.75%, 08/15/47		10,800		14,468,625
2.75%, 11/15/47		7,300		9,800,250
2.88%, 10/15/21		5,900		6,130,930
2.88%, 11/15/21		5,500		5,726,660
2.88%, 11/30/23		5,700		6,225,023
2.88%, 04/30/25		6,200		6,971,609
2.88%, 07/31/25		10,000		11,292,187
2.88%, 08/15/28		14,650		17,369,406
2.88%, 05/15/43		6,800		9,032,313
2.88%, 08/15/45		4,950		6,682,500
2.88%, 11/15/46		4,550		6,205,063


SCHEDULE OF INVESTMENTS			105

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations (continued)
2.88%, 05/15/49	$	1,000	$	1,388,750
3.00%, 09/30/25		5,100		5,807,625
3.00%, 05/15/42		5,950		8,047,375
3.00%, 11/15/44		5,210		7,130,373
3.00%, 05/15/45		7,700		10,581,484
3.00%, 11/15/45		8,300		11,463,078
3.00%, 02/15/47		3,050		4,260,469
3.00%, 05/15/47		3,850		5,382,781
3.00%, 02/15/48		4,000		5,616,250
3.00%, 08/15/48		10,150		14,314,672
3.13%, 05/15/21		4,800		4,944,937
3.13%, 11/15/41		6,010		8,251,542
3.13%, 02/15/42		3,850		5,300,367
3.13%, 02/15/43		4,000		5,513,750
3.13%, 08/15/44		580		807,559
3.13%, 05/15/48		3,300		4,743,750
3.38%, 05/15/44		1,870		2,698,936
3.50%, 02/15/39		3,750		5,377,148
3.63%, 08/15/43		1,500		2,228,438
3.63%, 02/15/44		3,700		5,521,094
3.75%, 08/15/41		3,000		4,480,313
3.75%, 11/15/43		7,000		10,608,281
3.88%, 08/15/40		3,400		5,116,469
4.25%, 11/15/40		2,500		3,946,484
4.38%, 02/15/38		1,000		1,568,750
4.38%, 11/15/39		3,000		4,779,375
4.38%, 05/15/40		3,650		5,824,602
4.38%, 05/15/41		5,100		8,212,594
4.50%, 02/15/36^(d)		3,400		5,253,531
4.50%, 05/15/38		2,900		4,615,984
4.63%, 02/15/40		2,050		3,358,797
4.75%, 02/15/41		4,350		7,297,125
5.00%, 05/15/37		500		827,578
5.25%, 11/15/28		10,500		14,595,000
5.25%, 02/15/29		4,700		6,580,734
5.38%, 02/15/31		6,600		9,867,000
5.50%, 08/15/28		5,500		7,699,141
6.00%, 02/15/26		1,700		2,240,414
6.38%, 08/15/27^(d)		3,400		4,825,875
6.50%, 11/15/26		1,000		1,387,813
6.63%, 02/15/27		2,000		2,818,438
7.25%, 08/15/22		500		580,234
7.63%, 11/15/22		5,000		5,933,203
8.00%, 11/15/21		4,400		4,924,906


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
8.13%, 05/15/21	$	600	$	649,336

				1,605,685,114


Total U.S. Government & Agency Obligations — 58.0% (Cost: $2,590,263,188)				2,773,600,769


Short-Term Investments

Money Market Funds — 8.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(l)(m)		336,325		336,695,406
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(l)(m)(n)		68,159		68,159,373

				404,854,779


Total Short-Term Investments — 8.5% (Cost: $404,541,120)				404,854,779


Total Investments in Securities — 107.3% (Cost: $4,921,771,984)				5,133,285,793

Other Assets, Less Liabilities — (7.3)%				(348,457,237	)


Net Assets — 100.0%			$	4,784,828,556

^(a)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

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

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

^(e)	Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

^(f)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(g)	Perpetual security with no stated maturity date.

^(h)	Zero-coupon bond.

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

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

^(k)	TBA transaction.

^(l)	Affiliate of the Fund.

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

⁽ⁿ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	274,246	62,079	336,325	$	336,695,406	$	2,137,969		$	(57,606	)	$	218,448
BlackRock Cash Funds: Treasury, SL Agency Shares	35,912	32,247	68,159		68,159,373		142,931	^(b)		—			—

				$	404,854,779	$	2,280,900		$	(57,606	)	$	218,448

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


106		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Core Total USD Bond Market ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Asset-Backed Securities	$	—	$	13,043,184	$	—	$	13,043,184
Collaterized Mortgage Obligations		—		55,948,020		—		55,948,020
Corporate Bonds & Notes		—		1,614,849,901		—		1,614,849,901
Foreign Government Obligations		—		246,837,273		—		246,837,273
Municipal Debt Obligations		—		24,151,867		—		24,151,867
U.S. Government & Agency Obligations		—		2,773,600,769		—		2,773,600,769
Money Market Funds		404,854,779		—		—		404,854,779

	$	404,854,779	$	4,728,431,014	$	—	$	5,133,285,793

See notes to financial statements.


SCHEDULE OF INVESTMENTS			107

Statement of Assets and Liabilities (unaudited)

April 30, 2020


	iShares Core Total USD Bond Market ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	4,728,431,014
Affiliated^(c)		404,854,779
Receivables:
Investments sold		78,985,404
Securities lending income — Affiliated		28,196
Capital shares sold		24,782,997
Dividends		234,717
Interest		31,989,264

Total assets		5,269,306,371


LIABILITIES
Bank overdraft		17,597
Collateral on securities loaned, at value		68,059,373
Payables:
Investments purchased		415,994,284
Capital shares redeemed		200,508
Investment advisory fees		206,053

Total liabilities		484,477,815


NET ASSETS	$	4,784,828,556


NET ASSETS CONSIST OF:
Paid-in capital	$	4,547,030,652
Accumulated earnings		237,797,904

NET ASSETS	$	4,784,828,556


Shares outstanding		89,600,000

Net asset value	$	53.40

Shares authorized		Unlimited

Par value		None


^(a) Securities loaned, at value	$	65,847,495
^(b) Investments, at cost — Unaffiliated	$	4,517,230,864
^(c) Investments, at cost — Affiliated	$	404,541,120

See notes to financial statements.


108		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares Core Total USD Bond Market ETF

INVESTMENT INCOME
Dividends — Affiliated	$	2,138,276
Interest — Unaffiliated		61,380,806
Securities lending income — Affiliated — net		142,624
Other income — Unaffiliated		27,710

Total investment income		63,689,416


EXPENSES
Investment advisory fees		1,314,567

Total expenses		1,314,567
Less:
Investment advisory fees waived		(119,410	)

Total expenses after fees waived		1,195,157

Net investment income		62,494,259


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss)from:
Investments — Unaffiliated		16,396,118
Investments — Affiliated		(57,606	)
In-kind redemptions — Unaffiliated		4,830,469

Net realized gain		21,168,981

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		61,767,751
Investments — Affiliated		218,448

Net change in unrealized appreciation (depreciation)		61,986,199

Net realized and unrealized gain		83,155,180

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	145,649,439

See notes to financial statements.


FINANCIAL STATEMENTS			109

Statements of Changes in Net Assets


	iShares Core Total USD Bond Market ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	62,494,259		$	105,471,775
Net realized gain		21,168,981			10,076,318
Net change in unrealized appreciation (depreciation)		61,986,199			238,098,653

Net increase in net assets resulting from operations		145,649,439			353,646,746


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(62,580,460	)		(101,527,179	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		585,928,547			1,577,425,498


NET ASSETS
Total increase in net assets		668,997,526			1,829,545,065
Beginning of period		4,115,831,030			2,286,285,965

End of period	$	4,784,828,556		$	4,115,831,030

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

See notes to financial statements.


110		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core Total USD Bond Market ETF

	Six Months Ended
	04/30/20			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited	)		10/31/19			10/31/18			10/31/17			10/31/16	^(a)		10/31/15	^(a)


Net asset value, beginning of period	$	52.36		$	48.54		$	50.94		$	51.47		$	50.17		$	50.49

Net investment income^(b)		0.75			1.60			1.44			1.30			1.20			1.01
Net realized and unrealized gain (loss)^(c)		1.05			3.79			(2.48	)		(0.45	)		1.27			(0.11	)

Net increase (decrease) from investment operations		1.80			5.39			(1.04	)		0.85			2.47			0.90


Distributions^(d)
From net investment income		(0.76	)		(1.57	)		(1.36	)		(1.30	)		(1.17	)		(1.18	)
From net realized gain		—			—			—			(0.08	)		—			(0.02	)
Return of capital		—			—			—			—			—			(0.02	)

Total distributions		(0.76	)		(1.57	)		(1.36	)		(1.38	)		(1.17	)		(1.22	)


Net asset value, end of period	$	53.40		$	52.36		$	48.54		$	50.94		$	51.47		$	50.17


Total Return
Based on net asset value		3.46	%^(e)		11.28	%		(2.07	)%		1.70	%		4.97	%		1.79	%


Ratios to Average Net Assets
Total expenses		0.06	%^(f)		0.06	%		0.06	%		0.08	%		0.12	%		0.15	%

Total expenses after fees waived		0.05	%^(f)		0.05	%		0.05	%		0.06	%		0.11	%		0.04	%

Net investment income		2.85	%^(f)		3.15	%		2.91	%		2.56	%		2.36	%		2.01	%


Supplemental Data
Net assets, end of period (000)	$	4,784,829		$	4,115,831		$	2,286,286		$	1,782,963		$	617,627		$	431,463

Portfolio turnover rate^(g)		74	%^(e)		172	%		253	%		264	%		234	%		454	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			111

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following fund (the “Fund”):

iShares ETF

Diversification

Classification

Core Total USD Bond Market

Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Fund.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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


112		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. 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: The 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 the 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, the 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 April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and 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 for the Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.


NOTES TO FINANCIAL STATEMENTS			113

Notes to Financial Statements (unaudited) (continued)

In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender 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 fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Core Total USD Bond Market
Barclays Bank PLC	$	1,127,576	$	1,127,576		$	—	$	—
Barclays Capital Inc.		7,270,803		7,270,803			—		—
BMO Capital Markets		506,535		506,535			—		—
BNP Paribas Prime Brokerage International Ltd.		1,445,514		1,445,514			—		—
BNP Paribas Securities Corp.		310,500		310,500			—		—
BofA Securities, Inc.		1,965,436		1,965,436			—		—
Citadel Clearing LLC		1,246,501		1,246,501			—		—
Citigroup Global Markets Inc.		6,609,291		6,609,291			—		—
Credit Suisse Securities (USA) LLC		895,768		895,768			—		—
Deutsche Bank Securities Inc.		15,607,568		15,607,568			—		—
Goldman Sachs & Co.		10,325,729		10,325,729			—		—
Jefferies LLC		103,370		103,370			—		—
JPMorgan Securities LLC		15,214,635		15,214,635			—		—
Nomura Securities International Inc.		170,914		170,914			—		—
Scotia Capital (USA) Inc.		410,191		410,191			—		—
UBS AG		135,938		135,938			—		—
Wells Fargo Securities LLC		2,501,226		2,501,226			—		—

	$	65,847,495	$	65,847,495		$	—	$	—

^(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 the 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, the 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. The 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 the 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 the 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 Fund, 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 the Fund, BFA is entitled to an annual investment advisory fee of 0.06%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the 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”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund 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 the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.


114		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, the 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, the 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 the Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended April 30, 2020, the Fund paid BTC $40,330 for securities lending agent services.

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

6.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, including TBA rolls and excluding in-kind transactions and short-term investments, were as follows:


	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Core Total USD Bond Market	$	3,164,533,020	$	3,107,251,673	$	212,262,549	$	132,278,471

For the six months ended April 30, 2020, in-kind transactions were as follows:

iShares ETF

In-kind

Purchases

In-kind

Sales

Core Total USD Bond Market

563,905,770

131,427,392

7.	INCOME TAX INFORMATION

As of October 31, 2019, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $2,954,540.

iShares ETF

Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

Depreciation

Net Unrealized

Appreciation

(Depreciation)

Core Total USD Bond Market

4,922,659,448

275,039,712

(64,413,367

)

210,626,345

8.	PRINCIPAL RISKS

In the normal course of business, the 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. The Fund’s prospectus provides details of the risks to which the Fund is subject.


NOTES TO FINANCIAL STATEMENTS			115

Notes to Financial Statements (unaudited) (continued)

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. 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 Fund and its investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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 the Fund’s portfolio are disclosed in its schedule of investments.

9.	CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:



	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount

Core Total USD Bond Market
Shares sold		14,300,000		$	757,503,874			33,800,000		$	1,691,788,272
Shares redeemed		(3,300,000	)		(171,575,327	)		(2,300,000	)		(114,362,774	)

Net increase		11,000,000		$	585,928,547			31,500,000		$	1,577,425,498


116		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

10.

LEGAL PROCEEDINGS

11.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			117

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Core Total USD Bond Market ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


118		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 the 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.


	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
Core Total USD Bond Market	$	0.755866	$	—	$	—	$	0.755866		100	%		—	%		—	%		100	%


SUPPLEMENTAL INFORMATION			119

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Fund’s Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


120		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

BAB		Build America Bond

GO		General Obligation

GOL		General Obligation Limited

LIBOR		London Interbank Offered Rate

NPFGC		National Public Finance Guarantee Corp.

PIK		Payment-in-kind

RB		Revenue Bond


GLOSSARY OF TERMS USED IN THIS REPORT			121

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Fund’s 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”).

iS-SAR-1022-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Yield Optimized Bond ETF | BYLD | NYSE Arca

Table of Contents


	Page
Fund Summary		3
About Fund Performance		4
Shareholder Expenses		4
Schedule of Investments		5
Financial Statements
Statement of Assets and Liabilities		7
Statement of Operations		8
Statements of Changes in Net Assets		9
Financial Highlights		10
Notes to Financial Statements		11
Statement Regarding Liquidity Risk Management Program		16
Supplemental Information		17
General Information		18


Fund Summary as of April 30, 2020		iShares^® Yield Optimized Bond ETF

Investment Objective

The iShares Yield Optimized Bond ETF (the “Fund”) seeks to track the investment results of an index composed of underlying fixed income funds that collectively seek to deliver current income, as represented by the Morningstar^® U.S. Bond Market Yield-Optimized Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.29	%		5.85	%		3.54	%		3.62	%		5.85	%		19.00	%		23.92	%
Fund Market		0.09			5.67			3.51			3.60			5.67			18.84			23.77
Index		0.29			5.77			3.40			3.49			5.77			18.19			22.97

The inception date of the Fund was 4/22/14. The first day of secondary market trading was 4/24/14.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio
$	1,000.00	$	1,002.90	$	0.00		$	1,000.00	$	1,024.90	$	0.00		0.00	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY ASSET CLASS


Asset Class	Percentage of Total Investments	^(a)
Mortgage-Backed Securities	31.7	%
Investment Grade Bonds	29.9
Non-Investment Grade Bonds	18.9
Domestic Fixed Income	10.6
International Fixed Income	8.9

^(a)

Excludes money market funds.

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
iShares MBS ETF	31.7	%
iShares Long-Term Corporate Bond ETF	23.4
iShares iBoxx $ High Yield Corporate Bond ETF	18.9
iShares 1-3 Year Treasury Bond ETF	10.6
iShares J.P. Morgan USD Emerging Markets Bond ETF	8.9


FUND SUMMARY			3

About Fund Performance

Shareholder Expenses


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Yield Optimized Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Domestic Fixed Income — 10.6%
iShares 1-3 Year Treasury Bond ETF^(a)(b)		241,471	$	20,959,683


International Fixed Income — 8.9%
iShares J.P. Morgan USD Emerging Markets Bond ETF^(a)(b)		175,252		17,612,826


Investment Grade Bonds — 29.9%
iShares Floating Rate Bond ETF^(a)		256,077		12,803,850
iShares Long-Term Corporate Bond ETF^(a)		692,613		46,411,997

				59,215,847

Mortgage-Backed Securities — 31.7%
iShares MBS ETF^(a)(b)		564,908		62,761,279


Non-Investment Grade Bonds — 18.9%
iShares iBoxx $ High Yield Corporate Bond ETF^(a)(b)		464,617		37,369,145


Total Investment Companies — 100.0% (Cost: $203,313,550)				197,918,780


Short-Term Investments

Money Market Funds — 23.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(a)(c)(d)		46,692,819		46,744,181


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(c)		65,000	$	65,000

				46,809,181


Total Short-Term Investments — 23.6% (Cost: $ 46,778,383)				46,809,181


Total Investments in Securities — 123.6% (Cost: $ 250,091,933)				244,727,961

Other Assets, Less Liabilities — (23.6)%				(46,681,784	)


Net Assets — 100.0%			$	198,046,177

^(a)	Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19	Shares Purchased		Shares Sold		Shares Held at 04/30/20		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	30,698,561	15,994,258	^(b)	—		46,692,819	$	46,744,181	$	131,720	^(c)	$	(11,242	)	$	29,167
BlackRock Cash Funds: Treasury, SL Agency Shares	1,658,000	—		(1,593,000	)^(b)	65,000		65,000		2,816			—			—
iShares 1-3 Year Treasury Bond ETF	47,366	262,961		(68,856	)	241,471		20,959,683		64,904			(176	)		239,590
iShares 3-7 Year Treasury Bond ETF	25,477	1,360		(26,837	)	—		—		9,748			(16,395	)		(11,266	)
iShares Agency Bond ETF	—	180,226		(180,226	)	—		—		55,096			472,941			—
iShares Floating Rate Bond ETF	289,624	294,019		(327,566	)	256,077		12,803,850		72,760			(70,522	)		(257,971	)
iShares iBoxx $ High Yield Corporate Bond ETF	340,670	241,715		(117,768	)	464,617		37,369,145		848,355			(367,935	)		(2,956,646	)
iShares Intermediate-Term Corporate Bond ETF	709,700	311,225		(1,020,925	)	—		—		487,551			2,251,598			(1,206,773	)
iShares J.P. Morgan USD Emerging Markets Bond ETF	129,285	90,235		(44,268	)	175,252		17,612,826		374,556			(143,738	)		(2,430,885	)
iShares Long-Term Corporate Bond ETF	261,675	558,783		(127,845	)	692,613		46,411,997		490,236			26,680			(1,672,905	)
iShares MBS ETF	136,056	533,724		(104,872	)	564,908		62,761,279		456,075			159,294			1,033,565
iShares Short Treasury Bond ETF	52,295	2,725		(55,020	)	—		—		19,041			(8,159	)		(6,302	)

							$	244,727,961	$	3,012,858		$	2,292,346		$	(7,240,426	)

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Fair Value Measurements


SCHEDULE OF INVESTMENTS			5

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Yield Optimized Bond ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Investment Companies	$	197,918,780	$	—	$	—	$	197,918,780
Money Market Funds		46,809,181		—		—		46,809,181

	$	244,727,961	$	—	$	—	$	244,727,961

See notes to financial statements.


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities (unaudited)

April 30, 2020


	iShares Yield Optimized Bond ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Affiliated^(b)	$	244,727,961
Cash		1,392
Receivables:
Securities lending income — Affiliated		40,783
Capital shares sold		867
Dividends		30

Total assets		244,771,033


LIABILITIES
Collateral on securities loaned, at value		46,724,856

Total liabilities		46,724,856


NET ASSETS	$	198,046,177


NET ASSETS CONSIST OF:
Paid-in capital	$	201,120,392
Accumulated loss		(3,074,215	)

NET ASSETS	$	198,046,177


Shares outstanding		7,850,000


Net asset value	$	25.23


Shares authorized		Unlimited


Par value		None


^(a)Securities loaned, at value	$	45,830,223
^(b)Investments, at cost — Affiliated	$	250,091,933

See notes to financial statements.


FINANCIAL STATEMENTS			7

Statement of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares Yield Optimized Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	2,881,138
Securities lending income — Affiliated — net		131,720

Total investment income		3,012,858


EXPENSES
Investment advisory fees		243,236

Total expenses		243,236

Less:
Investment advisory fees waived		(243,236	)

Total expenses after fees waived		—

Net investment income		3,012,858


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		2,025,573
In-kind redemptions — Affiliated		266,773

Net realized gain		2,292,346

Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(7,240,426	)

Net change in unrealized appreciation (depreciation)		(7,240,426	)

Net realized and unrealized loss		(4,948,080	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,935,222	)

See notes to financial statements.


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares Yield Optimized Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,012,858		$	2,175,592
Net realized gain		2,292,346			217,104
Net change in unrealized appreciation (depreciation)		(7,240,426	)		3,408,522

Net increase (decrease) in net assets resulting from operations		(1,935,222	)		5,801,218


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,980,970	)		(2,173,234	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		55,789,561			109,083,000


NET ASSETS
Total increase in net assets		50,873,369			112,710,984
Beginning of period		147,172,808			34,461,824

End of period	$	198,046,177		$	147,172,808

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

See notes to financial statements.


FINANCIAL STATEMENTS			9

Financial Highlights

(For a share outstanding throughout each period)



	iShares Yield Optimized Bond ETF

	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15


Net asset value, beginning of period	$	25.60		$	23.77		$	25.08		$	25.05		$	24.72		$	25.32

Net investment income^(a)		0.44			0.92			0.91			0.82			0.81			0.72
Net realized and unrealized gain (loss)^(b)		(0.37	)		1.94			(1.33	)		0.04			0.33			(0.55	)

Net increase (decrease) from investment operations		0.07			2.86			(0.42	)		0.86			1.14			0.17


Distributions^(c)
From net investment income		(0.44	)		(1.03	)		(0.89	)		(0.83	)		(0.81	)		(0.72	)
From net realized gain		—			—			—			—			—			(0.05	)

Total distributions		(0.44	)		(1.03	)		(0.89	)		(0.83	)		(0.81	)		(0.77	)


Net asset value, end of period	$	25.23		$	25.60		$	23.77		$	25.08		$	25.05		$	24.72


Total Return
Based on net asset value		0.29	%^(d)		12.31	%		(1.70	)%		3.53	%		4.72	%		0.67	%


Ratios to Average Net Assets
Total expenses^(e)		0.28	%^(f)		0.28	%		0.28	%		0.28	%		0.28	%		0.28	%

Total expenses after fees waived^(e)		0.00	%^(f)		0.00	%		0.00	%^(g)		0.00	%^(g)		0.01	%		0.01	%

Net investment income		3.47	%^(f)		3.69	%		3.75	%		3.30	%		3.26	%		2.87	%


Supplemental Data
Net assets, end of period (000)	$	198,046		$	147,173		$	34,462		$	27,593		$	15,027		$	12,359

Portfolio turnover rate^(h)(i)		59	%^(d)		58	%		48	%		27	%		47	%		29	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)	Annualized.

^(g)	Rounds to less than 0.01%.

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

⁽ⁱ⁾	Portfolio turnover rate excludes the portfolio activity of the underlying funds in which the Fund is invested. See each underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

These financial statements relate only to the following fund (the “Fund”):


iShares ETF		Diversification Classification
Yield Optimized Bond		Diversified

The Fund is a fund of funds and seeks to achieve its investment objective by investing primarily in other iShares funds (each, an “underlying fund,” collectively, the “underlying funds”). The financial statements and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Fund’s financial statements.

2.	SIGNIFICANT ACCOUNTING POLICIES

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

•

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


NOTES TO FINANCIAL STATEMENTS			11

Notes to Financial Statements (unaudited) (continued)

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. 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

As of April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and 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 for the Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Yield Optimized Bond
Barclays Capital Inc.	$	18,798,120	$	18,798,120		$	—	$	—
Wells Fargo Bank, National Association		284,620		284,620			—		—
Wells Fargo Securities LLC		26,747,483		26,747,483			—		—

	$	45,830,223	$	45,830,223		$	—	$	—

^(a)


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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, the 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. The 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 the Fund.

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.28%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: BFA has contractually agreed to waive its investment advisory fee for the Fund through February 28, 2021.

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund 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 the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The 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, the 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, the 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.

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

6.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases	Sales
Yield Optimized Bond	$104,760,153	$102,859,104

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases	In-kind Sales
Yield Optimized Bond	$100,177,581	$44,696,924


NOTES TO FINANCIAL STATEMENTS			13

Notes to Financial Statements (unaudited) (continued)

7.	INCOME TAX INFORMATION

As of October 31, 2019, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $5,564.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Yield Optimized Bond	$	250,131,379	$	1,467,028	$	(6,870,446	)	$	(5,403,418	)

8.	PRINCIPAL RISKS

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. 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 Fund and its investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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 the Fund’s portfolio are disclosed in its schedule of investments.

9.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
Yield Optimized Bond
Shares sold		3,900,000		$	100,512,137			4,700,000		$	118,723,783
Shares redeemed		(1,800,000	)		(44,722,576	)		(400,000	)		(9,640,783	)

Net increase		2,100,000		$	55,789,561			4,300,000		$	109,083,000

10.

LEGAL PROCEEDINGS

11.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			15

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Yield Optimized Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimus amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of 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.


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 the 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.


	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
Yield Optimized Bond^(a)	$	0.444596	$	—	$	0.000068	$	0.444664		100	%		—	%		0	%^(b)		100	%

^(a)

^(b)

Rounds to less than 1%.


SUPPLEMENTAL INFORMATION			17

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Fund’s Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Fund’s 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 Morningstar, Inc., 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-1009-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | IBCE | NYSE Arca

iShares iBonds Mar 2023 Term Corporate ETF | IBDD | NYSE Arca

Table of Contents


	Page
Fund Summary		3
About Fund Performance		5
Shareholder Expenses		5
Schedules of Investments		6
Financial Statements
Statements of Assets and Liabilities		17
Statements of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		20
Notes to Financial Statements		22
Statement Regarding Liquidity Risk Management Program		28
Supplemental Information		29
General Information		30


Fund Summary as of April 30, 2020		iShares^® iBonds^® Mar 2023 Term Corporate ex-Financials ETF

Investment Objective

The iShares iBonds Mar 2023 Term Corporate ex-Financials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds, excluding financials, maturing after March 31, 2022 and before April 1, 2023, as represented by the Bloomberg Barclays 2023 Maturity High Quality Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.38	%		5.98	%		3.16	%		2.78	%		5.98	%		16.83	%		21.26	%
Fund Market		2.67			6.32			3.06			2.82			6.32			16.26			21.58
Index		2.28			5.93			3.19			2.84			5.93			16.99			21.75

The inception date of the Fund was 4/17/13. The first day of secondary market trading was 4/19/13.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,023.80	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	1.5	%
Aa	15.7
A	61.6
Baa	19.1
Not Rated	0.5
Short-Term and Other Assets	1.6

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
Visa Inc., 2.80%, 12/14/22	2.7	%
QUALCOMM Inc., 3.00%, 05/20/22	1.9
Oracle Corp., 2.50%, 10/15/22	1.8
Chevron Corp., 2.36%, 12/05/22	1.7
BP Capital Markets PLC, 2.50%, 11/06/22	1.6

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® iBonds^® Mar 2023 Term Corporate ETF

Investment Objective

The iShares iBonds Mar 2023 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing after March 31, 2022 and before April 1, 2023, as represented by the Bloomberg Barclays 2023 Maturity Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.52	%		5.26	%		3.28	%		4.16	%		5.26	%		17.52	%		32.04	%
Fund Market		1.63			5.37			3.16			4.19			5.37			16.82			32.23
Index		1.17			4.93			3.33			4.27			4.93			17.79			32.91

The inception date of the Fund was 7/9/13. The first day of secondary market trading was 7/10/13.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,015.20	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	0.5	%
Aa	8.8
A	42.0
Baa	41.2
Ba	1.7
Not Rated	4.6
Short-Term and Other Assets	1.2

FIVE LARGEST HOLDINGS


Security	Percent of Net Assets	^(a)
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF	3.5	%
Bank of America Corp., 3.30%, 01/11/23	1.1
CVS Health Corp., 3.70%, 03/09/23	1.0
Wells Fargo & Co., 2.63%, 07/22/22	1.0
Goldman Sachs Group Inc. (The), 3.63%, 01/22/23	0.9

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Shareholder Expenses


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES			5

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ex-Financials ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.2%
Omnicom Group Inc./Omnicom Capital Inc., 3.63%, 05/01/22^(a)	$	60	$	62,941


Aerospace & Defense — 1.7%
General Dynamics Corp., 2.25%, 11/15/22 (Call 08/15/22)		200		206,134
Lockheed Martin Corp., 3.10%, 01/15/23 (Call 11/15/22)		35		36,971
Raytheon Co., 2.50%, 12/15/22 (Call 09/15/22)		200		207,586

				450,691

Agriculture — 2.9%
Altria Group Inc., 2.85%, 08/09/22		85		87,395
BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22)		100		101,740
Philip Morris International Inc.
2.38%, 08/17/22 (Call 07/17/22)		225		231,453
2.50%, 08/22/22		25		25,825
2.63%, 03/06/23		289		300,950

				747,363

Auto Manufacturers — 5.2%
American Honda Finance Corp.
1.95%, 05/20/22		50		49,931
2.05%, 01/10/23		100		99,574
2.20%, 06/27/22		250		251,185
2.60%, 11/16/22		50		50,710
General Motors Financial Co. Inc.
3.25%, 01/05/23 (Call 12/05/22)		50		47,446
3.45%, 04/10/22 (Call 02/10/22)		85		81,906
PACCAR Financial Corp.
1.90%, 02/07/23		25		25,185
2.30%, 08/10/22		50		51,025
2.65%, 05/10/22		50		51,353
Toyota Motor Credit Corp.
2.15%, 09/08/22		225		228,890
2.63%, 01/10/23^(a)		248		256,271
2.70%, 01/11/23		75		77,706
2.80%, 07/13/22		75		77,419

				1,348,601

Beverages — 3.9%
Anheuser-Busch InBev Finance Inc., 3.30%, 02/01/23 (Call 12/01/22)		90		94,945
Coca-Cola Co. (The), 2.20%, 05/25/22^(a)		75		77,309
Diageo Investment Corp.
2.88%, 05/11/22		200		207,732
8.00%, 09/15/22		75		86,053
PepsiCo Inc.
2.25%, 05/02/22 (Call 04/02/22)		175		180,420
2.75%, 03/01/23		264		279,037
3.10%, 07/17/22 (Call 05/17/22)		100		105,029

				1,030,525

Biotechnology — 1.3%
Amgen Inc., 3.63%, 05/15/22 (Call 02/15/22)		41		42,803
Biogen Inc., 3.63%, 09/15/22		60		63,379
Gilead Sciences Inc., 3.25%, 09/01/22 (Call 07/01/22)		225		235,908

				342,090

Building Materials — 0.2%
Carrier Global Corp., 1.92%, 02/15/23 (Call 01/15/23)^(b)		50		50,250


Chemicals — 1.6%
Air Products & Chemicals Inc., 2.75%, 02/03/23		41		43,037
Cabot Corp., 3.70%, 07/15/22		40		40,721
Celanese U.S. Holdings LLC, 4.63%, 11/15/22		20		20,568


Security	Par (000)		Value

Chemicals (continued)
Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22)^(a)	$	41	$	42,380
Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22)		40		39,931
Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22)		45		46,208
Praxair Inc.
2.20%, 08/15/22 (Call 05/15/22)		41		41,897
2.70%, 02/21/23 (Call 11/21/22)		149		151,685

				426,427

Computers — 5.5%
Apple Inc.
2.30%, 05/11/22 (Call 04/11/22)		150		154,951
2.70%, 05/13/22		250		260,790
2.85%, 02/23/23 (Call 12/23/22)		260		274,360
Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22)		75		78,755
HP Inc., 4.05%, 09/15/22		45		46,877
IBM Credit LLC, 2.20%, 09/08/22		100		103,070
International Business Machines Corp.
1.88%, 08/01/22		300		306,771
2.88%, 11/09/22		200		209,590

				1,435,164

Cosmetics & Personal Care — 3.0%
Colgate-Palmolive Co.
1.95%, 02/01/23		150		155,952
2.30%, 05/03/22		141		145,738
Procter & Gamble Co. (The), 2.15%, 08/11/22		275		285,205
Unilever Capital Corp., 2.20%, 05/05/22 (Call 04/05/22)		200		205,360

				792,255

Diversified Financial Services — 2.7%
Visa Inc., 2.80%, 12/14/22 (Call 10/14/22)		660		695,455


Electric — 7.5%
Ameren Illinois Co., 2.70%, 09/01/22 (Call 06/01/22)		41		42,115
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 09/15/22)		50		51,757
Berkshire Hathaway Energy Co., 2.80%, 01/15/23 (Call 12/15/22)		75		78,279
CenterPoint Energy Houston Electric LLC, 2.25%, 08/01/22 (Call 05/01/22)		41		41,650
Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 10/15/22)		65		67,025
Consumers Energy Co., 2.85%, 05/15/22 (Call 02/15/22)		41		42,632
Dominion Energy Inc., Series B, 2.75%, 09/15/22 (Call 06/15/22)		41		42,035
DTE Energy Co., Series B, 3.30%, 06/15/22 (Call 04/15/22)		25		25,762
Duke Energy Carolinas LLC, 2.50%, 03/15/23 (Call 01/15/23)		60		62,700
Duke Energy Corp.
2.40%, 08/15/22 (Call 07/15/22)		100		102,686
3.05%, 08/15/22 (Call 05/15/22)		120		123,904
Duke Energy Progress LLC, 2.80%, 05/15/22 (Call 02/15/22)^(a)		100		103,245
Edison International, 2.40%, 09/15/22 (Call 08/15/22)		50		49,940
Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)		25		26,429
Exelon Generation Co. LLC, 4.25%, 06/15/22 (Call 03/15/22)		91		95,577
FirstEnergy Corp., Series B, 4.25%, 03/15/23 (Call 12/15/22)^(a)		40		43,202
Georgia Power Co., 2.85%, 05/15/22^(a)		35		36,238
National Rural Utilities Cooperative Finance Corp.
2.30%, 09/15/22 (Call 08/15/22)		75		77,119
2.40%, 04/25/22 (Call 03/25/22)		175		180,264
2.70%, 02/15/23 (Call 12/15/22)		50		51,855
NextEra Energy Capital Holdings Inc., 2.90%, 04/01/22		50		51,631


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ex-Financials ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Northern States Power Co./MN, 2.15%, 08/15/22 (Call 02/15/22)^(a)	$	150	$	152,640
NSTAR Electric Co., 2.38%, 10/15/22 (Call 07/15/22)		95		97,426
Oncor Electric Delivery Co. LLC, 4.10%, 06/01/22 (Call 03/01/22)		110		116,104
PPL Capital Funding Inc., 3.50%, 12/01/22 (Call 09/01/22)		25		25,967
Progress Energy Inc., 3.15%, 04/01/22 (Call 01/01/22)		41		42,105
Puget Energy Inc., 5.63%, 07/15/22 (Call 04/15/22)		40		42,049
Sempra Energy, 2.88%, 10/01/22 (Call 07/01/22)		41		42,062
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)		45		46,964

				1,961,362

Electrical Components & Equipment — 0.6%
Emerson Electric Co., 2.63%, 02/15/23 (Call 11/15/22)		150		156,578


Electronics — 0.2%
Arrow Electronics Inc., 3.50%, 04/01/22 (Call 02/01/22)		60		60,652


Environmental Control — 0.3%
Republic Services Inc., 3.55%, 06/01/22 (Call 03/01/22)		35		36,532
Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22)		45		46,708

				83,240

Food — 0.9%
Campbell Soup Co., 2.50%, 08/02/22		75		76,576
Conagra Brands Inc., 3.20%, 01/25/23 (Call 10/25/22)		50		51,782
Sysco Corp., 2.60%, 06/12/22		50		50,340
Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22)		41		43,341

				222,039

Gas — 0.1%
National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)		35		34,280


Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc., 2.90%, 11/01/22		41		42,542


Health Care - Products — 0.6%
Covidien International Finance SA, 3.20%, 06/15/22 (Call 03/15/22)		157		163,866


Health Care - Services — 0.8%
CommonSpirit Health, 2.95%, 11/01/22		41		41,578
Kaiser Foundation Hospitals, 3.50%, 04/01/22		125		128,910
Laboratory Corp. of America Holdings, 3.75%, 08/23/22 (Call 05/23/22)^(a)		41		43,048

				213,536

Home Builders — 0.3%
NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)		70		72,897


Household Products & Wares — 0.3%
Church & Dwight Co. Inc., 2.88%, 10/01/22^(a)		41		41,979
Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)		33		34,445

				76,424

Internet — 3.2%
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)		300		314,748
2.50%, 11/29/22 (Call 08/29/22)		141		147,108
Baidu Inc., 3.50%, 11/28/22		200		206,166
Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)		75		76,395
eBay Inc., 2.60%, 07/15/22 (Call 04/15/22)		100		102,515

				846,932


Security	Par (000)		Value

Iron & Steel — 0.2%
Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22)	$	49	$	51,581


Machinery — 6.0%
ABB Finance USA Inc., 2.88%, 05/08/22		230		236,771
Caterpillar Financial Services Corp.
1.90%, 09/06/22		50		50,932
1.95%, 11/18/22		50		51,008
2.40%, 06/06/22		150		154,032
2.63%, 03/01/23^(a)		149		154,453
2.85%, 06/01/22		75		77,685
Caterpillar Inc., 2.60%, 06/26/22 (Call 03/26/22)		157		161,801
Deere & Co., 2.60%, 06/08/22 (Call 03/08/22)		313		321,248
John Deere Capital Corp., 2.80%, 03/06/23		345		361,570

				1,569,500

Manufacturing — 2.4%
3M Co.
1.75%, 02/14/23 (Call 01/14/23)		50		51,290
2.00%, 06/26/22		192		196,804
2.25%, 03/15/23 (Call 02/15/23)		125		129,851
Eaton Corp., 2.75%, 11/02/22		50		51,700
General Electric Co.
2.70%, 10/09/22		50		50,393
3.10%, 01/09/23		50		50,892
3.15%, 09/07/22		50		51,028
Parker-Hannifin Corp., 3.50%, 09/15/22		30		31,388

				613,346

Media — 4.5%
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		100		121,272
Comcast Corp.
2.75%, 03/01/23 (Call 02/01/23)		100		105,103
2.85%, 01/15/23		200		210,384
3.13%, 07/15/22		75		78,928
Discovery Communications LLC, 3.30%, 05/15/22		75		76,932
NBCUniversal Media LLC, 2.88%, 01/15/23		75		79,111
TWDC Enterprises 18 Corp., 2.35%, 12/01/22		170		175,768
Walt Disney Co. (The)
1.65%, 09/01/22		50		50,736
3.00%, 09/15/22		266		278,183

				1,176,417

Metal Fabricate & Hardware — 0.8%
Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22)		200		206,896


Mining — 0.0%
Newmont Corp., 3.70%, 03/15/23 (Call 12/15/22)		9		9,340


Oil & Gas — 8.8%
BP Capital Markets America Inc., 3.25%, 05/06/22		182		187,407
BP Capital Markets PLC, 2.50%, 11/06/22		400		408,108
Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)		50		48,338
Chevron Corp., 2.36%, 12/05/22 (Call 09/05/22)		425		438,672
EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)		160		163,840
Exxon Mobil Corp., 2.73%, 03/01/23 (Call 01/01/23)		260		271,708
Marathon Oil Corp., 2.80%, 11/01/22 (Call 08/01/22)		50		47,017
Phillips 66, 4.30%, 04/01/22		85		88,594
Shell International Finance BV
2.25%, 01/06/23		214		217,642
2.38%, 08/21/22		225		230,301


SCHEDULES OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ex-Financials ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Total Capital International SA, 2.70%, 01/25/23	$	200	$	206,272

				2,307,899

Oil & Gas Services — 1.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22)		250		250,645
National Oilwell Varco Inc., 2.60%, 12/01/22 (Call 09/01/22)		19		17,859
TechnipFMC PLC, 3.45%, 10/01/22 (Call 07/01/22)		30		29,499

				298,003

Pharmaceuticals — 10.2%
AbbVie Inc., 2.90%, 11/06/22		142		147,610
Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22)		50		51,489
Allergan Inc./U.S., 2.80%, 03/15/23 (Call 12/15/22)		30		30,468
Bristol-Myers Squibb Co.
2.00%, 08/01/22^(a)		190		194,341
2.60%, 05/16/22^(b)		100		103,252
3.25%, 08/15/22^(b)		41		43,063
3.25%, 02/20/23 (Call 01/20/23)^(b)		50		52,968
3.55%, 08/15/22^(b)		100		105,795
Cardinal Health Inc., 3.20%, 03/15/23		60		62,035
CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)^(a)		25		25,881
3.50%, 07/20/22 (Call 05/20/22)		50		52,111
3.70%, 03/09/23 (Call 02/09/23)		85		90,155
Eli Lilly & Co., 2.35%, 05/15/22		175		180,527
GlaxoSmithKline Capital Inc., 2.80%, 03/18/23^(a)		225		237,593
GlaxoSmithKline Capital PLC, 2.85%, 05/08/22		372		385,905
Johnson & Johnson, 2.05%, 03/01/23 (Call 01/01/23)		50		51,922
McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)		41		42,096
Merck &Co. Inc., 2.40%, 09/15/22 (Call 06/15/22)		225		233,548
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)		200		206,466
2.40%, 09/21/22		300		311,031
Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22)		45		46,965

				2,655,221

Pipelines — 1.4%
Energy Transfer Operating LP, 3.60%, 02/01/23 (Call 11/01/22)		50		48,618
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)		55		57,072
Kinder Morgan Energy Partners LP, 3.45%, 02/15/23 (Call 11/15/22)		66		67,726
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		40		38,878
Sunoco Logistics Partners Operations LP, 3.45%, 01/15/23 (Call 10/15/22)		41		39,863
TransCanada PipeLines Ltd., 2.50%, 08/01/22		35		35,404
Williams Companies Inc. (The), 3.35%, 08/15/22 (Call 05/15/22).		66		66,294

				353,855

Real Estate Investment Trusts — 0.5%
American Tower Corp., 3.50%, 01/31/23		35		36,983
Crown Castle International Corp.
4.88%, 04/15/22		25		26,621
5.25%, 01/15/23		60		65,523

				129,127

Retail — 3.9%
AutoZone Inc., 3.70%, 04/15/22 (Call 01/15/22)		33		34,038
Costco Wholesale Corp., 2.30%, 05/18/22 (Call 04/18/22)		175		180,782
Home Depot Inc. (The), 2.63%, 06/01/22 (Call 05/01/22)		350		364,087
Lowe’s Companies Inc., 3.12%, 04/15/22 (Call 01/15/22)		85		87,653
Starbucks Corp., 2.70%, 06/15/22 (Call 04/15/22)		75		77,225
Walgreen Co., 3.10%, 09/15/22		41		42,203


Security	Par (000)		Value

Retail (continued)
Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22)	$	225	$	234,916

				1,020,904

Semiconductors — 5.6%
Broadcom Inc., 3.13%, 10/15/22^(b)		50		51,824
Intel Corp.
2.35%, 05/11/22 (Call 04/11/22)		75		77,384
2.70%, 12/15/22		350		368,095
3.10%, 07/29/22		150		158,325
Maxim Integrated Products Inc., 3.38%, 03/15/23 (Call 12/15/22)		40		41,564
QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)		175		182,460
3.00%, 05/20/22		475		494,826
Texas Instruments Inc., 1.85%, 05/15/22 (Call 04/15/22)		75		76,640

				1,451,118

Software — 4.2%
Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22)		40		41,502
Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22)		41		43,046
Microsoft Corp.
2.13%, 11/15/22^(a)		175		183,295
2.65%, 11/03/22 (Call 09/03/22)		160		167,779
Oracle Corp.
2.50%, 05/15/22 (Call 03/15/22)		160		164,605
2.50%, 10/15/22		455		472,062
2.63%, 02/15/23 (Call 01/15/23)		25		26,132

				1,098,421

Telecommunications — 2.5%
AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)		125		127,953
3.00%, 06/30/22 (Call 04/30/22)		50		51,474
3.40%, 06/15/22		30		31,244
Cisco Systems Inc.
2.60%, 02/28/23		140		147,209
3.00%, 06/15/22		150		157,951
Motorola Solutions Inc.
3.50%, 03/01/23		40		41,075
3.75%, 05/15/22		24		24,832
Verizon Communications Inc., 2.45%, 11/01/22 (Call 08/01/22)		60		62,109

				643,847

Textiles — 0.1%
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)		30		31,878


Transportation — 3.0%
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)		180		189,369
3.05%, 09/01/22 (Call 06/01/22)		50		52,121
FedEx Corp., 2.63%, 08/01/22		50		51,266
Norfolk Southern Corp., 2.90%, 02/15/23 (Call 11/15/22)		41		42,502
Ryder System Inc., 3.40%, 03/01/23 (Call 02/01/23)		50		50,618
Union Pacific Corp.
2.95%, 01/15/23 (Call 10/15/22)		40		41,594
4.16%, 07/15/22 (Call 04/15/22)		35		37,209
United Parcel Service Inc., 2.45%, 10/01/22		316		328,049

				792,728


Total Corporate Bonds & Notes — 98.4% (Cost: $24,889,666)				25,726,191


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ex-Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 6.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(c)(d)(e)		1,502	$	1,503,469
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(c)(d)		159		159,000

				1,662,469


Total Short-Term Investments — 6.4% (Cost: $1,660,019)				1,662,469


Total Investments in Securities — 104.8% (Cost: $26,549,685)				27,388,660

Other Assets, Less Liabilities — (4.8)%				(1,255,542	)


Net Assets — 100.0%			$	26,133,118

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

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,440	62		1,502	$	1,503,469	$	5,019	^(b)	$	(842	)	$	2,079
BlackRock Cash Funds: Treasury, SL Agency Shares	164	(5	)	159		159,000		1,044			—			—

					$	1,662,469	$	6,063		$	(842	)	$	2,079

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	25,726,191	$	—	$	25,726,191
Money Market Funds		1,662,469		—		—		1,662,469

	$	1,662,469	$	25,726,191	$	—	$	27,388,660

See notes to financial statements.


SCHEDULES OF INVESTMENTS			9

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.5%
Omnicom Group Inc./Omnicom Capital Inc., 3.63%, 05/01/22	$	377	$	395,477
WPP Finance 2010, 3.63%, 09/07/22		100		101,188

				496,665

Aerospace & Defense — 0.9%
General Dynamics Corp., 2.25%, 11/15/22 (Call 08/15/22)		168		173,153
Lockheed Martin Corp., 3.10%, 01/15/23 (Call 11/15/22)		100		105,632
Northrop Grumman Corp., 2.55%, 10/15/22 (Call 09/15/22)		250		258,588
Raytheon Co., 2.50%, 12/15/22 (Call 09/15/22)		265		275,051

				812,424

Agriculture — 1.7%
Altria Group Inc., 2.85%, 08/09/22		389		399,962
BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22)		596		606,371
Bunge Ltd. Finance Corp., 3.00%, 09/25/22 (Call 08/25/22)		34		34,361
Philip Morris International Inc.
2.50%, 08/22/22		265		273,745
2.50%, 11/02/22 (Call 10/02/22)		69		71,488
2.63%, 03/06/23		200		208,270

				1,594,197

Apparel — 0.1%
Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22)		60		55,286


Auto Manufacturers — 2.0%
American Honda Finance Corp.
2.05%, 01/10/23		125		124,468
2.20%, 06/27/22		269		270,275
2.60%, 11/16/22		50		50,710
General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)		85		80,991
3.25%, 01/05/23 (Call 12/05/22)		250		237,227
3.45%, 04/10/22 (Call 02/10/22)		385		370,986
3.55%, 07/08/22		150		144,714
PACCAR Financial Corp., 2.00%, 09/26/22		9		9,148
Toyota Motor Credit Corp.
2.63%, 01/10/23^(a)		245		253,171
2.80%, 07/13/22		275		283,871

				1,825,561

Banks — 26.3%
Australia & New Zealand Banking Group Ltd./New York NY, 2.63%, 11/09/22		240		248,004
Banco Santander SA
3.13%, 02/23/23		210		213,669
3.50%, 04/11/22		210		214,309
Bank of America Corp.
2.50%, 10/21/22 (Call 10/21/21)		59		60,092
3.30%, 01/11/23		950		995,068
Bank of Montreal, 2.55%, 11/06/22 (Call 10/06/22)		465		480,773
Bank of New York Mellon Corp. (The)
1.85%, 01/27/23 (Call 01/02/23)		4		4,073
1.95%, 08/23/22		298		303,409
2.95%, 01/29/23 (Call 12/29/22)		291		305,646
Bank of Nova Scotia (The)
1.95%, 02/01/23		154		155,762
2.38%, 01/18/23		62		63,641
2.45%, 09/19/22		265		273,575
Barclays PLC, 3.68%, 01/10/23 (Call 01/10/22)		280		286,320
BNP Paribas SA, 3.25%, 03/03/23		220		232,481
Canadian Imperial Bank of Commerce, 2.55%, 06/16/22		348		357,546


Security	Par (000)		Value

Banks (continued)
Capital One N.A.
2.15%, 09/06/22 (Call 08/06/22)	$	600	$	598,332
2.65%, 08/08/22 (Call 07/08/22)		250		252,680
Citigroup Inc.
2.70%, 10/27/22 (Call 09/27/22)		291		298,010
2.75%, 04/25/22 (Call 03/25/22)		349		357,261
3.38%, 03/01/23		150		156,627
4.05%, 07/30/22		280		293,572
Cooperatieve Rabobank UA, 3.95%, 11/09/22		415		428,629
Credit Suisse AG/New York NY, 2.80%, 04/08/22		250		255,945
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		280		291,197
Deutsche Bank AG/New York NY, 3.95%, 02/27/23		280		279,180
Fifth Third Bancorp., 2.60%, 06/15/22 (Call 05/15/22)		170		173,131
Fifth Third Bank/Cincinnati OH, 1.80%, 01/30/23 (Call 12/30/22) .		20		20,154
Goldman Sachs Group Inc. (The)
3.00%, 04/26/22 (Call 04/26/21)		422		427,368
3.20%, 02/23/23 (Call 01/23/23)		143		148,394
3.63%, 01/22/23		800		840,352
Huntington National Bank (The), 1.80%, 02/03/23 (Call 01/03/23)		250		251,485
JPMorgan Chase & Co.
2.97%, 01/15/23 (Call 01/15/22)		341		350,391
3.20%, 01/25/23		443		463,901
3.25%, 09/23/22		580		606,953
KeyBank N.A./Cleveland OH, 2.30%, 09/14/22		300		306,264
KeyBank NA/Cleveland OH, 1.25%, 03/10/23		250		250,175
Lloyds Bank PLC, 2.25%, 08/14/22		220		223,760
Manufacturers & Traders Trust Co., 2.50%, 05/18/22 (Call 04/18/22)		250		256,655
Mitsubishi UFJ Financial Group Inc.
2.62%, 07/18/22		450		458,532
2.67%, 07/25/22		441		449,970
3.46%, 03/02/23		250		260,935
Mizuho Financial Group Inc., 2.60%, 09/11/22		270		274,544
Morgan Stanley
2.75%, 05/19/22		689		705,763
3.13%, 01/23/23^(a)		33		34,316
3.75%, 02/25/23		695		735,095
4.88%, 11/01/22		445		474,450
MUFG Americas Holdings Corp., 3.50%, 06/18/22		191		196,461
National Australia Bank Ltd./New York, 3.00%, 01/20/23		275		287,072
National Bank of Canada, 2.10%, 02/01/23		275		277,824
PNC Bank N.A., 2.70%, 11/01/22 (Call 10/01/22)		265		273,663
PNC Financial Services Group Inc. (The), 2.85%, 11/09/22^(b)		175		182,103
Regions Financial Corp., 2.75%, 08/14/22 (Call 07/14/22)		270		275,000
Royal Bank of Canada
1.95%, 01/17/23^(a)		33		33,465
2.80%, 04/29/22		235		241,878
Royal Bank of Scotland Group PLC, 6.13%, 12/15/22		433		463,042
Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)		350		352,352
Santander UK Group Holdings PLC, 3.57%, 01/10/23 (Call 01/10/22)		400		407,648
Sumitomo Mitsui Banking Corp., 3.20%, 07/18/22		250		258,270
Sumitomo Mitsui Financial Group Inc.
2.78%, 07/12/22		327		334,027
2.78%, 10/18/22		250		256,727
3.10%, 01/17/23		290		300,594
Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22)		250		245,242
Toronto-Dominion Bank (The), 1.90%, 12/01/22		175		177,882


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Truist Bank
1.25%, 03/09/23 (Call 02/09/23)	$	250	$	249,920
2.45%, 08/01/22 (Call 07/01/22)		347		355,085
2.80%, 05/17/22 (Call 04/17/22)		5		5,158
Truist Financial Corp.
2.20%, 03/16/23 (Call 02/13/23)		270		276,026
2.75%, 04/01/22 (Call 03/01/22)		225		230,605
3.05%, 06/20/22 (Call 05/20/22)		210		216,940
U.S. Bancorp., 2.95%, 07/15/22 (Call 06/15/22)		305		315,885
U.S. Bank N.A./Cincinnati OH, 1.95%, 01/09/23 (Call 12/09/22)		250		255,220
Wells Fargo & Co.
2.63%, 07/22/22		856		876,390
3.07%, 01/24/23 (Call 01/24/22)		682		698,532
Series M, 3.45%, 02/13/23		350		364,364
Westpac Banking Corp.
2.00%, 01/13/23		8		8,147
2.50%, 06/28/22		383		393,176
2.75%, 01/11/23		150		155,706

				24,082,793

Beverages — 2.1%
Anheuser-Busch InBev Finance Inc., 3.30%, 02/01/23 (Call 12/01/22)		614		647,733
Anheuser-Busch InBev Worldwide Inc., 2.50%, 07/15/22		77		79,296
Constellation Brands Inc.
2.70%, 05/09/22 (Call 04/09/22)		6		6,099
3.20%, 02/15/23 (Call 01/15/23)		108		112,527
Diageo Investment Corp., 2.88%, 05/11/22		381		395,730
Molson Coors Beverage Co., 3.50%, 05/01/22		111		113,236
PepsiCo Inc.
2.75%, 03/01/23		300		317,088
3.10%, 07/17/22 (Call 05/17/22)		275		288,830

				1,960,539

Biotechnology — 1.3%
Amgen Inc.
2.65%, 05/11/22 (Call 04/11/22)		209		214,831
3.63%, 05/15/22 (Call 02/15/22)		461		481,270
Biogen Inc., 3.63%, 09/15/22		246		259,855
Gilead Sciences Inc., 3.25%, 09/01/22 (Call 07/01/22)		235		246,393

				1,202,349

Chemicals — 1.2%
Celanese U.S. Holdings LLC, 4.63%, 11/15/22		100		102,838
Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22)		185		191,227
Ecolab Inc., 2.38%, 08/10/22 (Call 07/10/22)		231		239,371
Huntsman International LLC, 5.13%, 11/15/22 (Call 08/15/22)		50		50,424
Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22)		9		8,984
NewMarket Corp., 4.10%, 12/15/22		133		141,145
Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22)		135		138,625
Praxair Inc.
2.20%, 08/15/22 (Call 05/15/22)		175		178,829
2.70%, 02/21/23 (Call 11/21/22)		8		8,144

				1,059,587

Commercial Services — 0.4%
Block Financial LLC, 5.50%, 11/01/22 (Call 05/01/22)		75		77,492
Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)^(a)		84		86,316
Moody’s Corp., 2.63%, 01/15/23 (Call 12/15/22)		150		154,563
Verisk Analytics Inc., 4.13%, 09/12/22		55		58,198

				376,569


Security	Par (000)		Value

Computers — 2.7%
Apple Inc.
1.70%, 09/11/22	$	200	$	205,178
2.30%, 05/11/22 (Call 04/11/22)		198		204,536
2.70%, 05/13/22^(a)		435		453,774
2.85%, 02/23/23 (Call 12/23/22)		368		388,325
Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22)		228		239,414
HP Inc., 4.05%, 09/15/22		100		104,172
IBM Credit LLC, 3.00%, 02/06/23		200		211,176
International Business Machines Corp.
1.88%, 08/01/22		440		449,931
2.85%, 05/13/22		200		207,950

				2,464,456

Cosmetics & Personal Care — 0.5%
Colgate-Palmolive Co., 1.95%, 02/01/23		315		327,499
Unilever Capital Corp., 3.13%, 03/22/23 (Call 02/22/23)		150		159,378

				486,877

Diversified Financial Services — 4.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50%, 05/26/22 (Call 04/26/22)		255		236,161
Air Lease Corp., 2.75%, 01/15/23 (Call 12/15/22)		282		257,548
Ally Financial Inc., 4.63%, 05/19/22		10		10,142
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)		325		332,205
2.65%, 12/02/22		465		478,248
2.75%, 05/20/22 (Call 04/20/22)		230		235,610
3.40%, 02/27/23 (Call 01/27/23)		203		212,663
Capital One Bank USA N.A., 3.38%, 02/15/23		315		319,646
Capital One Financial Corp., 3.20%, 01/30/23 (Call 12/30/22)		65		66,297
CME Group Inc., 3.00%, 09/15/22		251		262,970
Discover Financial Services
3.85%, 11/21/22		290		296,679
5.20%, 04/27/22		10		10,388
Intercontinental Exchange Inc., 2.35%, 09/15/22 (Call 08/15/22)		181		186,280
International Lease Finance Corp., 5.88%, 08/15/22^(a)		185		178,645
Invesco Finance PLC, 3.13%, 11/30/22		100		101,642
Jefferies Group LLC, 5.13%, 01/20/23		135		141,323
ORIX Corp., 2.90%, 07/18/22		217		220,212
Synchrony Financial, 2.85%, 07/25/22 (Call 06/25/22)		10		9,746
TD Ameritrade Holding Corp., 2.95%, 04/01/22 (Call 02/01/22)		275		282,279
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)		163		168,698
2.80%, 12/14/22 (Call 10/14/22)		480		505,785

				4,513,167

Electric — 4.6%
Ameren Illinois Co., 2.70%, 09/01/22 (Call 06/01/22)		110		112,992
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 09/15/22)		160		165,624
CenterPoint Energy Inc., 2.50%, 09/01/22 (Call 08/01/22)		70		71,543
Consumers Energy Co., 2.85%, 05/15/22 (Call 02/15/22)		130		135,174
Dominion Energy Inc., Series B, 2.75%, 09/15/22 (Call 06/15/22)		150		153,786
DTE Energy Co.
Series B, 2.60%, 06/15/22		10		10,133
Series B, 3.30%, 06/15/22 (Call 04/15/22)		213		219,494
Duke Energy Carolinas LLC, 3.05%, 03/15/23 (Call 02/15/23)		135		143,929
Duke Energy Corp., 3.05%, 08/15/22 (Call 05/15/22)^(a)		355		366,548
Duke Energy Progress LLC, 2.80%, 05/15/22 (Call 02/15/22)		175		180,679


SCHEDULES OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Edison International
2.95%, 03/15/23 (Call 01/15/23)	$	33	$	33,086
3.13%, 11/15/22 (Call 10/15/22)^(a)		50		50,804
Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)		235		248,428
Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22)		108		113,883
Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22)		46		47,529
Exelon Generation Co. LLC, 4.25%, 06/15/22 (Call 03/15/22)		415		435,874
FirstEnergy Corp., Series B, 4.25%, 03/15/23 (Call 12/15/22)		168		181,450
Georgia Power Co., 2.85%, 05/15/22^(a)		199		206,037
National Rural Utilities Cooperative Finance Corp.
2.40%, 04/25/22 (Call 03/25/22)		11		11,331
2.70%, 02/15/23 (Call 12/15/22)		160		165,938
NextEra Energy Capital Holdings Inc., 2.90%, 04/01/22		200		206,526
Oncor Electric Delivery Co. LLC
4.10%, 06/01/22 (Call 03/01/22)		130		137,214
7.00%, 09/01/22		134		152,182
PPL Capital Funding Inc.
3.50%, 12/01/22 (Call 09/01/22)		175		181,766
4.20%, 06/15/22 (Call 03/15/22)		11		11,482
Puget Energy Inc., 5.63%, 07/15/22 (Call 04/15/22)		201		211,297
Sempra Energy, 2.88%, 10/01/22 (Call 07/01/22)		102		104,643
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)		130		135,673

				4,195,045

Electronics — 0.5%
Agilent Technologies Inc., 3.20%, 10/01/22 (Call 07/01/22)		100		103,079
Arrow Electronics Inc., 3.50%, 04/01/22 (Call 02/01/22)		150		151,630
Avnet Inc., 4.88%, 12/01/22		33		34,836
Flex Ltd., 5.00%, 02/15/23		100		104,348
Jabil Inc., 4.70%, 09/15/22		59		60,627
Roper Technologies Inc., 3.13%, 11/15/22 (Call 08/15/22)		25		25,563

				480,083

Environmental Control — 0.5%
Republic Services Inc., 3.55%, 06/01/22 (Call 03/01/22)		195		203,533
Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22)		206		213,820

				417,353

Food — 1.3%
Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)		175		184,706
Conagra Brands Inc., 3.20%, 01/25/23 (Call 10/25/22)		173		179,167
Flowers Foods Inc., 4.38%, 04/01/22 (Call 01/01/22)		100		102,652
General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22)		45		46,517
Kroger Co. (The)
2.80%, 08/01/22 (Call 07/01/22)		185		191,412
3.40%, 04/15/22 (Call 01/15/22)		8		8,304
McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22)		10		10,259
Sysco Corp., 2.60%, 06/12/22		35		35,238
Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22)		366		386,895

				1,145,150

Hand & Machine Tools — 0.1%
Stanley Black & Decker Inc., 2.90%, 11/01/22		118		122,439


Health Care - Products — 0.7%
Boston Scientific Corp., 3.38%, 05/15/22		200		207,562
Covidien International Finance SA, 3.20%, 06/15/22 (Call 03/15/22)		155		161,778
Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 02/01/22)		250		255,652
3.70%, 03/19/23 (Call 02/19/23)		10		10,488

				635,480


Security	Par (000)		Value

Health Care - Services — 1.9%
Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22)	$	215	$	221,751
Anthem Inc., 3.30%, 01/15/23		470		494,844
Humana Inc.
2.90%, 12/15/22 (Call 11/15/22)		34		34,992
3.15%, 12/01/22 (Call 09/01/22)		165		170,838
Laboratory Corp. of America Holdings, 3.75%, 08/23/22 (Call 05/23/22)		180		188,989
UnitedHealth Group Inc.
2.38%, 10/15/22		9		9,312
2.75%, 02/15/23 (Call 11/15/22)		260		271,765
2.88%, 03/15/23		315		332,265

				1,724,756

Holding Companies - Diversified — 0.1%
Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)		108		103,021
FS KKR Capital Corp., 4.75%, 05/15/22 (Call 04/15/22)		11		10,533

				113,554

Home Builders — 0.3%
DR Horton Inc., 4.38%, 09/15/22 (Call 06/15/22)		10		10,304
NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)		254		264,513

				274,817

Household Products & Wares — 0.4%
Church & Dwight Co. Inc., 2.88%, 10/01/22		125		127,985
Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)		193		201,451

				329,436

Insurance — 2.1%
American International Group Inc., 4.88%, 06/01/22		400		426,516
Berkshire Hathaway Finance Corp., 3.00%, 05/15/22		255		267,661
Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 01/15/23)		355		375,945
3.00%, 02/11/23		125		133,555
Chubb INA Holdings Inc.
2.70%, 03/13/23		175		182,943
2.88%, 11/03/22 (Call 09/03/22)		125		130,344
Fidelity National Financial Inc., 5.50%, 09/01/22		75		79,145
Marsh & McLennan Companies Inc., 3.30%, 03/14/23 (Call 01/14/23)		8		8,405
MetLife Inc., 3.05%, 12/15/22		246		257,343
Primerica Inc., 4.75%, 07/15/22		100		105,232

				1,967,089

Internet — 1.4%
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)		105		110,162
2.50%, 11/29/22 (Call 08/29/22)		436		454,888
Baidu Inc., 3.50%, 11/28/22		200		206,166
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)		350		358,802
2.75%, 01/30/23 (Call 12/30/22)		116		119,393

				1,249,411

Iron & Steel — 0.2%
Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22)		135		142,110


Lodging — 0.0%
Marriott International Inc./MD, 3.25%, 09/15/22 (Call 06/15/22)		35		34,134


Machinery — 2.1%
ABB Finance USA Inc., 2.88%, 05/08/22		260		267,655
Caterpillar Financial Services Corp.
1.95%, 11/18/22		209		213,211
2.40%, 06/06/22		30		30,806


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery (continued)
Caterpillar Inc., 2.60%, 06/26/22 (Call 03/26/22)^(a)	$	299	$	308,144
CNH Industrial Capital LLC, 4.38%, 04/05/22		11		11,261
Deere & Co., 2.60%, 06/08/22 (Call 03/08/22)^(a)		361		370,512
Flowserve Corp., 3.50%, 09/15/22 (Call 06/15/22)		175		176,155
John Deere Capital Corp.
2.15%, 09/08/22		96		98,638
2.80%, 01/27/23		50		52,330
2.80%, 03/06/23		399		418,164

				1,946,876

Manufacturing — 1.4%
3M Co., 2.00%, 06/26/22		285		292,131
Eaton Corp., 2.75%, 11/02/22		268		277,114
General Electric Co.
2.70%, 10/09/22		182		183,430
3.10%, 01/09/23		225		229,012
3.15%, 09/07/22		267		272,487

				1,254,174

Media — 3.0%
Charter Communications Operating LLC/Charter
Communications Operating Capital, 4.46%, 07/23/22 (Call 05/23/22)		640		674,298
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		210		254,671
Comcast Corp.
2.75%, 03/01/23 (Call 02/01/23)^(a)		61		64,113
2.85%, 01/15/23		29		30,506
3.13%, 07/15/22		424		446,209
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)		35		36,023
3.30%, 05/15/22		199		204,126
NBCUniversal Media LLC, 2.88%, 01/15/23		250		263,705
Time Warner Entertainment Co. LP, 8.38%, 03/15/23		234		270,626
TWDC Enterprises 18 Corp., 2.35%, 12/01/22		247		255,381
ViacomCBS Inc., 2.50%, 02/15/23 (Call 01/15/23)		50		50,144
Walt Disney Co. (The), 3.00%, 09/15/22		175		183,015

				2,732,817

Metal Fabricate & Hardware — 0.3%
Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22)		250		258,620


Mining — 0.1%
Newmont Corp., 3.70%, 03/15/23 (Call 12/15/22)^(a)		24		24,906
Southern Copper Corp., 3.50%, 11/08/22		75		75,440

				100,346

Oil & Gas — 3.8%
Apache Corp., 3.25%, 04/15/22 (Call 01/15/22)		99		90,700
BP Capital Markets America Inc., 3.25%, 05/06/22		228		234,774
BP Capital Markets PLC, 2.50%, 11/06/22		440		448,919
Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)		208		201,088
Chevron Corp., 2.36%, 12/05/22 (Call 09/05/22)		345		356,099
EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)		235		240,640
Exxon Mobil Corp., 2.73%, 03/01/23 (Call 01/01/23)		270		282,158
Husky Energy Inc., 3.95%, 04/15/22 (Call 01/15/22)		100		97,467
Marathon Oil Corp., 2.80%, 11/01/22 (Call 08/01/22)		284		267,054
Phillips 66, 4.30%, 04/01/22		393		409,616
Pioneer Natural Resources Co., 3.95%, 07/15/22 (Call 04/15/22)		141		143,130
Shell International Finance BV
2.25%, 01/06/23^(a)		35		35,596


Security	Par (000)		Value

Oil & Gas (continued)
2.38%, 08/21/22	$	372	$	380,764
Total Capital International SA, 2.70%, 01/25/23		319		329,004

				3,517,009

Oil & Gas Services — 0.2%
National Oilwell Varco Inc., 2.60%, 12/01/22 (Call 09/01/22)		77		72,377
TechnipFMC PLC, 3.45%, 10/01/22 (Call 07/01/22)		75		73,746

				146,123

Packaging & Containers — 0.1%
WestRock RKT LLC, 4.00%, 03/01/23 (Call 12/01/22)		75		77,265


Pharmaceuticals — 8.1%
AbbVie Inc.
2.30%, 11/21/22^(c)		292		299,046
2.90%, 11/06/22		620		644,496
3.20%, 11/06/22 (Call 09/06/22)		273		285,034
Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22)		420		432,508
AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/12/22)		25		25,644
Becton Dickinson and Co., 2.89%, 06/06/22 (Call 05/06/22)		315		322,866
Bristol-Myers Squibb Co.
2.00%, 08/01/22		224		229,118
3.25%, 08/15/22^(c)		312		327,697
3.25%, 02/20/23 (Call 01/20/23)^(c)		128		135,598
3.55%, 08/15/22^(c)		332		351,239
Cardinal Health Inc.
2.62%, 06/15/22 (Call 05/15/22)		200		203,288
3.20%, 03/15/23		110		113,731
Cigna Corp., 3.05%, 11/30/22 (Call 10/31/22)^(c)		109		113,017
CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)^(a)		425		439,968
3.50%, 07/20/22 (Call 05/20/22)		340		354,351
3.70%, 03/09/23 (Call 02/09/23)^(a)		885		938,675
4.75%, 12/01/22 (Call 09/01/22)		5		5,382
Eli Lilly & Co., 2.35%, 05/15/22		110		113,474
GlaxoSmithKline Capital Inc., 2.80%, 03/18/23		348		367,478
GlaxoSmithKline Capital PLC, 2.85%, 05/08/22		350		363,083
McKesson Corp.
2.70%, 12/15/22 (Call 09/15/22)		70		71,896
2.85%, 03/15/23 (Call 12/15/22)		179		183,785
Merck & Co. Inc., 2.40%, 09/15/22 (Call 06/15/22)		282		292,713
Novartis Capital Corp., 2.40%, 09/21/22		476		493,503
Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22)		260		271,354

				7,378,944

Pipelines — 2.8%
Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22)		71		63,481
Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22)		100		100,652
Energy Transfer Operating LP, 3.60%, 02/01/23 (Call 11/01/22)		200		194,470
Energy Transfer Partners LP/Regency Energy Finance Corp., 5.00%, 10/01/22 (Call 07/01/22)		145		145,280
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)		273		283,284
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)^(a)		200		205,230
3.95%, 09/01/22 (Call 06/01/22)		265		274,487
MPLX LP
3.38%, 03/15/23 (Call 02/15/23)		125		124,078
3.50%, 12/01/22 (Call 11/01/22)^(c)		69		68,163
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		210		204,112
Plains All American Pipeline LP/PAA Finance Corp.
2.85%, 01/31/23 (Call 10/31/22)		139		130,119


SCHEDULES OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
3.65%, 06/01/22 (Call 03/01/22)	$	150	$	147,201
Sunoco Logistics Partners Operations LP, 3.45%, 01/15/23 (Call 10/15/22)		100		97,227
TransCanada PipeLines Ltd., 2.50%, 08/01/22		315		318,632
Williams Companies Inc. (The), 3.35%, 08/15/22 (Call 05/15/22).		179		179,798

				2,536,214

Real Estate Investment Trusts — 3.5%
American Tower Corp., 3.50%, 01/31/23		253		267,338
Boston Properties LP, 3.85%, 02/01/23 (Call 11/01/22)		258		272,647
Brixmor Operating Partnership LP, 3.88%, 08/15/22 (Call 06/15/22)		250		252,602
Crown Castle International Corp., 5.25%, 01/15/23		455		496,883
Digital Realty Trust LP
2.75%, 02/01/23 (Call 01/01/23)		100		101,969
3.63%, 10/01/22 (Call 07/03/22)		200		205,884
3.95%, 07/01/22 (Call 05/01/22)		25		26,202
Duke Realty LP, 3.88%, 10/15/22 (Call 07/15/22)		133		137,982
Healthpeak Properties Inc., 3.15%, 08/01/22 (Call 05/01/22)		100		100,115
Host Hotels & Resorts LP, Series C, 4.75%, 03/01/23 (Call 12/01/22)		100		100,355
Kilroy Realty LP, 3.80%, 01/15/23 (Call 10/15/22)		75		76,177
Kimco Realty Corp., 3.40%, 11/01/22 (Call 09/01/22)^(a)		100		102,608
Realty Income Corp., 3.25%, 10/15/22 (Call 07/15/22)		185		190,106
Regency Centers Corp., 3.75%, 11/15/22 (Call 08/15/22)		100		104,650
Service Properties Trust, 5.00%, 08/15/22 (Call 02/15/22)		111		101,537
Simon Property Group LP, 2.75%, 02/01/23 (Call 11/01/22)		205		202,874
SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 09/15/22)		34		34,139
Ventas Realty LP/Ventas Capital Corp., 3.25%, 08/15/22 (Call 05/15/22)^(a)		285		286,177
Welltower Inc., 3.75%, 03/15/23 (Call 12/15/22)		100		101,468

				3,161,713

Retail — 2.1%
AutoZone Inc., 3.70%, 04/15/22 (Call 01/15/22)		262		270,243
Home Depot Inc. (The), 2.63%, 06/01/22 (Call 05/01/22)		321		333,920
Kohl’s Corp., 3.25%, 02/01/23 (Call 11/01/22)		105		95,300
Lowe’s Companies Inc., 3.12%, 04/15/22 (Call 01/15/22)		243		250,584
QVC Inc.
4.38%, 03/15/23		11		10,596
5.13%, 07/02/22		47		46,078
Starbucks Corp., 3.10%, 03/01/23 (Call 02/01/23)		150		156,513
Walgreen Co., 3.10%, 09/15/22		344		354,096
Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22)		367		383,174

				1,900,504

Savings & Loans — 0.1%
People’s United Financial Inc., 3.65%, 12/06/22 (Call 09/06/22)^(a)		100		102,545


Semiconductors — 2.0%
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.65%, 01/15/23 (Call 12/15/22)		189		192,540
Broadcom Inc., 3.13%, 10/15/22^(c)		299		309,904
Intel Corp., 2.70%, 12/15/22		540		567,918
Maxim Integrated Products Inc., 3.38%, 03/15/23 (Call 12/15/22)		75		77,932
QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)		120		125,116
3.00%, 05/20/22		450		468,783


Security	Par (000)		Value

Semiconductors (continued)
Texas Instruments Inc., 1.85%, 05/15/22 (Call 04/15/22)	$	96	$	98,098

				1,840,291

Software — 2.5%
Adobe Inc., 1.70%, 02/01/23		208		213,537
CA Inc., 3.60%, 08/15/22 (Call 07/15/22)		10		10,139
Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22)		145		152,236
Microsoft Corp.
2.13%, 11/15/22^(a)		150		157,110
2.65%, 11/03/22 (Call 09/03/22)		220		230,696
Oracle Corp.
2.50%, 05/15/22 (Call 03/15/22)		653		671,793
2.50%, 10/15/22		534		554,025
2.63%, 02/15/23 (Call 01/15/23)		88,362
VMware Inc., 2.95%, 08/21/22 (Call 07/21/22)		315		319,631

				2,317,529

Telecommunications — 2.4%
America Movil SAB de CV, 3.13%, 07/16/22		225		229,484
AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)		241		246,692
3.00%, 06/30/22 (Call 04/30/22)		320		329,430
3.40%, 06/15/22		140		145,807
3.60%, 02/17/23 (Call 12/17/22)		365		384,126
Cisco Systems Inc.
2.60%, 02/28/23		175		184,011
3.00%, 06/15/22		10		10,530
Corning Inc., 2.90%, 05/15/22 (Call 03/15/22)		60		61,593
Motorola Solutions Inc.
3.50%, 03/01/23		95		97,553
3.75%, 05/15/22		91		94,156
Rogers Communications Inc., 3.00%, 03/15/23 (Call 12/15/22)		125		131,042
Verizon Communications Inc., 2.45%, 11/01/22 (Call 08/01/22)		244		252,577
Vodafone Group PLC
2.50%, 09/26/22		9		9,259
2.95%, 02/19/23		62		64,776

				2,241,036

Textiles — 0.2%
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)		160		170,014


Transportation — 1.9%
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)		250		263,012
3.05%, 09/01/22 (Call 06/01/22)		125		130,304
FedEx Corp., 2.63%, 08/01/22		146		149,697
Norfolk Southern Corp.
2.90%, 02/15/23 (Call 11/15/22)		158		163,789
3.00%, 04/01/22 (Call 01/01/22)		180		185,908
Ryder System Inc., 3.40%, 03/01/23 (Call 02/01/23)		58		58,716
Union Pacific Corp.
2.95%, 01/15/23 (Call 10/15/22)		120		124,782
4.16%, 07/15/22 (Call 04/15/22)		252		267,904
United Parcel Service Inc., 2.45%, 10/01/22		371		385,146

				1,729,258


Total Corporate Bonds & Notes — 95.3% (Cost: $85,115,076)				87,172,605


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Investment Companies

Exchange Traded Funds — 3.5%
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF^(a)(d)		129	$	3,221,130


Total Investment Companies — 3.5% (Cost $2,974,253)				3,221,130


Short-Term Investments

Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(d)(e)(f)		2,984		2,987,133
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(d)(e)		724		724,000

				3,711,133

Total Short-Term Investments — 4.0% (Cost: $3,706,761)				3,711,133


Total Investments in Securities — 102.8% (Cost: $91,796,090)				94,104,868

Other Assets, Less Liabilities — (2.8)%				(2,579,657	)


Net Assets — 100.0%			$	91,525,211

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

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Shares Purchased (000)	Shares Sold (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)	Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SLAgencyShares	3,286	—	(302	)^(b)	2,984	$	2,987,133	$	9,066	^(c)	$	(2,173	) $	3,637
BlackRock Cash Funds: Treasury, SL Agency Shares	861	—	(137	)^(b)	724		724,000		4,863			—		—
iShares iBonds Mar 2023 Term Corporate ex-Financials ETF	129	—	—		129		3,221,130		43,941			—		40,635

						$	6,932,263	$	57,870		$	(2,173	) $	44,272

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Net of purchases and sales.

^(c)

Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net offees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Fair Value Measurements


SCHEDULES OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Mar 2023 Term Corporate ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	87,172,605	$	—	$	87,172,605
Investment Companies		3,221,130		—		—		3,221,130
Money Market Funds		3,711,133		—		—		3,711,133

	$	6,932,263	$	87,172,605	$	—	$	94,104,868

See notes to financial statements.


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares iBonds Mar 2023 Term Corporate ex-Financials ETF			iShares iBonds Mar 2023 Term Corporate ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	25,726,191		$	87,172,605
Affiliated^(c)		1,662,469			6,932,263
Cash		425			3,531
Receivables:
Investments sold		510,087			64,323
Securities lending income — Affiliated		1,500			2,667
Dividends		47			184
Interest		198,342			702,072

Total assets		28,099,061			94,877,645


LIABILITIES
Collateral on securities loaned, at value		1,501,215			2,983,630
Payables:
Investments purchased		462,621			362,174
Investment advisory fees		2,107			6,630

Total liabilities		1,965,943			3,352,434


NET ASSETS	$	26,133,118		$	91,525,211


NET ASSETS CONSIST OF:
Paid-in capital	$	26,295,239		$	89,833,624

Accumulated earnings (loss)		(162,121	)		1,691,587

NET ASSETS	$	26,133,118		$	91,525,211


Shares outstanding		. 1,050,000			3,400,000

Net asset value	$	24.89		$	26.92

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Securities loaned, at value	$	1,459,732		$	2,631,735
^(b) Investments, at cost — Unaffiliated	$	24,889,666		$	85,115,076
^(c) Investments, at cost — Affiliated	$	1,660,019		$	6,681,014

See notes to financial statements.


FINANCIAL STATEMENTS			17

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares iBonds Mar 2023 Term Corporate ex-Financials ETF			iShares iBonds Mar 2023 Term Corporate ETF

INVESTMENT INCOME
Dividends — Affiliated	$	1,044		$	48,804
Interest — Unaffiliated		337,851			1,115,037
Securities lending income — Affiliated — net		5,019			9,066
Other income — Unaffiliated		141			650

Total investment income		344,055			1,173,557


EXPENSES
Investment advisory fees		12,829			40,789

Total expenses		12,829			40,789

Less:
Investment advisory fees waived		(81	)		(1,949	)

Total expenses after fees waived		12,748			38,840

Net investment income		331,307			1,134,717


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(25,850	)		(243,778	)
Investments — Affiliated		(842	)		(2,173	)
In-kind redemptions — Unaffiliated		—			41,435

Net realized loss		(26,692	)		(204,516	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		298,164			270,049
Investments — Affiliated		2,079			44,272

Net change in unrealized appreciation (depreciation)		300,243			314,321

Net realized and unrealized gain		273,551			109,805

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	604,858		$	1,244,522

See notes to financial statements.


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares iBonds Mar 2023 Term Corporate ex-Financials ETF						iShares iBonds Mar 2023 Term Corporate ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	331,307		$	871,333		$	1,134,717		$	2,088,187
Net realized gain (loss)		(26,692	)		(30,894	)		(204,516	)		10,004
Net change in unrealized appreciation (depreciation)		300,243			1,763,333			314,321			3,709,563

Net increase in net assets resulting from operations		604,858			2,603,772			1,244,522			5,807,754


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(357,663	)		(896,599	)		(1,135,407	)		(2,074,956	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			(20,356,373	)		12,081,222			15,606,635


NET ASSETS
Total increase (decrease) in net assets		247,195			(18,649,200	)		12,190,337			19,339,433
Beginning of period		25,885,923			44,535,123			79,334,874			59,995,441

End of period	$	26,133,118		$	25,885,923		$	91,525,211		$	79,334,874

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

See notes to financial statements.


FINANCIAL STATEMENTS			19

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds Mar 2023 Term Corporate ex-Financials ETF
		Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16	^(a)		Year Ended 10/31/15	^(a)


Net asset value, beginning of period	$	24.65		$	23.44		$	24.47		$	24.80		$	24.01		$	24.02

Net investment income^(b)		0.32			0.65			0.66			0.66			0.68			0.69
Net realized and unrealized gain (loss)^(c)		0.26			1.22			(1.04	)		(0.33	)		0.79			(0.01	)

Net increase (decrease) from investment operations		0.58			1.87			(0.38	)		0.33			1.47			0.68


Distributions^(d)
From net investment income		(0.34	)		(0.66	)		(0.65	)		(0.66	)		(0.68	)		(0.69	)

Total distributions		(0.34	)		(0.66	)		(0.65	)		(0.66	)		(0.68	)		(0.69	)


Net asset value, end of period	$	24.89		$	24.65		$	23.44		$	24.47		$	24.80		$	24.01


Total Return
Based on net asset value		2.38	%^(e)		8.07	%		(1.54	)%		1.37	%		6.24	%		2.86	%


Ratios to Average Net Assets
Total expenses		0.10	%^(f)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%

Total expenses after fees waived		0.10	%^(f)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%

Net investment income		2.58	%^(f)		2.71	%		2.76	%		2.72	%		2.77	%		2.86	%


Supplemental Data
Net assets, end of period (000)	$	26,133		$	25,886		$	44,535		$	47,716		$	42,157		$	38,411

Portfolio turnover rate^(g)		4	%^(e)		9	%		5	%		10	%		12	%		17	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on July 22, 2016.

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Mar 2023 Term Corporate ETF
		Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16	^(a)		Year Ended 10/31/15	^(a)


Net asset value, beginning of period	$	26.89		$	25.53		$	26.66		$	26.90		$	25.91		$	26.18

Net investment income^(b)		0.37			0.76			0.76			0.77			0.79			0.81
Net realized and unrealized gain (loss)^(c)		0.03			1.36			(1.12	)		(0.25	)		0.99			(0.27	)

Net increase (decrease) from investment operations		0.40			2.12			(0.36	)		0.52			1.78			0.54


Distributions^(d)
From net investment income		(0.37	)		(0.76	)		(0.77	)		(0.76	)		(0.79	)		(0.81	)

Total distributions		(0.37	)		(0.76	)		(0.77	)		(0.76	)		(0.79	)		(0.81	)


Net asset value, end of period	$	26.92		$	26.89		$	25.53		$	26.66		$	26.90		$	25.91


Total Return
Based on net asset value		1.52	%^(e)		8.43	%		(1.37	)%		2.01	%		6.99	%		2.07	%


Ratios to Average Net Assets
Total expenses^(f)		0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%

Total expenses after fees waived^(f)		0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.09	%		0.09	%

Net investment income		2.78	%^(g)		2.89	%		2.95	%		2.92	%		3.01	%		3.11	%


Supplemental Data
Net assets, end of period (000)	$	91,525		$	79,335		$	59,995		$	87,963		$	82,041		$	62,186

Portfolio turnover rate^(h)(i)		6	%^(e)		5	%		3	%		12	%		6	%		6	%

^(a)	Per share amounts reflect a four-for-one stock split effective after the close of trading on July 22, 2016.

^(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)	Not annualized.

^(f)	The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g)	Annualized.

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

⁽ⁱ⁾	Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			21

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
iBonds Mar 2023 Term Corporate ex-Financials		Diversified
iBonds Mar 2023 Term Corporate		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.


iShares ETF
iBonds Mar 2023 Term Corporate ex-Financials	$	26,584,098
iBonds Mar 2023 Term Corporate		80,314,439

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

•

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

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

4.	SECURITIES AND OTHER INVESTMENTS


NOTES TO FINANCIAL STATEMENTS			23

Notes to Financial Statements (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:



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

iBonds Mar 2023 Term Corporate ex-Financials
BNP Paribas Prime Brokerage International Ltd.	$	152,640	$	152,640		$	—	$	—
BofA Securities, Inc.		404,469		404,469			—		—
Goldman Sachs & Co.		123,021		123,021			—		—
JPMorgan Securities LLC		246,239		246,239			—		—
Morgan Stanley & Co. LLC		103,245		103,245			—		—
RBC Capital Markets LLC		282,151		282,151			—		—
Wells Fargo Securities LLC		147,967		147,967			—		—

	$	1,459,732	$	1,459,732		$	—	$	—

iBonds Mar 2023 Term Corporate
BofA Securities, Inc	$	354,557	$	354,557		$	—	$	—
Goldman Sachs &Co		110,953		110,953			—		—
HSBC Securities (USA) Inc.		35,596		35,596			—		—
JPMorgan Securities LLC		294,177		294,177			—		—
Morgan Stanley & Co. LLC		403,575		403,575			—		—
RBC Capital Markets LLC		698,296		698,296			—		—
Wells Fargo Securities LLC		734,581		734,581			—		—

	$	2,631,735	$	2,631,735		$	—	$	—

^(a)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.10%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). 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.


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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.


iShares ETF	Fees Paid to BTC
iBonds Mar 2023 Term Corporate ex-Financials	$	1,474
iBonds Mar 2023 Term Corporate		2,661

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

For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
iBonds Mar 2023 Term Corporate ex-Financials	$	—	$	8,351	$	(5,329	)
iBonds Mar 2023 Term Corporate		—		1,165,629		(156,212	)

6.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
iBonds Mar 2023 Term Corporate ex-Financials	$	984,410	$	1,039,166
iBonds Mar 2023 Term Corporate		5,031,649		4,522,552

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds Mar 2023 Term Corporate	$	13,015,295	$	1,316,708

7.	INCOME TAX INFORMATION


NOTES TO FINANCIAL STATEMENTS			25

Notes to Financial Statements (unaudited) (continued)

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
iBonds Mar 2023 Term Corporate ex-Financials	$	1,026,903
iBonds Mar 2023 Term Corporate		578,244


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
iBonds Mar 2023 Term Corporate ex-Financials	$	26,554,151	$	849,915	$	(15,406	)	$	834,509
iBonds Mar 2023 Term Corporate		91,811,808		2,496,596		(203,536	)		2,293,060

8.	PRINCIPAL RISKS


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
iBonds Mar 2023 Term Corporate ex-Financials
Shares redeemed		—		$	—			(850,000	)	$	(20,356,373	)

iBonds Mar 2023 Term Corporate
Shares sold		500,000		$	13,422,728			600,000		$	15,606,635
Shares redeemed		(50,000	)		(1,341,506	)		—			—

Net increase		450,000		$	12,081,222			600,000		$	15,606,635

10.

LEGAL PROCEEDINGS

11.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			27

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iBonds Mar 2023 Term Corporate ex-Financials ETF and iBonds Mar 2023 Term Corporate ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices


	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 Mar 2023 Term Corporate ex-Financials	$	0.340631	$	—	$	—	$	0.340631		100	%		—	%		—	%		100	%
iBonds Mar 2023 Term Corporate^(a)		0.374353		—		0.000087		0.374440		100			—			0	^(b)		100

^(a)

^(b)

Rounds to less than 1%.


SUPPLEMENTAL INFORMATION			29

General Information

Electronic Delivery

To enroll in electronic delivery:

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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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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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”).

iS-SAR-1007-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares iBonds 2021 Term High Yield and Income ETF | IBHA | Cboe BZX

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

Table of Contents


	Page
Fund Summary		3
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		42
Statement Regarding Liquidity Risk Management Program		49
Supplemental Information		50
General Information		51
Glossary of Terms Used in this Report		52


Fund Summary as of April 30, 2020		iShares^® iBonds^® 2021 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2021 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2021, as represented by the Bloomberg Barclays 2021 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		(3.92	)%		(2.44	)%
Fund Market		(4.29	)		(2.70	)
Index		(3.85	)		(2.40	)

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 (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	960.80	$	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
A		0.3	%
Baa		27.6
Ba		41.4
B		18.8
Caa		7.8
Not Rated		2.7
Short-Term and Other Assets		1.4

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
DISH DBS Corp., 6.75%, 06/01/21		2.3	%
CSC Holdings LLC, 6.75%, 11/15/21		2.1
Xerox Corp., 4.50%, 05/15/21		2.0
Howmet Aerospace Inc., 5.40%, 04/15/21		2.0
Sprint Corp., 7.25%, 09/15/21		2.0

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® iBonds^® 2022 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2022 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2022, as represented by the Bloomberg Barclays 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


				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		(5.80	)%		(5.27	)%
Fund Market		(2.71	)		(2.01	)
Index		(5.58	)		(4.55	)

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 (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	942.00	$	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		3.0	%
Ba		51.9
B		26.7
Caa		13.3
Not Rated		2.4
Short-Term and Other Assets		2.7

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Tenet Healthcare Corp., 8.13%, 04/01/22		2.9	%
Sprint Communications Inc., 6.00%, 11/15/22		2.7
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22		2.5
DISH DBS Corp., 5.88%,07/15/22		2.2
International Game Technology PLC, 6.25%, 02/15/22		2.2

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		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 Barclays 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


				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		(7.15	)%		(6.05	)%
Fund Market		(6.72	)		(5.50	)
Index		(6.26	)		(4.51	)

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 (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	928.50	$	1.68		$	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		1.1	%
Ba		43.7
B		34.7
Caa		15.6
Not Rated		3.2
Short-Term and Other Assets		1.7

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Sprint Corp., 7.88%, 09/15/23		3.1	%
CHS/Community Health Systems Inc., 6.25%, 03/31/23		2.6
Freeport-McMoRan Inc., 3.88%, 03/15/23		1.8
Tenet Healthcare Corp., 6.75%, 06/15/23		1.8
PetSmart Inc., 7.13%, 03/15/23		1.5

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of April 30, 2020		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 Barclays 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


				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		(9.02	)%		(6.21	)%
Fund Market		(7.80	)		(5.00	)
Index		(8.75	)		(6.06	)

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 (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	909.80	$	1.66		$	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		0.6	%
Ba		46.4
B		35.9
Caa		12.3
Ca		0.2
Not Rated		1.1
Short-Term and Other Assets		3.5

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Sprint Corp., 7.13%, 06/15/24		1.9	%
Bausch Health Companies Inc., 7.00%, 03/15/24		1.8
Ford Motor Credit Co. LLC, 5.58%, 03/18/24		1.8
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., 5.63%, 05/01/24		1.6
Telecom Italia SpA/Milano, 5.30%, 05/30/24		1.5

^(a)

Excludes money market funds.


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		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 Barclays 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


				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		(7.38	)%		(4.72	)%
Fund Market		(5.97	)		(3.12	)
Index		(7.26	)		(4.53	)

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 (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	926.20	$	1.68		$	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		0.6	%
Ba		41.5
B		36.6
Caa		17.2
Not Rated		1.2
Short-Term and Other Assets		2.9

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Ford Motor Co., 9.00%, 04/22/25		1.6	%
1011778 BC ULC/New Red Finance Inc., 5.00%, 10/15/25		1.5
Bausch Health Companies Inc., 6.13%, 04/15/25		1.5
HCA Inc., 5.38%,02/01/25		1.3
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25		1.2

^(a)

Excludes money market funds.


FUND SUMMARY			7

About Fund Performance

Shareholder Expenses


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® 2021 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 4.0%
Boeing Co. (The), 2.30%, 08/01/21	$	100	$	98,245
Bombardier Inc., 8.75%, 12/01/21^(a)		325		270,702
Howmet Aerospace Inc., 5.40%, 04/15/21 (Call 01/15/21)		366		373,404

				742,351

Agriculture — 0.8%
Altria Group Inc., 4.75%, 05/05/21		50		51,580
Pyxus International Inc., 8.50%, 04/15/21 (Call 10/15/20)^(a)		100		88,849

				140,429

Airlines — 1.5%
Air Canada, 7.75%, 04/15/21^(a)		100		98,076
Delta Air Lines Inc., 3.40%, 04/19/21		200		191,688

				289,764

Auto Manufacturers — 3.3%
Ford Motor Credit Co. LLC
3.81%, 10/12/21		200		190,550
5.88%, 08/02/21		200		196,348
General Motors Financial Co. Inc.
3.20%, 07/06/21 (Call 06/06/21)		100		97,844
4.20%, 11/06/21		125		123,312

				608,054

Banks — 5.4%
Barclays PLC, 3.20%, 08/10/21		200		202,958
CIT Group Inc., 4.13%, 03/09/21 (Call 02/09/21)		200		196,502
Deutsche Bank AG/New York NY
4.25%, 02/04/21		150		150,517
4.25%,10/14/21		100		100,577
Huntington Bancshares Inc./OH, 3.15%, 03/14/21 (Call 02/14/21)		50		50,731
KeyCorp, 5.10%, 03/24/21		50		51,685
Santander Holdings USA Inc., 4.45%, 12/03/21 (Call 11/03/21)		50		51,247
Santander UK Group Holdings PLC, 2.88%, 08/05/21		200		201,400

				1,005,617

Beverages — 0.5%
Keurig Dr Pepper Inc., 3.55%, 05/25/21		75		76,522
Molson Coors Beverage Co., 2.10%, 07/15/21 (Call 06/15/21)		25		24,917

				101,439

Building Materials — 0.3%
CPG Merger Sub LLC, 8.00%, 10/01/21 (Call 05/29/20)^(a)		50		49,232


Chemicals — 1.2%
WR Grace & Co.-Conn, 5.13%, 10/01/21^(a)(b)		225		226,370


Commercial Services — 2.7%
ADT Security Corp. (The), 6.25%, 10/15/21		300		307,410
Nielsen Co Luxembourg Sarl/The, 5.50%, 10/01/21 (Call 05/29/20)^(a)		200		197,776

				505,186

Computers — 4.6%
Dell Inc., 4.63%, 04/01/21		250		253,205
Dell International LLC/EMC Corp.
4.42%, 06/15/21 (Call 05/15/21)^(a)		150		152,451
5.88%, 06/15/21 (Call 06/15/20)^(a)		199		199,129
HP Inc., 4.65%, 12/09/21		50		52,046
Vericast Corp., 9.25%, 03/01/21 (Call 05/29/20)^(a)		94		94,556
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 12.50%, 05/01/24 (Call 12/20/20)^(a)		116		118,591

				869,978


Security	Par (000)		Value

Cosmetics & Personal Care — 0.9%
Edgewell Personal Care Co., 4.70%, 05/19/21	$	175	$	175,920


Distribution & Wholesale — 0.5%
Anixter Inc., 5.13%, 10/01/21		100		101,526


Diversified Financial Services — 7.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.00%, 10/01/21		150		143,998
Air Lease Corp., 3.38%, 06/01/21 (Call 05/01/21)		50		48,093
Ally Financial Inc., 4.25%, 04/15/21		100		100,706
Avation Capital SA, 6.50%, 05/15/21 (Call 05/15/20)^(a)		200		169,690
Capital One Financial Corp. 3.45%, 04/30/21 (Call 03/30/21)		100		101,483
4.75%, 07/15/21		100		103,233
Jefferies Group LLC, 6.88%, 04/15/21		50		51,549
Navient Corp. 5.88%, 03/25/21		200		196,880
6.63%, 07/26/21		200		198,888
Springleaf Finance Corp., 7.75%, 10/01/21		200		198,396
Synchrony Financial, 3.75%, 08/15/21 (Call 06/15/21)		50		50,129
Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/21 (Call 11/15/20)^(a)		150		123,751

				1,486,796

Electric — 3.2%
AES Corp. (The), 4.00%, 03/15/21		125		124,997
Dominion Energy Inc., 4.10%, 04/01/21^(c)		50		50,677
DPL Inc., 7.25%, 10/15/21 (Call 07/15/21)		150		152,892
Duke Energy Corp., 1.80%, 09/01/21 (Call 08/01/21)		50		50,493
NextEra Energy Capital Holdings Inc., 2.40%, 09/01/21		100		101,647
PSEG Power LLC, 3.00%, 06/15/21 (Call 05/15/21)		50		50,700
Southern Co. (The), 2.35%, 07/01/21 (Call 06/01/21)		25		25,278
Southern Power Co., Series E, 2.50%, 12/15/21 (Call 11/15/21)		50		50,733

				607,417

Electrical Components & Equipment — 1.1%
WESCO Distribution Inc., 5.38%, 12/15/21 (Call 05/29/20)		200		197,044


Entertainment — 0.5%
Scientific Games International Inc., 6.63%,05/15/21 (Call 05/15/20)		100		89,438


Environmental Control — 0.4%
Tervita Corp., 7.63%, 12/01/21 (Call 12/01/20)^(a)		100		66,733


Food — 1.4%
Conagra Brands Inc., 3.80%, 10/22/21		25		25,783
General Mills Inc., 3.15%, 12/15/21 (Call 09/15/21)		50		51,400
Kraft Heinz Foods Co., 3.38%, 06/15/21		75		76,059
Kroger Co. (The), 3.30%, 01/15/21 (Call 12/15/20)		50		50,565
Sysco Corp., 2.50%, 07/15/21 (Call 06/15/21)		50		50,270

				254,077

Gas — 0.3%
CenterPoint Energy Resources Corp., 4.50%, 01/15/21 (Call 10/15/20)		50		50,690


Health Care – Products — 0.3%
Stryker Corp., 2.63%, 03/15/21 (Call 02/15/21)		50		50,583


Home Builders — 4.2%
KB Home, 7.00%,12/15/21 (Call 09/15/21)		175		181,057
Lennar Corp. 4.75%,04/01/21 (Call 02/01/21)		200		201,156
6.25%,12/15/21 (Call 06/15/21)		100		102,646


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® 2021 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Home Builders (continued)
8.38%,01/15/21	$	100	$	103,228
PulteGroup Inc., 4.25%, 03/01/21 (Call 02/01/21)		125		126,622
TRI Pointe Group Inc., 4.88%, 07/01/21 (Call 06/01/21)		75		73,577

				788,286

Insurance — 2.3%
American International Group Inc., 3.30%, 03/01/21 (Call 02/01/21)		50		50,722
Genworth Holdings Inc.
7.20%, 02/15/21		125		116,599
7.63%, 09/24/21		225		213,545
Trinity Acquisition PLC, 3.50%, 09/15/21 (Call 08/15/21)		50		50,504

				431,370

Internet — 1.4%
Netflix Inc., 5.38%, 02/01/21		250		255,217


Iron & Steel — 0.4%
Carpenter Technology Corp., 5.20%, 07/15/21 (Call 04/15/21)		75		75,782


Lodging — 1.4%
Studio City Co. Ltd., 7.25%, 11/30/21 (Call 11/30/20)^(a)(b)		200		199,090
Wyndham Destinations Inc., 5.63%, 03/01/21		75		71,778

				270,868

Machinery — 0.3%
CNH Industrial Capital LLC, 4.88%, 04/01/21		50		50,360


Manufacturing — 1.0%
General Electric Co.
4.65%, 10/17/21		75		77,844
5.30%, 02/11/21		100		101,951

				179,795

Media — 5.3%
CSC Holdings LLC, 6.75%,11/15/21		375		391,039
DISH DBS Corp., 6.75%, 06/01/21		425		425,710
TEGNA Inc., 4.88%, 09/15/21 (Call 05/29/20)^(a)		75		74,745
Time Warner Cable LLC, 4.00%, 09/01/21 (Call 06/01/21)		50		50,953
ViacomCBS Inc., 4.50%, 03/01/21		50		51,652

				994,099

Mining — 0.6%
Century Aluminum Co., 7.50%, 06/01/21 (Call 05/29/20)^(a)		75		67,711
Kinross Gold Corp., 5.13%, 09/01/21 (Call 06/01/21)		50		51,498

				119,209

Office & Business Equipment — 2.0%
Xerox Corp., 4.50%, 05/15/21		375		375,487


Oil & Gas — 5.0%
Antero Resources Corp., 5.38%, 11/01/21 (Call 11/01/20)^(b)		300		268,566
Energen Corp., 4.63%, 09/01/21 (Call 06/01/21)		50		47,539
EQT Corp., 4.88%, 11/15/21		75		72,750
Great Western Petroleum LLC/Great Western Finance Corp., 9.00%, 09/30/21 (Call 09/30/20)^(a)		50		30,949
Marathon Petroleum Corp., 5.13%, 03/01/21		50		50,409
Nabors Industries Inc., 4.63%, 09/15/21		63		40,085
Occidental Petroleum Corp.
2.60%, 08/13/21		175		163,791
4.85%, 03/15/21 (Call 02/15/21)		100		95,995
Series 1, 4.10%, 02/01/21 (Call 11/01/20)		150		143,227
Ovintiv Inc., 3.90%, 11/15/21 (Call 08/15/21)		25		22,651

				935,962


Security	Par (000)		Value

Packaging & Containers — 0.8%
Graphic Packaging International LLC, 4.75%, 04/15/21 (Call 01/15/21)	$	150	$	150,900


Pharmaceuticals — 5.4%
AbbVie Inc.
2.15%, 11/19/21^(a)		100		101,321
2.30%, 05/14/21 (Call 04/14/21)		100		100,928
Becton Dickinson and Co., 3.13%,11/08/21		50		51,106
Cigna Corp., 3.40%, 09/17/21		75		77,155
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)		100		100,810
3.35%, 03/09/21		100		101,698
Elanco Animal Health Inc., 4.66%, 08/27/21		175		179,275
Mylan NV, 3.15%, 06/15/21 (Call 05/15/21)		75		75,730
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/21 (Call 08/23/21)		225		228,395

				1,016,418

Pipelines — 4.7%
American Midstream Partners LP/American Midstream Finance Corp., 9.50%, 12/15/21 (Call 12/15/20)^(a)		125		115,118
DCP Midstream Operating LP, 4.75%, 09/30/21 (Call 06/30/21)^(a)		175		166,166
Energy Transfer Operating LP, 4.65%, 06/01/21 (Call 03/01/21)		25		24,974
Enterprise Products Operating LLC, 2.80%, 02/15/21		50		50,240
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (Call 01/01/21)		25		25,055
5.00%,10/01/21 (Call 07/01/21)		50		50,957
NuStar Logistics LP, 6.75%, 02/01/21		100		96,844
Sabine Pass Liquefaction LLC, 5.63%, 02/01/21 (Call 11/01/20)		100		100,009
Western Midstream Operating LP, 5.38%, 06/01/21 (Call 03/01/21)		150		147,681
Williams Companies Inc. (The), 4.00%, 11/15/21 (Call 08/15/21)		100		101,410

				878,454

Real Estate — 0.8%
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 12/01/21 (Call 12/01/20)^(a)		175		146,871


Real Estate Investment Trusts — 4.5%
American Tower Corp., 3.45%, 09/15/21		50		51,452
Boston Properties LP, 4.13%, 05/15/21 (Call 02/15/21)		50		50,828
Crown Castle International Corp., 2.25%, 09/01/21 (Call 08/01/21)		50		50,488
Diversified Healthcare Trust, 6.75%, 12/15/21 (Call 06/15/21)		75		71,771
Iron Mountain Inc., 4.38%, 06/01/21 (Call 06/01/20)^(a)		200		199,878
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.88%, 08/01/21 (Call 08/01/20)^(a)		75		67,081
Starwood Property Trust Inc.
3.63%, 02/01/21 (Call 11/01/20)		175		167,590
5.00%,12/15/21 (Call 09/15/21)		200		189,080

				848,168

Retail — 6.6%
Best Buy Co. Inc., 5.50%, 03/15/21 (Call 12/15/20)		25		25,365
DriveTime Automotive Group Inc./Bridgecrest Acceptance Corp., 8.00%, 06/01/21 (Call 06/01/20)^(a)(b)		100		90,261
GameStop Corp., 6.75%, 03/15/21 (Call 05/29/20)^(a)(b)		100		78,484
Gap Inc. (The), 5.95%, 04/12/21 (Call 01/12/21)		350		359,635
Guitar Center Inc., 9.50%,10/15/21 (Call 03/15/21)^(a)		125		85,955
L Brands Inc., 6.63%, 04/01/21		140		126,997
Lowe’s Companies Inc., 3.75%, 04/15/21 (Call 01/15/21)		100		101,754
Macy’s Retail Holdings Inc., 3.45%, 01/15/21 (Call 12/15/20)		175		164,209
Walgreens Boots Alliance Inc., 3.30%, 11/18/21 (Call 09/18/21)		25		25,500


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® 2021 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
Yum! Brands Inc., 3.75%, 11/01/21 (Call 08/01/21)	$	175	$	177,208

				1,235,368

Semiconductors — 0.8%
Broadcom Inc., 3.13%, 04/15/21^(a)		100		100,668
Microchip Technology Inc., 3.92%, 06/01/21		50		50,784

				151,452

Telecommunications — 9.3%
AT&T Inc.
2.80%, 02/17/21 (Call 01/17/21)		100		101,231
3.88%, 08/15/21		50		51,585
4.60%, 02/15/21 (Call 11/15/20)		75		76,289
CenturyLink Inc., Series S, 6.45%, 06/15/21		275		281,080
HC2 Holdings Inc., 11.50%, 12/01/21 (Call 06/01/20)^(a)		63		54,763
Hughes Satellite Systems Corp., 7.63%, 06/15/21		325		337,399
Qwest Corp., 6.75%, 12/01/21		225		235,111
Sprint Communications Inc., 11.50%, 11/15/21^(b)		125		139,757
Sprint Corp., 7.25%, 09/15/21		350		367,104
Telefonica Emisiones SA, 5.46%, 02/16/21		50		51,457
Verizon Communications Inc., 3.45%, 03/15/21		50		51,061

				1,746,837

Trucking & Leasing — 1.0%
Fly Leasing Ltd., 6.38%, 10/15/21 (Call 10/15/20)		200		185,398


Total Corporate Bonds & Notes — 98.6% (Cost: $19,000,759)				18,454,945


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 8.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(d)(e)(f)		780	$	780,727
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(d)(e)		824		824,000

				1,604,727


Total Short-Term Investments — 8.6% (Cost: $1,603,637)				1,604,727


Total Investments in Securities — 107.2% (Cost: $20,604,396)				20,059,672

Other Assets, Less Liabilities — (7.2)%				(1,350,054	)


Net Assets — 100.0%			$	18,709,618

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

^(d)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,021	(241	)	780	$	780,727	$	7,980	^(b)	$	(520	)	$	1,090
BlackRock Cash Funds: Treasury, SL Agency Shares	969	(145	)	824		824,000		2,017			—			—

					$	1,604,727	$	9,997		$	(520	)	$	1,090

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	18,454,945	$	—	$	18,454,945
Money Market Funds		1,604,727		—		—		1,604,727

	$	1,604,727	$	18,454,945	$	—	$	20,059,672

See notes to financial statements.


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited)

April 30, 2020

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 — 1.7%
Bombardier Inc.
5.75%, 03/15/22^(a)	$	100	$	76,569
6.00%, 10/15/22 (Call 05/29/20)^(a)		241		180,801
Triumph Group Inc., 5.25%, 06/01/22 (Call 06/01/20)		60		45,816

				303,186

Agriculture — 0.4%
Cooke Omega Investments Inc./Alpha VesselCo Holdings Inc., 8.50%, 12/15/22 (Call 06/15/20)^(a)		66		66,026


Airlines — 1.4%
Delta Air Lines Inc., 3.63%, 03/15/22 (Call 02/15/22)		200		178,626
United Airlines Holdings Inc., 4.25%, 10/01/22		80		65,888

				244,514

Auto Manufacturers — 3.0%
Ford Motor Credit Co. LLC
3.35%, 11/01/22		200		181,832
3.55%, 10/07/22		175		163,201
5.60%, 01/07/22		200		194,478

				539,511

Auto Parts & Equipment — 1.3%
American Axle & Manufacturing Inc., 6.63%, 10/15/22 (Call 10/15/20)		100		83,892
ZF North America Capital Inc., 4.50%, 04/29/22^(a)		150		152,115

				236,007

Banks — 1.3%
CIT Group Inc., 5.00%, 08/15/22		230		230,225


Beverages — 0.7%
Ajecorp BV, 6.50%, 05/14/22 (Call 05/14/20)^(a)		150		130,309


Chemicals — 1.4%
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)		83		86,684
Methanex Corp., 5.25%, 03/01/22		50		48,719
PQ Corp., 6.75%, 11/15/22 (Call 05/15/20)^(a)		125		125,939

				261,342

Coal — 0.2%
Peabody Energy Corp., 6.00%, 03/31/22 (Call 03/31/21)^(a)		50		38,064


Commercial Services — 5.3%
ACE Cash Express Inc., 12.00%, 12/15/22 (Call 12/15/20)^(a)		63		48,404
ADT Security Corp. (The), 3.50%, 07/15/22		201		196,988
APX Group Inc., 7.88%, 12/01/22 (Call 12/01/20)		125		118,987
Atento Luxco 1 SA, 6.13%, 08/10/22 (Call 08/10/20)^(a)		100		57,906
Emeco Pty Ltd., Series B, 9.25%, 03/31/22 (Call 03/31/21)		64		61,475
Hertz Corp. (The)
6.25%, 10/15/22^(b)		—		—
7.63%, 06/01/22 (Call 06/01/20)^(a)		70		26,629
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (Call 04/15/21)^(a)		461		453,449

				963,838

Computers — 1.3%
NCR Corp., 5.00%, 07/15/22 (Call 07/15/20)		120		119,647
Vericast Corp., 8.38%, 08/15/22 (Call 02/15/21)^(a)		150		109,005

				228,652

Cosmetics & Personal Care — 1.5%
Avon International Capital PLC, 6.50%, 08/15/22 (Call 08/15/20)^(a)		80		75,338


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/20)^(a)	$	100	$	97,710
Edgewell Personal Care Co., 4.70%, 05/24/22		100		101,621

				274,669

Diversified Financial Services — 3.6%
Navient Corp.
6.50%, 06/15/22		201		194,729
7.25%, 01/25/22		150		147,183
Ocwen Loan Servicing LLC, 8.38%, 11/15/22 (Call 11/15/20)^(a)		58		43,881
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 12/15/22 (Call 12/15/20)^(a)		60		58,201
Springleaf Finance Corp., 6.13%, 05/15/22		201		198,498

				642,492

Electric — 0.4%
TransAlta Corp., 4.50%, 11/15/22 (Call 08/15/22)		80		77,766


Electronics — 0.3%
Ingram Micro Inc., 5.00%, 08/10/22 (Call 02/10/22)		60		56,568


Engineering & Construction — 0.4%
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22 (Call 05/15/20)		65		66,334


Entertainment — 2.5%
Cinemark USA Inc., 5.13%, 12/15/22 (Call 12/15/20)		80		68,395
International Game Technology PLC, 6.25%, 02/15/22 (Call 08/15/21)^(a)		400		390,836

				459,231

Environmental Control — 0.1%
GFL Environmental Inc., 5.63%, 05/01/22 (Call 05/01/20)^(a)		25		25,352


Food — 2.2%
Kraft Heinz Foods Co.
3.50%, 06/06/22		224		230,220
3.50%, 07/15/22 (Call 05/15/22)		89		91,309
TreeHouse Foods Inc., 4.88%, 03/15/22 (Call 05/29/20)		75		74,974

				396,503

Health Care – Products — 0.7%
Immucor Inc., 11.13%, 02/15/22 (Call 08/15/20)^(a)		78		70,200
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 (Call 05/29/20)^(a)(c)		60		55,193

				125,393

Health Care – Services — 6.4%
Acadia Healthcare Co. Inc., 5.13%, 07/01/22 (Call 07/01/20)		60		57,674
Centene Corp., 4.75%, 05/15/22 (Call 05/15/20)		201		203,878
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)		140		144,892
Polaris Intermediate Corp. (9.25% PIK), 8.50%, 12/01/22 (Call 06/01/20)^(a)(c)(d)		260		218,070
Tenet Healthcare Corp., 8.13%, 04/01/22		520		524,249

				1,148,763

Holding Companies – Diversified — 1.4%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 02/01/22 (Call 02/01/21)		242		244,289


Home Builders — 4.2%
KB Home, 7.50%, 09/15/22		100		106,926
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		150		150,506
4.75%, 11/15/22 (Call 08/15/22)		150		153,118
Meritage Homes Corp., 7.00%, 04/01/22		100		102,793


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Home Builders (continued)
New Home Co. Inc. (The), 7.25%, 04/01/22 (Call 10/01/20)	$	100	$	86,462
Toll Brothers Finance Corp., 5.88%, 02/15/22 (Call 11/15/21)		100		102,863
Williams Scotsman International Inc., 7.88%, 12/15/22 (Call 12/15/20)^(a)		54		54,838

				757,506

Housewares — 0.6%
Newell Brands Inc., 4.00%, 06/15/22 (Call 03/15/22)^(c)		100		100,714


Internet — 1.8%
Cogent Communications Group Inc., 5.38%, 03/01/22 (Call 12/01/21)^(a)		89		91,238
Netflix Inc., 5.50%, 02/15/22		150		156,023
NortonLifeLock Inc., 3.95%, 06/15/22 (Call 03/15/22)		80		81,443

				328,704

Lodging — 1.8%
MGM Resorts International, 7.75%, 03/15/22		201		204,455
Wyndham Destinations Inc., 4.25%, 03/01/22 (Call 12/01/21)		130		124,996

				329,451

Media — 6.2%
AMC Networks Inc., 4.75%, 12/15/22 (Call 12/15/20)		83		82,111
CSC Holdings LLC, 5.88%, 09/15/22		130		135,817
DISH DBS Corp., 5.88%, 07/15/22		401		403,213
Sirius XM Radio Inc., 3.88%, 08/01/22 (Call 08/01/20)^(a)		201		202,118
Univision Communications Inc., 6.75%, 09/15/22 (Call 09/15/20)^(a)(c)		72		72,783
Urban One Inc., 7.38%, 04/15/22 (Call 05/29/20)^(a)		70		57,574
Videotron Ltd., 5.00%, 07/15/22		160		165,464

				1,119,080

Metal Fabricate & Hardware — 0.3%
Hillman Group Inc. (The), 6.38%, 07/15/22 (Call 07/15/20)^(a)		66		50,891


Mining — 4.2%
Barminco Finance Pty Ltd., 6.63%, 05/15/22 (Call 05/15/20)^(a)		100		95,184
FMG Resources August 2006 Pty Ltd., 4.75%, 05/15/22 (Call 02/15/22)^(a)		150		150,343
Freeport-McMoRan Inc., 3.55%, 03/01/22 (Call 12/01/21)^(c)		183		184,623
Joseph T Ryerson & Son Inc., 11.00%, 05/15/22 (Call 05/15/20)^(a)		150		145,872
Mountain Province Diamonds Inc., 8.00%, 12/15/22 (Call 12/15/20)^(a)		60		39,001
New Gold Inc., 6.25%, 11/15/22 (Call 11/15/20)^(a)(c)		150		150,063

				765,086

Office & Business Equipment — 0.3%
Xerox Corp., 4.07%, 03/17/22		59		58,414


Oil & Gas — 10.9%
Aker BP ASA, 6.00%, 07/01/22 (Call 07/01/20)^(a)		150		143,150
Antero Resources Corp., 5.13%, 12/01/22 (Call 06/01/20)		200		139,726
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.63%, 01/15/22 (Call 01/15/21)^(c)		150		128,232
Cenovus Energy Inc., 3.00%, 08/15/22 (Call 05/15/22)		100		88,456
CNX Resources Corp., 5.88%, 04/15/22 (Call 05/29/20)		225		223,670
Continental Resources Inc./OK, 5.00%, 09/15/22 (Call 05/29/20)		225		210,998
EQT Corp., 3.00%, 10/01/22 (Call 09/01/22)		200		188,700
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)		52		41,607
4.45%, 12/01/22 (Call 09/01/22)		100		79,845
Occidental Petroleum Corp.
2.60%, 04/15/22 (Call 03/15/22)		75		65,893


Security	Par (000)		Value

Oil & Gas (continued)
2.70%, 08/15/22	$	375	$	326,029
3.13%, 02/15/22 (Call 11/15/21)		150		136,440
Range Resources Corp., 5.00%, 08/15/22 (Call 05/15/22)		150		138,941
Teine Energy Ltd., 6.88%, 09/30/22 (Call 09/30/20)^(a)		70		67,241

				1,978,928

Packaging & Containers — 3.9%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.25%, 09/15/22 (Call 03/15/21)^(a)		200		201,220
Ball Corp., 5.00%, 03/15/22^(c)		150		155,471
Berry Global Inc., 5.50%, 05/15/22 (Call 05/15/20)^(c)		100		100,003
Graphic Packaging International LLC, 4.88%, 11/15/22 (Call 08/15/22)		50		50,502
Owens-Brockway Glass Container Inc., 5.00%, 01/15/22^(a)		100		101,095
Sealed Air Corp., 4.88%, 12/01/22 (Call 09/01/22)^(a)		85		87,887

				696,178

Pharmaceuticals — 1.4%
Bausch Health Companies Inc., 6.50%, 03/15/22 (Call 03/15/21)^(a)		251		256,331


Pipelines — 3.1%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 11/15/20)^(a)		200		165,596
DCP Midstream Operating LP, 4.95%, 04/01/22 (Call 01/01/22)		50		45,623
NuStar Logistics LP, 4.75%, 02/01/22 (Call 11/01/21)		50		46,063
Ruby Pipeline LLC, 6.50%, 04/01/22^(a)		170		158,523
Western Midstream Operating LP, 4.00%, 07/01/22 (Call 04/01/22)		150		146,221

				562,026

Real Estate Investment Trusts — 2.2%
CoreCivic Inc., 5.00%, 10/15/22 (Call 07/15/22)		50		48,416
iStar Inc., 5.25%, 09/15/22 (Call 09/15/20)		80		72,846
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 03/15/22 (Call 09/15/21)^(a)		100		82,989
Mack-Cali Realty LP, 4.50%, 04/18/22 (Call 01/18/22)		60		50,791
SBA Communications Corp., 4.00%, 10/01/22 (Call 10/01/20)		150		150,913

				405,955

Retail — 2.9%
Group 1 Automotive Inc., 5.00%, 06/01/22 (Call 06/01/20)		110		105,855
L Brands Inc., 5.63%, 02/15/22		173		152,206
Macy’s Retail Holdings Inc., 3.88%, 01/15/22 (Call 10/15/21)		75		63,143
Penske Automotive Group Inc., 5.75%, 10/01/22 (Call 10/01/20)		110		106,418
QVC Inc., 5.13%, 07/02/22		100		98,038

				525,660

Semiconductors — 0.4%
Advanced Micro Devices Inc., 7.50%, 08/15/22		63		68,759


Software — 2.8%
Infor U.S. Inc., 6.50%, 05/15/22 (Call 05/15/20)^(c)		327		327,317
Marble II Pte Ltd., 5.30%, 06/20/22 (Call 06/20/20)^(c)(e)		200		184,336

				511,653

Telecommunications — 10.5%
CenturyLink Inc., Series T, 5.80%, 03/15/22		281		288,084
Consolidated Communications Inc., 6.50%, 10/01/22 (Call 10/01/20)		95		86,133
Intelsat Jackson Holdings SA, 9.50%, 09/30/22^(a)		98		108,803
Level 3 Financing Inc., 5.38%, 08/15/22 (Call 05/29/20)		168		168,081
Metropolitan Light Co. Ltd., 5.50%, 11/21/22 (Call 11/21/20)^(a)		200		199,860
Nokia OYJ, 3.38%, 06/12/22		100		100,930
Sprint Communications Inc., 6.00%, 11/15/22		457		482,875


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Telecommunications (continued)
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22	$	201	$	208,254
T-Mobile USA Inc., 4.00%, 04/15/22 (Call 03/16/22)^(c)		100		102,279
Trilogy International Partners LLC/Trilogy International Finance Inc., 8.88%, 05/01/22 (Call 05/01/20)^(a)(c)		70		65,304
Xplornet Communications Inc. (10.63% PIK), 9.63%, 06/01/22 (Call 06/01/20)^(a)(d)		79		79,609

				1,890,212

Transportation — 1.6%
Teekay Corp., 9.25%, 11/15/22 (Call 11/15/20)^(a)		50		48,257
XPO Logistics Inc., 6.50%, 06/15/22 (Call 06/15/20)^(a)		241		241,959

				290,216

Trucking & Leasing — 0.7%
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/22 (Call 03/15/21)^(a)		140		126,389


Total Corporate Bonds & Notes — 97.3% (Cost: $17,812,226)				17,581,187


Short-Term Investments

Money Market Funds — 7.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(f)(g)(h)		1,081		1,081,947
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(f)(g)		261		261,000

				1,342,947


Total Short-Term Investments — 7.4% (Cost: $1,341,889)				1,342,947


Total Investments in Securities — 104.7% (Cost: $19,154,115)				18,924,134

Other Assets, Less Liabilities — (4.7)%				(847,858	)


Net Assets — 100.0%			$	18,076,276

^(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)	Rounds to less than 1.

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

^(d)	Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

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

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares	649	432		1,081	$	1,081,947	$	2,668	^(b)	$	(329	)	$	1,057
BlackRock Cash Funds: Treasury, SL Agency Shares	326	(65	)	261		261,000		1,563			—			—

					$	1,342,947	$	4,231		$	(329	)	$	1,057

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Corporate Bonds & Notes	$	—	$	17,581,187	$	—	$	17,581,187
Money Market Funds		1,342,947		—		—		1,342,947

	$	1,342,947	$	17,581,187	$	—	$	18,924,134

See notes to financial statements.


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.5%
Lamar Media Corp., 5.00%, 05/01/23 (Call 05/29/20)^(a)	$	75	$	74,985


Aerospace & Defense — 1.1%
Bombardier Inc., 6.13%, 01/15/23^(b)		175		124,920
Spirit AeroSystems Inc., 3.95%, 06/15/23 (Call 05/15/23)		50		43,222

				168,142

Agriculture — 0.6%
JBS Investments GmbH, 6.25%, 02/05/23 (Call 05/28/20)^(c)		100		100,489


Airlines — 0.3%
Delta Air Lines Inc., 3.80%, 04/19/23 (Call 03/19/23)		50		42,419


Auto Manufacturers — 5.4%
BCD Acquisition Inc., 9.63%, 09/15/23 (Call 05/29/20)^(b)		75		62,193
Fiat Chrysler Automobiles NV, 5.25%, 04/15/23		200		199,302
Ford Motor Co., 8.50%, 04/21/23		100		99,905
Ford Motor Credit Co. LLC 3.09%, 01/09/23		200		180,190
4.38%, 08/06/23		200		183,412
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23 (Call 05/29/20)^(b)		150		122,608

				847,610

Auto Parts & Equipment — 0.8%
Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/23 (Call 05/29/20)		125		117,261


Banks — 0.6%
CIT Group Inc., 5.00%, 08/01/23		100		97,840


Building Materials — 0.8%
Norbord Inc., 6.25%, 04/15/23 (Call 01/15/23)^(b)		50		49,397
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 05/14/20)		75		75,097

				124,494

Chemicals — 4.3%
Blue Cube Spinco LLC, 9.75%, 10/15/23 (Call 10/15/20)		100		104,286
CF Industries Inc., 3.45%, 06/01/23^(a)		100		101,093
Chemours Co. (The), 6.63%, 05/15/23 (Call 05/29/20)		125		118,576
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23 (Call 05/14/20)^(a)(b)		75		66,454
OCI NV, 6.63%, 04/15/23 (Call 05/29/20)^(b)		200		201,664
PolyOne Corp., 5.25%, 03/15/23		75		78,007

				670,080

Commercial Services — 3.1%
ADT Security Corp. (The), 4.13%, 06/15/23^(a)		100		98,621
Ahern Rentals Inc., 7.38%, 05/15/23 (Call 05/29/20)^(b)		75		36,924
Algeco Global Finance PLC, 8.00%, 02/15/23 (Call 05/11/20)^(b)		100		88,755
APX Group Inc., 7.63%, 09/01/23 (Call 05/29/20)^(a)		50		39,796
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 05/29/20)^(b)		150		153,118
RR Donnelley & Sons Co., 6.50%, 11/15/23		25		22,622
WEX Inc., 4.75%, 02/01/23 (Call 05/29/20)^(b)		50		48,299

				488,135

Computers — 1.6%
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)		150		149,128
NCR Corp., 6.38%, 12/15/23 (Call 05/29/20)		100		101,679

				250,807

Cosmetics & Personal Care — 0.3%
Avon Products Inc., 7.00%, 03/15/23		50		47,498


Security	Par (000)		Value

Distribution & Wholesale — 0.3%
Anixter Inc., 5.50%, 03/01/23	$	50	$	51,319


Diversified Financial Services — 3.4%
Nationstar Mortgage Holdings Inc., 8.13%, 07/15/23 (Call 07/15/20)^(b)		125		120,015
Navient Corp. 5.50%, 01/25/23		125		116,799
7.25%, 09/25/23		75		71,908
Springleaf Finance Corp. 5.63%, 03/15/23		175		165,091
8.25%, 10/01/23		25		24,388
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 05/29/20)^(a)(b)		50		37,619

				535,820

Electric — 1.6%
AES Corp. (The) 4.50%, 03/15/23 (Call 05/29/20)		75		75,312
4.88%, 05/15/23 (Call 05/29/20)		100		100,842
Vistra Energy Corp., 5.88%, 06/01/23 (Call 05/29/20)		75		75,643

				251,797

Electrical Components & Equipment — 0.3%
EnerSys, 5.00%, 04/30/23 (Call 01/30/23)^(b)		50		49,420


Electronics — 0.3%
Sensata Technologies BV, 4.88%, 10/15/23^(b)		50		50,735


Energy – Alternate Sources — 0.5%
TerraForm Power Operating LLC, 4.25%, 01/31/23 (Call 10/31/22)^(b)		75		76,832


Engineering & Construction — 0.3%
MasTec Inc., 4.88%, 03/15/23 (Call 05/29/20)		50		49,241


Entertainment — 1.1%
Cinemark USA Inc., 4.88%, 06/01/23 (Call 05/29/20)^(a)		100		83,940
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/23 (Call 05/29/20)^(b)		25		15,137
Eldorado Resorts Inc., 7.00%, 08/01/23 (Call 05/29/20)^(a)		50		48,242
WMG Acquisition Corp., 5.00%, 08/01/23 (Call 05/29/20)^(b)		25		25,306

				172,625

Food — 1.8%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 02/15/23 (Call 12/15/22)^(b)		90		89,085
Ingles Markets Inc., 5.75%, 06/15/23 (Call 05/29/20)		64		64,587
Kraft Heinz Foods Co., 4.00%, 06/15/23 (Call 05/15/23)		125		129,709

				283,381

Forest Products & Paper — 0.4%
Clearwater Paper Corp., 4.50%, 02/01/23 (Call 05/29/20)		25		24,477
Resolute Forest Products Inc., 5.88%, 05/15/23 (Call 05/29/20)^(a)		50		41,085

				65,562

Gas — 0.2%
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (Call 05/29/20)^(b)		50		38,619


Hand & Machine Tools — 0.2%
Apex Tool Group LLC/BC Mountain Finance Inc., 9.00%, 02/15/23 (Call 05/29/20)^(a)(b)		50		31,489


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care – Services — 7.2%
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 05/29/20)	$	75	$	71,785
Air Medical Group Holdings Inc., 6.38%, 05/15/23 (Call 05/29/20)^(b)		50		46,422
CHS/Community Health Systems Inc., 6.25%, 03/31/23 (Call 05/29/20)		425		399,415
Encompass Health Corp., 5.13%, 03/15/23 (Call 05/29/20)		50		49,700
HCA Inc., 5.88%, 05/01/23		175		187,516
MEDNAX Inc., 5.25%, 12/01/23 (Call 05/29/20)^(b)		100		94,482
Tenet Healthcare Corp., 6.75%, 06/15/23		275		274,587

				1,123,907

Holding Companies – Diversified — 0.2%
FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)^(b)		50		32,540


Home Builders — 2.1%
KB Home, 7.63%, 05/15/23 (Call 11/15/22)		50		52,628
Lennar Corp., 4.88%, 12/15/23 (Call 09/15/23)		50		51,558
Taylor Morrison Communities Inc., 6.00%, 09/01/23 (Call 09/01/20)^(b)		50		48,401
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.88%, 04/15/23 (Call 01/15/23)^(b)		50		48,274
Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23)		50		50,109
Williams Scotsman International Inc., 6.88%, 08/15/23 (Call 08/15/20)^(b)		75		75,598

				326,568

Home Furnishings — 0.3%
Tempur Sealy International Inc., 5.63%, 10/15/23 (Call 05/29/20)		50		49,289


Household Products & Wares — 1.0%
Central Garden & Pet Co., 6.13%, 11/15/23 (Call 05/29/20)		50		50,640
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23 (Call 05/29/20)^(b)		125		108,539

				159,179

Housewares — 1.1%
Newell Brands Inc., 4.35%, 04/01/23 (Call 02/01/23)		175		178,206


Insurance — 1.8%
Ardonagh Midco 3 PLC, 8.63%, 07/15/23 (Call 07/15/20)^(b)		200		184,000
Genworth Holdings Inc., 4.90%, 08/15/23		50		42,914
MGIC Investment Corp., 5.75%, 08/15/23		50		49,925

				276,839

Internet — 1.1%
Uber Technologies Inc., 7.50%, 11/01/23 (Call 11/01/20)^(b)		75		75,193
VeriSign Inc., 4.63%, 05/01/23 (Call 05/29/20)		100		100,574

				175,767

Iron &Steel — 1.1%
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)		75		68,722
Carpenter Technology Corp., 4.45%, 03/01/23 (Call 12/01/22)		50		48,416
Commercial Metals Co., 4.88%, 05/15/23 (Call 02/15/23)		50		50,257

				167,395

Leisure Time — 1.6%
LTF Merger Sub Inc., 8.50%, 06/15/23 (Call 05/29/20)^(b)		50		40,467
Sabre GLBL Inc. 5.25%, 11/15/23 (Call 05/29/20)^(b)		75		69,820
5.38%, 04/15/23 (Call 05/29/20)^(b)		100		93,134
Vista Outdoor Inc., 5.88%, 10/01/23 (Call 05/29/20)		50		46,946

				250,367


Security	Par (000)		Value

Lodging — 2.2%
Diamond Resorts International Inc., 7.75%, 09/01/23 (Call 05/29/20)^(b)	$	75	$	60,370
MGM Resorts International, 6.00%, 03/15/23		175		169,741
Wyndham Destinations Inc., 3.90%, 03/01/23 (Call 12/01/22)		50		43,693
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/23 (Call 02/28/23)^(b)		75		69,931

				343,735

Machinery — 0.4%
ATS Automation Tooling Systems Inc., 6.50%, 06/15/23 (Call 05/29/20)^(b)		25		25,017
Cleaver-Brooks Inc., 7.88%, 03/01/23 (Call 05/29/20)^(b)		50		41,186

				66,203

Manufacturing — 0.3%
LSB Industries Inc., 9.63%, 05/01/23 (Call 05/29/20)^(a)(b)		50		46,606


Media — 7.5%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.00%, 03/01/23 (Call 05/14/20)^(b)		125		126,621
5.13%, 05/01/23 (Call 05/01/20)^(b)		150		151,922
CSC Holdings LLC, 5.38%, 07/15/23 (Call 05/11/20)^(b)		200		202,270
DISH DBS Corp., 5.00%, 03/15/23		250		238,342
Quebecor Media Inc., 5.75%, 01/15/23		125		131,701
Radiate Holdco LLC/Radiate Finance Inc., 6.88%, 02/15/23 (Call 05/29/20)^(b)		50		49,502
Sirius XM Radio Inc., 4.63%, 05/15/23 (Call 05/29/20)^(b)		75		75,434
Townsquare Media Inc., 6.50%, 04/01/23 (Call 05/29/20)^(b)		25		22,098
Univision Communications Inc., 5.13%, 05/15/23 (Call 05/29/20)^(b)		175		167,849

				1,165,739

Metal Fabricate & Hardware — 0.8%
Grinding Media Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 (Call 05/29/20)^(b)		125		123,528


Mining — 2.9%
Aleris International Inc., 10.75%, 07/15/23 (Call 05/08/20)^(b)		50		51,675
FMG Resources August 2006 Pty Ltd., 5.13%, 03/15/23 (Call 12/15/22)^(b)		75		75,679
Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22)		275		275,492
Hudbay Minerals Inc., 7.25%, 01/15/23 (Call 05/29/20)^(b)		50		46,074

				448,920

Office & Business Equipment — 1.2%
Pitney Bowes Inc., 5.70%, 04/01/23 (Call 03/01/23)		38		30,993
Xerox Corp., 4.13%, 03/15/23 (Call 02/15/23)		150		149,145

				180,138

Oil &Gas — 5.7%
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.75%, 04/15/23 (Call 05/29/20)^(a)		50		39,837
Cenovus Energy Inc., 3.80%, 09/15/23 (Call 06/15/23)		50		41,667
Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)		200		177,168
Montage Resources Corp., 8.88%, 07/15/23 (Call 05/29/20)		50		40,480
Occidental Petroleum Corp., 2.70%, 02/15/23 (Call 11/15/22)		150		128,778
Range Resources Corp., 5.00%, 03/15/23 (Call 12/15/22)^(a)		100		89,349
Seven Generations Energy Ltd. 6.75%, 05/01/23 (Call 05/29/20)^(b)		50		45,389
6.88%, 06/30/23 (Call 05/29/20)^(b)		50		45,181
Sunoco LP/Sunoco Finance Corp., 4.88%, 01/15/23 (Call 05/29/20)		175		171,300
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)^(b)		85		65,091


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
WPX Energy Inc., 8.25%, 08/01/23 (Call 06/01/23)	$	50	$	47,712

				891,952

Oil & Gas Services — 0.6%
CGG Holding U.S. Inc., 9.00%, 05/01/23 (Call 05/29/20)^(b)		100		94,825


Packaging & Containers — 4.9%
Ball Corp., 4.00%, 11/15/23		125		129,252
Berry Global Inc., 5.13%, 07/15/23 (Call 05/29/20)		100		100,581
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23		125		128,083
OI European Group BV, 4.00%, 03/15/23 (Call 12/15/22)^(b)		25		24,274
Owens-Brockway Glass Container Inc., 5.88%, 08/15/23^(a)(b)		100		101,905
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 5.13%, 07/15/23 (Call 05/29/20)^(b)		225		226,037
Sealed Air Corp., 5.25%, 04/01/23 (Call 01/01/23)^(b)		50		52,139

				762,271

Pharmaceuticals — 2.1%
Bausch Health Companies Inc., 5.50%, 03/01/23 (Call 05/29/20)^(b)		66		66,069
Elanco Animal Health Inc., 5.02%, 08/28/23 (Call 07/28/23)		100		107,119
Endo Dac/Endo Finance LLC/Endo Finco Inc., 6.00%, 07/15/23 (Call 06/01/20)^(b)		200		149,960

				323,148

Pipelines — 4.1%
Buckeye Partners LP, 4.15%, 07/01/23 (Call 04/01/23)		75		70,088
DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22)		75		61,616
EQM Midstream Partners LP, 4.75%, 07/15/23 (Call 06/15/23)		150		141,759
Genesis Energy LP/Genesis Energy Finance Corp., 6.00%, 05/15/23 (Call 05/29/20)		50		44,195
Global Partners LP/GLP Finance Corp., 7.00%, 06/15/23 (Call 05/29/20)		50		42,263
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 05/29/20)		75		56,790
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 4.75%, 10/01/23 (Call 10/01/20)^(b)		70		53,967
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/29/20)		100		90,886
5.25%, 05/01/23 (Call 05/29/20)		75		71,242

				632,806

Real Estate — 0.8%
Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)		75		69,205
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/23 (Call 03/01/23)^(a)(b)		75		57,027

				126,232

Real Estate Investment Trusts — 2.3%
CoreCivic Inc., 4.63%, 05/01/23 (Call 02/01/23)^(a)		50		47,714
GEO Group Inc. (The), 5.13%, 04/01/23 (Call 05/29/20)		50		41,773
Iron Mountain Inc., 6.00%, 08/15/23 (Call 05/11/20)^(a)		100		101,184
Mack-Cali Realty LP, 3.15%, 05/15/23 (Call 02/15/23)		25		20,760
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/23 (Call 05/29/20)		50		46,674
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 6.00%, 04/15/23 (Call 05/29/20)^(b)		100		93,594

				351,699

Retail — 6.1%
Brinker International Inc., 3.88%, 05/15/23^(a)		45		33,783
Carvana Co., 8.88%, 10/01/23 (Call 10/01/20)^(b)		75		73,436


Security	Par/ Shares (000)		Value

Retail (continued)
Gap Inc. (The), 8.38%, 05/15/23^(b)	$	75	$	78,166
KGA Escrow LLC, 7.50%, 08/15/23 (Call 08/15/20)^(b)		50		45,507
L Brands Inc., 5.63%, 10/15/23		75		61,003
Macy’s Retail Holdings Inc., 2.88%, 02/15/23 (Call 11/15/22)		100		71,902
PetSmart Inc., 7.13%, 03/15/23 (Call 05/29/20)^(b)		250		239,330
PriSo Acquisition Corp., 9.00%, 05/15/23 (Call 05/29/20)^(a)(b)		40		31,092
QVC Inc., 4.38%, 03/15/23		100		96,328
Reliance Intermediate Holdings LP, 6.50%, 04/01/23 (Call 05/29/20)^(a)(b)		41		41,385
Rite Aid Corp., 6.13%, 04/01/23 (Call 05/29/20)^(b)		150		137,028
Yum! Brands Inc., 3.88%, 11/01/23 (Call 08/01/23)^(a)		50		50,679

				959,639

Software — 0.5%
Riverbed Technology Inc., 8.88%, 03/01/23 (Call 05/29/20)^(b)		50		30,280
Sophia LP/Sophia Finance Inc., 9.00%, 09/30/23 (Call 05/29/20)^(a)(b)		50		50,415

				80,695

Telecommunications — 6.7%
CenturyLink Inc., Series W, 6.75%, 12/01/23		150		157,968
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/29/20)		100		100,054
5.63%, 02/01/23 (Call 05/29/20)		75		75,095
Plantronics Inc., 5.50%, 05/31/23 (Call 05/29/20)^(b)		75		60,177
Sprint Corp., 7.88%, 09/15/23		425		477,428
T-Mobile USA Inc., 6.00%, 03/01/23 (Call 05/11/20)^(a)		175		176,852

				1,047,574

Toys, Games & Hobbies — 0.2%
Mattel Inc., 3.15%, 03/15/23 (Call 12/15/22)		25		23,013


Transportation — 1.7%
Kenan Advantage Group Inc. (The), 7.88%, 07/31/23 (Call 05/29/20)^(a)(b)		50		41,801
Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23 (Call 07/15/20)^(b)		100		89,750
Watco Companies LLC/Watco Finance Corp., 6.38%, 04/01/23 (Call 05/29/20)^(b)		56		54,216
XPO Logistics Inc., 6.13%, 09/01/23 (Call 05/29/20)^(b)		75		75,913

				261,680


Total Corporate Bonds & Notes — 98.3% (Cost: $15,901,561)				15,357,060


Short-Term Investments

Money Market Funds — 9.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(d)(e)(f)		1,389		1,390,685
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(d)(e)		78		78,000

				1,468,685


Total Short-Term Investments — 9.4% (Cost: $1,467,151)				1,468,685


Total Investments in Securities — 107.7% (Cost: $17,368,712)				16,825,745

Other Assets, Less Liabilities — (7.7)%				(1,208,614	)


Net Assets — 100.0%			$	15,617,131


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

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

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain(Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,027	(638	)	1,389	$	1,390,685	$	7,405	^(b)	$	(381	)	$	1,518
BlackRock Cash Funds: Treasury, SL Agency Shares	299	(221	)	78		78,000		1,627			—			—

					$	1,468,685	$	9,032		$	(381	)	$	1,518

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	15,357,060	$	—	$	15,357,060
Money Market Funds		1,468,685		—		—		1,468,685

	$	1,468,685	$	15,357,060	$	—	$	16,825,745

See notes to financial statements.


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (unaudited)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.8%
MDC Partners Inc., 6.50%, 05/01/24 (Call 05/29/20)^(a)	$	80	$	61,962
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.63%, 02/15/24 (Call 05/29/20)		50		50,216

				112,178

Aerospace & Defense — 1.5%
Bombardier Inc., 7.50%, 12/01/24 (Call 12/01/20)^(a)		90		60,328
TransDigm Inc., 6.50%, 07/15/24 (Call 05/29/20)		110		101,711
Triumph Group Inc., 6.25%, 09/15/24 (Call 09/15/20)^(a)		45		36,391

				198,430

Airlines — 0.6%
Delta Air Lines Inc., 2.90%, 10/28/24 (Call 09/28/24)		75		59,142
United Airlines Holdings Inc., 5.00%, 02/01/24		25		19,140

				78,282

Apparel — 0.6%
Hanesbrands Inc., 4.63%, 05/15/24 (Call 02/15/24)^(a)		80		80,062


Auto Manufacturers — 3.8%
Allison Transmission Inc., 5.00%, 10/01/24 (Call 05/11/20)^(a)		100		96,000
Ford Motor Credit Co. LLC 4.06%, 11/01/24 (Call 10/01/24)^(b)		200		175,228
5.58%, 03/18/24 (Call 02/18/24)^(b)		250		237,105

				508,333

Auto Parts & Equipment — 0.8%
Dana Inc., 5.50%, 12/15/24 (Call 05/29/20)		50		47,069
Meritor Inc., 6.25%, 02/15/24 (Call 05/29/20)		40		39,323
Truck Hero Inc., 8.50%, 04/21/24 (Call 04/30/21)^(a)		30		24,891

				111,283

Banks — 2.2%
CIT Group Inc., 4.75%, 02/16/24 (Call 11/16/23)		50		48,253
Freedom Mortgage Corp., 8.13%, 11/15/24 (Call 11/15/20)^(a)		50		40,960
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)		200		201,766

				290,979

Biotechnology — 0.2%
Concordia International Corp., 8.00%, 09/06/24 (Call 09/06/20)		25		22,500


Building Materials — 1.7%
BMC East LLC, 5.50%, 10/01/24 (Call 05/14/20)^(a)		25		23,942
Boise Cascade Co., 5.63%, 09/01/24 (Call 05/29/20)^(a)		25		24,939
Louisiana-Pacific Corp., 4.88%, 09/15/24 (Call 05/29/20)		25		24,473
Standard Industries Inc./NJ, 5.38%, 11/15/24 (Call 05/29/20)^(a)		100		101,170
U.S. Concrete Inc., 6.38%, 06/01/24 (Call 05/29/20)^(b)		55		51,908

				226,432

Chemicals — 1.2%
Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 08/15/20)^(a)		50		40,461
Methanex Corp., 4.25%, 12/01/24 (Call 09/01/24)		25		22,431
TPC Group Inc., 10.50%, 08/01/24 (Call 08/01/21)^(a)		85		69,567
WR Grace & Co.-Conn, 5.63%, 10/01/24^(a)		25		25,076

				157,535

Coal — 0.2%
Warrior Met Coal Inc., 8.00%, 11/01/24 (Call 11/01/20)^(a)		25		23,401


Commercial Services — 3.2%
AMN Healthcare Inc., 5.13%, 10/01/24 (Call 06/11/20)^(a)		30		30,083
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24 (Call 08/01/21)^(a)		45		43,067
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 05/29/20)^(a)		140		124,834


Security	Par (000)		Value

Commercial Services (continued)
Prime Security Services Borrower LLC/Prime Finance Inc., 5.25%, 04/15/24^(a)	$	65	$	63,806
RR Donnelley & Sons Co., 6.00%, 04/01/24		25		22,964
Service Corp. International/U.S., 5.38%, 05/15/24 (Call 05/29/20)		75		76,480
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 05/11/20)^(a)		65		65,871

				427,105

Computers — 1.5%
Dell International LLC/EMC Corp., 7.13%, 06/15/24 (Call 05/14/20)^(a)		145		150,820
Diebold Nixdorf Inc., 8.50%, 04/15/24 (Call 05/29/20)^(b)		35		23,184
Flexential Intermediate Corp., 11.25%, 08/01/24 (Call 02/01/22)^(a)		20		19,554

				193,558

Distribution & Wholesale — 0.7%
Core & Main Holdings LP (9.38% PIK), 8.63%, 09/15/24 (Call 09/15/20)^(a)(c)		25		24,449
Performance Food Group Inc., 5.50%, 06/01/24 (Call 05/11/20)^(a)		30		29,282
Wolverine Escrow LLC, 8.50%, 11/15/24 (Call 11/15/21)^(a)		60		42,226

				95,957

Diversified Financial Services — 3.0%
CNG Holdings Inc., 12.50%, 06/15/24 (Call 06/15/21)^(a)		25		21,414
Enova International Inc., 8.50%, 09/01/24 (Call 09/01/20)^(a)		25		21,887
Fairstone Financial Inc., 7.88%, 07/15/24 (Call 07/15/21)^(a)		40		37,792
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/21)^(a)		50		44,703
Navient Corp.
5.88%, 10/25/24		50		46,142
6.13%, 03/25/24		100		92,511
Springleaf Finance Corp., 6.13%, 03/15/24 (Call 09/15/23)		145		135,842

				400,291

Electric — 1.3%
Calpine Corp., 5.50%, 02/01/24 (Call 05/29/20)^(b)		55		55,034
NextEra Energy Operating Partners LP
4.25%, 07/15/24 (Call 04/15/24)^(a)		65		65,627
4.25%, 09/15/24 (Call 07/15/24)^(a)		50		50,928

				171,589

Electrical Components & Equipment — 0.2%
WESCO Distribution Inc., 5.38%, 06/15/24 (Call 05/29/20)		30		27,718


Electronics — 0.6%
Ingram Micro Inc., 5.45%, 12/15/24 (Call 09/15/24)		50		48,064
Sensata Technologies BV, 5.63%, 11/01/24^(a)		35		35,615

				83,679

Energy – Alternate Sources — 0.2%
Pattern Energy Group Inc., 5.88%, 02/01/24 (Call 05/29/20)^(a)(b)		30		30,311


Engineering & Construction — 0.6%
AECOM, 5.88%, 10/15/24 (Call 07/15/24)		75		79,318


Entertainment — 2.7%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 05/29/20)		50		46,753
Enterprise Development Authority (The), 12.00%, 07/15/24 (Call 07/15/21)^(a)		40		36,091
Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/24 (Call 05/29/20)^(a)		25		20,855
Jacobs Entertainment Inc., 7.88%, 02/01/24 (Call 05/29/20)^(a)		35		26,513


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Entertainment (continued)
Lions Gate Capital Holdings LLC
5.88%, 11/01/24 (Call 05/29/20)^(a)	$	45	$	41,254
6.38%, 02/01/24 (Call 02/01/21)^(a)		50		46,487
Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 05/04/20)^(a)		50		44,436
Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 05/14/20)^(a)		50		28,372
Six Flags Entertainment Corp., 4.88%, 07/31/24 (Call 05/29/20)^(a)		75		65,998

				356,759

Environmental Control — 1.0%
Advanced Disposal Services Inc., 5.63%, 11/15/24 (Call 05/29/20)^(a)		35		36,247
Covanta Holding Corp., 5.88%, 03/01/24 (Call 05/29/20)		50		49,496
Stericycle Inc., 5.38%, 07/15/24 (Call 07/15/21)^(a)		50		50,110

				135,853

Food — 3.4%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 6.63%, 06/15/24 (Call 05/29/20)		110		113,192
JBS USA LUX SA/JBS USA Finance Inc., 5.88%, 07/15/24 (Call 06/01/20)^(a)		100		102,207
Lamb Weston Holdings Inc., 4.63%, 11/01/24 (Call 11/01/21)^(a)		75		76,533
Simmons Foods Inc.
5.75%, 11/01/24 (Call 11/01/20)^(a)		50		46,881
7.75%, 01/15/24 (Call 01/15/21)^(a)		20		21,003
TreeHouse Foods Inc., 6.00%, 02/15/24 (Call 05/29/20)^(a)		50		51,238
U.S. Foods Inc., 5.88%, 06/15/24 (Call 05/29/20)^(a)		50		47,671

				458,725

Forest Products & Paper — 0.2%
Mercer International Inc., 6.50%, 02/01/24 (Call 05/29/20)		20		19,364


Gas — 0.5%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.63%, 05/20/24 (Call 03/20/24)		60		61,169


Hand & Machine Tools — 0.4%
Colfax Corp., 6.00%, 02/15/24 (Call 02/15/21)^(a)		50		50,783


Health Care – Products — 1.1%
Avantor Inc., 6.00%, 10/01/24 (Call 10/01/20)^(a)		135		142,480


Health Care – Services — 5.2%
Acadia Healthcare Co. Inc., 6.50%, 03/01/24 (Call 05/29/20)		50		47,854
CHS/Community Health Systems Inc., 8.63%, 01/15/24 (Call 01/15/21)^(a)		120		117,608
DaVita Inc., 5.13%, 07/15/24 (Call 05/14/20)		175		177,545
Encompass Health Corp., 5.75%, 11/01/24 (Call 05/29/20)		64		64,829
Magellan Health Inc., 4.90%, 09/22/24 (Call 07/22/24)		35		34,097
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 07/15/20)		150		148,254
4.63%, 09/01/24 (Call 09/01/21)^(a)		110		108,181

				698,368

Holding Companies – Diversified — 2.2%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.75%, 09/15/24 (Call 06/15/24)		125		118,510
6.75%, 02/01/24 (Call 05/29/20)		50		50,023
Stena International SA, 5.75%, 03/01/24^(a)		100		88,431


Security	Par (000)		Value

Holding Companies – Diversified (continued)
VistaJet Malta Finance PLC/XO Management Holding Inc., 10.50%, 06/01/24 (Call 06/01/22)^(a)	$	50	$	39,909

				296,873

Home Builders — 2.3%
Forestar Group Inc., 8.00%, 04/15/24 (Call 04/15/21)^(a)		30		29,576
Lennar Corp.
4.50%, 04/30/24 (Call 01/31/24)		50		51,088
5.88%, 11/15/24 (Call 05/15/24)^(b)		50		53,070
MDC Holdings Inc., 5.50%, 01/15/24 (Call 10/15/23)		25		25,351
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24 (Call 12/01/23)^(a)		50		47,032
Toll Brothers Finance Corp., 5.63%, 01/15/24 (Call 10/15/23)		50		51,230
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		50		49,431

				306,778

Household Products & Wares — 1.1%
ACCO Brands Corp., 5.25%, 12/15/24 (Call 05/29/20)^(a)		50		49,662
Prestige Brands Inc., 6.38%, 03/01/24 (Call 05/29/20)^(a)(b)		50		51,385
Spectrum Brands Inc., 6.13%, 12/15/24 (Call 05/29/20)		50		49,640

				150,687

Insurance — 1.2%
Acrisure LLC/Acrisure Finance Inc., 8.13%, 02/15/24 (Call 02/15/21)^(a)		85		87,511
Genworth Holdings Inc., 4.80%, 02/15/24^(b)		35		29,540
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)		50		47,447

				164,498

Internet — 0.9%
EIG Investors Corp., 10.88%, 02/01/24 (Call 05/29/20)^(b)		30		25,734
Match Group Inc., 6.38%, 06/01/24 (Call 05/29/20)		35		36,243
Netflix Inc., 5.75%, 03/01/24		50		54,415

				116,392

Iron & Steel — 0.5%
Cleveland-Cliffs Inc., 4.88%, 01/15/24 (Call 01/15/21)^(a)		50		43,384
Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 (Call 10/01/21)^(a)		30		24,116

				67,500

Leisure Time — 0.2%
NCL Corp. Ltd., 3.63%, 12/15/24 (Call 12/15/21)^(a)		50		32,111


Lodging — 1.0%
Hilton Domestic Operating Co. Inc., 4.25%, 09/01/24 (Call 05/20/20)		90		87,227
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., 6.13%, 12/01/24 (Call 12/01/21)		25		22,925
Wyndham Destinations Inc., 5.40%, 04/01/24 (Call 02/01/24)		25		22,058

				132,210

Machinery — 0.8%
Cloud Crane LLC, 10.13%, 08/01/24 (Call 05/29/20)^(a)		50		47,134
SPX FLOW Inc., 5.63%, 08/15/24 (Call 05/29/20)^(a)		25		25,194
Welbilt Inc., 9.50%, 02/15/24 (Call 05/29/20)		40		33,216

				105,544

Manufacturing — 0.5%
FXI Holdings Inc., 7.88%, 11/01/24 (Call 11/01/20)^(a)		50		36,428
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)		35		32,209

				68,637

Media — 9.0%
AMC Networks Inc., 5.00%, 04/01/24 (Call 05/29/20)		90		87,396
CCO Holdings LLC/CCO Holdings Capital Corp., 5.88%, 04/01/24 (Call 05/29/20)^(a)		150		154,215
Cengage Learning Inc., 9.50%, 06/15/24 (Call 05/29/20)^(a)		50		26,483


SCHEDULE OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
Clear Channel Worldwide Holdings Inc., 9.25%, 02/15/24 (Call 02/15/21)^(a)	$	169	$	140,535
CSC Holdings LLC, 5.25%, 06/01/24		65		68,069
DISH DBS Corp., 5.88%, 11/15/24		200		192,602
Entercom Media Corp., 7.25%, 11/01/24 (Call 05/29/20)^(a)		50		31,502
GCI LLC, 6.63%, 06/15/24 (Call 06/15/21)^(a)(b)		30		31,052
Gray Television Inc., 5.13%, 10/15/24 (Call 05/11/20)^(a)		50		49,334
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24 (Call 05/29/20)^(a)		35		22,841
Nexstar Broadcasting Inc., 5.63%, 08/01/24 (Call 05/11/20)^(a)(b)		75		73,403
Sinclair Television Group Inc., 5.63%, 08/01/24 (Call 05/14/20)^(a)(b)		50		46,032
Sirius XM Radio Inc., 4.63%, 07/15/24 (Call 07/15/21)^(a)		175		178,570
TEGNA Inc., 5.50%, 09/15/24 (Call 05/29/20)^(a)		50		50,635
Videotron Ltd., 5.38%, 06/15/24 (Call 03/15/24)^(a)		50		52,991

				1,205,660

Mining — 2.2%
Alcoa Nederland Holding BV, 6.75%, 09/30/24 (Call 05/29/20)^(a)		100		100,902
Compass Minerals International Inc., 4.88%, 07/15/24 (Call 05/15/24)^(a		25		24,526
Eldorado Gold Corp., 9.50%, 06/01/24 (Call 12/01/21)^(a)		25		26,680
FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (Call 02/15/24)^(a)		70		71,091
Freeport-McMoRan Inc., 4.55%, 11/14/24 (Call 08/14/24)		75		75,175

				298,374

Office & Business Equipment — 0.9%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 (Call 06/01/24)		50		53,668
Pitney Bowes Inc., 4.63%, 03/15/24 (Call 12/15/23)^(b)		50		37,665
Xerox Corp., 3.80%, 05/15/24		25		24,371

				115,704

Oil & Gas — 2.9%
American Energy- Permian Basin LLC, 12.00%, 10/01/24 (Call 10/01/21)^(a)		65		8,028
Murphy Oil Corp., 6.88%, 08/15/24 (Call 05/29/20)		25		17,849
Occidental Petroleum Corp.
2.90%, 08/15/24 (Call 07/15/24)		275		206,261
6.95%, 07/01/24		50		42,933
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)^(a)		84		63,738
WPX Energy Inc., 5.25%, 09/15/24 (Call 06/15/24)		60		53,912

				392,721

Oil & Gas Services — 0.4%
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)^(a)		33		29,043
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)^(a)		35		29,488

				58,531

Packaging & Containers — 2.2%
Graphic Packaging International LLC, 4.13%, 08/15/24 (Call 05/15/24)		25		25,255
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 (Call 05/29/20)^(a)		135		124,609
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 7.00%, 07/15/24 (Call 05/29/20)^(a)		70		70,249
Sealed Air Corp., 5.13%, 12/01/24 (Call 09/01/24)^(a)		50		52,614
Trident TPI Holdings Inc., 9.25%, 08/01/24 (Call 08/01/21)^(a)		30		26,249

				298,976


Security	Par (000)		Value

Pharmaceuticals — 2.0%
Bausch Health Companies Inc., 7.00%, 03/15/24 (Call 05/29/20)^(a)	$	230	$	239,755
Owens & Minor Inc., 4.38%, 12/15/24 (Call 09/15/24)		25		20,015

				259,770

Pipelines — 1.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24 (Call 05/14/20)		50		38,970
Buckeye Partners LP, 4.35%, 10/15/24 (Call 07/15/24)		25		23,067
EQM Midstream Partners LP, 4.00%, 08/01/24 (Call 05/01/24)		45		40,581
Genesis Energy LP/Genesis Energy Finance Corp., 5.63%, 06/15/24 (Call 05/29/20)		50		42,422
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.75%, 03/15/24 (Call 05/29/20)		50		47,492

				192,532

Real Estate — 0.7%
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 05/29/20)		100		95,587


Real Estate Investment Trusts — 4.9%
Diversified Healthcare Trust, 4.75%, 05/01/24 (Call 11/01/23)		25		20,742
GEO Group Inc. (The), 5.88%, 10/15/24 (Call 05/29/20)		25		19,935
HAT Holdings I LLC/HAT Holdings II LLC, 5.25%, 07/15/24 (Call 07/15/21)^(a)(b)		45		44,774
Iron Mountain Inc., 5.75%, 08/15/24 (Call 05/11/20)		100		98,669
iStar Inc., 4.75%, 10/01/24 (Call 07/01/24)		70		58,092
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., 5.63%, 05/01/24 (Call 02/01/24)		215		218,436
MPT Operating Partnership LP/MPT Finance Corp. 5.50%, 05/01/24 (Call 05/29/20)		50		50,436
6.38%, 03/01/24 (Call 05/29/20)		45		46,443
SBA Communications Corp., 4.88%, 09/01/24 (Call 05/29/20)		100		103,090

				660,617

Retail — 4.8%
1011778 BC ULC/New Red Finance Inc., 4.25%, 05/15/24 (Call 05/29/20)^(a)		200		200,226
Bed Bath & Beyond Inc., 3.75%, 08/01/24 (Call 05/01/24)		25		15,467
Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)^(a)		30		25,247
FirstCash Inc., 5.38%, 06/01/24 (Call 06/01/20)^(a)		25		24,666
Golden Nugget Inc., 6.75%, 10/15/24 (Call 05/29/20)^(a)		100		78,821
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.00%, 06/01/24 (Call 05/29/20)^(a)		95		97,994
Macy’s Retail Holdings Inc., 3.63%, 06/01/24 (Call 03/01/24)		50		35,434
Penske Automotive Group Inc., 5.38%, 12/01/24 (Call 05/29/20)		50		46,591
QVC Inc., 4.85%, 04/01/24		50		47,604
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 05/29/20)		50		48,635
TPro Acquisition Corp., 11.00%, 10/15/24 (Call 10/15/21)^(a)		25		24,064

				644,749

Software — 4.2%
Blackboard Inc., 10.38%, 11/15/24 (Call 11/15/20)^(a)		20		18,801
CDK Global Inc., 5.00%, 10/15/24 (Call 07/15/24)		50		52,007
Donnelley Financial Solutions Inc., 8.25%, 10/15/24 (Call 10/15/21)^(b)		25		23,271
Genesys Telecommunications Laboratories Inc./Greeneden Lux 3 Sarl/Greeneden U.S. Ho, 10.00%, 11/30/24 (Call 05/29/20)^(a)		60		63,143
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 05/29/20)^(a)		110		108,672
RP Crown Parent LLC, 7.38%, 10/15/24 (Call 05/29/20)^(a)(b)		30		29,609
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 05/29/20)^(a)		175		174,104


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
Veritas U.S.Inc./Veritas Bermuda Ltd., 10.50%, 02/01/24 (Call 05/11/20)^(a)	$	100	$	89,254

				558,861

Storage & Warehousing — 0.2%
Mobile Mini Inc., 5.88%, 07/01/24 (Call 05/29/20)		25		25,513


Telecommunications — 9.9%
CenturyLink Inc., Series Y, 7.50%, 04/01/24 (Call 01/01/24)^(b)		125		135,587
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 05/29/20)^(a)		50		50,515
CommScope Inc.
5.50%, 03/01/24 (Call 03/01/21)^(a)		100		100,001
5.50%, 06/15/24 (Call 05/11/20)^(a)		75		67,380
Gogo Intermediate Holdings LLC/Gogo Finance Co. Inc., 9.88%, 05/01/24 (Call 05/01/21)^(a)(b)		85		69,652
Intelsat Jackson Holdings SA, 8.00%, 02/15/24 (Call 05/29/20)^(a)		170		173,334
Level 3 Financing Inc., 5.38%, 01/15/24 (Call 05/29/20)		50		50,362
ORBCOMM Inc., 8.00%, 04/01/24 (Call 05/29/20)^(a)		25		23,013
Sprint Corp., 7.13%, 06/15/24		225		252,414
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)		200		207,632
T-Mobile USA Inc.
6.00%, 04/15/24 (Call 05/11/20)		100		102,052
6.50%, 01/15/24 (Call 05/11/20)		90		92,155

				1,324,097

Transportation — 0.7%
XPO Logistics Inc., 6.75%, 08/15/24 (Call 08/15/21)^(a)		90		92,804


Total Corporate Bonds & Notes — 96.5% (Cost: $13,471,421)				12,908,168


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 10.0%
BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.89%^(d)(e)(f)		1,170	$	1,170,987
BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.18%^(d)(e)		161		161,000

				1,331,987


Total Short-Term Investments — 10.0% (Cost: $1,330,761)				1,331,987


Total Investments in Securities — 106.5% (Cost: $14,802,182)				14,240,155

Other Assets, Less Liabilities — (6.5)%				(872,008	)


Net Assets — 100.0%			$	13,368,147

^(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 (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	1,684	(514	)	1,170	$	1,170,987	$	4,702	^(b)	$	(446	)	$	1,226
BlackRock Cash Funds: Treasury, SL Agency Shares	218	(57	)	161		161,000		1,256			—			—

					$	1,331,987	$	5,958		$	(446	)	$	1,226

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


SCHEDULE OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	12,908,168	$	—	$	12,908,168
Money Market Funds		1,331,987		—		—		1,331,987

	$	1,331,987	$	12,908,168	$	—	$	14,240,155


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 1.9%
Bombardier Inc., 7.50%, 03/15/25 (Call 05/29/20)^(a)	$	75	$	48,340
Spirit AeroSystems Inc., 7.50%, 04/15/25 (Call 04/15/22)^(a)		32		31,507
TransDigm Inc.
6.50%, 05/15/25 (Call 05/29/20)		40		36,561
8.00%, 12/15/25 (Call 04/08/22)^(a)		35		36,417
Triumph Group Inc., 7.75%, 08/15/25 (Call 08/15/20)		25		16,213

				169,038

Agriculture — 0.5%
Vector Group Ltd., 6.13%, 02/01/25 (Call 05/29/20)^(a)		45		43,650


Airlines — 0.2%
United Airlines Holdings Inc., 4.88%, 01/15/25		20		14,535


Apparel — 0.7%
Hanesbrands Inc., 5.38%, 05/15/25 (Call 05/15/22)^(a)		15		15,000
Levi Strauss & Co.
5.00%, 05/01/25 (Call 05/29/20)^(b)		25		25,006
5.00%, 05/01/25 (Call 05/29/20)^(a)		25		25,223

				65,229

Auto Manufacturers — 4.4%
Ford Motor Co., 9.00%, 04/22/25 (Call 03/22/25)		145		141,163
Ford Motor Credit Co. LLC, 4.13%, 08/04/25		100		85,562
Navistar International Corp.
6.63%, 11/01/25 (Call 11/01/20)^(a)		55		47,126
9.50%, 05/01/25 (Call 05/01/22)^(a)		15		15,739
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)^(a)		90		88,192
Wabash National Corp., 5.50%, 10/01/25 (Call 10/01/20)^(a)		20		16,401

				394,183

Auto Parts & Equipment — 1.1%
Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)^(a)		14		14,599
American Axle & Manufacturing Inc., 6.25%, 04/01/25 (Call 05/29/20)		35		26,675
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/29/20)^(a)		20		18,087
Delphi Technologies PLC, 5.00%, 10/01/25^(a)		40		37,393

				96,754

Banks — 1.8%
CIT Group Inc., 5.25%, 03/07/25 (Call 12/07/24)		25		24,904
Deutsche Bank AG, 4.50%, 04/01/25		100		94,539
Freedom Mortgage Corp., 8.25%, 04/15/25 (Call 04/15/21)^(a)(b)		35		29,729
Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25 (Call 06/15/20)^(a)(b)		15		12,633

				161,805

Beverages — 0.4%
Cott Holdings Inc., 5.50%, 04/01/25 (Call 05/11/20)^(a)		40		40,212


Building Materials — 1.6%
James Hardie International Finance DAC, 4.75%, 01/15/25 (Call 01/15/21)^(a)		50		49,375
Jeld-Wen Inc., 4.63%, 12/15/25 (Call 12/15/20)^(a)		20		17,998
JELD-WEN Inc., 6.25%, 05/15/25 (Call 05/15/22)^(a)		20		20,223
Standard Industries Inc./NJ, 6.00%, 10/15/25 (Call 10/15/20)^(a)		55		56,744

				144,340

Chemicals — 3.0%
Chemours Co. (The), 7.00%, 05/15/25 (Call 05/29/20)^(b)		40		37,614
Consolidated Energy Finance SA, 6.88%, 06/15/25 (Call 06/15/20)^(a)(b)		50		38,752
Element Solutions Inc., 5.88%, 12/01/25 (Call 12/01/20)^(a)		40		39,718


Security	Par (000)		Value

Chemicals (continued)
Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.00%, 04/15/25 (Call 05/29/20)^(a)	$	20	$	19,226
PolyOne Corp., 5.75%, 05/15/25 (Call 05/15/22)^(a)		10		10,123
PQ Corp., 5.75%, 12/15/25 (Call 12/15/20)^(a)		15		14,873
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 05/29/20)^(a)		30		26,006
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25 (Call 09/01/20)^(a)(b)		25		21,352
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)^(a)		25		22,824
Tronox Inc., 6.50%, 05/01/25 (Call 05/01/22)^(a)		5		5,030
Valvoline Inc., 4.38%, 08/15/25 (Call 08/15/20)		20		20,196
Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25 (Call 07/15/20)^(a)(b)		20		13,920

				269,634

Coal — 0.4%
Natural Resource Partners LP/NRP Finance Corp., 9.13%, 06/30/25 (Call 10/30/21)^(a)(b)		15		12,615
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25 (Call 06/15/20)^(a)		35		27,353

				39,968

Commercial Services — 2.8%
Cardtronics Inc./Cardtronics USA Inc., 5.50%, 05/01/25 (Call 05/29/20)^(a)		15		14,244
Gartner Inc., 5.13%, 04/01/25 (Call 05/11/20)^(a)		40		41,242
Laureate Education Inc., 8.25%, 05/01/25 (Call 05/29/20)^(a)		40		40,857
Nielsen Co Luxembourg Sarl/The, 5.00%, 02/01/25 (Call 05/29/20)^(a)(b)		25		24,170
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 05/29/20)^(a)		25		25,250
TMS International Holding Corp., 7.25%, 08/15/25 (Call 08/15/20)^(a)		15		11,225
United Rentals North America Inc.
4.63%, 10/15/25 (Call 10/15/20)		40		39,274
5.50%, 07/15/25 (Call 07/15/20)		40		40,497
WW International Inc., 8.63%, 12/01/25 (Call 12/01/20)^(a)		15		14,902

				251,661

Computers — 1.3%
Booz Allen Hamilton Inc., 5.13%, 05/01/25 (Call 05/11/20)^(a)		20		19,928
Everi Payments Inc., 7.50%, 12/15/25 (Call 12/15/20)^(a)		15		12,302
NCR Corp., 8.13%, 04/15/25 (Call 04/15/22)^(a)		20		21,206
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.
5.75%, 06/01/25 (Call 06/01/22)^(a)		15		15,000
6.75%, 06/01/25 (Call 06/01/20)^(a)		50		48,453

				116,889

Distribution & Wholesale — 1.5%
Anixter Inc., 6.00%, 12/01/25 (Call 09/01/25)		15		15,181
Core & Main LP, 6.13%, 08/15/25 (Call 08/15/20)^(a)		25		24,245
H&E Equipment Services Inc., 5.63%, 09/01/25 (Call 09/01/20)^(b)		50		47,620
KAR Auction Services Inc., 5.13%, 06/01/25 (Call 06/01/20)^(a)		50		42,837
Performance Food Group Inc., 6.88%, 05/01/25 (Call 05/01/22)^(a)		5		5,096

				134,979

Diversified Financial Services — 3.6%
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)		45		46,103
Curo Group Holdings Corp., 8.25%, 09/01/25 (Call 09/01/21)^(a)		35		28,223
Enova International Inc., 8.50%, 09/15/25 (Call 09/15/21)^(a)		20		17,950
LPL Holdings Inc., 5.75%, 09/15/25 (Call 05/11/20)^(a)		45		44,457
Navient Corp., 6.75%, 06/25/25^(b)		25		23,156
NFP Corp.
6.88%, 07/15/25 (Call 07/15/20)^(a)		35		33,497
8.00%, 07/15/25 (Call 07/15/20)^(a)		15		14,289


SCHEDULE OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Quicken Loans Inc., 5.75%, 05/01/25 (Call 05/29/20)^(a)	$	60	$	58,859
Springleaf Finance Corp., 6.88%, 03/15/25		60		56,727

				323,261

Electric — 1.8%
AES Corp. (The), 5.50%, 04/15/25 (Call 05/29/20)		30		30,752
Calpine Corp., 5.75%, 01/15/25 (Call 05/29/20)		60		60,127
Clearway Energy Operating LLC, 5.75%, 10/15/25 (Call 10/15/21)		30		31,070
Midland Cogeneration Venture LP, 6.00%, 03/15/25^(a)(b)		16		16,162
Talen Energy Supply LLC, 6.50%, 06/01/25 (Call 06/01/20)		30		20,705

				158,816

Electrical Components & Equipment — 0.3%
Energizer Holdings Inc., 5.50%, 06/15/25 (Call 06/15/20)^(a)		30		30,549


Electronics — 0.6%
Sensata Technologies BV, 5.00%, 10/01/25^(a)		35		34,921
TTM Technologies Inc., 5.63%, 10/01/25 (Call 10/01/20)^(a)		20		19,103

				54,024

Engineering & Construction — 0.8%
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)^(a)(b)		50		37,622
Tutor Perini Corp., 6.88%, 05/01/25 (Call 05/14/20)^(a)(b)		25		19,674
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25 (Call 08/15/20)		15		13,608

				70,904

Entertainment — 4.2%
AMC Entertainment Holdings Inc., 10.50%, 04/15/25 (Call 04/15/22)^(a)		20		17,643
Boyne USA Inc., 7.25%, 05/01/25 (Call 05/01/21)^(a)		25		25,026
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)^(a)		75		58,977
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 05/01/22)^(a)		50		50,000
Cinemark USA Inc., 8.75%, 05/01/25 (Call 05/01/22)^(a)		15		15,229
Eldorado Resorts Inc., 6.00%, 04/01/25 (Call 05/29/20)		45		44,167
International Game Technology PLC, 6.50%, 02/15/25 (Call 08/15/24)^(a)		50		49,055
Scientific Games International Inc., 5.00%, 10/15/25 (Call 10/15/20)^(a)		60		52,365
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)^(a)		30		31,265
Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/15/22)^(a)		5		5,149
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25 (Call 04/15/22)^(a)		30		30,706

				379,582

Environmental Control — 0.3%
Covanta Holding Corp., 5.88%, 07/01/25 (Call 07/01/20)		20		19,348
GFL Environmental Inc., 4.25%, 06/01/25 (Call 06/01/22)^(a)		10		10,067

				29,415

Food — 4.0%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 5.75%, 03/15/25 (Call 05/29/20)		60		61,721
B&G Foods Inc., 5.25%, 04/01/25 (Call 05/29/20)		45		45,583
Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 05/29/20)^(a)		25		24,966
Clearwater Seafoods Inc., 6.88%, 05/01/25 (Call 05/29/20)^(a)(b)		15		13,755
Dole Food Co. Inc., 7.25%, 06/15/25 (Call 06/15/20)^(a)		15		14,096
JBS USALUX SA/JBS USA Finance Inc., 5.75%, 06/15/25 (Call 06/15/20)^(a)		55		55,918
Kraft Heinz Foods Co., 3.95%, 07/15/25 (Call 04/15/25)		50		52,555
Pilgrim’s Pride Corp., 5.75%, 03/15/25 (Call 05/29/20)^(a)		50		50,503


Security	Par (000)		Value

Food (continued)
U.S. Foods Inc., 6.25%, 04/15/25 (Call 04/15/22)^(a)	$	40	$	40,951

				360,048

Food Service — 0.6%
Aramark Services Inc. 5.00%, 04/01/25 (Call 05/29/20)^(a)(b)		30		29,125
6.38%, 05/01/25 (Call 05/01/22)^(a)		20		20,799

				49,924

Forest Products & Paper — 0.7%
Clearwater Paper Corp., 5.38%, 02/01/25^(a)(b)		15		14,156
Mercer International Inc., 7.38%, 01/15/25 (Call 01/15/21)		30		29,070
Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/25^(b)		15		17,834

				61,060

Gas — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, 05/20/25 (Call 02/20/25)		35		35,524


Hand & Machine Tools — 0.1%
Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25 (Call 07/15/20)^(a)		15		12,852


Health Care - Products — 1.3%
Avantor Inc., 9.00%, 10/01/25 (Call 10/01/20)^(a)		50		54,286
Hill-Rom Holdings Inc., 5.00%, 02/15/25 (Call 05/29/20)^(a)		15		15,370
Hologic Inc., 4.38%, 10/15/25 (Call 10/15/20)^(a)		50		50,525

				120,181

Health Care - Services — 7.5%
Centene Corp.
4.75%, 01/15/25 (Call 05/29/20)		60		61,904
4.75%, 01/15/25 (Call 05/29/20)^(a)		50		51,513
5.25%, 04/01/25 (Call 05/14/20)^(a)		55		57,000
CHS/Community Health Systems Inc., 6.63%, 02/15/25 (Call 02/15/22)^(a)		72		66,660
DaVita Inc., 5.00%, 05/01/25 (Call 05/14/20)		75		76,102
Encompass Health Corp., 5.75%, 09/15/25 (Call 09/15/20)		20		20,068
HCA Inc.
5.38%, 02/01/25		110		118,280
7.69%, 06/15/25		15		16,824
LifePoint Health Inc., 6.75%, 04/15/25 (Call 04/15/22)^(a)		30		30,898
Molina Healthcare Inc., 4.88%, 06/15/25 (Call 06/15/20)^(a)		20		20,173
Surgery Center Holdings Inc., 6.75%, 07/01/25 (Call 07/01/20)^(a)		20		17,334
Tenet Healthcare Corp.
5.13%, 05/01/25 (Call 05/29/20)		60		56,355
7.00%, 08/01/25 (Call 08/01/20)^(b)		25		23,403
7.50%, 04/01/25 (Call 04/01/22)^(a)		25		26,874
West Street Merger Sub Inc., 6.38%, 09/01/25 (Call 09/01/20)^(a)		40		37,488

				680,876

Holding Companies - Diversified — 0.4%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25 (Call 12/15/20)		40		39,685


Home Builders — 1.9%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.75%, 08/01/25 (Call 08/01/20)^(a)		15		12,510
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.38%, 05/15/25 (Call 05/29/20)^(a)		20		19,968
Century Communities Inc., 5.88%, 07/15/25 (Call 07/15/20)		20		18,487
Lennar Corp., 4.75%, 05/30/25 (Call 02/28/25)		25		25,682
M/I Homes Inc., 5.63%, 08/01/25 (Call 08/01/20)		15		13,808
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)		20		20,576


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Home Builders (continued)
Shea Homes LP/Shea Homes Funding Corp., 6.13%, 04/01/25 (Call 05/29/20)^(a)	$	14	$	13,271
Taylor Morrison Communities Inc., 5.88%, 01/31/25 (Call 05/11/20)^(a)		25		23,630
Toll Brothers Finance Corp., 4.88%, 11/15/25 (Call 08/15/25)		20		20,404

				168,336

Household Products & Wares — 0.5%
Spectrum Brands Inc., 5.75%, 07/15/25 (Call 07/15/20)		50		49,849


Housewares — 0.1%
American Greetings Corp., 8.75%, 04/15/25 (Call 04/15/21)^(a)		15		12,320


Insurance — 1.4%
Acrisure LLC/Acrisure Finance Inc., 7.00%, 11/15/25 (Call 11/15/20)^(a)		45		40,376
AssuredPartners Inc., 7.00%, 08/15/25 (Call 08/15/20)^(a)		25		23,319
Fidelity & Guaranty Life Holdings Inc., 5.50%, 05/01/25 (Call 02/01/25)^(a)		30		31,670
USI Inc./NY, 6.88%, 05/01/25 (Call 05/29/20)^(a)(b)		30		29,868

				125,233

Internet — 1.5%
Netflix Inc.
3.63%, 06/15/25 (Call 03/15/25)^(a)		10		10,141
5.88%, 02/15/25		40		43,941
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 05/11/20)^(a)		55		55,284
VeriSign Inc., 5.25%, 04/01/25 (Call 01/01/25)		25		27,390

				136,756

Iron & Steel — 1.2%
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25 (Call 09/01/20)^(a)		30		28,122
Cleveland-Cliffs Inc., 9.88%, 10/17/25 (Call 10/17/22)^(a)		54		53,189
U.S. Steel Corp., 6.88%, 08/15/25 (Call 08/15/20)		40		27,404

				108,715

Leisure Time — 0.5%
Sabre GLBL Inc., 9.25%, 04/15/25 (Call 03/16/25)^(a)		30		31,678
Viking Cruises Ltd., 6.25%, 05/15/25 (Call 06/01/20)^(a)		15		9,976

				41,654

Lodging — 3.2%
Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25 (Call 05/01/22)^(a)		10		9,992
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25 (Call 05/14/20)		50		49,039
Melco Resorts Finance Ltd., 4.88%, 06/06/25 (Call 06/06/20)^(c)		50		48,532
MGM Resorts International
5.75%, 06/15/25 (Call 03/15/25)		25		24,001
6.75%, 05/01/25 (Call 05/01/22)		35		34,160
Station Casinos LLC, 5.00%, 10/01/25 (Call 10/01/20)^(a)		30		25,001
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 05/29/20)^(a)		15		12,770
Wyndham Destinations Inc., 6.35%, 10/01/25 (Call 07/01/25)		20		17,778
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 (Call 12/01/24)^(a)		75		66,570

				287,843

Machinery — 0.8%
Husky III Holding Ltd., 13.00%, 02/15/25 (Call 02/15/21)^(a)		25		22,256
RBS Global Inc./Rexnord LLC, 4.88%, 12/15/25 (Call 12/15/20)^(a)		25		24,459
Terex Corp., 5.63%, 02/01/25 (Call 05/19/20)^(a)		30		27,274

				73,989


Security	Par (000)		Value

Manufacturing — 0.2%
Koppers Inc., 6.00%, 02/15/25 (Call 05/29/20)^(a)	$	25	$	20,447


Media — 3.6%
Altice Finco SA, 7.63%, 02/15/25 (Call 05/29/20)^(a)		50		50,434
AMC Networks Inc., 4.75%, 08/01/25 (Call 08/01/21)		40		36,916
CCO Holdings LLC/CCO Holdings Capital Corp., 5.38%, 05/01/25 (Call 05/29/20)^(a)		40		41,074
EW Scripps Co. (The), 5.13%, 05/15/25 (Call 05/29/20)^(a)		20		17,104
GCI LLC, 6.88%, 04/15/25 (Call 05/29/20)		25		25,863
Houghton Mifflin Harcourt Publishers Inc., 9.00%, 02/15/25 (Call 02/15/22)^(a)(b)		15		13,120
Radiate Holdco LLC/Radiate Finance Inc., 6.63%, 02/15/25 (Call 05/11/20)^(a)		20		19,912
Sirius XM Radio Inc., 5.38%, 04/15/25 (Call 05/29/20)^(a)		50		51,545
Univision Communications Inc., 5.13%, 02/15/25 (Call 05/11/20)^(a)(b)		75		66,392

				322,360

Mining — 1.5%
Arconic Corp., 6.00%, 05/15/25 (Call 05/15/22)^(a)		10		10,077
Constellium SE, 6.63%, 03/01/25 (Call 05/29/20)^(a)		50		48,661
Hudbay Minerals Inc., 7.63%, 01/15/25 (Call 05/29/20)^(a)(b)		30		27,356
IAMGOLD Corp., 7.00%, 04/15/25 (Call 05/29/20)^(a)		20		20,121
Kaiser Aluminum Corp., 6.50%, 05/01/25 (Call 05/01/22)^(a)		15		15,266
New Gold Inc., 6.38%, 05/15/25 (Call 05/29/20)^(a)		15		14,444

				135,925

Office & Business Equipment — 0.7%
CDW LLC/CDW Finance Corp.
4.13%, 05/01/25 (Call 05/01/22)		25		25,102
5.00%, 09/01/25 (Call 05/29/20)		35		35,945

				61,047

Oil & Gas — 3.8%
Aker BP ASA, 5.88%, 03/31/25 (Call 03/31/21)^(a)		50		46,631
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/15/21)^(a)		30		23,234
Comstock Resources Inc., 7.50%, 05/15/25 (Call 05/29/20)^(a)		25		20,816
CVR Energy Inc., 5.25%, 02/15/25 (Call 02/15/22)^(a)		30		24,574
EQT Corp., 6.13%, 02/01/25 (Call 01/01/25)		50		47,939
MEG Energy Corp., 6.50%, 01/15/25 (Call 05/29/20)^(a)		27		22,097
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25 (Call 12/15/20)^(a)		15		10,559
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)^(a)		25		22,047
5.38%, 01/15/25 (Call 05/29/20)^(a)		35		31,625
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25 (Call 06/15/20)		35		26,542
Southwestern Energy Co., 6.20%, 01/23/25 (Call 10/23/24)		45		39,901
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)^(a)		25		20,302
Vermilion Energy Inc., 5.63%, 03/15/25 (Call 05/29/20)^(a)		15		10,011

				346,278

Oil & Gas Services — 0.2%
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 04/01/21)^(a)		20		14,000


Packaging & Containers — 4.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 6.00%, 02/15/25 (Call 05/11/20)^(a)		100		100,186
Ball Corp., 5.25%, 07/01/25		50		55,278
Flex Acquisition Co. Inc., 6.88%, 01/15/25 (Call 05/29/20)^(a)		30		29,112
Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/20)^(a)		15		13,640


SCHEDULE OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

April 30, 2020

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

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Packaging & Containers (continued)
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 (Call 05/29/20)^(a)(b)	$	65	$	50,789
Owens-Brockway Glass Container Inc. 5.38%, 01/15/25^(a)(b)		15		14,951
6.38%, 08/15/25^(a)(b)		15		15,299
Pactiv LLC, 7.95%, 12/15/25		15		15,650
Plastipak Holdings Inc., 6.25%, 10/15/25 (Call 10/15/20)^(a)		25		22,555
Sealed Air Corp., 5.50%, 09/15/25 (Call 06/15/25)^(a)		20		21,229
Silgan Holdings Inc., 4.75%, 03/15/25 (Call 05/29/20)		15		15,226
Trident TPI Holdings Inc., 6.63%, 11/01/25 (Call 11/01/20)^(a)		15		11,996
TriMas Corp., 4.88%, 10/15/25 (Call 10/15/20)^(a)		15		14,684

				380,595

Pharmaceuticals — 3.4%
Bausch Health Companies Inc. 5.50%, 11/01/25 (Call 11/01/20)^(a)(b)		70		72,723
6.13%, 04/15/25 (Call 05/29/20)^(a)		130		131,621
9.00%, 12/15/25 (Call 12/15/21)^(a)		60		65,483
Endo Dac/Endo Finance LLC/Endo Finco Inc., 6.00%, 02/01/25 (Call 06/01/20)^(a)		50		35,781

				305,608

Pipelines — 2.5%
Buckeye Partners LP, 4.13%, 03/01/25 (Call 02/01/25)^(a)		25		23,117
Cheniere Energy Partners LP, 5.25%, 10/01/25 (Call 10/01/20)		75		71,660
DCP Midstream Operating LP, 5.38%, 07/15/25 (Call 04/15/25)		40		32,280
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25 (Call 10/01/20)		30		25,349
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.13%, 02/01/25 (Call 05/29/20)		25		22,461
Western Midstream Operating LP 3.10%, 02/01/25 (Call 01/01/25)		40		36,473
3.95%, 06/01/25 (Call 03/01/25)		20		17,771

				229,111

Real Estate — 1.2%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 11/15/20)^(a)		30		29,002
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/20)^(a)		30		27,267
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 05/29/20)^(a)		50		48,435

				104,704

Real Estate Investment Trusts — 3.6%
CTR Partnership LP/CareTrust Capital Corp., 5.25%, 06/01/25 (Call 06/01/20)		15		14,978
ESH Hospitality Inc., 5.25%, 05/01/25 (Call 05/29/20)^(a)		65		61,086
Felcor Lodging LP, 6.00%, 06/01/25 (Call 06/01/20)		25		23,754
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/25 (Call 04/15/22)^(a)		20		19,993
iStar Inc., 4.25%, 08/01/25 (Call 05/01/25)		30		24,313
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (Call 10/01/20)^(a)		20		14,549
Starwood Property Trust Inc., 4.75%, 03/15/25 (Call 09/15/24)		25		21,409
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25 (Call 02/15/22)^(a)		110		105,692
VICI Properties LP/VICI Note Co. Inc., 3.50%, 02/15/25 (Call 02/15/22)^(a)		40		37,894

				323,668

Retail — 6.5%
1011778 BC ULC/New Red Finance Inc. 5.00%, 10/15/25 (Call 10/15/20)^(a)		135		135,525
5.75%, 04/15/25 (Call 04/15/22)^(a)		15		15,807


Security	Par/ Shares (000)		Value

Retail (continued)
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)^(a)(b)	$	55	$	48,527
Burlington Coat Factory Warehouse Corp., 6.25%, 04/15/25 (Call 04/15/22)^(a)		15		15,258
eG Global Finance PLC, 6.75%, 02/07/25 (Call 05/15/21)^(a)		100		90,385
Ferrellgas LP/Ferrellgas Finance Corp., 10.00%, 04/15/25 (Call 04/15/22)^(a)		25		26,460
Gap Inc. (The), 8.63%, 05/15/25 (Call 05/15/22)^(a)		30		30,975
PetSmart Inc. 5.88%, 06/01/25 (Call 06/01/20)^(a)		63		63,445
8.88%, 06/01/25 (Call 06/01/20)^(a)		35		34,244
QVC Inc., 4.45%, 02/15/25 (Call 11/15/24)		20		18,323
Rite Aid Corp., 7.50%, 07/01/25 (Call 07/01/22)^(a)		30		29,538
Sally Holdings LLC/Sally Capital Inc. 5.63%, 12/01/25 (Call 12/01/20)		35		28,893
8.75%, 04/30/25 (Call 04/30/22)^(a)		5		5,074
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.75%, 03/01/25 (Call 05/29/20)		15		14,700
Yum! Brands Inc., 7.75%, 04/01/25 (Call 04/01/22)^(a)		30		32,755

				589,909

Software — 1.9%
Ascend Learning LLC 6.88%, 08/01/25 (Call 08/01/20)^(a)		35		34,690
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/11/20)^(a)		65		64,285
j2 Cloud Services LLC/j2 Global Co-Obligor Inc., 6.00%, 07/15/25 (Call 07/15/20)^(a)		35		35,501
MSCI Inc., 5.75%, 08/15/25 (Call 08/15/20)^(a)		15		15,688
PTC Inc., 3.63%, 02/15/25 (Call 02/15/22)^(a)		25		24,645

				174,809

Telecommunications — 4.0%
CenturyLink Inc., 5.63%, 04/01/25 (Call 01/01/25)		25		25,143
Cincinnati Bell Inc., 8.00%, 10/15/25 (Call 10/15/20)^(a)		20		20,223
CommScope Technologies LLC, 6.00%, 06/15/25 (Call 06/15/20)^(a)		65		57,887
Intrado Corp., 8.50%, 10/15/25 (Call 10/15/20)^(a)		55		38,407
Level 3 Financing Inc., 5.38%, 05/01/25 (Call 05/29/20)		40		40,600
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25 (Call 11/15/20)^(a)		20		20,128
Qwest Corp., 7.25%, 09/15/25		15		15,751
Sprint Corp., 7.63%, 02/15/25 (Call 11/15/24)^(b)		75		86,253
T-Mobile USA Inc., 5.13%, 04/15/25 (Call 05/11/20)		25		25,588
ViaSat Inc., 5.63%, 09/15/25 (Call 09/15/20)^(a)(b)		35		33,197

				363,177

Transportation — 0.3%
XPO Logistics Inc., 6.25%, 05/01/25 (Call 05/01/22)^(a)		24		24,305


Trucking & Leasing — 0.2%
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/01/25 (Call 10/01/21)^(a)		25		20,528


Total Corporate Bonds & Notes — 97.1% (Cost: $9,290,256)				8,770,744


Short-Term Investments

Money Market Funds — 10.7%
BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.89%^(d)(e)(f)		954		955,039


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® 2025 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, 0.18%^(d)(e)		14	$	14,000

				969,039


Total Short-Term Investments — 10.7% (Cost: $967,490)				969,039


Total Investments in Securities — 107.8% (Cost: $10,257,746)				9,739,783

Other Assets, Less Liabilities — (7.8)%				(705,732	)


Net Assets — 100.0%			$	9,034,051

^(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)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	2,003	(1,049	)	954	$	955,039	$	6,994	^(b)	$	(1,025	)	$	1,548
BlackRock Cash Funds: Treasury, SL Agency Shares	188	(174	)	14		14,000		586			—			—

					$	969,039	$	7,580		$	(1,025	)	$	1,548

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net offees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	8,770,744	$	—	$	8,770,744
Money Market Funds		969,039		—		—		969,039

	$	969,039	$	8,770,744	$	—	$	9,739,783

See notes to financial statements.


SCHEDULE OF INVESTMENTS			29

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares iBonds 2021 Term High Yield and Income ETF			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

ASSETS
Investments in securities, at value (including securities on loan)^(a)
Unaffiliated^(b)	$	18,454,945		$	17,581,187		$	15,357,060		$	12,908,168
Affiliated^(c)		1,604,727			1,342,947			1,468,685			1,331,987
Cash		6,012			876			8,820			2,402
Receivables:
Investments sold		61,483			520,066			476,702			506,352
Securities lending income — Affiliated		1,375			773			1,205			870
Capital shares sold		—			67,297			—			19,387
Dividends		190			99			28			33
Interest		260,001			280,988			234,516			250,178

Total assets		20,388,733			19,794,233			17,547,016			15,019,377


LIABILITIES
Collateral on securities loaned, at value		780,210			1,081,313			1,389,705			1,170,328
Payables:
Investments purchased		893,581			631,531			535,757			477,100
Investment advisory fees		5,324			5,113			4,423			3,802

Total liabilities		1,679,115			1,717,957			1,929,885			1,651,230


NET ASSETS	$	18,709,618		$	18,076,276		$	15,617,131		$	13,368,147


NET ASSETS CONSIST OF:
Paid-in capital	$	19,920,461		$	19,079,585		$	17,017,113		$	14,786,312
Accumulated loss		(1,210,843	)		(1,003,309	)		(1,399,982	)		(1,418,165	)

NET ASSETS	$	18,709,618		$	18,076,276		$	15,617,131		$	13,368,147


Shares outstanding		800,000			800,000			700,000			600,000

Net asset value	$	23.39		$	22.60		$	22.31		$	22.28

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Securities loaned, at value	$	742,609		$	1,042,885		$	1,335,016		$	1,106,640
^(b)Investments, at cost — Unaffiliated	$	19,000,759		$	17,812,226		$	15,901,561		$	13,471,421
^(c)Investments, at cost — Affiliated	$	1,603,637		$	1,341,889		$	1,467,151		$	1,330,761

See notes to financial statements.


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2020


	iShares iBonds 2025 Term High Yield and Income ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	8,770,744
Affiliated^(c)		969,039
Cash		5,905
Receivables:
Investments sold		634,905
Securities lending income — Affiliated		1,566
Dividends		52
Interest		124,256

Total assets		10,506,467


LIABILITIES
Collateral on securities loaned, at value		954,612
Payables:
Investments purchased		512,141
Investment advisory fees		5,663

Total liabilities		1,472,416


NET ASSETS	$	9,034,051


NET ASSETS CONSIST OF:
Paid-in capital	$	10,548,759
Accumulated loss		(1,514,708	)

NET ASSETS	$	9,034,051


Shares outstanding		400,000

Net asset value	$	22.59

Shares authorized		Unlimited

Par value		None


^(a)Securities loaned, at value	$	927,346
^(b)Investments, at cost — Unaffiliated	$	9,290,256
^(c)Investments, at cost — Affiliated	$	967,490

See notes to financial statements.


FINANCIAL STATEMENTS			31

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares iBonds 2021 Term High Yield and Income ETF			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

INVESTMENT INCOME
Dividends — Affiliated	$	2,017		$	1,563		$	1,627		$	1,256
Interest — Unaffiliated		311,754			334,363			382,047			374,143
Securities lending income — Affiliated — net		7,980			2,668			7,405			4,702
Other income — Unaffiliated		—			375			750			244

Total investment income		321,751			338,969			391,829			380,345


EXPENSES
Investment advisory fees		25,442			20,681			22,860			22,156

Total expenses		25,442			20,681			22,860			22,156

Net investment income		296,309			318,288			368,969			358,189


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(682,428	)		(687,693	)		(774,510	)		(816,651	)
Investments — Affiliated		(520	)		(329	)		(381	)		(446	)

Net realized loss		(682,948	)		(688,022	)		(774,891	)		(817,097	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(481,656	)		(184,444	)		(503,752	)		(714,136	)
Investments — Affiliated		1,090			1,057			1,518			1,226

Net change in unrealized appreciation (depreciation)		(480,566	)		(183,387	)		(502,234	)		(712,910	)

Net realized and unrealized loss		(1,163,514	)		(871,409	)		(1,277,125	)		(1,530,007	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(867,205	)	$	(553,121	)	$	(908,156	)	$	(1,171,818	)

See notes to financial statements.


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2020


	iShares iBonds 2025 Term High Yield and Income ETF


INVESTMENT INCOME
Dividends — Affiliated	$	586
Interest — Unaffiliated		457,172
Securities lending income — Affiliated — net		6,994
Other income — Unaffiliated		500

Total investment income		465,252


EXPENSES
Investment advisory fees		26,143

Total expenses		26,143

Net investment income		439,109


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(799,179	)
Investments — Affiliated		(1,025	)
In-kind redemptions — Unaffiliated		(180,587	)

Net realized loss		(980,791	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(623,471	)
Investments — Affiliated		1,548

Net change in unrealized appreciation (depreciation)		(621,923	)

Net realized and unrealized loss		(1,602,714	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,163,605	)

See notes to financial statements.


FINANCIAL STATEMENTS			33

Statements of Changes in Net Assets


	iShares iBonds 2021 Term High Yield and Income ETF						iShares iBonds 2022 Term High Yield and Income ETF
		Six Months Ended 04/30/20 (unaudited	)		Period From 05/07/19 to 10/31/19	^(a)		Six Months Ended 04/30/20 (unaudited	)		Period From 05/07/19 to 10/31/19	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	296,309		$	285,383		$	318,288		$	257,141
Net realized loss		(682,948	)		(7,318	)		(688,022	)		(147,723	)
Net change in unrealized appreciation (depreciation)		(480,566	)		(77,057	)		(183,387	)		(56,151	)

Net increase (decrease) in net assets resulting from operations		(867,205	)		201,008			(553,121	)		53,267


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(308,739	)		(235,907	)		(287,662	)		(215,793	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		7,431,990			12,488,471			9,079,167			10,000,418


NET ASSETS
Total increase in net assets		6,256,046			12,453,572			8,238,384			9,837,892
Beginning of period		12,453,572			—			9,837,892			—

End of period	$	18,709,618		$	12,453,572		$	18,076,276		$	9,837,892

^(a)	Commencement of operations.

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

See notes to financial statements.


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares iBonds 2023 Term High Yield and Income ETF						iShares iBonds 2024 Term High Yield and Income ETF
		Six Months Ended 04/30/20 (unaudited	)		Period From 05/07/19 to 10/31/19	^(a)		Six Months Ended 04/30/20 (unaudited	)		Period From 05/07/19 to 10/31/19	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	368,969		$	341,578		$	358,189		$	335,485
Net realized loss		(774,891	)		(134,847	)		(817,097	)		(82,790	)
Net change in unrealized appreciation (depreciation)		(502,234	)		(46,333	)		(712,910	)		146,295

Net increase (decrease) in net assets resulting from operations		(908,156	)		160,398			(1,171,818	)		398,990


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(369,872	)		(282,352	)		(367,382	)		(277,955	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,531,135			12,485,978			2,303,087			12,483,225


NET ASSETS
Total increase in net assets		3,253,107			12,364,024			763,887			12,604,260
Beginning of period		12,364,024			—			12,604,260			—

End of period	$	15,617,131		$	12,364,024		$	13,368,147		$	12,604,260

^(a)	Commencement of operations.

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

See notes to financial statements.


FINANCIAL STATEMENTS			35

Statements of Changes in Net Assets (continued)


	iShares iBonds 2025 Term High Yield and Income ETF
		Six Months Ended 04/30/20 (unaudited	)		Period From 05/07/19 to 10/31/19	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	439,109		$	351,185
Net realized loss		(980,791	)		(74,407	)
Net change in unrealized appreciation (depreciation)		(621,923	)		100,196

Net increase (decrease) in net assets resulting from operations		(1,163,605	)		376,974


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(437,190	)		(290,887	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,930,639	)		12,479,398


NET ASSETS
Total increase (decrease) in net assets		(3,531,434	)		12,565,485
Beginning of period		12,565,485			—

End of period	$	9,034,051		$	12,565,485

^(a)	Commencement of operations.

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

See notes to financial statements.


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds 2021 Term High Yield and Income ETF
		Six Months Ended 04/30/20 (unaudited)			Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period	$	24.91		$	25.00

Net investment income^(b)		0.49			0.58
Net realized and unrealized loss^(c)		(1.46	)		(0.20	)

Net increase (decrease) from investment operations		(0.97	)		0.38


Distributions^(d)
From net investment income		(0.55	)		(0.47	)

Total distributions		(0.55	)		(0.47	)


Net asset value, end of period	$	23.39		$	24.91


Total Return
Based on net asset value		(3.92	)%^(e)		1.54	%^(e)


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

Net investment income		4.08	%^(f)		4.76	%^(f)


Supplemental Data
Net assets, end of period (000)	$	18,710		$	12,454

Portfolio turnover rate^(g)		28	%^(e)		17	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			37

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2022 Term High Yield and Income ETF
		Six Months Ended 04/30/20 (unaudited)			Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period	$	24.59		$	25.00

Net investment income^(b)		0.63			0.64
Net realized and unrealized loss^(c)		(2.01	)		(0.51	)

Net increase (decrease) from investment operations		(1.38	)		0.13


Distributions^(d)
From net investment income		(0.61	)		(0.54	)

Total distributions		(0.61	)		(0.54	)


Net asset value, end of period	$	22.60		$	24.59


Total Return
Based on net asset value		(5.80	)%^(e)		0.56	%^(e)


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

Net investment income		5.39	%^(f)		5.34	%^(f)


Supplemental Data
Net assets, end of period (000)	$	18,076		$	9,838

Portfolio turnover rate^(g)		33	%^(e)		14	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2023 Term High Yield and Income ETF
		Six Months Ended 04/30/20 (unaudited)			Period From 05/07/19 to 10/31/19	^(a)


Net asset value, beginning of period	$	24.73		$	25.00

Net investment income^(b)		0.67			0.69
Net realized and unrealized loss^(c)		(2.40	)		(0.40	)

Net increase (decrease) from investment operations		(1.73	)		0.29


Distributions^(d)
From net investment income		(0.69	)		(0.56	)

Total distributions		(0.69	)		(0.56	)


Net asset value, end of period	$	22.31		$	24.73


Total Return
Based on net asset value		(7.15	)%^(e)		1.19	%^(e)


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

Net investment income		5.65	%^(f)		5.73	%^(f)


Supplemental Data
Net assets, end of period (000)	$	15,617		$	12,364

Portfolio turnover rate^(g)		24	%^(e)		9	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2024 Term High Yield and Income ETF

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


Net asset value, beginning of period	$	25.21		$	25.00

Net investment income^(b)		0.68			0.68
Net realized and unrealized gain (loss)^(c)		(2.90	)		0.09

Net increase (decrease) from investment operations		(2.22	)		0.77


Distributions^(d)
From net investment income		(0.71	)		(0.56	)

Total distributions		(0.71	)		(0.56	)


Net asset value, end of period	$	22.28		$	25.21


Total Return
Based on net asset value		(9.02	)%^(e)		3.08	%^(e)


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

Net investment income		5.66	%^(f)		5.55	%^(f)


Supplemental Data
Net assets, end of period (000)	$	13,368		$	12,604

Portfolio turnover rate^(g)		23	%^(e)		10	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


40		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds 2025 Term High Yield and Income ETF

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


Net asset value, beginning of period	$	25.13		$	25.00

Net investment income^(b)		0.70			0.71
Net realized and unrealized loss^(c)		(2.51	)		0.00	^(d)

Net increase (decrease) from investment operations		(1.81	)		0.71


Distributions^(e)
From net investment income		(0.73	)		(0.58	)

Total distributions		(0.73	)		(0.58	)


Net asset value, end of period	$	22.59		$	25.13


Total Return
Based on net asset value		(7.38	)%^(f)		2.87	%^(f)


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

Net investment income		5.88	%^(g)		5.84	%^(g)


Supplemental Data
Net assets, end of period (000)	$	9,034		$	12,565

Portfolio turnover rate^(h)		25	%^(f)		5	%^(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)	Rounds to less than $0.01.

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			41

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
iBonds 2021 Term High Yield and Income		Non-diversified
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

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.


iShares ETF
iBonds 2021 Term High Yield and Income		$14,148,651
iBonds 2022 Term High Yield and Income		10,639,399
iBonds 2023 Term High Yield and Income		14,468,715
iBonds 2024 Term High Yield and Income		13,966,589
iBonds 2025 Term High Yield and Income		14,342,304

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


42		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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:

•

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

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

4.	SECURITIES AND OTHER INVESTMENTS


NOTES TO FINANCIAL STATEMENTS			43

Notes to Financial Statements (unaudited) (continued)

received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
iBonds 2021 Term High Yield and Income
Barclays Capital Inc.	$	78,484	$	78,484		$	—	$	—
BofA Securities, Inc.		178,875		178,875			—		—
Credit Suisse Securities (USA) LLC		288,590		288,590			—		—
JPMorgan Securities LLC		57,285		57,285			—		—
Morgan Stanley & Co. LLC		139,375		139,375			—		—

	$	742,609	$	742,609		$	—	$	—

iBonds 2022 Term High Yield and Income
Barclays Capital Inc.	$	107,474	$	107,474		$	—	$	—
BofA Securities, Inc.		100,625		100,625			—		—
JPMorgan Securities LLC		662,574		662,574			—		—
Morgan Stanley & Co. LLC		72,450		72,450			—		—
Scotia Capital (USA) Inc.		49,750		49,750			—		—
UBS Securities LLC		50,012		50,012			—		—

	$	1,042,885	$	1,042,885		$	—	$	—

iBonds 2023 Term High Yield and Income
Barclays Capital Inc.	$	139,088	$	139,088		$	—	$	—
BofA Securities, Inc.		50,735		50,735			—		—
Citadel Clearing LLC		39,270		39,270			—		—
Citigroup Global Markets Inc.		50,375		50,375			—		—
Credit Suisse Securities (USA) LLC		66,063		66,063			—		—
Goldman Sachs & Co.		25,250		25,250			—		—
JPMorgan Securities LLC		788,985		788,985			—		—
Scotia Capital (USA) Inc.		175,250		175,250			—		—

	$	1,335,016	$	1,335,016		$	—	$	—

iBonds 2024 Term High Yield and Income
Barclays Capital Inc.	$	60,525	$	60,525		$	—	$	—
BNP Paribas Securities Corp.		135,625		135,625			—		—
Citadel Clearing LLC		94,438		94,438			—		—
Credit Suisse Securities (USA) LLC		71,411		71,411			—		—
Goldman Sachs & Co.		305,824		305,824			—		—
JPMorgan Securities LLC		178,567		178,567			—		—
Morgan Stanley & Co. LLC		235,000		235,000			—		—
UBS AG		25,250		25,250			—		—

	$	1,106,640	$	1,106,640		$	—	$	—

iBonds 2025 Term High Yield and Income
Barclays Capital Inc.	$	47,365	$	47,365		$	—	$	—
Citadel Clearing LLC		68,500		68,500			—		—
Goldman Sachs & Co.		467,264		467,264			—		—
JPMorgan Securities LLC		344,217		344,217			—		—

	$	927,346	$	927,346		$	—	$	—

^(a)


44		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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.


iShares ETF		Fees Paid to BTC
iBonds 2021 Term High Yield and Income		$ 1,943
iBonds 2022 Term High Yield and Income		733
iBonds 2023 Term High Yield and Income		1,964
iBonds 2024 Term High Yield and Income		1,321
iBonds 2025 Term High Yield and Income		1,945

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


NOTES TO FINANCIAL STATEMENTS			45

Notes to Financial Statements (unaudited) (continued)

6.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
iBonds 2021 Term High Yield and Income	$	3,714,105	$	4,350,015
iBonds 2022 Term High Yield and Income		3,862,250		3,914,212
iBonds 2023 Term High Yield and Income		3,592,671		3,100,404
iBonds 2024 Term High Yield and Income		2,796,340		2,831,764
iBonds 2025 Term High Yield and Income		3,428,785		3,311,184

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds 2021 Term High Yield and Income	$	7,287,309	$	—
iBonds 2022 Term High Yield and Income		8,894,758		—
iBonds 2023 Term High Yield and Income		4,048,021		—
iBonds 2024 Term High Yield and Income		2,277,977		—
iBonds 2025 Term High Yield and Income		13,750,370		15,736,722

7.	INCOME TAX INFORMATION

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
iBonds 2021 Term High Yield and Income	$	7,262
iBonds 2022 Term High Yield and Income		147,628
iBonds 2023 Term High Yield and Income		134,653
iBonds 2024 Term High Yield and Income		82,670
iBonds 2025 Term High Yield and Income		74,310


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
iBonds 2021 Term High Yield and Income	$	20,620,621	$	82,376	$	(643,325	)	$	(560,949	)
iBonds 2022 Term High Yield and Income		19,163,549		379,520		(618,935	)		(239,415	)
iBonds 2023 Term High Yield and Income		17,381,118		142,174		(697,547	)		(555,373	)
iBonds 2024 Term High Yield and Income		14,815,239		132,292		(707,376	)		(575,084	)
iBonds 2025 Term High Yield and Income		10,261,585		42,603		(564,405	)		(521,802	)

8.	PRINCIPAL RISKS


46		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

9.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 04/30/20				Period Ended 10/31/19
iShares ETF	Shares		Amount		Shares		Amount
iBonds 2021 Term High Yield and Income
Shares sold		300,000	$	7,431,990		500,000	$	12,488,471

iBonds 2022 Term High Yield and Income
Shares sold		400,000	$	9,079,167		400,000	$	10,000,418

iBonds 2023 Term High Yield and Income
Shares sold		200,000	$	4,531,135		500,000	$	12,485,978


NOTES TO FINANCIAL STATEMENTS			47

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 04/30/20						Period Ended 10/31/19
iShares ETF	Shares			Amount			Shares		Amount
iBonds 2024 Term High Yield and Income
Shares sold		100,000		$	2,303,087			500,000	$	12,483,225

iBonds 2025 Term High Yield and Income
Shares sold		600,000		$	14,047,318			500,000	$	12,479,398
Shares redeemed		(700,000	)		(15,977,957	)		—		—

Net increase (decrease)		(100,000	)	$	(1,930,639	)		500,000	$	12,479,398

10.

LEGAL PROCEEDINGS

11.

SUBSEQUENT EVENTS


48		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares iBonds 2021 Term High Yield and Income ETF, 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 and iShares iBonds 2025 Term High Yield and Income ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			49

Supplemental Information (unaudited)

Section 19(a) Notices


	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 2021 Term High Yield and Income^(a)	$	0.538502	$	—	$	0.013920	$	0.552422		97	%		—	%		3	%		100	%
iBonds 2022 Term High Yield and Income^(a)		0.591088		—		0.021059		0.612147		97			—			3			100
iBonds 2023 Term High Yield and Income^(a)		0.678759		—		0.015582		0.694341		98			—			2			100
iBonds 2024 Term High Yield and Income^(a)		0.699034		—		0.011615		0.710649		98			—			2			100
iBonds 2025 Term High Yield and Income^(a)		0.709213		—		0.021803		0.731016		97			—			3			100

^(a)


50		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			51

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

PIK		Payment-in-kind


52		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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”).

iS-SAR-1023-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares iBonds Dec 2020 Term Corporate ETF | IBDL | NYSE Arca

iShares iBonds Dec 2021 Term Corporate ETF | IBDM | NYSE Arca

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

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

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

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

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

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

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

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

Table of Contents


	Page
Fund Summary		3
About Fund Performance		13
Shareholder Expenses		13
Schedules of Investments		14
Financial Statements
Statements of Assets and Liabilities		80
Statements of Operations		83
Statements of Changes in Net Assets		86
Financial Highlights		91
Notes to Financial Statements		101
Statement Regarding Liquidity Risk Management Program		111
Supplemental Information		112
General Information		113


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2020 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2020 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2020, as represented by the Bloomberg Barclays December 2020 Maturity Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.03	%		2.85	%		2.25	%		2.53	%		2.85	%		11.74	%		14.45	%
Fund Market		1.19			2.93			1.90			2.56			2.93			9.85			14.63
Index		1.11			2.99			2.38			2.67			2.99			12.48			15.30

The inception date of the Fund was 12/2/14. The first day of secondary market trading was 12/4/14.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,010.30	$	0.45		$	1,000.00	$	1,024.40	$	0.45		0.09	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.3	%
Aa		16.8
A		36.6
Baa		32.8
Ba		0.9
Not Rated		0.5
Short-Term and Other Assets		11.1

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20		2.2	%
JPMorgan Chase & Co., 2.55%, 10/29/20		1.5
Citigroup Inc., 2.65%, 10/26/20		1.3
Credit Suisse Group Funding Guernsey Ltd., 3.13%, 12/10/20		1.3
Wells Fargo & Co., 2.55%, 12/07/20		1.3

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2021 Term Corporate ETF

Investment Objective

The iShares iBonds Dec 2021 Term Corporate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing in 2021, as represented by the Bloomberg Barclays December 2021 Maturity Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.15	%		3.77	%		2.57	%		2.70	%		3.77	%		13.51	%		14.70	%
Fund Market		1.15			3.77			2.44			2.73			3.77			12.82			14.83
Index		1.20			3.86			2.68			2.84			3.86			14.16			15.46

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,011.50	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.1	%
Aa		17.3
A		44.6
Baa		32.8
Ba		0.8
Not Rated		1.2
Short-Term and Other Assets		2.2

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Dell International LLC/EMC Corp., 4.42%, 06/15/21		1.0	%
Oracle Corp., 1.90%, 09/15/21		0.9
Goldman Sachs Group Inc. (The), 5.25%, 07/27/21		0.9
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/21		0.7
Morgan Stanley, 5.50%, 07/28/21		0.7

^(a⁾

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2022 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.14	%		4.59	%		3.14	%		3.23	%		4.59	%		16.70	%		17.74	%
Fund Market		1.30			4.70			3.07			3.28			4.70			16.30			18.04
Index		1.08			4.55			3.21			3.32			4.55			17.14			18.28

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,011.40	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.4	%
Aa		11.0
A		43.5
Baa		39.4
Ba		1.4
Not Rated		2.0
Short-Term and Other Assets		1.3

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Goldman Sachs Group Inc. (The), 5.75%, 01/24/22		1.0	%
Wells Fargo & Co., 2.63%, 07/22/22		0.9
Morgan Stanley, 2.75%, 05/19/22		0.7
Goldman Sachs Group Inc. (The), 3.00%, 04/26/22		0.7
AbbVie Inc., 2.90%, 11/06/22		0.7

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2023 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.49	%		5.77	%		3.63	%		3.68	%		5.77	%		19.52	%		20.39	%
Fund Market		1.65			5.92			3.61			3.73			5.92			19.38			20.73
Index		1.48			5.82			3.65			3.72			5.82			19.63			20.63

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,014.90	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.4	%
Aa		10.6
A		40.2
Baa		44.8
Ba		0.9
Not Rated		1.1
Short-Term and Other Assets		1.0

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
CVS Health Corp., 3.70%, 03/09/23		1.3	%
Apple Inc., 2.40%, 05/03/23		1.2
Bank of America Corp., 3.30%, 01/11/23		1.0
Dell International LLC/EMC Corp., 5.45%, 06/15/23		0.9
Wells Fargo & Co., 3.07%, 01/24/23		0.9

^(a)

Excludes money market funds.


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2024 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.71	%		5.86	%		3.79	%		3.80	%		5.86	%		20.41	%		21.14	%
Fund Market		0.94			6.05			3.75			3.86			6.05			20.23			21.49
Index		0.75			5.90			3.92			3.96			5.90			21.21			22.10

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,007.10	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		0.6	%
Aa		7.8
A		41.6
Baa		43.8
Ba		3.2
Not Rated		2.0
Short-Term and Other Assets		1.0

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
AbbVie Inc., 2.60%, 11/21/24		1.0	%
Bank of America Corp., 4.20%, 08/26/24		0.8
Morgan Stanley, Series F, 3.88%, 04/29/24		0.8
Bristol-Myers Squibb Co., 2.90%, 07/26/24		0.8
Credit Suisse AG/New York NY, 3.63%, 09/09/24		0.7

^(a)

Excludes money market funds.


FUND SUMMARY			7


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2025 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.60	%		7.77	%		4.31	%		4.29	%		7.77	%		23.50	%		24.10	%
Fund Market		1.83			7.96			4.28			4.35			7.96			23.30			24.45
Index		1.33			7.52			4.35			4.34			7.52			23.75			24.37

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,016.00	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.7	%
Aa		6.9
A		35.5
Baa		50.9
Ba		2.5
Not Rated		1.3
Short-Term and Other Assets		1.2

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25		1.3	%
AT&T Inc., 3.40%, 05/15/25		1.2
Visa Inc., 3.15%, 12/14/25		1.2
CVS Health Corp., 4.10%, 03/25/25		1.1
AbbVie Inc., 3.60%, 05/14/25		1.0

^(a)

Excludes money market funds.


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2026 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.68	%		8.86	%		4.18	%		8.86	%		16.03	%
Fund Market		1.84			8.93			4.27			8.93			16.41
Index		1.68			8.90			4.29			8.90			16.47

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,016.80	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.6	%
Aa		8.4
A		37.9
Baa		48.2
Ba		1.8
Not Rated		1.0
Short-Term and Other Assets		1.1

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Dell International LLC/EMC Corp., 6.02%, 06/15/26		1.2	%
AbbVie Inc., 2.95%, 11/21/26		1.2
Microsoft Corp., 2.40%, 08/08/26		1.1
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26		1.0
Apple Inc., 3.25%, 02/23/26		0.9

^(a)

Excludes money market funds.


FUND SUMMARY			9


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2027 Term Corporate ETF

Investment Objective

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

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		0.69	%		8.35	%		4.74	%		8.35	%		12.97	%
Fund Market		0.61			8.20			4.78			8.20			13.07
Index		0.72			8.38			4.79			8.38			13.12

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,006.90	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		1.9	%
Aa		5.5
A		36.4
Baa		50.9
Ba		2.2
Not Rated		2.0
Short-Term and Other Assets		1.1

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27		1.7	%
Microsoft Corp., 3.30%, 02/06/27		1.4
BAT Capital Corp., 3.56%, 08/15/27		1.4
Citigroup Inc., 4.45%, 09/29/27		1.4
Amazon.com Inc., 3.15%, 08/22/27		1.3

^(a)

Excludes money market funds.


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2028 Term Corporate ETF

Investment Objective

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

Performance


	Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		0.65	%		8.71	%		9.94	%		8.71	%		16.55	%
Fund Market		0.87			8.88			10.25			8.88			17.08
Index		0.61			8.74			9.93			8.74			16.54

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,006.50	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		0.7	%
Aa		4.7
A		26.4
Baa		63.6
Ba		2.1
Not Rated		1.2
Short-Term and Other Assets		1.3

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
CVS Health Corp., 4.30%, 03/25/28		3.0	%
Verizon Communications Inc., 4.33%, 09/21/28		2.0
Cigna Corp., 4.38%, 10/15/28		1.7
Raytheon Technologies Corp., 4.13%, 11/16/28		1.5
Comcast Corp., 4.15%, 10/15/28		1.5

^(a)

Excludes money market funds.


FUND SUMMARY			11


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2029 Term Corporate ETF

Investment Objective

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

Performance


				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		1.42	%		3.57	%
Fund Market		1.42			3.90
Index		1.48			3.41

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,014.20	$	0.50		$	1,000.00	$	1,024.40	$	0.50		0.10	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		0.1	%
Aa		4.7
A		30.9
Baa		55.7
Ba		3.6
Not Rated		3.2
Short-Term and Other Assets		1.8

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
AbbVie Inc., 3.20%, 11/21/29		2.2	%
Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29		1.8
Bristol-Myers Squibb Co., 3.40%, 07/26/29		1.8
International Business Machines Corp., 3.50%, 05/15/29		1.7
Verizon Communications Inc., 4.02%, 12/03/29		1.6

^(a)

Excludes money market funds.


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


About Fund Performance

Shareholder Expenses


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES			13

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2020 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Interpublic Group of Companies Inc. (The), 3.50%, 10/01/20	$	1,512	$	1,521,556


Aerospace & Defense — 1.5%
Boeing Co. (The), 1.65%, 10/30/20 (Call 09/30/20)		758		752,914
General Dynamics Corp., 2.88%, 05/11/20		5,434		5,436,880
Lockheed Martin Corp., 2.50%, 11/23/20 (Call 10/23/20)		4,263		4,287,385
Northrop Grumman Corp., 2.08%, 10/15/20		3,410		3,426,811
Raytheon Co., 3.13%, 10/15/20		2,525		2,550,275

				16,454,265

Agriculture — 0.5%
Bunge Ltd. Finance Corp., 3.50%, 11/24/20^(a)		1,318		1,324,551
Reynolds American Inc.
3.25%, 06/12/20		2,979		2,982,098
6.88%, 05/01/20		1,520		1,520,000

				5,826,649

Airlines — 0.1%
Southwest Airlines Co., 2.65%, 11/05/20 (Call 10/05/20)		1,228		1,223,641


Apparel — 0.1%
Ralph Lauren Corp., 2.63%, 08/18/20 (Call 07/18/20)		760		761,049


Auto Manufacturers — 2.0%
American Honda Finance Corp.
1.95%, 07/20/20		1,322		1,323,864
2.45%, 09/24/20		6,332		6,351,376
3.00%, 06/16/20		385		384,176
General Motors Financial Co. Inc.
2.45%, 11/06/20^(a)		928		918,145
3.20%, 07/13/20 (Call 06/13/20)		5,237		5,217,361
3.70%, 11/24/20 (Call 10/24/20)		6,170		6,138,718
PACCAR Financial Corp., 2.05%, 11/13/20		483		486,115
Toyota Motor Credit Corp., 4.50%, 06/17/20		1,129		1,134,318

				21,954,073

Banks — 35.0%
Australia & New Zealand Banking Group Ltd., 2.13%, 08/19/20		996		998,709
Australia & New Zealand Banking Group Ltd./New York NY
2.25%, 11/09/20		3,120		3,143,525
2.70%, 11/16/20		4,755		4,800,600
Banco Bilbao Vizcaya Argentaria SA, 3.00%, 10/20/20^(a)		3,852		3,876,268
Bank of America Corp.
2.63%, 10/19/20		13,309		13,400,167
5.63%, 07/01/20		3,590		3,616,207
Bank of Montreal
2.10%, 06/15/20		3,169		3,174,419
3.10%, 07/13/20		1,828		1,835,403
Bank of New York Mellon Corp. (The)
2.45%, 11/27/20 (Call 10/27/20)		4,019		4,044,239
2.60%, 08/17/20 (Call 07/17/20)		3,605		3,621,078
Bank of Nova Scotia (The)
2.15%, 07/14/20		2,745		2,752,247
2.35%, 10/21/20^(a)		2,961		2,985,251
Barclays Bank PLC, 5.14%, 10/14/20^(a)		4,766		4,823,478
Barclays PLC, 2.88%, 06/08/20		2,579		2,580,625
BNP Paribas SA, 2.38%, 05/21/20^(a)		4,265		4,267,260
Canadian Imperial Bank of Commerce, 2.10%, 10/05/20^(a)		3,227		3,246,846
Citibank N.A.
2.10%, 06/12/20 (Call 05/12/20)		4,745		4,746,376


Security	Par (000)		Value

Banks (continued)
2.13%, 10/20/20 (Call 09/20/20)	$	9,490	$	9,526,726
3.05%, 05/01/20		5,730		5,730,000
Citigroup Inc.
2.65%, 10/26/20^(a)		14,594		14,695,136
5.38%, 08/09/20^(a)		3,001		3,033,501
Citizens Bank N.A./Providence RI
2.20%, 05/26/20		795		795,469
2.25%, 10/30/20 (Call 09/30/20)		3,510		3,521,197
Comerica Bank, 2.50%, 06/02/20		810		810,786
Commonwealth Bank of Australia/New York NY, 2.40%, 11/02/20		4,010		4,036,947
Credit Suisse AG/New York NY, 4.38%, 08/05/20		2,430		2,448,662
Credit Suisse Group Funding Guernsey Ltd., 3.13%, 12/10/20		13,823		13,942,569
Deutsche Bank AG, 2.95%, 08/20/20^(a)		1,402		1,403,710
Deutsche Bank AG/New York NY
2.70%, 07/13/20		4,783		4,770,947
2.95%, 08/20/20^(a)		1,000		995,970
Discover Bank, 3.10%, 06/04/20 (Call 05/04/20)		3,934		3,933,607
Fifth Third Bancorp., 2.88%, 07/27/20 (Call 06/27/20)		4,274		4,284,044
Fifth Third Bank/Cincinnati OH, 2.20%, 10/30/20 (Call 09/30/20)		3,010		3,021,920
First Horizon National Corp., 3.50%, 12/15/20 (Call 11/15/20)^(a)		1,476		1,480,148
Goldman Sachs Bank USA/New York NY, 3.20%, 06/05/20		1,486		1,488,675
Goldman Sachs Group Inc. (The)
2.75%, 09/15/20 (Call 08/15/20)^(a)		10,930		10,973,392
Series D, 6.00%, 06/15/20		5,552		5,582,758
HSBC Bank USA N.A., 4.88%, 08/24/20^(a)		4,130		4,178,321
HSBC USA Inc.
2.75%, 08/07/20		7,270		7,299,371
5.00%, 09/27/20		2,625		2,663,378
Huntington Bancshares Inc./OH, 7.00%, 12/15/20^(a)		860		885,224
Huntington National Bank (The), 2.88%, 08/20/20 (Call 07/20/20)^(a)		2,505		2,514,394
JPMorgan Chase & Co.
2.55%, 10/29/20 (Call 09/29/20)		16,204		16,300,738
2.75%, 06/23/20 (Call 05/23/20)^(a)		5,077		5,081,062
4.25%, 10/15/20		13,293		13,483,755
4.40%, 07/22/20		6,127		6,170,440
KeyCorp, 2.90%, 09/15/20		5,078		5,095,621
Lloyds Bank PLC, 2.70%, 08/17/20		2,785		2,797,895
Manufacturers & Traders Trust Co., 2.05%, 08/17/20 (Call 07/17/20)		4,045		4,047,467
Morgan Stanley
2.80%, 06/16/20		7,863		7,876,996
5.50%, 07/24/20^(a)		10,565		10,664,311
National Australia Bank Ltd./New York
2.13%, 05/22/20		2,675		2,676,899
2.63%, 07/23/20		4,380		4,394,848
National Bank of Canada
2.15%, 06/12/20 (Call 05/12/20)		2,685		2,687,819
2.20%, 11/02/20 (Call 10/02/20)		2,865		2,882,276
Natwest Markets PLC, 5.63%, 08/24/20^(a)		428		432,909
Northern Trust Corp., 3.45%, 11/04/20		1,412		1,428,506
PNC Bank N.A.
2.30%, 06/01/20 (Call 05/01/20)		2,310		2,310,000
2.45%, 11/05/20 (Call 10/05/20)		7,111		7,155,088
2.60%, 07/21/20 (Call 06/21/20)		1,855		1,857,857


14		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2020 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
PNC Financial Services Group Inc. (The), 4.38%, 08/11/20	$	1,581	$	1,594,707
RBC USA Holdco Corp., 5.25%, 09/15/20		1,111		1,128,720
Royal Bank of Canada
2.15%, 10/26/20		9,861		9,923,519
2.35%, 10/30/20^(a)		6,106		6,154,482
Santander UK Group Holdings PLC, 2.88%, 10/16/20		5,187		5,214,387
Santander UK PLC, 2.13%, 11/03/20		3,165		3,164,462
State Street Corp., 2.55%, 08/18/20		3,472		3,487,555
Sumitomo Mitsui Banking Corp.
2.45%, 10/20/20^(a)		3,985		4,011,062
2.65%, 07/23/20		2,416		2,424,335
Svenska Handelsbanken AB
1.95%, 09/08/20^(a)		4,628		4,644,938
2.40%, 10/01/20		5,325		5,361,210
Toronto-Dominion Bank (The)
1.85%, 09/11/20^(a)		2,303		2,312,028
2.50%, 12/14/20^(a)		8,525		8,610,591
3.00%, 06/11/20		790		791,817
3.15%, 09/17/20		3,698		3,728,841
Truist Bank, 2.25%, 06/01/20 (Call 05/01/20)		912		912,000
Truist Financial Corp., 2.63%, 06/29/20 (Call 05/29/20)		4,277		4,281,448
U.S. Bank N.A./Cincinnati OH
2.05%, 10/23/20 (Call 09/23/20)		3,260		3,276,365
3.05%, 07/24/20 (Call 06/24/20)		1,535		1,538,991
UBS AG/Stamford CT, 4.88%, 08/04/20		2,725		2,752,659
Wells Fargo & Co.
2.55%, 12/07/20		13,739		13,847,263
2.60%, 07/22/20		7,032		7,049,088
Westpac Banking Corp.
2.30%, 05/26/20		2,244		2,245,907
2.60%, 11/23/20		8,012		8,090,758
3.05%, 05/15/20^(a)		1,235		1,235,692

				387,056,862

Beverages — 3.1%
Coca-Cola Co. (The)
1.88%, 10/27/20		6,925		6,960,248
2.45%, 11/01/20^(a)		6,373		6,419,268
3.15%, 11/15/20		3,826		3,873,940
Coca-Cola European Partners PLC, 3.50%, 09/15/20		390		392,710
Constellation Brands Inc., 2.25%, 11/06/20		2,114		2,133,914
Diageo Capital PLC
3.00%, 05/18/20		200		200,182
4.83%, 07/15/20		4,723		4,757,431
PepsiCo Inc.
2.15%, 10/14/20 (Call 09/14/20)		3,794		3,814,943
3.13%, 11/01/20^(a)		5,910		5,979,383

				34,532,019

Biotechnology — 1.7%
Amgen Inc.
2.13%, 05/01/20		2,073		2,073,000
2.20%, 05/11/20^(a)		2,204		2,204,529
Biogen Inc., 2.90%, 09/15/20		5,016		5,058,385
Bio-Rad Laboratories Inc., 4.88%, 12/15/20		1,024		1,035,438
Genzyme Corp., 5.00%, 06/15/20^(a)		1,196		1,201,203
Gilead Sciences Inc., 2.55%, 09/01/20		7,146		7,185,017

				18,757,572


Security	Par (000)		Value

Building Materials — 0.1%
Fortune Brands Home & Security Inc., 3.00%, 06/15/20 (Call 05/15/20)^(a)	$	607	$	606,988


Chemicals — 1.1%
DuPont de Nemours Inc., 3.77%, 11/15/20		6,199		6,257,085
International Flavors & Fragrances Inc., 3.40%, 09/25/20		1,947		1,949,823
PPG Industries Inc., 3.60%, 11/15/20^(a)		1,212		1,223,526
Praxair Inc., 2.25%, 09/24/20^(a)		1,015		1,020,359
Sherwin-Williams Co. (The), 2.25%, 05/15/20^(a)		1,191		1,191,048

				11,641,841

Commercial Services — 0.5%
Automatic Data Processing Inc., 2.25%, 09/15/20 (Call 08/15/20)^(a)		3,186		3,200,465
Block Financial LLC, 4.13%, 10/01/20 (Call 09/01/20)		2,378		2,377,643

				5,578,108

Computers — 2.7%
Apple Inc.
1.80%, 05/11/20		2,231		2,231,178
2.00%, 05/06/20		3,419		3,419,308
2.00%, 11/13/20^(a)		2,927		2,948,338
Hewlett Packard Enterprise Co., 3.60%, 10/15/20 (Call 09/15/20)		11,696		11,769,685
HP Inc., 3.75%, 12/01/20		3,634		3,677,245
IBM Credit LLC, 3.45%, 11/30/20		4,690		4,763,680
International Business Machines Corp., 1.63%, 05/15/20		1,115		1,115,334

				29,924,768

Cosmetics & Personal Care — 0.4%
Procter & Gamble Co. (The), 1.90%, 10/23/20		402		404,163
Unilever Capital Corp.
1.80%, 05/05/20		2,750		2,750,000
2.10%, 07/30/20^(a)		1,106		1,109,362

				4,263,525

Diversified Financial Services — 6.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.25%, 07/01/20		1,420		1,413,809
4.63%, 10/30/20		5,305		5,244,470
American Express Co., 2.20%, 10/30/20 (Call 09/29/20)^(a)		5,143		5,160,795
American Express Credit Corp., Series F, 2.60%, 09/14/20 (Call 08/14/20)		4,588		4,605,113
Capital One Financial Corp.
2.40%, 10/30/20 (Call 09/30/20)		4,230		4,239,644
2.50%, 05/12/20		3,236		3,236,485
Charles Schwab Corp. (The), 4.45%, 07/22/20		1,591		1,602,280
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20		24,654		24,632,058
Intercontinental Exchange Inc., 2.75%, 12/01/20 (Call 11/01/20)^(a)		6,116		6,164,439
International Lease Finance Corp., 8.25%, 12/15/20		3,217		3,233,503
Stifel Financial Corp., 3.50%, 12/01/20		721		724,699
Visa Inc., 2.20%, 12/14/20 (Call 11/14/20)		9,819		9,901,185

				70,158,480

Electric — 3.9%
Ameren Corp., 2.70%, 11/15/20 (Call 10/15/20)^(a)		3,141		3,158,935
American Electric Power Co. Inc., 2.15%, 11/13/20		1,459		1,466,689
Commonwealth Edison Co., 4.00%, 08/01/20 (Call 05/01/20)^(a)		233		233,412
Consolidated Edison Co. of New York Inc., 4.45%, 06/15/20		405		406,430
Dominion Energy Inc., 2.58%, 07/01/20		3,349		3,348,598


SCHEDULES OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2020 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
DTE Electric Co., 3.45%, 10/01/20 (Call 07/01/20)^(a)	$	640	$	641,453
Duke Energy Carolinas LLC, 4.30%, 06/15/20		222		222,899
Duke Energy Indiana LLC, 3.75%, 07/15/20		1,447		1,454,958
Entergy Corp., 5.13%, 09/15/20 (Call 06/15/20)		1,073		1,076,777
Exelon Corp.
2.85%, 06/15/20 (Call 05/15/20)		1,436		1,436,689
5.15%, 12/01/20 (Call 09/01/20)^(a)		7,346		7,428,496
Exelon Generation Co. LLC, 4.00%, 10/01/20 (Call 07/01/20)		1,849		1,856,211
IPALCO Enterprises Inc., 3.45%, 07/15/20 (Call 06/15/20)		115		115,351
Kentucky Utilities Co., 3.25%, 11/01/20 (Call 08/01/20)		630		633,975
LG&E & KU Energy LLC, 3.75%, 11/15/20 (Call 08/15/20)		1,229		1,235,698
National Rural Utilities Cooperative Finance Corp.
2.30%, 11/01/20 (Call 10/01/20)		1,447		1,455,089
2.35%, 06/15/20 (Call 05/15/20)		925		925,481
NextEra Energy Capital Holdings Inc., Series H, 3.34%, 09/01/20		1,735		1,745,774
Northern States Power Co./MN, 2.20%, 08/15/20 (Call 07/15/20)		950		951,529
NV Energy Inc., 6.25%, 11/15/20		2,160		2,211,257
Pinnacle West Capital Corp., 2.25%, 11/30/20		1,594		1,600,759
Public Service Co. of Colorado, 3.20%, 11/15/20 (Call 05/15/20)		1,290		1,291,290
Puget Energy Inc., 6.50%, 12/15/20		1,695		1,746,748
Sempra Energy, 2.85%, 11/15/20 (Call 10/15/20)		1,657		1,658,823
Southern Co. (The), 2.75%, 06/15/20 (Call 05/15/20)		2,288		2,288,801
Southern Power Co., Series 15-B, 2.38%, 06/01/20 (Call 05/01/20)^(a)		748		748,651
UIL Holdings Corp., 4.63%, 10/01/20		150		151,454
WEC Energy Group Inc., 2.45%, 06/15/20 (Call 05/15/20)		1,173		1,172,695

				42,664,922

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 4.25%, 11/15/20		445		451,737


Electronics — 0.4%
Jabil Inc., 5.63%, 12/15/20		840		861,109
Roper Technologies Inc., 3.00%, 12/15/20 (Call 11/15/20)		3,336		3,365,624

				4,226,733

Environmental Control — 0.2%
Waste Management Inc., 4.75%, 06/30/20		1,767		1,776,736


Food — 0.8%
Hershey Co. (The)
2.90%, 05/15/20		1,130		1,130,712
4.13%, 12/01/20^(a)		430		437,581
Ingredion Inc., 4.63%, 11/01/20		1,080		1,090,929
Kellogg Co., 4.00%, 12/15/20		1,723		1,748,070
Mondelez International Inc., 3.00%, 05/07/20		2,040		2,040,163
Sysco Corp., 2.60%, 10/01/20 (Call 09/01/20)		2,391		2,387,581

				8,835,036

Gas — 0.3%
Dominion Energy Gas Holdings LLC, 2.80%, 11/15/20 (Call 10/15/20)		3,799		3,815,450


Health Care – Services — 2.3%
Anthem Inc.
2.50%, 11/21/20		11,437		11,510,083
4.35%, 08/15/20^(a)		1,328		1,338,916
Cigna Holding Co., 5.13%, 06/15/20		650		652,386
Humana Inc., 2.50%, 12/15/20		2,800		2,813,720


Security	Par (000)		Value

Health Care – Services (continued)
UnitedHealth Group Inc.
1.95%, 10/15/20	$	619	$	621,457
2.70%, 07/15/20		6,222		6,240,479
3.88%, 10/15/20 (Call 07/15/20)		1,931		1,941,331

				25,118,372

Home Builders — 0.1%
DR Horton Inc., 2.55%, 12/01/20		1,305		1,305,679


Insurance — 2.5%
AEGON Funding Co. LLC, 5.75%, 12/15/20		2,363		2,417,467
American International Group Inc.
3.38%, 08/15/20		978		983,506
6.40%, 12/15/20		4,979		5,126,528
Aon Corp., 5.00%, 09/30/20		3,470		3,516,671
AXIS Specialty Finance LLC, 5.88%, 06/01/20		1,196		1,200,234
Berkshire Hathaway Finance Corp., 2.90%, 10/15/20		1,206		1,216,818
Chubb INA Holdings Inc., 2.30%, 11/03/20 (Call 10/03/20)		5,015		5,038,370
Manulife Financial Corp., 4.90%, 09/17/20		549		556,115
Prudential Financial Inc.
4.50%, 11/15/20		1,665		1,694,454
5.38%, 06/21/20		2,078		2,089,408
Travelers Companies Inc. (The), 3.90%, 11/01/20		1,244		1,263,319
Unum Group, 5.63%, 09/15/20		2,125		2,149,268
WR Berkley Corp., 5.38%, 09/15/20		150		152,028

				27,404,186

Internet — 1.1%
Amazon.com Inc., 1.90%, 08/21/20		3,404		3,418,059
Baidu Inc., 3.00%, 06/30/20		1,982		1,985,389
eBay Inc.
2.15%, 06/05/20		1,407		1,407,366
3.25%, 10/15/20 (Call 07/15/20)^(a)		3,474		3,487,027
Expedia Group Inc., 5.95%, 08/15/20^(a)		2,208		2,216,037

				12,513,878

Leisure Time — 0.2%
Carnival Corp., 3.95%, 10/15/20		2,114		2,060,727


Lodging — 0.0%
Marriott International Inc./MD, 3.38%, 10/15/20 (Call 07/15/20)		369		367,007


Machinery — 1.2%
Caterpillar Financial Services Corp.
1.85%, 09/04/20		1,389		1,393,084
2.95%, 05/15/20		1,050		1,050,640
3.35%, 12/07/20		3,414		3,456,812
CNH Industrial Capital LLC, 4.38%, 11/06/20^(a)		2,952		2,966,760
IDEX Corp., 4.50%, 12/15/20 (Call 09/15/20)^(a)		460		466,063
John Deere Capital Corp.
1.95%, 06/22/20		1,314		1,316,273
2.38%, 07/14/20		2,005		2,009,591
Series 0014, 2.45%, 09/11/20^(a)		1,114		1,119,581

				13,778,804

Manufacturing — 0.6%
3M Co., 2.00%, 08/07/20		822		824,408
General Electric Co.
4.38%, 09/16/20^(a)		4,961		4,992,800
5.55%, 05/04/20		387		387,000

				6,204,208


16		2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2020 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media — 1.2%
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.58%, 07/23/20 (Call 06/23/20)	$	5,941	$	5,948,129
Discovery Communications LLC, 2.80%, 06/15/20 (Call 05/15/20)		1,697		1,697,797
TWDC Enterprises 18 Corp.
1.80%, 06/05/20		2,169		2,169,998
2.15%, 09/17/20		2,399		2,408,236
Walt Disney Co. (The), 5.65%, 08/15/20		941		952,377

				13,176,537

Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp., 2.25%, 06/15/20 (Call 05/15/20)		1,436		1,436,531


Oil & Gas — 2.3%
BP Capital Markets America Inc., 4.50%, 10/01/20		4,307		4,357,435
Chevron Corp.
2.42%, 11/17/20 (Call 10/17/20)		3,997		4,023,260
2.43%, 06/24/20 (Call 05/24/20)		2,075		2,076,785
Marathon Petroleum Corp., 3.40%, 12/15/20 (Call 11/15/20)		2,663		2,666,116
Shell International Finance BV
2.13%, 05/11/20		5,523		5,523,387
2.25%, 11/10/20		3,425		3,436,713
Total Capital SA, 4.45%, 06/24/20		3,438		3,453,299

				25,536,995

Pharmaceuticals — 6.3%
AbbVie Inc., 2.50%, 05/14/20		11,800		11,803,540
Allergan Inc./U.S., 3.38%, 09/15/20		1,491		1,493,415
AstraZeneca PLC, 2.38%, 11/16/20		10,197		10,252,472
Becton Dickinson and Co.
2.40%, 06/05/20		2,295		2,294,266
3.25%, 11/12/20		2,404		2,418,448
Bristol-Myers Squibb Co.
2.88%, 08/15/20^(b)		3,162		3,177,620
3.95%, 10/15/20^(a)(b)		3,548		3,597,849
Cardinal Health Inc., 4.63%, 12/15/20		1,968		1,998,720
Cigna Corp.
3.20%, 09/17/20		6,634		6,675,728
4.13%, 09/15/20^(b)		935		931,382
CVS Health Corp., 2.80%, 07/20/20 (Call 06/20/20)		8,799		8,798,208
Express Scripts Holding Co., 2.60%, 11/30/20		4,769		4,796,231
Johnson & Johnson
1.95%, 11/10/20		1,776		1,783,690
2.95%, 09/01/20^(a)		1,382		1,391,771
McKesson Corp., 3.65%, 11/30/20		2,920		2,954,923
Mead Johnson Nutrition Co., 3.00%, 11/15/20^(a)		3,409		3,437,670
Pfizer Inc., 5.20%, 08/12/20		620		625,636
Zoetis Inc., 3.45%, 11/13/20 (Call 10/13/20)		1,501		1,500,805

				69,932,374

Pipelines — 1.3%
Columbia Pipeline Group Inc., 3.30%, 06/01/20 (Call 05/01/20)		1,055		1,056,298
Enterprise Products Operating LLC, 5.20%, 09/01/20		3,322		3,354,888
Kinder Morgan Energy Partners LP, 5.30%, 09/15/20		2,021		2,039,088
Kinder Morgan Inc./DE, 6.50%, 09/15/20		900		908,415
TransCanada PipeLines Ltd., 3.80%, 10/01/20		3,103		3,123,728


Security	Par (000)		Value

Pipelines (continued)
Williams Companies Inc. (The), 4.13%, 11/15/20 (Call 08/15/20)	$	3,555	$	3,565,558

				14,047,975

Real Estate Investment Trusts — 0.3%
American Tower Corp., 2.80%, 06/01/20 (Call 05/01/20)		2,319		2,318,954
Simon Property Group LP, 2.50%, 09/01/20 (Call 06/01/20)		1,511		1,510,879

				3,829,833

Retail — 3.7%
AutoZone Inc., 4.00%, 11/15/20 (Call 08/15/20)		846		853,386
Home Depot Inc. (The)
1.80%, 06/05/20		1,859		1,860,394
3.95%, 09/15/20 (Call 06/15/20)^(a)		1,183		1,186,939
McDonald’s Corp.
2.20%, 05/26/20		1,543		1,544,265
2.75%, 12/09/20 (Call 11/09/20)		12,966		13,090,733
3.50%, 07/15/20		965		970,259
Starbucks Corp., 2.20%, 11/22/20		6,108		6,142,449
Walmart Inc.
1.90%, 12/15/20		8,891		8,965,507
2.85%, 06/23/20^(a)		2,524		2,532,026
3.25%, 10/25/20^(a)		1,427		1,444,709
3.63%, 07/08/20		2,390		2,402,978

				40,993,645

Semiconductors — 1.3%
Applied Materials Inc., 2.63%, 10/01/20 (Call 09/01/20)		1,683		1,689,008
Intel Corp.
1.85%, 05/11/20		2,009		2,009,321
2.45%, 07/29/20		5,077		5,099,593
QUALCOMM Inc., 2.25%, 05/20/20		5,561		5,564,337

				14,362,259

Software — 1.9%
Broadridge Financial Solutions Inc., 3.95%, 09/01/20^(a)		700		705,691
Fiserv Inc., 2.70%, 06/01/20 (Call 05/01/20)^(a)		2,311		2,314,143
Microsoft Corp.
2.00%, 11/03/20 (Call 10/03/20)		6,984		7,034,285
3.00%, 10/01/20^(a)		3,828		3,862,949
Oracle Corp., 3.88%, 07/15/20^(a)		3,219		3,239,183
VMware Inc., 2.30%, 08/21/20		3,292		3,313,003

				20,469,254

Telecommunications — 1.3%
AT&T Inc., 2.45%, 06/30/20 (Call 05/30/20)^(a)		10,364		10,370,840
Cisco Systems Inc., 2.45%, 06/15/20		3,926		3,933,734

				14,304,574

Transportation — 0.3%
Norfolk Southern Railway Co., 9.75%, 06/15/20		677		681,421
Ryder System Inc.
2.50%, 05/11/20		723		722,747
2.88%, 09/01/20 (Call 08/01/20)		244		244,083
Union Pacific Corp., 2.25%, 06/19/20 (Call 05/19/20)		1,895		1,896,762

				3,545,013


Total Corporate Bonds & Notes — 88.9% (Cost: $979,736,941)				982,419,861


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2020 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 13.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(c)(d)(e)		28,779	$	28,810,703
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(c)(d)		115,072		115,072,000

				143,882,703


Total Short-Term Investments — 13.0% (Cost: $143,841,441)				143,882,703


Total Investments in Securities — 101.9% (Cost: $1,123,578,382)				1,126,302,564

Other Assets, Less Liabilities — (1.9)%				(21,185,544	)


Net Assets — 100.0%			$	1,105,117,020

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

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000	)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	26,992	1,787	28,779		$	28,810,703	$	76,047	^(b)	$	(13,400	)	$	35,525
BlackRock Cash Funds: Treasury, SL Agency Shares	63,310	51,762	115,072			115,072,000		807,586			—			—

					$	143,882,703	$	883,633		$	(13,400	)	$	35,525

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	982,419,861	$	—	$	982,419,861
Money Market Funds		143,882,703		—		—		143,882,703

	$	143,882,703	$	982,419,861	$	—	$	1,126,302,564

See notes to financial statements.


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.1%
Interpublic Group of Companies Inc. (The), 3.75%, 10/01/21	$	1,163	$	1,190,854


Aerospace & Defense — 1.3%
Boeing Co. (The)
2.30%, 08/01/21		2,135		2,097,531
2.35%, 10/30/21		1,808		1,759,021
8.75%, 08/15/21		169		175,236
General Dynamics Corp.
3.00%, 05/11/21		6,150		6,274,045
3.88%, 07/15/21 (Call 04/15/21)		1,212		1,245,148
L3Harris Technologies Inc., 4.95%, 02/15/21 (Call 11/15/20)^(a)		1,556		1,582,219
Lockheed Martin Corp., 3.35%, 09/15/21		2,506		2,597,419
Northrop Grumman Corp., 3.50%, 03/15/21		1,891		1,925,435

				17,656,054

Agriculture — 0.8%
Altria Group Inc., 4.75%, 05/05/21		4,399		4,537,965
Archer-Daniels-Midland Co., 4.48%, 03/01/21^(b)		837		860,444
Philip Morris International Inc.
1.88%, 02/25/21 (Call 01/25/21)		2,501		2,513,955
2.90%, 11/15/21^(b)		2,235		2,296,306
4.13%, 05/17/21		405		417,292

				10,625,962

Auto Manufacturers — 3.9%
American Honda Finance Corp.
1.65%, 07/12/21		2,170		2,161,646
1.70%, 09/09/21		3,183		3,171,637
2.65%, 02/12/21		3,103		3,124,876
3.15%, 01/08/21^(b)		629		634,453
3.38%, 12/10/21		1,539		1,571,488
General Motors Financial Co. Inc.
3.20%, 07/06/21 (Call 06/06/21)		5,840		5,714,090
3.55%, 04/09/21^(b)		1,153		1,135,394
4.20%, 03/01/21 (Call 02/01/21)		4,945		4,906,033
4.20%, 11/06/21^(b)		4,305		4,246,882
4.38%, 09/25/21^(b)		4,072		4,003,916
PACCAR Financial Corp.
2.80%, 03/01/21		986		999,696
3.10%, 05/10/21		1,092		1,116,832
3.15%, 08/09/21^(b)		1,032		1,058,089
Toyota Motor Corp., 3.18%, 07/20/21		2,257		2,302,682
Toyota Motor Credit Corp.
1.80%, 10/07/21		1,415		1,424,947
1.90%, 04/08/21		2,998		3,012,390
2.75%, 05/17/21		2,219		2,250,754
2.95%, 04/13/21		3,061		3,105,231
3.05%, 01/08/21		1,839		1,857,758
3.40%, 09/15/21		2,611		2,684,500
4.25%, 01/11/21^(b)		1,545		1,574,958

				52,058,252

Banks — 39.3%
Associated Bank N.A./Green Bay WI, 3.50%, 08/13/21 (Call 07/13/21)		672		684,056
Australia & New Zealand Banking Group Ltd., 3.30%, 05/17/21		2,064		2,114,733


Security	Par (000)		Value

Banks (continued)
Australia & New Zealand Banking Group Ltd./New York NY
2.30%, 06/01/21	$	3,297	$	3,334,850
2.55%, 11/23/21^(b)		1,812		1,849,182
Bank of America Corp.
2.63%, 04/19/21		5,771		5,861,143
5.00%, 05/13/21		2,730		2,837,671
5.88%, 01/05/21^(b)		2,145		2,213,039
Bank of Montreal
1.90%, 08/27/21		8,531		8,621,002
Series D, 3.10%, 04/13/21		1,453		1,482,452
Bank of New York Mellon Corp. (The)
2.05%, 05/03/21 (Call 04/03/21)		4,987		5,038,466
2.50%, 04/15/21 (Call 03/15/21)		3,920		3,978,526
3.55%, 09/23/21 (Call 08/23/21)		2,940		3,027,377
4.15%, 02/01/21		555		567,399
Bank of Nova Scotia (The)
2.45%, 03/22/21^(b)		4,408		4,468,478
2.50%, 01/08/21^(b)		3,335		3,373,786
2.80%, 07/21/21		2,613		2,658,649
3.13%, 04/20/21		3,619		3,695,216
4.38%, 01/13/21		1,769		1,811,421
Barclays Bank PLC, 2.65%, 01/11/21 (Call 12/11/20)		4,813		4,844,188
Barclays PLC
3.20%, 08/10/21		4,257		4,319,961
3.25%, 01/12/21		4,510		4,556,137
BBVA USA, 3.50%, 06/11/21 (Call 05/11/21)		1,593		1,606,509
BNP Paribas SA, 5.00%, 01/15/21		7,706		7,920,689
BPCE SA
2.65%, 02/03/21^(b)		1,822		1,843,627
2.75%, 12/02/21		3,515		3,581,047
Canadian Imperial Bank of Commerce, 2.70%, 02/02/21		2,142		2,166,226
Capital One N.A.
2.25%, 09/13/21 (Call 08/13/21)		2,800		2,805,012
2.95%, 07/23/21 (Call 06/23/21)		3,030		3,057,452
Citibank N.A.
2.85%, 02/12/21 (Call 01/12/21)		2,925		2,964,253
3.40%, 07/23/21 (Call 06/23/21)^(b)		3,400		3,483,232
Citigroup Inc.
2.35%, 08/02/21		5,485		5,542,757
2.70%, 03/30/21		7,185		7,281,926
2.90%, 12/08/21 (Call 11/08/21)		8,449		8,605,137
Citizens Bank N.A./Providence RI, 2.55%, 05/13/21 (Call 04/13/21)		2,933		2,962,037
Citizens Financial Group Inc., 2.38%, 07/28/21 (Call 06/28/21)		1,139		1,146,540
Commonwealth Bank of Australia/New York NY, 2.55%, 03/15/21^(b)		2,169		2,200,559
Cooperatieve Rabobank UA, 4.50%, 01/11/21		5,212		5,339,381
Cooperatieve Rabobank UA/NY
2.50%, 01/19/21		8,259		8,351,996
3.13%, 04/26/21		1,828		1,867,467
Credit Suisse AG/New York NY
2.10%, 11/12/21^(b)		5,685		5,747,251
3.00%, 10/29/21		5,935		6,062,721
Credit Suisse Group Funding Guernsey Ltd., 3.45%, 04/16/21		4,191		4,251,434
Deutsche Bank AG
3.13%, 01/13/21		2,022		2,026,206
3.38%, 05/12/21		3,249		3,251,567


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Deutsche Bank AG/New York NY
3.13%, 01/13/21^(b)	$	417	$	417,588
3.15%, 01/22/21		6,428		6,392,839
3.38%, 05/12/21		3,465		3,472,276
4.25%, 02/04/21^(b)		1,275		1,279,399
4.25%, 10/14/21		7,332		7,374,306
Discover Bank, 3.20%, 08/09/21 (Call 07/09/21)		2,090		2,100,617
Fifth Third Bank/Cincinnati OH
2.25%, 06/14/21 (Call 05/14/21)		3,430		3,468,382
2.88%, 10/01/21 (Call 09/01/21)		2,436		2,484,330
3.35%, 07/26/21 (Call 06/26/21)		1,285		1,316,046
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)		6,064		6,094,320
2.63%, 04/25/21 (Call 03/25/21)		4,184		4,228,225
2.88%, 02/25/21 (Call 01/25/21)		4,058		4,102,800
5.25%, 07/27/21^(b)		10,996		11,479,164
HSBC Holdings PLC
2.95%, 05/25/21		7,298		7,405,791
3.40%, 03/08/21		8,328		8,480,402
5.10%, 04/05/21		6,899		7,139,154
Huntington Bancshares Inc./OH, 3.15%, 03/14/21 (Call 02/14/21)		3,502		3,553,164
Huntington National Bank (The), 3.25%, 05/14/21 (Call 04/14/21)^(b)		1,093		1,114,117
JPMorgan Chase & Co.
2.30%, 08/15/21 (Call 08/15/20)		7,718		7,740,845
2.40%, 06/07/21 (Call 05/07/21)		4,482		4,534,350
2.55%, 03/01/21 (Call 02/01/21)		7,727		7,814,624
4.35%, 08/15/21		8,002		8,316,559
4.63%, 05/10/21		5,279		5,468,833
KeyBank N.A./Cleveland OH
2.50%, 11/22/21		2,871		2,933,703
3.35%, 06/15/21^(b)		1,102		1,128,988
KeyCorp, 5.10%, 03/24/21		3,586		3,706,848
Lloyds Bank PLC
3.30%, 05/07/21		3,369		3,438,267
6.38%, 01/21/21		1,057		1,091,892
Lloyds Banking Group PLC, 3.10%, 07/06/21		3,271		3,306,294
Manufacturers & Traders Trust Co., 2.63%, 01/25/21 (Call 12/25/20)		1,828		1,845,860
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		2,163		2,178,617
2.95%, 03/01/21		4,308		4,374,559
3.54%, 07/26/21		3,631		3,721,848
Mizuho Financial Group Inc., 2.27%, 09/13/21		3,470		3,492,833
Morgan Stanley
2.50%, 04/21/21^(b)		6,784		6,866,290
2.63%, 11/17/21		8,354		8,490,003
5.50%, 07/28/21^(b)		8,594		9,013,043
5.75%, 01/25/21		7,235		7,471,729
National Australia Bank Ltd./New York
1.88%, 07/12/21		3,126		3,152,040
2.50%, 01/12/21^(b)		3,244		3,275,013
2.63%, 01/14/21^(b)		2,734		2,760,957
3.38%, 09/20/21		829		853,290
3.70%, 11/04/21		2,189		2,270,693
Northern Trust Corp., 3.38%, 08/23/21^(b)		1,047		1,080,012
PNC Bank N.A.
2.15%, 04/29/21 (Call 03/30/21)^(b)		4,290		4,339,421
2.50%, 01/22/21 (Call 12/23/20)		2,833		2,862,973


Security	Par (000)		Value

Banks (continued)
2.55%, 12/09/21 (Call 11/09/21)	$	2,355	$	2,409,848
Regions Bank/Birmingham AL, 2.75%, 04/01/21 (Call 03/01/21)		2,010		2,038,441
Royal Bank of Canada
2.50%, 01/19/21		3,425		3,465,004
3.20%, 04/30/21		4,111		4,204,484
Santander Holdings USA Inc., 4.45%, 12/03/21 (Call 11/03/21)^(b)		1,633		1,673,727
Santander UK Group Holdings PLC
2.88%, 08/05/21		4,331		4,361,317
3.13%, 01/08/21		3,156		3,184,152
Santander UK PLC
2.50%, 01/05/21		1,140		1,145,369
3.40%, 06/01/21		2,619		2,673,973
3.75%, 11/15/21		1,212		1,245,463
Skandinaviska Enskilda Banken AB
1.88%, 09/13/21^(b)		1,712		1,724,635
2.63%, 03/15/21		5,370		5,449,583
State Street Corp.
1.95%, 05/19/21^(b)		2,263		2,288,549
4.38%, 03/07/21		2,177		2,234,647
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21		4,899		4,932,215
2.44%, 10/19/21		3,913		3,965,825
2.93%, 03/09/21		5,684		5,770,738
Svenska Handelsbanken AB
1.88%, 09/07/21^(b)		2,604		2,629,103
2.45%, 03/30/21		4,183		4,240,809
3.35%, 05/24/21		3,417		3,505,432
Synchrony Bank, 3.65%, 05/24/21 (Call 04/24/21)		1,734		1,731,780
Toronto-Dominion Bank (The)
1.80%, 07/13/21		4,730		4,767,130
2.13%, 04/07/21		4,914		4,972,477
2.55%, 01/25/21		3,291		3,331,019
3.25%, 06/11/21		2,414		2,476,329
Truist Bank, 2.85%, 04/01/21 (Call 03/01/21)^(b)		1,564		1,589,087
Truist Financial Corp.
2.05%, 05/10/21 (Call 04/09/21)		3,735		3,769,325
2.15%, 02/01/21 (Call 01/01/21)		2,969		2,991,060
2.90%, 03/03/21 (Call 02/03/21)		3,096		3,138,137
3.20%, 09/03/21 (Call 08/03/21)		1,325		1,357,356
U.S. Bancorp.
2.35%, 01/29/21 (Call 12/29/20)		4,000		4,038,080
4.13%, 05/24/21 (Call 04/23/21)^(b)		2,656		2,738,761
U.S. Bank N.A./Cincinnati OH
3.00%, 02/04/21 (Call 01/04/21)^(b)		2,435		2,469,528
3.15%, 04/26/21 (Call 03/26/21)		2,217		2,262,293
3.45%, 11/16/21 (Call 10/15/21)		3,460		3,586,394
Wells Fargo & Co.
2.10%, 07/26/21		8,745		8,817,758
2.50%, 03/04/21		7,395		7,475,975
3.00%, 01/22/21		3,962		4,014,021
4.60%, 04/01/21		7,195		7,423,441
Wells Fargo Bank N.A.
2.60%, 01/15/21		6,325		6,391,412
3.63%, 10/22/21 (Call 09/21/21)		6,099		6,306,671
Westpac Banking Corp.
2.00%, 08/19/21^(b)		3,879		3,919,380
2.10%, 05/13/21		3,830		3,872,360
2.65%, 01/25/21		2,723		2,752,953


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Zions Bancorp. N.A., 3.50%, 08/27/21	$	1,125	$	1,133,449

				525,305,552

Beverages — 1.7%
Coca-Cola Co. (The)
1.55%, 09/01/21		2,392		2,419,723
3.30%, 09/01/21		3,741		3,872,159
Constellation Brands Inc., 3.75%, 05/01/21		1,131		1,150,838
Keurig Dr Pepper Inc., 3.55%, 05/25/21		4,959		5,059,618
Molson Coors Beverage Co., 2.10%, 07/15/21 (Call 06/15/21)		3,277		3,266,120
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)		2,067		2,095,793
2.00%, 04/15/21 (Call 03/15/21)		2,762		2,791,692
3.00%, 08/25/21		2,115		2,177,393

				22,833,336

Biotechnology — 0.8%
Amgen Inc., 3.88%, 11/15/21 (Call 08/15/21)		4,040		4,178,004
Gilead Sciences Inc.
4.40%, 12/01/21 (Call 09/01/21)^(b)		4,285		4,485,366
4.50%, 04/01/21 (Call 01/01/21)		2,103		2,151,958

				10,815,328

Building Materials — 0.1%
CRH America Inc., 5.75%, 01/15/21^(b)		139		143,038
Masco Corp., 3.50%, 04/01/21 (Call 03/01/21)^(b)		1,050		1,058,621

				1,201,659

Chemicals — 0.8%
Air Products & Chemicals Inc., 3.00%, 11/03/21		634		651,232
Celanese U.S. Holdings LLC, 5.88%, 06/15/21		855		898,058
Eastman Chemical Co., 3.50%, 12/01/21		632		646,972
Ecolab Inc., 4.35%, 12/08/21		2,798		2,958,521
LyondellBasell Industries NV, 6.00%, 11/15/21 (Call 08/17/21)^(b)		2,675		2,802,089
Mosaic Co. (The), 3.75%, 11/15/21 (Call 08/15/21)^(b)		1,255		1,242,049
Praxair Inc.
3.00%, 09/01/21^(b)		562		575,926
4.05%, 03/15/21		1,222		1,254,371

				11,029,218

Commercial Services — 0.6%
Equifax Inc.
2.30%, 06/01/21 (Call 05/01/21)		835		838,574
3.60%, 08/15/21^(b)		743		756,493
Global Payments Inc., 3.80%, 04/01/21 (Call 03/01/21)		2,435		2,467,751
Moody’s Corp.
2.75%, 12/15/21 (Call 11/15/21)		1,477		1,507,131
3.25%, 06/07/21 (Call 05/07/21)		936		954,374
Verisk Analytics Inc., 5.80%, 05/01/21		1,178		1,225,673

				7,749,996

Computers — 3.5%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)		3,701		3,735,752
2.25%, 02/23/21 (Call 01/23/21)		8,214		8,306,654
2.85%, 05/06/21^(b)		8,610		8,798,042
Dell International LLC/EMC Corp., 4.42%, 06/15/21 (Call 05/15/21)^(a)		12,972		13,183,963
Hewlett Packard Enterprise Co., 3.50%, 10/05/21 (Call 09/05/21)^(b)		1,507		1,540,817
HP Inc.
4.30%, 06/01/21		1,728		1,776,419


Security	Par (000)		Value

Computers (continued)
4.38%, 09/15/21	$	1,433	$	1,477,767
4.65%, 12/09/21		1,335		1,389,628
IBM Credit LLC
1.80%, 01/20/21^(b)		1,813		1,825,238
2.65%, 02/05/21^(b)		1,520		1,543,393
3.60%, 11/30/21		2,012		2,104,632
NetApp Inc., 3.38%, 06/15/21 (Call 04/15/21)		1,097		1,116,077

				46,798,382

Cosmetics & Personal Care — 0.8%
Colgate-Palmolive Co., 2.45%, 11/15/21^(b)		190		195,290
Estee Lauder Companies Inc. (The), 1.70%, 05/10/21 (Call 04/10/21)		745		747,689
Procter & Gamble Co. (The)
1.70%, 11/03/21		2,190		2,231,413
1.85%, 02/02/21^(b)		2,105		2,122,071
Unilever Capital Corp.
1.38%, 07/28/21		1,545		1,556,696
2.75%, 03/22/21^(b)		1,432		1,455,657
4.25%, 02/10/21		2,285		2,346,718

				10,655,534

Diversified Financial Services — 3.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.50%, 05/15/21		2,779		2,687,793
5.00%, 10/01/21		2,533		2,431,655
Air Lease Corp.
2.50%, 03/01/21^(b)		1,825		1,769,137
3.38%, 06/01/21		1,487		1,430,271
3.88%, 04/01/21 (Call 03/01/21)		1,234		1,200,781
Aircastle Ltd., 5.13%, 03/15/21		377		368,272
Ally Financial Inc., 4.25%, 04/15/21^(b)		2,234		2,249,772
American Express Co.
3.00%, 02/22/21 (Call 01/22/21)		3,273		3,311,294
3.38%, 05/17/21 (Call 04/17/21)		5,207		5,301,976
3.70%, 11/05/21 (Call 10/05/21)		1,728		1,778,509
American Express Credit Corp., 2.25%, 05/05/21 (Call 04/04/21)		5,667		5,731,830
Capital One Financial Corp.
3.45%, 04/30/21 (Call 03/30/21)		3,484		3,535,668
4.75%, 07/15/21		4,420		4,562,899
Charles Schwab Corp. (The), 3.25%, 05/21/21 (Call 04/21/21)^(b)		1,626		1,658,114
International Lease Finance Corp., 4.63%, 04/15/21		1,348		1,330,907
Jefferies Group LLC, 6.88%, 04/15/21^(b)		1,727		1,780,502
Mastercard Inc., 2.00%, 11/21/21 (Call 10/21/21)		1,887		1,922,098
Synchrony Financial, 3.75%, 08/15/21 (Call 06/15/21)^(b)		2,028		2,033,212

				45,084,690

Electric — 4.4%
American Electric Power Co. Inc., Series I, 3.65%, 12/01/21		1,445		1,495,936
Appalachian Power Co., 4.60%, 03/30/21 (Call 12/30/20)		515		523,559
Baltimore Gas & Electric Co., 3.50%, 11/15/21 (Call 08/15/21)^(b)		310		318,810
Berkshire Hathaway Energy Co., 2.38%, 01/15/21^(b)		1,555		1,568,979
CenterPoint Energy Houston Electric LLC, 1.85%, 06/01/21 (Call 05/01/21)^(b)		1,334		1,345,592
CenterPoint Energy Inc., 3.60%, 11/01/21		1,191		1,225,527
Commonwealth Edison Co., 3.40%, 09/01/21 (Call 06/01/21)		814		834,383
Consolidated Edison Inc., 2.00%, 05/15/21 (Call 04/15/21)		1,575		1,584,781


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Dominion Energy Inc.
2.72%, 08/15/21^(c)	$	2,607	$	2,645,245
4.10%, 04/01/21^(b)(c)		567		574,677
Series C, 2.00%, 08/15/21 (Call 07/15/21)		1,706		1,717,669
Duke Energy Carolinas LLC, 3.90%, 06/15/21 (Call 03/15/21)		1,552		1,591,235
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)		2,808		2,835,659
3.55%, 09/15/21 (Call 06/15/21)		1,523		1,560,664
Duke Energy Florida LLC, 3.10%, 08/15/21 (Call 05/15/21)^(b)		455		464,937
Duke Energy Progress LLC, 3.00%, 09/15/21 (Call 06/15/21)^(b)		1,074		1,096,307
Emera U.S. Finance LP, 2.70%, 06/15/21 (Call 05/15/21)		2,414		2,426,842
Entergy Arkansas LLC, 3.75%, 02/15/21 (Call 11/15/20)		684		693,993
Evergy Inc., 4.85%, 06/01/21 (Call 03/01/21)		410		420,771
Eversource Energy, 2.50%, 03/15/21 (Call 02/15/21)		1,300		1,310,582
Exelon Corp., 2.45%, 04/15/21 (Call 03/15/21)		1,613		1,623,936
Georgia Power Co., 2.40%, 04/01/21 (Call 03/01/21)^(b)		368		371,246
National Rural Utilities Cooperative Finance Corp., 2.90%, 03/15/21^(b)		1,510		1,535,866
NextEra Energy Capital Holdings Inc.
2.40%, 09/01/21		4,525		4,599,527
4.50%, 06/01/21 (Call 03/01/21)		828		849,205
Ohio Power Co., Series M, 5.38%, 10/01/21^(b)		851		904,400
PacifiCorp, 3.85%, 06/15/21 (Call 03/15/21)		886		908,921
PECO Energy Co., 1.70%, 09/15/21 (Call 08/15/21)		365		368,241
PNM Resources Inc., 3.25%, 03/09/21		776		780,757
PPL Electric Utilities Corp., 3.00%, 09/15/21 (Call 06/15/21)^(b)		690		705,208
Progress Energy Inc., 4.40%, 01/15/21 (Call 10/15/20)		1,324		1,342,033
PSEG Power LLC, 3.00%, 06/15/21 (Call 05/15/21)^(b)		1,776		1,800,864
Public Service Electric & Gas Co., 1.90%, 03/15/21 (Call 02/15/21)^(b)		672		676,617
Public Service Enterprise Group Inc., 2.00%, 11/15/21 (Call 10/15/21)		1,025		1,033,251
Puget Energy Inc., 6.00%, 09/01/21		1,155		1,204,919
San Diego Gas & Electric Co., 3.00%, 08/15/21^(b)		958		973,587
Southern California Edison Co.
3.88%, 06/01/21 (Call 03/01/21)		723		738,125
Series A, 2.90%, 03/01/21		1,552		1,564,633
Southern Co. (The), 2.35%, 07/01/21 (Call 06/01/21)		5,274		5,332,594
Southern Power Co., Series E, 2.50%, 12/15/21 (Call 11/15/21)^(b)		1,159		1,176,003
WEC Energy Group Inc., 3.38%, 06/15/21		2,113		2,167,579
Wisconsin Electric Power Co., 2.95%, 09/15/21 (Call 06/15/21)		222		226,052
Wisconsin Public Service Corp., 3.35%, 11/21/21		1,018		1,052,520
Xcel Energy Inc., 2.40%, 03/15/21 (Call 02/15/21)		1,323		1,331,520

				59,503,752

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.63%, 12/01/21 (Call 11/01/21)		1,742		1,783,042


Electronics — 0.8%
Avnet Inc., 3.75%, 12/01/21 (Call 11/01/21)^(b)		645		656,055
FLIR Systems Inc., 3.13%, 06/15/21 (Call 05/15/21)		675		684,855
Fortive Corp., 2.35%, 06/15/21 (Call 05/15/21)^(b)		1,647		1,653,390
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)		4,828		4,905,779
4.25%, 03/01/21		1,650		1,695,029


Security	Par (000)		Value

Electronics (continued)
Roper Technologies Inc., 2.80%, 12/15/21 (Call 11/15/21)	$	1,507	$	1,538,421

				11,133,529

Environmental Control — 0.2%
Republic Services Inc., 5.25%, 11/15/21		2,154		2,281,345
Waste Management Inc., 4.60%, 03/01/21 (Call 12/01/20)		925		943,796

				3,225,141

Food — 1.6%
Campbell Soup Co., 3.30%, 03/15/21^(b)		1,845		1,865,516
Conagra Brands Inc., 3.80%, 10/22/21^(b)		3,777		3,895,258
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		2,467		2,536,101
3.20%, 04/16/21		2,790		2,831,264
Hershey Co. (The), 3.10%, 05/15/21		971		992,925
JM Smucker Co. (The), 3.50%, 10/15/21		2,059		2,127,359
Kroger Co. (The)
2.60%, 02/01/21 (Call 01/01/21)		298		300,128
2.95%, 11/01/21 (Call 10/01/21)^(b)		1,823		1,866,114
3.30%, 01/15/21 (Call 12/15/20)^(b)		1,729		1,748,520
Sysco Corp., 2.50%, 07/15/21 (Call 06/15/21)		1,333		1,340,198
Tyson Foods Inc., 2.25%, 08/23/21 (Call 07/23/21)		1,600		1,619,792

				21,123,175

Forest Products & Paper — 0.0%
International Paper Co., 7.50%, 08/15/21		560		606,620


Gas — 0.2%
CenterPoint Energy Resources Corp., 4.50%, 01/15/21 (Call 10/15/20)		939		951,949
National Fuel Gas Co., 4.90%, 12/01/21 (Call 09/01/21)^(b)		1,201		1,218,618
Southern Co. Gas Capital Corp., 3.50%, 09/15/21 (Call 06/15/21)^(b)		319		325,578

				2,496,145

Hand & Machine Tools — 0.1%
Stanley Black & Decker Inc., 3.40%, 12/01/21 (Call 09/01/21)		840		860,378


Health Care – Products — 0.3%
Baxter International Inc., 1.70%, 08/15/21 (Call 07/15/21)		1,295		1,304,570
Stryker Corp., 2.63%, 03/15/21 (Call 02/15/21)		2,014		2,037,463
Zimmer Biomet Holdings Inc., 3.38%, 11/30/21 (Call 08/30/21)		817		830,562

				4,172,595

Health Care – Services — 0.9%
Anthem Inc., 3.70%, 08/15/21 (Call 05/15/21)		1,856		1,901,954
Quest Diagnostics Inc., 4.70%, 04/01/21^(b)		1,230		1,264,637
UnitedHealth Group Inc.
2.13%, 03/15/21^(b)		2,438		2,463,574
2.88%, 12/15/21		2,800		2,885,428
3.15%, 06/15/21		1,430		1,464,163
3.38%, 11/15/21 (Call 08/15/21)		1,346		1,387,659
4.70%, 02/15/21 (Call 11/15/20)^(b)		404		411,769

				11,779,184

Home Furnishings — 0.1%
Whirlpool Corp., 4.85%, 06/15/21		853		879,170


Household Products & Wares — 0.0%
Clorox Co. (The), 3.80%, 11/15/21		245		254,658


Insurance — 1.4%
American International Group Inc., 3.30%, 03/01/21 (Call 02/01/21)		4,196		4,256,590


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Aon PLC, 2.80%, 03/15/21 (Call 02/15/21)^(b)	$	1,393	$	1,407,292
Berkshire Hathaway Finance Corp., 4.25%, 01/15/21^(b)		2,382		2,438,239
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)		3,104		3,143,297
3.75%, 08/15/21		963		998,910
CNA Financial Corp., 5.75%, 08/15/21		483		506,498
Marsh & McLennan Companies Inc., 4.80%, 07/15/21 (Call 04/15/21)		1,540		1,595,255
Progressive Corp. (The), 3.75%, 08/23/21		777		801,577
Prudential Financial Inc., 4.50%, 11/16/21		1,155		1,210,752
Reinsurance Group of America Inc., 5.00%, 06/01/21		470		483,874
Trinity Acquisition PLC, 3.50%, 09/15/21 (Call 08/15/21)^(b)		1,150		1,161,592
Willis Towers Watson PLC, 5.75%, 03/15/21		1,112		1,147,017

				19,150,893

Internet — 1.1%
Alibaba Group Holding Ltd., 3.13%, 11/28/21 (Call 09/28/21)		4,165		4,244,968
Alphabet Inc., 3.63%, 05/19/21^(b)		2,511		2,588,012
Amazon.com Inc., 3.30%, 12/05/21 (Call 10/05/21)		3,470		3,597,037
eBay Inc., 2.88%, 08/01/21 (Call 06/01/21)		2,190		2,222,478
JD.com Inc., 3.13%, 04/29/21^(b)		1,795		1,805,878

				14,458,373

Lodging — 0.2%
Marriott International Inc./MD
2.88%, 03/01/21 (Call 02/01/21)		1,611		1,578,925
Series N, 3.13%, 10/15/21 (Call 07/15/21)		880		861,265

				2,440,190

Machinery — 2.2%
Caterpillar Financial Services Corp.
1.70%, 08/09/21		3,037		3,061,478
1.93%, 10/01/21		1,290		1,305,648
2.90%, 03/15/21^(b)		844		858,027
3.15%, 09/07/21		2,943		3,027,641
Series I, 2.65%, 05/17/21		1,475		1,499,441
Caterpillar Inc., 3.90%, 05/27/21		3,076		3,161,359
CNH Industrial Capital LLC
3.88%, 10/15/21		534		539,847
4.88%, 04/01/21		1,988		2,002,294
John Deere Capital Corp.
2.30%, 06/07/21		1,674		1,697,553
2.35%, 01/08/21^(b)		2,077		2,097,375
2.55%, 01/08/21^(b)		1,516		1,530,645
2.80%, 03/04/21		1,471		1,493,845
2.88%, 03/12/21^(b)		783		795,779
3.13%, 09/10/21		1,934		1,987,823
3.15%, 10/15/21		1,445		1,483,639
3.90%, 07/12/21^(b)		1,192		1,232,230
Xylem Inc./NY, 4.88%, 10/01/21^(b)		1,330		1,396,832

				29,171,456

Manufacturing — 1.1%
3M Co.
1.63%, 09/19/21 (Call 08/19/21)		1,858		1,877,268
3.00%, 09/14/21 (Call 08/14/21)		845		868,085
General Electric Co.
4.63%, 01/07/21^(b)		2,984		3,026,671
4.65%, 10/17/21		4,307		4,470,322
5.30%, 02/11/21^(b)		3,202		3,264,471
Illinois Tool Works Inc., 3.38%, 09/15/21 (Call 06/15/21)^(b)		435		446,288


Security	Par (000)		Value

Manufacturing (continued)
Ingersoll-Rand Global Holding Co. Ltd., 2.90%, 02/21/21	$	660	$	666,864

				14,619,969

Media — 1.4%
Discovery Communications LLC, 4.38%, 06/15/21		1,912		1,959,819
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)		2,873		2,927,759
4.13%, 02/15/21 (Call 11/15/20)		2,035		2,042,448
TWDC Enterprises 18 Corp.
2.30%, 02/12/21^(b)		2,163		2,181,364
2.75%, 08/16/21^(b)		1,504		1,537,404
3.75%, 06/01/21		1,601		1,648,262
ViacomCBS Inc.
3.88%, 12/15/21^(b)		1,393		1,436,127
4.50%, 03/01/21		1,287		1,329,535
ViacomCBS, Inc., 4.30%, 02/15/21 (Call 05/04/20)		915		934,362
Walt Disney Co. (The), 4.50%, 02/15/21^(b)		2,234		2,286,968

				18,284,048

Mining — 0.3%
BHP Billiton Finance USA Ltd., 3.25%, 11/21/21		1,600		1,642,944
Kinross Gold Corp., 5.13%, 09/01/21 (Call 06/01/21)		480		494,386
Newmont Corp., 3.63%, 06/09/21 (Call 04/09/21)		1,403		1,423,806

				3,561,136

Oil & Gas — 3.3%
BP Capital Markets America Inc.
2.11%, 09/16/21 (Call 08/16/21)		1,722		1,733,141
4.74%, 03/11/21		3,284		3,372,504
BP Capital Markets PLC, 3.56%, 11/01/21		3,171		3,257,663
Canadian Natural Resources Ltd., 3.45%, 11/15/21 (Call 08/15/21)		1,716		1,715,640
Chevron Corp., 2.10%, 05/16/21 (Call 04/15/21)		3,839		3,880,653
EOG Resources Inc., 4.10%, 02/01/21		1,885		1,916,121
Exxon Mobil Corp., 2.22%, 03/01/21 (Call 02/01/21)		7,501		7,563,033
Marathon Petroleum Corp., 5.13%, 03/01/21		2,792		2,814,811
Ovintiv Inc, 3.90%, 11/15/21 (Call 08/15/21)		1,084		982,147
Pioneer Natural Resources Co., 3.45%, 01/15/21 (Call 12/15/20)		1,420		1,424,033
Shell International Finance BV
1.75%, 09/12/21		3,223		3,234,925
1.88%, 05/10/21		3,968		3,985,380
Total Capital International SA
2.22%, 07/12/21 (Call 06/12/21)		3,409		3,439,511
2.75%, 06/19/21		3,296		3,342,144
Total Capital SA
4.13%, 01/28/21		995		1,015,577
4.25%, 12/15/21		885		924,418

				44,601,701

Oil & Gas Services — 0.1%
Halliburton Co., 3.25%, 11/15/21 (Call 08/15/21)		1,809		1,802,650


Packaging & Containers — 0.1%
Bemis Co. Inc., 4.50%, 10/15/21 (Call 07/15/21)^(b)		845		871,880


Pharmaceuticals — 6.4%
AbbVie Inc.
2.15%, 11/19/21^(a)(b)		5,505		5,577,721
2.30%, 05/14/21 (Call 04/14/21)		5,672		5,724,636
3.38%, 11/14/21		2,755		2,843,325
AmerisourceBergen Corp., 3.50%, 11/15/21 (Call 08/15/21)^(b)		1,090		1,116,574
Becton Dickinson and Co., 3.13%, 11/08/21		2,644		2,702,485


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
Bristol-Myers Squibb Co.
2.25%, 08/15/21^(a)	$	1,437	$	1,460,294
2.55%, 05/14/21^(a)		2,865		2,911,356
2.88%, 02/19/21^(a)		1,690		1,715,502
Cigna Corp., 3.40%, 09/17/21		3,659		3,764,123
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)		4,873		4,912,471
3.35%, 03/09/21		6,236		6,341,887
GlaxoSmithKline Capital PLC, 3.13%, 05/14/21		4,117		4,213,708
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)^(b)		3,183		3,213,525
2.45%, 12/05/21		845		868,939
3.55%, 05/15/21		908		935,158
McKesson Corp., 4.75%, 03/01/21 (Call 12/01/20)		100		101,039
Merck & Co. Inc., 3.88%, 01/15/21 (Call 10/15/20)^(b)		2,907		2,947,262
Mylan NV, 3.15%, 06/15/21 (Call 05/15/21)		6,216		6,276,482
Perrigo Finance Unlimited Co., 3.50%, 12/15/21 (Call 10/15/21)		287		289,796
Pfizer Inc.
1.95%, 06/03/21		3,167		3,215,962
2.20%, 12/15/21^(b)		3,699		3,781,488
3.00%, 09/15/21		2,308		2,378,763
Sanofi, 4.00%, 03/29/21		4,231		4,348,833
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/21 (Call 08/23/21)		9,221		9,360,145
Takeda Pharmaceutical Co. Ltd., 4.00%, 11/26/21 (Call 10/26/21)		3,228		3,359,929
Zoetis Inc., 3.25%, 08/20/21		790		809,142

				85,170,545

Pipelines — 1.8%
Enbridge Energy Partners LP, 4.20%, 09/15/21 (Call 06/15/21)		968		982,481
Energy Transfer Operating LP, 4.65%, 06/01/21 (Call 03/01/21)		2,266		2,263,643
Enterprise Products Operating LLC
2.80%, 02/15/21		1,789		1,797,587
2.85%, 04/15/21 (Call 03/15/21)		1,642		1,642,805
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (Call 01/01/21)		2,495		2,500,514
5.00%, 10/01/21 (Call 07/01/21)		1,441		1,468,581
5.80%, 03/01/21		792		811,784
Magellan Midstream Partners LP, 4.25%, 02/01/21		1,255		1,263,572
Plains All American Pipeline LP/PAA Finance Corp., 5.00%, 02/01/21 (Call 11/01/20)		833		829,943
Sabine Pass Liquefaction LLC, 5.63%, 02/01/21 (Call 11/01/20)		5,543		5,543,499
Southern Natural Gas Co. LLC/Southern Natural Issuing Corp., 4.40%, 06/15/21 (Call 03/15/21)		625		637,319
Sunoco Logistics Partners Operations LP, 4.40%, 04/01/21 (Call 03/01/21)		1,345		1,340,857
TC PipeLines LP, 4.65%, 06/15/21 (Call 03/15/21)		72		72,835
TransCanada PipeLines Ltd., 9.88%, 01/01/21		637		669,742
Williams Companies Inc. (The)
4.00%, 11/15/21 (Call 08/15/21)		1,831		1,856,817
7.88%, 09/01/21		430		456,372

				24,138,351

Real Estate Investment Trusts — 1.4%
American Tower Corp.
3.30%, 02/15/21 (Call 01/15/21)		2,464		2,492,681


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
3.45%, 09/15/21	$	1,626	$	1,673,203
Boston Properties LP, 4.13%, 05/15/21 (Call 02/15/21)		2,371		2,410,240
Corporate Office Properties LP, 3.70%, 06/15/21 (Call 04/15/21)		433		431,627
Crown Castle International Corp.
2.25%, 09/01/21 (Call 08/01/21)^(b)		2,171		2,192,167
3.40%, 02/15/21 (Call 01/15/21)		1,985		2,008,701
ERP Operating LP, 4.63%, 12/15/21 (Call 09/15/21)^(b)		2,119		2,197,022
Highwoods Realty LP, 3.20%, 06/15/21 (Call 04/15/21)		324		324,081
Kimco Realty Corp., 3.20%, 05/01/21 (Call 03/01/21)		1,100		1,103,366
Service Properties Trust, 4.25%, 02/15/21 (Call 11/15/20)^(b)		846		805,206
Simon Property Group LP, 2.50%, 07/15/21 (Call 04/15/21)		1,519		1,517,071
Weyerhaeuser Co., 4.70%, 03/15/21 (Call 05/18/20)		1,069		1,105,121

				18,260,486

Retail — 2.6%
AutoNation Inc., 3.35%, 01/15/21 (Call 12/15/20)^(b)		921		917,565
Best Buy Co. Inc., 5.50%, 03/15/21 (Call 12/15/20)		1,806		1,832,331
Costco Wholesale Corp., 2.15%, 05/18/21 (Call 04/18/21)		2,991		3,042,774
Family Dollar Stores Inc., 5.00%, 02/01/21^(b)		342		347,055
Home Depot Inc. (The)
2.00%, 04/01/21 (Call 03/01/21)		4,593		4,638,241
4.40%, 04/01/21 (Call 01/01/21)		2,709		2,772,689
Lowe’s Companies Inc.
3.75%, 04/15/21 (Call 01/15/21)		1,291		1,313,644
3.80%, 11/15/21 (Call 08/15/21)		1,420		1,469,075
McDonald’s Corp., 3.63%, 05/20/21^(b)		1,384		1,420,579
Nordstrom Inc., 4.00%, 10/15/21 (Call 07/15/21)		890		877,095
O’Reilly Automotive Inc.
4.63%, 09/15/21 (Call 06/15/21)		1,142		1,174,410
4.88%, 01/14/21 (Call 10/14/20)		365		370,446
Starbucks Corp., 2.10%, 02/04/21 (Call 01/04/21)		3,181		3,201,740
TJX Companies Inc. (The), 2.75%, 06/15/21 (Call 04/15/21)		1,625		1,645,183
Walgreens Boots Alliance Inc., 3.30%, 11/18/21 (Call 09/18/21)		3,451		3,519,951
Walmart Inc.
3.13%, 06/23/21		6,521		6,704,762
4.25%, 04/15/21^(b)		140		144,736

				35,392,276

Savings & Loans — 0.0%
First Niagara Financial Group Inc., 7.25%, 12/15/21^(b)		230		244,191


Semiconductors — 2.0%
Analog Devices Inc.
2.50%, 12/05/21 (Call 11/05/21)		1,289		1,301,078
2.95%, 01/12/21		1,400		1,417,542
Applied Materials Inc., 4.30%, 06/15/21		1,489		1,548,590
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.20%, 01/15/21		1,154		1,150,572
Broadcom Inc., 3.13%, 04/15/21^(a)(b)		2,998		3,018,027
Intel Corp.
1.70%, 05/19/21 (Call 04/19/21)		2,335		2,354,917
3.30%, 10/01/21		4,925		5,110,426
Lam Research Corp., 2.80%, 06/15/21 (Call 05/15/21)		2,493		2,540,467
Microchip Technology Inc., 3.92%, 06/01/21		2,294		2,329,947
NVIDIA Corp., 2.20%, 09/16/21 (Call 08/16/21)^(b)		3,033		3,091,628
Texas Instruments Inc., 2.75%, 03/12/21 (Call 02/12/21)		1,804		1,829,148
Xilinx Inc., 3.00%, 03/15/21		1,052		1,065,823

				26,758,165


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software — 2.3%
Activision Blizzard Inc., 2.30%, 09/15/21 (Call 08/15/21)	$	1,852	$	1,879,095
Electronic Arts Inc., 3.70%, 03/01/21 (Call 02/01/21)		1,600		1,631,632
Fiserv Inc., 4.75%, 06/15/21		616		638,145
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)^(b)		8,064		8,165,364
4.00%, 02/08/21^(b)		1,025		1,052,039
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)		11,905		12,061,670
2.80%, 07/08/21		4,610		4,713,587

				30,141,532

Telecommunications — 3.0%
AT&T Inc.
2.80%, 02/17/21 (Call 01/17/21)^(b)		5,259		5,323,738
3.88%, 08/15/21^(b)		2,882		2,973,360
4.45%, 05/15/21		2,607		2,687,895
4.60%, 02/15/21 (Call 11/15/20)		1,659		1,687,502
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)^(b)		7,797		7,926,898
2.20%, 02/28/21		6,290		6,365,920
2.90%, 03/04/21^(b)		1,144		1,165,015
Orange SA, 4.13%, 09/14/21		2,958		3,095,074
Telefonica Emisiones SA, 5.46%, 02/16/21		4,202		4,324,404
Verizon Communications Inc.
3.45%, 03/15/21		1,722		1,758,541
4.60%, 04/01/21		2,795		2,887,626

				40,195,973

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.15%, 05/15/21 (Call 03/15/21)		856		864,714


Transportation — 1.2%
Burlington Northern Santa Fe LLC, 3.45%, 09/15/21 (Call 06/15/21)		1,473		1,511,902
Canadian National Railway Co., 2.85%, 12/15/21 (Call 09/15/21)		895		914,019
CSX Corp., 4.25%, 06/01/21 (Call 03/01/21)		1,077		1,104,776
Norfolk Southern Corp., 3.25%, 12/01/21 (Call 09/01/21)		934		959,694
Ryder System Inc.
2.25%, 09/01/21 (Call 08/01/21)		905		897,588
3.45%, 11/15/21 (Call 10/15/21)		1,515		1,520,712
3.50%, 06/01/21		548		552,274


Security	Par/ Shares (000)		Value

Transportation (continued)
Union Pacific Corp.
3.20%, 06/08/21	$	1,505	$	1,538,200
4.00%, 02/01/21 (Call 11/01/20)		1,306		1,321,999
United Parcel Service Inc.
2.05%, 04/01/21		2,089		2,109,075
3.13%, 01/15/21		3,772		3,826,128

				16,256,367

Trucking & Leasing — 0.0%
GATX Corp., 4.85%, 06/01/21^(b)		585		601,444


Total Corporate Bonds & Notes — 97.8% (Cost: $1,293,793,865)				1,307,808,546


Short-Term Investments

Money Market Funds — 6.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(d)(e)(f)		62,180		62,248,124
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(d)(e)		20,858		20,858,000

				83,106,124


Total Short-Term Investments — 6.2% (Cost: $83,019,653)				83,106,124


Total Investments in Securities — 104.0% (Cost: $1,376,813,518)				1,390,914,670

Other Assets, Less Liabilities — (4.0)%				(53,589,302	)


Net Assets — 100.0%			$	1,337,325,368

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

^(d)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	39,042	23,138	62,180	$	62,248,124	$	116,035	^(b)	$	(10,710	)	$	70,327
BlackRock Cash Funds: Treasury, SL Agency Shares	18,477	2,381	20,858		20,858,000		60,598			—			—

				$	83,106,124	$	176,633		$	(10,710	)	$	70,327

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Corporate ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	1,307,808,546	$	—	$	1,307,808,546
Money Market Funds		83,106,124		—		—		83,106,124

	$	83,106,124	$	1,307,808,546	$	—	$	1,390,914,670

See notes to financial statements.


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.4%
Omnicom Group Inc./Omnicom Capital Inc., 3.63%, 05/01/22	$	3,006	$	3,153,324
WPP Finance 2010, 3.63%, 09/07/22		1,467		1,484,428

				4,637,752

Aerospace & Defense — 1.2%
Boeing Co. (The)
2.13%, 03/01/22 (Call 02/01/22)		405		390,084
2.70%, 05/01/22		1,181		1,139,394
General Dynamics Corp., 2.25%, 11/15/22 (Call 08/15/22)		2,696		2,778,686
Northrop Grumman Corp., 2.55%, 10/15/22 (Call 09/15/22)		4,175		4,318,411
Raytheon Co., 2.50%, 12/15/22 (Call 09/15/22)		2,774		2,879,218
Rockwell Collins Inc., 2.80%, 03/15/22 (Call 02/15/22)		3,206		3,284,130

				14,789,923

Agriculture — 2.0%
Altria Group Inc.
2.85%, 08/09/22^(a)		4,561		4,689,529
3.49%, 02/14/22		2,351		2,427,125
Archer-Daniels-Midland Co., 3.38%, 03/15/22 (Call 02/15/22)^(a)		720		749,592
BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22)		4,401		4,477,577
Bunge Ltd. Finance Corp., 3.00%, 09/25/22 (Call 08/25/22)		1,084		1,095,512
Philip Morris International Inc.
2.38%, 08/17/22 (Call 07/17/22)		3,031		3,117,929
2.50%, 08/22/22		2,272		2,346,976
2.50%, 11/02/22 (Call 10/02/22)		353		365,729
2.63%, 02/18/22 (Call 01/18/22)		1,216		1,248,638
Reynolds American Inc., 4.00%, 06/12/22^(a)		3,347		3,481,918

				24,000,525

Airlines — 0.1%
Continental Airlines Inc. Pass Through Trust, Series 2007-1, Class A, 5.98%, 04/19/22^(a)		374		363,271
Southwest Airlines Co., 2.75%, 11/16/22 (Call 10/16/22)		430		424,724

				787,995

Apparel — 0.1%
Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22)		1,047		964,737


Auto Manufacturers — 2.8%
American Honda Finance Corp.
1.95%, 05/20/22		1,128		1,126,443
2.20%, 06/27/22^(a)		1,633		1,640,740
2.60%, 11/16/22		1,944		1,971,605
General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)		2,813		2,680,311
3.45%, 01/14/22 (Call 12/14/21)		3,109		3,005,128
3.45%, 04/10/22 (Call 02/10/22)		4,093		3,944,015
3.55%, 07/08/22		2,627		2,534,425
PACCAR Financial Corp.
2.00%, 09/26/22		465		472,635
2.30%, 08/10/22		571		582,711
2.65%, 05/10/22		1,710		1,756,273
2.85%, 03/01/22		360		369,720
Toyota Motor Corp., 2.16%, 07/02/22		1,432		1,455,943
Toyota Motor Credit Corp.
2.15%, 09/08/22^(a)		1,953		1,986,767
2.60%, 01/11/22		2,971		3,032,619
2.65%, 04/12/22		1,760		1,807,256
2.80%, 07/13/22^(a)		1,228		1,267,615


Security	Par (000)		Value

Auto Manufacturers (continued)
3.30%, 01/12/22	$	3,062	$	3,161,944

				32,796,150

Banks — 28.2%
Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 11/21/22		2,378		2,423,467
2.63%, 05/19/22^(a)		1,580		1,623,845
2.63%, 11/09/22		2,182		2,254,770
Banco Santander SA, 3.50%, 04/11/22		2,227		2,272,698
Bank of America Corp.
2.50%, 10/21/22 (Call 10/21/21)		4,815		4,904,126
5.70%, 01/24/22		3,048		3,266,724
Bank of Montreal
2.05%, 11/01/22		1,065		1,083,382
2.35%, 09/11/22		2,865		2,949,804
2.55%, 11/06/22 (Call 10/06/22)		3,143		3,249,611
2.90%, 03/26/22		3,811		3,923,501
Bank of New York Mellon Corp. (The)
1.95%, 08/23/22		2,230		2,270,474
2.60%, 02/07/22 (Call 01/07/22)		3,450		3,545,013
Bank of Nova Scotia (The)
2.00%, 11/15/22^(a)		2,064		2,091,018
2.45%, 09/19/22		2,809		2,899,899
2.70%, 03/07/22		4,333		4,458,180
BBVA USA, 2.88%, 06/29/22 (Call 05/29/22)		1,647		1,654,263
Canadian Imperial Bank of Commerce, 2.55%, 06/16/22^(a)		2,845		2,923,038
Capital One N.A.
2.15%, 09/06/22 (Call 08/06/22)		4,095		4,083,616
2.65%, 08/08/22 (Call 07/08/22)		1,644		1,661,624
Citigroup Inc.
2.70%, 10/27/22 (Call 09/27/22)		4,651		4,763,043
2.75%, 04/25/22 (Call 03/25/22)		5,741		5,876,889
4.05%, 07/30/22		1,792		1,878,858
4.50%, 01/14/22		6,635		6,955,670
Citizens Bank N.A./Providence RI
2.65%, 05/26/22 (Call 04/26/22)		1,470		1,490,947
3.25%, 02/14/22 (Call 01/14/22)^(a)		1,741		1,781,130
Cooperatieve Rabobank UA
3.88%, 02/08/22^(a)		7,433		7,755,443
3.95%, 11/09/22		3,365		3,475,507
Cooperatieve Rabobank UA/NY, 2.75%, 01/10/22		1,305		1,339,582
Credit Suisse AG/New York NY, 2.80%, 04/08/22		4,050		4,146,309
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22		4,936		5,133,391
Deutsche Bank AG/New York NY
3.30%, 11/16/22		2,389		2,348,865
Series D, 5.00%, 02/14/22		3,031		3,082,103
Fifth Third Bancorp.
2.60%, 06/15/22 (Call 05/15/22)^(a)		1,980		2,016,472
3.50%, 03/15/22 (Call 02/15/22)		1,263		1,307,281
First Republic Bank/CA, 2.50%, 06/06/22 (Call 05/06/22)		1,371		1,401,203
Goldman Sachs Group Inc. (The)
3.00%, 04/26/22 (Call 04/26/21)		8,146		8,249,617
5.75%, 01/24/22		10,865		11,624,029
HSBC Holdings PLC
2.65%, 01/05/22		6,968		7,073,635
4.00%, 03/30/22^(a)		4,618		4,819,345
4.88%, 01/14/22		1,696		1,791,095
Huntington Bancshares Inc./OH, 2.30%, 01/14/22 (Call 12/14/21)		3,271		3,316,205


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Huntington National Bank (The)
2.50%, 08/07/22 (Call 07/07/22)^(a)	$	1,270	$	1,303,185
3.13%, 04/01/22 (Call 03/01/22)		1,383		1,426,772
ING Groep NV, 3.15%, 03/29/22^(a)		3,739		3,835,317
JPMorgan Chase & Co.
3.25%, 09/23/22		7,578		7,930,150
4.50%, 01/24/22		7,470		7,885,556
KeyBank N.A./Cleveland OH
2.30%, 09/14/22		1,910		1,949,881
2.40%, 06/09/22		1,505		1,536,093
3.18%, 05/22/22		562		576,084
3.30%, 02/01/22		1,609		1,661,743
Lloyds Bank PLC, 2.25%, 08/14/22		3,057		3,109,244
Lloyds Banking Group PLC, 3.00%, 01/11/22		3,540		3,602,906
Manufacturers & Traders Trust Co., 2.50%, 05/18/22 (Call 04/18/22)^(a)		1,554		1,595,367
Mitsubishi UFJ Financial Group Inc.
2.62%, 07/18/22		5,276		5,376,033
2.67%, 07/25/22		4,748		4,844,574
3.00%, 02/22/22		2,300		2,354,533
3.22%, 03/07/22		3,937		4,047,315
Mizuho Financial Group Inc.
2.60%, 09/11/22		2,428		2,468,863
2.95%, 02/28/22		3,821		3,890,733
Morgan Stanley
2.75%, 05/19/22		8,329		8,531,645
4.88%, 11/01/22		5,101		5,438,584
MUFG Americas Holdings Corp., 3.50%, 06/18/22		260		267,433
MUFG Union Bank N.A.
2.10%, 12/09/22 (Call 11/09/22)		1,575		1,593,695
3.15%, 04/01/22 (Call 03/01/22)		2,812		2,895,095
National Australia Bank Ltd./New York
1.88%, 12/13/22		1,525		1,547,768
2.50%, 05/22/22		2,632		2,699,458
2.80%, 01/10/22		2,573		2,641,570
Northern Trust Corp., 2.38%, 08/02/22^(a)		1,216		1,248,917
PNC Bank N.A.
2.45%, 07/28/22 (Call 06/28/22)		1,655		1,698,096
2.63%, 02/17/22 (Call 01/18/22)		3,843		3,932,042
2.70%, 11/01/22 (Call 10/01/22)		2,029		2,095,328
PNC Financial Services Group Inc. (The)
2.85%, 11/09/22		1,476		1,535,911
3.30%, 03/08/22 (Call 02/06/22)		1,865		1,931,487
Regions Financial Corp., 2.75%, 08/14/22 (Call 07/14/22)		2,564		2,611,485
Royal Bank of Canada
2.75%, 02/01/22		3,640		3,746,033
2.80%, 04/29/22		2,192		2,256,160
Royal Bank of Scotland Group PLC, 6.13%, 12/15/22		5,899		6,308,273
Santander Holdings USA Inc., 3.70%, 03/28/22 (Call 02/28/22)		2,556		2,592,372
Skandinaviska Enskilda Banken AB, 2.80%, 03/11/22		1,087		1,111,001
Sumitomo Mitsui Banking Corp., 3.20%, 07/18/22		2,235		2,308,934
Sumitomo Mitsui Financial Group Inc.
2.78%, 07/12/22		3,395		3,467,959
2.78%, 10/18/22		3,540		3,635,261
2.85%, 01/11/22		2,436		2,482,479
Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22)		2,507		2,459,292
Synovus Financial Corp., 3.13%, 11/01/22 (Call 10/01/22)		636		635,186
Toronto-Dominion Bank (The), 1.90%, 12/01/22		2,613		2,656,036


Security	Par (000)		Value

Banks (continued)
Truist Bank
2.45%, 08/01/22 (Call 07/01/22)	$	2,576	$	2,636,021
2.63%, 01/15/22 (Call 12/15/21)^(a)		1,927		1,967,409
2.80%, 05/17/22 (Call 04/17/22)^(a)		2,629		2,712,103
Truist Financial Corp.
2.70%, 01/27/22 (Call 12/27/21)		2,821		2,882,893
2.75%, 04/01/22 (Call 03/01/22)		2,754		2,822,602
3.05%, 06/20/22 (Call 05/20/22)		3,397		3,509,271
3.95%, 03/22/22 (Call 02/22/22)		730		758,704
U.S. Bancorp.
2.95%, 07/15/22 (Call 06/15/22)		3,461		3,584,523
3.00%, 03/15/22 (Call 02/15/22)		2,562		2,651,798
Series V, 2.63%, 01/24/22 (Call 12/23/21)		2,625		2,703,120
U.S. Bank N.A./Cincinnati OH
1.80%, 01/21/22 (Call 12/21/21)		2,145		2,172,499
2.65%, 05/23/22 (Call 04/22/22)^(a)		2,601		2,685,090
Wells Fargo & Co.
2.63%, 07/22/22		9,812		10,045,722
3.50%, 03/08/22^(a)		6,398		6,629,416
Westpac Banking Corp.
2.50%, 06/28/22		2,890		2,966,787
2.80%, 01/11/22		3,234		3,324,164
Zions Bancorp. N.A., 3.35%, 03/04/22 (Call 02/04/22)^(a)		896		895,919

				333,835,562

Beverages — 1.4%
Anheuser-Busch InBev Worldwide Inc., 2.50%, 07/15/22		1,102		1,134,861
Beam Suntory Inc., 3.25%, 05/15/22 (Call 02/15/22)		662		670,341
Coca-Cola Co. (The), 2.20%, 05/25/22^(a)		1,093		1,126,653
Constellation Brands Inc.
2.65%, 11/07/22 (Call 10/07/22)		1,835		1,869,663
2.70%, 05/09/22 (Call 04/09/22)^(a)		1,346		1,368,236
Diageo Investment Corp., 2.88%, 05/11/22		2,351		2,441,890
Molson Coors Beverage Co., 3.50%, 05/01/22		991		1,010,959
PepsiCo Inc.
2.25%, 05/02/22 (Call 04/02/22)		1,911		1,970,184
2.75%, 03/05/22		3,168		3,284,139
3.10%, 07/17/22 (Call 05/17/22)		2,020		2,121,586

				16,998,512

Biotechnology — 1.2%
Amgen Inc.
2.65%, 05/11/22 (Call 04/11/22)		3,991		4,102,349
2.70%, 05/01/22 (Call 03/01/22)^(a)		1,387		1,430,815
3.63%, 05/15/22 (Call 02/15/22)		2,121		2,214,260
Biogen Inc., 3.63%, 09/15/22		2,527		2,669,321
Gilead Sciences Inc.
1.95%, 03/01/22 (Call 02/01/22)^(a)		1,535		1,561,433
3.25%, 09/01/22 (Call 07/01/22)		2,606		2,732,339

				14,710,517

Building Materials — 0.1%
Masco Corp., 5.95%, 03/15/22^(a)		697		741,120


Chemicals — 1.2%
Cabot Corp., 3.70%, 07/15/22		589		599,626
Celanese U.S. Holdings LLC, 4.63%, 11/15/22^(a)		918		944,053
Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22)^(a)		2,323		2,401,192
Ecolab Inc., 2.38%, 08/10/22 (Call 07/10/22)		1,852		1,919,116
Huntsman International LLC, 5.13%, 11/15/22 (Call 08/15/22)^(a)		150		151,271
Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22)		1,199		1,196,926


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
NewMarket Corp., 4.10%, 12/15/22^(a)	$	364	$	386,291
Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22)		1,442		1,480,718
Praxair Inc.
2.20%, 08/15/22 (Call 05/15/22)		1,430		1,461,288
2.45%, 02/15/22 (Call 11/15/21)^(a)		1,523		1,558,014
RPM International Inc., 3.45%, 11/15/22 (Call 08/15/22)		745		768,557
Sherwin-Williams Co. (The)
2.75%, 06/01/22 (Call 05/01/22)		315		317,797
4.20%, 01/15/22 (Call 10/15/21)		580		602,678

				13,787,527

Commercial Services — 0.8%
Block Financial LLC, 5.50%, 11/01/22 (Call 05/01/22)^(a)		1,579		1,631,470
Cintas Corp. No. 2
2.90%, 04/01/22 (Call 03/01/22)		1,787		1,844,774
3.25%, 06/01/22 (Call 03/01/22)^(a)		110		113,026
Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)^(a)		929		954,613
Moody’s Corp., 4.50%, 09/01/22 (Call 06/01/22)		853		906,969
PayPal Holdings Inc., 2.20%, 09/26/22		2,789		2,841,349
Verisk Analytics Inc., 4.13%, 09/12/22		1,099		1,162,896

				9,455,097

Computers — 3.5%
Apple Inc.
1.70%, 09/11/22		2,325		2,385,194
2.10%, 09/12/22 (Call 08/12/22)		2,818		2,912,234
2.15%, 02/09/22		3,551		3,643,184
2.30%, 05/11/22 (Call 04/11/22)		1,413		1,459,643
2.50%, 02/09/22 (Call 01/09/22)		4,542		4,684,346
2.70%, 05/13/22		3,367		3,512,320
Genpact Luxembourg Sarl, 3.70%, 04/01/22 (Call 03/01/22)		572		581,959
Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22)		3,616		3,797,017
HP Inc., 4.05%, 09/15/22		1,199		1,249,022
IBM Credit LLC, 2.20%, 09/08/22^(a)		1,306		1,346,094
International Business Machines Corp.
1.88%, 08/01/22		2,852		2,916,370
2.50%, 01/27/22		2,438		2,503,387
2.85%, 05/13/22		5,845		6,077,339
2.88%, 11/09/22^(a)		2,710		2,839,944
Seagate HDD Cayman, 4.25%, 03/01/22 (Call 02/01/22)		1,069		1,086,617

				40,994,670

Cosmetics & Personal Care — 0.9%
Colgate-Palmolive Co.
2.25%, 11/15/22		908		944,647
2.30%, 05/03/22		1,252		1,294,067
Procter & Gamble Co. (The)
2.15%, 08/11/22^(a)		3,233		3,352,977
2.30%, 02/06/22		2,110		2,168,974
Unilever Capital Corp.
2.20%, 05/05/22 (Call 04/05/22)		1,815		1,863,642
3.00%, 03/07/22		1,270		1,324,788

				10,949,095

Diversified Financial Services — 4.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.50%, 05/26/22 (Call 04/26/22)		445		412,123
3.95%, 02/01/22 (Call 01/01/22)		2,947		2,760,838
4.63%, 07/01/22		828		782,990
Air Lease Corp.
2.63%, 07/01/22 (Call 06/01/22)		1,783		1,667,604
3.50%, 01/15/22		1,882		1,775,912


Security	Par (000)		Value

Diversified Financial Services (continued)
3.75%, 02/01/22 (Call 12/01/21)	$	1,054	$	983,983
Aircastle Ltd., 5.50%, 02/15/22		1,076		1,033,466
Ally Financial Inc.
4.13%, 02/13/22		480		487,061
4.63%, 05/19/22		1,795		1,820,417
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)		4,770		4,875,751
2.65%, 12/02/22		3,446		3,544,177
2.75%, 05/20/22 (Call 04/20/22)		2,750		2,817,072
American Express Credit Corp., 2.70%, 03/03/22 (Call 01/31/22)^(a)		4,071		4,171,432
Ameriprise Financial Inc., 3.00%, 03/22/22		1,055		1,089,214
Capital One Financial Corp., 3.05%, 03/09/22 (Call 02/09/22)^(a)		2,641		2,688,723
CME Group Inc., 3.00%, 09/15/22		1,838		1,925,654
Discover Financial Services
3.85%, 11/21/22		1,304		1,334,031
5.20%, 04/27/22		915		950,511
E*TRADE Financial Corp., 2.95%, 08/24/22 (Call 07/24/22)		1,485		1,508,656
Franklin Resources Inc., 2.80%, 09/15/22^(a)		335		347,227
Intercontinental Exchange Inc., 2.35%, 09/15/22 (Call 08/15/22)		926		953,011
International Lease Finance Corp.
5.88%, 08/15/22		2,078		2,006,621
8.63%, 01/15/22		1,743		1,771,585
Invesco Finance PLC, 3.13%, 11/30/22		579		588,507
ORIX Corp., 2.90%, 07/18/22		1,197		1,214,716
Synchrony Financial, 2.85%, 07/25/22 (Call 06/25/22)		1,425		1,388,776
TD Ameritrade Holding Corp., 2.95%, 04/01/22 (Call 02/01/22)		2,003		2,056,019
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)		2,607		2,698,141
2.80%, 12/14/22 (Call 10/14/22)		5,811		6,123,167
Western Union Co. (The), 3.60%, 03/15/22 (Call 02/15/22)^(a)		1,502		1,541,593

				57,318,978

Electric — 4.8%
AEP Texas Inc., 2.40%, 10/01/22 (Call 09/01/22)^(a)		775		793,275
Alabama Power Co., Series 17-A, 2.45%, 03/30/22 (Call 02/28/22)		1,104		1,134,194
Ameren Illinois Co., 2.70%, 09/01/22 (Call 06/01/22)		725		744,720
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 09/15/22)		902		933,705
CenterPoint Energy Inc., 2.50%, 09/01/22 (Call 08/01/22)		1,603		1,638,330
CMS Energy Corp., 5.05%, 03/15/22 (Call 12/15/21)		907		960,332
Consumers Energy Co., 2.85%, 05/15/22 (Call 02/15/22)		395		410,721
Dominion Energy Inc.
Series B, 2.75%, 01/15/22 (Call 12/15/21)^(a)		974		995,272
Series B, 2.75%, 09/15/22 (Call 06/15/22)		1,755		1,799,296
DTE Energy Co.
2.25%, 11/01/22		1,545		1,573,397
Series B, 2.60%, 06/15/22		545		552,270
Series B, 3.30%, 06/15/22 (Call 04/15/22)		1,057		1,089,228
Duke Energy Carolinas LLC, 3.35%, 05/15/22		120		126,214
Duke Energy Corp.
2.40%, 08/15/22 (Call 07/15/22)		1,241		1,274,333
3.05%, 08/15/22 (Call 05/15/22)		2,489		2,569,967
Duke Energy Progress LLC, 2.80%, 05/15/22 (Call 02/15/22)^(a)		1,485		1,533,188


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Edison International
2.40%, 09/15/22 (Call 08/15/22)^(a)	$	1,265	$	1,263,469
3.13%, 11/15/22 (Call 10/15/22)		440		447,075
Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)		1,942		2,052,966
Eversource Energy, Series K, 2.75%, 03/15/22 (Call 02/15/22)		2,106		2,161,999
Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22)		3,328		3,438,623
Exelon Generation Co. LLC
3.40%, 03/15/22 (Call 02/15/22)		818		846,556
4.25%, 06/15/22 (Call 03/15/22)^(a)		1,274		1,338,082
FirstEnergy Corp., Series A, 2.85%, 07/15/22 (Call 05/15/22)		1,000		1,021,320
Georgia Power Co., 2.85%, 05/15/22^(a)		1,109		1,148,214
ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22)		630		647,004
National Rural Utilities Cooperative Finance Corp.
2.30%, 09/15/22 (Call 08/15/22)^(a)		825		848,306
2.40%, 04/25/22 (Call 03/25/22)		1,156		1,190,773
3.05%, 02/15/22 (Call 11/15/21)		1,139		1,177,601
NextEra Energy Capital Holdings Inc.
1.95%, 09/01/22^(a)		1,000		1,015,560
2.90%, 04/01/22		3,750		3,872,363
3.20%, 02/25/22		317		327,280
3.30%, 08/15/22		220		229,552
Northern States Power Co./MN, 2.15%, 08/15/22 (Call 02/15/22)^(a)		905		920,928
NSTAR Electric Co., 2.38%, 10/15/22 (Call 07/15/22)		441		452,263
Oncor Electric Delivery Co. LLC
4.10%, 06/01/22 (Call 03/01/22)		965		1,018,548
7.00%, 09/01/22		1,321		1,500,247
PacifiCorp, 2.95%, 02/01/22 (Call 11/01/21)		1,003		1,036,490
PECO Energy Co., 2.38%, 09/15/22 (Call 06/15/22)		445		456,392
PPL Capital Funding Inc.
3.50%, 12/01/22 (Call 09/01/22)		548		569,186
4.20%, 06/15/22 (Call 03/15/22)		998		1,041,712
Progress Energy Inc., 3.15%, 04/01/22 (Call 01/01/22)		1,478		1,517,817
Public Service Co. of Colorado, 2.25%, 09/15/22 (Call 03/15/22)		540		552,296
Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 10/15/22)		1,779		1,829,026
Puget Energy Inc., 5.63%, 07/15/22 (Call 04/15/22)^(a)		912		958,722
Sempra Energy, 2.88%, 10/01/22 (Call 07/01/22)		1,405		1,441,404
Southern California Edison Co., Series B, 2.40%, 02/01/22 (Call 12/01/21)		1,095		1,108,830
Virginia Electric & Power Co., 2.95%, 01/15/22 (Call 10/15/21)		788		814,532
WEC Energy Group Inc., 3.10%, 03/08/22		618		637,275
Xcel Energy Inc., 2.60%, 03/15/22 (Call 02/15/22)		260		265,023

				57,275,876

Electronics — 0.8%
Agilent Technologies Inc., 3.20%, 10/01/22 (Call 07/01/22)		1,205		1,242,102
Arrow Electronics Inc., 3.50%, 04/01/22 (Call 02/01/22)		752		760,174
Avnet Inc., 4.88%, 12/01/22^(a)		616		650,274
Honeywell International Inc., 2.15%, 08/08/22 (Call 07/08/22)^(a)		2,376		2,445,046
Jabil Inc., 4.70%, 09/15/22		1,545		1,587,596
Roper Technologies Inc., 3.13%, 11/15/22 (Call 08/15/22)		454		464,229
Tech Data Corp., 3.70%, 02/15/22 (Call 01/15/22)		1,757		1,734,387


Security	Par (000)		Value

Electronics (continued)
Tyco Electronics Group SA, 3.50%, 02/03/22 (Call 11/03/21)	$	323	$	334,399

				9,218,207

Environmental Control — 0.4%
Republic Services Inc., 3.55%, 06/01/22 (Call 03/01/22)		2,744		2,864,077
Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22)		1,780		1,847,569

				4,711,646

Food — 1.0%
Campbell Soup Co., 2.50%, 08/02/22		640		653,453
Flowers Foods Inc., 4.38%, 04/01/22 (Call 01/01/22)^(a)		250		256,630
General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22)		1,584		1,637,397
JM Smucker Co. (The), 3.00%, 03/15/22		1,095		1,126,799
Kellogg Co., 3.13%, 05/17/22^(a)		485		501,849
Kroger Co. (The)
2.80%, 08/01/22 (Call 07/01/22)		1,010		1,045,006
3.40%, 04/15/22 (Call 01/15/22)		1,193		1,238,310
McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22)		1,892		1,941,041
Sysco Corp., 2.60%, 06/12/22^(a)		1,030		1,036,994
Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22)		2,493		2,635,325

				12,072,804

Forest Products & Paper — 0.1%
Domtar Corp., 4.40%, 04/01/22 (Call 01/01/22)^(a)		725		744,807


Gas — 0.1%
NiSource Inc., 2.65%, 11/17/22 (Call 10/17/22)		1,030		1,064,103


Hand & Machine Tools — 0.2%
Kennametal Inc., 3.88%, 02/15/22 (Call 11/15/21)^(a)		313		320,700
Stanley Black & Decker Inc., 2.90%, 11/01/22		1,578		1,637,364

				1,958,064

Health Care – Products — 1.2%
Abbott Laboratories, 2.55%, 03/15/22^(a)		2,200		2,276,384
Boston Scientific Corp., 3.38%, 05/15/22		1,208		1,253,675
Covidien International Finance SA, 3.20%, 06/15/22 (Call 03/15/22)		1,117		1,165,846
DH Europe Finance II Sarl, 2.05%, 11/15/22		3,061		3,109,486
Medtronic Inc., 3.15%, 03/15/22		3,965		4,142,315
Zimmer Biomet Holdings Inc., 3.15%, 04/01/22 (Call 02/01/22)		2,027		2,072,830

				14,020,536

Health Care – Services — 1.9%
Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22)		2,680		2,764,152
Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)		2,011		2,089,992
3.13%, 05/15/22		2,536		2,631,861
CommonSpirit Health, 2.95%, 11/01/22^(a)		565		572,967
Humana Inc.
2.90%, 12/15/22 (Call 11/15/22)		1,184		1,218,525
3.15%, 12/01/22 (Call 09/01/22)		1,309		1,355,312
Laboratory Corp. of America Holdings
3.20%, 02/01/22		1,312		1,349,956
3.75%, 08/23/22 (Call 05/23/22)		1,096		1,150,734
UnitedHealth Group Inc.
2.38%, 10/15/22^(a)		1,041		1,077,123
2.88%, 03/15/22 (Call 12/15/21)		3,830		3,960,565
3.35%, 07/15/22		3,738		3,946,132

				22,117,319

Holding Companies – Diversified — 0.2%
Ares Capital Corp., 3.63%, 01/19/22 (Call 12/19/21)		1,479		1,457,348


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Holding Companies – Diversified (continued)
FS KKR Capital Corp., 4.75%, 05/15/22 (Call 04/15/22)	$	838	$	802,393

				2,259,741

Home Builders — 0.2%
DR Horton Inc., 4.38%, 09/15/22 (Call 06/15/22)		810		834,616
NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)		1,712		1,782,860

				2,617,476

Home Furnishings — 0.1%
Leggett & Platt Inc., 3.40%, 08/15/22 (Call 05/15/22)^(a)		136		138,353
Whirlpool Corp., 4.70%, 06/01/22		464		485,465

				623,818

Household Products & Wares — 0.3%
Church & Dwight Co. Inc.
2.45%, 08/01/22 (Call 07/01/22)		975		996,655
2.88%, 10/01/22		407		416,719
Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)		1,648		1,720,166
Kimberly-Clark Corp., 2.40%, 03/01/22		341		350,381

				3,483,921

Insurance — 1.7%
Alleghany Corp., 4.95%, 06/27/22		709		750,916
American International Group Inc., 4.88%, 06/01/22		3,498		3,729,882
Aon Corp., 2.20%, 11/15/22		1,640		1,669,914
Berkshire Hathaway Finance Corp., 3.00%, 05/15/22		2,016		2,116,094
Berkshire Hathaway Inc., 3.40%, 01/31/22		1,925		2,021,385
Chubb INA Holdings Inc., 2.88%, 11/03/22 (Call 09/03/22)		1,314		1,370,174
Enstar Group Ltd., 4.50%, 03/10/22 (Call 02/10/22)		345		349,523
Fidelity National Financial Inc., 5.50%, 09/01/22		675		712,307
Lincoln National Corp., 4.20%, 03/15/22^(a)		945		980,778
Markel Corp., 4.90%, 07/01/22^(a)		150		159,951
Marsh & McLennan Companies Inc., 2.75%, 01/30/22 (Call 12/30/21)		1,935		1,994,192
MetLife Inc., 3.05%, 12/15/22		1,374		1,437,355
Primerica Inc., 4.75%, 07/15/22		365		384,097
Principal Financial Group Inc., 3.30%, 09/15/22		832		858,932
Sompo International Holdings Ltd., 4.70%, 10/15/22		501		519,186
WR Berkley Corp., 4.63%, 03/15/22		628		652,837

				19,707,523

Internet — 1.2%
Amazon.com Inc., 2.50%, 11/29/22 (Call 08/29/22)		3,609		3,765,342
Baidu Inc.
2.88%, 07/06/22^(a)		1,775		1,793,389
3.50%, 11/28/22		3,152		3,249,176
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)^(a)		2,685		2,752,528
3.80%, 03/09/22 (Call 02/09/22)		2,068		2,154,690

				13,715,125

Iron & Steel — 0.1%
Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22)		1,676		1,764,275


Lodging — 0.3%
Choice Hotels International Inc., 5.75%, 07/01/22		201		200,529
Marriott International Inc./MD
2.30%, 01/15/22 (Call 12/15/21)		2,673		2,583,134
3.25%, 09/15/22 (Call 06/15/22)		1,016		990,854

				3,774,517

Machinery — 2.5%
ABB Finance USA Inc., 2.88%, 05/08/22		3,803		3,914,960
Caterpillar Financial Services Corp. 1.90%, 09/06/22		2,154		2,194,129


Security	Par (000)		Value

Machinery (continued)
1.95%, 11/18/22	$	2,090	$	2,132,113
2.40%, 06/06/22		1,246		1,279,492
2.55%, 11/29/22^(a)		1,113		1,154,827
2.85%, 06/01/22^(a)		1,282		1,327,896
2.95%, 02/26/22		2,174		2,246,199
Caterpillar Inc., 2.60%, 06/26/22 (Call 03/26/22)^(a)		1,609		1,658,203
CNH Industrial Capital LLC, 4.38%, 04/05/22		1,322		1,353,398
Deere & Co., 2.60%, 06/08/22 (Call 03/08/22)		2,524		2,590,507
Flowserve Corp., 3.50%, 09/15/22 (Call 06/15/22)		1,028		1,034,785
John Deere Capital Corp.
1.95%, 06/13/22		907		922,346
2.15%, 09/08/22		2,113		2,171,065
2.65%, 01/06/22^(a)		1,940		1,989,916
2.75%, 03/15/22		1,233		1,270,200
2.95%, 04/01/22		1,797		1,860,452
3.20%, 01/10/22		578		598,317

				29,698,805

Manufacturing — 1.4%
3M Co.
2.00%, 06/26/22		1,625		1,665,657
2.75%, 03/01/22 (Call 02/01/22)^(a)		1,575		1,636,630
Eaton Corp., 2.75%, 11/02/22		3,601		3,723,470
General Electric Co.
2.70%, 10/09/22		5,186		5,226,762
3.15%, 09/07/22		3,225		3,291,274
Parker-Hannifin Corp., 3.50%, 09/15/22		879		919,680

				16,463,473

Media — 2.6%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.46%, 07/23/22 (Call 05/23/22)		7,380		7,775,494
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		2,371		2,875,359
Comcast Corp.
1.63%, 01/15/22 (Call 12/15/21)		2,138		2,172,486
3.13%, 07/15/22		2,877		3,027,697
Discovery Communications LLC
3.30%, 05/15/22		2,086		2,139,735
3.50%, 06/15/22 (Call 04/15/22)		756		776,669
Fox Corp., 3.67%, 01/25/22		2,298		2,385,807
TWDC Enterprises 18 Corp.
2.35%, 12/01/22		3,052		3,155,554
2.45%, 03/04/22		1,202		1,234,190
2.55%, 02/15/22		75		77,103
ViacomCBS Inc., 3.38%, 03/01/22 (Call 12/01/21)		1,580		1,612,801
Walt Disney Co. (The)
1.65%, 09/01/22		932		945,710
3.00%, 09/15/22		2,593		2,711,759

				30,890,364

Mining — 0.2%
BHP Billiton Finance USA Ltd., 2.88%, 02/24/22		2,025		2,077,083
Southern Copper Corp., 3.50%, 11/08/22		829		833,866

				2,910,949

Oil & Gas — 3.9%
Apache Corp., 3.25%, 04/15/22 (Call 01/15/22)		1,173		1,074,656
BP Capital Markets America Inc.
2.52%, 09/19/22 (Call 08/19/22)		2,828		2,879,328
3.25%, 05/06/22		3,210		3,305,369


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
BP Capital Markets PLC
2.50%, 11/06/22	$	2,611	$	2,663,925
3.06%, 03/17/22		2,641		2,711,383
3.25%, 05/06/22		45		46,196
Chevron Corp.
2.36%, 12/05/22 (Call 09/05/22)		4,566		4,712,888
2.41%, 03/03/22 (Call 01/03/22)		2,849		2,920,196
2.50%, 03/03/22 (Call 02/03/22)		1,879		1,935,821
ConocoPhillips Co., 2.40%, 12/15/22 (Call 09/15/22)		135		137,395
Exxon Mobil Corp.
1.90%, 08/16/22		3,652		3,732,636
2.40%, 03/06/22 (Call 01/06/22)		2,529		2,591,011
Husky Energy Inc., 3.95%, 04/15/22 (Call 01/15/22)		1,649		1,607,231
Marathon Oil Corp., 2.80%, 11/01/22 (Call 08/01/22)		2,426		2,281,241
Newfield Exploration Co., 5.75%, 01/30/22		1,035		885,846
Phillips 66, 4.30%, 04/01/22		4,429		4,616,258
Pioneer Natural Resources Co., 3.95%, 07/15/22 (Call 04/15/22)		1,898		1,926,679
Shell International Finance BV, 2.38%, 08/21/22		2,871		2,938,641
Total Capital International SA, 2.88%, 02/17/22		3,129		3,204,878

				46,171,578

Oil & Gas Services — 0.4%
Baker Hughes a GE Co. LLC/Baker Hughes
Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22)		3,063		3,070,902
National Oilwell Varco Inc., 2.60%, 12/01/22 (Call 09/01/22)		1,128		1,060,275
TechnipFMC PLC, 3.45%, 10/01/22 (Call 07/01/22)		732		719,761

				4,850,938

Packaging & Containers — 0.1%
WestRock RKT LLC, 4.90%, 03/01/22		851		894,205


Pharmaceuticals — 7.8%
AbbVie Inc.
2.30%, 11/21/22^(b)		7,331		7,507,897
2.90%, 11/06/22		7,789		8,096,743
3.20%, 11/06/22 (Call 09/06/22)		2,556		2,668,669
Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22)		4,153		4,276,676
Allergan Funding SCS, 3.45%, 03/15/22 (Call 01/15/22)		6,439		6,609,118
AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/12/22)^(a)		3,082		3,161,423
Becton Dickinson and Co., 2.89%, 06/06/22 (Call 05/06/22)		5,214		5,344,194
Bristol-Myers Squibb Co.
2.00%, 08/01/22^(a)		1,656		1,693,840
2.60%, 05/16/22^(b)		3,827		3,951,454
3.25%, 08/15/22^(b)		2,224		2,335,890
3.55%, 08/15/22^(b)		1,904		2,014,337
Cardinal Health Inc., 2.62%, 06/15/22 (Call 05/15/22)		2,935		2,983,251
Cigna Corp.
3.05%, 11/30/22 (Call 10/31/22)^(b)		1,111		1,151,940
3.90%, 02/15/22^(b)		2,195		2,285,807
CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)		3,592		3,718,510
3.50%, 07/20/22 (Call 05/20/22)		3,820		3,981,242
4.75%, 12/01/22 (Call 09/01/22)		1,059		1,139,918
Eli Lilly & Co., 2.35%, 05/15/22		1,557		1,606,170
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		5,647		5,858,085
2.88%, 06/01/22 (Call 05/01/22)		3,059		3,177,169
Johnson & Johnson, 2.25%, 03/03/22 (Call 02/03/22)		2,857		2,942,396
McKesson Corp., 2.70%, 12/15/22 (Call 09/15/22)		975		1,001,413


Security	Par (000)		Value

Pharmaceuticals (continued)
Merck & Co. Inc.
2.35%, 02/10/22	$	3,353	$	3,448,762
2.40%, 09/15/22 (Call 06/15/22)		2,362		2,451,732
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)		3,470		3,582,185
2.40%, 09/21/22		3,172		3,288,635
Pfizer Inc., 2.80%, 03/11/22		1,848		1,919,795

				92,197,251

Pipelines — 2.8%
Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22)		1,870		1,882,192
Energy Transfer Operating LP, 5.20%, 02/01/22 (Call 11/01/21)		2,237		2,251,697
Energy Transfer Partners LP/Regency Energy
Finance Corp.
5.00%, 10/01/22 (Call 07/01/22)		1,581		1,584,051
5.88%, 03/01/22 (Call 12/01/21)		2,695		2,738,012
Enterprise Products Operating LLC
3.50%, 02/01/22		2,238		2,293,547
4.05%, 02/15/22		1,571		1,625,797
Kinder Morgan Energy Partners LP
3.95%, 09/01/22 (Call 06/01/22)		2,345		2,428,951
4.15%, 03/01/22		409		419,536
MPLX LP, 3.50%, 12/01/22 (Call 11/01/22)^(b)		1,327		1,310,904
ONEOK Inc., 4.25%, 02/01/22 (Call 11/01/21)		828		825,847
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		2,995		2,911,020
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 06/01/22 (Call 03/01/22)		1,463		1,435,701
Sabine Pass Liquefaction LLC, 6.25%, 03/15/22 (Call 12/15/21)		2,110		2,176,465
Sunoco Logistics Partners Operations LP, 4.65%, 02/15/22		802		801,134
TransCanada PipeLines Ltd., 2.50%, 08/01/22		2,546		2,575,355
Williams Companies Inc. (The)
3.35%, 08/15/22 (Call 05/15/22)		1,745		1,752,783
3.60%, 03/15/22 (Call 01/15/22)		3,590		3,634,983

				32,647,975

Real Estate Investment Trusts — 2.2%
American Tower Corp.
2.25%, 01/15/22		1,673		1,696,188
4.70%, 03/15/22		1,582		1,679,799
AvalonBay Communities Inc., 2.95%, 09/15/22 (Call 06/15/22)		1,027		1,048,249
Brixmor Operating Partnership LP, 3.88%, 08/15/22 (Call 06/15/22)^(a)		1,193		1,205,419
Camden Property Trust, 2.95%, 12/15/22 (Call 09/15/22)		335		338,394
Crown Castle International Corp., 4.88%, 04/15/22		2,199		2,341,583
Digital Realty Trust LP
3.63%, 10/01/22 (Call 07/03/22)^(a)		1,020		1,050,008
3.95%, 07/01/22 (Call 05/01/22)^(a)		1,195		1,252,468
Duke Realty LP, 3.88%, 10/15/22 (Call 07/15/22)		315		326,800
Essex Portfolio LP, 3.63%, 08/15/22 (Call 05/15/22)		475		486,661
Healthpeak Properties Inc., 3.15%, 08/01/22 (Call 05/01/22)		237		237,273
Kimco Realty Corp., 3.40%, 11/01/22 (Call 09/01/22)^(a)		1,087		1,115,349
Office Properties Income Trust
4.00%, 07/15/22 (Call 06/15/22)		730		713,444
4.15%, 02/01/22 (Call 12/01/21)		932		909,949
Public Storage, 2.37%, 09/15/22 (Call 08/15/22)		1,532		1,569,534
Rayonier Inc., 3.75%, 04/01/22 (Call 01/01/22)		175		172,536
Realty Income Corp., 3.25%, 10/15/22 (Call 07/15/22)		2,682		2,756,023


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Regency Centers Corp., 3.75%, 11/15/22 (Call 08/15/22)	$	395	$	413,367
Service Properties Trust, 5.00%, 08/15/22 (Call 02/15/22)		1,086		993,418
Simon Property Group LP
2.35%, 01/30/22 (Call 10/30/21)		1,585		1,582,638
2.63%, 06/15/22 (Call 03/15/22)		1,366		1,355,755
SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 09/15/22)		1,231		1,236,035
Ventas Realty LP/Ventas Capital Corp., 3.25%, 08/15/22 (Call 05/15/22)		1,428		1,433,898
Washington REIT, 3.95%, 10/15/22 (Call 07/15/22)		550		533,945

				26,448,733

Retail — 2.3%
Advance Auto Parts Inc., 4.50%, 01/15/22 (Call 10/15/21)		250		256,630
AutoZone Inc., 3.70%, 04/15/22 (Call 01/15/22)		1,215		1,253,224
Costco Wholesale Corp.
2.25%, 02/15/22		1,032		1,066,004
2.30%, 05/18/22 (Call 04/18/22)		1,777		1,835,712
Home Depot Inc. (The)
2.63%, 06/01/22 (Call 05/01/22)		4,366		4,541,732
3.25%, 03/01/22		1,026		1,076,212
Lowe’s Companies Inc., 3.12%, 04/15/22 (Call 01/15/22)		2,188		2,256,288
McDonald’s Corp., 2.63%, 01/15/22		3,832		3,930,674
O’Reilly Automotive Inc., 3.80%, 09/01/22 (Call 06/01/22)		240		247,925
QVC Inc., 5.13%, 07/02/22		826		809,794
Starbucks Corp., 2.70%, 06/15/22 (Call 04/15/22)^(a)		1,353		1,393,130
Target Corp., 2.90%, 01/15/22		2,876		2,996,504
Walgreen Co., 3.10%, 09/15/22		3,247		3,342,300
Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22)^(a)		2,506		2,616,439

				27,622,568

Savings & Loans — 0.1%
People’s United Financial Inc., 3.65%, 12/06/22 (Call 09/06/22)^(a)		1,317		1,350,518


Semiconductors — 1.5%
Broadcom Inc., 3.13%, 10/15/22^(b)		3,535		3,663,921
Intel Corp.
2.35%, 05/11/22 (Call 04/11/22)		1,634		1,685,945
2.70%, 12/15/22		3,899		4,100,578
3.10%, 07/29/22^(a)		2,321		2,449,816
QUALCOMM Inc., 3.00%, 05/20/22		4,562		4,752,418
Texas Instruments Inc., 1.85%, 05/15/22 (Call 04/15/22)^(a)		1,249		1,276,303

				17,928,981

Software — 2.9%
Activision Blizzard Inc., 2.60%, 06/15/22 (Call 05/15/22)		371		380,427
Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22)^(a)		390		404,645
CA Inc., 3.60%, 08/15/22 (Call 07/15/22)		1,202		1,218,696
Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22)		1,614		1,694,539
Microsoft Corp.
2.13%, 11/15/22^(a)		1,041		1,090,343
2.38%, 02/12/22 (Call 01/12/22)		4,089		4,217,517
2.40%, 02/06/22 (Call 01/06/22)		4,854		4,990,834
2.65%, 11/03/22 (Call 09/03/22)		3,094		3,244,430
Oracle Corp.
2.50%, 05/15/22 (Call 03/15/22)		6,226		6,405,184
2.50%, 10/15/22		6,334		6,571,525
VMware Inc., 2.95%, 08/21/22 (Call 07/21/22)^(a)		3,642		3,695,538

				33,913,678

Telecommunications — 3.0%
America Movil SAB de CV, 3.13%, 07/16/22		2,299		2,344,819


Security	Par/ Shares (000)		Value

Telecommunications (continued)
AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)	$	2,211	$	2,263,224
3.00%, 02/15/22		3,255		3,346,368
3.00%, 06/30/22 (Call 04/30/22)		4,766		4,906,454
3.20%, 03/01/22 (Call 02/01/22)		4,521		4,685,338
3.40%, 06/15/22		1,187		1,236,237
3.80%, 03/15/22^(a)		2,534		2,645,521
4.00%, 01/15/22		1,344		1,401,631
Cisco Systems Inc., 3.00%, 06/15/22		1,412		1,486,850
Corning Inc., 2.90%, 05/15/22 (Call 03/15/22)^(a)		1,044		1,071,718
Motorola Solutions Inc., 3.75%, 05/15/22		1,362		1,409,234
Verizon Communications Inc.
2.45%, 11/01/22 (Call 08/01/22)		2,352		2,434,673
2.95%, 03/15/22		2,376		2,470,779
3.13%, 03/16/22^(a)		3,187		3,324,710
Vodafone Group PLC, 2.50%, 09/26/22		65		66,870

				35,094,426

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 2.60%, 11/19/22		610		616,082


Transportation — 1.6%
Burlington Northern Santa Fe LLC
3.05%, 03/15/22 (Call 12/15/21)^(a)		1,481		1,529,725
3.05%, 09/01/22 (Call 06/01/22)		1,614		1,682,482
FedEx Corp.
2.63%, 08/01/22		1,401		1,436,473
3.40%, 01/14/22		1,245		1,282,960
JB Hunt Transport Services Inc., 3.30%, 08/15/22 (Call 06/15/22)		326		333,638
Norfolk Southern Corp., 3.00%, 04/01/22 (Call 01/01/22)		1,540		1,590,543
Ryder System Inc.
2.50%, 09/01/22 (Call 08/01/22)		740		728,204
2.80%, 03/01/22 (Call 02/01/22)		552		550,234
2.88%, 06/01/22 (Call 05/01/22)		2,092		2,088,925
Union Pacific Corp.
2.95%, 03/01/22		1,885		1,953,935
4.16%, 07/15/22 (Call 04/15/22)^(a)		1,858		1,975,258
United Parcel Service Inc.
2.35%, 05/16/22 (Call 04/16/22)^(a)		1,140		1,178,133
2.45%, 10/01/22		2,801		2,907,802

				19,238,312


Total Corporate Bonds & Notes — 98.7% (Cost: $1,144,197,542)				1,166,836,754


Short-Term Investments

Money Market Funds — 3.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(c)(d)(e)		29,026		29,057,741


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(c)(d)		16,816	$	16,816,000

				45,873,741


Total Short-Term Investments — 3.9% (Cost: $45,825,113)				45,873,741


Total Investments in Securities — 102.6% (Cost: $1,190,022,655)				1,212,710,495

Other Assets, Less Liabilities — (2.6)%				(30,630,056	)


Net Assets — 100.0%			$	1,182,080,439

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

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	36,228	(7,202	)	29,026	$	29,057,741	$	99,897	^(b)	$	(5,003	)	$	36,034
BlackRock Cash Funds: Treasury, SL Agency Shares	6,693	10,123		16,816		16,816,000		28,523			—			—

					$	45,873,741	$	128,420		$	(5,003	)	$	36,034

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	1,166,836,754	$	—	$	1,166,836,754
Money Market Funds		45,873,741		—		—		45,873,741

	$	45,873,741	$	1,166,836,754	$	—	$	1,212,710,495

See notes to financial statements.


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.2%
Interpublic Group of Companies Inc. (The), 3.75%, 02/15/23^(a)	$	1,509	$	1,554,813


Aerospace & Defense — 1.6%
Boeing Co. (The)
1.88%, 06/15/23 (Call 04/15/23)^(a)		1,074		990,657
2.80%, 03/01/23 (Call 02/01/23)^(a)		990		939,886
Embraer Overseas Ltd., 5.70%, 09/16/23^(b)		362		324,584
General Dynamics Corp.
1.88%, 08/15/23 (Call 06/15/23)		1,447		1,487,140
3.38%, 05/15/23 (Call 04/15/23)		2,012		2,150,104
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)^(b)		2,000		2,128,860
Lockheed Martin Corp., 3.10%, 01/15/23 (Call 11/15/22)^(a)		1,596		1,685,887
Northrop Grumman Corp., 3.25%, 08/01/23		2,859		3,047,437
Raytheon Technologies Corp., 3.65%, 08/16/23 (Call 07/16/23)^(a)		2,391		2,576,852
Rockwell Collins Inc., 3.70%, 12/15/23 (Call 09/15/23)		1,058		1,132,927

				16,464,334

Agriculture — 0.7%
Altria Group Inc., 2.95%, 05/02/23		1,108		1,149,439
Philip Morris International Inc.
2.13%, 05/10/23 (Call 03/10/23)		1,251		1,282,901
2.63%, 03/06/23		1,605		1,671,367
3.60%, 11/15/23		1,069		1,149,506
Reynolds American Inc., 4.85%, 09/15/23		1,555		1,688,217

				6,941,430

Airlines — 0.2%
American Airlines Pass Through Trust, Series 2013-2, Class A, 4.95%, 01/15/23^(a)		945		832,908
Delta Air Lines Inc., 3.80%, 04/19/23 (Call 03/19/23)		222		188,340
Southwest Airlines Co., 4.75%, 05/04/23		750		744,615

				1,765,863

Apparel — 0.2%
NIKE Inc., 2.25%, 05/01/23 (Call 02/01/23)^(a)		1,975		2,054,711


Auto Manufacturers — 2.9%
American Honda Finance Corp.
1.95%, 05/10/23		404		401,164
2.05%, 01/10/23		1,865		1,857,055
3.45%, 07/14/23^(a)		1,044		1,084,758
3.63%, 10/10/23		2,726		2,846,626
Cummins Inc., 3.65%, 10/01/23 (Call 07/01/23)		615		665,276
General Motors Co., 4.88%, 10/02/23		2,482		2,437,051
General Motors Financial Co. Inc.
3.25%, 01/05/23 (Call 12/05/22)		1,215		1,152,926
3.70%, 05/09/23 (Call 03/09/23)		3,544		3,397,739
4.15%, 06/19/23 (Call 05/19/23)^(a)		2,639		2,559,909
4.25%, 05/15/23		1,896		1,857,322
PACCAR Financial Corp.
1.90%, 02/07/23		853		859,295
3.40%, 08/09/23		340		360,278
Toyota Motor Corp., 3.42%, 07/20/23^(a)		1,246		1,322,118
Toyota Motor Credit Corp.
2.25%, 10/18/23		2,346		2,404,462
2.63%, 01/10/23		2,907		3,003,948
2.70%, 01/11/23		983		1,018,467


Security	Par (000)		Value

Auto Manufacturers (continued)
3.45%, 09/20/23	$	1,908	$	2,031,123

				29,259,517

Banks — 26.0%
Banco Santander SA
3.13%, 02/23/23		2,910		2,960,838
3.85%, 04/12/23		2,840		2,943,688
Bank of America Corp.
3.30%, 01/11/23		10,055		10,532,009
4.10%, 07/24/23		4,556		4,928,681
Bank of New York Mellon Corp. (The)
1.85%, 01/27/23 (Call 01/02/23)		2,175		2,214,694
2.20%, 08/16/23 (Call 06/16/23)		3,535		3,645,681
2.95%, 01/29/23 (Call 12/29/22)		2,671		2,805,431
3.45%, 08/11/23^(a)		851		913,038
3.50%, 04/28/23		1,935		2,067,857
Bank of Nova Scotia (The)
1.63%, 05/01/23		100		100,043
1.95%, 02/01/23		2,682		2,712,682
2.38%, 01/18/23		1,250		1,283,087
Barclays PLC, 3.68%, 01/10/23 (Call 01/10/22)		3,728		3,812,141
BNP Paribas SA, 3.25%, 03/03/23		2,683		2,835,207
Canadian Imperial Bank of Commerce, 3.50%, 09/13/23^(a)		2,728		2,933,036
Citigroup Inc.
3.38%, 03/01/23		913		953,336
3.50%, 05/15/23		2,485		2,592,203
3.88%, 10/25/23^(a)		2,933		3,133,500
Citizens Bank N.A./Providence RI, 3.70%, 03/29/23 (Call 02/28/23)		1,335		1,398,786
Comerica Inc., 3.70%, 07/31/23 (Call 06/30/23)		2,126		2,239,805
Cooperatieve Rabobank UA, 4.63%, 12/01/23		3,986		4,257,885
Cooperatieve Rabobank UA/NY, 2.75%, 01/10/23		2,779		2,877,932
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 06/09/23		4,543		4,757,021
Deutsche Bank AG/New York NY, 3.95%, 02/27/23		2,300		2,293,261
Discover Bank
3.35%, 02/06/23 (Call 01/06/23)^(a)		1,981		2,011,963
4.20%, 08/08/23		2,320		2,418,136
Fifth Third Bank/Cincinnati OH, 1.80%, 01/30/23 (Call 12/30/22)		1,000		1,007,690
Goldman Sachs Group Inc. (The)
3.20%, 02/23/23 (Call 01/23/23)		4,249		4,409,272
3.63%, 01/22/23		5,262		5,527,415
HSBC Holdings PLC, 3.60%, 05/25/23		4,768		5,021,562
Huntington National Bank (The)
1.80%, 02/03/23 (Call 01/03/23)		350		352,079
3.55%, 10/06/23 (Call 09/06/23)^(a)		2,671		2,861,362
ING Groep NV, 4.10%, 10/02/23		3,387		3,624,327
JPMorgan Chase & Co.
2.70%, 05/18/23 (Call 03/18/23)		4,923		5,096,782
2.97%, 01/15/23 (Call 01/15/22)		3,855		3,961,167
3.20%, 01/25/23		6,108		6,396,175
3.38%, 05/01/23		4,862		5,088,180
KeyBank N.A./Cleveland OH, 3.38%, 03/07/23^(a)		1,295		1,363,894
KeyBank NA/Cleveland OH, 1.25%, 03/10/23		1,200		1,200,840
Lloyds Banking Group PLC, 4.05%, 08/16/23^(a)		4,153		4,381,664
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)^(a)		1,452		1,548,355
Mitsubishi UFJ Financial Group Inc.
2.53%, 09/13/23^(a)		424		433,637
3.46%, 03/02/23		3,506		3,659,352
3.76%, 07/26/23^(a)		5,722		6,055,936


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Mizuho Financial Group Inc., 3.55%, 03/05/23	$	2,559	$	2,675,921
Morgan Stanley
3.13%, 01/23/23		4,604		4,787,654
3.75%, 02/25/23^(a)		5,956		6,299,602
4.10%, 05/22/23		5,544		5,858,899
National Australia Bank Ltd./New York
2.88%, 04/12/23^(a)		1,171		1,226,025
3.00%, 01/20/23		1,783		1,861,274
3.63%, 06/20/23		1,645		1,756,778
National Bank of Canada, 2.10%, 02/01/23		2,050		2,071,053
PNC Bank N.A.
2.95%, 01/30/23 (Call 12/30/22)		1,935		2,013,367
3.50%, 06/08/23 (Call 05/09/23)		921		981,943
3.80%, 07/25/23 (Call 06/25/23)		1,686		1,808,168
Regions Financial Corp., 3.80%, 08/14/23 (Call 07/14/23)		2,499		2,639,069
Royal Bank of Canada
1.95%, 01/17/23		2,170		2,200,575
3.70%, 10/05/23		4,075		4,368,115
Royal Bank of Scotland Group PLC
3.88%, 09/12/23^(a)		6,307		6,611,313
6.10%, 06/10/23		2,293		2,474,583
Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)		2,295		2,310,422
Santander UK Group Holdings PLC, 3.57%, 01/10/23 (Call 01/10/22)		2,814		2,867,804
Santander UK PLC, 2.10%, 01/13/23		2,705		2,714,819
State Street Corp.
3.10%, 05/15/23		2,480		2,606,654
3.70%, 11/20/23^(a)		2,283		2,531,345
Sumitomo Mitsui Banking Corp.
3.00%, 01/18/23^(a)		1,255		1,296,177
3.95%, 07/19/23		1,550		1,655,555
Sumitomo Mitsui Financial Group Inc.
3.10%, 01/17/23		4,513		4,677,860
3.75%, 07/19/23^(a)		1,322		1,398,491
3.94%, 10/16/23		1,824		1,950,203
Svenska Handelsbanken AB, 3.90%, 11/20/23^(a)		2,323		2,509,467
Toronto-Dominion Bank (The), 3.50%, 07/19/23		3,967		4,267,580
Truist Bank
1.25%, 03/09/23 (Call 02/09/23)		2,145		2,144,314
2.75%, 05/01/23 (Call 04/01/23)^(a)		439		456,727
3.00%, 02/02/23 (Call 01/02/23)		2,084		2,173,841
Truist Financial Corp.
2.20%, 03/16/23 (Call 02/13/23)		1,889		1,931,162
3.75%, 12/06/23 (Call 11/06/23)^(a)		2,930		3,146,908
U.S. Bank N.A./Cincinnati OH
1.95%, 01/09/23 (Call 12/09/22)		750		765,660
2.85%, 01/23/23 (Call 12/23/22)^(a)		2,078		2,166,647
3.40%, 07/24/23 (Call 06/23/23)		2,856		3,054,064
Wells Fargo & Co.
3.07%, 01/24/23 (Call 01/24/22)		8,846		9,060,427
4.13%, 08/15/23		3,366		3,585,833
Series M, 3.45%, 02/13/23		5,467		5,691,366
Wells Fargo Bank N.A., 3.55%, 08/14/23 (Call 07/14/23)		5,732		6,109,223
Westpac Banking Corp.
2.00%, 01/13/23		857		872,734
2.75%, 01/11/23		3,365		3,493,005
3.65%, 05/15/23		2,290		2,445,583

				265,129,840


Security	Par (000)		Value

Beverages — 3.2%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23	$	227	$	236,191
3.30%, 02/01/23 (Call 12/01/22)^(a)		7,951		8,387,828
Coca-Cola Co. (The)
2.50%, 04/01/23		1,999		2,098,850
3.20%, 11/01/23^(a)		3,737		4,060,849
Constellation Brands Inc.
3.20%, 02/15/23 (Call 01/15/23)^(a)		1,653		1,722,294
4.25%, 05/01/23		2,434		2,609,199
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)^(a)		2,597		2,703,347
3.50%, 09/18/23 (Call 08/18/23)		805		869,875
Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23^(a)		400		406,620
Keurig Dr Pepper Inc.
3.13%, 12/15/23 (Call 10/15/23)^(a)		1,906		1,996,630
4.06%, 05/25/23 (Call 04/25/23)		3,918		4,200,214
PepsiCo Inc.
0.75%, 05/01/23		215		214,708
2.75%, 03/01/23		2,565		2,711,102

				32,217,707

Biotechnology — 0.4%
Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23)^(a)		2,095		2,172,368
Gilead Sciences Inc., 2.50%, 09/01/23 (Call 07/01/23)		2,251		2,357,495

				4,529,863

Building Materials — 0.2%
Carrier Global Corp., 1.92%, 02/15/23 (Call 01/15/23)^(b)		595		597,975
Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23)		1,249		1,308,352
Lennox International Inc., 3.00%, 11/15/23 (Call 09/15/23)		90		90,828

				1,997,155

Chemicals — 1.4%
DuPont de Nemours Inc.
2.17%, 05/01/23		150		150,993
4.21%, 11/15/23 (Call 10/15/23)		5,950		6,441,113
Ecolab Inc., 3.25%, 01/14/23 (Call 11/14/22)		1,442		1,514,850
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)		65		65,873
LYB International Finance BV, 4.00%, 07/15/23		2,081		2,175,228
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)		1,930		1,967,847
Nutrien Ltd., 3.50%, 06/01/23 (Call 03/01/23)^(a)		764		792,971
PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23)		80		83,537
Praxair Inc., 2.70%, 02/21/23 (Call 11/21/22)^(a)		1,112		1,132,038

				14,324,450

Commercial Services — 0.6%
Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23)		225		235,373
Global Payments Inc.
3.75%, 06/01/23 (Call 03/01/23)^(a)		1,818		1,910,954
4.00%, 06/01/23 (Call 05/01/23)		861		915,587
IHS Markit Ltd., 4.13%, 08/01/23 (Call 07/01/23)		698		747,286
Moody’s Corp., 2.63%, 01/15/23 (Call 12/15/22)^(a)		1,247		1,284,934
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23)		1,406		1,466,303

				6,560,437

Computers — 4.0%
Apple Inc.
2.40%, 01/13/23 (Call 12/13/22)		1,483		1,549,498
2.40%, 05/03/23		11,799		12,381,281
2.85%, 02/23/23 (Call 12/23/22)^(a)		4,787		5,051,386


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Computers (continued)
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)^(b)	$	8,872	$	9,385,511
Hewlett Packard Enterprise Co.
2.25%, 04/01/23 (Call 03/01/23)		2,494		2,530,088
4.45%, 10/02/23 (Call 09/02/23)		2,000		2,106,080
IBM Credit LLC, 3.00%, 02/06/23		2,786		2,941,682
International Business Machines Corp., 3.38%, 08/01/23		2,833		3,053,606
Seagate HDD Cayman, 4.75%, 06/01/23^(a)		1,517		1,583,429

				40,582,561

Cosmetics & Personal Care — 0.5%
Colgate-Palmolive Co.
1.95%, 02/01/23^(a)		1,264		1,314,156
2.10%, 05/01/23		480		500,059
Procter & Gamble Co. (The), 3.10%, 08/15/23		2,285		2,476,780
Unilever Capital Corp., 3.13%, 03/22/23 (Call 02/22/23)		1,200		1,275,024

				5,566,019

Diversified Financial Services — 3.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.30%, 01/23/23 (Call 12/23/22)^(a)		1,775		1,585,803
4.13%, 07/03/23 (Call 06/03/23)		565		520,642
Air Lease Corp.
2.25%, 01/15/23		1,428		1,331,453
2.75%, 01/15/23 (Call 12/15/22)		915		835,660
3.00%, 09/15/23 (Call 07/15/23)^(a)		2,324		2,153,999
3.88%, 07/03/23 (Call 06/03/23)		746		691,534
Aircastle Ltd.
4.40%, 09/25/23 (Call 08/25/23)		1,393		1,229,309
5.00%, 04/01/23		1,144		1,081,400
American Express Co.
3.40%, 02/27/23 (Call 01/27/23)		3,856		4,039,546
3.70%, 08/03/23 (Call 07/03/23)		4,448		4,730,670
Ameriprise Financial Inc., 4.00%, 10/15/23		1,796		1,958,143
BGC Partners Inc., 5.38%, 07/24/23		1,126		1,110,371
Capital One Bank USA N.A., 3.38%, 02/15/23		2,861		2,903,200
Capital One Financial Corp.
3.20%, 01/30/23 (Call 12/30/22)		3,520		3,590,224
3.50%, 06/15/23		2,116		2,183,860
Charles Schwab Corp. (The), 2.65%, 01/25/23 (Call 12/25/22)		2,291		2,388,780
Eaton Vance Corp., 3.63%, 06/15/23		165		173,131
Intercontinental Exchange Inc.
3.45%, 09/21/23 (Call 08/21/23)		732		788,569
4.00%, 10/15/23		2,057		2,268,830
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)^(a)		1,613		1,694,376
Jefferies Group LLC, 5.13%, 01/20/23		1,542		1,614,227
Western Union Co. (The), 4.25%, 06/09/23 (Call 05/09/23)		418		439,657

				39,313,384

Electric — 4.4%
Alabama Power Co., Series 13-A, 3.55%, 12/01/23		845		925,909
Baltimore Gas & Electric Co., 3.35%, 07/01/23 (Call 04/01/23)		1,109		1,174,852
Berkshire Hathaway Energy Co.
2.80%, 01/15/23 (Call 12/15/22)^(a)		929		969,616
3.75%, 11/15/23 (Call 08/15/23)^(a)		1,421		1,544,471
Black Hills Corp., 4.25%, 11/30/23 (Call 08/30/23)		684		735,279
Connecticut Light & Power Co. (The), 2.50%, 01/15/23 (Call 10/15/22)		1,040		1,072,396
Consumers Energy Co., 3.38%, 08/15/23 (Call 05/15/23)		365		391,587


Security	Par (000)		Value

Electric (continued)
Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23)	$	1,422	$	1,534,423
DTE Energy Co.
Series D, 3.70%, 08/01/23 (Call 07/01/23)^(a)		1,633		1,738,704
Series F, 3.85%, 12/01/23 (Call 09/01/23)		1,069		1,134,925
Duke Energy Carolinas LLC
2.50%, 03/15/23 (Call 01/15/23)^(a)		1,050		1,097,250
3.05%, 03/15/23 (Call 02/15/23)		1,080		1,151,431
Duke Energy Corp., 3.95%, 10/15/23 (Call 07/15/23)		1,536		1,651,077
Duke Energy Ohio Inc., 3.80%, 09/01/23 (Call 06/01/23)		980		1,051,452
Duke Energy Progress LLC, 3.38%, 09/01/23 (Call 08/01/23)		370		398,039
Edison International, 2.95%, 03/15/23 (Call 01/15/23)		1,654		1,658,334
Entergy Louisiana LLC, 4.05%, 09/01/23 (Call 06/01/23)		865		941,336
Evergy Metro Inc., 3.15%, 03/15/23 (Call 12/15/22)^(a)		409		431,278
Eversource Energy
2.80%, 05/01/23 (Call 02/01/23)		1,588		1,635,624
Series N, 3.80%, 12/01/23 (Call 11/01/23)		960		1,031,251
FirstEnergy Corp., Series B, 4.25%, 03/15/23 (Call 12/15/22)^(a)		2,057		2,221,683
Florida Power & Light Co., 2.75%, 06/01/23 (Call 12/01/22)		1,002		1,063,102
Georgia Power Co., Series A, 2.10%, 07/30/23		385		396,831
National Rural Utilities Cooperative Finance Corp.
2.70%, 02/15/23 (Call 12/15/22)		1,241		1,287,054
3.40%, 11/15/23 (Call 08/15/23)^(a)		346		368,961
NextEra Energy Capital Holdings Inc., 2.80%, 01/15/23 (Call 12/15/22)		840		872,340
Northern States Power Co./MN, 2.60%, 05/15/23 (Call 11/15/22)		644		668,266
PacifiCorp, 2.95%, 06/01/23 (Call 03/01/23)		190		199,774
PPL Capital Funding Inc., 3.40%, 06/01/23 (Call 03/01/23)		1,163		1,209,694
PSEG Power LLC, 3.85%, 06/01/23 (Call 05/01/23)		2,015		2,128,948
Public Service Co. of New Hampshire, 3.50%, 11/01/23 (Call 08/01/23)		311		333,927
Public Service Electric & Gas Co.
2.38%, 05/15/23 (Call 02/15/23)		907		940,713
3.25%, 09/01/23 (Call 08/01/23)		375		401,674
San Diego Gas & Electric Co., Series NNN, 3.60%, 09/01/23 (Call 06/01/23)		435		456,667
Sempra Energy
2.90%, 02/01/23 (Call 01/01/23)		1,509		1,558,209
4.05%, 12/01/23 (Call 09/01/23)		1,065		1,142,319
Southern California Edison Co.
Series C, 3.50%, 10/01/23 (Call 07/01/23)		860		910,559
Series D, 3.40%, 06/01/23 (Call 05/01/23)		658		688,630
Southern Co. (The), 2.95%, 07/01/23 (Call 05/01/23)		4,146		4,374,071
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)		1,540		1,607,206

				45,099,862

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.63%, 02/15/23 (Call 11/15/22)^(a)		743		775,581


Electronics — 0.6%
Agilent Technologies Inc., 3.88%, 07/15/23 (Call 04/15/23)		1,305		1,378,458
Arrow Electronics Inc., 4.50%, 03/01/23 (Call 12/01/22)		655		677,807
Flex Ltd., 5.00%, 02/15/23^(a)		1,195		1,246,958
Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23)		2,011		2,108,192
Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23)		871		889,814

				6,301,229


SCHEDULES OF INVESTMENTS			37

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Environmental Control — 0.4%
Republic Services Inc., 4.75%, 05/15/23 (Call 02/15/23)	$	1,542	$	1,696,447
Waste Management Inc., 2.40%, 05/15/23 (Call 03/15/23)		1,877		1,946,956

				3,643,403

Food — 1.5%
Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23)^(a)		1,787		1,886,107
Conagra Brands Inc., 3.20%, 01/25/23 (Call 10/25/22)		2,357		2,441,027
General Mills Inc., 3.70%, 10/17/23 (Call 09/17/23)		1,908		2,066,097
Hershey Co. (The), 3.38%, 05/15/23 (Call 04/15/23)^(a)		1,543		1,644,221
Kellogg Co., 2.65%, 12/01/23		1,564		1,622,635
Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)		1,713		1,840,464
Mondelez International Inc., 3.63%, 05/07/23 (Call 04/07/23)		1,851		1,968,520
Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)		1,228		1,321,561

				14,790,632

Gas — 0.4%
CenterPoint Energy Resources Corp., 3.55%, 04/01/23 (Call 03/01/23)		785		819,014
Dominion Energy Gas Holdings LLC, 3.55%, 11/01/23 (Call 08/01/23)		670		704,016
National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22)		881		862,886
NiSource Inc., 3.65%, 06/15/23 (Call 05/15/23)		834		888,552
Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)		793		806,497

				4,080,965

Health Care – Products — 0.8%
Abbott Laboratories, 3.40%, 11/30/23 (Call 09/30/23)		2,531		2,748,869
Covidien International Finance SA, 2.95%, 06/15/23 (Call 03/15/23)^(a)		440		463,588
Medtronic Inc., 2.75%, 04/01/23 (Call 01/01/23)		945		995,217
Thermo Fisher Scientific Inc., 3.00%, 04/15/23 (Call 02/15/23)		2,838		2,986,569
Zimmer Biomet Holdings Inc., 3.70%, 03/19/23 (Call 02/19/23)		715		749,871

				7,944,114

Health Care – Services — 1.6%
Aetna Inc., 2.80%, 06/15/23 (Call 04/15/23)		3,531		3,663,130
Anthem Inc., 3.30%, 01/15/23		2,614		2,752,176
HCA Inc., 4.75%, 05/01/23		2,923		3,115,713
Laboratory Corp. of America Holdings, 4.00%, 11/01/23 (Call 08/01/23)^(a)		390		408,720
SSM Health Care Corp., Series 2018, 3.69%, 06/01/23 (Call 03/01/23)		773		806,718
UnitedHealth Group Inc.
2.75%, 02/15/23 (Call 11/15/22)		1,910		1,996,428
2.88%, 03/15/23^(a)		2,190		2,310,034
3.50%, 06/15/23		1,557		1,680,532

				16,733,451

Holding Companies – Diversified — 0.2%
Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)		1,621		1,546,272
Prospect Capital Corp., 5.88%, 03/15/23		235		212,915

				1,759,187

Home Builders — 0.2%
DR Horton Inc.
4.75%, 02/15/23 (Call 11/15/22)^(a)		841		880,275
5.75%, 08/15/23 (Call 05/15/23)		628		679,791

				1,560,066

Household Products & Wares — 0.0%
Kimberly-Clark Corp., 2.40%, 06/01/23^(a)		415		432,683


Security	Par (000)		Value

Insurance — 2.1%
Aflac Inc., 3.63%, 06/15/23	$	2,067	$	2,217,167
Allstate Corp. (The), 3.15%, 06/15/23		1,312		1,387,296
Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)		958		1,017,626
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23		700		725,305
Assurant Inc.
4.00%, 03/15/23		810		839,290
4.20%, 09/27/23 (Call 08/27/23)		50		52,319
Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 01/15/23)		4,686		4,962,474
3.00%, 02/11/23		1,262		1,348,371
Chubb INA Holdings Inc., 2.70%, 03/13/23		215		224,759
Equitable Holdings Inc., 3.90%, 04/20/23 (Call 03/20/23)		1,655		1,724,146
Lincoln National Corp., 4.00%, 09/01/23		1,060		1,126,017
Loews Corp., 2.63%, 05/15/23 (Call 02/15/23)		1,609		1,641,116
Marsh & McLennan Companies Inc., 3.30%, 03/14/23 (Call 01/14/23)		1,070		1,124,217
MetLife Inc., Series D, 4.37%, 09/15/23^(a)		2,556		2,806,692
Reinsurance Group of America Inc., 4.70%, 09/15/23		70		75,094

				21,271,889

Internet — 1.1%
Alibaba Group Holding Ltd., 2.80%, 06/06/23 (Call 05/06/23)		1,799		1,848,994
Amazon.com Inc., 2.40%, 02/22/23 (Call 01/22/23)		3,092		3,244,003
Baidu Inc., 3.88%, 09/29/23 (Call 08/29/23)		2,160		2,274,739
Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23)		1,231		1,253,897
eBay Inc., 2.75%, 01/30/23 (Call 12/30/22)		2,676		2,754,273

				11,375,906

Iron & Steel — 0.3%
Nucor Corp., 4.00%, 08/01/23 (Call 05/01/23)^(a)		1,362		1,459,969
Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)		1,264		1,307,911
Steel Dynamics Inc., 5.25%, 04/15/23 (Call 05/29/20)		569		570,866

				3,338,746

Lodging — 0.5%
Hyatt Hotels Corp., 3.38%, 07/15/23 (Call 04/15/23)		785		752,493
Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23)		640		627,904
Sands China Ltd., 4.60%, 08/08/23 (Call 07/08/23)		3,707		3,790,259

				5,170,656

Machinery — 1.7%
ABB Finance USA Inc., 3.38%, 04/03/23 (Call 03/03/23)		946		981,929
Caterpillar Financial Services Corp.
2.63%, 03/01/23		1,015		1,052,149
3.45%, 05/15/23		1,725		1,843,438
3.65%, 12/07/23		1,460		1,587,385
3.75%, 11/24/23		772		843,696
CNH Industrial NV, 4.50%, 08/15/23		1,604		1,648,046
Crane Co., 4.45%, 12/15/23 (Call 09/15/23)		300		312,705
Flowserve Corp., 4.00%, 11/15/23 (Call 08/15/23)		320		321,318
John Deere Capital Corp.
1.20%, 04/06/23		25		25,188
2.70%, 01/06/23		541		562,002
2.80%, 01/27/23^(a)		1,308		1,368,953
2.80%, 03/06/23		3,241		3,396,665
3.45%, 06/07/23		862		920,642
3.65%, 10/12/23		1,675		1,814,745
Nvent Finance Sarl, 3.95%, 04/15/23 (Call 03/15/23)		158		161,345

				16,840,206


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Manufacturing — 0.8%
3M Co.
1.75%, 02/14/23 (Call 01/14/23)	$	1,310	$	1,343,811
2.25%, 03/15/23 (Call 02/15/23)		1,768		1,836,615
General Electric Co., 3.10%, 01/09/23^(a)		3,469		3,530,852
Ingersoll-Rand Global Holding Co. Ltd., 4.25%, 06/15/23		1,618		1,744,382

				8,455,660

Media — 2.1%
Comcast Corp.
2.75%, 03/01/23 (Call 02/01/23)^(a)		2,776		2,917,659
2.85%, 01/15/23^(a)		2,152		2,263,732
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)		2,848		2,931,247
3.25%, 04/01/23^(a)		704		724,641
NBCUniversal Media LLC, 2.88%, 01/15/23		2,450		2,584,309
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23)		1,794		1,929,967
Time Warner Entertainment Co. LP, 8.38%, 03/15/23		2,416		2,794,152
ViacomCBS Inc.
2.50%, 02/15/23 (Call 01/15/23)		1,486		1,490,295
2.90%, 06/01/23 (Call 05/01/23)		470		476,430
4.25%, 09/01/23 (Call 06/01/23)		3,001		3,152,131

				21,264,563

Metal Fabricate & Hardware — 0.3%
Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22)^(a)		2,812		2,908,958


Mining — 0.2%
BHP Billiton Finance USA Ltd., 3.85%, 09/30/23		1,180		1,273,727
Newmont Corp., 3.70%, 03/15/23 (Call 12/15/22)		544		564,536

				1,838,263

Oil & Gas — 4.5%
BP Capital Markets America Inc.
2.75%, 05/10/23^(a)		3,595		3,696,235
2.94%, 04/06/23 (Call 03/06/23)		90		92,845
3.22%, 11/28/23 (Call 09/28/23)		2,389		2,502,000
BP Capital Markets PLC
2.75%, 05/10/23		203		207,082
3.99%, 09/26/23		2,124		2,272,170
Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22)		2,647		2,559,040
Chevron Corp.
2.57%, 05/16/23 (Call 03/16/23)		3,482		3,634,372
3.19%, 06/24/23 (Call 03/24/23)		3,971		4,206,123
EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22)		3,602		3,688,448
Exxon Mobil Corp.
1.57%, 04/15/23		2,150		2,175,671
2.73%, 03/01/23 (Call 01/01/23)		3,331		3,480,995
Marathon Petroleum Corp.
4.50%, 05/01/23 (Call 04/01/23)		2,180		2,183,924
4.75%, 12/15/23 (Call 10/15/23)		1,565		1,585,956
Shell International Finance BV
2.25%, 01/06/23		2,608		2,652,388
3.40%, 08/12/23		3,348		3,554,639
3.50%, 11/13/23 (Call 10/13/23)		1,458		1,550,364
Total Capital Canada Ltd., 2.75%, 07/15/23		2,520		2,617,877
Total Capital International SA, 2.70%, 01/25/23		2,614		2,695,975
Valero Energy Corp., 2.70%, 04/15/23		1,000		1,001,000

				46,357,104

Oil & Gas Services — 0.5%
Halliburton Co., 3.50%, 08/01/23 (Call 05/01/23)^(a)		1,518		1,496,384


Security	Par (000)		Value

Oil & Gas Services (continued)
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)	$	3,609	$	3,677,246

				5,173,630

Packaging & Containers — 0.3%
Packaging Corp. of America, 4.50%, 11/01/23 (Call 08/01/23)		1,437		1,568,299
WestRock RKT LLC, 4.00%, 03/01/23 (Call 12/01/22)		1,010		1,040,502

				2,608,801

Pharmaceuticals — 8.0%
AbbVie Inc.
2.85%, 05/14/23 (Call 03/14/23)		2,635		2,749,623
3.75%, 11/14/23 (Call 10/14/23)^(a)		3,302		3,559,655
Allergan Inc./U.S., 2.80%, 03/15/23 (Call 12/15/22)		1,159		1,177,069
AstraZeneca PLC, 3.50%, 08/17/23 (Call 07/17/23)		2,069		2,222,272
Bristol-Myers Squibb Co.
2.75%, 02/15/23 (Call 01/15/23)^(b)		2,367		2,472,545
3.25%, 02/20/23 (Call 01/20/23)^(b)		2,367		2,507,505
3.25%, 11/01/23^(a)		1,145		1,225,711
4.00%, 08/15/23^(b)		1,635		1,786,205
Cardinal Health Inc., 3.20%, 03/15/23		1,361		1,407,165
Cigna Corp.
3.00%, 07/15/23 (Call 05/16/23)^(b)		3,024		3,148,438
3.75%, 07/15/23 (Call 06/15/23)		3,302		3,533,437
CVS Health Corp.
3.70%, 03/09/23 (Call 02/09/23)		12,193		12,932,505
4.00%, 12/05/23 (Call 09/05/23)		3,767		4,075,028
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23		3,034		3,203,813
3.38%, 05/15/23		3,036		3,249,734
Johnson & Johnson
2.05%, 03/01/23 (Call 01/01/23)^(a)		2,001		2,077,918
3.38%, 12/05/23.		1,532		1,696,230
McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22)^(a)		958		983,607
Merck & Co. Inc., 2.80%, 05/18/23		4,489		4,764,580
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)^(a)		1,035		1,079,660
Pfizer Inc.
3.00%, 06/15/23^(a)		2,581		2,769,103
3.20%, 09/15/23 (Call 08/15/23)		2,718		2,945,170
5.80%, 08/12/23		501		579,847
Sanofi, 3.38%, 06/19/23 (Call 05/19/23)		2,477		2,644,198
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		5,919		6,167,243
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		2,734		2,995,890
Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22)^(a)		3,273		3,415,932

				81,370,083

Pipelines — 3.3%
Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22)		358		320,088
Enbridge Inc., 4.00%, 10/01/23 (Call 07/01/23)		2,220		2,299,543
Energy Transfer Operating LP
3.60%, 02/01/23 (Call 11/01/22)^(a)		2,052		1,995,262
4.25%, 03/15/23 (Call 12/15/22)^(a)		2,212		2,192,468
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)		1,285		1,266,881
Energy Transfer Partners LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)		1,519		1,519,410
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22)		3,386		3,513,551
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		1,462		1,500,231


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
3.50%, 09/01/23 (Call 06/01/23)	$	1,927	$	1,986,968
Kinder Morgan Inc./DE, 3.15%, 01/15/23 (Call 12/15/22)		2,404		2,453,570
MPLX LP
3.38%, 03/15/23 (Call 02/15/23)		610		605,498
4.50%, 07/15/23 (Call 04/15/23)		2,912		2,912,466
ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23)		810		853,975
ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)		870		863,545
Plains All American Pipeline LP/PAA Finance Corp.
2.85%, 01/31/23 (Call 10/31/22)		896		838,755
3.85%, 10/15/23 (Call 07/15/23)		1,709		1,634,163
Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23)		2,892		3,016,038
Sunoco Logistics Partners Operations LP, 3.45%, 01/15/23 (Call 10/15/22)		634		616,419
TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23)		1,176		1,226,145
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)		905		916,801
4.50%, 11/15/23 (Call 08/15/23)		1,419		1,468,920

				34,000,697

Real Estate Investment Trusts — 4.9%
Alexandria Real Estate Equities Inc., 3.90%, 06/15/23 (Call 03/15/23)		1,377		1,448,521
American Campus Communities Operating Partnership LP, 3.75%, 04/15/23 (Call 01/15/23)		837		838,900
American Tower Corp.
3.00%, 06/15/23		1,393		1,456,256
3.50%, 01/31/23		3,271		3,456,368
AvalonBay Communities Inc., 4.20%, 12/15/23 (Call 09/16/23)		591		633,322
Boston Properties LP
3.13%, 09/01/23 (Call 06/01/23)		1,372		1,412,748
3.85%, 02/01/23 (Call 11/01/22)		2,576		2,722,240
Brandywine Operating Partnership LP, 3.95%, 02/15/23 (Call 11/15/22)^(a)		725		735,164
Brixmor Operating Partnership LP, 3.25%, 09/15/23 (Call 07/15/23)		745		722,456
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		2,212		2,346,866
Corporate Office Properties LP, 3.60%, 05/15/23 (Call 02/15/23)		851		861,757
Crown Castle International Corp.
3.15%, 07/15/23 (Call 06/15/23)		2,048		2,144,072
5.25%, 01/15/23		4,249		4,640,120
CubeSmart LP, 4.38%, 12/15/23 (Call 09/15/23)^(a)		700		756,196
Digital Realty Trust LP, 2.75%, 02/01/23 (Call 01/01/23)		1,234		1,258,297
ERP Operating LP, 3.00%, 04/15/23 (Call 01/15/23)^(a)		1,567		1,619,338
Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23)		670		667,206
GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23)^(a)		745		726,047
Healthpeak Properties Inc., 4.25%, 11/15/23 (Call 08/15/23)		1,633		1,697,324
Host Hotels & Resorts LP
Series C, 4.75%, 03/01/23 (Call 12/01/22)		805		807,858
Series D, 3.75%, 10/15/23 (Call 07/15/23)		1,185		1,151,133
Kilroy Realty LP, 3.80%, 01/15/23 (Call 10/15/22)		425		431,668
Kimco Realty Corp., 3.13%, 06/01/23 (Call 03/01/23)^(a)		603		604,507
Mid-America Apartments LP, 4.30%, 10/15/23 (Call 07/15/23)^(a)		100		104,087


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
National Retail Properties Inc., 3.30%, 04/15/23 (Call 01/15/23)	$	1,100	$	1,110,395
Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23)		1,717		1,700,946
Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)		350		341,065
Prologis LP, 4.25%, 08/15/23 (Call 05/15/23)		2,275		2,476,883
Realty Income Corp., 4.65%, 08/01/23 (Call 05/01/23)^(a)		1,308		1,391,568
Service Properties Trust, 4.50%, 06/15/23 (Call 12/15/22)		998		859,747
Simon Property Group LP
2.75%, 02/01/23 (Call 11/01/22)^(a)		1,297		1,283,550
2.75%, 06/01/23 (Call 03/01/23)		1,351		1,334,464
Ventas Realty LP
3.10%, 01/15/23 (Call 12/15/22)		1,160		1,153,342
3.13%, 06/15/23 (Call 03/15/23)^(a)		1,015		999,410
Welltower Inc.
3.75%, 03/15/23 (Call 12/15/22)		1,602		1,625,517
3.95%, 09/01/23 (Call 08/01/23)		1,327		1,366,120
Weyerhaeuser Co.
3.25%, 03/15/23 (Call 12/15/22)^(a)		267		271,739
4.63%, 09/15/23		730		782,867

				49,940,064

Retail — 3.3%
Advance Auto Parts Inc., 4.50%, 12/01/23 (Call 09/01/23)		865		910,836
AutoZone Inc.
2.88%, 01/15/23 (Call 10/15/22)		220		224,653
3.13%, 07/15/23 (Call 04/15/23)		1,513		1,565,471
Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)^(a)		2,806		2,969,365
Dollar Tree Inc., 3.70%, 05/15/23 (Call 04/15/23)		2,173		2,278,651
Home Depot Inc. (The), 2.70%, 04/01/23 (Call 01/01/23)		2,014		2,127,630
Kohl’s Corp., 3.25%, 02/01/23 (Call 11/01/22)^(a)		607		550,925
Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23)^(a)		983		1,054,975
McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)		2,661		2,837,132
O’Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23)		804		837,133
QVC Inc., 4.38%, 03/15/23		546		525,951
Starbucks Corp.
3.10%, 03/01/23 (Call 02/01/23)		3,342		3,487,110
3.85%, 10/01/23 (Call 07/01/23)		1,337		1,438,171
TJX Companies Inc. (The), 2.50%, 05/15/23 (Call 02/15/23)		915		937,500
Walmart Inc.
2.55%, 04/11/23 (Call 01/11/23)^(a)		6,023		6,328,727
3.40%, 06/26/23 (Call 05/26/23)		4,952		5,356,232

				33,430,462

Semiconductors — 1.6%
Altera Corp., 4.10%, 11/15/23^(a)		1,077		1,195,136
Analog Devices Inc.
2.88%, 06/01/23 (Call 03/01/23)		935		966,444
3.13%, 12/05/23 (Call 10/05/23)^(a)		1,815		1,907,492
Broadcom Corp./Broadcom Cayman Finance Ltd., 2.65%, 01/15/23 (Call 12/15/22)		2,575		2,623,230
Marvell Technology Group Ltd., 4.20%, 06/22/23 (Call 05/22/23)		1,038		1,074,133
Maxim Integrated Products Inc., 3.38%, 03/15/23 (Call 12/15/22)^(a)		875		909,204
Microchip Technology Inc., 4.33%, 06/01/23 (Call 05/01/23)		2,497		2,592,985
Micron Technology Inc., 2.50%, 04/24/23		125		127,115
QUALCOMM Inc., 2.60%, 01/30/23 (Call 12/30/22)		3,959		4,127,772
Texas Instruments Inc., 2.25%, 05/01/23 (Call 02/01/23)		747		781,041

				16,304,552


40		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software — 2.8%
Adobe Inc., 1.70%, 02/01/23	$	265	$	272,054
Fidelity National Information Services Inc., 3.50%, 04/15/23 (Call 01/15/23)		1,927		2,041,753
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)		2,117		2,288,181
Microsoft Corp.
2.00%, 08/08/23 (Call 06/08/23)		2,892		3,019,248
2.38%, 05/01/23 (Call 02/01/23)		2,605		2,730,352
3.63%, 12/15/23 (Call 09/15/23)		3,875		4,275,132
Oracle Corp.
2.40%, 09/15/23 (Call 07/15/23)^(a)		6,525		6,825,607
2.63%, 02/15/23 (Call 01/15/23)		1,803		1,884,640
3.63%, 07/15/23		2,501		2,708,533
salesforce.com Inc., 3.25%, 04/11/23 (Call 03/11/23)		2,792		2,976,635

				29,022,135

Telecommunications — 2.6%
AT&T Inc.
3.60%, 02/17/23 (Call 12/17/22)		4,425		4,656,870
4.05%, 12/15/23		1,526		1,650,491
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23)		1,264		1,373,172
Cisco Systems Inc.
2.20%, 09/20/23 (Call 07/20/23)		2,439		2,547,804
2.60%, 02/28/23^(a)		1,117		1,174,514
Motorola Solutions Inc., 3.50%, 03/01/23		1,389		1,426,323
Rogers Communications Inc.
3.00%, 03/15/23 (Call 12/15/22)^(a)		1,107		1,160,512
4.10%, 10/01/23 (Call 07/01/23)^(a)		2,039		2,241,921
Telefonica Emisiones SA, 4.57%, 04/27/23		1,602		1,730,016
Verizon Communications Inc., 5.15%, 09/15/23		7,363		8,367,755
Vodafone Group PLC, 2.95%, 02/19/23		455		475,370

				26,804,748

Textiles — 0.1%
Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22)		645		685,371


Transportation — 1.8%
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)		2,321		2,441,808
3.85%, 09/01/23 (Call 06/01/23)^(a)		1,726		1,884,032
Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 12/15/22)		513		547,838
CSX Corp., 3.70%, 11/01/23 (Call 08/01/23)		1,075		1,156,818


Security	Par/ Shares (000)		Value

Transportation (continued)
Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23)	$	584	$	594,378
Norfolk Southern Corp., 2.90%, 02/15/23 (Call 11/15/22)		1,815		1,881,501
Ryder System Inc.
3.40%, 03/01/23 (Call 02/01/23)		1,220		1,235,067
3.75%, 06/09/23 (Call 05/09/23)^(a)		1,111		1,149,607
3.88%, 12/01/23 (Call 11/01/23)		873		896,519
Union Pacific Corp.
2.75%, 04/15/23 (Call 01/15/23)		979		1,021,430
2.95%, 01/15/23 (Call 10/15/22)		1,028		1,068,966
3.50%, 06/08/23 (Call 05/08/23)		1,709		1,816,411
United Parcel Service Inc., 2.50%, 04/01/23 (Call 03/01/23)^(a)		2,850		2,973,690

				18,668,065


Total Corporate Bonds & Notes — 99.0% (Cost: $979,319,641)				1,008,213,816


Short-Term Investments

Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(c)(d)(e)		42,129		42,175,174
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(c)(d)		3,045		3,045,000

				45,220,174


Total Short-Term Investments — 4.4% (Cost: $45,164,030)				45,220,174


Total Investments in Securities — 103.4% (Cost: $1,024,483,671)				1,053,433,990

Other Assets, Less Liabilities — (3.4)%				(34,723,576	)


Net Assets — 100.0%			$	1,018,710,414

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

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	33,487	8,642	42,129	$	42,175,174	$	106,306	^(b)	$	(17,999	)	$	46,836
BlackRock Cash Funds: Treasury, SL Agency Shares	2,846	199	3,045		3,045,000		21,900			—			—

				$	45,220,174	$	128,206		$	(17,999	)	$	46,836

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


SCHEDULES OF INVESTMENTS			41

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Corporate ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	1,008,213,816	$	—	$	1,008,213,816
Money Market Funds		45,220,174		—		—		45,220,174

	$	45,220,174	$	1,008,213,816	$	—	$	1,053,433,990

See notes to financial statements.


42		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.5%
Interpublic Group of Companies Inc. (The), 4.20%, 04/15/24	$	829	$	867,764
Omnicom Group Inc./Omnicom Capital Inc., 3.65%, 11/01/24 (Call 08/01/24)^(a)		1,427		1,523,208
WPP Finance 2010, 3.75%, 09/19/24		1,384		1,440,786

				3,831,758

Aerospace & Defense — 1.0%
Boeing Co. (The)
2.80%, 03/01/24 (Call 02/01/24)		774		720,703
2.85%, 10/30/24 (Call 07/30/24)^(a)		528		492,856
General Dynamics Corp., 2.38%, 11/15/24 (Call 09/15/24)		1,178		1,237,772
Howmet Aerospace Inc., 5.13%, 10/01/24 (Call 07/01/24)		2,000		1,924,500
L3Harris Technologies Inc., 3.95%, 05/28/24 (Call 02/28/24)^(b)		526		559,043
Raytheon Co., 3.15%, 12/15/24 (Call 09/15/24)		640		688,787
Rockwell Collins Inc., 3.20%, 03/15/24 (Call 01/15/24)		2,027		2,153,708

				7,777,369

Agriculture — 1.9%
Altria Group Inc.
3.80%, 02/14/24 (Call 01/14/24)		858		919,544
4.00%, 01/31/24^(a)		3,120		3,367,572
BAT Capital Corp.
2.79%, 09/06/24 (Call 08/06/24)^(a)		1,497		1,524,770
3.22%, 08/15/24 (Call 06/15/24)		4,621		4,793,548
Bunge Ltd. Finance Corp., 4.35%, 03/15/24 (Call 02/15/24)		1,027		1,067,382
Philip Morris International Inc.
2.88%, 05/01/24 (Call 04/01/24)		1,973		2,076,385
3.25%, 11/10/24		1,434		1,549,394

				15,298,595

Airlines — 0.1%
Continental Airlines Inc. Pass Through Trust
Series 2012-1, Class A, 4.15%, 10/11/25		656		606,499
Series 2012-2, Class A, 4.00%, 04/29/26		583		513,103

				1,119,602

Auto Manufacturers — 2.0%
American Honda Finance Corp.
2.15%, 09/10/24		1,021		1,011,127
2.40%, 06/27/24		1,166		1,166,361
2.90%, 02/16/24		1,180		1,202,857
3.55%, 01/12/24		1,474		1,535,274
General Motors Financial Co. Inc.
3.50%, 11/07/24 (Call 09/07/24)		1,113		1,024,683
3.95%, 04/13/24 (Call 02/13/24)		2,653		2,515,044
5.10%, 01/17/24 (Call 12/17/23)		2,974		2,932,126
PACCAR Financial Corp., 2.15%, 08/15/24		542		545,881
Toyota Motor Corp., 2.36%, 07/02/24^(a)		353		363,474
Toyota Motor Credit Corp.
2.00%, 10/07/24		1,060		1,074,988
2.90%, 04/17/24		1,433		1,506,742
3.35%, 01/08/24		999		1,062,157

				15,940,714

Auto Parts & Equipment — 0.3%
Aptiv Corp., 4.15%, 03/15/24 (Call 12/15/23)		1,025		1,041,502
Magna International Inc., 3.63%, 06/15/24 (Call 03/15/24)		1,352		1,416,734

				2,458,236

Banks — 24.0%
Banco Santander SA, 2.71%, 06/27/24^(a)		2,864		2,940,612


Security	Par (000)		Value

Banks (continued)
Bank of America Corp.
4.00%, 04/01/24^(a)	$	4,631	$	5,032,184
4.13%, 01/22/24		3,889		4,227,693
4.20%, 08/26/24		6,179		6,691,239
Bank of Montreal
2.50%, 06/28/24^(a)		1,207		1,247,519
Series E, 3.30%, 02/05/24		4,080		4,309,867
Bank of New York Mellon Corp. (The)
2.10%, 10/24/24		1,797		1,852,851
3.25%, 09/11/24 (Call 08/11/24)		908		977,317
3.40%, 05/15/24 (Call 04/15/24)		936		1,008,914
Series 0012, 3.65%, 02/04/24 (Call 01/05/24)		1,722		1,881,251
Bank of Nova Scotia (The), 3.40%, 02/11/24		2,405		2,557,886
Barclays PLC, 4.38%, 09/11/24		3,000		3,093,090
BBVA USA, 2.50%, 08/27/24 (Call 07/27/24)		990		977,724
BNP Paribas SA, 4.25%, 10/15/24		1,951		2,084,526
BPCE SA, 4.00%, 04/15/24		2,877		3,092,631
Canadian Imperial Bank of Commerce, 3.10%, 04/02/24		2,274		2,369,804
Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23)		4,427		4,758,936
Citigroup Inc.
3.75%, 06/16/24^(a)		957		1,024,488
4.00%, 08/05/24^(a)		1,602		1,702,141
Comerica Bank, 2.50%, 07/23/24		1,075		1,093,393
Credit Suisse AG/New York NY, 3.63%, 09/09/24		5,405		5,799,511
Deutsche Bank AG/London, 3.70%, 05/30/24		1,590		1,563,670
Deutsche Bank AG/New York NY, 3.70%, 05/30/24		755		734,305
Discover Bank, 2.45%, 09/12/24 (Call 08/12/24)^(a)		1,347		1,319,979
Fifth Third Bancorp.
3.65%, 01/25/24 (Call 12/25/23)		3,109		3,281,954
4.30%, 01/16/24 (Call 12/16/23)		1,375		1,468,967
Goldman Sachs Group Inc. (The)
3.63%, 02/20/24 (Call 01/20/24)		2,982		3,167,451
3.85%, 07/08/24 (Call 04/08/24)		5,221		5,572,060
4.00%, 03/03/24		4,906		5,273,950
HSBC Holdings PLC, 4.25%, 03/14/24^(a)		3,923		4,160,145
HSBC USA Inc., 3.50%, 06/23/24^(a)		1,740		1,858,390
Huntington Bancshares Inc./OH, 2.63%, 08/06/24 (Call 07/06/24)		1,891		1,942,927
ING Groep NV, 3.55%, 04/09/24^(a)		1,397		1,470,636
Intesa Sanpaolo SpA, 5.25%, 01/12/24		775		811,588
JPMorgan Chase & Co.
3.63%, 05/13/24		4,004		4,323,319
3.88%, 02/01/24^(a)		3,079		3,343,024
3.88%, 09/10/24		5,238		5,637,031
Lloyds Banking Group PLC
3.90%, 03/12/24^(a)		1,138		1,201,364
4.50%, 11/04/24^(a)		2,580		2,742,076
Mitsubishi UFJ Financial Group Inc.
2.80%, 07/18/24		1,926		1,987,189
3.41%, 03/07/24		2,985		3,137,295
Morgan Stanley
3.70%, 10/23/24		5,231		5,643,412
Series F, 3.88%, 04/29/24		6,065		6,535,280
People’s United Bank N.A., 4.00%, 07/15/24 (Call 04/16/24)		474		509,640
PNC Bank N.A., 3.30%, 10/30/24 (Call 09/30/24)		575		619,240
PNC Financial Services Group Inc. (The)
2.20%, 11/01/24 (Call 10/02/24)^(a)		1,069		1,107,570
3.50%, 01/23/24 (Call 12/24/23)^(a)		1,841		1,968,250
3.90%, 04/29/24 (Call 03/29/24)		1,953		2,114,337


SCHEDULES OF INVESTMENTS			43

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Royal Bank of Canada
2.25%, 11/01/24	$	2,398	$	2,452,698
2.55%, 07/16/24		2,938		3,039,655
Royal Bank of Scotland Group PLC
4.52%, 06/25/24 (Call 06/25/23)^(c)		25		26,551
5.13%, 05/28/24		4,167		4,421,895
Santander Holdings USA Inc., 3.50%, 06/07/24 (Call 05/07/24)^(a)		1,996		2,012,307
Santander UK PLC
2.88%, 06/18/24		367		379,639
4.00%, 03/13/24		2,533		2,727,104
Sumitomo Mitsui Banking Corp.
3.40%, 07/11/24^(a)		375		398,224
3.95%, 01/10/24		750		805,237
Sumitomo Mitsui Financial Group Inc.
2.45%, 09/27/24		2,818		2,868,809
2.70%, 07/16/24		3,661		3,763,179
Toronto-Dominion Bank (The)
2.65%, 06/12/24^(a)		3,101		3,225,722
3.25%, 03/11/24		2,747		2,915,364
Truist Bank
2.15%, 12/06/24 (Call 11/06/24)		1,825		1,864,602
3.20%, 04/01/24 (Call 03/01/24)		2,267		2,401,864
Truist Financial Corp.
2.50%, 08/01/24 (Call 07/01/24)		1,634		1,691,631
2.85%, 10/26/24 (Call 09/26/24)^(a)		2,769		2,923,898
U.S. Bancorp.
2.40%, 07/30/24 (Call 06/30/24)		1,903		1,983,173
3.38%, 02/05/24 (Call 01/05/24)		2,695		2,894,457
3.60%, 09/11/24 (Call 08/11/24)^(a)		2,251		2,422,346
3.70%, 01/30/24 (Call 12/29/23)		1,438		1,563,494
Wells Fargo & Co.
3.30%, 09/09/24		4,582		4,866,130
3.75%, 01/24/24 (Call 12/24/23)^(a)		5,094		5,435,043
4.48%, 01/16/24		1,481		1,600,117
Westpac Banking Corp., 3.30%, 02/26/24^(a)		2,349		2,502,272

				193,404,037

Beverages — 1.3%
Anheuser-Busch InBev Finance Inc., 3.70%, 02/01/24		1,685		1,824,956
Anheuser-Busch InBev Worldwide Inc., 3.50%, 01/12/24 (Call 12/12/23)		1,652		1,774,793
Coca-Cola Co. (The), 1.75%, 09/06/24^(a)		1,227		1,267,847
Constellation Brands Inc., 4.75%, 11/15/24^(a)		927		1,026,477
Diageo Capital PLC, 2.13%, 10/24/24 (Call 09/24/24)		1,299		1,344,218
PepsiCo Inc., 3.60%, 03/01/24 (Call 12/01/23)		2,695		2,948,977

				10,187,268

Biotechnology — 0.9%
Amgen Inc., 3.63%, 05/22/24 (Call 02/22/24)^(a)		2,981		3,243,895
Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/01/24)		3,528		3,853,599

				7,097,494

Building Materials — 0.1%
Johnson Controls International PLC, 3.63%, 07/02/24 (Call 04/02/24)^(d)		240		251,254
Owens Corning, 4.20%, 12/01/24 (Call 09/01/24)^(a)		521		545,242

				796,496

Chemicals — 1.7%
Air Products and Chemicals Inc., 3.35%, 07/31/24 (Call 04/30/24)		458		499,797
Airgas Inc., 3.65%, 07/15/24 (Call 04/15/24)		251		269,923


Security	Par (000)		Value

Chemicals (continued)
Albemarle Corp., 4.15%, 12/01/24 (Call 09/01/24)	$	1,058	$	1,102,616
Braskem Finance Ltd., 6.45%, 02/03/24^(a)		1,280		1,263,552
Celanese U.S. Holdings LLC, 3.50%, 05/08/24 (Call 04/08/24)		1,065		1,068,855
Dow Chemical Co. (The)
3.15%, 05/15/24 (Call 04/15/24)		913		940,372
3.50%, 10/01/24 (Call 07/01/24)		1,972		2,061,174
FMC Corp., 4.10%, 02/01/24 (Call 11/01/23)		412		435,476
LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)		2,072		2,297,496
Nutrien Ltd., 3.63%, 03/15/24 (Call 12/15/23)^(a)		1,634		1,713,723
PPG Industries Inc., 2.40%, 08/15/24 (Call 07/15/24)		775		797,452
Sherwin-Williams Co. (The), 3.13%, 06/01/24 (Call 04/01/24)		1,267		1,331,857

				13,782,293

Commercial Services — 0.6%
Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24)		296		301,127
IHS Markit Ltd., 3.63%, 05/01/24 (Call 04/01/24)		985		1,012,452
Moody’s Corp., 4.88%, 02/15/24 (Call 11/15/23)^(a)		832		920,816
PayPal Holdings Inc., 2.40%, 10/01/24 (Call 09/01/24)		2,717		2,824,022

				5,058,417

Computers — 3.8%
Apple Inc.
1.80%, 09/11/24 (Call 08/11/24)		1,578		1,636,055
2.85%, 05/11/24 (Call 03/11/24)		3,509		3,754,068
3.00%, 02/09/24 (Call 12/09/23)		3,300		3,542,682
3.45%, 05/06/24		4,681		5,145,074
Dell International LLC/EMC Corp., 4.00%, 07/15/24 (Call 06/15/24)^(b)		1,828		1,855,950
DXC Technology Co., 4.25%, 04/15/24 (Call 02/15/24)^(a)		1,194		1,232,769
Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24)^(a)		352		359,403
Hewlett Packard Enterprise Co., 4.65%, 10/01/24 (Call 09/01/24)		1,000		1,064,180
International Business Machines Corp.
3.00%, 05/15/24		4,894		5,239,810
3.63%, 02/12/24		4,577		4,981,973
NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24)		767		802,451
Seagate HDD Cayman, 4.88%, 03/01/24 (Call 01/01/24)		1,134		1,179,167

				30,793,582

Cosmetics & Personal Care — 0.5%
Colgate-Palmolive Co., 3.25%, 03/15/24		770		835,057
Estee Lauder Companies Inc. (The), 2.00%, 12/01/24 (Call 11/01/24)		589		607,665
Unilever Capital Corp.
2.60%, 05/05/24 (Call 03/05/24)		1,402		1,475,998
3.25%, 03/07/24 (Call 02/07/24)^(a)		919		991,656

				3,910,376

Diversified Financial Services — 5.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.88%, 08/14/24 (Call 07/14/24)^(a)		1,512		1,276,143
4.88%, 01/16/24 (Call 12/16/23)		1,136		1,052,868
Air Lease Corp.
4.25%, 02/01/24 (Call 01/01/24)^(a)		916		857,184
4.25%, 09/15/24 (Call 06/15/24)		1,258		1,178,708
Aircastle Ltd., 4.13%, 05/01/24 (Call 02/01/24)		940		823,957
Ally Financial Inc.
3.88%, 05/21/24 (Call 04/21/24)		1,552		1,525,042
5.13%, 09/30/24^(a)		1,183		1,222,548


44		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
American Express Co.
2.50%, 07/30/24 (Call 06/29/24)	$	2,484	$	2,557,551
3.00%, 10/30/24 (Call 09/29/24)^(a)		3,337		3,507,254
3.40%, 02/22/24 (Call 01/22/24)^(a)		2,154		2,283,822
3.63%, 12/05/24 (Call 11/04/24)		1,270		1,363,942
Ameriprise Financial Inc., 3.70%, 10/15/24		998		1,083,559
BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24)		517		485,055
Brookfield Finance Inc., 4.00%, 04/01/24 (Call 02/01/24)		1,681		1,772,732
Capital One Financial Corp.
3.30%, 10/30/24 (Call 09/30/24)^(a)		2,845		2,900,477
3.75%, 04/24/24 (Call 03/24/24)		1,661		1,721,909
3.90%, 01/29/24 (Call 12/29/23)		2,311		2,404,896
Charles Schwab Corp. (The), 3.55%, 02/01/24 (Call 01/01/24)		1,130		1,223,677
Discover Financial Services, 3.95%, 11/06/24 (Call 08/06/24)^(a)		1,056		1,087,849
Invesco Finance PLC, 4.00%, 01/30/24		1,243		1,311,415
Mastercard Inc., 3.38%, 04/01/24		2,246		2,468,466
Nasdaq Inc., 4.25%, 06/01/24 (Call 03/01/24)		934		1,011,102
ORIX Corp.
3.25%, 12/04/24		925		956,135
4.05%, 01/16/24		1,282		1,359,535
Stifel Financial Corp., 4.25%, 07/18/24^(a)		733		758,780
Synchrony Financial
4.25%, 08/15/24 (Call 05/15/24)		2,644		2,573,722
4.38%, 03/19/24 (Call 02/19/24)		1,076		1,057,912
TD Ameritrade Holding Corp., 3.75%, 04/01/24 (Call 03/01/24)^(a)		950		1,015,008

				42,841,248

Electric — 4.2%
Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24)^(a)		958		990,994
Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24)		1,299		1,378,655
CenterPoint Energy Inc.
2.50%, 09/01/24 (Call 08/01/24)		592		610,340
3.85%, 02/01/24 (Call 01/01/24)		1,536		1,639,680
Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/24		50		58,395
Dominion Energy Inc., 3.07%, 08/15/24^(d)		1,470		1,541,501
DTE Electric Co., 3.65%, 03/15/24 (Call 12/15/23)		1,012		1,096,047
DTE Energy Co.
Series C, 2.53%, 10/01/24		719		732,754
Series C, 3.50%, 06/01/24 (Call 03/01/24)		1,319		1,387,825
Duke Energy Corp., 3.75%, 04/15/24 (Call 01/15/24)^(a)		2,173		2,365,289
Edison International, 3.55%, 11/15/24 (Call 10/15/24)		708		730,352
Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24)		365		377,465
Entergy Arkansas LLC, 3.70%, 06/01/24 (Call 03/01/24)		665		728,102
Entergy Gulf States Louisiana LLC, 5.59%, 10/01/24^(a)		408		480,551
Entergy Louisiana LLC, 5.40%, 11/01/24		590		678,925
Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)		1,700		1,758,667
Eversource Energy, Series L, 2.90%, 10/01/24 (Call 08/01/24)		844		885,086
Florida Power & Light Co., 3.25%, 06/01/24 (Call 12/01/23)^(a)		1,129		1,230,068
Georgia Power Co., Series A, 2.20%, 09/15/24 (Call 08/15/24)		995		1,025,527
Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24)		963		1,031,421
IPALCO Enterprises Inc., 3.70%, 09/01/24 (Call 07/01/24)		324		341,571
ITC Holdings Corp., 3.65%, 06/15/24 (Call 03/15/24)		1,067		1,130,625
MidAmerican Energy Co., 3.50%, 10/15/24 (Call 07/15/24)		1,763		1,933,323
National Rural Utilities Cooperative Finance Corp., 2.95%, 02/07/24 (Call 12/07/23)		534		570,333


Security	Par (000)		Value

Electric (continued)
NextEra Energy Capital Holdings Inc., 3.15%, 04/01/24 (Call 03/01/24)	$	1,689	$	1,796,792
Oncor Electric Delivery Co. LLC, 2.75%, 06/01/24 (Call 05/01/24)		880		935,528
PacifiCorp, 3.60%, 04/01/24 (Call 01/01/24)		260		285,420
Potomac Electric Power Co., 3.60%, 03/15/24 (Call 12/15/23)		848		904,943
PPL Capital Funding Inc., 3.95%, 03/15/24 (Call 12/15/23)		1,031		1,109,335
Public Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)		1,524		1,590,766
Sempra Energy, 3.55%, 06/15/24 (Call 03/15/24)^(a)		1,366		1,441,308
Southwestern Public Service Co., 3.30%, 06/15/24 (Call 12/15/23)^(a)		100		108,632
Union Electric Co., 3.50%, 04/15/24 (Call 01/15/24)		509		545,556
Virginia Electric & Power Co., 3.45%, 02/15/24 (Call 11/15/23)^(a)		530		565,860
Wisconsin Electric Power Co., 2.05%, 12/15/24 (Call 11/15/24)^(a)		345		358,834

				34,346,470

Electronics — 0.8%
Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)		862		866,750
Amphenol Corp., 3.20%, 04/01/24 (Call 02/01/24)		590		623,093
Arrow Electronics Inc., 3.25%, 09/08/24 (Call 07/08/24)		986		995,140
Honeywell International Inc., 2.30%, 08/15/24 (Call 07/15/24)		1,141		1,198,906
Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24)		650		707,856
Roper Technologies Inc., 2.35%, 09/15/24 (Call 08/15/24)		839		849,513
Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)		746		776,683
Tyco Electronics Group SA, 3.45%, 08/01/24 (Call 05/01/24)^(a)		128		136,151

				6,154,092

Engineering & Construction — 0.1%
Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24)		957		859,281


Environmental Control — 0.4%
Republic Services Inc., 2.50%, 08/15/24 (Call 07/15/24)		936		974,694
Waste Management Inc.
2.95%, 06/15/24 (Call 05/15/24)		1,559		1,661,925
3.50%, 05/15/24 (Call 02/15/24)^(a)		605		653,249

				3,289,868

Food — 1.1%
Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24)		2,063		2,240,397
General Mills Inc., 3.65%, 02/15/24 (Call 11/15/23)		1,205		1,293,134
Hershey Co. (The), 2.05%, 11/15/24 (Call 10/15/24)		250		258,943
Kroger Co. (The), 4.00%, 02/01/24 (Call 11/01/23)		1,082		1,177,248
McCormick & Co. Inc./MD, 3.15%, 08/15/24 (Call 06/15/24)		1,342		1,427,002
Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)		2,458		2,699,228

				9,095,952

Forest Products & Paper — 0.5%
Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)		320		323,325
Fibria Overseas Finance Ltd., 5.25%, 05/12/24		445		448,631
Georgia-Pacific LLC, 8.00%, 01/15/24		1,034		1,262,690
International Paper Co., 3.65%, 06/15/24 (Call 03/15/24)^(a)		1,640		1,753,963

				3,788,609

Gas — 0.3%
Dominion Energy Gas Holdings LLC
3.60%, 12/15/24 (Call 09/15/24)		543		588,308
Series A, 2.50%, 11/15/24 (Call 10/15/24)		756		786,255


SCHEDULES OF INVESTMENTS			45

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Gas (continued)
Southern California Gas Co., 3.15%, 09/15/24 (Call 06/15/24)^(a)	$	719	$	760,443

				2,135,006

Health Care – Products — 1.1%
Boston Scientific Corp., 3.45%, 03/01/24 (Call 02/01/24)		1,740		1,842,086
DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)		1,728		1,775,001
Medtronic Inc., 3.63%, 03/15/24 (Call 12/15/23)		1,146		1,249,690
Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24)^(a)		1,515		1,641,684
Thermo Fisher Scientific Inc., 4.15%, 02/01/24 (Call 11/01/23)		2,066		2,279,914

				8,788,375

Health Care – Services — 2.2%
Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)		1,478		1,582,376
Anthem Inc.
3.35%, 12/01/24 (Call 10/01/24)		1,225		1,312,698
3.50%, 08/15/24 (Call 05/15/24)		2,135		2,295,659
CommonSpirit Health, 2.76%, 10/01/24 (Call 07/01/24)		164		161,046
HCA Inc., 5.00%, 03/15/24		3,752		4,071,971
Humana Inc., 3.85%, 10/01/24 (Call 07/01/24)		1,395		1,501,843
Laboratory Corp. of America Holdings
2.30%, 12/01/24 (Call 11/01/24)^(a)		1,000		1,023,240
3.25%, 09/01/24 (Call 07/01/24)		1,261		1,349,863
Quest Diagnostics Inc., 4.25%, 04/01/24 (Call 01/01/24)^(a)		453		493,421
UnitedHealth Group Inc.
2.38%, 08/15/24		1,541		1,620,916
3.50%, 02/15/24		1,944		2,115,169

				17,528,202

Holding Companies – Diversified — 0.4%
Ares Capital Corp., 4.20%, 06/10/24 (Call 05/10/24)		1,472		1,405,068
FS KKR Capital Corp., 4.63%, 07/15/24 (Call 06/15/24)		648		550,554
Main Street Capital Corp., 5.20%, 05/01/24^(a)		540		523,913
Owl Rock Capital Corp., 5.25%, 04/15/24 (Call 03/15/24)^(a)		400		385,920
TPG Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24)		370		344,459

				3,209,914

Home Builders — 0.1%
DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)		682		683,753


Home Furnishings — 0.1%
Leggett & Platt Inc., 3.80%, 11/15/24 (Call 08/15/24)		325		331,159
Whirlpool Corp., 4.00%, 03/01/24		685		714,900

				1,046,059

Household Products & Wares — 0.1%
Clorox Co. (The), 3.50%, 12/15/24 (Call 09/15/24)		796		866,088


Insurance — 2.4%
Aflac Inc., 3.63%, 11/15/24		1,651		1,813,756
American International Group Inc., 4.13%, 02/15/24		1,950		2,116,667
Aon PLC, 3.50%, 06/14/24 (Call 03/01/24)		1,090		1,153,612
Assured Guaranty U.S. Holdings Inc., 5.00%, 07/01/24		895		969,446
Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24)		997		1,050,559
Chubb INA Holdings Inc., 3.35%, 05/15/24		680		736,930
CNA Financial Corp., 3.95%, 05/15/24 (Call 02/15/24)		957		1,011,664
Marsh & McLennan Companies Inc.
3.50%, 06/03/24 (Call 03/03/24)^(a)		1,619		1,736,701
3.88%, 03/15/24 (Call 02/15/24)		1,744		1,899,966
MetLife Inc., 3.60%, 04/10/24^(a)		2,159		2,348,172
Old Republic International Corp., 4.88%, 10/01/24 (Call 09/01/24)		437		470,562
Prudential Financial Inc., 3.50%, 05/15/24^(a)		1,502		1,630,781


Security	Par (000)		Value

Insurance (continued)
Unum Group, 4.00%, 03/15/24^(a)	$	620	$	636,225
Voya Financial Inc., 3.13%, 07/15/24 (Call 05/15/24)		259		266,710
Willis North America Inc., 3.60%, 05/15/24 (Call 03/15/24)		1,480		1,568,844

				19,410,595

Internet — 2.4%
Alibaba Group Holding Ltd., 3.60%, 11/28/24 (Call 08/28/24)		3,762		4,062,095
Alphabet Inc., 3.38%, 02/25/24		2,311		2,543,972
Amazon.com Inc.
2.80%, 08/22/24 (Call 06/22/24)		4,177		4,512,789
3.80%, 12/05/24 (Call 09/05/24)		2,267		2,550,012
Baidu Inc., 4.38%, 05/14/24 (Call 04/14/24)		1,724		1,841,818
eBay Inc., 3.45%, 08/01/24 (Call 05/01/24)^(a)		1,788		1,910,818
Expedia Group Inc., 4.50%, 08/15/24 (Call 05/15/24)^(a)		777		756,992
Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24)^(a)		1,335		1,353,343

				19,531,839

Iron & Steel — 0.4%
ArcelorMittal SA, 3.60%, 07/16/24		1,449		1,383,926
Steel Dynamics Inc.
2.80%, 12/15/24 (Call 11/15/24)		922		901,725
5.50%, 10/01/24 (Call 10/01/20)		980		998,463

				3,284,114

Lodging — 0.5%
Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24)		2,915		2,832,826
Marriott International Inc./MD, 3.60%, 04/15/24 (Call 03/15/24)		945		900,718

				3,733,544

Machinery — 1.8%
Caterpillar Financial Services Corp.
2.15%, 11/08/24^(a)		1,550		1,606,311
2.85%, 05/17/24		494		524,292
3.25%, 12/01/24		1,951		2,121,147
3.30%, 06/09/24		531		574,691
Caterpillar Inc., 3.40%, 05/15/24 (Call 02/15/24)		2,508		2,722,685
CNH Industrial Capital LLC, 4.20%, 01/15/24		1,403		1,462,852
John Deere Capital Corp.
2.60%, 03/07/24		887		928,937
2.65%, 06/24/24		1,810		1,907,070
3.35%, 06/12/24		855		922,759
3.45%, 01/10/24^(a)		284		305,715
Westinghouse Air Brake Technologies Corp., 4.40%, 03/15/24 (Call 02/15/24)		1,464		1,476,019

				14,552,478

Manufacturing — 1.2%
3M Co., 3.25%, 02/14/24 (Call 01/14/24)		1,043		1,129,633
Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)^(a)		773		795,054
General Electric Co.
3.38%, 03/11/24		1,472		1,522,622
3.45%, 05/15/24 (Call 02/13/24)		1,082		1,111,106
Illinois Tool Works Inc., 3.50%, 03/01/24 (Call 12/01/23)^(a)		1,211		1,316,805
Ingersoll-Rand Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)		990		1,052,014
Parker-Hannifin Corp.
2.70%, 06/14/24 (Call 05/14/24)		551		563,265
3.30%, 11/21/24 (Call 08/21/24)		1,474		1,548,732
Textron Inc., 4.30%, 03/01/24 (Call 12/01/23)		776		815,622

				9,854,853


46		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media — 2.9%
Charter Communications Operating LLC/Charter
Communications Operating Capital, 4.50%, 02/01/24 (Call 01/01/24)	$	2,100	$	2,277,681
Comcast Corp.
3.00%, 02/01/24 (Call 01/01/24)		2,481		2,647,202
3.60%, 03/01/24		2,326		2,537,503
3.70%, 04/15/24 (Call 03/15/24)		4,792		5,234,637
Discovery Communications LLC
3.80%, 03/13/24 (Call 01/13/24)^(a)		819		859,418
3.90%, 11/15/24 (Call 08/15/24)		835		880,533
Fox Corp., 4.03%, 01/25/24 (Call 12/25/23)		2,613		2,822,092
ViacomCBS Inc.
3.70%, 08/15/24 (Call 05/15/24)^(a)		988		1,004,589
3.88%, 04/01/24 (Call 01/01/24)		830		863,059
Walt Disney Co. (The)
1.75%, 08/30/24 (Call 07/30/24)		2,136		2,165,156
3.70%, 09/15/24 (Call 06/15/24)		1,921		2,099,672

				23,391,542

Metal Fabricate & Hardware — 0.0%
Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24)		438		445,818


Mining — 0.2%
Kinross Gold Corp., 5.95%, 03/15/24 (Call 12/15/23)		1,142		1,253,996


Oil & Gas — 4.0%
BP Capital Markets America Inc.
3.22%, 04/14/24 (Call 02/14/24)		1,790		1,871,875
3.79%, 02/06/24 (Call 01/06/24)		1,119		1,189,642
BP Capital Markets PLC
3.54%, 11/04/24		1,914		2,038,908
3.81%, 02/10/24		2,831		3,012,892
Canadian Natural Resources Ltd., 3.80%, 04/15/24 (Call 01/15/24)		1,124		1,088,987
Chevron Corp., 2.90%, 03/03/24 (Call 01/03/24)		2,274		2,416,875
Cimarex Energy Co., 4.38%, 06/01/24 (Call 03/01/24)		1,344		1,234,867
ConocoPhillips Co., 3.35%, 11/15/24 (Call 08/15/24)		355		374,653
Diamondback Energy Inc., 2.88%, 12/01/24 (Call 11/01/24)		1,874		1,707,514
Exxon Mobil Corp.
2.02%, 08/16/24 (Call 07/16/24)		1,465		1,508,218
3.18%, 03/15/24 (Call 12/15/23)		1,988		2,119,486
Hess Corp., 3.50%, 07/15/24 (Call 04/15/24)		301		272,522
Husky Energy Inc., 4.00%, 04/15/24 (Call 01/15/24)		1,330		1,230,170
Marathon Petroleum Corp., 3.63%, 09/15/24 (Call 06/15/24)		1,414		1,360,876
Newfield Exploration Co., 5.63%, 07/01/24		1,553		1,090,190
Noble Energy Inc., 3.90%, 11/15/24 (Call 08/15/24)		1,333		1,195,488
Shell International Finance BV, 2.00%, 11/07/24 (Call 10/07/24)		2,643		2,668,082
Suncor Energy Inc., 3.60%, 12/01/24 (Call 09/01/24)		1,412		1,455,377
Total Capital International SA
3.70%, 01/15/24		2,128		2,283,323
3.75%, 04/10/24		2,273		2,449,703

				32,569,648

Packaging & Containers — 0.3%
Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24)		1,109		1,173,810
WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24)		1,150		1,160,557

				2,334,367

Pharmaceuticals — 6.0%
AbbVie Inc., 2.60%, 11/21/24 (Call 10/21/24)^(b)		7,368		7,694,844
Allergan Funding SCS, 3.85%, 06/15/24 (Call 03/15/24)		1,935		2,064,200
AmerisourceBergen Corp., 3.40%, 05/15/24 (Call 02/15/24)		809		852,904


Security	Par (000)		Value

Pharmaceuticals (continued)
Becton Dickinson and Co.
3.36%, 06/06/24 (Call 04/06/24)	$	3,260	$	3,473,465
3.73%, 12/15/24 (Call 09/15/24)		2,434		2,627,673
Bristol-Myers Squibb Co.
2.90%, 07/26/24 (Call 06/26/24)^(b)		5,879		6,278,537
3.63%, 05/15/24 (Call 02/15/24)^(b)		1,620		1,764,099
Cardinal Health Inc.
3.08%, 06/15/24 (Call 04/15/24)		1,446		1,495,034
3.50%, 11/15/24 (Call 08/15/24)		714		746,308
Cigna Corp., 3.50%, 06/15/24 (Call 03/17/24)^(b)		1,533		1,637,551
CVS Health Corp.
2.63%, 08/15/24 (Call 07/15/24)		1,481		1,544,017
3.38%, 08/12/24 (Call 05/12/24)		1,899		2,024,543
GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 (Call 05/01/24)		1,721		1,848,922
McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)^(a)		2,201		2,366,229
Merck &Co. Inc., 2.90%, 03/07/24 (Call 02/07/24)		945		1,019,419
Novartis Capital Corp., 3.40%, 05/06/24^(a)		4,496		4,912,689
Perrigo Finance Unlimited Co., 3.90%, 12/15/24 (Call 09/15/24)		1,245		1,279,711
Pfizer Inc.
2.95%, 03/15/24 (Call 02/15/24)^(a)		1,933		2,092,337
3.40%, 05/15/24^(a)		1,967		2,160,474
Wyeth LLC, 6.45%, 02/01/24		719		858,889

				48,741,845

Pipelines — 3.8%
Boardwalk Pipelines LP, 4.95%, 12/15/24 (Call 09/15/24)		931		841,605
Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/24 (Call 01/01/24)		1,905		2,042,236
Enable Midstream Partners LP, 3.90%, 05/15/24 (Call 02/15/24)		1,129		904,939
Enbridge Inc., 3.50%, 06/10/24 (Call 03/10/24)		1,624		1,662,846
Energy Transfer Operating LP
4.50%, 04/15/24 (Call 03/15/24)		1,435		1,424,395
4.90%, 02/01/24 (Call 11/01/23)		1,061		1,061,902
5.88%, 01/15/24 (Call 10/15/23)		1,275		1,323,692
Enterprise Products Operating LLC, 3.90%, 02/15/24 (Call 11/15/23)		1,781		1,885,349
Kinder Morgan Energy Partners LP
4.15%, 02/01/24 (Call 11/01/23)		1,346		1,414,821
4.25%, 09/01/24 (Call 06/01/24)		1,113		1,178,277
4.30%, 05/01/24 (Call 02/01/24)		1,401		1,474,707
MPLX LP
4.88%, 12/01/24 (Call 09/01/24)		2,265		2,250,187
6.38%, 05/01/24 (Call 05/01/20)^(b)		586		586,158
ONEOK Inc., 2.75%, 09/01/24 (Call 08/01/24)		858		775,572
Phillips 66 Partners LP, 2.45%, 12/15/24 (Call 11/15/24)		687		630,158
Plains All American Pipeline LP/PAA Finance Corp., 3.60%, 11/01/24 (Call 08/01/24)^(a)		1,115		1,049,862
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 (Call 02/15/24)		3,171		3,312,332
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		1,406		1,501,158
Sunoco Logistics Partners Operations LP, 4.25%, 04/01/24 (Call 01/01/24)		1,168		1,151,473
Williams Companies Inc. (The)
4.30%, 03/04/24 (Call 12/04/23)		2,323		2,378,287
4.55%, 06/24/24 (Call 03/24/24)		1,869		1,943,797

				30,793,753


SCHEDULES OF INVESTMENTS			47

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts — 4.7%
Alexandria Real Estate Equities Inc., 4.00%, 01/15/24 (Call 12/15/23)	$	1,444	$	1,550,914
American Campus Communities Operating Partnership LP, 4.13%, 07/01/24 (Call 04/01/24)		680		690,370
American Tower Corp.
3.38%, 05/15/24 (Call 04/15/24)		1,162		1,237,844
5.00%, 02/15/24		2,109		2,359,950
AvalonBay Communities Inc., 3.50%, 11/15/24 (Call 08/15/24)^(a)		687		724,565
Boston Properties LP, 3.80%, 02/01/24 (Call 11/01/23)		1,611		1,684,300
Brandywine Operating Partnership LP, 4.10%, 10/01/24 (Call 07/01/24)		26		26,454
Brixmor Operating Partnership LP, 3.65%, 06/15/24 (Call 04/15/24)		725		720,795
Crown Castle International Corp., 3.20%, 09/01/24 (Call 07/01/24)		1,368		1,454,690
CyrusOne LP/CyrusOne Finance Corp., 2.90%, 11/15/24 (Call 10/15/24)^(a)		864		856,207
Duke Realty LP, 3.75%, 12/01/24 (Call 09/01/24)		792		833,620
Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)		1,286		1,329,673
Essex Portfolio LP, 3.88%, 05/01/24 (Call 02/01/24)		654		682,161
Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 10/15/23)		275		285,291
GLP Capital LP/GLP Financing II Inc., 3.35%, 09/01/24 (Call 06/03/24)		695		641,527
Healthpeak Properties Inc.
3.88%, 08/15/24 (Call 05/15/24)		1,526		1,579,486
4.20%, 03/01/24 (Call 12/01/23)		592		615,935
Host Hotels & Resorts LP, 3.88%, 04/01/24 (Call 02/01/24)		775		762,476
Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24)		962		988,003
Kimco Realty Corp., 2.70%, 03/01/24 (Call 01/01/24)		960		938,093
Mid-America Apartments LP, 3.75%, 06/15/24 (Call 03/13/24)		448		460,669
National Retail Properties Inc., 3.90%, 06/15/24 (Call 03/15/24)^(a)		863		886,249
Office Properties Income Trust, 4.25%, 05/15/24 (Call 02/15/24)		745		718,277
Omega Healthcare Investors Inc., 4.95%, 04/01/24 (Call 01/01/24)		910		922,603
Piedmont Operating Partnership LP, 4.45%, 03/15/24 (Call 12/15/23)		158		159,514
Realty Income Corp., 3.88%, 07/15/24 (Call 04/15/24)		683		712,792
Sabra Health Care LP, 4.80%, 06/01/24 (Call 05/01/24)		714		693,758
Service Properties Trust
4.35%, 10/01/24 (Call 09/01/24)		915		767,703
4.65%, 03/15/24 (Call 09/15/23)		890		756,642
Simon Property Group LP
2.00%, 09/13/24 (Call 06/13/24)		1,589		1,498,062
3.38%, 10/01/24 (Call 07/01/24)		1,899		1,879,991
3.75%, 02/01/24 (Call 11/01/23)		1,361		1,374,869
UDR Inc., 3.75%, 07/01/24 (Call 04/01/24)		765		789,189
Ventas Realty LP
3.50%, 04/15/24 (Call 03/15/24)		1,274		1,259,081
3.75%, 05/01/24 (Call 02/01/24)		505		506,202
VEREIT Operating Partnership LP, 4.60%, 02/06/24 (Call 11/06/23)^(a)		1,341		1,335,649
Welltower Inc.
3.63%, 03/15/24 (Call 02/15/24)		1,598		1,619,733
4.50%, 01/15/24 (Call 10/15/23)		961		1,004,130
WP Carey Inc., 4.60%, 04/01/24 (Call 01/01/24)		902		939,613

				38,247,080


Security	Par (000)		Value

Retail — 2.8%
AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24)	$	450	$	435,195
AutoZone Inc., 3.13%, 04/18/24 (Call 03/18/24)		658		684,465
Costco Wholesale Corp., 2.75%, 05/18/24 (Call 03/18/24)		2,116		2,274,742
Home Depot Inc. (The), 3.75%, 02/15/24 (Call 11/15/23)		2,205		2,426,779
Lowe’s Companies Inc., 3.13%, 09/15/24 (Call 06/15/24)		841		894,774
McDonald’s Corp., 3.25%, 06/10/24		655		709,149
Target Corp., 3.50%, 07/01/24		2,302		2,553,355
Walgreens Boots Alliance Inc., 3.80%, 11/18/24 (Call 08/18/24)^(a)		3,509		3,735,330
Walmart Inc.
2.65%, 12/15/24 (Call 10/15/24)		2,287		2,456,009
2.85%, 07/08/24 (Call 06/08/24)		2,900		3,124,373
3.30%, 04/22/24 (Call 01/22/24)		3,034		3,311,854

				22,606,025

Semiconductors — 3.0%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23)^(a)		4,207		4,397,451
Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24)^(b)		4,303		4,533,555
Intel Corp., 2.88%, 05/11/24 (Call 03/11/24)		3,794		4,059,997
KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)		2,431		2,705,047
Micron Technology Inc., 4.64%, 02/06/24 (Call 01/06/24)^(a)		1,364		1,468,305
NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)^(b)		1,804		1,955,969
QUALCOMM Inc., 2.90%, 05/20/24 (Call 03/20/24)		3,090		3,295,701
Texas Instruments Inc., 2.63%, 05/15/24 (Call 03/15/24)		455		481,244
Xilinx Inc., 2.95%, 06/01/24 (Call 04/01/24)^(a)		1,427		1,500,676

				24,397,945

Software — 2.4%
Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)		600		652,620
Fidelity National Information Services Inc., 3.88%, 06/05/24 (Call 03/05/24)		827		893,367
Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24)		3,823		4,016,673
Microsoft Corp., 2.88%, 02/06/24 (Call 12/06/23)		4,648		4,999,947
Oracle Corp.
2.95%, 11/15/24 (Call 09/15/24)		3,999		4,287,768
3.40%, 07/08/24 (Call 04/08/24)^(a)		4,019		4,352,657

				19,203,032

Telecommunications — 2.6%
AT&T Inc.
3.55%, 06/01/24 (Call 03/01/24)		1,243		1,316,213
3.80%, 03/01/24 (Call 01/01/24)^(a)		1,639		1,753,123
3.90%, 03/11/24 (Call 12/11/23)		1,327		1,423,579
4.45%, 04/01/24 (Call 01/01/24)		2,655		2,895,118
Cisco Systems Inc., 3.63%, 03/04/24		2,237		2,475,330
Juniper Networks Inc., 4.50%, 03/15/24		1,038		1,113,141
Motorola Solutions Inc., 4.00%, 09/01/24		1,004		1,071,147
Verizon Communications Inc.
3.50%, 11/01/24 (Call 08/01/24)		3,476		3,802,362
4.15%, 03/15/24 (Call 12/15/23)		1,446		1,602,660
Vodafone Group PLC, 3.75%, 01/16/24		3,574		3,855,667

				21,308,340

Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)		725		721,730


Transportation — 1.9%
Burlington Northern Santa Fe LLC
3.40%, 09/01/24 (Call 12/01/23)		1,630		1,775,168
3.75%, 04/01/24 (Call 01/01/24)^(a)		1,047		1,141,596


48		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Transportation (continued)
Canadian National Railway Co., 2.95%, 11/21/24 (Call 08/21/24)	$	660	$	702,926
CSX Corp., 3.40%, 08/01/24 (Call 05/01/24)^(a)		1,328		1,452,673
FedEx Corp., 4.00%, 01/15/24^(a)		1,561		1,681,759
Norfolk Southern Corp., 3.85%, 01/15/24 (Call 10/15/23)		779		838,547
Ryder System Inc.
2.50%, 09/01/24 (Call 08/01/24)		1,088		1,064,314
3.65%, 03/18/24 (Call 02/18/24)^(a)		1,154		1,187,858
Union Pacific Corp.
3.15%, 03/01/24 (Call 02/01/24)^(a)		1,277		1,367,680
3.65%, 02/15/24 (Call 11/15/23)		932		1,003,112
3.75%, 03/15/24 (Call 12/15/23)		891		963,171
United Parcel Service Inc.
2.20%, 09/01/24 (Call 08/01/24)		942		977,542
2.80%, 11/15/24 (Call 09/15/24)		1,030		1,096,054

				15,252,400

Trucking & Leasing — 0.1%
GATX Corp., 4.35%, 02/15/24 (Call 01/15/24)		621		662,458


Water — 0.1%
American Water Capital Corp., 3.85%, 03/01/24 (Call 12/01/23)		1,117		1,221,987


Total Corporate Bonds & Notes — 99.0% (Cost: $777,787,060)				799,608,543


Short-Term Investments

Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(e)(f)(g)		32,388		32,424,119


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(e)(f)		2,775	$	2,775,000

				35,199,119


Total Short-Term Investments — 4.4% (Cost: $35,163,165)				35,199,119


Total Investments in Securities — 103.4% (Cost: $812,950,225)				834,807,662

Other Assets, Less Liabilities — (3.4)%				(27,559,410	)


Net Assets — 100.0%			$	807,248,252

^(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)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

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

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000	)	Net Activity (000	)	Shares Held at 04/30/20 (000	)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	35,532		(3,144	)	32,388		$	32,424,119	$	85,897	^(b)	$	(17,924	)	$	27,534
BlackRock Cash Funds: Treasury, SL Agency Shares	984		1,791		2,775			2,775,000		12,764			—			—

							$	35,199,119	$	98,661		$	(17,924	)	$	27,534

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


SCHEDULES OF INVESTMENTS			49

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Corporate ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	799,608,543	$	—	$	799,608,543
Money Market Funds		35,199,119		—		—		35,199,119

	$	35,199,119	$	799,608,543	$	—	$	834,807,662

See notes to financial statements.


50		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 1.9%
Boeing Co. (The), 2.60%, 10/30/25 (Call 07/30/25)	$	405	$	362,220
General Dynamics Corp., 3.50%, 05/15/25 (Call 03/15/25)^(a)		1,310		1,441,197
Hexcel Corp., 4.70%, 08/15/25 (Call 05/15/25)^(a)		175		198,711
Howmet Aerospace Inc., 6.88%, 05/01/25 (Call 04/01/25)		1,000		1,020,460
L3Harris Technologies Inc., 3.83%, 04/27/25 (Call 01/27/25)		1,001		1,077,597
Lockheed Martin Corp., 2.90%, 03/01/25 (Call 12/01/24)^(a)		1,231		1,319,250
Northrop Grumman Corp., 2.93%, 01/15/25 (Call 11/15/24)		2,227		2,366,098
Raytheon Technologies Corp., 3.95%, 08/16/25 (Call 06/16/25)		2,430		2,731,247

				10,516,780

Agriculture — 0.9%
Philip Morris International Inc., 3.38%, 08/11/25 (Call 05/11/25)		1,251		1,371,234
Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)		3,610		3,920,315

				5,291,549

Airlines — 0.1%
Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)		280		278,824
U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 11/15/25^(a)		220		178,872
United Airlines Pass Through Trust, Series 2013-1, Class A, 4.30%, 08/15/25		433		376,409

				834,105

Apparel — 0.4%
NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)		1,000		1,053,690
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)		647		687,988
Tapestry Inc., 4.25%, 04/01/25 (Call 01/01/25)		831		736,374

				2,478,052

Auto Manufacturers — 1.2%
General Motors Co., 4.00%, 04/01/25		678		653,911
General Motors Financial Co. Inc.
2.90%, 02/26/25 (Call 01/26/25)		355		321,935
4.00%, 01/15/25 (Call 10/15/24)^(a)		1,593		1,493,645
4.30%, 07/13/25 (Call 04/13/25)		1,503		1,412,564
4.35%, 04/09/25 (Call 02/09/25)		1,904		1,800,080
Toyota Motor Credit Corp., 3.40%, 04/14/25		1,085		1,175,749

				6,857,884

Auto Parts & Equipment — 0.2%
BorgWarner Inc., 3.38%, 03/15/25 (Call 12/15/24)^(a)		494		505,140
Magna International Inc., 4.15%, 10/01/25 (Call 07/01/25)		784		839,264

				1,344,404

Banks — 20.4%
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25		1,292		1,427,996
Banco Santander SA, 5.18%, 11/19/25		2,014		2,184,727
Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24)		1,020		943,061
Bank of America Corp.
3.88%, 08/01/25		2,383		2,618,321
4.00%, 01/22/25		2,758		2,978,309
Series L, 3.95%, 04/21/25		3,540		3,811,872
Bank of New York Mellon Corp. (The)
3.95%, 11/18/25 (Call 10/18/25)		828		927,989
Series G, 3.00%, 02/24/25 (Call 01/24/25)		1,174		1,267,885
Bank of Nova Scotia (The), 2.20%, 02/03/25^(a)		385		391,849
BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25)		607		648,179
Barclays PLC, 3.65%, 03/16/25^(a)		2,740		2,858,478
BBVA USA, 3.88%, 04/10/25 (Call 03/10/25)		1,065		1,078,217
Canadian Imperial Bank of Commerce, 2.25%, 01/28/25^(a)		60		60,599


Security	Par (000)		Value

Banks (continued)
Citigroup Inc.
3.30%, 04/27/25	$	1,756	$	1,860,675
3.88%, 03/26/25		1,531		1,633,424
4.40%, 06/10/25		3,270		3,562,142
5.50%, 09/13/25		1,720		1,969,985
Citizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25)		1,318		1,410,418
Cooperatieve Rabobank UA, 4.38%, 08/04/25		2,003		2,157,992
Cooperatieve Rabobank UA/NY, 3.38%, 05/21/25		1,505		1,621,532
Credit Suisse Group Funding Guernsey Ltd., 3.75%, 03/26/25		3,414		3,645,367
Fifth Third Bancorp., 2.38%, 01/28/25 (Call 12/29/24)		1,588		1,608,835
Fifth Third Bank/Cincinnati OH, 3.95%, 07/28/25 (Call 06/28/25)^(a)		800		891,864
Goldman Sachs Group Inc. (The)
3.50%, 01/23/25 (Call 10/23/24)		4,004		4,235,031
3.50%, 04/01/25 (Call 03/01/25)^(a)		1,960		2,089,968
3.75%, 05/22/25 (Call 02/22/25)^(a)		3,501		3,748,661
4.25%, 10/21/25		3,058		3,264,751
HSBC Holdings PLC, 4.25%, 08/18/25		1,986		2,121,803
Huntington Bancshares Inc./OH, 4.00%, 05/15/25 (Call 04/15/25)^(a)		859		935,451
JPMorgan Chase & Co.
3.13%, 01/23/25 (Call 10/23/24)^(a)		3,633		3,845,857
3.90%, 07/15/25 (Call 04/15/25)		3,632		4,000,975
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25		1,130		1,218,592
KeyCorp, 4.15%, 10/29/25		509		560,587
Lloyds Bank PLC, 3.50%, 05/14/25		500		533,395
Lloyds Banking Group PLC
4.45%, 05/08/25		1,656		1,806,083
4.58%, 12/10/25		1,950		2,107,833
Manufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)		1,410		1,497,434
Mitsubishi UFJ Financial Group Inc.
2.19%, 02/25/25		3,600		3,632,688
3.78%, 03/02/25		1,143		1,235,046
Morgan Stanley
4.00%, 07/23/25		3,735		4,113,057
5.00%, 11/24/25		2,857		3,237,695
MUFG Americas Holdings Corp., 3.00%, 02/10/25 (Call 01/20/25)		238		243,855
Northern Trust Corp., 3.95%, 10/30/25		1,181		1,325,295
PNC Bank N.A.
2.95%, 02/23/25 (Call 01/23/25)		1,320		1,400,626
3.25%, 06/01/25 (Call 05/02/25)		1,285		1,377,828
4.20%, 11/01/25 (Call 10/01/25)^(a)		625		703,531
Santander Holdings USA Inc., 4.50%, 07/17/25 (Call 04/17/25)^(a)		1,511		1,554,441
State Street Corp., 3.55%, 08/18/25		1,885		2,087,034
Sumitomo Mitsui Financial Group Inc., 2.35%, 01/15/25^(a)		1,425		1,447,344
SVB Financial Group, 3.50%, 01/29/25		699		727,589
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		380		378,381
3.63%, 09/16/25 (Call 08/16/25)		1,847		1,992,821
4.05%, 11/03/25 (Call 09/03/25)		807		916,179
Truist Financial Corp.
3.70%, 06/05/25 (Call 05/05/25)		1,353		1,487,245
4.00%, 05/01/25 (Call 03/01/25)		1,485		1,639,128
U.S. Bancorp., 3.95%, 11/17/25 (Call 10/17/24)		1,705		1,927,025


SCHEDULES OF INVESTMENTS			51

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
U.S. Bank N.A./Cincinnati OH
2.05%, 01/21/25 (Call 12/21/24)	$	290	$	298,801
2.80%, 01/27/25 (Call 12/27/24)		1,348		1,433,611
Wells Fargo & Co.
3.00%, 02/19/25^(a)		3,085		3,238,510
3.55%, 09/29/25		3,329		3,592,857
Westpac Banking Corp., 2.35%, 02/19/25^(a)		1,728		1,777,317

				115,294,041

Beverages — 2.7%
Anheuser-Busch InBev Worldwide Inc., 4.15%, 01/23/25 (Call 12/23/24)		3,156		3,510,829
Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25)		210		228,820
Coca-Cola Co. (The), 2.88%, 10/27/25		2,912		3,181,389
Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)		250		270,833
Constellation Brands Inc.
4.40%, 11/15/25 (Call 09/15/25)		697		768,624
4.75%, 12/01/25^(a)		637		713,841
Keurig Dr Pepper Inc.
3.40%, 11/15/25 (Call 08/15/25)^(a)		495		528,873
4.42%, 05/25/25 (Call 03/25/25)		1,440		1,610,755
PepsiCo Inc.
2.25%, 03/19/25 (Call 02/19/25)		1,000		1,058,360
2.75%, 04/30/25 (Call 01/30/25)^(a)		2,033		2,197,551
3.50%, 07/17/25 (Call 04/17/25)		891		994,810

				15,064,685

Biotechnology — 1.6%
Amgen Inc.
1.90%, 02/21/25 (Call 01/21/25)		265		271,819
3.13%, 05/01/25 (Call 02/01/25)		2,034		2,209,066
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		1,137		1,251,689
Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)		2,418		2,687,075
Gilead Sciences Inc., 3.50%, 02/01/25 (Call 11/01/24)^(a)		2,531		2,788,023

				9,207,672

Building Materials — 0.8%
Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25)^(b)		2,465		2,441,829
Fortune Brands Home & Security Inc., 4.00%, 06/15/25 (Call 03/15/25)		710		750,484
Masco Corp., 4.45%, 04/01/25 (Call 01/01/25)^(a)		805		848,068
Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)^(a)		732		770,386

				4,810,767

Chemicals — 1.4%
Air Products and Chemicals Inc., 1.50%, 10/15/25 (Call 09/15/25)		60		60,480
Dow Chemical Co. (The), 4.55%, 11/30/25 (Call 09/30/25)		869		944,490
DuPont de Nemours Inc., 4.49%, 11/15/25 (Call 09/25/25)		2,456		2,700,814
Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)		967		1,012,304
Nutrien Ltd.
3.00%, 04/01/25 (Call 01/01/25)		798		822,028
3.38%, 03/15/25 (Call 12/15/24)		800		836,144
Praxair Inc., 2.65%, 02/05/25 (Call 11/05/24)		623		654,412
Sherwin-Williams Co. (The), 3.45%, 08/01/25 (Call 05/01/25)		660		710,727

				7,741,399

Commercial Services — 1.1%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)		1,673		1,857,431
Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)		560		573,698
Global Payments Inc., 2.65%, 02/15/25 (Call 01/15/24)		1,402		1,441,677
S&P Global Inc., 4.00%, 06/15/25 (Call 03/15/25)		1,168		1,311,909


Security	Par (000)		Value

Commercial Services (continued)
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)	$	1,126	$	1,231,506

				6,416,221

Computers — 2.7%
Apple Inc.
2.50%, 02/09/25		2,280		2,436,932
2.75%, 01/13/25 (Call 11/13/24)		2,386		2,573,921
3.20%, 05/13/25		3,145		3,473,590
Dell International LLC/EMC Corp., 5.85%, 07/15/25 (Call 06/15/25)		1,000		1,088,650
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 (Call 07/15/25)		3,473		3,775,498
International Business Machines Corp., 7.00%, 10/30/25^(a)		889		1,149,922
Seagate HDD Cayman, 4.75%, 01/01/25^(a)		982		1,014,897

				15,513,410

Cosmetics & Personal Care — 0.3%
Unilever Capital Corp.
3.10%, 07/30/25^(a)		565		615,189
3.38%, 03/22/25 (Call 01/22/25)		768		837,850

				1,453,039

Diversified Financial Services — 5.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.50%, 01/15/25 (Call 11/15/24)		960		834,029
4.45%, 10/01/25 (Call 08/01/25)		935		817,882
Affiliated Managers Group Inc., 3.50%, 08/01/25		460		486,142
Air Lease Corp.
2.30%, 02/01/25 (Call 01/01/25)^(a)		174		151,752
3.25%, 03/01/25 (Call 01/01/25)^(a)		1,677		1,506,801
Ally Financial Inc., 4.63%, 03/30/25^(a)		718		720,513
American Express Co., 4.20%, 11/06/25 (Call 10/06/25)		1,105		1,242,749
Capital One Financial Corp.
3.20%, 02/05/25 (Call 01/05/25)		1,284		1,309,950
4.20%, 10/29/25 (Call 09/29/25)		1,971		2,011,938
4.25%, 04/30/25 (Call 03/31/25)^(a)		1,005		1,070,898
Charles Schwab Corp. (The)
3.00%, 03/10/25 (Call 12/10/24)		611		647,024
3.85%, 05/21/25 (Call 03/21/25)		1,180		1,325,435
CME Group Inc., 3.00%, 03/15/25 (Call 12/15/24)		1,258		1,369,383
Discover Financial Services, 3.75%, 03/04/25 (Call 12/04/24)		829		840,523
Franklin Resources Inc., 2.85%, 03/30/25		730		767,223
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25		2,135		2,199,370
Intercontinental Exchange Inc., 3.75%, 12/01/25 (Call 09/01/25)		1,799		2,001,603
Janus Capital Group Inc., 4.88%, 08/01/25 (Call 05/01/25)		420		439,828
Lazard Group LLC, 3.75%, 02/13/25^(a)		674		688,835
Mastercard Inc., 2.00%, 03/03/25 (Call 02/03/25)		735		763,871
Nomura Holdings Inc., 2.65%, 01/16/25		1,145		1,156,221
Synchrony Financial, 4.50%, 07/23/25 (Call 04/24/25)		1,120		1,096,010
TD Ameritrade Holding Corp., 3.63%, 04/01/25 (Call 01/01/25)		575		620,471
Visa Inc., 3.15%, 12/14/25 (Call 09/14/25)		6,153		6,801,342
Western Union Co. (The), 2.85%, 01/10/25 (Call 12/10/24)		590		584,950

				31,454,743

Electric — 3.4%
Ameren Illinois Co., 3.25%, 03/01/25 (Call 12/01/24)		115		123,977
Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25)^(a)		200		211,422
Berkshire Hathaway Energy Co.
3.50%, 02/01/25 (Call 11/01/24)		1,050		1,149,813
4.05%, 04/15/25 (Call 03/15/25)^(b)		1,000		1,122,860


52		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Dominion Energy Inc., 3.90%, 10/01/25 (Call 07/01/25)	$	1,311	$	1,441,746
DTE Electric Co., 3.38%, 03/01/25 (Call 12/01/24)		255		277,450
Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25)		953		1,042,830
Evergy Metro Inc., 3.65%, 08/15/25 (Call 05/15/25)		410		455,063
Eversource Energy, Series H, 3.15%, 01/15/25 (Call 10/15/24)		510		540,156
Exelon Corp., 3.95%, 06/15/25 (Call 03/15/25)		1,541		1,701,017
Florida Power & Light Co.
2.85%, 04/01/25 (Call 03/01/25)		1,060		1,149,559
3.13%, 12/01/25 (Call 06/01/25)		1,138		1,244,346
Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25 (Call 04/01/25)		660		710,820
National Rural Utilities Cooperative Finance Corp.
2.85%, 01/27/25 (Call 10/27/24)		835		900,330
3.25%, 11/01/25 (Call 08/01/25)		619		667,926
Oncor Electric Delivery Co. LLC, 2.95%, 04/01/25 (Call 01/01/25)		305		327,842
Public Service Electric & Gas Co., 3.00%, 05/15/25 (Call 02/15/25)		460		495,287
Puget Energy Inc., 3.65%, 05/15/25 (Call 02/15/25)		636		636,413
Sempra Energy, 3.75%, 11/15/25 (Call 08/15/25)		545		584,850
Southern California Edison Co., Series E, 3.70%, 08/01/25 (Call 06/01/25)		740		806,519
Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)		840		920,136
Virginia Electric & Power Co., Series A, 3.10%, 05/15/25 (Call 02/15/25)		479		515,893
WEC Energy Group Inc., 3.55%, 06/15/25 (Call 03/15/25)		1,063		1,151,941
Xcel Energy Inc., 3.30%, 06/01/25 (Call 12/01/24)		1,055		1,131,393

				19,309,589

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)^(a)		130		140,179


Electronics — 0.4%
Amphenol Corp., 2.05%, 03/01/25 (Call 02/01/25)		25		24,944
Arrow Electronics Inc., 4.00%, 04/01/25 (Call 01/01/25)^(a)		414		428,035
Flex Ltd., 4.75%, 06/15/25 (Call 03/15/25)^(a)		950		1,009,964
Legrand France SA, 8.50%, 02/15/25		25		32,632
Roper Technologies Inc., 3.85%, 12/15/25 (Call 09/15/25)^(a)		613		645,887

				2,141,462

Environmental Control — 0.3%
Republic Services Inc., 3.20%, 03/15/25 (Call 12/15/24)		980		1,049,355
Waste Management Inc., 3.13%, 03/01/25 (Call 12/01/24)^(a)		888		955,452

				2,004,807

Food — 1.5%
Campbell Soup Co.
3.30%, 03/19/25 (Call 12/19/24)		416		440,261
3.95%, 03/15/25 (Call 01/15/25)		1,149		1,254,846
Conagra Brands Inc., 4.60%, 11/01/25 (Call 09/01/25)		1,480		1,652,716
General Mills Inc., 4.00%, 04/17/25 (Call 02/17/25)		1,271		1,418,843
JM Smucker Co. (The), 3.50%, 03/15/25		1,511		1,634,479
Mondelez International Inc., 1.50%, 05/04/25 (Call 04/04/25)		60		59,678
Sysco Corp.
3.55%, 03/15/25 (Call 01/15/25)		718		740,818
3.75%, 10/01/25 (Call 07/01/25)		1,083		1,119,042

				8,320,683

Forest Products & Paper — 0.1%
Fibria Overseas Finance Ltd., 4.00%, 01/14/25 (Call 11/14/24)		556		531,075


Security	Par (000)		Value

Gas — 0.2%
National Fuel Gas Co., 5.20%, 07/15/25 (Call 04/15/25)^(a)	$	640	$	629,926
Southern California Gas Co., 3.20%, 06/15/25 (Call 03/15/25)		582		616,548

				1,246,474

Health Care – Products — 2.7%
Abbott Laboratories
2.95%, 03/15/25 (Call 12/15/24)		1,473		1,597,247
3.88%, 09/15/25 (Call 06/15/25)^(a)		796		902,330
Boston Scientific Corp., 3.85%, 05/15/25		972		1,070,502
Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)^(a)		888		967,680
Medtronic Inc., 3.50%, 03/15/25		4,010		4,468,223
Stryker Corp., 3.38%, 11/01/25 (Call 08/01/25)		1,249		1,386,865
Thermo Fisher Scientific Inc.
3.65%, 12/15/25 (Call 09/09/25)^(a)		695		763,249
4.13%, 03/25/25 (Call 02/25/25)		1,000		1,128,560
Zimmer Biomet Holdings Inc., 3.55%, 04/01/25 (Call 01/01/25)		2,683		2,793,352

				15,078,008

Health Care – Services — 1.7%
Anthem Inc., 2.38%, 01/15/25 (Call 12/15/24)		1,294		1,331,617
HCA Inc., 5.25%, 04/15/25		1,797		2,001,139
Laboratory Corp. of America Holdings, 3.60%, 02/01/25 (Call 11/01/24)		1,581		1,712,476
Quest Diagnostics Inc., 3.50%, 03/30/25 (Call 12/30/24)		698		750,308
UnitedHealth Group Inc.
3.70%, 12/15/25		538		604,545
3.75%, 07/15/25		2,883		3,231,267

				9,631,352

Holding Companies – Diversified — 0.6%
Ares Capital Corp.
3.25%, 07/15/25 (Call 06/15/25)		716		636,846
4.25%, 03/01/25 (Call 01/01/25)		1,013		966,554
FS KKR Capital Corp., 4.13%, 02/01/25 (Call 01/01/25)		640		527,386
Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 01/10/25)		25		24,595
Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 01/25/25)		25		22,890
Owl Rock Capital Corp.
3.75%, 07/22/25 (Call 06/22/25)		550		497,222
4.00%, 03/30/25 (Call 02/28/25)		543		494,858

				3,170,351

Home Furnishings — 0.1%
Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)		240		254,139
Whirlpool Corp., 3.70%, 05/01/25		472		487,000

				741,139

Household Products & Wares — 0.1%
Kimberly-Clark Corp., 3.05%, 08/15/25		350		381,511


Insurance — 2.0%
Aflac Inc., 3.25%, 03/17/25		845		907,285
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)		270		272,395
American International Group Inc., 3.75%, 07/10/25 (Call 04/10/25)		1,640		1,751,340
Aon PLC, 3.88%, 12/15/25 (Call 09/15/25)		1,074		1,163,206
Chubb INA Holdings Inc., 3.15%, 03/15/25		946		1,028,075
CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)		510		545,827
Kemper Corp., 4.35%, 02/15/25 (Call 11/15/24)^(a)		694		716,583
Lincoln National Corp., 3.35%, 03/09/25^(a)		300		313,425


SCHEDULES OF INVESTMENTS			53

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Marsh & McLennan Companies Inc., 3.50%, 03/10/25 (Call 12/10/24)	$	891	$	958,698
MetLife Inc.
3.00%, 03/01/25		858		913,238
3.60%, 11/13/25 (Call 08/13/25)^(a)		773		850,578
Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)		742		786,839
RenaissanceRe Finance Inc., 3.70%, 04/01/25 (Call 01/01/25)		300		315,540
XLIT Ltd., 4.45%, 03/31/25		782		860,130

				11,383,159

Internet — 0.6%
Amazon.com Inc., 5.20%, 12/03/25 (Call 09/03/25)		1,606		1,942,056
Baidu Inc., 4.13%, 06/30/25		510		546,118
Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)		732		757,744

				3,245,918

Iron & Steel — 0.1%
ArcelorMittal SA, 6.13%, 06/01/25^(a)		616		632,601
Steel Dynamics Inc., 4.13%, 09/15/25 (Call 09/15/20)		115		114,037

				746,638

Leisure Time — 0.1%
Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)^(a)		728		721,033


Lodging — 0.7%
Las Vegas Sands Corp., 2.90%, 06/25/25 (Call 05/25/25)		635		590,918
Marriott International Inc./MD
3.75%, 03/15/25 (Call 12/15/24)		410		389,693
3.75%, 10/01/25 (Call 07/01/25)		570		544,891
Sands China Ltd., 5.13%, 08/08/25 (Call 06/08/25)		2,222		2,318,035

				3,843,537

Machinery — 0.9%
Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)		500		532,635
Dover Corp., 3.15%, 11/15/25 (Call 08/15/25)		535		564,580
John Deere Capital Corp.
2.05%, 01/09/25		115		118,870
3.40%, 09/11/25^(a)		896		979,874
3.45%, 03/13/25		1,320		1,449,730
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)^(b)		1,080		1,100,282
Rockwell Automation Inc., 2.88%, 03/01/25 (Call 12/01/24)		140		146,996

				4,892,967

Manufacturing — 0.5%
3M Co.
2.00%, 02/14/25 (Call 01/14/25)		1,144		1,186,248
3.00%, 08/07/25		1,084		1,177,939
Textron Inc., 3.88%, 03/01/25 (Call 12/01/24)		274		285,407

				2,649,594

Media — 4.1%
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)		6,394		7,226,691
Comcast Corp.
3.10%, 04/01/25 (Call 03/01/25)		55		59,532
3.38%, 02/15/25 (Call 11/15/24)		1,801		1,964,477
3.38%, 08/15/25 (Call 05/15/25)		2,935		3,216,907
3.95%, 10/15/25 (Call 08/15/25)		3,719		4,195,032
Discovery Communications LLC
3.45%, 03/15/25 (Call 12/15/24)^(a)		623		640,612
3.95%, 06/15/25 (Call 05/15/25)		546		577,957
Grupo Televisa SAB, 6.63%, 03/18/25^(a)		755		838,065


Security	Par (000)		Value

Media (continued)
TWDC Enterprises 18 Corp., 3.15%, 09/17/25	$	1,223	$	1,327,701
ViacomCBS Inc., 3.50%, 01/15/25 (Call 10/15/24)		890		897,672
Walt Disney Co. (The)
3.35%, 03/24/25		1,000		1,091,190
3.70%, 10/15/25 (Call 07/15/25)		1,044		1,154,654

				23,190,490

Metal Fabricate & Hardware — 0.3%
Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)		1,461		1,589,641


Mining — 0.5%
Rio Tinto Finance USA Ltd., 3.75%, 06/15/25 (Call 03/15/25)		1,651		1,795,050
Southern Copper Corp., 3.88%, 04/23/25^(a)		819		849,761

				2,644,811

Oil & Gas — 3.5%
BP Capital Markets America Inc., 3.80%, 09/21/25 (Call 07/21/25)		1,357		1,466,333
BP Capital Markets PLC, 3.51%, 03/17/25		1,360		1,451,174
Canadian Natural Resources Ltd., 3.90%, 02/01/25 (Call 11/01/24)		809		772,215
Chevron Corp., 3.33%, 11/17/25 (Call 08/17/25)		1,182		1,301,973
Concho Resources Inc., 4.38%, 01/15/25 (Call 01/15/21)		928		920,019
Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25)		620		608,400
Diamondback Energy Inc., 5.38%, 05/31/25 (Call 05/31/20)		270		258,163
EOG Resources Inc., 3.15%, 04/01/25 (Call 01/01/25)		890		936,689
Exxon Mobil Corp., 2.71%, 03/06/25 (Call 12/06/24)		2,425		2,548,554
Helmerich & Payne Inc., 4.65%, 03/15/25 (Call 12/15/24)		267		269,360
Marathon Oil Corp., 3.85%, 06/01/25 (Call 03/01/25)		1,224		1,052,261
Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25)		1,165		1,173,237
Shell International Finance BV, 3.25%, 05/11/25		4,275		4,587,032
Total Capital International SA, 2.43%, 01/10/25 (Call 10/10/24)		1,382		1,425,077
Valero Energy Corp., 3.65%, 03/15/25^(a)		904		925,850

				19,696,337

Oil & Gas Services — 0.2%
Halliburton Co., 3.80%, 11/15/25 (Call 08/15/25)		1,446		1,398,672


Packaging & Containers — 0.1%
WRKCo Inc., 3.75%, 03/15/25 (Call 01/15/25)^(a)		728		766,038


Pharmaceuticals — 8.5%
AbbVie Inc., 3.60%, 05/14/25 (Call 02/14/25)		5,123		5,564,295
Allergan Funding SCS, 3.80%, 03/15/25 (Call 12/15/24)		4,306		4,488,876
AmerisourceBergen Corp., 3.25%, 03/01/25 (Call 12/01/24)		809		858,786
AstraZeneca PLC, 3.38%, 11/16/25^(a)		2,670		2,956,838
Bristol-Myers Squibb Co., 3.88%, 08/15/25 (Call 05/15/25)^(b)		3,277		3,680,431
Cardinal Health Inc., 3.75%, 09/15/25 (Call 06/15/25)^(a)		545		581,978
Cigna Corp.
3.25%, 04/15/25 (Call 01/15/25)^(b)		1,356		1,448,371
4.13%, 11/15/25 (Call 09/15/25)		3,050		3,415,603
CVS Health Corp.
3.88%, 07/20/25 (Call 04/20/25)		4,167		4,568,657
4.10%, 03/25/25 (Call 01/25/25)		5,896		6,502,934
Eli Lilly &Co., 2.75%, 06/01/25 (Call 03/01/25)		1,130		1,215,021
GlaxoSmithKline Capital Inc., 3.63%, 05/15/25^(a)		1,686		1,886,803
Johnson & Johnson, 2.63%, 01/15/25 (Call 11/15/24)		1,204		1,303,920
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)		1,272		1,453,438
Merck &Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)		3,735		4,044,333
Novartis Capital Corp.
1.75%, 02/14/25 (Call 01/14/25)		65		66,992
3.00%, 11/20/25 (Call 08/20/25)		2,537		2,780,222


54		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
Zoetis Inc., 4.50%, 11/13/25 (Call 08/13/25)^(a)	$	935	$	1,070,248

				47,887,746

Pipelines — 4.1%
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25 (Call 10/02/24)		1,962		2,033,083
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)		1,219		1,296,297
Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)		975		1,069,253
Enbridge Inc., 2.50%, 01/15/25 (Call 12/15/24)		304		298,802
Energy Transfer Operating LP
2.90%, 05/15/25 (Call 04/15/25)		351		326,841
4.05%, 03/15/25 (Call 12/15/24)		1,938		1,895,015
Enterprise Products Operating LLC, 3.75%, 02/15/25 (Call 11/15/24)		1,580		1,681,531
Kinder Morgan Inc./DE, 4.30%, 06/01/25 (Call 03/01/25)		2,190		2,340,650
MPLX LP
4.00%, 02/15/25 (Call 11/15/24)		1,045		992,029
4.88%, 06/01/25 (Call 03/01/25)		1,705		1,662,443
5.25%, 01/15/25 (Call 01/15/21)^(b)		302		299,080
ONEOK Partners LP, 4.90%, 03/15/25 (Call 12/15/24)		818		803,808
Phillips 66 Partners LP, 3.61%, 02/15/25 (Call 11/15/24)		442		429,920
Plains All American Pipeline LP/PAA Finance Corp., 4.65%, 10/15/25 (Call 07/15/25)		1,295		1,224,164
Sabine Pass Liquefaction LLC, 5.63%, 03/01/25 (Call 12/01/24)		2,669		2,804,051
Spectra Energy Partners LP, 3.50%, 03/15/25 (Call 12/15/24)		687		700,932
Sunoco Logistics Partners Operations LP, 5.95%, 12/01/25 (Call 08/01/25)		760		768,634
TC PipeLines LP, 4.38%, 03/13/25 (Call 12/13/24)		582		602,539
Williams Companies Inc. (The)
3.90%, 01/15/25 (Call 10/15/24)		1,016		1,031,707
4.00%, 09/15/25 (Call 06/15/25)		1,151		1,173,398

				23,434,177

Private Equity — 0.1%
Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)^(a)		574		612,211


Real Estate — 0.1%
CBRE Services Inc., 5.25%, 03/15/25 (Call 12/15/24)		734		799,289


Real Estate Investment Trusts — 5.2%
Alexandria Real Estate Equities Inc., 3.45%, 04/30/25 (Call 02/28/25)		835		890,544
American Tower Corp.
2.40%, 03/15/25 (Call 02/15/25)		320		330,122
2.95%, 01/15/25 (Call 12/15/24)^(a)		1,070		1,127,694
4.00%, 06/01/25 (Call 03/01/25)		1,554		1,710,379
AvalonBay Communities Inc.
3.45%, 06/01/25 (Call 03/03/25)		1,000		1,067,440
3.50%, 11/15/25 (Call 08/15/25)^(a)		473		501,697
Boston Properties LP, 3.20%, 01/15/25 (Call 10/15/24)		1,404		1,475,450
Brixmor Operating Partnership LP, 3.85%, 02/01/25 (Call 11/01/24)		970		975,180
Columbia Property Trust Operating Partnership LP, 4.15%, 04/01/25 (Call 01/01/25)		250		257,430
Corporate Office Properties LP, 5.00%, 07/01/25 (Call 04/01/25)		500		522,885
CubeSmart LP, 4.00%, 11/15/25 (Call 08/15/25)		512		533,806
Digital Realty Trust LP, 4.75%, 10/01/25 (Call 07/01/25)		650		708,025


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
EPR Properties, 4.50%, 04/01/25 (Call 01/01/25)	$	411	$	360,007
ERP Operating LP, 3.38%, 06/01/25 (Call 03/01/25)		618		653,121
Essex Portfolio LP, 3.50%, 04/01/25 (Call 01/01/25)		685		710,071
GLP Capital LP/GLP Financing II Inc., 5.25%, 06/01/25 (Call 03/01/25)		1,138		1,118,017
Healthpeak Properties Inc.
3.40%, 02/01/25 (Call 11/01/24)		1,042		1,070,905
4.00%, 06/01/25 (Call 03/01/25)		1,013		1,059,811
Host Hotels & Resorts LP, Series E, 4.00%, 06/15/25 (Call 03/15/25)		709		684,929
Kilroy Realty LP, 4.38%, 10/01/25 (Call 07/01/25)		310		318,460
Kimco Realty Corp., 3.30%, 02/01/25 (Call 12/01/24)		1,032		1,030,813
Mid-America Apartments LP, 4.00%, 11/15/25 (Call 08/15/25)		506		530,010
National Retail Properties Inc., 4.00%, 11/15/25 (Call 08/15/25)		735		757,792
Office Properties Income Trust, 4.50%, 02/01/25 (Call 11/01/24)		541		511,900
Omega Healthcare Investors Inc., 4.50%, 01/15/25 (Call 10/15/24)		722		710,816
Prologis LP, 3.75%, 11/01/25 (Call 08/01/25)		1,293		1,433,433
Realty Income Corp., 3.88%, 04/15/25 (Call 02/15/25)		751		796,270
Service Properties Trust, 4.50%, 03/15/25 (Call 09/15/24)		455		370,661
Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25)^(a)		910		916,179
SITE Centers Corp., 3.63%, 02/01/25 (Call 11/01/24)^(a)		884		869,697
UDR Inc., 4.00%, 10/01/25 (Call 07/01/25)		480		512,837
Ventas Realty LP
2.65%, 01/15/25 (Call 12/15/24)		674		640,637
3.50%, 02/01/25 (Call 11/01/24)		522		521,175
VEREIT Operating Partnership LP, 4.63%, 11/01/25 (Call 09/01/25)		765		755,323
Vornado Realty LP, 3.50%, 01/15/25 (Call 11/15/24)		693		654,525
Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)		1,847		1,900,231
Weyerhaeuser Co., 8.50%, 01/15/25^(a)		50		62,004
WP Carey Inc., 4.00%, 02/01/25 (Call 12/01/24)		155		156,224

				29,206,500

Retail — 3.3%
AutoNation Inc., 4.50%, 10/01/25 (Call 07/01/25)		713		714,248
AutoZone Inc., 3.25%, 04/15/25 (Call 01/15/25)		951		1,002,116
Dollar General Corp., 4.15%, 11/01/25 (Call 08/01/25)^(a)		888		980,681
Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25)		1,445		1,559,444
Home Depot Inc. (The), 3.35%, 09/15/25 (Call 06/15/25)		1,545		1,717,808
Kohl’s Corp., 4.25%, 07/17/25 (Call 04/17/25)^(a)		821		721,470
Lowe’s Companies Inc., 3.38%, 09/15/25 (Call 06/15/25)		1,408		1,527,596
McDonald’s Corp.
3.30%, 07/01/25 (Call 06/15/25)		1,090		1,188,743
3.38%, 05/26/25 (Call 02/26/25)^(a)		1,485		1,619,823
QVC Inc., 4.45%, 02/15/25 (Call 11/15/24)		548		502,045
Starbucks Corp., 3.80%, 08/15/25 (Call 06/15/25)		1,671		1,836,228
Target Corp., 2.25%, 04/15/25 (Call 03/15/25)		1,460		1,536,577
TJX Companies Inc. (The), 3.50%, 04/15/25 (Call 03/15/25)		1,000		1,078,630
Walmart Inc., 3.55%, 06/26/25 (Call 04/26/25)		2,276		2,554,651

				18,540,060

Semiconductors — 2.5%
Analog Devices Inc., 3.90%, 12/15/25 (Call 09/15/25)		1,335		1,462,399
Applied Materials Inc., 3.90%, 10/01/25 (Call 07/01/25)^(a)		1,203		1,352,364
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.13%, 01/15/25 (Call 11/15/24)		1,392		1,434,275
Broadcom Inc., 4.70%, 04/15/25 (Call 03/15/25)^(b)		500		551,090


SCHEDULES OF INVESTMENTS			55

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors (continued)
Intel Corp.
3.40%, 03/25/25 (Call 02/25/25)	$	1,000	$	1,105,910
3.70%, 07/29/25 (Call 04/29/25)		3,514		3,945,414
Lam Research Corp., 3.80%, 03/15/25 (Call 12/15/24)^(a)		852		937,456
QUALCOMM Inc., 3.45%, 05/20/25 (Call 02/20/25)		2,948		3,238,938
Texas Instruments Inc., 1.38%, 03/12/25 (Call 02/12/25)		65		65,761

				14,093,607

Software — 3.3%
Adobe Inc.
1.90%, 02/01/25 (Call 01/01/25)		65		68,057
3.25%, 02/01/25 (Call 11/01/24)		2,155		2,370,953
Autodesk Inc., 4.38%, 06/15/25 (Call 03/15/25)		793		873,148
Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25)		1,464		1,603,592
Microsoft Corp.
2.70%, 02/12/25 (Call 11/12/24)^(a)		3,437		3,727,805
3.13%, 11/03/25 (Call 08/03/25)		4,288		4,779,062
Oracle Corp.
2.50%, 04/01/25 (Call 03/01/25)		1,000		1,054,910
2.95%, 05/15/25 (Call 02/15/25)^(a)		3,968		4,255,243

				18,732,770

Telecommunications — 3.7%
AT&T Inc.
3.40%, 05/15/25 (Call 02/15/25)^(a)		6,543		6,949,713
3.60%, 07/15/25 (Call 04/15/25)		2,272		2,434,539
3.95%, 01/15/25 (Call 10/15/24)		1,996		2,162,207
Cisco Systems Inc., 3.50%, 06/15/25		695		780,985
Juniper Networks Inc., 4.35%, 06/15/25 (Call 03/15/25)		287		300,730
Rogers Communications Inc., 3.63%, 12/15/25 (Call 09/15/25)^(a)		1,129		1,253,597
T-Mobile USA Inc., 3.50%, 04/15/25 (Call 03/15/25)^(b)		1,000		1,057,720
Verizon Communications Inc., 3.38%, 02/15/25		3,618		3,960,335
Vodafone Group PLC, 4.13%, 05/30/25		2,001		2,231,755

				21,131,581

Transportation — 1.8%
Burlington Northern Santa Fe LLC
3.00%, 04/01/25 (Call 01/01/25)^(a)		1,015		1,090,161
3.65%, 09/01/25 (Call 06/01/25)^(a)		800		887,968
7.00%, 12/15/25		180		226,982
Canadian Pacific Railway Co., 2.90%, 02/01/25 (Call 11/01/24)^(a)		1,191		1,261,364
CSX Corp., 3.35%, 11/01/25 (Call 08/01/25)^(a)		1,002		1,102,210


Security	Par/ Shares (000)		Value

Transportation (continued)
FedEx Corp., 3.20%, 02/01/25	$	1,126	$	1,179,598
Norfolk Southern Corp., 3.65%, 08/01/25 (Call 06/01/25)		638		698,559
Union Pacific Corp.
3.25%, 01/15/25 (Call 10/01/24)		744		801,920
3.25%, 08/15/25 (Call 05/15/25)		972		1,053,084
3.75%, 07/15/25 (Call 05/15/25)^(a)		709		786,324
United Parcel Service Inc., 3.90%, 04/01/25 (Call 03/01/25)		1,000		1,114,150

				10,202,320

Trucking & Leasing — 0.0%
GATX Corp., 3.25%, 03/30/25 (Call 12/30/24)		200		202,830


Water — 0.2%
American Water Capital Corp., 3.40%, 03/01/25 (Call 12/01/24)		893		971,968


Total Corporate Bonds & Notes — 98.8% (Cost: $540,326,527)				559,559,275


Short-Term Investments

Money Market Funds — 5.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(c)(d)(e)		29,030		29,062,231
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(c)(d)		1,420		1,420,000

				30,482,231


Total Short-Term Investments — 5.4% (Cost: $30,442,675)				30,482,231


Total Investments in Securities — 104.2% (Cost: $570,769,202)				590,041,506

Other Assets, Less Liabilities — (4.2)%				(23,944,212	)


Net Assets — 100.0%			$	566,097,294

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

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000	)	Net Activity (000	)	Shares Held at 04/30/20 (000	)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	25,230		3,800		29,030		$	29,062,231	$	59,470	^(b)	$	(17,463	)	$	32,552
BlackRock Cash Funds: Treasury, SL Agency Shares	3,018		(1,598	)	1,420			1,420,000		24,195			—			—

							$	30,482,231	$	83,665		$	(17,463	)	$	32,552

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)


56		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Corporate ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	559,559,275	$	—	$	559,559,275
Money Market Funds		30,482,231		—		—		30,482,231

	$	30,482,231	$	559,559,275	$	—	$	590,041,506

See notes to financial statements.


SCHEDULES OF INVESTMENTS			57

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.4%
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)	$	1,328	$	1,419,765


Aerospace & Defense — 1.2%
Boeing Co. (The)
2.25%, 06/15/26 (Call 03/15/26)		550		485,727
3.10%, 05/01/26 (Call 03/01/26)		492		454,982
General Dynamics Corp., 2.13%, 08/15/26 (Call 05/15/26)^(a)		650		675,311
L3Harris Technologies Inc., 3.85%, 12/15/26 (Call 09/15/26)^(a)(b)		600		656,784
Lockheed Martin Corp., 3.55%, 01/15/26 (Call 10/15/25)		2,094		2,354,054

				4,626,858

Agriculture — 1.5%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)		595		606,674
4.40%, 02/14/26 (Call 12/14/25)^(a)		1,480		1,645,331
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)		935		991,034
BAT Capital Corp., 3.22%, 09/06/26 (Call 07/06/26)		981		1,009,675
Bunge Ltd. Finance Corp., 3.25%, 08/15/26 (Call 05/15/26)		679		673,228
Philip Morris International Inc., 2.75%, 02/25/26 (Call 11/25/25)		795		842,923

				5,768,865

Airlines — 0.2%
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 10/01/26		147		119,158
Southwest Airlines Co., 3.00%, 11/15/26 (Call 08/15/26)		276		252,338
United Airlines Pass Through Trust
Series 2014-1, Class A, 4.00%, 04/11/26		87		73,868
Series 2014-2, Class A, 3.75%, 09/03/26		604		505,450

				950,814

Apparel — 0.3%
NIKE Inc., 2.38%, 11/01/26 (Call 08/01/26)		1,086		1,163,986


Auto Manufacturers — 0.6%
American Honda Finance Corp., 2.30%, 09/09/26		435		430,189
General Motors Financial Co. Inc.
4.00%, 10/06/26 (Call 07/06/26)		805		728,823
5.25%, 03/01/26 (Call 12/01/25)		1,189		1,144,388

				2,303,400

Auto Parts & Equipment — 0.2%
Aptiv PLC, 4.25%, 01/15/26 (Call 10/15/25)		620		645,463


Banks — 26.5%
Bank of America Corp.
3.50%, 04/19/26		2,696		2,932,143
4.25%, 10/22/26		2,190		2,400,963
4.45%, 03/03/26		2,194		2,428,056
6.22%, 09/15/26		100		116,885
Bank of New York Mellon Corp. (The)
2.45%, 08/17/26 (Call 05/17/26)		775		813,719
2.80%, 05/04/26 (Call 02/04/26)		695		738,966
Bank of Nova Scotia (The), 2.70%, 08/03/26		1,123		1,178,083
Barclays PLC
4.38%, 01/12/26		2,455		2,650,983
5.20%, 05/12/26		2,000		2,161,540
BPCE SA, 3.38%, 12/02/26		565		610,132
Citigroup Inc.
3.20%, 10/21/26 (Call 07/21/26)		2,934		3,091,937


Security	Par (000)		Value

Banks (continued)
3.40%, 05/01/26	$	1,676	$	1,789,717
3.70%, 01/12/26		2,120		2,289,303
4.30%, 11/20/26		1,096		1,195,046
4.60%, 03/09/26		1,390		1,532,016
Citizens Bank N.A./Providence RI, 3.75%, 02/18/26 (Call 11/18/25)		450		477,752
Citizens Financial Group Inc., 2.85%, 07/27/26 (Call 04/27/26)		525		525,798
Cooperatieve Rabobank UA, 3.75%, 07/21/26		1,270		1,337,513
Credit Suisse Group Funding Guernsey Ltd., 4.55%, 04/17/26^(a)		1,795		1,993,868
Deutsche Bank AG, 4.10%, 01/13/26		285		277,462
Deutsche Bank AG/New York NY, 4.10%, 01/13/26^(a)		395		384,809
Discover Bank
3.45%, 07/27/26 (Call 04/27/26)		955		949,719
4.25%, 03/13/26^(a)		455		472,040
Fifth Third Bank/Cincinnati OH, 3.85%, 03/15/26 (Call 02/15/26)		620		665,520
Goldman Sachs Group Inc. (The)
3.50%, 11/16/26 (Call 11/16/25)		2,678		2,845,295
3.75%, 02/25/26 (Call 11/25/25)		1,685		1,818,620
HSBC Holdings PLC
3.90%, 05/25/26		2,455		2,675,925
4.30%, 03/08/26		2,830		3,137,791
4.38%, 11/23/26		1,585		1,731,993
JPMorgan Chase & Co.
2.95%, 10/01/26 (Call 07/01/26)		3,227		3,384,994
3.20%, 06/15/26 (Call 03/15/26)		1,846		1,967,541
3.30%, 04/01/26 (Call 01/01/26)		2,562		2,757,250
4.13%, 12/15/26		2,073		2,303,455
7.63%, 10/15/26		405		527,176
KeyBank N.A./Cleveland OH, 3.40%, 05/20/26		475		497,676
Lloyds Banking Group PLC, 4.65%, 03/24/26		1,345		1,460,361
Mitsubishi UFJ Financial Group Inc.
2.76%, 09/13/26		535		555,828
3.85%, 03/01/26		2,978		3,268,980
Mizuho Financial Group Inc., 2.84%, 09/13/26		740		770,740
Morgan Stanley
3.13%, 07/27/26		3,061		3,249,374
3.88%, 01/27/26		3,061		3,368,967
4.35%, 09/08/26		2,230		2,452,442
6.25%, 08/09/26		855		1,063,081
National Australia Bank Ltd./New York
2.50%, 07/12/26		1,055		1,094,362
3.38%, 01/14/26^(a)		665		718,453
PNC Financial Services Group Inc. (The), 2.60%, 07/23/26 (Call 05/23/26)^(a)		625		654,194
Royal Bank of Canada, 4.65%, 01/27/26^(a)		1,192		1,359,130
Royal Bank of Scotland Group PLC, 4.80%, 04/05/26		1,375		1,527,611
Santander Holdings USA Inc., 3.24%, 10/05/26 (Call 08/05/26)		1,165		1,121,965
State Street Corp., 2.65%, 05/19/26		655		691,614
Sumitomo Mitsui Financial Group Inc.
2.63%, 07/14/26		2,228		2,303,061
3.01%, 10/19/26		1,226		1,295,931
3.78%, 03/09/26		1,531		1,667,443
Truist Bank
3.30%, 05/15/26 (Call 04/15/26)		665		706,935
3.80%, 10/30/26 (Call 09/30/26)		860		948,391


58		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
U.S. Bancorp.
3.10%, 04/27/26 (Call 03/27/26)	$	1,022	$	1,085,517
Series V, 2.38%, 07/22/26 (Call 06/22/26)		1,329		1,386,665
Wachovia Corp., 7.57%, 08/01/26^(c)		285		355,797
Wells Fargo & Co.
3.00%, 04/22/26		3,397		3,569,024
3.00%, 10/23/26		3,412		3,577,038
4.10%, 06/03/26		2,603		2,823,084
Westpac Banking Corp.
2.70%, 08/19/26		967		1,013,542
2.85%, 05/13/26		1,582		1,666,178

				102,417,394

Beverages — 3.1%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)		3,614		3,942,043
Anheuser-Busch InBev Finance Inc., 3.65%, 02/01/26 (Call 11/01/25)		1,447		1,568,013
Coca-Cola Co. (The)
2.25%, 09/01/26		885		940,542
2.55%, 06/01/26		770		829,167
Constellation Brands Inc., 3.70%, 12/06/26 (Call 09/06/26)		445		477,058
Keurig Dr Pepper Inc., 2.55%, 09/15/26 (Call 06/15/26)^(a)		437		445,569
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)		1,785		1,771,470
PepsiCo Inc.
2.38%, 10/06/26 (Call 07/06/26)^(a)		1,124		1,206,153
2.85%, 02/24/26 (Call 11/24/25)		595		649,996

				11,830,011

Biotechnology — 1.1%
Amgen Inc., 2.60%, 08/19/26 (Call 05/19/26)		1,207		1,292,926
Gilead Sciences Inc., 3.65%, 03/01/26 (Call 12/01/25)		2,812		3,167,521

				4,460,447

Building Materials — 0.4%
Eagle Materials Inc., 4.50%, 08/01/26 (Call 08/01/21)^(a)		175		164,021
Johnson Controls International PLC, 3.90%, 02/14/26 (Call 11/14/25)		540		572,535
Masco Corp., 4.38%, 04/01/26 (Call 01/01/26)		370		386,754
Owens Corning, 3.40%, 08/15/26 (Call 05/15/26)		505		509,893

				1,633,203

Chemicals — 1.2%
Dow Chemical Co. (The), 3.63%, 05/15/26 (Call 03/15/26)		440		464,147
Ecolab Inc., 2.70%, 11/01/26 (Call 08/01/26)^(a)		924		987,553
FMC Corp., 3.20%, 10/01/26 (Call 08/01/26)		614		637,369
Nutrien Ltd., 4.00%, 12/15/26 (Call 09/15/26)		515		557,678
Praxair Inc., 3.20%, 01/30/26 (Call 10/30/25)		945		1,027,385
Sherwin-Williams Co. (The), 3.95%, 01/15/26 (Call 10/15/25)		95		102,934
Westlake Chemical Corp., 3.60%, 08/15/26 (Call 05/15/26)		833		803,504

				4,580,570

Commercial Services — 0.8%
Global Payments Inc., 4.80%, 04/01/26 (Call 01/01/26)		735		834,805
PayPal Holdings Inc., 2.65%, 10/01/26 (Call 08/01/26)		1,166		1,221,397
S&P Global Inc., 4.40%, 02/15/26 (Call 11/15/25)^(a)		805		929,276

				2,985,478

Computers — 5.0%
Apple Inc.
2.05%, 09/11/26 (Call 07/11/26)		2,055		2,166,011
2.45%, 08/04/26 (Call 05/04/26)		2,263		2,430,666
3.25%, 02/23/26 (Call 11/23/25)		3,281		3,645,486


Security	Par (000)		Value

Computers (continued)
Dell International LLC/EMC Corp.
4.90%, 10/01/26 (Call 08/01/26)^(b)	$	1,710	$	1,774,912
6.02%, 06/15/26 (Call 03/15/26)^(b)		4,351		4,716,788
International Business Machines Corp.
3.30%, 05/15/26		2,660		2,938,795
3.45%, 02/19/26^(a)		1,565		1,738,934

				19,411,592

Cosmetics & Personal Care — 0.6%
Procter & Gamble Co. (The)
2.45%, 11/03/26		830		905,704
2.70%, 02/02/26^(a)		632		690,770
Unilever Capital Corp., 2.00%, 07/28/26^(a)		695		724,649

				2,321,123

Diversified Financial Services — 2.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 04/03/26 (Call 02/03/26)		595		521,827
Air Lease Corp., 3.75%, 06/01/26 (Call 04/01/26)^(a)		428		377,552
Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)		615		526,618
American Express Co., 3.13%, 05/20/26 (Call 04/20/26)^(a)		847		910,779
Ameriprise Financial Inc., 2.88%, 09/15/26 (Call 06/15/26)^(a)		435		456,441
Brookfield Finance Inc., 4.25%, 06/02/26 (Call 03/02/26)		370		391,438
Capital One Financial Corp., 3.75%, 07/28/26 (Call 06/28/26)		1,363		1,344,736
Charles Schwab Corp. (The), 3.45%, 02/13/26 (Call 11/13/25)		230		247,452
Discover Financial Services, 4.50%, 01/30/26 (Call 11/30/25)		535		556,325
Invesco Finance PLC, 3.75%, 01/15/26^(a)		375		397,628
Legg Mason Inc., 4.75%, 03/15/26		365		392,090
Mastercard Inc., 2.95%, 11/21/26 (Call 08/21/26)		670		735,888
Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26)		761		835,692
Raymond James Financial Inc., 3.63%, 09/15/26^(a)		447		465,394
Synchrony Financial, 3.70%, 08/04/26 (Call 05/04/26)		445		409,000

				8,568,860

Electric — 4.9%
AEP Transmission Co. LLC, 3.10%, 12/01/26 (Call 09/01/26)^(a)		425		463,101
Ameren Corp., 3.65%, 02/15/26 (Call 11/15/25)		445		481,561
Baltimore Gas & Electric Co., 2.40%, 08/15/26 (Call 05/15/26)		115		121,098
Black Hills Corp., 3.95%, 01/15/26 (Call 07/15/25)		35		37,167
CenterPoint Energy Houston Electric LLC, Series Z, 2.40%, 09/01/26 (Call 06/01/26)		60		62,220
Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)		622		630,845
CMS Energy Corp., 3.00%, 05/15/26 (Call 02/15/26)		465		493,942
Commonwealth Edison Co., 2.55%, 06/15/26 (Call 03/15/26)		285		304,705
Dominion Energy Inc., Series D, 2.85%, 08/15/26 (Call 05/15/26)		390		407,363
DTE Energy Co., 2.85%, 10/01/26 (Call 07/01/26)		545		555,562
Duke Energy Carolinas LLC, 2.95%, 12/01/26 (Call 09/01/26)		631		690,093
Duke Energy Corp., 2.65%, 09/01/26 (Call 06/01/26)		1,522		1,617,064
Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26)		780		826,082
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)^(a)		400		410,812
Entergy Arkansas LLC, 3.50%, 04/01/26 (Call 01/01/26)		542		602,888
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)		858		902,084
Entergy Louisiana LLC, 2.40%, 10/01/26 (Call 07/01/26)		355		364,720
Evergy Kansas Central Inc., 2.55%, 07/01/26 (Call 04/01/26)		50		52,806
Exelon Corp., 3.40%, 04/15/26 (Call 01/15/26)		1,021		1,110,603
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		1,110		1,127,061
Georgia Power Co., 3.25%, 04/01/26 (Call 01/01/26)		300		319,974


SCHEDULES OF INVESTMENTS			59

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
ITC Holdings Corp., 3.25%, 06/30/26 (Call 03/30/26)	$	520	$	553,259
NextEra Energy Capital Holdings Inc., 3.25%, 04/01/26 (Call 02/01/26)		345		373,732
PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)		605		635,704
Public Service Electric & Gas Co., 2.25%, 09/15/26 (Call 06/15/26)		565		591,979
San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)		550		572,363
Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)		310		330,144
Southern Co. (The), 3.25%, 07/01/26 (Call 04/01/26)		1,849		1,976,858
Southwestern Electric Power Co., Series K, 2.75%, 10/01/26 (Call 07/01/26)		450		440,167
Virginia Electric & Power Co.
Series A, 3.15%, 01/15/26 (Call 10/15/25)		720		786,377
Series B, 2.95%, 11/15/26 (Call 08/15/26)		455		491,573
Xcel Energy Inc., 3.35%, 12/01/26 (Call 06/01/26)		470		513,169

				18,847,076

Electronics — 1.1%
Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26)		371		387,925
Avnet Inc., 4.63%, 04/15/26 (Call 01/15/26)		420		451,601
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)		950		975,365
Honeywell International Inc., 2.50%, 11/01/26 (Call 08/01/26)		1,607		1,716,148
Hubbell Inc., 3.35%, 03/01/26 (Call 12/01/25)		90		92,942
Roper Technologies Inc., 3.80%, 12/15/26 (Call 09/15/26)		684		737,810

				4,361,791

Environmental Control — 0.4%
Republic Services Inc., 2.90%, 07/01/26 (Call 04/01/26)		570		605,625
Waste Management Inc., 3.20%, 06/15/26 (Call 04/15/26)^(a)		725		793,658

				1,399,283

Food — 1.5%
Flowers Foods Inc., 3.50%, 10/01/26 (Call 07/01/26)		125		128,700
Hershey Co. (The), 2.30%, 08/15/26 (Call 05/15/26)		606		637,258
Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)		310		322,806
Kellogg Co., 3.25%, 04/01/26		665		708,897
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)		882		929,646
3.50%, 02/01/26 (Call 11/01/25)		389		424,317
Mondelez International Inc., 3.63%, 02/13/26 (Call 12/13/25)		565		624,308
Sysco Corp., 3.30%, 07/15/26 (Call 04/15/26)		1,000		988,810
Tyson Foods Inc., 4.00%, 03/01/26 (Call 01/01/26)		810		897,512

				5,662,254

Forest Products & Paper — 0.2%
International Paper Co., 3.80%, 01/15/26 (Call 10/15/25)		700		771,190


Gas — 0.3%
Southern California Gas Co., Series TT, 2.60%, 06/15/26 (Call 03/15/26)		645		691,253
Southern Co. Gas Capital Corp., 3.25%, 06/15/26 (Call 03/15/26)		320		329,203

				1,020,456

Hand & Machine Tools — 0.2%
Stanley Black & Decker Inc., 3.40%, 03/01/26 (Call 01/01/26)		580		622,230


Health Care – Products — 1.6%
Abbott Laboratories, 3.75%, 11/30/26 (Call 08/30/26)		1,700		1,965,387
Baxter International Inc., 2.60%, 08/15/26 (Call 05/15/26)		728		774,738
Boston Scientific Corp., 3.75%, 03/01/26 (Call 01/01/26)		660		719,426
Stryker Corp., 3.50%, 03/15/26 (Call 12/15/25)		997		1,107,886


Security	Par (000)		Value

Health Care – Products (continued)
Thermo Fisher Scientific Inc., 2.95%, 09/19/26 (Call 06/19/26)	$	1,107	$	1,202,966
Zimmer Biomet Holdings Inc., 3.05%, 01/15/26 (Call 12/15/25)		500		501,710

				6,272,113

Health Care – Services — 0.9%
HCA Inc., 5.25%, 06/15/26 (Call 12/15/25)		1,535		1,714,733
Providence St Joseph Health Obligated Group, Series H, 2.75%, 10/01/26^(a)		30		30,703
Quest Diagnostics Inc., 3.45%, 06/01/26 (Call 03/01/26)^(a)		545		584,224
UnitedHealth Group Inc., 3.10%, 03/15/26		1,185		1,296,165

				3,625,825

Household Products & Wares — 0.1%
Kimberly-Clark Corp., 2.75%, 02/15/26		470		503,328


Insurance — 3.7%
Aflac Inc., 2.88%, 10/15/26 (Call 07/15/26)		495		523,903
Allstate Corp. (The), 3.28%, 12/15/26 (Call 09/15/26)		648		712,158
American Financial Group Inc./OH, 3.50%, 08/15/26 (Call 05/15/26)		500		496,580
American International Group Inc., 3.90%, 04/01/26 (Call 01/01/26)^(a)		1,532		1,659,677
Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)		525		554,841
Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25)		2,631		2,893,232
Chubb INA Holdings Inc., 3.35%, 05/03/26 (Call 02/03/26)		535		589,447
CNA Financial Corp., 4.50%, 03/01/26 (Call 12/01/25)		610		652,682
Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)		150		159,769
Lincoln National Corp., 3.63%, 12/12/26 (Call 09/15/26)		490		521,007
Loews Corp., 3.75%, 04/01/26 (Call 01/01/26)		475		513,831
Manulife Financial Corp., 4.15%, 03/04/26		1,027		1,133,942
Marsh & McLennan Companies Inc., 3.75%, 03/14/26 (Call 12/14/25)		710		782,569
Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26)		587		617,747
Principal Financial Group Inc., 3.10%, 11/15/26 (Call 08/15/26)		455		482,113
Reinsurance Group of America Inc., 3.95%, 09/15/26 (Call 06/15/26)^(a)		440		470,422
Swiss Re America Holding Corp., 7.00%, 02/15/26^(a)		166		205,651
Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)		648		719,572
Voya Financial Inc., 3.65%, 06/15/26		470		493,401

				14,182,544

Internet — 1.1%
Alphabet Inc., 2.00%, 08/15/26 (Call 05/15/26)		1,971		2,092,552
Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26)		940		980,683
Expedia Group Inc., 5.00%, 02/15/26 (Call 11/15/25)		715		682,453
JD.com Inc., 3.88%, 04/29/26^(a)		370		395,741

				4,151,429

Iron & Steel — 0.7%
ArcelorMittal SA, 4.55%, 03/11/26		610		587,503
Steel Dynamics Inc., 5.00%, 12/15/26 (Call 12/15/21)^(a)		304		312,606
Vale Overseas Ltd., 6.25%, 08/10/26		1,725		1,892,222

				2,792,331

Lodging — 0.5%
Hyatt Hotels Corp., 4.85%, 03/15/26 (Call 12/15/25)		382		375,659
Las Vegas Sands Corp., 3.50%, 08/18/26 (Call 06/18/26)^(a)		926		885,839


60		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Lodging (continued)
Marriott International Inc./MD, Series R, 3.13%, 06/15/26 (Call 03/15/26)	$	675	$	615,958

				1,877,456

Machinery — 0.7%
Caterpillar Financial Services Corp., 2.40%, 08/09/26		420		440,399
John Deere Capital Corp.
2.25%, 09/14/26		735		768,090
2.65%, 06/10/26		345		367,011
Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/26 (Call 08/15/26)		555		540,392
Xylem Inc./NY, 3.25%, 11/01/26 (Call 08/01/26)		683		731,172

				2,847,064

Manufacturing — 0.8%
3M Co., 2.25%, 09/19/26 (Call 06/19/26)^(a)		785		822,446
General Electric Co., 5.55%, 01/05/26^(a)		395		443,510
Hillenbrand Inc., 4.50%, 09/15/26 (Call 07/15/26)		240		219,770
Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)		760		826,751
Ingersoll-Rand Luxembourg Finance SA, 3.50%, 03/21/26 (Call 01/21/26)		490		519,194
Textron Inc., 4.00%, 03/15/26 (Call 12/15/25)		410		407,975

				3,239,646

Media — 1.9%
Comcast Corp., 3.15%, 03/01/26 (Call 12/01/25)^(a)		2,308		2,516,805
Discovery Communications LLC, 4.90%, 03/11/26 (Call 12/11/25)		723		787,166
Grupo Televisa SAB, 4.63%, 01/30/26 (Call 10/30/25)		225		234,612
TCI Communications Inc., 7.88%, 02/15/26		365		482,793
Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)^(a)		145		151,218
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		1,022		1,036,819
3.00%, 02/13/26		736		792,878
ViacomCBS Inc., 4.00%, 01/15/26 (Call 10/15/25)		740		766,758
Walt Disney Co. (The), 3.38%, 11/15/26 (Call 08/15/26)		570		626,396

				7,395,445

Mining — 0.0%
BHP Billiton Finance USA Ltd., 6.42%, 03/01/26^(a)		60		76,579


Oil & Gas — 4.7%
BP Capital Markets America Inc.
3.12%, 05/04/26 (Call 02/04/26)		888		930,979
3.41%, 02/11/26 (Call 12/11/25)^(a)		990		1,051,548
Chevron Corp., 2.95%, 05/16/26 (Call 02/16/26)		2,266		2,465,861
ConocoPhillips Co., 4.95%, 03/15/26 (Call 12/15/25)		1,291		1,488,730
Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26)		652		565,082
EOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25)^(a)		793		876,202
Exxon Mobil Corp.
2.28%, 08/16/26 (Call 06/16/26)		966		1,000,390
3.04%, 03/01/26 (Call 12/01/25)		2,693		2,886,007
HollyFrontier Corp., 5.88%, 04/01/26 (Call 01/01/26)		860		883,633
Marathon Petroleum Corp., 5.13%, 12/15/26 (Call 09/15/26)^(a)		885		898,063
Newfield Exploration Co., 5.38%, 01/01/26 (Call 10/01/25)^(a)		685		477,561
Pioneer Natural Resources Co., 4.45%, 01/15/26 (Call 10/15/25)		550		579,936
Shell International Finance BV
2.50%, 09/12/26		1,096		1,133,067
2.88%, 05/10/26		1,710		1,811,335
Valero Energy Corp., 3.40%, 09/15/26 (Call 06/15/26)		1,144		1,140,762

				18,189,156


Security	Par (000)		Value

Packaging & Containers — 0.3%
Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)	$	25	$	26,266
WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26)		865		962,174

				988,440

Pharmaceuticals — 6.3%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)^(b)		4,281		4,531,824
3.20%, 05/14/26 (Call 02/14/26)		2,007		2,150,240
Bristol-Myers Squibb Co., 3.20%, 06/15/26 (Call 04/15/26)^(b)		2,063		2,273,488
Cigna Corp., 4.50%, 02/25/26 (Call 11/27/25)^(b)		1,251		1,421,749
CVS Health Corp.
2.88%, 06/01/26 (Call 03/01/26)		1,748		1,843,493
3.00%, 08/15/26 (Call 06/15/26)		820		869,807
Johnson & Johnson, 2.45%, 03/01/26 (Call 12/01/25).		1,956		2,112,382
Mylan NV, 3.95%, 06/15/26 (Call 03/15/26)		2,223		2,355,157
Perrigo Finance Unlimited Co., 4.38%, 03/15/26 (Call 12/15/25)		415		443,361
Pfizer Inc.
2.75%, 06/03/26		1,272		1,400,421
3.00%, 12/15/26		1,688		1,884,146
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		2,771		3,007,006

				24,293,074

Pipelines — 2.5%
Boardwalk Pipelines LP, 5.95%, 06/01/26 (Call 03/01/26)		515		469,402
Enbridge Inc., 4.25%, 12/01/26 (Call 09/01/26)		709		746,371
Energy Transfer Operating LP, 4.75%, 01/15/26 (Call 10/15/25)		915		905,640
Enterprise Products Operating LLC, 3.70%, 02/15/26 (Call 11/15/25)		910		968,131
Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25)		215		230,600
Phillips 66 Partners LP, 3.55%, 10/01/26 (Call 07/01/26)		375		364,864
Plains All American Pipeline LP/PAA Finance Corp., 4.50%, 12/15/26 (Call 09/15/26)		650		598,579
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 (Call 12/31/25)		1,321		1,407,710
Spectra Energy Partners LP, 3.38%, 10/15/26 (Call 07/15/26)		621		612,952
Sunoco Logistics Partners Operations LP, 3.90%, 07/15/26 (Call 04/15/26)		750		702,697
TransCanada PipeLines Ltd., 4.88%, 01/15/26 (Call 10/15/25)		872		967,658
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)		980		1,150,422
Valero Energy Partners LP, 4.38%, 12/15/26 (Call 09/15/26)		530		544,379

				9,669,405

Real Estate — 0.1%
CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25)		530		563,496


Real Estate Investment Trusts — 6.2%
Alexandria Real Estate Equities Inc.
3.80%, 04/15/26 (Call 02/15/26)^(a)		613		654,273
4.30%, 01/15/26 (Call 10/15/25)		165		179,002
American Campus Communities Operating Partnership LP, 3.30%, 07/15/26 (Call 05/15/26)		447		441,421
American Tower Corp.
3.38%, 10/15/26 (Call 07/15/26)^(a)		982		1,060,796
4.40%, 02/15/26 (Call 11/15/25)^(a)		536		603,338


SCHEDULES OF INVESTMENTS			61

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
AvalonBay Communities Inc.
2.90%, 10/15/26 (Call 07/15/26)	$	420	$	436,666
2.95%, 05/11/26 (Call 02/11/26)		588		603,629
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)^(a)		1,017		1,016,837
3.65%, 02/01/26 (Call 11/03/25)		1,060		1,106,523
Brixmor Operating Partnership LP, 4.13%, 06/15/26 (Call 03/15/26)		500		509,280
Columbia Property Trust Operating Partnership LP, 3.65%, 08/15/26 (Call 05/15/26)		325		322,345
Crown Castle International Corp.
3.70%, 06/15/26 (Call 03/15/26)^(a)		901		982,126
4.45%, 02/15/26 (Call 11/15/25)^(a)		809		907,399
CubeSmart LP, 3.13%, 09/01/26 (Call 06/01/26)		375		375,750
Duke Realty LP, 3.25%, 06/30/26 (Call 03/30/26)		325		338,946
EPR Properties, 4.75%, 12/15/26 (Call 09/15/26)		525		443,935
Equinix Inc.
2.90%, 11/18/26 (Call 09/18/26)		575		587,587
5.88%, 01/15/26 (Call 01/15/21)		1,150		1,202,819
ERP Operating LP, 2.85%, 11/01/26 (Call 08/01/26)		590		622,592
Essex Portfolio LP, 3.38%, 04/15/26 (Call 01/15/26)		435		458,112
GLP Capital LP/GLP Financing II Inc., 5.38%, 04/15/26 (Call 01/15/26)		925		921,503
Healthcare Trust of America Holdings LP, 3.50%, 08/01/26 (Call 05/01/26)		456		456,155
Healthpeak Properties Inc., 3.25%, 07/15/26 (Call 05/15/26)		711		714,093
Host Hotels & Resorts LP, Series F, 4.50%, 02/01/26 (Call 11/01/25)		175		167,781
Kimco Realty Corp., 2.80%, 10/01/26 (Call 07/01/26)^(a)		550		525,349
Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)		360		333,936
Lifestorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26)		503		510,867
National Retail Properties Inc., 3.60%, 12/15/26 (Call 09/15/26)		380		384,993
Omega Healthcare Investors Inc., 5.25%, 01/15/26 (Call 10/15/25)		510		513,534
Prologis LP, 3.25%, 10/01/26 (Call 07/01/26)		140		150,161
Realty Income Corp., 4.13%, 10/15/26 (Call 07/15/26)^(a)		610		662,057
Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26)		385		373,146
Service Properties Trust
4.75%, 10/01/26 (Call 08/01/26)		365		299,457
5.25%, 02/15/26 (Call 08/15/25)		362		299,776
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)		737		725,827
3.30%, 01/15/26 (Call 10/15/25)		851		839,043
SITE Centers Corp., 4.25%, 02/01/26 (Call 11/01/25)^(a)		175		177,838
Tanger Properties LP, 3.13%, 09/01/26 (Call 06/01/26)		300		253,368
UDR Inc., 2.95%, 09/01/26 (Call 06/01/26)		540		531,571
Ventas Realty LP
3.25%, 10/15/26 (Call 07/15/26)		593		575,560
4.13%, 01/15/26 (Call 10/15/25)		386		389,123
VEREIT Operating Partnership LP, 4.88%, 06/01/26 (Call 03/01/26)		595		598,213
Welltower Inc., 4.25%, 04/01/26 (Call 01/01/26)		649		678,257
WP Carey Inc., 4.25%, 10/01/26 (Call 07/01/26)		225		225,835

				24,160,819

Retail — 3.3%
AutoZone Inc., 3.13%, 04/21/26 (Call 01/21/26)		340		349,914
Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)		1,010		1,065,318
3.00%, 04/01/26 (Call 01/01/26)^(a)		1,338		1,468,509


Security	Par (000)		Value

Retail (continued)
Lowe’s Companies Inc., 2.50%, 04/15/26 (Call 01/15/26)	$	1,343	$	1,398,305
McDonald’s Corp., 3.70%, 01/30/26 (Call 10/30/25)^(a)		1,812		2,008,964
O’Reilly Automotive Inc., 3.55%, 03/15/26 (Call 12/15/25)		370		389,388
Starbucks Corp., 2.45%, 06/15/26 (Call 03/15/26)		445		458,292
Target Corp., 2.50%, 04/15/26^(a)		1,123		1,213,592
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)		954		966,898
Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26)		1,905		1,991,544
Walmart Inc., 3.05%, 07/08/26 (Call 05/08/26)		1,330		1,473,308

				12,784,032

Semiconductors — 2.2%
Analog Devices Inc., 3.50%, 12/05/26 (Call 09/05/26)		860		930,649
Broadcom Inc., 4.25%, 04/15/26 (Call 02/15/26)^(a)(b)		2,408		2,586,915
Intel Corp., 2.60%, 05/19/26 (Call 02/19/26)^(a)		994		1,066,045
Lam Research Corp., 3.75%, 03/15/26 (Call 01/15/26)		745		833,044
Micron Technology Inc., 4.98%, 02/06/26 (Call 12/06/25)		590		650,581
NVIDIA Corp., 3.20%, 09/16/26 (Call 06/16/26)		1,040		1,148,586
NXP BV/NXP Funding LLC, 5.35%, 03/01/26 (Call 01/01/26)^(a)(b)		515		579,720
NXP BV/NXP Funding LLC/NXP USA Inc., 3.88%, 06/18/26 (Call 04/18/26)^(b)		693		730,706

				8,526,246

Software — 3.2%
Activision Blizzard Inc., 3.40%, 09/15/26 (Call 06/15/26)		765		847,972
Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26)^(a)		365		388,393
Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25)		415		480,985
Fidelity National Information Services Inc., 3.00%, 08/15/26 (Call 05/15/26)^(a)		1,212		1,289,544
Fiserv Inc., 3.20%, 07/01/26 (Call 05/01/26)		1,985		2,127,106
Microsoft Corp., 2.40%, 08/08/26 (Call 05/08/26)		4,021		4,330,014
Oracle Corp., 2.65%, 07/15/26 (Call 04/15/26)^(a)		2,935		3,124,307

				12,588,321

Telecommunications — 2.5%
AT&T Inc.
2.95%, 07/15/26 (Call 04/15/26)		786		816,968
3.88%, 01/15/26 (Call 10/15/25)		552		597,568
4.13%, 02/17/26 (Call 11/17/25)		2,452		2,694,282
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)^(a)		1,355		1,470,080
2.95%, 02/28/26		719		793,769
Rogers Communications Inc., 2.90%, 11/15/26 (Call 08/15/26)		630		677,874
Verizon Communications Inc., 2.63%, 08/15/26		2,389		2,537,763

				9,588,304

Toys, Games & Hobbies — 0.2%
Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26)		606		596,704


Transportation — 1.4%
Canadian National Railway Co., 2.75%, 03/01/26 (Call 12/01/25)^(a)		305		325,298
CSX Corp., 2.60%, 11/01/26 (Call 08/01/26)		825		870,746
FedEx Corp., 3.25%, 04/01/26 (Call 01/01/26)		823		851,393
JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)		655		709,286
Norfolk Southern Corp., 2.90%, 06/15/26 (Call 03/15/26)		737		780,874
Ryder System Inc., 2.90%, 12/01/26 (Call 10/01/26)		485		474,005
Union Pacific Corp., 2.75%, 03/01/26 (Call 12/01/25)		827		876,248


62		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Transportation (continued)
United Parcel Service Inc., 2.40%, 11/15/26 (Call 08/15/26)^(a)	$	405	$	431,536

				5,319,386

Trucking & Leasing — 0.1%
GATX Corp., 3.25%, 09/15/26 (Call 06/15/26)		446		455,018


Total Corporate Bonds & Notes — 98.9% (Cost: $366,980,321)				382,458,270


Short-Term Investments

Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(d)(e)(f)		15,768		15,784,921
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(d)(e)		1,417		1,417,000

				17,201,921


Total Short-Term Investments — 4.4% (Cost: $17,182,797)				17,201,921


Total Investments in Securities — 103.3% (Cost: $384,163,118)				399,660,191

Other Assets, Less Liabilities — (3.3)%				(12,813,196	)


Net Assets — 100.0%			$	386,846,995

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

^(d)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	21,898	(6,130	)	15,768	$	15,784,921	$	48,427	^(b)	$	(14,297	)	$	12,679
BlackRock Cash Funds: Treasury, SL Agency Shares	963	454		1,417		1,417,000		11,936			—			—

					$	17,201,921	$	60,363		$	(14,297	)	$	12,679

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	382,458,270	$	—	$	382,458,270
Money Market Funds		17,201,921		—		—		17,201,921

	$	17,201,921	$	382,458,270	$	—	$	399,660,191

See notes to financial statements.


SCHEDULES OF INVESTMENTS			63

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 2.6%
Boeing Co. (The)
2.70%, 02/01/27 (Call 12/01/26)	$	906	$	799,373
2.80%, 03/01/27 (Call 12/01/26)^(a)		380		340,431
Embraer Netherlands Finance BV, 5.40%, 02/01/27		625		531,494
General Dynamics Corp.
2.63%, 11/15/27 (Call 08/15/27)		655		688,909
3.50%, 04/01/27 (Call 02/01/27)		500		552,970
Hexcel Corp., 3.95%, 02/15/27 (Call 11/15/26)		325		325,741
Northrop Grumman Corp., 3.20%, 02/01/27 (Call 11/01/26)		795		860,428
Raytheon Co., 7.20%, 08/15/27^(a)		110		145,916
Raytheon Technologies Corp., 3.13%, 05/04/27 (Call 02/04/27)		1,266		1,375,800
Rockwell Collins Inc., 3.50%, 03/15/27 (Call 12/15/26)		1,416		1,518,575

				7,139,637

Agriculture — 1.9%
BAT Capital Corp., 3.56%, 08/15/27 (Call 05/15/27)		3,712		3,813,263
Bunge Ltd. Finance Corp., 3.75%, 09/25/27 (Call 06/25/27)		595		587,170
Philip Morris International Inc., 3.13%, 08/17/27 (Call 05/17/27)^(a)		665		714,902

				5,115,335

Airlines — 0.5%
American Airlines Pass Through Trust
Series 2015-1, Class A, 3.38%, 05/01/27		777		629,450
Series 2015-2, Class AA, 3.60%, 09/22/27^(a)		256		221,931
Latam Airlines Pass Through Trust, Series 2015-1, Class A, 4.20%, 11/15/27		478		372,973
Southwest Airlines Co., 3.45%, 11/16/27 (Call 08/16/27)		250		228,902

				1,453,256

Apparel — 0.6%
NIKE Inc., 2.75%, 03/27/27 (Call 01/27/27)		1,000		1,077,450
Tapestry Inc., 4.13%, 07/15/27 (Call 04/15/27)^(a)		547		467,198

				1,544,648

Auto Manufacturers — 1.1%
American Honda Finance Corp., 2.35%, 01/08/27		405		395,385
General Motors Co., 4.20%, 10/01/27 (Call 07/01/27)		740		655,248
General Motors Financial Co. Inc., 4.35%, 01/17/27 (Call 10/17/26)		1,098		998,653
Toyota Motor Credit Corp., 3.20%, 01/11/27		767		822,845

				2,872,131

Auto Parts & Equipment — 0.2%
Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)		668		619,563


Banks — 14.7%
Banco Santander SA, 4.25%, 04/11/27		870		929,517
Bank of America Corp.
3.25%, 10/21/27 (Call 10/21/26)		2,079		2,220,123
Series L, 4.18%, 11/25/27 (Call 11/25/26)^(a)		1,823		2,000,487
Bank of New York Mellon Corp. (The), 3.25%, 05/16/27 (Call 02/16/27)^(a)		745		812,706
Citigroup Inc., 4.45%, 09/29/27		3,361		3,684,463
Goldman Sachs Group Inc. (The)
3.85%, 01/26/27 (Call 01/26/26)		2,740		2,963,255
5.95%, 01/15/27^(a)		746		886,822
ING Groep NV, 3.95%, 03/29/27		1,300		1,408,251
JPMorgan Chase & Co.
3.63%, 12/01/27 (Call 12/01/26)		1,030		1,103,810
4.25%, 10/01/27^(a)		1,330		1,491,316


Security	Par (000)		Value

Banks (continued)
8.00%, 04/29/27	$	345	$	463,728
KeyCorp, 2.25%, 04/06/27		210		204,139
Lloyds Banking Group PLC, 3.75%, 01/11/27^(a)		1,220		1,298,861
Manufacturers & Traders Trust Co., 3.40%, 08/17/27		605		648,403
Mitsubishi UFJ Financial Group Inc.
3.29%, 07/25/27^(a)		925		985,532
3.68%, 02/22/27^(a)		914		994,761
Mizuho Financial Group Inc.
3.17%, 09/11/27		955		1,000,668
3.66%, 02/28/27		615		660,817
Morgan Stanley
3.63%, 01/20/27		2,699		2,929,333
3.95%, 04/23/27		1,750		1,867,705
PNC Bank N.A., 3.10%, 10/25/27 (Call 09/25/27)		900		956,907
PNC Financial Services Group Inc. (The), 3.15%, 05/19/27 (Call 04/19/27)		843		909,395
Santander Holdings USA Inc., 4.40%, 07/13/27 (Call 04/14/27)^(a)		890		902,184
Sumitomo Mitsui Financial Group Inc.
3.35%, 10/18/27		635		678,421
3.36%, 07/12/27		1,438		1,537,668
3.45%, 01/11/27		1,195		1,279,020
U.S. Bancorp., Series X, 3.15%, 04/27/27 (Call 03/27/27)		1,210		1,314,725
Wells Fargo & Co., 4.30%, 07/22/27		2,335		2,539,779
Westpac Banking Corp., 3.35%, 03/08/27^(a)		980		1,065,182

				39,737,978

Beverages — 1.6%
Coca-Cola Co. (The)
2.90%, 05/25/27		425		462,013
3.38%, 03/25/27		1,000		1,124,940
Constellation Brands Inc., 3.50%, 05/09/27 (Call 02/09/27)		599		634,503
Keurig Dr Pepper Inc., 3.43%, 06/15/27 (Call 03/15/27)		408		435,516
PepsiCo Inc., 3.00%, 10/15/27 (Call 07/15/27)^(a)		1,533		1,686,346

				4,343,318

Biotechnology — 1.0%
Amgen Inc., 3.20%, 11/02/27 (Call 08/02/27)		1,210		1,325,192
Gilead Sciences Inc., 2.95%, 03/01/27 (Call 12/01/26)^(a)		1,325		1,445,310

				2,770,502

Building Materials — 0.9%
Carrier Global Corp., 2.49%, 02/15/27 (Call 12/15/26)^(b)		1,275		1,221,259
Martin Marietta Materials Inc.
3.45%, 06/01/27 (Call 03/01/27)		130		133,141
3.50%, 12/15/27 (Call 09/15/27)^(a)		461		480,394
Masco Corp., 3.50%, 11/15/27 (Call 08/15/27)		278		272,851
Vulcan Materials Co., 3.90%, 04/01/27 (Call 01/01/27)		300		315,117

				2,422,762

Chemicals — 1.5%
Ecolab Inc., 3.25%, 12/01/27 (Call 09/01/27)		390		426,995
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)^(a)		968		994,223
Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27)^(a)		675		674,035
RPM International Inc., 3.75%, 03/15/27 (Call 12/15/26)^(a)		355		362,093
Sherwin-Williams Co. (The), 3.45%, 06/01/27 (Call 03/01/27)		1,513		1,629,955

				4,087,301

Commercial Services — 0.5%
Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27)		960		1,032,672
S&P Global Inc., 2.95%, 01/22/27 (Call 10/22/26)		405		436,805

				1,469,477


64		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Computers — 3.8%
Apple Inc.
2.90%, 09/12/27 (Call 06/12/27)	$	1,539	$	1,693,946
3.00%, 06/20/27 (Call 03/20/27)^(a)		853		943,060
3.00%, 11/13/27 (Call 08/13/27)		1,279		1,415,495
3.20%, 05/11/27 (Call 02/11/27)		1,607		1,791,516
3.35%, 02/09/27 (Call 11/09/26)		1,844		2,061,758
DXC Technology Co., 4.75%, 04/15/27 (Call 01/15/27)^(a)		495		505,019
International Business Machines Corp.
3.30%, 01/27/27^(a)		475		530,817
6.22%, 08/01/27		505		645,834
Seagate HDD Cayman, 4.88%, 06/01/27 (Call 03/01/27)		605		629,170

				10,216,615

Cosmetics & Personal Care — 0.7%
Estee Lauder Companies Inc. (The), 3.15%, 03/15/27 (Call 12/15/26)^(a)		284		306,604
Procter & Gamble Co. (The), 2.85%, 08/11/27^(a)		710		794,234
Unilever Capital Corp., 2.90%, 05/05/27 (Call 02/05/27)		740		802,730

				1,903,568

Diversified Financial Services — 5.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.65%, 07/21/27 (Call 04/21/27)		829		695,241
Air Lease Corp.
3.63%, 04/01/27 (Call 01/01/27)		402		344,948
3.63%, 12/01/27 (Call 09/01/27)		390		328,220
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)		1,937		2,132,579
Capital One Financial Corp., 3.75%, 03/09/27 (Call 02/09/27)		1,279		1,301,293
Cboe Global Markets Inc., 3.65%, 01/12/27 (Call 10/12/26)		730		791,283
Charles Schwab Corp. (The), 3.20%, 03/02/27 (Call 12/02/26)		715		775,975
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)		938		939,792
E*TRADE Financial Corp., 3.80%, 08/24/27 (Call 05/24/27)		485		513,867
Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)		305		317,792
Intercontinental Exchange Inc., 3.10%, 09/15/27 (Call 06/15/27)		633		687,046
Jefferies Group LLC, 6.45%, 06/08/27^(a)		225		249,331
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.85%, 01/15/27^(a)		719		746,214
Lazard Group LLC, 3.63%, 03/01/27 (Call 12/01/26)^(a)		230		230,908
Mastercard Inc., 3.30%, 03/26/27 (Call 01/26/27)		1,000		1,115,330
ORIX Corp., 3.70%, 07/18/27^(a)		310		329,115
Synchrony Financial, 3.95%, 12/01/27 (Call 09/01/27)		890		842,768
TD Ameritrade Holding Corp., 3.30%, 04/01/27 (Call 01/01/27)		733		787,000
Visa Inc.
1.90%, 04/15/27 (Call 02/15/27)		500		517,165
2.75%, 09/15/27 (Call 06/15/27)		790		860,081

				14,505,948

Electric — 5.4%
American Electric Power Co. Inc., 3.20%, 11/13/27 (Call 08/13/27)		500		532,520
Appalachian Power Co., Series X, 3.30%, 06/01/27 (Call 03/01/27)		315		335,938
Arizona Public Service Co., 2.95%, 09/15/27 (Call 06/15/27)		45		47,834
Black Hills Corp., 3.15%, 01/15/27 (Call 07/15/26)		293		285,438
CenterPoint Energy Houston Electric LLC, Series AA, 3.00%, 02/01/27 (Call 11/01/26)		415		439,688
CMS Energy Corp., 3.45%, 08/15/27 (Call 05/15/27)		350		377,979


Security	Par (000)		Value

Electric (continued)
Commonwealth Edison Co., Series 122, 2.95%, 08/15/27 (Call 05/15/27)^(a)	$	290	$	312,974
Connecticut Light & Power Co. (The), Series A, 3.20%, 03/15/27 (Call 12/15/26)		390		425,272
Consolidated Edison Co. of New York Inc., Series B, 3.13%, 11/15/27 (Call 08/15/27)		325		349,414
DTE Energy Co., 3.80%, 03/15/27 (Call 12/15/26)		512		545,300
Duke Energy Corp., 3.15%, 08/15/27 (Call 05/15/27)		674		721,402
Duke Energy Florida LLC, 3.20%, 01/15/27 (Call 10/15/26)		670		733,228
Edison International, 5.75%, 06/15/27 (Call 04/15/27)^(a)		565		642,411
Entergy Louisiana LLC, 3.12%, 09/01/27 (Call 06/01/27)		450		491,904
Evergy Kansas Central Inc., 3.10%, 04/01/27 (Call 01/01/27)		275		295,938
FirstEnergy Corp., Series B, 3.90%, 07/15/27 (Call 04/15/27)		1,409		1,549,534
Georgia Power Co., 3.25%, 03/30/27 (Call 12/30/26)		360		383,170
Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)		305		329,690
ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)^(a)		491		524,388
MidAmerican Energy Co., 3.10%, 05/01/27 (Call 02/01/27)		370		403,655
National Rural Utilities Cooperative Finance Corp., 3.05%, 04/25/27 (Call 01/25/27)		250		265,355
NextEra Energy Capital Holdings Inc., 3.55%, 05/01/27 (Call 02/01/27)		1,162		1,285,718
NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)		620		684,319
Public Service Electric & Gas Co., 3.00%, 05/15/27 (Call 02/15/27)^(a)		317		342,763
Sempra Energy, 3.25%, 06/15/27 (Call 03/15/27)^(a)		645		675,244
Union Electric Co., 2.95%, 06/15/27 (Call 03/15/27)		232		249,330
Virginia Electric & Power Co., Series A, 3.50%, 03/15/27 (Call 12/15/26)		1,095		1,224,111
Wisconsin Power & Light Co., 3.05%, 10/15/27 (Call 07/15/27)		217		234,996

				14,689,513

Electronics — 0.7%
Allegion U.S. Holding Co. Inc., 3.55%, 10/01/27 (Call 07/01/27)^(a)		305		304,579
Hubbell Inc., 3.15%, 08/15/27 (Call 05/15/27)		35		34,885
Keysight Technologies Inc., 4.60%, 04/06/27 (Call 01/06/27)^(a)		570		638,252
Tech Data Corp., 4.95%, 02/15/27 (Call 11/16/26)		701		700,432
Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27)		319		336,360

				2,014,508

Environmental Control — 0.7%
Republic Services Inc., 3.38%, 11/15/27 (Call 08/15/27)^(a)		743		805,887
Waste Management Inc., 3.15%, 11/15/27 (Call 08/15/27)^(a)		945		1,039,982

				1,845,869

Food — 2.0%
General Mills Inc., 3.20%, 02/10/27 (Call 11/10/26)^(a)		685		757,521
JM Smucker Co. (The), 3.38%, 12/15/27 (Call 09/15/27)		620		656,010
Kellogg Co., 3.40%, 11/15/27 (Call 08/15/27)		560		600,561
Kroger Co. (The), 3.70%, 08/01/27 (Call 05/01/27)		662		738,521
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)^(a)		672		729,355
Sysco Corp., 3.25%, 07/15/27 (Call 04/15/27)		616		607,117
Tyson Foods Inc., 3.55%, 06/02/27 (Call 03/02/27)		1,270		1,375,105

				5,464,190

Forest Products & Paper — 0.8%
Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27 (Call 08/02/27)		435		416,056
Fibria Overseas Finance Ltd., 5.50%, 01/17/27^(a)		665		670,586
International Paper Co., 3.00%, 02/15/27 (Call 11/15/26)		937		981,273

				2,067,915


SCHEDULES OF INVESTMENTS			65

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Gas — 0.7%
Atmos Energy Corp., 3.00%, 06/15/27 (Call 03/15/27)^(a)	$	513	$	554,861
National Fuel Gas Co., 3.95%, 09/15/27 (Call 06/15/27)		330		299,069
NiSource Inc., 3.49%, 05/15/27 (Call 02/15/27)		1,025		1,103,464

				1,957,394

Hand & Machine Tools — 0.0%
Snap-On Inc., 3.25%, 03/01/27 (Call 12/01/26)		50		53,419


Health Care – Products — 0.5%
Medtronic Global Holdings SCA, 3.35%, 04/01/27 (Call 01/01/27)		415		457,405
Thermo Fisher Scientific Inc., 3.20%, 08/15/27 (Call 05/15/27)		701		764,391

				1,221,796

Health Care – Services — 2.6%
Anthem Inc., 3.65%, 12/01/27 (Call 09/01/27)		1,571		1,715,909
HCA Inc., 4.50%, 02/15/27 (Call 08/15/26)		1,220		1,323,627
Humana Inc., 3.95%, 03/15/27 (Call 12/15/26)		557		607,916
Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)		240		260,628
Laboratory Corp. of America Holdings, 3.60%, 09/01/27 (Call 06/01/27)		650		697,567
UnitedHealth Group Inc.
2.95%, 10/15/27		964		1,048,591
3.38%, 04/15/27		485		534,266
3.45%, 01/15/27		742		822,848

				7,011,352

Home Furnishings — 0.2%
Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27)		482		475,483


Household Products & Wares — 0.4%
Church & Dwight Co. Inc., 3.15%, 08/01/27 (Call 05/01/27)		520		555,781
Clorox Co. (The), 3.10%, 10/01/27 (Call 07/01/27)		525		562,280

				1,118,061

Insurance — 1.8%
American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)		497		483,576
Aon Corp., 8.21%, 01/01/27^(a)		460		541,535
AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)		403		426,632
Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27)^(a)		1,335		1,277,849
CNA Financial Corp., 3.45%, 08/15/27 (Call 05/10/27)		434		435,840
Markel Corp., 3.50%, 11/01/27 (Call 08/01/27)		345		358,983
Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)		381		376,904
Progressive Corp. (The), 2.45%, 01/15/27		673		701,353
RenaissanceRe Finance Inc., 3.45%, 07/01/27 (Call 04/01/27)		225		232,531

				4,835,203

Internet — 2.9%
Alibaba Group Holding Ltd., 3.40%, 12/06/27 (Call 09/06/27)		2,385		2,584,839
Amazon.com Inc., 3.15%, 08/22/27 (Call 05/22/27)		3,191		3,589,301
Baidu Inc., 3.63%, 07/06/27^(a)		660		692,723
eBay Inc., 3.60%, 06/05/27 (Call 03/05/27)		965		1,043,300

				7,910,163

Machinery — 0.5%
CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)^(a)		484		481,498
John Deere Capital Corp., 2.80%, 09/08/27^(a)		731		795,598

				1,277,096

Manufacturing — 1.1%
3M Co., 2.88%, 10/15/27 (Call 07/15/27)^(a)		790		866,226
Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27)^(a)		425		434,006


Security	Par (000)		Value

Manufacturing (continued)
Eaton Corp., 3.10%, 09/15/27 (Call 06/15/27)	$	655	$	694,883
Parker-Hannifin Corp., 3.25%, 03/01/27 (Call 12/01/26)		655		684,875
Textron Inc., 3.65%, 03/15/27 (Call 12/15/26)		290		288,802

				2,968,792

Media — 2.0%
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)		1,587		1,650,432
3.30%, 02/01/27 (Call 11/01/26)		1,307		1,429,780
TWDC Enterprises 18 Corp., 2.95%, 06/15/27^(a)		955		1,033,787
ViacomCBS Inc., 2.90%, 01/15/27 (Call 10/15/26)^(a)		703		673,657
Walt Disney Co. (The), 3.70%, 03/23/27		500		564,340

				5,351,996

Mining — 0.2%
Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27)		480		502,723


Oil & Gas — 3.1%
BP Capital Markets America Inc.
3.02%, 01/16/27 (Call 10/16/26)		1,008		1,032,978
3.59%, 04/14/27 (Call 01/14/27)		790		831,641
BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27)		1,012		1,055,020
Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27)		1,150		1,052,055
Cimarex Energy Co., 3.90%, 05/15/27 (Call 02/15/27)		711		628,552
Concho Resources Inc., 3.75%, 10/01/27 (Call 07/01/27)		895		876,572
Eni USA Inc., 7.30%, 11/15/27		215		252,788
Exxon Mobil Corp., 3.29%, 03/19/27 (Call 01/19/27)		1,000		1,090,060
Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)		875		793,153
Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27)		939		725,443

				8,338,262

Oil & Gas Services — 0.4%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 3.34%, 12/15/27 (Call 09/15/27)		1,141		1,093,626


Packaging & Containers — 0.3%
Packaging Corp. of America, 3.40%, 12/15/27 (Call 09/15/27)		440		468,543
WRKCo Inc., 3.38%, 09/15/27 (Call 06/15/27)		370		382,099

				850,642

Pharmaceuticals — 4.9%
AmerisourceBergen Corp., 3.45%, 12/15/27 (Call 09/15/27)^(a)		695		756,487
AstraZeneca PLC, 3.13%, 06/12/27 (Call 03/12/27)^(a)		839		916,381
Becton Dickinson and Co., 3.70%, 06/06/27 (Call 03/06/27)		1,598		1,738,640
Bristol-Myers Squibb Co.
3.25%, 02/27/27		737		823,951
3.45%, 11/15/27 (Call 08/15/27)^(b)		943		1,060,441
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)^(a)		1,370		1,464,407
Cigna Corp.
3.05%, 10/15/27 (Call 07/15/27)^(b)		535		561,622
3.40%, 03/01/27 (Call 12/01/26)^(b)		1,315		1,410,337
CVS Health Corp., 6.25%, 06/01/27^(a)		250		303,495
Eli Lilly & Co.
3.10%, 05/15/27 (Call 02/15/27)		440		484,418
5.50%, 03/15/27		425		515,278
Johnson & Johnson, 2.95%, 03/03/27 (Call 12/03/26)		909		1,012,453
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)^(a)		140		148,203
3.10%, 05/17/27 (Call 02/17/27)		1,205		1,342,611
Zoetis Inc., 3.00%, 09/12/27 (Call 06/12/27)^(a)		780		842,642

				13,381,366


66		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines — 4.2%
Boardwalk Pipelines LP, 4.45%, 07/15/27 (Call 04/15/27)	$	510	$	437,575
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27 (Call 01/01/27)		1,205		1,205,542
Enable Midstream Partners LP, 4.40%, 03/15/27 (Call 12/15/26)		620		480,791
Enbridge Inc., 3.70%, 07/15/27 (Call 04/15/27)		727		736,451
Energy Transfer Operating LP
4.20%, 04/15/27 (Call 01/15/27)		640		600,711
5.50%, 06/01/27 (Call 03/01/27)		965		971,359
Enterprise Products Operating LLC, 3.95%, 02/15/27 (Call 11/15/26)		605		635,099
MPLX LP
4.13%, 03/01/27 (Call 12/01/26)		1,125		1,086,233
4.25%, 12/01/27 (Call 09/01/27)^(b)		588		566,767
Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)		150		152,403
ONEOK Inc., 4.00%, 07/13/27 (Call 04/13/27)		355		318,921
Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 (Call 09/15/26)		1,420		1,455,784
Sunoco Logistics Partners Operations LP, 4.00%, 10/01/27 (Call 07/01/27)		513		477,285
TC PipeLines LP, 3.90%, 05/25/27 (Call 02/25/27)		395		387,602
Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27		310		355,530
Williams Companies Inc. (The), 3.75%, 06/15/27 (Call 03/15/27)^(a)		1,557		1,557,327

				11,425,380

Real Estate Investment Trusts — 7.0%
Alexandria Real Estate Equities Inc., 3.95%, 01/15/27 (Call 10/15/26)		433		459,642
American Campus Communities Operating Partnership LP, 3.63%, 11/15/27 (Call 08/15/27)		451		445,236
American Tower Corp.
2.75%, 01/15/27 (Call 11/15/26)		286		296,356
3.13%, 01/15/27 (Call 10/15/26)		715		756,685
3.55%, 07/15/27 (Call 04/15/27)		792		861,751
AvalonBay Communities Inc., 3.35%, 05/15/27 (Call 02/15/27)		450		480,011
Brandywine Operating Partnership LP, 3.95%, 11/15/27 (Call 08/15/27)		225		231,122
Brixmor Operating Partnership LP, 3.90%, 03/15/27 (Call 12/15/26)		445		439,224
Crown Castle International Corp.
3.65%, 09/01/27 (Call 06/01/27)^(a)		867		945,290
4.00%, 03/01/27 (Call 12/01/26)^(a)		510		565,080
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)		1,005		1,075,199
Duke Realty LP, 3.38%, 12/15/27 (Call 09/15/27)		415		443,075
EPR Properties, 4.50%, 06/01/27 (Call 03/01/27)		360		301,846
Equinix Inc., 5.38%, 05/15/27 (Call 05/15/22)		1,066		1,145,470
ERP Operating LP, 3.25%, 08/01/27 (Call 05/01/27)^(a)		410		431,259
Essex Portfolio LP, 3.63%, 05/01/27 (Call 02/01/27)		220		233,358
Federal Realty Investment Trust, 3.25%, 07/15/27 (Call 04/15/27)		545		549,567
Healthcare Trust of America Holdings LP, 3.75%, 07/01/27 (Call 04/01/27)		405		398,156
Highwoods Realty LP, 3.88%, 03/01/27 (Call 12/01/26)		315		324,179
Hudson Pacific Properties LP, 3.95%, 11/01/27 (Call 08/01/27)		470		466,752
Kimco Realty Corp., 3.80%, 04/01/27 (Call 01/01/27)		405		411,508
Life Storage LP, 3.88%, 12/15/27 (Call 09/15/27)		365		373,183
Mid-America Apartments LP, 3.60%, 06/01/27 (Call 03/01/27)		462		489,004


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
National Retail Properties Inc., 3.50%, 10/15/27 (Call 07/15/27)	$	505	$	493,511
Omega Healthcare Investors Inc., 4.50%, 04/01/27 (Call 01/01/27)		628		614,297
Physicians Realty LP, 4.30%, 03/15/27 (Call 12/15/26)		165		156,283
Public Storage, 3.09%, 09/15/27 (Call 06/15/27)		552		579,926
Realty Income Corp., 3.00%, 01/15/27 (Call 10/15/26)		688		695,926
Regency Centers LP, 3.60%, 02/01/27 (Call 11/01/26)		540		557,717
Service Properties Trust, 4.95%, 02/15/27 (Call 08/15/26)		355		280,596
Simon Property Group LP
3.38%, 06/15/27 (Call 03/15/27)^(a)		867		839,846
3.38%, 12/01/27 (Call 09/01/27)		609		592,259
SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27)		345		350,958
Spirit Realty LP, 3.20%, 01/15/27 (Call 11/15/26)		380		335,821
UDR Inc., 3.50%, 07/01/27 (Call 04/01/27)		190		197,691
Ventas Realty LP, 3.85%, 04/01/27 (Call 01/01/27)		405		399,294
VEREIT Operating Partnership LP, 3.95%, 08/15/27 (Call 05/15/27)		540		507,789
Weyerhaeuser Co., 6.95%, 10/01/27^(a)		120		147,865

				18,872,732

Retail — 3.8%
AutoNation Inc., 3.80%, 11/15/27 (Call 08/15/27)		295		279,144
AutoZone Inc., 3.75%, 06/01/27 (Call 03/01/27)		615		652,823
Costco Wholesale Corp., 3.00%, 05/18/27 (Call 02/18/27)		892		989,433
Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27)		415		399,765
Dollar General Corp., 3.88%, 04/15/27 (Call 01/15/27)		640		703,565
Home Depot Inc. (The), 2.80%, 09/14/27 (Call 06/14/27)		1,252		1,357,506
Lowe’s Companies Inc., 3.10%, 05/03/27 (Call 02/03/27)		1,472		1,561,512
McDonald’s Corp.
3.50%, 03/01/27 (Call 12/01/26)		1,299		1,427,744
3.50%, 07/01/27 (Call 05/01/27)		500		551,215
Nordstrom Inc., 4.00%, 03/15/27 (Call 12/15/26)		318		252,432
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)		731		765,832
Starbucks Corp., 2.00%, 03/12/27 (Call 01/12/27)		500		499,350
TJX Companies Inc. (The), 3.75%, 04/15/27 (Call 02/15/27)		500		545,740
Walmart Inc., 5.88%, 04/05/27		340		436,145

				10,422,206

Semiconductors — 4.3%
Applied Materials Inc., 3.30%, 04/01/27 (Call 01/01/27)		1,300		1,433,471
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		4,296		4,482,532
Intel Corp., 3.15%, 05/11/27 (Call 02/11/27)^(a)		1,201		1,323,094
Maxim Integrated Products Inc., 3.45%, 06/15/27 (Call 03/15/27)		520		545,922
Micron Technology Inc., 4.19%, 02/15/27 (Call 12/15/26)		921		980,156
QUALCOMM Inc., 3.25%, 05/20/27 (Call 02/20/27)		2,118		2,312,665
Texas Instruments Inc., 2.90%, 11/03/27 (Call 08/03/27)		605		662,324

				11,740,164

Shipbuilding — 0.3%
Huntington Ingalls Industries Inc., 3.48%, 12/01/27 (Call 09/01/27)		657		677,958


Software — 4.4%
Activision Blizzard Inc., 3.40%, 06/15/27 (Call 03/15/27)		370		394,006
Adobe Inc., 2.15%, 02/01/27 (Call 12/01/26)		605		634,348
Autodesk Inc., 3.50%, 06/15/27 (Call 03/15/27)^(a)		474		520,120
CA Inc., 4.70%, 03/15/27 (Call 12/15/26)		252		261,863
Citrix Systems Inc., 4.50%, 12/01/27 (Call 09/01/27)		826		920,106
Microsoft Corp., 3.30%, 02/06/27 (Call 11/06/26)		3,465		3,925,568


SCHEDULES OF INVESTMENTS			67

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Software (continued)
Oracle Corp.
2.80%, 04/01/27 (Call 02/01/27)	$	1,000	$	1,072,650
3.25%, 11/15/27 (Call 08/15/27)		2,776		3,056,071
VMware Inc., 3.90%, 08/21/27 (Call 05/21/27)		1,190		1,217,953

				12,002,685

Telecommunications — 4.6%
AT&T Inc.
3.80%, 02/15/27 (Call 11/15/26)		1,190		1,283,534
4.25%, 03/01/27 (Call 12/01/26)^(a)		1,789		1,974,913
Telefonica Emisiones SA, 4.10%, 03/08/27		1,266		1,369,508
TELUS Corp.
2.80%, 02/16/27 (Call 11/16/26)		575		590,048
3.70%, 09/15/27 (Call 06/15/27)		540		586,408
T-Mobile USA Inc., 3.75%, 04/15/27 (Call 02/15/27)^(b)		2,500		2,680,450
Verizon Communications Inc.
3.00%, 03/22/27 (Call 01/22/27)		600		649,122
4.13%, 03/16/27^(a)		2,903		3,366,783

				12,500,766

Toys, Games & Hobbies — 0.2%
Hasbro Inc., 3.50%, 09/15/27 (Call 06/15/27)		538		518,342


Transportation — 1.6%
Burlington Northern Santa Fe LLC, 3.25%, 06/15/27 (Call 03/15/27)^(a)		702		779,641
CSX Corp., 3.25%, 06/01/27 (Call 03/01/27)^(a)		945		1,016,121
FedEx Corp., 3.30%, 03/15/27 (Call 12/15/26)^(a)		475		488,514
Norfolk Southern Corp., 3.15%, 06/01/27 (Call 03/01/27)		375		404,021
Union Pacific Corp.
2.15%, 02/05/27 (Call 12/05/26)		250		257,157
3.00%, 04/15/27 (Call 01/15/27)		265		284,984
United Parcel Service Inc., 3.05%, 11/15/27 (Call 08/15/27)^(a)		1,076		1,174,185

				4,404,623

Trucking & Leasing — 0.1%
GATX Corp., 3.85%, 03/30/27 (Call 12/30/26)		355		366,261


Water — 0.2%
American Water Capital Corp., 2.95%, 09/01/27 (Call 06/01/27)		602		641,654


Total Corporate Bonds & Notes — 98.9% (Cost: $260,183,465)				268,204,179


Short-Term Investments

Money Market Funds — 8.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(c)(d)(e)		22,691		22,715,646
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(c)(d)		817		817,000

				23,532,646


Total Short-Term Investments — 8.7% (Cost: $23,510,969)				23,532,646


Total Investments in Securities — 107.6% (Cost: $283,694,434)				291,736,825

Other Assets, Less Liabilities — (7.6)%				(20,550,375	)


Net Assets — 100.0%			$	271,186,450

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

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

^(c)	Affiliate of the Fund.

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

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


68		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Corporate ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	23,287	(596	)	22,691	$	22,715,646	$	76,149	^(b)	$	(11,881	)	$	16,278
BlackRock Cash Funds: Treasury, SL Agency Shares	775	42		817		817,000		7,571			—			—

					$	23,532,646	$	83,720		$	(11,881	)	$	16,278

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	268,204,179	$	—	$	268,204,179
Money Market Funds		23,532,646		—		—		23,532,646

	$	23,532,646	$	268,204,179	$	—	$	291,736,825

See notes to financial statements.


SCHEDULES OF INVESTMENTS			69

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.3%
Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28 (Call 07/01/28)	$	370	$	393,665


Aerospace & Defense — 4.1%
Boeing Co. (The)
3.25%, 03/01/28 (Call 12/01/27)		120		106,569
3.45%, 11/01/28 (Call 08/01/28)		370		333,300
General Dynamics Corp., 3.75%, 05/15/28 (Call 02/15/28)		650		737,646
L3Harris Technologies Inc.
4.40%, 06/15/28 (Call 03/15/28)		604		686,615
4.40%, 06/15/28 (Call 03/15/28)^(a)		446		503,306
Northrop Grumman Corp., 3.25%, 01/15/28 (Call 10/15/27)		1,086		1,176,942
Raytheon Technologies Corp., 4.13%, 11/16/28 (Call 08/16/28)		1,855		2,155,955
United Technologies Corp., 6.70%, 08/01/28		25		32,907

				5,733,240

Agriculture — 0.4%
Philip Morris International Inc., 3.13%, 03/02/28 (Call 12/02/27)		465		500,456


Airlines — 0.6%
American Airlines Pass Through Trust
Series 2016-1, Class AA, 3.58%, 07/15/29		83		72,001
Series 2016-2, Class AA, 3.20%, 06/15/28		256		229,713
Series 2016-3, Class AA, 3.00%, 10/15/28^(b)		140		120,692
Spirit Airlines Pass Through Trust, Series 2015-1, Class A, 4.10%, 04/01/28^(b)		154		123,993
United Airlines Pass Through Trust
Series 2016-1, Class AA, 3.10%, 07/07/28		178		154,830
Series 2016-2, Class AA, 2.88%, 10/07/28		208		175,761

				876,990

Auto Manufacturers — 1.1%
American Honda Finance Corp., 3.50%, 02/15/28		395		412,779
General Motors Co., 5.00%, 10/01/28 (Call 07/01/28)^(b)		445		409,285
General Motors Financial Co. Inc., 3.85%, 01/05/28 (Call 10/05/27)		245		211,910
Toyota Motor Corp., 3.67%, 07/20/28^(b)		160		177,267
Toyota Motor Credit Corp., 3.05%, 01/11/28		356		376,979

				1,588,220

Banks — 11.6%
Banco Santander SA
3.80%, 02/23/28		670		698,133
4.38%, 04/12/28		610		660,978
Bank of New York Mellon Corp. (The)
3.00%, 10/30/28 (Call 07/30/28)		435		460,000
3.40%, 01/29/28 (Call 10/29/27)		593		658,343
3.85%, 04/28/28		205		235,980
Barclays PLC
4.34%, 01/10/28 (Call 01/10/27)^(b)		705		761,139
4.84%, 05/09/28 (Call 05/07/27)		1,115		1,178,845
Citigroup Inc.
4.13%, 07/25/28		1,370		1,483,737
6.63%, 01/15/28		20		25,123
Discover Bank, 4.65%, 09/13/28 (Call 06/13/28)		650		681,649
Fifth Third Bancorp., 3.95%, 03/14/28 (Call 02/14/28)^(b)		460		530,578
ING Groep NV, 4.55%, 10/02/28		670		764,684
KeyCorp, 4.10%, 04/30/28		590		644,339


Security	Par (000)		Value

Banks (continued)
Lloyds Banking Group PLC
4.38%, 03/22/28^(b)	$	1,320	$	1,463,946
4.55%, 08/16/28^(b)		110		123,015
Mitsubishi UFJ Financial Group Inc.
3.96%, 03/02/28		598		677,815
4.05%, 09/11/28		475		547,647
Mizuho Financial Group Inc., 4.02%, 03/05/28		680		755,086
Northern Trust Corp., 3.65%, 08/03/28 (Call 05/03/28)		320		360,160
PNC Bank N.A.
3.25%, 01/22/28 (Call 12/23/27)		500		541,320
4.05%, 07/26/28		370		415,221
Sumitomo Mitsui Financial Group Inc.
3.54%, 01/17/28		360		389,743
3.94%, 07/19/28		225		251,170
4.31%, 10/16/28		630		722,024
U.S. Bancorp., 3.90%, 04/26/28 (Call 03/24/28)^(b)		490		567,846
Westpac Banking Corp., 3.40%, 01/25/28^(b)		625		684,181

				16,282,702

Beverages — 2.9%
Anheuser-Busch InBev Worldwide Inc., 4.00%, 04/13/28 (Call 01/13/28)		1,310		1,449,109
Constellation Brands Inc.
3.60%, 02/15/28 (Call 11/15/27)		624		663,006
4.65%, 11/15/28 (Call 08/15/28)		270		308,435
Diageo Capital PLC, 3.88%, 05/18/28 (Call 02/18/28)		360		411,779
Keurig Dr Pepper Inc., 4.60%, 05/25/28 (Call 02/25/28)		1,065		1,232,194

				4,064,523

Chemicals — 2.0%
Dow Chemical Co. (The), 4.80%, 11/30/28 (Call 08/30/28)^(b)		365		409,815
DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28)		1,145		1,298,350
Eastman Chemical Co., 4.50%, 12/01/28 (Call 09/01/28)		315		347,492
International Flavors & Fragrances Inc., 4.45%, 09/26/28 (Call 06/26/28)		265		282,119
PPG Industries Inc., 3.75%, 03/15/28 (Call 12/15/27)^(b)		470		531,274

				2,869,050

Commercial Services — 0.9%
Global Payments Inc., 4.45%, 06/01/28 (Call 03/01/28)		270		299,500
IHS Markit Ltd., 4.75%, 08/01/28 (Call 05/01/28)		465		534,183
Moody’s Corp., 3.25%, 01/15/28 (Call 10/15/27)		346		369,081

				1,202,764

Computers — 0.1%
International Business Machines Corp., 6.50%, 01/15/28		100		130,985


Cosmetics & Personal Care — 0.6%
Unilever Capital Corp., 3.50%, 03/22/28 (Call 12/22/27)^(b)		685		777,215


Diversified Financial Services — 2.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.88%, 01/23/28 (Call 10/23/27)^(b)		215		181,185
Air Lease Corp., 4.63%, 10/01/28 (Call 07/01/28)		325		287,966
Brookfield Finance Inc., 3.90%, 01/25/28 (Call 10/25/27)		210		216,292
Capital One Financial Corp., 3.80%, 01/31/28 (Call 12/31/27)		766		779,313
Charles Schwab Corp. (The), 3.20%, 01/25/28 (Call 10/25/27)		420		445,696
CME Group Inc., 3.75%, 06/15/28 (Call 03/15/28)^(b)		330		384,103
E*TRADE Financial Corp., 4.50%, 06/20/28 (Call 03/20/28)		331		369,257
Intercontinental Exchange Inc., 3.75%, 09/21/28 (Call 06/21/28)^(b)		350		403,280
Lazard Group LLC, 4.50%, 09/19/28 (Call 06/19/28)		350		369,485


70		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
Mastercard Inc., 3.50%, 02/26/28 (Call 11/26/27)	$	290	$	327,558

				3,764,135

Electric — 8.1%
AEP Texas Inc., 3.95%, 06/01/28 (Call 03/01/28)		50		56,334
Ameren Illinois Co., 3.80%, 05/15/28 (Call 02/15/28)		120		137,023
American Electric Power Co. Inc., Series J, 4.30%, 12/01/28 (Call 09/01/28)		375		428,760
Atlantic City Electric Co., 4.00%, 10/15/28 (Call 07/15/28)		145		166,254
Berkshire Hathaway Energy Co., 3.25%, 04/15/28 (Call 01/15/28)		436		481,074
CenterPoint Energy Inc., 4.25%, 11/01/28 (Call 08/01/28)		385		426,938
Commonwealth Edison Co., 3.70%, 08/15/28 (Call 05/15/28)		401		457,701
Consolidated Edison Co. of New York Inc.
3.80%, 05/15/28 (Call 02/15/28)		165		186,070
Series D, 4.00%, 12/01/28 (Call 09/01/28)^(b)		195		225,927
Consumers Energy Co., 3.80%, 11/15/28 (Call 08/15/28)		225		261,155
Dominion Energy Inc., 4.25%, 06/01/28 (Call 03/01/28)		375		421,095
Duke Energy Carolinas LLC
3.95%, 11/15/28 (Call 08/15/28)^(b)		423		497,427
Series A, 6.00%, 12/01/28		50		64,038
Duke Energy Florida LLC, 3.80%, 07/15/28 (Call 04/15/28)		275		316,121
Duke Energy Progress LLC, 3.70%, 09/01/28 (Call 06/01/28)		414		474,055
Edison International, 4.13%, 03/15/28 (Call 12/15/27)		335		351,321
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		360		388,807
Entergy Louisiana LLC, 3.25%, 04/01/28 (Call 01/01/28)		140		152,499
Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28)^(b)		280		299,734
Eversource Energy, Series M, 3.30%, 01/15/28 (Call 10/15/27)		325		348,465
Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28)		255		288,242
Interstate Power & Light Co., 4.10%, 09/26/28 (Call 06/26/28)		320		365,549
Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27)		236		259,838
National Rural Utilities Cooperative Finance Corp.
3.40%, 02/07/28 (Call 11/07/27)		360		395,867
3.90%, 11/01/28 (Call 08/01/28)		204		229,388
Oklahoma Gas & Electric Co., 3.80%, 08/15/28 (Call 02/15/28)		260		289,297
Oncor Electric Delivery Co. LLC, 3.70%, 11/15/28 (Call 08/15/28)		385		442,966
Public Service Co. of Colorado, 3.70%, 06/15/28 (Call 12/15/27)		225		262,879
Public Service Electric & Gas Co.
3.65%, 09/01/28 (Call 06/01/28)		303		346,762
3.70%, 05/01/28 (Call 02/01/28)		110		125,816
Sempra Energy, 3.40%, 02/01/28 (Call 11/01/27)		637		671,863
Southern California Edison Co., Series B, 3.65%, 03/01/28 (Call 12/01/27)		260		282,584
Southwestern Electric Power Co., Series M, 4.10%, 09/15/28 (Call 06/15/28)		515		576,599
Virginia Electric & Power Co., Series A, 3.80%, 04/01/28 (Call 01/01/28)^(b)		360		409,777
Xcel Energy Inc., 4.00%, 06/15/28 (Call 12/15/27)		270		305,248

				11,393,473

Electronics — 1.3%
Arrow Electronics Inc., 3.88%, 01/12/28 (Call 10/12/27)		355		354,648
Hubbell Inc., 3.50%, 02/15/28 (Call 11/15/27)		204		210,053
Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27)		279		270,340
Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)		545		611,315
Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)		340		364,555

				1,810,911

Engineering & Construction — 0.2%
Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28)^(b)		406		332,705


Security	Par (000)		Value

Environmental Control — 0.7%
Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28)	$	567	$	644,078
Waste Connections Inc., 4.25%, 12/01/28 (Call 09/01/28)^(b)		280		316,865

				960,943

Food — 2.5%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)		599		676,714
Conagra Brands Inc.
4.85%, 11/01/28 (Call 08/01/28)^(b)		795		932,702
7.00%, 10/01/28		125		161,850
General Mills Inc., 4.20%, 04/17/28 (Call 01/17/28)		781		906,546
Kellogg Co., 4.30%, 05/15/28 (Call 02/15/28)		385		440,548
Mondelez International Inc., 4.13%, 05/07/28 (Call 02/07/28)^(b)		285		329,055

				3,447,415

Gas — 0.4%
CenterPoint Energy Resources Corp., 4.00%, 04/01/28 (Call 01/01/28)		105		116,001
National Fuel Gas Co., 4.75%, 09/01/28 (Call 06/01/28)		185		173,010
Southwest Gas Corp., 3.70%, 04/01/28 (Call 01/01/28)^(b)		185		203,391

				492,402

Hand & Machine Tools — 0.2%
Kennametal Inc., 4.63%, 06/15/28 (Call 03/15/28)		115		114,000
Stanley Black & Decker Inc., 4.25%, 11/15/28 (Call 08/15/28)^(b)		165		187,252

				301,252

Health Care – Products — 0.8%
Boston Scientific Corp., 4.00%, 03/01/28 (Call 12/01/27)		100		110,096
Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)		450		512,766
Stryker Corp., 3.65%, 03/07/28 (Call 12/07/27)		445		496,095

				1,118,957

Health Care – Services — 2.0%
Advocate Health & Hospitals Corp., 3.83%, 08/15/28 (Call 05/15/28)		145		157,830
Anthem Inc., 4.10%, 03/01/28 (Call 12/01/27)		730		818,885
CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)		45		49,613
Sutter Health, Series 2018, 3.70%, 08/15/28 (Call 05/15/28)		285		310,254
Toledo Hospital (The), Series B, 5.33%, 11/15/28		105		108,346
UnitedHealth Group Inc.
3.85%, 06/15/28		680		779,022
3.88%, 12/15/28^(b)		490		566,832

				2,790,782

Household Products & Wares — 0.6%
Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)		240		273,545
Clorox Co. (The), 3.90%, 05/15/28 (Call 02/15/28)		305		345,998
Kimberly-Clark Corp., 3.95%, 11/01/28 (Call 08/01/28)		210		244,776

				864,319

Insurance — 3.5%
American International Group Inc., 4.20%, 04/01/28 (Call 01/01/28)		566		614,512
Aon Corp., 4.50%, 12/15/28 (Call 09/15/28)		270		310,910
Assurant Inc., 4.90%, 03/27/28 (Call 12/27/27)		190		205,888
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)		560		525,370
Cincinnati Financial Corp., 6.92%, 05/15/28		50		65,559
Equitable Holdings Inc., 4.35%, 04/20/28 (Call 01/20/28)		840		878,052
Fairfax Financial Holdings Ltd., 4.85%, 04/17/28 (Call 01/17/28)		300		304,197
Fidelity National Financial Inc., 4.50%, 08/15/28 (Call 05/15/28)		250		268,755
Globe Life Inc., 4.55%, 09/15/28 (Call 06/15/28)		395		427,445
Lincoln National Corp., 3.80%, 03/01/28 (Call 12/01/27)		400		417,956


SCHEDULES OF INVESTMENTS			71

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Prudential Financial Inc., 3.88%, 03/27/28 (Call 12/27/27)	$	471	$	526,625
Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28)		310		351,710

				4,896,979

Internet — 1.0%
Baidu Inc.
4.38%, 03/29/28 (Call 12/29/27)		75		82,694
4.88%, 11/14/28 (Call 08/14/28)^(b)		360		412,751
Booking Holdings Inc., 3.55%, 03/15/28 (Call 12/15/27)		434		441,044
Expedia Group Inc., 3.80%, 02/15/28 (Call 11/15/27)		561		485,416

				1,421,905

Iron & Steel — 0.3%
Nucor Corp., 3.95%, 05/01/28 (Call 02/01/28)		425		466,586


Leisure Time — 0.1%
Royal Caribbean Cruises Ltd., 3.70%, 03/15/28 (Call 12/15/27)		291		190,617


Lodging — 1.1%
Hyatt Hotels Corp., 4.38%, 09/15/28 (Call 06/15/28)		300		284,835
Marriott International Inc./MD
Series AA, 4.65%, 12/01/28 (Call 09/01/28)		140		135,309
Series X, 4.00%, 04/15/28 (Call 01/15/28)		257		238,630
Sands China Ltd., 5.40%, 08/08/28 (Call 05/08/28)^(b)		790		830,329

				1,489,103

Machinery — 1.4%
ABB Finance USA Inc., 3.80%, 04/03/28 (Call 01/03/28)		426		482,441
John Deere Capital Corp., 3.05%, 01/06/28		299		324,367
Nvent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28)		165		175,359
Oshkosh Corp., 4.60%, 05/15/28 (Call 02/15/28)		235		246,693
Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)		795		789,912

				2,018,772

Manufacturing — 0.6%
3M Co., 3.63%, 09/14/28 (Call 06/14/28)		345		392,420
Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 08/21/28 (Call 05/21/28)^(b)		345		370,675
Textron Inc., 3.38%, 03/01/28 (Call 12/01/27)^(b)		125		121,945

				885,040

Media — 5.0%
Charter Communications Operating LLC/Charter
Communications Operating Capital
3.75%, 02/15/28 (Call 11/15/27)		585		627,904
4.20%, 03/15/28 (Call 12/15/27)		670		742,172
Comcast Corp.
3.15%, 02/15/28 (Call 11/15/27)		1,004		1,093,647
3.55%, 05/01/28 (Call 02/01/28)		670		750,099
4.15%, 10/15/28 (Call 07/15/28)		1,746		2,040,585
Discovery Communications LLC, 3.95%, 03/20/28 (Call 12/20/27)		921		970,089
TCI Communications Inc., 7.13%, 02/15/28		70		95,867
ViacomCBS Inc.
3.38%, 02/15/28 (Call 11/15/27)		315		308,001
3.70%, 06/01/28 (Call 03/01/28)^(b)		421		419,245

				7,047,609

Metal Fabricate & Hardware — 0.2%
Timken Co. (The), 4.50%, 12/15/28 (Call 09/15/28)		231		248,445


Mining — 0.3%
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28		299		412,476


Security	Par (000)		Value

Oil & Gas — 4.3%
Apache Corp., 4.38%, 10/15/28 (Call 07/15/28)	$	520	$	415,662
BP Capital Markets America Inc.
3.94%, 09/21/28 (Call 06/21/28)		550		597,586
4.23%, 11/06/28 (Call 08/06/28)		920		1,023,629
BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28)		599		640,475
Concho Resources Inc., 4.30%, 08/15/28 (Call 05/15/28)		611		621,448
Marathon Petroleum Corp., 3.80%, 04/01/28 (Call 01/01/28)^(b)		230		215,814
Noble Energy Inc., 3.85%, 01/15/28 (Call 10/15/27)		430		335,632
Phillips 66, 3.90%, 03/15/28 (Call 12/15/27)		440		462,440
Shell International Finance BV, 3.88%, 11/13/28 (Call 08/13/28)		625		700,769
Total Capital SA, 3.88%, 10/11/28		550		611,066
Valero Energy Corp., 4.35%, 06/01/28 (Call 03/01/28)		396		406,981

				6,031,502

Packaging & Containers — 0.6%
Amcor Finance USA Inc., 4.50%, 05/15/28 (Call 02/15/28)		190		208,309
WRKCo Inc.
3.90%, 06/01/28 (Call 03/01/28)^(b)		410		441,615
4.00%, 03/15/28 (Call 12/15/27)		235		251,941

				901,865

Pharmaceuticals — 10.9%
AbbVie Inc., 4.25%, 11/14/28 (Call 08/14/28)		1,115		1,285,595
Bristol-Myers Squibb Co., 3.90%, 02/20/28 (Call 11/20/27)^(a)		700		806,974
Cigna Corp., 4.38%, 10/15/28 (Call 07/15/28)		2,105		2,412,288
CVS Health Corp., 4.30%, 03/25/28 (Call 12/25/27)		3,735		4,217,711
GlaxoSmithKline Capital Inc., 3.88%, 05/15/28		907		1,054,533
Johnson & Johnson, 2.90%, 01/15/28 (Call 10/15/27)		851		953,673
McKesson Corp., 3.95%, 02/16/28 (Call 11/16/27)		491		546,562
Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28)		576		632,609
Pfizer Inc., 3.60%, 09/15/28 (Call 06/15/28)		684		800,985
Pharmacia LLC, 6.60%, 12/01/28		295		403,964
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)		460		540,413
Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 (Call 08/26/28)		1,020		1,227,937
Zoetis Inc., 3.90%, 08/20/28 (Call 05/20/28)		415		478,229

				15,361,473

Pipelines — 4.4%
Enable Midstream Partners LP, 4.95%, 05/15/28 (Call 02/15/28)		400		306,820
Energy Transfer Operating LP, 4.95%, 06/15/28 (Call 03/15/28)		598		587,451
Enterprise Products Operating LLC, 4.15%, 10/16/28 (Call 07/16/28)		610		659,642
Kinder Morgan Inc./DE, 4.30%, 03/01/28 (Call 12/01/27)		790		839,667
MPLX LP, 4.00%, 03/15/28 (Call 12/15/27)		656		622,610
ONEOK Inc., 4.55%, 07/15/28 (Call 04/15/28)		407		369,511
Phillips 66 Partners LP, 3.75%, 03/01/28 (Call 12/01/27)		339		328,525
Sabine Pass Liquefaction LLC, 4.20%, 03/15/28 (Call 09/15/27)		715		703,010
Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28		175		204,507
TransCanada PipeLines Ltd., 4.25%, 05/15/28 (Call 02/15/28)		798		861,441
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28 (Call 12/15/27)		310		320,521
Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)		296		307,479

				6,111,184

Real Estate Investment Trusts — 5.9%
Alexandria Real Estate Equities Inc., 3.95%, 01/15/28 (Call 10/15/27)		300		322,263
American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27)		383		380,993


72		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
American Tower Corp., 3.60%, 01/15/28 (Call 10/15/27)	$	491	$	535,180
AvalonBay Communities Inc., 3.20%, 01/15/28 (Call 10/15/27)		211		222,713
Boston Properties LP, 4.50%, 12/01/28 (Call 09/01/28)^(b)		550		623,546
Camden Property Trust, 4.10%, 10/15/28 (Call 07/15/28)		295		328,261
Crown Castle International Corp., 3.80%, 02/15/28 (Call 11/15/27)		686		755,457
Digital Realty Trust LP, 4.45%, 07/15/28 (Call 04/15/28)		435		490,406
Duke Realty LP, 4.00%, 09/15/28 (Call 06/15/28)		180		200,018
EPR Properties, 4.95%, 04/15/28 (Call 01/15/28)		256		217,925
ERP Operating LP
3.50%, 03/01/28 (Call 12/01/27)		235		251,671
4.15%, 12/01/28 (Call 09/01/28)^(b)		235		266,290
GLP Capital LP/GLP Financing II Inc., 5.75%, 06/01/28 (Call 03/03/28)		265		261,049
Healthcare Realty Trust Inc., 3.63%, 01/15/28 (Call 10/15/27)		150		149,068
Highwoods Realty LP, 4.13%, 03/15/28 (Call 12/15/27)		130		135,047
Kilroy Realty LP, 4.75%, 12/15/28 (Call 09/15/28)		75		79,391
Mid-America Apartments LP, 4.20%, 06/15/28 (Call 03/15/28)		265		289,475
National Retail Properties Inc., 4.30%, 10/15/28 (Call 07/15/28)		280		282,551
Omega Healthcare Investors Inc., 4.75%, 01/15/28 (Call 10/15/27)		310		299,984
Physicians Realty LP, 3.95%, 01/15/28 (Call 10/15/27)		165		153,292
Prologis LP, 3.88%, 09/15/28 (Call 06/15/28)		150		167,574
Realty Income Corp., 3.65%, 01/15/28 (Call 10/15/27)		416		435,381
Regency Centers LP, 4.13%, 03/15/28 (Call 12/15/27)		205		216,476
Service Properties Trust, 3.95%, 01/15/28 (Call 07/15/27)		205		157,545
STORE Capital Corp., 4.50%, 03/15/28 (Call 12/15/27)		230		224,234
UDR Inc., 3.50%, 01/15/28 (Call 10/15/27)		180		187,445
Ventas Realty LP, 4.00%, 03/01/28 (Call 12/01/27)		348		345,025
Welltower Inc., 4.25%, 04/15/28 (Call 01/15/28)		310		319,368

				8,297,628

Retail — 4.1%
Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28)		360		380,790
Dollar General Corp., 4.13%, 05/01/28 (Call 02/01/28)^(b)		200		225,998
Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)		646		694,101
Home Depot Inc. (The), 3.90%, 12/06/28 (Call 09/06/28)		445		517,246
McDonald’s Corp., 3.80%, 04/01/28 (Call 01/01/28)		636		714,253
Nordstrom Inc., 6.95%, 03/15/28		200		186,858
O’Reilly Automotive Inc., 4.35%, 06/01/28 (Call 03/01/28)		360		394,211
Starbucks Corp.
3.50%, 03/01/28 (Call 12/01/27)		484		523,407
4.00%, 11/15/28 (Call 08/15/28)		414		466,889
Walmart Inc., 3.70%, 06/26/28 (Call 03/26/28)		1,424		1,647,511

				5,751,264

Semiconductors — 1.0%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/28 (Call 10/15/27)^(b)		707		716,120
Marvell Technology Group Ltd., 4.88%, 06/22/28 (Call 03/22/28)		297		325,322
NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)^(a)		350		402,840

				1,444,282

Software — 1.3%
Fidelity National Information Services Inc., Series 10Y, 4.25%, 05/15/28 (Call 02/15/28)		220		249,588
Fiserv Inc., 4.20%, 10/01/28 (Call 07/01/28)		610		692,844
salesforce.com Inc., 3.70%, 04/11/28 (Call 01/11/28)		745		848,979

				1,791,411


Security	Par/ Shares (000)		Value

Telecommunications — 4.9%
AT&T Inc., 4.10%, 02/15/28 (Call 11/15/27)	$	1,271	$	1,400,388
British Telecommunications PLC, 5.13%, 12/04/28 (Call 09/04/28)^(b)		425		491,100
Motorola Solutions Inc., 4.60%, 02/23/28 (Call 11/23/27)		465		515,722
Verizon Communications Inc., 4.33%, 09/21/28		2,340		2,769,180
Vodafone Group PLC, 4.38%, 05/30/28		1,490		1,714,185

				6,890,575

Transportation — 3.1%
Canadian National Railway Co., 6.90%, 07/15/28		200		275,800
Canadian Pacific Railway Co., 4.00%, 06/01/28 (Call 03/01/28)		400		450,732
CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)		375		405,517
CSX Corp., 3.80%, 03/01/28 (Call 12/01/27)		568		633,263
FedEx Corp.
3.40%, 02/15/28 (Call 11/15/27)^(b)		456		474,500
4.20%, 10/17/28 (Call 07/17/28)		230		250,348
Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)		330		314,507
Norfolk Southern Corp., 3.80%, 08/01/28 (Call 05/01/28)		435		487,004
Union Pacific Corp., 3.95%, 09/10/28 (Call 06/10/28)		890		1,013,737

				4,305,408

Trucking & Leasing — 0.3%
GATX Corp.
3.50%, 03/15/28 (Call 12/15/27)		155		157,812
4.55%, 11/07/28 (Call 08/07/28)		233		254,179

				411,991

Water — 0.3%
American Water Capital Corp., 3.75%, 09/01/28 (Call 06/01/28)		330		373,900


Total Corporate Bonds & Notes — 98.7% (Cost: $132,617,708)				138,447,119


Short-Term Investments

Money Market Funds — 7.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(c)(d)(e)		9,904		9,915,316
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(c)(d)		921		921,000

				10,836,316


Total Short-Term Investments — 7.7% (Cost: $10,825,074)				10,836,316


Total Investments in Securities — 106.4% (Cost: $143,442,782)				149,283,435

Other Assets, Less Liabilities — (6.4)%				(8,985,254	)


Net Assets — 100.0%			$	140,298,181

^(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 cash collateral received from loaned securities.


SCHEDULES OF INVESTMENTS			73

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Corporate ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000	)	Shares Held at 04/30/20 (000	)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation	)
BlackRock Cash Funds: Institutional, SL Agency Shares	5,158	4,746		9,904		$	9,915,316	$	25,511	^(b)	$	(6,474	)	$	9,917
BlackRock Cash Funds: Treasury, SL Agency Shares	594	327		921			921,000		4,519			—			—

						$	10,836,316	$	30,030		$	(6,474	)	$	9,917

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	138,447,119	$	—	$	138,447,119
Money Market Funds		10,836,316		—		—		10,836,316

	$	10,836,316	$	138,447,119	$	—	$	149,283,435

See notes to financial statements.


74		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 0.5%
Boeing Co. (The), 3.20%, 03/01/29 (Call 12/01/28)	$	200	$	175,784
L3Harris Technologies Inc., 2.90%, 12/15/29 (Call 09/15/29)		102		104,742
Raytheon Technologies Corp., 7.50%, 09/15/29		25		36,487

				317,013

Agriculture — 2.0%
Altria Group Inc., 4.80%, 02/14/29 (Call 11/14/28)		695		777,079
BAT Capital Corp., 3.46%, 09/06/29 (Call 06/06/29)		270		275,824
Philip Morris International Inc., 3.38%, 08/15/29 (Call 05/15/29)		200		219,516

				1,272,419

Airlines — 0.2%
American Airlines Pass Through Trust, Series 2017-2, Class AA, 3.35%, 10/15/29^(a)		152		121,800


Auto Manufacturers — 0.6%
General Motors Financial Co. Inc., 5.65%, 01/17/29 (Call 10/17/28)		160		153,831
Toyota Motor Corp., 2.76%, 07/02/29		67		70,646
Toyota Motor Credit Corp., 3.65%, 01/08/29		109		120,629

				345,106

Auto Parts & Equipment — 0.3%
Aptiv PLC, 4.35%, 03/15/29 (Call 12/15/28)		95		90,122
Lear Corp., 4.25%, 05/15/29 (Call 02/15/29)		134		124,455

				214,577

Banks — 8.0%
Banco Santander SA, 3.31%, 06/27/29		27		28,065
Bank of New York Mellon Corp. (The), 3.30%, 08/23/29 (Call 05/23/29)		200		220,190
Comerica Inc., 4.00%, 02/01/29 (Call 10/31/28)		176		185,963
ING Groep NV, 4.05%, 04/09/29^(a)		145		160,680
KeyCorp, 2.55%, 10/01/29		300		289,221
Mitsubishi UFJ Financial Group Inc.
3.20%, 07/18/29		720		765,475
3.74%, 03/07/29		75		82,820
Northern Trust Corp., 3.15%, 05/03/29 (Call 02/03/29)		150		164,619
PNC Bank N.A., 2.70%, 10/22/29		15		15,440
PNC Financial Services Group Inc. (The), 3.45%, 04/23/29 (Call 01/23/29)		404		444,348
Sumitomo Mitsui Financial Group Inc.
2.72%, 09/27/29		15		15,375
3.04%, 07/16/29		860		901,831
3.20%, 09/17/29		90		92,275
Truist Financial Corp., 3.88%, 03/19/29 (Call 02/19/29)^(a)		220		234,412
U.S. Bancorp., 3.00%, 07/30/29 (Call 04/30/29)		245		255,650
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)		135		146,541
Wells Fargo & Co., 4.15%, 01/24/29 (Call 10/24/28)		680		769,182
Wintrust Financial Corp., 4.85%, 06/06/29		75		88,247
Zions Bancorp. N.A., 3.25%, 10/29/29 (Call 07/29/29)		186		169,037

				5,029,371

Beverages — 3.2%
Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 (Call 10/23/28)		978		1,130,177
Coca-Cola Co. (The), 2.13%, 09/06/29		175		181,396
Constellation Brands Inc., 3.15%, 08/01/29 (Call 05/01/29)		281		290,292
Diageo Capital PLC, 2.38%, 10/24/29 (Call 07/24/29)		15		15,510


Security	Par (000)		Value

Beverages (continued)
PepsiCo Inc.
2.63%, 07/29/29 (Call 04/29/29)	$	328	$	355,227
7.00%, 03/01/29		25		35,027

				2,007,629

Building Materials — 0.3%
Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29)		67		65,541
Owens Corning, 3.95%, 08/15/29 (Call 05/15/29)^(a)		127		130,683

				196,224

Chemicals — 2.8%
Albemarle Wodgina Pty Ltd., 3.45%, 11/15/29 (Call 08/15/29)^(b)		25		23,712
Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29)		120		123,286
Dow Chemical Co. (The), 7.38%, 11/01/29		105		141,691
FMC Corp., 3.45%, 10/01/29 (Call 07/01/29)		112		116,252
Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)		193		186,029
Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29)		189		214,927
PPG Industries Inc., 2.80%, 08/15/29 (Call 05/15/29)^(a)		75		78,280
Rohm & Haas Co., 7.85%, 07/15/29		325		439,234
RPM International Inc., 4.55%, 03/01/29 (Call 12/01/28)		28		29,212
Sherwin-Williams Co. (The), 2.95%, 08/15/29 (Call 05/15/29)		365		380,961

				1,733,584

Commercial Services — 2.4%
Global Payments Inc., 3.20%, 08/15/29 (Call 05/15/29)		398		409,590
IHS Markit Ltd., 4.25%, 05/01/29 (Call 02/01/29)		155		166,592
Moody’s Corp., 4.25%, 02/01/29 (Call 11/01/28)^(a)		85		99,026
PayPal Holdings Inc., 2.85%, 10/01/29 (Call 05/01/29)		361		383,255
RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28)		248		271,466
S&P Global Inc., 2.50%, 12/01/29 (Call 09/01/29)		20		21,317
Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)^(a)		121		132,356

				1,483,602

Computers — 2.9%
Apple Inc., 2.20%, 09/11/29 (Call 06/11/29)^(a)		317		336,955
Dell International LLC/EMC Corp., 5.30%, 10/01/29 (Call 07/01/29)^(a)(b)		392		408,303
International Business Machines Corp., 3.50%, 05/15/29		935		1,055,765

				1,801,023

Cosmetics & Personal Care — 0.5%
Estee Lauder Companies Inc. (The), 2.38%, 12/01/29 (Call 09/01/29)		167		171,060
Unilever Capital Corp., 2.13%, 09/06/29 (Call 06/06/29)		165		170,125

				341,185

Diversified Financial Services — 2.6%
Air Lease Corp., 3.25%, 10/01/29 (Call 07/01/29)		107		86,195
Brookfield Finance Inc., 4.85%, 03/29/29 (Call 12/29/28)		255		280,084
Charles Schwab Corp. (The), 3.25%, 05/22/29 (Call 02/22/29)		425		454,176
Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28)		204		214,384
Mastercard Inc., 2.95%, 06/01/29 (Call 03/01/29)		275		302,503
Synchrony Financial, 5.15%, 03/19/29 (Call 12/19/28)		220		217,930
TD Ameritrade Holding Corp., 2.75%, 10/01/29 (Call 07/01/29)		75		77,393

				1,632,665

Electric — 6.5%
Arizona Public Service Co., 2.60%, 08/15/29 (Call 05/15/29)		38		39,607
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)		155		169,127
Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29)		110		112,021
Cleco Corporate Holdings LLC, 3.38%, 09/15/29 (Call 06/11/29)^(b)		115		119,585
DTE Energy Co., Series C, 3.40%, 06/15/29 (Call 03/15/29)		165		172,583
Duke Energy Carolinas LLC, 2.45%, 08/15/29 (Call 05/15/29)		125		132,877


SCHEDULES OF INVESTMENTS			75

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric (continued)
Duke Energy Corp., 3.40%, 06/15/29 (Call 03/15/29)	$	310	$	339,853
Duke Energy Florida LLC, 2.50%, 12/01/29 (Call 09/01/29)		17		18,213
Duke Energy Progress LLC, 3.45%, 03/15/29 (Call 12/15/28)		120		136,247
Entergy Texas Inc., 4.00%, 03/30/29 (Call 12/30/28)		87		99,430
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		195		199,684
Eversource Energy, Series O, 4.25%, 04/01/29 (Call 01/01/29)		25		28,856
Georgia Power Co., Series B, 2.65%, 09/15/29 (Call 06/15/29)		275		282,931
MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29)		255		296,848
National Rural Utilities Cooperative Finance Corp., 3.70%, 03/15/29 (Call 12/15/28)		157		176,499
Nevada Power Co., Series CC, 3.70%, 05/01/29 (Call 02/01/29)		92		105,295
NextEra Energy Capital Holdings Inc.
2.75%, 11/01/29 (Call 08/01/29)		40		43,170
3.50%, 04/01/29 (Call 01/01/29)		320		360,525
NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29)		97		107,913
Oncor Electric Delivery Co. LLC, 5.75%, 03/15/29 (Call 12/15/28)		25		32,301
PacifiCorp, 3.50%, 06/15/29 (Call 03/15/29)		80		91,016
Public Service Electric & Gas Co., 3.20%, 05/15/29 (Call 02/15/29)		63		70,690
Southern California Edison Co.
2.85%, 08/01/29 (Call 05/01/29)		30		30,965
6.65%, 04/01/29		80		91,890
Series A, 4.20%, 03/01/29 (Call 12/01/28)		255		288,191
Union Electric Co., 3.50%, 03/15/29 (Call 12/15/28)		107		120,671
Virginia Electric & Power Co., Series A, 2.88%, 07/15/29 (Call 04/15/29)^(a)		190		206,201
Wisconsin Power & Light Co., 3.00%, 07/01/29 (Call 04/01/29)^(a)		50		54,175
Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29)		147		153,584

				4,080,948

Electronics — 1.7%
Agilent Technologies Inc., 2.75%, 09/15/29 (Call 06/15/29)		43		44,781
Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)		110		109,466
Amphenol Corp., 4.35%, 06/01/29 (Call 03/01/29)		165		187,927
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)		120		122,231
Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29)		197		199,748
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)		202		205,575
Roper Technologies Inc., 2.95%, 09/15/29 (Call 06/15/29)		202		210,500

				1,080,228

Environmental Control — 0.6%
Waste Connections Inc., 3.50%, 05/01/29 (Call 02/01/29)		142		152,857
Waste Management Inc., 3.45%, 06/15/29 (Call 03/15/29)		220		250,103

				402,960

Food — 0.8%
Hershey Co. (The), 2.45%, 11/15/29 (Call 08/15/29)		55		57,910
Kroger Co. (The), 4.50%, 01/15/29 (Call 10/15/28)^(a)		120		141,280
Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)^(a)		270		313,192

				512,382

Forest Products & Paper — 0.6%
Georgia-Pacific LLC, 7.75%, 11/15/29		45		65,331
Suzano Austria GmbH, 6.00%, 01/15/29 (Call 10/15/28)		300		298,554

				363,885

Gas — 0.9%
Dominion Energy Gas Holdings LLC, Series B, 3.00%, 11/15/29 (Call 09/15/29)		155		153,403
NiSource Inc., 2.95%, 09/01/29 (Call 06/01/29)		226		237,820


Security	Par (000)		Value

Gas (continued)
Piedmont Natural Gas Co. Inc., 3.50%, 06/01/29 (Call 03/01/29)	$	168	$	182,932

				574,155

Health Care – Products — 0.7%
Boston Scientific Corp., 4.00%, 03/01/29 (Call 12/01/28)		205		230,801
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)		80		83,991
Thermo Fisher Scientific Inc., 2.60%, 10/01/29 (Call 07/01/29)		119		126,199

				440,991

Health Care – Services — 3.7%
Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28)		65		65,300
Anthem Inc., 2.88%, 09/15/29 (Call 06/15/29)		343		359,107
Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29)		50		52,014
CommonSpirit Health, 3.35%, 10/01/29 (Call 04/01/29)		263		257,380
HCA Inc., 4.13%, 06/15/29 (Call 03/15/29)		425		458,673
Humana Inc., 3.13%, 08/15/29 (Call 05/15/29)		165		173,601
Laboratory Corp. of America Holdings, 2.95%, 12/01/29 (Call 09/01/29)		267		276,115
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29 (Call 07/01/29)		180		183,535
Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29)		137		155,035
UnitedHealth Group Inc., 2.88%, 08/15/29		280		303,184

				2,283,944

Home Furnishings — 0.7%
Leggett & Platt Inc., 4.40%, 03/15/29 (Call 12/15/28)		199		206,357
Whirlpool Corp., 4.75%, 02/26/29 (Call 11/26/28)^(a)		190		206,635

				412,992

Household Products & Wares — 0.1%
Kimberly-Clark Corp., 3.20%, 04/25/29 (Call 01/25/29)		50		55,729


Insurance — 3.8%
American International Group Inc., 4.25%, 03/15/29 (Call 12/15/28)^(a)		150		164,542
Aon Corp., 3.75%, 05/02/29 (Call 02/02/29)		320		350,742
AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29)		18		18,927
Brown & Brown Inc., 4.50%, 03/15/29 (Call 12/15/28)		120		126,215
CNA Financial Corp., 3.90%, 05/01/29 (Call 02/01/29)^(a)		126		130,672
CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29)		95		99,655
Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)		129		129,627
Markel Corp., 3.35%, 09/17/29 (Call 06/17/29)		25		25,749
Marsh & McLennan Companies Inc., 4.38%, 03/15/29 (Call 12/15/28)		362		422,103
PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)		140		148,707
Principal Financial Group Inc., 3.70%, 05/15/29 (Call 02/15/29)		152		168,420
Progressive Corp. (The)
4.00%, 03/01/29 (Call 12/01/28)		110		128,038
6.63%, 03/01/29		24		32,516
Reinsurance Group of America Inc., 3.90%, 05/15/29 (Call 02/15/29)		45		47,328
RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29)		112		119,967
Unum Group, 4.00%, 06/15/29 (Call 03/15/29)		120		121,675
Willis North America Inc., 2.95%, 09/15/29 (Call 06/15/29)		105		107,515

				2,342,398

Iron & Steel — 0.2%
ArcelorMittal SA, 4.25%, 07/16/29^(a)		133		126,004


Lodging — 0.4%
Choice Hotels International Inc., 3.70%, 12/01/29 (Call 09/01/29)		85		77,933
Las Vegas Sands Corp., 3.90%, 08/08/29 (Call 05/08/29)		190		175,492

				253,425


76		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery — 1.4%
Caterpillar Inc., 2.60%, 09/19/29 (Call 06/19/29)^(a)	$	348	$	366,799
Deere & Co., 5.38%, 10/16/29		155		196,256
John Deere Capital Corp.
2.80%, 07/18/29^(a)		204		220,600
3.45%, 03/07/29		20		22,498
Rockwell Automation Inc., 3.50%, 03/01/29 (Call 12/01/28)		85		94,378

				900,531

Manufacturing — 2.3%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)		540		561,379
3.38%, 03/01/29 (Call 12/01/28)		125		140,516
Ingersoll-Rand Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)		221		239,058
Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29)		271		287,799
Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)		85		90,892
Textron Inc., 3.90%, 09/17/29 (Call 06/17/29)		85		85,932

				1,405,576

Media — 2.9%
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.05%, 03/30/29 (Call 12/30/28)^(a)		373		437,619
Discovery Communications LLC, 4.13%, 05/15/29 (Call 02/15/29)^(a)		203		214,218
Fox Corp., 4.71%, 01/25/29 (Call 10/25/28)		497		577,976
ViacomCBS Inc., 4.20%, 06/01/29 (Call 03/01/29)^(a)		137		141,029
Walt Disney Co. (The), 2.00%, 09/01/29 (Call 06/01/29)		423		422,877

				1,793,719

Mining — 0.4%
Newmont Corp., 2.80%, 10/01/29 (Call 07/01/29)		232		238,419


Office Furnishings — 0.2%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)		128		139,702


Oil & Gas — 4.1%
Cimarex Energy Co., 4.38%, 03/15/29 (Call 12/15/28)		145		126,095
ConocoPhillips Holding Co., 6.95%, 04/15/29		366		487,695
Diamondback Energy Inc., 3.50%, 12/01/29 (Call 09/01/29)		275		238,012
Exxon Mobil Corp., 2.44%, 08/16/29 (Call 05/16/29)		305		315,446
Hess Corp., 7.88%, 10/01/29		110		105,709
Husky Energy Inc., 4.40%, 04/15/29 (Call 01/15/29)		170		138,098
Noble Energy Inc., 3.25%, 10/15/29 (Call 07/15/29)		120		87,239
Shell International Finance BV, 2.38%, 11/07/29 (Call 08/07/29)		492		494,794
Total Capital International SA, 3.46%, 02/19/29 (Call 11/19/28)		293		317,208
Valero Energy Corp., 4.00%, 04/01/29 (Call 01/01/29)		230		236,001

				2,546,297

Oil & Gas Services — 0.4%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 3.14%, 11/07/29 (Call 08/07/29)		157		146,599
National Oilwell Varco Inc., 3.60%, 12/01/29 (Call 09/01/29)		120		97,733

				244,332

Packaging & Containers — 0.4%
Packaging Corp. of America, 3.00%, 12/15/29 (Call 09/15/29)		25		26,052
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)		194		220,859

				246,911

Pharmaceuticals — 8.9%
AbbVie Inc., 3.20%, 11/21/29 (Call 08/21/29)^(b)		1,310		1,397,966
AstraZeneca PLC, 4.00%, 01/17/29 (Call 10/17/28)		265		311,995
Bristol-Myers Squibb Co., 3.40%, 07/26/29 (Call 04/26/29)^(b)		970		1,107,430
CVS Health Corp., 3.25%, 08/15/29 (Call 05/15/29)		443		471,689


Security	Par (000)		Value

Pharmaceuticals (continued)
Eli Lilly & Co., 3.38%, 03/15/29 (Call 12/15/28)	$	552	$	630,020
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)		170		193,615
Johnson & Johnson, 6.95%, 09/01/29		50		73,627
McKesson Corp., 4.75%, 05/30/29 (Call 02/28/29)		190		223,886
Merck &Co. Inc., 3.40%, 03/07/29 (Call 12/07/28)^(a)		405		466,195
Pfizer Inc., 3.45%, 03/15/29 (Call 12/15/28)^(a)		597		686,956

				5,563,379

Pipelines — 3.2%
Boardwalk Pipelines LP, 4.80%, 05/03/29 (Call 02/03/29)^(a)		125		110,035
Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (Call 05/18/29)^(b)		320		293,357
Enable Midstream Partners LP, 4.15%, 09/15/29 (Call 06/15/29)		24		17,138
Enbridge Inc., 3.13%, 11/15/29 (Call 08/15/29)		217		209,928
Energy Transfer Operating LP, 5.25%, 04/15/29 (Call 01/15/29)		399		398,525
Enterprise Products Operating LLC, 3.13%, 07/31/29 (Call 04/30/29)		303		304,524
MPLX LP, 4.80%, 02/15/29 (Call 11/15/28)		135		135,901
ONEOK Inc.
3.40%, 09/01/29 (Call 06/01/29)		246		204,652
4.35%, 03/15/29 (Call 12/15/28)		31		27,467
Phillips 66 Partners LP, 3.15%, 12/15/29 (Call 09/15/29)		105		95,425
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 (Call 09/15/29)		238		203,066

				2,000,018

Real Estate Investment Trusts — 10.2%
Alexandria Real Estate Equities Inc., 2.75%, 12/15/29 (Call 09/15/29)^(a)		325		325,140
American Homes 4 Rent LP, 4.90%, 02/15/29 (Call 11/15/28)		190		194,549
American Tower Corp.
3.80%, 08/15/29 (Call 05/15/29)		469		524,741
3.95%, 03/15/29 (Call 12/15/28)		138		155,307
AvalonBay Communities Inc., 3.30%, 06/01/29 (Call 03/01/29)^(a)		87		92,962
Boston Properties LP, 3.40%, 06/21/29 (Call 03/21/29)		311		322,551
Brandywine Operating Partnership LP, 4.55%, 10/01/29 (Call 07/01/29)		100		106,738
Brixmor Operating Partnership LP, 4.13%, 05/15/29 (Call 02/15/29)		205		205,537
Camden Property Trust, 3.15%, 07/01/29 (Call 04/01/29)		202		213,956
Crown Castle International Corp.
3.10%, 11/15/29 (Call 08/15/29)		199		211,497
4.30%, 02/15/29 (Call 11/15/28)		189		216,936
CubeSmart LP, 4.38%, 02/15/29 (Call 11/15/28)		5		5,487
CyrusOne LP/CyrusOne Finance Corp., 3.45%, 11/15/29 (Call 08/15/29)		143		136,725
Digital Realty Trust LP, 3.60%, 07/01/29 (Call 04/01/29)^(a)		372		399,777
Duke Realty LP, 2.88%, 11/15/29 (Call 08/15/29)		112		116,423
EPR Properties, 3.75%, 08/15/29 (Call 05/15/29)		205		164,984
Equinix Inc., 3.20%, 11/18/29 (Call 08/18/29)		295		308,369
ERP Operating LP, 3.00%, 07/01/29 (Call 04/01/29)		155		162,276
Essex Portfolio LP, 4.00%, 03/01/29 (Call 12/01/28)		109		118,893
Federal Realty Investment Trust, 3.20%, 06/15/29 (Call 03/15/29)		6		6,111
GLP Capital LP/GLP Financing II Inc., 5.30%, 01/15/29 (Call 10/15/28)		184		176,644
Healthpeak Properties Inc., 3.50%, 07/15/29 (Call 04/15/29)		73		72,852
Highwoods Realty LP, 4.20%, 04/15/29 (Call 01/15/29)		50		52,090
Host Hotels & Resorts LP, Series H, 3.38%, 12/15/29 (Call 09/16/29)		150		129,069


SCHEDULES OF INVESTMENTS			77

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2029 Term Corporate ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Hudson Pacific Properties LP, 4.65%, 04/01/29 (Call 01/01/29)	$	135	$	137,476
Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29)		20		20,341
Life Storage LP, 4.00%, 06/15/29 (Call 03/15/29)		96		99,644
Mid-America Apartments LP, 3.95%, 03/15/29 (Call 12/15/28)		165		179,695
Omega Healthcare Investors Inc., 3.63%, 10/01/29 (Call 07/01/29)		205		183,604
Prologis LP, 4.38%, 02/01/29 (Call 11/01/28)		31		35,740
Public Storage, 3.39%, 05/01/29 (Call 02/01/29)		75		80,560
Realty Income Corp., 3.25%, 06/15/29 (Call 03/15/29)^(a)		37		38,224
Regency Centers LP, 2.95%, 09/15/29 (Call 06/15/29)		120		118,175
Sabra Health Care LP, 3.90%, 10/15/29 (Call 07/15/29)		145		130,316
Service Properties Trust, 4.95%, 10/01/29 (Call 07/01/29)		95		73,870
Simon Property Group LP, 2.45%, 09/13/29 (Call 06/13/29)		87		78,245
STORE Capital Corp., 4.63%, 03/15/29 (Call 12/15/28)		100		97,679
UDR Inc., 4.40%, 01/26/29 (Call 10/26/28)^(a)		30		33,225
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		175		178,180
VEREIT Operating Partnership LP, 3.10%, 12/15/29 (Call 09/15/29)		110		94,308
Welltower Inc., 4.13%, 03/15/29 (Call 09/15/28)		155		162,637
Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)		135		144,663
WP Carey Inc., 3.85%, 07/15/29 (Call 04/15/29)		58		56,800

				6,362,996

Retail — 4.0%
AutoZone Inc., 3.75%, 04/18/29 (Call 01/18/29)		95		100,088
Home Depot Inc. (The), 2.95%, 06/15/29 (Call 03/15/29)		455		494,512
Lowe’s Companies Inc.
3.65%, 04/05/29 (Call 01/05/29)		313		343,934
6.50%, 03/15/29		15		19,416
McDonald’s Corp., 2.63%, 09/01/29 (Call 06/01/29)		325		339,183
O’Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29)		67		71,793
Starbucks Corp., 3.55%, 08/15/29 (Call 05/15/29)		225		246,836
Target Corp., 3.38%, 04/15/29 (Call 01/15/29)		350		395,840
Walmart Inc.
2.38%, 09/24/29 (Call 06/24/29)		115		123,555
3.25%, 07/08/29 (Call 04/08/29)		310		354,017

				2,489,174

Semiconductors — 4.0%
Broadcom Inc., 4.75%, 04/15/29 (Call 01/15/29)^(b)		693		764,580
Intel Corp., 2.45%, 11/15/29 (Call 08/15/29)		357		379,120
KLA Corp., 4.10%, 03/15/29 (Call 12/15/28)		237		267,454
Lam Research Corp., 4.00%, 03/15/29 (Call 12/15/28)		272		317,579
Micron Technology Inc., 5.33%, 02/06/29 (Call 11/06/28)		203		231,810
NXP BV/NXP Funding LLC/NXP USA Inc., 4.30%, 06/18/29 (Call 03/18/29)^(b)		248		263,411
Texas Instruments Inc., 2.25%, 09/04/29 (Call 06/04/29)		269		281,204

				2,505,158

Software — 1.6%
Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)		277		286,027
Fidelity National Information Services Inc., 3.75%, 05/21/29 (Call 02/21/29)		57		64,001
Fiserv Inc., 3.50%, 07/01/29 (Call 04/01/29)		617		674,591

				1,024,619

Telecommunications — 4.0%
America Movil SAB de CV, 3.63%, 04/22/29 (Call 01/22/29)		130		138,757
AT&T Inc., 4.35%, 03/01/29 (Call 12/01/28)^(a)		666		749,929
Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29)^(a)		100		105,955


Security	Par/ Shares (000)		Value

Telecommunications (continued)
Motorola Solutions Inc., 4.60%, 05/23/29 (Call 02/23/29)	$	168	$	191,125
Verizon Communications Inc.
3.88%, 02/08/29 (Call 11/08/28)		163		188,055
4.02%, 12/03/29 (Call 09/03/29)^(b)		120		140,899
4.02%, 12/03/29 (Call 09/03/29)		840		986,295

				2,501,015

Toys, Games & Hobbies — 0.4%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		262		254,268


Transportation — 2.2%
CSX Corp., 4.25%, 03/15/29 (Call 12/15/28)		235		273,759
FedEx Corp., 3.10%, 08/05/29 (Call 05/05/29)		186		189,407
Kansas City Southern, 2.88%, 11/15/29 (Call 08/15/29)		280		284,225
Norfolk Southern Corp., 2.55%, 11/01/29 (Call 08/01/29)		125		130,355
Union Pacific Corp., 3.70%, 03/01/29 (Call 12/01/28)^(a)		350		393,743
United Parcel Service Inc.
2.50%, 09/01/29 (Call 06/01/29)^(a)		70		72,969
3.40%, 03/15/29 (Call 12/15/28)		47		52,261

				1,396,719

Trucking & Leasing — 0.1%
GATX Corp., 4.70%, 04/01/29 (Call 01/01/29)		60		66,299


Water — 0.5%
American Water Capital Corp., 3.45%, 06/01/29 (Call 03/01/29)^(a)		163		182,790
Essential Utilities Inc., 3.57%, 05/01/29 (Call 02/01/29)		130		140,551

				323,341


Total Corporate Bonds & Notes — 98.2% (Cost: $61,100,260)				61,428,712


Short-Term Investments

Money Market Funds — 9.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(c)(d)(e)		5,612		5,617,691
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(c)(d)		363		363,000

				5,980,691


Total Short-Term Investments — 9.6% (Cost: $5,976,389)				5,980,691


Total Investments in Securities — 107.8% (Cost: $67,076,649)				67,409,403

Other Assets, Less Liabilities — (7.8)%				(4,889,615	)


Net Assets — 100.0%			$	62,519,788

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

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

^(c)	Affiliate of the Fund.

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

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

S&P Standard & Poor’s[fixed]

TD TD Securities, Inc.[count]


78		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2029 Term Corporate ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	5,612	5,612	$	5,617,691	$	12,305	^(b)	$	(3,579	)	$	4,302
BlackRock Cash Funds: Treasury, SL Agency Shares	78	285	363		363,000		1,328			—			—

				$	5,980,691	$	13,633		$	(3,579	)	$	4,302

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	61,428,712	$	—	$	61,428,712
Money Market Funds		5,980,691		—		—		5,980,691

	$	5,980,691	$	61,428,712	$	—	$	67,409,403

See notes to financial statements.


SCHEDULES OF INVESTMENTS			79

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares iBonds Dec 2020 Term Corporate ETF		iShares iBonds Dec 2021 Term Corporate ETF		iShares iBonds Dec 2022 Term Corporate ETF		iShares iBonds Dec 2023 Term Corporate ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	982,419,861	$	1,307,808,546	$	1,166,836,754	$	1,008,213,816
Affiliated^(c)		143,882,703		83,106,124		45,873,741		45,220,174
Cash		422,594		310,878		685		3,319
Receivables:
Investments sold		1,793,565		4,425,315		3,612,817		5,831,957
Securities lending income — Affiliated		24,301		38,956		28,848		35,482
Capital shares sold		203,563		—		16,651		200,225
Dividends		31,767		6,422		3,064		1,098
Interest		8,445,405		10,628,853		9,227,624		8,574,426

Total assets		1,137,223,759		1,406,325,094		1,225,600,184		1,068,080,497


LIABILITIES
Collateral on securities loaned, at value		28,768,005		62,160,940		29,011,178		42,133,191
Payables:
Investments purchased		3,256,660		6,340,599		14,414,605		7,156,046
Capital shares redeemed		—		390,270		—		—
Investment advisory fees		82,074		107,917		93,962		80,846

Total liabilities		32,106,739		68,999,726		43,519,745		49,370,083


NET ASSETS	$	1,105,117,020	$	1,337,325,368	$	1,182,080,439	$	1,018,710,414


NET ASSETS CONSIST OF:
Paid-in capital	$	1,100,206,607	$	1,322,278,056	$	1,163,255,646	$	993,520,514
Accumulated earnings		4,910,413		15,047,312		18,824,793		25,189,900

NET ASSETS	$	1,105,117,020	$	1,337,325,368	$	1,182,080,439	$	1,018,710,414


Shares outstanding		43,700,000		53,600,000		46,800,000		39,800,000

Net asset value	$	25.29	$	24.95	$	25.26	$	25.60

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		None		None		None		None


^(a)Securities loaned, at value	$	27,774,327	$	60,267,923	$	28,236,203	$	41,003,159
^(b)Investments, at cost — Unaffiliated	$	979,736,941	$	1,293,793,865	$	1,144,197,542	$	979,319,641
^(c)Investments, at cost — Affiliated	$	143,841,441	$	83,019,653	$	45,825,113	$	45,164,030

See notes to financial statements.


80		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2020


	iShares iBonds Dec 2024 Term Corporate ETF		iShares iBonds Dec 2025 Term Corporate ETF		iShares iBonds Dec 2026 Term Corporate ETF		iShares iBonds Dec 2027 Term Corporate ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	799,608,543	$	559,559,275	$	382,458,270	$	268,204,179
Affiliated^(c)		35,199,119		30,482,231		17,201,921		23,532,646
Cash		9,524		2,612		4,987		—
Receivables:
Investments sold		3,284,212		6,266,808		96,679		1,407,762
Securities lending income — Affiliated		21,239		18,659		12,392		18,606
Capital shares sold		100,304		—		—		—
Dividends		769		641		422		228
Interest		6,897,756		5,042,363		3,090,033		2,373,067

Total assets		845,121,466		601,372,589		402,864,704		295,536,488


LIABILITIES
Bank overdraft		—		—		—		4,443
Collateral on securities loaned, at value		32,404,268		29,041,750		15,780,228		22,705,855
Payables:
Investments purchased		5,405,678		6,187,607		205,574		1,617,576
Investment advisory fees		63,268		45,938		31,907		22,164

Total liabilities		37,873,214		35,275,295		16,017,709		24,350,038


NET ASSETS	$	807,248,252	$	566,097,294	$	386,846,995	$	271,186,450


NET ASSETS CONSIST OF:
Paid-in capital	$	790,310,377	$	544,266,168	$	368,668,880	$	264,207,386
Accumulated earnings		16,937,875		21,831,126		18,178,115		6,979,064

NET ASSETS	$	807,248,252	$	566,097,294	$	386,846,995	$	271,186,450


Shares outstanding		31,650,000		21,800,000		15,150,000		10,550,000

Net asset value	$	25.51	$	25.97	$	25.53	$	25.70

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		None		None		None		None


^(a)Securities loaned, at value	$	31,368,365	$	28,153,190	$	15,326,519	$	22,011,801
^(b)Investments, at cost — Unaffiliated	$	777,787,060	$	540,326,527	$	366,980,321	$	260,183,465
^(c)Investments, at cost — Affiliated	$	35,163,165	$	30,442,675	$	17,182,797	$	23,510,969

See notes to financial statements.


FINANCIAL STATEMENTS			81

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2020


	iShares iBonds Dec 2028 Term Corporate ETF		iShares iBonds Dec 2029 Term Corporate ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	138,447,119	$	61,428,712
Affiliated^(c)		10,836,316		5,980,691
Cash		3,323		7,034
Receivables:
Investments sold		368,593		633,954
Securities lending income — Affiliated		8,166		4,686
Capital shares sold		—		134,891
Dividends		255		91
Interest		1,272,137		531,778

Total assets		150,935,909		68,721,837


LIABILITIES
Collateral on securities loaned, at value		9,909,803		5,616,968
Payables:
Investments purchased		716,790		580,118
Investment advisory fees		11,135		4,963

Total liabilities		10,637,728		6,202,049


NET ASSETS	$	140,298,181	$	62,519,788


NET ASSETS CONSIST OF:
Paid-in capital	$	135,138,611	$	62,508,832
Accumulated earnings		5,159,570		10,956

NET ASSETS	$	140,298,181	$	62,519,788


Shares outstanding		5,100,000		2,450,000

Net asset value	$	27.51	$	25.52

Shares authorized		Unlimited		Unlimited

Par value		None		None


^(a) Securities loaned, at value	$	9,658,896	$	5,463,658
^(b) Investments, at cost — Unaffiliated	$	132,617,708	$	61,100,260
^(c) Investments, at cost — Affiliated	$	10,825,074	$	5,976,389

See notes to financial statements.


82		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares iBonds Dec 2020 Term Corporate ETF			iShares iBonds Dec 2021 Term Corporate ETF			iShares iBonds Dec 2022 Term Corporate ETF			iShares iBonds Dec 2023 Term Corporate ETF


INVESTMENT INCOME
Dividends — Affiliated	$	807,586		$	60,598		$	28,523		$	21,900
Interest — Unaffiliated		13,978,744			18,296,921			15,694,455			14,324,699
Securities lending income — Affiliated — net		76,047			116,035			99,897			106,306
Other income — Unaffiliated		5,097			2,551			4,287			5,435

Total investment income		14,867,474			18,476,105			15,827,162			14,458,340


EXPENSES
Investment advisory fees		610,855			686,058			565,528			485,592

Total expenses		610,855			686,058			565,528			485,592
Less:
Investment advisory fees waived		(62,257	)		(6,164	)		(2,981	)		(1,847	)

Total expenses after fees waived		548,598			679,894			562,547			483,745

Net investment income		14,318,876			17,796,211			15,264,615			13,974,595


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(3,141	)		(2,060,701	)		(4,969,042	)		(3,390,915	)
Investments — Affiliated		(13,400	)		(10,710	)		(5,003	)		(17,999	)
In-kind redemptions — Unaffiliated		359,750			581,430			(1,337,588	)		(1,285,051	)

Net realized gain (loss)		343,209			(1,489,981	)		(6,311,633	)		(4,693,965	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(2,764,096	)		(1,724,598	)		1,306,670			2,100,089
Investments — Affiliated		35,525			70,327			36,034			46,836

Net change in unrealized appreciation (depreciation)		(2,728,571	)		(1,654,271	)		1,342,704			2,146,925

Net realized and unrealized loss		(2,385,362	)		(3,144,252	)		(4,968,929	)		(2,547,040	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,933,514		$	14,651,959		$	10,295,686		$	11,427,555

See notes to financial statements.


FINANCIAL STATEMENTS			83

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2020


	iShares iBonds Dec 2024 Term Corporate ETF			iShares iBonds Dec 2025 Term Corporate ETF			iShares iBonds Dec 2026 Term Corporate ETF			iShares iBonds Dec 2027 Term Corporate ETF


INVESTMENT INCOME
Dividends — Affiliated	$	12,764		$	24,195		$	11,936		$	7,571
Interest — Unaffiliated		11,481,931			8,783,172			6,641,016			4,452,080
Securities lending income — Affiliated — net		85,897			59,470			48,427			76,149
Other income — Unaffiliated		1,394			5,333			140			1,573

Total investment income		11,581,986			8,872,170			6,701,519			4,537,373


EXPENSES
Investment advisory fees		377,584			283,078			207,778			136,024

Total expenses		377,584			283,078			207,778			136,024
Less:
Investment advisory fees waived		(1,141	)		(1,672	)		(875	)		(553	)

Total expenses after fees waived		376,443			281,406			206,903			135,471

Net investment income		11,205,543			8,590,764			6,494,616			4,401,902


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(6,895,013	)		(1,512,748	)		(2,618,002	)		(1,999,365	)
Investments — Affiliated		(17,924	)		(17,463	)		(14,297	)		(11,881	)
In-kind redemptions — Unaffiliated		941,479			3,703,010			4,735,807			324,760

Net realized gain (loss)		(5,971,458	)		2,172,799			2,103,508			(1,686,486	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(3,394,330	)		(5,094,510	)		(3,629,993	)		(4,019,396	)
Investments — Affiliated		27,534			32,552			12,679			16,278

Net change in unrealized appreciation (depreciation)		(3,366,796	)		(5,061,958	)		(3,617,314	)		(4,003,118	)

Net realized and unrealized loss		(9,338,254	)		(2,889,159	)		(1,513,806	)		(5,689,604	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,867,289		$	5,701,605		$	4,980,810		$	(1,287,702	)

See notes to financial statements.


84		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2020


	iShares iBonds Dec 2028 Term Corporate ETF			iShares iBonds Dec 2029 Term Corporate ETF


INVESTMENT INCOME
Dividends — Affiliated	$	4,519		$	1,328
Interest — Unaffiliated		2,176,499			616,676
Securities lending income — Affiliated — net		25,511			12,305
Other income — Unaffiliated		385			31

Total investment income		2,206,914			630,340


EXPENSES
Investment advisory fees		64,662			20,887

Total expenses		64,662			20,887
Less:
Investment advisory fees waived		(353	)		(122	)

Total expenses after fees waived		64,309			20,765

Net investment income		2,142,605			609,575


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,043,312	)		(456,812	)
Investments — Affiliated		(6,474	)		(3,579	)
In-kind redemptions — Unaffiliated		—			33,207

Net realized loss		(1,049,786	)		(427,184	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(595,211	)		125,186
Investments — Affiliated		9,917			4,302

Net change in unrealized appreciation (depreciation)		(585,294	)		129,488

Net realized and unrealized loss		(1,635,080	)		(297,696	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	507,525		$	311,879

See notes to financial statements.


FINANCIAL STATEMENTS			85

Statements of Changes in Net Assets


	iShares iBonds Dec 2020 Term Corporate ETF						iShares iBonds Dec 2021 Term Corporate ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,318,876		$	28,267,739		$	17,796,211		$	30,313,627
Net realized gain (loss)		343,209			175,717			(1,489,981	)		376,619
Net change in unrealized appreciation (depreciation)		(2,728,571	)		14,949,129			(1,654,271	)		30,955,285

Net increase in net assets resulting from operations		11,933,514			43,392,585			14,651,959			61,645,531


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(15,032,910	)		(26,994,507	)		(17,884,694	)		(28,993,663	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(146,191,108	)		423,056,576			13,676,968			465,070,156


NET ASSETS
Total increase (decrease) in net assets		(149,290,504	)		439,454,654			10,444,233			497,722,024
Beginning of period		1,254,407,524			814,952,870			1,326,881,135			829,159,111

End of period	$	1,105,117,020		$	1,254,407,524		$	1,337,325,368		$	1,326,881,135

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

See notes to financial statements.


86		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2022 Term Corporate ETF						iShares iBonds Dec 2023 Term Corporate ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	15,264,615		$	23,485,957		$	13,974,595		$	21,201,797
Net realized gain (loss)		(6,311,633	)		820,421			(4,693,965	)		(156,040	)
Net change in unrealized appreciation (depreciation)		1,342,704			34,668,929			2,146,925			39,141,550

Net increase in net assets resulting from operations		10,295,686			58,975,307			11,427,555			60,187,307


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(15,807,152	)		(22,408,886	)		(13,870,025	)		(20,221,775	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		141,373,942			474,206,946			148,427,883			354,498,825


NET ASSETS
Total increase in net assets		135,862,476			510,773,367			145,985,413			394,464,357
Beginning of period		1,046,217,963			535,444,596			872,725,001			478,260,644

End of period	$	1,182,080,439		$	1,046,217,963		$	1,018,710,414		$	872,725,001

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

See notes to financial statements.


FINANCIAL STATEMENTS			87

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2024 Term Corporate ETF						iShares iBonds Dec 2025 Term Corporate ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	11,205,543		$	15,530,171		$	8,590,764		$	14,022,199
Net realized gain (loss)		(5,971,458	)		(39,998	)		2,172,799			14,871
Net change in unrealized appreciation (depreciation)		(3,366,796	)		34,120,058			(5,061,958	)		37,790,193

Net increase in net assets resulting from operations		1,867,289			49,610,231			5,701,605			51,827,263


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(11,045,266	)		(14,698,531	)		(8,592,816	)		(13,682,593	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		167,304,251			315,007,693			60,456,120			139,663,399


NET ASSETS
Total increase in net assets		158,126,274			349,919,393			57,564,909			177,808,069
Beginning of period		649,121,978			299,202,585			508,532,385			330,724,316

End of period	$	807,248,252		$	649,121,978		$	566,097,294		$	508,532,385

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

See notes to financial statements.


88		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2026 Term Corporate ETF						iShares iBonds Dec 2027 Term Corporate ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,494,616		$	8,830,306		$	4,401,902		$	6,118,373
Net realized gain (loss)		2,103,508			(123,174	)		(1,686,486	)		14,899
Net change in unrealized appreciation (depreciation)		(3,617,314	)		25,894,937			(4,003,118	)		18,442,395

Net increase (decrease) in net assets resulting from operations		4,980,810			34,602,069			(1,287,702	)		24,575,667


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,504,906	)		(8,306,569	)		(4,353,352	)		(5,871,695	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		19,906,550			189,638,770			26,491,900			94,887,843


NET ASSETS
Total increase in net assets		18,382,454			215,934,270			20,850,846			113,591,815
Beginning of period		368,464,541			152,530,271			250,335,604			136,743,789

End of period	$	386,846,995		$	368,464,541		$	271,186,450		$	250,335,604

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

See notes to financial statements.


FINANCIAL STATEMENTS			89

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2028 Term Corporate ETF						iShares iBonds Dec 2029 Term Corporate ETF
		Six Months Ended 04/30/20 (unaudited	)		Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited	)		Period From 09/17/19 to 10/31/19	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,142,605		$	2,367,577		$	609,575		$	43,249
Net realized gain (loss)		(1,049,786	)		50,824			(427,184	)		1,981
Net change in unrealized appreciation (depreciation)		(585,294	)		6,665,312			129,488			203,052

Net increase in net assets resulting from operations		507,525			9,083,713			311,879			248,282


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders.		(1,993,030	)		(2,234,019	)		(549,205	)		—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		29,346,216			67,189,202			44,885,160			17,623,672


NET ASSETS
Total increase in net assets		27,860,711			74,038,896			44,647,834			17,871,954
Beginning of period		112,437,470			38,398,574			17,871,954			—

End of period	$	140,298,181		$	112,437,470		$	62,519,788		$	17,871,954

^(a)	Commencement of operations.

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

See notes to financial statements.


90		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds Dec 2020 Term Corporate ETF
		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 12/02/14 to 10/31/15	^(a) ^(b)


Net asset value, beginning of period			$	25.34		$	24.96		$	25.46		$	25.58		$	25.14		$	25.00

Net investment income^(c)				0.29			0.66			0.59			0.56			0.60			0.56
Net realized and unrealized gain (loss)^(d)				(0.03	)		0.36			(0.53	)		(0.13	)		0.42			0.05

Net increase from investment operations				0.26			1.02			0.06			0.43			1.02			0.61


Distributions^(e)
From net investment income				(0.31	)		(0.64	)		(0.56	)		(0.55	)		(0.58	)		(0.47	)

Total distributions				(0.31	)		(0.64	)		(0.56	)		(0.55	)		(0.58	)		(0.47	)


Net asset value, end of period			$	25.29		$	25.34		$	24.96		$	25.46		$	25.58		$	25.14


Total Return
Based on net asset value				1.03	%^(f)		4.14	%		0.26	%		1.71	%		4.12	%		2.47	%^(f)


Ratios to Average Net Assets
Total expenses				0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Total expenses after fees waived				0.09	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Net investment income				2.34	%^(g)		2.62	%		2.36	%		2.21	%		2.34	%		2.43	%^(g)


Supplemental Data
Net assets, end of period (000)			$	1,105,117		$	1,254,408		$	814,953		$	431,525		$	212,332		$	45,250

Portfolio turnover rate^(h)				0	%^(f)		8	%		5	%		4	%		6	%		10	%^(f)

^(a)	Commencement of operations.

^(b)	Per share amounts reflect a four-for-one stock split effective after the close of trading on May 20, 2015.

^(c)	Based on average shares outstanding.

^(d)	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.

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			91

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2021 Term Corporate ETF
		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 03/10/15 to 10/31/15	^(a) ^(b)


Net asset value, beginning of period			$	24.99		$	24.24		$	24.95		$	25.13		$	24.51		$	24.75

Net investment income^(c)				0.32			0.69			0.64			0.62			0.64			0.41
Net realized and unrealized gain (loss)^(d)				(0.04	)		0.73			(0.74	)		(0.20	)		0.61			(0.30	)

Net increase (decrease) from investment operations				0.28			1.42			(0.10	)		0.42			1.25			0.11


Distributions^(e)
From net investment income				(0.32	)		(0.67	)		(0.61	)		(0.60	)		(0.63	)		(0.35	)

Total distributions				(0.32	)		(0.67	)		(0.61	)		(0.60	)		(0.63	)		(0.35	)


Net asset value, end of period			$	24.95		$	24.99		$	24.24		$	24.95		$	25.13		$	24.51


Total Return
Based on net asset value				1.15	%^(f)		5.94	%		(0.39	)%		1.71	%		5.17	%		0.46	%^(f)


Ratios to Average Net Assets
Total expenses				0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Total expenses after fees waived				0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Net investment income				2.59	%^(g)		2.80	%		2.61	%		2.49	%		2.58	%		2.60	%^(g)


Supplemental Data
Net assets, end of period (000)			$	1,337,325		$	1,326,881		$	829,159		$	481,607		$	206,029		$	17,157

Portfolio turnover rate^(h)				6	%^(f)		8	%		6	%		3	%		14	%		2	%^(f)

^(a)	Commencement of operations.

^(b)	Per share amounts reflect a four-for-one stock split effective after the close of trading on May 20, 2015.

^(c)	Based on average shares outstanding.

^(d)	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.

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


92		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2022 Term Corporate ETF
		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 03/10/15 to 10/31/15	^(a) ^(b)


Net asset value, beginning of period			$	25.33		$	24.17		$	25.13		$	25.31		$	24.43		$	24.75

Net investment income^(c)				0.34			0.74			0.70			0.70			0.74			0.46
Net realized and unrealized gain (loss)^(d)				(0.05	)		1.14			(0.99	)		(0.20	)		0.86			(0.39	)

Net increase (decrease)from investment operations				0.29			1.88			(0.29	)		0.50			1.60			0.07


Distributions^(e)
From net investment income				(0.34	)		(0.72	)		(0.67	)		(0.68	)		(0.72	)		(0.39	)
From net realized gain				(0.02	)		—			(0.00	)^(f)		—			—			—

Total distributions				(0.36	)		(0.72	)		(0.67	)		(0.68	)		(0.72	)		(0.39	)


Net asset value, end of period			$	25.26		$	25.33		$	24.17		$	25.13		$	25.31		$	24.43


Total Return
Based on net asset value				1.14	%^(g)		7.90	%		(1.14	)%		2.01	%		6.66	%		0.30	%^(g)


Ratios to Average Net Assets
Total expenses				0.10	%^(h)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(h)

Total expenses after fees waived				0.10	%^(h)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(h)

Net investment income				2.70	%^(h)		2.98	%		2.85	%		2.78	%		2.95	%		2.89	%^(h)


Supplemental Data
Net assets, end of period (000)			$	1,182,080		$	1,046,218		$	535,445		$	351,807		$	137,958		$	13,437

Portfolio turnover rate⁽ⁱ⁾				7	%^(g)		9	%		2	%		7	%		10	%		6	%^(g)

^(a)	Commencement of operations.

^(b)	Per share amounts reflect a four-for-one stock split effective after the close of trading on May 20, 2015.

^(c)	Based on average shares outstanding.

^(d)	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.

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

^(f)	Rounds to less than $0.01.

^(g)	Not annualized.

^(h)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			93

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2023 Term Corporate ETF
		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 03/11/15 to 10/31/15	^(a) ^(b)

Net asset value, beginning of period			$	25.59		$	24.09		$	25.23		$	25.33		$	24.34		$	24.75

Net investment income^(c)				0.36			0.79			0.76			0.75			0.78			0.47
Net realized and unrealized gain (loss)^(d)				0.02			1.48			(1.16	)		(0.12	)		0.96			(0.48	)

Net increase (decrease)from investment operations				0.38			2.27			(0.40	)		0.63			1.74			(0.01	)


Distributions^(e)
From net investment income				(0.37	)		(0.77	)		(0.73	)		(0.73	)		(0.75	)		(0.40	)
From net realized gain				—			—			(0.01	)		—			—			—

Total distributions				(0.37	)		(0.77	)		(0.74	)		(0.73	)		(0.75	)		(0.40	)


Net asset value, end of period			$	25.60		$	25.59		$	24.09		$	25.23		$	25.33		$	24.34


Total Return
Based on net asset value				1.49	%^(f)		9.59	%		(1.61	)%		2.57	%		7.27	%		(0.01	)%^(f)


Ratios to Average Net Assets
Total expenses				0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Total expenses after fees waived				0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Net investment income				2.88	%^(g)		3.18	%		3.12	%		3.00	%		3.10	%		2.98	%^(g)


Supplemental Data
Net assets, end of period (000)			$	1,018,710		$	872,725		$	478,261		$	216,963		$	86,120		$	10,952

Portfolio turnover rate^(h)				4	%^(f)		5	%		8	%		8	%		16	%		7	%^(f)

^(a)	Commencement of operations.

^(b)	Per share amounts reflect a four-for-one stock split effective after the close of trading on May 20, 2015.

^(c)	Based on average shares outstanding.

^(d)	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.

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


94		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares iBonds Dec 2024 Term Corporate ETF
		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 03/11/15 to 10/31/15	^(a) ^(b)


Net asset value, beginning of period			$	25.71		$	23.84		$	25.13		$	25.22		$	24.18		$	24.75

Net investment income^(c)				0.38			0.84			0.81			0.81			0.82			0.49
Net realized and unrealized gain (loss)^(d)				(0.20	)		1.85			(1.32	)		(0.11	)		1.02			(0.64	)

Net increase (decrease) from investment operations				0.18			2.69			(0.51	)		0.70			1.84			(0.15	)


Distributions^(e)
From net investment income				(0.38	)		(0.82	)		(0.78	)		(0.79	)		(0.80	)		(0.42	)

Total distributions				(0.38	)		(0.82	)		(0.78	)		(0.79	)		(0.80	)		(0.42	)


Net asset value, end of period			$	25.51		$	25.71		$	23.84		$	25.13		$	25.22		$	24.18


Total Return
Based on net asset value				0.71	%^(f)		11.48	%		(2.06	)%		2.85	%		7.75	%		(0.58	)%^(f)


Ratios to Average Net Assets
Total expenses				0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Total expenses after fees waived				0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Net investment income				2.97	%^(g)		3.37	%		3.35	%		3.25	%		3.30	%		3.15	%^(g)


Supplemental Data
Net assets, end of period (000)			$	807,248		$	649,122		$	299,203		$	164,584		$	63,053		$	10,880

Portfolio turnover rate^(h)				4	%^(f)		14	%		6	%		8	%		4	%		3	%^(f)

^(a)	Commencement of operations.

^(b)	Per share amounts reflect a four-for-one stock split effective after the close of trading on May 20, 2015.

^(c)	Based on average shares outstanding.

^(d)	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.

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			95

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares iBonds Dec 2025 Term Corporate ETF

	Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 03/11/15 to 10/31/15	^(a) ^(b)


Net asset value, beginning of period		$	25.95		$	23.62		$	25.07		$	25.21		$	24.11		$	24.75

Net investment income^(c)			0.39			0.85			0.84			0.84			0.85			0.52
Net realized and unrealized gain (loss)^(d)			0.02			2.32			(1.48	)		(0.16	)		1.07			(0.71	)

Net increase (decrease) from investment operations			0.41			3.17			(0.64	)		0.68			1.92			(0.19	)


Distributions^(e)
From net investment income			(0.39	)		(0.84	)		(0.81	)		(0.82	)		(0.82	)		(0.45	)

Total distributions			(0.39	)		(0.84	)		(0.81	)		(0.82	)		(0.82	)		(0.45	)


Net asset value, end of period		$	25.97		$	25.95		$	23.62		$	25.07		$	25.21		$	24.11


Total Return
Based on net asset value			1.60	%^(f)		13.68	%		(2.58	)%		2.82	%		8.10	%		(0.77	)%^(f)


Ratios to Average Net Assets
Total expenses			0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Total expenses after fees waived			0.10	%^(g)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%^(g)

Net investment income			3.03	%^(g)		3.42	%		3.48	%		3.40	%		3.42	%		3.33	%^(g)


Supplemental Data
Net assets, end of period (000)		$	566,097		$	508,532		$	330,724		$	235,679		$	69,340		$	10,850

Portfolio turnover rate^(h)			6	%^(f)		6	%		5	%		5	%		6	%		56	%^(f)

^(a)	Commencement of operations.

^(b)	Per share amounts reflect a four-for-one stock split effective after the close of trading on May 20, 2015.

^(c)	Based on average shares outstanding.

^(d)	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.

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


96		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2026 Term Corporate ETF
		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Period From 09/13/16 to 10/31/16	^(a)


Net asset value, beginning of period			$	25.50		$	22.94		$	24.53		$	24.83		$	24.75

Net investment income^(b)				0.39			0.86			0.83			0.80			0.09
Net realized and unrealized gain (loss)^(c)				0.03			2.54			(1.63	)		(0.28	)		(0.01	)

Net increase (decrease) from investment operations				0.42			3.40			(0.80	)		0.52			0.08


Distributions^(d)
From net investment income				(0.39	)		(0.84	)		(0.79	)		(0.82	)		—

Total distributions				(0.39	)		(0.84	)		(0.79	)		(0.82	)		—


Net asset value, end of period			$	25.53		$	25.50		$	22.94		$	24.53		$	24.83


Total Return
Based on net asset value				1.68	%^(e)		15.11	%		(3.31	)%		2.20	%		0.32	%^(e)


Ratios to Average Net Assets
Total expenses				0.10	%^(f)		0.10	%		0.10	%		0.10	%		0.10	%^(f)

Total expenses after fees waived				0.10	%^(f)		0.10	%		0.10	%		0.10	%		0.10	%^(f)

Net investment income				3.13	%^(f)		3.53	%		3.54	%		3.30	%		2.85	%^(f)


Supplemental Data
Net assets, end of period (000)			$	386,847		$	368,465		$	152,530		$	76,055		$	13,658

Portfolio turnover rate^(g)				4	%^(e)		9	%		3	%		6	%		2	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			97

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2027 Term Corporate ETF

		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Year Ended 10/31/18			Period From 09/12/17 to 10/31/17	^(a)


Net asset value, beginning of period			$	25.94		$	23.18		$	24.96		$	24.86

Net investment income^(b)				0.41			0.89			0.89			0.11
Net realized and unrealized gain (loss)^(c)				(0.24	)		2.75			(1.79	)		(0.01	)

Net increase (decrease) from investment operations				0.17			3.64			(0.90	)		0.10


Distributions^(d)
From net investment income				(0.41	)		(0.88	)		(0.88	)		—

Total distributions				(0.41	)		(0.88	)		(0.88	)		—


Net asset value, end of period			$	25.70		$	25.94		$	23.18		$	24.96


Total Return
Based on net asset value				0.69	%^(e)		16.00	%		(3.67	)%		0.40	%^(e)


Ratios to Average Net Assets
Total expenses				0.10	%^(f)		0.10	%		0.10	%		0.10	%^(f)

Total expenses after fees waived				0.10	%^(f)		0.10	%		0.10	%		0.10	%^(f)

Net investment income				3.24	%^(f)		3.60	%		3.75	%		3.19	%^(f)


Supplemental Data
Net assets, end of period (000)			$	271,186		$	250,336		$	136,744		$	9,982

Portfolio turnover rate^(g)				4	%^(e)		4	%		5	%		2	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


98		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2028 Term Corporate ETF

		Six Months Ended 04/30/20 (unaudited)					Year Ended 10/31/19			Period From 09/18/18 to 10/31/18	^(a)


Net asset value, beginning of period			$	27.76		$	24.77		$	25.00

Net investment income^(b)				0.45			1.01			0.12
Net realized and unrealized gain (loss)^(c)				(0.27	)		3.06			(0.35	)

Net increase (decrease) from investment operations				0.18			4.07			(0.23	)


Distributions^(d)
From net investment income				(0.43	)		(1.08	)		—

Total distributions				(0.43	)		(1.08	)		—


Net asset value, end of period			$	27.51		$	27.76		$	24.77


Total Return
Based on net asset value				0.65	%^(e)		16.87	%		(0.92	)%^(e)


Ratios to Average Net Assets
Total expenses				0.10	%^(f)		0.10	%		0.10	%^(f)

Total expenses after fees waived				0.10	%^(f)		0.10	%		0.10	%^(f)

Net investment income				3.31	%^(f)		3.79	%		4.22	%^(f)


Supplemental Data
Net assets, end of period (000)			$	140,298		$	112,437		$	38,399

Portfolio turnover rate^(g)				4	%^(e)		6	%		0	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			99

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2029 Term Corporate ETF
		Six Months Ended					Period From
				04/30/20					09/17/19	^(a)
	(unaudited)					to 10/31/19


Net asset value, beginning of period			$	25.53				$	25.00

Net investment income^(b)				0.37					0.09
Net realized and unrealized gain (loss)^(c)				(0.01	)				0.44

Net increase from investment operations				0.36					0.53


Distributions^(d)
From net investment income				(0.37	)				—

Total distributions				(0.37	)				—


Net asset value, end of period			$	25.52				$	25.53


Total Return
Based on net asset value				1.42	%^(e)				2.12	%^(e)


Ratios to Average Net Assets
Total expenses				0.10	%^(f)				0.10	%^(f)

Total expenses after fees waived				0.10	%^(f)				0.10	%^(f)

Net investment income				2.92	%^(f)				2.84	%^(f)


Supplemental Data
Net assets, end of period (000)			$	62,520				$	17,872

Portfolio turnover rate^(g)				8	%^(e)				1	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


100		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
iBonds Dec 2020 Term Corporate		Diversified
iBonds Dec 2021 Term Corporate		Diversified
iBonds Dec 2022 Term Corporate		Diversified
iBonds Dec 2023 Term Corporate		Diversified
iBonds Dec 2024 Term Corporate		Diversified
iBonds Dec 2025 Term Corporate		Diversified
iBonds Dec 2026 Term Corporate		Diversified
iBonds Dec 2027 Term Corporate		Non-diversified
iBonds Dec 2028 Term Corporate		Non-diversified
iBonds Dec 2029 Term Corporate		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.


iShares ETF
iBonds Dec 2020 Term Corporate	$	1,273,471,966
iBonds Dec 2021 Term Corporate		1,354,390,143
iBonds Dec 2022 Term Corporate		1,056,292,611
iBonds Dec 2023 Term Corporate		872,027,251
iBonds Dec 2024 Term Corporate		652,616,986
iBonds Dec 2025 Term Corporate		504,375,529
iBonds Dec 2026 Term Corporate		367,281,144
iBonds Dec 2027 Term Corporate		258,844,220
iBonds Dec 2028 Term Corporate		110,188,204
iBonds Dec 2029 Term Corporate		17,465,539

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.


NOTES TO FINANCIAL STATEMENTS			101

Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•


102		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

4.	SECURITIES AND OTHER INVESTMENTS

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
iBonds Dec 2020 Term Corporate
Barclays Bank PLC	$	817,989	$	817,989		$	—	$	—
BMO Capital Markets		244,264		244,264			—		—
BNP Paribas Prime Brokerage International Ltd.		5,991,056		5,991,056			—		—
BNP Paribas Securities Corp.		100,709		100,709			—		—
BofA Securities, Inc.		1,502,195		1,502,195			—		—
Citigroup Global Markets Inc.		860,602		860,602			—		—
Credit Suisse Securities (USA) LLC		278,366		278,366			—		—
Goldman Sachs & Co.		9,759,781		9,759,781			—		—
HSBC Securities (USA) Inc.		100,375		100,375			—		—
JPMorgan Securities LLC		8,118,990		8,118,990			—		—

	$	27,774,327	$	27,774,327		$	—	$	—

iBonds Dec 2021 Term Corporate
Barclays Bank PLC	$	2,449,444	$	2,449,444		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		195,171		195,171			—		—
BofA Securities, Inc.		2,931,704		2,931,704			—		—
Citadel Clearing LLC		1,272,370		1,272,370			—		—
Citigroup Global Markets Inc.		1,007		1,007			—		—
Credit Suisse Securities (USA) LLC		11,273,086		11,273,086			—		—
Goldman Sachs & Co.		10,577,274		10,577,274			—		—
HSBC Securities (USA) Inc.		1,132,019		1,132,019			—		—
JPMorgan Securities LLC		9,269,176		9,269,176			—		—
Morgan Stanley & Co. LLC		20,437,201		20,437,201			—		—
Natwest Markets Securities Inc.		510,562		510,562			—		—
Nomura Securities International Inc.		218,909		218,909			—		—

	$	60,267,923	$	60,267,923		$	—	$	—


NOTES TO FINANCIAL STATEMENTS			103

Notes to Financial Statements (unaudited) (continued)



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

iBonds Dec 2022 Term Corporate
Barclays Bank PLC	$	139,444	$	139,444		$	—	$	—
BMO Capital Markets		920,931		920,931			—		—
BNP Paribas Prime Brokerage International Ltd.		1,031,610		1,031,610			—		—
BofA Securities, Inc.		7,331,174		7,331,174			—		—
Citigroup Global Markets Inc.		1,200,216		1,200,216			—		—
Credit Suisse Securities (USA) LLC		3,231,135		3,231,135			—		—
Deutsche Bank Securities Inc.		15,328		15,328			—		—
Goldman Sachs & Co.		4,131,770		4,131,770			—		—
HSBC Securities (USA) Inc.		1,448,925		1,448,925			—		—
JPMorgan Securities LLC		7,549,572		7,549,572			—		—
Morgan Stanley & Co. LLC		1,236,098		1,236,098			—		—

	$	28,236,203	$	28,236,203		$	—	$	—

iBonds Dec 2023 Term Corporate
BMO Capital Markets	$	210,247	$	210,247		$	—	$	—
BNP Paribas Securities Corp.		904,372		904,372			—		—
BofA Securities, Inc.		2,668,993		2,668,993			—		—
Credit Suisse Securities (USA) LLC		6,911,400		6,911,400			—		—
Deutsche Bank Securities Inc.		762,840		762,840			—		—
Goldman Sachs & Co.		11,033,294		11,033,294			—		—
HSBC Securities (USA) Inc.		1,200,970		1,200,970			—		—
JPMorgan Securities LLC		14,661,692		14,661,692			—		—
Morgan Stanley & Co. LLC		2,649,351		2,649,351			—		—

	$	41,003,159	$	41,003,159		$	—	$	—

iBonds Dec 2024 Term Corporate
Barclays Bank PLC	$	29,234	$	29,234		$	—	$	—
Barclays Capital Inc.		761,093		761,093			—		—
BNP Paribas Prime Brokerage International Ltd.		3,003,604		3,003,604			—		—
BNP Paribas Securities Corp.		257,824		257,824			—		—
BofA Securities, Inc.		2,260,605		2,260,605			—		—
Citigroup Global Markets Inc.		777,167		777,167			—		—
Credit Suisse Securities (USA) LLC		697,653		697,653			—		—
Deutsche Bank Securities Inc.		755,811		755,811			—		—
Goldman Sachs & Co.		13,209,140		13,209,140			—		—
HSBC Securities (USA) Inc.		2,189,403		2,189,403			—		—
JPMorgan Securities LLC		5,464,601		5,464,601			—		—
Morgan Stanley & Co. LLC		1,962,230		1,962,230			—		—

	$	31,368,365	$	31,368,365		$	—	$	—

iBonds Dec 2025 Term Corporate
Barclays Bank PLC	$	1,268,010	$	1,268,010		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		1,094,337		1,094,337			—		—
BofA Securities, Inc.		2,325,702		2,325,702			—		—
Credit Suisse Securities (USA) LLC		3,385,145		3,385,145			—		—
Goldman Sachs & Co.		12,925,257		12,925,257			—		—
HSBC Securities (USA) Inc.		628,502		628,502			—		—
JPMorgan Securities LLC		3,881,831		3,881,831			—		—
Morgan Stanley & Co. LLC		2,644,406		2,644,406			—		—

	$	28,153,190	$	28,153,190		$	—	$	—


104		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)



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

iBonds Dec 2026 Term Corporate
Barclays Bank PLC	$	245,292	$	245,292		$	—	$	—
BMO Capital Markets		104,770		104,770			—		—
Citigroup Global Markets Inc.		111,659		111,659			—		—
Credit Suisse Securities (USA) LLC		762,361		762,361			—		—
Goldman Sachs & Co.		5,071,113		5,071,113			—		—
HSBC Securities (USA) Inc.		532,177		532,177			—		—
Jefferies LLC		1,324,924		1,324,924			—		—
JPMorgan Securities LLC		3,498,331		3,498,331			—		—
Morgan Stanley & Co. LLC		1,229,796		1,229,796			—		—
RBC Capital Markets LLC		1,775,935		1,775,935			—		—
Scotia Capital (USA) Inc.		670,161		670,161			—		—

	$	15,326,519	$	15,326,519		$	—	$	—

iBonds Dec 2027 Term Corporate
Barclays Bank PLC	$	1,731,244	$	1,731,244		$	—	$	—
BNP Paribas Securities Corp.		758,393		758,393			—		—
BofA Securities, Inc.		1,452,609		1,452,609			—		—
Citigroup Global Markets Inc.		682,523		682,523			—		—
Credit Suisse Securities (USA) LLC		1,971,292		1,971,292			—		—
Goldman Sachs & Co.		7,658,704		7,658,704			—		—
JPMorgan Securities LLC		2,246,131		2,246,131			—		—
Morgan Stanley & Co. LLC		2,308,899		2,308,899			—		—
RBC Capital Markets LLC		879,216		879,216			—		—
Scotia Capital (USA) Inc.		275,808		275,808			—		—
Wells Fargo Securities LLC		2,046,982		2,046,982			—		—

	$	22,011,801	$	22,011,801		$	—	$	—

iBonds Dec 2028 Term Corporate
Barclays Capital Inc.	$	800,916	$	800,916		$	—	$	—
BofA Securities, Inc.		948,337		948,337			—		—
Citadel Clearing LLC		137,905		135,252			—		(2,653	)^(b)
Citigroup Global Markets Inc.		28,259		28,259			—		—
Credit Suisse Securities (USA) LLC		940,791		940,791			—		—
Goldman Sachs & Co.		3,949,596		3,949,596			—		—
JPMorgan Securities LLC		2,853,092		2,853,092			—		—

	$	9,658,896	$	9,656,243		$	—	$	(2,653	)

iBonds Dec 2029 Term Corporate
Barclays Capital Inc.	$	207,301	$	207,301		$	—	$	—
BMO Capital Markets		106,295		106,295			—		—
BNP Paribas Securities Corp.		38,224		38,224			—		—
BofA Securities, Inc.		267,637		267,637			—		—
Citigroup Global Markets Inc.		160,403		160,403			—		—
Credit Suisse Securities (USA) LLC		1,147,846		1,147,846			—		—
Goldman Sachs & Co.		1,715,215		1,715,215			—		—
JPMorgan Securities LLC		723,306		723,306			—		—
RBC Capital Markets LLC		427,735		427,735			—		—
Scotia Capital (USA) Inc.		669,696		669,696			—		—

	$	5,463,658	$	5,463,658		$	—	$	—

^(a)

^(b)


NOTES TO FINANCIAL STATEMENTS			105

Notes to Financial Statements (unaudited) (continued)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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”). 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.


iShares ETF	Fees Paid to BTC
iBonds Dec 2020 Term Corporate	$	22,117
iBonds Dec 2021 Term Corporate		33,761
iBonds Dec 2022 Term Corporate		29,485
iBonds Dec 2023 Term Corporate		31,070
iBonds Dec 2024 Term Corporate		25,844
iBonds Dec 2025 Term Corporate		17,497
iBonds Dec 2026 Term Corporate		14,557
iBonds Dec 2027 Term Corporate		22,012
iBonds Dec 2028 Term Corporate		7,349
iBonds Dec 2029 Term Corporate		3,505

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

For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
iBonds Dec 2020 Term Corporate		$87,370,719	$	—


106		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

6.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
iBonds Dec 2020 Term Corporate	$	—	$	334,815,237
iBonds Dec 2021 Term Corporate		74,791,774		113,971,552
iBonds Dec 2022 Term Corporate		77,636,373		76,884,098
iBonds Dec 2023 Term Corporate		45,981,272		42,406,211
iBonds Dec 2024 Term Corporate		36,774,660		27,876,363
iBonds Dec 2025 Term Corporate		35,922,866		33,906,465
iBonds Dec 2026 Term Corporate		15,997,137		14,917,734
iBonds Dec 2027 Term Corporate		14,951,702		10,206,477
iBonds Dec 2028 Term Corporate		5,400,847		4,542,823
iBonds Dec 2029 Term Corporate		3,652,355		3,427,283

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds Dec 2020 Term Corporate	$	50,532,834	$	180,044,999
iBonds Dec 2021 Term Corporate		144,179,635		120,948,390
iBonds Dec 2022 Term Corporate		201,328,723		63,351,101
iBonds Dec 2023 Term Corporate		207,852,662		61,366,405
iBonds Dec 2024 Term Corporate		238,387,032		78,109,386
iBonds Dec 2025 Term Corporate		160,661,295		99,494,521
iBonds Dec 2026 Term Corporate		101,114,375		81,435,566
iBonds Dec 2027 Term Corporate		61,813,071		39,243,657
iBonds Dec 2028 Term Corporate		28,625,711		—
iBonds Dec 2029 Term Corporate		46,513,944		2,483,373

7.	INCOME TAX INFORMATION

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
iBonds Dec 2020 Term Corporate	$	42,503
iBonds Dec 2021 Term Corporate		126,448
iBonds Dec 2023 Term Corporate		958,210
iBonds Dec 2024 Term Corporate		350,448
iBonds Dec 2025 Term Corporate		671,433
iBonds Dec 2026 Term Corporate		238,681
iBonds Dec 2027 Term Corporate		33,146


NOTES TO FINANCIAL STATEMENTS			107

Notes to Financial Statements (unaudited) (continued)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
iBonds Dec 2020 Term Corporate	$	1,123,690,789	$	3,086,373	$	(474,598	)	$	2,611,775
iBonds Dec 2021 Term Corporate		1,377,099,269		15,602,224		(1,786,823	)		13,815,401
iBonds Dec 2022 Term Corporate		1,190,211,930		25,711,018		(3,212,453	)		22,498,565
iBonds Dec 2023 Term Corporate		1,024,881,905		32,268,791		(3,716,706	)		28,552,085
iBonds Dec 2024 Term Corporate		813,375,611		27,717,060		(6,285,009	)		21,432,051
iBonds Dec 2025 Term Corporate		571,027,498		23,653,704		(4,639,696	)		19,014,008
iBonds Dec 2026 Term Corporate		384,295,611		18,562,855		(3,198,275	)		15,364,580
iBonds Dec 2027 Term Corporate		283,734,237		11,888,563		(3,885,975	)		8,002,588
iBonds Dec 2028 Term Corporate		143,465,786		7,457,740		(1,640,091	)		5,817,649
iBonds Dec 2029 Term Corporate		67,079,833		1,420,272		(1,090,702	)		329,570

8.	PRINCIPAL RISKS


108		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

9.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount

iBonds Dec 2020 Term Corporate
Shares sold		2,100,000		$	53,040,005			17,250,000		$	433,187,371
Shares redeemed		(7,900,000	)		(199,231,113	)		(400,000	)		(10,130,795	)

Net increase(decrease)		(5,800,000	)	$	(146,191,108	)		16,850,000		$	423,056,576

iBonds Dec 2021 Term Corporate
Shares sold		6,000,000		$	149,621,050			19,050,000		$	468,738,914
Shares redeemed		(5,500,000	)		(135,944,082	)		(150,000	)		(3,668,758	)

Net increase		500,000		$	13,676,968			18,900,000		$	465,070,156

iBonds Dec 2022 Term Corporate
Shares sold		8,200,000		$	207,305,662			19,150,000		$	474,206,946
Shares redeemed		(2,700,000	)		(65,931,720	)		—			—

Net increase		5,500,000		$	141,373,942			19,150,000		$	474,206,946

iBonds Dec 2023 Term Corporate
Shares sold		8,300,000		$	212,084,092			14,250,000		$	354,498,825
Shares redeemed		(2,600,000	)		(63,656,209	)		—			—

Net increase		5,700,000		$	148,427,883			14,250,000		$	354,498,825

iBonds Dec 2024 Term Corporate
Shares sold		9,700,000		$	248,834,977			12,700,000		$	315,007,693
Shares redeemed		(3,300,000	)		(81,530,726	)		—			—

Net increase		6,400,000		$	167,304,251			12,700,000		$	315,007,693

iBonds Dec 2025 Term Corporate
Shares sold		6,300,000		$	164,018,192			5,750,000		$	143,322,444
Shares redeemed		(4,100,000	)		(103,562,072	)		(150,000	)		(3,659,045	)

Net increase		2,200,000		$	60,456,120			5,600,000		$	139,663,399

iBonds Dec 2026 Term Corporate
Shares sold		4,100,000		$	104,799,485			7,800,000		$	189,638,770
Shares redeemed		(3,400,000	)		(84,892,935	)		—			—

Net increase		700,000		$	19,906,550			7,800,000		$	189,638,770

iBonds Dec 2027 Term Corporate
Shares sold		2,550,000		$	66,889,640			3,900,000		$	98,457,613
Shares redeemed		(1,650,000	)		(40,397,740	)		(150,000	)		(3,569,770	)

Net increase		900,000		$	26,491,900			3,750,000		$	94,887,843

iBonds Dec 2028 Term Corporate
Shares sold		1,050,000		$	29,346,216			2,700,000		$	72,171,847
Shares redeemed		—			—			(200,000	)		(4,982,645	)

Net increase		1,050,000		$	29,346,216			2,500,000		$	67,189,202


NOTES TO FINANCIAL STATEMENTS			109

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 04/30/20						Period Ended 10/31/19
iShares ETF	Shares			Amount			Shares		Amount
iBonds Dec 2029 Term Corporate
Shares sold		1,850,000		$	47,438,220			700,000	$	17,623,672
Shares redeemed		(100,000	)		(2,553,060	)		—		—

Net increase		1,750,000		$	44,885,160			700,000	$	17,623,672

10.

LEGAL PROCEEDINGS

11.

SUBSEQUENT EVENTS


110		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares iBonds Dec 2020 Term Corporate ETF, iShares iBonds Dec 2021 Term Corporate ETF, iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2028 Term Corporate ETF and iShares iBonds Dec 2029 Term Corporate ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			111

Supplemental Information (unaudited)

Section 19(a) Notices


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
iBonds Dec 2020 Term Corporate	$	0.307760	$	—	$	—	$	0.307760		100	%		—	%		—	%		100	%
iBonds Dec 2021 Term Corporate		0.323945		—		—		0.323945		100			—			—			100
iBonds Dec 2022 Term Corporate		0.335943		0.020298		—		0.356241		94			6			—			100
iBonds Dec 2023 Term Corporate		0.367610		—		—		0.367610		100			—			—			100
iBonds Dec 2024 Term Corporate		0.379529		—		—		0.379529		100			—			—			100
iBonds Dec 2025 Term Corporate		0.389613		—		—		0.389613		100			—			—			100
iBonds Dec 2026 Term Corporate^(a)		0.394080		—		0.000337		0.394417		100			—			0	^(b)		100
iBonds Dec 2027 Term Corporate^(a)		0.406780		—		0.000762		0.407542		100			—			0	^(b)		100
iBonds Dec 2028 Term Corporate		0.428788		—		—		0.428788		100			—			—			100
iBonds Dec 2029 Term Corporate^(a)		0.353556		—		0.016211		0.369767		96			—			4			100

^(a)

^(b)

Rounds to less than 1%.


112		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			113

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”).

iS-SAR-1012-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares iBonds Dec 2021 Term Muni Bond ETF | IBMJ | NYSE Arca

iShares iBonds Dec 2022 Term Muni Bond ETF | IBMK | NYSE Arca

iShares iBonds Dec 2023 Term Muni Bond ETF | IBML | Cboe BZX

iShares iBonds Dec 2024 Term Muni Bond ETF | IBMM | Cboe BZX

iShares iBonds Dec 2025 Term Muni Bond ETF | IBMN | Cboe BZX

iShares iBonds Dec 2026 Term Muni Bond ETF | IBMO | Cboe BZX

iShares iBonds Dec 2027 Term Muni Bond ETF | IBMP | Cboe BZX

iShares iBonds Dec 2028 Term Muni Bond ETF | IBMQ | Cboe BZX

Table of Contents


	Page
Fund Summary		3
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		94
Statements of Operations		96
Statements of Changes in Net Assets		98
Financial Highlights		102
Notes to Financial Statements		110
Statement Regarding Liquidity Risk Management Program		116
Supplemental Information		117
General Information		118
Glossary of Terms Used in this Report		119


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2021 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2020 and before December 2, 2021, as represented by the S&P AMT-Free Municipal Series Dec 2021 Index^TM (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		0.69	%		2.17	%		1.99	%		2.17	%		9.61	%
Fund Market		0.69			2.13			1.99			2.13			9.65
Index		0.75			2.32			2.03			2.32			9.80

The inception date of the Fund was 9/1/15. The first day of secondary market trading was 9/3/15.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,006.90	$	0.90		$	1,000.00	$	1,024.00	$	0.91		0.18	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating*	Percent of Net Assets
AAA		27.4	%
AA+		23.2
AA		15.5
AA-		10.6
A+		6.2
A		3.0
A-		1.0
BBB+		0.9
BBB		0.1
BBB-		1.0
Not Rated		9.6
Short-Term and Other Assets		1.5

TEN LARGEST STATES


State^(a)	Percent of Net Assets
Texas		11.4	%
New York		7.7
California		7.6
Virginia		6.2
Washington		5.8
Florida		5.6
Ohio		4.4
Maryland		4.4
Massachusetts		3.3
North Carolina		3.1

Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P 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 BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2022 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2021 and before December 2, 2022, as represented by the S&P AMT-Free Municipal Series Dec 2022 Index^TM (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		0.55	%		2.49	%		2.40	%		2.49	%		11.72	%
Fund Market		(0.07	)		1.91			2.29			1.91			11.16
Index		0.63			2.68			2.47			2.68			12.03

The inception date of the Fund was 9/1/15. The first day of secondary market trading was 9/3/15.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,005.50	$	0.90		$	1,000.00	$	1,024.00	$	0.91		0.18	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating*	Percent of Net Assets
AAA		27.2	%
AA+		21.8
AA		14.7
AA-		10.4
A+		7.2
A		3.3
A-		1.4
BBB+		0.8
BBB		0.0
BBB-		1.2
Not Rated		10.6
Short-Term and Other Assets		1.4

TEN LARGEST STATES


State^(a)	Percent of Net Assets
Texas		10.4	%
New York		8.4
California		7.4
Washington		5.4
Florida		5.0
Ohio		4.3
Virginia		4.3
Massachusetts		3.7
Maryland		3.6
Arizona		3.5

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2023 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2022 and before December 2, 2023, as represented by the S&P AMT-Free Municipal Series Dec 2023 Index^TM (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		0.24	%		2.60	%		2.41	%		2.60	%		7.55	%
Fund Market		(0.03	)		2.44			2.40			2.44			7.51
Index		0.24			2.74			2.44			2.74			7.65

The inception date of the Fund was 4/11/17. The first day of secondary market trading was 4/13/17.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,002.40	$	0.90		$	1,000.00	$	1,024.00	$	0.91		0.18	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating*	Percent of Net Assets
AAA		30.8	%
AA+		20.8
AA		16.9
AA-		10.1
A+		6.7
A		2.0
A-		1.5
BBB+		1.0
BBB		0.5
BBB-		1.3
Not Rated		6.9
Short-Term and Other Assets		1.5

TEN LARGEST STATES


State^(a)	Percent of Net Assets
Texas		12.6	%
New York		9.1
California		7.6
Virginia		5.7
Washington		5.4
Florida		4.3
Wisconsin		4.2
Maryland		3.8
Ohio		3.4
Arizona		3.3

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2024 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2023 and before December 2, 2024, as represented by the S&P AMT-Free Municipal Series Dec 2024 Index^TM (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		(0.04	)%		2.79	%		3.99	%		2.79	%		8.62	%
Fund Market		(0.31	)		2.55			3.95			2.55			8.53
Index		(0.12	)		2.84			3.90			2.84			8.42

The inception date of the Fund was 3/20/18. The first day of secondary market trading was 3/22/18.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	999.60	$	0.89		$	1,000.00	$	1,024.00	$	0.91		0.18	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating*	Percent of Net Assets
AAA		31.5	%
AA+		19.9
AA		15.3
AA-		11.6
A+		6.1
A		2.6
A-		1.5
BBB+		0.9
BBB		0.1
BBB-		1.3
Not Rated		7.8
Short-Term and Other Assets		1.4

TEN LARGEST STATES


State^(a)	Percent of Net Assets
Texas		13.1	%
New York		9.5
California		8.1
Virginia		5.5
Washington		5.0
Florida		4.5
Maryland		3.9
Arizona		3.3
Massachusetts		2.8
Ohio		2.7

^(a)

Excludes money market funds.


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2025 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds maturing after December 31, 2024 and before December 2, 2025, as represented by the S&P AMT-Free Municipal Series Dec 2025 Index^TM (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		(0.12	)%		3.13	%		6.79	%		3.13	%		10.09	%
Fund Market		(0.19	)		3.12			6.87			3.12			10.21
Index		(0.37	)		2.98			5.90			2.98			8.75

The inception date of the Fund was 11/13/18. The first day of secondary market trading was 11/15/18.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	998.80	$	0.89		$	1,000.00	$	1,024.00	$	0.91		0.18	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating*	Percent of Net Assets
AAA		33.0	%
AA+		21.0
AA		13.8
AA-		11.7
A+		6.1
A		2.6
A-		1.2
BBB+		0.8
BBB-		1.1
Not Rated		7.3
Short-Term and Other Assets		1.4

TEN LARGEST STATES


State^(a)	Percent of Net Assets
Texas		13.0	%
California		10.6
New York		8.5
Washington		5.3
Florida		5.1
Virginia		4.8
Massachusetts		3.9
Maryland		3.8
Arizona		3.1
North Carolina		3.0

^(a)

Excludes money market funds.


FUND SUMMARY			7


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2026 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2026 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2026, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index^TM (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		(0.13	)%		3.61	%		3.83	%		3.61	%		4.14	%
Fund Market		(0.13	)		3.68			4.06			3.68			4.39
Index		(0.54	)		3.08			3.25			3.08			3.51

The inception date of the Fund was 4/2/19. The first day of secondary market trading was 4/4/19.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	998.70	$	0.89		$	1,000.00	$	1,024.00	$	0.91		0.18	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating*	Percent of Net Assets
AAA		28.5	%
AA+		19.9
AA		15.8
AA-		12.4
A+		7.6
A		3.1
A-		0.9
BBB+		1.1
BBB-		0.8
Not Rated		8.3
Short-Term and Other Assets		1.6

TEN LARGEST STATES


State^(a)	Percent of Net Assets
Texas		13.7	%
California		13.3
New York		10.7
Washington		4.9
Florida		4.4
Virginia		3.5
Pennsylvania		3.2
Arizona		3.0
Maryland		2.9
Ohio		2.7

^(a)

Excludes money market funds.


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2027 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2027 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2027, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2027 Index^TM (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		(0.25	)%		3.59	%		4.12	%		3.59	%		4.38	%
Fund Market		(0.51	)		3.30			4.09			3.30			4.34
Index		(0.68	)		3.30			3.72			3.30			3.94

The inception date of the Fund was 4/9/19. The first day of secondary market trading was 4/11/19.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	997.50	$	0.89		$	1,000.00	$	1,024.00	$	0.91		0.18	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating*	Percent of Net Assets
AAA		28.3	%
AA+		22.2
AA		15.7
AA-		12.7
A+		4.5
A		3.2
A-		0.7
BBB+		0.6
BBB-		1.4
Not Rated		8.8
Short-Term and Other Assets		1.9

TEN LARGEST STATES


State^(a)	Percent of Net Assets
California		14.0	%
New York		10.7
Texas		10.3
Washington		6.5
Maryland		3.9
Tennessee		3.9
Florida		3.6
Nevada		3.2
Ohio		2.9
Wisconsin		2.7

^(a)

Excludes money market funds.


FUND SUMMARY			9


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2028 Term Muni Bond ETF

Investment Objective

The iShares iBonds Dec 2028 Term Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2028, as represented by the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index^TM (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		(0.13	)%		4.22	%		4.81	%		4.22	%		5.01	%
Fund Market		(0.29	)		4.05			4.89			4.05			5.09
Index		(1.02	)		3.30			3.82			3.30			3.97

The inception date of the Fund was 4/16/19. The first day of secondary market trading was 4/18/19.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	998.70	$	0.89		$	1,000.00	$	1,024.00	$	0.91		0.18	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


S&P Credit Rating*	Percent of Net Assets
AAA		33.4	%
AA+		16.8
AA		15.4
AA-		12.8
A+		5.4
A		2.4
A-		0.9
BBB+		0.4
BBB-		1.1
Not Rated		9.8
Short-Term and Other Assets		1.6

TEN LARGEST STATES


State^(a)	Percent of Net Assets
Texas		13.8	%
California		12.5
New York		9.7
Florida		6.0
Maryland		5.1
Virginia		4.5
Washington		4.4
Ohio		3.9
Nevada		2.7
Massachusetts		2.7

^(a)

Excludes money market funds.


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Shareholder Expenses


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES			11

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.0%
Alabama Federal Aid Highway Finance Authority RB
4.00%, 09/01/21	$	90	$	93,532
5.00%, 09/01/21		430		453,219
Series A, 5.00%, 09/01/21		100		105,442
Alabama Public School &College Authority RB
5.00%, 03/01/21		150		154,941
Series A, 5.00%, 02/01/21		165		169,887
Series A, 5.00%, 05/01/21		100		103,957
Series B, 5.00%, 01/01/21		195		200,128
Series B, 5.00%, 05/01/21		145		150,738
Auburn University RB, Series A, 5.00%, 06/01/21		100		104,431
City of Huntsville AL GO
Series A, 5.00%, 08/01/21		90		94,603
Series A, 5.00%, 03/01/22 (PR 09/01/21)		115		121,447
State of Alabama GO
Series A, 5.00%, 08/01/21		785		825,145
Series A, 5.00%, 11/01/21		100		106,138
University of Alabama (The) RB, Series A, 5.00%, 07/01/21		370		387,567

				3,071,175

Alaska — 0.1%
City of Anchorage AK Electric Revenue RB, Series A, 4.00%, 12/01/21		35		36,591
Municipality of Anchorage AK GO, Series B, 5.00%, 09/01/21 (NPFGC)		50		52,673
State of Alaska GO, Series A, 4.00%, 08/01/21		125		129,694

				218,958

Arizona — 2.9%
Arizona Board of Regents COP
Series A, 5.00%, 06/01/21		460		479,978
Series B, 5.00%, 06/01/21		125		130,429
Series C, 5.00%, 06/01/21		105		109,560
Arizona Department of Transportation State Highway Fund Revenue RB, Series A, 5.00%, 07/01/21		280		293,294
Arizona School Facilities Board COP, Series A, 5.00%, 09/01/21		250		263,468
Arizona State University RB, Series A, 5.00%, 07/01/21		170		178,174
Arizona Transportation Board RB, 5.00%, 07/01/21		990		1,037,175
Arizona Water Infrastructure Finance Authority RB
Series A, 5.00%, 10/01/21		715		755,827
Series A, 5.00%, 10/01/21 (ETM)		50		52,979
City of Phoenix AZ GO, 4.00%, 07/01/21		215		222,787
City of Phoenix AZ GOL, Series C, 4.00%, 07/01/21		125		129,528
City of Phoenix Civic Improvement Corp. RB
4.00%, 07/01/21		40		41,284
5.00%, 07/01/21		575		601,698
Series A, 5.00%, 07/01/21		130		136,250
City of Scottsdale AZ GOL, 5.00%, 07/01/21		445		466,235
County of Pima AZ GO, 5.00%, 07/01/21		55		57,605
County of Pima AZ Sewer System Revenue RB 5.00%, 07/01/21		170		178,053
Series B, 5.00%, 07/01/21		135		141,395
Maricopa County Community College District GO 5.00%, 07/01/21		395		413,849
Series D, 4.00%, 07/01/21		205		212,425
Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/21		170		178,092
Maricopa County Unified School District No. 80 Chandler GOL 4.00%, 07/01/21		150		155,415


Security	Par (000)		Value

Arizona (continued)
5.00%, 07/01/21	$	300	$	314,280
Pima County Regional Transportation Authority RB, 5.00%, 06/01/21		275		287,155
Salt River Project Agricultural Improvement & Power District RB
Series A, 5.00%, 01/01/21		500		513,590
Series A, 5.00%, 12/01/21		340		362,025
Scottsdale Municipal Property Corp. RB, 5.00%, 07/01/21		50		52,386
State of Arizona COP
5.00%, 09/01/21		100		105,510
5.00%, 10/01/21		180		190,539
University of Arizona (The) RB
4.00%, 08/01/21		115		119,507
5.00%, 06/01/21		350		365,624

				8,546,116

Arkansas — 0.6%
Arkansas Development Finance Authority RB, Series C, 5.00%, 06/01/21		190		198,419
State of Arkansas GO
5.00%, 04/01/21		200		207,492
5.00%, 06/15/21		745		779,195
5.00%, 10/01/21		365		386,159
University of Arkansas RB
Series A, 5.00%, 09/15/21		75		79,190
Series B, 5.00%, 11/01/21		30		31,832

				1,682,287

California — 7.6%
91 Express Lanes Toll Road RB, 5.00%, 08/15/21		50		52,637
Acalanes Union High School District GO, Series B, 0.00%, 08/01/46 (PR 08/01/21)^(a)		350		57,694
Alameda Corridor Transportation Authority RB, Series A, 4.00%, 10/01/21		100		102,271
Alameda Unified School District-Alameda County/CA GO, Series A, 0.00%, 08/01/21 (AGM)^(a)		25		24,680
Bay Area Toll Authority RB, Series F-1, 5.00%, 04/01/21		110		114,060
California Health Facilities Financing Authority RB, 5.00%, 08/15/21		25		26,236
California Infrastructure & Economic Development Bank RB
5.00%, 07/01/21		100		104,594
Series A-1, 5.00%, 10/01/21		35		37,064
California Municipal Finance Authority RB, Series A, 4.00%, 10/01/21		35		36,540
California State Public Works Board RB
5.00%, 06/01/21		50		52,144
Series A, 5.00%, 04/01/21		70		72,538
Series A, 5.00%, 09/01/21		165		173,709
Series C, 5.00%, 10/01/21		180		190,094
Series C, 5.00%, 11/01/21		500		529,690
Series D, 4.00%, 04/01/21		75		77,043
Series D, 5.00%, 12/01/21		150		159,400
Series E, 5.00%, 06/01/21		335		349,365
Series E, 5.00%, 09/01/21		195		205,292
Series F, 5.00%, 10/01/21 (ETM)		50		53,095
Series G, 5.00%, 05/01/21		75		77,968
Series G, 5.00%, 11/01/21		140		148,313
Series G, 5.25%, 12/01/26 (PR 12/01/21)		250		268,277
Series I, 4.00%, 11/01/21		160		167,138
Series I, 5.00%, 11/01/21		40		42,375


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
California State University RB
Series A, 4.00%, 11/01/21	$	105	$	109,892
Series A, 5.00%, 11/01/21		340		360,869
California Statewide Communities Development Authority RB
5.00%, 05/15/21		50		51,187
Series A, 5.00%, 08/15/21		60		63,164
City & County of San Francisco CA GO, Series A, 5.00%, 06/15/21		25		26,159
City of Los Angeles CA GO, Series B, 5.00%, 09/01/21		215		226,524
City of Los Angeles CA Wastewater System Revenue RB
Series A, 5.00%, 06/01/21		50		52,161
Series C, 5.00%, 06/01/21		115		119,969
City of Los Angeles Department of Airports RB
Series B, 5.00%, 05/15/21		50		52,019
Series C, 5.00%, 05/15/21		30		31,211
City of San Francisco CA Public Utilities Commission Water Revenue RB, 5.00%, 11/01/21		175		185,741
City of Santa Rosa CA Wastewater Revenue RB, Series B, 0.00%, 09/01/21 (AMBAC)^(a)		100		98,627
County of Los Angeles CA COP, 5.00%, 09/01/21		45		47,302
El Camino Community College District GO, Series C, 0.00%, 08/01/21^(a)		35		34,595
Escondido Union High School District GO, 0.00%, 08/01/21 (AGC)^(a)		75		74,132
Folsom Cordova Unified School District School Facilities Improvement Dist No. 2 GO, Series A, 0.00%, 10/01/21 (NPFGC)^(a)		60		59,078
Fremont Union High School District GO
0.00%, 08/01/33 (PR 08/01/21)^(a)		1,020		439,579
0.00%, 08/01/34 (PR 08/01/21)^(a)		1,770		703,752
Garden Grove Unified School District GO, Series A, 0.00%, 08/01/21^(a)		35		34,544
Grossmont Union High School District GO, 0.00%, 08/01/21 (AGM)^(a)		280		275,976
Los Altos Elementary School District GO, 4.00%, 08/01/21		100		103,856
Los Angeles Community College District/CA GO
Series C, 5.00%, 08/01/21		70		73,741
Series I, 4.00%, 08/01/21		140		145,754
Los Angeles County Metropolitan Transportation Authority RB, Series A, 5.00%, 07/01/21		195		204,772
Los Angeles County Public Works Financing Authority RB
5.00%, 08/01/21		80		84,091
Series A, 5.00%, 12/01/21		100		106,478
Los Angeles Department of Water & Power System Revenue RB
Series A, 4.00%, 07/01/21		970		1,004,222
Series A, 5.00%, 07/01/21		195		204,121
Series B, 5.00%, 07/01/21		15		15,702
Los Angeles Department of Water RB, 5.00%, 07/01/21		50		52,363
Los Angeles Unified School District/CA GO
Series A, 4.00%, 07/01/21		350		361,977
Series A, 5.00%, 07/01/21		205		214,368
Series A-1, 5.00%, 07/01/21		170		177,769
Series A-2, 5.00%, 07/01/21		155		162,083
Series C, 5.00%, 07/01/21		240		250,968
Series D, 5.00%, 07/01/21		215		224,825
Metropolitan Water District of Southern California RB, Series E, 5.00%, 07/01/21		160		167,883
Moreno Valley Unified School District/CA GO, 0.00%, 08/01/21 (NPFGC)^(a)		50		49,336


Security	Par (000)		Value

California (continued)
Municipal Improvement Corp. of Los Angeles RB
Series A, 5.00%, 11/01/21	$	220	$	233,504
Series B, 5.00%, 11/01/21		225		238,810
North Orange County Community College District/CA GO, Series B, 0.00%, 08/01/21 (NPFGC)^(a)		75		74,078
Orange County Sanitation District RB, Series A, 5.00%, 02/01/21		15		15,459
Palo Alto Unified School District GO, 0.00%, 08/01/21^(a)		20		19,764
Rancho Cucamonga Redevelopment Agency Successor Agency TA, 5.00%, 09/01/21 (AGM)		90		94,910
Regents of the University of California Medical Center Pooled Revenue RB, Series J, 5.00%, 05/15/21		60		62,549
Rocklin Unified School District GO, 0.00%, 08/01/21 (NPFGC)^(a)		75		74,032
Sacramento Municipal Utility District RB, Series F, 5.00%, 08/15/21		105		110,537
San Diego Community College District GO
0.00%, 08/01/21^(a)		100		98,855
5.00%, 08/01/21		100		105,114
San Diego County Regional Transportation Commission RB, Series A, 4.00%, 04/01/21		200		205,742
San Diego Regional Building Authority RB, Series A, 5.00%, 10/15/21		45		47,412
San Diego Unified School District/CA GO
Series A, 0.00%, 07/01/21 (NPFGC)^(a)		765		755,491
Series D-1, 5.50%, 07/01/21 (NPFGC)		200		210,958
Series R-3, 4.00%, 07/01/21		75		77,814
San Francisco City & County Airport Commission San Francisco International Airport RB
Second Series A, 5.00%, 05/01/21		100		103,513
Series D, 5.00%, 05/01/21		100		103,513
San Mateo County Community College District GO, Series B, 0.00%, 09/01/21 (NPFGC)^(a)		250		246,535
San Mateo Union High School District GO, Series A, 5.00%, 09/01/21		100		105,428
Santa Ana Unified School District GO, Series A, 0.00%, 08/01/21^(a)		100		98,344
Santa Clara Valley Transportation Authority RB, Series A, 5.00%, 06/01/21		500		522,155
Santa Monica Community College District GO, Series A, 0.00%, 08/01/21 (NPFGC)^(a)		25		24,696
South Orange County Public Financing Authority ST, Series A, 5.00%, 08/15/21		50		52,597
Southern California Public Power Authority RB, Series A, 5.00%, 07/01/21		25		26,155
State of California Department of Water Resources Power Supply Revenue RB
Series N, 5.00%, 05/01/21		565		588,391
Series O, 5.00%, 05/01/21		745		775,843
State of California Department of Water Resources RB
5.00%, 12/01/21		315		335,664
Series AK, 5.00%, 12/01/21		465		495,504
State of California GO
4.00%, 09/01/21		140		145,797
4.00%, 10/01/21		65		67,860
5.00%, 02/01/21		405		417,393
5.00%, 04/01/21		435		451,295
5.00%, 08/01/21		925		972,304
5.00%, 09/01/21		1,825		1,924,554
5.00%, 10/01/21		845		893,985


SCHEDULES OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
5.00%, 11/01/21	$	530	$	562,531
5.00%, 12/01/21		305		324,758
Series B, 5.00%, 09/01/21		590		622,184
University of California RB
Series AB, 5.00%, 05/15/21		195		203,389
Series AO, 5.00%, 05/15/21		110		114,732
Ventura County Community College District GO, Series 2002-C, 0.00%, 08/01/21^(a)		120		118,612

				22,495,768

Colorado — 0.7%
Board of Governors of Colorado State University System RB
Series B, 5.00%, 03/01/21		60		61,996
Series E, 5.00%, 03/01/21		175		180,822
City & County of Denver CO Airport System Revenue RB, Series B, 5.00%, 11/15/21		125		131,497
City & County of Denver CO COP, Series 2010-B, 4.00%, 12/01/21		20		20,951
City of Colorado Springs CO Utilities System Revenue RB, Series A, 5.00%, 11/15/21		50		53,133
Colorado Water Resources & Power Development Authority RB, Series A, 5.00%, 03/01/21		100		103,403
Denver City & County School District No. 1 GO
Series A, 5.00%, 12/01/21 (SAW)		100		106,478
Series A, 5.25%, 12/01/21 (NPFGC)		415		443,507
Series B, 4.00%, 12/01/21 (SAW)		125		131,146
Series C, 5.00%, 12/01/21 (SAW)		190		202,308
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/21 (NPFGC)^(a)		35		34,454
University of Colorado RB
5.00%, 06/01/31 (PR 06/01/21)		275		287,823
Series A, 5.00%, 06/01/21		60		62,626
Series B, 4.25%, 06/01/21		100		103,575

				1,923,719

Connecticut — 1.5%
City of Stamford CT GO
4.00%, 07/01/21		100		103,622
5.00%, 08/01/21		75		78,836
Connecticut State Health & Educational Facilities Authority RB
Series E, 5.00%, 07/01/21		25		26,181
Series O, 4.00%, 11/01/21		35		36,487
Series X-2, 1.80%, 07/01/37 (Put 02/09/21)^(b)(c)		400		402,212
State of Connecticut Clean Water Fund — State Revolving Fund RB, Series A, 5.00%, 03/01/21		100		103,403
State of Connecticut GO
Series A, 5.00%, 03/15/21		100		103,272
Series A, 5.00%, 10/15/21		305		321,351
Series B, 4.50%, 05/15/21		160		165,424
Series B, 5.00%, 04/15/21		205		212,353
Series B, 5.00%, 05/15/21		265		275,338
Series C, 5.00%, 07/15/21		100		104,465
Series D, 5.00%, 11/01/21		250		263,620
Series E, 4.00%, 09/15/21		40		41,482
Series E, 5.00%, 10/15/21		250		263,403
Series G, 5.00%, 11/01/21		500		527,240
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 01/01/21		100		102,356
Series A, 5.00%, 08/01/21		240		250,958
Series A, 5.00%, 09/01/21		80		83,896
Series A, 5.00%, 10/01/21		295		310,263


Security	Par (000)		Value

Connecticut (continued)
Series B, 5.00%, 08/01/21	$	55	$	57,511
Series B, 5.00%, 12/01/21		250		264,453
University of Connecticut RB, Series A, 5.00%, 08/15/21		240		249,922

				4,348,048

Delaware — 1.1%
City of Wilmington DE GO, Series A, 4.00%, 10/01/21		15		15,658
County of New Castle DE GO, Series A, 5.00%, 07/15/21		110		115,439
Delaware River & Bay Authority RB, Series C, 5.00%, 01/01/21		100		102,644
Delaware Transportation Authority RB
5.00%, 06/01/21		175		182,677
5.00%, 07/01/21		1,000		1,047,840
State of Delaware GO
5.00%, 03/01/21		880		910,175
Series 2009-C, 5.00%, 10/01/21		125		132,264
Series B, 5.00%, 02/01/21		100		103,083
Series B, 5.00%, 07/01/21		60		62,870
Series D, 5.00%, 07/01/21		250		261,960
University of Delaware RB, Series A, 5.00%, 11/01/21		160		170,339

				3,104,949

District of Columbia — 1.2%
District of Columbia GO
Series A, 5.00%, 06/01/21		790		824,918
Series E, 5.00%, 06/01/21		200		208,840
District of Columbia RB
5.00%, 07/15/21		80		83,788
Series A, 4.00%, 12/01/21		100		104,901
Series A, 5.00%, 12/01/21		250		266,155
Series C, 4.00%, 12/01/21		200		209,802
Series C, 5.00%, 12/01/21		355		377,940
Series F, 5.00%, 12/01/21		200		212,924
District of Columbia Water & Sewer Authority RB
Series A, 4.00%, 10/01/21		55		57,404
Series A, 5.00%, 10/01/21		65		68,749
Series C, 5.00%, 10/01/21		460		486,533
Metropolitan Washington Airports Authority RB
Series C, 5.00%, 10/01/21		75		78,752
Series F-1, 5.00%, 10/01/21		475		498,759

				3,479,465

Florida — 5.6%
Board of Governors State University System of Florida RB, Series A, 5.00%, 07/01/21		280		293,328
Broward County FL Water & Sewer Utility Revenue RB, Series B, 5.00%, 10/01/21		160		169,275
City of Fort Lauderdale FL Water & Sewer Revenue RB, 5.00%, 03/01/21		140		144,764
City of Gainesville FL Utilities System Revenue RB, Series A, 5.00%, 10/01/21		50		52,862
City of Jacksonville FL RB
5.00%, 10/01/21		400		422,432
Series B, 5.00%, 10/01/21		435		459,491
Series C, 5.00%, 10/01/21		180		190,278
City of Miami Beach FL RB, 5.00%, 09/01/21		35		36,885
City of Orlando FL RB, Series A, 5.00%, 11/01/21, (ETM)		90		95,747
City of Tallahassee FL Utility System Revenue RB, 5.00%, 10/01/21		200		211,536
City of Tallahassee RB, 5.00%, 10/01/21		140		148,075
City of Tampa FL Water & Wastewater System Revenue RB, 5.00%, 10/01/21		100		105,797


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
County of Broward FL Airport System Revenue RB, Series Q-1, 5.00%, 10/01/21	$	100	$	105,218
County of Hillsborough FL Community Investment Tax Revenue RB, Series A, 5.00%, 11/01/21		40		42,412
County of Lee FL Transportation Facilities Revenue RB, 5.00%, 10/01/21 (AGM)		40		42,243
County of Manatee FL Public Utilities Revenue RB, 5.00%, 10/01/21		115		121,667
County of Miami-Dade FL Aviation Revenue RB, Series B, 4.00%, 10/01/21		55		57,104
County of Miami-Dade FL GO, Series B, 5.00%, 07/01/21		245		256,633
County of Miami-Dade FL RB, Series B, 5.00%, 04/01/21		130		134,833
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/21		615		643,764
County of Miami-Dade FL Water &Sewer System Revenue RB
5.00%, 10/01/21		625		660,775
Series A, 5.00%, 10/01/21 (AGM)		140		148,116
County of Orange FL RB, 5.00%, 10/01/21		55		58,172
County of Orange FL Sales Tax Revenue RB, Series C, 5.00%, 01/01/21		155		159,213
County of Orange FL Water Utility System Revenue RB, 5.00%, 10/01/21		90		95,217
County of Palm Beach FL GO, 5.00%, 07/01/21		110		115,249
County of Palm Beach FL RB, 4.00%, 06/01/21		160		165,381
Escambia County School Board COP, 5.00%, 02/01/21		120		123,473
Florida Department of Environmental Protection RB
5.00%, 07/01/21		245		256,691
Series A, 5.00%, 07/01/21		300		314,316
Series B, 5.00%, 07/01/21		310		324,793
Florida Department of Management Services COP, Series A, 5.00%, 08/01/21		295		309,107
Florida Municipal Power Agency RB
5.00%, 10/01/21		40		42,261
Series A, 5.00%, 10/01/21		410		433,173
Florida State University Housing Facility Revenue RB, Series A, 5.00%, 05/01/21		125		130,099
Greater Orlando Aviation Authority RB, Series C, 5.00%, 10/01/21		265		278,828
Hillsborough County School Board COP, Series A, 5.00%, 07/01/21		300		313,533
Hillsborough County School Board RB, 5.00%, 10/01/21 (AGM)		60		63,391
Jacksonville Transportation Authority RB, 5.00%, 08/01/21		125		131,360
JEA Electric System Revenue RB
Series A, 5.00%, 10/01/21		100		105,290
Series B, 5.00%, 10/01/21		50		52,645
JEA Water & Sewer System Revenue RB, Series A, 5.00%, 10/01/21		225		238,567
Lee County School Board (The) COP
5.00%, 08/01/21		200		209,666
Series B, 3.00%, 08/01/21		50		51,187
Series B, 5.00%, 08/01/21		50		52,417
Miami-Dade County Expressway Authority RB
Series A, 5.00%, 07/01/21		80		83,126
Series B, 5.00%, 07/01/21		155		161,057
Orange County Convention Center/Orlando RB, 5.00%, 10/01/21		270		285,574
Orange County School Board COP, Series A, 5.00%, 08/01/21		60		62,961
Orlando Utilities Commission RB Series A, 5.00%, 10/01/21		65		68,702


Security	Par (000)		Value

Florida (continued)
Series C, 4.00%, 10/01/21	$	75	$	78,224
Series C, 5.25%, 10/01/21		115		121,951
Palm Beach County School District COP
Series B, 5.00%, 08/01/21		150		157,249
Series D, 5.00%, 08/01/21		290		304,016
Palm Beach County Solid Waste Authority RB, 5.00%, 10/01/21		75		79,163
Pasco County School Board COP, 5.00%, 08/01/21		75		78,530
Reedy Creek Improvement District GOL, Series A, 5.00%, 06/01/21		475		495,786
School Board of Miami-Dade County (The) COP
Series A, 5.00%, 05/01/21		235		243,895
Series D, 5.00%, 11/01/21		205		216,640
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/21		240		248,681
School District of Broward County/FL COP, Series A, 5.00%, 07/01/21		275		287,405
School District of Broward County/FL GO, Series B, 5.00%, 07/01/21		565		590,888
South Broward Hospital District RB, 5.00%, 05/01/21		50		51,959
St. Johns County School Board COP, 5.00%, 07/01/21		75		78,383
State of Florida Department of Transportation Turnpike System Revenue RB
Series A, 5.00%, 07/01/21		710		743,711
Series B, 5.00%, 07/01/21		520		544,690
Series C, 5.00%, 07/01/21		200		209,496
State of Florida GO
Series A, 4.00%, 06/01/21		155		160,383
Series A, 5.00%, 06/01/21		545		569,748
Series A, 5.00%, 07/01/21		460		482,062
Series B, 4.00%, 07/01/21		45		46,641
Series B, 5.00%, 06/01/21		520		543,612
Series C, 5.00%, 06/01/21		110		114,995
Series D, 5.00%, 06/01/21		95		99,314
Series E, 5.00%, 06/01/21		100		104,541
Series F, 5.00%, 06/01/21		150		156,811
State of Florida Lottery Revenue RB
Series A, 5.00%, 07/01/21		245		256,983
Series B, 5.00%, 07/01/21		135		141,603
Tampa Bay Water RB, 5.00%, 10/01/21		65		68,739
Volusia County School Board COP, Series A, 5.00%, 08/01/21		35		36,692

				16,541,475

Georgia — 2.5%
City of Atlanta Department of Aviation RB
Series A, 4.00%, 01/01/21		75		76,372
Series B, 5.00%, 01/01/21		160		163,973
Series C, 5.25%, 01/01/21		135		138,572
City of Atlanta GA Department of Aviation RB, Series A, 5.00%, 01/01/21		180		184,469
City of Atlanta GA Water & Wastewater Revenue RB
5.00%, 11/01/21		160		169,970
Series B, 5.00%, 11/01/21		250		265,577
Columbia County School District GO, 5.00%, 04/01/21 (SAW)		160		166,010
County of Carroll GA GO, 5.00%, 06/01/21		280		292,376
Forsyth County School District, 5.00%, 02/01/21		75		77,307
Georgia State Road & Tollway Authority RB
Series A, 5.00%, 03/01/21 (GTD)		170		175,814
Series A, 5.00%, 06/01/21		150		156,696
Series B, 5.00%, 06/01/21		510		532,766


SCHEDULES OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia (continued)
Gwinnett County Development Authority COP, 5.25%, 01/01/21 (NPFGC)	$	25	$	25,722
Gwinnett County School District GO
5.00%, 02/01/21		585		603,217
5.00%, 08/01/21 (SAW)		200		210,406
Metropolitan Atlanta Rapid Transit Authority RB
Series A, 5.00%, 07/01/21		215		225,260
Series A, 5.25%, 07/01/21 (NPFGC)		250		262,650
Municipal Electric Authority of Georgia RB
Series A, 4.00%, 01/01/21		10		10,071
Series A, 5.00%, 11/01/21		50		51,596
Series B, 5.00%, 01/01/21		340		344,611
State of Georgia GO
Series A, 5.00%, 02/01/21		250		257,690
Series A, 5.00%, 07/01/21		80		83,837
Series A-1, 5.00%, 02/01/21		110		113,384
Series C, 4.00%, 09/01/21		225		234,378
Series C, 5.00%, 07/01/21		330		345,827
Series C, 5.00%, 10/01/21		275		291,021
Series C, 5.00%, 07/01/22 (PR 07/01/21)		150		157,534
Series D, 5.00%, 02/01/21		140		144,306
Series E, 5.00%, 12/01/21		145		154,441
Series E-2, 5.00%, 09/01/21		15		15,822
Series I, 5.00%, 07/01/21		470		492,541
Series I, 5.00%, 11/01/21		130		138,020
Series J-1, 4.00%, 07/01/21		450		466,407
Washington Wilkes Payroll Development Authority RB, 0.00%, 12/01/21, (ETM)^(a)		220		216,605

				7,245,248

Hawaii — 1.9%
City & County Honolulu HI Wastewater System Revenue RB
Series A, 4.00%, 07/01/21		245		253,555
Series A, 5.00%, 07/01/21		145		151,679
Series A, 5.25%, 07/01/36 (PR 07/01/21)		900		947,151
Series B, 4.00%, 07/01/21		55		56,921
Series B, 5.00%, 07/01/21		65		68,017
City & County of Honolulu HI GO
Series A, 5.00%, 10/01/21		100		105,840
Series B, 4.00%, 10/01/21		150		156,664
Series B, 5.00%, 10/01/21		60		63,504
Series C, 4.00%, 11/01/21		100		104,705
Series C, 5.00%, 10/01/21		165		174,636
County of Hawaii HI GO, Series A, 5.00%, 09/01/21		255		268,877
Honolulu City & County Board of Water Supply RB, Series A, 5.00%, 07/01/21		190		199,044
State of Hawaii GO
5.00%, 10/01/21		250		264,527
Series DZ, 5.00%, 12/01/29 (PR 12/01/21)		540		576,747
Series DZ, 5.00%, 12/01/30 (PR 12/01/21)		395		421,880
Series DZ-2016, 5.00%, 12/01/26 (PR 12/01/21)		150		160,207
Series DZ-2017, 5.00%, 12/01/21		70		74,547
Series DZ-2017, 5.00%, 12/01/21 (ETM)		25		26,681
Series EA, 4.00%, 12/01/21		30		31,480
Series EE, 5.00%, 11/01/21		80		84,923
Series EF, 5.00%, 11/01/21		485		514,847
Series EH-2017, 5.00%, 08/01/21		195		204,996
Series EZ, 5.00%, 10/01/21		70		74,068
Series FB, 5.00%, 04/01/21		100		103,756
Series FE, 5.00%, 10/01/21		355		375,629
Series FH, 5.00%, 10/01/21		150		158,716


Security	Par (000)		Value

Hawaii (continued)
Series FN, 5.00%, 10/01/21	$	10	$	10,581
State of Hawaii State Highway Fund, Series B, 5.00%, 01/01/21		95		97,588

				5,731,766

Illinois — 2.3%
Chicago Midway International Airport RB, Series B, 5.00%, 01/01/21		245		249,501
Chicago O’Hare International Airport RB
5.75%, 01/01/39 (PR 01/01/21)		100		103,317
Series 2015-B, 5.00%, 01/01/21		290		296,136
Series A, 5.00%, 01/01/21		65		66,375
Series B, 5.00%, 01/01/21		515		525,897
Series B, 6.00%, 01/01/41 (PR 01/01/21)		915		946,906
Series C, 5.00%, 01/01/21		325		331,877
Chicago Transit Authority RB, 5.00%, 06/01/21		200		207,872
DuPage County Forest Preserve District GO, 5.00%, 01/01/21		40		41,060
Illinois Finance Authority RB
5.00%, 01/01/21		110		112,915
5.00%, 07/01/21		275		287,796
Illinois State Toll Highway Authority RB
Series A, 5.00%, 12/01/21		250		264,170
Series D, 5.00%, 01/01/21		160		163,811
Regional Transportation Authority RB
5.75%, 06/01/21 (AGM)		40		41,670
Series A, 6.00%, 07/01/21 (NPFGC)		25		26,195
State of Illinois GO
4.00%, 02/01/21		75		74,553
4.00%, 09/01/21		75		74,216
5.00%, 02/01/21		110		110,134
5.00%, 06/01/21		195		195,357
5.00%, 07/01/21		200		200,388
5.00%, 08/01/21		390		390,807
Series A, 5.00%, 06/01/21		525		525,961
Series A, 5.00%, 12/01/21		300		300,798
Series B, 5.00%, 10/01/21		200		200,476
Series B, 5.25%, 01/01/21		215		215,578
Series D, 5.00%, 11/01/21		720		721,843
State of Illinois RB, 5.00%, 06/15/21		190		192,808

				6,868,417

Indiana — 0.6%
Ball State University RB, Series R, 5.00%, 07/01/21		175		183,143
Indiana Finance Authority RB
Series A, 4.00%, 02/01/21		100		102,383
Series A, 4.00%, 10/01/21		100		104,242
Series A, 5.00%, 05/01/21		45		46,763
Series A, 5.00%, 10/01/21		150		158,455
Series A, 5.00%, 12/01/21		315		334,842
Series C, 5.00%, 12/01/21		135		143,724
Indiana University RB
Series A, 5.00%, 06/01/21		45		46,989
Series U, 5.00%, 08/01/21		120		126,121
Series W-2, 5.00%, 08/01/21		320		336,323
Indianapolis Local Public Improvement Bond Bank RB, Series K, 5.00%, 06/01/21 (AGM)		50		52,161
Purdue University RB
Series CC, 5.00%, 07/01/21		65		68,102
Series DD, 5.00%, 07/01/21		45		47,147

				1,750,395


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Iowa — 0.4%
City of Cedar Rapids IA GO, Series A, 5.00%, 06/01/21	$	265	$	276,597
City of Des Moines IA GO, Series E, 5.00%, 06/01/21		180		187,837
Iowa Finance Authority RB, 5.00%, 08/01/21		425		446,462
State of Iowa Board of Regents RB, 4.00%, 09/01/21		135		140,426
State of Iowa RB, Series A, 5.00%, 06/01/21		150		156,531

				1,207,853

Kansas — 0.5%
City of Wichita KS GO, Series 811, 5.00%, 06/01/21		150		156,646
Kansas Development Finance Authority RB, Series C, 5.00%, 05/01/21		40		41,624
State of Kansas Department of Transportation RB
Series A, 5.00%, 09/01/21		435		458,612
Series B, 5.00%, 09/01/21		625		658,925

				1,315,807

Louisiana — 0.4%
Louisiana Office Facilities Corp. RB, 5.00%, 11/01/21		25		26,469
Louisiana State University & Agricultural & Mechanical College RB, 5.00%, 07/01/21		10		10,455
State of Louisiana Gasoline & Fuels Tax Revenue RB, Series A-1, 4.00%, 05/01/21		20		20,586
State of Louisiana GO
Series A, 4.00%, 09/01/21		225		233,800
Series A, 5.00%, 02/01/21		15		15,440
Series A, 5.00%, 08/01/21		170		178,325
Series C, 5.00%, 07/15/21		300		314,166
State of Louisiana RB, Series A, 5.00%, 09/01/21		310		325,980

				1,125,221

Maine — 0.5%
City of Portland ME GOL, 4.00%, 04/01/21		310		318,816
Maine Municipal Bond Bank RB
Series B, 5.00%, 11/01/21		215		227,999
Series C, 5.00%, 11/01/21		405		429,412
Maine Turnpike Authority RB, 5.00%, 07/01/21		130		136,049
State of Maine GO, Series B, 5.00%, 06/01/21		370		386,313

				1,498,589

Maryland — 4.4%
City of Baltimore MD GO, Series B, 5.00%, 10/15/21		310		328,510
City of Baltimore MD RB
Series A, 5.00%, 07/01/21		475		497,315
Series D, 5.00%, 07/01/21		290		303,874
County of Anne Arundel MD GOL
4.00%, 04/01/21		400		411,524
5.00%, 04/01/21		50		51,892
County of Baltimore MD COP, 5.00%, 10/01/21		125		132,246
County of Baltimore MD GO
5.00%, 08/01/21		300		315,456
Series B, 4.50%, 09/01/21		60		62,903
County of Carroll MD GO, 5.00%, 11/01/21		100		106,185
County of Harford MD GO, 5.00%, 09/15/21		240		253,577
County of Montgomery MD GO
Series A, 5.00%, 07/01/21		160		167,693
Series A, 5.00%, 11/01/21		1,045		1,109,633
County of Prince George’s MD GO, Series A, 5.00%, 09/15/21		500		528,075
County of Prince George’s MD GOL
Series A, 5.00%, 09/01/21		180		189,819
Series B, 4.00%, 07/15/21		500		518,715
Maryland Health & Higher Educational Facilities Authority RB
Series A, 5.00%, 07/01/21		25		26,172
Series B, 5.00%, 07/01/21		90		94,306


Security	Par (000)		Value

Maryland (continued)
Maryland State Transportation Authority RB, 5.00%, 07/01/21	$	370	$	387,612
Maryland Water Quality Financing Administration Revolving Loan Fund RB, 5.00%, 03/01/21		125		129,265
State of Maryland Department of Transportation RB
5.00%, 02/01/21		250		257,613
5.00%, 06/01/21		55		57,425
5.00%, 09/01/21		730		769,624
5.00%, 10/01/21		50		52,884
5.00%, 12/01/21		105		111,768
5.00%, 02/15/24 (PR 02/15/21)		2,500		2,583,700
State of Maryland GO
First Series, 5.00%, 06/01/21		400		417,812
First Series A, 5.00%, 03/01/21		120		124,104
First Series C, 4.00%, 08/15/21		250		260,073
First Series C, 5.00%, 08/01/21		655		688,660
Series A, 5.00%, 03/01/24 (PR 03/01/21)		195		201,983
Series B, 5.00%, 08/01/21		105		110,396
Series C, 5.00%, 08/01/21		1,130		1,188,071
Washington Suburban Sanitary Commission GO, 5.00%, 06/01/21		585		611,114

				13,049,999

Massachusetts — 3.3%
Commonwealth of Massachusetts GO, Series A, 5.00%, 07/01/21		110		115,276
Commonwealth of Massachusetts GOL
Series A, 4.00%, 07/01/21		200		207,292
Series A, 5.00%, 03/01/21		125		129,275
Series A, 5.00%, 04/01/22 (PR 04/01/21)		200		207,884
Series A, 5.00%, 04/01/27 (PR 04/01/21)		550		571,681
Series A, 5.25%, 08/01/21		695		732,857
Series B, 5.00%, 08/01/21		445		467,869
Series B, 5.25%, 08/01/21		275		289,979
Series B, 5.25%, 08/01/21 (AGM)		200		210,894
Series B, 5.25%, 09/01/21 (AGM)		290		306,852
Series C, 5.00%, 10/01/21		160		169,322
Series D, 5.00%, 10/01/24 (PR 10/01/21)		350		371,357
Series D, 5.00%, 10/01/26 (PR 10/01/21)		1,435		1,522,564
Series E, 4.00%, 09/01/21		125		130,210
Commonwealth of Massachusetts RB, Series A, 5.50%, 06/01/21 (AGM)		200		209,974
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/25 (PR 06/01/21)		450		470,983
Massachusetts Bay Transportation Authority RB
Series A, 0.00%, 07/01/21^(a)		200		197,444
Series A, 4.00%, 07/01/21		150		155,433
Series A, 5.00%, 07/01/21		150		157,105
Series C, 5.25%, 07/01/21		40		42,010
Series C, 5.50%, 07/01/21		200		210,622
Massachusetts Clean Water Trust (The) RB
5.25%, 08/01/21		35		36,898
Series 2014, 5.00%, 08/01/21		600		630,684
Massachusetts Development Finance Agency RB, Series B-3, 5.00%, 01/01/21		100		102,718
Massachusetts Health & Educational Facilities Authority RB, Series M, 5.25%, 02/15/21		35		36,195
Massachusetts School Building Authority RB
Series A, 5.00%, 05/15/21 (ETM)		40		41,788
Series A, 5.00%, 08/15/21		550		579,001
Series A, 5.00%, 08/15/21 (ETM)		65		68,522
Series B, 4.00%, 10/15/21		75		78,391


SCHEDULES OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Massachusetts (continued)
Series B, 5.00%, 10/15/21	$	315	$	333,761
Series C, 5.00%, 08/15/21 (ETM)		105		110,829
Massachusetts Turnpike Authority RB, Series C, 0.00%, 01/01/21 (NPFGC)^(a)		95		94,174
Massachusetts Water Resources Authority RB
Series F, 5.00%, 08/01/21		160		168,182
Series J, 5.50%, 08/01/21 (AGM)		365		385,914
University of Massachusetts Building Authority RB
5.00%, 11/01/21		35		37,094
Series 1, 4.00%, 11/01/21		50		52,254

				9,633,288

Michigan — 1.5%
Michigan Finance Authority RB
5.00%, 08/01/21		70		73,392
5.00%, 10/01/21		575		608,332
Michigan State Building Authority RB
5.00%, 10/15/21		100		105,911
Series I, 5.00%, 04/15/21		275		285,662
Series I, 5.00%, 10/15/21		470		497,782
Series I-A, 5.00%, 10/15/21		160		169,458
Michigan State Hospital Finance Authority RB, Series 200, 4.00%, 11/01/21		250		261,152
Michigan Strategic Fund RB
5.00%, 10/15/21		55		57,818
Series CC, 1.45%, 09/01/30 (Put 09/01/21)^(b)(c)		100		99,751
Royal Oak School District GO, 5.00%, 05/01/21		100		103,947
State of Michigan GO
Series A, 5.00%, 12/01/21		270		287,491
Series B, 5.00%, 11/01/21		235		249,424
State of Michigan RB, 5.00%, 03/15/21		125		129,046
State of Michigan Trunk Line Revenue RB
5.00%, 11/15/21		840		889,586
5.25%, 11/01/21 (AGM)		125		132,654
5.50%, 11/01/21 (AGM)		490		521,811

				4,473,217

Minnesota — 1.6%
County of Hennepin MN GO, Series C, 5.00%, 12/01/21		250		266,195
Metropolitan Council GO
Series B, 5.00%, 09/01/21		75		79,091
Series C, 5.00%, 03/01/21		120		124,084
Series E, 5.00%, 09/01/21		800		843,640
Minnesota Municipal Power Agency RB, Series A, 4.00%, 10/01/21		10		10,421
South Washington County Independent School District No. 833/MN GO, Series B, 5.00%, 02/01/21		150		154,398
Southern Minnesota Municipal Power Agency RB, Series A, 0.00%, 01/01/21 (NPFGC)^(a)		40		39,668
State of Minnesota COP, 5.00%, 06/01/21		55		57,467
State of Minnesota GO
Series A, 5.00%, 08/01/21		325		341,829
Series B, 5.00%, 08/01/21		150		157,767
Series B, 5.00%, 10/01/21		290		307,020
Series D, 5.00%, 08/01/21		225		236,651
Series D, 5.00%, 10/01/21		245		259,379
Series E, 5.00%, 10/01/21		350		370,541
Series F, 5.00%, 10/01/21		395		418,183
State of Minnesota RB, Series A, 5.00%, 06/01/21		135		141,056


Security	Par (000)		Value

Minnesota (continued)
University of Minnesota RB
Series B, 5.00%, 12/01/21	$	300	$	319,386
Series D, 5.00%, 12/01/36 (PR 12/01/21)		500		533,695

				4,660,471

Mississippi — 0.9%
Mississippi Development Bank RB, 5.00%, 01/01/21		55		56,436
State of Mississippi GO
Series A, 5.00%, 10/01/29 (PR 10/01/21)		500		530,150
Series A, 5.00%, 10/01/36 (PR 10/01/21)		945		1,001,983
Series A, 5.25%, 11/01/21		340		362,022
Series C, 5.00%, 10/01/21		155		163,940
Series F, 5.00%, 11/01/21		340		360,767
Series F, 5.25%, 10/01/21		50		53,059
Series H, 4.00%, 12/01/21		165		173,060

				2,701,417

Missouri — 0.4%
Missouri Highway & Transportation Commission RB
Series A, 5.00%, 05/01/21		225		234,225
Series B, 5.00%, 05/01/21		120		124,920
Missouri State Environmental Improvement & Energy
Resources Authority RB, Series A, 5.00%, 07/01/21		525		550,116
University of Missouri RB, Series A, 5.00%, 11/01/21		160		169,698

				1,078,959

Montana — 0.0%
State of Montana GO, 5.00%, 08/01/21		20		21,023


Nebraska — 0.8%
City of Lincoln NE Electric System Revenue RB, 5.00%, 09/01/21		275		289,927
City of Omaha NE GO
5.25%, 04/01/21		130		135,139
Series A, 5.00%, 04/15/21		100		103,887
Series B, 5.00%, 11/15/21		280		297,542
City of Omaha NE Sewer Revenue RB, 5.00%, 11/15/21		45		47,819
Metropolitan Utilities District of Omaha Water System Revenue RB, 5.00%, 12/01/21		200		212,144
Nebraska Public Power District RB
5.00%, 07/01/21		50		52,386
Series A, 5.00%, 01/01/21		450		462,231
Series B, 5.00%, 01/01/21		90		92,446
Omaha Public Power District Nebraska City Station Unit 2 RB, Series A, 4.00%, 02/01/21		50		51,105
Omaha Public Power District RB
Series B, 5.00%, 02/01/21		155		159,827
Series C, 5.00%, 02/01/21		100		103,114
University of Nebraska Facilities Corp. RB, Series A, 5.00%, 07/15/21		200		209,864
University of Nebraska RB
5.00%, 07/01/21		70		73,516
Series A, 5.00%, 07/01/21		65		68,265

				2,359,212

Nevada — 1.4%
City of Las Vegas NV GOL, Series A, 5.00%, 06/01/21		130		135,732
Clark County School District GOL
Series A, 5.00%, 06/15/21		360		374,678
Series B, 5.00%, 06/15/21		200		208,154
Series D, 5.00%, 06/15/21		65		67,650
County of Clark Department of Aviation RB 5.00%, 07/01/21		135		140,069


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Nevada (continued)
Series A, 5.00%, 07/01/21	$	175	$	180,814
Series B, 5.00%, 07/01/21		100		103,755
Series C, 5.00%, 07/01/21		145		150,445
County of Clark NV GOL
5.00%, 06/01/21		120		125,317
5.00%, 11/01/21		385		408,631
County of Clark NV RB
5.00%, 07/01/21		655		685,870
Series A, 5.00%, 07/01/21		500		523,565
Las Vegas Valley Water District GOL, Series B, 5.00%, 12/01/21		100		106,283
Nevada System of Higher Education RB
4.00%, 07/01/21		75		77,646
Series A, 4.00%, 07/01/21		50		51,764
Series A, 5.00%, 07/01/21		100		104,677
State of Nevada GOL
Series A, 5.00%, 04/01/21		205		212,679
Series A, 5.00%, 08/01/21		100		105,114
Series B, 5.00%, 11/01/21		245		260,038
Series D, 5.00%, 06/01/21		40		41,772
Series E, 5.00%, 06/01/21		115		120,096
State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/21		70		74,512

				4,259,261

New Hampshire — 0.1%
New Hampshire Health and Education Facilities Authority Act RB, 5.00%, 07/01/21		100		104,701
New Hampshire Municipal Bond Bank RB
Series A, 5.00%, 08/15/21		70		73,645
Series D, 5.00%, 08/15/21		70		73,673
State of New Hampshire GO, Series B, 5.00%, 11/01/21		75		79,603

				331,622

New Jersey — 1.4%
County of Monmouth NJ GO, 4.00%, 03/01/21		200		205,166
New Jersey Building Authority RB
Series A, 5.00%, 06/15/21		100		101,533
Series A, 5.00%, 06/15/21 (ETM)		5		5,236
New Jersey Economic Development Authority RB
5.00%, 03/01/21 (ETM)		50		51,579
Series B, 5.00%, 11/01/21 (SAP)		440		448,994
Series DDD, 5.00%, 06/15/21		200		203,066
Series II, 5.00%, 03/01/21		25		25,895
Series KK, 5.00%, 03/01/21		20		20,716
Series NN, 5.00%, 03/01/21		235		237,677
Series UU, 5.00%, 06/15/21		230		233,526
Series XX, 5.00%, 06/15/21 (SAP)		790		802,111
New Jersey Educational Facilities Authority RB, Series 2014-A, 5.00%, 09/01/21		35		35,636
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/21 (SAP)		120		121,840
Series A-1, 5.00%, 06/15/21		100		102,939
Series AA, 5.00%, 06/15/21 (SAP)		115		116,763
Series B, 5.00%, 06/15/21		135		137,069
New Jersey Turnpike Authority RB
Series B, 5.00%, 01/01/21		125		128,187
Series C, 5.00%, 01/01/21		370		379,435
State of New Jersey GO
5.00%, 06/01/21		245		255,317


Security	Par (000)		Value

New Jersey (continued)
5.25%, 08/01/21	$	160	$	168,266
Series T, 5.00%, 06/01/21		195		203,211

				3,984,162

New Mexico — 0.8%
Albuquerque Municipal School District No. 12 GO, 5.00%, 08/01/21		100		105,063
New Mexico Finance Authority RB
Series A, 5.00%, 06/15/21		350		366,048
Series B, 5.00%, 06/15/21		535		559,556
Series C, 5.00%, 06/01/21		100		104,398
State of New Mexico GO, 5.00%, 03/01/21, (ETM)		260		268,804
State of New Mexico Severance Tax Permanent Fund RB
Series A, 5.00%, 07/01/21		620		649,438
Series B, 4.00%, 07/01/21		230		238,278
Series B, 5.00%, 07/01/21		80		83,770
University of New Mexico (The) RB, Series A, 5.00%, 06/01/21		100		104,376

				2,479,731

New York — 7.7%
City of New York NY GO
5.00%, 08/01/21		245		255,814
Series 1, 5.00%, 08/01/21		50		52,207
Series A, 5.00%, 08/01/21		50		52,207
Series A-1, 4.00%, 08/01/21		200		206,376
Series A-1, 4.00%, 10/01/21		645		668,297
Series A-1, 5.00%, 08/01/21		385		401,994
Series B, 5.00%, 08/01/21		345		360,228
Series C, 5.00%, 08/01/21		850		887,519
Series D, 5.00%, 08/01/21		210		219,269
Series D-1, 5.00%, 08/01/21		35		36,545
Series E, 4.00%, 08/01/21		25		25,797
Series E, 5.00%, 08/01/21		335		349,787
Series F, 5.00%, 08/01/21		200		208,828
Series G, 5.00%, 08/01/21		140		146,180
Series H, 5.00%, 08/01/21		345		360,228
Series I, 5.00%, 03/01/21		45		46,323
Series I, 5.00%, 03/01/21 (ETM)		15		15,535
Series I, 5.00%, 08/01/21		315		328,904
Series J, 5.00%, 08/01/21		715		746,560
County of Nassau NY GOL
Series A, 5.00%, 01/01/21		35		35,921
Series A, 5.00%, 04/01/21		50		51,813
Series C, 5.00%, 10/01/21		150		158,412
Long Island Power Authority RB
5.00%, 09/01/21		100		104,924
Series A, 0.00%, 06/01/21 (AGM)^(a)		90		88,796
Series A, 5.00%, 05/01/21		150		155,541
Series B, 5.00%, 09/01/21		205		215,094
Metropolitan Transportation Authority RB
Series A, 5.00%, 11/15/21		30		31,153
Series A-1, 4.00%, 11/15/21 (ETM)		50		52,539
Series A-1, 5.00%, 11/15/21		110		110,127
Series B, 5.00%, 11/15/21		290		290,334
Series B, 5.25%, 11/15/21 (NPFGC)		250		251,197
Series B, 5.25%, 11/15/21 (NPFGC FGIC)		100		100,479
Series B-2, 5.00%, 11/15/21		210		210,241
Series B-4, 5.00%, 11/15/21		195		202,672
Series C, 5.00%, 11/15/21		280		280,323
Series C-1, 5.00%, 11/15/21		120		120,138
Series D, 5.00%, 11/15/21		255		255,293


SCHEDULES OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
Series E, 5.00%, 11/15/21	$	180	$	180,208
Series F, 4.00%, 11/15/21		25		24,665
Series F, 5.00%, 11/15/21		335		335,385
Nassau County Interim Finance Authority RB, Series A, 5.00%, 11/15/21		50		53,149
Nassau County Sewer &Storm Water Finance Authority RB, Series A, 5.00%, 10/01/21		40		42,319
New York City Transitional Finance Authority Building Aid Revenue RB
5.00%, 07/15/21 (ETM SAW)		140		147,027
Series S-1, 5.00%, 07/15/21 (ETM SAW)		480		505,094
Series S-1, 5.00%, 07/15/21 (SAW)		100		105,104
New York City Transitional Finance Authority Future Tax Secured Revenue RB
Series A, 5.00%, 11/01/21		110		116,804
Series A-1, 5.00%, 11/01/21		475		504,379
Series B, 5.00%, 11/01/21		100		106,185
Series B-1, 5.00%, 11/01/21		100		106,185
Series C, 5.00%, 11/01/21		840		891,954
Series C-1, 5.00%, 05/01/21		250		260,300
Series E, 5.00%, 11/01/21		150		159,277
Series F-1, 5.00%, 05/01/21		165		171,798
Series I, 5.00%, 05/01/21		95		98,914
New York City Water &Sewer System RB
Series DD, 5.00%, 06/15/21		125		130,738
Series EE, 4.00%, 06/15/21		80		82,787
Series FF, 5.00%, 06/15/21		150		156,885
New York Convention Center Development Corp. RB, 5.00%, 11/15/21		200		207,460
New York Municipal Bond Bank Agency RB, Series A, 5.00%, 12/01/21 (SAW)		110		117,126
New York State Dormitory Authority RB
0.00%, 08/01/21^(a)		80		78,986
4.00%, 05/15/21		90		92,884
5.00%, 08/15/21 (SAP)		150		157,180
Series A, 4.00%, 03/15/21		100		102,442
Series A, 5.00%, 02/15/21		205		211,439
Series A, 5.00%, 03/15/21		1,565		1,616,628
Series A, 5.00%, 07/01/21		260		272,171
Series A, 5.00%, 10/01/21 (AGM)		75		79,348
Series A, 5.00%, 10/01/21 (SAW)		215		227,464
Series A, 5.50%, 05/15/21 (AMBAC NPFGC)		100		104,369
Series B, 4.00%, 10/01/21 (SAW)		225		234,900
Series B, 5.00%, 03/15/21		800		826,392
Series B, 5.00%, 07/01/21		110		115,249
Series C, 5.00%, 03/15/21		200		206,598
Series D, 5.00%, 02/15/21		325		335,208
Series D, 5.00%, 08/15/21		70		73,415
Series D, 5.00%, 10/01/21 (BAM SAW)		225		238,205
Series E, 4.00%, 03/15/21		100		102,442
Series E, 5.00%, 03/15/21		260		268,577
Series E, 5.00%, 08/15/21		210		220,244
Series F, 5.00%, 10/01/21 (BAM SAW)		45		47,641
New York State Environmental Facilities Corp. RB
Series A, 5.00%, 02/15/21		25		25,805
Series A, 5.00%, 06/15/21		520		543,868
Series B, 5.00%, 06/15/21		100		104,590
Series B, 5.00%, 11/15/21		25		26,574
Series E, 5.00%, 05/15/21		95		99,037


Security	Par (000)		Value

New York (continued)
New York State Thruway Authority Highway & Bridge Trust Fund RB
Series A, 5.00%, 04/01/21	$	190	$	197,083
Series A-1, 5.00%, 04/01/21		130		134,846
New York State Thruway Authority RB
5.00%, 01/01/21		130		133,254
Series A, 4.00%, 01/01/21		70		71,294
Series A, 5.00%, 03/15/21		180		186,255
Series I, 5.00%, 01/01/21		200		205,006
New York State Urban Development Corp. RB
Series A, 5.00%, 03/15/21		385		398,379
Series A-1, 5.00%, 03/15/21		170		175,907
Series A-2, 5.50%, 03/15/21 (NPFGC)		135		140,270
Series D, 5.00%, 03/15/21		350		362,162
Series E, 5.00%, 03/15/21		70		72,433
Port Authority of New York & New Jersey RB
5.00%, 10/15/21		130		136,374
Series 173, 4.00%, 12/01/21		30		31,134
Series 175, 5.00%, 12/01/21		55		57,932
Series 189, 5.00%, 05/01/21		110		113,709
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/21		165		174,852
Triborough Bridge & Tunnel Authority RB
5.50%, 11/15/21 (NPFGC)		100		106,580
Series A, 4.00%, 11/15/21		65		67,802
Series A, 5.00%, 01/01/21		145		148,795
Series A, 5.00%, 11/15/21		80		84,848
Series B, 4.00%, 11/15/21		210		219,544
Series B, 5.00%, 11/15/21		320		339,392
Series C, 5.00%, 11/15/21		175		185,605

				22,742,450

North Carolina — 3.1%
City of Asheville NC Water System Revenue RB, 4.00%, 08/01/21		50		51,960
City of Charlotte NC COP, Series A, 5.00%, 12/01/21		495		527,066
City of Charlotte NC GO, 5.00%, 12/01/21		285		303,787
City of Charlotte NC Water & Sewer System Revenue RB
5.00%, 07/01/21		355		372,239
5.00%, 12/01/21		50		53,296
City of Durham NC GO, Series C, 5.00%, 07/01/21		50		52,404
City of Raleigh NC Combined Enterprise System Revenue RB, 5.00%, 03/01/21		40		41,372
City of Raleigh NC GO
Series A, 4.00%, 09/01/21		50		52,090
Series B, 5.00%, 04/01/21		50		51,887
City of Raleigh NC RB, Series A, 5.00%, 10/01/21		40		42,336
County of Buncombe NC RB
5.00%, 06/01/21		65		67,902
Series A, 5.00%, 06/01/21		85		88,794
County of Cabarrus NC GO, 5.00%, 03/01/21		75		77,572
County of Durham NC GO, 5.00%, 10/01/21		160		169,344
County of Forsyth NC GO
4.00%, 12/01/21		10		10,497
5.00%, 07/01/21		50		52,404
County of Guilford NC GO, Series D, 5.00%, 08/01/21		250		262,880
County of Mecklenburg NC GO
Series A, 5.00%, 04/01/21		100		103,774
Series A, 5.00%, 09/01/21		200		210,992
Series A, 5.00%, 12/01/21		550		585,898
County of Mecklenburg NC RB, Series A, 5.00%, 10/01/21		270		285,768


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

North Carolina (continued)
County of New Hanover NC GO
5.00%, 02/01/21	$	200	$	206,166
5.00%, 08/01/21		300		315,456
County of Wake NC GO
Series A, 5.00%, 05/01/21		215		223,858
Series C, 5.00%, 03/01/21		535		553,345
County of Wake NC RB, Series A, 5.00%, 12/01/21		75		79,895
North Carolina Eastern Municipal Power Agency RB
Series A, 5.00%, 01/01/21 (ETM)		745		765,294
Series B, 5.00%, 01/01/21 (ETM)		435		447,289
North Carolina State University at Raleigh RB, Series A, 5.00%, 10/01/21		100		105,710
State of North Carolina GO
5.00%, 06/01/21		430		449,242
Series A, 5.00%, 06/01/21		225		235,069
Series C, 4.00%, 05/01/21		490		505,406
Series C, 5.00%, 05/01/21		120		124,956
State of North Carolina RB
5.00%, 03/01/21		390		402,745
Series B, 5.00%, 06/01/21		400		417,900
Series C, 5.00%, 05/01/29 (PR 05/01/21)		750		781,890
University of North Carolina at Chapel Hill RB, 0.00%, 08/01/21^(a)		55		54,316
University of North Carolina at Greensboro RB, 5.00%, 04/01/21		80		82,982

				9,215,781

Ohio — 4.4%
American Municipal Power Inc. RB, Series A, 5.00%, 02/15/21		185		190,766
City of Columbus OH GO
Series 1, 5.00%, 07/01/21		385		403,372
Series 2012-3, 5.00%, 08/15/21		225		236,864
Series A, 4.00%, 08/15/21		115		119,602
Series A, 5.00%, 02/15/21		110		113,542
Series A, 5.00%, 08/15/21		305		321,083
City of Columbus OH GOL
Series 2012-4, 4.00%, 08/15/21		20		20,800
Series B, 5.00%, 08/15/21		70		73,691
Cleveland Department of Public Utilities Division of Water RB, Series Y, 5.00%, 01/01/21		70		71,893
Cleveland State University RB, 5.00%, 06/01/21		55		57,346
Columbus City School District GO, Series A, 5.00%, 12/01/21		105		111,564
County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/21		250		261,077
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/21		505		536,482
JobsOhio Beverage System RB, Series A, 5.00%, 01/01/21		150		154,026
Miami University/Oxford OH RB, 5.00%, 09/01/21		265		277,725
Northeast Ohio Regional Sewer District RB, 5.00%, 11/15/21		70		74,408
Ohio Higher Educational Facility Commission RB, 5.00%, 01/01/21		100		102,503
Ohio State Building Authority RB
5.00%, 10/01/21		180		190,435
Series A, 5.00%, 10/01/21		25		26,449
Ohio State University (The) RB
Series A, 5.00%, 06/01/21		50		52,216
Series D, 5.00%, 12/01/21		75		79,859
Ohio Turnpike & Infrastructure Commission RB, Series A, 5.50%, 02/15/21 (NPFGC)		105		108,704


Security	Par (000)		Value

Ohio (continued)
Ohio Water Development Authority RB
Series A, 5.00%, 06/01/21	$	305	$	318,515
Series C, 5.00%, 06/01/21		200		208,862
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 06/01/21		25		26,108
5.00%, 12/01/21		640		681,459
5.50%, 06/01/21		250		262,412
Series B, 5.00%, 12/01/21		150		159,717
State of Ohio GO
5.00%, 09/01/21		150		158,327
Series A, 5.00%, 03/01/21		100		103,462
Series A, 5.00%, 05/01/21		130		135,409
Series A, 5.00%, 08/01/21		85		89,423
Series A, 5.00%, 09/01/21		50		52,776
Series A, 5.00%, 09/15/21		635		671,278
Series A, 5.00%, 02/01/29 (PR 08/01/21)		4,680		4,931,924
Series B, 5.00%, 08/01/21		525		552,316
Series C, 5.00%, 09/15/21		165		174,426
Series R, 5.00%, 05/01/21		20		20,818
Series T, 5.00%, 11/01/21		200		212,276
State of Ohio RB
5.00%, 10/01/21		60		63,391
Series A, 5.00%, 04/01/21		250		259,133
Series A, 5.00%, 10/01/21		210		221,869
Series B, 5.00%, 04/01/21		180		186,575

				13,074,883

Oklahoma — 0.8%
City of Oklahoma City OK GO, 5.00%, 03/01/21		515		532,526
Grand River Dam Authority RB, Series A, 5.00%, 06/01/21		495		516,607
Oklahoma Capital Improvement Authority RB
5.00%, 10/01/21		160		169,158
Series B, 5.00%, 07/01/21		315		329,846
Series C, 5.00%, 07/01/21		70		73,299
Oklahoma City Water Utilities Trust RB, 5.00%, 07/01/21		160		167,635
Oklahoma Development Finance Authority RB, Series A, 5.00%, 08/15/21		45		46,784
Oklahoma Turnpike Authority RB, Series A, 4.00%, 01/01/21		320		326,579
Oklahoma Water Resources Board RB, Series A, 5.00%, 04/01/21		145		150,432
University of Oklahoma (The) RB, Series C, 5.00%, 07/01/21		150		156,943

				2,469,809

Oregon — 2.3%
City of Portland OR Sewer System Revenue RB
Series A, 5.00%, 05/01/21		150		156,104
Series A, 5.00%, 06/01/21		490		511,712
Series A, 5.00%, 08/01/21		245		257,466
Series A, 5.00%, 10/01/21		60		63,478
Series B, 5.00%, 10/01/21		100		105,768
City of Portland OR Water System Revenue RB, Series A, 4.00%, 10/01/21		100		104,400
Clackamas County School District No. 12 North Clackamas GO, 5.00%, 06/15/21 (GTD)		150		156,851
County of Multnomah OR GOL, 5.00%, 06/01/21		500		522,155
County of Washington OR GOL, 5.00%, 03/01/21		300		310,209
Lane Community College GO, 4.00%, 06/15/21 (GTD)		65		67,280
Marion & Clackamas Counties School District No. 4J Silver Falls/OR GO, 4.00%, 06/15/21 (GTD)		75		77,460
Metro/OR GO, Series A, 5.00%, 06/01/21		200		208,862


SCHEDULES OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oregon (continued)
Oregon Health & Science University RB, Series A, 5.00%, 07/01/21	$	320	$	335,082
Oregon State Facilities Authority RB, Series A, 5.00%, 11/15/21		65		68,949
Oregon State Lottery RB
Series B, 5.00%, 04/01/21		190		197,083
Series C, 4.00%, 04/01/21		160		164,520
Series D, 5.00%, 04/01/21 (MO)		95		98,542
Portland Community College District GO, 5.00%, 06/15/21		20		20,918
Salem-Keizer School District No. 24J GO, Series B, 0.00%, 06/15/21 (GTD)^(a)		100		98,862
State of Oregon Department of Transportation RB
5.00%, 11/15/21		125		132,871
Series A, 5.00%, 11/15/21		170		180,705
Series C, 5.00%, 11/15/21		400		425,188
State of Oregon GO
Series C, 5.00%, 06/01/21		200		208,862
Series D, 5.00%, 06/01/21		540		563,927
Series F, 5.00%, 05/01/21		340		353,903
Series H, 5.00%, 05/01/21		350		364,311
Series J, 5.00%, 05/01/21		80		83,271
Tri-County Metropolitan Transportation District of Oregon RB, Series A, 5.00%, 10/01/21		150		158,478
Washington & Multnomah Counties School District No. 48J Beaverton GO
5.00%, 06/15/21 (GTD)		435		454,866
Series B, 4.00%, 06/15/21 (GTD)		125		129,326
Washington County Clean Water Services RB, Series A, 5.00%, 10/01/21		55		58,188

				6,639,597

Pennsylvania — 2.0%
City of Philadelphia PA GO, Series A, 5.00%, 08/01/21		125		130,898
City of Philadelphia PA Water & Wastewater Revenue RB, Series B, 5.00%, 07/01/21		200		208,358
Commonwealth of Pennsylvania GO
5.00%, 01/01/21		150		154,026
5.00%, 07/15/21		120		125,844
5.00%, 09/15/21		65		68,604
First Series, 5.00%, 04/01/21		40		41,480
First Series, 5.00%, 06/01/21		225		234,846
First Series, 5.00%, 06/15/21		200		209,066
First Series, 5.00%, 07/01/21		425		445,030
First Series, 5.00%, 08/15/21		125		131,509
First Series, 5.00%, 11/15/21		475		504,535
First Series, 5.00%, 11/15/24 (PR 11/15/21)		100		106,630
Second Series, 5.00%, 01/15/21		400		411,368
Second Series, 5.00%, 07/01/21		75		78,535
Second Series, 5.00%, 09/15/21		200		211,088
Second Series, 5.00%, 10/15/21		60		63,529
Series D, 5.00%, 08/15/21		100		105,207
Series T, 5.00%, 07/01/21		180		188,483
County of Chester PA GO, 5.00%, 11/15/21		30		31,889
Delaware County Authority RB, 5.00%, 08/01/21		160		168,120
Delaware River Port Authority RB, Series B, 5.00%, 01/01/21		130		133,245
Pennsylvania Higher Educational Facilities Authority RB
Series A, 5.00%, 05/01/21 (ETM)		15		15,638
Series A, 5.25%, 05/01/41 (PR 05/01/21)		1,000		1,044,990
Series AN, 5.00%, 06/15/21		25		25,963
Pennsylvania Turnpike Commission RB 0.00%, 12/01/21^(a)		20		19,616


Security	Par (000)		Value

Pennsylvania (continued)
Series A, 5.00%, 12/01/21	$	320	$	340,883
Series A, 5.25%, 07/15/21 (AGM)		100		105,229
Series B, 5.00%, 12/01/23 (PR 12/01/21)		450		480,694
Township of Cranberry PA GO, 5.00%, 03/01/21		175		180,955

				5,966,258

Rhode Island — 0.7%
Rhode Island Commerce Corp RB, Series A, 5.00%, 06/15/21		255		266,034
Rhode Island Health & Educational Building Corp. RB, 5.00%, 09/01/21		660		696,003
Rhode Island Infrastructure Bank RB, Series B, 5.00%, 10/01/21		115		121,649
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB
Series B, 4.00%, 10/01/21		145		151,358
Series C, 5.00%, 10/01/21		180		190,435
State of Rhode Island GO
Series A, 5.00%, 05/01/21		100		104,100
Series D, 5.00%, 08/01/21		400		420,504

				1,950,083

South Carolina — 0.8%
Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/21		145		153,993
City of Columbia SC Waterworks & Sewer System Revenue RB, 4.50%, 02/01/21		75		77,019
County of Charleston SC GO, Series A, 5.00%, 11/01/21		155		164,514
Horry County School District/SC GO, 5.00%, 03/01/21		230		237,808
SCAGO Educational Facilities Corp. for Picknes School District RB, 5.00%, 12/01/21		65		68,947
South Carolina Public Service Authority RB
Series B, 4.00%, 12/01/21		55		57,847
Series B, 5.00%, 12/01/21		165		174,486
Series B, 5.00%, 12/01/21 (ETM)		40		42,663
South Carolina Transportation Infrastructure Bank RB
Series A, 5.00%, 10/01/21		440		462,576
Series B, 5.00%, 10/01/21		300		315,393
State of South Carolina GO
Series A, 4.00%, 06/01/21		290		299,753
Series A, 5.00%, 07/01/21 (SAW)		300		314,316

				2,369,315

Tennessee — 1.9%
City of Clarksville TN Water Sewer & Gas Revenue RB, 5.00%, 02/01/21		25		25,761
City of Johnson City TN GO, Series A, 5.00%, 06/01/21		200		208,818
City of Memphis TN GO, 5.00%, 06/01/21		500		521,825
County of Montgomery TN GO, 5.00%, 04/01/21		175		181,555
County of Shelby TN GO
Series A, 4.00%, 03/01/21		120		123,130
Series A, 5.00%, 03/01/21		200		206,858
Series A, 5.00%, 04/01/21		250		259,435
County of Sumner TN GO
5.00%, 06/01/21		125		130,511
5.00%, 12/01/21		190		202,308
County of Williamson TN GO, Series A, 5.00%, 04/01/21		500		518,730
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB, Series D, 4.00%, 10/01/21		340		355,745
Metropolitan Government of Nashville & Davidson County TN GO
5.00%, 07/01/21		425		445,030


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Tennessee (continued)
Series A, 5.00%, 01/01/21	$	100	$	102,684
Series C, 5.00%, 07/01/21		270		282,725
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB, Series A, 5.25%, 01/01/21 (AGM ETM)		50		51,512
State of Tennessee GO
Series A, 5.00%, 08/01/21		830		872,446
Series A, 5.00%, 09/01/21		50		52,728
Series B, 5.00%, 08/01/21		250		262,785
Series B, 5.00%, 11/01/21		75		79,604
Tennessee State School Bond Authority RB, Series B, 5.00%, 11/01/21		770		817,263

				5,701,453

Texas — 11.4%
Allen Independent School District GO, 5.00%, 02/15/21 (PSF)		100		103,220
Austin Independent School District GO
5.00%, 08/01/21 (PSF)		195		204,972
Series A, 5.00%, 08/01/21 (PSF)		125		131,392
Series B, 5.00%, 08/01/21		50		52,557
Canadian River Municipal Water Authority Corp. RB, 5.00%, 02/15/21		220		226,998
Carrollton-Farmers Branch Independent School District GO, 5.00%, 02/15/21 (PSF)		100		103,220
Central Texas Regional Mobility Authority RB, 5.00%, 01/01/21		50		51,282
Central Texas Turnpike System RB
First Series, 0.00%, 08/15/21 (AMBAC)^(a)		375		371,231
Series A, 0.00%, 08/15/21 (AMBAC)^(a)		100		98,002
City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/21		120		127,481
City of Austin TX GOL
5.00%, 09/01/21		600		632,730
Series A, 4.00%, 09/01/21		50		52,071
City of Austin TX Water & Wastewater System Revenue RB
5.00%, 05/15/21		105		109,448
5.00%, 05/15/21 (ETM)		85		88,665
5.00%, 11/15/21		135		143,617
5.00%, 11/15/21 (ETM)		100		106,432
Series A, 5.00%, 05/15/21		165		171,976
Series A, 5.00%, 11/15/21		5		5,313
Series A, 5.00%, 11/15/21 (ETM)		20		21,278
City of Corpus Christi TX Utility System Revenue RB
5.00%, 07/15/21		155		162,358
Series C, 5.00%, 07/15/21		50		52,374
City of Dallas TX GOL, 5.00%, 02/15/21		160		165,216
City of Dallas TX Waterworks & Sewer System Revenue RB
5.00%, 10/01/21		65		68,739
Series A, 5.00%, 10/01/21		110		116,328
City of Denton TX GO, 5.00%, 02/15/21		55		56,771
City of Denton TX GOL, 5.00%, 02/15/21		125		129,025
City of El Paso TX GOL, 4.00%, 08/15/21		110		114,432
City of El Paso TX Water & Sewer Revenue RB, 5.00%, 03/01/21		75		77,552
City of Fort Worth TX Water & Sewer System Revenue RB, 5.00%, 02/15/21		80		82,563
City of Garland TX Electric Utility System Revenue RB, 5.00%, 03/01/21		85		87,785
City of Garland TX GOL, 5.00%, 02/15/21		115		118,740
City of Grand Prairie TX GOL, 5.00%, 02/15/21		180		185,697
City of Houston TX Airport System Revenue RB, Series B, 5.00%, 07/01/21		775		806,473


Security	Par (000)		Value

Texas (continued)
City of Houston TX Combined Utility System Revenue RB
Series B, 5.00%, 11/15/21	$	110	$	116,840
Series C, 5.00%, 05/15/21		180		187,553
Series D, 5.00%, 11/15/21		245		260,234
City of Houston TX GOL, Series A, 5.00%, 03/01/21		300		310,083
City of Lubbock TX GOL
4.00%, 02/15/21		420		430,634
5.00%, 02/15/21		190		196,285
City of San Antonio Texas Electric & Gas Systems Revenue RB
4.00%, 02/01/21		300		306,924
5.00%, 02/01/21		505		520,466
City of San Antonio TX Electric & Gas Systems Revenue RB, 5.00%, 02/01/21		250		257,612
City of San Marcos TX GOL, 5.00%, 08/15/21		40		42,020
Clear Creek Independent School District GO, Series A, 5.00%, 02/15/21 (PSF)		100		103,220
Clifton Higher Education Finance Corp. RB, 5.00%, 03/01/21		80		82,614
Conroe Independent School District GO, 5.00%, 02/15/21 (PSF)		40		41,288
County of Denton TX GOL, 5.00%, 07/15/21		125		130,811
County of Fort Bend TX GO, 5.00%, 03/01/21		15		15,513
County of Harris TX GOL
Series A, 5.00%, 08/15/21		55		57,857
Series A, 5.00%, 10/01/21		95		100,425
Series B, 5.00%, 10/01/21		100		105,710
County of Harris TX RB
5.00%, 08/15/21		145		152,531
Series A, 5.00%, 08/15/21		125		131,492
Cypress-Fairbanks Independent School District GO
4.00%, 02/15/21 (PSF)		120		122,933
5.00%, 02/15/21 (PSF)		50		51,610
Series A, 5.00%, 02/15/21 (PSF)		405		418,041
Series C, 5.00%, 02/15/21 (PSF)		100		103,220
Dallas Area Rapid Transit RB
Series A, 5.00%, 12/01/21		225		239,247
Series B, 4.00%, 12/01/21		140		146,681
Series B, 5.00%, 12/01/21		55		58,483
Dallas Independent School District GO, 4.00%, 08/15/21 (PSF)		70		72,801
Dallas/Fort Worth International Airport RB
Series E, 5.00%, 11/01/21		150		157,215
Series F, 5.00%, 11/01/21		180		188,658
Series G, 5.00%, 11/01/21		85		89,089
Denton Independent School District GO, Series A, 5.00%, 08/15/21 (PSF)		100		105,273
DeSoto Independent School District GO, 0.00%, 08/15/21 (PSF)^(a)		250		246,567
Edinburg Consolidated Independent School District/TX GO, 4.00%, 02/15/21 (PSF)		100		102,444
Fort Bend Independent School District GO
5.00%, 08/15/21 (PSF)		165		173,570
Series E, 5.00%, 02/15/21 (PSF)		170		175,394
Fort Worth Independent School District GO, 5.00%, 02/15/21 (PSF)		520		536,744
Frisco Independent School District GO
5.00%, 08/15/21 (PSF)		140		147,382
Series A, 4.50%, 08/15/21 (PSF)		70		73,247
Garland Independent School District GO, 5.00%, 02/15/21 (PSF)		100		103,220


SCHEDULES OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Grapevine-Colleyville Independent School District GO
5.00%, 08/15/21 (PSF)	$	55	$	57,900
Series A, 5.00%, 08/15/21		45		47,373
Harris County Cultural Education Facilities Finance Corp. RB
5.00%, 10/01/21		30		31,682
Series A, 5.00%, 11/15/21		105		111,214
Harris County Flood Control District RB, Series A, 5.25%, 10/01/21		230		244,069
Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/21		150		157,791
Houston Community College System GOL, 5.00%, 02/15/21		230		237,261
Houston Community College System RB, 5.00%, 04/15/21		100		103,684
Houston Independent School District GOL, 5.00%, 02/15/21 (PSF)		250		257,972
Katy Independent School District GO, Series A, 5.00%, 02/15/21 (PSF)		315		325,118
Keller Independent School District/TX GO, Series A, 5.00%, 08/15/21 (PSF)		285		300,028
Laredo Community College District GOL, 5.00%, 08/01/21		65		68,283
Leander Independent School District GO
0.00%, 08/15/21 (PSF)^(a)		175		172,443
Series A, 0.00%, 08/15/21 (PSF)^(a)		500		492,695
Series B, 0.00%, 08/15/21^(a)		150		147,433
Series D, 0.00%, 08/15/21 (PSF)^(a)		50		49,270
Lewisville Independent School District GO
Series A, 5.00%, 08/15/21 (PSF)		150		157,890
Series B, 4.00%, 08/15/21		285		296,369
Lone Star College System GOL
5.00%, 02/15/21		285		294,177
Series A, 5.00%, 08/15/21		145		152,646
Longview Independent School District GO, 5.00%, 02/15/21 (PSF)		70		72,254
Lower Colorado River Authority RB
5.00%, 05/15/21		350		364,021
Series A, 5.00%, 05/15/21		355		369,221
Series B, 5.00%, 05/15/21		180		187,211
Magnolia Independent School District/TX GO, 5.00%, 08/15/21		60		63,148
Manor Independent School District GO
5.00%, 08/01/21 (PSF)		5		5,256
5.00%, 08/01/21 (ETM) (PSF)		10		10,519
Metropolitan Transit Authority of Harris County RB
5.00%, 11/01/21		145		153,722
Series B, 5.00%, 11/01/21		230		243,834
Midland Independent School District GO, 5.00%, 02/15/21 (PSF)		50		51,610
North East Independent School District/TX GO, 5.25%, 02/01/21 (PSF)		115		118,732
North Texas Municipal Water District RB, 5.00%, 06/01/21		900		940,670
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/21		360		380,034
North Texas Tollway Authority RB
6.00%, 01/01/43 (PR 01/01/21)		550		568,997
Series A, 5.00%, 01/01/21		395		405,180
Series A, 5.00%, 09/01/21 (ETM)		20		21,107
Series A, 5.50%, 09/01/36 (PR 09/01/21)		820		870,799
Series D, 5.00%, 09/01/28 (PR 09/01/21)		800		844,296
Series D, 5.00%, 09/01/29 (PR 09/01/21)		155		163,582
Series D, 5.00%, 09/01/32 (PR 09/01/21)		270		284,950
Series D, 5.25%, 09/01/27 (PR 09/01/21)		1,500		1,587,990


Security	Par (000)		Value

Texas (continued)
Northside Independent School District GO
5.00%, 08/15/21 (PSF)	$	265	$	278,973
Series A, 4.00%, 08/15/21 (PSF)		40		41,601
Northwest Independent School District GO, 5.00%, 02/15/21 (PSF)		40		41,276
Pasadena Independent School District GO, 5.00%, 02/15/21 (PSF)		110		113,542
Permanent University Fund – Texas A&M University System RB, 5.00%, 07/01/21		130		136,127
Permanent University Fund – University of Texas System RB, Series A, 5.00%, 07/01/21		160		167,635
Pflugerville Independent School District GO, 5.00%, 02/15/21 (PSF)		50		51,610
Port Authority of Houston of Harris County Texas GO, Series A, 5.00%, 10/01/21		125		132,119
Richardson Independent School District GO, 4.00%, 02/15/21 (PSF)		300		307,713
San Antonio Water System RB
5.00%, 05/15/21		100		104,228
Series A, 5.00%, 05/15/21		50		52,114
Series A, 5.00%, 05/15/21 (ETM)		5		5,221
Series B, 5.00%, 05/15/21		160		166,765
Santa Fe Independent School District/TX GO, 5.00%, 02/15/21 (PSF)		345		356,109
South Texas College GOL, 5.00%, 08/15/21		70		73,673
Southwest Higher Education Authority Inc. RB, 5.00%, 10/01/21		140		148,035
Spring Branch Independent School District GO, Series B, 5.00%, 02/01/21 (PSF)		115		118,555
Spring Independent School District GO, 5.00%, 08/15/21 (PSF)		250		263,182
State of Texas GO
5.00%, 04/01/21		490		508,630
5.00%, 10/01/21		305		322,946
Series A, 5.00%, 04/01/21		500		519,010
Series A, 5.00%, 08/01/21		35		36,817
Series A, 5.00%, 10/01/21		370		391,771
Series C, 5.00%, 08/01/21		20		21,038
Series D, 5.00%, 05/15/21		200		208,624
Series G, 5.00%, 08/01/21		100		105,190
Tarrant County Cultural Education Facilities Finance Corp. RB, 5.00%, 12/01/21		90		95,743
Tarrant Regional Water District RB
5.00%, 03/01/21		120		124,084
6.00%, 09/01/21		250		266,787
Series A, 5.00%, 03/01/21		65		67,212
Texas Public Finance Authority RB, 5.00%, 02/01/21		350		360,685
Texas State University System RB
4.50%, 03/15/21		15		15,473
5.00%, 03/15/21		125		129,476
Series A, 5.00%, 03/15/21		1,000		1,035,810
Texas Transportation Commission State Highway Fund RB
5.00%, 10/01/21		585		618,655
Series A, 5.00%, 04/01/21		680		705,983
Texas Water Development Board RB
Series A, 5.00%, 04/15/21		230		238,850
Series A, 5.00%, 10/15/21		275		291,134
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/21		195		204,771
Tyler Independent School District GO, 5.00%, 02/15/21 (PSF)		150		154,830


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
University of Houston RB, Series A, 5.00%, 02/15/21	$	150	$	154,592
University of North Texas System RB, Series A, 5.00%, 04/15/21		265		275,121
University of Texas System (The) RB
Series A, 4.00%, 08/15/21		90		93,614
Series B, 4.00%, 08/15/21		80		83,212
Series B, 5.00%, 08/15/21		155		163,193
Series C, 5.00%, 08/15/21		280		294,801
Series D, 5.00%, 08/15/21		150		157,929
Series I, 5.00%, 08/15/21		260		273,744

				33,778,503

Utah — 1.1%
Central Utah Water Conservancy District GOL, Series C, 5.00%, 04/01/21		105		108,933
County of Salt Lake UT RB, Series A, 5.00%, 02/01/21		75		77,295
Intermountain Power Agency RB, Series A, 5.00%, 07/01/21		295		308,201
Metropolitan Water District of Salt Lake & Sandy RB, Series A, 4.00%, 07/01/21		100		103,622
State of Utah GO
5.00%, 07/01/21		475		498,009
Series 2011-A, 5.00%, 07/01/24 (PR 07/01/21)		860		902,682
Series A, 4.00%, 07/01/21		35		36,293
Series A, 5.00%, 07/01/22 (PR 07/01/21)		95		99,715
Series A, 5.00%, 07/01/26 (PR 07/01/21)		400		419,852
University of Utah (The) RB, Series A, 5.00%, 08/01/21		175		183,949
Utah State Building Ownership Authority RB, 5.00%, 05/15/21		415		432,634
Utah Transit Authority RB, Series A, 5.00%, 06/15/21		105		109,640

				3,280,825

Vermont — 0.2%
Vermont Municipal Bond Bank RB, Series 3, 5.00%, 12/01/21		565		601,420


Virginia — 6.2%
City of Alexandria VA GO, Series A, 5.00%, 07/15/21 (SAW)		35		36,726
City of Norfolk VA GO, 5.00%, 08/01/21 (SAW)		80		84,132
City of Norfolk VA Water Revenue RB, 5.00%, 11/01/21		150		159,254
City of Richmond VA GO, Series B, 5.00%, 07/15/21		145		152,151
City of Virginia Beach VA GO, Series B, 5.00%, 09/15/21 (SAW)		75		79,211
Commonwealth of Virginia GO, Series A, 5.00%, 06/01/21		140		146,203
County of Arlington VA GO
Series A, 4.00%, 08/01/29 (PR 08/01/21)		2,000		2,082,960
Series A, 5.00%, 08/01/21		155		163,045
Series A, 5.00%, 08/15/21		210		221,239
Series C, 5.00%, 08/15/22 (PR 02/15/21) (SAW)		1,100		1,136,828
County of Chesterfield VA GO, Series B, 5.00%, 01/01/21 (SAW)		200		205,436
County of Fairfax VA GO
Series A, 5.00%, 10/01/21 (SAW)		100		105,869
Series A, 5.00%, 10/01/25 (PR 10/01/21) (SAW)		1,250		1,326,275
Series A, 5.00%, 10/01/29 (PR 10/01/21) (SAW)		1,100		1,167,122
Series B, 5.00%, 04/01/21 (SAW)		115		119,362
Series C, 5.00%, 10/01/21 (SAW)		350		370,542
County of Fairfax VA Sewer Revenue RB, 5.00%, 07/15/24 (PR 07/15/21)		580		610,108
County of Henrico VA GO, 5.00%, 07/15/21		380		398,742
County of Loudoun VA GO
Series A, 5.00%, 12/01/21		40		42,591
Series A, 5.00%, 12/01/21 (SAW)		645		686,783
Fairfax County Economic Development Authority RB, Series A, 5.00%, 10/01/21		80		84,638


Security	Par (000)		Value

Virginia (continued)
Virginia College Building Authority RB
Series 2, 5.00%, 09/01/21	$	85	$	89,614
Series A, 5.00%, 02/01/21		705		726,467
Series A, 5.00%, 09/01/21		155		163,413
Series D, 5.00%, 02/01/21 (HERBIP)		250		257,613
Series E-1, 5.00%, 02/01/21		170		175,177
Virginia Commonwealth Transportation Board RB
5.00%, 03/15/21		100		103,563
5.00%, 05/15/21		825		860,054
5.00%, 09/15/21		340		359,091
5.00%, 05/15/25 (PR 05/15/21) (SAP)		1,175		1,227,534
5.00%, 05/15/32 (PR 05/15/21) (SAP)		1,600		1,671,536
Series B, 5.00%, 03/15/21		130		134,632
Series B, 5.00%, 09/15/21		75		79,211
Virginia Public Building Authority RB, Series B, 5.00%, 08/01/21		395		414,896
Virginia Public School Authority RB
5.00%, 01/15/21 (SAW)		125		128,598
5.00%, 08/01/21 (SAW)		200		209,909
Series A, 5.00%, 08/01/21 (SAW)		35		36,790
Series B, 4.00%, 08/01/26 (PR 08/01/21) (NPFGC)		525		546,777
Series B, 5.00%, 08/01/21 (NPFGC)		185		193,871
Series C, 5.00%, 08/01/21 (SAW)		100		104,795
Series IV, 5.00%, 04/15/21		105		109,101
Virginia Resources Authority RB
5.00%, 10/01/21		385		407,318
5.00%, 11/01/21		405		429,859
Series B, 5.00%, 10/01/21		190		201,014
Series B, 5.00%, 11/01/21		240		254,731
Series B, 5.00%, 11/01/21 (SAW)		30		31,841
Series C, 5.00%, 11/01/21		100		106,138

				18,402,760

Washington — 5.8%
Auburn School District No. 408 of King & Pierce Counties GO, Series B, 4.00%, 12/01/21 (GTD)		75		78,579
Central Puget Sound Regional Transit Authority RB
Series P-1, 5.00%, 02/01/21		165		170,049
Series S-1, 5.00%, 11/01/21		300		318,414
City of Bellevue WA GOL, 5.00%, 12/01/21		525		559,009
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 04/01/21		115		119,308
City of Seattle WA GO, 5.00%, 12/01/21		460		489,799
City of Seattle WA GOL
4.50%, 03/01/21		50		51,496
5.00%, 09/01/21		110		116,000
Series A, 5.00%, 11/01/21		425		451,086
City of Seattle WA Municipal Drainage & Wastewater Revenue RB, 5.00%, 09/01/21		70		73,818
City of Seattle WA Municipal Light & Power Revenue RB
5.00%, 09/01/21		295		311,092
Series A, 5.00%, 02/01/21		100		103,060
Series B, 5.00%, 04/01/21		300		311,238
Series C, 5.00%, 09/01/21		75		79,091
City of Seattle WA Water System Revenue RB
5.00%, 05/01/21		120		124,907
5.00%, 09/01/21		700		738,185
City of Tacoma WA Electric System Revenue RB, Series A, 5.00%, 01/01/21		250		256,710
City of Vancouver WA GOL, Series B, 5.00%, 12/01/21		245		260,393


SCHEDULES OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Washington (continued)
Clark County Public Utility District No. 1 RB, Series A, 5.00%, 01/01/21	$	205	$	210,420
County of Clark WA GOL, 5.00%, 12/01/21		50		53,239
County of King WA GO, 5.00%, 12/01/21		125		133,097
County of King WA GOL
5.00%, 01/01/21		50		51,359
5.00%, 06/01/21		80		83,545
5.00%, 07/01/21		160		167,635
5.00%, 12/01/21		60		63,887
Series B, 5.00%, 12/01/21		115		122,450
Series E, 4.00%, 06/01/21		100		103,363
County of King WA Sewer Revenue RB
Series A, 5.00%, 01/01/21		80		82,174
Series B, 4.00%, 01/01/21		150		153,094
Series B, 5.00%, 07/01/21		325		340,509
Series B, 5.00%, 01/01/31 (PR 01/01/21)		1,560		1,603,555
Series C, 5.00%, 01/01/35 (PR 01/01/21)		210		216,004
County of Pierce WA GOL, Series A, 5.00%, 08/01/21		115		120,881
County of Snohomish WA GOL, 5.00%, 12/01/21		150		159,717
Energy Northwest RB, Series A, 5.00%, 07/01/21		265		277,490
Franklin County School District No. 1 Pasco GO, 4.00%, 12/01/21 (GTD)		180		188,417
King County Public Hospital District No. 2 GO, 5.00%, 12/01/21		50		53,109
King County School District No. 405 Bellevue GO, Series A, 5.00%, 12/01/21 (GTD)		175		186,167
Lewis County Public Utility District No. 1 RB, 5.00%, 10/01/21		45		47,596
Pierce County School District No. 416 White River GO, 5.00%, 12/01/21 (GTD)		50		53,166
Pierce County School District No. 83 University Place GO, 4.00%, 12/01/21 (GTD)		100		104,772
Port of Seattle WA RB
Series A, 4.00%, 08/01/21		140		145,310
Series A, 5.00%, 08/01/21		150		157,536
Series A, 5.25%, 07/01/21 (NPFGC)		235		246,835
Series B, 5.00%, 03/01/21		165		170,518
Public Utility District No. 1 of Cowlitz County WA RB, Series A, 5.00%, 09/01/21		25		26,313
Snohomish County Public Utility District No. 1 RB, 4.00%, 12/01/21		195		204,526
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/01/21 (GTD)		180		191,398
Snohomish County School District No. 2 Everett GO
4.00%, 12/01/21 (GTD)		100		104,821
5.00%, 12/01/21 (GTD)		210		223,400
State of Washington COP
5.00%, 07/01/21		100		104,297
Series A, 5.00%, 07/01/21		455		474,552
Series B, 4.00%, 07/01/21		225		232,090
State of Washington GO
Series 03-C, 0.00%, 06/01/21 (NPFGC)^(a)		115		113,656
Series 2016A, 5.00%, 07/01/21		240		251,395
Series A, 5.00%, 07/01/21		250		261,870
Series A, 5.00%, 08/01/21		100		105,088
Series A, 5.00%, 08/01/29 (PR 08/01/21)		1,200		1,263,828
Series B, 5.00%, 07/01/21		160		167,597
Series B, 5.00%, 08/01/21		270		283,738
Series C, 0.00%, 06/01/21 (NPFGC)^(a)		200		197,662
Series C, 5.00%, 06/01/21		100		104,409
Series D, 5.00%, 07/01/21		100		104,748


Security	Par (000)		Value

Washington (continued)
Series R-2013A, 5.00%, 07/01/21	$	135	$	141,410
Series R-2015, 5.00%, 07/01/21		215		225,208
Series R-2015-E, 5.00%, 07/01/21		515		539,452
Series R-C, 5.00%, 07/01/21		255		267,107
Series B, 5.00%, 08/01/21		115		120,851
State of Washington RB
Series C, 5.00%, 09/01/21		385		406,002
Series F, 5.00%, 09/01/21		215		226,728
University of Washington RB
5.00%, 07/01/21		35		36,670
Series A, 5.00%, 04/01/21		220		228,241
Series A, 5.00%, 07/01/21		430		450,520
Series B, 5.00%, 06/01/21		25		26,108
Series C, 5.00%, 07/01/21		55		57,625
Washington State University RB, 5.00%, 04/01/21		95		98,515

				17,147,904

West Virginia — 0.4%
State of West Virginia GO
5.00%, 11/01/21		200		212,276
Series A, 5.00%, 11/01/21		385		408,631
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/21		200		210,692
West Virginia State School Building Authority Lottery RB, Series A, 5.00%, 07/01/21		175		183,206
West Virginia University RB, Series B, 5.00%, 10/01/21		25		26,508
West Virginia Water Development Authority RB, Series A, 5.00%, 07/01/21		100		104,772

				1,146,085

Wisconsin — 1.7%
City of Milwaukee WI GO
5.00%, 05/01/21		25		25,997
Series N-3, 5.00%, 05/15/21		95		98,936
Milwaukee County Metropolitan Sewer District GO, Series A, 5.25%, 10/01/21		150		159,196
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB
Series 1, 4.00%, 06/01/21 (ETM)		255		262,767
Series 1, 5.00%, 06/01/21 (ETM)		100		104,608
Series 2, 5.00%, 06/01/21 (ETM)		30		31,234
State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/21		425		443,645
State of Wisconsin GO
Series 1, 5.00%, 05/01/21		635		661,035
Series 1, 5.00%, 11/01/21		345		366,231
Series 2, 4.00%, 11/01/21		335		350,658
Series 2, 5.00%, 05/01/21		155		161,355
Series 3, 5.00%, 11/01/21		605		642,232
Series A, 5.00%, 05/01/21		205		213,405
Series B, 5.00%, 05/01/21		50		52,050
Wisconsin Department of Transportation RB
First Series, 5.00%, 07/01/21		405		424,326
Series 1, 5.00%, 07/01/21		545		571,008
Series 2, 5.00%, 07/01/21		110		115,249
Wisconsin Health & Educational Facilities Authority RB, 4.00%, 11/15/21		50		52,327


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Wisconsin (continued)
WPPI Energy RB, Series A, 5.00%, 07/01/21	$	385	$	401,455

				5,137,714


Total Municipal Debt Obligations — 98.5% (Cost: $288,969,377)				290,812,458


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Liquidity Funds: MuniCash, 0.15%^(d)(e)		489		489,459


Total Short-Term Investments — 0.2% (Cost: $489,361)				489,459


Total Investments in Securities — 98.7% (Cost: $289,458,738)				291,301,917

Other Assets, Less Liabilities — 1.3%				3,857,395


Net Assets — 100.0%			$	295,159,312

^(a)	Zero-coupon bond.

^(b)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(c)	Security is payable upon demand on each reset date.

^(d)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds: MuniCash	387	102	489	$	489,459	$	4,075	$	(22	)	$	81

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	290,812,458	$	—	$	290,812,458
Money Market Funds		489,459		—		—		489,459

	$	489,459	$	290,812,458	$	—	$	291,301,917

See notes to financial statements.


SCHEDULES OF INVESTMENTS			27

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.0%
Alabama Federal Aid Highway Finance Authority RB
4.00%, 09/01/22	$	305	$	324,471
5.00%, 09/01/22		65		70,636
5.00%, 09/01/23 (PR 09/01/22)		150		164,885
Series A, 5.00%, 09/01/22		250		271,975
Alabama Public School &College Authority RB
Series A, 5.00%, 02/01/22		90		96,151
Series B, 5.00%, 01/01/22		570		607,107
Series B, 5.00%, 05/01/22		410		441,180
City of Huntsville AL GOL, Series C, 5.00%, 11/01/22		170		186,731
City of Huntsville AL Water Revenue RB, 5.00%, 11/01/22		180		197,716
State of Alabama GO, Series A, 5.00%, 08/01/22		790		859,322

				3,220,174

Alaska — 0.1%
Municipality of Anchorage AK GO, Series B, 5.00%, 09/01/22		255		278,401


Arizona — 3.5%
Arizona Board of Regents COP
Series A, 5.00%, 06/01/22		140		149,720
Series B, 5.00%, 06/01/22		75		80,928
Series C, 5.00%, 06/01/22		140		149,720
Arizona Department of Transportation State Highway Fund Revenue RB
Series A, 5.00%, 07/01/22		745		808,258
Series A, 5.00%, 07/01/27 (PR 07/01/22)		415		452,782
Series A, 5.00%, 07/01/34 (PR 07/01/22)		1,100		1,200,144
Arizona State University RB
Series A, 5.00%, 07/01/22		265		287,324
Series B, 5.00%, 07/01/22		100		108,424
Arizona Transportation Board RB, 5.00%, 07/01/22		540		585,991
Arizona Water Infrastructure Finance Authority RB
Series A, 5.00%, 10/01/22		400		437,336
Series A, 5.00%, 10/01/22 (ETM)		125		137,371
City of Chandler AZ GOL, 4.00%, 07/01/22		120		127,820
City of Chandler AZ RB, 5.00%, 07/01/22		100		108,536
City of Mesa AZ RB, 5.00%, 07/01/22		250		270,223
City of Phoenix AZ GO, 4.00%, 07/01/22		200		212,812
City of Phoenix AZ GOL, Series C, 4.00%, 07/01/22		525		558,631
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/22		865		938,836
5.50%, 07/01/22 (NPFGC)		200		219,292
Series A, 5.00%, 07/01/22		265		287,740
Series B, 5.00%, 07/01/22		760		825,216
City of Scottsdale AZ GO, Series B, 5.00%, 07/01/22		215		233,595
City of Tempe AZ GOL
Series B, 4.50%, 07/01/22		55		59,171
Series C, 4.00%, 07/01/22		105		111,843
City of Tucson AZ Water System Revenue RB
5.00%, 07/01/22		140		151,637
Series A, 5.00%, 07/01/22		45		48,740
County of Pima AZ GOL, 4.00%, 07/01/22		145		154,289
County of Pima AZ RB, 5.00%, 07/01/22		110		119,266
Gilbert Water Resource Municipal Property Corp. RB, 5.00%, 07/01/22		105		114,081
Maricopa County Community College District GO, 5.00%, 07/01/22		425		460,326
Maricopa County High School District No. 210-Phoenix GO, Series E, 5.00%, 07/01/22		50		54,212


Security	Par (000)		Value

Arizona (continued)
Maricopa County High School District No. 210-Phoenix GOL, 5.00%, 07/01/22	$	475	$	515,014
Pima County Regional Transportation Authority RB, 5.00%, 06/01/22		100		108,226
Salt River Project Agricultural Improvement & Power District RB
5.00%, 01/01/22		50		53,366
Series A, 5.00%, 01/01/22		80		85,386
Series A, 5.00%, 12/01/22		200		220,132
Scottsdale Municipal Property Corp. RB, 5.00%, 07/01/22		330		358,542
State of Arizona COP, 5.00%, 09/01/22		370		402,523
University of Arizona (The) RB
5.00%, 06/01/22		255		275,703
Series A, 5.00%, 06/01/22		100		108,119

				11,581,275

Arkansas — 0.2%
State of Arkansas GO
3.00%, 10/01/22		150		157,105
5.00%, 10/01/22		435		476,473
University of Arkansas RB, Series A, 5.00%, 11/01/22		135		147,936

				781,514

California — 7.4%
Alameda Corridor Transportation Authority RB, Series A, 5.00%, 10/01/22		185		197,560
Alameda Unified School District-Alameda County/CA GO, Series A, 0.00%, 08/01/22 (AGM)^(a)		260		253,292
Benicia Unified School District GO, Series A, 0.00%, 08/01/22 (NPFGC)^(a)		25		24,328
Beverly Hills Unified School District CA GO, 0.00%, 08/01/22^(a)		60		58,556
Burbank Unified School District GO, Series C, 0.00%, 08/01/22 (NPFGC)^(a)		90		87,211
California Health Facilities Financing Authority RB
Series A, 5.00%, 03/01/22		175		187,691
Series A, 5.00%, 10/01/22		165		179,165
Series C, 5.00%, 08/01/31 (Put 11/01/22)^(b)(c)		355		387,181
California Infrastructure & Economic Development Bank RB
5.00%, 07/01/22		100		106,782
Series A, 5.00%, 10/01/22		290		318,307
California State Public Works Board RB
Series A, 4.00%, 04/01/22		20		21,092
Series A, 5.00%, 04/01/22		105		112,711
Series B, 5.00%, 10/01/22		410		446,420
Series C, 5.00%, 11/01/22		135		147,377
Series D, 5.00%, 09/01/22		210		228,054
Series D, 5.00%, 09/01/37 (PR 09/01/22)		200		220,042
Series F, 5.00%, 05/01/22		260		279,347
Series G, 5.00%, 11/01/22		95		103,710
Series H, 5.00%, 12/01/22		335		366,657
California State University RB
Series A, 5.00%, 11/01/22		325		356,479
Series C, 5.00%, 11/01/22 (AGM)		30		32,906
California Statewide Communities Development Authority RB
5.00%, 05/15/22		50		52,176
Series A, 5.00%, 05/15/22		100		104,351
Carlsbad Unified School District GO, 0.00%, 05/01/22 (NPFGC)^(a)		100		97,766
Chabot-Las Positas Community College District GO, 5.00%, 08/01/22		120		130,446


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
City & County of San Francisco CA COP, Series R-1, 5.00%, 09/01/22	$	75	$	81,955
City & County of San Francisco CA GO, Series R-1, 5.00%, 06/15/22		25		27,098
City of Los Angeles CA Wastewater System Revenue RB, Series C, 5.00%, 06/01/22		60		64,807
City of Los Angeles Department of Airports RB
Series B, 5.00%, 05/15/22		30		32,192
Series C, 5.00%, 05/15/22		45		48,287
City of Sacramento CA Water Revenue RB, 5.00%, 09/01/22		80		87,419
City of San Francisco CA Public Utilities Commission Water Revenue RB
4.00%, 11/01/22		25		26,757
5.00%, 11/01/22		255		279,171
City of Santa Clara CA Electric Revenue RB, Series A, 5.00%, 07/01/22		95		103,217
Corona-Norco Unified School District GO, Series C, 0.00%, 08/01/22 (AGM)^(a)		100		97,290
County of Los Angeles CA COP, 5.00%, 09/01/22		130		141,238
County of Santa Clara CA GO, Series B, 5.00%, 08/01/22		40		43,585
Dublin Unified School District GO, 5.00%, 08/01/22		200		217,596
East Bay Municipal Utility District Water System Revenue RB, Series B, 5.00%, 06/01/22		80		86,667
East Side Union High School District GO, 5.00%, 08/01/22		140		151,796
Encinitas Union School District/CA GO, 0.00%, 08/01/22^(a)		60		58,609
Evergreen School District GO, 5.00%, 09/01/22		100		108,790
Foothill-De Anza Community College District GO, 5.00%, 08/01/22		20		21,792
Fullerton School District GO, Series A, 0.00%, 08/01/22 (NPFGC)^(a)		80		77,954
Healdsburg Unified School District GO, Series A, 0.00%, 08/01/22^(a)		80		77,919
Las Virgenes Unified School District GO
0.00%, 11/01/22 (AGM)^(a)		55		53,476
Series D, 0.00%, 09/01/22 (NPFGC)^(a)		100		97,467
Los Altos Elementary School District GO, 4.00%, 08/01/22		25		26,670
Los Angeles Community College District/CA GO
Series A, 5.00%, 08/01/22		130		141,560
Series G, 4.00%, 08/01/22		100		106,680
Series G, 5.00%, 08/01/22		125		136,115
Los Angeles County Metropolitan Transportation Authority RB
Series A, 5.00%, 07/01/22		100		108,896
Series B, 5.00%, 07/01/22		45		49,003
Los Angeles County Public Works Financing Authority RB, Series D, 5.00%, 12/01/22		50		54,579
Los Angeles County Redevelopment Refunding Authority TA, Series C, 5.00%, 12/01/22		25		27,349
Los Angeles Department of Water & Power System Revenue RB
Series A, 4.00%, 07/01/22		50		53,203
Series A, 5.00%, 07/01/22		300		325,608
Series B, 5.00%, 07/01/22		180		195,365
Series C, 4.00%, 07/01/22		45		47,883
Los Angeles Unified School District/CA GO
Series A, 5.00%, 07/01/22		670		725,543
Series B, 5.00%, 07/01/22		455		492,719
Series B-1, 5.00%, 07/01/22		175		189,507
Series C, 5.00%, 07/01/22		205		221,994
Manhattan Beach Unified School District GO, Series B, 0.00%, 09/01/22 (NPFGC)^(a)		25		24,356


Security	Par (000)		Value

California (continued)
Milpitas Redevelopment Agency Successor Agency TA, 5.00%, 09/01/22	$	155	$	166,216
Monterey Peninsula Community College District GO, 0.00%, 08/01/22^(a)		110		106,757
Morgan Hill Redevelopment Agency Successor Agency TA, Series A, 5.00%, 09/01/22		50		54,637
Mount Diablo Unified School District/CA GO, Series A, 0.00%, 08/01/22 (AGM)^(a)		160		155,733
Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/22		130		140,683
New Haven Unified School District GO, 0.00%, 08/01/22 (AGM)^(a)		50		48,710
Novato Unified School District/CA GO, 4.00%, 02/01/22		80		84,204
Oxnard Financing Authority RB, 5.00%, 06/01/22		20		21,654
Poway Redevelopment Agency Successor Agency TA, Series A, 5.00%, 06/15/22		25		26,658
Poway Unified School District GO, 5.00%, 08/01/22		15		16,257
Redwood City Elementary School District/CA GO, 0.00%, 08/01/22 (NPFGC)^(a)		40		38,838
Sacramento County Sanitation Districts Financing Authority RB, Series A, 5.25%, 12/01/22 (NPFGC)		145		160,711
Sacramento Municipal Utility District RB
5.00%, 07/01/22		60		65,189
Series D, 5.00%, 08/15/22		50		54,376
San Diego County Water Authority Financing Corp. RB, 5.00%, 05/01/22		340		367,261
San Diego Regional Building Authority RB, Series A, 5.00%, 10/15/22		260		282,324
San Diego Unified School District/CA GO
Series A, 0.00%, 07/01/22 (NPFGC)^(a)		480		467,741
Series D-1, 5.50%, 07/01/22 (NPFGC)		100		109,263
Series H-2, 5.00%, 07/01/22		75		81,150
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB, Series A, 5.00%, 07/01/22		75		80,999
San Francisco City & County Airport Commission San Francisco International Airport RB
Series A, 5.00%, 05/01/22		105		112,318
Series D, 5.00%, 05/01/22		150		160,455
San Joaquin Delta Community College District GO, Series A, 5.00%, 08/01/22		50		54,248
San Jose Financing Authority RB, Series A, 5.00%, 06/01/22		50		53,631
San Juan Unified School District GO, 0.00%, 08/01/22 (AGM)^(a)		125		121,939
San Mateo County Community College District GO
4.00%, 09/01/22		30		32,094
Series A, 0.00%, 09/01/22 (NPFGC)^(a)		175		170,212
San Rafael City High School District/CA GO, Series B, 0.00%, 08/01/22 (NPFGC)^(a)		100		97,551
San Rafael Redevelopment Agency TA, 0.00%, 12/01/22 (AMBAC)^(a)		75		72,765
San Ramon Valley Unified School District/CA GO, 4.00%, 08/01/22		110		117,348
Santa Ana Unified School District GO, Series B, 0.00%, 08/01/22 (NPFGC)^(a)		40		38,700
Santa Monica Community College District GO
Series A, 5.00%, 08/01/22		100		108,496
Series E, 0.00%, 08/01/22^(a)		50		48,786
Santa Monica-Malibu Unified School District GO, 0.00%, 08/01/22 (NPFGC)^(a)		55		53,761


SCHEDULES OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
Saratoga Union School District GO, Series A, 0.00%, 09/01/22 (NPFGC)^(a)	$	170	$	165,770
Sierra Joint Community College District School Facilities District No. 2 GO, Series B, 0.00%, 08/01/22 (NPFGC)^(a)		50		48,645
Sonoma County Junior College District GO, 5.00%, 08/01/22		115		124,770
Southern California Public Power Authority RB, Series A, 5.00%, 07/01/22		40		43,325
State of California Department of Water Resources Power Supply Revenue RB
Series O, 4.00%, 05/01/22		135		143,139
Series O, 5.00%, 05/01/22		525		566,984
State of California Department of Water Resources RB
Series AM, 5.00%, 12/01/22		150		165,342
Series AS, 5.00%, 12/01/22		75		82,671
Series AW, 5.00%, 12/01/22		15		16,534
Series AX, 5.00%, 12/01/22		100		110,228
State of California GO
4.00%, 02/01/22		70		73,666
4.00%, 09/01/22		45		47,905
5.00%, 02/01/22		555		593,628
5.00%, 03/01/22		30		32,187
5.00%, 04/01/22		600		645,720
5.00%, 05/01/22		435		467,903
5.00%, 08/01/22		300		325,347
5.00%, 09/01/22		2,575		2,800,107
5.00%, 10/01/22		750		817,748
5.00%, 11/01/22		290		317,037
5.00%, 12/01/22		195		213,739
5.25%, 09/01/22		115		125,710
5.25%, 10/01/22		590		646,787
Series A, 5.00%, 09/01/22		105		114,179
Series B, 5.00%, 08/01/22		440		477,176
Series B, 5.00%, 09/01/22		1,200		1,304,904
Torrance Unified School District GO, 5.00%, 08/01/22		40		43,352
University of California RB
Series AO, 4.00%, 05/15/22		20		21,207
Series AO, 5.00%, 05/15/22		170		183,666
Series AR, 4.00%, 05/15/22		50		53,017
Series G, 5.00%, 05/15/22		40		43,174
Ventura County Community College District GO, Series C, 0.00%, 08/01/22^(a)		250		244,202
William S Hart Union High School District GO, Series B, 0.00%, 09/01/22 (AGM)^(a)		25		24,356

				24,267,509

Colorado — 1.3%
Board of Governors of Colorado State University System RB
Series A, 5.00%, 03/01/22		210		225,189
Series B, 5.00%, 03/01/22		250		268,083
City & County of Denver CO Airport System Revenue RB, Series B, 5.00%, 11/15/22		225		243,518
City & County of Denver CO GO, 0.00%, 01/29/22^(a)		20		19,634
City & County of Denver CO RB, Series A, 5.00%, 08/01/22		120		130,195
City & County of Denver Co. GO, Series A, 5.00%, 08/01/22		100		108,845
City of Colorado Springs CO Utilities System Revenue RB, Series A, 5.00%, 11/15/22		20		21,981
Denver City & County School District No. 1 GO
Series B, 4.00%, 12/01/22 (SAW)		150		161,298
Series B, 4.00%, 12/01/28 (PR 12/01/22) (SAW)		1,100		1,191,289
Series B, 5.00%, 12/01/25 (PR 12/01/22) (SAW)		225		249,401
Series B, 5.00%, 12/01/26 (PR 12/01/22) (SAW)		480		532,056


Security	Par (000)		Value

Colorado (continued)
Series B, 5.00%, 12/01/31 (PR 12/01/22) (SAW)	$	465	$	515,429
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/22 (NPFGC)^(a)		90		85,074
Summit County School District No. Re-1 Summit GO, 5.00%, 12/01/22 (SAW)		75		82,610
University of Colorado RB
Series A-1, 4.00%, 06/01/22		220		233,356
Series B, 5.00%, 06/01/22		180		194,614

				4,262,572

Connecticut — 1.6%
Connecticut State Health & Educational Facilities Authority RB
Series A-1, 5.00%, 07/01/42 (Put 07/01/22)^(b)(c)		645		697,606
Series A-2, 5.00%, 07/01/42 (Put 07/01/22)^(b)(c)		350		378,546
Series E, 5.00%, 07/01/22		150		160,967
State of Connecticut GO
5.00%, 09/15/22		135		145,080
Series A, 4.00%, 03/01/22		50		52,241
Series A, 5.00%, 10/15/22		320		344,666
Series C, 5.00%, 06/01/22		130		138,613
Series C, 5.00%, 06/15/22		90		96,065
Series D, 5.00%, 06/15/22		20		21,348
Series D, 5.00%, 08/15/22		190		203,729
Series E, 5.00%, 08/15/22		175		187,645
Series E, 5.00%, 10/15/22		670		721,644
Series F, 4.00%, 11/15/22		675		712,003
Series F, 5.00%, 11/15/22		90		97,151
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 01/01/22		225		238,075
Series A, 5.00%, 08/01/22		110		118,480
Series A, 5.00%, 09/01/22		340		367,112
Series A, 5.00%, 10/01/22		185		200,238
Series B, 5.00%, 08/01/22		135		145,407
University of Connecticut RB
Series A, 5.00%, 02/15/22		105		110,916
Series A, 5.00%, 08/15/22		125		133,741

				5,271,273

Delaware — 0.8%
Delaware River & Bay Authority RB, Series B, 5.00%, 01/01/22		170		181,125
Delaware Transportation Authority RB
5.00%, 06/01/22		170		183,619
5.00%, 07/01/22		635		687,781
State of Delaware GO
Series A, 5.00%, 10/01/22		300		328,905
Series B, 5.00%, 07/01/22		175		190,213
Series C, 5.00%, 03/01/22		750		805,672
University of Delaware RB, Series A, 5.00%, 11/01/22		105		116,160

				2,493,475

District of Columbia — 1.2%
District of Columbia GO
Series A, 5.00%, 06/01/22		1,025		1,109,983
Series B, 5.00%, 06/01/22		100		108,291
Series E, 5.00%, 06/01/22		115		124,535
District of Columbia RB
5.00%, 07/15/22		75		80,086
Series A, 4.00%, 12/01/22		195		209,841
Series A, 5.00%, 12/01/22		465		512,183
Series C, 4.00%, 12/01/22		150		161,417
Series C, 5.00%, 10/01/22		125		136,918


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

District of Columbia (continued)
Series C, 5.00%, 12/01/22	$	190	$	209,279
District of Columbia Water & Sewer Authority RB
Series A, 5.00%, 10/01/22		175		191,466
Series C, 5.00%, 10/01/22		415		454,047
Metropolitan Washington Airports Authority RB, Series C, 5.00%, 10/01/22		505		546,975
Washington Metropolitan Area Transit Authority RB, Series B, 5.00%, 07/01/22		125		135,111

				3,980,132

Florida — 5.0%
Board of Governors State University System of Florida RB, Series A, 5.00%, 07/01/22		30		32,460
Broward County FL Water &Sewer Utility Revenue RB, Series B, 5.00%, 10/01/22		265		290,400
Central Florida Expressway Authority RB, Series B, 4.00%, 07/01/22		55		57,285
City of Jacksonville FL RB
5.00%, 10/01/22		330		360,090
Series A, 4.00%, 10/01/22		50		53,383
Series A, 5.00%, 10/01/22		100		109,434
Series C, 5.00%, 10/01/22		100		109,434
City of Tallahassee FL Energy System Revenue RB, 5.00%, 10/01/22		70		76,656
City of Tampa FL RB
5.00%, 10/01/22		230		251,756
Series A, 5.00%, 10/01/22		140		153,419
Series B, 5.00%, 10/01/22		75		82,189
County of Broward FL Airport System Revenue RB
Series C, 5.00%, 10/01/22		245		264,637
Series P-2, 5.00%, 10/01/22		170		183,625
Series Q-1, 5.00%, 10/01/22		50		54,008
County of Hillsborough FL Community Investment Tax Revenue RB, 5.00%, 11/01/22		160		175,414
County of Lee FL Transportation Facilities Revenue RB, 5.00%, 10/01/22 (AGM)		100		108,585
County of Miami-Dade FL Aviation Revenue RB, Series B, 5.00%, 10/01/22		535		575,243
County of Miami-Dade FL GO, 5.00%, 07/01/22		140		150,545
County of Miami-Dade FL RB, Series A, 5.00%, 10/01/22		135		147,465
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/22		200		216,939
County of Miami-Dade FL Water & Sewer System Revenue RB
5.00%, 10/01/22		235		257,229
Series A, 4.38%, 10/01/22 (AGM)		100		108,100
Series B, 5.25%, 10/01/22 (AGM)		525		578,434
County of Orange FL Sales Tax Revenue RB, Series C, 5.00%, 01/01/22		195		208,127
County of Palm Beach FL RB
5.00%, 05/01/22		60		64,832
5.00%, 06/01/22		100		108,334
5.00%, 11/01/22		45		49,452
Series A, 5.00%, 11/01/22		50		54,947
County of Palm Beach FL Water & Sewer Revenue RB, 4.00%, 10/01/22		30		32,156
County of Pasco FL Water & Sewer Revenue RB, Series A, 5.00%, 10/01/22		80		87,647
County of Sarasota FL RB, 5.00%, 10/01/22		55		60,244
Florida Department of Environmental Protection RB, Series A, 5.00%, 07/01/22		815		885,490


Security	Par (000)		Value

Florida (continued)
Florida Department of Management Services COP, Series A, 5.00%, 08/01/22	$	295	$	321,161
Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/22		325		355,335
Florida State University Housing Facility Revenue RB, Series A, 5.00%, 05/01/22		250		269,515
Florida’s Turnpike Enterprise RB
Series A, 5.00%, 07/01/22		665		722,064
Series B, 5.00%, 07/01/22		365		396,320
Jacksonville Transportation Authority RB, 5.00%, 08/01/22		230		250,291
JEA Electric System Revenue RB, Series A, 5.00%, 10/01/22		80		86,947
JEA Water & Sewer System Revenue RB, Series A, 5.00%, 10/01/22		140		154,209
Miami-Dade County Educational Facilities Authority Revenue RB, Series B, 5.25%, 04/01/22 (AMBAC)		65		69,200
Miami-Dade County Expressway Authority RB
Series A, 5.00%, 07/01/22		45		48,081
Series B, 5.00%, 07/01/22		265		283,145
Orange County School Board COP, Series D, 5.00%, 08/01/22		290		315,111
Orlando Utilities Commission RB
Series A, 5.00%, 10/01/22		340		372,246
Series C, 4.00%, 10/01/22		175		187,444
Series C, 5.00%, 10/01/22		215		235,391
Series C, 5.25%, 10/01/22		130		143,100
Orlando-Orange County Convention Center RB, 5.00%, 10/01/22		270		295,603
Orlando-Orange County Expressway Authority RB
5.00%, 07/01/22		275		298,105
Series B, 5.00%, 07/01/22		120		130,109
Series B, 5.00%, 07/01/22 (AGM)		185		200,834
Palm Beach County School District COP
Series B, 5.00%, 08/01/22		250		271,995
Series D, 5.00%, 08/01/22		375		407,992
Reedy Creek Improvement District GOL
5.00%, 06/01/22		90		97,385
Series A, 5.00%, 06/01/22		65		70,333
Series B, 4.00%, 06/01/22		160		169,850
School Board of Miami-Dade County (The) COP
Series A, 5.00%, 05/01/22		315		338,423
Series D, 5.00%, 02/01/22		65		69,243
Series D, 5.00%, 11/01/22		160		174,462
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/22		130		139,828
School District of Broward County/FL COP
Series A, 5.00%, 07/01/22		330		358,317
Series B, 5.00%, 07/01/22		20		21,716
Series C, 5.00%, 07/01/22		250		271,452
State of Florida GO
Series A, 5.00%, 06/01/22		455		492,920
Series A, 5.00%, 07/01/22		95		103,237
Series B, 5.00%, 06/01/22		450		487,503
Series C, 5.00%, 06/01/22		550		595,837
Series E, 5.00%, 06/01/22		80		86,667
State of Florida Lottery Revenue RB
Series A, 5.00%, 07/01/22		755		820,300
Series B, 5.00%, 07/01/22		50		54,325
Volusia County School Board COP, Series A, 5.00%, 08/01/22		115		123,971

				16,237,926


SCHEDULES OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia — 2.1%
City of Atlanta GA Airport Passenger Facility Charge RB, Series F, 5.00%, 07/01/22	$	150	$	161,166
City of Atlanta GA Water & Wastewater Revenue RB 5.00%, 11/01/22		700		767,438
Series B, 5.00%, 11/01/22		150		164,451
Georgia State Road & Tollway Authority RB
Series A, 5.00%, 06/01/22		175		188,832
Series B, 5.00%, 10/01/22 (GTD)		150		164,377
Gwinnett County Development Authority COP, 5.25%, 01/01/22 (NPFGC)		85		91,086
Gwinnett County School District GO, 5.00%, 02/01/22		345		369,509
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/22		500		544,810
Metropolitan Atlanta Rapid Transit Authority RB, Series A, 5.00%, 07/01/30 (PR 07/01/22)		2,015		2,200,723
Municipal Electric Authority of Georgia RB, Series A, 5.00%, 11/01/22		135		141,299
State of Georgia GO
Series A, 5.00%, 02/01/22		100		107,104
Series A-1, 5.00%, 02/01/22		215		230,274
Series C, 4.00%, 09/01/22		405		432,787
Series C, 4.00%, 10/01/22		1,115		1,194,009
Series E, 5.00%, 12/01/22		250		275,570

				7,033,435

Hawaii — 2.8%
City & County Honolulu HI Wastewater System Revenue RB
Series A, 5.00%, 07/01/22		150		162,468
Series A, 5.00%, 07/01/25 (PR 07/01/22)		1,155		1,261,191
Series A, 5.00%, 07/01/30 (PR 07/01/22)		125		136,493
Series B, 5.00%, 07/01/22		120		129,974
City & County of Honolulu HI GO
Series A, 5.00%, 11/01/22 (ETM)		25		27,585
Series A, 5.00%, 11/01/25 (PR 11/01/22)		2,000		2,206,820
Series A, 5.00%, 11/01/33 (PR 11/01/22)		1,175		1,296,507
Series B, 5.00%, 09/01/22		50		54,540
Series B, 5.00%, 10/01/22 (ETM)		125		136,730
Series B, 5.00%, 11/01/22		225		246,793
Series C, 5.00%, 10/01/22		170		185,953
Series E, 3.00%, 09/01/22		100		104,498
County of Hawaii HI GO
Series A, 5.00%, 09/01/22		145		158,096
Series B, 5.00%, 09/01/22		170		185,354
Honolulu City & County Board of Water Supply RB, Series A, 5.00%, 07/01/22		20		21,662
State of Hawaii GO
Series EE, 4.00%, 11/01/22 (ETM)		35		37,803
Series EE, 5.00%, 11/01/23 (PR 11/01/22)		580		640,738
Series EE, 5.00%, 11/01/27 (PR 11/01/22)		115		127,043
Series EF, 5.00%, 11/01/22		220		241,309
Series EO, 5.00%, 08/01/22		150		163,163
Series EP, 5.00%, 08/01/22		150		163,163
Series EX, 3.00%, 10/01/22		150		156,960
Series EZ, 5.00%, 10/01/22		175		191,422
Series FE, 5.00%, 10/01/22		230		251,583
Series FG, 5.00%, 10/01/22		110		120,322
Series FH, 5.00%, 10/01/22		455		497,697
Series FN, 5.00%, 10/01/22		45		49,223
Series FT, 5.00%, 01/01/22		225		240,188

				9,195,278


Security	Par (000)		Value

Idaho — 0.1%
Idaho Housing & Finance Association RB
5.00%, 07/15/22	$	205	$	221,162
Series A, 5.00%, 07/15/22		150		161,826

				382,988

Illinois — 1.9%
Chicago O’Hare International Airport RB
Series 2015-B, 5.00%, 01/01/22		205		215,666
Series B, 5.00%, 01/01/22		145		152,544
Series C, 5.00%, 01/01/22		380		399,771
Series D, 5.00%, 01/01/22		275		289,308
Illinois Finance Authority RB
4.00%, 01/01/22		100		104,921
5.00%, 07/01/22		55		59,670
5.00%, 10/01/22		25		26,637
Series A, 5.00%, 10/01/22		115		125,647
Illinois State Toll Highway Authority RB
Series A, 5.00%, 12/01/22		645		700,464
Series D, 5.00%, 01/01/22		125		132,349
Metropolitan Pier & Exposition Authority RB, 5.65%, 06/15/22 (ETM NPFGC)		5		5,497
Regional Transportation Authority RB, Series A, 5.50%, 07/01/22 (NPFGC)		55		59,163
State of Illinois GO
0.00%, 08/01/22^(a)		100		96,085
4.00%, 02/01/22		55		54,207
4.00%, 09/01/22		100		97,727
5.00%, 02/01/22		610		611,263
5.00%, 05/01/22		370		369,893
Series A, 4.00%, 01/01/22		280		276,150
Series A, 5.00%, 10/01/22		535		534,337
Series A, 5.00%, 12/01/22		500		499,160
Series B, 5.00%, 09/01/22		300		299,682
Series B, 5.00%, 10/01/22		170		169,789
Series D, 5.00%, 11/01/22		800		798,864
State of Illinois RB, Series C, 5.00%, 06/15/22		100		102,692
University of Illinois RB, Series A, 5.00%, 04/01/22		105		110,867

				6,292,353

Indiana — 0.6%
Ball State University RB
5.00%, 07/01/22		45		48,690
Series R, 5.00%, 07/01/22		325		351,650
Indiana Finance Authority RB
Series A, 5.00%, 02/01/22		125		133,835
Series A, 5.00%, 06/01/22		100		108,312
Series A, 5.00%, 10/01/22		155		169,272
Series A, 5.00%, 12/01/22		210		228,615
Series B, 5.00%, 02/01/22		235		251,610
Indiana University RB
Series A, 5.00%, 06/01/22		225		243,509
Series Y, 5.00%, 08/01/22		85		92,518
Indianapolis Local Public Improvement Bond Bank RB
Series A, 5.50%, 01/01/22 (NPFGC)		25		26,824
Series E, 0.00%, 02/01/22 (AMBAC)^(a)		50		48,979
Purdue University RB, Series A, 5.00%, 07/01/22		140		151,950

				1,855,764

Iowa — 0.7%
Ankeny Community School District GO, Series A, 4.00%, 06/01/22		25		26,507
City of Cedar Rapids IA GO, Series A, 5.00%, 06/01/22		125		135,336


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Iowa (continued)
City of Des Moines IA GO
Series B, 5.00%, 06/01/22	$	205	$	221,908
Series E, 5.00%, 06/01/22		195		211,084
Des Moines Independent Community School District RB, 5.00%, 06/01/22 (BAM)		60		64,910
Iowa City Community School District RB, 5.00%, 06/01/22		120		129,638
Iowa Finance Authority RB, 5.00%, 08/01/22		405		441,580
State of Iowa Board of Regents RB, 4.00%, 09/01/22		215		227,453
State of Iowa RB, Series A, 5.00%, 06/01/22		645		698,058

				2,156,474

Kansas — 0.4%
City of Overland Park KS GO, Series A, 5.00%, 09/01/22		100		109,274
State of Kansas Department of Transportation RB
Series A, 5.00%, 09/01/22		840		915,869
Series B, 5.00%, 09/01/22		135		147,193
Series C, 5.00%, 09/01/22		100		109,032
Wyandotte County-Kansas City Unified Government Utility System Revenue RB, Series A, 5.00%, 09/01/22		125		136,048

				1,417,416

Kentucky — 0.0%
Kentucky State Property & Building Commission RB, Series B, 5.00%, 11/01/22		100		107,608


Louisiana — 0.7%
East Baton Rouge Sewerage Commission RB, Series B, 5.00%, 02/01/22		50		53,471
Louisiana Office Facilities Corp. RB, 5.00%, 11/01/22		110		120,228
Louisiana State University &Agricultural & Mechanical College RB, 5.00%, 07/01/22		20		21,546
State of Louisiana Gasoline & Fuels Tax Revenue RB
Series A-1, 4.00%, 05/01/22		70		74,020
Series A-1, 5.00%, 05/01/22		80		86,166
State of Louisiana GO
Series A, 5.00%, 08/01/22		145		157,151
Series A, 5.00%, 09/01/22		100		108,670
Series A, 5.00%, 08/01/26 (PR 08/01/22)		185		202,705
Series B, 5.00%, 08/01/22		50		54,306
Series B, 5.00%, 10/01/22		90		98,062
Series C, 4.00%, 07/15/22		140		148,487
Series C, 5.00%, 07/15/22		100		108,224
Series C, 5.00%, 07/15/25 (PR 07/15/22)		295		322,677
Series C, 5.00%, 07/15/26 (PR 07/15/22)		500		546,910
State of Louisiana RB, Series A, 5.00%, 06/15/22		50		54,021

				2,156,644

Maine — 0.5%
Maine Municipal Bond Bank RB
Series A, 5.00%, 09/01/22		435		474,076
Series A, 5.00%, 11/01/22		100		109,582
Series B, 5.00%, 11/01/22		85		93,145
Series C, 5.00%, 11/01/22		270		295,871
Series D, 5.00%, 11/01/22		160		175,331
Series D, 5.00%, 11/01/22 (ETM)		10		11,037
Maine Turnpike Authority RB, 5.00%, 07/01/22		155		167,710
State of Maine GO, Series B, 5.00%, 06/01/22		210		227,455

				1,554,207

Maryland — 3.6%
City of Baltimore MD GO, Series B, 5.00%, 10/15/22		225		246,602
City of Baltimore MD RB
Series A, 5.00%, 07/01/22		135		146,070


Security	Par (000)		Value

Maryland (continued)
Series D, 5.00%, 07/01/22	$	50	$	54,112
County of Anne Arundel MD GOL, 5.00%, 04/01/22		130		140,138
County of Baltimore MD COP, 5.00%, 10/01/22		60		65,585
County of Baltimore MD GO
5.00%, 02/01/22		225		241,024
Series B, 5.00%, 08/01/22		305		332,121
Series C, 4.00%, 09/01/22		165		176,398
County of Baltimore MD RB, Series B, 5.00%, 07/01/22		190		205,580
County of Charles MD GO
5.00%, 03/01/22		150		161,190
5.00%, 10/01/22		500		547,925
County of Frederick MD GO, Series A, 5.00%, 08/01/22		200		217,924
County of Howard MD GO, Series A, 5.00%, 02/15/22		350		375,480
County of Montgomery MD GO
Series A, 5.00%, 11/01/22		110		120,883
Series A, 5.00%, 12/01/22		230		253,462
Series B, 5.00%, 12/01/22		120		132,241
Series C, 5.00%, 10/01/22		500		547,925
County of Prince George’s MD COP, 5.00%, 10/15/22		75		81,725
County of Prince George’s MD GOL, Series C, 5.00%, 08/01/22		530		577,499
Maryland Health & Higher Educational Facilities Authority RB, Series A, 5.00%, 07/01/22		195		207,539
Maryland State Transportation Authority RB, 5.00%, 07/01/22		160		173,299
State of Maryland Department of Transportation RB
5.00%, 04/01/22		60		64,406
5.00%, 09/01/22		500		545,160
5.00%, 10/01/22		250		273,335
State of Maryland GO
First Series A, 5.00%, 03/01/24 (PR 03/01/22)		1,300		1,401,426
First Series C, 4.00%, 08/15/22		210		224,547
Series A, 5.00%, 03/01/22		150		161,162
Series B, 5.00%, 08/01/22		2,115		2,306,027
Series C, 5.00%, 08/01/22		660		719,611
Washington Suburban Sanitary Commission GO, 5.00%, 06/01/22		1,030		1,115,840

				11,816,236

Massachusetts — 3.7%
Boston Water & Sewer Commission RB, Series A, 4.25%, 11/01/22		440		474,298
City of Boston MA GO
Series A, 5.00%, 03/01/22		425		456,467
Series B, 5.00%, 04/01/22		250		269,250
Commonwealth of Massachusetts GO, Series C, 5.50%, 12/01/22 (AMBAC)		280		311,657
Commonwealth of Massachusetts GOL
Series A, 5.00%, 05/01/22		60		64,736
Series A, 5.00%, 07/01/22		410		444,907
Series B, 5.00%, 08/01/22		270		293,819
Series B, 5.25%, 08/01/22		210		229,685
Series C, 5.00%, 04/01/22		290		312,559
Series C, 5.00%, 07/01/22		100		108,514
Series C, 5.00%, 08/01/22		215		233,967
Series C, 5.00%, 10/01/22		275		300,944
Series C, 5.00%, 07/01/24 (PR 07/01/22)		260		283,964
Series E, 5.00%, 09/01/22		105		114,584
Series E, 5.00%, 09/01/25 (PR 09/01/22)		390		428,700
Series E, 5.00%, 09/01/28 (PR 09/01/22)		1,285		1,412,511
Series F, 5.00%, 11/01/23 (PR 11/01/22)		570		630,585
Series F, 5.00%, 11/01/25 (PR 11/01/22)		100		110,629


SCHEDULES OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Massachusetts (continued)
Series F, 5.00%, 11/01/26 (PR 11/01/22)	$	200	$	221,258
Series H, 5.00%, 12/01/22		1,215		1,336,974
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/22		105
		105		113,525
Massachusetts Bay Transportation Authority RB
Series A, 0.00%, 07/01/22^(a)		100		97,259
Series A, 5.00%, 07/01/22		1,035		1,122,881
Series A, 5.25%, 07/01/22		80		87,219
Series B, 5.25%, 07/01/22		450		490,608
Massachusetts Clean Water Trust (The) RB
5.00%, 08/01/22		135		146,941
Series 12B, 5.00%, 08/01/22		500		544,225
Massachusetts Department of Transportation RB, Series C, 0.00%, 01/01/22 (NPFGC)^(a)		25		24,416
Massachusetts Development Finance Agency RB
5.00%, 07/01/22		100		107,311
Series A, 5.00%, 07/15/22		200		217,864
Massachusetts Port Authority RB, Series B, 4.00%, 07/01/22		20		21,193
Massachusetts School Building Authority RB
Series A, 5.00%, 08/15/22		740		804,758
Series A, 5.00%, 08/15/22 (ETM)		45		49,273
University of Massachusetts Building Authority RB
Series 1, 5.00%, 11/01/22		50		54,727
Series 2, 5.00%, 11/01/22		160		175,125

				12,097,333

Michigan — 1.7%
Michigan Finance Authority RB
4.00%, 10/01/22		275		294,827
5.00%, 08/01/22		80		85,526
5.00%, 10/01/22		75		82,189
Series B, 5.00%, 10/01/22		455		498,612
Michigan State Building Authority RB
Series A, 5.00%, 10/15/22		830		909,265
Series I, 5.00%, 04/15/22		145		156,361
Michigan State Hospital Finance Authority RB, Series 200, 4.00%, 11/01/22		250		264,780
Michigan State University RB, Series A, 5.00%, 08/15/22		270		293,949
State of Michigan Comprehensive Transportation Revenue RB, 5.25%, 05/15/22 (AGM)		130		140,257
State of Michigan GO
Series A, 5.00%, 12/01/22		470		516,807
Series B, 5.00%, 11/01/22		710		780,432
State of Michigan RB, 5.00%, 03/15/22		230		245,750
State of Michigan Trunk Line Revenue RB, 5.00%, 11/15/22		1,015		1,110,187
University of Michigan RB, Series A, 5.00%, 04/01/22		130		139,676

				5,518,618

Minnesota — 1.2%
County of Hennepin MN GO, Series B, 5.00%, 12/01/22		105		115,711
Metropolitan Council GO
Series A, 5.00%, 03/01/22		235		252,265
Series B, 5.00%, 09/01/22		125		136,531
Series C, 5.00%, 03/01/22		75		80,510
Series E, 5.00%, 09/01/22		100		109,225
Series I, 4.00%, 03/01/22		400		422,392
Minneapolis-St Paul Metropolitan Airports Commission RB, Series B, 5.00%, 01/01/22		300		315,861
Minnesota Municipal Power Agency RB, Series A, 5.00%, 10/01/22		40		43,673


Security	Par (000)		Value

Minnesota (continued)
Minnesota Public Facilities Authority RB, Series A, 5.00%, 03/01/22	$	165	$	177,372
Southern Minnesota Municipal Power Agency RB
Series A, 0.00%, 01/01/22 (NPFGC)^(a)		50		48,880
Series A, 5.00%, 01/01/22		45		47,922
State of Minnesota GO
Series A, 5.00%, 08/01/22		360		392,177
Series B, 5.00%, 08/01/22		920		1,002,229
Series D, 5.00%, 10/01/22		160		175,294
Series F, 5.00%, 10/01/22		440		482,060
State of Minnesota RB, Series A, 5.00%, 06/01/22		135		144,516
Western Minnesota Municipal Power Agency RB, Series A, 5.00%, 01/01/22		115		122,625

				4,069,243

Mississippi — 0.3%
Mississippi Development Bank SO, 5.00%, 01/01/22		75		79,869
State of Mississippi GO
Series C, 5.00%, 10/01/22		70		76,534
Series F, 4.00%, 11/01/22		260		277,545
Series F, 5.25%, 10/01/22		100		109,926
Series H, 5.00%, 12/01/22		300		329,796

				873,670

Missouri — 0.8%
Health & Educational Facilities Authority of the State of Missouri RB, Series A, 5.00%, 11/15/22		75		80,573
Metropolitan St. Louis Sewer District RB, Series B, 5.00%, 05/01/22		80		86,382
Missouri Highway & Transportation Commission RB
Series A, 5.00%, 05/01/22		330		355,846
Series B, 5.00%, 05/01/22		315		339,671
Missouri State Board of Public Buildings RB
Series A, 4.00%, 04/01/22		175		185,241
Series A, 5.00%, 10/01/22		350		383,281
Series B, 5.00%, 04/01/22		210		226,252
Missouri State Environmental Improvement & Energy Resources Authority RB
4.00%, 01/01/22		40		42,036
Series A, 5.00%, 07/01/22		295		320,515
University of Missouri RB, Series A, 5.00%, 11/01/22		405		444,965

				2,464,762

Montana — 0.0%
Montana Department of Transportation RB, 5.00%, 06/01/22		100		107,861


Nebraska — 0.7%
City of Lincoln NE Electric System Revenue RB, 5.00%, 09/01/22		140		152,814
City of Omaha NE GO, Series B, 5.00%, 11/15/22		395		434,125
City of Omaha NE Sewer Revenue RB, 5.00%, 11/15/22		115		126,360
Metropolitan Utilities District of Omaha Water System Revenue RB, 5.00%, 12/01/22		360		396,335
Nebraska Public Power District RB
Series A, 5.00%, 01/01/22		355		378,899
Series B, 5.00%, 01/01/22		185		197,454
Series C, 5.00%, 01/01/22		160		170,771
Omaha Public Power District Nebraska City Station Unit 2 RB, Series A, 5.00%, 02/01/22		135		144,274


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Nebraska (continued)
Omaha Public Power District RB
Series A, 5.00%, 02/01/23 (PR 02/01/22)	$	255	$	273,760
Series AA, 5.00%, 02/01/22		75		80,301

				2,355,093

Nevada — 1.9%
City of Las Vegas NV GOL, Series C, 5.00%, 09/01/22		135		147,357
Clark County School District GOL
Series A, 5.00%, 06/15/22		165		176,298
Series B, 5.00%, 06/15/22		280		299,388
Series C, 5.00%, 06/15/22		125		133,559
Series D, 5.00%, 06/15/22		240		256,433
Clark County Water Reclamation District GOL, 5.00%, 07/01/22		390		423,556
County of Clark Department of Aviation RB
Series B, 5.00%, 07/01/22		145		154,134
Series C, 5.00%, 07/01/22		150		159,449
County of Clark NV GOL
5.00%, 06/01/22		150		162,017
5.00%, 11/01/22		395		432,544
Series A, 5.00%, 07/01/22		145		157,052
Series B, 5.00%, 11/01/22		220		240,911
County of Clark NV RB
5.00%, 07/01/22		305		329,671
Series A, 5.00%, 07/01/22		425		459,378
County of Washoe NV RB, 5.00%, 02/01/22		100		106,888
Nevada System of Higher Education RB
4.00%, 07/01/22		50		53,148
Series A, 4.00%, 07/01/22		25		26,574
Series B, 5.00%, 07/01/22		485		525,856
State of Nevada GOL
Series B, 4.00%, 08/01/22		260		277,248
Series B, 5.00%, 11/01/22		80		87,707
Series C, 5.00%, 08/01/22		130		141,346
Series D-1, 5.00%, 03/01/22		660		708,239
State of Nevada Highway Improvement Revenue RB
4.00%, 12/01/22		440		473,141
5.00%, 12/01/22		120		132,079
Washoe County School District/NV GOL
Series A, 3.00%, 06/01/22		105		108,785
Series A, 5.00%, 06/01/22 (PSF)		185		199,225

				6,371,983

New Hampshire — 0.1%
New Hampshire Municipal Bond Bank RB
Series A, 5.00%, 08/15/22		150		163,482
Series B, 5.00%, 08/15/22		110		119,784
Series D, 4.00%, 08/15/22		100		106,646
State of New Hampshire GO, Series A, 5.00%, 03/01/22		85		91,293

				481,205

New Jersey — 2.8%
Monmouth County Improvement Authority (The) RB, 5.00%, 12/01/22 (GTD)		475		521,540
New Jersey Economic Development Authority RB
5.00%, 06/15/22		150		158,566
Series A, 4.00%, 07/01/22		150		150,173
Series B, 5.00%, 11/01/22		705		722,047
Series DDD, 5.00%, 06/15/22		100		102,129
Series II, 5.00%, 03/01/22		65		66,533
Series NN, 5.00%, 03/01/22		860		880,279
Series XX, 4.00%, 06/15/22		40		40,048


Security	Par (000)		Value

New Jersey (continued)
Series XX, 5.00%, 06/15/22 (SAP)	$	120	$	122,555
New Jersey Educational Facilities Authority RB
5.00%, 06/15/22		100		102,129
5.00%, 07/01/22		100		108,874
Series A, 5.00%, 07/01/22		350		381,059
New Jersey Health Care Facilities Financing Authority RB, Series A, 5.00%, 07/01/22		180		191,653
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/22		375		391,897
Series AA, 5.00%, 06/15/22		335		342,133
Series AA, 5.00%, 06/15/22 (SAP)		130		132,768
New Jersey Turnpike Authority RB
Series A, 5.00%, 01/01/43 (PR 07/01/22)		2,750		3,000,360
Series B, 5.00%, 01/01/22		355		377,383
Series C, 5.00%, 01/01/22		505		536,840
State of New Jersey GO
5.25%, 08/01/22		175		190,221
Series T, 5.00%, 06/01/22		590		634,734

				9,153,921

New Mexico — 0.9%
Albuquerque Municipal School District No. 12 GO, Series B, 5.00%, 08/01/22 (SAW)		100		108,728
County of Santa Fe NM GO, 5.00%, 07/01/22		140		152,109
New Mexico Finance Authority RB
5.00%, 06/15/22		360		389,740
Series D, 5.00%, 06/15/22		100		108,261
Series E, 5.00%, 06/15/22		125		135,326
State of New Mexico GO
5.00%, 03/01/22 (ETM)		115		123,471
Series B, 5.00%, 03/01/22		400		429,464
State of New Mexico Severance Tax Permanent Fund RB
Series A, 5.00%, 07/01/22		510		552,391
Series B, 4.00%, 07/01/22		265		281,390
Series B, 5.00%, 07/01/22		225		243,450
University of New Mexico (The) RB
Series A, 5.00%, 06/01/22		200		216,238
Series C, 5.00%, 06/01/22		105		113,525

				2,854,093

New York — 8.4%
City of New York NY GO
Series 1, 5.00%, 08/01/22		295		317,538
Series 2015-A, 5.00%, 08/01/22		575		618,930
Series A, 5.00%, 08/01/22		475		511,290
Series B-1, 5.00%, 12/01/22		385		418,414
Series C, 5.00%, 08/01/22		1,260		1,356,264
Series D, 5.00%, 08/01/22		285		306,774
Series E, 5.00%, 08/01/22		240		258,336
Series E, 5.25%, 08/01/22		305		329,976
Series G, 5.00%, 08/01/22		100		107,640
Series H, 5.00%, 08/01/22		285		306,774
Series I, 5.00%, 03/01/22		150		159,553
Series I, 5.00%, 08/01/22		325		349,830
Series J, 5.00%, 08/01/22		580		624,312
County of Nassau NY GOL, Series B, 5.00%, 04/01/22		120		128,978
Long Island Power Authority RB
5.00%, 09/01/22		100		107,926
Series B, 5.00%, 09/01/22		200		215,852
Metropolitan Transportation Authority RB
Series A, 5.00%, 11/15/22		110		116,840


SCHEDULES OF INVESTMENTS			35

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
Series A-1, 5.00%, 11/15/22	$	230	$	230,428
Series A-2, 5.00%, 11/15/22		300		300,558
Series B, 5.00%, 11/15/22		700		701,301
Series B, 5.25%, 11/15/22 (AMBAC)		35		35,271
Series B-2, 5.00%, 11/15/22		595		596,107
Series C, 5.00%, 11/15/22		230		230,427
Series C, 5.00%, 11/15/22 (ETM)		20		22,148
Series D, 5.00%, 11/15/22		45		45,084
Series D-1, 5.00%, 11/01/22		680		681,258
Series E, 5.00%, 11/15/22		25		25,047
Series F, 5.00%, 11/15/22		300		300,558
Series H, 4.00%, 11/15/22		115		112,509
Series H, 4.00%, 11/15/22 (ETM)		40		43,295
Nassau County Interim Finance Authority RB, Series A, 4.00%, 11/15/22		125		134,821
New York City Transitional Finance Authority Building Aid Revenue RB
Series S1, 4.00%, 07/15/22 (SAW)		115		121,800
Series S-1, 5.00%, 07/15/22 (ETM SAW)		115		125,603
Series S-2, 5.00%, 07/15/22 (ETM SAW)		25		27,305
New York City Transitional Finance Authority Future Tax Secured Revenue RB
Series A-1, 5.00%, 08/01/22		200		216,342
Series A-1, 5.00%, 11/01/22		130		141,718
Series B, 5.00%, 11/01/22		385		419,704
Series B-1, 4.00%, 08/01/22		70		74,178
Series B-1, 5.00%, 08/01/22		310		335,330
Series B-1, 5.00%, 11/01/22		110		119,915
Series C, 5.00%, 11/01/22		685		746,746
Series C1, 5.00%, 05/01/22		95		101,952
Series D, 5.00%, 11/01/22		205		223,479
Series E-1, 5.00%, 02/01/22		185		198,076
Series F-1, 5.00%, 02/01/22		200		214,136
New York City Water & Sewer System RB
Series DD, 4.00%, 06/15/22		60		63,628
Series DD, 5.00%, 06/15/22		260		281,135
Series EE, 4.00%, 06/15/22		205		217,394
Series FF, 5.00%, 06/15/23 (PR 06/15/22)		50		54,382
New York Convention Center Development Corp. RB, 5.00%, 11/15/22		205		216,896
New York Municipal Bond Bank Agency RB, 5.00%, 12/01/22 (SAW)		65		71,788
New York Power Authority (The) RB, Series A, 5.00%, 11/15/22		25		27,490
New York State Dormitory Authority RB
5.00%, 02/15/22		370		394,690
Series A, 0.00%, 05/15/22 (NPFGC)^(a)		45		43,946
Series A, 5.00%, 02/15/22		405		432,026
Series A, 5.00%, 03/15/22		1,260		1,347,973
Series A, 5.00%, 04/01/22 (SAW)		130		139,932
Series A, 5.00%, 07/01/22		1,110		1,202,998
Series A, 5.00%, 10/01/22		75		81,626
Series A, 5.00%, 10/01/22 (SAW)		240		262,762
Series A, 5.50%, 05/15/22 (AMBAC)		125		135,695
Series B, 4.00%, 10/01/22		75		79,852
Series B, 4.00%, 10/01/22 (SAW)		125		133,364
Series B, 5.00%, 03/15/22		150		160,473
Series C, 5.00%, 03/15/22		210		224,662
Series D, 5.00%, 02/15/22		1,310		1,397,416
Series E, 5.00%, 03/15/22		345		369,088


Security	Par (000)		Value

New York (continued)
Series F, 5.00%, 10/01/22 (AGM)	$	240	$	263,606
Series H, 5.00%, 10/01/22 (SAW)		100		108,535
New York State Environmental Facilities Corp. RB 5.00%, 06/15/22		230		249,051
Series A, 5.00%, 06/15/22		1,140		1,234,426
Series B, 4.00%, 11/15/22		80		85,847
New York State Thruway Authority Highway & Bridge Trust Fund RB, Series A, 5.00%, 04/01/22		380		409,260
New York State Thruway Authority RB
Series A, 5.00%, 03/15/22		190		203,266
Series I, 5.00%, 01/01/22		130		138,040
Series J, 5.00%, 01/01/22		255		270,772
Series K, 4.00%, 01/01/22		180		188,188
New York State Urban Development Corp. RB
Series A, 5.00%, 03/15/22		1,540		1,647,523
Series A-2, 5.50%, 03/15/22 (NPFGC)		65		70,136
Series C, 5.00%, 03/15/22		200		213,964
Port Authority of New York & New Jersey RB
Series 179, 5.00%, 12/01/22		275		298,358
Series 189, 5.00%, 05/01/22		60		64,023
Series 194, 5.00%, 10/15/22		185		200,000
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/22		450		495,045
State of New York GO, Series A, 5.00%, 03/01/22		100		107,517
Triborough Bridge & Tunnel Authority RB
Series A, 4.00%, 11/15/22		200		214,306
Series A, 5.00%, 11/15/22		460		501,331
Series B, 5.00%, 11/15/22		295		323,441
Series B-1, 5.00%, 11/15/22		185		202,836

				27,589,010

North Carolina — 3.4%
City of Charlotte NC COP, Series C, 4.00%, 06/01/22		30		31,853
City of Charlotte NC GO
5.00%, 12/01/22		195		214,945
Series A, 5.00%, 07/01/22		355		385,782
City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/22		100		108,649
City of Durham NC GO, 5.00%, 09/01/22		125		136,622
City of Fayetteville NC Public Works Commission Revenue RB, 5.00%, 03/01/22		50		53,683
City of Raleigh NC GO
Series A, 5.00%, 09/01/22		250		273,245
Series B, 4.00%, 04/01/27 (PR 04/01/22)		1,000		1,062,640
City of Raleigh NC GOL, Series A, 4.00%, 10/01/22		20		21,407
County of Buncombe NC GO, 5.00%, 06/01/22		100		108,076
County of Buncombe NC RB, 5.00%, 06/01/22		45		48,634
County of Durham NC GO, 5.00%, 10/01/22		360		394,596
County of Forsyth NC GO, 5.00%, 12/01/22		275		303,127
County of Guilford NC GO
Series A, 5.00%, 02/01/22		225		240,903
Series A, 5.00%, 03/01/28 (PR 03/01/22)		3,460		3,729,949
Series D, 5.00%, 08/01/22		115		125,333
County of Mecklenburg NC GO
Series A, 5.00%, 09/01/22		135		147,552
Series B, 5.00%, 12/01/22		120		132,274
County of Mecklenburg NC RB, Series A, 5.00%, 10/01/22		170		185,995
County of New Hanover NC GO, 5.00%, 08/01/22		400		435,940
County of Wake NC GO, Series C, 5.00%, 03/01/22		120		128,885
County of Wake NC RB, Series A, 5.00%, 12/01/22		330		363,218


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

North Carolina (continued)
North Carolina Medical Care Commission RB, Series A, 5.00%, 10/01/22	$	215	$	230,278
North Carolina Municipal Power Agency No. 1 RB
Series B, 5.00%, 01/01/22		75		79,921
Series E, 5.00%, 01/01/22		120		127,873
State of North Carolina GO
Series A, 5.00%, 06/01/22		605		655,554
Series B, 5.00%, 06/01/22		200		216,712
Series D, 4.00%, 06/01/22		605		643,145
State of North Carolina RB
5.00%, 03/01/22		260		278,463
Series C, 5.00%, 05/01/22		345		371,237

				11,236,491

Ohio — 4.3%
City of Cincinnati OH GO, Series A, 4.00%, 12/01/22		50		53,700
City of Cincinnati OH Water System Revenue RB, Series B, 5.00%, 12/01/22		90		99,181
City of Columbus OH GO
Series 1, 5.00%, 07/01/22		205		222,638
Series A, 5.00%, 08/15/22		520		567,112
Series A, 5.00%, 02/15/23 (PR 08/15/22)		770		844,035
Series A, 5.00%, 02/15/26 (PR 08/15/22)		1,000		1,096,150
City of Columbus OH GOL
4.00%, 07/01/22		65		69,207
5.00%, 08/15/22		180		196,308
County of Franklin OH GOL, 5.00%, 06/01/22		210		227,501
County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/22		200		216,668
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/22		195		214,106
Kent State University RB, Series A, 4.00%, 05/01/22		50		52,416
Ohio Higher Educational Facility Commission RB
5.00%, 01/01/22		115		122,113
5.00%, 12/01/22		115		124,889
Series A, 5.00%, 12/01/22		60		65,159
Ohio State University (The) RB, Series D, 5.00%, 12/01/22		635		699,433
Ohio Water Development Authority RB
5.00%, 06/01/22		135		146,251
5.50%, 12/01/22		175		195,071
Series A, 5.00%, 06/01/22		215		232,918
Series A, 5.00%, 12/01/22		120		132,241
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 12/01/22		720		793,447
Series 2015-A, 5.00%, 06/01/22		160		173,334
Series 2015-A, 5.00%, 12/01/22		230		253,462
Series B, 5.00%, 12/01/22		50		55,101
South-Western City School District GO, 5.00%, 12/01/36 (PR 06/01/22)		1,800		1,957,590
State of Ohio GO
Series A, 5.00%, 08/01/22		160		174,264
Series A, 5.00%, 09/01/22		225		245,756
Series A, 5.00%, 09/15/22		485		530,440
Series B, 4.00%, 11/01/22		100		107,387
Series B, 5.00%, 08/01/22		485		528,238
Series B, 5.00%, 09/01/22		270		294,908
Series C, 5.00%, 08/01/22		290		315,854
Series C, 5.00%, 09/15/22		100		109,369
Series Q, 5.00%, 05/01/22		85		91,780
Series Q, 5.00%, 05/01/26 (PR 05/01/22)		1,225		1,329,260


Security	Par (000)		Value

Ohio (continued)
Series S, 5.00%, 04/01/22	$	50	$	53,880
Series T, 5.00%, 11/01/22		160		175,747
Series U, 5.00%, 10/01/22		200		219,068
State of Ohio RB
5.00%, 12/01/22		500		549,660
Series A, 5.00%, 04/01/22		355		381,771
Series B, 5.00%, 10/01/22		250		273,335

				14,190,748

Oklahoma — 0.8%
City of Oklahoma City OK GO, 5.00%, 03/01/22		75		80,553
Grand River Dam Authority RB
Series A, 4.00%, 06/01/22		75		79,617
Series A, 5.00%, 06/01/22		415		449,051
Oklahoma Capitol Improvement Authority RB
5.00%, 07/01/22		245		265,036
Series A, 5.00%, 07/01/22		395		427,303
Series C, 4.00%, 07/01/22		115		121,961
Oklahoma City Water Utilities Trust RB, 5.00%, 07/01/22		120		130,351
Oklahoma Municipal Power Authority RB
Series A, 5.00%, 01/01/22		175		186,272
Series B, 5.00%, 01/01/22		205		218,204
Oklahoma Turnpike Authority RB, Series D, 5.00%, 01/01/22		310		330,711
Oklahoma Water Resources Board RB, 5.00%, 04/01/22		285		307,056
University of Oklahoma (The) RB, Series C, 5.00%, 07/01/22		110		119,193

				2,715,308

Oregon — 1.7%
City of Eugene OR Water Utility System Revenue RB, 5.00%, 08/01/22		65		70,795
City of Portland OR Sewer System Revenue RB, Series B, 5.00%, 10/01/22		175		191,684
City of Portland OR Water System Revenue RB, 5.00%, 10/01/22		50		54,792
Clackamas & Washington Counties School District No. 3 GO, Series A, 0.00%, 06/15/22 (NPFGC GTD)^(a)		110		106,919
Clackamas Community College District GO, Series B, 0.00%, 06/15/22 (GTD)^(a)		50		48,825
Clackamas County School District No. 12 North Clackamas GO, 5.00%, 06/15/22 (GTD)		100		108,436
Clackamas County Service District No. 1 RB, 5.00%, 12/01/22		75		82,651
County of Clackamas OR GO, Series B, 5.00%, 06/01/22		125		135,417
County of Washington OR GOL, 5.00%, 06/01/22		50		54,113
Lane County School District No. 4J Eugene GO, 5.00%, 06/15/22 (GTD)		450		487,962
Oregon State Lottery RB
Series B, 5.00%, 04/01/22		105		113,085
Series C, 5.00%, 04/01/22		485		522,345
Port of Portland OR Airport Revenue RB, Series 23, 5.00%, 07/01/22		300		320,874
Portland Community College District GO, 5.00%, 06/15/22		395		428,496
Salem-Keizer School District No. 24J GO, Series B, 0.00%, 06/15/22 (GTD)^(a)		330		322,176
State of Oregon Department of Transportation RB, Series A, 5.00%, 11/15/22		635		697,896
State of Oregon GO
5.00%, 08/01/22		400		435,848
Series A, 5.00%, 05/01/22		105		113,419
Series A, 5.00%, 08/01/22		50		54,481
Series D, 5.00%, 05/01/22		225		243,040
Series F, 5.00%, 05/01/22		25		27,005


SCHEDULES OF INVESTMENTS			37

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oregon (continued)
Series I, 5.00%, 08/01/22	$	360	$	392,263
Series L, 5.00%, 08/01/22		100		108,962
Tri-County Metropolitan Transportation District of Oregon RB, Series A, 5.00%, 09/01/22		300		327,822
Washington & Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 06/15/22 (GTD)		50		54,186

				5,503,492

Pennsylvania — 2.0%
Bucks County Water & Sewer Authority RB, 4.00%, 06/01/22 (BAM)		100		105,901
City of Philadelphia PA Airport Revenue RB, Series A, 5.00%, 07/01/22		200		214,312
City of Philadelphia PA Water & Wastewater Revenue RB, Series B, 5.00%, 07/01/22		320		344,102
Commonwealth of Pennsylvania GO
5.00%, 07/15/22		200		216,086
First Series, 5.00%, 03/15/22		540		578,740
First Series, 5.00%, 04/01/22		295		316,665
First Series, 5.00%, 06/01/22		360		387,450
First Series, 5.00%, 06/15/22		125		134,698
First Series, 5.00%, 07/01/22		575		620,482
First Series, 5.00%, 09/15/22		320		347,546
Second Series, 5.00%, 01/15/22		380		404,844
Second Series, 5.00%, 08/15/22		130		140,824
Second Series, 5.00%, 09/15/22		100		108,608
Second Series, 5.00%, 10/15/22		100		108,890
Series T, 5.00%, 07/01/22		300		323,730
County of Montgomery GO, 5.00%, 05/01/22		175		189,094
Delaware River Joint Toll Bridge Commission RB, 5.00%, 07/01/22		50		54,280
Lower Merion School District GOL, 5.00%, 09/15/22 (SAW)		290		317,028
Pennsylvania Higher Educational Facilities Authority RB, Series A, 4.00%, 12/01/22		110		118,139
Pennsylvania Turnpike Commission RB
5.00%, 12/01/22		200		216,934
Series A-1, 5.00%, 12/01/22		340		372,674
Series B, 5.00%, 06/01/22		150		158,926
Series B, 5.00%, 12/01/22		120		131,532
Philadelphia Gas Works Co. RB, 5.00%, 08/01/22		100		107,571
Pittsburgh Water & Sewer Authority RB, Series A, 5.00%, 09/01/22		300		326,733
West Chester Area School District/PA GO, Series AA, 4.00%, 05/15/22 (SAW)		185		196,013

				6,541,802

Rhode Island — 1.0%
Rhode Island Commerce Corp. RB, Series A, 5.00%, 06/15/22		520		561,361
Rhode Island Health & Educational Building Corp. RB, 5.00%, 09/01/22		1,055		1,150,288
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB
5.00%, 10/01/22		160		175,214
Series B, 5.00%, 10/01/22		550		602,574
Series C, 5.00%, 10/01/22		175		191,641
State of Rhode Island COP, Series A, 5.00%, 10/01/22		50		54,504
State of Rhode Island GO
5.00%, 08/01/22		200		217,270
Series A, 5.00%, 05/01/22		195		210,625

				3,163,477


Security	Par (000)		Value

South Carolina — 0.8%
Beaufort County School District/SC GO, Series A, 5.00%, 03/01/22	$	35	$	37,604
Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/22		300		328,993
City of Charleston SC Waterworks & Sewer System Revenue RB, 5.00%, 01/01/22		50		53,366
City of Columbia SC Waterworks & Sewer System Revenue RB, 4.00%, 02/01/22		110		115,878
Greenville County School District RB, 5.00%, 12/01/22		180		197,636
Piedmont Municipal Power Agency RB, Series A-2, 0.00%, 01/01/22 (NPFGC)^(a)		25		24,468
SCAGO Educational Facilities Corp. for Pickens School District RB, 5.00%, 12/01/22		70		76,671
South Carolina Public Service Authority RB, Series A, 5.00%, 12/01/22		195		206,938
South Carolina Transportation Infrastructure Bank RB, Series B, 5.00%, 10/01/22		625		673,244
State of South Carolina GO
Series A, 4.00%, 04/01/22 (SAW)		20		21,170
Series A, 5.00%, 10/01/22		245		268,483
Series B, 5.00%, 04/01/22 (SAW)		400		430,956
University of South Carolina RB, 5.00%, 05/01/22		70		74,041

				2,509,448

Tennessee — 1.3%
City of Clarksville TN Water Sewer & Gas Revenue RB, 5.00%, 02/01/22		40		42,813
City of Memphis TN Electric System Revenue RB, 4.00%, 12/01/22		100		107,267
County of Hamilton TN GO
Series A, 5.00%, 05/01/22		195		210,594
Series B, 5.00%, 03/01/22		150		161,106
County of Knox TN GO, Series B, 5.00%, 06/01/22		210		227,275
County of Rutherford TN GO, 5.00%, 04/01/22		265		285,508
Metropolitan Government Nashville & Davidson County Health & Educational Facility Building RB, Series D, 5.00%, 10/01/22		105		115,656
Metropolitan Government of Nashville & Davidson County TN GO
5.00%, 07/01/22		545		591,647
Series A, 5.00%, 01/01/22		215		229,291
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB, 5.00%, 07/01/22		385		416,383
State of Tennessee GO
Series A, 5.00%, 08/01/22		580		631,980
Series A, 5.00%, 09/01/22		340		371,532
Tennessee Energy Acquisition Corp. RB, Series C, 5.00%, 02/01/22		30		31,234
Tennessee State School Bond Authority RB
5.00%, 11/01/22		175		191,859
Series A, 5.00%, 11/01/22		175		191,860
Series B, 5.00%, 11/01/22		165		180,896
Town of Collierville TN GO, Series A, 5.00%, 01/01/22		135		144,088

				4,130,989

Texas — 10.4%
Aldine Independent School District GO, 5.00%, 02/15/22 (PSF)		25		26,806
Allen Independent School District GO, 5.00%, 02/15/22 (PSF)		200		214,450
Austin Community College District GOL, 5.00%, 08/01/22		90		97,877


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Austin Community College District Public Facility Corp. RB, 5.00%, 08/01/22	$	95	$	103,181
Austin Independent School District GO
5.00%, 08/01/22 (PSF)		120		130,726
Series A, 5.00%, 08/01/22		260		283,239
Series B, 5.00%, 08/01/22		75		81,564
Series B, 5.00%, 08/01/22 (PSF)		50		54,469
Birdville Independent School District GO
Series A, 5.00%, 02/15/22 (PSF)		180		193,005
Series B, 5.00%, 02/15/22 (PSF)		35		37,529
Canadian River Municipal Water Authority Corp. RB, 5.00%, 02/15/22		125		133,915
Central Texas Regional Mobility Authority RB
5.00%, 01/01/22		50		53,170
Series A, 5.00%, 01/01/22		10		10,634
Central Texas Turnpike System RB, Series A, 0.00%, 08/15/22 (AMBAC)^(a)		180		172,937
City of Arlington TX GOL, 5.00%, 08/15/22		105		114,562
City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/22		455		498,985
City of Austin TX GOL
4.50%, 09/01/22		175		188,843
5.00%, 09/01/22		290		316,262
Series A, 5.00%, 09/01/22		145		158,131
City of Austin TX Water & Wastewater System Revenue RB
5.00%, 11/15/22		230		252,770
Series A, 5.00%, 05/15/22		50		53,999
Series A, 5.00%, 05/15/22 (ETM)		25		27,116
Series A, 5.00%, 11/15/22		605		664,447
City of Brownsville TX Utilities System Revenue RB, Series A, 5.00%, 09/01/22		40		43,468
City of Carrollton TX GOL, 5.00%, 08/15/22		175		190,771
City of Corpus Christi TX Utility System Revenue RB, Series C, 5.00%, 07/15/22		45		48,824
City of Dallas TX GOL, 5.00%, 02/15/22		190		203,727
City of Dallas TX Waterworks & Sewer System Revenue RB, Series A, 5.00%, 10/01/22		360		391,978
City of El Paso TX GOL, 5.00%, 08/15/22		105		114,264
City of El Paso TX Water & Sewer Revenue RB, 5.00%, 03/01/22		30		32,221
City of Fort Worth TX GOL, 5.00%, 03/01/22		85		91,180
City of Fort Worth TX Water & Sewer System Revenue RB, 5.00%, 02/15/22		415		444,830
City of Garland TX Water & Sewer System Revenue RB, Series A, 5.00%, 03/01/22		115		123,405
City of Houston TX Airport System Revenue RB, Series B, 5.00%, 07/01/22		125		133,918
City of Houston TX Combined Utility System Revenue RB
Series B, 5.00%, 11/15/22		370		406,745
Series C, 5.00%, 05/15/22		365		394,496
Series D, 5.00%, 11/15/22		125		137,414
City of Houston TX GOL, Series A, 5.00%, 03/01/22		290		311,196
City of Houston TX Hotel Occupancy Tax RB, 5.00%, 09/01/22		80		78,864
City of Lubbock TX GOL
5.00%, 02/15/22		55		58,974
Series A, 4.00%, 02/15/22		125		131,828
City of McKinney TX GOL, 5.00%, 08/15/22		250		272,470
City of Plano TX GOL
5.00%, 09/01/22		485		529,199
Series A, 5.00%, 09/01/22		125		136,441


Security	Par (000)		Value

Texas (continued)
City of San Antonio Texas Electric & Gas Systems Revenue RB, 5.00%, 02/01/22	$	1,115	$	1,194,106
City of San Antonio Texas GOL, 5.00%, 02/01/22		40		42,806
City of San Antonio Texas RB, 5.00%, 02/01/22		125		133,790
City of San Antonio TX Electric & Gas Systems Revenue RB
5.00%, 02/01/22		240		256,877
5.00%, 02/01/22 (ETM)		130		139,329
Clear Creek Independent School District GO
5.00%, 02/15/22 (PSF)		100		107,225
Series D, 5.00%, 02/15/22 (PSF)		190		203,728
College Station Independent School District GO, 5.00%, 08/15/22 (PSF)		100		109,107
Comal Independent School District GO, Series A, 5.00%, 02/01/22 (PSF)		100		107,068
County of Fort Bend TX GO, 5.00%, 03/01/22		175		188,022
County of Harris TX GOL, Series B, 5.00%, 10/01/22		85		92,955
County of Harris TX RB
Series A, 5.00%, 08/15/22		195		212,020
Series B, 5.00%, 08/15/22		135		146,783
County of Tarrant TX GOL, 5.00%, 07/15/22		405		440,061
Cypress-Fairbanks Independent School District GO, Series C, 5.00%, 02/15/22 (PSF)		200		214,302
Dallas Area Rapid Transit RB
Series A, 5.00%, 12/01/22		310		340,873
Series B, 4.00%, 12/01/22		150		161,139
Series B, 5.00%, 12/01/22		380		417,844
Dallas Independent School District GO, Series A, 5.00%, 08/15/22 (PSF)		75		81,671
Dallas/Fort Worth International Airport RB
Series C, 5.00%, 11/01/22		360		387,479
Series E, 5.00%, 11/01/22		130		139,923
Series F, 5.00%, 11/01/22		295		317,517
Series G, 5.00%, 11/01/22		25		26,908
Deer Park Independent School District GOL, 5.00%, 02/15/22 (PSF)		80		85,780
Eagle Mountain & Saginaw Independent School District GO, Series A, 5.00%, 08/15/22 (PSF)		95		103,539
Fort Bend Independent School District GO, Series A, 5.00%, 08/15/22 (PSF)		80		87,058
Fort Worth Independent School District GO, 5.00%, 02/15/22 (PSF)		385		412,816
Frisco Independent School District GO
4.00%, 08/15/22 (PSF)		40		42,715
5.00%, 08/15/22 (PSF)		165		179,909
Grand Prairie Independent School District GO, 5.00%, 02/15/22 (PSF)		225		241,256
Harris County Cultural Education Facilities Finance Corp. RB
5.00%, 10/01/22		105		113,753
5.00%, 11/15/22		25		26,954
Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/22		340		369,675
Houston Community College System GOL, 5.00%, 02/15/22		155		165,969
Houston Independent School District GOL
5.00%, 02/15/22 (PSF)		275		294,665
Series A, 5.00%, 02/15/22 (PSF)		110		117,866
Katy Independent School District GO, Series A, 4.00%, 02/15/22 (PSF)		20		21,063
Keller Independent School District/TX GO
5.00%, 08/15/22 (PSF)		30		32,725
Series A, 5.00%, 08/15/22 (PSF)		45		49,087


SCHEDULES OF INVESTMENTS			39

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Klein Independent School District GO
5.00%, 08/01/22 (PSF)	$	125	$	135,998
Series A, 5.00%, 02/01/22 (PSF)		190		203,019
Lamar Consolidated Independent School District GO, 5.00%, 02/15/22 (PSF)		315		337,758
Leander Independent School District GO
Series A, 0.00%, 08/15/22 (PSF)^(a)		135		131,120
Series B, 0.00%, 08/15/22^(a)		50		48,344
Lewisville Independent School District GO
0.00%, 08/15/22 (PSF)^(a)		500		486,620
Series A, 4.00%, 08/15/22 (PSF)		140		149,370
Series A, 5.00%, 08/15/22 (PSF)		45		49,023
Lone Star College System GOL
5.00%, 09/15/22		215		234,984
Series B, 5.00%, 02/15/22		135		144,754
Lower Colorado River Authority RB
5.00%, 05/15/22		480		516,772
Series B, 5.00%, 05/15/22		130		139,959
Series D, 5.00%, 05/15/22		50		53,831
Mesquite Independent School District GO, Series C, 5.00%, 08/15/22 (PSF)		115		125,201
Metropolitan Transit Authority of Harris County RB
5.00%, 11/01/22		120		131,312
Series B, 5.00%, 11/01/22		120		131,375
Midway Independent School District/McLennan County GO, 5.00%, 08/01/22 (PSF)		145		157,792
North Central Texas Health Facility Development Corp. RB, 5.00%, 08/15/22		20		21,585
North East Independent School District/TX GO
5.00%, 08/01/22 (PSF)		55		59,865
5.25%, 02/01/22 (PSF)		165		177,373
North Texas Municipal Water District RB
5.00%, 06/01/22		330		357,502
6.25%, 06/01/22		85		94,262
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/22		280		306,510
North Texas Tollway Authority RB
Series A, 5.00%, 01/01/22		840		893,533
Series B, 5.00%, 01/01/22		180		191,471
Northside Independent School District GO
5.00%, 06/15/22 (PSF)		390		423,072
5.00%, 08/15/22 (PSF)		345		376,419
Series A, 5.00%, 06/01/22 (PSF)		75		81,251
Northwest Independent School District GO
5.00%, 02/15/22 (PSF)		120		128,603
Series A, 5.00%, 02/15/22 (PSF)		250		267,922
Permanent University Fund — Texas A&M University System RB, Series A, 5.00%, 07/01/22		100		108,536
Permanent University Fund — University of Texas System RB, Series A, 5.00%, 07/01/22		100		108,491
Permanent University Fund RB — Texas A&M University System, 5.00%, 07/01/22		330		358,169
Pflugerville Independent School District GO, 5.00%, 02/15/22 (PSF)		150		160,838
Plano Independent School District GO, Series A, 5.00%, 02/15/22 (PSF)		60		64,335
Port Authority of Houston of Harris County Texas GO, Series A, 5.00%, 10/01/22		140		153,173


Security	Par (000)		Value

Texas (continued)
San Antonio Independent School District/TX GO
5.00%, 02/15/22 (PSF)	$	630	$	675,517
5.00%, 08/15/22 (PSF)		100		109,060
San Antonio Water System RB
5.00%, 05/15/22		65		70,239
5.00%, 05/15/22 (ETM)		105		113,776
Series A, 5.00%, 05/15/22		335		361,905
Series A, 5.00%, 05/15/22 (ETM)		185		200,855
Series B, 5.00%, 05/15/22		200		216,036
San Jacinto College District GOL, 5.00%, 02/15/22		100		107,188
Southwest Higher Education Authority Inc. RB, 5.00%, 10/01/22		55		59,653
Spring Branch Independent School District GOL, Series B, 5.00%, 02/01/22 (PSF)		240		256,747
Spring Independent School District GO
5.00%, 08/15/22 (BAM)		100		108,633
5.00%, 08/15/22 (PSF)		250		272,767
State of Texas GO
5.00%, 04/01/22		115		123,900
5.00%, 10/01/22		870		953,163
Series A, 5.00%, 10/01/22		1,095		1,199,670
Tarrant County Cultural Education Facilities Finance Corp. RB
5.00%, 10/01/22		105		113,493
5.00%, 12/01/22		45		48,989
Tarrant Regional Water District RB
5.00%, 03/01/22		265		284,318
5.00%, 09/01/22		145		158,236
Texas A&M University RB
Series A, 5.00%, 05/15/22		75		81,045
Series B, 5.00%, 05/15/22		20		21,612
Series D, 5.00%, 05/15/22		265		286,359
Texas State University System RB
5.00%, 03/15/22		325		349,258
Series A, 5.00%, 03/15/22		455		488,961
Texas Transportation Commission State Highway Fund RB
First Series, 5.00%, 10/01/22		930		1,017,736
Series A, 5.00%, 10/01/22		240		262,642
Texas Water Development Board RB
5.00%, 04/15/22		80		86,220
Series A, 5.00%, 04/15/22		250		269,437
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/22		210		228,721
Trinity River Authority RB, 5.00%, 02/01/22		135		144,347
University of Houston RB, Series A, 5.00%, 02/15/22		105		112,199
University of North Texas System RB
5.00%, 04/15/22		155		167,019
5.00%, 04/15/22 (ETM)		60		64,871
Series A, 5.00%, 04/15/22		150		161,631
University of Texas System (The) RB
Series A, 5.00%, 08/15/22		460		501,676
Series B, 5.00%, 08/15/22		150		163,590
Series C, 5.00%, 08/15/22		290		316,274
Series E, 5.00%, 08/15/22		130		141,778
Weatherford Independent School District GO, 0.00%, 02/15/22 (PSF)^(a)		115		113,434
Wylie Independent School District/TX GO, Series B, 4.00%, 08/15/22 (PSF)		165		176,004

				34,050,294

Utah — 1.2%
Alpine School District/UT GO, 5.00%, 03/15/22 (GTD)		300		322,680


40		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Utah (continued)
Central Utah Water Conservancy District RB, Series B, 5.00%, 10/01/22	$	140	$	153,419
Intermountain Power Agency RB, Series A, 5.00%, 07/01/22		130		140,951
Metropolitan Water District of Salt Lake & Sandy RB, Series A, 4.00%, 07/01/22		240		255,588
Provo School District GO, 5.00%, 06/15/22 (GTD)		20		21,696
Salt Lake City Corp. RB, Series A, 4.00%, 10/01/22		70		75,047
State of Utah GO, 5.00%, 07/01/22		275		299,093
University of Utah (The) RB
Series A, 5.00%, 08/01/22		300		326,184
Series B, 5.00%, 08/01/22		300		325,697
Utah State Building Ownership Authority RB, 5.00%, 05/15/22		835		901,424
Utah Transit Authority RB
5.00%, 06/15/42 (PR 06/15/22)		735		799,731
Series A, 5.00%, 06/15/22		155		166,451
Series A, 5.25%, 06/15/22		180		195,808

				3,983,769

Vermont — 0.1%
Vermont Municipal Bond Bank RB
Series 1, 5.00%, 12/01/22		325		357,802
Series 5, 5.00%, 12/01/22		60		66,056

				423,858

Virginia — 4.3%
City of Alexandria VA GO
Series A, 5.00%, 07/15/22 (SAW)		125		136,050
Series B, 4.00%, 06/15/25 (PR 06/15/22) (SAW)		1,245		1,331,328
Series B, 5.00%, 06/15/22 (SAW)		270		293,015
City of Hampton VA GO, Series B, 5.00%, 09/01/22 (SAW)		15		16,391
City of Norfolk VA GO
5.00%, 08/01/22 (SAW)		285		310,807
Series A, 5.00%, 09/01/22 (SAW)		205		224,211
City of Richmond VA GO
Series A, 5.00%, 03/01/22 (SAW)		275		295,361
Series B, 5.00%, 07/15/22		100		108,795
Commonwealth of Virginia GO, Series A, 5.00%, 06/01/22		225		243,751
County of Fairfax VA GO
Series A, 4.00%, 10/01/22 (SAW)		275		294,827
Series A, 5.00%, 10/01/22 (SAW)		560		613,675
Series B, 4.00%, 10/01/22 (SAW)		105		112,571
Series B, 5.00%, 10/01/22 (SAW)		50		54,793
County of Henrico VA Water & Sewer Revenue RB, 5.00%, 05/01/22		30		32,416
County of Loudoun VA GO, Series A, 5.00%, 12/01/22 (SAW)		75		82,651
Hampton Roads Transportation Accountability Commission RB, Series A, 5.00%, 07/01/22		400		433,696
University of Virginia RB, Series A, 5.00%, 06/01/22		125		135,283
Virginia Beach Development Authority RB, Series B, 5.00%, 12/01/22		45		49,578
Virginia College Building Authority RB
5.00%, 02/01/22		75		80,274
5.00%, 02/01/25 (PR 02/01/22)		110		118,193
Series 2, 5.00%, 09/01/22		585		637,837
Series A, 5.00%, 02/01/22		200		214,064
Series A, 5.00%, 09/01/22		190		207,161
Series B, 5.00%, 02/01/23 (PR 02/01/22)		1,000		1,074,480
Series D, 5.00%, 02/01/22		90		96,329
Series E-2, 5.00%, 02/01/22		50		53,516
Virginia Commonwealth Transportation Board RB 5.00%, 05/15/22		405		438,132


Security	Par (000)		Value

Virginia (continued)
5.00%, 05/15/25 (PR 05/15/22)	$	1,020	$	1,108,495
Series A, 4.50%, 03/15/22		615		655,824
Series A, 5.00%, 09/15/25 (PR 03/15/22)		510		550,632
Series B, 5.00%, 05/15/22		175		189,294
Virginia Public Building Authority RB
Series A, 5.00%, 08/01/22		825		897,782
Series C, 5.00%, 08/01/22		310		337,348
Virginia Public School Authority RB
5.00%, 08/01/22 (SAW)		275		298,045
Series A, 5.00%, 08/01/22		50		54,190
Series A, 5.00%, 08/01/22 (SAW)		75		81,686
Series B, 5.00%, 08/01/22		360		390,168
Series B, 5.00%, 08/01/22 (SAW)		410		445,749
Series B, 5.00%, 08/01/22 (ETM)		5		5,461
Virginia Resources Authority RB
5.00%, 10/01/22		40		43,854
5.00%, 11/01/22		530		582,714
5.00%, 11/01/22 (ETM)		10		11,050
Series A, 5.00%, 11/01/22		560		615,697

				13,957,174

Washington — 5.4%
Central Puget Sound Regional Transit Authority RB
Series S1, 5.00%, 11/01/22		85		93,388
Series S-1, 5.00%, 11/01/22		70		76,908
Central Washington University RB, 5.00%, 05/01/22		50		53,190
City of Seattle WA Drainage & Wastewater Revenue RB
5.00%, 04/01/22		200		215,478
5.00%, 05/01/22		380		410,468
City of Seattle WA GOL
Series A, 5.00%, 04/01/22		750		808,042
Series A, 5.00%, 06/01/22		65		70,417
City of Seattle WA Municipal Light & Power Revenue RB 5.00%, 09/01/22		185		201,933
Series A, 5.00%, 01/01/22		115		122,742
Series A, 5.00%, 05/01/22		75		80,936
Series C, 5.00%, 10/01/22		135		147,770
City of Seattle WA Water System Revenue RB, 5.00%, 09/01/22		330		360,604
City of Tacoma WA Electric System Revenue, Series B, 5.00%, 01/01/22		60		63,988
City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/22		100		106,698
City of Vancouver WA GOL, Series B, 5.00%, 12/01/22		330		363,218
Clark County Public Utility District No. 1 RB, 5.00%, 01/01/22		135		143,789
Clark County School District No. 119 Battleground GO, 4.00%, 12/01/22 (GTD)		155		166,551
County of King WA GO, 5.00%, 12/01/22		600		659,430
County of King WA GOL
4.00%, 12/01/22		20		21,528
5.00%, 01/01/22		100		106,732
5.25%, 01/01/22		80		85,714
Series C, 5.00%, 12/01/22		105		115,683
County of King WA Sewer Revenue RB
Series A, 5.00%, 01/01/22		25		26,683
Series B, 5.00%, 07/01/22		710		771,088
Series C, 4.00%, 01/01/22		100		105,090
County of Snohomish WA GOL, 5.00%, 12/01/22		140		154,168
Energy Northwest RB, Series A, 5.00%, 07/01/22		750		814,020
Grant County Public Utility District No. 2 RB, Series A, 5.00%, 01/01/22		125		133,868


SCHEDULES OF INVESTMENTS			41

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Washington (continued)
King County Rural Library District GO, 4.00%, 12/01/22	$	250	$	268,630
King County School District No. 405 Bellevue GO, 5.00%, 12/01/22 (GTD)		455		500,896
King County School District No. 409 Tahoma GO, 5.00%, 12/01/22 (GTD)		155		170,602
King County School District No. 414 Lake Washington GO, 5.00%, 12/01/22 (GTD)		345		380,100
Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/22 (GTD)		370		406,748
Port of Seattle WA RB
Series A, 5.00%, 08/01/22		335		359,596
Series B, 5.00%, 03/01/22		110		117,956
Port of Tacoma WA RB, Series A, 5.00%, 12/01/22		75		82,449
Snohomish County Public Utility District No. 1 RB, 5.00%, 12/01/22		190		209,125
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/22 (GTD)		230		252,968
State of Washington COP
Series A, 5.00%, 07/01/22		150		161,966
Series B, 4.00%, 07/01/22		295		312,269
State of Washington GO
5.00%, 07/01/22		260		282,136
Series A, 5.00%, 08/01/22		100		108,822
Series A, 5.00%, 08/01/26 (PR 08/01/22)		1,750		1,917,475
Series B, 5.00%, 02/01/22		250		267,580
Series B, 5.00%, 07/01/22		495		537,144
Series B, 5.00%, 08/01/22		80		87,058
Series C, 0.00%, 06/01/22 (AMBAC)^(a)		135		131,649
Series C, 5.00%, 06/01/22		40		43,282
Series C, 5.00%, 07/01/22		10		10,851
Series D, 5.00%, 02/01/22		120		128,438
Series D, 5.00%, 07/01/22		25		27,129
Series D, 5.25%, 02/01/22		100		107,463
Series F, 0.00%, 12/01/22 (NPFGC)^(a)		65		62,902
Series F, 5.00%, 07/01/22		50		54,257
Series R-2012C, 4.00%, 07/01/22		480		510,643
Series R-2012D, 5.00%, 07/01/22		95		103,088
Series R-2015E, 5.00%, 07/01/22		330		358,096
Series R-2017-A, 5.00%, 08/01/22		200		217,644
Series R-D, 5.00%, 08/01/22		250		272,055
State of Washington RB
Series C, 5.00%, 09/01/22		235		255,656
Series F, 5.00%, 09/01/22		435		473,236
University of Washington RB
5.00%, 04/01/22		165		177,769
Series A, 5.00%, 12/01/22		75		82,550
Series B, 5.00%, 06/01/22		100		108,226
Series C, 5.00%, 12/01/22		595		654,893
Washington Health Care Facilities Authority RB, Series A, 5.00%, 11/15/22		125		134,289
Washington State University RB
5.00%, 04/01/22		215		231,213
5.00%, 10/01/22		165		178,352
Yakima County School District No. 7 Yakima GO, 5.00%, 12/01/22 (GTD)		175		192,476
Yakima County School District No. 90 East Valley GO, 5.00%, 12/01/22 (GTD)		130		142,912

				17,562,713

West Virginia — 0.4%
State of West Virginia GO, Series A, 5.00%, 11/01/22		575		631,293


Security	Par (000)		Value

West Virginia (continued)
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/22	$	310	$	338,148
West Virginia State School Building Authority Lottery RB, Series A, 5.00%, 07/01/22		230		249,428
West Virginia Water Development Authority RB, Series A, 5.00%, 07/01/22		100		108,424

				1,327,293

Wisconsin — 3.5%
City of Madison WI GO, Series A, 4.00%, 10/01/22		100		106,987
City of Milwaukee WI GO
Series N2, 5.00%, 05/01/22		30		32,249
Series N2, 5.00%, 05/15/22		75		80,732
City of Milwaukee WI Sewerage System Revenue RB, Series S5, 5.00%, 06/01/22		210		227,411
Madison Metropolitan School District/WI GO, 4.00%, 03/01/22		95		100,158
Milwaukee County Metropolitan Sewer District GO
Series A, 4.00%, 10/01/22		45		48,200
Series A, 5.00%, 10/01/22		105		115,011
Series A, 5.25%, 10/01/22		105		115,581
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB
Series 1, 4.00%, 06/01/22 (ETM)		75		79,945
Series 1, 5.00%, 06/01/22 (ETM)		125		135,809
State of Wisconsin GO
5.00%, 11/01/22		155		170,134
Series 1, 5.00%, 05/01/22		150		161,895
Series 1, 5.00%, 05/01/22 (ETM)		100		108,511
Series 2, 5.00%, 05/01/22		155		167,260
Series 2, 5.00%, 05/01/22 (ETM)		20		21,702
Series 2, 5.00%, 11/01/22		955		1,048,246
Series 3, 4.00%, 11/01/22		95		101,945
Series 3, 5.00%, 11/01/22		615		675,049
Series B, 5.00%, 05/01/22		75		80,948
Series D, 5.00%, 05/01/22		130		140,309
State of Wisconsin RB, Series A, 5.00%, 05/01/22		600		648,078
Wisconsin Department of Transportation RB
Series 1, 5.00%, 07/01/22		245		266,190
Series 1, 5.00%, 07/01/27 (PR 07/01/22)		2,790		3,047,154
Series 1, 5.00%, 07/01/28 (PR 07/01/22)		2,000		2,184,340
Series 2, 5.00%, 07/01/22		755		820,299
Wisconsin Health & Educational Facilities Authority RB
5.00%, 08/15/22		165		176,576
Series C, 5.00%, 08/15/22 (ETM)		40		43,655
Series E, 4.00%, 11/15/22		125		132,748
WPPI Energy RB, Series A, 5.00%, 07/01/22		460		495,774

				11,532,896


Total Municipal Debt Obligations — 98.6% (Cost: $319,819,507)				323,109,198


42		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Liquidity Funds: MuniCash, 0.15%^(d)(e)		301	$	301,470


Total Short-Term Investments — 0.1% (Cost: $301,415)				301,470


Total Investments in Securities — 98.7% (Cost: $320,120,922)				323,410,668

Other Assets, Less Liabilities — 1.3%				4,207,786


Net Assets — 100.0%			$	327,618,454

^(a)	Zero-coupon bond.

^(b)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(c)	Security is payable upon demand on each reset date.

^(d)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)	Value at 04/30/20			Income				Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Liquidity Funds: MuniCash	337	(36	)	301		$	301,470		$	4,158	$	107		$	42

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	323,109,198	$	—	$	323,109,198
Money Market Funds		301,470		—		—		301,470

	$	301,470	$	323,109,198	$	—	$	323,410,668

See notes to financial statements.


SCHEDULES OF INVESTMENTS			43

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.2%
Alabama Federal Aid Highway Finance Authority RB
5.00%, 09/01/23	$	220	$	246,897
Series A, 5.00%, 09/01/23		175		196,395
Series B, 5.00%, 09/01/23		310		347,901
Alabama Public School &College Authority RB
Series C, 5.00%, 06/01/23		100		111,213
Series A, 3.00%, 06/01/23		60		63,028
Series A, 5.00%, 02/01/23		235		258,721
Series B, 5.00%, 01/01/23		215		236,098
City of Huntsville AL GOL, Series D, 5.00%, 05/01/23		115		128,399
State of Alabama GO
5.00%, 11/01/23		400		452,920
Series A, 5.00%, 08/01/23		105		117,967
Series C, 5.00%, 11/01/23		290		328,367
University of Alabama (The) RB, Series B, 5.00%, 07/01/23		125		139,574
University of Alabama at Birmingham RB, Series A, 5.00%, 10/01/23		135		152,369

				2,779,849

Alaska — 0.1%
Municipality of Anchorage AK GO, Series D, 5.00%, 09/01/23		165		186,036
State of Alaska GO, Series B, 5.00%, 08/01/23		75		83,576

				269,612

Arizona — 3.3%
Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/23		210		235,177
Arizona Health Facilities Authority RB, Series A, 5.00%, 01/01/23		35		37,907
Arizona School Facilities Board COP, Series A, 5.00%, 09/01/23		365		411,278
Arizona State University RB
5.00%, 07/01/23		295		329,881
5.00%, 08/01/23		150		168,423
Series B, 5.00%, 07/01/23		220		246,013
Arizona Transportation Board RB, 5.00%, 07/01/23		850		951,518
Arizona Water Infrastructure Finance Authority RB, 5.00%, 10/01/23		70		79,006
City of Mesa AZ Utility System Revenue RB, 5.00%, 07/01/23		35		39,231
City of Phoenix AZ GO
4.00%, 07/01/23		565		615,257
5.00%, 07/01/23		120		134,387
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/23		310		345,885
5.50%, 07/01/23 (NPFGC)		65		73,798
Series A, 5.00%, 07/01/23		360		402,414
Series B, 5.00%, 07/01/23		350		392,543
Series D, 5.00%, 07/01/23		235		258,707
City of Scottsdale AZ GO, 5.00%, 07/01/23		100		112,321
City of Tucson AZ Water System Revenue RB, Series A, 5.00%, 07/01/23		100		111,824
County of Pima AZ GOL, 4.00%, 07/01/23		310		337,575
County of Pima AZ Sewer System Revenue RB, 5.00%, 07/01/23		435		487,152
Maricopa County Community College District GO, 5.00%, 07/01/23		200		223,648
Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/23		30		33,547
Maricopa County Unified School District No. 80 Chandler GOL, 4.50%, 07/01/23		40		44,111


Security	Par (000)		Value

Arizona (continued)
Maricopa County Union High School District No. 210-Phoenix GO, 5.00%, 07/01/23	$	250	$	279,560
Regional Public Transportation Authority RB, 5.25%, 07/01/23		105		118,680
Salt River Project Agricultural Improvement & Power District RB
5.00%, 01/01/23		365		402,840
Series A, 5.00%, 01/01/23		260		286,954
State of Arizona COP, 5.00%, 09/01/23		235		263,731
University of Arizona (The) RB
5.00%, 06/01/23		215		239,798
5.00%, 08/01/23		55		60,828

				7,723,994

Arkansas — 0.4%
State of Arkansas GO
4.25%, 06/01/23		35		38,358
5.00%, 04/01/23		260		289,518
5.00%, 10/01/23		345		390,253
University of Arkansas RB, Series A, 5.00%, 11/01/23		105		118,622

				836,751

California — 7.6%
Alameda Unified School District-Alameda County/CA GO, Series A, 0.00%, 08/01/23 (AGM)^(a)		50		47,928
Bay Area Toll Authority RB
Series S-4, 5.00%, 04/01/43 (PR 04/01/23)		100		112,172
Series S-4, 5.25%, 04/01/53 (PR 04/01/23)		135		152,401
Benicia Unified School District GO, Series B, 0.00%, 08/01/23 (NPFGC)^(a)		80		76,586
California Educational Facilities Authority RB, Series T-5, 5.00%, 03/15/23		150		166,879
California Health Facilities Financing Authority RB
5.00%, 11/15/23		25		28,046
Series A, 4.00%, 03/01/23		75		79,331
Series A, 5.00%, 11/15/23		15		16,712
Series B, 5.00%, 11/15/23		110		122,556
California State Public Works Board RB
5.00%, 09/01/23		200		223,618
Series A, 5.00%, 03/01/23		170		187,287
Series A, 5.00%, 09/01/23		175		195,666
Series A, 5.25%, 06/01/23 (ETM NPFGC)		15		17,019
Series B, 5.00%, 10/01/23		155		173,726
Series C, 5.00%, 11/01/23		65		73,029
Series D, 5.00%, 09/01/23		520		581,407
Series F, 5.00%, 05/01/23		135		149,464
Series F, 5.00%, 09/01/23		130		145,352
Series G, 5.00%, 09/01/23		20		22,362
Series I, 5.00%, 11/01/23		175		196,616
California State University RB, Series A, 5.00%, 11/01/23		325		367,520
Chabot-Las Positas Community College District GO, 4.00%, 08/01/23		160		172,978
City of Los Angeles CA Wastewater System Revenue RB, Series B, 4.00%, 06/01/23		75		81,392
City of San Francisco CA Public Utilities Commission Water Revenue RB, 5.00%, 11/01/23		100		112,937
Coast Community College District GO, Series A, 5.00%, 08/01/23		40		45,022
East Bay Municipal Utility District Water System Revenue RB, Series B, 5.00%, 06/01/23		60		67,211
Escondido Union High School District GO, Series A, 0.00%, 08/01/23 (AGC)^(a)		150		143,968


44		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
Folsom Cordova Unified School District School Facilities Improvement Dist No. 4 GO, Series A, 0.00%, 10/01/23 (NPFGC)^(a)	$	195	$	186,131
Irvine Ranch Water District SA, 5.00%, 02/01/23		30		33,243
Las Virgenes Unified School District GO 0.00%, 09/01/23 (NPFGC)^(a)		105		100,788
Series C, 0.00%, 11/01/23 (NPFGC)^(a)		50		47,863
Long Beach Community College District GO, Series D, 0.00%, 05/01/23 (NPFGC)^(a)		165		158,562
Los Angeles Community College District/CA GO
Series A, 5.00%, 08/01/23		160		180,034
Series C, 5.00%, 08/01/23		20		22,504
Los Angeles County Metropolitan Transportation Authority RB, Series A, 5.00%, 07/01/23		230		258,338
Los Angeles Department of Water & Power System Revenue RB
Series A, 5.00%, 07/01/23		100		112,155
Series A, 5.00%, 07/01/23		85		95,332
Series B, 5.00%, 07/01/23		105		117,763
Series D, 4.00%, 07/01/23		150		163,587
Series E, 5.00%, 07/01/23		100		112,155
Los Angeles Unified School District/CA GO
Series A, 4.00%, 07/01/23		495		537,743
Series A, 5.00%, 07/01/23		1,305		1,458,011
Metropolitan Water District of Southern California RB, Series A, 5.00%, 07/01/23		100		112,388
Mount Diablo Unified School District/CA GO, Series F, 5.00%, 08/01/23		20		22,361
Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/23		40		44,463
Newport Mesa Unified School District GO, 0.00%, 08/01/23 (NPFGC)^(a)		50		48,082
Palomar Community College District GO, Series B, 0.00%, 08/01/23^(a)		200		192,268
Rancho Santiago Community College District GO, 4.00%, 09/01/23		20		21,796
Riverside County Transportation Commission RB, Series A, 5.00%, 06/01/23		50		55,526
San Diego Community College District GO, 0.00%, 08/01/23^(a)		35		33,734
San Diego Public Facilities Financing Authority RB, 5.00%, 10/15/23		50		56,682
San Diego Unified School District/CA GO
Series A, 0.00%, 07/01/23 (NPFGC)^(a)		105		100,648
Series H-2, 5.00%, 07/01/23		230		256,816
Series J-2, 5.00%, 07/01/23		30		33,498
San Jose Evergreen Community College District GO, Series A, 5.00%, 09/01/23		50		56,374
San Jose Financing Authority RB, Series A, 5.00%, 06/01/23		25		27,604
San Mateo County Community College District GO, Series A, 0.00%, 09/01/23^(a)		90		86,076
San Mateo Joint Powers Financing Authority RB, Series A, 5.00%, 07/15/23		100		111,824
San Mateo Union High School District GO, Series B, 0.00%, 09/01/23 (NPFGC)^(a)		20		19,185
Santa Clara County Financing Authority RB, Series Q, 5.00%, 05/15/23		105		117,282
Santa Monica-Malibu Unified School District GO, 0.00%, 08/01/23 (NPFGC)^(a)		100		96,382
State of California Department of Water Resources RB 5.00%, 12/01/23		65		73,960


Security	Par (000)		Value

California (continued)
Series AW, 5.00%, 12/01/23	$	115	$	130,852
Series BA, 5.00%, 12/01/23		235		267,392
State of California GO
4.00%, 05/01/23		160		172,808
4.00%, 10/01/23		300		327,018
5.00%, 02/01/23		100		110,094
5.00%, 08/01/23		1,745		1,950,439
5.00%, 09/01/23		1,010		1,131,725
5.00%, 10/01/23		735		825,625
5.00%, 11/01/23		750		844,552
5.00%, 12/01/23		295		333,002
Series A, 5.00%, 08/01/23		275		307,376
Series B, 5.00%, 09/01/23		275		308,143
University of California RB
Series A, 5.00%, 05/15/23		90		100,441
Series AK, 5.00%, 05/15/48 (Put 05/15/23)^(b)(c)		1,400		1,559,306
Series AO, 5.00%, 05/15/23		65		72,541
Series AR, 4.00%, 05/15/23		200		217,258

				17,568,915

Colorado — 0.6%
Adams County School District No. 1, 4.00%, 12/01/23		250		275,343
Board of Water Commissioners City & County of Denver (The) RB, 5.00%, 09/15/23		100		113,064
City & County of Denver Co. Airport System Revenue RB
Series A, 5.00%, 11/15/23		255		283,088
Series B, 5.00%, 11/15/23		200		222,030
Denver City & County School District No. 1 GO, 5.00%, 12/01/23 (SAW)		140		159,086
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/23 (NPFGC)^(a)		120		110,347
University of Colorado RB, Series A-2, 5.00%, 06/01/23		240		268,068

				1,431,026

Connecticut — 1.6%
City of Stamford CT GO, 5.00%, 06/01/23		100		112,212
Connecticut State Health & Educational Facilities Authority RB, Series C-2, 5.00%, 07/01/57 (Put 02/01/23)^(b)(c)		355		390,937
State of Connecticut Clean Water Fund — State Revolving Fund RB, Series B, 5.00%, 06/01/23		125		139,941
State of Connecticut GO
5.00%, 09/15/23		100		110,096
Series A, 5.00%, 04/15/23		370		403,152
Series A, 5.00%, 10/15/23		475		524,025
Series B, 5.00%, 04/15/23		200		217,920
Series B, 5.00%, 05/15/23		335		365,780
Series D, 5.00%, 06/15/23		120		131,299
Series E, 5.00%, 09/01/23		10		10,999
Series F, 5.00%, 11/15/23		125		138,181
Series H, 5.00%, 11/15/23		100		110,545
State of Connecticut Special Tax Revenue RB
5.00%, 01/01/23		65		70,753
Series A, 5.00%, 08/01/23		230		254,371
Series A, 5.00%, 10/01/23		375		416,591
Series B, 5.00%, 08/01/23		105		116,126
University of Connecticut RB
Series A, 4.00%, 02/15/23		50		52,764
Series A, 5.00%, 02/15/23		100		108,222
Series A, 5.00%, 04/15/23		100		108,660

				3,782,574


SCHEDULES OF INVESTMENTS			45

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Delaware — 0.9%
County of New Castle DE GO, 5.00%, 10/01/23	$	165	$	186,999
Delaware River & Bay Authority RB, Series B, 5.00%, 01/01/23		40		44,036
Delaware Transportation Authority RB, 5.00%, 07/01/23		545		608,902
State of Delaware GO
Series C, 5.00%, 03/01/23		630		700,377
Series A, 5.00%, 02/01/23		50		55,434
Series B, 5.00%, 07/01/23		165		185,440
Series C, 5.00%, 03/01/23		140		155,639
Series D, 5.00%, 07/01/23		125		140,485

				2,077,312

District of Columbia — 1.1%
District of Columbia GO
5.00%, 06/01/23		195		218,183
Series A, 5.00%, 06/01/23		535		598,606
Series B, 5.00%, 06/01/23		350		391,611
District of Columbia RB
5.00%, 07/15/23		20		21,903
Series A, 5.00%, 12/01/23		360		409,216
District of Columbia Water & Sewer Authority RB
5.00%, 10/01/23		100		113,225
Series A, 5.00%, 10/01/23		150		169,353
Series C, 5.00%, 10/01/23		130		146,773
Washington Metropolitan Area Transit Authority RB
5.00%, 07/01/23		150		167,241
Series B, 5.00%, 07/01/23		200		222,988

				2,459,099

Florida — 4.3%
City of Jacksonville FL RB
5.00%, 10/01/23		85		95,753
Series C, 5.00%, 10/01/23		100		112,866
City of Orlando FL RB, Series B, 5.00%, 10/01/23		55		62,234
City of Tallahassee FL Utility System Revenue RB, 5.00%, 10/01/23		35		39,566
City of Tampa FL RB, 5.00%, 10/01/23		75		84,703
County of Broward FL Airport System Revenue RB, Series C, 5.00%, 10/01/23		40		44,352
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/23		145		159,764
County of Miami-Dade FL GO
5.00%, 07/01/23		25		27,669
Series 2015-D, 5.00%, 07/01/23		120		132,809
Series A, 5.00%, 07/01/23		390		431,629
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/23		460		515,453
County of Miami-Dade FL Water & Sewer System Revenue RB
5.00%, 10/01/23		625		706,531
Series B, 5.00%, 10/01/23		75		84,784
County of Orange FL Sales Tax Revenue RB, Series C, 5.00%, 01/01/23		130		143,658
County of Orange FL Water Utility System Revenue RB, 5.00%, 10/01/23		110		124,547
County of Seminole FL Water &Sewer Revenue RB, Series A, 5.00%, 10/01/23		150		169,567
Florida Department of Environmental Protection RB
5.00%, 07/01/23		375		420,956
Series A, 5.00%, 07/01/23		200		224,510
Florida Department of Management Services COP, Series A, 5.00%, 08/01/23		150		168,474


Security	Par (000)		Value

Florida (continued)
Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/23	$	65	$	73,363
Florida’s Turnpike Enterprise RB
Series A, 5.00%, 07/01/23		430		482,550
Series B, 5.00%, 07/01/23		355		398,385
Series C, 5.00%, 07/01/23		25		28,055
Hillsborough County School Board COP
5.00%, 07/01/23		100		111,890
Series A, 5.00%, 07/01/23		60		67,134
Jacksonville Transportation Authority RB, 5.00%, 08/01/23		170		191,112
Miami-Dade County Expressway Authority RB, Series A, 4.00%, 07/01/23		85		90,351
Orange County School Board COP
Series A, 5.00%, 08/01/23		90		100,749
Series D, 5.00%, 08/01/23		50		55,972
Orlando Utilities Commission RB, Series A, 5.00%, 10/01/23		80		90,464
Orlando-Orange County Convention Center RB, 5.00%, 10/01/23		270		304,933
Orlando-Orange County Expressway Authority RB, Series B, 5.00%, 07/01/23		70		78,392
Palm Beach County School District COP
5.00%, 08/01/23		50		56,192
Series B, 5.00%, 08/01/23		125		140,480
Pasco County School Board COP, Series A, 5.00%, 08/01/23		20		22,133
Reedy Creek Improvement District GOL
5.00%, 06/01/23		75		83,795
Series A, 5.00%, 06/01/23		255		284,904
School Board of Miami-Dade County (The) COP, Series D, 5.00%, 02/01/23		35		38,453
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/23		215		238,613
School District of Broward County/FL COP
Series A, 5.00%, 07/01/23		270		302,997
Series B, 5.00%, 07/01/23		170		190,776
Seminole County School Board COP, Series C, 5.00%, 07/01/23		20		22,338
State of Florida GO
Series A, 5.00%, 06/01/23		450		504,081
Series A, 5.00%, 07/01/23		760		853,890
Series B, 5.00%, 06/01/23		400		448,056
Series C, 5.00%, 06/01/23		35		39,206
Series E, 5.00%, 06/01/23		210		235,238
State of Florida Lottery Revenue RB
Series A, 5.00%, 07/01/23		185		207,794
Series B, 5.00%, 07/01/23		460		516,677
Volusia County School Board COP, Series A, 5.00%, 08/01/23 (BAM)		20		22,518

				10,031,316

Georgia — 1.4%
City of Gainesville GA Water & Sewerage Revenue RB, 5.00%, 11/15/23		60		67,863
County of Forsyth GA GO, Series B, 5.00%, 03/01/23		40		44,457
Forsyth County School District GO, 5.00%, 02/01/23		130		144,089
Georgia State Road & Tollway Authority RB, Series A, 5.00%, 06/01/23		85		94,531
Gwinnett County Development Authority COP, 5.25%, 01/01/23 (NPFGC)		115		127,673
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/23		500		563,115


46		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Georgia (continued)
State of Georgia GO
Series A, 5.00%, 07/01/23	$	785	$	881,979
Series A-1, 5.00%, 02/01/23		450		498,771
Series C, 5.00%, 07/01/23		75		84,265
Series C-1, 5.00%, 07/01/23		150		168,531
Series D, 5.00%, 02/01/23		355		393,475
Series E, 5.00%, 12/01/23		140		159,403

				3,228,152

Hawaii — 1.9%
City & County Honolulu HI Wastewater System Revenue RB, Series B, 5.00%, 07/01/23		430		480,843
City & County of Honolulu HI GO
4.00%, 10/01/23		100		109,533
5.00%, 09/01/23		360		405,270
5.00%, 10/01/23		100		112,866
Series A, 5.00%, 10/01/23		120		135,439
Series C, 5.00%, 10/01/23		20		22,573
Series E, 4.00%, 09/01/23		40		43,728
County of Hawaii HI GO, Series D, 5.00%, 09/01/23		75		84,431
State of Hawaii GO
4.00%, 05/01/23		75		81,350
5.00%, 05/01/23		175		194,950
5.00%, 10/01/23		80		90,293
Series EH, 5.00%, 08/01/30 (PR 08/01/23)		325		366,805
Series EH-2017, 5.00%, 08/01/23 (ETM)		520		586,888
Series EO, 5.00%, 08/01/23 (ETM)		50		56,603
Series EP, 5.00%, 08/01/23		320		359,303
Series EY, 5.00%, 10/01/23		385		434,534
Series EZ, 5.00%, 10/01/23		50		56,433
Series FE, 5.00%, 10/01/23		300		338,598
Series FG, 4.00%, 10/01/23		135		147,870
Series FG, 5.00%, 10/01/23		70		79,006
Series FH, 5.00%, 10/01/23		50		56,433
State of Hawaii State Highway Fund RB, Series B, 5.00%, 01/01/23		155		170,853

				4,414,602

Idaho — 0.0%
Idaho Housing & Finance Association RB, 5.00%, 07/15/23		75		82,847


Illinois — 1.9%
Chicago O’Hare International Airport RB
4.13%, 01/01/23		50		51,147
Series C, 5.00%, 01/01/23		100		107,334
Series B, 5.00%, 01/01/23		500		536,670
Series D, 5.00%, 01/01/23		40		42,934
Illinois Finance Authority RB
5.00%, 01/01/23		200		220,622
5.00%, 07/01/23		200		224,178
5.00%, 12/01/23		265		300,627
State of Illinois GO
5.00%, 02/01/23		120		119,585
5.00%, 05/01/23		625		622,312
5.00%, 06/01/23		115		114,471
5.00%, 07/01/23		170		169,165
5.00%, 08/01/23		135		134,298
5.00%, 10/01/23		435		432,494
5.00%, 12/01/23		50		49,681
Series A, 5.00%, 04/01/23		215		214,134
Series D, 5.00%, 11/01/23		865		859,793


Security	Par (000)		Value

Illinois (continued)
State of Illinois RB
5.00%, 06/15/23	$	100	$	103,688
First Series, 6.00%, 06/15/23 (NPFGC)		45		47,971
Series C, 4.00%, 06/15/23		25		25,194

				4,376,298

Indiana — 0.7%
Indiana Finance Authority RB
Series A, 5.00%, 02/01/23		60		66,417
Series A, 5.00%, 06/01/23		120		134,267
Series A, 5.00%, 12/01/23		35		39,183
Series B, 5.00%, 02/01/23		55		60,882
Series C, 5.00%, 12/01/23		775		880,950
Indiana Municipal Power Agency RB, Series A, 5.00%, 01/01/23		130		143,297
Indiana University RB
Series A, 5.00%, 06/01/23		70		78,299
Series X, 5.00%, 08/01/23		135		151,812
Purdue University RB
Series A, 4.00%, 07/01/23		85		92,699
Series BB-1, 5.00%, 07/01/23		20		22,431

				1,670,237

Iowa — 0.4%
County of Polk IA GO, Series C, 5.00%, 06/01/23		220		245,799
Iowa City Community School District RB, 5.00%, 06/01/23		55		61,326
Iowa Finance Authority RB, 5.00%, 08/01/23		255		287,275
State of Iowa RB
5.00%, 06/15/23		90		100,796
Series A, 5.00%, 06/01/23		240		268,068

				963,264

Kansas — 0.5%
City of Wichita KS GO, Series 811, 5.00%, 06/01/23		125		139,901
Johnson County Water District No. 1 RB, Series A, 5.00%, 01/01/23		210		232,063
Kansas Development Finance Authority RB, Series B, 5.00%, 05/01/23		30		33,401
Sedgwick County Unified School District No. 259 Wichita GO, 4.00%, 10/01/23		20		21,928
State of Kansas Department of Transportation RB
5.00%, 09/01/23		205		230,063
Series A, 5.00%, 09/01/23		335		375,957
Wyandotte County-Kansas City Unified Government GO, Series D, 5.00%, 08/01/23		100		112,214

				1,145,527

Kentucky — 0.1%
Louisville & Jefferson County Metropolitan Sewer District RB, 5.00%, 05/15/23		125		139,423


Louisiana — 0.3%
State of Louiliana RB, Series A, 5.00%, 06/15/23		25		27,877
State of Louisiana GO
4.00%, 09/01/23		75		81,452
Series A, 5.00%, 02/01/23		210		230,838
Series A, 5.00%, 04/01/23		35		38,665
Series C, 5.00%, 07/15/23		150		167,136
Series C, 5.00%, 08/01/23		225		251,033

				797,001

Maine — 0.4%
Maine Municipal Bond Bank RB
Series A, 5.00%, 09/01/23		360		404,640


SCHEDULES OF INVESTMENTS			47

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Maine (continued)
Series A, 5.00%, 11/01/23	$	125	$	141,216
Series C, 5.00%, 11/01/23		75		84,730
Maine Turnpike Authority RB, 5.00%, 07/01/23		70		78,046
State of Maine GO, Series B, 5.00%, 06/01/23		295		330,358

				1,038,990

Maryland — 3.8%
City of Baltimore MD GO, Series A, 5.00%, 10/15/23		200		226,366
City of Baltimore MD RB, Series D, 5.00%, 07/01/23		285		318,228
County of Anne Arundel MD GOL, 5.00%, 04/01/23		115		127,950
County of Baltimore MD GO, 5.00%, 02/01/23		350		387,531
County of Charles MD GO
5.00%, 10/01/23		150		169,837
5.00%, 11/01/23		10		11,353
County of Frederick MD GO, Series A, 5.00%, 08/01/23		240		270,295
County of Montgomery MD GO
5.00%, 11/01/23		90		102,173
5.00%, 12/01/23		325		369,921
Series B, 5.00%, 11/01/23		170		192,992
Series B, 5.00%, 12/01/23		495		563,419
Series C, 5.00%, 10/01/23		295		334,014
County of Prince George’s MD COP, 5.00%, 10/15/23		25		28,070
County of Prince George’s MD GO, Series A, 5.00%, 09/15/23		120		135,677
County of Prince George’s MD GOL, Series A, 5.00%, 07/01/23		185		207,794
State of Maryland Department of Transportation RB
4.00%, 09/01/23		275		300,633
5.00%, 02/15/23		270		298,777
5.00%, 09/01/23		200		225,150
5.00%, 10/01/23		910		1,027,081
State of Maryland GO
First Series, 5.00%, 06/01/23		505		566,019
Second Series, 5.00%, 08/01/23		90		101,423
Series A, 5.00%, 03/01/23		275		305,720
Series A, 5.00%, 08/01/23		250		281,730
Series B, 4.00%, 08/01/23		415		454,471
Series C, 5.00%, 08/01/23		920		1,036,766
Washington Suburban Sanitary Commission GO
4.00%, 06/01/23		185		201,646
5.00%, 06/01/23		355		397,663
5.00%, 06/15/23		150		168,238

				8,810,937

Massachusetts — 2.3%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB, Series A, 5.00%, 06/15/23		340		380,783
Commonwealth of Massachusetts GO, Series C, 5.50%, 12/01/23 (AMBAC)		500		576,335
Commonwealth of Massachusetts GOL
5.00%, 07/01/23		100		112,055
Series 8, 5.00%, 07/01/23		175		196,096
Series A, 4.20%, 08/01/23 (AMBAC)		100		109,810
Series A, 5.00%, 03/01/23		210		232,838
Series A, 5.00%, 05/01/23		105		117,036
Series A, 5.00%, 07/01/23		135		151,274
Series B, 5.00%, 01/01/23		45		49,627
Series B, 5.00%, 07/01/23		390		437,014
Series B, 5.25%, 08/01/23		70		79,201
Series B, 5.25%, 09/01/23 (AGM)		100		113,458
Series C, 5.00%, 10/01/23		110		124,232
Series D, 5.00%, 07/01/23		205		229,713


Security	Par (000)		Value

Massachusetts (continued)
Series E, 5.00%, 11/01/23	$	765	$	866,209
Series H, 5.00%, 12/01/23		55		62,436
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/23		45		50,190
Massachusetts Bay Transportation Authority RB
Series A, 5.00%, 07/01/23		150		167,984
Series B, 5.25%, 07/01/23		240		270,631
Series C, 5.50%, 07/01/23		75		85,152
Massachusetts Clean Water Trust (The) RB, 5.00%, 08/01/23		120		134,944
Massachusetts Department of Transportation RB, Series C, 0.00%, 01/01/23 (NPFGC)^(a)		85		81,526
Massachusetts School Building Authority RB
Series A, 5.00%, 05/15/23		210		233,896
Series A, 5.00%, 11/15/23 (ETM)		45		51,482
Series C, 4.00%, 08/15/23 (ETM)		15		16,525
Massachusetts State College Building Authority RB, Series A, 4.00%, 05/01/23		150		162,699
Massachusetts Water Resources Authority RB
Series A, 5.00%, 08/01/23		50		56,227
Series B, 5.25%, 08/01/23 (AGM)		75		84,935

				5,234,308

Michigan — 1.2%
Great Lakes Water Authority Water Supply System Revenue RB, Series A, 5.00%, 07/01/23		250		279,065
Michigan Finance Authority RB, 5.00%, 11/15/23		50		55,003
Michigan State Building Authority RB
Series I, 5.00%, 04/15/23		610		678,777
Series I, 5.00%, 10/15/23		140		158,253
State of Michigan GO
Series A, 5.00%, 05/01/23		35		39,001
Series A, 5.00%, 12/01/23		140		158,875
Series B, 5.00%, 11/01/23		20		22,639
State of Michigan RB, 5.00%, 03/15/23		485		534,213
University of Michigan RB, Series A, 5.00%, 04/01/23		700		776,699
Wayne County Airport Authority RB, Series G, 5.00%, 12/01/23		70		77,694

				2,780,219

Minnesota — 1.3%
City of Rochester MN Electric Utility Revenue RB, Series E, 5.00%, 12/01/23		25		28,389
County of Hennepin MN GO
Series C, 5.00%, 12/01/23		105		119,513
Series A, 5.00%, 12/01/23		95		108,131
Series C, 5.00%, 12/01/23		70		79,675
Elk River Independent School District No. 728 GO, Series A, 5.00%, 02/01/23		85		94,018
Minnesota Municipal Power Agency RB, 5.00%, 10/01/23		30		33,785
Minnesota Public Facilities Authority RB, Series A, 5.00%, 03/01/23		285		316,587
Southern Minnesota Municipal Power Agency RB, Series A, 5.00%, 01/01/23		115		126,411
State of Minnesota GO
Series D, 5.00%, 10/01/23		100		113,153
Series A, 5.00%, 08/01/23		245		275,760
Series B, 5.00%, 08/01/23		340		382,687
Series D, 5.00%, 08/01/23		685		771,002
Series F, 5.00%, 10/01/23		175		198,018
State of Minnesota RB, Series A, 5.00%, 06/01/23		430		473,421

				3,120,550


48		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mississippi — 0.1%
State of Mississippi GO, Series F, 5.25%, 10/01/23	$	215	$	244,068


Missouri — 1.0%
City of Kansas City MO GO, Series A, 5.00%, 02/01/23		550		607,090
Metropolitan St Louis Sewer District RB, Series B, 5.00%, 05/01/25 (PR 05/01/23)		150		168,349
Missouri Highway & Transportation Commission RB
5.00%, 05/01/23		125		139,016
Series A, 4.00%, 05/01/23		100		107,730
Series A, 5.00%, 05/01/23		120		133,456
Series C, 5.00%, 02/01/23		570		629,035
Missouri State Board of Public Buildings RB
5.00%, 10/01/23		100		113,045
Series A, 4.00%, 04/01/23		225		243,844
Missouri State Environmental Improvement & Energy Resources Authority RB
Series B, 5.00%, 01/01/23		80		88,382
Series B, 5.00%, 07/01/23		50		56,128

				2,286,075

Nebraska — 0.3%
Nebraska Public Power District RB, Series B, 5.00%, 01/01/23		180		198,509
Omaha Public Power District RB, Series A, 5.00%, 02/01/23		395		436,566

				635,075

Nevada — 2.8%
City of Las Vegas NV GOL, Series A, 5.00%, 06/01/23		115		128,634
Clark County School District GOL
Series A, 5.00%, 06/15/23		300		326,820
Series A, 5.00%, 06/15/23		300		326,820
Series B, 5.00%, 06/15/23		260		283,244
Clark County Water Reclamation District GOL, 5.00%, 07/01/23		205		230,123
County of Clark Department of Aviation RB, Series A, 5.00%, 07/01/23		150		163,151
County of Clark NV GOL
5.00%, 06/01/23		75		83,651
5.00%, 11/01/23		515		581,811
Series A, 5.00%, 11/01/23		185		209,000
County of Clark NV Passenger Facility Charge Revenue RB, 5.00%, 07/01/23		250		271,917
County of Clark NV RB, 5.00%, 07/01/23		580		644,757
Las Vegas Valley Water District GOL
5.00%, 06/01/23		300		333,639
Series A, 5.00%, 06/01/23		270		300,275
Nevada System of Higher Education COP, Series A, 5.00%, 07/01/23		40		44,730
Nevada System of Higher Education RB
Series A, 5.00%, 07/01/23		150		167,983
Series B, 5.00%, 07/01/23		100		111,989
State of Nevada GOL
Series D, 5.00%, 04/01/23		125		138,886
Series D-1, 5.00%, 03/01/23		655		725,845
Series H-1, 5.00%, 06/01/23		210		234,559
State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/23		590		670,435
Truckee Meadows Water Authority RB, 5.00%, 07/01/23		230		257,956
Washoe County School District/NV GOL
Series A, 5.00%, 06/01/23 (PSF)		190		211,001
Series F, 5.00%, 06/01/23		40		44,357

				6,491,583


Security	Par (000)		Value

New Hampshire — 0.3%
New Hampshire Health and Education Facilities Authority Act RB, 5.00%, 07/01/23	$	125	$	140,152
New Hampshire Municipal Bond Bank RB
Series B, 5.00%, 08/15/23		100		112,453
Series C, 5.25%, 08/15/23 (HERBIP)		100		113,256
Series E, 5.00%, 08/15/23		125		140,739
State of New Hampshire GO, Series A, 5.00%, 03/01/23		100		110,994

				617,594

New Jersey — 1.8%
Monmouth County Improvement Authority (The) RB, Series B, 5.00%, 12/01/23 (GTD)		230		260,489
New Jersey Economic Development Authority RB
Series B, 5.00%, 11/01/23 (SAP)		470		483,700
Series DDD, 5.00%, 06/15/23		100		102,683
Series NN, 5.00%, 03/01/23		800		820,040
Series UU, 5.00%, 06/15/23		50		51,342
Series XX, 5.00%, 06/15/23 (SAP)		305		313,183
New Jersey Educational Facilities Authority RB
5.00%, 06/01/23 (SAP)		75		76,995
5.00%, 06/15/23		75		77,012
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/23		395		416,990
Series A, 5.75%, 06/15/23 (NPFGC)		100		105,154
Series AA, 5.00%, 06/15/23		230		236,171
New Jersey Turnpike Authority RB
Series A, 5.00%, 01/01/23 (ETM)		10		11,088
Series B, 5.00%, 01/01/23		165		179,875
Series C, 5.00%, 01/01/23		170		185,326
State of New Jersey GO
5.00%, 06/01/23		385		426,326
Series T, 5.00%, 06/01/23		330		365,422

				4,111,796

New Mexico — 1.0%
County of Santa Fe NM GO, 5.00%, 07/01/23		145		162,673
County of Santa Fe NM RB, 5.00%, 06/01/23		185		206,756
New Mexico Finance Authority RB, Series B, 5.00%, 06/01/23		90		100,381
State of New Mexico GO, Series B, 5.00%, 03/01/23		600		664,896
State of New Mexico Severance Tax Permanent Fund RB
5.00%, 07/01/23		155		173,071
Series A, 5.00%, 07/01/23		175		195,403
Series B, 4.00%, 07/01/23		390		423,423
Series B, 5.00%, 07/01/23		40		44,664
University of New Mexico (The) RB
Series A, 5.00%, 06/01/23		130		145,203
Series C, 5.00%, 06/01/23		100		111,695

				2,228,165

New York — 9.1%
City of New York NY GO
Series 1, 5.00%, 08/01/23		375		414,735
Series A, 4.00%, 08/01/23		50		53,726
Series A, 5.00%, 08/01/23		340		376,026
Series C, 5.00%, 08/01/23		1,845		2,040,497
Series D, 5.00%, 08/01/23		35		38,709
Series D-1, 5.00%, 08/01/23		50		55,298
Series E, 5.00%, 08/01/23		110		121,656
Series G, 5.00%, 08/01/23		630		696,755
Series H, 5.00%, 08/01/23		35		38,709
Series I, 5.00%, 03/01/23		50		54,676
Series I, 5.00%, 08/01/23		125		138,245


SCHEDULES OF INVESTMENTS			49

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
Series J, 5.00%, 08/01/23	$	505	$	558,510
Metropolitan Transportation Authority RB
Series A, 5.00%, 11/15/23		10		10,845
Series A-1, 5.00%, 11/15/23		25		25,064
Series A-2, 5.00%, 11/15/23		195		195,497
Series B, 5.00%, 11/15/23		930		932,371
Series B-3, 5.00%, 11/15/23		55		55,140
Series C-1, 5.00%, 11/15/23		365		365,931
Series D, 5.00%, 11/15/23		400		401,020
Series F, 5.00%, 11/15/23		140		140,357
New York City Transitional Finance Authority Building Aid Revenue RB
Series S-1, 5.00%, 07/15/23 (SAW)		265		294,767
Series S-2, 5.00%, 07/15/23 (SAW)		100		111,233
Series S-3, 5.00%, 07/15/23 (SAW)		75		83,425
New York City Transitional Finance Authority Future Tax Secured Revenue RB
Series A, 5.00%, 08/01/23		150		167,052
Series A-1, 4.00%, 08/01/23		125		135,263
Series A-1, 5.00%, 08/01/23		440		490,019
Series A-3, 5.00%, 08/01/23		210		233,873
Series B-1, 4.00%, 08/01/23		100		108,210
Series C, 5.00%, 11/01/23		510		572,067
Series D, 5.00%, 11/01/23		165		185,081
Series E-1, 5.00%, 02/01/23		25		27,438
Series F-1, 5.00%, 02/01/23		200		219,506
Sub-Series C, 5.00%, 11/01/23		155		173,864
New York City Water &Sewer System RB
Series AA, 5.00%, 06/15/23		515		574,591
Series DD, 5.00%, 06/15/23		220		245,456
New York Convention Center Development Corp. RB
5.00%, 11/15/23		25		26,891
Series B, 5.00%, 11/15/23		20		21,513
New York State Dormitory Authority RB
4.00%, 03/15/23		50		53,753
5.00%, 02/15/23		975		1,072,821
Series A, 4.00%, 10/01/23 (SAW)		240		262,963
Series A, 5.00%, 02/15/23		330		363,109
Series A, 5.00%, 03/15/23		1,340		1,476,116
Series A, 5.00%, 07/01/23		60		67,393
Series A, 5.00%, 10/01/23 (AGM)		65		73,783
Series A, 5.00%, 10/01/23 (SAW)		150		169,353
Series A, 5.50%, 05/15/23 (NPFGC)		205		229,936
Series B, 5.00%, 02/15/23		610		671,201
Series B, 5.00%, 07/01/23		315		349,240
Series C, 5.00%, 03/15/23		775		853,724
Series D, 5.00%, 02/15/23		335		368,611
Series E, 5.00%, 02/15/23		325		357,607
Series E, 5.00%, 03/15/23		245		270,252
Series E, 5.00%, 10/01/23 (SAW)		50		56,451
New York State Environmental Facilities Corp. RB, 5.00%, 06/15/23		210		234,916
New York State Thruway Authority RB
Series K, 5.00%, 01/01/23		100		109,619
Series L, 5.00%, 01/01/23		260		285,009
New York State Urban Development Corp. RB
Series A, 5.00%, 03/15/23		1,075		1,185,800
Series A-2, 5.00%, 03/15/23		175		193,037
Series C-1, 5.00%, 03/15/23		325		358,498
Series D, 5.00%, 03/15/23		605		667,357


Security	Par (000)		Value

New York (continued)
Series E, 5.00%, 03/15/23	$	140	$	154,430
Port Authority of New York & New Jersey RB
5.00%, 07/15/23		225		248,173
5.00%, 10/15/23		95		105,478
5.00%, 12/01/23		75		83,547
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/23		130		147,896
Triborough Bridge & Tunnel Authority RB
Series A, 5.00%, 11/15/23		140		158,243
Series A, 5.00%, 11/15/23		75		84,773
Series A, 5.00%, 11/15/23 (Call 05/15/23)		100		110,277

				21,207,382

North Carolina — 1.9%
Cape Fear Public Utility Authority RB, Series A, 5.00%, 06/01/23		50		55,896
City of Charlotte NC COP, Series C, 5.00%, 12/01/23		40		45,453
City of Winston-Salem NC RB, Series C, 5.00%, 06/01/23		20		22,404
County of Buncombe NC RB, 5.00%, 06/01/23		145		161,865
County of Forsyth NC GO, 5.00%, 12/01/23		130		148,017
County of Guilford NC GO, Series A, 5.00%, 05/01/23		685		765,453
County of Mecklenburg NC GO, Series B, 5.00%, 12/01/23		25		28,465
County of Mecklenburg NC RB, Series A, 5.00%, 10/01/23		105		118,623
County of Union NC GO, 5.00%, 09/01/23		665		751,184
County of Wake NC RB
5.00%, 09/01/23		100		112,575
Series A, 5.00%, 12/01/23		175		198,527
North Carolina Medical Care Commission RB, 5.00%, 06/01/23		15		16,562
North Carolina Municipal Power Agency No. 1 RB
Series B, 5.00%, 01/01/23		110		119,586
Series E, 5.00%, 01/01/23		10		10,872
State of North Carolina GO
5.00%, 06/01/23		65		72,833
Series A, 5.00%, 06/01/23		995		1,114,897
State of North Carolina RB
5.00%, 03/01/23		330		364,234
Series A, 5.00%, 05/01/23		175		194,404
Series C, 5.00%, 05/01/23		125		138,860

				4,440,710

North Dakota — 0.0%
North Dakota Public Finance Authority RB, Series A, 5.00%, 10/01/23		105		118,848


Ohio — 3.4%
City of Cincinnati OH Water System Revenue RB, Series B, 5.00%, 12/01/23		40		45,514
City of Columbus OH GO
4.00%, 04/01/23		500		542,025
Series 1, 5.00%, 07/01/23		50		56,077
Series 5, 5.00%, 08/15/23		165		185,775
Series A, 4.00%, 07/01/23		25		27,264
Series A, 5.00%, 02/15/23		230		254,849
Series A, 5.00%, 08/15/23		130		146,368
City of Columbus OH GOL, Series B, 5.00%, 08/15/23		270		303,996
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/23		135		152,896
County of Hamilton OH Sewer System Revenue RB, Series A, 5.00%, 12/01/23		20		22,727
Miami University/Oxford OH RB, 5.00%, 09/01/23		165		185,864


50		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio (continued)
Northeast Ohio Regional Sewer District RB, 5.00%, 11/15/28 (PR 05/15/23)	$	615	$	687,275
Ohio Higher Educational Facility Commission RB, Series A, 5.00%, 12/01/23		160		178,530
Ohio Turnpike & Infrastructure Commission RB
Series A, 5.00%, 02/15/23		100		110,658
Series A-1, 5.00%, 02/15/23		290		317,559
Ohio University RB, Series A, 5.00%, 12/01/23		100		113,069
Ohio Water Development Authority RB
5.00%, 12/01/23		325		369,921
Series A, 5.00%, 06/01/23		190		212,834
Series B, 5.00%, 12/01/23		130		147,969
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 06/01/23		100		112,018
5.00%, 12/01/23		185		210,571
5.50%, 06/01/23		235		266,791
5.50%, 12/01/23		100		115,571
Series 2015A, 5.00%, 12/01/23		120		136,586
State of Ohio GO
5.00%, 08/01/23		165		185,660
Series A, 5.00%, 03/01/23		30		33,307
Series A, 5.00%, 05/01/23		340		379,508
Series A, 5.00%, 08/01/23		85		95,643
Series A, 5.00%, 09/15/23		270		304,986
Series B, 4.00%, 09/01/23		200		219,122
Series B, 5.00%, 08/01/23		185		208,164
Series C, 5.00%, 11/01/23		100		113,414
Series S, 5.00%, 04/01/23		15		16,698
Series S, 5.00%, 05/01/23		110		122,782
Series T, 5.00%, 11/01/23		95		107,743
Series V, 5.00%, 05/01/23		500		558,100
State of Ohio GOL, Series A, 5.00%, 09/01/23		115		129,742
State of Ohio RB
5.00%, 04/01/23		80		88,766
Series A, 5.00%, 02/01/23		100		110,380
Series C, 5.00%, 12/01/23		240		271,814

				7,848,536

Oklahoma — 1.0%
City of Oklahoma City OK GO, 5.00%, 03/01/23		215		238,764
Grand River Dam Authority RB, Series A, 5.00%, 06/01/23		465		519,382
Oklahoma Agricultural & Mechanical Colleges RB, Series C, 5.00%, 08/01/23		130		146,988
Oklahoma Capitol Improvement Authority RB
5.00%, 01/01/23		145		159,188
5.00%, 07/01/23		315		350,582
Series A, 5.00%, 07/01/23		140		155,814
Series B, 5.00%, 07/01/23		180		200,333
Oklahoma City Water Utilities Trust RB, 5.00%, 07/01/23		135		151,589
Oklahoma Turnpike Authority RB, Series D, 4.00%, 01/01/23		155		166,972
Oklahoma Water Resources Board RB
5.00%, 04/01/23		220		244,574
Series A, 5.00%, 04/01/23		75		83,378

				2,417,564

Oregon — 1.6%
City of Eugene OR Electric Utility System Revenue RB, 5.00%, 08/01/23		55		61,887
City of Portland OR Sewer System Revenue RB Series A, 5.00%, 10/01/23		90		101,870


Security	Par (000)		Value

Oregon (continued)
Series B, 5.00%, 06/15/23	$	215	$	241,000
Series B, 5.00%, 10/01/23		75		84,865
City of Salem OR GO, 5.00%, 06/01/23		100		112,018
City of Salem OR Water &Sewer Revenue RB, 5.00%, 06/01/23		75		83,771
Oregon State Business Development Commission RB, 2.40%, 12/01/40 (Put 08/14/23)^(b)(c)		350		355,393
Oregon State Lottery RB
Series A, 5.00%, 04/01/23		140		155,553
Series B, 5.00%, 04/01/23		110		122,387
Series C, 5.00%, 04/01/23		120		133,331
Port of Portland OR Airport Revenue RB, Series 23, 5.00%, 07/01/23		175		191,917
Portland Community College District GO, 5.00%, 06/15/23		30		33,599
Salem-Keizer School District No. 24J GO, Series B, 0.00%, 06/15/23 (GTD)^(a)		150		144,147
State of Oregon Department of Transportation RB
Series C, 5.00%, 11/15/23		80		90,782
Series A, 5.00%, 11/15/23		490		556,037
State of Oregon GO
Series A, 5.00%, 08/01/23		50		56,311
Series C, 5.00%, 06/01/23		100		112,018
Series D, 5.00%, 05/01/23		190		212,257
Series F, 5.00%, 05/01/23		100		111,714
Series G, 5.00%, 11/01/23		45		51,086
Series H, 5.00%, 05/01/23		495		552,984
Series O, 5.00%, 08/01/23		70		78,836
Tri-County Metropolitan Transportation District of Oregon RB, Series B, 5.00%, 09/01/23		20		22,585

				3,666,348

Pennsylvania — 2.1%
City of Philadelphia PA GO, 5.00%, 08/01/23		210		234,297
Commonwealth of Pennsylvania GO
First Series, 5.00%, 01/01/23		550		602,756
First Series, 5.00%, 02/01/23		110		121,386
First Series, 5.00%, 03/15/23		115		126,806
First Series, 5.00%, 04/01/23		185		204,262
First Series, 5.00%, 06/15/23		160		177,734
First Series, 5.00%, 08/15/23		815		909,776
First Series, 5.00%, 04/01/24 (PR 04/01/23)		350		392,172
Second Series, 5.00%, 09/15/23		300		335,703
Second Series, 5.00%, 10/15/23		520		583,289
Delaware County Authority RB
5.00%, 08/01/23		110		120,923
5.00%, 12/01/23		75		83,135
Pennsylvania Turnpike Commission RB
Series A, 5.00%, 12/01/23		390		441,248
Series A, 5.25%, 07/15/23 (AGM)		110		123,940
Series A-1, 5.00%, 12/01/23		225		254,237
Series B, 5.00%, 12/01/23		35		38,388
Southeastern Pennsylvania Transportation Authority RB, 5.00%, 06/01/23		120		133,841

				4,883,893

Rhode Island — 1.0%
Rhode Island Commerce Corp. RB, Series A, 5.00%, 06/15/23		330		367,006
Rhode Island Health & Educational Building Corp. RB, 5.00%, 09/01/23		195		219,521


SCHEDULES OF INVESTMENTS			51

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Rhode Island (continued)
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB
5.00%, 10/01/23	$	405	$	458,124
Series B, 5.00%, 10/01/23		345		390,254
State of Rhode Island COP, Series B, 5.00%, 10/01/23		145		162,878
State of Rhode Island GO
Series A, 3.00%, 08/01/23		400		422,428
Series A, 5.00%, 05/01/23		150		166,632
Series D, 5.00%, 08/01/23		50		55,972
Series A, 5.00%, 08/01/23		50		55,971

				2,298,786

South Carolina — 0.1%
Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/23		60		67,842
State of South Carolina GO, 5.00%, 08/01/23 (SAW)		105		118,254

				186,096

Tennessee — 2.4%
City of Memphis TN GO, Series A, 5.00%, 11/01/23		100		113,157
County of Blount TN GO, Series B, 5.00%, 06/01/23		145		161,724
County of Hamilton TN GO, Series A, 5.00%, 05/01/23		195		217,782
County of Knox TN GO, 5.00%, 06/01/23		130		145,413
County of Shelby TN GO, Series A, 5.00%, 03/01/23		160		177,542
County of Sumner TN GO, 5.00%, 12/01/23		45		51,135
County of Williamson TN GO, 5.00%, 04/01/23		70		77,925
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/23		75		83,773
Metropolitan Government of Nashville & Davidson County TN GO
5.00%, 07/01/23		1,160		1,301,381
Series A, 5.00%, 07/01/23		65		72,922
Series A, 5.00%, 01/01/29 (PR 01/01/23)		25		27,756
Series A, 5.00%, 01/01/33 (PR 01/01/23)		1,250		1,387,800
Metropolitan Government of Nashville & Davidson County TN Water &Sewer Revenue RB, 5.00%, 07/01/23		170		189,820
State of Tennessee GO
Series A, 5.00%, 08/01/23		655		737,681
Series A, 5.00%, 09/01/23		250		282,313
Tennessee State School Bond Authority RB
5.00%, 11/01/23		40		45,263
Series A, 5.00%, 11/01/23		65		73,552
Series B, 5.00%, 11/01/23		465		526,180

				5,673,119

Texas — 12.6%
Abilene Independent School District GO, 5.00%, 02/15/23 (PSF)		175		193,805
Allen Independent School District GO, 5.00%, 02/15/23 (PSF)		225		249,048
Alvin Independent School District/TX GO, Series C, 5.00%, 02/15/23 (PSF)		140		155,207
Arlington Independent School District/TX GO, Series B, 5.00%, 02/15/23 (PSF)		385		426,707
Austin Community College District GOL, 5.00%, 08/01/23		215		240,532
Austin Community College District Public Facility Corp. RB, 5.00%, 08/01/23		100		112,078
Austin Independent School District GO
Series B, 5.00%, 08/01/23		335		376,259
Series B, 5.00%, 08/01/23 (PSF)		50		56,295
Birdville Independent School District GO
5.00%, 02/15/23 (PSF)		45		49,484
Series B, 5.00%, 02/15/23 (PSF)		40		43,986


Security	Par (000)		Value

Texas (continued)
Bryan Independent School District GO, 4.00%, 02/15/23 (PSF)	$	250	$	270,032
Central Texas Regional Mobility Authority RB, Series A, 5.00%, 01/01/23		100		104,725
Central Texas Turnpike System RB
Series A, 0.00%, 08/15/23 (AMBAC)^(a)		250		234,637
Series C, 5.00%, 08/15/23		125		133,029
City of Austin TX Electric Utility Revenue RB, Series A, 5.00%, 11/15/23		140		158,295
City of Austin TX GOL, 5.00%, 09/01/23		300		337,200
City of Austin TX Water & Wastewater System Revenue RB
5.00%, 05/15/23		40		44,615
5.00%, 11/15/23		170		192,595
Series A, 5.00%, 05/15/23		145		161,730
Series A, 5.00%, 11/15/23		250		283,227
City of Fort Worth TX Water & Sewer System Revenue RB, Series A, 5.00%, 02/15/23		70		77,644
City of Garland TX GOL, 5.00%, 02/15/23		165		182,538
City of Houston TX Combined Utility System Revenue RB
Series B, 5.00%, 11/15/23		100		113,365
Series C, 5.00%, 05/15/23		255		284,583
Series D, 5.00%, 11/15/23		175		198,388
City of Houston TX GOL, Series A, 5.00%, 03/01/23		100		110,816
City of Lubbock TX GOL, 5.00%, 02/15/23		60		66,500
City of Plano TX GOL, 5.00%, 09/01/23		180		202,948
City of Round Rock TX GOL, 5.00%, 08/15/23		55		61,830
City of San Antonio Texas Electric & Gas Systems Revenue RB, 5.00%, 02/01/23		175		193,515
City of San Antonio TX Electric & Gas Systems Revenue RB
5.00%, 02/01/23		375		414,675
5.00%, 02/01/23 (ETM)		330		366,079
City of San Antonio TX GOL, 5.00%, 02/01/23		400		441,976
City of Waco TX GOL, 5.00%, 02/01/23		20		22,110
Conroe Independent School District GO
5.00%, 02/15/23 (PSF)		125		138,105
Series A, 5.00%, 02/15/23 (PSF)		165		182,299
County of Bexar TX GOL, 5.00%, 06/15/23		260		291,104
County of Harris TX GOL, Series A, 5.00%, 10/01/23		90		101,612
County of Harris TX RB
5.00%, 08/15/23		140		157,097
Series A, 5.00%, 08/15/23		115		129,044
Cuero Independent School District GO, 5.00%, 08/15/30 (PR 08/15/23)		540		612,344
Cypress-Fairbanks Independent School District GO
5.00%, 02/15/23 (PSF)		210		232,260
Series A, 5.00%, 02/15/23 (PSF)		35		38,710
Dallas Area Rapid Transit RB, Series A, 5.00%, 12/01/23		275		311,869
Dallas/Fort Worth International Airport RB, Series G, 5.00%, 11/01/23		160		176,307
Denton Independent School District GO, 5.00%, 08/15/23 (PSF)		100		112,591
Fort Bend Independent School District GO, Series A, 5.00%, 08/15/23 (PSF)		105		117,823
Frisco Independent School District GO, Series A, 5.00%, 08/15/23 (PSF)		80		90,128
Goose Creek Consolidated Independent School District GO, 5.00%, 02/15/28 (PR 02/15/23)		900		1,003,725
Grapevine-Colleyville Independent School District GO, 0.00%, 08/15/23 (PSF)^(a)		100		96,112
Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/23		160		179,539


52		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Houston Community College System GOL, 5.00%, 02/15/23	$	270	$	296,746
Houston Independent School District GOL
5.00%, 02/15/23 (PSF)		295		326,356
Series A, 5.00%, 02/15/23 (PSF)		185		204,664
Humble Independent School District GO, Series B, 5.00%, 02/15/23 (PSF)		50		55,460
Katy Independent School District GO
5.00%, 02/15/23 (PSF)		95		105,181
Series A, 5.00%, 02/15/23 (PSF)		370		409,653
Keller Independent School District/TX GO, Series A, 5.00%, 02/15/23 (PSF)		50		55,446
Killeen Independent School District GO, 5.00%, 02/15/23		180		199,238
Klein Independent School District GO
5.00%, 02/01/23 (PSF)		150		165,870
Series A, 5.00%, 08/01/23 (PSF)		120		134,820
Laredo Independent School District GO, 5.00%, 08/01/23 (PSF)		25		28,079
Leander Independent School District GO
0.00%, 08/15/23 (PSF)^(a)		240		229,169
5.00%, 08/15/23 (PSF)		20		22,477
Series A, 5.00%, 08/15/23		85		95,526
Series A, 0.00%, 08/15/23 (PSF)^(a)		50		47,744
Series B, 5.00%, 08/15/23		20		22,436
Series D, 0.00%, 08/15/23 (PSF)^(a)		60		57,292
Lewisville Independent School District GO
5.00%, 08/15/23		200		224,012
5.00%, 08/15/23 (PSF)		970		1,090,793
Series A, 4.00%, 08/15/23 (PSF)		35		38,234
Series B, 5.00%, 08/15/23		25		28,002
Lone Star College System GOL, Series B, 5.00%, 02/15/23		335		370,999
Lower Colorado River Authority RB
5.00%, 05/15/23		185		205,233
Series B, 5.00%, 05/15/23		355		393,826
Magnolia Independent School District/TX GO, 5.00%, 08/15/23 (PSF)		90		101,300
Manor Independent School District GO, 5.00%, 08/01/23 (PSF)		100		112,350
Metropolitan Transit Authority of Harris County RB
5.00%, 11/01/23		310		349,764
Series A, 5.00%, 11/01/23		105		118,468
Series B, 5.00%, 11/01/23		20		22,565
North East Independent School District/TX GO
5.00%, 08/01/23 (PSF)		225		252,634
5.25%, 02/01/23 (PSF)		220		244,631
North Texas Municipal Water District RB
5.00%, 06/01/23		280		312,568
6.25%, 06/01/23		75		86,795
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/23		340		383,945
North Texas Tollway Authority RB
Series A, 5.00%, 01/01/23		795		869,722
Series B, 5.00%, 01/01/23		280		304,783
Northside Independent School District GO
3.00%, 08/15/23 (PSF)		115		122,278
5.00%, 06/15/23 (PSF)		25		28,040
5.00%, 08/15/23 (PSF)		350		394,674
Northwest Independent School District GO
Series A, 5.00%, 02/15/23 (PSF)		200		221,550
Series B, 5.00%, 02/15/23 (PSF)		120		132,930


Security	Par (000)		Value

Texas (continued)
Pasadena Independent School District GO, 5.00%, 02/15/23 (PSF)	$	95	$	105,319
Permanent University Fund — Texas A&M University System RB
5.00%, 07/01/23		200		224,310
Series A, 5.00%, 07/01/23		150		168,233
Series A, 5.25%, 07/01/23		140		158,101
Permanent University Fund — University of Texas System RB
Series A, 5.00%, 07/01/23		25		27,997
Series B, 5.00%, 07/01/23		140		156,785
Plano Independent School District GO, 5.00%, 02/15/23 (PSF)		340		377,624
Prosper Independent School District GO, 5.00%, 02/15/23 (PSF)		175		193,805
Round Rock Independent School District GO, 5.00%, 08/01/23 (PSF)		60		67,553
San Angelo Independent School District GO, Series A, 5.00%, 02/15/23 (PSF)		190		210,250
San Antonio Water System RB
Series A, 5.00%, 05/15/23		245		273,268
Series B, 5.00%, 05/15/23		140		156,153
Southwest Higher Education Authority Inc. RB, 5.00%, 10/01/23		100		111,620
Spring Branch Independent School District GOL, 5.00%, 02/01/23 (PSF)		60		66,382
Spring Independent School District GO, 5.00%, 08/15/23 (PSF)		400		450,500
State of Texas GO
5.00%, 04/01/23		150		167,030
5.00%, 08/01/23		150		168,832
5.00%, 10/01/23		430		486,558
Series A, 5.00%, 10/01/23		75		84,865
Series A, 5.00%, 10/01/23		450		509,189
Series B-1, 5.00%, 08/01/23		45		50,650
Series D, 5.00%, 05/15/23		100		111,792
State of Texas GOL, 5.00%, 08/01/23		175		196,971
Tarrant County Cultural Education Facilities Finance Corp. RB
5.00%, 08/15/23		100		110,712
5.00%, 12/01/23		40		44,780
Tarrant Regional Water District RB
5.00%, 03/01/23		305		338,260
Series A, 5.00%, 03/01/23		145		160,812
Texas A&M University RB
Series B, 5.00%, 05/15/23		100		111,697
Series D, 5.00%, 05/15/23		35		39,094
Series E, 5.00%, 05/15/23		135		150,791
Texas State Technical College RB, 5.00%, 10/15/23		20		22,622
Texas State University System RB
5.00%, 03/15/23		140		155,334
Series A, 5.00%, 03/15/23		510		565,861
Texas Transportation Commission State Highway Fund RB
5.00%, 10/01/23		780		881,478
Series A, 5.00%, 04/01/23		135		150,162
Texas Water Development Board RB
5.00%, 04/15/23		100		111,368
Series A, 5.00%, 04/15/23		250		278,420
Series B, 5.00%, 10/15/23		200		226,294
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/23		50		56,141
Trinity River Authority RB, 5.00%, 02/01/23		155		170,911
United Independent School District GO, 5.00%, 08/15/23 (PSF)		25		28,113


SCHEDULES OF INVESTMENTS			53

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
University of Houston RB, 4.00%, 02/15/23	$	50	$	53,807
University of North Texas System RB, Series A, 5.00%, 04/15/23		100		111,244
University of Texas System (The) RB
5.00%, 08/15/23		460		518,075
Series A, 5.00%, 08/15/23		120		135,150
Series C, 5.00%, 08/15/23		375		422,344
Series H, 5.00%, 08/15/23		25		28,156
Series I, 5.00%, 08/15/23		375		422,344
Series J, 5.00%, 08/15/23		100		112,625

				29,327,757

Utah — 2.8%
Alpine School District/UT GO, 5.00%, 03/15/23 (GTD)		375		417,199
Central Utah Water Conservancy District RB, Series A, 5.00%, 10/01/23		110		124,548
City of Salt Lake City UT Public Utilities Revenue RB, 5.00%, 02/01/23		100		110,609
County of Salt Lake UT RB, 5.00%, 08/15/30 (PR 08/15/23)		1,750		1,984,448
Davis School District GO, 5.00%, 06/01/23 (GTD)		165		184,722
Intermountain Power Agency RB, 5.00%, 07/01/23		200		223,978
Jordan Valley Water Conservancy District RB, Series B, 5.00%, 10/01/23		75		84,865
University of Utah (The) RB
5.00%, 08/01/23		205		229,483
Series A, 5.00%, 08/01/23 (SAP)		275		308,308
Series B, 5.00%, 08/01/23		175		196,196
Series B, 5.00%, 08/01/27 (PR 08/01/23)		1,075		1,217,330
Series B, 5.00%, 08/01/28 (PR 08/01/23)		565		639,806
Utah State Building Ownership Authority RB, 5.00%, 05/15/23		300		334,614
Utah Transit Authority RB, Series A, 5.00%, 06/15/23		245		273,988
Washington County School District Board of Education/St George GO, 5.00%, 03/01/23 (GTD)		110		122,125

				6,452,219

Vermont — 0.1%
State of Vermont GO, Series B, 5.00%, 08/15/23		100		112,764
University of Vermont &State Agricultural College RB, 5.00%, 10/01/23		25		27,598
Vermont Municipal Bond Bank RB, Series 4, 5.00%, 12/01/23		25		28,418

				168,780

Virginia — 5.7%
Chesapeake Bay Bridge & Tunnel District RB, 5.00%, 11/01/23		1,000		1,061,560
City of Falls Church VA GO, 5.00%, 07/15/23		250		281,240
City of Hampton VA GO, Series A, 5.00%, 09/01/23 (SAW)		10		11,293
City of Newport News VA GO, Series A, 5.00%, 08/01/23		60		67,594
City of Norfolk VA GO
5.00%, 08/01/23 (SAW)		140		157,577
5.00%, 08/01/23 (ST AID WTHHLDG)		195		219,615
Series A, 5.00%, 08/01/23 (SAW)		35		39,418
City of Richmond VA Public Utility Revenue RB, 5.00%, 01/15/23		40		44,124
Commonwealth of Virginia GO
Series B, 4.00%, 06/01/23		500		546,745
Series B, 5.00%, 06/01/23		100		112,018
County of Chesterfield VA Water & Sewer Revenue RB, 5.00%, 11/01/23		70		79,493
County of Fairfax VA GO
Series A, 5.00%, 10/01/23 (SAW)		700		792,575
Series B, 5.00%, 04/01/23 (SAW)		75		83,560


Security	Par (000)		Value

Virginia (continued)
Series B, 5.00%, 10/01/23 (SAW)	$	265	$	300,046
County of Loudoun VA GO
Series A, 5.00%, 12/01/23		75		85,366
Series A, 5.00%, 12/01/23 (SAW)		335		381,304
County of Prince William VA COP, 5.00%, 10/01/23		100		112,830
County of Prince William VA GO, 5.00%, 08/01/23 (SAW)		100		112,657
Fairfax County Water Authority RB, 5.00%, 04/01/23		315		351,049
Hampton Roads Sanitation District RB, Series A, 5.00%, 07/01/23		500		561,605
Town of Leesburg VA GO, 5.00%, 01/15/23		125		138,345
Virginia College Building Authority RB
5.00%, 02/01/23		95		104,997
Series A, 5.00%, 02/01/23		225		248,677
Series A, 5.00%, 02/01/28 (PR 02/01/23)		1,000		1,113,660
Series E-1, 5.00%, 02/01/23		245		270,781
Series E-2, 5.00%, 02/01/23		555		613,403
Virginia Commonwealth Transportation Board RB
5.00%, 05/15/23		535		598,430
5.00%, 09/15/23		115		130,024
5.00%, 09/15/23 (PR 03/15/23)		1,100		1,230,537
Series A, 5.00%, 05/15/23		130		145,413
Series C, 5.00%, 05/15/23		90		100,670
Virginia Public Building Authority RB
5.00%, 08/01/23		215		241,701
Series C, 5.00%, 08/01/23		165		185,491
Series A, 4.00%, 08/01/23		75		81,931
Series A, 5.00%, 08/01/26 (PR 08/01/23)		195		221,153
Series B, 5.00%, 08/01/23		615		691,377
Virginia Public School Authority RB
5.00%, 03/01/23 (SAW)		150		166,047
5.00%, 07/15/23 (SAW)		25		27,998
5.00%, 08/01/23 (SAW)		325		363,262
Series B, 5.00%, 08/01/23		100		111,773
Series A, 5.00%, 08/01/23 (SAW)		210		236,437
Series B, 5.00%, 08/01/23 (SAW)		80		89,418
Virginia Resources Authority RB
5.00%, 10/01/23		315		356,659
5.00%, 11/01/23		185		210,021
Series A, 4.00%, 11/01/23		75		82,579

				13,162,453

Washington — 5.4%
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 07/01/23		50		56,128
City of Seattle WA GO, 5.00%, 12/01/23		100		113,746
City of Seattle WA GOL
5.00%, 11/01/23		100		113,451
Series A, 5.00%, 04/01/23		75		83,561
City of Seattle WA Municipal Light & Power Revenue RB
Series B, 5.00%, 04/01/23		200		222,522
Series C, 5.00%, 09/01/23		25		28,187
Series C, 5.00%, 10/01/23		175		197,829
City of Spokane WA Water & Wastewater Revenue RB, 5.00%, 12/01/23		295		335,439
City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/23		205		226,080
Clark County Public Utility District No. 1 RB, Series 1, 5.00%, 01/01/23		60		66,087
Clark County School District No. 117 Camas GO, 5.00%, 12/01/23 (GTD)		100		113,822


54		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Washington (continued)
County of King WA GOL
5.00%, 07/01/23	$	385	$	432,051
5.25%, 01/01/23		115		127,737
Series B, 5.00%, 12/01/23		165		187,618
Series E, 5.00%, 12/01/23		125		142,135
County of King WA Sewer Revenue RB, Series B, 5.00%, 07/01/23		290		325,249
County of Snohomish WA GOL, 5.00%, 12/01/23		25		28,427
Energy Northwest RB
5.00%, 07/01/23		110		123,188
Series A, 5.00%, 07/01/23		1,215		1,360,665
Grant County Public Utility District No. 2 RB, Series A, 5.00%, 01/01/23		250		277,259
King County School District No. 216 Enumclaw GO, 5.00%, 12/01/23 (GTD)		50		56,685
King County School District No. 401 Highline GO, 5.00%, 12/01/23 (GTD)		25		28,342
King County School District No. 403 Renton GO, 5.00%, 12/01/23 (GTD)		125		142,135
King County School District No. 405 Bellevue GO, 5.00%, 12/01/23 (GTD)		665		755,660
King County School District No. 411 Issaquah GO, 5.00%, 12/01/23 (GTD)		70		79,543
King County School District No. 415 Kent GO, 5.00%, 12/01/23 (GTD)		90		101,930
Pierce County School District No. 320 Sumner GO, 5.00%, 12/01/23 (GTD)		175		198,924
Pierce County School District No. 403 Bethel GO, 5.00%, 06/01/23 (GTD)		65		72,812
Pierce County School District No. 416 White River GO, 5.00%, 12/01/23 (GTD)		20		22,727
Port of Seattle WA GOL
5.00%, 01/01/23		55		60,748
5.00%, 06/01/23		155		173,527
Port of Seattle WA RB, Series B, 5.00%, 03/01/23		70		76,343
Port of Tacoma WA GOL, Series A, 5.00%, 12/01/23		100		113,708
Port of Tacoma WA RB, Series A, 4.00%, 12/01/23		125		137,440
Skagit County School District No. 103 Anacortes GO, 5.00%, 12/01/23 (GTD)		25		28,342
Snohomish County School District No. 15 Edmonds GO, 4.00%, 12/01/23 (GTD)		20		22,027
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/23 (GTD)		120		136,043
Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/23 (GTD)		140		158,717
Snohomish County School District No. 6 Mukilteo GO, 5.00%, 12/01/23 (GTD)		245		278,494
Spokane & Whitman Counties School District No. 360 Cheney GO, 5.00%, 12/01/23 (GTD)		65		73,886
State of Washington COP
Series A, 5.00%, 07/01/23		340		377,404
Series B, 5.00%, 07/01/23		235		260,852
State of Washington GO
5.00%, 02/01/23		300		331,740
5.00%, 08/01/23		100		112,350
Series C, 5.00%, 02/01/23		350		387,030
Series A, 5.00%, 08/01/23		390		438,165
Series B, 5.00%, 07/01/23		345		386,589
Series B, 5.00%, 08/01/23		110		123,585
Series C, 5.50%, 07/01/23		135		147,764


Security	Par (000)		Value

Washington (continued)
Series R, 4.00%, 07/01/23	$	75	$	81,720
Series R, 5.00%, 07/01/23		90		100,850
Series R-2015, 5.00%, 07/01/23		300		336,165
Series R-2017A, 5.00%, 08/01/23		215		241,553
Series R-C, 5.00%, 07/01/23		375		420,082
State of Washington RB
Series C, 5.00%, 09/01/23		445		499,406
Series E, 5.25%, 02/01/23		150		166,881
University of Washington RB
Series A, 4.00%, 12/01/23		95		104,630
Series B, 4.00%, 06/01/23		135		146,934
Series C, 5.00%, 12/01/23		100		113,633
Washington State University RB
5.00%, 04/01/23		220		243,771
5.00%, 10/01/23		120		132,469
Yakima County School District No. 90 East Valley GO, 5.00%, 12/01/23 (GTD)		15		17,017

				12,449,804

West Virginia — 0.5%
State of West Virginia GO
Series A, 5.00%, 06/01/23		565		632,902
Series A, 5.00%, 11/01/23		55		62,439
Series A, 5.00%, 12/01/23		100		113,822
West Virginia Parkways Authority RB, 5.00%, 06/01/23		260		290,825
West Virginia State School Building Authority Lottery RB, Series A, 5.00%, 07/01/23		150		167,736

				1,267,724

Wisconsin — 4.2%
City of Madison WI GO, Series A, 4.00%, 10/01/23		215		235,571
City of Madison WI Water Utility Revenue RB, 5.00%, 01/01/23		50		55,142
City of Milwaukee WI GO, Series N1, 5.00%, 02/01/23		235		258,655
Milwaukee County Metropolitan Sewer District GO, Series A, 5.00%, 10/01/23		275		311,072
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB, Series 2, 5.00%, 06/01/23		115		127,785
State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/23		695		777,399
State of Wisconsin GO
4.00%, 05/01/23		55		59,741
5.00%, 05/01/23		100		111,557
5.00%, 11/01/23		420		476,032
Series D, 5.00%, 05/01/23		150		167,336
Series 1, 5.00%, 05/01/23		190		211,958
Series 1, 5.00%, 11/01/23		320		362,691
Series 2, 5.00%, 11/01/23		255		289,019
Series A, 5.00%, 05/01/28 (PR 05/01/23)		1,000		1,122,330
Series A, 5.00%, 05/01/29 (PR 05/01/23)		2,000		2,244,660
Series C, 5.00%, 05/01/23		40		44,623
State of Wisconsin RB, Series A, 5.00%, 05/01/23		220		245,771
Wisconsin Department of Transportation RB
5.00%, 07/01/23		80		89,857
Series 1, 4.00%, 07/01/23		70		76,455
Series 1, 5.00%, 07/01/23		110		123,553
Series 1, 5.00%, 07/01/26 (PR 07/01/23)		645		728,237
Series 1, 5.00%, 07/01/27 (PR 07/01/23)		615		694,366
Series 1, 5.00%, 07/01/30 (PR 07/01/23)		200		225,810
Series A, 5.00%, 07/01/23		335		376,275


SCHEDULES OF INVESTMENTS			55

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority RB
5.00%, 08/15/23	$	115	$	126,196
Series A, 5.00%, 11/15/23		40		44,668
WPPI Energy RB
5.00%, 07/01/23		80		88,853
Series A, 5.00%, 07/01/23		150		166,599

				9,842,211


Total Municipal Debt Obligations — 98.5% (Cost: $225,675,542)				228,789,389


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Liquidity Funds: MuniCash, 0.15%^(d)(e)		447		447,336


Total Short-Term Investments — 0.2% (Cost: $447,276)				447,336


Total Investments in Securities — 98.7% (Cost: $226,122,818)				229,236,725

Other Assets, Less Liabilities — 1.3%				2,919,264


Net Assets — 100.0%			$	232,155,989

^(a)	Zero-coupon bond.

^(b)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(c)	Security is payable upon demand on each reset date.

^(d)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds: MuniCash	281	166	447	$	447,336	$	3,399	$	74		$	58

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	228,789,389	$	—	$	228,789,389
Money Market Funds		447,336		—		—		447,336

	$	447,336	$	228,789,389	$	—	$	229,236,725

See notes to financial statements.


56		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.0%
Alabama Federal Aid Highway Finance Authority RB
Series A, 5.00%, 09/01/24	$	130	$	149,952
Series B, 5.00%, 09/01/24		320		369,114
Alabama Public School & College Authority RB
Series A, 5.00%, 02/01/24		25		28,357
Series A, 5.00%, 05/01/24		75		85,679
Series B, 5.00%, 01/01/24		100		113,155
Auburn University RB, Series B, 5.00%, 06/01/24		35		40,077
City of Huntsville AL GO, Series A, 5.00%, 08/01/24		15		17,411
County of Mobile AL GOL, Series A, 5.00%, 06/01/24		20		22,910
State of Alabama GO
Series A, 5.00%, 08/01/24		135		156,208
Series A, 5.00%, 11/01/24		70		81,580
Series C, 5.00%, 08/01/24		50		57,855
University of Alabama (The) RB, Series A, 5.00%, 07/01/24		130		149,205

				1,271,503

Alaska — 0.2%
State of Alaska GO, Series B, 5.00%, 08/01/24		220		251,616


Arizona — 3.3%
Arizona Board of Regents COP, Series A, 5.00%, 06/01/24		50		56,405
Arizona State University RB
Series B, 5.00%, 07/01/24		45		51,746
Series C, 5.00%, 07/01/24		10		11,499
Arizona Transportation Board RB, 5.00%, 07/01/24		275		316,995
Arizona Water Infrastructure Finance Authority RB, 5.00%, 10/01/24		245		284,852
City of Peoria AZ GOL, Series B, 5.00%, 07/15/24		225		260,512
City of Phoenix AZ GO
4.00%, 07/01/24		510		566,967
5.00%, 07/01/24		125		144,014
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/24		170		196,607
Series A, 5.00%, 07/01/24		360		413,094
Series B, 5.00%, 07/01/24		435		502,037
Series D, 5.00%, 07/01/24		75		84,619
City of Scottsdale AZ GOL, 4.00%, 07/01/24		200		223,634
City of Tucson AZ COP, 5.00%, 07/01/24 (AGM)		25		28,584
City of Tucson AZ Water System Revenue RB, 5.00%, 07/01/24		70		80,648
County of Pima AZ Sewer System Revenue RB, 5.00%, 07/01/24		145		167,375
Maricopa County Unified School District No. 97-Deer Valley/AZ GO, 4.00%, 07/01/24		20		22,191
Maricopa County Union High School District No. 210-Phoenix GO, 5.00%, 07/01/24		50		57,495
Regional Public Transportation Authority RB, 5.25%, 07/01/24		125		145,996
State of Arizona COP
5.00%, 09/01/24		200		230,606
5.00%, 10/01/24		135		156,015
University of Arizona (The) RB
Series A, 5.00%, 06/01/24		50		57,360
Series B, 5.00%, 06/01/24		150		172,081

				4,231,332

Arkansas — 0.1%
State of Arkansas GO, 4.00%, 06/01/24		80		88,981


Security	Par (000)		Value

California — 8.1%
Allan Hancock Joint Community College District/CA GO, 5.00%, 08/01/24	$	95	$	109,498
Beverly Hills Unified School District CA GO, 0.00%, 08/01/24^(a)		430		406,651
California Educational Facilities Authority RB, 0.00%, 10/01/24^(a)		160		150,059
California Health Facilities Financing Authority RB, Series A, 5.00%, 11/15/24		20		23,047
California Infrastructure & Economic Development Bank RB, Series A, 5.00%, 10/01/24		155		181,449
California State Public Works Board RB
Series A, 5.00%, 09/01/24		225		258,410
Series B, 5.00%, 10/01/24		180		207,187
Series C, 5.00%, 03/01/24		100		113,298
Series D, 5.00%, 09/01/24		85		97,622
Series F, 5.00%, 05/01/24		80		91,057
Series G, 5.00%, 05/01/24		120		136,585
Series H, 5.00%, 12/01/24		65		75,146
California State University RB, Series A, 5.00%, 11/01/24		135		156,947
Cerritos Community College District GO, Series D, 0.00%, 08/01/24^(a)		125		117,964
City of San Francisco CA Public Utilities Commission Water Revenue RB
5.00%, 11/01/24		200		232,514
Series D, 5.00%, 11/01/24		15		17,439
Coast Community College District GO, Series D, 5.00%, 08/01/24		35		40,624
Evergreen School District GO, 0.00%, 08/01/24 (AGC)^(a)		100		94,371
Grossmont Union High School District GO
0.00%, 08/01/24 (NPFGC)^(a)		290		271,153
5.00%, 08/01/24		25		28,815
Long Beach Community College District GO, Series F, 5.00%, 06/01/24		10		11,464
Los Angeles County Metropolitan Transportation Authority RB, Series A, 5.00%, 07/01/24		105		121,434
Los Angeles County Sanitation Districts Financing Authority RB, Series A, 5.00%, 10/01/24		95		110,898
Los Angeles Department of Water & Power System Revenue RB
Series A, 5.00%, 07/01/24		100		115,651
Series B, 5.00%, 07/01/24		175		202,389
Series C, 5.00%, 07/01/24		35		40,478
Los Angeles Unified School District/CA GO
Series A, 5.00%, 07/01/24		555		638,200
Series B, 5.00%, 07/01/24		160		183,986
Series C, 5.00%, 07/01/24		190		218,483
North Orange County Community College District/CA GO, Series B, 0.00%, 08/01/24 (NPFGC)^(a)		70		66,032
Pasadena Unified School District GO, Series B, 5.00%, 08/01/24		30		34,686
Placer Union High School District/CA GO, Series A, 0.00%, 08/01/24 (NPFGC)^(a)		25		23,573
Port of Los Angeles RB, Series A, 5.00%, 08/01/24		15		17,129
Poway Unified School District GO, Series A, 0.00%, 08/01/24^(a)		50		47,007
Sacramento Municipal Utility District RB, Series E, 5.00%, 08/15/24		85		98,387
Salinas Union High School District GO, Series A, 0.00%, 10/01/24 (NPFGC)^(a)		20		18,807
San Diego Community College District GO, 5.00%, 08/01/24		40		46,464


SCHEDULES OF INVESTMENTS			57

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
San Diego Unified School District/CA GO
Series A, 0.00%, 07/01/24^(a)	$	600	$	564,882
Series C-1, 5.50%, 07/01/24 (AGM)		160		187,427
Series R-4, 5.00%, 07/01/24		135		155,120
San Francisco City & County Airport Commission San Francisco International Airport RB, Series D, 5.00%, 05/01/24		25		28,289
San Marcos Unified School District GO, 0.00%, 08/01/24^(a)		40		37,590
State of California Department of Water Resources RB
Series AR, 5.00%, 12/01/24 (PR 06/01/24)		10		11,667
Series AS, 5.00%, 12/01/24		245		287,275
Series AW, 5.00%, 12/01/24		105		123,118
Series BA, 5.00%, 12/01/24		150		175,882
State of California GO
5.00%, 04/01/24		400		455,384
5.00%, 08/01/24		285		327,477
5.00%, 09/01/24		370		426,114
5.00%, 10/01/24		525		605,997
5.00%, 11/01/24		405		468,536
Series A, 5.00%, 10/01/24		175		201,999
Series B, 5.00%, 08/01/24		100		114,904
Series B, 5.00%, 09/01/24		835		961,636
University of California RB
Series AM, 5.00%, 05/15/24		20		23,000
Series AO, 5.00%, 05/15/24		175		201,252
Series AV, 5.00%, 05/15/24		40		46,000
Series AY, 5.00%, 05/15/24		110		126,501
William S Hart Union High School District GO, Series B, 0.00%, 08/01/24 (AGM)^(a)		125		116,680

				10,451,634

Colorado — 1.0%
Board of Governors of Colorado State University System RB, Series E-2, 5.00%, 03/01/24 (NPFGC)		150		171,150
City & County of Denver CO Airport System Revenue RB, Series A, 5.00%, 11/15/24		110		124,951
Denver City & County School District No. 1 COP, Series A, 5.00%, 12/01/24		45		52,524
Denver City & County School District No. 1 GO
5.00%, 12/01/24 (SAW)		80		93,608
Series A, 5.50%, 12/01/24 (SAW)		375		447,120
Series B, 5.00%, 12/01/24 (SAW)		60		70,207
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/24 (NPFGC)^(a)		25		22,336
University of Colorado RB
Series B-1, 5.00%, 06/01/24		50		57,467
Series C, 2.00%, 06/01/54 (Put 10/15/24)^(b)(c)		250		254,245

				1,293,608

Connecticut — 1.5%
State of Connecticut GO
Series A, 5.00%, 03/01/24		105		116,682
Series A, 5.00%, 03/15/24		190		211,328
Series B, 5.00%, 04/15/24		130		144,869
Series B, 5.00%, 05/15/24		25		27,913
Series D, 5.00%, 04/15/24		290		323,170
Series D, 5.00%, 06/15/24		85		95,081
Series D, 5.00%, 08/15/24		295		331,217
Series E, 5.00%, 09/15/24		85		95,611
Series E, 5.00%, 10/15/24		175		197,209


Security	Par (000)		Value

Connecticut (continued)
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 08/01/24	$	205	$	231,753
Series A, 5.00%, 09/01/24		120		135,930

				1,910,763

Delaware — 0.9%
County of New Castle DE GO, 5.00%, 10/01/24		115		134,407
Delaware Transportation Authority RB
4.00%, 07/01/24		195		216,530
5.00%, 07/01/24		25		28,770
State of Delaware GO
5.00%, 03/01/24		300		344,364
5.00%, 10/01/24		150		175,244
Series A, 5.00%, 10/01/24		100		116,829
Series B, 5.00%, 07/01/27 (PR 07/01/24)		85		98,926

				1,115,070

District of Columbia — 0.9%
District of Columbia GO
Series A, 4.00%, 06/01/24		55		61,267
Series A, 5.00%, 06/01/24		400		461,464
Series A, 5.00%, 10/15/24		120		139,957
Series D, 5.00%, 06/01/24		240		276,879
District of Columbia RB, Series A, 5.00%, 12/01/24		135		158,031
District of Columbia Water & Sewer Authority RB, Series B, 5.00%, 10/01/24		40		46,694
Metropolitan Washington Airports Authority RB, Series B, 5.00%, 10/01/24		15		17,148

				1,161,440

Florida — 4.5%
Central Florida Expressway Authority RB, 5.00%, 07/01/24		30		33,706
City of Jacksonville FL RB, Series B, 5.00%, 10/01/24		25		29,008
City of Tampa FL Water & Wastewater System Revenue RB, 5.00%, 10/01/24		25		29,184
County of Hillsborough FL Community Investment Tax Revenue RB, 5.00%, 11/01/24		50		58,176
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/24		90		101,376
County of Miami-Dade FL GO
Series A, 5.00%, 07/01/24		250		284,215
Series B, 5.00%, 07/01/24		100		113,686
County of Miami-Dade FL Transit System RB, 5.00%, 07/01/24		120		138,517
County of Miami-Dade FL Water & Sewer System Revenue RB
5.00%, 10/01/24		380		441,453
Series B, 5.00%, 10/01/24		110		127,789
County of Sarasota FL RB, 5.00%, 10/01/24		45		52,425
Florida Department of Environmental Protection RB
5.00%, 07/01/24		145		167,566
Series A, 5.00%, 07/01/24		300		346,953
Florida Municipal Power Agency RB, Series A, 5.00%, 10/01/24		20		23,244
Florida State Development Commission RB, Series A, 5.00%, 07/01/24		100		115,828
Florida’s Turnpike Enterprise RB, Series A, 5.00%, 07/01/24		295		339,224
Hillsborough County School Board COP, Series A, 5.00%, 07/01/24		120		138,359
Lee County School Board (The) COP, 5.00%, 08/01/24		35		40,435
Miami-Dade County Expressway Authority RB, Series B, 5.00%, 07/01/24		85		94,421


58		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Orange County Convention Center/Orlando RB, 5.00%, 10/01/24	$	190	$	221,261
Orange County School Board COP
Series B, 5.00%, 08/01/24		15		17,222
Series D, 5.00%, 08/01/24		50		57,407
Palm Beach County School District COP, Series B, 5.00%, 08/01/24		180		208,359
Pasco County School Board COP, Series A, 5.00%, 08/01/24		60		68,146
Reedy Creek Improvement District GOL, Series A, 5.00%, 06/01/24		190		218,622
School Board of Miami-Dade County (The) COP
Series A, 5.00%, 05/01/24		250		284,760
Series D, 5.00%, 02/01/24		50		56,557
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/24		155		177,436
School District of Broward County/FL COP
Series A, 5.00%, 07/01/24		180		207,618
Series B, 5.00%, 07/01/24		20		23,069
Series C, 5.00%, 07/01/24		100		115,343
State of Florida Department of Transportation Turnpike System Revenue RB, Series A, 5.00%, 07/01/24		200		229,982
State of Florida GO
Series A, 5.00%, 01/01/24		55		62,764
Series A, 5.00%, 07/01/24		55		63,730
Series B, 5.00%, 06/01/24		225		260,062
Series E, 5.00%, 06/01/24		200		231,166
State of Florida Lottery Revenue RB
Series A, 5.00%, 07/01/24		340		393,965
Series B, 5.00%, 07/01/24		170		196,982
Volusia County School Board COP, Series A, 5.00%, 08/01/24		20		22,786
Volusia County School Board RB, 5.00%, 10/01/24		20		22,883

				5,815,685

Georgia — 2.2%
City of Atlanta Department of Aviation RB, Series A, 5.00%, 01/01/24		695		777,170
City of Atlanta GA Water & Wastewater Revenue RB, 5.00%, 11/01/24		160		186,469
Fayette County School District/GA GO, 5.25%, 09/01/24 (SAW)		25		29,317
Gwinnett County Water & Sewerage Authority RB, 5.00%, 08/01/24		500		580,800
Metropolitan Atlanta Rapid Transit Authority RB, Series A, 4.00%, 07/01/24		170		188,260
State of Georgia GO
Series A, 5.00%, 02/01/24		100		114,452
Series C, 5.00%, 07/01/24		125		144,895
Series C-1, 5.00%, 01/01/24		105		119,864
Series C-1, 5.00%, 07/01/24		285		330,361
Series E, 5.00%, 12/01/24		320		375,526

				2,847,114

Hawaii — 1.7%
City & County Honolulu HI Wastewater System Revenue RB
Series A, 5.00%, 07/01/24		130		149,488
Series B, 5.00%, 07/01/24		170		195,485
City & County of Honolulu HI GO
Series A, 5.00%, 09/01/24		405		468,824
Series A, 5.00%, 10/01/24		50		58,016
Series B, 5.00%, 10/01/24		90		104,429


Security	Par (000)		Value

Hawaii (continued)
Series C, 5.00%, 10/01/24	$	70	$	81,222
Series D, 5.00%, 09/01/24		130		150,487
County of Hawaii HI GO
Series A, 5.00%, 09/01/24		15		17,398
Series B, 4.00%, 09/01/24		20		22,357
County of Maui HI GO, 5.00%, 09/01/24		35		40,516
State of Hawaii GO
Series EO, 5.00%, 08/01/24		10		11,549
Series ET, 5.00%, 10/01/24		110		127,635
Series EZ, 5.00%, 10/01/24		415		481,533
Series FE, 5.00%, 10/01/24		225		261,072
Series FN, 5.00%, 10/01/24		35		40,611

				2,210,622

Idaho — 0.1%
Idaho Housing & Finance Association RB
5.00%, 07/15/24		95		107,695
Series A, 5.00%, 07/15/24		25		28,341

				136,036

Illinois — 2.1%
Chicago O’Hare International Airport RB
Series C, 5.00%, 01/01/24		170		186,415
Series D, 5.00%, 01/01/24		105		115,139
Series E, 5.00%, 01/01/24		150		164,484
Illinois Finance Authority RB, 5.00%, 07/01/24		140		161,788
Illinois State Toll Highway Authority RB
5.00%, 01/01/24		100		111,823
Series D, 5.00%, 01/01/24		185		206,873
State of Illinois GO
5.00%, 02/01/24		250		248,235
5.00%, 04/01/24		105		104,191
5.00%, 05/01/24		395		391,836
Series A, 4.00%, 05/01/24		210		202,705
Series A, 5.00%, 10/01/24		65		64,367
Series A, 5.00%, 11/01/24		250		247,485
Series A, 5.00%, 12/01/24		50		49,477
Series D, 5.00%, 11/01/24		385		381,127
State of Illinois RB
Series C, 4.00%, 06/15/24		25		25,147
Series D, 5.00%, 06/15/24		75		78,270

				2,739,362

Indiana — 1.2%
Indiana Finance Authority RB
Series A, 5.00%, 02/01/24		100		114,214
Series A, 5.00%, 10/01/24		200		231,972
Series C, 5.00%, 12/01/24		435		509,211
Indiana Municipal Power Agency RB, Series C, 5.00%, 01/01/24		35		39,779
Indiana University RB, Series X, 5.00%, 08/01/24		110		127,528
Purdue University COP, Series A, 5.00%, 07/01/24		160		185,253
Purdue University RB
Series A, 5.00%, 07/01/24		125		144,729
Series DD, 5.00%, 07/01/24		135		156,307

				1,508,993

Iowa — 0.4%
Iowa Finance Authority RB, 5.00%, 08/01/24		350		406,560
State of Iowa RB, Series A, 5.00%, 06/01/24		110		126,193

				532,753


SCHEDULES OF INVESTMENTS			59

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Kansas — 0.9%
City of Wichita KS Water &Sewer Utility Revenue RB, Series A, 5.00%, 10/01/24	$	200	$	232,064
Johnson County Unified School District No. 229 Blue Valley GO, Series B, 5.00%, 10/01/24		45		52,362
Johnson County Water District No. 1 RB, 5.00%, 01/01/24		35		39,941
Kansas Development Finance Authority RB, 5.00%, 05/01/24		400		459,984
Sedgwick County Unified School District No. 259 Wichita GO, Series A, 4.00%, 10/01/24		55		61,667
State of Kansas Department of Transportation RB, Series A, 5.00%, 09/01/24		325		373,997

				1,220,015

Kentucky — 0.1%
Louisville & Jefferson County Metropolitan Sewer District RB, 5.00%, 05/15/24		80		91,966


Louisiana — 0.4%
State of Louisiana GO
5.00%, 05/01/24		105		119,643
Series A, 5.00%, 09/01/24		120		137,982
Series B, 5.00%, 05/01/24		25		28,487
Series C, 5.00%, 08/01/24		50		57,363
Series D, 5.00%, 12/01/24		150		173,629

				517,104

Maine — 0.6%
Maine Municipal Bond Bank RB
Series A, 5.00%, 11/01/24		85		98,859
Series B, 5.00%, 11/01/24		20		23,261
Series C, 5.00%, 11/01/24		190		220,979
Series D, 5.00%, 11/01/24		25		29,076
Maine Turnpike Authority RB, 5.00%, 07/01/24		120		137,728
State of Maine GO, Series B, 5.00%, 06/01/24		225		259,963

				769,866

Maryland — 3.9%
City of Baltimore MD RB, Series A, 5.00%, 07/01/24		75		85,916
County of Anne Arundel MD GOL, 5.00%, 10/01/24		60		69,900
County of Baltimore MD GO
5.00%, 03/01/24		400		458,340
5.00%, 08/01/24		140		162,435
County of Carroll MD GO, 5.00%, 11/01/24		225		263,297
County of Charles MD GO, 5.00%, 10/01/24		100		116,735
County of Frederick MD GO, Series A, 5.00%, 08/01/24		25		29,040
County of Howard MD GO
Series A, 5.00%, 02/15/24		120		137,459
Series C, 5.00%, 02/15/24		55		63,002
County of Montgomery MD GO
Series A, 5.00%, 11/01/24		400		468,084
Series A, 5.00%, 12/01/24		125		146,630
Series A, 5.00%, 11/01/26 (PR 11/01/24)		10		11,815
Series B, 5.00%, 11/01/24		50		58,511
County of Prince George’s MD GOL
Series A, 4.00%, 09/01/24		175		196,411
Series A, 5.00%, 07/15/24		170		197,210
State of Maryland Department of Transportation RB
4.00%, 09/01/24		200		223,572
5.00%, 05/01/24		100		114,870
5.00%, 09/01/24		30		34,796
5.00%, 10/01/24		140		162,772
5.00%, 11/01/24		155		180,642


Security	Par (000)		Value

Maryland (continued)
State of Maryland GO
First Series, 5.00%, 06/01/24	$	370	$	427,975
Series A, 5.00%, 03/15/24		20		22,985
Series A, 5.00%, 08/01/24		95		110,439
Series B, 5.00%, 08/01/24		430		499,879
Series C, 5.00%, 08/01/24		520		604,505
Washington Suburban Sanitary Commission GO
4.00%, 06/01/24		30		33,482
5.00%, 06/01/24		70		80,908
Washington Suburban Sanitary Commission RB, 5.00%, 06/15/24 (GTD)		40		46,287

				5,007,897

Massachusetts — 2.8%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB, Series A, 5.00%, 06/15/24		105		121,274
Commonwealth of Massachusetts GO, Series C, 5.50%, 12/01/24 (AMBAC)		135		160,697
Commonwealth of Massachusetts GOL
Series A, 5.00%, 07/01/24		40		46,172
Series B, 5.00%, 07/01/24		305		352,065
Series B, 5.25%, 09/01/24 (AGM)		445		520,824
Series C, 5.00%, 07/01/24		60		69,259
Series C, 5.00%, 10/01/24		300		348,798
Series H, 5.00%, 12/01/24		185		216,111
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/24		10		11,494
Massachusetts Bay Transportation Authority RB
Series A, 5.00%, 07/01/24		225		259,363
Series B, 5.00%, 07/01/24		30		34,577
Series C, 5.50%, 07/01/24		200		234,552
Massachusetts Clean Water Trust (The) RB
5.00%, 08/01/24		200		231,870
Series 2017, 5.00%, 08/01/24		20		23,187
Massachusetts School Building Authority RB, Series C, 5.00%, 08/15/24		215		248,568
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/24		150		170,596
Massachusetts Water Resources Authority RB
Series B, 5.00%, 08/01/24		150		173,902
Series C, 5.00%, 08/01/24		130		150,716
Series F, 5.00%, 08/01/24		250		289,837

				3,663,862

Michigan — 1.1%
Michigan Finance Authority RB
Series B, 5.00%, 10/01/24		115		134,245
Series C-3, 5.00%, 07/01/24 (AGM)		115		132,594
Michigan State Building Authority RB, Series I, 5.00%, 04/15/24		290		332,682
Oxford Area Community School District GO, Series A, 5.00%, 05/01/24		15		17,218
State of Michigan Comprehensive Transportation Revenue RB, 5.00%, 11/15/24		60		69,228
State of Michigan GO, Series A, 5.00%, 12/01/24		220		257,103
State of Michigan RB, 5.00%, 03/15/24		355		402,353
University of Michigan RB, Series A, 5.00%, 04/01/24		50		57,190
Wayne County Airport Authority RB, Series C, 5.00%, 12/01/24		50		56,807

				1,459,420


60		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Minnesota — 1.7%
County of Hennepin MN GO, Series A, 5.00%, 12/01/24	$	200	$	234,608
Metropolitan Council GO
Series A, 5.00%, 03/01/24		50		57,272
Series C, 5.00%, 03/01/24		70		80,181
Minneapolis-St Paul Metropolitan Airports Commission RB, Series B, 5.00%, 01/01/24		125		138,510
Minnesota Municipal Power Agency RB, Series A, 5.00%, 10/01/24		15		17,398
Minnesota Public Facilities Authority RB, Series B, 3.00%, 03/01/24		500		535,765
Rosemount-Apple Valley-Eagan Independent School District No. 196 GO, Series A, 5.00%, 02/01/24		115		130,893
Southern Minnesota Municipal Power Agency RB, Series A, 4.00%, 01/01/24		100		109,481
State of Minnesota GO
Series A, 5.00%, 08/01/24		105		121,779
Series B, 5.00%, 08/01/24		190		220,362
Series B, 5.00%, 10/01/24		100		116,547
Series D, 5.00%, 08/01/24		350		405,930
Series E, 5.00%, 10/01/24		75		87,410

				2,256,136

Mississippi — 0.3%
State of Mississippi GO
Series C, 4.00%, 10/01/24		25		27,746
Series C, 5.00%, 10/01/24		305		353,187

				380,933

Missouri — 0.8%
City of Springfield MO Public Utility Revenue RB, 5.00%, 08/01/24		100		116,070
Missouri Highway & Transportation Commission RB
Series A, 5.00%, 05/01/24		425		487,122
Series B, 5.00%, 05/01/24		105		120,348
Missouri State Board of Public Buildings RB, Series A, 4.00%, 04/01/24		200		221,474
University of Missouri RB, Series A, 5.00%, 11/01/24		110		128,565

				1,073,579

Nebraska — 0.8%
City of Omaha NE GO
Series B, 5.00%, 04/15/24		175		201,121
Series B, 5.00%, 11/15/24		25		29,228
Nebraska Public Power District RB, Series A-1, 5.00%, 01/01/24		110		125,062
Omaha Public Power District Nebraska City Station Unit 2 RB, Series A, 5.00%, 02/01/24		45		51,219
Omaha Public Power District RB
Series A, 5.00%, 02/01/24		150		170,435
Series AA, 5.00%, 02/01/24		20		22,803
Series B, 5.00%, 02/01/31 (PR 08/01/24)		430		503,792

				1,103,660

Nevada — 2.1%
Clark County School District GOL
Series B, 5.00%, 06/15/24		25		27,860
Series C, 5.00%, 06/15/24		350		390,040
Clark County Water Reclamation District GOL, 5.00%, 07/01/24		95		109,868
County of Clark Department of Aviation RB, Series C, 5.00%, 07/01/24		105		116,594
County of Clark NV GOL
5.00%, 06/01/24		35		40,227


Security	Par (000)		Value

Nevada (continued)
5.00%, 11/01/24	$	150	$	174,457
Series A, 5.00%, 06/01/24		45		51,721
Series A, 5.00%, 11/01/24		205		238,425
Series B, 5.00%, 11/01/24		115		133,751
County of Clark NV RB
5.00%, 07/01/24		180		205,678
Series A, 5.00%, 07/01/24		45		51,256
Las Vegas Valley Water District GOL
Series A, 5.00%, 02/01/24		10		11,343
Series B, 5.00%, 06/01/24		410		469,475
Nevada System of Higher Education RB, Series A, 5.00%, 07/01/24		140		161,295
State of Nevada GOL
Series A, 5.00%, 05/01/24		115		132,100
Series B, 5.00%, 11/01/24		185		215,605
Series D, 5.00%, 04/01/24		25		28,647
State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/24		85		99,377
Washoe County School District/NV GOL, Series A, 5.00%, 06/01/24		80		91,093

				2,748,812

New Hampshire — 0.2%
New Hampshire Health and Education Facilities Authority Act RB, 5.00%, 07/01/24		50		57,804
New Hampshire Municipal Bond Bank RB
Series B, 5.00%, 08/15/24		50		57,942
Series E, 5.00%, 08/15/24		15		17,410
State of New Hampshire GO, Series B, 5.00%, 12/01/24		115		134,619

				267,775

New Jersey — 2.0%
County of Monmouth NJ Go, 5.00%, 07/15/24		250		290,127
Monmouth County Improvement Authority (The) RB, 5.00%, 12/01/24 (GTD)		65		75,836
New Jersey Economic Development Authority RB
Series AAA, 4.00%, 06/15/24		90		89,547
Series N-1, 5.50%, 09/01/24 (AMBAC)		55		58,142
Series UU, 5.00%, 06/15/24		70		72,218
Series XX, 4.00%, 06/15/24 (SAP)		415		412,912
Series XX, 5.00%, 06/15/24 (SAP)		135		139,277
New Jersey Educational Facilities Authority RB
5.00%, 07/01/24		25		29,079
Series A, 5.00%, 07/01/24		80		93,052
Series A, 5.00%, 09/01/24		110		113,593
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/24		275		287,694
Series A-1, 5.00%, 06/15/24		300		321,450
Series AA, 5.00%, 06/15/24		180		185,702
New Jersey Turnpike Authority RB, Series C, 5.00%, 01/01/24		115		128,423
State of New Jersey GO, 5.00%, 06/01/24		235		267,087

				2,564,139

New Mexico — 1.2%
New Mexico Finance Authority RB
5.00%, 06/01/24		150		172,403
Series A, 5.00%, 06/01/24		35		40,227
Series A, 5.00%, 06/15/24		510		586,821
Series D, 5.00%, 06/15/24		45		51,778
State of New Mexico GO
5.00%, 03/01/24		145		165,738
Series A, 5.00%, 03/01/24		90		102,872


SCHEDULES OF INVESTMENTS			61

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Mexico (continued)
State of New Mexico Severance Tax Permanent Fund RB
Series A, 5.00%, 07/01/24	$	285	$	327,103
Series B, 4.00%, 07/01/24		90		99,667

				1,546,609

New York — 9.5%
City of New York NY GO
Series 1, 5.00%, 08/01/24		85		96,391
Series A, 5.00%, 08/01/24		210		238,142
Series A-1, 5.00%, 08/01/24		50		56,701
Series B-1, 5.00%, 12/01/24		15		17,148
Series C, 5.00%, 08/01/24		915		1,037,619
Series D, 4.00%, 08/01/24		100		109,327
Series E, 5.00%, 08/01/24		200		226,802
Series I, 5.00%, 03/01/24		80		89,780
County of Onondaga NY GOL, 5.00%, 05/01/24		25		28,781
Long Island Power Authority RB, Series A, 0.00%, 12/01/24 (AGM)^(a)		50		46,253
Metropolitan Transportation Authority RB
Series A-1, 4.00%, 11/15/24		20		19,261
Series A-2, 5.00%, 11/15/24		90		90,288
Series B, 5.00%, 11/15/24		500		501,600
Series B, 5.25%, 11/15/24 (AMBAC)		100		101,324
Series B-2, 5.00%, 11/15/24		20		22,111
Series C-1, 5.00%, 11/15/24		755		757,416
Series F, 5.00%, 11/15/24		55		55,176
New York City Transitional Finance Authority Building Aid Revenue RB
Series S, 4.00%, 07/15/24 (SAW)		75		82,645
Series S, 5.00%, 07/15/24 (SAW)		85		97,110
Series S-1, 5.00%, 07/15/24 (SAW)		195		222,782
Series S-2, 5.00%, 07/15/24 (SAW)		90		102,822
New York City Transitional Finance Authority Future Tax Secured Revenue RB
Series A-1, 5.00%, 08/01/24		265		303,083
Series B-1, 5.00%, 08/01/24		150		171,557
Series C, 5.00%, 11/01/24		525		604,395
Series E-1, 5.00%, 02/01/24		80		90,272
New York City Water & Sewer System RB, Series AA, 5.00%, 06/15/24		665		764,018
New York State Dormitory Authority RB
Series A, 4.00%, 03/15/24		140		153,279
Series A, 5.00%, 02/15/24		230		260,284
Series A, 5.00%, 03/15/24		1,040		1,178,561
Series A, 5.00%, 07/01/24		420		477,749
Series B, 5.00%, 10/01/24		15		17,349
Series B, 5.50%, 03/15/24 (AMBAC)		280		322,622
Series C, 5.00%, 03/15/24		105		118,889
Series D, 5.00%, 02/15/24		145		164,092
Series E, 5.00%, 02/15/24		315		356,476
Series E, 5.00%, 03/15/24		185		209,845
Series F, 5.00%, 10/01/24 (SAW)		20		23,234
New York State Environmental Facilities Corp. RB
5.00%, 06/15/24		240		276,778
Series A, 4.00%, 06/15/24		30		33,396
Series D, 5.00%, 09/15/24		110		127,779
New York State Thruway Authority RB
Series A, 4.00%, 01/01/24		100		109,144
Series J, 5.00%, 01/01/24		60		67,618
Series L, 5.00%, 01/01/24		185		208,488


Security	Par (000)		Value

New York (continued)
New York State Urban Development Corp. RB, Series A, 5.00%, 03/15/24	$	835	$	947,140
Port Authority of New York & New Jersey RB, Series 194, 5.00%, 10/15/24		155		176,370
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/24		50		58,672
Triborough Bridge & Tunnel Authority RB
Series A, 5.00%, 11/15/24		730		848,537
Series C-1, 5.00%, 11/15/24		165		191,793

				12,260,899

North Carolina — 2.6%
City of Winston-Salem NC Water & Sewer System Revenue RB, Series A, 5.00%, 06/01/24		10		11,558
County of Buncombe NC RB, 5.00%, 06/01/24		100		115,064
County of Durham NC GO, 5.00%, 10/01/24		25		29,196
County of Forsyth NC GO, 5.00%, 12/01/24		95		111,484
County of Guilford NC GO, 5.00%, 03/01/24		520		596,684
County of Mecklenburg NC GO
5.00%, 03/01/24		145		166,383
Series A, 5.00%, 12/01/24		125		146,690
Series B, 5.00%, 12/01/24		100		117,352
County of Orange NC GO, 4.00%, 04/01/24		200		222,364
County of Wake NC GO, Series A, 5.00%, 03/01/24		245		281,130
County of Wake NC RB
Series A, 5.00%, 08/01/24		135		156,208
Series A, 5.00%, 12/01/24		40		46,727
North Carolina State University at Raleigh RB, 5.00%, 10/01/24		25		29,008
State of North Carolina GO
Series A, 5.00%, 06/01/24		140		161,877
Series C, 5.00%, 05/01/24		535		617,042
State of North Carolina RB
5.00%, 03/01/24		255		289,930
Series C, 5.00%, 05/01/24		100		114,449
University of North Carolina at Greensboro RB, 5.00%, 04/01/24		85		96,353

				3,309,499

Ohio — 2.7%
City of Columbus OH GO
Series 2017-1, 5.00%, 04/01/24		360		412,510
Series A, 4.00%, 08/15/24		280		312,701
Series A, 5.00%, 07/01/24		50		57,715
County of Franklin OH GOL, 5.00%, 12/01/24		10		11,711
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/24		100		116,574
Miami University/Oxford OH RB, 5.00%, 09/01/24		100		114,397
Ohio State University (The) RB, Series A, 5.00%, 12/01/24		50		58,530
Ohio Water Development Authority RB
5.00%, 06/01/24		100		115,410
5.00%, 12/01/24		115		134,675
Ohio Water Development Authority Water Pollution Control Loan Fund RB
Series 2015-A, 5.00%, 06/01/24		200		230,820
Series 2015-A, 5.00%, 12/01/24		95		111,254
State of Ohio GO
Series A, 4.00%, 05/01/24		110		122,352
Series A, 5.00%, 08/01/24		185		214,563
Series A, 5.00%, 09/01/24		50		58,132
Series A, 5.00%, 09/15/24		130		151,314


62		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ohio (continued)
Series B, 5.00%, 08/01/24	$	70	$	81,186
Series B, 5.00%, 09/15/24		75		87,296
Series S, 5.00%, 05/01/24		100		115,123
Series U, 5.00%, 05/01/24		100		115,123
State of Ohio RB
Series A, 5.00%, 04/01/24		475		543,305
Series A, 5.00%, 10/01/24		25		29,008
Series A, 5.00%, 12/01/24		185		215,662
Series B, 5.00%, 10/01/24		35		40,611
Series C, 5.00%, 12/01/24		35		40,801

				3,490,773

Oklahoma — 0.8%
City of Oklahoma City OK GO
4.00%, 03/01/24		250		277,222
5.00%, 03/01/24		10		11,463
Grand River Dam Authority RB
Series A, 4.00%, 06/01/24		240		265,529
Series A, 5.00%, 06/01/24		75		86,041
Oklahoma Capitol Improvement Authority RB
5.00%, 07/01/24		180		205,335
Series B, 5.00%, 01/01/24		15		16,910
Series B, 5.00%, 07/01/24		35		39,926
Series C, 5.00%, 07/01/24		30		34,223
Oklahoma Turnpike Authority RB, Series D, 5.00%, 01/01/24		115		130,481
Oklahoma Water Resources Board RB, 5.00%, 04/01/24		30		34,413

				1,101,543

Oregon — 1.8%
City of Portland OR GOL, Series B, 5.00%, 06/15/24		160		185,147
City of Portland OR Sewer System Revenue RB
Series A, 5.00%, 10/01/24		25		29,160
Series B, 5.00%, 06/01/24		50		57,727
City of Portland OR Water System Revenue RB, Series A, 5.00%, 05/01/24		250		288,020
Multnomah County School District No. 1 Portland/OR GO, Series B, 5.00%, 06/15/24 (GTD)		50		57,750
Oregon State Lottery RB
Series C, 5.00%, 04/01/24		55		63,136
Series E, 5.00%, 04/01/24 (MORAL OBLG)		130		148,962
Portland Community College District GO, 5.00%, 06/15/24		150		173,248
State of Oregon Department of Transportation RB, Series A, 5.00%, 11/15/24		290		339,042
State of Oregon GO
Series A, 5.00%, 05/01/24		500		575,825
Series B, 5.00%, 08/01/24		15		17,404
Series H, 5.00%, 05/01/24		85		97,890
Series I, 5.00%, 08/01/24		15		17,404
Series O, 5.00%, 08/01/24		25		29,006
Washington &Clackamas Counties School District No. 23J Tigard-Tualatin GO, 5.00%, 06/15/24 (GTD)		200		230,822

				2,310,543

Pennsylvania — 2.5%
City of Philadelphia PA GO
5.00%, 08/01/24		125		143,464
Series A, 5.00%, 08/01/24		115		131,987
Commonwealth of Pennsylvania GO
First Series, 5.00%, 01/01/24		120		135,418
First Series, 5.00%, 03/01/24		105		119,047
First Series, 5.00%, 03/15/24		245		278,077
First Series, 5.00%, 06/15/24		170		194,284


Security	Par (000)		Value

Pennsylvania (continued)
First Series, 5.00%, 07/01/24	$	310	$	354,711
First Series, 5.00%, 08/15/24		260		298,485
First Series, 5.00%, 09/15/24		235		269,420
Second Series, 5.00%, 01/15/24		65		73,432
Second Series, 5.00%, 09/15/24		90		103,553
County of Berks PA GO, 5.00%, 11/15/24		100		116,718
County of Chester PA GO, 5.00%, 07/15/24		20		23,210
County of Montgomery PA GO, Series A, 5.00%, 04/01/24		20		23,000
Delaware County Authority RB, 5.00%, 08/01/24		45		50,676
Delaware River Joint Toll Bridge Commission RB, 5.00%, 07/01/24		245		283,453
Pennsylvania Infrastructure Investment Authority RB, Series A, 5.00%, 01/15/24		170		194,233
Pennsylvania Turnpike Commission RB
5.00%, 06/01/24		105		116,395
Series A, 5.00%, 12/01/24		95		107,160
Series A-1, 5.00%, 12/01/24		90		104,612
Series B, 5.00%, 12/01/24		70		81,364

				3,202,699

Rhode Island — 0.7%
Rhode Island Commerce Corp. RB, Series A, 4.00%, 06/15/24		185		203,981
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB, Series B, 5.00%, 10/01/24		85		99,105
Rhode Island Turnpike & Bridge Authority RB, Series A, 5.00%, 10/01/24		215		248,370
State of Rhode Island GO
Series A, 5.00%, 05/01/24		155		177,070
Series D, 5.00%, 08/01/24		110		126,542

				855,068

South Carolina — 0.9%
Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/24		45		52,350
City of Charleston SC Waterworks & Sewer System Revenue RB, 5.00%, 01/01/24		130		148,352
County of Charleston SC GO, Series C, 5.00%, 11/01/24 (SAW)		20		23,404
Horry County School District/SC GO, Series A, 5.00%, 03/01/24		30		34,351
Lancaster County School District/SC GO, 5.00%, 03/01/24		100		114,504
Richland County School District No. 1/SC GO, Series C, 5.00%, 03/01/24		100		114,504
South Carolina Transportation Infrastructure Bank RB, Series A, 5.00%, 10/01/24		175		197,435
State of South Carolina GO, Series B, 5.00%, 04/01/24 (SAW)		475		546,250

				1,231,150

Tennessee — 1.6%
City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/24		25		29,144
County of Blount TN GO, Series B, 5.00%, 06/01/24		100		114,935
County of Williamson TN GO, 5.00%, 04/01/24		150		172,314
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/24		185		213,146
Metropolitan Government of Nashville & Davidson County TN GO
5.00%, 01/01/24		245		279,209
5.00%, 07/01/24		155		179,327
State of Tennessee GO
Series A, 5.00%, 08/01/24		110		127,776
Series B, 5.00%, 08/01/24		375		435,600


SCHEDULES OF INVESTMENTS			63

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Tennessee (continued)
Tennessee State School Bond Authority RB
Series A, 5.00%, 11/01/24	$	205	$	238,425
Series B, 5.00%, 11/01/24		250		290,763

				2,080,639

Texas — 13.1%
Alamo Community College District GOL, 5.00%, 02/15/24		40		45,676
Aldine Independent School District GO, 5.00%, 02/15/24 (PSF)		125		142,736
Alief Independent School District GO, 5.00%, 02/15/24 (PSF)		105		119,647
Allen Independent School District GO, 5.00%, 02/15/24 (PSF)		100		113,910
Arlington Independent School District/TX GO
Series A, 5.00%, 02/15/24 (PSF)		25		28,567
Series B, 5.00%, 02/15/24 (PSF)		75		85,702
Austin Independent School District GO
5.00%, 08/01/24 (PSF)		85		98,698
Series A, 4.00%, 08/01/24 (PSF)		125		139,977
Series A, 5.00%, 08/01/24 (PSF)		35		40,640
Birdville Independent School District GO
5.00%, 02/15/24 (PSF)		10		11,320
Series A, 5.00%, 02/15/24 (PSF)		105		118,856
Central Texas Turnpike System RB
Series A, 0.00%, 08/15/24 (AMBAC)^(a)		25		22,859
Series C, 5.00%, 08/15/24		125		134,759
City of Austin TX GOL
5.00%, 09/01/24		140		161,744
Series A, 5.00%, 09/01/24		230		265,721
City of Austin TX Water & Wastewater System RB
5.00%, 11/15/24		135		157,375
Series A, 5.00%, 11/15/24		195		227,319
City of Austin TX Water & Wastewater System Revenue RB, Series A, 5.00%, 05/15/24		90		103,423
City of Brownsville TX GOL
5.00%, 02/15/24		10		11,351
5.00%, 02/15/24 (ETM)		5		5,746
City of Dallas TX Waterworks & Sewer System Revenue RB, Series A, 5.00%, 10/01/24		65		74,877
City of Denton TX GOL, 5.00%, 02/15/24		25		28,527
City of El Paso TX GOL, 5.00%, 08/15/24		35		40,385
City of Grand Prairie TX GOL, 5.00%, 02/15/24		180		205,756
City of Houston TX Combined Utility System RB, Series B, 5.00%, 11/15/24		190		221,491
City of Houston TX Combined Utility System Revenue RB
Series B, 5.00%, 11/15/24		45		52,458
Series C, 5.00%, 05/15/24		115		132,152
Series D, 5.00%, 11/15/24		110		128,231
City of Pflugerville TX GOL, 5.00%, 08/01/24		60		69,023
City of Plano TX GOL, 5.00%, 09/01/24		50		58,109
City of San Antonio Texas Electric & Gas Systems Revenue RB, 5.25%, 02/01/24		160		183,634
City of San Antonio TX Electric & Gas Systems Revenue RB
5.00%, 02/01/24		240		273,262
5.00%, 02/01/24 (ETM)		155		177,588
City of San Antonio TX GOL
5.00%, 02/01/24		215		245,050
5.00%, 08/01/24		200		231,330
Clear Creek Independent School District GO, 5.00%, 02/15/24 (PSF)		30		34,317
Comal Independent School District GO, Series B, 5.00%, 02/01/24 (PSF)		75		85,542


Security	Par (000)		Value

Texas (continued)
Conroe Independent School District GO, 5.00%, 02/15/24 (PSF)	$	105	$	119,563
County of Bexar TX GOL, 5.00%, 06/15/24		75		86,559
County of Denton TX GOL, 5.00%, 07/15/24		85		97,737
Crowley Independent School District GO, Series A, 5.00%, 08/01/24 (PSF)		80		92,496
Cypress-Fairbanks Independent School District GO
5.00%, 02/15/24 (PSF)		115		131,179
Series C, 5.00%, 02/15/24 (PSF)		65		74,145
Dallas Area Rapid Transit RB, Series A, 5.00%, 12/01/24		320		373,037
Fort Bend Independent School District GO
Series C, 5.00%, 02/15/24 (PSF)		25		28,478
Series C, 5.00%, 08/15/24 (PSF)		75		86,676
Fort Worth Independent School District GO, 5.00%, 02/15/24 (PSF)		375		427,462
Frisco Independent School District GO, 5.00%, 08/15/24 (PSF)		185		214,639
Grapevine-Colleyville Independent School District GO, 0.00%, 08/15/24 (PSF)^(a)		70		66,130
Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/24		90		103,929
Katy Independent School District GO, Series D, 5.00%, 02/15/24 (PSF)		125		142,736
Keller Independent School District/TX GO
Series A, 5.00%, 02/15/24 (PSF)		85		97,231
Series A, 5.00%, 08/15/24 (PSF)		70		81,278
Klein Independent School District GO
5.00%, 08/01/24 (PSF)		65		75,241
Series A, 5.00%, 08/01/24 (PSF)		270		312,538
Lamar Consolidated Independent School District GO
5.00%, 02/15/24 (PSF)		100		113,830
Series A, 2.00%, 02/15/24 (PSF)		50		51,337
Laredo Independent School District GO, 0.00%, 08/01/24 (PSF)^(a)		150		142,333
Leander Independent School District GO, Series D, 0.00%, 08/15/24 (PSF)^(a)		100		93,712
Lewisville Independent School District GO
5.00%, 08/15/24		190		218,979
5.00%, 08/15/24 (PSF)		85		98,425
Lone Star College System GOL
5.00%, 09/15/24		135		156,758
Series A, 5.00%, 02/15/24		20		22,830
Series A, 5.00%, 08/15/24		90		104,255
Lower Colorado River Authority RB
5.00%, 05/15/24		20		22,822
Series B, 5.00%, 05/15/24		160		182,576
Metropolitan Transit Authority of Harris County RB
Series A, 5.00%, 11/01/24		175		203,201
Series B, 5.00%, 11/01/24		125		145,144
Series D, 5.00%, 11/01/24		285		330,928
North East Independent School District/TX GO
5.00%, 08/01/24 (PSF)		335		386,875
5.25%, 02/01/24 (PSF)		100		114,732
North Texas Municipal Water District RB
5.00%, 06/01/24		110		126,761
5.50%, 06/01/24		50		58,654
North Texas Tollway Authority RB, Series A, 5.00%, 01/01/24		295		330,993
Northside Independent School District GO
5.00%, 08/01/24 (PSF)		50		58,058
5.00%, 08/15/24 (PSF)		75		87,187


64		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Series A, 5.00%, 08/15/24 (PSF)	$	165	$	191,811
Northwest Independent School District GO, Series A, 5.00%, 02/15/24 (PSF)		75		85,672
Pasadena Independent School District GO, 5.00%, 02/15/24 (PSF)		50		57,215
Permanent University Fund — University of Texas System RB
Series A, 5.00%, 07/01/24		110		126,829
Series B, 5.00%, 07/01/24		175		201,774
Pflugerville Independent School District GO, 5.00%, 02/15/24 (PSF)		100		114,309
Rockwall Independent School District GO, Series A, 0.00%, 02/15/24 (PSF)^(a)		35		33,061
Round Rock Independent School District GO, 5.00%, 08/01/24 (PSF)		165		191,218
San Antonio Independent School District/TX GO, 5.00%, 02/15/24 (PSF)		300		343,407
San Antonio Water System RB
Series A, 5.00%, 05/15/24		385		441,768
Series B, 5.00%, 05/15/24		100		114,745
Spring Independent School District GO, 5.00%, 08/15/24 (PSF)		125		144,970
State of Texas GO
5.00%, 04/01/24		100		114,793
Series A, 5.00%, 10/01/24		455		530,075
Series B-1, 5.00%, 08/01/24		65		75,358
Series D, 5.00%, 05/15/24		425		489,659
Tarrant Regional Water District RB, Series A, 5.00%, 03/01/24		200		228,766
Texas A&M University RB
Series C, 5.00%, 05/15/24		340		391,727
Series E, 4.00%, 05/15/24		25		27,821
Series E, 5.00%, 05/15/24		150		172,821
Texas State University System RB, Series A, 5.00%, 03/15/24		230		262,731
Texas Transportation Commission State Highway Fund RB
5.00%, 10/01/24		195		226,992
Series A, 5.00%, 04/01/24		500		573,550
Texas Water Development Board RB
5.00%, 04/15/24		155		178,072
5.00%, 08/01/24		115		133,273
Series A, 5.00%, 10/15/24		195		227,339
Series B, 5.00%, 04/15/24		50		57,443
Tyler Independent School District GO, 5.00%, 02/15/24 (PSF)		30		34,281
United Independent School District/TX GO, 5.00%, 08/15/24 (PSF)		20		23,186
University of Houston RB, Series A, 5.00%, 02/15/24		400		454,844
University of North Texas System RB, Series A, 5.00%, 04/15/24		45		51,529
University of Texas System (The) RB
Series C, 5.00%, 08/15/24		105		121,918
Series D, 5.00%, 08/15/24		120		139,171
Series E, 5.00%, 08/15/24		90		104,378
Series H, 5.00%, 08/15/24		210		243,550
Ysleta Independent School District GO, 5.00%, 08/15/24 (PSF)		75		86,846

				16,936,104

Utah — 1.0%
City of Ogden City UT Sewer & Water Revenue RB, 5.00%, 06/15/24		50		57,640
Metropolitan Water District of Salt Lake & Sandy RB, Series A, 5.00%, 07/01/24		25		28,913
Nebo School District GO, Series C, 4.00%, 07/01/24 (GTD)		100		111,601


Security	Par (000)		Value

Utah (continued)
State of Utah GO, 5.00%, 07/01/24	$	400	$	464,020
University of Utah (The) RB
Series A, 5.00%, 08/01/24		170		195,944
Series A, 5.00%, 08/01/24 (SAP)		90		103,735
Series B, 5.00%, 08/01/24		30		34,578
Utah State Building Ownership Authority RB, 5.00%, 05/15/24		100		115,001
Utah Transit Authority RB, Series A, 5.00%, 06/15/24		210		241,632

				1,353,064

Vermont — 0.1%
State of Vermont GO, Series A, 5.00%, 02/15/24		165		189,006


Virginia — 5.5%
City of Alexandria VA GO
Series C, 5.00%, 07/01/24 (SAW)		260		301,496
Series C, 5.00%, 07/15/24 (SAW)		100		116,095
City of Chesapeake VA GO, Series C, 5.00%, 12/01/24		45		52,941
City of Norfolk VA GO
Series A, 5.00%, 09/01/35 (PR 09/01/24) (SAW)		150		176,238
Series A, 5.00%, 09/01/37 (PR 09/01/24) (SAW)		600		704,952
City of Richmond VA GO
Series B, 5.00%, 07/15/24		85		98,567
Series B, 5.00%, 07/15/24 (SAW)		225		260,912
City of Virginia Beach VA GO, Series B, 5.00%, 09/15/24 (SAW)		75		87,470
Commonwealth of Virginia GO
Series B, 5.00%, 06/01/24		50		57,576
Series B, 5.00%, 06/01/24 (SAW)		100		115,151
County of Arlington VA GO, 5.00%, 08/15/24		125		145,367
County of Fairfax VA GO
Series A, 4.00%, 10/01/24 (SAW)		250		281,107
Series A, 5.00%, 10/01/24 (SAW)		400		466,940
Series B, 5.00%, 10/01/24 (SAW)		50		58,368
County of Henrico VA GO
Series A, 5.00%, 08/01/24		100		116,296
Series B, 5.00%, 08/01/24 (SAW)		205		238,407
Fairfax County Water Authority RB, 5.00%, 04/01/24		75		86,281
Hampton Roads Sanitation District RB
Series A, 5.00%, 07/01/24		150		173,808
Series A, 5.00%, 08/01/24		70		81,312
Virginia College Building Authority RB
5.00%, 02/01/24		100		113,820
Series A, 4.00%, 02/01/28 (PR 02/01/24)		250		278,742
Series A, 5.00%, 09/01/24		305		353,065
Series A, 5.00%, 09/01/24 (SAW)		50		57,880
Series B, 5.00%, 09/01/24		75		86,819
Series D, 5.00%, 02/01/24 (NPFGC)		120		136,584
Series E-1, 5.00%, 02/01/24		115		130,893
Virginia Commonwealth Transportation Board RB
5.00%, 03/15/24		145		165,989
5.00%, 05/15/24		90		103,539
5.00%, 09/15/24		425		493,692
Virginia Public Building Authority RB
Series A, 5.00%, 08/01/24		440		509,916
Series C, 5.00%, 08/01/24		115		133,273
Virginia Public School Authority RB
5.00%, 02/01/24		75		85,809
5.00%, 08/01/24 (SAW)		130		149,643
Series B, 5.00%, 08/01/24 (SAW)		255		296,208
Series C, 5.00%, 08/01/24 (SAW)		100		115,038


SCHEDULES OF INVESTMENTS			65

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Virginia (continued)
Virginia Resources Authority RB
5.00%, 11/01/24	$	105	$	122,636
Series A, 5.00%, 11/01/24		60		70,212
Series D, 5.00%, 11/01/24		125		146,277

				7,169,319

Washington — 5.0%
Cascade Water Alliance RB, 5.00%, 01/01/24		60		68,447
Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/24		175		204,367
City of Bellevue WA GOL, 5.00%, 12/01/24		130		152,495
City of Marysville WA Water & Sewer Revenue RB, 5.00%, 04/01/24		40		45,834
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 04/01/24		290		332,900
City of Seattle WA GOL
4.00%, 05/01/24		45		50,072
Series A, 5.00%, 06/01/24		80		92,362
City of Seattle WA Municipal Light & Power Revenue RB 5.00%, 09/01/24		30		34,852
Series B, 5.00%, 04/01/24		50		57,375
Series C, 5.00%, 09/01/24		140		162,641
Series C, 5.00%, 10/01/24		75		87,340
City of Seattle WA Water System Revenue RB, 5.00%, 08/01/24		135		156,512
Clark & Skamania Counties School District No. 112-6 Washougal GO, 5.00%, 12/01/24 (GTD)		25		29,180
Clark County School District No. 37 Vancouver GO, Series C, 5.00%, 12/01/24 (GTD)		100		117,011
County of King WA GOL
Series C, 5.00%, 12/01/24		35		40,988
Series E, 5.00%, 12/01/24		25		29,265
County of King WA Sewer Revenue RB, Series B, 5.00%, 07/01/24		75		86,705
Energy Northwest RB
5.00%, 07/01/24		105		120,972
Series A, 4.00%, 07/01/24		25		27,793
Series A, 5.00%, 07/01/24		565		650,942
King County Rural Library District GO, 4.00%, 12/01/24		50		56,118
King County School District No. 210 Federal Way GO, 4.00%, 12/01/24 (GTD)		10		11,262
King County School District No. 403 Renton GO, 4.00%, 12/01/24 (GTD)		100		112,569
King County School District No. 405 Bellevue GO, 5.00%, 12/01/24 (GTD)		35		40,971
King County School District No. 414 Lake Washington GO, 5.00%, 12/01/24 (GTD)		80		93,687
Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/24 (GTD)		160		186,907
Pierce County School District No. 320 Sumner GO, 5.00%, 12/01/24 (GTD)		20		23,412
Pierce County School District No. 83 University Place GO, 5.00%, 12/01/24 (GTD)		100		117,060
Port of Seattle WA RB, Series B, 5.00%, 03/01/24		40		44,685
Port of Tacoma WA RB, Series A, 5.00%, 12/01/24		10		11,657
Snohomish County School District No. 103 Monroe GO, 5.00%, 12/01/24 (GTD)		215		251,157
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/24 (GTD)		100		116,719
Snohomish County School District No. 6 Mukilteo GO, 5.00%, 12/01/24 (GTD)		85		99,625


Security	Par (000)		Value

Washington (continued)
Spokane & Whitman Counties School District No. 360 Cheney GO, 5.00%, 12/01/24 (GTD)	$	75	$	87,795
Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/24 (GTD)		15		17,566
State of Washington COP
Series A, 5.00%, 07/01/24		30		34,171
Series B, 5.00%, 07/01/24		335		381,572
State of Washington GO
Series 03-C, 0.00%, 06/01/24 (NPFGC)^(a)		25		23,561
Series 2016-A, 5.00%, 07/01/24		95		109,701
Series A-1, 5.00%, 08/01/24		80		92,604
Series B, 5.00%, 07/01/24		730		842,967
Series C, 0.00%, 06/01/24 (AMBAC)^(a)		100		94,242
Series C, 5.00%, 02/01/24		90		102,650
Series D, 5.00%, 02/01/24		115		131,165
Series E, 0.00%, 12/01/24^(a)		60		56,009
Series R, 5.00%, 07/01/24		25		28,869
Series R-2018C, 5.00%, 08/01/24		90		104,179
Series R-2018D, 5.00%, 08/01/24		40		46,302
Tacoma Metropolitan Park District GO, 5.00%, 12/01/24		375		438,975
Washington State University RB
5.00%, 04/01/24		70		79,922
5.00%, 10/01/24		80		90,437
Whatcom County School District No. 503 Blaine GO, 5.00%, 12/01/24 (GTD)		25		29,180

				6,505,749

West Virginia — 0.9%
State of West Virginia GO
Series A, 0.00%, 11/01/24 (NPFGC)^(a)		125		117,694
Series A, 5.00%, 06/01/24		345		398,761
Series A, 5.00%, 12/01/24		25		29,326
Series B, 5.00%, 06/01/24		20		23,117
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/24		275		318,214
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/24		145		167,183
West Virginia Water Development Authority RB, Series A, 5.00%, 07/01/24		150		173,080

				1,227,375

Wisconsin — 1.8%
City of Madison WI GO, Series A, 4.00%, 10/01/24		165		184,851
Milwaukee County Metropolitan Sewer District GO, Series A, 5.00%, 10/01/24		35		40,791
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB
5.00%, 06/01/26 (PR 06/01/24)		60		69,638
Series 1, 5.00%, 06/01/24		85		98,654
State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/24		115		132,671
State of Wisconsin GO
Series 2, 5.00%, 11/01/24		520		607,261
Series A, 5.00%, 05/01/24		125		143,851
State of Wisconsin RB, Series A, 5.00%, 05/01/24		510		587,989
Wisconsin Department of Transportation RB
Series 1, 5.00%, 07/01/24		50		57,936


66		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Wisconsin (continued)
Series 2, 5.00%, 07/01/24	$	340	$	393,965
Series A, 5.00%, 07/01/24		55		63,730

				2,381,337


Total Municipal Debt Obligations — 98.6% (Cost: $126,705,350)				127,843,052


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Liquidity Funds: MuniCash, 0.15%^(d)(e)		203		202,969


Total Short-Term Investments — 0.2% (Cost: $202,915)				202,969


Total Investments in Securities — 98.8% (Cost: $126,908,265)				128,046,021

Other Assets, Less Liabilities — 1.2%				1,556,123


Net Assets — 100.0%			$	129,602,144

^(a)	Zero-coupon bond.

^(b)	Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(c)	Security is payable upon demand on each reset date.

^(d)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds: MuniCash	210	(7	)	203	$	202,969	$	3,552	$	(254	)	$	33

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	127,843,052	$	—	$	127,843,052
Money Market Funds		202,969		—		—		202,969

	$	202,969	$	127,843,052	$	—	$	128,046,021

See notes to financial statements.


SCHEDULES OF INVESTMENTS			67

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 0.7%
Alabama Federal Aid Highway Finance Authority RB, Series A, 5.00%, 09/01/25	$	165	$	194,945
Alabama Public School & College Authority RB, Series B, 5.00%, 05/01/25		50		58,689
City of Huntsville AL GOL, Series E, 5.00%, 11/01/25		100		120,156
University of Alabama (The) RB, Series B, 5.00%, 07/01/25		60		70,563

				444,353

Alaska — 0.3%
City of Anchorage AK Water Revenue RB, Series B, 5.00%, 05/01/25		40		47,312
Municipality of Anchorage AK GO
Series C, 5.00%, 09/01/25		25		29,806
Series D, 5.00%, 09/01/25		30		35,767
State of Alaska GO, Series B, 5.00%, 08/01/25		50		58,511

				171,396

Arizona — 3.1%
Arizona State University RB
Series A, 5.00%, 07/01/25		80		94,302
Series B, 5.00%, 07/01/25		25		29,470
Arizona Transportation Board RB, 5.00%, 07/01/25		160		189,480
City of Phoenix AZ GO, 5.00%, 07/01/25		90		106,336
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/25		50		59,350
Series A, 5.00%, 07/01/25		200		237,125
Series D, 5.00%, 07/01/25		125		144,047
County of Pima AZ GOL, 4.00%, 07/01/25		120		136,463
County of Pima AZ Sewer System Revenue RB, 5.00%, 07/01/25		100		118,700
Maricopa County Community College District GO, 5.00%, 07/01/25		245		290,141
Maricopa County High School District No. 210-Phoenix GO, 5.00%, 07/01/25		25		29,470
Maricopa County Unified School District No. 48 Scottsdale GO, Series A, 5.00%, 07/01/25		15		17,723
Salt River Project Agricultural Improvement & Power District RB, Series A, 5.00%, 01/01/25		335		393,079
State of Arizona Lottery Revenue RB, 5.00%, 07/01/25		200		236,850
University of Arizona (The) RB, 4.00%, 06/01/25		50		56,372

				2,138,908

California — 10.6%
Bay Area Toll Authority RB, 5.00%, 04/01/25		40		46,416
Beverly Hills Unified School District CA GO, 0.00%, 08/01/25^(a)		50		46,376
California Educational Facilities Authority RB, Series A, 5.00%, 10/01/25		40		48,662
California Infrastructure & Economic Development Bank RB, 4.00%, 08/01/25		100		111,481
California State Public Works Board RB
Series A, 5.00%, 06/01/25		50		58,414
Series B, 5.00%, 04/01/25		25		29,087
Series B, 5.00%, 10/01/25		55		64,771
Series C, 5.00%, 11/01/25		45		53,099
Series D, 5.00%, 04/01/25		50		58,174
Series D, 5.00%, 06/01/25		50		58,413
California State University RB
Series A, 4.00%, 11/01/25		25		28,528
Series A, 5.00%, 11/01/25		120		143,272
Campbell Union High School District GO, Series B, 5.00%, 08/01/25		70		83,548


Security	Par (000)		Value

California (continued)
City of Los Angeles CA Wastewater System Revenue RB, Series B, 5.00%, 06/01/25	$	225	$	265,876
City of Los Angeles Department of Airports RB
Series B, 5.00%, 05/15/25		90		104,698
Series C, 5.00%, 05/15/25		25		29,083
City of San Francisco CA Public Utilities Commission Water Revenue RB, 5.00%, 11/01/25		105		125,363
Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/25		35		40,796
East Bay Municipal Utility District Water System Revenue RB
Series A, 4.00%, 06/01/25		110		125,468
Series B, 5.00%, 06/01/25		40		47,592
Eastern Municipal Water District RB, Series A, 5.00%, 07/01/25		25		29,813
El Camino Community College District GO, 5.00%, 08/01/25		15		17,928
Escondido Union High School District GO, Series A, 0.00%, 08/01/25 (AGC)^(a)		50		46,039
Foothill-De Anza Community College District GO, Series B, 0.00%, 08/01/25 (NPFGC)^(a)		100		92,174
Los Angeles Community College District/CA GO, Series C, 5.00%, 08/01/25		155		184,827
Los Angeles County Metropolitan Transportation Authority RB
5.00%, 07/01/25		70		82,897
Series A, 5.00%, 06/01/25		105		124,359
Series A, 5.00%, 07/01/25		35		41,545
Los Angeles Department of Water & Power System Revenue RB
Series A, 5.00%, 07/01/25		15		17,855
Series C, 5.00%, 07/01/25		40		47,612
Los Angeles Department of Water RB, Series B, 5.00%, 07/01/25		25		29,813
Los Angeles Unified School District/CA GO, Series A, 5.00%, 07/01/25		435		513,004
Manhattan Beach Unified School District GO, 0.00%, 09/01/25 (NPFGC)^(a)		40		37,006
Mount San Antonio Community College District GO, Series A, 0.00%, 08/01/25^(a)		100		92,896
Newport Mesa Unified School District GO, 0.00%, 08/01/25 (NPFGC)^(a)		180		167,038
Oak Grove School District GO, Series A, 0.00%, 08/01/25^(a)		25		23,056
Palo Alto Unified School District GO, 0.00%, 08/01/25^(a)		180		167,038
Palomar Community College District GO, Series B, 0.00%, 08/01/25^(a)		125		115,637
Pasadena Area Community College District GO, Series A, 5.00%, 08/01/25		30		35,857
Riverside Community College District GO, Series D, 0.00%, 08/01/25^(a)		20		18,368
Sacramento City Financing Authority RB, 5.25%, 12/01/25 (AMBAC)		25		30,486
Sacramento Municipal Utility District RB, Series E, 5.00%, 08/15/25		55		65,496
San Diego Community College District GO, 5.00%, 08/01/25		75		89,642
San Diego County Regional Transportation Commission RB, Series A, 5.00%, 04/01/25		130		153,819
San Diego Unified School District/CA GO
Series C-2, 5.50%, 07/01/25 (AGM)		105		126,841
Series D-1, 5.50%, 07/01/25 (NPFGC)		25		30,131
Series J-2, 4.00%, 07/01/25		85		96,116
Series J-2, 5.00%, 07/01/25		30		35,413
San Francisco City & County Public Utilities Commission Wastewater Revenue RB
Series A, 4.00%, 10/01/25		25		28,484
Series A, 5.00%, 10/01/25		50		59,569


68		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

California (continued)
San Jose Unified School District GO, Series C, 0.00%, 08/01/25 (NPFGC)^(a)	$	150	$	139,198
San Mateo County Community College District GO, Series B, 0.00%, 09/01/25 (NPFGC)^(a)		195		178,228
Santa Clara Valley Transportation Authority RB, Series A, 5.00%, 06/01/25		20		23,796
State of California Department of Water Resources RB
Series AW, 5.00%, 12/01/25		50		60,269
Series AX, 5.00%, 12/01/25		120		144,647
State of California GO
4.00%, 03/01/25		20		22,373
4.00%, 09/01/25		200		225,756
4.00%, 10/01/25		65		73,477
5.00%, 03/01/25		55		64,080
5.00%, 04/01/25		150		175,140
5.00%, 08/01/25		235		276,686
5.00%, 09/01/25		330		389,334
5.00%, 10/01/25		450		531,994
5.00%, 11/01/25		240		284,306
Series A, 5.00%, 08/01/25		200		235,478
University of California RB
Series A, 5.00%, 05/15/25		85		100,552
Series I, 5.00%, 05/15/25		40		47,211
Upper Santa Clara Valley Joint Powers Authority RB, Series A, 5.00%, 08/01/25		85		101,595

				7,243,996

Colorado — 1.1%
Board of Governors of Colorado State University System RB, Series C, 2.50%, 03/01/25		25		26,417
Board of Water Commissioners City & County of Denver (The) RB, Series A, 4.00%, 09/15/25		30		34,420
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/25		150		173,709
County of Adams Co. COP, 5.00%, 12/01/25		40		47,905
Denver City & County School District No. 1 COP, Series A, 5.00%, 12/01/25		15		17,938
Denver City & County School District No. 1 GO
5.00%, 12/01/25 (SAW)		65		78,156
Series A, 5.50%, 12/01/25 (SAW)		75		92,194
E-470 Public Highway Authority RB, Series B, 0.00%, 09/01/25 (NPFGC)^(a)		25		21,594
State of Colorado COP
Series K, 5.00%, 03/15/25		125		146,231
Series L, 5.00%, 03/15/25		25		29,246
University of Colorado RB, Series A, 5.00%, 06/01/25 (NPFGC)		70		82,717

				750,527

Connecticut — 1.7%
State of Connecticut GO
Series A, 5.00%, 04/15/25		50		56,673
Series B, 5.00%, 05/15/25		200		227,066
Series B, 5.00%, 06/15/25		100		113,715
Series C, 5.00%, 06/15/25		180		204,687
Series E, 5.00%, 09/15/25		20		22,852
Series F, 5.00%, 11/15/25		140		160,468
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 08/01/25		20		23,024
Series A, 5.00%, 09/01/25		125		144,149
Series B, 5.00%, 08/01/25		160		184,192


Security	Par (000)		Value

Connecticut (continued)
Series B, 5.00%, 10/01/25	$	45	$	51,983

				1,188,809

Delaware — 0.7%
City of Wilmington DE GO, 5.00%, 12/01/25		15		18,063
Delaware Transportation Authority RB, 5.00%, 07/01/25		125		147,826
State of Delaware GO
5.00%, 03/01/25		100		118,251
Series 2009C, 5.00%, 10/01/25		40		48,072
Series A, 5.00%, 02/01/25		100		117,968

				450,180

District of Columbia — 1.3%
District of Columbia GO
Series A, 5.00%, 06/01/25		60		71,225
Series D, 5.00%, 06/01/25		60		71,225
Series E, 5.00%, 06/01/25		165		195,868
District of Columbia RB
Series A, 5.00%, 12/01/25		60		72,180
Series C, 5.00%, 10/01/25		75		89,830
District of Columbia Water & Sewer Authority RB, Series B, 5.00%, 10/01/25		125		150,080
Washington Metropolitan Area Transit Authority RB, Series A1, 5.00%, 07/01/25		200		235,756

				886,164

Florida — 5.1%
Central Florida Expressway Authority RB, 5.00%, 07/01/25		140		160,814
County of Miami-Dade FL Aviation Revenue RB
5.00%, 10/01/25		100		114,854
Series B, 5.00%, 10/01/25		75		86,140
County of Miami-Dade FL Water & Sewer System Revenue RB, 5.00%, 10/01/25		225		267,028
County of Seminole FL Sales Tax Revenue RB, Series B, 5.25%, 10/01/25 (NPFGC)		60		72,577
Florida Department of Environmental Protection RB
5.00%, 07/01/25		105		124,693
Series A, 5.00%, 07/01/25		80		95,004
Florida State Development Commission/Everglades Parkway RB, Series A, 5.00%, 07/01/25		60		71,518
Hillsborough County School Board COP, Series A, 5.00%, 07/01/25		65		76,940
Orange County School Board COP, 5.00%, 08/01/25		50		58,649
Palm Beach County School District COP, Series B, 5.00%, 08/01/25		120		142,822
School Board of Miami-Dade County (The) COP, Series A, 5.00%, 05/01/25		105		122,639
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/25		230		270,844
School District of Broward County/FL COP
Series A, 5.00%, 07/01/25		120		142,110
Series C, 5.00%, 07/01/25		140		165,795
School District of Broward County/FL GO, 5.00%, 07/01/25		150		178,050
State of Florida Department of Transportation RB, 5.00%, 07/01/25		200		238,282
State of Florida Department of Transportation Turnpike System Revenue RB, Series A, 5.00%, 07/01/25		165		193,601
State of Florida GO
Series A, 5.00%, 06/01/25		195		232,009
Series A, 5.00%, 07/01/25		40		47,701
Series B, 5.00%, 06/01/25		115		136,826
Series B, 5.00%, 07/01/25		10		11,925
Series C, 5.00%, 06/01/25		230		273,652


SCHEDULES OF INVESTMENTS			69

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Florida (continued)
Series D, 5.00%, 06/01/25	$	85	$	101,132
State of Florida Lottery Revenue RB, Series B, 5.00%, 07/01/25		50		59,626
Tampa Bay Water RB, Series C, 5.00%, 10/01/25		35		41,880
Volusia County School Board COP, Series A, 5.00%, 08/01/25 (BAM)		15		17,903

				3,505,014

Georgia — 1.6%
City of Atlanta GA Water & Wastewater Revenue RB
5.75%, 11/01/25 (AGM)		100		123,531
Series B, 5.00%, 11/01/25		50		59,784
Gwinnett County School District GO, 5.00%, 02/01/25		20		23,584
Metropolitan Atlanta Rapid Transit Authority RB, Series A, 4.00%, 07/01/25		90		101,626
State of Georgia GO
Series A, 5.00%, 02/01/25		340		400,921
Series A, 5.00%, 07/01/25		60		71,584
Series A1, 5.00%, 02/01/25		60		70,751
Series C1, 4.00%, 01/01/25		100		113,107
Series C1, 4.00%, 07/01/25		105		120,027

				1,084,915

Hawaii — 1.8%
City & County Honolulu HI Wastewater System Revenue RB
5.00%, 07/01/25		105		124,058
Series B, 5.00%, 07/01/25		65		76,798
City & County of Honolulu HI GO
Series B, 5.00%, 09/01/25		125		148,321
Series C, 5.00%, 10/01/25		45		53,509
Series E, 5.00%, 09/01/25		100		118,657
County of Hawaii HI GO, Series D, 5.00%, 09/01/25		20		23,845
State of Hawaii GO
Series EZ, 5.00%, 10/01/25		85		101,219
Series FE, 5.00%, 10/01/25		130		154,805
Series FK, 5.00%, 05/01/25		100		117,801
Series FN, 5.00%, 10/01/25		175		208,392
Series FT, 5.00%, 01/01/25		25		29,186
State of Hawaii State Highway Fund RB, Series A, 4.00%, 01/01/25		75		84,069
University of Hawaii RB, Series B, 5.00%, 10/01/25		20		23,839

				1,264,499

Idaho — 0.2%
Idaho Housing & Finance Association RB, 5.00%, 07/15/25		85		98,673


Illinois — 2.6%
Chicago O’Hare International Airport RB
5.00%, 01/01/25		225		251,523
Series C, 5.00%, 01/01/25		55		61,483
Series F, 5.00%, 01/01/25		150		167,682
Illinois Finance Authority RB
4.00%, 07/01/25		335		381,498
5.00%, 12/01/25		165		198,002
State of Illinois GO
5.00%, 01/01/25		155		153,004
5.00%, 02/01/25		50		49,335
Series D, 5.00%, 11/01/25		560		550,351

				1,812,878

Indiana — 0.8%
Indiana Finance Authority RB
Series B, 5.00%, 02/01/25		80		94,091
Series C, 5.00%, 12/01/25		150		180,270


Security	Par (000)		Value

Indiana (continued)
Indianapolis Local Public Improvement Bond Bank RB, 5.00%, 01/01/25	$	55	$	64,127
Purdue University COP, Series A, 5.00%, 07/01/25		40		47,701
Purdue University RB, Series A, 5.25%, 07/01/25		105		126,526

				512,715

Iowa — 0.1%
State of Iowa RB, Series A, 5.00%, 06/01/25		60		70,609


Kansas — 0.8%
Johnson County Public Building Commission RB, Series A, 5.00%, 09/01/25		100		117,756
Johnson County Unified School District No. 512 Shawnee Mission GO, Series B, 5.00%, 10/01/25		175		210,010
Sedgwick County Unified School District No. 265 Goddard GO, Series B, 5.00%, 10/01/25		20		23,874
State of Kansas Department of Transportation RB
5.00%, 09/01/25		130		152,792
Series A, 5.00%, 09/01/25		55		64,643

				569,075

Louisiana — 0.5%
State of Louisiana GO
Series A, 5.00%, 09/01/25		180		212,062
Series B, 5.00%, 05/01/25		25		29,213
Series B, 5.00%, 08/01/25		100		118,683

				359,958

Maine — 0.3%
Maine Municipal Bond Bank RB
Series A, 5.00%, 09/01/25		90		106,690
Series B, 5.00%, 11/01/25		40		47,757
State of Maine GO, Series B, 5.00%, 06/01/25		20		23,785

				178,232

Maryland — 3.8%
City of Baltimore MD RB, Series A, 5.00%, 07/01/25		90		106,090
County of Anne Arundel MD GOL, 5.00%, 10/01/25		50		59,887
County of Baltimore MD GO, 5.00%, 03/01/25		100		117,941
County of Charles MD GO, 5.00%, 10/01/25		10		11,995
County of Howard MD GO, Series A, 5.00%, 02/15/25		185		218,104
County of Prince George’s MD GOL
Series A, 5.00%, 07/15/25		170		202,754
Series B, 5.00%, 07/15/25		20		23,853
State of Maryland Department of Transportation RB
4.00%, 09/01/25		85		96,976
5.00%, 09/01/25		95		113,263
5.00%, 10/01/25		150		179,228
5.00%, 12/01/25		85		101,748
State of Maryland GO
Second Series, 5.00%, 08/01/25		75		89,642
Series A, 5.00%, 03/15/25		125		147,846
Series A, 5.00%, 08/01/25		200		239,046
Series B, 5.00%, 08/01/25		365		436,259
Washington Suburban Sanitary Commission GO
4.00%, 06/01/25 (GTD)		25		28,489
5.00%, 06/01/25 (GTD)		275		326,895
Washington Suburban Sanitary Commission RB, 5.00%, 06/01/25 (GTD)		95		112,927

				2,612,943

Massachusetts — 3.9%
Commonwealth of Massachusetts GOL
Series A, 5.00%, 07/01/25		180		213,660


70		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Massachusetts (continued)
Series B, 5.00%, 04/01/25	$	75	$	88,427
Series B, 5.00%, 07/01/25		100		118,700
Series B, 5.25%, 09/01/25 (AGM)		275		331,397
Series C, 5.00%, 08/01/25		135		160,599
Series C, 5.00%, 09/01/25		85		101,340
Series C, 5.00%, 10/01/25		235		280,790
Series D, 5.00%, 07/01/25		15		17,805
Series E, 5.00%, 11/01/25 (AMBAC)		75		89,808
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/25		150		177,250
Massachusetts Bay Transportation Authority RB, Series A, 5.00%, 07/01/25		365		433,047
Massachusetts Clean Water Trust (The) RB
5.00%, 08/01/25		210		249,820
Series 22, 5.00%, 08/01/25		70		83,470
Massachusetts Development Finance Agency RB, Series A, 5.00%, 07/15/25		100		119,713
Massachusetts School Building Authority RB, Series C, 5.00%, 08/15/25		75		89,102
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/25		75		87,743
Massachusetts Water Resources Authority RB
Series B, 5.25%, 08/01/25 (AGM)		15		18,076
Series C, 5.00%, 08/01/25		10		11,924
University of Massachusetts Building Authority RB, 5.00%, 11/01/25		25		29,834

				2,702,505

Michigan — 1.1%
Michigan Finance Authority RB
Series A, 5.00%, 12/01/25		45		52,626
Series B, 5.00%, 10/01/25		125		150,080
Michigan State Building Authority RB, Series I, 5.00%, 04/15/25		250		294,808
State of Michigan GO
Series A, 5.00%, 05/01/25		35		41,379
Series B, 4.00%, 11/01/25		110		125,964
University of Michigan RB, Series A, 5.00%, 04/01/25		70		82,167
Wayne County Airport Authority RB, Series A, 5.00%, 12/01/25		25		28,892

				775,916

Minnesota — 2.1%
County of Hennepin MN GO, Series A, 5.00%, 12/01/25		250		301,347
Metropolitan Council GO, Series A, 5.00%, 03/01/25		65		76,662
Minneapolis-St Paul Metropolitan Airports Commission RB
Series A, 5.00%, 01/01/25		35		39,722
Series C, 5.00%, 01/01/25		100		113,492
Minnesota Public Facilities Authority RB, Series A, 5.00%, 03/01/25		45		53,073
Southern Minnesota Municipal Power Agency RB, Series A, 0.00%, 01/01/25 (NPFGC)^(a)		35		32,324
State of Minnesota GO
Series A, 5.00%, 08/01/25		220		262,335
Series A, 5.00%, 10/01/25		25		29,944
Series B, 5.00%, 10/01/25		75		89,830
Series D, 5.00%, 08/01/25		125		149,054
Series E, 5.00%, 10/01/25		100		119,774
University of Minnesota RB, Series B, 5.00%, 10/01/25		150		178,794

				1,446,351


Security	Par (000)		Value

Mississippi — 0.2%
State of Mississippi GO
Series B, 5.00%, 12/01/25	$	55	$	65,673
Series C, 5.00%, 10/01/25		75		89,181

				154,854

Missouri — 0.5%
Metropolitan St Louis Sewer District RB, Series B, 5.00%, 05/01/25		85		100,809
Missouri State Board of Public Buildings RB, Series A, 5.00%, 04/01/25		175		206,696

				307,505

Nebraska — 0.5%
Nebraska Public Power District RB
Series A, 5.00%, 01/01/25		75		87,669
Series C, 5.00%, 01/01/25		75		87,668
Omaha Public Facilities Corp. RB, Series A, 5.00%, 06/01/25		50		55,569
Omaha Public Power District Nebraska City Station Unit 2 RB, Series A, 5.00%, 02/01/25		25		29,252
Omaha Public Power District RB, Series A, 5.00%, 02/01/25		55		64,162

				324,320

Nevada — 2.0%
Clark County School District GOL, Series A, 5.00%, 06/15/25		350		396,372
County of Clark Department of Aviation RB, 5.00%, 07/01/25		170		192,153
County of Clark NV GOL
Series A, 5.00%, 06/01/25		25		29,474
Series A, 5.00%, 11/01/25		115		137,033
Series B, 5.00%, 06/01/25		50		58,948
Series B, 5.00%, 12/01/25		15		17,911
County of Clark NV RB
5.00%, 07/01/25		60		69,752
Series B, 5.00%, 07/01/25		35		40,689
State of Nevada GOL
5.00%, 05/01/25		115		135,898
Series A, 5.00%, 05/01/25		45		53,177
State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/25		110		132,001
Washoe County School District/NV GOL
Series A, 5.00%, 06/01/25		55		64,138
Series C, 5.00%, 10/01/25		40		47,015

				1,374,561

New Hampshire — 0.1%
New Hampshire Municipal Bond Bank RB, Series A, 5.00%, 08/15/25		75		89,440


New Jersey — 2.1%
Monmouth County Improvement Authority (The) RB, 5.00%, 02/15/25 (GTD)		100		117,435
New Jersey Economic Development Authority RB
Series A, 4.13%, 06/15/25		80		79,895
Series B, 4.00%, 11/01/25 (SAP)		400		396,560
Series D, 5.00%, 06/15/25		30		31,047
New Jersey Educational Facilities Authority RB, Series D, 5.00%, 07/01/25		85		101,788
New Jersey Transportation Trust Fund Authority RB
5.00%, 06/15/25		30		32,391
Series A, 5.00%, 06/15/25		25		25,873
Series A, 5.75%, 06/15/25 (NPFGC)		65		69,922
New Jersey Turnpike Authority RB
Series B, 5.00%, 01/01/25		50		56,985
Series C-2, 5.50%, 01/01/25 (AMBAC)		185		217,303


SCHEDULES OF INVESTMENTS			71

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
State of New Jersey GO, 5.00%, 06/01/25	$	245	$	284,925

				1,414,124

New Mexico — 0.4%
New Mexico Finance Authority RB, Series A, 5.00%, 06/15/25		110		130,115
Santa Fe Public School District GO, 5.00%, 08/01/25 (SAW)		85		101,023
State of New Mexico Severance Tax Permanent Fund RB, Series D, 5.00%, 07/01/25		50		58,802

				289,940

New York — 8.5%
City of New York NY GO
5.00%, 08/01/25		210		243,568
Series 1, 5.00%, 08/01/25		65		75,390
Series A, 5.00%, 08/01/25		155		179,777
Series C, 4.00%, 08/01/25		160		177,606
Series C, 5.00%, 08/01/25		565		655,315
County of Monroe NY GOL, 5.00%, 06/01/25 (AGM)		25		29,569
Metropolitan Transportation Authority RB
5.00%, 11/15/25		70		78,753
Series A, 5.00%, 11/15/25		90		101,254
Series B, 5.00%, 11/15/25		195		195,745
Series C-1, 5.00%, 11/15/25		45		45,172
Series F, 5.00%, 11/15/25		180		180,688
New York City Transitional Finance Authority Building Aid Revenue RB
Series S-2A, 5.00%, 07/15/25 (SAW)		25		29,256
Series S-3, 5.00%, 07/15/25 (SAW)		10		11,702
New York City Transitional Finance Authority Future Tax Secured Revenue RB
4.00%, 05/01/25		100		111,649
5.00%, 02/01/25		50		57,855
5.00%, 08/01/25		20		23,427
5.00%, 11/01/25		145		170,846
Series A-1, 5.00%, 08/01/25		10		11,713
Series B-1, 5.00%, 08/01/25		250		292,832
Series C, 5.00%, 11/01/25		120		141,390
New York City Water &Sewer System RB
Series FF, 4.00%, 06/15/25		20		22,607
Series GG, 5.00%, 06/15/25		75		88,471
New York State Dormitory Authority RB
5.00%, 02/15/25		160		185,736
Series A, 5.00%, 02/15/25		45		52,238
Series A, 5.00%, 03/15/25		265		307,856
Series A, 5.00%, 07/01/25		90		105,492
Series B, 5.00%, 02/15/25		265		307,625
Series B, 5.50%, 03/15/25 (AMBAC)		70		82,995
Series D, 5.00%, 02/15/25		390		452,731
Series E, 5.00%, 02/15/25		10		11,609
Series E, 5.00%, 03/15/25		275		319,375
New York State Environmental Facilities Corp. RB
Series A, 4.00%, 06/15/25		30		34,086
Series B, 5.00%, 06/15/25		200		237,118
New York State Urban Development Corp. RB
Series A, 5.00%, 03/15/25		490		570,022
Series C, 5.00%, 03/15/25		15		17,450
Port Authority of New York & New Jersey RB
Series 189, 5.00%, 05/01/25		100		115,186
Series 205, 5.00%, 11/15/25		10		11,655


Security	Par (000)		Value

New York (continued)
Triborough Bridge & Tunnel Authority RB
Series A, 5.00%, 11/15/25	$	50	$	59,607
Series B, 5.00%, 11/15/25		40		47,686

				5,843,052

North Carolina — 3.0%
City of Charlotte NC COP, Series B, 5.00%, 06/01/25		50		59,299
City of Charlotte NC Water & Sewer System Revenue RB, 5.00%, 07/01/25		100		119,252
City of Raleigh NC GO, Series A, 5.00%, 09/01/25		110		131,836
County of Durham NC GO, 5.00%, 10/01/25		250		300,305
County of Forsyth NC GO
5.00%, 07/01/25		55		65,619
5.00%, 12/01/25		100		120,659
County of Guilford NC GO, 5.00%, 03/01/25		240		283,678
County of Iredell NC RB, 5.00%, 12/01/25		25		29,852
County of New Hanover NC GO, 5.00%, 08/01/25		100		119,580
County of Wake NC GO
Series A, 5.00%, 03/01/25		50		59,100
Series C, 5.00%, 03/01/25		70		82,739
State of North Carolina GO
5.00%, 06/01/25		100		119,034
Series A, 5.00%, 06/01/25		50		59,517
Series B, 5.00%, 06/01/25		445		529,701

				2,080,171

Ohio — 2.6%
City of Cincinnati OH GO, Series A, 4.00%, 12/01/25		120		137,215
City of Cleveland OH GO, 5.00%, 12/01/25		85		101,900
City of Columbus OH GO
Series 1, 5.00%, 07/01/25		160		189,920
Series A, 4.00%, 04/01/25		35		39,604
City of Columbus OH GOL, Series B, 4.00%, 07/01/25		25		28,430
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/25		115		137,454
Ohio Water Development Authority Water Pollution Control Loan Fund RB
Series 2015-A, 5.00%, 12/01/25		225		270,675
Series B, 5.00%, 12/01/25		35		42,105
State of Ohio GO
Series A, 5.00%, 06/15/25		250		297,217
Series A, 5.00%, 09/01/25		65		77,718
Series B, 5.00%, 09/01/25		65		77,718
Series B, 5.00%, 09/15/25		110		131,658
Series S, 5.00%, 05/01/25		30		35,548
Series V, 5.00%, 05/01/25		130		154,039
State of Ohio RB
Series A, 5.00%, 02/01/25		35		40,900
Series C, 5.00%, 12/01/25		20		23,881

				1,785,982

Oklahoma — 0.8%
City of Oklahoma City OK GO, 5.00%, 03/01/25		20		23,609
Grand River Dam Authority RB
Series A, 4.00%, 06/01/25		20		22,497
Series A, 5.00%, 06/01/25		85		99,756
Oklahoma Capitol Improvement Authority RB, Series A, 4.00%, 07/01/25		110		122,872
Oklahoma City Water Utilities Trust RB, 5.00%, 07/01/25		100		118,920
Oklahoma Turnpike Authority RB, Series E, 5.00%, 01/01/25		60		70,046


72		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oklahoma (continued)
Oklahoma Water Resources Board RB, 5.00%, 04/01/25 (OK CERF)	$	100	$	117,903

				575,603

Oregon — 1.0%
City of Eugene OR Electric Utility System Revenue RB, Series A, 5.00%, 08/01/25		15		17,886
Multnomah County School District No. 1 Portland/OR GO, Series B, 5.00%, 06/15/25 (GTD)		125		148,199
Portland Community College District GO, 5.00%, 06/15/25		30		35,650
State of Oregon Department of Transportation RB
Series A, 5.00%, 11/15/25		110		131,849
Series C, 5.00%, 11/15/25		100		119,863
State of Oregon GO
Series H, 5.00%, 08/01/25		115		137,129
Series L, 5.00%, 08/01/25		50		59,622

				650,198

Pennsylvania — 2.7%
City of Philadelphia PA GO, Series A, 5.00%, 08/01/25		140		163,449
City of Philadelphia PA Water & Wastewater Revenue RB, Series B, 5.00%, 11/01/25		100		117,423
Commonwealth of Pennsylvania GO
5.00%, 09/15/25 (AGM)		20		23,915
First Series, 5.00%, 01/01/25		165		191,329
First Series, 5.00%, 02/01/25 (AGM)		205		241,004
First Series, 5.00%, 08/15/25		110		129,575
Series 1, 5.00%, 09/15/25		205		239,780
Series 2, 5.00%, 09/15/25		260		306,891
Series D, 5.00%, 08/15/25		40		47,118
County of Bucks PA GO, 5.00%, 06/01/25		15		17,741
Delaware County Authority RB, 5.00%, 12/01/25		60		69,546
Delaware River Port Authority RB, Series B, 5.00%, 01/01/25		110		127,553
Pennsylvania Turnpike Commission RB
Series A, 5.00%, 12/01/25		40		47,715
Series A2, 5.00%, 12/01/25		50		59,644
Series B, 5.00%, 06/01/25		85		96,106

				1,878,789

Rhode Island — 0.6%
Rhode Island Commerce Corp. RB, Series B, 5.00%, 06/15/25		155		181,333
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB, Series B, 5.00%, 10/01/25		85		101,906
State of Rhode Island GO, Series A, 5.00%, 08/01/25		80		94,457

				377,696

South Carolina — 0.2%
Fort Mill School District No. 4 GO, Series A, 5.00%, 03/01/25		100		117,787


Tennessee — 2.4%
City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/25		50		59,852
City of Memphis TN Sanitary Sewerage System Revenue RB, 5.00%, 10/01/25		200		239,316
County of Montgomery TN GO, 5.00%, 04/01/25		130		153,274
County of Shelby TN GO
5.00%, 04/01/25		250		295,150
Series A, 5.00%, 04/01/25		45		53,127
Metropolitan Government of Nashville & Davidson County TN GO
5.00%, 01/01/25		130		152,216
5.00%, 07/01/25		125		148,375
Series A, 5.00%, 07/01/25		75		89,025


Security	Par (000)		Value

Tennessee (continued)
Metropolitan Government of Nashville & Davidson County TN
Water &Sewer Revenue RB, Series B, 5.00%, 07/01/25	$	90	$	106,286
State of Tennessee GO, Series A, 5.00%, 08/01/25		70		83,666
Tennessee State School Bond Authority RB
Series A, 5.00%, 11/01/25 (NPFGC)		115		137,369
Series B, 5.00%, 11/01/25		130		155,286

				1,672,942

Texas — 13.0%
Alvin Independent School District/TX GO, 5.00%, 02/15/25 (PSF)		50		58,820
Arlington Independent School District/TX GO
5.00%, 02/15/25 (PSF)		25		29,384
Series B, 5.00%, 02/15/25 (PSF)		100		117,537
Austin Independent School District GO, Series B, 5.00%, 08/01/25 (PSF)		150		179,032
Birdville Independent School District GO, Series B, 5.00%, 02/15/25 (PSF)		80		93,179
Central Texas Regional Mobility Authority RB, 5.00%, 01/01/25		65		69,881
City of Arlington TX GOL, 5.00%, 08/15/25		60		71,450
City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/25		50		59,843
City of Austin/TX GOL, 5.00%, 09/01/25		95		112,670
City of Dallas TX Waterworks &Sewer System Revenue RB, Series A, 5.00%, 10/01/25		100		119,427
City of Frisco TX GOL, 5.00%, 02/15/25		70		82,312
City of Houston TX Airport System Revenue RB, Series D, 5.00%, 07/01/25		65		74,389
City of Houston TX Combined Utility System Revenue RB
Series A, 0.00%, 12/01/25 (AGM)^(a)		20		18,358
Series B, 5.00%, 11/15/25		85		101,683
Series D, 5.00%, 11/15/25		70		83,739
City of McKinney TX Waterworks & Sewer System Revenue RB, 5.00%, 03/15/25		15		17,625
City of Plano TX GOL
5.00%, 09/01/25		170		203,165
Series A, 5.00%, 09/01/25		80		95,607
City of San Antonio TX Electric &Gas Systems Revenue RB
5.00%, 02/01/25		60		70,235
5.00%, 02/01/25 (ETM)		50		59,035
City of San Antonio TX GOL, 5.00%, 08/01/25		125		148,564
Clear Creek Independent School District GO, 5.00%, 02/15/25 (PSF)		50		58,896
County of Bexar TX GOL, 5.00%, 06/15/25		50		59,334
County of Denton TX GOL, 5.00%, 05/15/25		75		88,201
County of Fort Bend TX GO, Series A, 5.00%, 03/01/25		100		117,581
County of Harris TX GOL, Series B, 5.00%, 10/01/25		60		71,725
County of Harris TX RB, Series A, 5.00%, 08/15/25		90		106,670
County of Montgomery TX GO, Series A, 5.00%, 03/01/25		85		99,944
Cypress-Fairbanks Independent School District GO, 5.00%, 02/15/25 (PSF)		75		88,001
Dallas Area Rapid Transit RB, 5.00%, 12/01/25		100		119,406
Dallas Independent School District GO, Series A, 5.00%, 02/15/25 (PSF)		290		340,709
Denton Independent School District GO, 5.00%, 08/15/25 (PSF)		100		118,915
Fort Worth Independent School District GO, 5.00%, 02/15/25 (PSF)		275		322,668
Frisco Independent School District GO, Series A, 5.00%, 08/15/25 (PSF)		300		357,420
Grapevine-Colleyville Independent School District GO, 0.00%, 08/15/25 (PSF)^(a)		40		37,075
Judson Independent School District GO, 5.00%, 02/01/25 (PSF)		90		105,762


SCHEDULES OF INVESTMENTS			73

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Katy Independent School District GO
Series A, 5.00%, 02/15/25 (PSF)	$	105	$	123,147
Series D, 5.00%, 02/15/25 (PSF)		35		41,049
Keller Independent School District/TX GO, Series A, 5.00%, 02/15/25 (PSF)		105		123,735
Killeen Independent School District GO, 5.00%, 02/15/25 (PSF)		65		76,234
Klein Independent School District GO, Series A, 5.00%, 08/01/25 (PSF)		30		35,689
Leander Independent School District GO
0.00%, 08/15/25 (PSF)^(a)		20		18,354
Series A, 5.00%, 08/15/25 (PSF)		125		148,502
Series B, 0.00%, 08/15/25^(a)		100		90,813
Lewisville Independent School District GO
5.00%, 08/15/25 (PSF)		55		65,434
Series B, 5.00%, 08/15/25		120		142,025
Lone Star College System GOL, Series B, 5.00%, 02/15/25		220		258,023
Lower Colorado River Authority RB
5.00%, 05/15/25		30		35,121
Series D, 5.00%, 05/15/25		130		152,191
Metropolitan Transit Authority of Harris County RB, Series B, 5.00%, 11/01/25		50		59,608
North East Independent School District/TX GO, 5.00%, 08/01/25 (PSF)		235		278,250
North Texas Municipal Water District RB, 5.00%, 06/01/25		215		253,595
North Texas Tollway Authority RB, Series A, 5.00%, 01/01/25		75		85,441
Northside Independent School District GO, Series A, 5.00%, 08/15/25 (PSF)		40		47,679
Northwest Independent School District GO, Series B, 5.00%, 02/15/25 (PSF)		40		46,994
Permanent University Fund — Texas A&M University System RB, Series A, 5.00%, 07/01/25		175		208,208
Permanent University Fund — University of Texas System RB
Series A, 5.00%, 07/01/25		215		254,850
Series B, 5.00%, 07/01/25		115		136,315
Round Rock Independent School District GO
5.00%, 08/01/25 (PSF)		30		35,672
Series A, 5.00%, 08/01/25 (PSF)		90		107,015
San Antonio Independent School District/TX GO
5.00%, 02/15/25 (PSF)		235		277,051
5.00%, 08/15/25 (PSF)		160		191,257
San Antonio Water System RB
Series A, 5.00%, 05/15/25		25		29,374
Series C, 5.00%, 05/15/25		35		41,123
Spring Independent School District GO, 5.00%, 08/15/25 (PSF)		80		95,267
State of Texas GO
5.00%, 04/01/25		65		76,637
Series A, 5.00%, 04/01/25		55		64,847
Series A, 5.00%, 08/01/25		110		130,858
Texas A&M University RB, Series C, 5.00%, 05/15/25		55		65,210
Texas Transportation Commission State Highway Fund RB
5.00%, 10/01/25		40		47,840
5.25%, 04/01/25		130		154,953
Series A, 5.00%, 10/01/25		130		155,480
Texas Water Development Board RB
Series A, 5.00%, 04/15/25		105		124,207
Series A, 5.00%, 10/15/25		165		197,830
Series B, 5.00%, 10/15/25		170		203,825
Tyler Independent School District GO, 5.00%, 02/15/25 (PSF)		30		35,246
University of North Texas System RB, Series A, 5.00%, 04/15/25		50		58,883


Security	Par (000)		Value

Texas (continued)
University of Texas System (The) RB
Series E, 5.00%, 08/15/25	$	95	$	113,077
Series H, 5.00%, 08/15/25		60		71,417

				8,916,568

Utah — 0.7%
Davis School District GO, Series B, 5.00%, 06/01/25		15		17,806
Ogden City School District GO, 5.00%, 06/15/25 (GTD)		85		100,775
State of Utah GO, 5.00%, 07/01/25		100		119,252
University of Utah (The) RB
Series A, 4.00%, 08/01/25		75		84,818
Series A, 5.00%, 08/01/25		100		118,127
Series B1, 5.00%, 08/01/25 (SAP)		25		29,532
Utah State Building Ownership Authority RB, 5.00%, 05/15/25		25		29,574

				499,884

Vermont — 0.2%
University of Vermont &State Agricultural College RB, 5.00%, 10/01/25		40		46,207
Vermont Municipal Bond Bank RB, Series 5, 5.00%, 12/01/25		100		120,061

				166,268

Virginia — 4.8%
City of Charlottesville VA GO, 4.00%, 07/15/25 (SAW)		125		143,002
City of Norfolk VA GO, Series A, 5.00%, 10/01/25		115		137,873
City of Norfolk VA Water Revenue RB, Series B, 5.00%, 11/01/25		125		150,342
City of Richmond VA GO, Series B, 5.00%, 07/15/25 (SAW)		35		41,743
City of Richmond VA Public Utility Revenue RB, 5.00%, 01/15/25		100		116,967
Commonwealth of Virginia GO, Series B, 5.00%, 06/01/25		75		88,828
County of Arlington VA GO, Series B, 5.00%, 08/15/25		75		89,737
County of Chesterfield VA Water & Sewer Revenue RB, 5.00%, 11/01/25		200		240,666
County of Fairfax VA GO, Series A, 5.00%, 10/01/25 (SAW)		100		120,064
Hampton Roads Sanitation District RB, Series A, 4.00%, 08/01/25		45		51,503
Loudoun County Sanitation Authority RB, 5.00%, 01/01/25		35		41,172
Virginia College Building Authority RB
Series A, 5.00%, 02/01/25		40		46,824
Series A, 5.00%, 02/01/28 (PR 02/01/25)		75		89,126
Series A, 5.00%, 02/01/30 (PR 02/01/25)		300		356,505
Series B, 5.00%, 09/01/25		150		178,324
Series E, 5.00%, 02/01/25		285		333,618
Virginia Commonwealth Transportation Board RB
5.00%, 03/15/25		160		187,669
5.00%, 09/15/25		85		101,006
Series A, 5.00%, 05/15/25		55		64,798
Virginia Public Building Authority RB
Series A, 5.00%, 08/01/25		85		101,308
Series B, 5.00%, 08/01/25		75		89,390
Virginia Public School Authority RB
5.00%, 03/01/25 (SAW)		165		193,418
Series B, 5.00%, 08/01/25		150		177,190
Series C, 5.00%, 08/01/25		110		129,940
Virginia Resources Authority RB
Series C, 5.00%, 11/01/25		10		12,010
Series D, 4.00%, 11/01/25		30		34,440

				3,317,463

Washington — 5.3%
Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/25		100		120,038
City of Seattle WA Drainage & Wastewater Revenue RB, 5.00%, 07/01/25		75		89,149


74		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Washington (continued)
City of Seattle WA Municipal Light & Power Revenue RB
Series B, 5.00%, 04/01/25	$	65	$	76,637
Series C, 5.00%, 09/01/25		170		202,198
City of Seattle WA Water System Revenue RB, 5.00%, 05/01/25		20		23,656
City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/25		60		70,253
City of Vancouver WA GOL, Series B, 5.00%, 12/01/25		100		120,001
Clark County Public Utility District No. 1 RB, 5.00%, 01/01/25		25		29,248
Clark County School District No. 114 Evergreen GO, 5.00%, 12/01/25		130		156,001
Clark County School District No. 122 Ridgefield GO, 5.00%, 12/01/25		35		41,896
County of King WA GOL, 5.00%, 12/01/25		35		42,105
County of Kitsap WA GOL, 5.00%, 06/01/25		20		23,742
County of Pierce WA GOL, Series A, 5.00%, 07/01/25		40		47,480
County of Spokane WA GOL, Series B, 5.00%, 12/01/25		80		96,096
Energy Northwest RB
Series A, 5.00%, 07/01/25		155		183,134
Series C, 5.00%, 07/01/25		320		378,083
King County School District No. 405 Bellevue GO, 5.00%, 12/01/25 (GTD)		75		90,180
Kitsap County School District No. 401 Central Kitsap GO, 5.00%, 12/01/25		130		155,614
Pierce County School District No 10 Tacoma GO, 5.00%, 12/01/25		135		162,001
Pierce County School District No 402 Franklin Pierce GO, 5.00%, 12/01/25		60		72,001
Port of Seattle WA RB, 4.00%, 02/01/25		70		76,567
Port of Tacoma WA RB, Series A, 4.00%, 12/01/25		90		102,651
Snohomish County School District No. 201 Snohomish GO, 5.00%, 12/01/25		75		89,777
Snohomish County School District No. 4 Lake Stevens GO, 5.00%, 12/01/25		50		59,851
Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/25		30		36,054
State of Washington COP, Series C, 5.00%, 07/01/25		35		40,783
State of Washington GO
Series A, 5.00%, 08/01/25		120		142,755
Series A-1, 5.00%, 08/01/25		100		118,962
Series B, 5.00%, 08/01/25		70		83,273
Series D, 5.00%, 02/01/25		35		41,076
Series F, 0.00%, 12/01/25 (AMBAC)^(a)		220		201,051
Series R-2018C, 5.00%, 08/01/25		60		71,377


Security	Par/ Shares (000)		Value

Washington (continued)
Series R-2018D, 5.00%, 08/01/25	$	240	$	285,509
University of Washington RB, Series B, 4.00%, 06/01/25		100		113,270

				3,642,469

West Virginia — 0.9%
State of West Virginia GO, Series A, 5.00%, 06/01/25		295		350,988
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/25		120		142,389
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/25		125		148,031

				641,408

Wisconsin — 1.9%
State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/25		300		355,959
State of Wisconsin GO
Series 2, 4.00%, 11/01/25		30		34,423
Series 2, 5.00%, 11/01/25		135		162,051
Series A, 5.00%, 05/01/25		210		248,722
Series B, 5.00%, 05/01/25		250		296,097
State of Wisconsin RB, Series A, 5.00%, 05/01/25		75		88,231
Wisconsin Department of Transportation RB
Series 1, 5.00%, 07/01/25		45		53,465
Series 2, 5.00%, 07/01/25		45		53,465

				1,292,413


Total Municipal Debt Obligations — 98.6% (Cost: $67,396,596)				67,682,053


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Liquidity Funds: MuniCash, 0.15%^(b)(c)		135		135,275


Total Short-Term Investments — 0.2% (Cost: $135,251)				135,275


Total Investments in Securities — 98.8% (Cost: $67,531,847)				67,817,328

Other Assets, Less Liabilities — 1.2%				804,785


Net Assets — 100.0%			$	68,622,113

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds: MuniCash	113	22	135	$	135,275	$	3,021	$	216		$	14

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


SCHEDULES OF INVESTMENTS			75

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Muni Bond ETF

Fair Value Measurements (continued)



	Level 1		Level 2		Level 3		Total

Investments
Assets
Municipal Debt Obligations	$	—	$	67,682,053	$	—	$	67,682,053
Money Market Funds		135,275		—		—		135,275

	$	135,275	$	67,682,053	$	—	$	67,817,328

See notes to financial statements.


76		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.7%
Alabama Federal Aid Highway Finance Authority RB, 5.00%, 09/01/26	$	30	$	36,283
Alabama Public School & College Authority RB, Series B, 5.00%, 01/01/26 (Call 07/01/24)		130		150,461
State of Alabama GO, Series C, 5.00%, 08/01/27 (Call 08/01/26)		150		181,551
University of Alabama (The) RB, Series C, 5.00%, 07/01/26		110		132,157

				500,452

Arizona — 3.0%
Arizona Department of Transportation State Highway Fund Revenue RB, 5.00%, 07/01/26		25		30,363
City of Phoenix AZ GO
5.00%, 07/01/26		180		217,433
5.00%, 07/01/27 (Call 07/01/26)		90		108,246
City of Phoenix Civic Improvement Corp. RB, 5.00%, 07/01/30 (Call 07/01/26)		200		241,068
City of Tucson AZ Water System Revenue RB, 5.00%, 07/01/26		100		121,453
State of Arizona Lottery Revenue RB, 5.00%, 07/01/26		100		121,453
University of Arizona (The) RB, Series A, 4.00%, 06/01/28 (Call 06/01/26)		50		56,427

				896,443

Arkansas — 0.1%
State of Arkansas GO, 5.00%, 10/01/26 (Call 10/01/24)		20		23,133


California — 13.3%
Alvord Unified School District GO, Series B, 0.00%, 08/01/26 (AGM)^(a)		50		44,486
California State Public Works Board RB
5.00%, 04/01/26		50		59,506
Series C, 5.00%, 11/01/27 (Call 11/01/26)		35		42,082
Series D, 4.00%, 04/01/28 (Call 10/01/26)		125		142,401
California State University RB, Series A, 5.00%, 11/01/26 (Call 11/01/25)		75		89,238
El Camino Community College District GO, Series C, 0.00%, 08/01/26^(a)		50		45,771
Escondido Union High School District GO, Series A, 0.00%, 08/01/26 (AGC)^(a)		40		35,920
Evergreen School District GO, 0.00%, 08/01/26 (AGC)^(a)		80		72,422
Grossmont Union High School District GO, 0.00%, 08/01/26 (AGM)^(a)		50		44,845
Los Angeles Community College District/CA GO
4.00%, 08/01/29 (Call 08/01/26)		50		57,198
Series C, 5.00%, 06/01/26		30		36,517
Los Angeles County Metropolitan Transportation Authority RB, 5.00%, 06/01/30 (Call 06/01/26)		80		95,314
Los Angeles Department of Water & Power System Revenue RB
5.00%, 07/01/26		50		61,257
Series B, 5.00%, 07/01/26 (Call 06/01/26)		30		36,654
Los Angeles Department of Water RB, Series A, 5.00%, 07/01/29 (Call 01/01/26)		70		83,588
Los Angeles Unified School District/CA GO
Series A, 5.00%, 07/01/26		90		108,539
Series C, 5.00%, 07/01/26 (Call 07/01/24)		145		166,483
Metropolitan Water District of Southern California RB, Series A, 2.50%, 07/01/26		100		106,426
Palo Alto Unified School District GO, 0.00%, 08/01/26^(a)		70		63,408
Pasadena Area Community College District GO, Series A, 4.00%, 08/01/29 (Call 08/01/26)		55		63,769


Security	Par (000)		Value

California (continued)
Rancho Water District Financing Authority RB, Series B, 5.00%, 08/01/28 (Call 08/01/26)	$	25	$	30,459
San Diego Unified School District/CA GO
4.00%, 07/01/29 (Call 07/01/26)		95		107,714
Series A, 0.00%, 07/01/26^(a)		50		44,977
Series R-5, 5.00%, 07/01/26		75		90,646
San Francisco City & County Airport Commission San Francisco International Airport RB, Series A, 5.00%, 05/01/26		85		100,656
San Mateo County Community College District GO
Series A, 0.00%, 09/01/26 (NPFGC)^(a)		185		164,506
Series B, 0.00%, 09/01/26 (NPFGC)^(a)		95		84,476
Santa Barbara Community College District GO, 5.00%, 08/01/29 (Call 08/01/26)		50		61,221
Santa Clara Valley Transportation Authority RB, Series A, 5.00%, 06/01/26		55		67,128
Santa Clara Valley Water District COP, 5.00%, 02/01/29 (Call 02/01/26)		40		47,788
Santa Monica-Malibu Unified School District GO, 4.00%, 08/01/26 (Call 08/01/25)		40		45,322
State of California Department of Water Resources RB
5.00%, 12/01/26 (Call 06/01/26)		50		60,992
5.00%, 12/01/27 (Call 12/01/26)		100		123,051
Series AS, 5.00%, 12/01/26 (Call 12/01/24)		25		29,289
State of California GO
4.00%, 09/01/27 (Call 09/01/26)		100		116,237
4.00%, 08/01/28 (Call 08/01/26)		60		69,008
5.00%, 10/01/26		220		266,292
5.00%, 11/01/26		100		121,276
5.00%, 09/01/28 (Call 09/01/26)		200		240,078
5.00%, 09/01/29 (Call 09/01/26)		100		119,591
5.00%, 08/01/30 (Call 08/01/26)		15		17,868
Series C, 5.00%, 08/01/27 (Call 08/01/26)		150		180,361
Series C, 5.00%, 08/01/28 (Call 08/01/26)		100		119,833
University of California RB
5.00%, 05/15/26		25		30,283
Series AM, 5.00%, 05/15/26 (Call 05/15/24)		105		120,527

				3,915,403

Colorado — 0.9%
Denver City & County School District No. 1 GO
4.00%, 12/01/26 (Call 12/01/25) (SAW)		75		85,737
5.00%, 12/01/30 (Call 12/01/26) (SAW)		100		121,297
University of Colorado RB, Series A-2, 5.00%, 06/01/26		50		60,439

				267,473

Connecticut — 2.0%
State of Connecticut GO
5.00%, 09/15/26		70		81,456
5.00%, 10/15/26		120		139,849
Series B, 5.00%, 05/15/27 (Call 05/15/26)		100		115,367
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 09/01/27 (Call 09/01/26)		100		116,671
Series A, 5.00%, 09/01/28 (Call 09/01/26)		25		29,088
Series B, 5.00%, 09/01/28 (Call 09/01/26)		100		116,350

				598,781

Delaware — 1.3%
Delaware Transportation Authority RB, 5.00%, 07/01/27 (Call 07/01/26)		85		102,788
State of Delaware GO
5.00%, 02/01/26		80		97,001
Series D, 5.00%, 07/01/27 (Call 07/01/26)		50		61,223


SCHEDULES OF INVESTMENTS			77

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Delaware (continued)
Series D, 5.00%, 07/01/30 (Call 07/01/26)	$	90	$	109,070

				370,082

District of Columbia — 0.8%
District of Columbia GO
Series B, 5.00%, 06/01/26 (Call 06/01/25)		50		59,246
Series D, 5.00%, 06/01/27 (Call 12/01/26)		125		153,902
Series D, 5.00%, 06/01/28 (Call 12/01/26)		25		30,692

				243,840

Florida — 4.4%
County of Miami-Dade FL Aviation Revenue RB, Series B, 5.00%, 10/01/26 (Call 10/01/25)		85		97,251
County of Miami-Dade FL Water & Sewer System Revenue RB, 5.00%, 10/01/26 (Call 10/01/25)		160		188,880
Florida’s Turnpike Enterprise RB, Series C, 5.00%, 07/01/29 (Call 07/01/26)		100		120,796
Orange County School Board COP, 5.00%, 08/01/26		50		59,695
Reedy Creek Improvement District GOL
5.00%, 06/01/26		100		121,331
5.00%, 06/01/27 (Call 06/01/26)		50		60,116
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/28 (Call 03/15/26)		100		119,385
School District of Broward County/FL COP
Series B, 5.00%, 07/01/26		25		30,330
Series B, 5.00%, 07/01/27 (Call 07/01/26)		40		48,005
State of Florida GO
5.00%, 06/01/26 (Call 06/01/24)		40		46,129
5.00%, 07/01/26		70		85,712
5.00%, 06/01/28 (Call 06/01/26)		50		60,829
Series F, 5.00%, 06/01/29 (Call 06/01/26)		100		121,201
State of Florida Lottery Revenue RB, Series A, 5.00%, 07/01/26		115		140,813

				1,300,473

Georgia — 0.6%
State of Georgia GO
Series A-1, 5.00%, 02/01/26		30		36,357
Series E, 5.00%, 12/01/28 (Call 12/01/26)		100		123,026
Series F, 5.00%, 01/01/26		25		30,231

				189,614

Hawaii — 1.9%
City & County Honolulu HI Wastewater System Revenue RB, 5.00%, 07/01/28 (Call 07/01/26)		100		120,599
City & County of Honolulu HI GO, Series B, 5.00%, 10/01/26 (Call 10/01/25)		75		89,267
State of Hawaii GO
5.00%, 10/01/29 (Call 10/01/26)		100		120,771
Series EY, 5.00%, 10/01/26 (Call 10/01/25)		20		23,805
Series FE, 5.00%, 10/01/27 (Call 10/01/26)		125		152,496
State of Hawaii State Highway Fund RB, 5.00%, 01/01/29 (Call 07/01/26)		50		60,039

				566,977

Idaho — 0.2%
Idaho Housing & Finance Association RB, 5.00%, 07/15/26		50		59,313


Illinois — 1.0%
Chicago O’Hare International Airport RB, 5.00%, 01/01/26		55		62,530
State of Illinois GO
Series B, 5.13%, 09/01/26		150		147,368
Series D, 5.00%, 11/01/26		100		97,494

				307,392


Security	Par (000)		Value

Indiana — 1.4%
Indiana Finance Authority RB
Series A, 5.00%, 10/01/26 (Call 10/01/24)	$	100	$	116,132
Series C, 5.00%, 06/01/27 (Call 12/01/26)		60		73,640
Series E, 5.00%, 02/01/26		30		36,245
Series E, 5.00%, 02/01/29 (Call 08/01/26)		150		182,118

				408,135

Kansas — 0.2%
State of Kansas Department of Transportation RB, 5.00%, 09/01/26 (Call 09/01/25)		50		58,407


Louisiana — 1.5%
State of Louisiana Gasoline & Fuels Tax Revenue RB
Series B, 5.00%, 05/01/26		100		119,234
Series B, 5.00%, 05/01/26 (Call 05/01/25)		50		58,207
State of Louisiana GO
5.00%, 09/01/26		25		29,952
Series B, 5.00%, 08/01/26		100		119,587
Series B, 5.00%, 08/01/29 (Call 08/01/26)		55		65,454
State of Louisiana RB, Series A, 5.00%, 09/01/26		30		35,942

				428,376

Maine — 0.4%
State of Maine GO, Series B, 5.00%, 06/01/26		100		121,984


Maryland — 2.9%
County of Anne Arundel MD GOL, 5.00%, 10/01/26 (Call 10/01/25)		90		107,237
County of Baltimore MD GO, 5.00%, 03/01/26		100		121,077
County of Charles MD RB, 5.00%, 10/01/26		100		122,892
County of Montgomery MD GO, 4.00%, 12/01/26 (Call 12/01/24)		25		28,015
County of Prince George’s MD GO, Series A, 5.00%, 09/15/26		35		42,963
State of Maryland Department of Transportation RB
5.00%, 10/01/28 (Call 10/01/26)		100		121,737
5.00%, 10/01/29 (Call 10/01/26)		85		103,078
Washington Suburban Sanitary Commission RB
5.00%, 06/01/26		75		91,390
5.00%, 06/01/27 (Call 06/01/26) (GTD)		100		121,596


			859,985

Massachusetts — 2.4%
City of Boston MA GO, Series B, 4.00%, 03/01/26		60		69,103
Commonwealth of Massachusetts GOL
5.00%, 07/01/30 (Call 07/01/26)		100		120,542
Series B, 5.00%, 01/01/26		20		24,051
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/26		50		60,438
Massachusetts Bay Transportation Authority RB, Series A, 4.00%, 07/01/26		50		58,007
Massachusetts Water Resources Authority RB
5.00%, 08/01/26 (Call 08/01/24)		115		132,703
Series B, 5.25%, 08/01/26 (AGM)		200		247,740

				712,584

Michigan — 0.6%
Michigan State Building Authority RB
Series I, 5.00%, 04/15/26 (Call 10/15/25)		90		107,070
Series I, 5.00%, 10/15/30 (Call 10/15/26)		55		65,849

				172,919

Minnesota — 1.1%
County of Hennepin MN GO, 5.00%, 12/01/30 (Call 12/01/26)		165		201,176


78		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Minnesota (continued)
State of Minnesota GO, Series B, 4.00%, 08/01/26 (Call 08/01/24)	$	100	$	110,622

				311,798

Mississippi — 0.8%
State of Mississippi GO
5.00%, 10/01/26		35		42,651
Series B, 5.00%, 12/01/29 (Call 12/01/26)		90		109,387
Series C, 5.00%, 10/01/26 (Call 10/01/25)		60		71,147

				223,185

Missouri — 1.1%
Metropolitan St Louis Sewer District RB, Series C, 5.00%, 05/01/27 (Call 05/01/26)		50		60,735
Missouri Highway & Transportation Commission RB, First Series, 5.00%, 05/01/26 (Call 05/01/24)		100		114,018
Missouri State Environmental Improvement & Energy Resources Authority RB, Series B, 5.00%, 07/01/26 (Call 07/01/25)		125		147,066

				321,819

Nebraska — 0.8%
Nebraska Public Power District RB, 5.00%, 01/01/29 (Call 01/01/26)		95		112,814
Omaha Public Power District RB, Series A, 5.00%, 02/01/30 (Call 02/01/26)		100		119,073

				231,887

Nevada — 1.9%
Clark County School District GOL, Series A, 5.00%, 06/15/26		75		86,464
County of Clark Department of Aviation RB, Series C, 5.00%, 07/01/26		35		40,165
County of Clark NV GOL
5.00%, 11/01/26 (Call 11/01/24)		80		92,438
Series B, 5.00%, 11/01/27 (Call 11/01/26)		100		121,758
County of Clark NV RB, Series A, 5.00%, 07/01/26 (Call 07/01/24)		90		101,967
State of Nevada GO, Series D, 5.00%, 04/01/26 (Call 04/01/25)		30		35,371
Washoe County School District/NV GOL, Series A, 5.00%, 06/01/26 (Call 06/01/25)		70		81,630

				559,793

New Jersey — 2.3%
County of Union New Jersey GO, 4.00%, 03/01/26		35		40,480
New Jersey Economic Development Authority RB
4.25%, 06/15/26 (Call 06/15/25)		125		125,368
Series AAA, 5.00%, 06/15/26		100		103,698
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/28 (Call 06/15/26)		125		134,786
Series A, 5.00%, 06/15/29 (Call 06/15/26)		80		85,879
Series A, 5.00%, 06/15/30 (Call 06/15/26)		70		74,572
Series AA, 5.00%, 06/15/26 (Call 06/15/24)		100		102,591
Series AA, 5.00%, 06/15/26 (Call 06/15/25)		25		25,789

				693,163

New Mexico — 0.4%
New Mexico Finance Authority RB, 5.00%, 06/15/26 (Call 06/15/24)		100		114,500


New York — 10.7%
City of New York NY GO
5.00%, 03/01/26 (Call 03/01/24)		100		112,899
5.00%, 08/01/27 (Call 08/01/26)		100		118,804
Series A, 5.00%, 08/01/26		100		118,350
Series B-1, 5.00%, 12/01/28 (Call 12/01/26)		50		60,406
Series E, 5.00%, 08/01/30 (Call 08/01/26)		55		64,456


Security	Par (000)		Value

New York (continued)
Hudson Yards Infrastructure Corp. RB, Series A, 5.00%, 02/15/26	$	25	$	29,590
Long Island Power Authority RB, 5.00%, 09/01/26		100		118,227
Metropolitan Transportation Authority RB
Series B-2, 5.00%, 11/15/26		125		142,870
Series B3B, 5.00%, 11/15/30 (Call 11/15/26)		145		163,918
New York City Transitional Finance Authority Building Aid Revenue RB
5.00%, 07/15/26 (SAW)		100		119,611
5.00%, 07/15/30 (Call 01/15/26) (SAW)		195		224,757
New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.00%, 05/01/29 (Call 05/01/26)		40		47,268
Series E1, 4.00%, 02/01/26		125		141,152
Series E-1, 5.00%, 02/01/30 (Call 02/01/26)		150		175,330
Series F-3, 5.00%, 02/01/30 (Call 02/01/26)		40		46,755
New York City Water &Sewer System RB
5.00%, 06/15/26		50		60,431
Series BB-2, 5.00%, 06/15/26 (Call 12/15/24)		130		150,695
New York State Dormitory Authority RB
5.00%, 03/15/26		100		119,030
5.00%, 03/15/29 (Call 09/15/26)		50		59,457
Series A, 5.00%, 02/15/26 (Call 02/15/24)		45		50,779
Series A, 5.00%, 02/15/29 (Call 08/15/26)		35		41,753
Series A1, 4.00%, 10/01/26		55		62,976
Series D, 5.00%, 02/15/28 (Call 08/15/26)		145		173,359
New York State Environmental Facilities Corp. RB, Series E, 5.00%, 06/15/26		50		60,790
New York State Thruway Authority RB
5.00%, 01/01/26		100		117,862
5.00%, 01/01/28 (Call 01/01/26)		140		161,517
New York State Urban Development Corp. RB
4.00%, 03/15/26		20		22,690
5.00%, 03/15/30 (Call 03/15/26)		170		199,617
Series A-1, 5.00%, 03/15/26		100		119,030
Sales Tax Asset Receivable Corp. RB, Series A, 5.00%, 10/15/26 (Call 10/15/24)		65		75,228

				3,159,607

North Carolina — 1.4%
County of Buncombe NC RB, 5.00%, 06/01/26		35		42,307
North Carolina Municipal Power Agency No. 1 RB, Series A, 5.00%, 01/01/29 (Call 07/01/26)		100		116,935
State of North Carolina GO, Series A, 5.00%, 06/01/28 (Call 06/01/26)		150		182,812
State of North Carolina RB, Series B, 5.00%, 06/01/26		70		84,614

				426,668

Ohio — 2.7%
City of Columbus OH GO, 4.00%, 08/15/26 (Call 08/15/25)		75		85,248
County of Hamilton OH Sales Tax Revenue RB, Series A, 5.00%, 12/01/26		100		122,346
Ohio Water Development Authority RB, 5.00%, 12/01/27 (Call 12/01/26)		250		307,627
Ohio Water Development Authority Water Pollution Control Loan Fund RB, 5.00%, 06/01/26		30		36,497
State of Ohio GO
5.00%, 05/01/26		75		91,194
Series S, 5.00%, 05/01/26		100		121,592
State of Ohio RB, Series B, 5.00%, 10/01/26		30		36,456

				800,960


SCHEDULES OF INVESTMENTS			79

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oklahoma — 0.8%
Grand River Dam Authority RB
Series A, 5.00%, 06/01/26	$	40	$	47,836
Series A, 5.00%, 06/01/30 (Call 12/01/26)		65		78,204
Oklahoma Capitol Improvement Authority RB, 5.00%, 07/01/29 (Call 07/01/26)		100		118,627

				244,667

Oregon — 2.3%
City of Portland OR Sewer System Revenue RB, Series A, 5.00%, 05/01/27 (Call 05/01/26)		150		181,616
Oregon State Lottery RB, 5.00%, 04/01/26 (Call 04/01/25) (MORAL OBLG)		150		176,697
Portland Community College District GO
5.00%, 06/15/28 (Call 06/15/26)		40		48,292
5.00%, 06/15/29 (Call 06/15/26)		80		96,015
State of Oregon GO, 5.00%, 12/01/29 (Call 12/01/26)		135		164,504

				667,124

Pennsylvania — 3.2%
Commonwealth of Pennsylvania GO
First Series, 5.00%, 09/15/26		100		119,510
Second Series, 5.00%, 09/15/26		155		187,316
Second Series, 5.00%, 09/15/28 (Call 09/15/26)		200		238,886
Delaware River Port Authority RB, Series B, 5.00%, 01/01/26		75		89,155
Pennsylvania Turnpike Commission RB, 5.00%, 12/01/26		155		189,526
School District of Philadelphia (The)GOL, 5.00%, 09/01/26 (SAW)		100		119,741

				944,134

Rhode Island — 0.3%
Rhode Island Commerce Corp. RB, Series A, 5.00%, 06/15/26		70		83,697


Tennessee — 2.3%
City of Memphis TN GO, Series A, 5.00%, 04/01/26 (Call 04/01/25)		30		35,402
County of Blount TN GO, Series B, 5.00%, 06/01/27 (Call 06/01/26)		100		120,557
County of Montgomery TN GO, 5.00%, 04/01/26		100		121,018
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series B, 5.00%, 05/15/26		100		121,390
Metropolitan Government of Nashville & Davidson County TN GO
4.00%, 01/01/28 (Call 07/01/26)		45		51,638
5.00%, 01/01/26		65		77,970
Metropolitan Government of Nashville & Davidson County TN Water &Sewer Revenue RB, 5.00%, 07/01/26		30		36,278
State of Tennessee GO, Series A, 5.00%, 08/01/26		25		30,678
Tennessee State School Bond Authority RB, Series B, 5.00%, 11/01/26		70		85,474

				680,405

Texas — 13.7%
Aldine Independent School District GO, 5.00%, 02/15/26 (PSF)		25		30,126
Austin Independent School District GO
5.00%, 08/01/26		55		67,010
5.00%, 08/01/30 (Call 08/01/26) (PSF)		75		89,690
City of Austin TX GOL, 5.00%, 09/01/28 (Call 09/01/26)		65		78,962
City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/30 (Call 11/15/26)		100		120,075
City of Dallas TX Waterworks &Sewer System Revenue RB
Series A, 5.00%, 10/01/27 (Call 10/01/26)		100		120,019
Series A, 5.00%, 10/01/29 (Call 10/01/26)		100		119,246
City of San Antonio Texas Electric &Gas Systems Revenue RB, Series A, 5.00%, 02/01/26		100		120,388


Security	Par (000)		Value

Texas (continued)
City of San Antonio TX Electric & Gas Systems Revenue RB
5.00%, 02/01/26 (Call 02/01/24)	$	25	$	28,317
5.00%, 02/01/30 (Call 08/01/26)		125		150,572
City of San Antonio TX GOL, 5.00%, 08/01/26		115		140,190
Clear Creek Independent School District GO, Series A, 5.00%, 02/15/26 (Call 02/15/25) (PSF)		60		70,951
County of Fort Bend TX GOL, 5.00%, 03/01/28 (Call 03/01/26)		100		119,833
County of Harris TX RB, 5.00%, 08/15/26 (Call 08/15/25)		100		118,298
Crowley Independent School District GO, Series A, 5.00%, 08/01/26 (Call 08/01/25) (PSF)		45		53,157
Cypress-Fairbanks Independent School District GO, 5.00%, 02/15/26 (PSF)		40		48,152
Dallas Area Rapid Transit RB
5.00%, 12/01/26		25		30,499
Series A, 5.00%, 12/01/26 (Call 12/01/24)		60		69,915
Keller Independent School District/TX GO, Series A, 5.00%, 02/15/26 (Call 02/15/25) (PSF)		150		175,696
Klein Independent School District GO, 5.00%, 08/01/26 (PSF)		75		91,478
Leander Independent School District GO
5.00%, 08/15/28 (Call 02/15/26) (PSF)		100		119,641
Series C, 5.00%, 08/15/26 (PSF)		100		121,618
Lower Colorado River Authority RB, Series B, 5.00%, 05/15/26 (Call 05/15/25)		25		29,294
North East Independent School District/TX GO, 4.00%, 08/01/30 (Call 08/01/26) (PSF)		150		171,100
North Texas Municipal Water District RB, 5.00%, 06/01/28 (Call 06/01/26)		100		120,038
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/30 (Call 09/01/26)		25		30,118
North Texas Tollway Authority RB
5.00%, 01/01/26		30		35,182
5.00%, 01/01/29 (Call 01/01/26)		120		137,729
Series A, 5.00%, 01/01/28 (Call 01/01/26)		60		69,256
Northwest Independent School District GO, 5.00%, 02/15/29 (Call 02/15/26) (PSF)		55		65,769
San Jacinto College District GOL, 5.00%, 02/15/26 (Call 02/15/25)		50		58,540
State of Texas GO
5.00%, 08/01/27 (Call 08/01/26)		95		115,809
5.00%, 04/01/29 (Call 04/01/26)		180		215,453
Series A, 5.00%, 04/01/29 (Call 04/01/26)		100		119,947
Texas A&M University RB
Series C, 5.00%, 05/15/26		60		73,028
Series E, 4.00%, 05/15/27 (Call 05/15/26)		45		51,434
Texas State University System RB, 5.00%, 03/15/26		60		72,154
Texas Transportation Commission State Highway Fund RB
5.25%, 04/01/26		25		30,625
Series A, 5.00%, 10/01/26		100		122,616
Texas Water Development Board RB
5.00%, 04/15/26		70		85,063
Series A, 5.00%, 10/15/26		100		123,082
Series B, 5.00%, 10/15/26		100		123,082
University of Texas System (The) RB, Series C, 5.00%, 08/15/26		85		103,776

				4,036,928

Utah — 0.4%
State of Utah GO, 5.00%, 07/01/26		70		85,712
Utah Transit Authority RB, Series A, 5.00%, 06/15/26 (Call 06/15/25)		35		41,287

				126,999


80		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Vermont — 0.4%
Vermont Municipal Bond Bank RB, 5.00%, 12/01/26	$	100	$	122,486


Virginia — 3.5%
City of Falls Church VA GO, 5.00%, 07/15/27 (Call 07/15/26)		150		183,151
City of Richmond VA GO, Series D, 5.00%, 03/01/26 (SAW)		30		36,286
County of Arlington VA GO
5.00%, 08/15/26		35		42,992
Series A, 5.00%, 08/15/30 (Call 08/15/26)		160		194,912
County of Fairfax VA Sewer Revenue RB, Series A, 5.00%, 07/15/29 (Call 07/15/26)		190		231,361
Virginia College Building Authority RB
5.00%, 02/01/26		125		149,873
Series B, 5.00%, 09/01/26 (Call 09/01/25)		75		89,375
Virginia Commonwealth Transportation Board RB, 5.00%, 05/15/26 (Call 05/15/24)		100		114,958

				1,042,908

Washington — 4.9%
City of Seattle WA GOL, Series A, 5.00%, 06/01/26 (Call 06/01/25)		175		207,739
City of Seattle WA Municipal Light & Power Revenue RB, Series B, 5.00%, 04/01/28 (Call 04/01/26)		80		96,007
County of King WA Sewer Revenue RB, Series B, 5.00%, 07/01/26		20		24,357
Energy Northwest RB
Series A, 5.00%, 07/01/26		170		205,353
Series C, 5.00%, 07/01/26 (Call 07/01/24)		100		115,123
King County School District No. 405 Bellevue GO, 5.00%, 12/01/30 (Call 12/01/26) (GTD)		115		139,732
State of Washington GO
5.00%, 08/01/28 (Call 08/01/26)		125		151,879
5.00%, 07/01/30 (Call 01/01/26)		160		189,911
5.00%, 08/01/30 (Call 08/01/26)		130		156,487
Series C, 5.00%, 02/01/26		25		30,112
University of Washington RB, Series A, 5.00%, 12/01/28 (Call 12/01/26)		100		121,202

				1,437,902


Security	Par/ Shares (000)		Value

West Virginia — 0.9%
School Building Authority of West Virginia RB, 5.00%, 07/01/26 (Call 07/01/24)	$	100	$	114,729
State of West Virginia GO
Series A, 0.00%, 11/01/26 (NPFGC)^(a)		100		90,328
Series B, 5.00%, 12/01/26		45		55,692

				260,749

Wisconsin — 1.9%
State of Wisconsin Environmental Improvement Fund Revenue RB, Series A, 5.00%, 06/01/26		35		42,580
State of Wisconsin GO
4.00%, 11/01/26 (Call 05/01/25)		75		84,550
5.00%, 11/01/26 (Call 05/01/25)		190		225,541
State of Wisconsin RB, Series B, 5.00%, 05/01/28 (Call 05/01/26)		100		120,183
Wisconsin Department of Transportation RB, 5.00%, 07/01/26 (Call 07/01/25)		40		47,348
WPPI Energy RB, Series A, 5.00%, 07/01/26 (Call 07/01/24)		35		39,760

				559,962


Total Municipal Debt Obligations — 98.4% (Cost: $29,247,434)				29,053,107


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Liquidity Funds: MuniCash, 0.15%^(b)(c)		150		149,812


Total Short-Term Investments — 0.5% (Cost: $149,796)				149,812


Total Investments in Securities — 98.9% (Cost: $29,397,230)				29,202,919

Other Assets, Less Liabilities — 1.1%				339,388


Net Assets — 100.0%			$	29,542,307

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds: MuniCash	82	68	150	$	149,812	$	1,478	$	(46	)	$	14

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


SCHEDULES OF INVESTMENTS			81

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Muni Bond ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	29,053,107	$	—	$	29,053,107
Money Market Funds		149,812		—		—		149,812

	$	149,812	$	29,053,107	$	—	$	29,202,919

See notes to financial statements.


82		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.2%
Alabama Federal Aid Highway Finance Authority RB, Series A, 5.00%, 09/01/27	$	100	$	123,676
City of Huntsville AL GOL, 5.00%, 05/01/28 (Call 11/01/27)		45		56,547
State of Alabama GO, Series C, 5.00%, 08/01/27 (Call 08/01/26)		50		60,517

				240,740

Arizona — 1.1%
Arizona State University RB, Series B, 5.00%, 07/01/30 (Call 07/01/27)		70		84,741
City of Phoenix AZ GO, 5.00%, 07/01/27 (Call 07/01/26)		80		96,219
Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/28 (Call 07/01/27)		40		49,571

				230,531

California — 14.0%
California State Public Works Board RB
5.00%, 03/01/28 (Call 03/01/27)		50		60,434
5.00%, 10/01/31 (Call 10/01/27)		150		180,225
California State University RB, Series A, 5.00%, 11/01/27 (Call 05/01/26)		50		60,219
Coast Community College District GO, Series D, 5.00%, 08/01/28 (Call 08/01/27)		70		87,716
Contra Costa Transportation Authority RB, Series A, 5.00%, 03/01/27 (Call 03/01/25)		65		75,698
East Bay Municipal Utility District Wastewater System Revenue RB, Series A, 5.00%, 06/01/28 (Call 06/01/27)		50		62,353
East Bay Municipal Utility District Water System Revenue RB, Series B, 5.00%, 06/01/27		50		62,496
Los Angeles County Metropolitan Transportation Authority RB, Series A, 5.00%, 07/01/29 (Call 07/01/27)		65		79,784
Los Angeles Department of Water & Power System Revenue RB, 5.00%, 07/01/28 (Call 07/01/27)		150		186,468
Los Angeles Department of Water RB, Series A, 5.00%, 07/01/30 (Call 01/01/27)		125		151,954
Los Angeles Unified School District/CA GO, Series A, 5.00%, 07/01/27		45		55,217
Metropolitan Water District of Southern California RB, Series C, 5.00%, 10/01/27		55		69,859
Mountain View Los Altos Union High School District/CA GO, Series C, 0.00%, 08/01/27^(a)		150		133,542
Newport Mesa Unified School District GO, 0.00%, 08/01/27 (NATL)^(a)		215		190,314
Palo Alto Unified School District GO, 0.00%, 08/01/27^(a)		100		88,645
San Diego Unified School District/CA GO, 5.00%, 07/01/29 (Call 07/01/27)		60		73,921
San Jose Unified School District GO, Series C, 0.00%, 08/01/27 (NPFGC)^(a)		55		48,580
San Mateo County Community College District GO
0.00%, 09/01/27 (NPFGC)^(a)		100		86,775
Series A, 0.00%, 09/01/27 (NPFGC)^(a)		100		86,775
Santa Monica Public Financing Authority RB, 5.00%, 07/01/31 (Call 07/01/27)		35		42,680
Southern California Public Power Authority RB, Series C, 5.00%, 07/01/27 (Call 01/01/25)		70		81,582
State of California GO
4.00%, 08/01/27 (Call 08/01/26)		35		40,621
5.00%, 04/01/27		125		152,932
5.00%, 08/01/28 (Call 08/01/27)		70		85,926
5.00%, 11/01/28 (Call 11/01/27)		100		123,328
5.00%, 08/01/30 (Call 08/01/27)		300		364,851


Security	Par (000)		Value

California (continued)
Series C, 5.00%, 08/01/27 (Call 08/01/26)	$	30	$	36,072
University of California RB, Series AY, 5.00%, 05/15/30 (Call 05/15/27)		60		73,220
West Valley-Mission Community College District GO, 5.00%, 08/01/27 (Call 08/01/25)		35		41,364

				2,883,551

Colorado — 0.4%
City & County of Denver Co. Airport System Revenue RB, 5.00%, 12/01/27		45		53,852
State of Colorado COP, Series K, 5.00%, 03/15/27		20		24,562

				78,414

Connecticut — 1.3%
State of Connecticut GO, Series A, 5.00%, 04/15/29 (Call 04/15/27)		150		174,486
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 01/01/27		50		58,520
Series B, 5.00%, 10/01/27		25		29,629

				262,635

District of Columbia — 1.4%
District of Columbia GO
5.00%, 06/01/27 (Call 12/01/26)		75		92,341
Series A, 5.00%, 10/15/27		100		125,756
District of Columbia Water & Sewer Authority RB, Series A, 5.00%, 10/01/27 (Call 10/01/25)		55		65,590

				283,687

Florida — 3.6%
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/27 (Call 10/01/26)		20		23,238
County of Miami-Dade FL GO, Series A, 5.00%, 07/01/27		50		60,862
County of Miami-Dade FL Water & Sewer System Revenue RB, Series B, 5.00%, 10/01/27		85		105,715
Hillsborough County School Board COP, Series B, 5.00%, 07/01/27		30		37,247
Palm Beach County School District COP, Series B, 5.00%, 08/01/27		85		105,993
School Board of Miami-Dade County (The) GO, 5.00%, 03/15/27		45		55,528
State of Florida Department of Transportation Turnpike System RB
5.00%, 07/01/29 (Call 07/01/27)		50		60,882
Series A, 5.00%, 07/01/27		70		86,000
State of Florida GO
Series A, 5.00%, 07/01/27		45		56,496
Series B, 5.00%, 06/01/30 (Call 06/01/27)		25		30,741
State of Florida Lottery Revenue RB, 5.00%, 07/01/27		100		125,547

				748,249

Georgia — 1.7%
State of Georgia GO
Series C, 5.00%, 07/01/29 (Call 07/01/27)		200		249,162
Series F, 5.00%, 07/01/27 (Call 01/01/27)		75		92,931

				342,093

Hawaii — 2.1%
City & County of Honolulu HI GO
Series B, 5.00%, 10/01/27 (Call 10/01/25)		100		119,081
Series D, 5.00%, 09/01/31 (Call 09/01/27)		30		36,571
State of Hawaii GO
5.00%, 10/01/30 (Call 10/01/27)		105		128,490
Series FE, 5.00%, 10/01/27 (Call 10/01/26)		50		60,998


SCHEDULES OF INVESTMENTS			83

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Hawaii (continued)
Series FH, 5.00%, 10/01/27 (Call 10/01/26)	$	75	$	91,395

				436,535

Illinois — 2.3%
Chicago O’Hare International Airport RB
Series 2015-B, 5.00%, 01/01/27 (Call 01/01/25)		100		110,809
Series A, 5.00%, 01/01/28 (Call 01/01/27)		65		74,761
State of Illinois GO
5.00%, 06/01/27 (Call 06/01/26)		100		97,144
Series D, 5.00%, 11/01/27		200		193,766

				476,480

Indiana — 0.8%
Indiana Finance Authority RB, Series C, 5.00%, 06/01/27 (Call 12/01/26)		130		159,553


Kansas — 1.0%
State of Kansas Department of Transportation RB
5.00%, 09/01/27 (Call 09/01/25)		95		110,758
5.00%, 09/01/28 (Call 09/01/27)		70		84,611

				195,369

Louisiana — 1.1%
State of Louisiana GO
Series B, 5.00%, 08/01/27 (Call 08/01/26)		155		185,051
Series B, 5.00%, 10/01/27		25		30,641

				215,692

Maryland — 3.9%
City of Baltimore MD RB, 5.00%, 07/01/31 (Call 01/01/27)		100		119,454
County of Anne Arundel MD GOL, 5.00%, 10/01/29 (Call 10/01/27)		155		192,583
County of Montgomery MD GO, Series C, 5.00%, 10/01/27		100		125,645
State of Maryland GO, Series A, 5.00%, 03/15/27		300		373,521

				811,203

Massachusetts — 1.8%
Commonwealth of Massachusetts GOL, Series E, 5.00%, 11/01/27		100		125,317
Massachusetts Bay Transportation Authority RB, Series A, 5.00%, 07/01/27		50		62,231
Massachusetts Clean Water Trust (The) RB, 5.25%, 08/01/27		20		25,346
Massachusetts Water Resources Authority RB, Series B, 5.00%, 08/01/29 (Call 08/01/27)		135		167,415

				380,309

Michigan — 0.4%
State of Michigan RB, 5.00%, 03/15/27		70		85,354


Minnesota — 2.0%
State of Minnesota GO
5.00%, 10/01/27		50		62,943
Series A, 5.00%, 10/01/31 (Call 10/01/27)		100		123,240
Series D, 5.00%, 08/01/27 (Call 08/01/26)		50		61,053
University of Minnesota RB, 5.00%, 12/01/29 (Call 12/01/27)		130		160,972

				408,208

Mississippi —1.1%
State of Mississippi GO
Series A, 5.00%, 10/01/28 (Call 10/01/27)		100		124,159
Series C, 5.00%, 10/01/27 (Call 10/01/25)		90		106,713

				230,872

Nebraska — 0.3%
Nebraska Public Power District RB, Series B, 5.00%, 01/01/28 (Call 01/01/27)		50		61,034


Security	Par (000)		Value

Nevada — 3.2%
County of Clark NV GOL
4.00%, 11/01/31 (Call 11/01/27)	$	100	$	113,386
5.00%, 06/01/27		25		30,848
5.00%, 11/01/27		45		56,031
County of Clark NV Passenger Facility Charge RB, 5.00%, 07/01/27		75		87,342
County of Clark NV RB
5.00%, 07/01/27		45		54,766
5.00%, 07/01/30 (Call 07/01/27)		25		29,529
County of Washoe NV RB, 5.00%, 02/01/27		35		42,863
State of Nevada GOL, Series D, 5.00%, 04/01/27 (Call 04/01/25)		25		29,359
State of Nevada Highway Improvement Revenue RB, 5.00%, 12/01/27		100		125,138
Washoe County School District/NV GOL, 5.00%, 04/01/27		75		90,559

				659,821

New Jersey — 1.5%
New Jersey Economic Development Authority RB
5.00%, 11/01/27		80		83,061
Series A, 4.00%, 11/01/27 (SAP)		50		49,283
New Jersey Turnpike Authority RB, Series A, 5.25%, 01/01/27 (AGM)		100		122,037
State of New Jersey GO
5.00%, 06/01/27		10		12,078
5.00%, 06/01/27 (Call 06/01/25)		45		52,001

				318,460

New Mexico — 0.2%
New Mexico Finance Authority RB, 5.00%, 06/01/27		25		30,848


New York — 10.7%
City of New York NY GO, Series A, 5.00%, 08/01/28 (Call 08/01/27)		155		188,492
Long Island Power Authority RB, 5.00%, 09/01/27		100		120,375
Metropolitan Transportation Authority RB
5.00%, 11/15/27 (Call 11/15/26)		55		55,242
Series A-2, 5.00%, 11/15/27 (Call 11/15/26)		25		25,110
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 07/15/27 (SAW)		145		176,989
New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.00%, 11/01/29 (Call 11/01/27)		100		121,521
Series B-1, 5.00%, 08/01/29 (Call 08/01/27)		95		114,980
Series C, 5.00%, 11/01/27 (Call 05/01/25)		150		173,711
Series C, 5.00%, 11/01/29 (Call 05/01/27)		85		102,151
New York City Water & Sewer System RB
Series AA, 5.00%, 06/15/27		100		123,649
Series BB-2, 5.00%, 06/15/31 (Call 06/15/27)		45		54,262
New York State Dormitory Authority RB
5.00%, 02/15/29		40		48,083
5.00%, 02/15/30		150		179,210
Series A, 5.00%, 03/15/27		100		121,585
Series B, 5.00%, 02/15/31 (Call 08/15/27)		150		180,069
New York State Urban Development Corp. RB, 5.00%, 03/15/28 (Call 03/15/27)		100		121,036
Port Authority of New York & New Jersey RB, 5.00%, 11/15/31 (Call 11/15/27)		200		236,130
Triborough Bridge & Tunnel Authority RB, Series C-1, 5.00%, 11/15/27		50		62,147

				2,204,742


84		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

North Carolina — 2.3%
County of Guilford NC GO, Series B, 5.00%, 05/01/28 (Call 05/01/27)	$	100	$	124,708
State of North Carolina GO, 5.00%, 06/01/27 (Call 06/01/26)		125		152,403
State of North Carolina RB
Series B, 5.00%, 05/01/27		10		12,354
Series B, 5.00%, 05/01/28 (Call 05/01/27)		150		184,695

				474,160

Ohio — 2.9%
City of Columbus OH GOL, Series 4, 5.00%, 02/15/28 (Call 02/15/27)		100		123,418
Ohio Turnpike & Infrastructure Commission RB, Series A, 5.00%, 02/15/30 (Call 02/15/27)		110		133,839
Ohio Water Development Authority Water Pollution Control Loan Fund RB
5.00%, 06/01/27 (Call 12/01/25)		55		65,935
Series A, 5.00%, 06/01/29 (Call 06/01/27)		45		55,557
State of Ohio GO
5.00%, 09/01/27		45		56,362
Series T, 5.00%, 05/01/30 (Call 05/01/27)		100		122,386
State of Ohio RB, Series B, 5.00%, 10/01/27		25		30,875

				588,372

Oklahoma — 0.7%
Oklahoma Turnpike Authority RB, Series E, 5.00%, 01/01/27		25		30,843
University of Oklahoma (The) RB, 5.00%, 07/01/27 (Call 07/01/26)		100		121,124

				151,967

Oregon — 2.2%
Hillsboro School District No.1J, 5.00%, 06/15/28 (Call 06/15/27) (GTD)		100		124,578
Oregon State Lottery RB, Series D, 5.00%, 04/01/27 (Call 04/01/25) (MO)		100		117,746
State of Oregon GO
Series I, 5.00%, 08/01/28 (Call 08/01/27)		100		124,917
Series L, 5.00%, 08/01/30 (Call 08/01/27)		75		92,646

				459,887

Pennsylvania — 2.2%
City of Philadelphia PA GO, 5.00%, 08/01/27 (Call 08/01/25)		65		76,029
Commonwealth of Pennsylvania GO
First Series, 5.00%, 01/01/27		25		30,416
First Series, 5.00%, 02/01/27 (Call 02/01/26)		105		123,921
First Series, 5.00%, 09/15/27 (Call 09/15/26)		40		47,433
Second Series, 5.00%, 09/15/27 (Call 09/15/26)		35		41,875
Pennsylvania Turnpike Commission RB, Series A2, 5.00%, 12/01/27		100		125,057

				444,731

Rhode Island — 2.0%
Rhode Island Commerce Corp. RB, Series B, 5.00%, 06/15/27 (Call 06/15/26)		105		125,006
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund RB, 5.00%, 10/01/30 (Call 10/01/27)		50		62,048
State of Rhode Island GO
5.00%, 08/01/28 (Call 08/01/27)		150		184,471
Series B, 5.00%, 08/01/29 (Call 08/01/27)		25		30,580

				402,105

South Carolina — 0.4%
State of South Carolina GO, Series A, 4.00%, 04/01/31 (Call 10/01/27) (SAW)		65		75,100


Security	Par (000)		Value

Tennessee — 3.9%
City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/28 (Call 12/01/27)	$	75	$	93,724
County of Blount TN GO, Series B, 5.00%, 06/01/27 (Call 06/01/26)		100		120,557
County of Montgomery TN GO, 5.00%, 04/01/27		100		124,045
Metropolitan Government of Nashville & Davidson County TN GO
4.00%, 07/01/27		85		99,644
5.00%, 07/01/27		30		37,316
State of Tennessee GO, 5.00%, 08/01/27 (Call 08/01/26)		105		128,490
Tennessee State School Bond Authority RB
Series A, 5.00%, 11/01/31 (Call 11/01/27) (NPFGC)		100		122,236
Series B, 5.00%, 11/01/27 (NPFGC)		60		74,948

				800,960

Texas — 10.3%
Aldine Independent School District GO, 5.00%, 02/15/31 (Call 02/15/27) (PSF)		105		127,291
Austin Independent School District GO, 5.00%, 08/01/27 (PSF)		25		31,292
City of Austin TX GOL
5.00%, 09/01/27		25		31,076
5.00%, 09/01/28 (Call 09/01/27)		100		124,426
City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/27		25		31,335
City of Dallas TX Waterworks & Sewer System Revenue RB, Series A, 5.00%, 10/01/27 (Call 10/01/26)		100		120,019
City of Houston TX Combined Utility System Revenue RB, Series B, 5.00%, 11/15/27		40		50,072
City of Plano TX GOL, 5.00%, 09/01/31 (Call 03/01/27)		100		121,717
City of San Antonio TX Electric & Gas Systems Revenue RB, 5.00%, 02/01/27		50		61,630
City of San Antonio TX GOL, 5.00%, 08/01/27		15		18,716
Conroe Independent School District GO, 5.00%, 02/15/27 (Call 02/15/26) (GTD)		30		35,966
North Texas Municipal Water District RB, 5.00%, 06/01/27		55		68,535
North Texas Municipal Water District Water System Revenue RB, 5.00%, 09/01/27 (Call 09/01/25)		65		76,578
Northside Independent School District GO, Series A, 5.00%, 08/15/27 (GTD)		30		37,536
Permanent University Fund — Texas A&M University System RB, Series B, 5.00%, 07/01/27 (Call 07/01/25)		20		23,707
Socorro Independent School District GO, Series B, 5.00%, 08/15/30 (Call 08/15/27) (PSF)		50		61,349
Spring Independent School District GO, Series A, 5.00%, 08/15/27 (Call 08/15/26)		50		60,308
State of Texas GO
Series A, 5.00%, 10/01/30 (Call 10/01/27)		80		99,277
Series B, 5.00%, 10/01/29 (Call 10/01/27)		125		156,004
Temple Independent School District/TX GO, 4.00%, 02/01/28 (Call 02/01/27) (PSF)		100		116,189
Texas A&M University RB, Series E, 4.00%, 05/15/27 (Call 05/15/26)		85		97,152
Texas State University System RB, 5.00%, 03/15/30 (Call 03/15/27)		120		145,807
Texas Water Development Board RB
5.00%, 08/01/30 (Call 08/01/27)		85		105,064
5.00%, 08/01/31 (Call 08/01/27)		45		55,330
University of North Texas System RB
5.00%, 04/15/30 (Call 04/15/27)		100		121,328
Series A, 5.00%, 04/15/27		40		49,365


SCHEDULES OF INVESTMENTS			85

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
University of Texas System (The) RB, Series E, 5.00%, 08/15/27	$	75	$	93,781

				2,120,850

Utah — 1.1%
State of Utah GO, 5.00%, 07/01/28 (Call 07/01/27)		125		156,355
University of Utah (The) RB, 5.00%, 08/01/27 (Call 08/01/25)		60		70,478

				226,833

Virginia — 2.4%
Virginia College Building Authority RB, 5.00%, 09/01/27 (Call 09/01/26) (NPFGC)		130		158,363
Virginia Commonwealth Transportation Board RB
5.00%, 03/15/27 (Call 09/15/26)		25		30,603
Series A, 5.00%, 05/15/29 (Call 11/15/27)		175		216,227
Series A, 5.00%, 05/15/30 (Call 11/15/27)		60		73,675
Virginia Public Building Authority RB, Series A, 4.00%, 08/01/27		20		23,627

				502,495

Washington — 6.5%
Central Puget Sound Regional Transit Authority RB, Series S-1, 5.00%, 11/01/27 (Call 11/01/26)		55		67,349
City of Seattle WA Municipal Light & Power Revenue RB, Series B, 5.00%, 04/01/27 (Call 04/01/26)		150		180,484
County of King WA Sewer Revenue RB, Series B, 5.00%, 07/01/27 (Call 07/01/26)		20		24,330
Energy Northwest RB
Series A, 5.00%, 07/01/29 (Call 07/01/27)		170		208,281
Series C, 5.00%, 07/01/27		25		30,905
Kitsap County School District No. 401 Central Kitsap GO, 5.00%, 12/01/27 (GTD)		25		31,386
Pierce County School District No. 402 Franklin Pierce GO, 5.00%, 12/01/29 (Call 12/01/27) (GTD)		100		124,469
Port of Seattle WA RB, 5.00%, 02/01/27 (Call 02/01/26)		65		75,133
Spokane County School District No. 356 Central Valley GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD)		115		144,272
State of Washington GO
5.00%, 08/01/27		100		124,932
5.00%, 08/01/27 (Call 08/01/26)		25		30,476
Series A, 5.00%, 08/01/31 (Call 08/01/27)		100		122,344
Series E, 5.00%, 07/01/27 (Call 01/01/25)		75		87,817


Security	Par/ Shares (000)		Value

Washington (continued)
University of Washington RB, 5.00%, 06/01/27 (Call 06/01/25)	$	75	$	87,103

				1,339,281

West Virginia — 1.4%
West Virginia Commissioner of Highways RB, 5.00%, 09/01/29 (Call 09/01/27)		150		183,979
West Virginia State School Building Authority Lottery Revenue RB, Series A, 5.00%, 07/01/27 (Call 07/01/25)		95		111,725

				295,704

Wisconsin — 2.7%
State of Wisconsin GO
5.00%, 11/01/27 (Call 05/01/26)		105		127,942
5.00%, 11/01/31 (Call 05/01/27)		110		134,545
Series 2, 4.00%, 11/01/27 (Call 05/01/26)		25		28,716
State of Wisconsin RB, Series A, 5.00%, 05/01/27		70		86,479
Wisconsin Department of Transportation RB
Series 1, 5.00%, 07/01/27		75		93,694
Series 2, 5.00%, 07/01/31 (Call 07/01/27)		75		92,137

				563,513


Total Municipal Debt Obligations — 98.1% (Cost: $20,307,619) 20,190,338


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Liquidity Funds: MuniCash, 0.15%^(b)(c)		170		170,122


Total Short-Term Investments — 0.8% (Cost: $170,101)				170,122


Total Investments in Securities — 98.9% (Cost: $20,477,720)				20,360,460

Other Assets, Less Liabilities — 1.1%				223,767


Net Assets — 100.0%			$	20,584,227

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds: MuniCash	53	117	170	$	170,122	$	1,081	$	(1	)	$	20

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


86		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Muni Bond ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	20,190,338	$	—	$	20,190,338
Money Market Funds		170,122		—		—		170,122

	$	170,122	$	20,190,338	$	—	$	20,360,460

See notes to financial statements.


SCHEDULES OF INVESTMENTS			87

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Debt Obligations

Alabama — 1.5%
Alabama Federal Aid Highway Finance Authority RB, 5.00%, 09/01/28 (Call 09/01/27)	$	65	$	80,065
City of Huntsville AL GOL, Series B, 5.00%, 05/01/28 (Call 11/01/27)		75		94,245
State of Alabama GO
4.00%, 11/01/28 (Call 02/01/26)		20		22,630
Series A, 5.00%, 11/01/32 (Call 11/01/28)		70		86,585
University of Alabama (The) RB, Series C, 5.00%, 07/01/28		200		250,658

				534,183

Arizona — 1.6%
City of Mesa AZ Utility System Revenue RB, 5.00%, 07/01/29 (Call 07/01/28)		50		63,340
City of Phoenix Civic Improvement Corp. RB
5.00%, 07/01/28 (Call 07/01/26)		100		121,124
Series D, 5.00%, 07/01/28 (Call 07/01/27)		15		17,826
Maricopa County Union High School District No. 210-Phoenix GO, 5.00%, 07/01/28 (Call 07/01/27)		25		30,696
Salt River Project Agricultural Improvement & Power District RB
5.00%, 01/01/29 (Call 01/01/28)		85		107,093
5.00%, 01/01/31 (Call 01/01/28)		55		68,496
Series A, 5.00%, 01/01/28 (Call 01/01/27)		150		184,920

				593,495

California — 12.5%
Beverly Hills Unified School District CA GO, 0.00%, 08/01/28^(a)		35		30,409
California Infrastructure & Economic Development Bank RB
5.00%, 10/01/28 (Call 04/01/26)		75		91,048
5.00%, 10/01/28 (Call 04/01/27)		70		87,127
5.00%, 10/01/32 (Call 04/01/28)		100		124,735
California State Public Works Board RB
4.00%, 10/01/28 (Call 10/01/26)		50		56,834
5.00%, 09/01/28 (Call 09/01/27)		25		30,505
Series B, 5.00%, 05/01/28		100		124,118
Series C, 5.00%, 11/01/28 (Call 11/01/26)		25		29,942
Series G, 5.00%, 10/01/28 (Call 10/01/27)		50		61,100
California State University RB
Series A, 5.00%, 11/01/28 (Call 05/01/26)		160		192,293
Series A, 5.00%, 11/01/30 (Call 11/01/28)		35		44,061
City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/29 (Call 08/01/28)		50		62,771
Coast Community College District GO, Series D, 5.00%, 08/01/28 (Call 08/01/27)		75		93,981
Long Beach Unified School District GO, 5.00%, 08/01/28 (Call 08/01/26)		45		54,228
Los Angeles County Metropolitan Transportation Authority RB, 5.00%, 07/01/32 (Call 07/01/28)		200		245,480
Los Angeles Department of Water & Power System Revenue RB
5.00%, 07/01/30 (Call 07/01/28)		100		125,422
Series A, 5.00%, 07/01/32 (Call 01/01/28)		35		42,869
Los Angeles Department of Water RB
5.00%, 07/01/31 (Call 07/01/28)		80		100,046
5.00%, 07/01/32 (Call 07/01/28)		50		62,094
Series A, 5.00%, 07/01/28 (Call 01/01/26)		35		41,963
Series A, 5.00%, 07/01/31 (Call 01/01/28)		60		74,171
Los Angeles Unified School District/CA GO
Series B1, 5.00%, 07/01/28 (Call 01/01/28)		165		204,123
Series B-1, 5.00%, 07/01/30 (Call 01/01/28)		25		30,647
Series M1, 5.00%, 07/01/28 (Call 01/01/28)		100		123,711


Security	Par (000)		Value

California (continued)
Metropolitan Water District of Southern California RB
5.00%, 09/01/28	$	30	$	38,813
5.00%, 01/01/31 (Call 07/01/28)		70		88,780
Napa Valley Community College District GO, Series B, 0.00%, 08/01/28 (NPFGC)^(a)		100		85,616
North Orange County Community College District/CA GO, Series B, 0.00%, 08/01/28 (NPFGC)^(a)		270		231,541
Poway Unified School District GO, Series A, 0.00%, 08/01/28^(a)		50		42,564
San Diego Community College District GO, 4.00%, 08/01/28 (Call 08/01/26)		70		80,060
San Francisco Bay Area Rapid Transit District GO, Series A, 5.00%, 08/01/28 (Call 08/01/27)		50		62,147
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB, 4.00%, 07/01/28 (Call 07/01/26)		50		56,708
San Jose Evergreen Community College District GO, Series B, 0.00%, 09/01/28 (AGM)^(a)		50		43,643
San Jose Unified School District GO, Series C, 0.00%, 08/01/28 (NPFGC)^(a)		110		94,563
San Marcos Unified School District GO, 0.00%, 08/01/28^(a)		80		68,158
San Mateo County Community College District GO, Series B, 5.00%, 09/01/28		70		90,180
State of California Department of Water Resources RB, 5.00%, 12/01/31 (Call 12/01/28)		50		62,791
State of California GO
5.00%, 04/01/28		125		155,947
5.00%, 08/01/28		100		125,510
5.00%, 09/01/28 (Call 09/01/26)		75		90,030
5.00%, 10/01/28		250		314,670
5.00%, 08/01/29 (Call 08/01/28)		135		168,422
Series C, 5.00%, 08/01/28 (Call 08/01/26)		250		299,582
University of California RB, Series AZ, 5.00%, 05/15/31 (Call 05/15/28)		45		55,895
William S Hart Union High School District GO, Series B, 0.00%, 09/01/28^(a)		150		127,411

				4,516,709

Colorado — 0.5%
Board of Governors of Colorado State University System RB
Series C, 5.00%, 03/01/28		15		18,871
Series C, 5.00%, 03/01/29 (Call 03/01/28)		50		62,575
Denver City & County School District No. 1 GO, 5.00%, 12/01/28 (Call 12/01/26) (SAW)		90		110,047

				191,493

Connecticut — 2.0%
State of Connecticut GO
Series C, 5.00%, 06/15/28		35		41,635
Series E, 5.00%, 09/15/28		50		59,657
Series E, 5.00%, 09/15/30 (Call 09/15/28)		100		117,837
Series E, 5.00%, 09/15/31 (Call 09/15/28)		150		175,678
State of Connecticut Special Tax Revenue RB
Series A, 5.00%, 01/01/28		70		82,746
Series A, 5.00%, 09/01/28 (Call 09/01/26)		110		127,985
Series A, 5.00%, 01/01/29 (Call 01/01/28)		40		47,058
Series B, 5.00%, 09/01/28 (Call 09/01/26)		50		58,175

				710,771

Delaware — 0.4%
State of Delaware GO
Series A, 2.13%, 03/01/28 (Call 03/01/26)		15		15,358
Series A, 5.00%, 02/01/32 (Call 02/01/28)		100		124,511

				139,869


88		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

District of Columbia — 0.8%
District of Columbia GO
Series A, 5.00%, 06/01/28	$	50	$	63,656
Series D, 5.00%, 06/01/28 (Call 12/01/26)		60		73,661
Series D, 5.00%, 06/01/28 (Call 06/01/27)		35		43,460
District of Columbia Water &Sewer Authority RB
5.00%, 10/01/28 (Call 04/01/27)		25		30,931
5.00%, 10/01/32 (Call 04/01/28)		60		74,140

				285,848

Florida — 6.0%
County of Miami-Dade FL Aviation Revenue RB, 5.00%, 10/01/28 (Call 10/01/26)		10		11,550
County of Miami-Dade FL GO, Series D, 5.00%, 07/01/28 (Call 07/01/26)		25		30,495
County of Miami-Dade FL Water & Sewer System Revenue RB
5.00%, 10/01/30 (Call 10/01/28)		80		100,780
Series B, 5.00%, 10/01/28 (Call 10/01/27)		150		187,191
Florida Department of Environmental Protection RB, Series A, 5.00%, 07/01/28		150		190,482
Florida’s Turnpike Enterprise RB, Series A, 5.00%, 07/01/28		40		50,132
Hillsborough County School Board COP, 5.00%, 07/01/28 (Call 07/01/26)		250		300,357
Orange County School Board COP, Series C, 5.00%, 08/01/28		100		123,687
Palm Beach County School District COP, Series B, 5.00%, 08/01/28		110		140,003
School District of Broward County/FL GO, 5.00%, 07/01/30 (Call 07/01/28)		50		63,059
State of Florida Department of Transportation RB
5.00%, 07/01/31 (Call 07/01/28)		25		31,373
5.00%, 07/01/32 (Call 07/01/28)		190		236,609
State of Florida GO
5.00%, 06/01/30 (Call 06/01/28)		110		138,612
Series A, 4.00%, 07/01/32 (Call 07/01/28)		350		408,786
Series B, 5.00%, 06/01/28 (Call 06/01/27)		125		155,405

				2,168,521

Georgia — 2.2%
City of Atlanta GA Water & Wastewater Revenue RB, 5.00%, 11/01/28 (Call 11/01/27)		50		62,462
Forsyth County School District GO, 5.00%, 02/01/30 (Call 02/01/28)		250		314,590
State of Georgia GO
Series A, 5.00%, 07/01/31 (Call 07/01/28)		155		195,453
Series E, 5.00%, 12/01/28 (Call 12/01/26)		185		227,598

				800,103

Hawaii — 2.2%
City & County Honolulu HI Wastewater System Revenue RB, Series A, 4.00%, 07/01/28		100		118,990
City & County of Honolulu HI GO
5.00%, 09/01/28 (Call 09/01/27)		30		37,187
Series A, 5.00%, 09/01/28		15		18,986
Series C, 4.00%, 08/01/28		250		295,660
County of Maui HI GO, 5.00%, 09/01/28		35		44,458
State of Hawaii GO
5.00%, 01/01/29 (Call 01/01/28)		100		124,350
5.00%, 01/01/32 (Call 01/01/28)		105		127,847
Series FT, 5.00%, 01/01/31 (Call 01/01/28)		30		36,756

				804,234

Illinois — 1.6%
Chicago O’Hare International Airport RB, Series C, 5.00%, 01/01/28 (Call 01/01/26)		75		84,689


Security	Par (000)		Value

Illinois (continued)
Illinois Finance Authority RB, 5.00%, 12/01/28	$	75	$	95,972
State of Illinois GO
5.00%, 10/01/30 (Call 10/01/28)		125		119,899
Series A, 5.00%, 05/01/29 (Call 05/01/28)		150		144,530
Series D, 5.00%, 11/01/28 (Call 11/01/27)		150		144,768

				589,858

Indiana — 1.1%
City of Indianapolis Department of Public Utilities Water System Revenue RB, Series A, 5.00%, 10/01/28		20		25,317
Indiana Finance Authority RB
Series C, 5.00%, 06/01/28 (Call 12/01/26)		100		122,470
Series R, 5.00%, 02/01/28		40		50,567
Indianapolis Local Public Improvement Bond Bank RB, Series E, 5.00%, 01/01/28 (Call 01/01/26)		160		193,122

				391,476

Iowa — 0.5%
Iowa Finance Authority RB, Series A, 5.00%, 08/01/31 (Call 08/01/28)		120		150,684
State of Iowa RB, Series A, 5.00%, 06/01/28 (Call 06/01/26)		20		24,115

				174,799

Kansas — 0.3%
State of Kansas Department of Transportation RB
5.00%, 09/01/28 (Call 09/01/27)		75		90,655
Series A, 5.00%, 09/01/28 (Call 09/01/27)		30		36,262

				126,917

Louisiana — 0.7%
State of Louisiana GO, Series B, 5.00%, 08/01/28 (Call 08/01/26)		50		59,687
State of Louisiana RB, Series A, 5.00%, 09/01/29 (Call 09/01/28)		160		201,421

				261,108

Maine — 0.5%
Maine Municipal Bond Bank RB
Series A, 5.00%, 09/01/28 (Call 09/01/26)		80		95,952
Series A, 5.00%, 11/01/28		20		25,390
State of Maine GO, Series D, 5.00%, 06/01/28		40		51,031

				172,373

Maryland — 5.1%
City of Baltimore MD GO, 5.00%, 10/15/28		30		38,465
County of Howard MD GO, Series A, 5.00%, 08/15/28		60		76,688
County of Montgomery MD GO, Series A, 5.00%, 11/01/28		265		340,059
County of Prince George’s MD GOL
Series A, 4.00%, 07/15/32 (Call 07/15/28)		200		233,350
Series A, 5.00%, 07/15/31 (Call 07/15/28)		100		125,219
State of Maryland Department of Transportation RB
4.00%, 05/01/30 (Call 05/01/28)		45		52,767
5.00%, 09/01/28 (Call 09/01/27)		110		137,215
5.00%, 10/01/28 (Call 10/01/26)		60		73,042
State of Maryland GO
First Series, 5.00%, 03/15/28		55		70,092
Second Series, 5.00%, 08/01/29 (Call 08/01/28)		125		159,580
Series A, 5.00%, 03/15/29 (Call 03/15/28)		125		158,453
Series A, 5.00%, 03/15/30 (Call 03/15/28)		100		125,951
Washington Suburban Sanitary Commission RB
5.00%, 06/01/28 (GTD)		125		159,141
5.00%, 06/01/30 (Call 06/01/28)		65		81,683

				1,831,705

Massachusetts — 2.7%
Commonwealth of Massachusetts GOL
Series B, 5.00%, 07/01/28		45		57,383


SCHEDULES OF INVESTMENTS			89

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Massachusetts (continued)
Series B, 5.00%, 01/01/30 (Call 01/01/28)	$	85	$	105,749
Series B, 5.25%, 08/01/28		100		129,658
Series C, 5.00%, 05/01/28		100		127,107
Massachusetts Bay Transportation Authority RB, Series A, 5.25%, 07/01/28		250		322,700
Massachusetts Department of Transportation RB, Series A, 0.00%, 01/01/28 (NPFGC)^(a)		50		42,465
Massachusetts Health & Educational Facilities Authority RB, 5.25%, 07/01/28		50		64,942
Massachusetts Water Resources Authority RB, Series B, 5.00%, 08/01/28 (Call 08/01/26)		100		121,621

				971,625

Michigan — 0.5%
Great Lakes Water Authority Water Supply System Revenue RB, Series C, 5.00%, 07/01/28 (Call 07/01/26)		35		41,982
Michigan Finance Authority RB
5.00%, 10/01/28		45		58,068
5.00%, 10/01/30 (Call 10/01/28)		50		62,809
Series B, 5.00%, 10/01/28 (Call 10/01/26)		15		18,361

				181,220

Minnesota — 1.7%
Metropolitan Council GO, Series C, 4.00%, 03/01/28 (Call 03/01/27)		25		29,246
Minneapolis-St Paul Metropolitan Airports Commission RB, 5.00%, 01/01/28 (Call 01/01/27)		65		76,151
Minnesota Public Facilities Authority RB, Series A, 5.00%, 03/01/28 (Call 03/01/26)		100		120,391
State of Minnesota GO
Series A, 5.00%, 10/01/28 (Call 10/01/27)		50		62,676
Series A, 5.00%, 08/01/29 (Call 08/01/28)		70		89,115
Series A, 5.00%, 08/01/32 (Call 08/01/28)		200		249,748

				627,327

Mississippi — 0.5%
State of Mississippi GO, Series A, 5.00%, 10/01/28 (Call 10/01/27)		150		186,238


Missouri — 0.4%
City of Kansas City MO Sanitary Sewer System Revenue RB, 5.00%, 01/01/29 (Call 01/01/28)		105		130,654


Nebraska — 0.7%
Omaha Public Power District RB, Series A, 5.00%, 02/01/28 (Call 02/01/26)		85		101,830
University of Nebraska Facilities Corp. RB, 5.00%, 07/15/30 (Call 07/15/28)		125		156,450

				258,280

Nevada — 2.7%
Clark County School District GOL, Series C, 5.00%, 06/15/28 (Call 12/15/27)		145		171,499
County of Clark NV GOL
5.00%, 12/01/30 (Call 12/01/28)		100		124,172
5.00%, 12/01/31 (Call 12/01/28)		100		122,902
County of Clark NV RB, Series B, 5.00%, 07/01/28		250		303,750
County of Washoe NV RB, 5.00%, 02/01/28		30		37,426
State of Nevada GOL, Series A, 5.00%, 04/01/28		40		50,751
State of Nevada Highway Improvement Revenue RB
5.00%, 12/01/28 (Call 06/01/26)		100		120,103
5.00%, 12/01/30 (Call 06/01/28)		50		62,281

				992,884


Security	Par (000)		Value

New Hampshire — 0.2%
State of New Hampshire GO, Series A, 5.00%, 12/01/31 (Call 12/01/28)	$	50	$	63,109


New Jersey — 1.5%
New Jersey Economic Development Authority RB, 5.00%, 06/15/28		60		62,171
New Jersey Transportation Trust Fund Authority RB
5.00%, 06/15/30 (Call 12/15/28)		75		76,616
Series A, 5.00%, 06/15/28 (Call 06/15/26)		100		107,829
New Jersey Turnpike Authority RB
Series B, 5.00%, 01/01/32 (Call 01/01/28)		155		181,148
Series E, 5.00%, 01/01/29 (Call 01/01/28)		100		118,952

				546,716

New Mexico — 0.2%
New Mexico Finance Authority RB, Series D, 5.00%, 06/01/29 (Call 06/01/28)		50		62,642


New York — 9.7%
City of New York NY GO
Series A, 5.00%, 08/01/28 (Call 08/01/27)		25		30,402
Series A, 5.00%, 08/01/29 (Call 02/01/28)		110		134,442
Series C, 5.00%, 08/01/28 (Call 02/01/27)		65		78,133
Series C, 5.00%, 08/01/29 (Call 02/01/28)		150		183,330
Series D, 5.00%, 08/01/28 (Call 02/01/26)		200		233,536
Long Island Power Authority RB, 5.00%, 09/01/29 (Call 09/01/28)		115		140,271
Metropolitan Transportation Authority RB
Series B, 5.00%, 11/15/28		60		60,330
Series C-1, 5.00%, 11/15/29 (Call 05/15/28)		260		261,362
New York City Transitional Finance Authority Building Aid Revenue RB
5.00%, 07/15/31 (Call 07/15/28) (SAW)		100		120,878
5.00%, 07/15/32 (Call 07/15/28)		50		59,857
Series S-4A, 5.00%, 07/15/28 (SAW)		35		43,450
Series S-4A, 5.00%, 07/15/31 (Call 07/15/28) (SAW)		120		145,054
New York City Transitional Finance Authority Future Tax Secured Revenue RB
Series A1, 5.00%, 08/01/32 (Call 08/01/28)		50		60,348
Series C-1, 5.00%, 11/01/28		25		31,176
New York City Water &Sewer System RB, 5.00%, 06/15/28 (Call 06/15/27)		25		30,745
New York State Dormitory Authority RB
5.00%, 02/15/28		145		175,198
5.00%, 02/15/28 (Call 08/15/27)		300		366,804
5.00%, 03/15/28 (Call 09/15/26)		30		35,833
Series A, 5.00%, 03/15/28		50		61,917
Series A, 5.00%, 03/15/31 (Call 03/15/28)		40		48,398
Series A, 5.00%, 03/15/32 (Call 03/15/28)		40		47,946
Series A, 5.00%, 03/15/32 (Call 09/15/28)		95		115,531
Series C, 5.00%, 03/15/29 (Call 03/15/28)		100		122,668
Series C, 5.00%, 03/15/31 (Call 03/15/28)		40		48,398
Series C, 5.00%, 03/15/32 (Call 03/15/28)		60		71,920
New York State Environmental Facilities Corp. RB, 5.00%, 06/15/28 (Call 06/15/27)		15		18,698
New York State Thruway Authority RB, 5.00%, 01/01/31 (Call 01/01/28)		75		89,465
New York State Urban Development Corp. RB
5.00%, 03/15/28 (Call 03/15/26)		80		94,866
Series C-2, 5.00%, 03/15/28 (Call 09/15/27)		100		122,473
Port Authority of New York & New Jersey RB, 5.00%, 09/01/32 (Call 09/01/28)		100		118,819


90		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New York (continued)
Triborough Bridge & Tunnel Authority RB
5.00%, 11/15/28	$	130	$	164,434
Series B, 0.00%, 11/15/28^(a)		155		130,168
Utility Debt Securitization Authority RB, Series A, 5.00%, 06/15/28 (Call 06/15/26)		70		84,284

				3,531,134

North Carolina — 1.7%
City of Charlotte NC GO, Series A, 5.00%, 06/01/28		100		128,280
County of Guilford NC GO, Series B, 5.00%, 05/01/28 (Call 05/01/27)		100		124,708
County of Wake NC RB, 5.00%, 12/01/28 (Call 12/01/26)		65		79,189
North Carolina State University at Raleigh RB, 5.00%, 10/01/28		50		63,608
State of North Carolina GO, Series A, 5.00%, 06/01/28		20		25,656
State of North Carolina RB, Series B, 5.00%, 05/01/28 (Call 05/01/27)		150		184,695

				606,136

Ohio — 3.9%
City of Columbus OH GO, 5.00%, 04/01/31 (Call 10/01/28)		400		501,092
Ohio Turnpike & Infrastructure Commission RB, Series A, 5.00%, 02/15/28 (Call 02/15/27)		25		30,727
Ohio Water Development Authority RB
5.00%, 06/01/28 (Call 03/01/28)		50		63,045
5.00%, 12/01/28 (Call 12/01/26)		50		61,314
Series A, 5.00%, 06/01/28		70		88,813
State of Ohio GO
5.00%, 05/01/32 (Call 05/01/28)		50		61,591
Series S, 5.00%, 05/01/28 (Call 05/01/26)		260		313,968
State of Ohio RB
5.00%, 12/01/28 (Call 12/01/26)		135		163,281
Series A, 5.00%, 04/01/28		115		143,472

				1,427,303

Oklahoma — 0.3%
Oklahoma Capitol Improvement Authority RB, 5.00%, 07/01/28		25		31,052
Oklahoma Department of Transportation RB, 5.00%, 09/01/28		50		63,601

				94,653

Oregon — 1.2%
City of Portland OR GOL, Series B, 5.00%, 06/15/29 (Call 06/15/28)		100		127,103
City of Portland OR Sewer System Revenue RB, Series A, 5.00%, 05/01/28 (Call 05/01/26)		100		120,757
Salem-Keizer School District No. 24J GO, Series B, 0.00%, 06/15/28 (GTD)^(a)		90		77,243
State of Oregon GO
Series A, 5.00%, 05/01/28		40		51,016
Series Q, 5.00%, 05/01/28 (Call 05/01/26)		60		72,531

				448,650

Pennsylvania — 2.4%
City of Philadelphia PA Water & Wastewater Revenue RB, Series B, 5.00%, 11/01/28 (Call 11/01/27)		100		121,990
Commonwealth of Pennsylvania GO
First Series, 5.00%, 01/01/28 (Call 01/01/27)		100		120,451
Second Series, 5.00%, 09/15/28 (Call 09/15/26)		250		298,608
Series 1, 5.00%, 02/01/28 (Call 02/01/26)		140		165,061
Pennsylvania Turnpike Commission RB, Series A, 5.25%, 07/15/28 (AGM)		100		128,913
Pittsburgh Water & Sewer Authority RB, 5.00%, 09/01/28 (Call 09/01/27) (AGM)		30		37,046

				872,069


Security	Par (000)		Value

Rhode Island — 0.4%
State of Rhode Island GO, 5.00%, 08/01/28 (Call 08/01/27)	$	125	$	153,726


South Carolina — 0.8%
County of Charleston SC GO, Series B, 5.00%, 11/01/28		100		129,248
South Carolina Transportation Infrastructure Bank RB, 5.00%, 10/01/29 (Call 10/01/28)		130		155,312

				284,560

Tennessee — 1.4%
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series A, 5.00%, 05/15/28 (Call 05/15/27)		60		74,161
Metropolitan Government of Nashville & Davidson County TN GO
5.00%, 01/01/28 (Call 07/01/26)		170		205,049
5.00%, 07/01/32 (Call 07/01/28)		25		30,664
State of Tennessee GO, Series A, 5.00%, 02/01/32 (Call 02/01/28)		75		93,259
Tennessee State School Bond Authority RB
Series A, 5.00%, 11/01/28 (Call 11/01/27)		35		43,527
Series B, 5.00%, 11/01/28 (Call 11/01/27)		45		55,963

				502,623

Texas — 13.8%
Aldine Independent School District GO, 5.00%, 02/15/28 (Call 02/15/27) (PSF)		55		67,640
Alvin Independent School District/TX GO, Series A, 5.00%, 02/15/28 (Call 02/15/26) (PSF)		70		84,050
Austin Independent School District GO
5.00%, 08/01/28 (Call 08/01/26) (PSF)		100		120,772
5.00%, 08/01/31 (Call 08/01/28) (PSF)		200		250,790
City of Austin TX Water & Wastewater System Revenue RB, 5.00%, 11/15/28 (Call 11/15/26)		25		30,328
City of Dallas TX Waterworks & Sewer System Revenue RB, 5.00%, 10/01/28 (Call 10/01/27)		150		183,883
City of Houston TX Combined Utility System Revenue RB
Series A, 0.00%, 12/01/28 (AGM)^(a)		120		102,204
Series B, 5.00%, 11/15/28 (Call 11/15/27)		55		68,626
City of Lewisville TX GOL, 5.00%, 02/15/30 (Call 02/15/28)		75		93,442
City of San Antonio TX Electric & Gas Systems Revenue RB, 5.00%, 02/01/28 (Call 08/01/26)		100		121,651
City of San Antonio TX GOL, 5.00%, 08/01/28 (Call 08/01/27)		55		68,747
Fort Bend Independent School District GO
Series B, 4.00%, 02/15/32 (Call 02/15/28) (PSF)		35		40,012
Series C, 5.00%, 08/15/28 (PSF)		50		62,797
Frisco Independent School District GO, 5.00%, 08/15/28 (PSF)		300		382,098
Grand Parkway Transportation Corp. RB, 5.00%, 10/01/30 (Call 04/01/28)		60		74,267
Grand Prairie Independent School District GO, Series A, 5.00%, 02/15/28 (Call 08/15/26) (PSF)		50		60,341
Harris County Toll Road Authority (The) RB, Series A, 5.00%, 08/15/32 (Call 02/15/28)		105		127,593
Katy Independent School District GO, 5.00%, 02/15/31 (Call 02/15/28) (PSF)		100		126,076
Killeen Independent School District GO, 5.00%, 02/15/30 (Call 02/15/28) (PSF)		65		81,307
Klein Independent School District GO, 5.00%, 08/01/28 (Call 08/01/26) (PSF)		65		78,718
Laredo Independent School District GO, 5.00%, 08/01/28 (Call 08/01/27) (PSF)		100		124,138
Leander Independent School District GO, Series A, 5.00%, 08/15/31 (Call 02/15/28) (PSF)		190		234,099


SCHEDULES OF INVESTMENTS			91

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Texas (continued)
Lewisville Independent School District GO, 5.00%, 08/15/32 (Call 08/15/28) (PSF)	$	100	$	124,429
Lone Star College System GOL, 5.00%, 02/15/28 (Call 02/15/26)		15		17,919
North Texas Municipal Water District RB, 5.00%, 06/01/28 (Call 06/01/26)		95		114,036
North Texas Tollway Authority RB
First Series, 0.00%, 01/01/28^(a)		120		103,316
Series B, 5.00%, 01/01/28		150		180,219
Northside Independent School District GO, 5.00%, 08/15/28 (Call 08/15/27) (PSF)		75		94,059
Richardson Independent School District GO, 5.00%, 02/15/30 (Call 02/15/28) (PSF)		200		249,844
Round Rock Independent School District GO, Series A, 5.00%, 08/01/28 (PSF)		145		184,291
San Antonio Independent School District/TX GO
5.00%, 08/15/29 (Call 08/15/28) (PSF)		100		126,591
5.00%, 08/15/32 (Call 08/15/28) (PSF)		200		248,858
Spring Independent School District GO, 5.00%, 08/15/32 (Call 08/15/28) (PSF)		45		55,720
State of Texas GO, Series A, 5.00%, 08/01/29 (Call 08/01/28)		150		191,094
Temple Independent School District/TX GO, 4.00%, 02/01/28 (Call 02/01/27) (PSF)		110		127,808
Texas Water Development Board RB
Series A, 5.00%, 10/15/31 (Call 04/15/28)		55		68,680
Series B, 5.00%, 04/15/28		100		127,675
Series B, 5.00%, 10/15/29 (Call 10/15/28)		35		44,813
Series B, 5.00%, 04/15/31 (Call 10/15/28)		85		107,771
Series B, 5.00%, 10/15/31 (Call 10/15/28)		110		138,965
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/32 (Call 08/01/28)		100		123,921

				5,013,588

Utah — 0.7%
Alpine School District/UT GO, Series B, 5.00%, 03/15/28 (Call 03/15/27) (GTD)		75		92,912
City of Provo UT GO, 5.00%, 02/01/30 (Call 08/01/28)		100		126,344
Utah Water Finance Agency RB, Series A, 5.00%, 03/01/28 (Call 03/01/27)		35		43,037

				262,293

Virginia — 4.5%
Commonwealth of Virginia GO, Series A, 5.00%, 06/01/30 (Call 06/01/28)		195		248,436
County of Fairfax VA GO
5.00%, 10/01/28 (Call 04/01/28) (SAW)		25		31,807
5.00%, 10/01/30 (Call 04/01/28) (SAW)		100		125,710
Virginia College Building Authority RB
5.00%, 02/01/28 (Call 02/01/27)		100		122,082
5.00%, 09/01/28 (Call 09/01/26)		80		97,292
Series B, 5.00%, 02/01/28		55		68,979
Series E, 5.00%, 02/01/29 (Call 02/01/28)		100		124,542
Virginia Commonwealth Transportation Board RB, 5.00%, 03/15/32 (Call 09/15/28)		85		105,129
Virginia Public Building Authority RB, Series A, 5.00%, 08/01/28		200		255,440
Virginia Public School Authority RB
5.00%, 03/01/28 (SAW)		20		25,195
5.00%, 08/01/28 (Call 08/01/27) (SAW)		150		185,048
Virginia Resources Authority RB
Series A, 5.00%, 11/01/28		80		102,806
Series A, 5.00%, 11/01/30 (Call 11/01/28)		100		128,714

				1,621,180


Security	Par (000)		Value

Washington — 4.4%
Auburn School District No. 408 of King & Pierce Counties GO, 5.00%, 12/01/28 (Call 12/01/27) (GTD)	$	30	$	37,490
City of Everett WA Water & Sewer Revenue RB, 5.00%, 12/01/28 (Call 12/01/26)		25		30,586
City of Seattle WA Drainage & Wastewater Revenue RB, 4.00%, 07/01/28 (Call 07/01/27)		25		29,345
City of Seattle WA Municipal Light & Power Revenue RB
Series B, 5.00%, 04/01/28 (Call 04/01/26)		35		42,003
Series C, 4.00%, 10/01/28 (Call 10/01/26)		30		34,453
City of Tacoma WA Electric System Revenue RB, 5.00%, 01/01/28 (Call 01/01/27)		30		36,769
Clark County School District No. 37 Vancouver GO, 5.00%, 12/01/28 (GTD)		80		102,742
County of King WA Sewer Revenue RB, Series B, 5.00%, 07/01/29 (Call 07/01/28)		110		138,962
County of Spokane WA GO, Series B, 5.00%, 12/01/28		130		167,439
Energy Northwest RB
5.00%, 07/01/28		250		316,590
Series A, 5.00%, 07/01/28 (Call 07/01/27)		25		30,886
Series C, 5.00%, 07/01/30 (Call 07/01/28)		100		124,644
King County School District No. 405 Bellevue GO, 5.00%, 12/01/28 (Call 12/01/26) (GTD)		10		12,235
State of Washington GO
5.00%, 08/01/28 (Call 08/01/26)		180		218,705
5.00%, 02/01/30 (Call 02/01/28)		60		74,756
5.00%, 02/01/31 (Call 02/01/28)		65		80,545
Series B, 5.00%, 08/01/28 (Call 08/01/26)		50		60,751
Series C, 0.00%, 06/01/28 (NPFGC)^(a)		75		64,537

				1,603,438

West Virginia — 2.1%
State of West Virginia GO
Series A, 5.00%, 06/01/28		60		76,914
Series B, 5.00%, 06/01/31 (Call 06/01/28)		235		295,924
Series B, 5.00%, 12/01/32 (Call 06/01/28)		75		92,548
West Virginia Commissioner of Highways RB, 5.00%, 09/01/28 (Call 09/01/27)		160		197,331
West Virginia State School Building Authority Lottery Revenue RB, 5.00%, 07/01/30 (Call 07/01/28)		75		93,742

				756,459

Wisconsin — 0.5%
State of Wisconsin GO
5.00%, 11/01/28 (Call 05/01/26)		50		60,731
Series 3, 5.00%, 11/01/28 (Call 05/01/27)		85		105,672

				166,403


Total Municipal Debt Obligations — 98.4% (Cost: $36,009,168)				35,658,372


92		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Muni Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.5%
BlackRock Liquidity Funds: MuniCash, 0.15%^(b)(c)		188	$	187,557


Total Short-Term Investments — 0.5% (Cost: $187,531)				187,557


Total Investments in Securities — 98.9% (Cost: $36,196,699)				35,845,929

Other Assets, Less Liabilities — 1.1%				394,031


Net Assets — 100.0%			$	36,239,960

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:



Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)

BlackRock Liquidity Funds: MuniCash	59	129	188	$	187,557	$	1,431	$	(10	)	$	21

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal Debt Obligations	$	—	$	35,658,372	$	—	$	35,658,372
Money Market Funds		187,557		—		—		187,557

	$	187,557	$	35,658,372	$	—	$	35,845,929

See notes to financial statements.


SCHEDULES OF INVESTMENTS			93

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares iBonds Dec 2021 Term Muni Bond ETF		iShares iBonds Dec 2022 Term Muni Bond ETF		iShares iBonds Dec 2023 Term Muni Bond ETF		iShares iBonds Dec 2024 Term Muni Bond ETF


ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	290,812,458	$	323,109,198	$	228,789,389	$	127,843,052
Affiliated^(b)		489,459		301,470		447,336		202,969
Receivables:
Dividends		465		333		223		203
Interest		3,900,610		4,256,993		2,953,342		1,575,886

Total assets		295,202,992		327,667,994		232,190,290		129,622,110


LIABILITIES
Payables:
Investment advisory fees		43,680		49,540		34,301		19,966

Total liabilities		43,680		49,540		34,301		19,966


NET ASSETS	$	295,159,312	$	327,618,454	$	232,155,989	$	129,602,144


NET ASSETS CONSIST OF:
Paid-in capital	$	292,945,431	$	323,705,272	$	228,740,961	$	128,274,685
Accumulated earnings		2,213,881		3,913,182		3,415,028		1,327,459

NET ASSETS	$	295,159,312	$	327,618,454	$	232,155,989	$	129,602,144


Shares outstanding		11,450,000		12,550,000		9,050,000		4,950,000

Net asset value	$	25.78	$	26.11	$	25.65	$	26.18

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		None		None		None		None


^(a)Investments, at cost — Unaffiliated	$	288,969,377	$	319,819,507	$	225,675,542	$	126,705,350
^(b)Investments, at cost — Affiliated	$	489,361	$	301,415	$	447,276	$	202,915

See notes to financial statements.


94		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2020


	iShares iBonds Dec 2025 Term Muni Bond ETF		iShares iBonds Dec 2026 Term Muni Bond ETF			iShares iBonds Dec 2027 Term Muni Bond ETF			iShares iBonds Dec 2028 Term Muni Bond ETF


ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	67,682,053	$	29,053,107		$	20,190,338		$	35,658,372
Affiliated^(b)		135,275		149,812			170,122			187,557
Receivables:
Dividends		73		161			81			251
Interest		814,901		343,467			226,754			399,143

Total assets		68,632,302		29,546,547			20,587,295			36,245,323


LIABILITIES
Payables:
Investment advisory fees		10,189		4,240			3,068			5,363

Total liabilities		10,189		4,240			3,068			5,363


NET ASSETS	$	68,622,113	$	29,542,307		$	20,584,227		$	36,239,960


NET ASSETS CONSIST OF:
Paid-in capital	$	68,264,765	$	29,706,581		$	20,678,650		$	36,555,421
Accumulated earnings (loss)		357,348		(164,274	)		(94,423	)		(315,461	)

NET ASSETS	$	68,622,113	$	29,542,307		$	20,584,227		$	36,239,960


Shares outstanding		2,550,000		1,150,000			800,000			1,400,000

Net asset value	$	26.91	$	25.69		$	25.73		$	25.89

Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited

Par value		None		None			None			None


^(a)Investments, at cost — Unaffiliated	$	67,396,596	$	29,247,434		$	20,307,619		$	36,009,168
^(b)Investments, at cost — Affiliated	$	135,251	$	149,796		$	170,101		$	187,531

See notes to financial statements.


FINANCIAL STATEMENTS			95

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares iBonds Dec 2021 Term Muni Bond ETF			iShares iBonds Dec 2022 Term Muni Bond ETF			iShares iBonds Dec 2023 Term Muni Bond ETF			iShares iBonds Dec 2024 Term Muni Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	4,075		$	4,158		$	3,399		$	3,552
Interest — Unaffiliated		2,437,432			2,823,874			2,003,304			1,034,836

Total investment income		2,441,507			2,828,032			2,006,703			1,038,388


EXPENSES
Investment advisory fees		270,692			304,844			204,079			112,336

Total expenses		270,692			304,844			204,079			112,336

Net investment income		2,170,815			2,523,188			1,802,624			926,052


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(5,671	)		517			(42	)
Investments — Affiliated		(22	)		107			74			(254	)
In-kind redemptions — Unaffiliated		37,654			214,900			—			35,339

Net realized gain		37,632			209,336			591			35,043

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(280,952	)		(1,033,304	)		(1,331,301	)		(1,247,923	)
Investments — Affiliated		81			42			58			33

Net change in unrealized appreciation (depreciation)		(280,871	)		(1,033,262	)		(1,331,243	)		(1,247,890	)

Net realized and unrealized loss		(243,239	)		(823,926	)		(1,330,652	)		(1,212,847	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,927,576		$	1,699,262		$	471,972		$	(286,795	)

See notes to financial statements.


96		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2020


	iShares iBonds Dec 2025 Term Muni Bond ETF			iShares iBonds Dec 2026 Term Muni Bond ETF			iShares iBonds Dec 2027 Term Muni Bond ETF			iShares iBonds Dec 2028 Term Muni Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	3,021		$	1,478		$	1,081		$	1,431
Interest — Unaffiliated		463,836			188,829			148,011			255,047

Total investment income		466,857			190,307			149,092			256,478


EXPENSES
Investment advisory fees		52,810			22,965			17,012			28,712

Total expenses		52,810			22,965			17,012			28,712

Net investment income		414,047			167,342			132,080			227,766


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		216			(46	)		(1	)		(10	)

Net realized gain (loss)		216			(46	)		(1	)		(10	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(693,997	)		(279,897	)		(187,626	)		(401,126	)
Investments — Affiliated		14			14			20			21

Net change in unrealized appreciation (depreciation)		(693,983	)		(279,883	)		(187,606	)		(401,105	)

Net realized and unrealized loss		(693,767	)		(279,929	)		(187,607	)		(401,115	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(279,720	)	$	(112,587	)	$	(55,527	)	$	(173,349	)

See notes to financial statements.


FINANCIAL STATEMENTS			97

Statements of Changes in Net Assets


	iShares iBonds Dec 2021 Term Muni Bond ETF						iShares iBonds Dec 2022 Term Muni Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,170,815		$	3,961,602		$	2,523,188		$	4,372,921
Net realized gain (loss)		37,632			(5,802	)		209,336			(1,919	)
Net change in unrealized appreciation (depreciation)		(280,871	)		5,734,140			(1,033,262	)		8,726,116

Net increase in net assets resulting from operations		1,927,576			9,689,940			1,699,262			13,097,118


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,188,909	)		(3,841,415	)		(2,501,723	)		(4,236,513	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,783,347	)		62,595,833			(1,211,994	)		88,069,231


NET ASSETS
Total increase (decrease) in net assets		(4,044,680	)		68,444,358			(2,014,455	)		96,929,836
Beginning of period		299,203,992			230,759,634			329,632,909			232,703,073

End of period	$	295,159,312		$	299,203,992		$	327,618,454		$	329,632,909

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

See notes to financial statements.


98		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2023 Term Muni Bond ETF						iShares iBonds Dec 2024 Term Muni Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,802,624		$	2,856,049		$	926,052		$	1,081,105
Net realized gain		591			541			35,043			826
Net change in unrealized appreciation (depreciation)		(1,331,243	)		6,305,302			(1,247,890	)		2,614,059

Net increase (decrease) in net assets resulting from operations		471,972			9,161,892			(286,795	)		3,695,990


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,782,906	)		(2,717,263	)		(884,439	)		(1,000,491	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		18,090,441			92,954,868			26,559,193			77,864,527


NET ASSETS
Total increase in net assets		16,779,507			99,399,497			25,387,959			80,560,026
Beginning of period		215,376,482			115,976,985			104,214,185			23,654,159

End of period	$	232,155,989		$	215,376,482		$	129,602,144		$	104,214,185

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

See notes to financial statements.


FINANCIAL STATEMENTS			99

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2025 Term Muni Bond ETF						iShares iBonds Dec 2026 Term Muni Bond ETF
		Six Months Ended 04/30/20 (unaudited)			Period From 11/13/18 to 10/31/19	^(a)		Six Months Ended 04/30/20 (unaudited)			Period From 04/02/19 to 10/31/19	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	414,047		$	369,768		$	167,342		$	69,689
Net realized gain (loss)		216			52			(46	)		(268	)
Net change in unrealized appreciation (depreciation)		(693,983	)		979,464			(279,883	)		85,572

Net increase (decrease) in net assets resulting from operations		(279,720	)		1,349,284			(112,587	)		154,993


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(392,423	)		(319,793	)		(152,514	)		(54,166	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		25,886,964			42,377,801			9,096,002			20,610,579


NET ASSETS
Total increase in net assets		25,214,821			43,407,292			8,830,901			20,711,406
Beginning of period		43,407,292			—			20,711,406			—

End of period	$	68,622,113		$	43,407,292		$	29,542,307		$	20,711,406

^(a)	Commencement of operations.

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

See notes to financial statements.


100		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2027 Term Muni Bond ETF							iShares iBonds Dec 2028 Term Muni Bond ETF
			Six Months Ended			Period From			Six Months Ended			Period From
			04/30/20			04/09/19	^(a)		04/30/20			04/16/19	^(a)
			(unaudited)			to 10/31/19			(unaudited)			to 10/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	132,080		$	66,886		$	227,766		$	74,409
Net realized gain (loss)			(1	)		(10	)		(10	)		254
Net change in unrealized appreciation (depreciation)			(187,606	)		70,349			(401,105	)		50,335

Net increase (decrease) in net assets resulting from operations			(55,527	)		137,225			(173,349	)		124,998


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders			(120,935	)		(55,186	)		(211,775	)		(55,335	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			3,883,384			16,795,266			11,828,990			24,726,431


NET ASSETS
Total increase in net assets			3,706,922			16,877,305			11,443,866			24,796,094
Beginning of period			16,877,305			—			24,796,094			—

End of period		$	20,584,227		$	16,877,305		$	36,239,960		$	24,796,094

^(a)	Commencement of operations.

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

See notes to financial statements.


FINANCIAL STATEMENTS			101

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds Dec 2021 Term Muni Bond ETF
	Six Months Ended																				Period From
	04/30/20				Year Ended				Year Ended				Year Ended				Year Ended						09/01/15	^(a)
	(unaudited)				10/31/19				10/31/18				10/31/17				10/31/16				to 10/31/15


Net asset value, beginning of period		$	25.79			$	25.22			$	25.76			$	25.84			$	25.47			$	25.00

Net investment income^(b)			0.19				0.37				0.34				0.32				0.32				0.06
Net realized and unrealized gain (loss)^(c)			(0.01	)			0.57				(0.55	)			(0.10	)			0.37				0.47

Net increase (decrease) from investment operations			0.18				0.94				(0.21	)			0.22				0.69				0.53


Distributions^(d)
From net investment income			(0.19	)			(0.37	)			(0.33	)			(0.30	)			(0.32	)			(0.05	)
Return of capital			—				—				—				—				—				(0.01	)

Total distributions			(0.19	)			(0.37	)			(0.33	)			(0.30	)			(0.32	)			(0.06	)


Net asset value, end of period		$	25.78			$	25.79			$	25.22			$	25.76			$	25.84			$	25.47


Total Return
Based on net asset value			0.69	%^(e)			3.74	%			(0.83	)%			0.86	%			2.73	%			2.12	%^(e)


Ratios to Average Net Assets
Total expenses			0.18	%^(f)			0.18	%			0.18	%			0.18	%			0.25	%			0.30	%^(f)

Total expenses after fees waived			0.18	%^(f)			0.18	%			0.18	%			0.18	%			0.18	%			0.18	%^(f)

Net investment income			1.44	%^(f)			1.46	%			1.34	%			1.24	%			1.23	%			1.55	%^(f)


Supplemental Data
Net assets, end of period (000)		$	295,159			$	299,204			$	230,760			$	159,735			$	68,483			$	7,640

Portfolio turnover rate^(g)			0	%^(e)			0	%^(h)			0	%^(h)			0	%^(h)			0	%^(h)			0	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

^(h)	Rounds to less than 1%.

See notes to financial statements.


102		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2022 Term Muni Bond ETF
	Six Months Ended																				Period From
	04/30/20				Year Ended						Year Ended		Year Ended				Year Ended						09/01/15	^(a)
	(unaudited)				10/31/19				10/31/18				10/31/17				10/31/16				to 10/31/15


Net asset value, beginning of period		$	26.16			$	25.29			$	25.97			$	26.12			$	25.46			$	25.00

Net investment income^(b)			0.19				0.41				0.39				0.37				0.35				0.07
Net realized and unrealized gain (loss)^(c)			(0.05	)			0.86				(0.70	)			(0.17	)			0.67				0.46

Net increase (decrease) from investment operations			0.14				1.27				(0.31	)			0.20				1.02				0.53


Distributions^(d)
From net investment income			(0.19	)			(0.40	)			(0.37	)			(0.35	)			(0.36	)			(0.07	)
Return of capital			—				—				—				—				—				(0.00	)^(e)

Total distributions			(0.19	)			(0.40	)			(0.37	)			(0.35	)			(0.36	)			(0.07	)


Net asset value, end of period		$	26.11			$	26.16			$	25.29			$	25.97			$	26.12			$	25.46


Total Return
Based on net asset value			0.55	%^(f)			5.04	%			(1.18	)%			0.78	%			4.02	%			2.11	%^(f)


Ratios to Average Net Assets
Total expenses			0.18	%^(g)			0.18	%			0.18	%			0.18	%			0.25	%			0.30	%^(g)

Total expenses after fees waived			0.18	%^(g)			0.18	%			0.18	%			0.18	%			0.18	%			0.18	%^(g)

Net investment income			1.49	%^(g)			1.56	%			1.52	%			1.43	%			1.35	%			1.77	%^(g)


Supplemental Data
Net assets, end of period (000)		$	327,618			$	329,633			$	232,703			$	153,237			$	56,164			$	5,091

Portfolio turnover rate^(h)			0	%^(f)(i)			0	%⁽ⁱ⁾			0	%⁽ⁱ⁾			1	%			0	%⁽ⁱ⁾			0	%^(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)	Rounds to less than $0.01.

^(f)	Not annualized.

^(g)	Annualized.

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

⁽ⁱ⁾	Rounds to less than 1%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			103

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2023 Term Muni Bond ETF
	Six Months Ended												Period From
			04/30/20				Year Ended				Year Ended				04/11/17	^(a)
	(unaudited)				10/31/19				10/31/18				to 10/31/17


Net asset value, beginning of period		$	25.79			$	24.68			$	25.41			$	25.00

Net investment income^(b)			0.20				0.45				0.43				0.20
Net realized and unrealized gain (loss)^(c)			(0.14	)			1.10				(0.78	)			0.38

Net increase (decrease) from investment operations			0.06				1.55				(0.35	)			0.58


Distributions^(d)
From net investment income			(0.20	)			(0.44	)			(0.38	)			(0.17	)

Total distributions			(0.20	)			(0.44	)			(0.38	)			(0.17	)


Net asset value, end of period		$	25.65			$	25.79			$	24.68			$	25.41


Total Return
Based on net asset value			0.24	%^(e)			6.31	%			(1.37	)%			2.32	%^(e)


Ratios to Average Net Assets
Total expenses			0.18	%^(f)			0.18	%			0.18	%			0.18	%^(f)

Net investment income			1.59	%^(f)			1.75	%			1.72	%			1.40	%^(f)


Supplemental Data
Net assets, end of period (000)		$	232,156			$	215,376			$	115,977			$	25,407

Portfolio turnover rate^(g)			1	%^(e)			0	%^(h)			0	%^(h)			0	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

^(h)	Rounds to less than 1%.

See notes to financial statements.


104		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2024 Term Muni Bond ETF
	Six Months Ended								Period From
	04/30/20				Year Ended						03/20/18	^(a)
	(unaudited)				10/31/19				to 10/31/18


Net asset value, beginning of period		$	26.38			$	24.90			$	24.98

Net investment income^(b)			0.19				0.48				0.32
Net realized and unrealized gain (loss)^(c)			(0.20	)			1.48				(0.15	)

Net increase (decrease) from investment operations			(0.01	)			1.96				0.17


Distributions^(d)
From net investment income			(0.19	)			(0.48	)			(0.25	)

Total distributions			(0.19	)			(0.48	)			(0.25	)


Net asset value, end of period		$	26.18			$	26.38			$	24.90


Total Return
Based on net asset value			(0.04	)%^(e)			7.91	%			0.70	%^(e)


Ratios to Average Net Assets
Total expenses			0.18	%^(f)			0.18	%			0.18	%^(f)

Net investment income			1.48	%^(f)			1.85	%			2.08	%^(f)


Supplemental Data
Net assets, end of period (000)		$	129,602			$	104,214			$	23,654

Portfolio turnover rate^(g)			0	%^(e)(h)			0	%^(h)			0	%^(e)(h)

^(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)	Not annualized.

^(f)	Annualized.

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

^(h)	Rounds to less than 1%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			105

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2025 Term Muni Bond ETF
		Six Months Ended				Period From
				04/30/20				11/13/18	^(a)
		(unaudited)				to 10/31/19


Net asset value, beginning of period			$	27.13			$	25.00

Net investment income^(b)				0.19				0.46
Net realized and unrealized gain (loss)^(c)				(0.22	)			2.08

Net increase (decrease) from investment operations				(0.03	)			2.54


Distributions^(d)
From net investment income				(0.19	)			(0.41	)

Total distributions				(0.19	)			(0.41	)


Net asset value, end of period			$	26.91			$	27.13


Total Return
Based on net asset value				(0.12	)%^(e)			10.22	%^(e)


Ratios to Average Net Assets
Total expenses				0.18	%^(f)			0.18	%^(f)

Net investment income				1.41	%^(f)			1.76	%^(f)


Supplemental Data
Net assets, end of period (000)			$	68,622			$	43,407

Portfolio turnover rate^(g)				0	%^(e)			0	%^(e)(h)

^(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)	Not annualized.

^(f)	Annualized.

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

^(h)	Rounds to less than 1%.

See notes to financial statements.


106		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2026 Term Muni Bond ETF
		Six Months Ended				Period From
				04/30/20				04/02/19	^(a)
		(unaudited)				to 10/31/19


Net asset value, beginning of period			$	25.89			$	25.00

Net investment income^(b)				0.17				0.21
Net realized and unrealized gain (loss)^(c)				(0.21	)			0.87

Net increase (decrease) from investment operations				(0.04	)			1.08


Distributions^(d)
From net investment income				(0.16	)			(0.19	)

Total distributions				(0.16	)			(0.19	)


Net asset value, end of period			$	25.69			$	25.89


Total Return
Based on net asset value				(0.13	)%^(e)			4.28	%^(e)


Ratios to Average Net Assets
Total expenses				0.18	%^(f)			0.18	%^(f)

Net investment income				1.31	%^(f)			1.42	%^(f)


Supplemental Data
Net assets, end of period (000)			$	29,542			$	20,711

Portfolio turnover rate^(g)				0	%^(e)			0	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			107

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2027 Term Muni Bond ETF
		Six Months Ended				Period From
				04/30/20				04/09/19	^(a)
		(unaudited)				to 10/31/19


Net asset value, beginning of period			$	25.97			$	25.00

Net investment income^(b)				0.18				0.22
Net realized and unrealized gain (loss)^(c)				(0.25	)			0.95

Net increase (decrease) from investment operations				(0.07	)			1.17


Distributions^(d)
From net investment income				(0.17	)			(0.20	)

Total distributions				(0.17	)			(0.20	)


Net asset value, end of period			$	25.73			$	25.97


Total Return
Based on net asset value				(0.25	)%^(e)			4.63	%^(e)


Ratios to Average Net Assets
Total expenses				0.18	%^(f)			0.18	%^(f)

Net investment income				1.40	%^(f)			1.53	%^(f)


Supplemental Data
Net assets, end of period (000)			$	20,584			$	16,877

Portfolio turnover rate^(g)				0	%^(e)			0	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


108		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2028 Term Muni Bond ETF
		Six Months Ended				Period From
				04/30/20				04/16/19	^(a)
		(unaudited)				to 10/31/19


Net asset value, beginning of period			$	26.10			$	25.00

Net investment income^(b)				0.19				0.21
Net realized and unrealized gain (loss)^(c)				(0.22	)			1.08

Net increase (decrease) from investment operations				(0.03	)			1.29


Distributions^(d)
From net investment income				(0.18	)			(0.19	)

Total distributions				(0.18	)			(0.19	)


Net asset value, end of period			$	25.89			$	26.10


Total Return
Based on net asset value				(0.13	)%^(e)			5.15	%^(e)


Ratios to Average Net Assets
Total expenses				0.18	%^(f)			0.18	%^(f)

Net investment income				1.43	%^(f)			1.49	%^(f)


Supplemental Data
Net assets, end of period (000)			$	36,240			$	24,796

Portfolio turnover rate^(g)				0	%^(e)			0	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			109

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
iBonds Dec 2021 Term Muni Bond		Diversified
iBonds Dec 2022 Term Muni Bond		Diversified
iBonds Dec 2023 Term Muni Bond^(a)		Diversified
iBonds Dec 2024 Term Muni Bond		Non-diversified
iBonds Dec 2025 Term Muni Bond		Non-diversified
iBonds Dec 2026 Term Muni Bond		Non-diversified
iBonds Dec 2027 Term Muni Bond		Non-diversified
iBonds Dec 2028 Term Muni Bond		Non-diversified

^(a)

The Fund’s classification changed from non-diversified to diversified during the reporting period.

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.


iShares ETF
iBonds Dec 2021 Term Muni Bond		$ 293,220,369
iBonds Dec 2022 Term Muni Bond		321,342,757
iBonds Dec 2027 Term Muni Bond		16,583,478

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.


110		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

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

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

4.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


NOTES TO FINANCIAL STATEMENTS			111

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.18%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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

5.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
iBonds Dec 2021 Term Muni Bond	$	11,882,572	$	—
iBonds Dec 2022 Term Muni Bond		25,806,234		200,788
iBonds Dec 2023 Term Muni Bond		22,266,986		1,705,550
iBonds Dec 2024 Term Muni Bond		34,347,635		55,993
iBonds Dec 2025 Term Muni Bond		26,267,535		—
iBonds Dec 2026 Term Muni Bond		9,310,641		—
iBonds Dec 2027 Term Muni Bond		3,992,567		—
iBonds Dec 2028 Term Muni Bond		11,932,515		—

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds Dec 2021 Term Muni Bond	$	—	$	11,771,253
iBonds Dec 2022 Term Muni Bond		—		22,330,832
iBonds Dec 2024 Term Muni Bond		—		6,280,881

6.	INCOME TAX INFORMATION

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
iBonds Dec 2021 Term Muni Bond	$	15,289
iBonds Dec 2022 Term Muni Bond		9,973
iBonds Dec 2023 Term Muni Bond		1,827
iBonds Dec 2026 Term Muni Bond		254
iBonds Dec 2027 Term Muni Bond		3


112		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
iBonds Dec 2021 Term Muni Bond	$	289,459,144	$	2,152,026	$	(309,253	)	$	1,842,773
iBonds Dec 2022 Term Muni Bond		320,121,242		3,817,059		(527,633	)		3,289,426
iBonds Dec 2023 Term Muni Bond		226,122,874		3,765,114		(651,263	)		3,113,851
iBonds Dec 2024 Term Muni Bond		126,908,265		1,791,283		(653,527	)		1,137,756
iBonds Dec 2025 Term Muni Bond		67,531,860		779,469		(494,001	)		285,468
iBonds Dec 2026 Term Muni Bond		29,397,244		129,053		(323,378	)		(194,325)
iBonds Dec 2027 Term Muni Bond		20,477,727		153,375		(270,642	)		(117,267)
iBonds Dec 2028 Term Muni Bond		36,196,699		176,527		(527,297	)		(350,770)

7.	PRINCIPAL RISKS

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.


NOTES TO FINANCIAL STATEMENTS			113

Notes to Financial Statements (unaudited) (continued)

8.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
iBonds Dec 2021 Term Muni Bond Shares sold		350,000		$	9,035,341			2,500,000		$	63,870,849
Shares redeemed		(500,000	)		(12,818,688	)		(50,000	)		(1,275,016	)

Net increase(decrease)		(150,000	)	$	(3,783,347	)		2,450,000		$	62,595,833

iBonds Dec 2022 Term Muni Bond Shares sold		850,000		$	22,288,538			3,400,000		$	88,069,231
Shares redeemed		(900,000	)		(23,500,532	)		—			—

Net increase(decrease)		(50,000	)	$	(1,211,994	)		3,400,000		$	88,069,231

iBonds Dec 2023 Term Muni Bond Shares sold		950,000		$	24,533,496			3,650,000		$	92,954,868
Shares redeemed		(250,000	)		(6,443,055	)		—			—

Net increase		700,000		$	18,090,441			3,650,000		$	92,954,868

iBonds Dec 2024 Term Muni Bond Shares sold		1,250,000		$	33,137,953			3,000,000		$	77,864,527
Shares redeemed		(250,000	)		(6,578,760	)		—			—

Net increase		1,000,000		$	26,559,193			3,000,000		$	77,864,527


	Six Months Ended 04/30/20						Period Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
iBonds Dec 2025 Term Muni Bond Shares sold		1,000,000		$	27,237,741			1,600,000		$	42,377,801
Shares redeemed		(50,000	)		(1,350,777	)		—			—

Net increase		950,000		$	25,886,964			1,600,000		$	42,377,801

iBonds Dec 2026 Term Muni Bond Shares sold		350,000		$	9,096,002			800,000		$	20,610,579

iBonds Dec 2027 Term Muni Bond Shares sold		200,000		$	5,195,543			650,000		$	16,795,266
Shares redeemed		(50,000	)		(1,312,159	)		—			—

Net increase		150,000		$	3,883,384			650,000		$	16,795,266

iBonds Dec 2028 Term Muni Bond Shares sold		550,000		$	14,464,902			950,000		$	24,726,431
Shares redeemed		(100,000	)		(2,635,912	)		—			—

Net increase		450,000		$	11,828,990			950,000		$	24,726,431


114		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

9.	LEGAL PROCEEDINGS

10.

SUBSEQUENT EVENTS


NOTES TO FINANCIAL STATEMENTS			115

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares iBonds Dec 2021 Term Muni Bond ETF, iShares iBonds Dec 2022 Term Muni Bond ETF, iShares iBonds Dec 2023 Term Muni Bond ETF, iShares iBonds Dec 2024 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares iBonds Dec 2026 Term Muni Bond ETF, iShares iBonds Dec 2027 Term Muni Bond ETF and iShares iBonds Dec 2028 Term Muni Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


116		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
iBonds Dec 2021 Term Muni Bond	$	0.186142	$	—	$	—	$	0.186142		100	%		—	%		—	%		100	%
iBonds Dec 2022 Term Muni Bond		0.192834		—		—		0.192834		100			—			—			100
iBonds Dec 2023 Term Muni Bond		0.203169		—		—		0.203169		100			—			—			100
iBonds Dec 2024 Term Muni Bond^(a)		0.190001		—		0.000024		0.190025		100			—			0	^(b)		100
iBonds Dec 2025 Term Muni Bond^(a)		0.187508		—		0.000981		0.188489		99			—			1			100
iBonds Dec 2026 Term Muni Bond		0.157175		—		—		0.157175		100			—			—			100
iBonds Dec 2027 Term Muni Bond^(a)		0.167608		—		0.000665		0.168273		100			—			0	^(b)		100
iBonds Dec 2028 Term Muni Bond^(a)		0.172304		—		0.004648		0.176952		97			—			3			100

^(a)

^(b)

Rounds to less than 1%.


SUPPLEMENTAL INFORMATION			117

General Information

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118		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

AGC		Assured Guaranty Corp.

AGM		Assured Guaranty Municipal Corp.

AMBAC		Ambac Assurance Corp.

BAM		Build America Mutual Assurance Co.

COP		Certificates of Participation

ETM		Escrowed to Maturity

FGIC		Financial Guaranty Insurance Co.

GO		General Obligation

GOL		General Obligation Limited

GTD		Guaranteed

HERBIP		Higher Education Revenue Bond Intercept Program

MO		Moral Obligation

NPFGC		National Public Finance Guarantee Corp.

PR		Prerefunded

PSF		Permanent School Fund

RB		Revenue Bond

SAP		Subject to Appropriations

SAW		State Aid Withholding

ST		Special Tax

TA		Tax Allocation


GLOSSARY OF TERMS USED IN THIS REPORT			119

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”).

iS-SAR-1015-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares iBonds Dec 2021 Term Treasury ETF | IBTA | NASDAQ

iShares iBonds Dec 2022 Term Treasury ETF | IBTB | NASDAQ

iShares iBonds Dec 2023 Term Treasury ETF | IBTD | NASDAQ

iShares iBonds Dec 2024 Term Treasury ETF | IBTE | NASDAQ

iShares iBonds Dec 2025 Term Treasury ETF | IBTF | NASDAQ

iShares iBonds Dec 2026 Term Treasury ETF | IBTG | NASDAQ

iShares iBonds Dec 2027 Term Treasury ETF | IBTH | NASDAQ

iShares iBonds Dec 2028 Term Treasury ETF | IBTI | NASDAQ

iShares iBonds Dec 2029 Term Treasury ETF | IBTJ | NASDAQ

Table of Contents


	Page
Fund Summary		3
About Fund Performance		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		22
Statements of Operations		25
Statements of Changes in Net Assets		28
Financial Highlights		31
Notes to Financial Statements		40
Board Review and Approval of Investment Advisory Contract		45
Supplemental Information		47
General Information		48


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2021 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2021 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2021, as represneted by the ICE 2021 Maturity US Treasury 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		1.51	%
Fund Market		1.59
Index		1.54

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (02/25/20)	^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,015.10	$	0.13		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)

The beginning of the period (commencement of operations) is February 25, 2020.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (65 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		97.6	%
Short-Term and Other Assets		2.4

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U. S. Treasury Note/Bond, 7.88%, 02/15/21		18.8	%
U. S. Treasury Note/Bond, 8.00%, 11/15/21		13.2
U. S. Treasury Note/Bond, 1.50%, 11/30/21		12.3
U. S. Treasury Note/Bond, 2.63%, 06/15/21		11.7
U. S. Treasury Note/Bond, 8.13%, 08/15/21		10.9

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2022 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2022 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2022, as represneted by the ICE 2022 Maturity US Treasury 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		2.27	%
Fund Market		2.31
Index		2.28

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (02/25/20)	^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,022.70	$	0.13		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)

The beginning of the period (commencement of operations) is February 25, 2020.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (65 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		98.6	%
Short-Term and Other Assets		1.4

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U. S. Treasury Note/Bond, 1.75%, 09/30/22		18.2	%
U. S. Treasury Note/Bond, 2.50%, 02/15/22		17.7
U. S. Treasury Note/Bond, 1.38%, 01/31/22		17.0
U. S. Treasury Note/Bond, 2.00%, 11/30/22		10.2
U. S. Treasury Note/Bond, 1.75%, 06/30/22		10.1

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2023 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2023 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2023, as represneted by the ICE 2023 Maturity US Treasury 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		2.93	%
Fund Market		2.97
Index		2.96

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (02/25/20)	^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,029.30	$	0.13		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)

The beginning of the period (commencement of operations) is February 25, 2020.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (65 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings*	Percent of Net Assets
Aaa		96.7	%
Short-Term and Other Assets		3.3

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U. S. Treasury Note/Bond, 2.88%, 11/30/23		20.2	%
U. S. Treasury Note/Bond, 2.50%, 08/15/23		19.4
U. S. Treasury Note/Bond, 2.75%, 05/31/23		18.8
U. S. Treasury Note/Bond, 2.38%, 01/31/23		14.0
U. S. Treasury Note/Bond, 2.75%, 07/31/23		12.6

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2024 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2024 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2024, as represneted by the ICE 2024 Maturity US Treasury 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		3.60	%
Fund Market		3.60
Index		3.61

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (02/25/20)	^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,036.00	$	0.13		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)

The beginning of the period (commencement of operations) is February 25, 2020.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (65 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		98.9	%
Short-Term and Other Assets		1.1

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U. S. Treasury Note/Bond, 1.75%, 07/31/24		25.6	%
U. S. Treasury Note/Bond, 1.50%, 09/30/24		18.2
U. S. Treasury Note/Bond, 2.50%, 01/31/24		14.6
U. S. Treasury Note/Bond, 2.25%, 04/30/24		12.5
U. S. Treasury Note/Bond, 2.25%, 11/15/24		9.4

^(a)

Excludes money market funds.


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2025 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2025 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2025, as represneted by the ICE 2025 Maturity US Treasury 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		4.12	%
Fund Market		4.12
Index		4.15

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (02/25/20)	^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,041.20	$	0.13		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)

The beginning of the period (commencement of operations) is February 25, 2020.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (65 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		98.4	%
Short-Term and Other Assets		1.6

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U. S. Treasury Note/Bond, 2.75%, 06/30/25		26.6	%
U. S. Treasury Note/Bond, 2.63%, 03/31/25		20.2
U. S. Treasury Note/Bond, 3.00%, 09/30/25		18.2
U. S. Treasury Note/Bond, 2.88%, 07/31/25		17.3
U. S. Treasury Note/Bond, 3.00%, 10/31/25		15.8

^(a)

Excludes money market funds.


FUND SUMMARY			7


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2026 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2026 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2026, as represneted by the ICE 2026 Maturity US Treasury 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		4.72	%
Fund Market		4.68
Index		4.75

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (02/25/20)	^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,047.20	$	0.13		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)

The beginning of the period (commencement of operations) is February 25, 2020.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (65 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		99.1	%
Short-Term and Other Assets		0.9

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U. S. Treasury Note/Bond, 1.88%, 06/30/26		23.8	%
U. S. Treasury Note/Bond, 2.38%, 04/30/26		20.0
U. S. Treasury Note/Bond, 2.25%, 03/31/26		19.6
U. S. Treasury Note/Bond, 1.63%, 11/30/26		18.7
U. S. Treasury Note/Bond, 1.88%, 07/31/26		16.6

^(a)

Excludes money market funds.


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2027 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2027 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2027, as represneted by the ICE 2027 Maturity US Treasury 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		5.24	%
Fund Market		5.12
Index		5.25

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (02/25/20)	^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,052.40	$	0.13		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)

The beginning of the period (commencement of operations) is February 25, 2020.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (65 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		97.7	%
Short-Term and Other Assets		2.3

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U. S. Treasury Note/Bond, 2.25%, 11/15/27		35.4	%
U. S. Treasury Note/Bond, 2.25%, 08/15/27		34.1
U. S. Treasury Note/Bond, 2.25%, 02/15/27		14.4
U. S. Treasury Note/Bond, 6.38%, 08/15/27		6.7
U. S. Treasury Note/Bond, 2.38%, 05/15/27		5.4

^(a)

Excludes money market funds.


FUND SUMMARY			9


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2028 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2028 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2028, as represneted by the ICE 2028 Maturity US Treasury 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		5.70	%
Fund Market		5.54
Index		5.70

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (02/25/20)	^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,057.00	$	0.13		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)

The beginning of the period (commencement of operations) is February 25, 2020.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (65 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		98.2	%
Short-Term and Other Assets		1.8

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U. S. Treasury Note/Bond, 2.88%, 08/15/28		36.8	%
U. S. Treasury Note/Bond, 3.13%, 11/15/28		26.2
U. S. Treasury Note/Bond, 2.88%, 05/15/28		22.3
U. S. Treasury Note/Bond, 2.75%, 02/15/28		9.0
U. S. Treasury Note/Bond, 5.50%, 08/15/28		2.6

^(a)

Excludes money market funds.


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® iBonds^® Dec 2029 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2029 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2029, as represneted by the ICE 2029 Maturity US Treasury 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		6.44	%
Fund Market		6.28
Index		6.47

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (02/25/20)	^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,064.40	$	0.13		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)

The beginning of the period (commencement of operations) is February 25, 2020.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (65 days for actual and 182 days for hypothetical expenses) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		98.4	%
Short-Term and Other Assets		1.6

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U. S. Treasury Note/Bond, 2.38%, 05/15/29		40.4	%
U. S. Treasury Note/Bond, 1.63%, 08/15/29		35.9
U. S. Treasury Note/Bond, 2.63%, 02/15/29		14.3
U. S. Treasury Note/Bond, 1.75%, 11/15/29		7.8

^(a)

Excludes money market funds.


FUND SUMMARY			11

About Fund Performance

Shareholder Expenses


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2021 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 97.6%
U.S. Treasury Note/Bond
1.50%, 11/30/21	$	762	$	778,256
1.63%, 06/30/21		133		135,581
2.13%, 09/30/21		313		321,143
2.38%, 04/15/21		313		319,153
2.63%, 06/15/21		725		745,107
2.63%, 07/15/21		313		321,729
2.88%, 10/15/21		188		194,883
3.63%, 02/15/21		312		321,143
7.88%, 02/15/21		1,125		1,193,730
8.00%, 11/15/21		750		840,205
8.13%, 05/15/21		312		338,464
8.13%, 08/15/21		625		689,380

				6,198,774


Total U.S. Government Obligations — 97.6% (Cost: $6,162,169)				6,198,774


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b).		54	$	54,000


Total Short-Term Investments — 0.9% (Cost: $54,000)				54,000


Total Investments in Securities — 98.5% (Cost: $6,216,169)				6,252,774

Other Assets, Less Liabilities — 1.5%				95,377


Net Assets — 100.0%			$	6,348,151

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 02/25/20 (000)	^(a)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		54	54	$	54,000	$	175	$	—		$	—

^(a)

The Fund commenced operations on February 25, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	6,198,774	$	—	$	6,198,774
Money Market Funds		54,000		—		—		54,000

	$	54,000	$	6,198,774	$	—	$	6,252,774

See notes to financial statements.


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2022 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 98.6%
U.S. Treasury Note/Bond
0.38%, 03/31/22	$	51	$	51,175
1.38%, 01/31/22		638		650,524
1.75%, 06/30/22		375		387,480
1.75%, 09/30/22		675		699,864
1.88%, 01/31/22		375		385,928
2.00%, 10/31/22		330		344,554
2.00%, 11/30/22		375		392,036
2.50%, 02/15/22		654		680,799
7.25%, 08/15/22		168		195,504

				3,787,864


Total U.S. Government Obligations — 98.6% (Cost: $3,737,520)				3,787,864


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b)		30	$	30,000


Total Short-Term Investments — 0.8% (Cost: $30,000)				30,000


Total Investments in Securities — 99.4% (Cost: $3,767,520)				3,817,864

Other Assets, Less Liabilities — 0.6%				21,560


Net Assets — 100.0%			$	3,839,424

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 02/25/20 (000)	^(a)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		30	30	$	30,000	$	39	$	—		$	—

^(a)

The Fund commenced operations on February 25, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	3,787,864	$	—	$	3,787,864
Money Market Funds		30,000		—		—		30,000

	$	30,000	$	3,787,864	$	—	$	3,817,864

See notes to financial statements.


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2023 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 96.7%
U.S. Treasury Note/Bond
2.38%, 01/31/23	$	1,700	$	1,799,676
2.50%, 08/15/23		2,325		2,495,016
2.75%, 05/31/23		2,250		2,422,002
2.75%, 07/31/23		1,500		1,620,527
2.88%, 10/31/23		1,375		1,498,857
2.88%, 11/30/23		2,375		2,593,760

				12,429,838


Total U.S. Government Obligations — 96.7% (Cost: $12,228,324)				12,429,838


Short-Term Investments

Money Market Funds — 2.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b)		337		337,000


Total Short-Term Investments — 2.6% (Cost: $337,000)				337,000


Total Investments in Securities — 99.3% (Cost: $12,565,324)				12,766,838

Other Assets, Less Liabilities — 0.7%				90,391


Net Assets — 100.0%			$	12,857,229

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 02/25/20 (000)	^(a)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		337	337	$	337,000	$	175	$	—		$	—

^(a)

The Fund commenced operations on February 25, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	12,429,838	$	—	$	12,429,838
Money Market Funds		337,000		—		—		337,000

	$	337,000	$	12,429,838	$	—	$	12,766,838

See notes to financial statements.


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2024 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 98.9%
U.S. Treasury Note/Bond
1.50%, 09/30/24	$	2,025	$	2,128,623
1.50%, 11/30/24		676		712,413
1.75%, 07/31/24		2,812		2,981,689
2.00%, 04/30/24		563		600,293
2.25%, 04/30/24		1,350		1,454,045
2.25%, 11/15/24		1,012		1,099,354
2.38%, 08/15/24		225		244,600
2.50%, 01/31/24		1,575		1,704,199
2.75%, 02/15/24		563		614,333

				11,539,549


Total U.S. Government Obligations — 98.9% (Cost: $11,328,309)				11,539,549


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b)		78	$	78,000


Total Short-Term Investments — 0.7% (Cost: $78,000)				78,000


Total Investments in Securities — 99.6% (Cost: $11,406,309)				11,617,549

Other Assets, Less Liabilities — 0.4%				50,863


Net Assets — 100.0%			$	11,668,412

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 02/25/20 (000)	^(a)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		78	78	$	78,000	$	12	$	—		$	—

^(a)

The Fund commenced operations on February 25, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	11,539,549	$	—	$	11,539,549
Money Market Funds		78,000		—		—		78,000

	$	78,000	$	11,539,549	$	—	$	11,617,549

See notes to financial statements.


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2025 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 98.4%
U.S. Treasury Note/Bond
0.38%, 04/30/25	$	5	$	5,007
0.50%, 03/31/25		40		40,295
2.63%, 03/31/25		2,850		3,165,059
2.75%, 06/30/25		3,720		4,170,323
2.88%, 07/31/25		2,400		2,709,750
3.00%, 09/30/25		2,497		2,843,882
3.00%, 10/31/25		2,171		2,475,703

				15,410,019


Total U.S. Government Obligations — 98.4% (Cost: $15,100,999)				15,410,019


Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b)		154		154,000


Total Short-Term Investments — 1.0% (Cost: $154,000)				154,000


Total Investments in Securities — 99.4% (Cost: $15,254,999)				15,564,019

Other Assets, Less Liabilities — 0.6%				89,690


Net Assets — 100.0%			$	15,653,709

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 02/25/20(000)	^(a)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		154	154	$	154,000	$	86	$	—		$	—

^(a)

The Fund commenced operations on February 25, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	15,410,019	$	—	$	15,410,019
Money Market Funds		154,000		—		—		154,000

	$	154,000	$	15,410,019	$	—	$	15,564,019

See notes to financial statements.


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2026 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.1%
U.S. Treasury Note/Bond
1.63%, 11/30/26	$	3,413	$	3,662,172
1.88%, 06/30/26		4,312		4,679,736
1.88%, 07/31/26		3,000		3,258,516
2.25%, 03/31/26		3,488		3,854,096
2.38%, 04/30/26		3,525		3,925,005
2.88%, 04/30/25		75		84,334

				19,463,859


Total U.S. Government Obligations — 99.1% (Cost: $19,103,331)				19,463,859


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b)		98		98,000


Total Short-Term Investments — 0.5% (Cost: $98,000)				98,000


Total Investments in Securities — 99.6% (Cost: $19,201,331)				19,561,859

Other Assets, Less Liabilities — 0.4%				83,453


Net Assets — 100.0%			$	19,645,312

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 02/25/20 (000)	^(a)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		98	98	$	98,000	$	86	$	—		$	—

^(a)

The Fund commenced operations on February 25, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	19,463,859	$	—	$	19,463,859
Money Market Funds		98,000		—		—		98,000

	$	98,000	$	19,463,859	$	—	$	19,561,859

See notes to financial statements.


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2027 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 97.7%
U.S. Treasury Note/Bond
1.13%, 02/28/27	$	45	$	46,879
2.25%, 02/15/27		1,530		1,708,878
2.25%, 08/15/27		3,600		4,045,781
2.25%, 11/15/27		3,721		4,194,538
2.38%, 05/15/27		563		635,164
6.38%, 08/15/27		562		799,761
6.63%, 02/15/27		113		158,849

				11,589,850


Total U.S. Government Obligations — 97.7% (Cost: $11,409,884)				11,589,850


Short-Term Investments

Money Market Funds — 1.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b)		189		189,000


Total Short-Term Investments — 1.6% (Cost: $189,000)				189,000


Total Investments in Securities — 99.3% (Cost: $11,598,884)				11,778,850

Other Assets, Less Liabilities — 0.7%				79,050


Net Assets — 100.0%			$	11,857,900

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 02/25/20 (000)	^(a)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		189	189	$	189,000	$	98	$	—		$	—

^(a)

The Fund commenced operations on February 25, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	11,589,850	$	—	$	11,589,850
Money Market Funds		189,000		—		—		189,000

	$	189,000	$	11,589,850	$	—	$	11,778,850

See notes to financial statements.


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2028 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 98.2%
U.S. Treasury Note/Bond
2.75%, 02/15/28	$	1,020	$	1,191,288
2.88%, 05/15/28		2,500		2,954,785
2.88%, 08/15/28		4,120		4,888,638
3.13%, 11/15/28		2,875		3,484,590
5.25%, 11/15/28		125		174,077
5.50%, 08/15/28		250		350,459

				13,043,837


Total U.S. Government Obligations — 98.2% (Cost: $12,830,734)				13,043,837


Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b)		120		120,000


Total Short-Term Investments — 0.9% (Cost: $120,000)				120,000


Total Investments in Securities — 99.1% (Cost: $12,950,734)				13,163,837

Other Assets, Less Liabilities — 0.9%				115,581


Net Assets — 100.0%			$	13,279,418

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 02/25/20 (000)	^(a)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		120	120	$	120,000	$	40	$	—		$	—

^(a)

The Fund commenced operations on February 25, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	13,043,837	$	—	$	13,043,837
Money Market Funds		120,000		—		—		120,000

	$	120,000	$	13,043,837	$	—	$	13,163,837

See notes to financial statements.


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBonds^® Dec 2029 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 98.4%
U.S. Treasury Note/Bond
1.63%, 08/15/29	$	6,563	$	7,170,300
1.75%, 11/15/29		1,412		1,561,640
2.38%, 05/15/29		6,977		8,068,280
2.63%, 02/15/29		2,439		2,864,205

				19,664,425


Total U.S. Government Obligations — 98.4% (Cost: $19,209,401)				19,664,425


Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(a)(b)		110		110,000


Total Short-Term Investments — 0.6% (Cost: $110,000)				110,000


Total Investments in Securities — 99.0% (Cost: $19,319,401)				19,774,425

Other Assets, Less Liabilities — 1.0%				206,532


Net Assets — 100.0%			$	19,980,957

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 02/25/20 (000)	^(a)	Net Activity (000)	Shares Held at 04/30/20 (000)		Value at 04/30/20		Income		Net Realized Gain (Loss)	^(b)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	—		110	110	$	110,000	$	19	$	—		$	—

^(a)

The Fund commenced operations on February 25, 2020.

^(b)

Includes realized capital gain distributions from an affiliated fund, if any.

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	19,664,425	$	—	$	19,664,425
Money Market Funds		110,000		—		—		110,000

	$	110,000	$	19,664,425	$	—	$	19,774,425

See notes to financial statements.


SCHEDULE OF INVESTMENTS			21

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares iBonds Dec 2021 Term Treasury ETF		iShares iBonds Dec 2022 Term Treasury ETF		iShares iBonds Dec 2023 Term Treasury ETF		iShares iBonds Dec 2024 Term Treasury ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	6,198,774	$	3,787,864	$	12,429,838	$	11,539,549
Affiliated^(b)		54,000		30,000		337,000		78,000
Cash		6,042		5,491		3,970		7,583
Receivables:
Dividends		12		7		76		10
Interest		89,654		16,280		87,058		43,936

Total assets		6,348,482		3,839,642		12,857,942		11,669,078


LIABILITIES
Payables:
Investment advisory fees		331		218		713		666

Total liabilities		331		218		713		666


NET ASSETS	$	6,348,151	$	3,839,424	$	12,857,229	$	11,668,412


NET ASSETS CONSIST OF:
Paid-in capital	$	6,307,584	$	3,776,813	$	12,648,885	$	11,438,854
Accumulated earnings		40,567		62,611		208,344		229,558

NET ASSETS	$	6,348,151	$	3,839,424	$	12,857,229	$	11,668,412


Shares outstanding		250,000		150,000		500,000		450,000

Net asset value	$	25.39	$	25.60	$	25.71	$	25.93

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		None		None		None		None


^(a)Investments, at cost — Unaffiliated	$	6,162,169	$	3,737,520	$	12,228,324	$	11,328,309
^(b)Investments, at cost — Affiliated	$	54,000	$	30,000	$	337,000	$	78,000

See notes to financial statements.


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2020


	iShares iBonds Dec 2025 Term Treasury ETF		iShares iBonds Dec 2026 Term Treasury ETF		iShares iBonds Dec 2027 Term Treasury ETF		iShares iBonds Dec 2028 Term Treasury ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	15,410,019	$	19,463,859	$	11,589,850	$	13,043,837
Affiliated^(b)		154,000		98,000		189,000		120,000
Cash		7,435		8,093		1,620		5,170
Receivables:
Dividends		17		14		45		18
Interest		83,129		76,456		78,040		111,127

Total assets		15,654,600		19,646,422		11,858,555		13,280,152


LIABILITIES
Payables:
Investment advisory fees		891		1,110		655		734

Total liabilities		891		1,110		655		734


NET ASSETS	$	15,653,709	$	19,645,312	$	11,857,900	$	13,279,418


NET ASSETS CONSIST OF:
Paid-in capital	$	15,335,853	$	19,274,836	$	11,673,421	$	13,060,296
Accumulated earnings		317,856		370,476		184,479		219,122

NET ASSETS	$	15,653,709	$	19,645,312	$	11,857,900	$	13,279,418


Shares outstanding		600,000		750,000		450,000		500,000

Net asset value	$	26.09	$	26.19	$	26.35	$	26.56

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		None		None		None		None


^(a)Investments, at cost — Unaffiliated	$	15,100,999	$	19,103,331	$	11,409,884	$	12,830,734
^(b)Investments, at cost — Affiliated	$	154,000	$	98,000	$	189,000	$	120,000

See notes to financial statements.


FINANCIAL STATEMENTS			23

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2020


	iShares iBonds Dec 2029 Term Treasury ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	19,664,425
Affiliated^(b)		110,000
Cash		350
Receivables:
Investments sold		83,768
Dividends		11
Interest		123,525

Total assets		19,982,079


LIABILITIES
Payables:
Investment advisory fees		1,122

Total liabilities		1,122


NET ASSETS	$	19,980,957


NET ASSETS CONSIST OF:
Paid-in capital	$	19,496,660
Accumulated earnings		484,297

NET ASSETS	$	19,980,957


Shares outstanding		750,000

Net asset value	$	26.64

Shares authorized		Unlimited

Par value		None


^(a)Investments, at cost — Unaffiliated	$	19,209,401
^(b)Investments, at cost — Affiliated	$	110,000

See notes to financial statements.


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Period Ended April 30, 2020


		iShares iBonds Dec 2021 Term Treasury ETF	^(a)		iShares iBonds Dec 2022 Term Treasury ETF	^(a)		iShares iBonds Dec 2023 Term Treasury ETF	^(a)		iShares iBonds Dec 2024 Term Treasury ETF	^(a)

INVESTMENT INCOME
Dividends —Affiliated	$	175		$	39		$	175		$	12
Interest — Unaffiliated		6,616			5,906			13,538			12,832

Total investment income		6,791			5,945			13,713			12,844


EXPENSES
Investment advisory fees		557			444			1,217			1,115

Total expenses		557			444			1,217			1,115

Less:
Investment advisory fees waived		(14	)		(6	)		(38	)		(3	)

Total expenses after fees waived		543			438			1,179			1,112

Net investment income		6,248			5,507			12,534			11,732


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		502			9,605			123			11,978

Net realized gain		502			9,605			123			11,978

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		36,605			50,344			201,514			211,240

Net change in unrealized appreciation (depreciation)		36,605			50,344			201,514			211,240

Net realized and unrealized gain		37,107			59,949			201,637			223,218

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,355		$	65,456		$	214,171		$	234,950

^(a)	For the period from February 25, 2020 (commencement of operations) to April 30, 2020.

See notes to financial statements.


FINANCIAL STATEMENTS			25

Statements of Operations (unaudited) (continued)

Period Ended April 30, 2020


		iShares iBonds Dec 2025 Term Treasury ETF	^(a)		iShares iBonds Dec 2026 Term Treasury ETF	^(a)		iShares iBonds Dec 2027 Term Treasury ETF	^(a)		iShares iBonds Dec 2028 Term Treasury ETF	^(a)

INVESTMENT INCOME
Dividends — Affiliated	$	86		$	86		$	98		$	40
Interest — Unaffiliated		16,625			19,237			11,132			12,118

Total investment income		16,711			19,323			11,230			12,158


EXPENSES
Investment advisory fees		1,448			1,632			965			988

Total expenses		1,448			1,632			965			988

Less:
Investment advisory fees waived		(13	)		(9	)		(20	)		(7	)

Total expenses after fees waived		1,435			1,623			945			981

Net investment income		15,276			17,700			10,285			11,177


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		691			704			333			313

Net realized gain		691			704			333			313

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		309,020			360,528			179,966			213,103

Net change in unrealized appreciation (depreciation)		309,020			360,528			179,966			213,103

Net realized and unrealized gain		309,711			361,232			180,299			213,416

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	324,987		$	378,932		$	190,584		$	224,593

^(a)	For the period from February 25, 2020 (commencement of operations) to April 30, 2020.

See notes to financial statements.


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Period Ended April 30, 2020


		iShares iBonds Dec 2029 Term Treasury ETF	^(a)

INVESTMENT INCOME
Dividends — Affiliated	$	19
Interest — Unaffiliated		20,797

Total investment income		20,816


EXPENSES
Investment advisory fees		1,577

Total expenses		1,577

Less:
Investment advisory fees waived		(4	)

Total expenses after fees waived		1,573

Net investment income		19,243


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		19,416

Net realized gain		19,416

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		455,024

Net change in unrealized appreciation (depreciation)		455,024

Net realized and unrealized gain		474,440

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	493,683

^(a)	For the period from February 25, 2020 (commencement of operations) to April 30, 2020.

See notes to financial statements.


FINANCIAL STATEMENTS			27

Statements of Changes in Net Assets


	iShares iBonds Dec 2021 Term Treasury ETF			iShares iBonds Dec 2022 Term Treasury ETF			iShares iBonds Dec 2023 Term Treasury ETF			iShares iBonds Dec 2024 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,248		$	5,507		$	12,534		$	11,732
Net realized gain		502			9,605			123			11,978
Net change in unrealized appreciation (depreciation)		36,605			50,344			201,514			211,240

Net increase in net assets resulting from operations		43,355			65,456			214,171			234,950


DISTRIBUTIONS TO SHAREHOLDERS
Decrease in net assets resulting from distributions to shareholders		(2,788	)		(2,845	)		(5,827	)		(5,392	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		6,307,584			3,776,813			12,648,885			11,438,854


NET ASSETS
Total increase in net assets		6,348,151			3,839,424			12,857,229			11,668,412
Beginning of period		—			—			—			—

End of period	$	6,348,151		$	3,839,424		$	12,857,229		$	11,668,412

^(a)	Commencement of operations.

See notes to financial statements.


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2025 Term Treasury ETF			iShares iBonds Dec 2026 Term Treasury ETF			iShares iBonds Dec 2027 Term Treasury ETF			iShares iBonds Dec 2028 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	15,276		$	17,700		$	10,285		$	11,177
Net realized gain		691			704			333			313
Net change in unrealized appreciation (depreciation)		309,020			360,528			179,966			213,103

Net increase in net assets resulting from operations		324,987			378,932			190,584			224,593


DISTRIBUTIONS TO SHAREHOLDERS
Decrease in net assets resulting from distributions to shareholders		(7,131	)		(8,456	)		(6,105	)		(5,471	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		15,335,853			19,274,836			11,673,421			13,060,296


NET ASSETS
Total increase in net assets		15,653,709			19,645,312			11,857,900			13,279,418
Beginning of period		—			—			—			—

End of period	$	15,653,709		$	19,645,312		$	11,857,900		$	13,279,418

^(a)	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS			29

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2029 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	19,243
Net realized gain		19,416
Net change in unrealized appreciation (depreciation)		455,024

Net increase in net assets resulting from operations		493,683


DISTRIBUTIONS TO SHAREHOLDERS
Decrease in net assets resulting from distributions to shareholders		(9,386	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		19,496,660


NET ASSETS
Total increase in net assets		19,980,957
Beginning of period		—

End of period	$	19,980,957

^(a)	Commencement of operations.

See notes to financial statements.


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout the period)


	iShares iBonds Dec 2021 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )

Net asset value, beginning of period	$	25.03

Net investment income^(b)		0.04
Net realized and unrealized gain^(c)		0.34

Net increase from investment operations		0.38

Distributions
From net investment income		(0.02	)

Total distributions		(0.02	)

Net asset value, end of period	$	25.39


Total Return
Based on net asset value		1.51	%^(d)


Ratios to Average Net Assets
Total expenses		0.07	%^(e)

Total expenses after fees waived		0.07	%^(e)

Net investment income		0.78	%^(e)


Supplemental Data
Net assets, end of period (000)	$	6,348

Portfolio turnover rate^(f)		13	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			31

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Dec 2022 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )

Net asset value, beginning of period	$	25.05

Net investment income^(b)		0.04
Net realized and unrealized gain^(c)		0.53

Net increase from investment operations		0.57

Distributions
From net investment income		(0.02	)

Total distributions		(0.02	)

Net asset value, end of period	$	25.60


Total Return
Based on net asset value		2.27	%^(d)


Ratios to Average Net Assets
Total expenses		0.07	%^(e)

Total expenses after fees waived		0.07	%^(e)

Net investment income		0.87	%^(e)


Supplemental Data
Net assets, end of period (000)	$	3,839

Portfolio turnover rate^(f)		24	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Dec 2023 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )


Net asset value, beginning of period	$	24.99

Net investment income^(b)		0.03
Net realized and unrealized gain^(c)		0.70

Net increase from investment operations		0.73


Distributions
From net investment income		(0.01	)

Total distributions		(0.01	)


Net asset value, end of period	$	25.71


Total Return
Based on net asset value		2.93	%^(d)


Ratios to Average Net Assets
Total expenses		0.07	%^(e)

Total expenses after fees waived		0.07	%^(e)

Net investment income		0.72	%^(e)


Supplemental Data
Net assets, end of period (000)	$	12,857

Portfolio turnover rate^(f)		1	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			33

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Dec 2024 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )


Net asset value, beginning of period	$	25.04

Net investment income^(b)		0.03
Net realized and unrealized gain^(c)		0.87

Net increase from investment operations		0.90


Distributions
From net investment income		(0.01	)

Total distributions		(0.01	)


Net asset value, end of period	$	25.93


Total Return
Based on net asset value		3.60	%^(d)


Ratios to Average Net Assets
Total expenses		0.07	%^(e)

Total expenses after fees waived		0.07	%^(e)

Net investment income		0.74	%^(e)


Supplemental Data
Net assets, end of period (000)	$	11,668

Portfolio turnover rate^(f)		11	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Dec 2025 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )


Net asset value, beginning of period	$	25.07

Net investment income^(b)		0.03
Net realized and unrealized gain^(c)		1.00

Net increase from investment operations		1.03


Distributions
From net investment income		(0.01	)

Total distributions		(0.01	)


Net asset value, end of period	$	26.09


Total Return
Based on net asset value		4.12	%^(d)


Ratios to Average Net Assets
Total expenses		0.07	%^(e)

Total expenses after fees waived		0.07	%^(e)

Net investment income		0.74	%^(e)


Supplemental Data
Net assets, end of period (000)	$	15,654

Portfolio turnover rate^(f)		1	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			35

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Dec 2026 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )


Net asset value, beginning of period	$	25.02

Net investment income^(b)		0.04
Net realized and unrealized gain^(c)		1.14

Net increase from investment operations		1.18


Distributions
From net investment income		(0.01	)

Total distributions		(0.01	)


Net asset value, end of period	$	26.19


Total Return
Based on net asset value		4.72	%^(d)


Ratios to Average Net Assets
Total expenses		0.07	%^(e)

Total expenses after fees waived		0.07	%^(e)

Net investment income		0.76	%^(e)


Supplemental Data
Net assets, end of period (000)	$	19,645

Portfolio turnover rate^(f)		5	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Dec 2027 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )


Net asset value, beginning of period	$	25.05

Net investment income^(b)		0.03
Net realized and unrealized gain^(c)		1.28

Net increase from investment operations		1.31


Distributions
From net investment income		(0.01	)

Total distributions		(0.01	)


Net asset value, end of period	$	26.35


Total Return
Based on net asset value		5.24	%^(d)


Ratios to Average Net Assets
Total expenses		0.07	%^(e)

Total expenses after fees waived		0.07	%^(e)

Net investment income		0.75	%^(e)


Supplemental Data
Net assets, end of period (000)	$	11,858

Portfolio turnover rate^(f)		1	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			37

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Dec 2028 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )


Net asset value, beginning of period	$	25.14

Net investment income^(b)		0.04
Net realized and unrealized gain^(c)		1.39

Net increase from investment operations		1.43


Distributions
From net investment income		(0.01	)

Total distributions		(0.01	)


Net asset value, end of period	$	26.56


Total Return
Based on net asset value		5.70	%^(d)


Ratios to Average Net Assets
Total expenses		0.07	%^(e)

Total expenses after fees waived		0.07	%^(e)

Net investment income		0.79	%^(e)


Supplemental Data
Net assets, end of period (000)	$	13,279

Portfolio turnover rate^(f)		3	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Dec 2029 Term Treasury ETF
		Period From 02/25/20 to 04/30/20 (unaudited	^(a) )


Net asset value, beginning of period	$	25.04

Net investment income^(b)		0.04
Net realized and unrealized gain^(c)		1.57

Net increase from investment operations		1.61


Distributions
From net investment income		(0.01	)

Total distributions		(0.01	)


Net asset value, end of period	$	26.64


Total Return
Based on net asset value		6.44	%^(d)


Ratios to Average Net Assets
Total expenses		0.07	%^(e)

Total expenses after fees waived		0.07	%^(e)

Net investment income		0.85	%^(e)


Supplemental Data
Net assets, end of period (000)	$	19,981

Portfolio turnover rate^(f)		16	%^(d)

^(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)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			39


Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
iBonds Dec 2021 Term Treasury^(a)		Non-diversified
iBonds Dec 2022 Term Treasury^(a)		Non-diversified
iBonds Dec 2023 Term Treasury^(a)		Non-diversified
iBonds Dec 2024 Term Treasury^(a)		Non-diversified
iBonds Dec 2025 Term Treasury^(a)		Non-diversified
iBonds Dec 2026 Term Treasury^(a)		Non-diversified
iBonds Dec 2027 Term Treasury^(a)		Non-diversified
iBonds Dec 2028 Term Treasury^(a)		Non-diversified
iBonds Dec 2029 Term Treasury^(a)		Non-diversified

^(a)

The Fund commenced operations on February 25, 2020.

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

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 should the reporting period end on a day that the Fund’s listing exchange is not open. 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. A fund determines the fair value 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:

•


40		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


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, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

•

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

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

4.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.07%, 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”). 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.

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


NOTES TO FINANCIAL STATEMENTS			41

Notes to Financial Statements (unaudited) (continued)

5.	PURCHASES AND SALES

For the period ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


	U.S. Government Securities
iShares ETF	Purchases		Sales
iBonds Dec 2021 Term Treasury	$	1,326,797	$	381,187
iBonds Dec 2022 Term Treasury		1,979,614		737,558
iBonds Dec 2023 Term Treasury		1,243,562		63,304
iBonds Dec 2024 Term Treasury		1,957,152		744,414
iBonds Dec 2025 Term Treasury		1,366,998		91,113
iBonds Dec 2026 Term Treasury		1,746,135		499,526
iBonds Dec 2027 Term Treasury		1,263,577		51,779
iBonds Dec 2028 Term Treasury		1,443,263		248,152
iBonds Dec 2029 Term Treasury		2,766,683		1,718,957

For the period ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds Dec 2021 Term Treasury	$	4,943,991	$	—
iBonds Dec 2022 Term Treasury		2,496,800		—
iBonds Dec 2023 Term Treasury		11,076,474		—
iBonds Dec 2024 Term Treasury		10,123,069		—
iBonds Dec 2025 Term Treasury		13,859,529		—
iBonds Dec 2026 Term Treasury		17,879,892		—
iBonds Dec 2027 Term Treasury		10,217,215		—
iBonds Dec 2028 Term Treasury		11,659,026		—
iBonds Dec 2029 Term Treasury		18,165,140		—

6.	INCOME TAX INFORMATION

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2020 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
iBonds Dec 2021 Term Treasury	$	6,216,169	$	36,605	$	—	$	36,605
iBonds Dec 2022 Term Treasury		3,767,520		50,344		—		50,344
iBonds Dec 2023 Term Treasury		12,565,324		201,514		—		201,514
iBonds Dec 2024 Term Treasury		11,406,309		211,240		—		211,240
iBonds Dec 2025 Term Treasury		15,254,999		309,020		—		309,020
iBonds Dec 2026 Term Treasury		19,201,331		360,528		—		360,528
iBonds Dec 2027 Term Treasury		11,598,884		179,966		—		179,966
iBonds Dec 2028 Term Treasury		12,950,734		213,103		—		213,103
iBonds Dec 2029 Term Treasury		19,319,401		455,024		—		455,024

7.	PRINCIPAL RISKS


42		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

8.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Period Ended 04/30/20
iShares ETF	Shares		Amount

iBonds Dec 2021 Term Treasury
Shares sold		250,000	$	6,307,584

iBonds Dec 2022 Term Treasury
Shares sold		150,000	$	3,776,813

iBonds Dec 2023 Term Treasury
Shares sold		500,000	$	12,648,885

iBonds Dec 2024 Term Treasury
Shares sold		450,000	$	11,438,854

iBonds Dec 2025 Term Treasury
Shares sold		600,000	$	15,335,853

iBonds Dec 2026 Term Treasury
Shares sold		750,000	$	19,274,836

iBonds Dec 2027 Term Treasury
Shares sold		450,000	$	11,673,421


NOTES TO FINANCIAL STATEMENTS			43

Notes to Financial Statements (unaudited) (continued)


	Period Ended 04/30/20
iShares ETF	Shares		Amount
iBonds Dec 2028 Term Treasury
Shares sold		500,000	$	13,060,296


iBonds Dec 2029 Term Treasury
Shares sold		750,000	$	19,496,660

9.	LEGAL PROCEEDINGS

10.

SUBSEQUENT EVENTS


44		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

I. iShares iBonds Dec 2021 Term Treasury ETF, iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029 Term Treasury ETF, (each the “Fund”, collectively the “Funds”)

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 Trustees”), 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 Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 1-3, 2019, the Board, including the Independent Trustees, 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 Trustees 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 Trustees, 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) economies of scale; (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 Trustees, 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 investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall 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 to be Provided by BFA: 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, including during the past year, 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 reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. 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


BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT			45

Board Review and Approval of Investment Advisory Contract (continued)

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 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 ETF, 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. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

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 Trustees, 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.


46		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
iBonds Dec 2023 Term Treasury^(a)	$	0.010460	$	—	$	0.001193	$	0.011653		90	%		—	%		10	%		100	%
iBonds Dec 2024 Term Treasury^(a)		0.011103		—		0.000880		0.011983		93			—			7			100
iBonds Dec 2025 Term Treasury^(a)		0.010311		—		0.001574		0.011885		87			—			13			100
iBonds Dec 2026 Term Treasury^(a)		0.008566		—		0.002709		0.011275		76			—			24			100
iBonds Dec 2027 Term Treasury^(a)		0.008632		—		0.004934		0.013566		64			—			36			100
iBonds Dec 2028 Term Treasury^(a)		0.008738		—		0.004940		0.013678		64			—			36			100
iBonds Dec 2029 Term Treasury^(a)		0.009126		—		0.004282		0.013408		68			—			32			100

^(a)


SUPPLEMENTAL INFORMATION			47

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


48		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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 ICE Data Indices, LLC, 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-1024-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares 0-5 Year High Yield Corporate Bond ETF | SHYG | NYSE Arca

iShares Broad USD High Yield Corporate Bond ETF | USHY | Cboe BZX

iShares Fallen Angels USD Bond ETF | FALN | NASDAQ

iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF | HYXE | NASDAQ

Table of Contents


	Page
Fund Summary		3
About Fund Performance		7
Shareholder Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		59
Statements of Operations		60
Statements of Changes in Net Assets		61
Financial Highlights		63
Notes to Financial Statements		67
Statement Regarding Liquidity Risk Management Program		75
Supplemental Information		76
General Information		77
Glossary of Terms Used in this Report		78


Fund Summary as of April 30, 2020		iShares^® 0-5 Year High Yield Corporate Bond ETF

Investment Objective

The iShares 0-5 Year High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx^® USD Liquid High Yield 0-5 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(7.60	)%		(6.15	)%		2.15	%		2.38	%		(6.15	)%		11.23	%		16.66	%
Fund Market		(6.41	)		(5.06	)		2.35			2.59			(5.06	)		12.33			18.25
Index		(7.09	)		(5.37	)		2.56			2.72			(5.37	)		13.47			19.21

The inception date of the Fund was 10/15/13. The first day of secondary market trading was 10/17/13.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	924.00	$	1.44		$	1,000.00	$	1,023.40	$	1.51		0.30	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
A	0.2	%
Ba	45.9
B	34.6
Caa	15.6
Ca	1.2
C	0.1
Not Rated	2.4

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	4.0	%
1-2 Years	13.5
2-3 Years	21.1
3-4 Years	25.5
4-5 Years	35.4
5-6 Years	0.4
7-8 Years	0.1

^(a)

Excludes money market funds.


FUND SUMMARY			3


Fund Summary as of April 30, 2020		iShares^® Broad USD High Yield Corporate Bond ETF

Investment Objective

The iShares Broad USD High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the ICE BofAML U.S. High Yield Constrained 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		(7.44	)%		(4.92	)%		0.38	%		(4.92	)%		0.96	%
Fund Market		(6.34	)		(3.88	)		0.93			(3.88	)		2.35
Index		(7.69	)		(5.27	)		0.35			(5.27	)		0.87

The inception date of the Fund was 10/25/17. The first day of secondary market trading was 10/26/17.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	925.60	$	0.72		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
A	0.1	%
Baa	2.9
Ba	45.4
B	36.5
Caa	13.0
Ca	0.6
C	0.1
Not Rated	1.4

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
1-5 Years	40.4	%
5-10 Years	52.9
10-15 Years	2.5
15-20 Years	1.6
More than 20 Years	2.6

^(a)

Excludes money market funds.


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of April 30, 2020		iShares^® Fallen Angels USD Bond ETF

Investment Objective

The iShares Fallen Angels USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds that were previously rated investment grade, as represented by the Bloomberg Barclays U.S. High Yield Fallen Angel 3% Capped 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		(5.04	)%		(1.79	)%		5.64	%		(1.79	)%		23.74	%
Fund Market		(4.16	)		(0.94	)		6.00			(0.94	)		25.36
Index		(3.68	)		(0.30	)		6.22			(0.30	)		26.38

The inception date of the Fund was 6/14/16. The first day of secondary market trading was 6/16/16.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	949.60	$	1.21		$	1,000.00	$	1,023.60	$	1.26		0.25	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
Baa	10.2	%
Ba	70.0
B	13.9
Caa	2.5
Not Rated	3.4

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
1-5 Years	43.9	%
5-10 Years	23.5
10-15 Years	11.5
15-20 Years	8.6
More than 20 Years	12.5

^(a)

Excludes money market funds.


FUND SUMMARY			5


Fund Summary as of April 30, 2020		iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

Investment Objective

The iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of a broad range of U.S. dollar-denominated, high yield corporate bonds that excludes those issued by companies in the oil and gas sector, as represented by the Markit iBoxx USD Liquid High Yield ex-Oil and Gas 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		(4.36	)%		(0.18	)%		5.08	%		(0.18	)%		21.19	%
Fund Market		(3.01	)		0.84			5.50			0.84			23.09
Index		(4.37	)		(0.12	)		5.40			(0.12	)		22.63

The inception date of the Fund was 6/14/16. The first day of secondary market trading was 6/16/16.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	956.40	$	2.43		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments	^(a)
A	0.1	%
Baa	0.5
Ba	48.7
B	38.0
Caa	11.2
Ca	0.5
C	0.1
Not Rated	0.9

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	0.1	%
1-5 Years	40.0
5-10 Years	57.9
10-15 Years	1.4
More than 20 Years	0.6

^(a)

Excludes money market funds.


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

Shareholder Expenses


ABOUT FUND PERFORMANCE/SHAREHOLDER EXPENSES			7

Schedule of Investments (unaudited)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.5%
Lamar Media Corp., 5.00%, 05/01/23 (Call 05/29/20)	$	5,594	$	5,594,000
MDC Partners Inc., 6.50%, 05/01/24 (Call 05/29/20)^(a)(b)		8,923		6,895,694
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.63%, 02/15/24 (Call 05/29/20)^(b)		5,296		5,282,251

				17,771,945

Aerospace & Defense — 2.4%
Bombardier Inc.
5.75%, 03/15/22^(a)		4,806		3,570,269
6.00%, 10/15/22 (Call 05/29/20)^(a)		11,170		8,265,800
6.13%, 01/15/23^(a)(b)		11,985		8,509,350
7.50%, 12/01/24 (Call 12/01/20)^(a)		10,734		7,131,401
8.75%, 12/01/21^(a)(b)		9,700		8,094,650
Howmet Aerospace Inc.
5.13%, 10/01/24 (Call 07/01/24)^(b)		12,592		12,135,540
5.40%, 04/15/21 (Call 01/15/21)		10,052		10,255,553
5.87%, 02/23/22^(b)		6,410		6,522,175
6.88%, 05/01/25 (Call 04/01/25)		2,315		2,361,300
Spirit AeroSystems Inc., 7.50%, 04/15/25 (Call 04/15/22)^(a)		1,728		1,702,080
SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)^(a)		10,729		11,394,198
TransDigm Inc., 6.50%, 07/15/24 (Call 05/29/20)		11,617		10,613,175
Triumph Group Inc., 6.25%, 09/15/24 (Call 09/15/20)^(a)(b)		5,441		4,313,262

				94,868,753

Agriculture — 0.3%
JBS Investments GmbH, 6.25%, 02/05/23 (Call 05/29/20)^(a)(b)		4,287		4,283,172
Vector Group Ltd., 6.13%, 02/01/25 (Call 05/29/20)^(a)		8,900		8,633,000

				12,916,172

Airlines — 0.4%
Air Canada, 7.75%, 04/15/21^(a)		3,876		3,769,410
American Airlines Group Inc.
3.75%, 03/01/25^(a)		1,719		803,633
5.00%, 06/01/22^(a)		5,663		3,213,752
United Airlines Holdings Inc.
4.25%, 10/01/22		4,414		3,619,480
4.88%, 01/15/25		3,387		2,464,043

				13,870,318

Apparel — 0.3%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)		8,950		8,952,797
5.38%, 05/15/25 (Call 05/15/22)^(a)		2,630		2,630,000

				11,582,797

Auto Manufacturers — 1.6%
Allison Transmission Inc., 5.00%, 10/01/24 (Call 05/11/20)^(a)		10,102		9,742,116
Aston Martin Capital Holdings Ltd., 6.50%, 04/15/22 (Call 05/29/20)^(a)(b)		3,605		2,739,800
BCD Acquisition Inc., 9.63%, 09/15/23 (Call 05/29/20)^(a)(b)		6,842		5,713,070
Fiat Chrysler Automobiles NV, 5.25%, 04/15/23		15,393		15,312,957
Ford Motor Co.
8.50%, 04/21/23		13,695		13,712,119
9.00%, 04/22/25 (Call 03/22/25)		8,360		8,130,100
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23 (Call 05/29/20)^(a)(b)		4,607		3,714,808
Navistar International Corp., 9.50%, 05/01/25 (Call 05/01/22)^(a)		1,855		1,947,750

				61,012,720


Security	Par (000)		Value

Auto Parts & Equipment — 0.8%
Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)^(a)	$	640	$	667,200
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 05/29/20)		6,500		4,910,945
6.63%, 10/15/22 (Call 05/29/20)		3,445		2,893,800
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 05/29/20)^(a)		400		360,900
Dana Inc., 5.50%, 12/15/24 (Call 05/29/20)		4,407		4,120,545
Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/23 (Call 05/29/20)		10,264		9,622,705
Meritor Inc., 6.25%, 02/15/24 (Call 05/29/20)^(b)		4,519		4,439,918
Titan International Inc., 6.50%, 11/30/23 (Call 05/29/20)		3,504		1,638,120
ZF North America Capital Inc., 4.75%, 04/29/25^(a)		500		465,400

				29,119,533

Banks — 1.6%
CIT Group Inc.
4.13%, 03/09/21 (Call 02/09/21)		5,416		5,322,899
4.75%, 02/16/24 (Call 11/16/23)		5,087		4,890,498
5.00%, 08/15/22^(b)		10,208		10,059,134
5.00%, 08/01/23		7,739		7,574,701
5.25%, 03/07/25 (Call 12/07/24)		1,000		998,575
Deutsche Bank AG, 4.50%, 04/01/25		7,400		6,975,684
Freedom Mortgage Corp.
8.13%, 11/15/24 (Call 11/15/20)^(a)(b)		4,256		3,518,558
8.25%, 04/15/25 (Call 04/15/21)^(a)		2,400		2,040,000
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)		20,047		20,359,284

				61,739,333

Beverages — 0.1%
Ajecorp BV, 6.50%, 05/14/22 (Call 05/29/20)^(a)(b)		4,755		4,231,950


Building Materials — 1.0%
BMC East LLC, 5.50%, 10/01/24 (Call 05/14/20)^(a)(b)		3,771		3,584,665
Boise Cascade Co., 5.63%, 09/01/24 (Call 05/29/20)^(a)(b)		3,821		3,808,104
James Hardie International Finance DAC, 4.75%, 01/15/25 (Call 01/15/21)^(a)(b)		3,724		3,677,450
Omnimax International Inc., 12.00%, 08/15/20 (Call 05/14/20)^(a)(b)		3,443		2,554,706
Standard Industries Inc./NJ
5.38%, 11/15/24 (Call 05/29/20)^(a)		10,153		10,219,121
5.50%, 02/15/23 (Call 05/29/20)^(a)(b)		767		767,000
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 05/14/20)		6,704		6,710,369
U.S. Concrete Inc., 6.38%, 06/01/24 (Call 05/29/20)^(b)		6,262		5,912,894

				37,234,309

Chemicals — 2.8%
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)^(b)		1,854		1,930,932
Atotech Alpha 3 BV/Alpha U.S. Bidco Inc., 6.25%, 02/01/25 (Call 05/29/20)^(a)(b)		3,850		3,680,793
Axalta Coating Systems LLC, 4.88%, 08/15/24 (Call 05/11/20)^(a)(b)		4,503		4,570,545
Blue Cube Spinco LLC, 9.75%, 10/15/23 (Call 10/15/20)		7,263		7,571,677
CF Industries Inc., 3.45%, 06/01/23^(b)		7,189		7,257,544
Chemours Co. (The), 6.63%, 05/15/23 (Call 05/29/20)		8,912		8,337,595
Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 08/15/20)^(a)(b)		4,683		3,784,449
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23 (Call 05/14/20)^(a)(b)		6,453		5,722,972
INEOS Group Holdings SA, 5.63%, 08/01/24 (Call 05/29/20)^(a)(b)		4,698		4,560,975


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.00%, 04/15/25 (Call 05/29/20)^(a)	$	977	$	947,690
NOVA Chemicals Corp.
4.88%, 06/01/24 (Call 03/03/24)^(a)		10,224		9,133,270
5.25%, 08/01/23 (Call 05/29/20)^(a)(b)		5,147		4,786,710
OCI NV
5.25%, 11/01/24 (Call 11/01/21)^(a)		6,276		6,202,131
6.63%, 04/15/23 (Call 05/29/20)^(a)		5,921		5,979,855
PolyOne Corp.
5.25%, 03/15/23^(b)		6,174		6,417,101
5.75%, 05/15/25 (Call 05/15/22)^(a)		1,750		1,771,875
PQ Corp., 6.75%, 11/15/22 (Call 05/29/20)^(a)(b)		6,237		6,280,285
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 05/29/20)^(a)		5,150		4,459,900
TPC Group Inc., 10.50%, 08/01/24 (Call 08/01/21)^(a)		9,207		7,526,722
Tronox Inc., 6.50%, 05/01/25 (Call 05/01/22)^(a)		530		533,313
WR Grace &Co.-Conn, 5.13%, 10/01/21^(a)		6,966		7,009,537

				108,465,871

Coal — 0.1%
Peabody Energy Corp., 6.00%, 03/31/22 (Call 05/29/20)^(a)		2,606		1,934,024


Commercial Services — 4.1%
ADT Security Corp. (The)
3.50%, 07/15/22		9,972		9,753,935
4.13%, 06/15/23^(b)		7,108		6,988,586
6.25%, 10/15/21^(b)		11,003		11,264,182
Ahern Rentals Inc., 7.38%, 05/15/23 (Call 05/29/20)^(a)(b)		4,871		2,301,548
Algeco Global Finance PLC, 8.00%, 02/15/23 (Call 05/11/20)^(a)		5,342		4,705,854
APX Group Inc.
7.63%, 09/01/23 (Call 05/29/20)^(b)		3,801		3,027,877
7.88%, 12/01/22 (Call 05/29/20)		7,343		6,997,218
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.50%, 04/01/23 (Call 05/29/20)		706		462,712
6.38%, 04/01/24 (Call 05/29/20)^(a)		3,366		2,078,909
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24 (Call 08/01/21)^(a)(b)		4,773		4,480,057
Gartner Inc., 5.13%, 04/01/25 (Call 05/11/20)^(a)		7,000		7,218,750
Global A&T Electronics Ltd., 8.50%, 01/12/23 (Call 05/28/20)		6,087		4,961,108
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 05/29/20)^(a)		11,000		11,220,000
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 05/29/20)^(a)(b)		15,254		13,613,554
Nielsen Co Luxembourg Sarl/The
5.00%, 02/01/25 (Call 05/29/20)^(a)(b)		4,514		4,340,437
5.50%, 10/01/21 (Call 05/29/20)^(a)		6,618		6,527,002
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 05/29/20)		7,407		7,360,706
5.00%, 04/15/22 (Call 05/29/20)^(a)		21,163		20,820,583
Prime Security Services Borrower LLC/Prime Finance Inc., 5.25%, 04/15/24^(a)		7,714		7,562,111
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 05/29/20)^(a)(b)		5,270		5,307,329
Service Corp. International/U.S., 5.38%, 05/15/24 (Call 05/29/20)^(b)		7,580		7,715,812
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 05/11/20)^(a)(b)		7,725		7,840,875
WEX Inc., 4.75%, 02/01/23 (Call 05/29/20)^(a)(b)		3,862		3,726,830

				160,275,975


Security	Par (000)		Value

Computers — 1.9%
Dell Inc., 4.63%, 04/01/21^(b)	$	4,093	$	4,122,833
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 05/14/20)^(a)		10,019		10,040,510
7.13%, 06/15/24 (Call 05/14/20)^(a)(b)		15,851		16,504,854
Diebold Nixdorf Inc., 8.50%, 04/15/24 (Call 05/29/20)^(b)		3,542		2,327,739
EMC Corp.
2.65%, 06/01/20		4,199		4,179,753
3.38%, 06/01/23 (Call 03/01/23)^(b)		10,220		10,168,900
Leidos Holdings Inc., 4.45%, 12/01/20 (Call 09/01/20)		217		217,000
NCR Corp.
5.00%, 07/15/22 (Call 05/29/20)		5,476		5,462,310
6.38%, 12/15/23 (Call 05/29/20)^(b)		6,746		6,838,758
8.13%, 04/15/25 (Call 04/15/22)^(a)		3,680		3,900,800
Vericast Corp.
8.38%, 08/15/22 (Call 05/29/20)^(a)		5,581		4,046,225
9.25%, 03/01/21 (Call 05/29/20)^(a)(b)		2,305		2,305,618
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 12.50%, 05/01/24 (Call 05/29/20)^(a)(b)		2,850		2,921,310

				73,036,610

Cosmetics & Personal Care — 0.7%
Avon International Capital PLC, 6.50%, 08/15/22 (Call 05/29/20)^(a)		3,969		3,734,581
Avon International Operations Inc., 7.88%, 08/15/22 (Call 05/29/20)^(a)		5,350		5,219,567
Avon Products Inc., 7.00%, 03/15/23		4,817		4,588,193
Edgewell Personal Care Co.
4.70%, 05/19/21^(b)		6,204		6,260,208
4.70%, 05/24/22		4,650		4,692,625
Revlon Consumer Products Corp., 5.75%, 02/15/21 (Call 05/29/20)^(b)		4,460		2,051,600

				26,546,774

Distribution & Wholesale — 0.4%
Anixter Inc.
5.13%, 10/01/21		3,546		3,601,554
5.50%, 03/01/23^(b)		3,810		3,881,438
Performance Food Group Inc., 5.50%, 06/01/24 (Call 05/11/20)^(a)(b)		3,246		3,159,859
Wolverine Escrow LLC, 8.50%, 11/15/24 (Call 11/15/21)^(a)		6,433		4,406,605

				15,049,456

Diversified Financial Services — 3.9%
Ally Financial Inc.
5.13%, 09/30/24		100		103,470
7.50%, 09/15/20^(b)		3,954		4,034,662
Avation Capital SA, 6.50%, 05/15/21 (Call 05/29/20)^(a)		3,430		2,906,925
Credit Acceptance Corp., 5.13%, 12/31/24 (Call 12/31/21)^(a)		4,074		3,629,255
Fairstone Financial Inc., 7.88%, 07/15/24 (Call 07/15/21)^(a)(b)		4,453		4,225,942
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/21)^(a)(b)		5,833		5,180,093
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.25%, 08/15/24 (Call 08/15/20)^(a)(b)		3,790		3,326,597
Nationstar Mortgage Holdings Inc., 8.13%, 07/15/23 (Call 07/15/20)^(a)		9,477		9,097,920
Navient Corp.
5.00%, 10/26/20		5,276		5,173,329
5.50%, 01/25/23^(b)		10,225		9,432,562
5.88%, 03/25/21		6,780		6,622,894
5.88%, 10/25/24		4,745		4,281,325


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
6.13%, 03/25/24^(b)	$	7,489	$	6,871,981
6.50%, 06/15/22		9,810		9,436,631
6.63%, 07/26/21		7,282		7,245,590
7.25%, 01/25/22		7,797		7,641,060
7.25%, 09/25/23		5,325		5,098,687
Springleaf Finance Corp.
5.63%, 03/15/23		8,809		8,286,333
6.13%, 05/15/22		9,790		9,667,625
6.13%, 03/15/24 (Call 09/15/23)		13,647		12,783,827
6.88%, 03/15/25		5,000		4,706,625
7.75%, 10/01/21		6,466		6,397,595
8.25%, 12/15/20		8,605		8,637,269
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 05/29/20)^(a)(b)		4,231		3,183,828
Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/21 (Call 05/29/20)^(a)		5,279		4,328,780

				152,300,805

Electric — 1.5%
AES Corp. (The)
4.00%, 03/15/21^(b)		5,231		5,233,759
4.50%, 03/15/23 (Call 05/29/20)		5,043		5,071,342
4.88%, 05/15/23 (Call 05/29/20)		6,167		6,212,017
Calpine Corp.
5.50%, 02/01/24 (Call 05/29/20)		5,937		5,966,685
5.75%, 01/15/25 (Call 05/29/20)^(b)		11,750		11,744,031
InterGen NV, 7.00%, 06/30/23 (Call 05/29/20)^(a)(b)		4,033		3,571,222
NextEra Energy Operating Partners LP
4.25%, 07/15/24 (Call 04/15/24)^(a)		7,257		7,311,427
4.25%, 09/15/24 (Call 07/15/24)^(a)		5,085		5,160,258
TransAlta Corp., 4.50%, 11/15/22 (Call 08/15/22)^(b)		4,150		4,035,875
Vistra Energy Corp., 5.88%, 06/01/23 (Call 05/29/20)^(b)		5,292		5,321,093

				59,627,709

Electrical Components & Equipment — 0.2%
WESCO Distribution Inc.
5.38%, 12/15/21 (Call 05/29/20)		3,762		3,708,542
5.38%, 06/15/24 (Call 05/29/20)		4,237		3,903,336

				7,611,878

Electronics — 0.4%
Ingram Micro Inc., 5.45%, 12/15/24 (Call 09/15/24)		5,011		4,797,281
Sensata Technologies BV
4.88%, 10/15/23^(a)		5,001		5,027,791
5.63%, 11/01/24^(a)(b)		4,065		4,128,233

				13,953,305

Energy – Alternate Sources — 0.2%
Pattern Energy Group Inc., 5.88%, 02/01/24 (Call 05/29/20)^(a)(b)		3,310		3,343,100
TerraForm Power Operating LLC, 4.25%, 01/31/23 (Call 10/31/22)^(a)		5,294		5,423,703

				8,766,803

Engineering & Construction — 0.3%
AECOM, 5.88%, 10/15/24 (Call 07/15/24)^(b)		8,063		8,578,831
MasTec Inc., 4.88%, 03/15/23 (Call 05/29/20)^(b)		4,218		4,147,264

				12,726,095

Entertainment — 2.4%
AMC Entertainment Holdings Inc., 10.50%, 04/15/25 (Call 04/15/22)^(a)		3,020		2,661,375
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 05/29/20)		4,740		4,412,071


Security	Par (000)		Value

Entertainment (continued)
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 05/01/22)^(a)	$	3,395	$	3,395,000
Cinemark USA Inc.
4.88%, 06/01/23 (Call 05/29/20)^(b)		7,012		5,890,080
5.13%, 12/15/22 (Call 05/29/20)		3,825		3,222,563
Cirsa Finance International Sarl, 7.88%, 12/20/23 (Call 06/20/20)^(a)		5,058		4,185,495
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 05/29/20)		1,400		1,347,500
7.00%, 08/01/23 (Call 05/29/20)^(b)		3,580		3,460,428
Enterprise Development Authority (The), 12.00%, 07/15/24 (Call 07/15/21)^(a)		4,641		4,180,729
International Game Technology PLC
6.25%, 02/15/22 (Call 08/15/21)^(a)		15,132		14,787,414
6.50%, 02/15/25 (Call 08/15/24)^(a)(b)		10,161		9,957,678
Jacobs Entertainment Inc., 7.88%, 02/01/24 (Call 05/29/20)^(a)(b)		3,460		2,620,950
Lions Gate Capital Holdings LLC
5.88%, 11/01/24 (Call 05/29/20)^(a)(b)		4,555		4,145,050
6.38%, 02/01/24 (Call 02/01/21)^(a)		5,880		5,470,458
Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 05/04/20)^(a)(b)		6,041		5,376,490
Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 05/14/20)^(a)		5,457		3,096,848
Six Flags Entertainment Corp., 4.88%, 07/31/24 (Call 05/29/20)^(a)		10,182		8,962,196
Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/15/22)^(a)		1,040		1,072,500
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25 (Call 04/15/22)^(a)		5,625		5,738,948

				93,983,773

Environmental Control — 0.6%
Advanced Disposal Services Inc., 5.63%, 11/15/24 (Call 05/29/20)^(a)		4,050		4,179,094
Covanta Holding Corp., 5.88%, 03/01/24 (Call 05/29/20)		3,842		3,787,585
GFL Environmental Inc.
4.25%, 06/01/25 (Call 06/01/22)^(a)		895		899,475
5.63%, 05/01/22 (Call 05/01/20)^(a)		4,730		4,786,760
Stericycle Inc., 5.38%, 07/15/24 (Call 07/15/21)^(a)(b)		6,367		6,428,250
Tervita Corp., 7.63%, 12/01/21 (Call 05/29/20)^(a)		5,718		3,809,617

				23,890,781

Food — 2.1%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.50%, 02/15/23 (Call 12/15/22)^(a)(b)		6,430		6,471,538
5.75%, 03/15/25 (Call 05/29/20)		2,000		2,042,700
6.63%, 06/15/24 (Call 05/29/20)^(b)		13,143		13,559,196
B&G Foods Inc., 5.25%, 04/01/25 (Call 05/29/20)		500		506,250
Ingles Markets Inc., 5.75%, 06/15/23 (Call 05/29/20)^(b)		5,778		5,872,181
JBS USA LUX SA/JBS USA Finance Inc., 5.88%, 07/15/24 (Call 06/01/20)^(a)		9,408		9,562,056
Lamb Weston Holdings Inc., 4.63%, 11/01/24 (Call 11/01/21)^(a)		8,781		8,957,674
Pilgrim’s Pride Corp., 5.75%, 03/15/25 (Call 05/29/20)^(a)		9,050		9,141,677
Simmons Foods Inc., 5.75%, 11/01/24 (Call 11/01/20)^(a)(b)		5,731		5,348,933
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 05/29/20)^(b)		3,386		3,381,391
6.00%, 02/15/24 (Call 05/29/20)^(a)		6,547		6,710,675


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Food (continued)
U.S. Foods Inc.
5.88%, 06/15/24 (Call 05/29/20)^(a)	$	6,007	$	5,720,586
6.25%, 04/15/25 (Call 04/15/22)^(a)		4,570		4,672,825

				81,947,682

Food Service — 0.2%
Aramark Services Inc.
5.00%, 04/01/25 (Call 05/29/20)^(a)(b)		2,700		2,619,000
6.38%, 05/01/25 (Call 05/01/22)^(a)(b)		2,970		3,088,800

				5,707,800

Forest Products & Paper — 0.2%
Mercer International Inc., 7.38%, 01/15/25 (Call 01/15/21)		5,723		5,551,310
Resolute Forest Products Inc., 5.88%, 05/15/23 (Call 05/29/20)^(b)		3,619		2,979,643

				8,530,953

Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp., 5.63%, 05/20/24 (Call 03/20/24)		6,355		6,482,100
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (Call 05/29/20)^(a)		3,725		2,976,896

				9,458,996

Hand & Machine Tools — 0.1%
Colfax Corp., 6.00%, 02/15/24 (Call 02/15/21)^(a)(b)		5,520		5,596,935


Health Care – Products — 0.5%
Avantor Inc., 6.00%, 10/01/24 (Call 10/01/20)^(a)		15,367		16,214,029
Immucor Inc., 11.13%, 02/15/22 (Call 05/29/20)^(a)(b)		3,029		2,719,474
Kinetic Concepts Inc./KCI USA Inc., 12.50%, 11/01/21 (Call 05/01/20)^(a)		800		800,000
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 (Call 05/29/20)^(a)(b)		1,350		1,228,500

				20,962,003

Health Care – Services — 7.3%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 05/29/20)		5,985		5,730,638
6.50%, 03/01/24 (Call 05/29/20)		4,142		3,952,407
Air Medical Group Holdings Inc., 6.38%, 05/15/23 (Call 05/29/20)^(a)		3,820		3,504,850
Centene Corp.
4.75%, 05/15/22 (Call 05/29/20)		10,229		10,345,253
4.75%, 01/15/25 (Call 05/29/20)^(b)		11,975		12,341,674
4.75%, 01/15/25 (Call 05/29/20)^(a)		9,238		9,520,868
5.25%, 04/01/25 (Call 05/14/20)^(a)		400		417,000
CHS/Community Health Systems Inc.
6.25%, 03/31/23 (Call 05/29/20)^(b)		29,747		27,962,180
6.63%, 02/15/25 (Call 02/15/22)^(a)		12,950		11,914,000
6.88%, 04/01/28 (Call 04/01/23)^(a)(b)		3,805		1,312,725
8.00%, 12/15/27 (Call 12/15/22)^(a)		2,800		2,642,500
8.13%, 06/30/24 (Call 06/30/21)^(a)		11,275		7,634,422
8.63%, 01/15/24 (Call 01/15/21)^(a)		8,067		7,834,255
9.88%, 06/30/23 (Call 06/30/20)^(a)(c)		14,449		10,627,239
DaVita Inc., 5.13%, 07/15/24 (Call 05/14/20)^(b)		17,693		17,958,395
Encompass Health Corp., 5.75%, 11/01/24 (Call 05/29/20)^(b)		7,300		7,327,375
HCA Inc.
5.38%, 02/01/25		25,403		27,316,608
5.88%, 05/01/23^(b)		12,492		13,366,440
LifePoint Health Inc., 6.75%, 04/15/25 (Call 04/15/22)^(a)		5,615		5,783,450
Magellan Health Inc., 4.90%, 09/22/24 (Call 07/22/24)		4,214		4,103,383
MEDNAX Inc., 5.25%, 12/01/23 (Call 05/29/20)^(a)		7,665		7,243,425


Security	Par (000)		Value

Health Care – Services (continued)
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)^(b)	$	7,291	$	7,537,071
Quorum Health Corp., 11.63%, 04/15/23 (Call 05/29/20)^(b)(d)		2,653		420,501
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 07/15/20)		18,524		18,196,125
4.63%, 09/01/24 (Call 09/01/21)^(a)		5,535		5,425,814
6.75%, 06/15/23		18,664		18,645,336
7.50%, 04/01/25 (Call 04/01/22)^(a)		6,515		6,979,655
8.13%, 04/01/22		27,380		27,449,819

				283,493,408

Holding Companies – Diversified — 1.2%
FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)^(a)		5,196		3,377,400
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24 (Call 06/15/24)		10,650		10,011,000
6.25%, 02/01/22 (Call 05/29/20)		12,041		12,225,348
6.75%, 02/01/24 (Call 05/29/20)^(b)		4,786		4,794,375
Stena AB, 7.00%, 02/01/24^(a)(b)		4,715		4,196,350
Stena International SA
5.75%, 03/01/24^(a)		3,145		2,769,638
6.13%, 02/01/25 (Call 02/01/22)^(a)		3,675		3,188,573
VistaJet Malta Finance PLC/XO Management Holding Inc., 10.50%, 06/01/24 (Call 06/01/22)^(a)		5,708		4,525,969

				45,088,653

Home Builders — 2.1%
Forestar Group Inc., 8.00%, 04/15/24 (Call 04/15/21)^(a)		3,581		3,538,073
KB Home
7.00%, 12/15/21 (Call 09/15/21)^(b)		3,917		4,054,095
7.50%, 09/15/22		3,811		4,053,951
7.63%, 05/15/23 (Call 11/15/22)^(b)		3,578		3,757,168
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		6,055		6,078,978
4.50%, 04/30/24 (Call 01/31/24)		6,729		6,848,193
4.75%, 04/01/21 (Call 02/01/21)		5,250		5,279,400
4.75%, 11/15/22 (Call 08/15/22)^(b)		4,913		4,988,095
4.88%, 12/15/23 (Call 09/15/23)		3,830		3,918,785
5.88%, 11/15/24 (Call 05/15/24)		4,227		4,491,187
8.38%, 01/15/21		3,909		4,029,593
PulteGroup Inc., 4.25%, 03/01/21 (Call 02/01/21)		3,964		4,015,235
Taylor Morrison Communities Inc., 5.88%, 01/31/25 (Call 05/11/20)^(a)		4,000		3,743,040
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.63%, 03/01/24 (Call 12/01/23)^(a)(b)		3,760		3,529,028
5.88%, 04/15/23 (Call 01/15/23)^(a)		3,592		3,518,957
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)		4,301		4,311,753
5.88%, 02/15/22 (Call 11/15/21)		3,845		3,955,544
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		4,650		4,562,812
Williams Scotsman International Inc., 6.88%, 08/15/23 (Call 08/15/20)^(a)		4,704		4,715,760

				83,389,647

Home Furnishings — 0.1%
Tempur Sealy International Inc., 5.63%, 10/15/23 (Call 05/29/20)		4,991		4,926,272


Household Products & Wares — 0.6%
ACCO Brands Corp., 5.25%, 12/15/24 (Call 05/29/20)^(a)(b)		3,775		3,741,026


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Household Products & Wares (continued)
Central Garden & Pet Co., 6.13%, 11/15/23 (Call 05/29/20)^(b)	$	3,408	$	3,433,972
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23 (Call 05/29/20)^(a)(b)		8,724		7,548,005
Prestige Brands Inc., 6.38%, 03/01/24 (Call 05/29/20)^(a)(b)		6,543		6,731,111

				21,454,114

Housewares — 0.4%
Newell Brands Inc., 4.35%, 04/01/23 (Call 02/01/23)^(b)		13,510		13,746,425
Tupperware Brands Corp., 4.75%, 06/01/21 (Call 03/01/21)^(b)		5,449		2,274,958

				16,021,383

Insurance — 1.0%
Acrisure LLC/Acrisure Finance Inc., 8.13%, 02/15/24 (Call 02/15/21)^(a)		9,185		9,372,527
Ardonagh Midco 3 PLC, 8.63%, 07/15/23 (Call 07/15/20)^(a)(b)		4,972		4,681,449
Genworth Holdings Inc.
4.80%, 02/15/24^(b)		4,106		3,428,510
4.90%, 08/15/23		3,488		2,972,702
7.20%, 02/15/21		3,570		3,300,019
7.63%, 09/24/21		6,710		6,374,500
MGIC Investment Corp., 5.75%, 08/15/23		4,015		3,956,682
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)^(b)		4,889		4,812,585

				38,898,974

Internet — 1.8%
Cogent Communications Group Inc., 5.38%, 03/01/22 (Call 12/01/21)^(a)		4,594		4,708,850
EIG Investors Corp., 10.88%, 02/01/24 (Call 05/29/20)^(b)		3,440		2,936,040
Match Group Inc., 6.38%, 06/01/24 (Call 05/29/20)		3,958		4,076,740
Netflix Inc.
5.38%, 02/01/21^(b)		4,498		4,578,704
5.50%, 02/15/22		7,328		7,621,120
5.75%, 03/01/24		3,801		4,142,710
5.88%, 02/15/25		7,391		8,112,778
NortonLifeLock Inc.
3.95%, 06/15/22 (Call 03/15/22)		4,198		4,262,439
4.20%, 09/15/20^(b)		7,713		7,732,283
5.00%, 04/15/25 (Call 05/11/20)^(a)		4,300		4,331,383
Uber Technologies Inc., 7.50%, 11/01/23 (Call 11/01/20)^(a)(b)		5,208		5,220,395
VeriSign Inc.
4.63%, 05/01/23 (Call 05/29/20)		7,375		7,419,982
5.25%, 04/01/25 (Call 01/01/25)^(b)		4,400		4,811,290

				69,954,714

Iron & Steel — 0.2%
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)^(b)		5,266		4,808,516
Cleveland-Cliffs Inc., 4.88%, 01/15/24 (Call 01/15/21)^(a)		3,742		3,218,120

				8,026,636

Leisure Time — 0.7%
Carlson Travel Inc., 6.75%, 12/15/23 (Call 05/29/20)^(a)		3,702		2,392,671
LTF Merger Sub Inc., 8.50%, 06/15/23 (Call 05/29/20)^(a)		4,704		3,786,720
NCL Corp. Ltd., 3.63%, 12/15/24 (Call 12/15/21)^(a)		5,527		3,628,475
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 05/29/20)^(a)(b)		5,106		4,748,580
5.38%, 04/15/23 (Call 05/29/20)^(a)(b)		5,011		4,644,195
9.25%, 04/15/25 (Call 03/16/25)^(a)		5,320		5,619,250


Security	Par (000)		Value

Leisure Time (continued)
Vista Outdoor Inc., 5.88%, 10/01/23 (Call 05/29/20)	$	3,408	$	3,180,288

				28,000,179

Lodging — 2.1%
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 05/29/20)^(a)(b)		5,321		4,302,029
10.75%, 09/01/24 (Call 05/29/20)^(a)		5,471		3,468,614
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 05/20/20)		10,118		9,814,460
5.38%, 05/01/25 (Call 05/01/22)^(a)		600		600,150
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25 (Call 05/14/20)		1,835		1,797,162
MGM China Holdings Ltd., 5.38%, 05/15/24 (Call 05/15/21)^(a)(b)		5,066		4,951,483
MGM Resorts International
6.00%, 03/15/23^(b)		12,871		12,474,734
6.75%, 05/01/25 (Call 05/01/22)		3,400		3,332,408
7.75%, 03/15/22		10,164		10,338,719
Studio City Co. Ltd., 7.25%, 11/30/21 (Call 05/29/20)^(a)		7,600		7,585,560
Wyndham Destinations Inc.
3.90%, 03/01/23 (Call 12/01/22)		3,351		2,919,559
4.25%, 03/01/22 (Call 12/01/21)		6,654		6,346,252
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^(a)(b)		4,702		4,384,615
5.50%, 03/01/25 (Call 12/01/24)^(a)(b)		9,700		8,589,544
Wynn Macau Ltd., 4.88%, 10/01/24 (Call 10/01/20)^(a)		1,945		1,888,712

				82,794,001

Machinery — 0.4%
Cleaver-Brooks Inc., 7.88%, 03/01/23 (Call 05/29/20)^(a)(b)		3,555		2,923,988
Cloud Crane LLC, 10.13%, 08/01/24 (Call 05/29/20)^(a)		5,215		4,732,612
Terex Corp., 5.63%, 02/01/25 (Call 05/19/20)^(a)(b)		5,905		5,367,468
Welbilt Inc., 9.50%, 02/15/24 (Call 05/29/20)^(b)		4,443		3,687,690

				16,711,758

Manufacturing — 0.4%
FXI Holdings Inc., 7.88%, 11/01/24 (Call 11/01/20)^(a)		4,712		3,439,760
Koppers Inc., 6.00%, 02/15/25 (Call 05/29/20)^(a)(b)		5,244		4,287,435
LSB Industries Inc., 9.63%, 05/01/23 (Call 05/29/20)^(a)(b)		4,117		3,824,521
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)^(b)		4,125		3,796,237


			15,347,953

Media — 8.0%
Altice Finco SA, 7.63%, 02/15/25 (Call 05/29/20)^(a)(b)		3,700		3,700,000
AMC Networks Inc.
4.75%, 12/15/22 (Call 05/29/20)		3,734		3,695,540
5.00%, 04/01/24 (Call 05/29/20)		10,172		9,785,464
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 05/14/20)^(a)		5,372		5,412,935
5.13%, 05/01/23 (Call 05/01/20)^(a)		9,565		9,675,715
5.88%, 04/01/24 (Call 05/29/20)^(a)(b)		17,791		18,302,491
Cengage Learning Inc., 9.50%, 06/15/24 (Call 05/29/20)^(a)		6,310		3,344,300
Clear Channel Worldwide Holdings Inc., 9.25%, 02/15/24 (Call 02/15/21)^(a)(b)		17,880		14,840,400
CSC Holdings LLC
5.25%, 06/01/24		7,115		7,428,416
5.38%, 07/15/23 (Call 05/11/20)^(a)(b)		10,982		11,105,547
5.88%, 09/15/22^(b)		6,163		6,422,296
6.75%, 11/15/21		9,752		10,171,531
DISH DBS Corp.
5.00%, 03/15/23		13,865		13,222,087
5.13%, 05/01/20		8,502		8,502,000
5.88%, 07/15/22		19,548		19,591,983


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
5.88%, 11/15/24^(b)	$	20,681	$	19,891,813
6.75%, 06/01/21		16,852		16,853,685
Entercom Media Corp., 7.25%, 11/01/24 (Call 05/29/20)^(a)		4,160		2,606,891
Gray Television Inc., 5.13%, 10/15/24 (Call 05/11/20)^(a)(b)		5,876		5,802,550
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24 (Call 05/29/20)^(a)		4,230		2,876,400
Nexstar Broadcasting Inc., 5.63%, 08/01/24 (Call 05/11/20)^(a)(b)		9,334		9,100,650
Quebecor Media Inc., 5.75%, 01/15/23^(b)		8,624		9,036,716
Radiate Holdco LLC/Radiate Finance Inc., 6.63%, 02/15/25 (Call 05/11/20)^(a)		3,697		3,682,914
Sinclair Television Group Inc., 5.63%, 08/01/24 (Call 05/14/20)^(a)(b)		4,948		4,515,644
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)^(a)(b)		9,659		9,718,568
4.63%, 05/15/23 (Call 05/29/20)^(a)		5,058		5,089,612
4.63%, 07/15/24 (Call 07/15/21)^(a)(b)		15,150		15,484,815
5.38%, 04/15/25 (Call 05/29/20)^(a)(b)		6,700		6,909,375
TEGNA Inc., 4.88%, 09/15/21 (Call 05/29/20)^(a)		2,446		2,436,828
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/29/20)^(a)(b)		12,062		11,496,573
5.13%, 02/15/25 (Call 05/11/20)^(a)(b)		14,066		12,459,072
6.75%, 09/15/22 (Call 05/29/20)^(a)(b)		2,609		2,633,143
9.50%, 05/01/25 (Call 05/01/22)^(a)		695		702,819
Urban One Inc., 7.38%, 04/15/22 (Call 05/29/20)^(a)		3,013		2,476,686
Videotron Ltd.
5.00%, 07/15/22^(b)		8,207		8,454,979
5.38%, 06/15/24 (Call 03/15/24)^(a)(b)		5,254		5,571,867
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 05/11/20)^(a)		3,364		3,439,354
6.00%, 10/15/24 (Call 05/11/20)^(a)		5,251		5,306,715


			311,748,374

Metal Fabricate & Hardware — 0.2%
Grinding Media Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 (Call 05/29/20)^(a)		9,092		8,927,435


Mining — 2.3%
Alcoa Nederland Holding BV, 6.75%, 09/30/24 (Call 05/29/20)^(a)(b)		7,628		7,689,939
Aleris International Inc., 10.75%, 07/15/23 (Call 05/08/20)^(a)		3,354		3,456,101
Arconic Corp., 6.00%, 05/15/25 (Call 05/15/22)^(a)		1,575		1,592,719
Barminco Finance Pty Ltd., 6.63%, 05/15/22 (Call 06/01/20)^(a)(b)		3,468		3,278,865
Constellium SE
5.75%, 05/15/24 (Call 05/29/20)^(a)		3,887		3,739,805
6.63%, 03/01/25 (Call 05/29/20)^(a)		2,750		2,673,688
Ferroglobe PLC/Globe Specialty Metals Inc., 9.38%, 03/01/22 (Call 05/29/20)^(a)		2,575		894,813
FMG Resources August 2006 Pty Ltd.
4.75%, 05/15/22 (Call 02/15/22)^(a)		7,900		7,907,110
5.13%, 03/15/23 (Call 12/15/22)^(a)		4,750		4,783,250
5.13%, 05/15/24 (Call 02/15/24)^(a)		7,400		7,490,279
Freeport-McMoRan Inc.
3.55%, 03/01/22 (Call 12/01/21)^(b)		4,745		4,793,399
3.88%, 03/15/23 (Call 12/15/22)^(b)		19,031		19,046,225
4.55%, 11/14/24 (Call 08/14/24)		9,174		9,196,935
IAMGOLD Corp., 7.00%, 04/15/25 (Call 05/29/20)^(a)(b)		3,800		3,814,250


Security	Par (000)		Value

Mining (continued)
Joseph T Ryerson & Son Inc., 11.00%, 05/15/22 (Call 05/29/20)^(a)	$	5,617	$	5,390,635
Kaiser Aluminum Corp., 6.50%, 05/01/25 (Call 05/01/22)^(a)		465		470,813
New Gold Inc., 6.25%, 11/15/22 (Call 05/06/20)^(a)(b)		3,646		3,624,534
Northwest Acquisitions ULC/Dominion Finco Inc., 7.13%, 11/01/22 (Call 05/11/20)^(a)		4,650		453,375

				90,296,735

Office & Business Equipment — 1.1%
CDW LLC/CDW Finance Corp.
4.13%, 05/01/25 (Call 05/01/22)		1,595		1,621,940
5.50%, 12/01/24 (Call 06/01/24)		5,900		6,289,459
Pitney Bowes Inc.
4.63%, 05/15/22 (Call 04/15/22)		1,286		1,107,567
4.63%, 03/15/24 (Call 12/15/23)^(b)		3,500		2,668,750
5.70%, 04/01/23 (Call 03/01/23)		2,491		2,033,279
Xerox Corp.
2.75%, 09/01/20		3,821		3,804,283
3.50%, 08/20/20		3,775		3,762,731
4.13%, 03/15/23 (Call 02/15/23)		10,076		10,025,620
4.50%, 05/15/21		10,099		10,106,221

				41,419,850

Oil & Gas — 4.2%
Aker BP ASA
4.75%, 06/15/24 (Call 06/15/21)^(a)		323		299,617
6.00%, 07/01/22 (Call 05/29/20)^(a)		3,787		3,582,502
American Energy- Permian Basin LLC, 12.00%, 10/01/24 (Call 10/01/21)^(a)		6,034		602,736
Antero Resources Corp.
5.13%, 12/01/22 (Call 05/29/20)		7,300		4,927,500
5.38%, 11/01/21 (Call 05/29/20)^(b)		9,993		8,968,717
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22 (Call 05/29/20)^(a)		9,318		7,431,105
Callon Petroleum Co., 6.13%, 10/01/24 (Call 05/29/20)		4,701		875,561
Calumet Specialty Products Partners LP/Calumet Finance Corp., 7.63%, 01/15/22 (Call 05/29/20)^(b)		3,784		3,206,940
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/21)^(a)		13,205		11,884,500
CITGO Petroleum Corp., 6.25%, 08/15/22 (Call 05/29/20)^(a)		6,236		5,939,790
CNX Resources Corp., 5.88%, 04/15/22 (Call 05/29/20)		8,703		8,648,606
CVR Energy Inc., 5.25%, 02/15/25 (Call 02/15/22)^(a)		6,205		5,066,010
Denbury Resources Inc., 9.00%, 05/15/21 (Call 05/29/20)^(a)(b)		5,975		1,086,853
HighPoint Operating Corp., 7.00%, 10/15/22 (Call 05/29/20)		3,068		905,060
Hilcorp Energy I LP/Hilcorp Finance Co., 5.00%, 12/01/24 (Call 05/29/20)^(a)		5,163		2,892,571
Ithaca Energy North Sea PLC, 9.38%, 07/15/24 (Call 07/15/21)^(a)		4,747		2,943,615
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/22)^(b)		4,857		2,064,225
MEG Energy Corp.
6.50%, 01/15/25 (Call 05/29/20)^(a)		5,100		4,130,745
7.00%, 03/31/24 (Call 05/29/20)^(a)(b)		6,619		4,659,398
Montage Resources Corp., 8.88%, 07/15/23 (Call 05/29/20)		5,336		4,403,801
Murphy Oil Corp.
4.45%, 12/01/22 (Call 09/01/22)		455		365,174
6.88%, 08/15/24 (Call 05/29/20)		4,693		3,332,030
Nabors Industries Inc., 5.50%, 01/15/23 (Call 11/15/22)		335		100,446


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil &Gas (continued)
Oasis Petroleum Inc., 6.88%, 03/15/22 (Call 05/29/20)	$	8,255	$	1,217,613
Parsley Energy LLC/Parsley Finance Corp., 5.38%, 01/15/25 (Call 05/29/20)^(a)		6,768		6,110,150
PDC Energy Inc., 6.13%, 09/15/24 (Call 05/29/20)^(b)		3,679		2,894,269
Puma International Financing SA, 5.13%, 10/06/24 (Call 10/06/20)^(a)		4,500		3,251,250
QEP Resources Inc., 6.88%, 03/01/21		3,520		1,874,400
Range Resources Corp. 5.00%, 08/15/22 (Call 05/15/22)^(b)		5,267		4,806,138
5.00%, 03/15/23 (Call 12/15/22)^(b)		7,334		6,362,245
Seven Generations Energy Ltd. 6.75%, 05/01/23 (Call 05/29/20)^(a)		4,007		3,598,774
6.88%, 06/30/23 (Call 05/29/20)^(a)		4,101		3,672,259
SM Energy Co. 5.00%, 01/15/24 (Call 05/29/20)		1,890		583,065
6.13%, 11/15/22 (Call 05/29/20)^(b)		4,976		1,990,400
Southwestern Energy Co., 6.20%, 01/23/25 (Call 10/23/24)^(b)		8,834		7,757,356
Sunoco LP/Sunoco Finance Corp., 4.88%, 01/15/23 (Call 05/29/20)		10,167		9,944,546
Teine Energy Ltd., 6.88%, 09/30/22 (Call 05/29/20)^(a)		3,282		3,134,310
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)^(a)(b)		3,729		2,859,761
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)^(a)		5,472		4,147,320
WPX Energy Inc. 5.25%, 09/15/24 (Call 06/15/24)		6,449		5,691,243
8.25%, 08/01/23 (Call 06/01/23)		4,045		3,807,912

				162,020,513

Oil & Gas Services — 0.6%
Forum Energy Technologies Inc., 6.25%, 10/01/21 (Call 05/29/20)		3,617		1,110,290
Oceaneering International Inc., 4.65%, 11/15/24 (Call 08/15/24)		3,894		2,002,976
SESI LLC, 7.13%, 12/15/21 (Call 05/29/20)^(a)		5,987		2,737,366
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/21)^(a)		20,778		15,375,720

				21,226,352

Packaging & Containers — 3.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 4.25%, 09/15/22 (Call 05/11/20)^(a)(b)		6,695		6,730,483
5.25%, 04/30/25 (Call 04/30/22)^(a)		2,230		2,288,493
6.00%, 02/15/25 (Call 05/11/20)^(a)(b)		16,062		16,080,793
Ball Corp. 4.00%, 11/15/23		10,132		10,481,554
5.00%, 03/15/22^(b)		6,197		6,491,358
Berry Global Inc. 5.13%, 07/15/23 (Call 05/29/20)^(b)		7,238		7,283,237
5.50%, 05/15/22 (Call 05/29/20)		5,004		4,989,049
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23		10,221		10,478,569
Flex Acquisition Co. Inc., 6.88%, 01/15/25 (Call 05/29/20)^(a)(b)		5,884		5,724,073
Graphic Packaging International LLC, 4.75%, 04/15/21 (Call 01/15/21)^(b)		2,957		2,976,368
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/24 (Call 05/29/20)^(a)		13,815		12,774,730
7.25%, 04/15/25 (Call 05/29/20)^(a)(b)		2,900		2,269,250


Security	Par (000)		Value

Packaging & Containers (continued)
Owens-Brockway Glass Container Inc. 5.00%, 01/15/22^(a)	$	5,346	$	5,401,064
5.88%, 08/15/23^(a)(b)		7,329		7,514,460
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.13%, 07/15/23 (Call 05/29/20)^(a)		16,288		16,328,720
7.00%, 07/15/24 (Call 05/29/20)^(a)		8,158		8,188,185
Sealed Air Corp. 4.88%, 12/01/22 (Call 09/01/22)^(a)		3,877		4,015,797
5.13%, 12/01/24 (Call 09/01/24)^(a)		4,485		4,720,463
5.25%, 04/01/23 (Call 01/01/23)^(a)		4,348		4,500,180

				139,236,826

Pharmaceuticals — 3.7%
Bausch Health Companies Inc. 5.50%, 03/01/23 (Call 05/29/20)^(a)		2,158		2,147,210
5.88%, 05/15/23 (Call 05/29/20)^(a)(b)		571		566,718
6.13%, 04/15/25 (Call 05/29/20)^(a)		9,000		9,137,700
6.50%, 03/15/22 (Call 05/29/20)^(a)(b)		9,021		9,199,616
7.00%, 03/15/24 (Call 05/29/20)^(a)		18,901		19,683,879
Elanco Animal Health Inc. 4.66%, 08/27/21		5,271		5,377,474
5.02%, 08/28/23 (Call 07/28/23)^(b)		8,100		8,641,242
Endo Dac/Endo Finance LLC/Endo Finco Inc. 6.00%, 07/15/23 (Call 06/01/20)^(a)(b)		14,277		10,666,175
6.00%, 02/01/25 (Call 06/01/20)^(a)(b)		11,400		8,151,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.75%, 08/01/22 (Call 05/29/20)^(a)(b)		5,500		2,303,813
Teva Pharmaceutical Finance Netherlands III BV 2.20%, 07/21/21		19,020		18,668,130
2.80%, 07/21/23		29,281		26,818,468
6.00%, 04/15/24 (Call 01/15/24)		11,691		11,615,593
7.13%, 01/31/25 (Call 10/31/24)^(a)		9,886		10,239,919

				143,216,937

Pipelines — 2.3%
American Midstream Partners LP/American Midstream Finance Corp., 9.50%, 12/15/21 (Call 05/29/20)^(a)		4,656		4,244,720
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24 (Call 05/14/20)		6,745		5,240,865
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 05/29/20)^(a)		7,926		6,554,519
Buckeye Partners LP 4.13%, 03/01/25 (Call 02/01/25)^(a)		673		622,525
4.15%, 07/01/23 (Call 04/01/23)		5,159		4,823,665
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23 (Call 05/14/20)		6,410		4,705,196
DCP Midstream Operating LP 3.88%, 03/15/23 (Call 12/15/22)		4,838		3,967,160
4.75%, 09/30/21 (Call 06/30/21)^(a)		4,786		4,510,805
4.95%, 04/01/22 (Call 01/01/22)		3,512		3,192,260
EnLink Midstream Partners LP, 4.40%, 04/01/24 (Call 01/01/24)		4,348		2,739,327
Genesis Energy LP/Genesis Energy Finance Corp. 5.63%, 06/15/24 (Call 05/29/20)		2,350		1,972,825
6.00%, 05/15/23 (Call 05/29/20)		4,674		4,066,380
Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.25%, 02/15/21 (Call 05/29/20)		2,260		904,000
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 05/29/20)		4,984		3,361,409
NuStar Logistics LP, 4.80%, 09/01/20		4,425		4,296,400


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 05/29/20)	$	5,489	$	4,184,447
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 4.75%, 10/01/23 (Call 10/01/20)^(a)		5,223		4,009,738
5.50%, 09/15/24 (Call 05/29/20)^(a)		6,805		5,150,024
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.25%, 11/15/23 (Call 05/29/20)		6,934		6,292,189
5.13%, 02/01/25 (Call 05/29/20)		4,800		4,267,771
5.25%, 05/01/23 (Call 05/29/20)		5,940		5,620,725
6.75%, 03/15/24 (Call 05/29/20)		5,404		5,109,892

				89,836,842

Real Estate — 0.7%
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 05/29/20)^(a)		5,550		5,379,837
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 05/29/20)		11,350		10,858,545
Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)		5,738		5,287,926
Realogy Group LLC/Realogy Co-Issuer Corp. 4.88%, 06/01/23 (Call 03/01/23)^(a)(b)		3,312		2,518,378
5.25%, 12/01/21 (Call 05/29/20)^(a)		5,766		4,840,442

				28,885,128

Real Estate Investment Trusts — 3.8%
HAT Holdings I LLC/HAT Holdings II LLC 5.25%, 07/15/24 (Call 07/15/21)^(a)(b)		5,215		5,201,963
6.00%, 04/15/25 (Call 04/15/22)^(a)		3,715		3,715,000
Iron Mountain Inc. 4.38%, 06/01/21 (Call 05/11/20)^(a)		5,123		5,123,000
5.75%, 08/15/24 (Call 05/11/20)		10,148		9,970,309
6.00%, 08/15/23 (Call 05/11/20)^(b)		6,233		6,310,913
iStar Inc. 4.25%, 08/01/25 (Call 05/01/25)		1,801		1,437,295
4.75%, 10/01/24 (Call 07/01/24)		5,630		4,672,900
5.25%, 09/15/22 (Call 05/29/20)		4,361		3,924,458
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 03/15/22 (Call 09/15/21)^(a)		5,319		4,399,055
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., 5.63%, 05/01/24 (Call 02/01/24)^(b)		10,183		10,337,883
MPT Operating Partnership LP/MPT Finance Corp., 6.38%, 03/01/24 (Call 05/29/20)		5,059		5,226,183
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/23 (Call 05/29/20)		3,742		3,461,350
SBA Communications Corp. 4.00%, 10/01/22 (Call 05/29/20)		7,446		7,485,464
4.88%, 09/01/24 (Call 05/29/20)		11,782		12,145,749
Starwood Property Trust Inc. 3.63%, 02/01/21 (Call 11/01/20)^(b)		5,061		4,864,886
4.75%, 03/15/25 (Call 09/15/24)^(b)		3,900		3,323,193
5.00%, 12/15/21 (Call 09/15/21)		7,450		7,026,798
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC 7.13%, 12/15/24 (Call 05/29/20)^(a)(b)		5,750		4,456,646
7.88%, 02/15/25 (Call 02/15/22)^(a)		23,205		22,349,200
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC 6.00%, 04/15/23 (Call 05/29/20)^(a)(b)		4,779		4,481,746
8.25%, 10/15/23 (Call 05/29/20)^(b)		9,486		7,870,534
VICI Properties LP/VICI Note Co. Inc., 3.50%, 02/15/25 (Call 02/15/22)^(a)		7,745		7,275,480


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Washington Prime Group LP, 6.45%, 08/15/24 (Call 06/15/24)^(b)	$	7,030	$	3,764,565

				148,824,570

Retail — 4.8%
1011778 BC ULC/New Red Finance Inc. 4.25%, 05/15/24 (Call 05/29/20)^(a)		14,686		14,690,553
5.75%, 04/15/25 (Call 04/15/22)^(a)		4,755		5,025,464
Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)^(a)(b)		3,371		2,819,252
Carvana Co., 8.88%, 10/01/23 (Call 10/01/20)^(a)(b)		6,234		6,052,840
DriveTime Automotive Group Inc./Bridgecrest Acceptance Corp., 8.00%, 06/01/21 (Call 05/29/20)^(a)(b)		3,870		3,492,675
eG Global Finance PLC, 6.75%, 02/07/25 (Call 05/15/21)^(a)		7,220		6,529,768
Ferrellgas LP/Ferrellgas Finance Corp. 6.50%, 05/01/21 (Call 05/29/20)		2,435		1,963,219
6.75%, 01/15/22 (Call 05/29/20)		2,391		1,902,590
6.75%, 06/15/23 (Call 05/14/20)^(b)		2,680		2,144,000
10.00%, 04/15/25 (Call 04/15/22)^(a)		1,350		1,426,815
GameStop Corp., 6.75%, 03/15/21 (Call 05/29/20)^(a)(b)		3,214		2,522,990
Gap Inc. (The) 5.95%, 04/12/21 (Call 01/12/21)		3,141		3,227,377
8.38%, 05/15/23^(a)		2,145		2,233,910
8.63%, 05/15/25 (Call 05/15/22)^(a)		5,835		6,024,637
Golden Nugget Inc., 6.75%, 10/15/24 (Call 05/29/20)^(a)		13,539		10,518,720
Group 1 Automotive Inc., 5.00%, 06/01/22 (Call 05/29/20)^(b)		5,076		4,844,703
Guitar Center Inc., 9.50%, 10/15/21 (Call 05/29/20)^(a)		5,954		4,016,449
JC Penney Corp. Inc., 5.88%, 07/01/23 (Call 05/29/20)^(a)		2,629		1,204,882
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.00%, 06/01/24 (Call 05/29/20)^(a)(b)		9,833		10,127,007
KGA Escrow LLC, 7.50%, 08/15/23 (Call 08/15/20)^(a)(b)		3,508		3,191,027
L Brands Inc. 5.63%, 02/15/22		8,576		7,546,880
5.63%, 10/15/23		5,163		4,207,845
6.63%, 04/01/21		2,960		2,727,078
Party City Holdings Inc., 6.13%, 08/15/23 (Call 05/29/20)^(a)(b)		3,066		306,600
Penske Automotive Group Inc., 5.75%, 10/01/22 (Call 05/29/20)		5,151		4,904,181
PetSmart Inc., 7.13%, 03/15/23 (Call 05/29/20)^(a)		19,003		18,195,372
QVC Inc. 4.38%, 03/15/23^(b)		7,522		7,154,550
4.45%, 02/15/25 (Call 11/15/24)^(b)		4,957		4,528,715
4.85%, 04/01/24^(b)		6,300		5,984,370
5.13%, 07/02/22		4,566		4,429,020
Reliance Intermediate Holdings LP, 6.50%, 04/01/23 (Call 05/29/20)^(a)(b)		3,944		3,956,825
Rite Aid Corp., 6.13%, 04/01/23 (Call 05/29/20)^(a)		10,850		9,901,710
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 05/29/20)		5,192		5,077,344
Yum! Brands Inc. 3.75%, 11/01/21 (Call 08/01/21)^(b)		3,344		3,337,730
3.88%, 11/01/20 (Call 08/01/20)		3,158		3,155,632
7.75%, 04/01/25 (Call 04/01/22)^(a)		5,515		6,032,721

				185,405,451

Software — 2.7%
CDK Global Inc., 5.00%, 10/15/24 (Call 07/15/24)^(b)		5,234		5,456,445


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Software (continued)
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/11/20)^(a)(b)	$	7,505	$	7,403,232
Genesys Telecommunications Laboratories Inc./Greeneden Lux 3 Sarl/Greeneden U.S. Ho, 10.00%, 11/30/24 (Call 05/29/20)^(a)(b)		7,268		7,649,570
Infor U.S. Inc., 6.50%, 05/15/22 (Call 05/26/20)^(b)		15,729		15,717,990
Marble II Pte Ltd., 5.30%, 06/20/22 (Call 06/20/20)^(a)		4,750		4,346,250
PTC Inc. 3.63%, 02/15/25 (Call 02/15/22)^(a)		5,330		5,244,027
6.00%, 05/15/24 (Call 05/15/20)^(b)		4,232		4,353,670
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 05/29/20)^(a)(b)		11,850		11,694,409
Riverbed Technology Inc., 8.88%, 03/01/23 (Call 05/29/20)^(a)		2,210		1,332,906
RP Crown Parent LLC, 7.38%, 10/15/24 (Call 05/29/20)^(a)(b)		3,658		3,590,937
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 05/29/20)^(a)(b)		19,879		19,779,605
Sophia LP/Sophia Finance Inc., 9.00%, 09/30/23 (Call 05/29/20)^(a)(b)		4,940		4,977,149
Veritas U.S. Inc./Veritas Bermuda Ltd. 7.50%, 02/01/23 (Call 05/11/20)^(a)		4,066		3,935,075
10.50%, 02/01/24 (Call 05/11/20)^(a)(b)		8,617		7,654,194

				103,135,459

Storage & Warehousing — 0.1%
LBC Tank Terminals Holding Netherlands BV, 6.88%, 05/15/23 (Call 05/29/20)^(a)(b)		3,039		2,963,025


Telecommunications — 9.5%
CenturyLink Inc. 5.63%, 04/01/25 (Call 01/01/25)		1,000		1,005,000
Series S, 6.45%, 06/15/21		11,927		12,180,449
Series T, 5.80%, 03/15/22		14,068		14,384,249
Series W, 6.75%, 12/01/23		7,752		8,136,145
Series Y, 7.50%, 04/01/24 (Call 01/01/24)^(b)		9,983		10,831,555
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 05/29/20)^(a)		6,624		6,688,153
CommScope Inc. 5.00%, 06/15/21 (Call 05/11/20)^(a)		189		186,165
5.50%, 03/01/24 (Call 03/01/21)^(a)		12,830		12,830,000
5.50%, 06/15/24 (Call 05/11/20)^(a)		6,718		6,011,510
Consolidated Communications Inc., 6.50%, 10/01/22 (Call 05/29/20)^(b)		5,414		4,913,205
DKT Finance ApS, 9.38%, 06/17/23 (Call 06/17/20)^(a)(b)		4,286		4,295,086
Gogo Intermediate Holdings LLC/Gogo Finance Co. Inc., 9.88%, 05/01/24 (Call 05/01/21)^(a)(b)		9,149		7,517,642
GTT Communications Inc., 7.88%, 12/31/24 (Call 05/29/20)^(a)		5,099		3,031,508
HC2 Holdings Inc., 11.50%, 12/01/21 (Call 06/01/20)^(a)		4,320		3,753,000
Hughes Satellite Systems Corp., 7.63%, 06/15/21		9,249		9,594,543
Intelsat Jackson Holdings SA 5.50%, 08/01/23 (Call 05/29/20)		13,670		7,279,275
8.00%, 02/15/24 (Call 05/29/20)^(a)		12,318		12,586,532
8.50%, 10/15/24 (Call 10/15/20)^(a)		14,607		8,252,955
9.50%, 09/30/22^(a)		4,460		4,941,626
Level 3 Financing Inc. 5.13%, 05/01/23 (Call 05/29/20)^(b)		7,067		7,050,393
5.38%, 08/15/22 (Call 05/29/20)		8,253		8,250,371
5.38%, 01/15/24 (Call 05/29/20)		9,225		9,294,188
5.63%, 02/01/23 (Call 05/29/20)^(b)		5,011		5,006,089


Security	Par/ Shares (000)		Value

Telecommunications (continued)
Metropolitan Light Co. Ltd. 5.50%, 11/21/22 (Call 11/21/20)^(a)	$	4,763	$	4,732,742
Nokia OYJ, 3.38%, 06/12/22^(b)		5,287		5,314,174
Plantronics Inc., 5.50%, 05/31/23 (Call 05/29/20)^(a)		5,213		4,182,390
Qwest Corp., 6.75%, 12/01/21^(b)		9,764		10,178,970
Sprint Communications Inc. 6.00%, 11/15/22		15,745		16,622,469
7.00%, 08/15/20		10,652		10,743,144
11.50%, 11/15/21		6,612		7,388,910
Sprint Corp. 7.13%, 06/15/24^(b)		17,621		19,779,573
7.25%, 09/15/21		15,925		16,701,344
7.63%, 02/15/25 (Call 11/15/24)^(b)		8,077		9,288,550
7.88%, 09/15/23		29,582		33,245,731
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)(b)		14,709		15,181,207
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22^(b)		9,955		10,253,650
T-Mobile USA Inc. 4.00%, 04/15/22 (Call 03/16/22)		3,742		3,826,195
6.00%, 03/01/23 (Call 05/11/20)		12,612		12,612,000
6.00%, 04/15/24 (Call 05/11/20)		8,235		8,388,033
6.38%, 03/01/25 (Call 05/11/20)		833		857,815
6.50%, 01/15/24 (Call 05/11/20)^(b)		10,259		10,501,625

				367,818,161

Transportation — 1.0%
Kenan Advantage Group Inc. (The), 7.88%, 07/31/23 (Call 05/29/20)^(a)(b)		4,184		3,494,937
Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23 (Call 07/15/20)^(a)		6,449		5,787,977
Watco Companies LLC/Watco Finance Corp., 6.38%, 04/01/23 (Call 05/29/20)^(a)		4,236		4,094,359
XPO Logistics Inc. 6.13%, 09/01/23 (Call 05/29/20)^(a)		5,258		5,323,725
6.25%, 05/01/25 (Call 05/01/22)^(a)		2,440		2,470,500
6.50%, 06/15/22 (Call 05/29/20)^(a)(b)		8,523		8,557,092
6.75%, 08/15/24 (Call 08/15/21)^(a)		10,171		10,472,061

				40,200,651

Trucking & Leasing — 0.2%
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/22 (Call 05/29/20)^(a)(b)		7,505		6,763,131


Total Corporate Bonds & Notes — 98.9% (Cost: $4,145,903,063)				3,840,755,190


Warrants

Advertising — 0.0%
Affinion Group Inc. (Expires 12/12/23)^(e)(f)		9		0	^(g)


Total Warrants — 0.0% (Cost $0)				0	^(g)


Short-Term Investments

Money Market Funds — 8.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(h)(i)(j)		311,008		311,350,433


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Shares (000)		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(h)(i)		35,449	$	35,449,000

				346,799,433


Total Short-Term Investments — 8.9% (Cost: $346,453,976)				346,799,433


Total Investments in Securities — 107.8% (Cost: $4,492,357,039)				4,187,554,623

Other Assets, Less Liabilities — (7.8)%				(301,935,580	)


Net Assets — 100.0%			$	3,885,619,043

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

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

^(e)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)	Non-income producing security.

^(g)	Rounds to less than $1.

^(h)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	516,680	(205,672	)	311,008	$	311,350,433	$	2,395,394	^(b)	$	(38,052	)	$	136,701
BlackRock Cash Funds: Treasury, SL Agency Shares	152,413	(116,964	)	35,449		35,449,000		691,896			—			—

					$	346,799,433	$	3,087,290		$	(38,052	)	$	136,701

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3			Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	3,840,755,190	$	—		$	3,840,755,190
Warrants		—		—		0	^(a)		0	^(a)
Money Market Funds		346,799,433		—		—			346,799,433

	$	346,799,433	$	3,840,755,190	$	0	^(a)	$	4,187,554,623

^(a)

Rounds to less than $1.

See notes to financial statements.


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.5%
Lamar Media Corp. 3.75%, 02/15/28 (Call 02/15/23)^(a)	$	2,764	$	2,544,607
4.00%, 02/15/30 (Call 02/15/25)^(a)		1,545		1,413,675
5.00%, 05/01/23 (Call 05/29/20)		1,661		1,661,000
5.75%, 02/01/26 (Call 02/01/21)^(b)		2,849		2,897,718
MDC Partners Inc., 6.50%, 05/01/24 (Call 05/29/20)^(a)(b)		3,628		2,811,700
National CineMedia LLC, 5.88%, 04/15/28 (Call 04/15/23)^(a)(b)		1,666		1,182,860
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.63%, 03/15/30 (Call 03/15/25)^(a)		2,344		2,144,760
5.00%, 08/15/27 (Call 08/15/22)^(a)(b)		2,653		2,533,350
5.63%, 02/15/24 (Call 05/29/20)		1,485		1,473,863
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(a)		3,971		3,276,075

				21,939,608

Aerospace & Defense — 2.2%
Bombardier Inc. 5.75%, 03/15/22^(a)(b)		2,182		1,636,500
6.00%, 10/15/22 (Call 05/29/20)^(a)		4,151		3,113,250
6.13%, 01/15/23^(a)		5,523		3,948,945
7.45%, 05/01/34^(a)(b)		883		547,460
7.50%, 12/01/24 (Call 12/01/20)^(a)(b)		4,122		2,739,481
7.50%, 03/15/25 (Call 05/29/20)^(a)(b)		5,887		3,797,115
7.88%, 04/15/27 (Call 04/15/22)^(a)		8,055		5,215,613
8.75%, 12/01/21^(a)		4,231		3,520,192
F-Brasile SpA/F-Brasile US LLC, 7.38%, 08/15/26 (Call 08/15/22)^(a)		1,000		682,500
Howmet Aerospace Inc. 5.13%, 10/01/24 (Call 07/01/24)		5,172		4,973,602
5.87%, 02/23/22		3,462		3,530,763
5.90%, 02/01/27^(b)		2,446		2,350,312
5.95%, 02/01/37^(b)		2,562		2,401,789
6.75%, 01/15/28		1,354		1,313,380
6.88%, 05/01/25 (Call 04/01/25)		940		958,579
Kratos Defense & Security Solutions Inc., 6.50%, 11/30/25 (Call 11/30/20)^(a)(b)		1,285		1,253,389
Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)^(a)		2,185		2,048,438
Signature Aviation U.S. Holdings Inc. 4.00%, 03/01/28 (Call 03/01/23)^(a)		2,599		2,209,150
5.38%, 05/01/26 (Call 05/01/21)^(a)(b)		2,060		1,900,350
Spirit AeroSystems Inc. 3.85%, 06/15/26 (Call 03/15/26)^(b)		1,425		1,298,531
3.95%, 06/15/23 (Call 05/15/23)		1,443		1,246,391
4.60%, 06/15/28 (Call 03/15/28)^(b)		2,927		2,312,330
7.50%, 04/15/25 (Call 04/15/22)^(a)		1,342		1,321,870
SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)^(a)		4,222		4,483,764
TransDigm Inc. 5.50%, 11/15/27 (Call 11/15/22)^(a)		10,735		9,071,075
6.25%, 03/15/26 (Call 03/15/22)^(a)		17,575		17,201,531
6.38%, 06/15/26 (Call 06/15/21)^(b)		4,063		3,477,115
6.50%, 07/15/24 (Call 05/29/20)		4,826		4,458,018
6.50%, 05/15/25 (Call 05/29/20)		2,841		2,542,695
7.50%, 03/15/27 (Call 03/15/22)		2,205		2,007,212
8.00%, 12/15/25 (Call 04/08/22)^(a)		1,935		2,012,400
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/21)^(b)		2,132		1,822,860
Triumph Group Inc. 5.25%, 06/01/22 (Call 05/29/20)		1,034		798,765


Security	Par (000)		Value

Aerospace & Defense (continued)
6.25%, 09/15/24 (Call 09/15/20)^(a)	$	2,619	$	2,069,010
7.75%, 08/15/25 (Call 08/15/20)^(b)		1,856		1,204,080

				105,468,455

Agriculture — 0.2%
Aragvi Finance International DAC, 12.00%, 04/09/24^(a)(b)		809		724,419
Cooke Omega Investments Inc./Alpha VesselCo. Holdings Inc., 8.50%, 12/15/22 (Call 06/15/20)^(a)		1,575		1,575,000
Darling Ingredients Inc., 5.25%, 04/15/27 (Call 04/15/22)^(a)(b)		2,270		2,289,862
Pyxus International Inc., 9.88%, 07/15/21 (Call 05/29/20)		1,268		228,240
Vector Group Ltd. 6.13%, 02/01/25 (Call 05/29/20)^(a)		2,779		2,695,630
10.50%, 11/01/26 (Call 11/01/21)^(a)		2,558		2,353,360

				9,866,511

Airlines — 0.3%
Air Canada, 7.75%, 04/15/21^(a)		689		671,775
American Airlines Group Inc. 3.75%, 03/01/25^(a)		1,080		497,448
5.00%, 06/01/22^(a)		2,576		1,452,091
Delta Air Lines Inc. 2.90%, 10/28/24 (Call 09/28/24)		3,000		2,368,849
3.63%, 03/15/22 (Call 02/15/22)		2,022		1,804,699
3.75%, 10/28/29 (Call 07/28/29)		2,000		1,396,330
3.80%, 04/19/23 (Call 03/19/23)		1,500		1,287,046
4.38%, 04/19/28 (Call 01/19/28)		2,000		1,478,601
United Airlines Holdings Inc. 4.25%, 10/01/22		1,970		1,632,539
4.88%, 01/15/25^(b)		1,594		1,163,620
5.00%, 02/01/24		890		680,405
Virgin Australia Holdings Ltd. 7.88%, 10/15/21^(a)(b)		1,320		211,200
8.13%, 11/15/24 (Call 05/15/24)^(a)(b)		1,755		263,250

				14,907,853

Apparel — 0.4%
Hanesbrands Inc. 4.63%, 05/15/24 (Call 02/15/24)^(a)(b)		3,048		3,047,047
4.88%, 05/15/26 (Call 02/15/26)^(a)(b)		4,220		4,247,008
5.38%, 05/15/25 (Call 05/15/22)^(a)		1,265		1,265,000
Levi Strauss & Co. 5.00%, 05/01/25 (Call 05/29/20)^(b)		2,101		2,120,224
5.00%, 05/01/25 (Call 05/29/20)^(a)		600		605,490
Michael Kors USA Inc., 4.00%, 11/01/24 (Call 09/01/24)^(a)		84		65,661
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)^(b)		2,633		2,372,397
William Carter Co. (The), 5.63%, 03/15/27 (Call 03/15/22)^(a)		2,249		2,279,946
Wolverine World Wide Inc., 5.00%, 09/01/26 (Call 09/01/21)^(a)(b)		942		903,143

				16,905,916

Auto Manufacturers — 2.7%
Allison Transmission Inc. 4.75%, 10/01/27 (Call 10/01/22)^(a)		1,517		1,410,810
5.00%, 10/01/24 (Call 05/11/20)^(a)		4,306		4,133,760
5.88%, 06/01/29 (Call 06/01/24)^(a)		2,062		1,999,171
Aston Martin Capital Holdings Ltd., 6.50%, 04/15/22 (Call 05/29/20)^(a)(b)		1,575		1,201,725
BCD Acquisition Inc., 9.63%, 09/15/23 (Call 05/29/20)^(a)		2,745		2,274,919
Fiat Chrysler Automobiles NV, 5.25%, 04/15/23		6,135		6,104,325
Ford Holdings LLC, 9.30%, 03/01/30		138		126,615


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Auto Manufacturers (continued)
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)	$	2,500	$	1,981,250
4.75%, 01/15/43^(b)		4,000		2,550,000
5.29%, 12/08/46 (Call 06/08/46)		3,752		2,544,344
6.38%, 02/01/29		752		624,386
6.63%, 10/01/28		2,235		1,855,050
7.45%, 07/16/31^(b)		3,500		2,922,500
8.50%, 04/21/23		5,070		5,000,287
9.00%, 04/22/25 (Call 03/22/25)		6,540		6,368,325
9.63%, 04/22/30 (Call 01/22/30)		2,615		2,605,246
Ford Motor Credit Co. LLC
2.98%, 08/03/22 (Call 07/03/22)^(b)		3,468		3,155,880
3.09%, 01/09/23		4,829		4,344,591
3.10%, 05/04/23^(b)		3,886		3,419,680
3.22%, 01/09/22		2,165		2,024,275
3.34%, 03/28/22 (Call 02/28/22)		2,703		2,487,571
3.35%, 11/01/22		4,358		3,922,200
3.55%, 10/07/22		1,000		915,300
3.66%, 09/08/24		2,665		2,285,238
3.81%, 10/12/21		2,000		1,880,000
3.81%, 01/09/24 (Call 11/09/23)^(b)		2,665		2,365,187
3.82%, 11/02/27 (Call 08/02/27)^(b)		2,666		2,092,810
4.06%, 11/01/24 (Call 10/01/24)^(b)		5,329		4,636,230
4.13%, 08/04/25		4,841		4,109,670
4.14%, 02/15/23 (Call 01/15/23)		3,349		3,089,452
4.25%, 09/20/22		1,000		922,800
4.27%, 01/09/27 (Call 11/09/26)^(b)		3,097		2,632,450
4.38%, 08/06/23		2,885		2,625,350
4.39%, 01/08/26		3,964		3,453,635
4.54%, 08/01/26 (Call 06/01/26)		2,665		2,285,238
4.69%, 06/09/25 (Call 04/09/25)^(b)		2,482		2,190,365
5.11%, 05/03/29 (Call 02/03/29)^(b)		3,000		2,538,300
5.58%, 03/18/24 (Call 02/18/24)^(b)		3,000		2,820,000
5.60%, 01/07/22^(b)		2,875		2,795,937
5.88%, 08/02/21		2,000		1,980,000
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)^(a)		2,071		1,278,843
5.63%, 02/01/23 (Call 05/29/20)^(a)(b)		2,150		1,752,250
JB Poindexter & Co. Inc., 7.13%, 04/15/26
(Call 04/15/21)^(a)(b)		1,300		1,261,000
Mclaren Finance PLC, 5.75%, 08/01/22
(Call 05/29/20)^(a)(b)		1,272		889,510
Navistar International Corp.
6.63%, 11/01/25 (Call 11/01/20)^(a)		4,565		3,915,400
9.50%, 05/01/25 (Call 05/01/22)^(a)		750		787,500
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)^(a)		7,381		7,196,475
Wabash National Corp., 5.50%, 10/01/25
(Call 10/01/20)^(a)(b)		1,437		1,178,340

				126,934,190

Auto Parts & Equipment — 1.2%
Adient Global Holdings Ltd., 4.88%, 08/15/26
(Call 08/15/21)^(a)		3,561		2,656,506
Adient U.S. LLC
7.00%, 05/15/26 (Call 05/15/22)^(a)		3,457		3,439,715
9.00%, 04/15/25 (Call 04/15/22)^(a)		260		271,050
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 05/29/20)^(b)		2,679		2,040,058
6.25%, 03/15/26 (Call 03/15/21)^(b)		1,323		985,635
6.50%, 04/01/27 (Call 04/01/22)		2,609		1,963,272
6.63%, 10/15/22 (Call 05/29/20)		1,264		1,055,440


Security	Par (000)		Value

Auto Parts & Equipment (continued)
Cooper-Standard Automotive Inc., 5.63%, 11/15/26
(Call 11/15/21)^(a)(b)	$	1,701	$	1,105,769
Dana Financing Luxembourg Sarl
5.75%, 04/15/25 (Call 05/29/20)^(a)		1,917		1,739,678
6.50%, 06/01/26 (Call 06/01/21)^(a)(b)		1,202		1,087,810
Dana Inc.
5.38%, 11/15/27 (Call 11/15/22)^(b)		985		869,263
5.50%, 12/15/24 (Call 05/29/20)^(b)		1,979		1,841,262
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28
(Call 08/01/23)^(a)		1,505		1,051,619
Delphi Technologies PLC, 5.00%, 10/01/25^(a)(b)		3,246		3,035,010
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(b)		2,993		2,561,110
5.00%, 05/31/26 (Call 05/31/21)		3,458		3,008,460
5.13%, 11/15/23 (Call 05/29/20)		4,347		4,072,704
IHO Verwaltungs GmbH (5.50% PIK), 4.75%, 09/15/26 (Call 09/15/21)^(a)(b)(c)		2,126		1,807,100
IHO Verwaltungs GmbH (6.75% PIK), 6.00%, 05/15/27 (Call 05/15/22)^(a)(b)(c)		1,961		1,686,460
IHO Verwaltungs GmbH (7.13% PIK), 6.38%, 05/15/29 (Call 05/15/24)^(a)(b)(c)		1,392		1,211,040
Meritor Inc., 6.25%, 02/15/24 (Call 05/29/20)^(b)		1,820		1,766,128
Panther BF Aggregator 2 LP/Panther Finance Co. Inc.
6.25%, 05/15/26 (Call 05/15/22)^(a)		3,372		3,393,918
8.50%, 05/15/27 (Call 05/15/22)^(a)(b)		8,056		6,827,460
Tenneco Inc., 5.00%, 07/15/26 (Call 07/15/21)		2,097		938,198
Titan International Inc., 6.50%, 11/30/23 (Call 05/29/20)		1,634		755,725
Truck Hero Inc., 8.50%, 04/21/24 (Call 04/30/21)^(a)		1,329		1,102,671
ZF North America Capital Inc.
4.50%, 04/29/22^(a)		3,000		3,042,480
4.75%, 04/29/25^(a)		3,464		3,224,291

				58,539,832

Banks — 1.7%
Barclays Bank PLC, 6.28%, (Call 12/15/34)^(b)(d)(e)		2,180		2,207,250
CIT Group Inc.
4.75%, 02/16/24 (Call 11/16/23)^(b)		2,102		2,007,410
5.00%, 08/15/22		4,427		4,360,595
5.00%, 08/01/23		2,559		2,504,672
5.25%, 03/07/25 (Call 12/07/24)^(b)		2,468		2,456,894
6.13%, 03/09/28^(b)		1,874		1,920,850
Deutsche Bank AG
4.30%, 05/24/28 (Call 05/24/23)^(b)(e)		5,822		5,244,833
4.50%, 04/01/25^(b)		7,190		6,789,306
Deutsche Bank AG/New York NY, 4.88%, 12/01/32
(Call 12/01/27)^(e)		3,326		2,983,755
Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)^(a)(b)		4,111		5,179,860
Freedom Mortgage Corp.
8.13%, 11/15/24 (Call 11/15/20)^(a)(b)		1,938		1,608,540
8.25%, 04/15/25 (Call 04/15/21)^(a)(b)		2,226		1,892,100
10.75%, 04/01/24 (Call 04/01/21)^(a)(b)		1,433		1,304,030
Goldman Sachs Capital I, 6.35%, 02/15/34		4,683		5,968,276
Intesa Sanpaolo SpA
5.02%, 06/26/24^(a)		7,619		7,616,828
5.71%, 01/15/26^(a)		6,287		6,423,534
Lloyds Banking Group PLC
6.41%, (Call 10/01/35)^(a)(d)(e)		1,535		1,604,075
6.66%, (Call 05/21/37)^(a)(b)(d)(e)		1,727		1,899,700
Popular Inc., 6.13%, 09/14/23 (Call 08/14/23)		1,191		1,146,337


SCHEDULE OF INVESTMENTS			19

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Provident Funding Associates LP/PFG Finance Corp.,
6.38%, 06/15/25 (Call 06/15/20)^(a)(b)	$	1,601	$	1,356,847
RBS Capital Trust II, 6.43%, (Call 01/03/34)^(d)(e)		1,590		2,170,350
Royal Bank of Scotland Group PLC, 7.65%,
(Call 09/30/31)^(d)(e)		3,263		4,498,372
Standard Chartered PLC, 7.01%, (Call 07/30/37)^(a)(b)(d)(e)		3,125		3,296,875
Synovus Financial Corp., 5.90%, 02/07/29
(Call 02/07/24)^(e)		1,360		1,292,000
UniCredit SpA, 7.30%, 04/02/34 (Call 04/02/29)^(a)(e)		3,750		4,028,110

				81,761,399

Beverages — 0.1%
Cott Holdings Inc., 5.50%, 04/01/25 (Call 05/11/20)^(a)		3,239		3,255,195


Building Materials — 1.2%
American Woodmark Corp., 4.88%, 03/15/26
(Call 03/15/21)^(a)(b)		1,320		1,230,900
BMC East LLC, 5.50%, 10/01/24 (Call 05/14/20)^(a)		1,663		1,579,850
Boise Cascade Co., 5.63%, 09/01/24 (Call 05/29/20)^(a)(b)		1,715		1,706,425
Builders FirstSource Inc.
5.00%, 03/01/30 (Call 03/01/25)^(a)		2,202		1,889,536
6.75%, 06/01/27 (Call 06/01/22)^(a)(b)		2,432		2,504,960
Cornerstone Building Brands Inc., 8.00%, 04/15/26 (Call 04/15/21)^(a)		2,569		2,182,905
CPG Merger Sub LLC, 8.00%, 10/01/21 (Call 05/29/20)^(a)		949		923,662
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)		3,370		3,209,925
James Hardie International Finance DAC
4.75%, 01/15/25 (Call 01/15/21)^(a)		1,694		1,652,328
5.00%, 01/15/28 (Call 01/15/23)^(a)		1,575		1,492,313
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 12/15/20)^(a)		1,875		1,668,562
4.88%, 12/15/27 (Call 12/15/22)^(a)(b)		1,447		1,276,978
JELD-WEN Inc., 6.25%, 05/15/25 (Call 05/15/22)^(a)		645		652,256
Louisiana-Pacific Corp., 4.88%, 09/15/24
(Call 05/29/20)^(b)		1,645		1,588,083
Masonite International Corp.
5.38%, 02/01/28 (Call 02/01/23)^(a)(b)		2,152		2,049,780
5.75%, 09/15/26 (Call 09/15/21)^(a)(b)		1,177		1,141,690
Norbord Inc.
5.75%, 07/15/27 (Call 07/15/22)^(a)(b)		1,966		1,789,060
6.25%, 04/15/23 (Call 01/15/23)^(a)(b)		778		766,330
Northwest Hardwoods Inc., 7.50%, 08/01/21
(Call 05/29/20)^(a)		50		17,500
Patrick Industries Inc., 7.50%, 10/15/27 (Call 10/15/22)^(a)		1,380		1,297,200
PGT Innovations Inc., 6.75%, 08/01/26
(Call 08/01/21)^(a)(b)		1,578		1,557,802
Standard Industries Inc./NJ
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		3,780		3,697,596
5.00%, 02/15/27 (Call 02/15/22)^(a)		1,985		1,989,962
5.38%, 11/15/24 (Call 05/29/20)^(a)		4,614		4,625,535
6.00%, 10/15/25 (Call 10/15/20)^(a)		4,665		4,804,950
Summit Materials LLC/Summit Materials Finance Corp.
5.13%, 06/01/25 (Call 06/01/20)^(a)(b)		1,442		1,395,135
6.13%, 07/15/23 (Call 05/14/20)		2,350		2,352,232
6.50%, 03/15/27 (Call 03/15/22)^(a)(b)		1,300		1,287,000
U.S. Concrete Inc., 6.38%, 06/01/24 (Call 05/29/20)^(b)		2,605		2,459,771

				54,790,226

Chemicals — 2.4%
Ashland LLC
4.75%, 08/15/22 (Call 05/15/22)^(b)		781		815,341
6.88%, 05/15/43 (Call 02/15/43)^(b)		1,269		1,357,830


Security	Par (000)		Value

Chemicals (continued)
Atotech Alpha 2 BV (9.5% PIK), 8.75%, 06/01/23
(Call 05/29/20)^(a)(b)(c)	$	1,581	$	1,486,140
Atotech Alpha 3 BV/Alpha U.S. Bidco Inc., 6.25%, 02/01/25 (Call 05/29/20)^(a)		1,762		1,673,548
Axalta Coating Systems LLC, 4.88%, 08/15/24 (Call 05/11/20)^(a)		2,507		2,544,605
Blue Cube Spinco LLC
9.75%, 10/15/23 (Call 10/15/20)		2,006		2,091,255
10.00%, 10/15/25 (Call 10/15/20)		2,423		2,567,653
CF Industries Inc.
3.45%, 06/01/23^(b)		3,477		3,520,462
4.95%, 06/01/43^(b)		2,646		2,703,868
5.15%, 03/15/34		3,306		3,438,240
5.38%, 03/15/44^(b)		2,969		3,072,915
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)		1,770		1,469,100
6.63%, 05/15/23 (Call 05/29/20)		4,142		3,872,770
7.00%, 05/15/25 (Call 05/29/20)^(b)		3,065		2,880,180
Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 08/15/20)^(a)		1,920		1,555,200
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23 (Call 05/14/20)^(a)(b)		2,733		2,402,225
Element Solutions Inc., 5.88%, 12/01/25 (Call 12/01/20)^(a)		3,800		3,764,850
GCP Applied Technologies Inc., 5.50%, 04/15/26
(Call 04/15/21)^(a)		1,427		1,373,488
HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26)^(b)		1,201		1,112,426
Hexion Inc., 7.88%, 07/15/27 (Call 07/15/22)^(a)(b)		1,696		1,551,840
INEOS Group Holdings SA, 5.63%, 08/01/24
(Call 05/29/20)^(a)(b)		2,170		2,110,325
Ingevity Corp., 4.50%, 02/01/26 (Call 02/01/21)^(a)(b)		1,189		1,052,265
Innophos Holdings Inc., 9.38%, 02/15/28 (Call 02/15/23)^(a)		1,400		1,344,000
Kraton Polymers LLC/Kraton Polymers Capital Corp., 7.00%, 04/15/25 (Call 05/29/20)^(a)(b)		1,347		1,293,120
Methanex Corp.
4.25%, 12/01/24 (Call 09/01/24)		1,018		914,217
5.25%, 03/01/22^(b)		1,939		1,887,707
5.25%, 12/15/29 (Call 09/15/29)^(b)		1,917		1,613,739
5.65%, 12/01/44 (Call 06/01/44)		500		342,100
Neon Holdings Inc., 10.13%, 04/01/26 (Call 04/01/22)^(a)(b)		1,718		1,546,200
NOVA Chemicals Corp.
4.88%, 06/01/24 (Call 03/03/24)^(a)		4,033		3,619,617
5.00%, 05/01/25 (Call 01/31/25)^(a)		1,916		1,618,254
5.25%, 08/01/23 (Call 05/29/20)^(a)		1,835		1,729,488
5.25%, 06/01/27 (Call 03/03/27)^(a)		4,515		3,612,000
Nufarm Australia Ltd./Nufarm Americas Inc., 5.75%, 04/30/26 (Call 04/30/21)^(a)		1,827		1,717,380
OCI NV
5.25%, 11/01/24 (Call 11/01/21)^(a)		2,319		2,284,583
6.63%, 04/15/23 (Call 05/29/20)^(a)		2,956		2,956,457
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)^(b)		2,360		2,060,752
5.13%, 09/15/27 (Call 03/15/22)^(b)		2,033		1,856,942
5.63%, 08/01/29 (Call 08/01/24)^(b)		2,912		2,631,720
PolyOne Corp.
5.25%, 03/15/23^(b)		2,719		2,827,760
5.75%, 05/15/25 (Call 05/15/22)^(a)		730		739,125
PQ Corp.
5.75%, 12/15/25 (Call 12/15/20)^(a)(b)		1,259		1,234,324
6.75%, 11/15/22 (Call 05/29/20)^(a)		2,939		2,964,716


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Chemicals (continued)
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 05/29/20)^(a)	$	2,291	$	1,961,096
Rayonier AM Products Inc., 5.50%, 06/01/24 (Call 05/29/20)^(a)(b)		2,102		1,118,369
SPCM SA, 4.88%, 09/15/25 (Call 09/15/20)^(a)(b)		1,905		1,924,050
Starfruit Finco BV/Starfruit U.S. Holdco LLC, 8.00%, 10/01/26 (Call 10/01/21)^(a)(b)		2,484		2,326,266
TPC Group Inc., 10.50%, 08/01/24 (Call 08/01/21)^(a)		3,707		3,030,472
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25 (Call 09/01/20)^(a)(b)		2,137		1,800,423
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)^(a)(b)		1,551		1,372,635
Tronox Inc.
6.50%, 05/01/25 (Call 05/01/22)^(a)		205		206,281
6.50%, 04/15/26 (Call 04/15/21)^(a)(b)		2,853		2,581,965
Valvoline Inc.
4.25%, 02/15/30 (Call 02/15/25)^(a)		2,940		2,859,150
4.38%, 08/15/25 (Call 08/15/20)		851		853,128
Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25 (Call 07/15/20)^(a)(b)		1,345		928,050
WR Grace &Co.-Conn
5.13%, 10/01/21^(a)		2,078		2,088,390
5.63%, 10/01/24^(a)(b)		1,572		1,575,930

				113,836,932

Coal — 0.1%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 05/29/20)^(a)(b)		1,423		917,835
Natural Resource Partners LP/NRP Finance Corp., 9.13%, 06/30/25 (Call 10/30/21)^(a)(b)		872		732,480
Peabody Energy Corp.
6.00%, 03/31/22 (Call 05/29/20)^(a)		742		549,080
6.38%, 03/31/25 (Call 05/29/20)^(a)		1,034		612,025
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25 (Call 06/15/20)^(a)(b)		2,900		2,211,250
Warrior Met Coal Inc., 8.00%, 11/01/24 (Call 11/01/20)^(a)		1,312		1,230,000

				6,252,670

Commercial Services — 4.0%
ACE Cash Express Inc., 12.00%, 12/15/22
(Call 05/29/20)^(a)		919		713,374
ADT Security Corp. (The)
3.50%, 07/15/22		3,684		3,591,900
4.13%, 06/15/23		3,059		3,043,705
4.88%, 07/15/32^(a)		3,154		2,807,060
6.25%, 10/15/21		2,670		2,745,828
Ahern Rentals Inc., 7.38%, 05/15/23 (Call 05/29/20)^(a)(b)		2,272		1,068,749
Algeco Global Finance PLC, 8.00%, 02/15/23 (Call 05/11/20)^(a)(b)		2,593		2,268,875
Allied Universal Holdco LLC/Allied Universal
Finance Corp.
6.63%, 07/15/26 (Call 07/15/22)^(a)		5,846		6,010,273
9.75%, 07/15/27 (Call 07/15/22)^(a)(b)		4,548		4,593,480
AMN Healthcare Inc.
4.63%, 10/01/27 (Call 10/01/22)^(a)(b)		1,294		1,255,180
5.13%, 10/01/24 (Call 06/11/20)^(a)		1,395		1,382,027
APTIM Corp., 7.75%, 06/15/25 (Call 06/15/20)^(a)		1,782		605,880
APX Group Inc.
6.75%, 02/15/27 (Call 02/15/23)^(a)		2,165		1,840,250
7.63%, 09/01/23 (Call 05/29/20)^(b)		2,068		1,613,040
7.88%, 12/01/22 (Call 05/29/20)		2,519		2,406,678


Security	Par (000)		Value

Commercial Services (continued)
ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)^(a)	$	2,397	$	2,210,513
Autopistas Metropolitanas de Puerto Rico LLC, 6.75%, 06/30/35^(a)		768		600,037
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.25%, 03/15/25 (Call 05/29/20)^(a)		1,544		910,960
5.75%, 07/15/27 (Call 07/15/22)^(a)(b)		1,807		1,050,319
6.38%, 04/01/24 (Call 05/29/20)^(a)		1,179		725,085
Brink’s Co. (The), 4.63%, 10/15/27 (Call 10/15/22)^(a)(b)		2,546		2,380,510
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24 (Call 08/01/21)^(a)		2,201		2,046,930
Cardtronics Inc./Cardtronics USA Inc., 5.50%, 05/01/25 (Call 05/29/20)^(a)(b)		1,404		1,333,800
Carriage Services Inc., 6.63%, 06/01/26 (Call 06/01/21)^(a)(b)		1,769		1,744,411
Cimpress PLC, 7.00%, 06/15/26 (Call 06/15/21)^(a)		2,383		1,730,296
Emeco Pty Ltd., 9.25%, 03/31/22 (Call 06/01/20)^(a)		1,062		1,019,467
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)^(a)		1,410		1,357,125
9.50%, 11/01/27 (Call 11/01/22)^(a)		2,655		2,655,000
Gartner Inc., 5.13%, 04/01/25 (Call 05/11/20)^(a)(b)		3,508		3,617,625
Graham Holdings Co., 5.75%, 06/01/26 (Call 06/01/21)^(a)(b)		1,803		1,821,030
Harsco Corp., 5.75%, 07/31/27 (Call 07/31/22)^(a)(b)		2,165		2,040,945
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)^(a)		4,908		4,600,759
Hertz Corp. (The)
5.50%, 10/15/24 (Call 05/11/20)^(a)		2,648		544,852
6.00%, 01/15/28 (Call 01/15/23)^(a)		2,779		479,378
6.25%, 10/15/22 (Call 05/29/20)		2,952		671,580
7.13%, 08/01/26 (Call 08/01/22)^(a)		2,142		433,755
7.63%, 06/01/22 (Call 05/29/20)^(a)		1,896		720,480
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 05/29/20)^(a)		4,774		4,833,675
Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)^(a)(b)		1,806		1,696,737
Laureate Education Inc., 8.25%, 05/01/25
(Call 05/29/20)^(a)(b)		3,261		3,331,111
LSC Communications Inc., 8.75%, 10/15/23
(Call 05/29/20)^(a)(f)		950		57,000
Midas Intermediate Holdco II LLC/Midas Intermediate
Holdco II Finance Inc., 7.88%, 10/01/22
(Call 05/14/20)^(a)(b)		1,611		1,119,645
MPH Acquisition Holdings LLC, 7.13%, 06/01/24
(Call 05/29/20)^(a)		6,394		5,698,461
Nielsen Co Luxembourg Sarl/The
5.00%, 02/01/25 (Call 05/29/20)^(a)(b)		2,588		2,497,420
5.50%, 10/01/21 (Call 05/29/20)^(a)		1,375		1,359,531
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (Call 05/29/20)^(a)		9,249		9,111,282
Prime Security Services Borrower LLC/Prime Finance Inc.
5.25%, 04/15/24^(a)		3,627		3,553,336
5.75%, 04/15/26^(a)		5,121		5,045,721
6.25%, 01/15/28 (Call 01/15/23)^(a)		5,143		4,563,384
Refinitiv U.S. Holdings Inc.
6.25%, 05/15/26 (Call 11/15/21)^(a)		4,855		5,174,702
8.25%, 11/15/26 (Call 11/15/21)^(a)		6,722		7,293,370
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25
(Call 05/29/20)^(a)(b)		2,298		2,320,980
RR Donnelley & Sons Co.
6.00%, 04/01/24		1,036		953,120
6.50%, 11/15/23^(b)		1,699		1,524,853


SCHEDULE OF INVESTMENTS			21

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Commercial Services (continued)
Service Corp. International/U.S. 4.63%, 12/15/27 (Call 12/15/22)^(b)	$	2,133	$	2,180,374
5.13%, 06/01/29 (Call 06/01/24)		2,760		2,870,400
5.38%, 05/15/24 (Call 05/29/20)		4,121		4,182,815
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 05/11/20)^(a)(b)		3,319		3,386,044
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)^(a)		2,474		2,082,811
Team Health Holdings Inc., 6.38%, 02/01/25 (Call 05/14/20)^(a)(b)		2,461		1,353,058
United Rentals North America Inc. 3.88%, 11/15/27 (Call 11/15/22)^(b)		3,011		2,943,252
4.00%, 07/15/30 (Call 07/15/25)		2,825		2,669,625
4.63%, 10/15/25 (Call 10/15/20)		3,183		3,127,297
4.88%, 01/15/28 (Call 01/15/23)		6,464		6,478,221
5.25%, 01/15/30 (Call 01/15/25)		3,112		3,119,780
5.50%, 07/15/25 (Call 07/15/20)^(b)		3,830		3,877,875
5.50%, 05/15/27 (Call 05/15/22)		4,159		4,200,590
5.88%, 09/15/26 (Call 09/15/21)		3,985		4,094,587
6.50%, 12/15/26 (Call 12/15/21)		4,746		4,912,110
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)^(a)		4,526		4,718,355
WEX Inc., 4.75%, 02/01/23 (Call 05/29/20)^(a)		2,133		2,058,345
WW International Inc., 8.63%, 12/01/25 (Call 12/01/20)^(a)		1,268		1,260,519

				190,291,542

Computers — 1.3%
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)^(a)(b)		5,952		5,341,920
Booz Allen Hamilton Inc., 5.13%, 05/01/25 (Call 05/11/20)^(a)		1,744		1,726,560
Dell Inc. 5.40%, 09/10/40		1,132		1,069,740
6.50%, 04/15/38^(b)		1,566		1,609,065
7.10%, 04/15/28^(b)		1,369		1,512,745
Dell International LLC/EMC Corp. 5.88%, 06/15/21 (Call 05/14/20)^(a)		1,809		1,809,000
7.13%, 06/15/24 (Call 05/14/20)^(a)		6,176		6,399,571
Diebold Nixdorf Inc., 8.50%, 04/15/24 (Call 05/29/20)^(b)		1,735		1,136,425
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)		4,097		4,076,515
Everi Payments Inc., 7.50%, 12/15/25 (Call 12/15/20)^(a)		1,262		1,028,530
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)^(a)(b)		1,759		325,415
Flexential Intermediate Corp., 11.25%, 08/01/24 (Call 02/01/22)^(a)(b)		700		665,000
MTS Systems Corp., 5.75%, 08/15/27 (Call 08/15/22)^(a)		1,530		1,419,075
NCR Corp. 5.00%, 07/15/22 (Call 05/29/20)		3,120		3,112,200
5.75%, 09/01/27 (Call 09/01/22)^(a)(b)		1,891		1,895,728
6.13%, 09/01/29 (Call 09/01/24)^(a)(b)		2,515		2,496,138
6.38%, 12/15/23 (Call 05/29/20)		2,895		2,931,187
8.13%, 04/15/25 (Call 04/15/22)^(a)		770		816,200
Presidio Holdings Inc. 4.88%, 02/01/27 (Call 02/01/23)^(a)(b)		1,887		1,858,695
8.25%, 02/01/28 (Call 02/01/23)^(a)(b)		1,582		1,561,118
Science Applications International Corp., 4.88%, 04/01/28 (Call 04/01/23)^(a)		1,395		1,366,137
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 5.75%, 06/01/25 (Call 06/01/22)^(a)		680		680,000
6.75%, 06/01/25 (Call 06/01/20)^(a)(b)		3,981		3,861,570
Vericast Corp. 8.38%, 08/15/22 (Call 05/29/20)^(a)(b)		2,665		1,907,874


Security	Par (000)		Value

Computers (continued)
9.25%, 03/01/21 (Call 05/29/20)^(a)	$	387	$	389,558
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 12.50%, 05/01/24 (Call 05/29/20)^(a)(b)		545		558,637
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)^(b)		9,457		9,654,935

				61,209,538

Cosmetics & Personal Care — 0.3%
Avon International Capital PLC, 6.50%, 08/15/22 (Call 05/29/20)^(a)		1,520		1,428,800
Avon International Operations Inc., 7.88%, 08/15/22 (Call 05/29/20)^(a)		1,915		1,864,731
Avon Products Inc., 7.00%, 03/15/23		2,332		2,218,222
Coty Inc., 6.50%, 04/15/26 (Call 04/15/21)^(a)		2,289		1,922,760
Edgewell Personal Care Co. 4.70%, 05/19/21		1,230		1,236,580
4.70%, 05/24/22^(b)		2,625		2,663,430
Revlon Consumer Products Corp., 6.25%, 08/01/24 (Call 05/29/20)		749		138,565
Walnut Bidco PLC, 9.13%, 08/01/24 (Call 08/01/21)^(a)(b)		700		587,636

				12,060,724

Distribution & Wholesale — 0.9%
American Builders & Contractors Supply Co. Inc. 4.00%, 01/15/28 (Call 01/15/23)^(a)		2,632		2,497,294
5.88%, 05/15/26 (Call 05/15/21)^(a)		2,870		2,841,300
Anixter Inc. 5.13%, 10/01/21		852		864,780
5.50%, 03/01/23^(b)		1,744		1,761,440
6.00%, 12/01/25 (Call 09/01/25)^(b)		1,156		1,167,560
Core & Main Holdings LP (9.38% PIK), 8.63%, 09/15/24 (Call 09/15/20)^(a)(b)(c)		1,460		1,387,000
Core & Main LP, 6.13%, 08/15/25 (Call 08/15/20)^(a)(b)		1,955		1,876,800
H&E Equipment Services Inc., 5.63%, 09/01/25 (Call 09/01/20)^(b)		4,038		3,846,599
HD Supply Inc., 5.38%, 10/15/26 (Call 10/15/21)^(a)(b)		3,325		3,391,168
IAA Inc., 5.50%, 06/15/27 (Call 06/15/22)^(a)(b)		2,144		2,139,283
KAR Auction Services Inc., 5.13%, 06/01/25 (Call 06/01/20)^(a)		4,201		3,577,992
Performance Food Group Inc. 5.50%, 06/01/24 (Call 05/11/20)^(a)		1,717		1,674,075
5.50%, 10/15/27 (Call 10/15/22)^(a)(b)		4,809		4,568,646
6.88%, 05/01/25 (Call 05/01/22)^(a)		170		172,975
Resideo Funding Inc., 6.13%, 11/01/26 (Call 11/01/21)^(a)(b)		1,694		1,482,250
Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 12/01/22)^(a)(b)		1,912		1,897,660
Wolverine Escrow LLC 8.50%, 11/15/24 (Call 11/15/21)^(a)		2,504		1,759,060
9.00%, 11/15/26 (Call 11/15/22)^(a)		3,861		2,676,831
13.13%, 11/15/27 (Call 11/15/22)^(a)		1,900		1,121,000

				40,703,713

Diversified Financial Services — 2.5%
Advisor Group Holdings Inc., 10.75%, 08/01/27 (Call 08/01/22)^(a)		1,645		1,247,404
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)^(e)		3,250		2,169,375
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)^(a)		2,210		1,951,806
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)^(b)		4,308		4,415,700
CNG Holdings Inc., 12.50%, 06/15/24 (Call 06/15/21)^(a)(b)		1,014		866,970
Credit Acceptance Corp. 5.13%, 12/31/24 (Call 12/31/21)^(a)(b)		1,638		1,437,345


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)	$ 1,702		$ 1,531,800
6.63%, 03/15/26 (Call 03/15/22)^(b)
Curo Group Holdings Corp., 8.25%, 09/01/25 (Call 09/01/21)^(a)		2,703		2,158,345
Enova International Inc. 8.50%, 09/01/24 (Call 09/01/20)^(a)		680		591,600
8.50%, 09/15/25 (Call 09/15/21)^(a)(b)		1,536		1,328,640
Fairstone Financial Inc., 7.88%, 07/15/24 (Call 07/15/21)^(a)(b)		2,018		1,917,100
Global Aircraft Leasing Co Ltd. (7.25% PIK), 6.50%, 09/15/24 (Call 09/15/21)^(a)(b)(c)		6,884		4,164,820
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/21)^(a)		2,373		2,106,038
Jefferies Finance LLC/JFIN Co-Issuer Corp. 6.25%, 06/03/26 (Call 06/01/22)^(a)(b)		1,575		1,421,438
7.25%, 08/15/24 (Call 08/15/20)^(a)(b)		1,775		1,553,125
LPL Holdings Inc. 4.63%, 11/15/27 (Call 11/15/22)^(a)		1,937		1,849,835
5.75%, 09/15/25 (Call 05/11/20)^(a)		3,482		3,429,770
Nationstar Mortgage Holdings Inc. 6.00%, 01/15/27 (Call 01/15/23)^(a)		2,445		2,085,830
8.13%, 07/15/23 (Call 07/15/20)^(a)		4,268		4,097,280
9.13%, 07/15/26 (Call 07/15/21)^(a)		2,858		2,732,962
Navient Corp. 5.00%, 03/15/27 (Call 09/15/26)^(b)		2,835		2,387,070
5.50%, 01/25/23		4,337		4,022,567
5.63%, 08/01/33		2,398		1,810,490
5.88%, 10/25/24		2,261		2,057,510
6.13%, 03/25/24		3,365		3,095,800
6.50%, 06/15/22^(b)		3,877		3,750,997
6.63%, 07/26/21		2,291		2,279,545
6.75%, 06/25/25^(b)		2,266		2,096,050
6.75%, 06/15/26		1,867		1,684,968
7.25%, 01/25/22		2,894		2,836,120
7.25%, 09/25/23		2,291		2,193,632
NFP Corp. 6.88%, 07/15/25 (Call 07/15/20)^(a)(b)		2,320		2,215,600
8.00%, 07/15/25 (Call 07/15/20)^(a)		1,373		1,277,165
Ocwen Loan Servicing LLC, 8.38%, 11/15/22 (Call 05/29/20)^(a)(b)		1,363		1,015,435
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 12/15/22 (Call 05/29/20)^(a)		1,788		1,727,691
Quicken Loans Inc. 5.25%, 01/15/28 (Call 01/15/23)^(a)(b)		3,584		3,479,347
5.75%, 05/01/25 (Call 05/29/20)^(a)		5,860		5,742,800
Springleaf Finance Corp. 5.38%, 11/15/29 (Call 05/15/29)		3,371		2,798,570
5.63%, 03/15/23		3,398		3,228,100
6.13%, 05/15/22		4,038		3,987,525
6.13%, 03/15/24 (Call 09/15/23)		5,432		5,077,236
6.63%, 01/15/28 (Call 07/15/27)		2,951		2,604,257
6.88%, 03/15/25^(b)		4,751		4,493,021
7.13%, 03/15/26		6,226		5,868,005
7.75%, 10/01/21		1,850		1,840,750
8.25%, 10/01/23^(b)		1,613		1,588,805
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 05/29/20)^(a)(b)		1,764		1,327,410
Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/21 (Call 05/29/20)^(a)		1,118		916,760

				120,460,409


Security	Par (000)		Value

Electric — 2.3%
AES Corp. (The) 4.50%, 03/15/23 (Call 05/29/20)	$	2,188	$	2,183,011
4.88%, 05/15/23 (Call 05/29/20)^(b)		3,132		3,154,864
5.13%, 09/01/27 (Call 09/01/22)^(b)		1,786		1,861,905
5.50%, 04/15/25 (Call 05/29/20)^(b)		2,144		2,197,600
6.00%, 05/15/26 (Call 05/15/21)		3,244		3,406,200
Calpine Corp. 4.50%, 02/15/28 (Call 02/15/23)^(a)		5,243		5,083,613
5.13%, 03/15/28 (Call 03/15/23)^(a)		5,633		5,492,175
5.25%, 06/01/26 (Call 06/01/21)^(a)(b)		4,562		4,640,375
5.50%, 02/01/24 (Call 05/29/20)		2,676		2,652,585
5.75%, 01/15/25 (Call 05/29/20)		4,879		4,854,410
Clearway Energy Operating LLC 4.75%, 03/15/28 (Call 03/15/23)^(a)		2,209		2,247,657
5.00%, 09/15/26 (Call 09/15/21)^(b)		1,846		1,855,230
5.75%, 10/15/25 (Call 10/15/21)		2,292		2,360,531
DPL Inc. 4.35%, 04/15/29 (Call 01/15/29)^(b)		1,434		1,396,315
7.25%, 10/15/21 (Call 07/15/21)		400		402,700
Drax Finco PLC, 6.63%, 11/01/25 (Call 05/01/21)^(a)(b)		2,331		2,377,620
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)^(b)(e)		4,506		4,762,865
InterGen NV, 7.00%, 06/30/23 (Call 05/29/20)^(a)		2,043		1,813,163
Midland Cogeneration Venture LP, 6.00%, 03/15/25^(a)(b)		947		970,864
NextEra Energy Operating Partners LP 3.88%, 10/15/26 (Call 07/15/26)^(a)		2,295		2,268,378
4.25%, 07/15/24 (Call 04/15/24)^(a)(b)		2,805		2,854,929
4.25%, 09/15/24 (Call 07/15/24)^(a)		1,777		1,803,655
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		2,252		2,311,115
NRG Energy Inc. 5.25%, 06/15/29 (Call 06/15/24)^(a)		3,328		3,560,960
5.75%, 01/15/28 (Call 01/15/23)^(b)		2,923		3,142,225
6.63%, 01/15/27 (Call 07/15/21)^(b)		4,813		5,137,877
7.25%, 05/15/26 (Call 05/15/21)		4,832		5,194,400
NSG Holdings LLC/NSG Holdings Inc., 7.75%, 12/15/25^(a)		961		967,986
Talen Energy Supply LLC 6.50%, 06/01/25 (Call 06/01/20)		2,386		1,646,340
6.63%, 01/15/28 (Call 01/15/23)^(a)		1,704		1,603,123
7.25%, 05/15/27 (Call 05/15/22)^(a)(b)		2,749		2,749,000
10.50%, 01/15/26 (Call 01/15/22)^(a)		2,592		2,138,581
Terraform Global Operating LLC, 6.13%, 03/01/26 (Call 03/01/21)^(a)		1,790		1,772,100
TransAlta Corp. 4.50%, 11/15/22 (Call 08/15/22)		1,675		1,628,938
6.50%, 03/15/40^(b)		1,153		1,003,110
Vistra Energy Corp., 5.88%, 06/01/23 (Call 05/29/20)^(b)		2,402		2,426,020
Vistra Operations Co. LLC 5.00%, 07/31/27 (Call 07/31/22)^(a)		5,490		5,599,251
5.50%, 09/01/26 (Call 09/01/21)^(a)		4,103		4,224,038
5.63%, 02/15/27 (Call 02/15/22)^(a)		5,029		5,293,022

				111,038,731

Electrical Components & Equipment — 0.3%
Energizer Holdings Inc. 5.50%, 06/15/25 (Call 06/15/20)^(a)(b)		2,835		2,867,886
6.38%, 07/15/26 (Call 07/15/21)^(a)		2,614		2,718,299
7.75%, 01/15/27 (Call 01/15/22)^(a)(b)		2,728		2,895,772
EnerSys 4.38%, 12/15/27 (Call 09/15/27)^(a)		1,078		1,040,270
5.00%, 04/30/23 (Call 01/30/23)^(a)		1,752		1,747,620


SCHEDULE OF INVESTMENTS			23

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electrical Components & Equipment (continued)
WESCO Distribution Inc.
5.38%, 12/15/21 (Call 05/29/20)	$	1,549	$	1,525,765
5.38%, 06/15/24 (Call 05/29/20)^(b)		1,700		1,572,500

				14,368,112

Electronics — 0.3%
Ingram Micro Inc. 5.00%, 08/10/22 (Call 02/10/22)		1,498		1,401,938
5.45%, 12/15/24 (Call 09/15/24)		1,997		1,910,125
Itron Inc., 5.00%, 01/15/26 (Call 01/15/21)^(a)(b)		1,799		1,807,995
Sensata Technologies BV 4.38%, 02/15/30 (Call 11/15/29)^(a)		1,772		1,718,840
4.88%, 10/15/23^(a)(b)		1,881		1,890,405
5.00%, 10/01/25^(a)		2,913		2,897,270
5.63%, 11/01/24^(a)(b)		1,712		1,737,680
TTM Technologies Inc., 5.63%, 10/01/25 (Call 10/01/20)^(a)(b)		1,300		1,241,500

				14,605,753

Energy – Alternate Sources — 0.3%
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 11/15/21)^(a)		2,635		2,760,162
Pattern Energy Group Inc., 5.88%, 02/01/24 (Call 05/29/20)^(a)		1,671		1,687,710
TerraForm Power Operating LLC 4.25%, 01/31/23 (Call 10/31/22)^(a)		1,997		2,045,927
4.75%, 01/15/30 (Call 01/15/25)^(a)(b)		2,456		2,517,400
5.00%, 01/31/28 (Call 07/31/27)^(a)		2,962		3,080,480
Topaz Solar Farms LLC, 5.75%, 09/30/39^(a)		2,353		2,609,109

				14,700,788

Engineering & Construction — 0.5%
AECOM 5.13%, 03/15/27 (Call 12/15/26)		3,857		3,910,998
5.88%, 10/15/24 (Call 07/15/24)		3,625		3,835,250
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)^(a)(b)		4,090		3,026,600
frontdoor Inc., 6.75%, 08/15/26 (Call 08/15/21)^(a)(b)		1,504		1,560,400
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22 (Call 05/15/20)		1,603		1,635,236
MasTec Inc., 4.88%, 03/15/23 (Call 05/29/20)		2,025		1,994,625
New Enterprise Stone & Lime Co. Inc., 6.25%, 03/15/26 (Call 03/15/21)^(a)		2,136		2,007,840
TopBuild Corp., 5.63%, 05/01/26 (Call 05/01/21)^(a)		1,583		1,551,340
Tutor Perini Corp., 6.88%, 05/01/25 (Call 05/14/20)^(a)(b)		2,132		1,678,950
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25 (Call 08/15/20)^(b)		1,176		1,058,871

				22,260,110

Entertainment — 2.2%
Allen Media LLC/Allen Media Co-Issuer Inc., 10.50%, 02/15/28 (Call 02/15/23)^(a)		1,275		946,688
AMC Entertainment Holdings Inc. 5.75%, 06/15/25 (Call 06/15/20)^(b)		2,142		481,950
5.88%, 11/15/26 (Call 11/15/21)^(b)		1,797		399,833
6.13%, 05/15/27 (Call 05/15/22)^(b)		1,505		353,675
10.50%, 04/15/25 (Call 04/15/22)^(a)		1,210		1,066,313
Banijay Entertainment SASU, 5.38%, 03/01/25 (Call 03/01/22)^(a)		1,675		1,557,750
Boyne USA Inc., 7.25%, 05/01/25 (Call 05/01/21)^(a)(b)		1,947		1,947,000
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)^(a)		6,881		5,403,649
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(a)		2,466		2,120,760


Security	Par (000)		Value

Entertainment (continued)
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 05/29/20)	$	2,050	$	1,916,750
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.38%, 04/15/27 (Call 04/15/22)^(b)		2,008		1,787,120
5.50%, 05/01/25 (Call 05/01/22)^(a)		1,360		1,360,000
Churchill Downs Inc. 4.75%, 01/15/28 (Call 01/15/23)^(a)		2,055		1,913,205
5.50%, 04/01/27 (Call 04/01/22)^(a)		2,467		2,373,698
Cinemark USA Inc. 4.88%, 06/01/23 (Call 05/29/20)		3,639		3,056,760
5.13%, 12/15/22 (Call 05/29/20)		1,781		1,520,618
8.75%, 05/01/25 (Call 05/01/22)^(a)		430		436,450
Cirsa Finance International Sarl, 7.88%, 12/20/23 (Call 06/20/20)^(a)		2,016		1,635,581
Codere Finance 2 Luxembourg SA, 7.63%, 11/01/21 (Call 05/29/20)^(a)		652		245,752
Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/23 (Call 05/29/20)^(a)		242		145,200
Eldorado Resorts Inc. 6.00%, 04/01/25 (Call 05/29/20)^(b)		3,450		3,312,000
6.00%, 09/15/26 (Call 09/15/21)		2,604		2,616,239
7.00%, 08/01/23 (Call 05/29/20)		1,463		1,404,480
Enterprise Development Authority (The), 12.00%, 07/15/24 (Call 07/15/21)^(a)(b)		2,094		1,889,835
Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/24 (Call 05/29/20)^(a)(b)		1,095		919,800
Golden Entertainment Inc., 7.63%, 04/15/26 (Call 04/15/22)^(a)(b)		1,381		1,042,655
International Game Technology PLC 6.25%, 02/15/22 (Call 08/15/21)^(a)		5,877		5,733,748
6.25%, 01/15/27 (Call 07/15/26)^(a)		2,970		2,887,404
6.50%, 02/15/25 (Call 08/15/24)^(a)(b)		4,614		4,521,674
Jacobs Entertainment Inc., 7.88%, 02/01/24 (Call 05/29/20)^(a)		1,662		1,258,965
Lions Gate Capital Holdings LLC 5.88%, 11/01/24 (Call 05/29/20)^(a)(b)		2,216		2,044,260
6.38%, 02/01/24 (Call 02/01/21)^(a)(b)		2,201		2,047,700
Live Nation Entertainment Inc. 4.75%, 10/15/27 (Call 10/15/22)^(a)		3,457		2,921,165
4.88%, 11/01/24 (Call 05/04/20)^(a)		2,412		2,139,142
5.63%, 03/15/26 (Call 03/15/21)^(a)		1,571		1,382,480
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)^(a)(b)		1,420		1,341,900
Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 05/14/20)^(a)		2,115		1,200,262
Motion Bondco DAC, 6.63%, 11/15/27 (Call 11/15/22)^(a)		1,875		1,481,250
Penn National Gaming Inc., 5.63%, 01/15/27 (Call 01/15/22)^(a)		1,457		1,209,310
Scientific Games International Inc. 5.00%, 10/15/25 (Call 10/15/20)^(a)		4,625		4,039,012
6.63%, 05/15/21 (Call 05/29/20)		1,066		954,070
7.00%, 05/15/28 (Call 05/15/23)^(a)		2,671		1,923,120
7.25%, 11/15/29 (Call 11/15/24)^(a)		2,572		1,832,550
8.25%, 03/15/26 (Call 03/15/22)^(a)		4,209		3,177,795
Six Flags Entertainment Corp. 4.88%, 07/31/24 (Call 05/29/20)^(a)(b)		4,386		3,860,557
5.50%, 04/15/27 (Call 04/15/22)^(a)(b)		2,454		2,124,428
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)^(a)		740		765,752


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Entertainment (continued)
Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27 (Call 11/01/22)^(a)	$	1,435	$	1,191,050
Stars Group Holdings BV/Stars Group US
Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)^(a)		4,245		4,363,860
Twin River Worldwide Holdings Inc., 6.75%, 06/01/27 (Call 06/01/22)^(a)(b)		1,831		1,455,645
Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/15/22)^(a)		370		381,563
WMG Acquisition Corp.
5.00%, 08/01/23 (Call 05/29/20)^(a)		1,465		1,472,325
5.50%, 04/15/26 (Call 04/15/21)^(a)(b)		880		900,900
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)^(a)(b)		3,365		3,154,687
7.75%, 04/15/25 (Call 04/15/22)^(a)		455		463,017

				104,083,352

Environmental Control — 0.5%
Advanced Disposal Services Inc., 5.63%, 11/15/24
(Call 05/29/20)^(a)(b)		1,883		1,948,905
Clean Harbors Inc.
4.88%, 07/15/27 (Call 07/15/22)^(a)(b)		2,172		2,242,590
5.13%, 07/15/29 (Call 07/15/24)^(a)(b)		1,284		1,306,470
Covanta Holding Corp.
5.88%, 03/01/24 (Call 05/29/20)		1,476		1,450,170
5.88%, 07/01/25 (Call 07/01/20)		1,730		1,673,775
6.00%, 01/01/27 (Call 01/01/22)		1,589		1,525,440
GFL Environmental Inc.
4.25%, 06/01/25 (Call 06/01/22)^(a)		365		366,825
5.13%, 12/15/26 (Call 12/15/22)^(a)		2,597		2,700,880
5.63%, 05/01/22 (Call 05/01/20)^(a)		1,163		1,179,352
7.00%, 06/01/26 (Call 06/01/21)^(a)(b)		2,258		2,350,804
8.50%, 05/01/27 (Call 05/01/22)^(a)		1,736		1,894,306
Stericycle Inc., 5.38%, 07/15/24 (Call 07/15/21)^(a)(b)		2,660		2,667,634
Tervita Corp., 7.63%, 12/01/21 (Call 05/29/20)^(a)		2,459		1,622,940
Waste Pro USA Inc., 5.50%, 02/15/26 (Call 02/15/21)^(a)(b)		2,036		2,015,640

				24,945,731

Food — 3.9%
Albertsons Companies Inc./Safeway Inc./New
Albertsons LP/Albertsons LLC
3.50%, 02/15/23 (Call 12/15/22)^(a)		3,610		3,537,800
4.63%, 01/15/27 (Call 01/15/23)^(a)		5,030		5,080,300
4.88%, 02/15/30 (Call 02/15/25)^(a)(b)		4,435		4,495,981
5.75%, 03/15/25 (Call 05/29/20)		4,637		4,764,517
5.88%, 02/15/28 (Call 08/15/22)^(a)		3,158		3,299,163
6.63%, 06/15/24 (Call 05/29/20)		4,945		5,111,894
7.50%, 03/15/26 (Call 03/15/22)^(a)		2,306		2,522,188
B&G Foods Inc.
5.25%, 04/01/25 (Call 05/29/20)		3,886		3,934,575
5.25%, 09/15/27 (Call 03/01/22)^(b)		2,175		2,199,099
Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 05/29/20)^(a)		2,332		2,318,754
Clearwater Seafoods Inc., 6.88%, 05/01/25
(Call 05/29/20)^(a)(b)		1,007		918,898
Dole Food Co. Inc., 7.25%, 06/15/25 (Call 06/15/20)^(a)		1,182		1,111,080
FAGE International SA/FAGE USA Dairy Industry Inc., 5.63%, 08/15/26 (Call 08/15/21)^(a)		1,741		1,610,425
Fresh Market Inc. (The), 9.75%, 05/01/23 (Call 05/29/20)^(a)(b)		1,018		631,160
H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26 (Call 06/01/21)^(a)		1,235		1,037,400
Ingles Markets Inc., 5.75%, 06/15/23 (Call 05/29/20)^(b)		1,533		1,533,000


Security	Par (000)		Value

Food (continued)
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)^(b)	$	8,420	$	8,368,725
3.38%, 06/15/21		1,000		1,014,477
3.50%, 06/06/22^(b)		4,285		4,403,605
3.50%, 07/15/22 (Call 05/15/22)^(b)		1,505		1,538,144
3.75%, 04/01/30 (Call 01/01/30)^(a)(b)		3,725		3,817,109
3.95%, 07/15/25 (Call 04/15/25)		7,375		7,720,706
4.00%, 06/15/23 (Call 05/15/23)		3,200		3,321,601
4.38%, 06/01/46 (Call 12/01/45)		11,750		11,191,769
4.63%, 01/30/29 (Call 10/30/28)^(b)		4,625		4,873,851
4.63%, 10/01/39 (Call 04/01/39)^(a)		1,975		1,945,893
4.88%, 10/01/49 (Call 04/01/49)^(a)		5,950		5,927,961
5.00%, 07/15/35 (Call 01/15/35)^(b)		4,075		4,374,687
5.00%, 06/04/42^(b)		7,792		7,915,445
5.20%, 07/15/45 (Call 01/15/45)		7,750		7,956,622
6.50%, 02/09/40^(b)		3,000		3,502,813
6.75%, 03/15/32^(b)		1,500		1,857,517
6.88%, 01/26/39		3,500		4,192,168
7.13%, 08/01/39^(a)(b)		3,750		4,505,554
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)^(a)(b)		3,216		3,278,712
4.88%, 11/01/26 (Call 11/01/21)^(a)		3,951		3,970,755
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 05/29/20)^(a)		4,245		4,288,002
5.88%, 09/30/27 (Call 09/30/22)^(a)		3,291		3,330,327
Post Holdings Inc.
4.63%, 04/15/30 (Call 04/15/25)^(a)		4,750		4,654,953
5.00%, 08/15/26 (Call 08/15/21)^(a)(b)		6,061		5,989,480
5.50%, 12/15/29 (Call 12/15/24)^(a)		3,913		3,932,565
5.63%, 01/15/28 (Call 12/01/22)^(a)(b)		3,394		3,453,395
5.75%, 03/01/27 (Call 03/01/22)^(a)		5,444		5,573,295
Safeway Inc., 7.25%, 02/01/31		1,081		1,129,645
Sigma Holdco BV, 7.88%, 05/15/26 (Call 05/15/21)^(a)(b)		2,106		1,990,170
Simmons Foods Inc.
5.75%, 11/01/24 (Call 11/01/20)^(a)		2,532		2,354,760
7.75%, 01/15/24 (Call 01/15/21)^(a)		803		835,120
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 05/29/20)		1,392		1,392,000
6.00%, 02/15/24 (Call 05/29/20)^(a)		2,882		2,939,640
U.S. Foods Inc.
5.88%, 06/15/24 (Call 05/29/20)^(a)		2,643		2,516,982
6.25%, 04/15/25 (Call 04/15/22)^(a)		1,840		1,874,500

				186,039,182

Food Service — 0.2%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)		1,944		1,856,520
5.00%, 04/01/25 (Call 05/29/20)^(a)(b)		2,361		2,301,975
5.00%, 02/01/28 (Call 02/01/23)^(a)(b)		4,904		4,769,140
6.38%, 05/01/25 (Call 05/01/22)^(a)(b)		2,205		2,293,200

				11,220,835

Forest Products & Paper — 0.2%
Clearwater Paper Corp.
4.50%, 02/01/23 (Call 05/29/20)		1,408		1,369,280
5.38%, 02/01/25^(a)(b)		930		871,875
Mercer International Inc.
5.50%, 01/15/26 (Call 01/15/21)		1,731		1,536,262
6.50%, 02/01/24 (Call 05/29/20)		667		621,978
7.38%, 01/15/25 (Call 01/15/21)		2,142		2,051,822


SCHEDULE OF INVESTMENTS			25

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Forest Products & Paper (continued)
Resolute Forest Products Inc., 5.88%, 05/15/23 (Call 05/29/20)^(b)	$	1,580	$	1,304,132
Schweitzer-Mauduit International Inc., 6.88%, 10/01/26 (Call 10/01/21)^(a)(b)		1,635		1,618,977
Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/25^(b)		1,142		1,347,560

				10,721,886

Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		2,492		2,530,676
5.63%, 05/20/24 (Call 03/20/24)		3,170		3,233,400
5.75%, 05/20/27 (Call 02/20/27)		2,424		2,466,420
5.88%, 08/20/26 (Call 05/20/26)^(b)		2,093		2,131,092
Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (Call 05/29/20)^(a)		1,630		1,255,100

				11,616,688

Hand & Machine Tools — 0.1%
Apex Tool Group LLC/BC Mountain Finance Inc., 9.00%, 02/15/23 (Call 05/29/20)^(a)(b)		1,183		727,545
Colfax Corp.
6.00%, 02/15/24 (Call 02/15/21)^(a)(b)		2,383		2,418,745
6.38%, 02/15/26 (Call 02/15/22)^(a)		1,886		1,944,843
Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25 (Call 07/15/20)^(a)		1,019		886,530

				5,977,663

Health Care – Products — 0.7%
Avantor Inc.
6.00%, 10/01/24 (Call 10/01/20)^(a)		6,264		6,605,388
9.00%, 10/01/25 (Call 10/01/20)^(a)		8,017		8,694,436
Hill-Rom Holdings Inc.
4.38%, 09/15/27 (Call 09/15/22)^(a)		1,895		1,918,688
5.00%, 02/15/25 (Call 05/29/20)^(a)(b)		909		920,726
Hologic Inc.
4.38%, 10/15/25 (Call 10/15/20)^(a)		4,354		4,374,028
4.63%, 02/01/28 (Call 02/01/23)^(a)(b)		1,762		1,788,430
Immucor Inc., 11.13%, 02/15/22 (Call 05/29/20)^(a)(b)		1,754		1,578,600
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 05/29/20)^(a)(b)		1,544		1,405,040
7.25%, 02/01/28 (Call 02/01/23)^(a)(b)		2,699		2,457,089
Teleflex Inc.
4.63%, 11/15/27 (Call 11/15/22)		1,970		2,019,250
4.88%, 06/01/26 (Call 06/01/21)^(b)		2,018		2,048,270

				33,809,945

Health Care – Services — 6.5%
Acadia Healthcare Co. Inc.
5.13%, 07/01/22 (Call 05/29/20)		1,073		1,030,080
5.63%, 02/15/23 (Call 05/29/20)		2,895		2,771,963
6.50%, 03/01/24 (Call 05/29/20)		1,546		1,484,160
AHP Health Partners Inc., 9.75% 07/15/26 (Call 07/15/21)^(a)(b)		2,036		2,015,640
Air Medical Group Holdings Inc., 6.38%, 05/15/23 (Call 05/29/20)^(a)		1,700		1,581,000
Air Methods Corp., 8.00%, 05/15/25 (Call 05/29/20)^(a)		867		515,865
Catalent Pharma Solutions Inc.
4.88%, 01/15/26 (Call 10/15/20)^(a)(b)		1,636		1,676,900
5.00%, 07/15/27 (Call 07/15/22)^(a)(b)		2,331		2,377,620
Centene Corp.
3.38% 02/15/30 (Call 02/15/25)^(a)		7,350		7,405,125
4.25%, 12/15/27 (Call 12/15/22)^(a)		9,530		9,970,762


Security	Par (000)		Value

Health Care – Services (continued)
4.63%, 12/15/29 (Call 12/15/24)^(a)	$	13,252	$	14,510,940
4.75%, 05/15/22 (Call 05/29/20)		3,955		3,994,550
4.75%, 01/15/25 (Call 05/29/20)^(b)		4,985		5,139,286
4.75%, 01/15/25 (Call 05/29/20)^(a)		3,724		3,839,258
5.25%, 04/01/25 (Call 05/14/20)^(a)(b)		5,165		5,384,512
5.38%, 06/01/26 (Call 06/01/21)^(a)		7,511		7,952,647
5.38%, 08/15/26 (Call 08/15/21)^(a)		3,547		3,777,910
Charles River Laboratories International Inc.
4.25%, 05/01/28 (Call 05/01/23)^(a)		2,271		2,290,871
5.50%, 04/01/26 (Call 04/01/21)^(a)		2,010		2,095,224
CHS/Community Health Systems Inc.
6.25%, 03/31/23 (Call 05/29/20)		12,683		11,922,020
6.63%, 02/15/25 (Call 02/15/22)^(a)		7,200		6,606,000
6.88%, 04/01/28 (Call 04/01/23)^(a)		5,562		2,196,990
8.00%, 03/15/26 (Call 03/15/22)^(a)(b)		8,625		8,267,752
8.00%, 12/15/27 (Call 12/15/22)^(a)		2,816		2,675,200
8.13%, 06/30/24 (Call 06/30/21)^(a)(b)		5,505		3,743,400
8.63%, 01/15/24 (Call 01/15/21)^(a)		4,352		4,243,200
9.88%, 06/30/23 (Call 06/30/20)^(a)(g)		6,936		5,101,428
DaVita Inc.
5.00%, 05/01/25 (Call 05/14/20)		6,429		6,525,435
5.13%, 07/15/24 (Call 05/14/20)^(b)		7,153		7,260,295
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)		2,280		2,280,000
4.75%, 02/01/30 (Call 02/01/25)		2,015		2,015,262
5.13%, 03/15/23 (Call 05/29/20)		1,465		1,457,675
5.75%, 11/01/24 (Call 05/29/20)		2,018		2,028,090
5.75%, 09/15/25 (Call 09/15/20)^(b)		1,640		1,664,600
Hadrian Merger Sub Inc., 8.50%, 05/01/26 (Call 05/01/21)^(a)(b)		1,301		1,122,113
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)		11,545		11,035,325
5.38%, 02/01/25		10,435		11,219,086
5.38%, 09/01/26 (Call 03/01/26)^(b)		4,101		4,439,332
5.63%, 09/01/28 (Call 03/01/28)		5,443		6,031,279
5.88%, 05/01/23^(b)		5,327		5,713,207
5.88%, 02/15/26 (Call 08/15/25)		6,127		6,848,761
5.88%, 02/01/29 (Call 08/01/28)^(b)		4,006		4,590,075
7.50%, 11/06/33^(b)		740		841,750
7.69%, 06/15/25^(b)		1,217		1,387,380
IQVIA Inc.
5.00%, 10/15/26 (Call 10/15/21)^(a)		5,031		5,181,930
5.00%, 05/15/27 (Call 05/15/22)^(a)		3,819		3,922,839
LifePoint Health Inc.
4.38%, 02/15/27 (Call 02/15/22)^(a)		2,947		2,770,180
6.75%, 04/15/25 (Call 04/15/22)^(a)		775		798,560
Magellan Health Inc., 4.90%, 09/22/24 (Call 07/22/24)		1,571		1,529,761
MEDNAX Inc.
5.25%, 12/01/23 (Call 05/29/20)^(a)(b)		2,991		2,826,495
6.25%, 01/15/27 (Call 01/15/22)^(a)(b)		4,042		3,659,788
Molina Healthcare Inc.
4.88%, 06/15/25 (Call 06/15/20)^(a)(b)		1,171		1,176,855
5.38%, 11/15/22 (Call 08/15/22)^(b)		2,916		3,014,415
One Call Corp., 10.00%, 10/01/24 (Call 05/14/20)^(a)		108		93,150
Polaris Intermediate Corp. (9.25% PIK), 8.50%, 12/01/22 (Call 05/11/20)^(a)(c)		5,307		4,444,765
Quorum Health Corp., 11.63%, 04/15/23 (Call 05/29/20)^(f)		1,183		205,369
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)^(a)		2,921		2,782,253


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care – Services (continued)
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)^(a)	$	5,654	$	6,049,780
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)^(a)		5,003		4,818,389
Surgery Center Holdings Inc.
6.75%, 07/01/25 (Call 07/01/20)^(a)		1,328		1,134,710
10.00%, 04/15/27 (Call 04/15/22)^(a)		1,790		1,655,750
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 07/15/20)		7,358		7,262,199
4.63%, 09/01/24 (Call 09/01/21)^(a)		3,105		3,042,900
4.88%, 01/01/26 (Call 03/01/22)^(a)		8,105		7,972,888
5.13%, 05/01/25 (Call 05/29/20)		5,602		5,237,870
5.13%, 11/01/27 (Call 11/01/22)^(a)		5,566		5,496,425
6.25%, 02/01/27 (Call 02/01/22)^(a)(b)		6,379		6,280,763
6.75%, 06/15/23^(b)		7,647		7,639,353
6.88%, 11/15/31^(b)		1,556		1,345,940
7.00%, 08/01/25 (Call 08/01/20)^(b)		1,936		1,799,706
7.50%, 04/01/25 (Call 04/01/22)^(a)		535		575,393
8.13%, 04/01/22		11,060		11,146,268
US Renal Care Inc., 10.63%, 07/15/27 (Call 07/15/22)^(a)(b)		2,042		2,021,580
West Street Merger Sub Inc., 6.38%, 09/01/25 (Call 09/01/20)^(a)(b)		3,241		3,038,438

				309,954,680

Holding Companies – Diversified — 0.6%
Compass Group Diversified Holdings LLC, 8.00%, 05/01/26 (Call 05/01/21)^(a)		1,695		1,771,275
FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)^(a)		2,349		1,520,977
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24 (Call 06/15/24)		3,457		3,251,378
5.25%, 05/15/27 (Call 11/15/26)		4,434		4,212,344
6.25%, 02/01/22 (Call 05/29/20)		3,994		4,033,940
6.25%, 05/15/26 (Call 05/15/22)		5,380		5,286,496
6.38%, 12/15/25 (Call 12/15/20)		3,777		3,720,345
6.75%, 02/01/24 (Call 05/29/20)^(b)		1,415		1,418,538
Stena AB, 7.00%, 02/01/24^(a)		1,688		1,468,560
Stena International SA
5.75%, 03/01/24^(a)		1,364		1,200,320
6.13%, 02/01/25 (Call 02/01/22)^(a)		1,740		1,522,500

				29,406,673

Home Builders — 2.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.
6.63%, 01/15/28 (Call 01/15/23)^(a)		1,115		908,725
6.75%, 08/01/25 (Call 08/01/20)^(a)		912		770,640
9.88%, 04/01/27 (Call 04/01/22)^(a)(b)		1,051		1,008,960
Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 10/15/22)^(b)		1,591		1,225,070
6.75%, 03/15/25 (Call 05/14/20)		1,351		1,161,860
7.25%, 10/15/29 (Call 10/15/24)		1,185		924,300
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
4.88%, 02/15/30 (Call 02/15/25)^(a)		2,440		2,003,728
6.25%, 09/15/27 (Call 09/15/22)^(a)		2,664		2,437,560
6.38%, 05/15/25 (Call 05/29/20)^(a)(b)		550		547,250
Century Communities Inc.
5.88%, 07/15/25 (Call 07/15/20)^(b)		1,990		1,840,750
6.75%, 06/01/27 (Call 06/01/22)		1,687		1,450,820
Forestar Group Inc.
5.00%, 03/01/28 (Call 03/01/23)^(a)		1,045		911,763
8.00%, 04/15/24 (Call 04/15/21)^(a)		1,761		1,725,780


Security	Par (000)		Value

Home Builders (continued)
Installed Building Products Inc., 5.75%, 02/01/28 (Call 02/01/23)^(a)	$	1,387	$	1,331,520
KB Home
4.80%, 11/15/29 (Call 05/15/29)^(b)		1,125		1,051,875
6.88%, 06/15/27 (Call 12/15/26)^(b)		1,268		1,331,400
7.00%, 12/15/21 (Call 09/15/21)^(b)		2,003		2,073,105
7.50%, 09/15/22		1,656		1,771,920
7.63%, 05/15/23 (Call 11/15/22)^(b)		890		926,223
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		3,202		3,214,680
4.50%, 04/30/24 (Call 01/31/24)		2,659		2,712,180
4.75%, 11/15/22 (Call 08/15/22)		2,327		2,373,540
4.75%, 05/30/25 (Call 02/28/25)		2,436		2,502,917
4.75%, 11/29/27 (Call 05/29/27)^(b)		3,479		3,565,975
4.88%, 12/15/23 (Call 09/15/23)		1,930		1,978,250
5.00%, 06/15/27 (Call 12/15/26)^(b)		1,210		1,246,300
5.25%, 06/01/26 (Call 12/01/25)^(b)		1,293		1,344,720
5.88%, 11/15/24 (Call 05/15/24)		1,888		1,982,400
6.25%, 12/15/21 (Call 06/15/21)^(b)		1,825		1,879,750
LGI Homes Inc., 6.88%, 07/15/26 (Call 07/15/21)^(a)		1,248		1,162,200
M/I Homes Inc.
4.95%, 02/01/28 (Call 02/01/23)^(a)(b)		1,795		1,570,625
5.63%, 08/01/25 (Call 08/01/20)		1,112		1,023,818
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)		2,435		2,155,949
5.25%, 12/15/27 (Call 12/15/22)^(a)		2,011		1,885,312
MDC Holdings Inc.
3.85%, 01/15/30 (Call 07/15/29)		1,010		898,021
5.50%, 01/15/24 (Call 10/15/23)		1,087		1,101,946
6.00%, 01/15/43 (Call 10/15/42)^(b)		2,135		2,060,275
Meritage Homes Corp.
5.13%, 06/06/27 (Call 12/06/26)^(b)		1,502		1,434,410
6.00%, 06/01/25 (Call 03/01/25)		1,358		1,385,160
7.00%, 04/01/22^(b)		1,256		1,281,120
New Home Co. Inc. (The), 7.25%, 04/01/22 (Call 05/29/20)		1,848		1,607,760
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)		160		162,168
5.00%, 01/15/27 (Call 10/15/26)		2,889		3,003,693
5.50%, 03/01/26 (Call 12/01/25)		3,073		3,268,904
6.00%, 02/15/35^(b)		1,065		1,126,238
6.38%, 05/15/33^(b)		1,668		1,768,330
7.88%, 06/15/32^(b)		892		1,025,800
Shea Homes LP/Shea Homes Funding Corp.
4.75%, 02/15/28 (Call 02/15/23)^(a)		2,100		1,813,875
6.13%, 04/01/25 (Call 05/29/20)^(a)(b)		1,066		1,007,370
Taylor Morrison Communities Inc.
5.75%, 01/15/28 (Call 10/15/27)^(a)		1,393		1,260,665
5.88%, 01/31/25 (Call 05/11/20)^(a)		1,929		1,813,260
5.88%, 06/15/27 (Call 03/15/27)^(a)(b)		1,926		1,771,920
6.00%, 09/01/23 (Call 09/01/20)^(a)		1,805		1,744,081
6.63%, 07/15/27 (Call 07/15/22)^(a)		1,428		1,288,699
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.63%, 03/01/24 (Call 12/01/23)^(a)(b)		617		579,980
5.88%, 04/15/23 (Call 01/15/23)^(a)(b)		1,812		1,757,640
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 08/01/29)^(b)		1,784		1,668,040
4.35%, 02/15/28 (Call 11/15/27)		1,795		1,768,075
4.38%, 04/15/23 (Call 01/15/23)		1,424		1,427,560


SCHEDULE OF INVESTMENTS			27

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Home Builders (continued)
4.88%, 11/15/25 (Call 08/15/25)^(b)	$	1,019	$	1,029,190
4.88%, 03/15/27 (Call 12/15/26)		2,232		2,259,900
5.63%, 01/15/24 (Call 10/15/23)^(b)		465		474,300
5.88%, 02/15/22 (Call 11/15/21)		1,312		1,349,720
TRI Pointe Group Inc.
4.88%, 07/01/21 (Call 06/01/21)^(b)		621		608,580
5.25%, 06/01/27 (Call 12/01/26)		1,197		1,083,285
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		2,166		2,101,237
Williams Scotsman International Inc.
6.88%, 08/15/23 (Call 08/15/20)^(a)		2,280		2,274,300
7.88%, 12/15/22 (Call 05/29/20)^(a)		951		964,076

				106,171,443

Home Furnishings — 0.1%
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)		2,603		2,480,763
5.63%, 10/15/23 (Call 05/29/20)^(b)		1,704		1,678,440

				4,159,203

Household Products & Wares — 0.4%
ACCO Brands Corp., 5.25%, 12/15/24 (Call 05/29/20)^(a)(b)		1,560		1,548,300
Central Garden & Pet Co.
5.13%, 02/01/28 (Call 01/01/23)^(b)		1,267		1,279,670
6.13%, 11/15/23 (Call 05/29/20)^(b)		1,933		1,952,330
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23 (Call 05/29/20)^(a)(b)		3,711		3,217,734
Prestige Brands Inc.
5.13%, 01/15/28 (Call 01/15/23)^(a)		1,400		1,416,100
6.38%, 03/01/24 (Call 05/29/20)^(a)(b)		2,831		2,908,853
Spectrum Brands Inc.
5.00%, 10/01/29 (Call 10/01/24)^(a)(b)		937		894,835
5.75%, 07/15/25 (Call 07/15/20)^(b)		4,651		4,639,372
6.13%, 12/15/24 (Call 05/29/20)		984		974,160

				18,831,354

Housewares — 0.5%
American Greetings Corp., 8.75%, 04/15/25 (Call 04/15/21)^(a)		1,482		1,230,060
Newell Brands Inc.
4.00%, 06/15/22 (Call 03/15/22)^(b)		1,349		1,357,431
4.35%, 04/01/23 (Call 02/01/23)		4,799		4,882,982
4.70%, 04/01/26 (Call 01/01/26)		8,631		8,648,952
5.88%, 04/01/36 (Call 10/01/35)^(b)		1,441		1,509,448
6.00%, 04/01/46 (Call 10/01/45)^(b)		2,751		2,830,091
Scotts Miracle-Gro Co. (The)
4.50%, 10/15/29 (Call 10/15/24)		1,490		1,452,750
5.25%, 12/15/26 (Call 12/15/21)^(b)		1,559		1,581,606
Tupperware Brands Corp., 4.75%, 06/01/21
(Call 03/01/21)^(b)		1,900		760,000

				24,253,320

Insurance — 1.0%
Acrisure LLC/Acrisure Finance Inc.
7.00%, 11/15/25 (Call 11/15/20)^(a)(b)		3,822		3,382,470
8.13%, 02/15/24 (Call 02/15/21)^(a)		3,549		3,655,470
10.13%, 08/01/26 (Call 08/01/22)^(a)(b)		1,652		1,643,740
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27 (Call 10/15/22)^(a)(b)		4,056		4,046,265
AmWINS Group Inc., 7.75%, 07/01/26 (Call 07/01/21)^(a)		2,345		2,415,350
Ardonagh Midco 3 PLC, 8.63%, 07/15/23 (Call 07/15/20)^(a)(b)		3,304		3,114,020
Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28)^(e)		726		711,480


Security	Par (000)		Value

Insurance (continued)
AssuredPartners Inc., 7.00%, 08/15/25 (Call 08/15/20)^(a)	$	2,315	$	2,129,800
Fidelity & Guaranty Life Holdings Inc., 5.50%, 05/01/25 (Call 02/01/25)^(a)		2,448		2,585,700
Genworth Holdings Inc.
4.80%, 02/15/24^(b)		1,952		1,649,440
4.90%, 08/15/23		1,708		1,468,880
6.50%, 06/15/34		963		794,475
7.63%, 09/24/21		2,354		2,236,300
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/22)^(a)(b)		1,581		1,478,235
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)^(a)(b)		5,457		5,383,058
Liberty Mutual Group Inc., 7.80%, 03/07/87^(a)(b)		1,294		1,416,930
MGIC Investment Corp., 5.75%, 08/15/23		2,054		2,012,920
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)		1,984		1,924,480
4.88%, 03/15/27 (Call 09/15/26)		1,906		1,671,657
USI Inc./NY, 6.88%, 05/01/25 (Call 05/29/20)^(a)(b)		2,598		2,604,495

				46,325,165

Internet — 1.7%
Cogent Communications Group Inc., 5.38%, 03/01/22 (Call 12/01/21)^(a)		2,146		2,174,756
EIG Investors Corp., 10.88%, 02/01/24 (Call 05/29/20)^(b)		1,403		1,206,580
Getty Images Inc., 9.75%, 03/01/27 (Call 03/01/22)^(a)(b)		1,098		812,520
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 5.25%, 12/01/27 (Call 06/01/22)^(a)(b)		2,706		2,780,415
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 07/01/22)^(a)(b)		2,095		1,958,825
Match Group Inc.
4.13%, 08/01/30 (Call 05/01/25)^(a)		2,115		2,051,550
5.00%, 12/15/27 (Call 12/15/22)^(a)		2,048		2,144,256
5.63%, 02/15/29 (Call 02/15/24)^(a)(b)		1,379		1,444,503
6.38%, 06/01/24 (Call 05/29/20)		847		877,179
Netflix Inc.
3.63%, 06/15/25 (Call 03/15/25)^(a)		600		607,500
4.38%, 11/15/26^(b)		3,856		4,051,499
4.88%, 04/15/28		6,335		6,736,829
4.88%, 06/15/30 (Call 03/15/30)^(a)(b)		4,194		4,449,415
5.38%, 11/15/29^(a)(b)		3,119		3,425,598
5.50%, 02/15/22		3,136		3,261,440
5.75%, 03/01/24		1,280		1,391,872
5.88%, 02/15/25		3,122		3,443,066
5.88%, 11/15/28		7,833		8,857,948
6.38%, 05/15/29		3,961		4,643,876
NortonLifeLock Inc.
3.95%, 06/15/22 (Call 03/15/22)		1,991		2,029,028
5.00%, 04/15/25 (Call 05/11/20)^(a)		4,493		4,521,081
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26
(Call 10/01/22)^(a)		3,229		2,795,830
Twitter Inc., 3.88%, 12/15/27 (Call 09/15/27)^(a)(b)		3,222		3,213,945
Uber Technologies Inc., 7.50%, 09/15/27 (Call 09/15/22)^(a)(b)		4,893		4,991,349
VeriSign Inc.
4.63%, 05/01/23 (Call 05/29/20)^(b)		3,543		3,566,030
4.75%, 07/15/27 (Call 07/15/22)^(b)		2,791		2,973,001
5.25%, 04/01/25 (Call 01/01/25)		1,915		2,099,989
				82,509,880


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Iron & Steel — 0.7%
Allegheny Technologies Inc.
5.88%, 12/01/27 (Call 12/01/22)^(b)	$	1,237	$	1,020,525
7.88%, 08/15/23 (Call 05/15/23)		2,465		2,260,134
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26 (Call 07/15/21)^(a)		2,440		2,147,200
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25 (Call 09/01/20)^(a)(b)		2,650		2,484,375
Carpenter Technology Corp.
4.45%, 03/01/23 (Call 12/01/22)^(b)		1,652		1,618,115
5.20%, 07/15/21 (Call 04/15/21)		340		343,821
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 01/15/21)^(a)		1,234		1,055,564
5.75%, 03/01/25 (Call 05/29/20)^(b)		1,125		804,375
6.25%, 10/01/40		296		156,880
6.75%, 03/15/26 (Call 03/15/22)^(a)		2,360		2,059,100
9.88%, 10/17/25 (Call 10/17/22)^(a)		4,930		4,880,700
Commercial Metals Co.
4.88%, 05/15/23 (Call 02/15/23)^(b)		893		888,624
5.38%, 07/15/27 (Call 07/15/22)		1,182		1,155,405
5.75%, 04/15/26 (Call 04/15/21)^(b)		1,813		1,794,870
Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 (Call 10/01/21)^(a)(b)		1,050		892,500
Mineral Resources Ltd., 8.13%, 05/01/27 (Call 05/01/22)^(a)(b)		2,839		2,920,621
U.S. Steel Corp.
6.25%, 03/15/26 (Call 03/15/21)^(b)		3,316		2,108,313
6.65%, 06/01/37^(b)		647		402,110
6.88%, 08/15/25 (Call 08/15/20)^(b)		3,267		2,205,225

				31,198,457

Leisure Time — 0.4%
24 Hour Fitness Worldwide Inc., 8.00%, 06/01/22 (Call 05/29/20)^(a)(b)		1,157		34,710
Carlson Travel Inc.
6.75%, 12/15/23 (Call 05/29/20)^(a)		1,628		1,061,016
9.50%, 12/15/24 (Call 05/29/20)^(a)		985		413,700
Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 09/15/20)^(a)(b)		1,471		904,665
LTF Merger Sub Inc., 8.50%, 06/15/23 (Call 05/29/20)^(a)		1,916		1,523,986
NCL Corp. Ltd., 3.63%, 12/15/24 (Call 12/15/21)^(a)		2,326		1,494,455
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28 (Call 12/15/27)		802		524,829
5.25%, 11/15/22		2,000		1,453,929
7.50%, 10/15/27		1,025		803,254
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 05/29/20)^(a)(b)		2,526		2,336,550
5.38%, 04/15/23 (Call 05/29/20)^(a)		2,046		1,902,780
9.25%, 04/15/25 (Call 03/16/25)^(a)		335		353,291
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)^(a)		3,504		2,356,440
6.25%, 05/15/25 (Call 06/01/20)^(a)		849		566,708
Vista Outdoor Inc., 5.88%, 10/01/23 (Call 05/29/20)		1,749		1,657,177
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)		2,691		2,114,319

				19,501,809

Lodging — 1.8%
Arrow Bidco LLC, 9.50%, 03/15/24 (Call 03/15/21)^(a)(b)		1,390		764,500
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)^(a)(b)		3,995		3,441,692
6.00%, 08/15/26 (Call 08/15/21)		2,777		2,513,185
6.38%, 04/01/26 (Call 04/01/21)		3,118		2,808,383


Security	Par (000)		Value

Lodging (continued)
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 05/29/20)^(a)(b)	$	1,978	$	1,593,358
10.75%, 09/01/24 (Call 05/29/20)^(a)		2,388		1,519,962
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 05/20/20)		4,664		4,524,080
4.88%, 01/15/30 (Call 01/15/25)		4,276		4,083,580
5.13%, 05/01/26 (Call 05/01/21)		6,167		6,088,679
5.38%, 05/01/25 (Call 05/01/22)^(a)		245		243,469
5.75%, 05/01/28 (Call 05/01/23)^(a)		380		382,888
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., 6.13%, 12/01/24 (Call 12/01/21)		1,388		1,270,020
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 05/14/20)		4,266		4,180,680
4.88%, 04/01/27 (Call 04/01/22)		2,483		2,407,517
Marriott Ownership Resorts Inc., 4.75%, 01/15/28 (Call 09/15/22)^(a)		1,675		1,465,625
Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21)		2,870		2,719,325
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		1,448		1,295,960
5.50%, 04/15/27 (Call 01/15/27)		2,966		2,725,012
5.75%, 06/15/25 (Call 03/15/25)		3,090		2,966,431
6.00%, 03/15/23		5,250		5,105,625
6.75%, 05/01/25 (Call 05/01/22)		1,370		1,342,764
7.75%, 03/15/22		4,362		4,436,983
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/23)^(a)		3,212		2,569,600
5.00%, 10/01/25 (Call 10/01/20)^(a)		1,822		1,519,001
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 05/29/20)^(a)		1,179		1,003,270
Wyndham Destinations Inc.
3.90%, 03/01/23 (Call 12/01/22)		1,729		1,508,553
4.25%, 03/01/22 (Call 12/01/21)		2,946		2,783,970
4.63%, 03/01/30 (Call 12/01/29)^(a)		1,082		919,700
5.40%, 04/01/24 (Call 02/01/24)^(b)		1,169		1,022,875
5.75%, 04/01/27 (Call 01/01/27)		1,905		1,666,875
6.35%, 10/01/25 (Call 07/01/25)		1,404		1,242,540
Wyndham Hotels & Resorts Inc., 5.38%, 04/15/26 (Call 04/15/21)^(a)		2,321		2,123,715
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^(a)(b)		1,753		1,634,673
5.25%, 05/15/27 (Call 02/15/27)^(a)		3,514		3,057,180
5.50%, 03/01/25 (Call 12/01/24)^(a)(b)		7,512		6,685,680

				85,617,350

Machinery — 0.5%
ATS Automation Tooling Systems Inc., 6.50%, 06/15/23 (Call 05/29/20)^(a)(b)		1,265		1,265,000
BWX Technologies Inc., 5.38%, 07/15/26 (Call 07/15/21)^(a)(b)		1,678		1,713,657
Cleaver-Brooks Inc., 7.88%, 03/01/23 (Call 05/29/20)^(a)(b)		1,640		1,348,900
Cloud Crane LLC, 10.13%, 08/01/24 (Call 05/29/20)^(a)		2,332		2,199,076
Granite US Holdings Corp., 11.00%, 10/01/27 (Call 10/01/22)^(a)		1,165		990,250
Husky III Holding Ltd., 13.00%, 02/15/25 (Call 02/15/21)^(a)		1,740		1,583,400
Manitowoc Co. Inc. (The), 9.00%, 04/01/26 (Call 04/01/22)^(a)(b)		1,157		1,035,515


SCHEDULE OF INVESTMENTS			29

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery (continued)
Mueller Water Products Inc., 5.50%, 06/15/26 (Call 06/15/21)^(a)(b)	$	1,460	$	1,494,018
RBS Global Inc./Rexnord LLC, 4.88%, 12/15/25 (Call 12/15/20)^(a)		2,225		2,169,375
SPX FLOW Inc.
5.63%, 08/15/24 (Call 05/29/20)^(a)(b)		1,625		1,637,188
5.88%, 08/15/26 (Call 08/15/21)^(a)(b)		993		1,002,930
Stevens Holding Co. Inc., 6.13%, 10/01/26
(Call 10/01/23)^(a)		1,705		1,708,751
Tennant Co., 5.63%, 05/01/25 (Call 05/29/20)^(b)		1,290		1,291,613
Terex Corp., 5.63%, 02/01/25 (Call 05/19/20)^(a)(b)		2,334		2,117,171
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 04/15/21)^(a)(b)		2,693		2,511,222
Welbilt Inc., 9.50%, 02/15/24 (Call 05/29/20)		1,725		1,427,438

				25,495,504

Manufacturing — 0.4%
Amsted Industries Inc.
4.63%, 05/15/30 (Call 05/15/25)^(a)		1,805		1,660,600
5.63%, 07/01/27 (Call 07/01/22)^(a)(b)		1,493		1,494,642
Enerpac Tool Group Corp., 5.63%, 06/15/22 (Call 05/29/20)^(b)		1,280		1,184,640
EnPro Industries Inc., 5.75%, 10/15/26 (Call 10/15/21)		1,612		1,571,700
Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp., 12.25%, 11/15/26 (Call 11/15/22)^(a)(b)		2,948		2,432,100
FXI Holdings Inc., 7.88%, 11/01/24 (Call 11/01/20)^(a)		1,945		1,419,850
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 01/15/22)^(a)(b)		2,421		2,203,376
Koppers Inc., 6.00%, 02/15/25 (Call 05/29/20)^(a)(b)		2,127		1,728,188
LSB Industries Inc., 9.63%, 05/01/23 (Call 05/29/20)^(a)(b)		1,763		1,639,590
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)		1,736		1,599,101

				16,933,787

Media — 8.9%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)^(a)		4,730		4,611,750
7.50%, 05/15/26 (Call 05/15/21)^(a)		11,060		11,530,050
Altice Finco SA, 7.63%, 02/15/25 (Call 05/29/20)^(a)(b)		1,406		1,416,545
AMC Networks Inc.
4.75%, 12/15/22 (Call 05/29/20)		2,158		2,136,420
4.75%, 08/01/25 (Call 08/01/21)		3,381		3,088,036
5.00%, 04/01/24 (Call 05/29/20)		4,099		3,973,980
Block Communications Inc., 4.88%, 03/01/28 (Call 03/01/23)^(a)		1,238		1,231,810
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 05/14/20)^(a)		2,322		2,338,486
4.50%, 08/15/30 (Call 02/15/25)^(a)		8,055		8,158,104
4.50%, 05/01/32 (Call 05/01/26)^(a)		4,440		4,410,862
4.75%, 03/01/30 (Call 09/01/24)^(a)		17,760		18,065,472
5.00%, 02/01/28 (Call 08/01/22)^(a)		9,253		9,499,939
5.13%, 05/01/23 (Call 05/01/20)^(a)		4,526		4,583,978
5.13%, 05/01/27 (Call 05/01/22)^(a)		12,688		13,174,585
5.38%, 05/01/25 (Call 05/29/20)^(a)		3,161		3,241,408
5.38%, 06/01/29 (Call 06/01/24)^(a)		5,898		6,222,449
5.50%, 05/01/26 (Call 05/01/21)^(a)(b)		5,936		6,174,093
5.75%, 02/15/26 (Call 02/15/21)^(a)(b)		9,398		9,797,415
5.88%, 04/01/24 (Call 05/29/20)^(a)		6,551		6,731,152
5.88%, 05/01/27 (Call 05/01/21)^(a)(b)		3,314		3,451,324
Cengage Learning Inc., 9.50%, 06/15/24 (Call 05/29/20)^(a)		2,598		1,376,940


Security	Par (000)		Value

Media (continued)
Clear Channel Worldwide Holdings Inc.
5.13%, 08/15/27 (Call 08/15/22)^(a)(b)	$	4,953	$	4,653,839
9.25%, 02/15/24 (Call 02/15/21)^(a)		7,700		6,410,250
CSC Holdings LLC
5.25%, 06/01/24		2,610		2,714,139
5.38%, 07/15/23 (Call 05/11/20)^(a)		5,228		5,286,815
5.38%, 02/01/28 (Call 02/01/23)^(a)		3,970		4,079,175
5.50%, 05/15/26 (Call 05/15/21)^(a)		7,478		7,757,677
5.50%, 04/15/27 (Call 04/15/22)^(a)		5,461		5,677,733
5.75%, 01/15/30 (Call 01/15/25)^(a)(b)		9,312		9,681,570
5.88%, 09/15/22		2,639		2,747,859
6.50%, 02/01/29 (Call 02/01/24)^(a)		7,027		7,676,295
6.63%, 10/15/25 (Call 10/15/20)^(a)		3,666		3,834,086
6.75%, 11/15/21^(b)		2,001		2,087,083
7.50%, 04/01/28 (Call 04/01/23)^(a)		4,406		4,841,919
7.75%, 07/15/25 (Call 07/15/20)^(a)(b)		2,339		2,439,296
10.88%, 10/15/25 (Call 10/15/20)^(a)		6,889		7,446,665
Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 07/01/22)^(a)		2,116		1,723,482
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)^(a)		12,193		9,266,680
6.63%, 08/15/27 (Call 08/15/22)^(a)		6,845		3,747,637
DISH DBS Corp.
5.00%, 03/15/23		7,069		6,715,550
5.88%, 07/15/22^(b)		8,179		8,200,265
5.88%, 11/15/24		7,890		7,588,918
6.75%, 06/01/21		2,972		2,960,112
7.75%, 07/01/26^(b)		8,343		8,217,855
Entercom Media Corp.
6.50%, 05/01/27 (Call 05/01/22)^(a)(b)		1,598		1,178,525
7.25%, 11/01/24 (Call 05/29/20)^(a)		1,800		1,116,000
EW Scripps Co. (The), 5.13%, 05/15/25 (Call 05/29/20)^(a)(b)		1,518		1,286,505
GCI LLC
6.63%, 06/15/24 (Call 06/15/21)^(a)(b)		1,470		1,521,450
6.88%, 04/15/25 (Call 05/29/20)^(b)		1,659		1,712,918
Gray Television Inc.
5.13%, 10/15/24 (Call 05/11/20)^(a)(b)		2,516		2,464,674
5.88%, 07/15/26 (Call 07/15/21)^(a)(b)		2,728		2,618,880
7.00%, 05/15/27 (Call 05/15/22)^(a)(b)		3,009		3,024,045
Houghton Mifflin Harcourt Publishers Inc., 9.00%, 02/15/25 (Call 02/15/22)^(a)(b)		1,110		910,200
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)(b)		2,276		1,991,500
5.25%, 08/15/27 (Call 08/15/22)^(a)(b)		2,307		2,093,603
6.38%, 05/01/26 (Call 05/01/22)		2,906		2,746,170
8.38%, 05/01/27 (Call 05/01/22)		6,165		5,075,028
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 10/15/22)^(a)		4,927		5,122,109
Liberty Interactive LLC
8.25%, 02/01/30^(b)		1,997		1,765,348
8.50%, 07/15/29		1,057		909,020
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24 (Call 05/29/20)^(a)		1,707		1,092,480
Meredith Corp., 6.88%, 02/01/26 (Call 02/01/21)^(b)		5,260		4,507,820
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 08/15/22)^(a)(b)		1,646		1,663,777
Nexstar Broadcasting Inc. 5.63%, 08/01/24 (Call 05/11/20)^(a)(b)		3,235		3,162,213


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
5.63%, 07/15/27 (Call 07/15/22)^(a)(b)	$	7,506	$	7,168,230
Quebecor Media Inc., 5.75%, 01/15/23		3,882		4,091,356
Radiate Holdco LLC/Radiate Finance Inc.
6.63%, 02/15/25 (Call 05/11/20)^(a)		1,864		1,845,360
6.88%, 02/15/23 (Call 05/29/20)^(a)		656		642,880
Salem Media Group Inc., 6.75%, 06/01/24 (Call 06/01/20)^(a)(b)		1,140		889,200
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)^(a)		2,166		1,830,270
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)^(a)(b)		2,006		1,690,055
5.50%, 03/01/30 (Call 12/01/24)^(a)		1,875		1,556,250
5.63%, 08/01/24 (Call 05/14/20)^(a)		2,589		2,361,738
5.88%, 03/15/26 (Call 03/15/21)^(a)(b)		1,559		1,348,535
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)^(a)		4,715		4,744,469
4.63%, 05/15/23 (Call 05/29/20)^(a)(b)		2,260		2,274,125
4.63%, 07/15/24 (Call 07/15/21)^(a)		6,273		6,395,951
5.00%, 08/01/27 (Call 08/01/22)^(a)		6,296		6,451,448
5.38%, 04/15/25 (Call 05/29/20)^(a)		4,351		4,486,969
5.38%, 07/15/26 (Call 07/15/21)^(a)		3,856		4,000,600
5.50%, 07/01/29 (Call 07/01/24)^(a)(b)		4,648		4,901,781
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)^(a)		4,180		3,746,325
4.88%, 09/15/21 (Call 05/29/20)^(a)		935		927,941
5.00%, 09/15/29 (Call 09/15/24)^(a)		4,409		3,914,398
5.50%, 09/15/24 (Call 05/29/20)^(a)(b)		1,307		1,313,535
Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)^(a)		3,600		3,672,000
Townsquare Media Inc., 6.50%, 04/01/23 (Call 05/29/20)^(a)		1,621		1,433,126
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/29/20)^(a)		5,138		4,881,100
5.13%, 02/15/25 (Call 05/11/20)^(a)		5,087		4,463,842
6.75%, 09/15/22 (Call 05/29/20)^(a)(b)		2,431		2,446,194
9.50%, 05/01/25 (Call 05/01/22)^(a)		275		278,094
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)^(a)		2,269		2,198,207
Urban One Inc., 7.38%, 04/15/22 (Call 05/29/20)^(a)		1,853		1,570,418
ViacomCBS Inc.
5.88%, 02/28/57 (Call 02/28/22)^(e)		3,285		2,991,321
6.25%, 02/28/57 (Call 02/28/27)^(b)(e)		2,429		2,380,420
Videotron Ltd.
5.00%, 07/15/22		3,403		3,496,582
5.13%, 04/15/27 (Call 04/15/22)^(a)		2,689		2,810,005
5.38%, 06/15/24 (Call 03/15/24)^(a)		2,128		2,255,723
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 05/11/20)^(a)		1,800		1,818,540
6.00%, 10/15/24 (Call 05/11/20)^(a)		1,728		1,749,600
Virgin Media Secured Finance PLC
5.50%, 08/15/26 (Call 08/15/21)^(a)		2,874		2,966,399
5.50%, 05/15/29 (Call 05/15/24)^(a)		5,946		6,173,137
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)^(a)(b)		2,095		2,063,575
6.00%, 01/15/27 (Call 01/15/22)^(a)		2,864		2,878,320
Ziggo BV
4.88%, 01/15/30 (Call 10/15/24)^(a)		2,250		2,223,675
5.50%, 01/15/27 (Call 01/15/22)^(a)		7,267		7,391,992

				425,655,649

Metal Fabricate & Hardware — 0.2%
Advanced Drainage Systems Inc., 5.00%, 09/30/27 (Call 09/30/22)^(a)(b)		1,437		1,411,852


Security	Par (000)		Value

Metal Fabricate & Hardware (continued)
Grinding Media Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 (Call 05/29/20)^(a)	$	3,723	$	3,674,229
Hillman Group Inc. (The), 6.38%, 07/15/22
(Call 05/29/20)^(a)(b)		1,486		1,121,930
Park-Ohio Industries Inc., 6.63%, 04/15/27
(Call 04/15/22)^(b)		1,412		1,080,180

				7,288,191

Mining — 2.0%
Alcoa Nederland Holding BV
6.13%, 05/15/28 (Call 05/15/23)^(a)		1,877		1,815,998
6.75%, 09/30/24 (Call 05/29/20)^(a)(b)		3,292		3,258,422
7.00%, 09/30/26 (Call 09/30/21)^(a)		2,221		2,198,790
Aleris International Inc., 10.75%, 07/15/23 (Call 05/08/20)^(a)		1,565		1,613,202
Arconic Corp.
6.00%, 05/15/25 (Call 05/15/22)^(a)		655		662,369
6.13%, 02/15/28 (Call 02/15/23)^(a)		2,569		2,408,437
Century Aluminum Co., 7.50%, 06/01/21 (Call 05/29/20)^(a)		454		412,005
Compass Minerals International Inc.
4.88%, 07/15/24 (Call 05/15/24)^(a)(b)		807		791,869
6.75%, 12/01/27 (Call 12/01/22)^(a)(b)		1,730		1,712,700
Constellium SE
5.75%, 05/15/24 (Call 05/29/20)^(a)		1,777		1,714,805
5.88%, 02/15/26 (Call 11/15/20)^(a)		2,039		1,880,977
6.63%, 03/01/25 (Call 05/29/20)^(a)(b)		2,584		2,480,640
Eldorado Gold Corp., 9.50%, 06/01/24 (Call 12/01/21)^(a)(b)		1,255		1,330,300
Ferroglobe PLC/Globe Specialty Metals Inc., 9.38%, 03/01/22 (Call 05/29/20)^(a)		843		311,910
FMG Resources August 2006 Pty Ltd.
4.50%, 09/15/27 (Call 06/15/27)^(a)		2,554		2,495,258
4.75%, 05/15/22 (Call 02/15/22)^(a)		2,669		2,681,010
5.13%, 03/15/23 (Call 12/15/22)^(a)		1,845		1,862,343
5.13%, 05/15/24 (Call 02/15/24)^(a)(b)		3,061		3,105,996
Freeport-McMoRan Inc.
3.55%, 03/01/22 (Call 12/01/21)^(b)		1,685		1,697,975
3.88%, 03/15/23 (Call 12/15/22)		7,239		7,244,791
4.13%, 03/01/28 (Call 03/01/23)		2,975		2,759,312
4.25%, 03/01/30 (Call 03/01/25)		2,165		2,015,831
4.55%, 11/14/24 (Call 08/14/24)		3,265		3,273,162
5.00%, 09/01/27 (Call 09/01/22)		2,656		2,589,600
5.25%, 09/01/29 (Call 09/01/24)^(b)		2,702		2,668,225
5.40%, 11/14/34 (Call 05/14/34)		3,225		3,023,437
5.45%, 03/15/43 (Call 09/15/42)^(b)		6,886		6,244,913
Hecla Mining Co., 7.25%, 02/15/28 (Call 02/15/23)		1,924		1,880,710
Hudbay Minerals Inc.
7.25%, 01/15/23 (Call 05/29/20)^(a)		1,953		1,778,011
7.63%, 01/15/25 (Call 05/29/20)^(a)(b)		2,246		2,031,507
IAMGOLD Corp., 7.00%, 04/15/25 (Call 05/29/20)^(a)(b)		1,745		1,758,751
Joseph T Ryerson & Son Inc., 11.00%, 05/15/22 (Call 05/29/20)^(a)		2,411		2,314,560
JW Aluminum Continuous Cast Co., 10.25%, 06/01/26 (Call 06/01/21)^(a)		589		596,363
Kaiser Aluminum Corp.
4.63%, 03/01/28 (Call 03/01/23)^(a)(b)		1,827		1,700,937
6.50%, 05/01/25 (Call 05/01/22)^(a)		665		673,313
Mountain Province Diamonds Inc., 8.00%, 12/15/22 (Call 05/11/20)^(a)		1,488		937,440
New Gold Inc.
6.25%, 11/15/22 (Call 05/06/20)^(a)		2,125		2,114,375
6.38%, 05/15/25 (Call 05/29/20)^(a)		1,075		1,032,000


SCHEDULE OF INVESTMENTS			31

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mining (continued)
Northwest Acquisitions ULC/Dominion Finco Inc., 7.13%, 11/01/22 (Call 05/11/20)^(a)	$	1,833	$	187,883
Novelis Corp.
4.75%, 01/30/30 (Call 01/30/25)^(a)(b)		6,649		5,838,487
5.88%, 09/30/26 (Call 09/30/21)^(a)		5,739		5,580,030
Taseko Mines Ltd., 8.75%, 06/15/22 (Call 05/29/20)^(a)		960		499,200

				93,177,844

Office & Business Equipment — 0.4%
CDW LLC/CDW Finance Corp.
4.13%, 05/01/25 (Call 05/01/22)		530		531,988
4.25%, 04/01/28 (Call 10/01/22)		2,745		2,757,627
5.00%, 09/01/25 (Call 05/29/20)		2,508		2,570,700
5.50%, 12/01/24 (Call 06/01/24)		2,506		2,668,890
Pitney Bowes Inc.
4.63%, 03/15/24 (Call 12/15/23)^(b)		1,296		974,592
5.70%, 04/01/23 (Call 03/01/23)		1,574		1,284,777
Xerox Corp.
3.80%, 05/15/24		1,326		1,282,905
4.07%, 03/17/22^(b)		1,464		1,460,340
4.13%, 03/15/23 (Call 02/15/23)		4,780		4,756,100
4.50%, 05/15/21		718		719,939
4.80%, 03/01/35^(b)		888		757,020
6.75%, 12/15/39		1,406		1,353,275

				21,118,153

Oil & Gas — 6.5%
Aker BP ASA
5.88%, 03/31/25 (Call 03/31/21)^(a)		2,352		2,198,123
6.00%, 07/01/22 (Call 05/29/20)^(a)		1,365		1,297,504
American Energy- Permian Basin LLC, 12.00%, 10/01/24 (Call 10/01/21)^(a)		2,703		337,578
Antero Resources Corp.
5.00%, 03/01/25 (Call 05/29/20)		1,776		976,800
5.13%, 12/01/22 (Call 05/29/20)		3,166		2,208,285
5.38%, 11/01/21 (Call 05/29/20)^(b)		3,479		3,111,531
5.63%, 06/01/23 (Call 05/29/20)^(b)		3,017		1,773,091
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.00%, 11/01/26 (Call 11/01/21)^(a)		2,010		1,125,600
10.00%, 04/01/22 (Call 05/29/20)^(a)		4,406		3,612,920
Athabasca Oil Corp., 9.88%, 02/24/22 (Call 05/29/20)^(a)		861		120,540
Baytex Energy Corp.
5.63%, 06/01/24 (Call 05/29/20)^(a)(b)		1,259		465,830
8.75%, 04/01/27 (Call 04/01/23)^(a)		1,825		693,500
Berry Petroleum Co. LLC, 7.00%, 02/15/26 (Call 02/15/21)^(a)(b)		1,569		729,585
Bruin E&P Partners LLC, 8.88%, 08/01/23 (Call 08/01/20)^(a)		1,298		32,450
California Resources Corp., 8.00%, 12/15/22 (Call 05/29/20)^(a)		3,095		108,325
Callon Petroleum Co.
6.13%, 10/01/24 (Call 05/29/20)		1,884		362,670
6.25%, 04/15/23 (Call 05/29/20)		2,279		472,892
6.38%, 07/01/26 (Call 07/01/21)		1,329		212,640
8.25%, 07/15/25 (Call 07/15/20)		755		135,900
Calumet Specialty Products Partners LP/Calumet Finance Corp.
7.63%, 01/15/22 (Call 05/29/20)		1,771		1,493,661
7.75%, 04/15/23 (Call 05/29/20)^(b)		1,689		1,326,541
11.00%, 04/15/25 (Call 10/15/21)^(a)(b)		1,818		1,408,950


Security	Par (000)		Value

Oil & Gas (continued)
Cenovus Energy Inc.
3.00%, 08/15/22 (Call 05/15/22)	$	1,878	$	1,657,479
3.80%, 09/15/23 (Call 06/15/23)		1,656		1,381,709
4.25%, 04/15/27 (Call 01/15/27)		3,963		3,117,281
5.25%, 06/15/37 (Call 12/15/36)		993		671,916
5.40%, 06/15/47 (Call 12/15/46)		3,001		1,975,184
6.75%, 11/15/39		5,759		4,072,889
Centennial Resource Production LLC
5.38%, 01/15/26 (Call 01/15/21)^(a)(b)		1,255		376,500
6.88%, 04/01/27 (Call 04/01/22)^(a)(b)		1,638		491,400
Chaparral Energy Inc., 8.75%, 07/15/23 (Call 07/15/20)^(a)		130		2,600
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 05/29/20)		1,260		34,650
7.00%, 10/01/24 (Call 04/01/21)		250		5,000
11.50%, 01/01/25 (Call 01/01/22)^(a)		8,121		243,630
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/21)^(a)		4,035		3,631,500
CITGO Petroleum Corp., 6.25%, 08/15/22 (Call 05/29/20)^(a)		1,846		1,767,545
CNX Resources Corp.
5.88%, 04/15/22 (Call 05/29/20)		3,656		3,596,590
7.25%, 03/14/27 (Call 03/14/22)^(a)		1,999		1,789,105
Comstock Resources Inc.
7.50%, 05/15/25 (Call 05/29/20)^(a)		2,861		2,374,630
9.75%, 08/15/26 (Call 08/15/21)^(b)		3,175		2,746,407
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)		4,257		3,544,804
4.38%, 01/15/28 (Call 10/15/27)^(b)		5,190		3,996,300
4.50%, 04/15/23 (Call 01/15/23)		5,500		4,864,062
4.90%, 06/01/44 (Call 12/01/43)		500		338,740
5.00%, 09/15/22 (Call 05/29/20)		1,516		1,425,040
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/20)^(a)		4,729		3,831,010
CVR Energy Inc.
5.25%, 02/15/25 (Call 02/15/22)^(a)		2,675		2,193,500
5.75%, 02/15/28 (Call 02/15/23)^(a)		1,445		1,221,762
Denbury Resources Inc.
7.75%, 02/15/24 (Call 08/15/20)^(a)		1,797		323,460
9.00%, 05/15/21 (Call 05/29/20)^(a)		1,629		293,220
9.25%, 03/31/22 (Call 05/29/20)^(a)		1,528		275,040
Endeavor Energy Resources LP/EER Finance Inc.
5.50%, 01/30/26 (Call 01/30/21)^(a)		2,898		2,564,440
5.75%, 01/30/28 (Call 01/30/23)^(a)		3,216		2,871,888
Energy Ventures Gom LLC/EnVen Finance Corp., 11.00%, 02/15/23 (Call 05/29/20)^(a)		950		536,750
Ensign Drilling Inc., 9.25%, 04/15/24 (Call 04/15/21)^(a)		2,389		693,288
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)		4,000		3,770,000
3.90%, 10/01/27 (Call 07/01/27)		4,225		3,549,000
4.88%, 11/15/21		2,500		2,425,000
6.13%, 02/01/25 (Call 01/01/25)		4,425		4,214,812
7.00%, 02/01/30 (Call 11/01/29)		3,110		2,938,950
Extraction Oil & Gas Inc.
5.63%, 02/01/26 (Call 02/01/21)^(a)		1,999		329,835
7.38%, 05/15/24 (Call 05/29/20)^(a)		672		105,612
Global Marine Inc., 7.00%, 06/01/28		972		243,000
Gran Tierra Energy Inc., 7.75%, 05/23/27 (Call 05/23/23)^(a)		1,054		241,761
Gran Tierra Energy International Holdings Ltd., 6.25%, 02/15/25 (Call 02/15/22)^(a)		1,024		220,170


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
Great Western Petroleum LLC/Great Western Finance Corp., 9.00%, 09/30/21 (Call 05/29/20)^(a)	$	1,004	$	632,520
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 05/29/20)		2,267		1,127,832
6.38%, 05/15/25 (Call 05/29/20)		1,096		515,339
6.38%, 01/15/26 (Call 01/15/21)		939		427,245
6.63%, 05/01/23 (Call 05/29/20)		1,768		954,720
HighPoint Operating Corp.
7.00%, 10/15/22 (Call 05/29/20)^(b)		1,135		317,800
8.75%, 06/15/25 (Call 06/15/20)^(b)		1,345		390,050
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 05/29/20)^(a)		1,837		1,037,905
5.75%, 10/01/25 (Call 05/29/20)^(a)(b)		2,178		1,197,900
6.25%, 11/01/28 (Call 11/01/23)^(a)		2,150		1,112,625
Indigo Natural Resources LLC, 6.88%, 02/15/26 (Call 02/15/21)^(a)		2,603		2,420,790
Ithaca Energy North Sea PLC, 9.38%, 07/15/24 (Call 07/15/21)^(a)		1,975		1,185,000
Jagged Peak Energy LLC, 5.88%, 05/01/26 (Call 05/01/21)		2,168		1,842,800
Jonah Energy LLC/Jonah Energy Finance Corp., 7.25%, 10/15/25 (Call 10/15/20)^(a)		637		11,148
Laredo Petroleum Inc.
9.50%, 01/15/25 (Call 01/15/22)		2,345		996,625
10.13%, 01/15/28 (Call 01/15/23)^(b)		1,390		566,258
Lonestar Resources America Inc., 11.25%, 01/01/23 (Call 01/01/21)^(a)		502		62,750
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 08/01/21)^(a)		1,715		1,406,300
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)		3,822		1,911,000
MEG Energy Corp.
6.50%, 01/15/25 (Call 05/29/20)^(a)		2,426		1,989,320
7.00%, 03/31/24 (Call 05/29/20)^(a)(b)		1,529		1,085,590
7.13%, 02/01/27 (Call 02/01/23)^(a)		5,245		3,619,050
Montage Resources Corp., 8.88%, 07/15/23 (Call 05/29/20)		2,108		1,718,652
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 01/15/21)^(a)		2,057		689,095
10.50%, 05/15/27 (Call 05/15/22)^(a)(b)		1,725		646,875
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)		1,037		829,600
4.45%, 12/01/22 (Call 09/01/22)		2,241		1,798,582
5.75%, 08/15/25 (Call 08/15/20)		2,274		1,569,060
5.88%, 12/01/27 (Call 12/01/22)		1,832		1,243,378
5.88%, 12/01/42 (Call 06/01/42)		1,326		769,080
6.88%, 08/15/24 (Call 05/29/20)		2,092		1,485,320
7.05%, 05/01/29		940		601,600
Nabors Industries Inc.
4.63%, 09/15/21		853		541,655
5.75%, 02/01/25 (Call 11/01/24)		1,691		384,703
Nabors Industries Ltd.
7.25%, 01/15/26 (Call 07/15/22)^(a)		1,912		726,560
7.50%, 01/15/28 (Call 01/15/23)^(a)		1,270		508,000
Neptune Energy Bondco PLC, 6.63%, 05/15/25
(Call 05/15/21)^(a)		3,340		2,221,100
Noble Holding International Ltd.
5.25%, 03/15/42		375		2,344
6.05%, 03/01/41^(b)		600		3,750
6.20%, 08/01/40		500		3,125
7.75%, 01/15/24 (Call 10/15/23)		562		30,910


Security	Par (000)		Value

Oil & Gas (continued)
7.88%, 02/01/26 (Call 02/01/21)^(a)	$	3,288	$	764,460
7.95%, 04/01/25 (Call 01/01/25)^(b)		1,132		7,075
8.95%, 04/01/45 (Call 10/01/44)		1,076		6,725
Northern Oil and Gas Inc. (9.50% PIK), 8.50%, 05/15/23 (Call 05/29/20)^(c)		1,241		756,914
Oasis Petroleum Inc.
6.25%, 05/01/26 (Call 05/01/21)^(a)(b)		1,393		181,090
6.88%, 03/15/22 (Call 05/29/20)		3,018		445,155
6.88%, 01/15/23 (Call 05/29/20)^(b)		1,218		158,340
Occidental Petroleum Corp.
2.60%, 08/13/21		696		650,760
2.60%, 04/15/22 (Call 03/15/22)		1,571		1,382,480
2.70%, 08/15/22		7,887		6,861,690
2.70%, 02/15/23 (Call 11/15/22)		5,973		5,130,807
2.90%, 08/15/24 (Call 07/15/24)		13,016		9,762,000
3.00%, 02/15/27 (Call 11/15/26)		3,507		2,437,365
3.13%, 02/15/22 (Call 11/15/21)		3,848		3,502,450
3.20%, 08/15/26 (Call 06/15/26)		4,256		3,064,320
3.40%, 04/15/26 (Call 01/15/26)		4,720		3,351,200
3.50%, 06/15/25 (Call 03/15/25)		3,317		2,394,874
3.50%, 08/15/29 (Call 05/15/29)		7,384		5,094,960
4.10%, 02/15/47 (Call 08/15/46)		3,000		1,800,000
4.20%, 03/15/48 (Call 09/15/47)		3,757		2,244,807
4.30%, 08/15/39 (Call 02/15/39)		3,000		1,882,500
4.40%, 04/15/46 (Call 10/15/45)		4,507		2,726,735
4.40%, 08/15/49 (Call 02/15/49)		2,817		1,686,679
4.50%, 07/15/44 (Call 01/15/44)		1,209		731,445
5.55%, 03/15/26 (Call 12/15/25)		5,062		3,915,963
6.20%, 03/15/40		3,000		2,135,940
6.45%, 09/15/36		7,013		5,185,272
6.60%, 03/15/46 (Call 09/15/45)		4,128		3,054,720
6.95%, 07/01/24		2,188		1,880,805
7.50%, 05/01/31		2,190		1,680,825
7.88%, 09/15/31		591		449,160
7.95%, 06/15/39		138		102,465
Pacific Drilling SA, 8.38%, 10/01/23 (Call 10/01/20)^(a)		2,621		576,620
Pacific Drilling SA (12.00% PIK), 11.00%, 04/01/24 (Call 05/29/20)^(a)(b)(c)		112		3,371
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25 (Call 12/15/20)^(a)		1,270		895,350
Parkland Fuel Corp.
5.88%, 07/15/27 (Call 07/15/22)^(a)		1,923		1,846,080
6.00%, 04/01/26 (Call 04/01/21)^(a)		2,208		2,125,200
Parsley Energy LLC/Parsley Finance Corp.
4.13%, 02/15/28 (Call 02/15/23)^(a)		1,465		1,201,300
5.25%, 08/15/25 (Call 08/15/20)^(a)		2,019		1,781,767
5.38%, 01/15/25 (Call 05/29/20)^(a)		2,870		2,575,825
5.63%, 10/15/27 (Call 10/15/22)^(a)		2,616		2,236,680
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)^(a)		3,489		2,483,819
7.25%, 06/15/25 (Call 06/15/20)		3,496		2,622,000
PDC Energy Inc.
5.75%, 05/15/26 (Call 05/15/21)		2,825		2,154,627
6.13%, 09/15/24 (Call 05/29/20)		1,298		1,018,930
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/14/20)^(b)		1,295		492,100
7.13%, 01/15/26 (Call 11/15/20)^(a)(b)		1,045		418,000
7.75%, 12/15/23 (Call 05/14/20)		1,025		451,000
Pride International LLC, 7.88%, 08/15/40		705		57,281


SCHEDULE OF INVESTMENTS			33

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)^(b)	$	2,198	$	736,330
5.38%, 10/01/22 (Call 07/01/22)		1,768		609,960
5.63%, 03/01/26 (Call 12/01/25)		1,677		536,640
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)^(b)		2,752		2,132,800
5.00%, 08/15/22 (Call 05/15/22)		2,326		2,139,920
5.00%, 03/15/23 (Call 12/15/22)^(b)		3,645		3,207,600
9.25%, 02/01/26 (Call 02/01/22)^(a)		2,040		1,642,200
Seven Generations Energy Ltd.
5.38%, 09/30/25 (Call 09/30/20)^(a)		2,419		1,929,152
6.75%, 05/01/23 (Call 05/29/20)^(a)		2,043		1,838,700
6.88%, 06/30/23 (Call 05/29/20)^(a)		2,047		1,850,488
SM Energy Co.
5.00%, 01/15/24 (Call 05/29/20)		1,609		507,479
5.63%, 06/01/25 (Call 06/01/20)		1,630		456,400
6.13%, 11/15/22 (Call 05/29/20)^(b)		1,699		679,600
6.63%, 01/15/27 (Call 01/15/22)		1,594		446,320
6.75%, 09/15/26 (Call 09/15/21)^(b)		1,535		418,287
Southwestern Energy Co.
6.20%, 01/23/25 (Call 10/23/24)^(b)		3,413		3,020,505
7.50%, 04/01/26 (Call 04/01/21)^(b)		3,198		2,870,205
7.75%, 10/01/27 (Call 10/01/22)^(b)		1,896		1,649,899
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23 (Call 05/29/20)		4,794		4,650,180
5.50%, 02/15/26 (Call 02/15/21)		3,249		3,135,285
5.88%, 03/15/28 (Call 03/15/23)		1,470		1,396,500
6.00%, 04/15/27 (Call 04/15/22)		2,438		2,377,050
Teine Energy Ltd., 6.88%, 09/30/22 (Call 05/29/20)^(a)		1,717		1,648,320
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)^(a)		3,248		2,484,835
Transocean Inc.
6.80%, 03/15/38^(b)		2,998		637,075
7.25%, 11/01/25 (Call 11/01/21)^(a)		2,564		974,320
7.50%, 01/15/26 (Call 01/15/21)^(a)		2,477		941,260
7.50%, 04/15/31		1,993		475,829
8.00%, 02/01/27 (Call 02/01/23)^(a)		2,590		1,028,696
9.35%, 12/15/41		966		229,425
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)^(a)		2,119		1,715,900
Transocean Poseidon Ltd., 6.88%, 02/01/27
(Call 02/01/22)^(a)		2,749		2,157,965
Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/16/21)^(a)		2,606		1,980,560
Valaris PLC
4.50%, 10/01/24 (Call 07/01/24)		1,015		81,200
4.75%, 01/15/24 (Call 10/15/23)		1,025		112,750
4.88%, 06/01/22 (Call 03/01/22)		3,097		379,383
5.20%, 03/15/25 (Call 12/15/24)		1,115		89,200
5.40%, 12/01/42 (Call 06/01/42)		675		74,250
5.75%, 10/01/44 (Call 04/01/44)^(b)		1,841		147,280
5.85%, 01/15/44 (Call 07/15/43)		450		49,500
7.38%, 06/15/25 (Call 03/15/25)		1,146		126,060
7.75%, 02/01/26 (Call 11/01/25)		3,347		267,760
8.00%, 01/31/24 (Call 10/31/23)		980		78,400
Vantage Drilling International, 9.25%, 11/15/23 (Call 05/29/20)^(a)		1,184		621,600
Vermilion Energy Inc., 5.63%, 03/15/25 (Call 05/29/20)^(a)(b)		1,083		698,535


Security	Par (000)		Value

Oil & Gas (continued)
Vine Oil & Gas LP/Vine Oil &Gas Finance Corp.
8.75%, 04/15/23 (Call 10/15/20)^(a)	$	661	$	350,330
9.75%, 04/15/23 (Call 10/15/20)^(a)(b)		405		202,500
Viper Energy Partners LP, 5.38%, 11/01/27 (Call 11/01/22)^(a)		2,134		1,909,930
W&T Offshore Inc., 9.75%, 11/01/23 (Call 11/01/20)^(a)		2,191		723,030
Whiting Petroleum Corp.
5.75%, 03/15/21 (Call 12/15/20)^(f)		1,429		142,900
6.25%, 04/01/23 (Call 01/01/23)^(f)		1,476		143,910
6.63%, 01/15/26 (Call 10/15/25)^(f)		3,483		348,300
WPX Energy Inc.
4.50%, 01/15/30 (Call 01/15/25)		3,496		2,849,240
5.25%, 09/15/24 (Call 06/15/24)		2,969		2,665,628
5.25%, 10/15/27 (Call 10/15/22)		2,470		2,148,900
5.75%, 06/01/26 (Call 06/01/21)		2,256		2,044,613
8.25%, 08/01/23 (Call 06/01/23)^(b)		1,310		1,257,600

				310,124,746

Oil & Gas Services — 0.6%
Apergy Corp., 6.38%, 05/01/26 (Call 05/01/21)		1,367		1,120,940
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/23)^(a)		2,304		1,716,480
6.88%, 04/01/27 (Call 04/01/22)^(a)		1,867		1,400,250
Basic Energy Services Inc., 10.75%, 10/15/23 (Call 10/15/20)^(a)		75		30,000
Calfrac Holdings LP, 8.50%, 06/15/26 (Call 06/15/21)^(a)		1,390		69,500
CGG Holding U.S. Inc., 9.00%, 05/01/23 (Call 05/29/20)^(a)		1,341		1,273,950
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 04/01/21)^(a)		1,406		913,900
Exterran Energy Solutions LP/EES Finance Corp., 8.13%, 05/01/25 (Call 05/29/20)		1,531		918,600
Forum Energy Technologies Inc., 6.25%, 10/01/21 (Call 05/29/20)		1,210		387,200
FTS International Inc., 6.25%, 05/01/22 (Call 05/29/20)		908		224,730
Hi-Crush Inc., 9.50%, 08/01/26 (Call 08/01/21)^(a)		737		45,768
KCA Deutag UK Finance PLC
7.25%, 05/15/21 (Call 05/29/20)^(a)		703		221,445
9.63%, 04/01/23 (Call 05/11/20)^(a)		200		63,000
9.88%, 04/01/22 (Call 05/29/20)^(a)		836		267,520
KLX Energy Services Holdings Inc., 11.50%, 11/01/25 (Call 11/01/21)^(a)		850		311,312
Nine Energy Service Inc., 8.75%, 11/01/23 (Call 11/01/20)^(a)		1,332		254,745
Oceaneering International Inc.
4.65%, 11/15/24 (Call 08/15/24)		1,783		922,702
6.00%, 02/01/28 (Call 11/01/27)		857		440,284
Pioneer Energy Services Corp., 6.13%, 03/15/22 (Call 05/29/20)^(f)		125		938
SESI LLC
7.13%, 12/15/21 (Call 05/29/20)^(a)		751		376,108
7.75%, 09/15/24 (Call 09/15/20)		947		196,143
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)^(a)(b)		2,035		1,790,360
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)^(a)		1,618		1,368,357
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 04/01/21)		2,836		2,282,980
6.88%, 09/01/27 (Call 09/01/22)		2,893		2,314,400
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/21)^(a)		8,151		6,031,740


34		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas Services (continued)
Welltec A/S, 9.50%, 12/01/22 (Call 05/29/20)^(a)(b)	$	1,456	$	1,288,560

				26,231,912

Packaging & Containers — 2.9%
ARD Finance SA (7.25% PIK), 6.50%, 06/30/27 (Call 11/15/22)^(a)(c)		4,620		4,288,284
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 4.13%, 08/15/26 (Call 08/15/22)^(a)		1,495		1,457,625
4.25%, 09/15/22 (Call 05/11/20)^(a)(b)		3,683		3,702,520
5.25%, 04/30/25 (Call 04/30/22)^(a)		905		929,869
5.25%, 08/15/27 (Call 08/15/22)^(a)		3,605		3,501,356
6.00%, 02/15/25 (Call 05/11/20)^(a)		7,234		7,240,294
Ball Corp. 4.00%, 11/15/23^(b)		4,680		4,841,460
4.88%, 03/15/26 (Call 12/15/25)		3,357		3,608,775
5.00%, 03/15/22		2,029		2,125,378
5.25%, 07/01/25		3,900		4,309,500
Berry Global Inc. 4.50%, 02/15/26 (Call 02/15/21)^(a)(b)		2,347		2,316,724
4.88%, 07/15/26 (Call 07/15/22)^(a)		4,346		4,439,167
5.13%, 07/15/23 (Call 05/29/20)		3,558		3,580,237
5.50%, 05/15/22 (Call 05/29/20)		1,994		1,994,479
5.63%, 07/15/27 (Call 07/15/22)^(a)(b)		1,877		1,928,618
Cascades Inc./Cascades USA Inc. 5.13%, 01/15/26 (Call 01/15/23)^(a)		1,195		1,195,000
5.38%, 01/15/28 (Call 01/15/23)^(a)(b)		1,562		1,569,029
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23		3,777		3,872,180
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)		1,488		1,491,050
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21)		3,794		3,898,335
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26^(b)		1,559		1,707,105
Flex Acquisition Co. Inc. 6.88%, 01/15/25 (Call 05/29/20)^(a)		2,711		2,625,468
7.88%, 07/15/26 (Call 07/15/21)^(a)(b)		1,977		1,897,920
Graphic Packaging International LLC 3.50%, 03/15/28^(a)		1,750		1,658,125
4.13%, 08/15/24 (Call 05/15/24)^(b)		875		883,750
4.75%, 07/15/27 (Call 04/15/27)^(a)(b)		1,094		1,132,290
4.88%, 11/15/22 (Call 08/15/22)		630		636,300
Greif Inc., 6.50%, 03/01/27 (Call 03/01/22)^(a)(b)		2,239		2,239,000
Intertape Polymer Group Inc., 7.00%, 10/15/26 (Call 10/15/21)^(a)(b)		1,009		1,022,934
LABL Escrow Issuer LLC
6.75%, 07/15/26 (Call 07/15/22)^(a)		2,590		2,676,247
10.50%, 07/15/27 (Call 07/15/22)^(a)(b)		2,799		2,775,209
Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/20)^(a)(b)		1,565		1,416,325
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 05/29/20)^(a)		5,611		5,174,464
7.25%, 04/15/25 (Call 05/29/20)^(a)(b)		5,628		4,403,910
OI European Group BV, 4.00%, 03/15/23 (Call 12/15/22)^(a)		1,522		1,468,730
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22^(a)(b)		1,245		1,257,450
5.38%, 01/15/25^(a)(b)		1,035		1,009,125
5.88%, 08/15/23^(a)(b)		3,171		3,202,710
6.38%, 08/15/25^(a)(b)		1,313		1,329,413
Pactiv LLC, 7.95%, 12/15/25^(b)		830		873,575
Plastipak Holdings Inc., 6.25%, 10/15/25 (Call 10/15/20)^(a)		2,163		1,931,126


Security	Par (000)		Value

Packaging & Containers (continued)
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 05/29/20)^(a)	$	6,798	$	6,831,990
7.00%, 07/15/24 (Call 05/29/20)^(a)(b)		4,126		4,141,266
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)^(a)(b)		1,625		1,592,500
4.88%, 12/01/22 (Call 09/01/22)^(a)		1,550		1,588,750
5.13%, 12/01/24 (Call 09/01/24)^(a)		1,449		1,514,205
5.25%, 04/01/23 (Call 01/01/23)^(a)		1,253		1,291,091
5.50%, 09/15/25 (Call 06/15/25)^(a)		1,486		1,582,590
6.88%, 07/15/33^(a)(b)		2,183		2,412,215
Silgan Holdings Inc.
4.13%, 02/01/28 (Call 10/01/22)^(a)		2,189		2,150,693
4.75%, 03/15/25 (Call 05/29/20)^(b)		1,273		1,292,095
Trident TPI Holdings Inc.
6.63%, 11/01/25 (Call 11/01/20)^(a)		751		591,713
9.25%, 08/01/24 (Call 08/01/21)^(a)(b)		1,627		1,423,625
TriMas Corp., 4.88%, 10/15/25 (Call 10/15/20)^(a)(b)		1,092		1,068,795
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/22)^(a)		4,080		4,182,000
8.50%, 08/15/27 (Call 08/15/22)^(a)(b)		3,048		3,185,160

				138,459,744

Pharmaceuticals — 2.2%
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/22)^(a)		7,087		7,812,709
9.25%, 04/01/26 (Call 04/01/22)^(a)(b)		6,448		7,125,040
Bausch Health Companies Inc.
5.00%, 01/30/28 (Call 01/30/23)^(a)		5,040		4,836,825
5.25%, 01/30/30 (Call 01/30/25)^(a)		5,953		5,893,530
5.50%, 03/01/23 (Call 05/29/20)^(a)		942		932,580
5.50%, 11/01/25 (Call 11/01/20)^(a)(b)		6,827		7,096,666
5.75%, 08/15/27 (Call 08/15/22)^(a)(b)		1,531		1,614,593
6.13%, 04/15/25 (Call 05/29/20)^(a)(b)		12,279		12,432,487
6.50%, 03/15/22 (Call 05/29/20)^(a)(b)		4,554		4,644,169
7.00%, 03/15/24 (Call 05/29/20)^(a)		7,334		7,541,919
7.00%, 01/15/28 (Call 01/15/23)^(a)		3,027		3,140,512
7.25%, 05/30/29 (Call 05/30/24)^(a)		2,855		3,046,799
9.00%, 12/15/25 (Call 12/15/21)^(a)(b)		5,699		6,214,759
Elanco Animal Health Inc.
4.66%, 08/27/21		1,234		1,262,012
5.02%, 08/28/23 (Call 07/28/23)^(b)		2,213		2,334,715
5.65%, 08/28/28 (Call 05/28/28)^(b)		3,478		3,851,885
Endo Dac/Endo Finance LLC/Endo Finco Inc.
5.88%, 10/15/24 (Call 06/01/20)^(a)(b)		850		816,000
6.00%, 07/15/23 (Call 06/01/20)^(a)(b)		6,098		4,571,061
6.00%, 02/01/25 (Call 06/01/20)^(a)		4,327		3,093,805
HLF Financing Sarl LLC/Herbalife International Inc., 7.25%, 08/15/26 (Call 08/15/21)^(a)(b)		1,726		1,681,642
Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 08/01/22)^(a)		2,567		2,669,680
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.50%, 04/15/25 (Call 05/29/20)^(a)(b)		790		197,500
5.63%, 10/15/23 (Call 05/29/20)^(a)(b)		1,223		351,062
5.75%, 08/01/22 (Call 05/29/20)^(a)(b)		2,313		994,590
Owens & Minor Inc., 4.38%, 12/15/24 (Call 09/15/24)		1,389		1,125,090
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)^(a)		6,071		6,169,654
Vizient Inc., 6.25%, 05/15/27 (Call 05/15/22)^(a)		1,287		1,352,251

				102,803,535


SCHEDULE OF INVESTMENTS			35

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines — 4.1%
American Midstream Partners LP/American Midstream Finance Corp., 9.50%, 12/15/21 (Call 05/29/20)^(a)	$	2,095	$	1,927,400
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 09/15/24 (Call 05/14/20)		2,779		2,167,620
5.75%, 03/01/27 (Call 03/01/22)^(a)		2,697		1,995,780
5.75%, 01/15/28 (Call 01/15/23)^(a)		2,526		1,856,610
Blue Racer Midstream LLC/Blue Racer Finance Corp.
6.13%, 11/15/22 (Call 05/29/20)^(a)		4,129		3,509,650
6.63%, 07/15/26 (Call 07/15/21)^(a)		933		625,110
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)^(b)		2,300		2,081,500
4.13%, 03/01/25 (Call 02/01/25)^(a)		1,905		1,762,125
4.13%, 12/01/27 (Call 09/01/27)^(b)		1,450		1,294,125
4.15%, 07/01/23 (Call 04/01/23)		1,600		1,496,000
4.35%, 10/15/24 (Call 07/15/24)		1,175		1,081,000
4.50%, 03/01/28 (Call 12/01/27)^(a)		2,420		2,178,000
5.60%, 10/15/44 (Call 04/15/44)		1,173		832,830
5.85%, 11/15/43 (Call 05/15/43)		1,450		1,058,500
6.38%, 01/22/78 (Call 01/22/23)^(b)(e)		1,858		1,151,960
Cheniere Energy Partners LP
4.50%, 10/01/29 (Call 10/01/24)^(a)		5,916		5,457,510
5.25%, 10/01/25 (Call 10/01/20)		6,404		6,113,258
5.63%, 10/01/26 (Call 10/01/21)		4,566		4,363,270
CNX Midstream Partners LP/CNX Midstream Finance Corp., 6.50%, 03/15/26 (Call 03/15/21)^(a)		1,671		1,367,379
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/22)^(a)		2,371		1,541,150
5.75%, 04/01/25 (Call 05/29/20)		1,909		1,374,480
6.25%, 04/01/23 (Call 05/14/20)		3,012		2,198,760
DCP Midstream LP, Series A, 7.38%, (Call 12/15/22)^(d)(e)		1,725		664,988
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		2,499		2,074,170
4.75%, 09/30/21 (Call 06/30/21)^(a)		1,489		1,407,105
4.95%, 04/01/22 (Call 01/01/22)		2,240		2,038,400
5.13%, 05/15/29 (Call 02/15/29)		2,338		1,741,109
5.38%, 07/15/25 (Call 04/15/25)		3,954		3,192,855
5.60%, 04/01/44 (Call 10/01/43)		477		248,040
5.85%, 05/21/43 (Call 05/21/23)^(a)(e)		1,955		899,300
6.45%, 11/03/36^(a)		1,403		817,248
6.75%, 09/15/37^(a)		1,777		1,066,200
8.13%, 08/16/30		1,598		1,246,440
Energy Transfer Operating LP
Series A, 6.25%, (Call 02/15/23)^(d)(e)		4,458		3,120,600
Series B, 6.63%, (Call 02/15/28)^(d)(e)		2,034		1,456,975
Series F, 6.75%, (Call 05/15/25)^(d)(e)		1,800		1,368,000
Series G, 7.13%, (Call 05/15/30)^(d)(e)		4,000		3,127,600
EnLink Midstream LLC, 5.38%, 06/01/29 (Call 03/01/29)		2,075		1,286,500
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)		3,412		2,115,440
4.40%, 04/01/24 (Call 01/01/24)		2,153		1,356,390
4.85%, 07/15/26 (Call 04/15/26)		2,190		1,335,900
5.05%, 04/01/45 (Call 10/01/44)		1,540		623,700
5.45%, 06/01/47 (Call 12/01/46)		1,735		704,844
5.60%, 04/01/44 (Call 10/01/43)^(b)		1,042		416,800
Series C, 6.00%, (Call 12/15/22)^(d)(e)		1,207		325,890
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)		2,000		1,805,000
4.13%, 12/01/26 (Call 09/01/26)		1,630		1,397,725


Security	Par (000)		Value

Pipelines (continued)
4.75%, 07/15/23 (Call 06/15/23)	$	4,735	$	4,480,257
Series 10Y, 5.50%, 07/15/28 (Call 04/15/28)		3,785		3,368,650
Series 30Y, 6.50%, 07/15/48 (Call 01/15/48)		2,000		1,605,000
Genesis Energy LP/Genesis Energy Finance Corp.
5.63%, 06/15/24 (Call 05/29/20)^(b)		1,383		1,168,635
6.00%, 05/15/23 (Call 05/29/20)		2,008		1,772,662
6.25%, 05/15/26 (Call 02/15/21)		1,433		1,196,555
6.50%, 10/01/25 (Call 10/01/20)		2,617		2,198,280
7.75%, 02/01/28 (Call 02/01/23)		2,698		2,293,300
Global Partners LP/GLP Finance Corp.
7.00%, 06/15/23 (Call 05/29/20)		1,520		1,322,400
7.00%, 08/01/27 (Call 08/01/22)		1,510		1,215,248
Hess Midstream Operations LP
5.13%, 06/15/28 (Call 06/15/23)^(a)		2,042		1,789,200
5.63%, 02/15/26 (Call 02/15/21)^(a)		3,518		3,271,740
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 02/01/23)^(a)		2,131		1,938,571
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 05/29/20)^(b)		1,153		749,450
7.50%, 11/01/23 (Call 05/29/20)		2,371		1,606,352
7.50%, 04/15/26 (Call 04/15/22)		1,365		887,250
NuStar Logistics LP
4.75%, 02/01/22 (Call 11/01/21)		1,515		1,408,950
5.63%, 04/28/27 (Call 01/28/27)		2,182		1,963,800
6.00%, 06/01/26 (Call 03/01/26)		1,841		1,656,900
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 05/29/20)		2,123		1,634,710
Plains All American Pipeline LP, Series B, 6.13%, (Call 11/15/22)^(d)(e)		3,288		2,204,045
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)^(a)		500		451,250
4.80%, 05/15/30 (Call 02/15/30)^(a)		786		672,030
4.95%, 07/15/29 (Call 04/15/29)^(a)		1,656		1,468,210
6.88%, 04/15/40^(a)		500		439,375
7.50%, 07/15/38^(a)		158		138,645
Ruby Pipeline LLC, 6.50%, 04/01/22^(a)		2,341		2,176,924
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
5.50%, 08/15/22 (Call 05/29/20)		1,320		316,800
5.75%, 04/15/25 (Call 05/29/20)		1,469		294,094
Summit Midstream Partners LP, Series A, 9.50%, (Call 12/15/22)^(d)(e)		508		50,800
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
4.75%, 10/01/23 (Call 10/01/20)^(a)		1,912		1,472,240
5.50%, 09/15/24 (Call 05/29/20)^(a)		2,553		1,940,280
5.50%, 01/15/28 (Call 01/15/23)^(a)		3,250		2,226,250
6.00%, 03/01/27 (Call 03/01/23)^(a)		1,763		1,172,395
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/29/20)		2,375		2,143,437
5.00%, 01/15/28 (Call 01/15/23)		2,915		2,434,025
5.13%, 02/01/25 (Call 05/29/20)		2,157		1,941,300
5.25%, 05/01/23 (Call 05/29/20)		2,960		2,796,016
5.38%, 02/01/27 (Call 02/01/22)		2,536		2,155,600
5.50%, 03/01/30 (Call 03/01/25)^(a)		3,730		3,179,825
5.88%, 04/15/26 (Call 04/15/21)^(b)		3,581		3,210,366
6.50%, 07/15/27 (Call 07/15/22)		3,140		2,826,000
6.75%, 03/15/24 (Call 05/29/20)		2,888		2,729,160
6.88%, 01/15/29 (Call 01/15/24)		2,777		2,546,787


36		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 (Call 02/15/21)^(b)	$	1,218	$	974,644
Western Midstream Operating LP
3.10%, 02/01/25 (Call 01/01/25)		5,906		5,389,225
3.95%, 06/01/25 (Call 03/01/25)^(b)		2,128		1,888,600
4.00%, 07/01/22 (Call 04/01/22)		2,871		2,777,692
4.05%, 02/01/30 (Call 11/01/29)		6,256		5,708,600
4.50%, 03/01/28 (Call 12/01/27)		2,501		2,200,880
4.65%, 07/01/26 (Call 04/01/26)		1,960		1,734,600
4.75%, 08/15/28 (Call 05/15/28)		1,752		1,543,424
5.25%, 02/01/50 (Call 08/01/49)		3,755		2,952,369
5.30%, 03/01/48 (Call 09/01/47)		2,750		2,069,375
5.38%, 06/01/21 (Call 03/01/21)		1,897		1,866,800
5.45%, 04/01/44 (Call 10/01/43)		2,463		1,841,092
5.50%, 08/15/48 (Call 02/15/48)		500		368,125

				193,100,426

Real Estate — 0.4%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 11/15/20)^(a)		2,400		2,319,000
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/20)^(a)		2,511		2,310,120
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 05/29/20)^(a)(b)		4,382		4,247,648
Hunt Companies Inc., 6.25%, 02/15/26 (Call 02/15/21)^(a)(b)		135		114,750
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 05/29/20)		4,750		4,543,137
Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)		2,367		2,179,592
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)^(a)(b)		2,055		1,562,581
5.25%, 12/01/21 (Call 05/29/20)^(a)		1,918		1,611,120
9.38%, 04/01/27 (Call 04/01/22)^(a)		2,131		1,491,700
WeWork Companies Inc., 7.88%, 05/01/25^(a)(b)		1,592		644,760

				21,024,408

Real Estate Investment Trusts — 3.0%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)^(a)(b)		4,071		3,256,800
CBL & Associates LP
5.25%, 12/01/23 (Call 09/01/23)^(b)		1,019		277,678
5.95%, 12/15/26 (Call 09/15/26)^(b)		1,075		290,250
CoreCivic Inc.
4.63%, 05/01/23 (Call 02/01/23)^(b)		1,776		1,678,320
4.75%, 10/15/27 (Call 07/15/27)^(b)		675		567,000
5.00%, 10/15/22 (Call 07/15/22)		1,370		1,316,433
CTR Partnership LP/CareTrust Capital Corp., 5.25%, 06/01/25 (Call 06/01/20)^(b)		1,377		1,375,279
Diversified Healthcare Trust
4.75%, 05/01/24 (Call 11/01/23)		1,434		1,188,032
4.75%, 02/15/28 (Call 08/15/27)		2,214		1,898,556
ESH Hospitality Inc.
4.63%, 10/01/27 (Call 10/01/22)^(a)		2,834		2,564,770
5.25%, 05/01/25 (Call 05/29/20)^(a)		5,286		4,968,840
Felcor Lodging LP, 6.00%, 06/01/25 (Call 06/01/20)^(b)		1,986		1,897,424
GEO Group Inc. (The)
5.13%, 04/01/23 (Call 05/29/20)		1,433		1,200,138
5.88%, 10/15/24 (Call 05/29/20)^(b)		847		669,130
6.00%, 04/15/26 (Call 04/15/21)		1,166		868,670


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
HAT Holdings I LLC/HAT Holdings II LLC
5.25%, 07/15/24 (Call 07/15/21)^(a)(b)	$	2,388	$	2,369,851
6.00%, 04/15/25 (Call 04/15/22)^(a)		810		810,000
Iron Mountain Inc.
4.38%, 06/01/21 (Call 05/11/20)^(a)		1,210		1,210,000
4.88%, 09/15/27 (Call 09/15/22)^(a)(b)		4,237		4,152,260
4.88%, 09/15/29 (Call 09/15/24)^(a)		4,251		4,070,332
5.25%, 03/15/28 (Call 12/27/22)^(a)		2,903		2,837,683
5.75%, 08/15/24 (Call 05/11/20)^(b)		4,310		4,234,575
6.00%, 08/15/23 (Call 05/11/20)		1,726		1,743,260
Iron Mountain U.S. Holdings Inc., 5.38%, 06/01/26 (Call 06/01/21)^(a)(b)		1,146		1,140,270
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)		2,344		1,851,760
4.75%, 10/01/24 (Call 07/01/24)		2,724		2,274,540
5.25%, 09/15/22 (Call 05/29/20)		2,023		1,830,815
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)^(a)		3,012		2,093,340
5.25%, 03/15/22 (Call 09/15/21)^(a)		2,417		1,994,025
5.25%, 10/01/25 (Call 10/01/20)^(a)		1,588		1,155,270
5.88%, 08/01/21 (Call 05/29/20)^(a)		646		571,710
Mack-Cali Realty LP
3.15%, 05/15/23 (Call 02/15/23)		1,114		914,739
4.50%, 04/18/22 (Call 01/18/22)		1,427		1,215,058
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)		2,092		2,024,010
4.50%, 01/15/28 (Call 10/15/27)^(b)		1,511		1,420,340
5.63%, 05/01/24 (Call 02/01/24)		4,264		4,328,855
5.75%, 02/01/27 (Call 11/01/26)^(b)		2,979		3,016,237
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29 (Call 08/01/24)		3,474		3,454,476
5.00%, 10/15/27 (Call 10/15/22)		5,807		5,923,140
5.25%, 08/01/26 (Call 08/01/21)		1,726		1,743,260
5.50%, 05/01/24 (Call 05/29/20)^(b)		1,642		1,633,790
6.38%, 03/01/24 (Call 05/29/20)		2,056		2,123,211
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/23 (Call 05/29/20)		1,735		1,613,550
Ryman Hospitality Properties Inc., 4.75%, 10/15/27 (Call 10/15/22)^(a)		2,827		2,466,558
SBA Communications Corp.
3.88%, 02/15/27 (Call 02/15/23)^(a)		3,841		3,922,621
4.00%, 10/01/22 (Call 05/29/20)		3,090		3,106,377
4.88%, 09/01/24 (Call 05/29/20)		4,844		4,986,898
Starwood Property Trust Inc.
4.75%, 03/15/25 (Call 09/15/24)^(b)		1,653		1,396,785
5.00%, 12/15/21 (Call 09/15/21)		3,401		3,179,935
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
7.13%, 12/15/24 (Call 05/29/20)^(a)(b)		2,107		1,622,390
7.88%, 02/15/25 (Call 02/15/22)^(a)		9,370		8,995,200
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 05/29/20)^(a)		2,159		2,003,120
8.25%, 10/15/23 (Call 05/29/20)^(b)		4,455		3,696,313
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 02/15/22)^(a)		2,710		2,547,400
3.75%, 02/15/27 (Call 02/15/23)^(a)		2,695		2,506,350
4.13%, 08/15/30 (Call 02/15/25)^(a)		4,525		4,117,750
4.25%, 12/01/26 (Call 12/01/22)^(a)		5,255		4,911,270
4.63%, 12/01/29 (Call 12/01/24)^(a)(b)		3,790		3,524,700


SCHEDULE OF INVESTMENTS			37

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
Washington Prime Group LP, 6.45%, 08/15/24 (Call 06/15/24)^(b)	$	3,066	$	1,705,463

				142,456,807

Retail — 3.9%
1011778 BC ULC/New Red Finance Inc.
3.88%, 01/15/28 (Call 09/15/22)^(a)		3,110		3,016,420
4.25%, 05/15/24 (Call 05/29/20)^(a)		6,282		6,280,053
4.38%, 01/15/28 (Call 11/15/22)^(a)		3,213		3,106,810
5.00%, 10/15/25 (Call 10/15/20)^(a)(b)		11,272		11,328,360
5.75%, 04/15/25 (Call 04/15/22)^(a)		365		384,163
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/23)^(a)		1,895		1,591,231
4.75%, 03/01/30 (Call 03/01/25)^(a)		1,067		893,986
Beacon Roofing Supply Inc.
4.50%, 11/15/26 (Call 11/15/22)^(a)(b)		1,328		1,268,240
4.88%, 11/01/25 (Call 11/01/20)^(a)(b)		5,251		4,640,571
Bed Bath & Beyond Inc.
3.75%, 08/01/24 (Call 05/01/24)		2,064		1,279,680
4.92%, 08/01/34 (Call 02/01/34)^(b)		1,135		549,056
5.17%, 08/01/44 (Call 02/01/44)		2,997		1,296,202
Brinker International Inc.
3.88%, 05/15/23^(b)		1,620		1,219,050
5.00%, 10/01/24 (Call 07/01/24)^(a)		1,050		872,813
Burlington Coat Factory Warehouse Corp., 6.25%, 04/15/25 (Call 04/15/22)^(a)		1,175		1,195,563
Carvana Co., 8.88%, 10/01/23 (Call 10/01/20)^(a)		2,526		2,469,165
DriveTime Automotive Group Inc./Bridgecrest Acceptance Corp., 8.00%, 06/01/21 (Call 05/29/20)^(a)(b)		425		380,375
eG Global Finance PLC
6.75%, 02/07/25 (Call 05/15/21)^(a)		2,683		2,441,530
8.50%, 10/30/25 (Call 10/30/21)^(a)		2,915		2,842,125
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/29/20)		455		364,000
6.75%, 01/15/22 (Call 05/29/20)		1,060		845,467
6.75%, 06/15/23 (Call 05/14/20)^(b)		830		664,000
10.00%, 04/15/25 (Call 04/15/22)^(a)		3,050		3,223,545
FirstCash Inc., 5.38%, 06/01/24 (Call 06/01/20)^(a)(b)		1,133		1,135,833
Gap Inc. (The)
8.38%, 05/15/23^(a)		860		895,647
8.63%, 05/15/25 (Call 05/15/22)^(a)		2,335		2,410,887
8.88%, 05/15/27 (Call 05/15/23)^(a)		1,245		1,297,912
Golden Nugget Inc.
6.75%, 10/15/24 (Call 05/29/20)^(a)		6,100		4,758,000
8.75%, 10/01/25 (Call 10/01/20)^(a)		2,426		1,382,820
Group 1 Automotive Inc., 5.00%, 06/01/22 (Call 05/29/20)^(b)		2,407		2,292,667
Guitar Center Inc., 9.50%, 10/15/21 (Call 05/29/20)^(a)		1,909		1,317,210
IRB Holding Corp., 6.75%, 02/15/26 (Call 02/15/21)^(a)		1,961		1,627,630
JC Penney Corp. Inc.
5.88%, 07/01/23 (Call 05/29/20)^(a)		1,876		853,580
6.38%, 10/15/36^(b)		125		6,250
7.40%, 04/01/37		50		2,500
8.63%, 03/15/25 (Call 03/15/21)^(a)(b)		685		54,800
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)^(a)(b)		2,931		3,025,349
5.00%, 06/01/24 (Call 05/29/20)^(a)		4,158		4,284,819
5.25%, 06/01/26 (Call 06/01/21)^(a)		4,530		4,631,925
KGA Escrow LLC, 7.50%, 08/15/23 (Call 08/15/20)^(a)		1,637		1,485,577


Security	Par (000)		Value

Retail (continued)
L Brands Inc.
5.25%, 02/01/28	$	2,010	$	1,442,175
5.63%, 02/15/22		3,204		2,799,014
5.63%, 10/15/23		2,834		2,309,710
6.63%, 04/01/21		195		176,963
6.69%, 01/15/27		1,350		945,000
6.75%, 07/01/36^(b)		2,445		1,760,400
6.88%, 11/01/35^(b)		3,915		2,883,006
6.95%, 03/01/33		1,539		861,840
7.50%, 06/15/29 (Call 06/15/24)^(b)		1,955		1,444,647
7.60%, 07/15/37		1,102		650,180
Lithia Motors Inc.
4.63%, 12/15/27 (Call 12/15/22)^(a)(b)		1,685		1,592,325
5.25%, 08/01/25 (Call 08/01/20)^(a)(b)		1,275		1,233,563
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		2,955		2,120,212
3.63%, 06/01/24 (Call 03/01/24)		1,562		1,104,139
3.88%, 01/15/22 (Call 10/15/21)		630		529,988
4.30%, 02/15/43 (Call 08/15/42)		500		290,000
4.50%, 12/15/34 (Call 06/15/34)		84		47,985
5.13%, 01/15/42 (Call 07/15/41)		500		293,650
Marks & Spencer PLC, 7.13%, 12/01/37^(a)(b)		1,100		1,007,286
Michaels Stores Inc., 8.00%, 07/15/27 (Call 07/15/22)^(a)(b)		2,042		1,408,980
Murphy Oil USA Inc.
4.75%, 09/15/29 (Call 09/15/24)^(b)		2,070		2,131,479
5.63%, 05/01/27 (Call 05/01/22)		1,451		1,493,877
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa Borrower/NMG
8.00%, 10/25/24 (Call 05/29/20)^(a)		664		53,120
8.75%, 10/25/24 (Call 05/29/20)^(a)		608		48,669
Party City Holdings Inc.
6.13%, 08/15/23 (Call 05/29/20)^(a)(b)		1,076		94,150
6.63%, 08/01/26 (Call 08/01/21)^(a)		1,792		168,000
Penske Automotive Group Inc.
5.38%, 12/01/24 (Call 05/29/20)^(b)		1,711		1,573,607
5.50%, 05/15/26 (Call 05/15/21)		2,336		2,137,440
5.75%, 10/01/22 (Call 05/29/20)		1,051		1,003,705
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)^(a)		4,106		4,136,795
7.13%, 03/15/23 (Call 05/29/20)^(a)		7,959		7,620,742
8.88%, 06/01/25 (Call 06/01/20)^(a)		2,613		2,534,610
PriSo Acquisition Corp., 9.00%, 05/15/23 (Call 05/29/20)^(a)(b)		1,228		955,126
QVC Inc.
4.38%, 03/15/23^(b)		2,779		2,653,667
4.45%, 02/15/25 (Call 11/15/24)		2,400		2,226,000
4.75%, 02/15/27 (Call 11/15/26)		2,625		2,362,237
4.85%, 04/01/24		2,783		2,668,201
5.13%, 07/02/22^(b)		1,295		1,272,338
5.45%, 08/15/34 (Call 02/15/34)^(b)		1,673		1,304,773
5.95%, 03/15/43		1,126		845,908
Rite Aid Corp.
6.13%, 04/01/23 (Call 05/29/20)^(a)		3,953		3,577,465
7.50%, 07/01/25 (Call 07/01/22)^(a)		3,186		3,138,210
7.70%, 02/15/27^(b)		825		602,250
Sally Holdings LLC/Sally Capital Inc.
5.63%, 12/01/25 (Call 12/01/20)^(b)		2,895		2,372,742
8.75%, 04/30/25 (Call 04/30/22)^(a)		935		947,856
Sonic Automotive Inc., 6.13%, 03/15/27 (Call 03/15/22)^(b)		1,167		1,003,620
SRS Distribution Inc., 8.25%, 07/01/26 (Call 07/01/21)^(a)(b)		1,274		1,169,914


38		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Retail (continued)
Staples Inc.
7.50%, 04/15/26 (Call 04/15/22)^(a)	$	8,592	$	6,787,680
10.75%, 04/15/27 (Call 04/15/22)^(a)(b)		3,720		2,120,400
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 05/29/20)		2,241		2,170,969
5.75%, 03/01/25 (Call 05/29/20)		710		695,587
5.88%, 03/01/27 (Call 03/01/22)^(b)		1,665		1,587,494
Superior Plus LP/Superior General Partner Inc., 7.00%, 07/15/26 (Call 07/15/21)^(a)		1,566		1,547,678
TPro Acquisition Corp., 11.00%, 10/15/24 (Call 10/15/21)^(a)(b)		1,300		1,251,250
Yum! Brands Inc.
3.75%, 11/01/21 (Call 08/01/21)^(b)		1,119		1,121,798
3.88%, 11/01/23 (Call 08/01/23)^(b)		978		992,377
4.75%, 01/15/30 (Call 10/15/29)^(a)		3,530		3,600,600
5.35%, 11/01/43 (Call 05/01/43)^(b)		1,104		1,048,800
6.88%, 11/15/37^(b)		1,260		1,278,900
7.75%, 04/01/25 (Call 04/01/22)^(a)		1,734		1,898,513

				184,715,421

Savings & Loans — 0.0%
New York Community Bancorp Inc., 5.90%, 11/06/28 (Call 11/06/23)^(b)(e)		925		920,224


Semiconductors — 0.3%
Advanced Micro Devices Inc., 7.50%, 08/15/22^(b)		951		1,038,967
Amkor Technology Inc., 6.63%, 09/15/27 (Call 03/15/22)^(a)(b)		2,262		2,324,205
Entegris Inc.
4.38%, 04/15/28 (Call 04/15/23)^(a)		655		655,819
4.63%, 02/10/26 (Call 11/10/20)^(a)		2,282		2,287,705
Qorvo Inc.
4.38%, 10/15/29 (Call 10/15/24)^(a)		2,231		2,222,634
5.50%, 07/15/26 (Call 07/15/21)		3,917		4,112,850
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 (Call 02/15/21)^(a)(b)		3,039		3,130,170

				15,772,350

Software — 2.3%
ACI Worldwide Inc., 5.75%, 08/15/26 (Call 08/15/21)^(a)(b)		1,619		1,610,905
Ascend Learning LLC 6.88%, 08/01/25 (Call 08/01/20)^(a)(b)		2,812		2,783,880
Blackboard Inc., 10.38%, 11/15/24 (Call 11/15/20)^(a)(b)		750		705,000
Camelot Finance SA, 4.50%, 11/01/26 (Call 11/01/22)^(a)(b)		2,974		2,996,305
Castle U.S. Holding Crop., 9.50%, 02/15/28 (Call 02/15/23)^(a)		1,500		1,410,000
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)		2,574		2,567,565
5.00%, 10/15/24 (Call 07/15/24)^(b)		1,300		1,345,500
5.25%, 05/15/29 (Call 05/15/24)^(a)		2,363		2,410,260
5.88%, 06/15/26 (Call 06/15/21)		2,682		2,809,395
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 05/11/20)^(a)(b)		5,396		5,275,777
Dun & Bradstreet Corp./The
6.88%, 08/15/26 (Call 02/15/22)^(a)		2,796		2,942,790
10.25%, 02/15/27 (Call 02/15/22)^(a)		3,117		3,413,115
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/22)^(a)		1,564		1,550,706
5.25%, 05/15/26 (Call 02/15/26)^(a)		1,543		1,593,148


Security	Par (000)		Value

Software (continued)
Genesys Telecommunications Laboratories Inc./Greeneden Lux 3 Sarl/Greeneden U.S. Ho, 10.00%, 11/30/24 (Call 05/29/20)^(a)(b)	$	3,016	$	3,174,340
Granite Merger Sub 2 Inc., 11.00%, 07/15/27 (Call 07/15/22)^(a)		1,283		1,244,510
Infor U.S. Inc., 6.50%, 05/15/22 (Call 05/26/20)		5,970		5,975,373
j2 Cloud Services LLC/j2 Global Co-Obligor Inc., 6.00%, 07/15/25 (Call 07/15/20)^(a)		2,864		2,892,640
MSCI Inc.
3.63%, 09/01/30 (Call 03/01/25)^(a)		1,605		1,625,063
4.00%, 11/15/29 (Call 11/15/24)^(a)		4,085		4,271,235
4.75%, 08/01/26 (Call 08/01/21)^(a)		1,732		1,810,425
5.38%, 05/15/27 (Call 05/15/22)^(a)(b)		1,811		1,951,353
5.75%, 08/15/25 (Call 08/15/20)^(a)		3,473		3,627,896
Nuance Communications Inc., 5.63%, 12/15/26 (Call 12/15/21)^(b)		2,317		2,428,679
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)^(a)		2,345		2,298,100
5.88%, 06/01/26 (Call 06/01/21)^(a)		3,026		3,177,300
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)^(a)		3,971		3,862,592
PTC Inc.
3.63%, 02/15/25 (Call 02/15/22)^(a)		2,687		2,645,351
4.00%, 02/15/28 (Call 02/15/23)^(a)		1,738		1,703,240
6.00%, 05/15/24 (Call 05/15/20)^(b)		1,382		1,423,875
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 05/29/20)^(a)(b)		4,635		4,566,031
Riverbed Technology Inc., 8.88%, 03/01/23 (Call 05/29/20)^(a)		1,588		968,680
RP Crown Parent LLC, 7.38%, 10/15/24 (Call 05/29/20)^(a)(b)		1,468		1,442,310
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 05/29/20)^(a)(b)		8,189		8,148,055
Sophia LP/Sophia Finance Inc., 9.00%, 09/30/23 (Call 05/29/20)^(a)(b)		2,637		2,656,777
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)^(a)(b)		8,337		8,545,425
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 02/01/23 (Call 05/11/20)^(a)		1,177		1,143,514
10.50%, 02/01/24 (Call 05/11/20)^(a)(b)		3,716		3,316,530

				108,313,640

Storage & Warehousing — 0.1%
Algeco Global Finance 2 PLC, 10.00%, 08/15/23 (Call 05/11/20)^(a)(b)		977		722,980
LBC Tank Terminals Holding Netherlands BV, 6.88%, 05/15/23 (Call 05/29/20)^(a)		1,344		1,310,400
Mobile Mini Inc., 5.88%, 07/01/24 (Call 05/29/20)^(b)		1,341		1,354,812

				3,388,192

Telecommunications — 9.0%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/23)^(a)(b)		4,620		4,203,276
10.50%, 05/15/27 (Call 05/15/22)^(a)		5,787		6,251,175
Altice France SA/France
5.50%, 01/15/28 (Call 09/15/22)^(a)		4,595		4,627,624
7.38%, 05/01/26 (Call 05/01/21)^(a)		20,426		21,345,170
8.13%, 02/01/27 (Call 02/01/22)^(a)		8,254		8,893,685
C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)^(a)(b)		4,642		4,583,975
7.50%, 10/15/26 (Call 10/15/21)^(a)(b)		2,269		2,269,499


SCHEDULE OF INVESTMENTS			39

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
CenturyLink Inc.
4.00%, 02/15/27 (Call 02/15/23)^(a)	$	4,900	$	4,753,000
5.13%, 12/15/26 (Call 12/15/22)^(a)		4,967		4,706,232
5.63%, 04/01/25 (Call 01/01/25)		2,383		2,383,000
Series G, 6.88%, 01/15/28		2,057		2,128,995
Series P, 7.60%, 09/15/39		2,230		2,277,008
Series S, 6.45%, 06/15/21		3,340		3,418,323
Series T, 5.80%, 03/15/22		5,875		6,015,633
Series U, 7.65%, 03/15/42		1,706		1,706,000
Series W, 6.75%, 12/01/23		3,743		3,909,938
Series Y, 7.50%, 04/01/24 (Call 01/01/24)^(b)		4,575		4,963,875
Cincinnati Bell Inc.
7.00%, 07/15/24 (Call 05/29/20)^(a)(b)		2,918		2,953,570
8.00%, 10/15/25 (Call 10/15/20)^(a)		1,332		1,347,984
CommScope Inc.
5.50%, 03/01/24 (Call 03/01/21)^(a)		5,284		5,284,000
5.50%, 06/15/24 (Call 05/11/20)^(a)		2,733		2,418,705
6.00%, 03/01/26 (Call 03/01/22)^(a)(b)		5,004		5,016,510
8.25%, 03/01/27 (Call 03/01/22)^(a)(b)		5,012		4,804,002
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)^(a)(b)		2,522		2,162,615
6.00%, 06/15/25 (Call 06/15/20)^(a)		6,081		5,411,482
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)^(a)		8,277		7,842,457
Consolidated Communications Inc., 6.50%, 10/01/22 (Call 05/29/20)^(b)		2,115		1,898,213
DKT Finance ApS, 9.38%, 06/17/23 (Call 06/17/20)^(a)(b)		1,893		1,884,482
Embarq Corp., 8.00%, 06/01/36		5,744		5,916,320
Frontier Communications Corp.
8.00%, 04/01/27 (Call 04/01/22)^(a)(f)		3,930		4,007,421
8.50%, 04/01/26 (Call 04/01/21)^(a)(f)		3,995		3,695,375
Frontier Florida LLC, Series E, 6.86%, 02/01/28		675		577,125
Gogo Intermediate Holdings LLC/Gogo Finance Co. Inc., 9.88%, 05/01/24 (Call 05/01/21)^(a)(b)		3,710		3,042,200
GTT Communications Inc., 7.88%, 12/31/24 (Call 05/29/20)^(a)		1,384		826,940
HC2 Holdings Inc., 11.50%, 12/01/21 (Call 06/01/20)^(a)		1,752		1,524,240
Hughes Satellite Systems Corp.
5.25%, 08/01/26		2,989		3,153,395
6.63%, 08/01/26^(b)		3,337		3,557,242
7.63%, 06/15/21		2,749		2,854,809
Intelsat Connect Finance SA, 9.50%, 02/15/23 (Call 08/15/20)^(a)(b)		2,770		526,300
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 05/29/20)		7,973		4,265,555
8.00%, 02/15/24 (Call 05/29/20)^(a)		4,405		4,523,054
8.50%, 10/15/24 (Call 10/15/20)^(a)		10,530		6,107,400
9.50%, 09/30/22^(a)		2,509		2,787,675
9.75%, 07/15/25 (Call 07/15/21)^(a)		4,211		2,379,215
Intelsat Luxembourg SA, 7.75%, 06/01/21 (Call 05/29/20)		1,215		179,055
Intrado Corp., 8.50%, 10/15/25 (Call 10/15/20)^(a)(b)		4,449		3,109,406
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)^(a)(e)		2,325		2,406,375
Level 3 Financing Inc.
4.63%, 09/15/27 (Call 09/15/22)^(a)(b)		4,085		4,047,418
5.13%, 05/01/23 (Call 05/29/20)		3,001		2,985,995
5.25%, 03/15/26 (Call 03/15/21)		3,066		3,134,985
5.38%, 08/15/22 (Call 05/29/20)		1,604		1,607,368
5.38%, 01/15/24 (Call 05/29/20)		3,836		3,864,770
5.38%, 05/01/25 (Call 05/29/20)^(b)		3,304		3,327,458
5.63%, 02/01/23 (Call 05/29/20)		2,536		2,539,855


Security	Par (000)		Value

Telecommunications (continued)
Millicom International Cellular SA
5.13%, 01/15/28 (Call 09/15/22)^(a)(b)	$	1,797	$	1,650,185
6.00%, 03/15/25 (Call 05/11/20)^(a)		1,832		1,794,810
6.25%, 03/25/29 (Call 03/25/24)^(a)(b)		2,967		2,907,660
6.63%, 10/15/26 (Call 10/15/21)^(a)		1,870		1,895,526
Nokia OYJ
3.38%, 06/12/22^(b)		2,763		2,783,723
4.38%, 06/12/27^(b)		2,423		2,459,345
6.63%, 05/15/39^(b)		1,767		1,886,273
ORBCOMM Inc., 8.00%, 04/01/24 (Call 05/29/20)^(a)(b)		1,183		1,088,360
Plantronics Inc., 5.50%, 05/31/23 (Call 05/29/20)^(a)		2,219		1,758,114
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25 (Call 11/15/20)^(a)		1,814		1,825,338
Qwest Corp.
6.75%, 12/01/21		3,776		3,950,040
7.25%, 09/15/25		517		554,456
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)^(a)		2,051		2,040,745
Sprint Capital Corp.
6.88%, 11/15/28^(b)		10,361		12,478,270
8.75%, 03/15/32^(b)		8,388		11,785,140
Sprint Communications Inc.
6.00%, 11/15/22		9,626		10,180,554
11.50%, 11/15/21^(b)		3,812		4,250,380
Sprint Corp.
7.13%, 06/15/24^(b)		10,304		11,566,446
7.25%, 09/15/21		8,446		8,857,742
7.63%, 02/15/25 (Call 11/15/24)		6,285		7,212,037
7.63%, 03/01/26 (Call 11/01/25)		6,244		7,381,032
7.88%, 09/15/23		17,339		19,486,435
Telecom Italia Capital SA
6.00%, 09/30/34^(b)		4,344		4,499,950
6.38%, 11/15/33^(b)		4,323		4,658,465
7.20%, 07/18/36^(b)		3,582		4,020,079
7.72%, 06/04/38^(b)		3,584		4,157,440
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)(b)		6,482		6,733,437
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22		4,400		4,559,500
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/22)^(a)(b)		1,440		1,418,400
6.50%, 10/15/27 (Call 10/15/22)^(a)(b)		2,408		2,265,206
T-Mobile USA Inc.
4.00%, 04/15/22 (Call 03/16/22)^(b)		1,913		1,956,043
4.50%, 02/01/26 (Call 02/01/21)		3,429		3,532,899
4.75%, 02/01/28 (Call 02/01/23)		5,679		5,963,064
5.13%, 04/15/25 (Call 05/11/20)		1,516		1,534,950
5.38%, 04/15/27 (Call 04/15/22)		1,802		1,905,813
6.00%, 03/01/23 (Call 05/11/20)		4,365		4,407,122
6.00%, 04/15/24 (Call 05/11/20)		3,547		3,616,521
6.38%, 03/01/25 (Call 05/11/20)^(b)		6,275		6,439,719
6.50%, 01/15/24 (Call 05/11/20)		3,675		3,757,320
6.50%, 01/15/26 (Call 01/15/21)		6,990		7,383,187
U.S. Cellular Corp., 6.70%, 12/15/33^(b)		2,156		2,263,800
ViaSat Inc.
5.63%, 09/15/25 (Call 09/15/20)^(a)		3,076		2,891,440
5.63%, 04/15/27 (Call 04/15/22)^(a)(b)		2,231		2,197,535
Vodafone Group PLC, 7.00%, 04/04/79 (Call 01/04/29)^(b)(e)		7,993		9,155,537
Xplornet Communications Inc. (10.63% PIK), 9.63%, 06/01/22 (Call 05/29/20)^(a)(c)		1,683		1,700,050


40		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 03/01/21)^(a)	$	6,225	$	6,037,192
6.13%, 03/01/28 (Call 03/01/23)^(a)		3,650		3,440,198

				426,694,857

Textiles — 0.0%
Eagle Intermediate Global Holding BV/Ruyi U.S. Finance LLC, 7.50%, 05/01/25 (Call 05/01/21)^(a)(b)		2,853		1,569,150


Toys, Games & Hobbies — 0.2%
Mattel Inc.
3.15%, 03/15/23 (Call 12/15/22)^(b)		1,299		1,196,704
5.45%, 11/01/41 (Call 05/01/41)^(b)		1,582		1,249,780
5.88%, 12/15/27 (Call 12/15/22)^(a)		2,385		2,321,082
6.20%, 10/01/40^(b)		802		682,702
6.75%, 12/31/25 (Call 12/31/20)^(a)(b)		5,675		5,760,125

				11,210,393

Transportation — 0.5%
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 02/01/23)^(a)		2,155		2,012,231
Global Ship Lease Inc., 9.88%, 11/15/22 (Call 05/11/20)^(a)		895		805,500
Kenan Advantage Group Inc. (The), 7.88%, 07/31/23 (Call 05/29/20)^(a)(b)		1,679		1,404,584
Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., 8.13%, 11/15/21 (Call 06/01/20)^(a)		2,106		1,368,900
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 06/01/20)^(a)		550		214,500
11.25%, 08/15/22 (Call 06/01/20)^(a)		25		13,375
Teekay Corp., 9.25%, 11/15/22 (Call 11/15/20)^(a)		832		815,360
Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23 (Call 07/15/20)^(a)		2,708		2,430,430
Watco Companies LLC/Watco Finance Corp., 6.38%, 04/01/23 (Call 05/29/20)^(a)		1,829		1,769,558
XPO CNW Inc., 6.70%, 05/01/34^(b)		1,274		1,197,560
XPO Logistics Inc.
6.13%, 09/01/23 (Call 05/29/20)^(a)		2,356		2,385,450
6.25%, 05/01/25 (Call 05/01/22)^(a)		980		992,250
6.50%, 06/15/22 (Call 05/29/20)^(a)(b)		4,582		4,600,328
6.75%, 08/15/24 (Call 08/15/21)^(a)		4,051		4,170,909

				24,180,935

Trucking & Leasing — 0.2%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)^(a)(e)		1,811		1,322,030
Fly Leasing Ltd.
5.25%, 10/15/24 (Call 10/15/20)		1,575		1,260,000
6.38%, 10/15/21 (Call 05/29/20)		1,092		1,004,640
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/25 (Call 10/01/21)^(a)		1,510		1,238,200
6.75%, 03/15/22 (Call 05/29/20)^(a)		3,451		3,118,496

				7,943,366


Total Corporate Bonds & Notes — 98.2% (Cost: $5,074,698,528)				4,671,082,057


Security	Shares (000)		Value

Common Stocks

Advertising — 0.0%
Affinion Group Inc.^(h)		4	$	154,432


Total Common Stocks — 0.0% (Cost $198,308)				154,432


Short-Term Investments

Money Market Funds — 11.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(i)(j)(k)		535,362		535,950,957
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(i)(j)		12,394		12,394,000

				548,344,957


Total Short-Term Investments — 11.5% (Cost: $547,900,096)				548,344,957


Total Investments in Securities — 109.7% (Cost: $5,622,796,932)				5,219,581,446

Other Assets, Less Liabilities — (9.7)%				(459,994,214	)


Net Assets — 100.0%			$	4,759,587,232

^(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 (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

^(d)	Perpetual security with no stated maturity date.

^(e)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

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

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

^(h)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽ⁱ⁾	Affiliate of the Fund.

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

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


SCHEDULE OF INVESTMENTS			41

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Broad USD High Yield Corporate Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	495,890	39,472		535,362	$	535,950,957	$	1,914,293	^(b)	$	(235,877	)	$	391,263
BlackRock Cash Funds: Treasury, SL Agency Shares	15,520	(3,126	)	12,394		12,394,000		146,137			—			—

					$	548,344,957	$	2,060,430		$	(235,877	)	$	391,263

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	4,671,082,057	$	—	$	4,671,082,057
Common Stocks		—		—		154,432		154,432
Money Market Funds		548,344,957		—		—		548,344,957

	$	548,344,957	$	4,671,082,057	$	154,432	$	5,219,581,446

See notes to financial statements.


42		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Fallen Angels USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Aerospace & Defense — 1.0%
Bombardier Inc., 7.45%, 05/01/34^(a)	$	300	$	187,149
Leonardo U.S. Holdings Inc., 6.25%, 01/15/40^(a)		200		223,646
Spirit AeroSystems Inc.
3.85%, 06/15/26 (Call 03/15/26)		250		227,630
3.95%, 06/15/23 (Call 05/15/23)		350		302,554
4.60%, 06/15/28 (Call 03/15/28)^(b)		850		684,276

				1,625,255

Airlines — 2.1%
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)		1,000		788,560
3.63%, 03/15/22 (Call 02/15/22)		900		803,817
3.75%, 10/28/29 (Call 07/28/29)		700		491,883
3.80%, 04/19/23 (Call 03/19/23)		550		466,609
4.38%, 04/19/28 (Call 01/19/28)		550		406,549
UAL Pass Through Trust, Series 2007-1A, 6.64%, 01/02/24		319		275,335

				3,232,753

Apparel — 0.4%
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)^(b)		713		643,055


Auto Manufacturers — 2.6%
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)		200		159,916
4.75%, 01/15/43^(b)		300		192,630
5.29%, 12/08/46 (Call 06/08/46)^(b)		300		203,688
7.45%, 07/16/31^(b)		300		253,926
Ford Motor Credit Co. LLC
3.09%, 01/09/23		200		180,190
3.10%, 05/04/23^(b)		200		176,760
3.34%, 03/28/22 (Call 02/28/22)		200		185,588
3.35%, 11/01/22		300		272,748
3.66%, 09/08/24^(b)		200		173,274
3.81%, 01/09/24 (Call 11/09/23)^(b)		200		177,532
3.82%, 11/02/27 (Call 08/02/27)^(b)		200		158,180
4.06%, 11/01/24 (Call 10/01/24)		200		175,228
4.13%, 08/04/25^(b)		200		171,124
4.14%, 02/15/23 (Call 01/15/23)		200		184,448
4.25%, 09/20/22		300		279,813
4.27%, 01/09/27 (Call 11/09/26)		200		170,678
4.38%, 08/06/23^(b)		200		183,412
4.39%, 01/08/26		200		174,218
4.54%, 08/01/26 (Call 06/01/26)		200		171,530
5.11%, 05/03/29 (Call 02/03/29)		200		171,366
5.58%, 03/18/24 (Call 02/18/24)^(b)		200		189,684

				4,005,933

Auto Parts & Equipment — 1.1%
Goodyear Tire & Rubber Co. (The), 7.00%, 03/15/28		150		139,692
ZF North America Capital Inc.
4.50%, 04/29/22^(a)		400		405,640
4.75%, 04/29/25^(a)		1,250		1,163,812

				1,709,144

Banks — 9.1%
Barclays Bank PLC, 6.86%, (Call 06/15/32)^(a)(b)(c)(d)		100		120,000
Commerzbank AG, 8.13%, 09/19/23^(a)		1,000		1,102,090
Deutsche Bank AG
4.30%, 05/24/28 (Call 05/24/23)^(b)(d)		1,800		1,606,536
4.50%, 04/01/25		1,825		1,725,337
Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)^(a)(b)		1,200		1,524,552


Security	Par (000)		Value

Banks (continued)
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)	$	2,425	$	2,446,413
RBS Capital Trust II, 6.43%, (Call 01/03/34)^(c)(d)		475		646,370
Royal Bank of Scotland Group PLC, 7.65%, (Call 09/30/31)^(c)(d)		925		1,274,668
Standard Chartered PLC, 7.01%, (Call 07/30/37)^(a)(c)(d)		900		951,552
UniCredit SpA
5.86%, 06/19/32 (Call 06/19/27)^(a)(b)(d)		1,200		1,188,828
7.30%, 04/02/34 (Call 04/02/29)^(a)(b)(d)		1,500		1,636,950

				14,223,296

Chemicals — 3.3%
CF Industries Inc.
3.45%, 06/01/23		925		935,110
4.95%, 06/01/43^(b)		772		788,382
5.15%, 03/15/34		898		938,069
5.38%, 03/15/44^(b)		900		931,581
HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26)^(b)		385		356,144
Methanex Corp.
5.25%, 12/15/29 (Call 09/15/29)		1,000		843,280
5.65%, 12/01/44 (Call 06/01/44)^(b)		400		274,200

				5,066,766

Commercial Services — 1.3%
ADT Security Corp. (The)
3.50%, 07/15/22^(b)		1,192		1,171,663
4.13%, 06/15/23		847		835,320

				2,006,983

Computers — 1.5%
Dell Inc.
5.40%, 09/10/40		275		260,601
6.50%, 04/15/38		450		462,483
7.10%, 04/15/28		355		393,326
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)		1,191		1,184,080

				2,300,490

Cosmetics & Personal Care — 1.4%
Avon Products Inc.
7.00%, 03/15/23		562		533,872
8.95%, 03/15/43^(b)		300		292,614
Edgewell Personal Care Co.
4.70%, 05/19/21		735		738,866
4.70%, 05/24/22		619		629,034

				2,194,386

Diversified Financial Services — 1.6%
Navient Corp.
5.50%, 01/25/23^(b)		1,150		1,074,549
5.63%, 08/01/33		720		550,771
7.25%, 01/25/22		910		892,910

				2,518,230

Electric — 1.2%
DPL Inc., 7.25%, 10/15/21 (Call 07/15/21)		450		458,676
Midland Cogeneration Venture LP, 6.00%, 03/15/25^(a)(b)		473		484,858
Panoche Energy Center LLC, 6.89%, 07/31/29^(a)(b)		161		139,823
TransAlta Corp.
4.50%, 11/15/22 (Call 08/15/22)		485		471,459
6.50%, 03/15/40^(b)		375		326,359

				1,881,175


SCHEDULE OF INVESTMENTS			43

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Fallen Angels USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electronics — 0.6%
Ingram Micro Inc.
5.00%, 08/10/22 (Call 02/10/22)	$	410	$	386,548
5.45%, 12/15/24 (Call 09/15/24)		582		559,459

				946,007

Energy – Alternate Sources — 0.7%
Topaz Solar Farms LLC, 5.75%, 09/30/39^(a)		1,020		1,125,586


Engineering & Construction — 0.2%
AECOM Global II LLC/URS Fox US LP, 5.00%, 04/01/22 (Call 01/01/22)		325		325,156


Food — 3.1%
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)		500		498,680
3.50%, 06/06/22^(b)		100		102,777
3.50%, 07/15/22 (Call 05/15/22)^(b)		100		102,594
3.75%, 04/01/30 (Call 01/01/30)^(a)(b)		200		204,056
3.95%, 07/15/25 (Call 04/15/25)		300		315,333
4.00%, 06/15/23 (Call 05/15/23)		200		207,534
4.38%, 06/01/46 (Call 12/01/45)		600		573,186
4.63%, 01/30/29 (Call 10/30/28)		250		264,052
4.63%, 10/01/39 (Call 04/01/39)^(a)		100		99,325
4.88%, 10/01/49 (Call 04/01/49)^(a)		300		300,147
5.00%, 07/15/35 (Call 01/15/35)^(b)		200		214,318
5.00%, 06/04/42		375		381,386
5.20%, 07/15/45 (Call 01/15/45)		400		413,808
6.38%, 07/15/28		50		57,276
6.50%, 02/09/40		150		176,856
6.75%, 03/15/32		100		123,859
6.88%, 01/26/39		175		210,658
7.13%, 08/01/39^(a)		175		211,096
Safeway Inc., 7.25%, 02/01/31		333		347,655

				4,804,596

Forest Products & Paper — 0.2%
Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/25		210		249,677


Health Care – Services — 1.2%
HCA Inc.
7.05%, 12/01/27^(b)		190		207,543
7.50%, 11/15/95^(b)		250		274,205
7.69%, 06/15/25		417		467,703
8.36%, 04/15/24		70		77,418
Magellan Health Inc., 4.90%, 09/22/24 (Call 07/22/24)		515		501,713
Tenet Healthcare Corp., 6.88%, 11/15/31		470		398,231

				1,926,813

Holding Companies – Diversified — 0.1%
Apollo Investment Corp., 5.25%, 03/03/25^(b)		200		161,714


Home Builders — 1.4%
MDC Holdings Inc.
5.50%, 01/15/24 (Call 10/15/23)		330		334,636
6.00%, 01/15/43 (Call 10/15/42)^(b)		556		539,420
PulteGroup Inc.
6.00%, 02/15/35^(b)		348		368,532
6.38%, 05/15/33^(b)		481		515,334
7.88%, 06/15/32^(b)		320		369,322

				2,127,244

Housewares — 3.1%
Newell Brands Inc.
4.00%, 06/15/22 (Call 03/15/22)^(b)		250		251,785


Security	Par (000)		Value

Housewares (continued)
4.00%, 12/01/24 (Call 09/01/24)^(b)	$	225	$	223,333
4.35%, 04/01/23 (Call 02/01/23)		1,200		1,221,984
4.70%, 04/01/26 (Call 01/01/26)^(b)		1,800		1,817,514
5.88%, 04/01/36 (Call 10/01/35)		375		392,932
6.00%, 04/01/46 (Call 10/01/45)^(b)		600		617,658
Tupperware Brands Corp., 4.75%, 06/01/21 (Call 03/01/21)^(b)		725		301,470

				4,826,676

Insurance — 1.4%
Genworth Holdings Inc.
6.50%, 06/15/34		385		321,740
7.63%, 09/24/21		838		795,337
Liberty Mutual Group Inc., 7.80%, 03/07/87^(a)(b)		500		551,795
MBIA Inc.
5.70%, 12/01/34^(b)		75		51,199
6.40%, 08/15/22 (Call 05/29/20)^(b)		110		103,155
Provident Financing Trust I, 7.41%, 03/15/38^(b)		265		273,920

				2,097,146

Internet — 0.3%
NortonLifeLock Inc., 3.95%, 06/15/22 (Call 03/15/22)		505		514,110


Iron & Steel — 1.3%
Allegheny Ludlum LLC, 6.95%, 12/15/25^(b)		195		177,243
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)		605		554,355
Carpenter Technology Corp.
4.45%, 03/01/23 (Call 12/01/22)		415		401,849
5.20%, 07/15/21 (Call 04/15/21)		420		424,381
Cleveland-Cliffs Inc., 9.88%, 10/17/25 (Call 10/17/22)^(a)		254		250,188
U.S. Steel Corp., 6.65%, 06/01/37^(b)		440		273,024

				2,081,040

Leisure Time — 0.4%
Royal Caribbean Cruises Ltd.
3.70%, 03/15/28 (Call 12/15/27)		550		360,272
7.50%, 10/15/27		350		274,978

				635,250

Lodging — 1.4%
Wyndham Destinations Inc.
3.90%, 03/01/23 (Call 12/01/22)		475		415,088
4.25%, 03/01/22 (Call 12/01/21)		700		673,057
5.40%, 04/01/24 (Call 02/01/24)^(b)		364		321,164
5.75%, 04/01/27 (Call 01/01/27)		480		421,378
6.35%, 10/01/25 (Call 07/01/25)		430		382,227

				2,212,914

Manufacturing — 0.5%
Hillenbrand Inc., 4.50%, 09/15/26 (Call 07/15/26)		400		366,284
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)		500		460,135

				826,419

Media — 0.9%
Belo Corp.
7.25%, 09/15/27^(b)		280		277,124
7.75%, 06/01/27		250		258,750
Liberty Interactive LLC
8.25%, 02/01/30		615		543,377
8.50%, 07/15/29		355		306,511

				1,385,762

Mining — 2.7%
Freeport-McMoRan Inc.
3.55%, 03/01/22 (Call 12/01/21)^(b)		186		187,650
3.88%, 03/15/23 (Call 12/15/22)		1,505		1,507,694


44		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Fallen Angels USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mining (continued)
4.55%, 11/14/24 (Call 08/14/24)	$	622	$	623,449
5.40%, 11/14/34 (Call 05/14/34)		640		591,219
5.45%, 03/15/43 (Call 09/15/42)^(b)		1,450		1,330,085

				4,240,097

Office & Business Equipment — 2.7%
Pitney Bowes Inc.
4.63%, 05/15/22 (Call 04/15/22)		217		186,754
4.63%, 03/15/24 (Call 12/15/23)^(b)		500		376,655
5.70%, 04/01/23 (Call 03/01/23)		301		245,499
Xerox Corp.
3.80%, 05/15/24		375		365,565
4.13%, 03/15/23 (Call 02/15/23)		1,176		1,169,297
4.50%, 05/15/21		1,153		1,154,499
4.80%, 03/01/35		310		264,197
6.75%, 12/15/39		370		357,383

				4,119,849

Oil & Gas — 13.9%
Cenovus Energy Inc.
3.80%, 09/15/23 (Call 06/15/23)		600		500,004
4.25%, 04/15/27 (Call 01/15/27)		1,450		1,140,207
5.25%, 06/15/37 (Call 12/15/36)		775		522,520
5.40%, 06/15/47 (Call 12/15/46)		1,150		764,336
6.75%, 11/15/39		1,700		1,207,850
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)		1,175		979,116
4.38%, 01/15/28 (Call 10/15/27)		1,175		904,209
4.50%, 04/15/23 (Call 01/15/23)		1,900		1,683,096
4.90%, 06/01/44 (Call 12/01/43)		825		573,061
5.00%, 09/15/22 (Call 05/29/20)		1,000		937,770
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)		850		801,975
3.90%, 10/01/27 (Call 07/01/27)		1,325		1,113,901
4.88%, 11/15/21^(b)		100		97,000
6.13%, 02/01/25 (Call 01/01/25)		1,225		1,174,518
7.00%, 02/01/30 (Call 10/01/29)		925		869,037
Global Marine Inc., 7.00%, 06/01/28		375		95,505
Murphy Oil Corp.
4.45%, 12/01/22 (Call 09/01/22)		674		538,155
5.88%, 12/01/42 (Call 06/01/42)		375		215,805
7.05%, 05/01/29		300		192,495
Nabors Industries Inc.
4.63%, 09/15/21		96		61,082
5.10%, 09/15/23 (Call 06/15/23)		400		108,764
Noble Holding International Ltd.
5.25%, 03/15/42		650		6,130
6.05%, 03/01/41		600		3,282
6.20%, 08/01/40		450		2,457
7.95%, 04/01/25 (Call 01/01/25)^(b)		542		2,455
8.95%, 04/01/45 (Call 10/01/44)		700		5,733
Occidental Petroleum Corp.
2.70%, 08/15/22		500		434,705
2.70%, 02/15/23 (Call 08/15/22)		400		343,408
2.90%, 08/15/24 (Call 06/15/24)		700		525,028
3.00%, 02/15/27 (Call 11/15/26)		250		172,135
3.13%, 02/15/22 (Call 11/15/21)		300		272,880
3.20%, 08/15/26 (Call 06/15/26)		200		143,782
3.40%, 04/15/26 (Call 01/15/26)		200		143,374
3.50%, 06/15/25 (Call 03/15/25)		250		180,210
3.50%, 08/15/29 (Call 05/15/29)		350		243,078


Security	Par (000)		Value

Oil & Gas (continued)
4.10%, 02/15/47 (Call 08/15/46)	$	225	$	130,860
4.20%, 03/15/48 (Call 09/15/47)^(b)		200		120,794
4.30%, 08/15/39 (Call 02/15/39)		250		157,988
4.40%, 04/15/46 (Call 10/15/45)^(b)		250		152,603
4.40%, 08/15/49 (Call 02/15/49)		225		136,222
4.50%, 07/15/44 (Call 01/15/44)		200		120,898
4.63%, 06/15/45 (Call 12/15/44)		225		139,079
5.55%, 03/15/26 (Call 12/15/25)		325		253,152
6.20%, 03/15/40		175		124,597
6.45%, 09/15/36		550		406,010
6.60%, 03/15/46 (Call 09/15/45)		225		166,471
6.95%, 07/01/24		200		171,732
7.50%, 05/01/31		200		153,354
Patterson-UTI Energy Inc.
3.95%, 02/01/28 (Call 11/01/27)^(b)		500		332,485
5.15%, 11/15/29 (Call 08/15/29)		200		132,576
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)		310		276,638
6.20%, 01/23/25 (Call 10/23/24)		1,045		926,591
Suncor Energy Ventures Corp., 4.50%, 04/01/22 (Call 01/01/22)^(a)		225		227,407
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)^(b)		215		67,435
6.80%, 03/15/38		1,059		224,148
7.50%, 04/15/31^(b)		716		153,804
8.38%, 12/15/21		250		87,008
9.35%, 12/15/41		350		80,308

				21,701,223

Oil & Gas Services — 0.3%
Oceaneering International Inc., 4.65%, 11/15/24 (Call 09/30/24)		600		310,008
SESI LLC, 7.13%, 12/15/21 (Call 05/29/20)^(a)		240		112,980

				422,988

Packaging & Containers — 1.1%
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26		476		521,306
Pactiv LLC
7.95%, 12/15/25		335		349,516
8.38%, 04/15/27^(b)		260		275,553
Sealed Air Corp., 6.88%, 07/15/33^(a)		550		600,165

				1,746,540

Pharmaceuticals — 0.4%
Owens & Minor Inc.
3.88%, 09/15/21^(b)		285		269,131
4.38%, 12/15/24 (Call 09/15/24)		350		280,214

				549,345

Pipelines — 10.0%
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)		725		655,001
4.13%, 12/01/27 (Call 09/01/27)^(b)		500		443,735
4.15%, 07/01/23 (Call 04/01/23)		604		564,444
4.35%, 10/15/24 (Call 07/15/24)		385		355,232
5.60%, 10/15/44 (Call 04/15/44)		410		288,488
5.85%, 11/15/43 (Call 05/15/43)		475		342,926
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		600		492,930
4.75%, 09/30/21 (Call 06/30/21)^(a)		592		562,116
4.95%, 04/01/22 (Call 01/01/22)		410		374,104
5.60%, 04/01/44 (Call 10/01/43)		480		259,234
6.45%, 11/03/36^(a)		365		212,667


SCHEDULE OF INVESTMENTS			45

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Fallen Angels USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pipelines (continued)
6.75%, 09/15/37^(a)	$	555	$	328,738
8.13%, 08/16/30		365		285,894
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)^(b)		800		497,296
4.40%, 04/01/24 (Call 01/01/24)		674		423,434
4.85%, 07/15/26 (Call 04/15/26)		600		367,092
5.05%, 04/01/45 (Call 10/01/44)		550		222,508
5.45%, 06/01/47 (Call 12/01/46)		500		202,615
5.60%, 04/01/44 (Call 10/01/43)		410		163,680
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)		675		608,722
4.13%, 12/01/26 (Call 09/01/26)		600		511,488
4.75%, 07/15/23 (Call 06/15/23)		1,200		1,134,072
Series 10Y, 5.50%, 07/15/28 (Call 04/15/28)		1,025		911,502
Series 30Y, 6.50%, 07/15/48 (Call 01/15/48)		575		462,288
NuStar Logistics LP, 4.75%, 02/01/22 (Call 11/01/21)		302		278,221
Western Midstream Operating LP
3.10%, 02/01/25 (Call 01/01/25)		750		683,872
3.95%, 06/01/25 (Call 03/01/25)		350		310,986
4.00%, 07/01/22 (Call 04/01/22)		650		633,626
4.05%, 02/01/30 (Call 11/01/29)		750		684,367
4.50%, 03/01/28 (Call 12/01/27)		300		263,988
4.65%, 07/01/26 (Call 04/01/26)		350		311,941
4.75%, 08/15/28 (Call 05/15/28)		325		285,997
5.25%, 02/01/50 (Call 08/01/49)^(b)		700		550,375
5.30%, 03/01/48 (Call 09/01/47)		500		376,185
5.45%, 04/01/44 (Call 10/01/43)		400		299,508
5.50%, 08/15/48 (Call 02/15/48)		250		185,510

				15,534,782

Real Estate Investment Trusts — 1.7%
CBL & Associates LP
4.60%, 10/15/24 (Call 07/15/24)^(b)		285		75,930
5.25%, 12/01/23 (Call 09/01/23)^(b)		535		145,076
5.95%, 12/15/26 (Call 09/15/26)^(b)		736		205,874
Diversified Healthcare Trust
4.75%, 05/01/24 (Call 11/01/23)		323		267,980
4.75%, 02/15/28 (Call 08/15/27)^(b)		605		520,711
6.75%, 12/15/21 (Call 06/15/21)^(b)		375		358,856
Mack-Cali Realty LP
3.15%, 05/15/23 (Call 02/15/23)		370		307,241
4.50%, 04/18/22 (Call 01/18/22)		410		347,069
Washington Prime Group LP, 6.45%, 08/15/24 (Call 06/15/24)^(b)		875		470,925

				2,699,662

Retail — 6.3%
Bed Bath & Beyond Inc.
3.75%, 08/01/24 (Call 05/01/24)		383		236,958
4.92%, 08/01/34 (Call 02/01/34)^(b)		350		168,756
5.17%, 08/01/44 (Call 02/01/44)		954		413,311
Brinker International Inc.
3.88%, 05/15/23^(b)		393		295,041
5.00%, 10/01/24 (Call 07/01/24)^(a)(b)		430		361,871
JC Penney Corp. Inc.
7.40%, 04/01/37		210		10,269
7.63%, 03/01/97		250		7,540
L Brands Inc.
6.95%, 03/01/33		385		219,361
7.60%, 07/15/37		375		215,903


Security	Par (000)		Value

Retail (continued)
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)	$	900	$	647,118
3.63%, 06/01/24 (Call 03/01/24)		700		496,069
4.30%, 02/15/43 (Call 08/15/42)		350		202,979
4.38%, 09/01/23 (Call 06/01/23)		300		205,194
4.50%, 12/15/34 (Call 06/15/34)		500		286,295
5.13%, 01/15/42 (Call 07/15/41)		350		205,597
6.70%, 07/15/34		200		135,964
Marks &Spencer PLC, 7.13%, 12/01/37^(a)		300		268,755
QVC Inc.
4.38%, 03/15/23		650		626,132
4.45%, 02/15/25 (Call 11/15/24)		700		641,298
4.75%, 02/15/27 (Call 11/15/26)		650		588,802
4.85%, 04/01/24		700		666,449
5.13%, 07/02/22		400		392,152
5.45%, 08/15/34 (Call 02/15/34)		450		353,772
5.95%, 03/15/43		350		271,177
Rite Aid Corp., 7.70%, 02/15/27		300		218,679
Yum! Brands Inc.
3.75%, 11/01/21 (Call 08/01/21)		450		455,679
3.88%, 11/01/23 (Call 08/01/23)^(b)		450		456,107
5.35%, 11/01/43 (Call 05/01/43)^(b)		320		303,875
6.88%, 11/15/37^(b)		385		393,385

				9,744,488

Software — 0.4%
CDK Global Inc., 5.00%, 10/15/24 (Call 07/15/24)		655		681,292


Telecommunications — 12.6%
CenturyLink Inc.
Series G, 6.88%, 01/15/28		270		275,224
Series P, 7.60%, 09/15/39		339		346,566
Series S, 6.45%, 06/15/21		800		817,688
Series T, 5.80%, 03/15/22		885		907,311
Series U, 7.65%, 03/15/42		320		323,750
Embarq Corp., 8.00%, 06/01/36		970		1,013,689
Frontier Florida LLC, Series E, 6.86%, 02/01/28		350		302,687
Frontier North Inc., Series G, 6.73%, 02/15/28		250		231,188
Nokia of America Corp., 6.45%, 03/15/29^(b)		200		200,604
Nokia OYJ, 6.63%, 05/15/39		610		652,791
Qwest Corp.
6.75%, 12/01/21^(b)		604		631,144
7.25%, 09/15/25		135		141,759
Sprint Capital Corp.
6.88%, 11/15/28		2,000		2,415,780
8.75%, 03/15/32		1,442		2,026,616
Sprint Communications Inc., 9.25%, 04/15/22		200		220,210
Telecom Italia Capital SA
6.00%, 09/30/34		1,038		1,079,759
6.38%, 11/15/33^(b)		1,026		1,109,055
7.20%, 07/18/36		1,038		1,173,957
7.72%, 06/04/38^(b)		1,050		1,220,037
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22		1,152		1,193,576
U.S. Cellular Corp., 6.70%, 12/15/33		664		701,430
Vodafone Group PLC, 7.00%, 04/04/79 (Call 01/04/29)^(d)		2,275		2,603,669

				19,588,490

Toys, Games & Hobbies — 0.5%
Mattel Inc.
3.15%, 03/15/23 (Call 12/15/22)^(b)		341		313,901
5.45%, 11/01/41 (Call 05/01/41)^(b)		315		249,700


46		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Fallen Angels USD Bond ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Toys, Games & Hobbies (continued)
6.20%, 10/01/40^(b)	$	310	$	263,674

				827,275

Transportation — 0.2%
XPO CNW Inc., 6.70%, 05/01/34^(b)		350		332,843


Total Corporate Bonds & Notes — 96.2% ( Cost: $154,934,272)				149,842,450


Short-Term Investments

Money Market Funds — 14.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(e)(f)(g)		19,027		19,047,504
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(e)(f)		2,947		2,947,000

				21,994,504


Total Short-Term Investments — 14.1% ( Cost: $21,977,247)				21,994,504


Total Investments in Securities — 110.3% ( Cost: $176,911,519)				171,836,954

Other Assets, Less Liabilities — (10.3)%				(15,994,825	)


Net Assets — 100.0%			$	155,842,129

^(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)	Perpetual security with no stated maturity date.

^(d)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers Considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)	Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)	^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	21,399	(2,372	)	19,027	$	19,047,504	$	125,224	^(b)	$	(12,346	)	$	13,450
BlackRock Cash Funds: Treasury, SL Agency Shares	1,554	1,393		2,947		2,947,000		12,652			—			—

					$	21,994,504	$	137,876		$	(12,346	)	$	13,450

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Includes securities lending In Come earned from the reinvestment of cash Collateral from loaned securities (excluding Collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Fair Value Measurements

The following table summarizes the value of the Fund’s investments ac Cording to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	149,842,450	$	—	$	149,842,450
Money Market Funds		21,994,504		—		—		21,994,504

	$	21,994,504	$	149,842,450	$	—	$	171,836,954

See notes to financial statements.


SCHEDULE OF INVESTMENTS			47

Schedule of Investments (unaudited)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.6%
Lamar Media Corp.
3.75%, 02/15/28 (Call 02/15/23)^(a)	$	15	$	13,800
4.00%, 02/15/30 (Call 02/15/25)^(a)		25		22,951
5.75%, 02/01/26 (Call 02/01/21)		85		86,666
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.63%, 03/15/30 (Call 03/15/25)^(a)		20		18,313
5.00%, 08/15/27 (Call 08/15/22)^(a)		35		32,900
5.63%, 02/15/24 (Call 02/15/21)		40		39,896
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)^(a)		45		37,125

				251,651

Aerospace & Defense — 3.2%
Bombardier Inc.
5.75%, 03/15/22^(a)		20		14,858
6.00%, 10/15/22 (Call 05/29/20)^(a)		35		25,900
6.13%, 01/15/23^(a)		90		63,900
7.50%, 12/01/24 (Call 12/01/20)^(a)		60		39,863
7.50%, 03/15/25 (Call 03/15/21)^(a)		70		45,150
7.88%, 04/15/27 (Call 04/15/22)^(a)(b)		110		71,225
8.75%, 12/01/21^(a)		85		70,933
Howmet Aerospace Inc.
5.13%, 10/01/24 (Call 07/01/24)		60		57,825
5.87%, 02/23/22		75		76,312
6.88%, 05/01/25 (Call 04/01/25)		65		66,300
Signature Aviation U.S. Holdings Inc., 4.00%, 03/01/28 (Call 03/01/23)^(a)		70		60,200
Spirit AeroSystems Inc., 7.50%, 04/15/25 (Call 04/15/22)^(a)		41		40,385
SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)^(a)		60		63,720
TransDigm Inc.
5.50%, 11/15/27 (Call 11/15/22)^(a)		165		139,425
6.25%, 03/15/26 (Call 03/15/22)^(a)		255		249,293
6.38%, 06/15/26 (Call 06/15/21)		60		51,337
6.50%, 07/15/24 (Call 07/15/20)		110		100,495
6.50%, 05/15/25 (Call 05/15/20)		60		53,700
7.50%, 03/15/27 (Call 03/15/22)		20		17,875
8.00%, 12/15/25 (Call 04/08/22)^(a)		30		31,200
Triumph Group Inc.
6.25%, 09/15/24 (Call 09/15/20)^(a)		70		55,491
7.75%, 08/15/25 (Call 08/15/20)		10		6,584

				1,401,971

Agriculture — 0.6%
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)^(a)		200		207,604
Vector Group Ltd.
6.13%, 02/01/25 (Call 02/01/21)^(a)		50		48,500
10.50%, 11/01/26 (Call 11/01/21)^(a)		25		23,222

				279,326

Airlines — 0.2%
Air Canada, 7.75%, 04/15/21^(a)		20		19,450
American Airlines Group Inc.
3.75%, 03/01/25^(a)		20		9,350
5.00%, 06/01/22^(a)		50		28,375
United Airlines Holdings Inc., 4.25%, 10/01/22		20		16,400

				73,575

Apparel — 0.3%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)^(a)		40		40,013
4.88%, 05/15/26 (Call 02/15/26)^(a)(b)		35		35,209
5.38%, 05/15/25 (Call 05/15/22)^(a)		30		30,000


Security	Par (000)		Value

Apparel (continued)
Levi Strauss & Co., 5.00%, 05/01/25 (Call 05/01/20)^(a)	$	15	$	15,137

				120,359

Auto Manufacturers — 1.8%
Allison Transmission Inc.
4.75%, 10/01/27 (Call 10/01/22)^(a)		20		18,539
5.00%, 10/01/24 (Call 10/01/20)^(a)		70		67,506
5.88%, 06/01/29 (Call 06/01/24)^(a)		20		19,391
Fiat Chrysler Automobiles NV, 5.25%, 04/15/23		75		74,610
Ford Motor Co.
8.50%, 04/21/23		190		190,238
9.00%, 04/22/25 (Call 03/22/25)		195		189,638
9.63%, 04/22/30 (Call 01/22/30)		60		59,813
Navistar International Corp.
6.63%, 11/01/25 (Call 11/01/20)^(a)		60		51,387
9.50%, 05/01/25 (Call 04/21/22)^(a)		21		22,050
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)^(a)		100		97,500

				790,672

Auto Parts & Equipment — 1.1%
Adient U.S. LLC
7.00%, 05/15/26 (Call 05/15/22)^(a)		85		84,575
9.00%, 04/15/25 (Call 04/15/22)^(a)		20		20,850
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 04/01/21)		35		26,444
6.25%, 03/15/26 (Call 03/15/21)		15		11,175
6.50%, 04/01/27 (Call 04/01/22)		20		14,801
6.63%, 10/15/22 (Call 10/15/20)		12		10,080
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/21)^(a)		20		18,045
Dana Inc., 5.50%, 12/15/24 (Call 12/15/20)		20		18,700
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)^(b)		25		21,562
5.00%, 05/31/26 (Call 05/31/21)		70		60,753
5.13%, 11/15/23 (Call 11/15/20)		50		46,876
Panther BF Aggregator 2 LP/Panther Finance Co. Inc.
6.25%, 05/15/26 (Call 05/15/22)^(a)		60		60,390
8.50%, 05/15/27 (Call 05/15/22)^(a)		110		93,225

				487,476

Banks — 1.4%
CIT Group Inc.
4.75%, 02/16/24 (Call 11/16/23)		45		43,262
5.00%, 08/15/22		75		73,906
5.00%, 08/01/23		30		29,363
5.25%, 03/07/25 (Call 12/07/24)		25		24,964
6.13%, 03/09/28		10		10,272
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)^(c)		100		89,801
Fifth Third Bancorp., 5.10%, (Call 06/30/23)^(c)(d)		20		17,561
Freedom Mortgage Corp.
8.13%, 11/15/24 (Call 11/15/20)^(a)		20		16,535
8.25%, 04/15/25 (Call 04/15/21)^(a)		45		38,250
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(a)		275		279,284

				623,198

Building Materials — 0.7%
Builders FirstSource Inc.
5.00%, 03/01/30 (Call 03/01/25)^(a)		51		43,924
6.75%, 06/01/27 (Call 06/01/22)^(a)		5		5,150
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)		50		47,500
JELD-WEN Inc., 6.25%, 05/15/25 (Call 05/15/22)^(a)		20		20,225


48		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Building Materials (continued)
Standard Industries Inc./NJ
4.75%, 01/15/28 (Call 01/15/23)^(a)	$	35	$	34,468
5.00%, 02/15/27 (Call 02/15/22)^(a)		20		20,062
5.38%, 11/15/24 (Call 11/15/20)^(a)		35		35,228
6.00%, 10/15/25 (Call 10/15/20)^(a)		85		87,762
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 07/15/20)		25		25,024

				319,343

Chemicals — 1.6%
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)		5		5,207
Blue Cube Spinco LLC
9.75%, 10/15/23 (Call 10/15/20)		35		36,488
10.00%, 10/15/25 (Call 10/15/20)		60		63,600
CF Industries Inc., 3.45%, 06/01/23		25		25,238
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)		20		16,757
6.63%, 05/15/23 (Call 05/15/20)		66		61,746
7.00%, 05/15/25 (Call 05/15/20)^(b)		30		28,285
NOVA Chemicals Corp.
4.88%, 06/01/24 (Call 03/03/24)^(a)		75		66,999
5.00%, 05/01/25 (Call 01/31/25)^(a)		30		25,350
5.25%, 06/01/27 (Call 03/03/27)^(a)		60		48,000
OCI NV, 6.63%, 04/15/23 (Call 04/15/21)^(a)		100		100,994
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)		25		22,094
5.13%, 09/15/27 (Call 03/15/22)		20		18,400
5.63%, 08/01/29 (Call 08/01/24)		50		45,297
PolyOne Corp., 5.75%, 05/15/25 (Call 05/15/22)^(a)		10		10,125
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)^(a)(b)		20		18,178
Tronox Inc.
6.50%, 05/01/25 (Call 05/01/22)^(a)		5		5,031
6.50%, 04/15/26 (Call 04/15/21)^(a)(b)		25		22,594
Valvoline Inc.
4.25%, 02/15/30 (Call 02/15/25)^(a)		35		34,038
4.38%, 08/15/25 (Call 08/15/20)		25		25,250
WR Grace & Co.-Conn, 5.13%, 10/01/21^(a)		20		20,125

				699,796

Commercial Services — 4.4%
ADT Security Corp. (The)
3.50%, 07/15/22		60		58,688
4.13%, 06/15/23		20		19,664
6.25%, 10/15/21		65		66,543
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.63%, 07/15/26 (Call 07/15/22)^(a)		110		113,850
9.75%, 07/15/27 (Call 07/15/22)^(a)		45		46,012
APX Group Inc.
6.75%, 02/15/27 (Call 02/15/23)^(a)		35		29,675
7.63%, 09/01/23 (Call 09/01/20)^(b)		26		20,712
7.88%, 12/01/22 (Call 12/01/20)		38		36,211
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27 (Call 07/15/22)^(a)		20		11,625
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/23)^(a)		35		34,038
9.50%, 11/01/27 (Call 11/01/22)^(a)		30		30,248
Herc Holdings Inc., 5.50%, 07/15/27 (Call 07/15/22)^(a)		75		70,781
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/20)^(a)		60		12,540
6.00%, 01/15/28 (Call 01/15/23)^(a)		45		7,763
6.25%, 10/15/22 (Call 10/15/20)		20		4,750


Security	Par (000)		Value

Commercial Services (continued)
7.13%, 08/01/26 (Call 08/01/22)^(a)	$	20	$	4,200
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 08/01/20)^(a)		50		51,000
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/20)^(a)		90		80,321
Nielsen Co Luxembourg Sarl/The
5.00%, 02/01/25 (Call 02/01/21)^(a)(b)		20		19,231
5.50%, 10/01/21 (Call 05/29/20)^(a)		20		19,725
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (Call 04/15/21)^(a)		150		147,573
Prime Security Services Borrower LLC/Prime Finance Inc.
5.25%, 04/15/24^(a)		35		34,311
5.75%, 04/15/26^(a)		70		68,796
6.25%, 01/15/28 (Call 01/15/23)^(a)		90		80,757
Refinitiv U.S. Holdings Inc.
6.25%, 05/15/26 (Call 11/15/21)^(a)		50		53,323
8.25%, 11/15/26 (Call 11/15/21)^(a)		90		97,762
Service Corp. International/U.S.
4.63%, 12/15/27 (Call 12/15/22)		35		35,794
5.13%, 06/01/29 (Call 06/01/24)		40		41,900
5.38%, 05/15/24 (Call 05/15/20)		50		50,896
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 11/15/20)^(a)		20		20,300
United Rentals North America Inc.
3.88%, 11/15/27 (Call 11/15/22)		34		33,405
4.00%, 07/15/30 (Call 07/15/25)		35		32,925
4.63%, 10/15/25 (Call 10/15/20)		25		24,486
4.88%, 01/15/28 (Call 01/15/23)		80		79,717
5.25%, 01/15/30 (Call 01/15/25)		65		64,884
5.50%, 07/15/25 (Call 07/15/20)		50		50,625
5.50%, 05/15/27 (Call 05/15/22)		60		60,377
5.88%, 09/15/26 (Call 09/15/21)		45		46,202
6.50%, 12/15/26 (Call 12/15/21)		85		88,427
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)^(a)		65		67,654

				1,917,691

Computers — 1.4%
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)^(a)		80		71,800
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 06/15/20)^(a)		47		47,101
7.13%, 06/15/24 (Call 06/15/20)^(a)		135		140,569
EMC Corp., 3.38%, 06/01/23 (Call 03/01/23)		35		34,825
NCR Corp.
5.00%, 07/15/22 (Call 07/15/20)		20		19,950
5.75%, 09/01/27 (Call 09/01/22)^(a)(b)		20		20,050
6.13%, 09/01/29 (Call 09/01/24)^(a)(b)		45		44,991
6.38%, 12/15/23 (Call 12/15/20)		35		35,481
8.13%, 04/15/25 (Call 04/15/22)^(a)		15		15,900
Vericast Corp.
8.38%, 08/15/22 (Call 02/15/21)^(a)		25		18,125
9.25%, 03/01/21 (Call 05/29/20)^(a)(b)		5		5,001
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 12.50%, 05/01/24 (Call 12/20/20)^(a)(b)		5		5,598
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)^(b)		125		127,772

				587,163

Cosmetics & Personal Care — 0.3%
Avon International Capital PLC, 6.50%, 08/15/22 (Call 08/15/20)^(a)		25		23,523
Avon Products Inc., 7.00%, 03/15/23		55		52,388


SCHEDULE OF INVESTMENTS			49

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Cosmetics & Personal Care (continued)
Edgewell Personal Care Co.
4.70%, 05/19/21	$	45	$	45,408
4.70%, 05/24/22		20		20,183

				141,502

Distribution & Wholesale — 0.5%
American Builders & Contractors Supply Co. Inc.
4.00%, 01/15/28 (Call 01/15/23)^(a)		30		28,659
5.88%, 05/15/26 (Call 05/15/21)^(a)		45		45,025
Anixter Inc., 5.13%, 10/01/21		20		20,313
Performance Food Group Inc.
5.50%, 10/15/27 (Call 10/15/22)^(a)		60		57,349
6.88%, 05/01/25 (Call 05/01/22)^(a)		5		5,088
Wolverine Escrow LLC
8.50%, 11/15/24 (Call 11/15/21)^(a)		25		17,125
9.00%, 11/15/26 (Call 11/15/22)^(a)		65		45,224
13.13%, 11/15/27 (Call 11/15/22)^(a)		25		14,725

				233,508

Diversified Financial Services — 2.9%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)^(c)		50		33,208
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/20/25)		45		45,942
Credit Acceptance Corp.
5.13%, 12/31/24 (Call 12/31/21)^(a)		20		17,817
6.63%, 03/15/26 (Call 03/15/22)		20		18,000
LPL Holdings Inc., 4.63%, 11/15/27 (Call 11/15/22)^(a)		35		33,206
Nationstar Mortgage Holdings Inc.
6.00%, 01/15/27 (Call 01/15/23)^(a)		30		25,800
8.13%, 07/15/23 (Call 07/15/20)^(a)		85		81,600
9.13%, 07/15/26 (Call 07/15/21)^(a)		25		23,912
Navient Corp.
5.00%, 03/15/27 (Call 09/15/26)^(b)		20		16,890
5.50%, 01/25/23		70		64,575
5.88%, 10/25/24^(b)		20		18,046
6.13%, 03/25/24		60		55,057
6.50%, 06/15/22		45		43,287
6.63%, 07/26/21		35		34,825
6.75%, 06/25/25		5		4,625
6.75%, 06/15/26		70		63,651
7.25%, 01/25/22		60		58,800
7.25%, 09/25/23		30		28,725
Quicken Loans Inc.
5.25%, 01/15/28 (Call 01/15/23)^(a)(b)		35		34,297
5.75%, 05/01/25 (Call 05/01/20)^(a)		105		102,900
Springleaf Finance Corp.
5.38%, 11/15/29 (Call 05/15/29)		25		20,925
5.63%, 03/15/23		50		47,033
6.13%, 05/15/22		100		98,750
6.13%, 03/15/24 (Call 09/15/23)		90		84,307
6.63%, 01/15/28 (Call 07/15/27)^(b)		85		75,013
6.88%, 03/15/25		55		51,773
7.13%, 03/15/26		65		60,531

				1,243,495

Electric — 3.0%
AES Corp. (The)
4.50%, 03/15/23 (Call 03/15/21)		25		25,141
4.88%, 05/15/23 (Call 05/15/20)		35		35,256
5.13%, 09/01/27 (Call 09/01/22)		35		36,225
5.50%, 04/15/25 (Call 04/15/21)^(b)		20		20,650
6.00%, 05/15/26 (Call 05/15/21)		45		47,250


Security	Par (000)		Value

Electric (continued)
Calpine Corp.
4.50%, 02/15/28 (Call 02/15/23)^(a)	$	90	$	87,320
5.13%, 03/15/28 (Call 03/15/23)^(a)		70		68,250
5.25%, 06/01/26 (Call 06/01/21)^(a)		35		35,710
5.50%, 02/01/24 (Call 02/01/21)		30		30,150
5.75%, 01/15/25 (Call 10/15/20)		85		84,957
Clearway Energy Operating LLC
4.75%, 03/15/28 (Call 03/15/23)^(a)		20		20,356
5.75%, 10/15/25 (Call 10/15/21)		50		51,890
DPL Inc., 4.35%, 04/15/29 (Call 01/15/29)^(b)		15		14,630
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)^(a)		20		19,756
4.25%, 07/15/24 (Call 04/15/24)^(a)		25		25,188
4.25%, 09/15/24 (Call 07/15/24)^(a)		45		45,666
4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		35		35,919
NRG Energy Inc.
5.25%, 06/15/29 (Call 06/15/24)^(a)		50		53,916
5.75%, 01/15/28 (Call 01/15/23)		50		53,778
6.63%, 01/15/27 (Call 07/15/21)		60		63,923
7.25%, 05/15/26 (Call 05/15/21)		45		48,375
Talen Energy Supply LLC
6.50%, 06/01/25 (Call 06/01/20)		20		13,800
6.63%, 01/15/28 (Call 01/15/23)^(a)		40		37,900
7.25%, 05/15/27 (Call 05/15/22)^(a)(b)		50		50,000
10.50%, 01/15/26 (Call 01/15/22)^(a)		45		36,799
Vistra Energy Corp., 5.88%, 06/01/23 (Call 06/01/20)		25		25,137
Vistra Operations Co. LLC
5.00%, 07/31/27 (Call 07/31/22)^(a)		70		71,480
5.50%, 09/01/26 (Call 09/01/21)^(a)		60		61,748
5.63%, 02/15/27 (Call 02/15/22)^(a)		85		89,037

				1,290,207

Electrical Components & Equipment — 0.3%
Energizer Holdings Inc.
5.50%, 06/15/25 (Call 06/15/20)^(a)		45		45,877
6.38%, 07/15/26 (Call 07/15/21)^(a)		30		31,197
7.75%, 01/15/27 (Call 01/15/22)^(a)		30		31,779

				108,853

Electronics — 0.4%
Sensata Technologies BV
4.38%, 02/15/30 (Call 11/15/29)^(a)		20		19,700
4.88%, 10/15/23^(a)		45		45,241
5.00%, 10/01/25^(a)		30		29,908
5.63%, 11/01/24^(a)		70		71,089

				165,938

Energy – Alternate Sources — 0.3%
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)^(a)		35		35,857
4.75%, 01/15/30 (Call 01/15/25)^(a)		25		25,641
5.00%, 01/31/28 (Call 07/31/27)^(a)		45		47,024

				108,522

Engineering & Construction — 0.3%
AECOM
5.13%, 03/15/27 (Call 12/15/26)		70		71,006
5.88%, 10/15/24 (Call 07/15/24)		35		37,239
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)^(a)		45		33,283

				141,528


50		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Entertainment — 2.6%
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)^(b)	$	20	$	4,700
5.88%, 11/15/26 (Call 11/15/21)^(b)		35		7,645
6.13%, 05/15/27 (Call 05/15/22)		40		8,760
10.50%, 04/15/25 (Call 04/15/22)^(a)		20		17,625
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)^(a)		95		74,577
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(a)(b)		20		17,133
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 06/01/20)		25		23,270
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/22)		45		40,050
5.50%, 05/01/25 (Call 05/01/22)^(a)		31		31,000
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)		20		18,606
5.50%, 04/01/27 (Call 04/01/22)^(a)		45		43,298
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/20)		40		33,600
5.13%, 12/15/22 (Call 12/15/20)		25		21,063
8.75%, 05/01/25 (Call 05/01/22)^(a)		15		15,225
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 04/01/21)		60		57,750
6.00%, 09/15/26 (Call 09/15/21)		20		20,094
International Game Technology PLC
6.25%, 02/15/22 (Call 08/15/21)^(a)		100		97,723
6.50%, 02/15/25 (Call 08/15/24)^(a)		100		97,999
Lions Gate Capital Holdings LLC
5.88%, 11/01/24 (Call 11/01/20)^(a)		35		31,850
6.38%, 02/01/24 (Call 02/01/21)^(a)		30		27,911
Live Nation Entertainment Inc.
4.75%, 10/15/27 (Call 10/15/22)^(a)		60		50,577
4.88%, 11/01/24 (Call 11/01/20)^(a)		25		22,250
Scientific Games International Inc.
5.00%, 10/15/25 (Call 10/15/20)^(a)		50		43,493
7.00%, 05/15/28 (Call 05/15/23)^(a)		50		36,062
7.25%, 11/15/29 (Call 11/15/24)^(a)		20		14,217
8.25%, 03/15/26 (Call 03/15/22)^(a)		75		56,500
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/20)^(a)		60		52,812
5.50%, 04/15/27 (Call 04/15/22)^(a)		25		21,723
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)^(a)		40		41,692
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)^(a)		60		62,088
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29 (Call 07/01/29)^(a)		50		46,893

				1,138,186

Environmental Control — 0.3%
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/21)		10		9,858
6.00%, 01/01/27 (Call 01/01/22)		30		28,773
GFL Environmental Inc.
4.25%, 06/01/25 (Call 06/01/22)^(a)		35		35,175
5.13%, 12/15/26 (Call 12/15/22)^(a)		30		31,172
7.00%, 06/01/26 (Call 06/01/21)^(a)		21		22,017

				126,995


Security	Par (000)		Value

Food — 3.0%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.50%, 02/15/23 (Call 12/15/22)^(a)	$	15	$	15,097
4.63%, 01/15/27 (Call 01/15/22)^(a)		80		80,745
4.88%, 02/15/30 (Call 02/15/25)^(a)		60		60,813
5.75%, 03/15/25 (Call 09/15/20)		65		66,388
5.88%, 02/15/28 (Call 08/15/22)^(a)		45		46,937
6.63%, 06/15/24 (Call 06/15/20)		80		82,533
7.50%, 03/15/26 (Call 03/15/22)^(a)		50		54,687
B&G Foods Inc.
5.25%, 04/01/25 (Call 04/01/21)		35		35,438
5.25%, 09/15/27 (Call 03/01/22)^(b)		40		40,595
JBS USA LUX SA/JBS USA Finance Inc.
5.75%, 06/15/25 (Call 06/15/20)^(a)		100		102,780
6.75%, 02/15/28 (Call 02/15/23)^(a)		75		79,471
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
5.50%, 01/15/30 (Call 01/15/25)^(a)		60		61,350
6.50%, 04/15/29 (Call 04/15/24)^(a)		45		47,441
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)^(a)		55		56,107
4.88%, 11/01/26 (Call 11/01/21)^(a)		30		30,150
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/21)^(a)		50		50,506
5.88%, 09/30/27 (Call 09/30/22)^(a)		35		35,569
Post Holdings Inc.
4.63%, 04/15/30 (Call 04/15/25)^(a)		70		68,631
5.00%, 08/15/26 (Call 08/15/21)^(a)		100		100,021
5.50%, 12/15/29 (Call 12/15/24)^(a)		25		25,109
5.63%, 01/15/28 (Call 12/01/22)^(a)(b)		30		30,525
5.75%, 03/01/27 (Call 03/01/22)^(a)		100		102,415
U.S. Foods Inc., 6.25%, 04/15/25 (Call 04/15/22)^(a)		25		25,563

				1,298,871

Food Service — 0.3%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)		20		19,165
5.00%, 04/01/25 (Call 04/01/21)^(a)(b)		35		33,950
5.00%, 02/01/28 (Call 02/01/23)^(a)(b)		65		63,213
6.38%, 05/01/25 (Call 05/01/22)^(a)		20		20,800

				137,128

Forest Products & Paper — 0.1%
Mercer International Inc., 7.38%, 01/15/25 (Call 01/15/21)		25		24,250


Hand & Machine Tools — 0.1%
Colfax Corp.
6.00%, 02/15/24 (Call 02/15/21)^(a)		45		45,627
6.38%, 02/15/26 (Call 02/15/22)^(a)		10		10,267

				55,894

Health Care – Products — 0.6%
Avantor Inc.
6.00%, 10/01/24 (Call 10/01/20)^(a)		65		68,583
9.00%, 10/01/25 (Call 10/01/20)^(a)		115		124,707
Hologic Inc.
4.38%, 10/15/25 (Call 10/15/20)^(a)		50		50,500
4.63%, 02/01/28 (Call 02/01/23)^(a)		25		25,375

				269,165

Health Care – Services — 9.2%
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 02/15/21)		45		43,088
Centene Corp.
3.38%, 02/15/30 (Call 02/15/25)^(a)		110		110,726


SCHEDULE OF INVESTMENTS			51

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care – Services (continued)
4.25%, 12/15/27 (Call 12/15/22)^(a)	$	155	$	161,878
4.63%, 12/15/29 (Call 12/15/24)^(a)		215		235,425
4.75%, 05/15/22 (Call 05/15/20)		35		35,398
4.75%, 01/15/25 (Call 01/15/21)		115		118,521
4.75%, 01/15/25 (Call 01/15/21)^(a)		35		36,072
5.25%, 04/01/25 (Call 04/01/21)^(a)		25		26,063
5.38%, 06/01/26 (Call 06/01/21)^(a)		125		132,506
5.38%, 08/15/26 (Call 08/15/21)^(a)		25		26,628
Charles River Laboratories International Inc.
4.25%, 05/01/28 (Call 05/01/23)^(a)		45		45,394
5.50%, 04/01/26 (Call 04/01/21)^(a)		20		20,848
CHS/Community Health Systems Inc.
6.25%, 03/31/23 (Call 03/31/21)		230		216,200
6.63%, 02/15/25 (Call 02/15/22)^(a)		100		92,000
6.88%, 04/01/28 (Call 04/01/23)^(a)		98		33,810
8.00%, 03/15/26 (Call 03/15/22)^(a)		135		129,408
8.00%, 12/15/27 (Call 12/15/22)^(a)		31		29,256
8.13%, 06/30/24 (Call 06/30/21)^(a)		90		60,940
8.63%, 01/15/24 (Call 01/15/21)^(a)		35		33,990
9.88%, 06/30/23 (Call 06/30/20)^(a)(e)		60		44,130
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)		125		127,031
5.13%, 07/15/24 (Call 07/15/20)		50		50,750
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)		20		20,087
4.75%, 02/01/30 (Call 02/01/25)		25		24,885
5.75%, 11/01/24 (Call 11/01/20)		60		60,225
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)		150		143,532
5.38%, 02/01/25		185		198,936
5.38%, 09/01/26 (Call 03/01/26)^(b)		35		38,270
5.63%, 09/01/28 (Call 03/01/28)		125		138,866
5.88%, 05/01/23		40		42,800
5.88%, 02/15/26 (Call 08/15/25)		75		83,062
5.88%, 02/01/29 (Call 08/01/28)		55		63,228
IQVIA Inc.
5.00%, 10/15/26 (Call 10/15/21)^(a)		100		102,873
5.00%, 05/15/27 (Call 05/15/22)^(a)		75		77,250
LifePoint Health Inc.
4.38%, 02/15/27 (Call 02/15/22)^(a)		25		23,508
6.75%, 04/15/25 (Call 04/15/22)^(a)		35		36,050
MEDNAX Inc.
5.25%, 12/01/23 (Call 12/01/20)^(a)		40		37,800
6.25%, 01/15/27 (Call 01/15/22)^(a)(b)		45		40,745
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)^(b)		30		31,013
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)^(a)		80		85,600
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)^(a)		80		77,048
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 07/15/20)		105		103,141
4.63%, 09/01/24 (Call 09/01/21)^(a)		70		68,619
4.88%, 01/01/26 (Call 03/01/22)^(a)		115		112,700
5.13%, 05/01/25 (Call 05/01/20)		55		51,420
5.13%, 11/01/27 (Call 11/01/22)^(a)		110		108,626
6.25%, 02/01/27 (Call 02/01/22)^(a)		75		73,657
6.75%, 06/15/23		105		104,895
7.00%, 08/01/25 (Call 08/01/20)^(b)		20		18,600
7.50%, 04/01/25 (Call 04/01/22)^(a)		60		64,279
8.13%, 04/01/22		145		145,370

				3,987,147


Security	Par (000)		Value

Holding Companies – Diversified — 0.7%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24 (Call 06/15/24)	$	35	$	32,900
5.25%, 05/15/27 (Call 11/15/26)		40		38,000
6.25%, 02/01/22 (Call 02/01/21)		35		35,536
6.25%, 05/15/26 (Call 05/15/22)		80		78,526
6.38%, 12/15/25 (Call 12/15/20)		85		83,372
6.75%, 02/01/24 (Call 02/01/21)		20		20,035

				288,369

Home Builders — 1.6%
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
4.88%, 02/15/30 (Call 02/15/25)^(a)		25		20,625
6.25%, 09/15/27 (Call 09/15/22)^(a)		45		41,298
KB Home, 7.00%, 12/15/21 (Call 09/15/21)		20		20,700
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		40		40,158
4.50%, 04/30/24 (Call 01/30/24)		30		30,531
4.75%, 11/15/22 (Call 08/15/22)		35		35,535
4.75%, 05/30/25 (Call 02/28/25)		30		30,824
4.75%, 11/29/27 (Call 05/29/27)		45		46,376
4.88%, 12/15/23 (Call 09/15/23)		25		25,580
5.88%, 11/15/24 (Call 05/15/24)		45		47,812
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)		35		30,946
5.25%, 12/15/27 (Call 12/15/22)^(a)		20		18,750
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)		20		20,550
PulteGroup Inc.
5.00%, 01/15/27 (Call 10/15/26)		45		46,574
5.50%, 03/01/26 (Call 12/01/25)		40		42,591
Taylor Morrison Communities Inc.
5.75%, 01/15/28 (Call 10/15/27)^(a)		15		13,575
5.88%, 01/31/25 (Call 01/31/21)^(a)		20		18,715
5.88%, 06/15/27 (Call 03/15/27)^(a)		45		41,400
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 08/01/29)		10		9,350
4.35%, 02/15/28 (Call 11/15/27)		25		24,625
4.38%, 04/15/23 (Call 01/15/23)		20		20,050
4.88%, 03/15/27 (Call 12/15/26)		35		35,438
5.88%, 02/15/22 (Call 11/15/21)		25		25,719
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		25		24,531

				712,253

Home Furnishings — 0.2%
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)		45		43,193
5.63%, 10/15/23 (Call 10/15/20)		25		24,676

				67,869

Household Products & Wares — 0.3%
Prestige Brands Inc.
5.13%, 01/15/28 (Call 01/15/23)^(a)		30		30,570
6.38%, 03/01/24 (Call 03/01/21)^(a)		35		36,006
Spectrum Brands Inc., 5.75%, 07/15/25 (Call 07/15/20)		55		54,863

				121,439

Housewares — 0.3%
Newell Brands Inc., 4.70%, 04/01/26 (Call 01/01/26)		150		150,874


Insurance — 0.5%
Acrisure LLC/Acrisure Finance Inc.
7.00%, 11/15/25 (Call 11/15/20)^(a)		35		31,354
8.13%, 02/15/24 (Call 02/15/21)^(a)		75		76,531


52		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
10.13%, 08/01/26 (Call 08/01/22)^(a)	$	25	$	25,127
Genworth Holdings Inc., 7.63%, 09/24/21		30		28,500
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)^(a)		60		60,468

				221,980

Internet — 2.4%
Match Group Inc.
4.13%, 08/01/30 (Call 05/01/25)^(a)		45		43,495
5.00%, 12/15/27 (Call 12/15/22)^(a)		20		20,894
Netflix Inc.
3.63%, 06/15/25 (Call 03/15/25)^(a)		10		10,138
4.38%, 11/15/26		45		47,583
4.88%, 04/15/28		90		96,038
4.88%, 06/15/30 (Call 03/15/30)^(a)		55		58,767
5.38%, 11/15/29^(a)		55		60,615
5.50%, 02/15/22		35		36,400
5.75%, 03/01/24		25		27,247
5.88%, 02/15/25		50		54,883
5.88%, 11/15/28		110		124,042
6.38%, 05/15/29^(b)		50		58,276
NortonLifeLock Inc.
3.95%, 06/15/22 (Call 03/15/22)		25		25,384
5.00%, 04/15/25 (Call 04/15/21)^(a)		55		55,401
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)^(a)		45		39,274
Uber Technologies Inc.
7.50%, 11/01/23 (Call 11/01/20)^(a)		30		30,071
7.50%, 09/15/27 (Call 09/15/22)^(a)(b)		65		66,081
8.00%, 11/01/26 (Call 11/01/21)^(a)		90		92,201
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/20)		22		22,134
4.75%, 07/15/27 (Call 07/15/22)		45		47,934
5.25%, 04/01/25 (Call 01/01/25)		30		32,804

				1,049,662

Iron & Steel — 0.4%
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)		25		22,828
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 01/15/21)^(a)		20		17,200
6.75%, 03/15/26 (Call 03/04/23)^(a)		40		34,900
9.88%, 10/17/25 (Call 10/17/22)^(a)		38		37,430
U.S. Steel Corp.
6.25%, 03/15/26 (Call 03/15/21)^(b)		30		19,037
6.88%, 08/15/25 (Call 08/15/20)		30		20,458

				151,853

Leisure Time — 0.3%
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/20)^(a)		20		18,600
5.38%, 04/15/23 (Call 04/15/21)^(a)		35		32,438
9.25%, 04/15/25 (Call 03/16/25)^(a)		40		42,250
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)^(a)		35		23,474
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)^(a)		25		19,000

				135,762

Lodging — 2.9%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)^(a)		45		38,261
6.00%, 08/15/26 (Call 08/15/21)		40		36,100
6.38%, 04/01/26 (Call 04/01/21)		50		45,313
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/20)^(a)		30		24,255
10.75%, 09/01/24 (Call 09/01/20)^(a)		20		12,680


Security	Par (000)		Value

Lodging (continued)
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/20)	$	60	$	58,200
4.88%, 01/15/30 (Call 01/15/25)		55		52,393
5.13%, 05/01/26 (Call 05/01/21)		85		83,920
5.38%, 05/01/25 (Call 05/01/22)^(a)		5		5,001
5.75%, 05/01/28 (Call 05/01/23)^(a)		30		30,228
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 04/01/21)		60		58,763
4.88%, 04/01/27 (Call 04/01/22)		45		43,660
Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21)		45		42,534
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		16		14,437
5.50%, 04/15/27 (Call 01/15/27)		45		41,344
5.75%, 06/15/25 (Call 03/15/25)		48		46,080
6.00%, 03/15/23		80		77,537
6.75%, 05/01/25 (Call 05/01/22)		20		19,602
7.75%, 03/15/22		45		45,774
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/23)^(a)		35		28,000
5.00%, 10/01/25 (Call 10/01/20)^(a)		50		41,685
Wyndham Destinations Inc.
3.90%, 03/01/23 (Call 12/01/22)		27		23,524
4.25%, 03/01/22 (Call 12/01/21)		20		19,075
5.75%, 04/01/27 (Call 01/01/27)		25		21,781
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^(a)		20		18,650
5.25%, 05/15/27 (Call 02/15/27)^(a)		55		46,885
5.50%, 03/01/25 (Call 12/01/24)^(a)		110		97,407
Wynn Macau Ltd., 4.88%, 10/01/24 (Call 10/01/20)^(a)		200		194,212

				1,267,301

Machinery — 0.1%
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 04/15/21)^(a)		25		23,313


Manufacturing — 0.1%
Foxtrot Escrow Issuer LLC/Foxtrot Escrow Corp., 12.25%, 11/15/26 (Call 11/15/22)^(a)		35		28,875
FXI Holdings Inc., 7.88%, 11/01/24 (Call 11/01/20)^(a)		30		21,900

				50,775

Media — 12.4%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)^(a)		150		145,434
7.50%, 05/15/26 (Call 05/15/21)^(a)		200		209,400
AMC Networks Inc.
4.75%, 08/01/25 (Call 08/01/21)		85		78,200
5.00%, 04/01/24 (Call 04/01/21)		45		43,290
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 08/15/30 (Call 02/15/25)^(a)		140		141,792
4.50%, 05/01/32 (Call 05/01/26)^(a)		15		14,902
4.75%, 03/01/30 (Call 09/01/24)^(a)		200		203,687
5.00%, 02/01/28 (Call 08/01/22)^(a)		130		133,542
5.13%, 05/01/23 (Call 05/01/20)^(a)		100		101,158
5.13%, 05/01/27 (Call 05/01/22)^(a)		180		187,465
5.38%, 06/01/29 (Call 06/01/24)^(a)		80		84,364
5.50%, 05/01/26 (Call 05/01/21)^(a)		50		51,881
5.75%, 02/15/26 (Call 02/15/21)^(a)		150		156,191
5.88%, 04/01/24 (Call 04/01/21)^(a)		130		133,737
5.88%, 05/01/27 (Call 05/01/21)^(a)		50		51,978


SCHEDULE OF INVESTMENTS			53

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media ( continued)
Clear Channel Worldwide Holdings Inc.
5.13%, 08/15/27 (Call 08/15/22)^(a)	$	55	$	51,678
9.25%, 02/15/24 (Call 02/15/21)^(a)		110		91,300
CSC Holdings LLC
5.38%, 02/01/28 (Call 02/01/23)^(a)		100		103,385
5.50%, 05/15/26 (Call 05/15/21)^(a)		200		207,560
5.50%, 04/15/27 (Call 04/15/22)^(a)		100		104,031
5.75%, 01/15/30 (Call 01/15/25)^(a)		100		104,030
6.75%, 11/15/21		25		26,076
7.50%, 04/01/28 (Call 04/01/23)^(a)		100		110,022
10.88%, 10/15/25 (Call 10/15/20)^(a)		200		216,190
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.38%, 08/15/26 (Call 08/15/22)^(a)		170		129,200
6.63%, 08/15/27 (Call 08/15/22)^(a)		95		52,013
DISH DBS Corp.
5.00%, 03/15/23		50		47,682
5.88%, 07/15/22		95		95,214
5.88%, 11/15/24		120		115,421
6.75%, 06/01/21		65		65,007
7.75%, 07/01/26^(b)		135		133,014
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/20)^(a)		50		49,375
5.88%, 07/15/26 (Call 07/15/21)^(a)		45		43,296
7.00%, 05/15/27 (Call 05/15/22)^(a)		25		25,250
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)^(a)		20		17,363
5.25%, 08/15/27 (Call 08/15/22)^(a)		55		50,009
6.38%, 05/01/26 (Call 05/01/22)		30		28,425
8.38%, 05/01/27 (Call 05/01/22)		85		70,550
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 10/15/22)^(a)		15		15,749
Meredith Corp., 6.88%, 02/01/26 (Call 02/01/21)^(b)		70		59,398
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/20)^(a)		30		29,250
5.63%, 07/15/27 (Call 07/15/22)^(a)		115		109,555
Quebecor Media Inc., 5.75%, 01/15/23		75		78,589
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)^(a)		25		21,045
5.50%, 03/01/30 (Call 12/01/24)^(a)		40		33,200
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)^(a)		95		95,586
4.63%, 05/15/23 (Call 05/15/20)^(a)		25		25,156
4.63%, 07/15/24 (Call 07/15/21)^(a)		90		91,989
5.00%, 08/01/27 (Call 08/01/22)^(a)(b)		80		82,012
5.38%, 04/15/25 (Call 04/15/21)^(a)		35		36,094
5.38%, 07/15/26 (Call 07/15/21)^(a)		35		36,320
5.50%, 07/01/29 (Call 07/01/24)^(a)		55		58,003
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)^(a)		70		62,414
5.00%, 09/15/29 (Call 09/15/24)^(a)		55		48,902
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/20)^(a)		60		57,187
5.13%, 02/15/25 (Call 02/15/21)^(a)		85		75,289
9.50%, 05/01/25 (Call 05/01/22)^(a)		5		5,056
ViacomCBS Inc.
5.88%, 02/28/57 (Call 02/28/22)^(c)		40		36,840
6.25%, 02/28/57 (Call 02/28/27)^(c)		35		34,738
Videotron Ltd.
5.13%, 04/15/27 (Call 04/15/22)^(a)		30		31,313
5.38%, 06/15/24 (Call 03/15/24)^(a)		30		31,815


Security	Par (000)		Value

Media (continued)
Virgin Media Secured Finance PLC
5.50%, 08/15/26 (Call 08/15/21)^(a)	$	200	$	207,500
5.50%, 05/15/29 (Call 05/15/24)^(a)		100		104,500
Ziggo Bond Co. BV, 6.00%, 01/15/27 (Call 01/15/22)^(a)		100		101,809
Ziggo BV, 5.50%, 01/15/27 (Call 01/15/22)^(a)		150		152,485

				5,394,906

Mining — 1.9%
Alcoa Nederland Holding BV, 7.00%, 09/30/26 (Call 09/30/21)^(a)		100		99,927
Arconic Corp., 6.00%, 05/15/25 (Call 05/15/22)^(a)		10		10,113
Constellium SE, 6.63%, 03/01/25 (Call 03/01/21)^(a)(b)		250		243,062
FMG Resources August 2006 Pty Ltd.
4.50%, 09/15/27 (Call 06/15/27)^(a)		30		29,385
4.75%, 05/15/22 (Call 02/15/22)^(a)		35		35,032
5.13%, 05/15/24 (Call 02/15/24)^(a)		45		45,549
Freeport-McMoRan Inc.
3.55%, 03/01/22 (Call 12/01/21)^(b)		8		8,082
3.88%, 03/15/23 (Call 12/15/22)		60		60,048
4.13%, 03/01/28 (Call 03/01/23)		25		23,203
4.25%, 03/01/30 (Call 03/01/25)		50		46,683
4.55%, 11/14/24 (Call 08/14/24)		30		30,075
5.00%, 09/01/27 (Call 09/01/22)		50		48,750
5.25%, 09/01/29 (Call 09/01/24)		20		19,576
Novelis Corp.
4.75%, 01/30/30 (Call 01/30/25)^(a)		100		88,000
5.88%, 09/30/26 (Call 09/30/21)^(a)		55		53,212

				840,697

Office & Business Equipment — 0.6%
CDW LLC/CDW Finance Corp.
4.13%, 05/01/25 (Call 05/01/22)		35		35,591
4.25%, 04/01/28 (Call 10/01/22)		30		30,119
5.00%, 09/01/25 (Call 03/01/21)		45		46,156
5.50%, 12/01/24 (Call 06/01/24)		20		21,320
Pitney Bowes Inc.
4.63%, 03/15/24 (Call 12/15/23)		2		1,525
5.70%, 04/01/23 (Call 03/01/23)		13		10,611
Xerox Corp.
4.13%, 03/15/23 (Call 02/15/23)		75		74,625
4.50%, 05/15/21		35		35,025

				254,972

Packaging & Containers — 3.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
5.25%, 04/30/25 (Call 04/30/22)^(a)		100		102,623
5.25%, 08/15/27 (Call 08/15/22)^(a)		100		97,594
Ball Corp.
4.00%, 11/15/23		45		46,552
4.88%, 03/15/26 (Call 12/15/25)		35		37,625
5.00%, 03/15/22		50		52,375
5.25%, 07/01/25		60		66,150
Berry Global Inc.
4.50%, 02/15/26 (Call 02/15/21)^(a)(b)		45		44,282
4.88%, 07/15/26 (Call 07/15/22)^(a)		45		45,972
5.13%, 07/15/23 (Call 07/15/20)		50		50,312
5.63%, 07/15/27 (Call 07/15/22)^(a)		25		25,697
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23		75		76,890
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)		20		20,275
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21)		35		35,756


54		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Packaging & Containers (continued)
Flex Acquisition Co. Inc.
6.88%, 01/15/25 (Call 01/15/21)^(a)	$	35	$	34,049
7.88%, 07/15/26 (Call 07/15/21)^(a)(b)		30		29,025
Graphic Packaging International LLC, 3.50%, 03/15/28^(a)		25		23,938
LABL Escrow Issuer LLC
6.75%, 07/15/26 (Call 07/15/22)^(a)		30		30,206
10.50%, 07/15/27 (Call 07/15/22)^(a)		40		39,735
Mauser Packaging Solutions Holding Co.
5.50%, 04/15/24 (Call 04/15/21)^(a)		65		60,105
7.25%, 04/15/25 (Call 04/15/21)^(a)(b)		75		58,687
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22^(a)		20		20,206
5.88%, 08/15/23^(a)		45		46,139
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 07/15/20)^(a)		110		110,275
7.00%, 07/15/24 (Call 07/15/20)^(a)(b)		20		20,074
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)^(a)		15		14,818
4.88%, 12/01/22 (Call 09/01/22)^(a)		25		25,895
5.13%, 12/01/24 (Call 09/01/24)^(a)(b)		20		21,050
5.25%, 04/01/23 (Call 01/01/23)^(a)		20		20,700
5.50%, 09/15/25 (Call 06/15/25)^(a)		30		31,766
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/22)^(a)		75		76,875
8.50%, 08/15/27 (Call 08/15/22)^(a)		100		104,062

				1,469,708

Pharmaceuticals — 4.4%
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 01/17/22)^(a)		85		93,704
9.25%, 04/01/26 (Call 04/01/22)^(a)		100		110,385
Bausch Health Companies Inc.
5.00%, 01/30/28 (Call 01/30/23)^(a)		50		48,188
5.25%, 01/30/30 (Call 01/30/25)^(a)(b)		40		39,404
5.50%, 03/01/23 (Call 05/29/20)^(a)		6		5,970
5.50%, 11/01/25 (Call 11/01/20)^(a)		55		57,172
5.75%, 08/15/27 (Call 08/15/22)^(a)		35		36,740
6.13%, 04/15/25 (Call 04/15/21)^(a)		175		177,677
6.50%, 03/15/22 (Call 03/15/21)^(a)		40		40,792
7.00%, 01/15/28 (Call 01/15/23)^(a)		85		88,400
7.25%, 05/30/29 (Call 05/30/24)^(a)(b)		105		111,693
9.00%, 12/15/25 (Call 12/15/21)^(a)		143		155,664
Elanco Animal Health Inc.
5.02%, 08/28/23 (Call 07/28/23)		35		37,339
5.65%, 08/28/28 (Call 05/28/28)		65		72,281
Endo Dac/Endo Finance LLC/Endo Finco Inc., 6.00%, 07/15/23 (Call 07/15/20)^(a)		100		74,709
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.75%, 08/01/22 (Call 08/01/20)^(a)(b)		35		14,661
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)^(a)		160		162,600
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/21		50		49,075
2.80%, 07/21/23		160		146,544
3.15%, 10/01/26		325		283,248
7.13%, 01/31/25 (Call 10/31/24)^(a)		100		103,580

				1,909,826

Real Estate — 0.4%
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 03/15/21)^(a)		60		58,160
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 04/01/21)		70		66,969


Security	Par (000)		Value

Real Estate (continued)
Realogy Group LLC/Realogy Co-Issuer Corp.
4.88%, 06/01/23 (Call 03/01/23)^(a)(b)	$	45	$	34,217
5.25%, 12/01/21 (Call 12/01/20)^(a)		20		16,790
9.38%, 04/01/27 (Call 04/01/22)^(a)		25		17,375

				193,511

Real Estate Investment Trusts — 3.9%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)^(a)		60		47,664
CBL & Associates LP, 5.95%, 12/15/26 (Call 09/15/26)		15		3,900
Diversified Healthcare Trust, 4.75%, 02/15/28 (Call 08/15/27)		25		21,514
ESH Hospitality Inc.
4.63%, 10/01/27 (Call 10/01/22)^(a)		40		35,967
5.25%, 05/01/25 (Call 05/01/20)^(a)		75		69,773
Iron Mountain Inc.
4.88%, 09/15/27 (Call 09/15/22)^(a)		35		34,300
4.88%, 09/15/29 (Call 09/15/24)^(a)		45		43,223
5.25%, 03/15/28 (Call 12/27/22)^(a)		55		52,752
5.75%, 08/15/24 (Call 08/15/20)		100		98,249
6.00%, 08/15/23 (Call 08/15/20)		20		20,250
iStar Inc.
4.25%, 08/01/25 (Call 05/01/25)		35		27,932
4.75%, 10/01/24 (Call 07/01/24)		40		33,200
5.25%, 09/15/22 (Call 09/15/20)		20		17,998
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/23)^(a)		25		17,749
5.25%, 03/15/22 (Call 09/15/21)^(a)		35		28,947
5.25%, 10/01/25 (Call 10/01/20)^(a)		25		18,188
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)		45		43,538
5.63%, 05/01/24 (Call 02/01/24)		60		60,913
5.75%, 02/01/27 (Call 11/01/26)^(b)		50		50,283
MPT Operating Partnership LP/MPT Finance Corp.
4.63%, 08/01/29 (Call 08/01/24)		60		59,830
5.00%, 10/15/27 (Call 09/07/22)		55		56,100
5.25%, 08/01/26 (Call 08/01/21)		20		20,150
6.38%, 03/01/24 (Call 03/01/21)		50		51,652
Ryman Hospitality Properties Inc., 4.75%, 10/15/27 (Call 10/15/22)^(a)		50		43,500
SBA Communications Corp.
3.88%, 02/15/27 (Call 02/15/23)^(a)		15		15,319
4.00%, 10/01/22 (Call 10/01/20)		102		102,541
4.88%, 09/01/24 (Call 09/01/20)		60		61,852
Starwood Property Trust Inc.
3.63%, 02/01/21 (Call 11/01/20)		15		14,419
4.75%, 03/15/25 (Call 09/15/24)		20		17,042
5.00%, 12/15/21 (Call 09/15/21)		50		47,160
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
7.13%, 12/15/24 (Call 12/15/20)^(a)(b)		20		15,501
7.88%, 02/15/25 (Call 02/15/22)^(a)		125		120,390
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/21)^(a)		45		42,201
8.25%, 10/15/23 (Call 04/15/21)		70		58,079
VICI Properties LP/VICI Note Co. Inc.
3.50%, 02/15/25 (Call 02/15/22)^(a)		35		32,878
3.75%, 02/15/27 (Call 02/15/23)^(a)		60		55,800
4.13%, 08/15/30 (Call 02/15/25)^(a)		65		59,042
4.25%, 12/01/26 (Call 12/01/22)^(a)		65		60,667


SCHEDULE OF INVESTMENTS			55

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate Investment Trusts (continued)
4.63%, 12/01/29 (Call 12/01/24)^(a)	$	35	$	32,550

				1,693,013

Retail — 3.6%
1011778 BC ULC/New Red Finance Inc.
3.88%, 01/15/28 (Call 09/15/22)^(a)		25		24,232
4.25%, 05/15/24 (Call 05/15/20)^(a)		100		100,031
4.38%, 01/15/28 (Call 11/15/22)^(a)		90		87,497
5.00%, 10/15/25 (Call 10/15/20)^(a)		115		115,575
5.75%, 04/15/25 (Call 04/15/22)^(a)		30		31,706
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/23)^(a)		33		27,637
4.75%, 03/01/30 (Call 03/01/25)^(a)		21		17,549
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)^(a)		80		70,700
Gap Inc. (The)
8.38%, 05/15/23^(a)		15		15,622
8.63%, 05/15/25 (Call 05/15/22)^(a)		15		15,488
8.88%, 05/15/27 (Call 05/15/23)^(a)		20		20,850
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/20)^(a)		85		66,038
8.75%, 10/01/25 (Call 10/01/20)^(a)		25		14,344
JC Penney Corp. Inc.
5.88%, 07/01/23 (Call 07/01/20)^(a)		20		9,166
8.63%, 03/15/25 (Call 03/15/21)^(a)(b)		10		789
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)^(a)		55		56,598
5.00%, 06/01/24 (Call 06/01/20)^(a)		60		61,794
5.25%, 06/01/26 (Call 06/01/21)^(a)		35		35,744
L Brands Inc.
5.25%, 02/01/28		15		10,669
5.63%, 02/15/22		35		30,800
5.63%, 10/15/23		45		36,675
7.50%, 06/15/29 (Call 06/15/24)		30		22,121
Neiman Marcus Group Ltd. LLC/Neiman Marcus Group LLC/Mariposa Borrower/NMG, 8.00%, 10/25/24 (Call 05/29/20)^(a)		12		1,020
Penske Automotive Group Inc., 5.50%, 05/15/26 (Call 05/15/21)^(b)		45		41,495
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)^(a)		66		67,010
7.13%, 03/15/23 (Call 03/15/21)^(a)		110		105,325
8.88%, 06/01/25 (Call 06/01/20)^(a)		40		38,621
QVC Inc.
4.38%, 03/15/23^(b)		35		33,290
4.45%, 02/15/25 (Call 11/15/24)		30		27,408
4.75%, 02/15/27 (Call 11/15/26)		35		31,500
4.85%, 04/01/24		30		28,497
5.13%, 07/02/22		40		38,800
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/01/21)^(a)		50		45,630
7.50%, 07/01/25 (Call 07/01/22)^(a)		45		44,325
Staples Inc.
7.50%, 04/15/26 (Call 04/15/22)^(a)		130		102,916
10.75%, 04/15/27 (Call 04/15/22)^(a)(b)		45		25,200
Yum! Brands Inc.
4.75%, 01/15/30 (Call 10/15/29)^(a)		45		45,900
7.75%, 04/01/25 (Call 04/01/22)^(a)		35		38,286

				1,586,848


Security	Par (000)		Value

Semiconductors — 0.2%
Qorvo Inc.
4.38%, 10/15/29 (Call 10/15/24)^(a)	$	30	$	29,963
5.50%, 07/15/26 (Call 07/15/21)		55		57,750

				87,713

Software — 2.7%
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)		20		19,940
5.00%, 10/15/24 (Call 07/15/24)		20		20,850
5.25%, 05/15/29 (Call 05/15/24)^(a)		35		35,547
5.88%, 06/15/26 (Call 06/15/21)		45		46,434
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/21)^(a)		65		64,119
Dun & Bradstreet Corp./The
6.88%, 08/15/26 (Call 02/15/22)^(a)		50		52,847
10.25%, 02/15/27 (Call 02/15/22)^(a)		35		38,325
Infor U.S. Inc., 6.50%, 05/15/22 (Call 05/15/20)		70		69,951
MSCI Inc.
4.00%, 11/15/29 (Call 11/15/24)^(a)(b)		60		62,662
4.75%, 08/01/26 (Call 08/01/21)^(a)		35		36,585
5.38%, 05/15/27 (Call 05/15/22)^(a)		20		21,585
5.75%, 08/15/25 (Call 08/15/20)^(a)		95		99,237
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/23)^(a)		65		63,029
5.88%, 06/01/26 (Call 06/01/21)^(a)		30		31,500
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)^(a)		65		63,135
PTC Inc., 3.63%, 02/15/25 (Call 02/15/22)^(a)		70		68,871
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 11/15/20)^(a)		70		69,081
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 03/01/21)^(a)		120		119,400
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)^(a)(b)		110		113,052
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 02/01/23 (Call 02/01/21)^(a)		100		96,780

				1,192,930

Telecommunications — 10.5%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/23)^(a)		100		91,393
10.50%, 05/15/27 (Call 05/15/22)^(a)		200		216,042
Altice France SA/France
5.50%, 01/15/28 (Call 09/15/22)^(a)		100		100,522
7.38%, 05/01/26 (Call 05/01/21)^(a)		300		313,500
CenturyLink Inc.
4.00%, 02/15/27 (Call 02/15/23)^(a)		70		68,425
5.13%, 12/15/26 (Call 12/15/22)^(a)		75		71,530
5.63%, 04/01/25 (Call 01/01/25)		50		50,250
Series S, 6.45%, 06/15/21		75		76,594
Series T, 5.80%, 03/15/22		80		81,798
Series W, 6.75%, 12/01/23		50		52,478
Series Y, 7.50%, 04/01/24 (Call 01/01/24)		35		37,975
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/20)^(a)		32		32,310
CommScope Inc.
5.50%, 03/01/24 (Call 03/01/21)^(a)		105		105,000
5.50%, 06/15/24 (Call 06/15/20)^(a)		20		17,897
6.00%, 03/01/26 (Call 03/01/22)^(a)		60		60,150
8.25%, 03/01/27 (Call 03/01/22)^(a)(b)		60		57,060
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)^(a)(b)		40		34,496
6.00%, 06/15/25 (Call 06/15/20)^(a)		90		80,147
Connect Finco Sarl/ Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)^(a)		75		72,197


56		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Telecommunications (continued)
Frontier Communications Corp.
8.00%, 04/01/27 (Call 04/01/22)^(a)(f)	$	130	$	132,561
8.50%, 04/01/26 (Call 04/01/21)^(a)(f)		55		50,875
Hughes Satellite Systems Corp.
5.25%, 08/01/26		35		36,925
6.63%, 08/01/26		55		58,595
7.63%, 06/15/21		35		36,308
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/20)		100		53,250
8.00%, 02/15/24 (Call 02/15/21)^(a)		75		76,635
9.50%, 09/30/22^(a)		20		22,160
Intrado Corp., 8.50%, 10/15/25 (Call 10/15/20)^(a)		65		45,429
Level 3 Financing Inc.
4.63%, 09/15/27 (Call 09/15/22)^(a)		65		64,736
5.13%, 05/01/23 (Call 05/01/20)		50		49,882
5.25%, 03/15/26 (Call 03/15/21)		25		25,591
5.38%, 08/15/22 (Call 05/29/20)		50		49,984
5.38%, 01/15/24 (Call 01/15/21)		55		55,412
5.38%, 05/01/25 (Call 05/01/20)		35		35,525
Nokia OYJ
3.38%, 06/12/22		45		45,231
4.38%, 06/12/27		20		20,340
Qwest Corp., 6.75%, 12/01/21		50		52,125
Sprint Communications Inc.
6.00%, 11/15/22		125		131,966
11.50%, 11/15/21		100		111,750
Sprint Corp.
7.13%, 06/15/24		80		89,800
7.25%, 09/15/21		100		104,875
7.63%, 02/15/25 (Call 11/15/24)		125		143,750
7.63%, 03/01/26 (Call 11/01/25)		85		100,000
7.88%, 09/15/23		235		264,105
Telecom Italia SpA/Milano, 5.30%, 05/30/24^(a)(b)		100		103,210
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22		55		56,650
T-Mobile USA Inc.
4.50%, 02/01/26 (Call 02/01/21)		40		41,212
4.75%, 02/01/28 (Call 02/01/23)		65		68,251
5.38%, 04/15/27 (Call 04/15/22)^(b)		45		47,642
6.00%, 03/01/23 (Call 09/01/20)^(b)		110		110,000
6.00%, 04/15/24 (Call 04/15/21)		75		76,394
6.38%, 03/01/25 (Call 09/01/20)		100		102,979
6.50%, 01/15/24 (Call 01/15/21)		55		56,301
6.50%, 01/15/26 (Call 01/15/21)^(b)		100		105,625
ViaSat Inc.
5.63%, 09/15/25 (Call 09/15/20)^(a)		50		47,190
5.63%, 04/15/27 (Call 04/15/22)^(a)		20		19,749
Vodafone Group PLC, 7.00%, 04/04/79 (Call 01/04/29)^(c)		110		125,950
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 03/01/21)^(a)		85		82,223
6.13%, 03/01/28 (Call 03/01/23)^(a)		60		56,565

				4,577,515

Toys, Games & Hobbies — 0.2%
Mattel Inc.
5.88%, 12/15/27 (Call 12/15/22)^(a)		20		19,525
6.75%, 12/31/25 (Call 12/31/20)^(a)(b)		85		86,300

				105,825


Security	Par/ Shares (000)		Value

Transportation — 0.4%
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 01/15/21)^(a)	$	25	$	9,841
XPO Logistics Inc.
6.25%, 05/01/25 (Call 05/01/22)^(a)		20		20,250
6.50%, 06/15/22 (Call 06/15/20)^(a)		38		38,152
6.75%, 08/15/24 (Call 08/15/21)^(a)		85		87,516

				155,759

Trucking & Leasing — 0.2%
Fortress Transportation & Infrastructure Investors LLC
6.50%, 10/01/25 (Call 10/01/21)^(a)		20		16,500
6.75%, 03/15/22 (Call 03/15/21)^(a)		75		67,586

				84,086


Total Corporate Bonds & Notes — 96.1% ( Cost: $43,491,192)				41,812,169


Short-Term Investments

Money Market Funds — 10.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(g)(h)(i)		2,530		2,532,790
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(g)(h)		2,135		2,135,000

				4,667,790


Total Short-Term Investments — 10.7% ( Cost: $4,665,364)				4,667,790


Total Investments in Securities — 106.8% ( Cost: $48,156,556)				46,479,959

Other Assets, Less Liabilities — (6.8)%				(2,946,130	)


Net Assets — 100.0%			$	43,533,829

^(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)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(d)	Perpetual security with no stated maturity date.

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

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

^(g)	Affiliate of the Fund.

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

⁽ⁱ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.


SCHEDULE OF INVESTMENTS			57

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)		Net Activity (000)		Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SLAgencyShares		1,551		979		2,530	$	2,532,790	$	6,968	^(b)	$	(1,617	)	$	2,038
BlackRock Cash Funds: Treasury, SLAgencyShares		313		1,822		2,135		2,135,000		2,509			—			—

							$	4,667,790	$	9,477		$	(1,617	)	$	2,038

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—	$	41,812,169	$	—	$	41,812,169
Money Market Funds		4,667,790		—		—		4,667,790

	$	4,667,790	$	41,812,169	$	—	$	46,479,959

See notes to financial statements.


58		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

April 30, 2020


	iShares 0-5 Year High Yield Corporate Bond ETF			iShares Broad USD High Yield Corporate Bond ETF			iShares Fallen Angels USD Bond ETF			iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	3,840,755,190		$	4,671,236,489		$	149,842,450		$	41,812,169
Affiliated^(c)		346,799,433			548,344,957			21,994,504			4,667,790
Cash		—			—			27,605			581
Receivables:
Investments sold		15,834,206			17,519,734			12,555,332			467,873
Securities lending income — Affiliated		432,331			490,084			20,769			1,979
Capital shares sold		—			75,671,078			—			—
Dividends		36,505			12,997			732			253
Interest		66,662,551			82,292,733			2,326,100			665,027

Total assets		4,270,520,216			5,395,568,072			186,767,492			47,615,672


LIABILITIES
Bank overdraft		121,252			39,251			—			—
Collateral on securities loaned, at value		311,125,679			535,761,856			19,043,593			2,531,707
Payables:
Investments purchased		72,645,752			99,446,726			11,849,058			1,533,406
Capital shares redeemed		95,590			206,130			—			—
Investment advisory fees		912,900			526,877			32,712			16,730

Total liabilities		384,901,173			635,980,840			30,925,363			4,081,843


NET ASSETS	$	3,885,619,043		$	4,759,587,232		$	155,842,129		$	43,533,829


NET ASSETS CONSIST OF:
Paid-in capital	$	4,486,770,493		$	5,183,843,050		$	172,390,821		$	44,984,997
Accumulated loss		(601,151,450	)		(424,255,818	)		(16,548,692	)		(1,451,168	)

NET ASSETS	$	3,885,619,043		$	4,759,587,232		$	155,842,129		$	43,533,829


Shares outstanding		93,500,000			130,400,000			6,350,000			900,000

Net asset value	$	41.56		$	36.50		$	24.54		$	48.37

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Securities loaned, at value	$	300,134,205		$	514,199,994		$	18,052,327		$	2,445,421
^(b)Investments, at cost — Unaffiliated	$	4,145,903,063		$	5,074,896,836		$	154,934,272		$	43,491,192
^(c)Investments, at cost — Affiliated	$	346,453,976		$	547,900,096		$	21,977,247		$	4,665,364

See notes to financial statements.


FINANCIAL STATEMENTS			59

Statements of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares 0-5 Year High Yield Corporate Bond ETF			iShares Broad USD High Yield Corporate Bond ETF			iShares Fallen Angels USD Bond ETF			iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF

INVESTMENT INCOME
Dividends —Affiliated	$	691,896		$	146,137		$	12,652		$	2,509
Interest — Unaffiliated		102,161,812			101,375,337			4,876,751			831,564
Securities lending income — Affiliated — net		2,395,394			1,914,293			125,224			6,968
Other income — Unaffiliated		143,322			95,195			2,062			1,657

Total investment income		105,392,424			103,530,962			5,016,689			842,698


EXPENSES
Investment advisory fees		5,792,510			3,758,902			207,171			79,018

Total expenses		5,792,510			3,758,902			207,171			79,018
Less:
Investment advisory fees waived		—			(1,196,015	)		—			—

Total expenses after fees waived		5,792,510			2,562,887			207,171			79,018

Net investment income		99,599,914			100,968,075			4,809,518			763,680


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(111,709,391	)		(22,051,897	)		(10,799,769	)		(207,941	)
Investments — Affiliated		(38,052	)		(235,877	)		(12,346	)		(1,617	)
In-kind redemptions — Unaffiliated		(78,498,383	)		(11,005,104	)		(608,573	)		360,019

Net realized gain (loss)		(190,245,826	)		(33,292,878	)		(11,420,688	)		150,461

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(294,451,225	)		(404,556,240	)		(4,760,127	)		(2,092,872	)
Investments — Affiliated		136,701			391,263			13,450			2,038

Net change in unrealized appreciation (depreciation)		(294,314,524	)		(404,164,977	)		(4,746,677	)		(2,090,834	)

Net realized and unrealized loss		(484,560,350	)		(437,457,855	)		(16,167,365	)		(1,940,373	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(384,960,436	)	$	(336,489,780	)	$	(11,357,847	)	$	(1,176,693	)

See notes to financial statements.


60		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares 0-5 Year High Yield Corporate Bond ETF						iShares Broad USD High Yield Corporate Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	99,599,914		$	158,441,342		$	100,968,075		$	70,693,974
Net realized gain (loss)		(190,245,826	)		(74,451,467	)		(33,292,878	)		4,098,424
Net change in unrealized appreciation (depreciation)		(294,314,524	)		52,036,627			(404,164,977	)		10,771,152

Net increase (decrease) in net assets resulting from operations		(384,960,436	)		136,026,502			(336,489,780	)		85,563,550


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(102,114,345	)		(158,792,176	)		(96,837,618	)		(59,942,537	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,022,977,405			245,682,165			2,597,857,452			2,313,903,415


NET ASSETS
Total increase in net assets		535,902,624			222,916,491			2,164,530,054			2,339,524,428
Beginning of period		3,349,716,419			3,126,799,928			2,595,057,178			255,532,750

End of period	$	3,885,619,043		$	3,349,716,419		$	4,759,587,232		$	2,595,057,178

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

See notes to financial statements.


FINANCIAL STATEMENTS			61

Statements of Changes in Net Assets (continued)


	iShares Fallen Angels USD Bond ETF						iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,809,518		$	4,992,295		$	763,680		$	665,615
Net realized gain (loss)		(11,420,688	)		(947,123	)		150,461			(28,494	)
Net change in unrealized appreciation (depreciation)		(4,746,677	)		2,784,048			(2,090,834	)		555,292

Net increase (decrease) in net assets resulting from operations		(11,357,847	)		6,829,220			(1,176,693	)		1,192,413


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,560,364	)		(4,794,309	)		(740,267	)		(633,836	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		28,235,485			74,153,249			22,135,011			12,849,521


NET ASSETS
Total increase in net assets		12,317,274			76,188,160			20,218,051			13,408,098
Beginning of period		143,524,855			67,336,695			23,315,778			9,907,680

End of period	$	155,842,129		$	143,524,855		$	43,533,829		$	23,315,778

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

See notes to financial statements.


62		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares 0-5 Year High Yield Corporate Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15

Net asset value, beginning of period	$	46.20		$	46.19		$	47.53		$	46.92		$	46.49		$	49.63

Net investment income^(a)		1.14			2.55			2.56			2.65			2.64			2.49
Net realized and unrealized gain (loss)^(b)		(4.58	)		0.01			(1.38	)		0.58			0.40			(3.37	)

Net increase (decrease) from investment operations		(3.44	)		2.56			1.18			3.23			3.04			(0.88	)


Distributions^(c)
From net investment income		(1.20	)		(2.55	)		(2.52	)		(2.62	)		(2.61	)		(2.26	)

Total distributions		(1.20	)		(2.55	)		(2.52	)		(2.62	)		(2.61	)		(2.26	)


Net asset value, end of period	$	41.56		$	46.20		$	46.19		$	47.53		$	46.92		$	46.49


Total Return
Based on net asset value		(7.60	)%^(d)		5.71	%		2.55	%		7.06	%		6.88	%		(1.84	)%


Ratios to Average Net Assets
Total expenses		0.30	%^(e)		0.30	%		0.30	%		0.30	%		0.44	%		0.50	%

Total expenses after fees waived		0.30	%^(e)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Net investment income		5.16	%^(e)		5.54	%		5.46	%		5.59	%		5.80	%		5.23	%


Supplemental Data
Net assets, end of period (000)	$	3,885,619		$	3,349,716		$	3,126,800		$	3,602,986		$	1,229,318		$	864,643

Portfolio turnover rate^(f)		22	%^(d)		31	%		35	%		35	%		31	%		25	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

^(e)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			63

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Broad USD High Yield Corporate Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19^(a)			Year Ended 10/31/18^(a)			Period From 10/25/17^(b) to 10/31/17^(a)

Net asset value, beginning of period	$	40.61		$	39.80		$	41.67		$	41.67

Net investment income^(c)		1.14			2.52			2.39			0.03
Net realized and unrealized gain (loss)^(d)		(4.09	)		0.74			(2.17	)		(0.03	)

Net increase (decrease) from investment operations		(2.95	)		3.26			0.22			0.00


Distributions^(e)
From net investment income		(1.16	)		(2.45	)		(2.09	)		—

Total distributions		(1.16	)		(2.45	)		(2.09	)		—


Net asset value, end of period	$	36.50		$	40.61		$	39.80		$	41.67


Total Return
Based on net asset value		(7.44	)%^(f)		8.48	%		0.55	%		0.00	%^(f)


Ratios to Average Net Assets
Total expenses		0.22	%^(g)		0.22	%		0.22	%		0.22	%^(g)

Total expenses after fees waived		0.15	%^(g)		0.16	%		0.22	%		0.22	%^(g)

Net investment income		5.91	%^(g)		6.23	%		5.89	%		3.19	%^(g)


Supplemental Data
Net assets, end of period (000)	$	4,759,587		$	2,595,057		$	255,533		$	49,997

Portfolio turnover rate^(h)		9	%^(f)		19	%		15	%		0	%^(f)

^(a)	Per share amounts reflect a six-for-five stock split effective after the close of trading on April 18, 2019.

^(b)	Commencement of operations.

^(c)	Based on average shares outstanding.

^(d)	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.

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


64		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Fallen Angels USD Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Period From 06/14/16^(a) to 10/31/16

Net asset value, beginning of period	$	26.58		$	25.90		$	27.64		$	26.77		$	25.00

Net investment income^(b)		0.74			1.50			1.50			1.62			0.60
Net realized and unrealized gain (loss)^(c)		(2.06	)		0.67			(1.49	)		0.89			1.69

Net increase (decrease) from investment operations		(1.32	)		2.17			0.01			2.51			2.29


Distributions^(d)
From net investment income		(0.72	)		(1.49	)		(1.42	)		(1.56	)		(0.52	)
From net realized gain		—			—			(0.33	)		(0.08	)		—

Total distributions		(0.72	)		(1.49	)		(1.75	)		(1.64	)		(0.52	)


Net asset value, end of period	$	24.54		$	26.58		$	25.90		$	27.64		$	26.77


Total Return
Based on net asset value		(5.04	)%^(e)		8.70	%		0.04	%		9.72	%		9.21	%^(e)


Ratios to Average Net Assets
Total expenses		0.25	%^(f)		0.25	%		0.25	%		0.33	%		0.35	%^(f)

Net investment income		5.80	%^(f)		5.73	%		5.65	%		5.98	%		6.02	%^(f)


Supplemental Data
Net assets, end of period (000)	$	155,842		$	143,525		$	67,337		$	15,204		$	10,708

Portfolio turnover rate^(g)		40	%^(e)		23	%		29	%		31	%		8	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			65

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Period From 06/14/16^(a) to 10/31/16

Net asset value, beginning of period	$	51.81		$	49.54		$	51.90		$	51.28		$	49.48

Net investment income^(b)		1.21			2.88			2.93			3.00			1.09
Net realized and unrealized gain (loss)^(c)		(3.42	)		2.34			(2.37	)		0.54			1.64

Net increase (decrease) from investment operations		(2.21	)		5.22			0.56			3.54			2.73


Distributions^(d)
From net investment income		(1.23	)		(2.95	)		(2.92	)		(2.92	)		(0.93	)

Total distributions		(1.23	)		(2.95	)		(2.92	)		(2.92	)		(0.93	)


Net asset value, end of period	$	48.37		$	51.81		$	49.54		$	51.90		$	51.28


Total Return
Based on net asset value		(4.36	)%^(e)		10.88	%		1.13	%		7.09	%		5.52	%^(e)


Ratios to Average Net Assets
Total expenses		0.50	%^(f)		0.50	%		0.50	%		0.50	%		0.50	%^(f)

Net investment income		4.83	%^(f)		5.70	%		5.80	%		5.80	%		5.61	%^(f)


Supplemental Data
Net assets, end of period (000)	$	43,534		$	23,316		$	9,908		$	10,380		$	10,255

Portfolio turnover rate^(g)		10	%^(e)		24	%		24	%		18	%		7	%^(e)

^(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)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


66		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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


iShares ETF		Diversification Classification
0-5 Year High Yield Corporate Bond		Diversified
Broad USD High Yield Corporate Bond		Non-Diversified
Fallen Angels USD Bond		Diversified
iBoxx $ High Yield ex Oil & Gas Corporate Bond		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis.


iShares ETF
0-5 Year High Yield Corporate Bond		$3,858,291,390
Broad USD High Yield Corporate Bond		3,044,939,520
Fallen Angels USD Bond		163,742,389
iBoxx $ High Yield ex Oil & Gas Corporate Bond		24,377,951

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


NOTES TO FINANCIAL STATEMENTS			67

Notes to Financial Statements (unaudited) (continued)

the measurement date. A fund determines the fair value 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:

•

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

•

Level 1–Unadjusted price quotations in active markets for identical assets or liabilities;

•

4.	SECURITIES AND OTHER INVESTMENTS


68		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

Securities lending transactions are entered into by a fund 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 partyor request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender 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 fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
0-5 Year High Yield Corporate Bond
Barclays Bank PLC	$	7,994,845	$	7,994,845	$	—	$	—
Barclays Capital Inc.		31,065,502		31,065,502		—		—
BNP Paribas Prime Brokerage International Ltd.		12,037,606		12,037,606		—		—
BofA Securities, Inc.		8,585,567		8,585,567		—		—
Citadel Clearing LLC		15,403,533		15,403,533		—		—
Citigroup Global Markets Inc.		7,385,052		7,385,052		—		—
Credit Suisse Securities (USA) LLC		9,678,428		9,678,428		—		—
Deutsche Bank Securities Inc.		722		722		—		—
Goldman Sachs &Co.		69,478,889		69,478,889		—		—
HSBC Securities (USA) Inc.		832,500		832,500		—		—
Jefferies LLC		2,302,319		2,302,319		—		—
JPMorgan Securities LLC		80,386,330		80,386,330		—		—
MUFG Securities Americas Inc.		100,655		100,655		—		—
Nomura Securities International Inc.		448,250		448,250		—		—
RBC Capital Markets LLC		29,498,978		29,498,978		—		—
Scotia Capital (USA) Inc.		5,252,681		5,252,681		—		—
SG Americas Securities LLC		596,474		596,474		—		—
State Street Bank & Trust Company		1,755,000		1,755,000		—		—
TD Prime Services LLC		1,231,430		1,231,430		—		—
UBS AG		1,357,045		1,357,045		—		—
Wells Fargo Securities LLC		14,742,399		14,742,399		—		—

	$	300,134,205	$	300,134,205	$	—	$	—


NOTES TO FINANCIAL STATEMENTS			69

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
Broad USD High Yield Corporate Bond
Barclays Bank PLC	$	28,370,012	$	28,370,012	$	—	$	—
Barclays Capital Inc.		19,445,207		19,445,207		—		—
BMO Capital Markets		3,230,583		3,230,583		—		—
BNP Paribas Securities Corp.		1,288,315		1,288,315		—		—
BofA Securities, Inc.		16,673,417		16,673,417		—		—
Citadel Clearing LLC		19,028,453		19,028,453		—		—
Citigroup Global Markets Inc.		9,770,647		9,770,647		—		—
Credit Suisse Securities (USA) LLC		9,198,343		9,198,343		—		—
Goldman Sachs & Co.		134,782,258		134,782,258		—		—
Jefferies LLC		412,728		412,728		—		—
JPMorgan Securities LLC		137,150,333		137,150,333		—		—
Morgan Stanley & Co. LLC		19,394,055		19,394,055		—		—
Nomura Securities International Inc.		2,183,460		1,649,618		—		(533,842	)^(b)
RBC Capital Markets LLC		66,960,638		66,960,638		—		—
Scotia Capital (USA) Inc.		3,477,511		3,477,511		—		—
State Street Bank & Trust Company		1,417,100		1,417,100		—		—
TD Prime Services LLC		907,568		907,568		—		—
Wells Fargo Bank, National Association		596,117		596,117		—		—
Wells Fargo Securities LLC		39,913,249		39,913,249		—		—

	$	514,199,994	$	513,666,152	$	—	$	(533,842	)

Fallen Angels USD Bond
Barclays Bank PLC	$	1,429,579	$	1,429,579	$	—	$	—
BMO Capital Markets		368,653		368,653		—		—
BNP Paribas Securities Corp.		156,613		156,613		—		—
Citigroup Global Markets Inc.		98,405		97,661		—		(744	)^(b)
Credit Suisse Securities (USA) LLC		1,654,244		1,654,244		—		—
Goldman Sachs & Co.		2,563,988		2,545,738		—		(18,250	)^(b)
JPMorgan Securities LLC		9,114,122		9,114,122		—		—
Morgan Stanley & Co. LLC		1,663,222		1,663,222		—		—
TD Prime Services LLC		108,750		108,750		—		—
Wells Fargo Securities LLC		894,751		894,751		—		—

	$	18,052,327	$	18,033,333	$	—	$	(18,994	)

iBoxx $ High Yield ex Oil & Gas Corporate Bond
Barclays Bank PLC	$	465,138	$	465,138	$	—	$	—
Barclays Capital Inc.		87,616		87,616		—		—
Citadel Clearing LLC		109,498		109,498		—		—
Citigroup Global Markets Inc.		183,412		183,412		—		—
Jefferies LLC		800		800		—		—
JPMorgan Securities LLC		959,140		959,140		—		—
Morgan Stanley & Co. LLC		49,916		49,916		—		—
RBC Capital Markets LLC		573,061		573,061		—		—
Scotia Capital (USA) Inc.		16,840		16,840		—		—

	$	2,445,421	$	2,445,421	$	—	$	—

^(a)

^(b)


70		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES


iShares ETF	Investment Advisory Fee
0-5 Year High Yield Corporate Bond		0.30	%
Broad USD High Yield Corporate Bond		0.22
Fallen Angels USD Bond		0.25
iBoxx $ High Yield ex Oil & Gas Corporate Bond		0.50

Expense Waivers: Effective February 28, 2020 for the iShares Broad USD High Yield Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through February 28, 2021 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.15% of average daily net assets. Prior to February 28, 2020, this waiver was voluntary. For the six months ended April 30, 2020, BFA has waived its investment advisory fees for the iShares Broad USD High Yield Corporate Bond ETF in the amount of $1,196,015.


iShares ETF	Fees Paid to BTC
0-5 Year High Yield Corporate Bond	$	609,014
Broad USD High Yield Corporate Bond		524,972
Fallen Angels USD Bond		33,288
iBoxx $ High Yield ex Oil & Gas Corporate Bond		1,940

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

For the six months ended April 30, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
0-5 Year High Yield Corporate Bond	$	9,844,209	$	2,910,812	$	43,094
Broad USD High Yield Corporate Bond		213,337,618		—		—


NOTES TO FINANCIAL STATEMENTS			71

Notes to Financial Statements (unaudited) (continued)

6.	PURCHASES AND SALES

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


iShares ETF	Purchases		Sales
0-5 Year High Yield Corporate Bond	$	943,977,568	$	802,202,191
Broad USD High Yield Corporate Bond		533,782,927		321,384,158
Fallen Angels USD Bond		65,102,622		63,917,754
iBoxx $ High Yield ex Oil & Gas Corporate Bond		5,275,877		3,278,783

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
0-5 Year High Yield Corporate Bond	$	1,689,733,083	$	667,522,930
Broad USD High Yield Corporate Bond		2,974,387,150		605,622,831
Fallen Angels USD Bond		45,927,183		21,618,844
iBoxx $ High Yield ex Oil & Gas Corporate Bond		28,989,592		10,073,941

7.	INCOME TAX INFORMATION

As of October 31, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
0-5 Year High Yield Corporate Bond	$	112,894,235
Broad USD High Yield Corporate Bond		2,606,493
Fallen Angels USD Bond		713,970
iBoxx $ High Yield ex Oil & Gas Corporate Bond		1,792


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
0-5 Year High Yield Corporate Bond	$	4,500,180,286	$	11,197,365	$	(323,823,028	)	$	(312,625,663	)
Broad USD High Yield Corporate Bond		5,628,303,013		30,117,590		(438,839,157	)		(408,721,567	)
Fallen Angels USD Bond		177,036,260		8,412,746		(13,612,052	)		(5,199,306	)
iBoxx $ High Yield ex Oil & Gas Corporate Bond		48,225,644		322,991		(2,068,676	)		(1,745,685	)

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 affceted 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. Each Fund’s prospectus provides details of the risks to which the Fund is subject.


72		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

An outbreak of respiratory disease caused by a novel corona virus 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. The impact of the pandemic may be short term or may last for an extended period of time.

9.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:


	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
0-5 Year High Yield Corporate Bond
Shares sold		38,000,000		$	1,732,619,757			27,400,000		$	1,267,921,934
Shares redeemed		(17,000,000	)		(709,642,352	)		(22,600,000	)		(1,022,239,769	)

Net increase		21,000,000		$	1,022,977,405			4,800,000		$	245,682,165


NOTES TO FINANCIAL STATEMENTS			73

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
Broad USD High Yield Corporate Bond
Shares sold		82,550,000		$	3,218,016,427			60,780,000	^(a)	$	2,447,307,537
Shares redeemed		(16,050,000	)		(620,158,975	)		(3,300,000	)^(a)		(133,404,122	)

Net increase		66,500,000		$	2,597,857,452			57,480,000		$	2,313,903,415


Fallen Angels USD Bond
Shares sold		1,850,000		$	50,148,708			3,200,000		$	84,157,628
Shares redeemed		(900,000	)		(21,913,223	)		(400,000	)		(10,004,379	)

Net increase		950,000		$	28,235,485			2,800,000		$	74,153,249


iBoxx $ High Yield ex Oil & Gas Corporate Bond
Shares sold		650,000		$	32,585,970			250,000		$	12,849,521
Shares redeemed		(200,000	)		(10,450,959	)		—			—

Net increase		450,000		$	22,135,011			250,000		$	12,849,521

^(a)

Share transactions reflect a six-for-five stock split effective after the close of trading on April 18, 2019.

The Board authorized a six-for-five stock split for the iShares Broad USD High Yield Corporate Bond ETF, effective after the close of trading on April 18, 2019. The impact of the stock split was to increase the number of shares outstanding, while decreasing the NAV per share, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

10.

LEGAL PROCEEDINGS

11.

SUBSEQUENT EVENTS


74		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares 0-5 Year High Yield Corporate Bond ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares Fallen Angels USD Bond ETF and iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minim us amounts of cash. Funds may borrow for temporary or emergency purposes, including to meet payments due from redemptions or to facilitate the settlement of securities or other transactions.


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			75

Supplemental Information (unaudited)

Section 19(a) Notices


	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
0-5 Year High Yield Corporate Bond	$	1.201458	$	—	$	—	$	1.201458		100	%		—	%		—	%		100	%
Broad USD High Yield Corporate Bond^(a)		1.140918		—		0.018793		1.159711		98			—			2			100
Fallen Angels USD Bond^(a)		0.707064		—		0.008087		0.715151		99			—			1			100
iBoxx $ High Yield ex Oil & Gas Corporate Bond^(a)		1.198048		—		0.030685		1.228733		98			—			2			100

^(a)


76		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can signup for email 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

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			77

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

PIK		Payment-in-kind


78		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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, ICE Data Indices, LLC, or Markit Indices Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-1020-0420


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Edge U.S. Fixed Income Balanced Risk ETF | FIBR | Cboe BZX

Table of Contents


	Page
Fund Summary		3
About Fund Performance		4
Shareholder Expenses		4
Schedule of Investments		5
Financial Statements
Statement of Assets and Liabilities		19
Statement of Operations		20
Statements of Changes in Net Assets		21
Financial Highlights		22
Notes to Financial Statements		23
Statement Regarding Liquidity Risk Management Program		29
Supplemental Information		30
General Information		31
Glossary of Terms Used in this Report		32


Fund Summary as of April 30, 2020		iShares^® Edge U.S. Fixed Income Balanced Risk ETF

Investment Objective

The iShares Edge U.S. Fixed Income Balanced Risk ETF (the “Fund”) seeks to track the investment results of an index composed of taxable U.S. dollar-denominated bonds and U.S. Treasury futures, which targets an equal allocation between interest rate and credit spread risk, as represented by the Bloomberg Barclays U.S. Fixed Income Balanced Risk Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.10	%		3.85	%		3.16	%		3.16	%		3.85	%		16.83	%		17.50	%
Fund Market		0.14			4.01			3.20			3.20			4.01			17.05			17.75
Index		0.19			4.14			3.28			3.33			4.14			17.51			18.48

The inception date of the Fund was 2/24/15. The first day of secondary market trading was 2/26/15.

Index performance through February 4, 2018 reflects the performance of the Bloomberg Barclays U.S. Aggregate Bond Index. Index performance beginning on February 5, 2018 reflects the performance of the Bloomberg Barclays U.S. Fixed Income Balanced Risk Index.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period^(a)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
$	1,000.00	$	1,001.00	$	1.24	$	1,000.00	$	1,023.60	$	1.26		0.25	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating*	Percent of Total Investments^(a)
Aaa		1.4	%
Aa		2.1
A		66.6
Baa		16.3
Ba		7.6
B		4.1
Caa		1.1
Not Rated		0.8

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments^(a)
0-1 Year		2.7	%
1-5 Years		26.1
5-10 Years		19.8
10-15 Years		2.7
15-20 Years		4.9
More than 20 Years		43.8

^(a)

Excludes money market funds.


FUND SUMMARY			3

About Fund Performance

Shareholder Expenses


4		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising —0.2%
Interpublic Group of Companies Inc. (The), 3.75%, 10/01/21	$	25	$	25,599
Omnicom Group Inc./Omnicom Capital Inc., 3.63%, 05/01/22		200		209,802
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27 (Call 08/15/22)^(a)		25		23,895

				259,296

Aerospace & Defense — 0.8%
Boeing Co. (The)
4.51%, 05/01/23 (Call 04/01/23)		125		125,000
4.88%, 05/01/25 (Call 04/01/25)		70		70,000
5.04%, 05/01/27 (Call 03/01/27)		30		30,000
5.15%, 05/01/30 (Call 02/01/30)		20		20,000
Bombardier Inc.
6.13%, 01/15/23^(a)		50		35,692
7.88%, 04/15/27 (Call 04/15/22)^(a)		75		49,404
8.75%, 12/01/21^(a)(b)		50		41,647
General Dynamics Corp., 3.25%, 04/01/25 (Call 03/01/25)		55		59,991
Howmet Aerospace Inc.
5.13%, 10/01/24 (Call 07/01/24)		100		96,225
5.90%, 02/01/27		100		96,062
6.88%, 05/01/25 (Call 04/01/25)		55		56,125
Raytheon Technologies Corp., 3.95%, 08/16/25 (Call 06/16/25)		165		185,455
Signature Aviation U.S. Holdings Inc., 5.38%, 05/01/26 (Call 05/01/21)^(a)		25		23,073
TransDigm Inc.
5.50%, 11/15/27 (Call 11/15/22)^(a)		175		147,670
6.25%, 03/15/26 (Call 03/15/22)^(a)		100		98,281
6.38%, 06/15/26 (Call 06/15/21)		50		43,062
6.50%, 05/15/25 (Call 05/29/20)		50		45,701
7.50%, 03/15/27 (Call 03/15/22)		50		45,551

				1,268,939

Agriculture — 1.8%
Altria Group Inc.
2.85%, 08/09/22		400		411,272
3.80%, 02/14/24 (Call 01/14/24)		108		115,747
BAT Capital Corp.
3.22%, 08/15/24 (Call 06/15/24)		70		72,614
3.56%, 08/15/27 (Call 05/15/27)		380		390,366
4.76%, 09/06/49 (Call 03/06/49)		30		32,630
Philip Morris International Inc.
2.13%, 05/10/23 (Call 03/10/23)		70		71,785
2.38%, 08/17/22 (Call 07/17/22)		270		277,744
2.50%, 08/22/22		170		175,610
2.75%, 02/25/26 (Call 11/25/25)		130		137,836
2.88%, 05/01/24 (Call 04/01/24)		706		742,994
Reynolds American Inc., 4.00%, 06/12/22		244		253,836
Vector Group Ltd.
6.13%, 02/01/25 (Call 05/29/20)^(a)		170		164,902
10.50%, 11/01/26 (Call 11/01/21)^(a)		110		103,025

				2,950,361

Airlines — 0.4%
Delta Air Lines Inc.
2.60%, 12/04/20		245		235,403
3.40%, 04/19/21		332		318,202
United Airlines Holdings Inc., 5.00%, 02/01/24		50		38,279

				591,884


Security	Par (000)		Value

Apparel — 0.4%
NIKE Inc., 3.25%, 03/27/40 (Call 09/27/39)	$	20	$	21,720
VF Corp.
2.05%, 04/23/22		400		404,200
2.95%, 04/23/30 (Call 01/23/30)		170		175,573

				601,493

Auto Manufacturers — 2.0%
Allison Transmission Inc.
5.00%, 10/01/24 (Call 05/11/20)^(a)		100		96,000
5.88%, 06/01/29 (Call 06/01/24)^(a)		95		92,091
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)		120		95,950
9.00%, 04/22/25 (Call 03/22/25)		20		19,471
9.63%, 04/22/30 (Call 01/22/30)		5		4,986
Ford Motor Credit Co. LLC, 3.66%, 09/08/24		459		397,664
General Motors Financial Co. Inc.
2.45%, 11/06/20		200		197,876
3.15%, 06/30/22 (Call 05/30/22)		300		285,849
3.20%, 07/06/21 (Call 06/06/21)		55		53,814
3.25%, 01/05/23 (Call 12/05/22)		350		332,118
3.45%, 04/10/22 (Call 02/10/22)		120		115,632
3.55%, 07/08/22		200		192,952
4.15%, 06/19/23 (Call 05/19/23)		80		77,602
4.20%, 03/01/21 (Call 02/01/21)		200		198,424
4.20%, 11/06/21		240		236,760
PACCAR Financial Corp., 1.90%, 02/07/23		205		206,513
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)^(a)		200		195,982
Toyota Motor Corp., 2.76%, 07/02/29		40		42,177
Toyota Motor Credit Corp., 2.65%, 04/12/22		300		308,055

				3,149,916

Auto Parts & Equipment — 0.1%
Adient U.S. LLC, 7.00%, 05/15/26 (Call 05/15/22)^(a)		50		49,744
Panther BF Aggregator 2 LP/Panther Finance Co. Inc.
6.25%, 05/15/26 (Call 05/15/22)^(a)		65		65,366
8.50%, 05/15/27 (Call 05/15/22)^(a)(b)		35		29,649

				144,759

Banks — 18.3%
Bank of America Corp.
2.33%, 10/01/21 (Call 10/01/20)^(c)		280		280,344
2.82%, 07/21/23 (Call 07/21/22)^(c)		450		461,889
2.88%, 04/24/23 (Call 04/24/22)^(c)		200		204,882
3.00%, 12/20/23 (Call 12/20/22)^(c)		1,126		1,164,509
3.12%, 01/20/23 (Call 01/20/22)^(c)		120		123,053
3.30%, 01/11/23		930		974,119
3.56%, 04/23/27 (Call 04/23/26)^(c)		250		269,630
3.97%, 02/07/30 (Call 02/07/29)^(c)		100		112,177
4.25%, 10/22/26		120		131,560
Bank of Montreal
2.05%, 11/01/22		220		223,797
2.90%, 03/26/22		275		283,118
Bank of New York Mellon Corp. (The), 1.85%, 01/27/23 (Call 01/02/23)		270		274,927
Bank of Nova Scotia (The), 1.63%, 05/01/23		295		295,127
Barclays Bank PLC, 2.65%, 01/11/21 (Call 12/11/20)		200		201,296
Barclays PLC, 4.84%, 05/09/28 (Call 05/07/27)		200		211,452
Canadian Imperial Bank of Commerce
2.25%, 01/28/25		170		171,698
2.70%, 02/02/21		143		144,617
Capital One N.A., 2.65%, 08/08/22 (Call 07/08/22)		250		252,680
CIT Group Inc., 5.00%, 08/15/22		100		100,098


SCHEDULE OF INVESTMENTS			5

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Citigroup Inc.
2.75%, 04/25/22 (Call 03/25/22)	$	100	$	102,367
2.88%, 07/24/23 (Call 07/24/22)^(c)		10		10,247
2.90%, 12/08/21 (Call 11/08/21)		900		916,632
3.14%, 01/24/23 (Call 01/24/22)^(c)		200		204,994
3.35%, 04/24/25 (Call 04/24/24)^(c)		365		383,575
3.98%, 03/20/30 (Call 03/20/29)^(c)		260		286,255
4.50%, 01/14/22		372		389,979
4.60%, 03/09/26		100		110,217
Cooperatieve Rabobank UA/NY, 2.75%, 01/10/22		500		513,250
Deutsche Bank AG, 4.30%, 05/24/28 (Call 05/24/23)^(c)		200		178,504
Fifth Third Bank/Cincinnati OH, 1.80%, 01/30/23 (Call 12/30/22)		250		251,923
First Republic Bank/CA, 1.91%, 02/12/24 (Call 02/12/23)^(c)		250		249,833
Goldman Sachs Group Inc. (The)
2.60%, 02/07/30 (Call 11/07/29)		330		327,964
3.20%, 02/23/23 (Call 01/23/23)		500		518,860
3.27%, 09/29/25 (Call 09/29/24)^(c)		300		313,323
3.50%, 01/23/25 (Call 10/23/24)		400		423,080
3.63%, 02/20/24 (Call 01/20/24)		100		106,219
3.75%, 02/25/26 (Call 11/25/25)		354		382,072
3.85%, 01/26/27 (Call 01/26/26)		450		486,666
5.25%, 07/27/21		300		313,182
HSBC Holdings PLC
2.65%, 01/05/22		600		609,096
3.26%, 03/13/23 (Call 03/13/22)^(c)		250		256,740
3.80%, 03/11/25 (Call 03/11/24)^(c)		400		425,972
3.90%, 05/25/26		310		337,897
3.95%, 05/18/24 (Call 05/18/23)^(c)		200		212,272
4.25%, 03/14/24		400		424,180
4.29%, 09/12/26 (Call 09/12/25)^(c)		200		219,692
Huntington National Bank (The), 1.80%, 02/03/23 (Call 01/03/23)		250		251,485
JPMorgan Chase & Co.
2.55%, 03/01/21 (Call 02/01/21)		800		809,072
2.78%, 04/25/23 (Call 04/25/22)^(c)		203		207,833
2.95%, 10/01/26 (Call 07/01/26)		400		419,584
2.97%, 01/15/23 (Call 01/15/22)		250		256,885
3.13%, 01/23/25 (Call 10/23/24)		500		529,295
3.22%, 03/01/25 (Call 03/01/24)^(c)		512		539,366
3.56%, 04/23/24 (Call 04/23/23)^(c)		120		126,869
3.78%, 02/01/28 (Call 02/01/27)^(c)		100		109,274
3.88%, 09/10/24		200		215,236
4.02%, 12/05/24 (Call 12/05/23)^(c)		300		324,543
4.20%, 07/23/29 (Call 07/23/28)^(c)		60		67,829
KeyCorp, 2.25%, 04/06/27		50		48,605
Lloyds Bank PLC, 2.25%, 08/14/22		200		203,418
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		200		201,444
2.19%, 02/25/25		520		524,722
2.56%, 02/25/30		360		366,210
3.00%, 02/22/22		50		51,186
3.54%, 07/26/21		45		46,126
3.76%, 07/26/23		400		423,344
Mizuho Financial Group Inc.
2.84%, 07/16/25 (Call 07/16/24)^(c)		400		410,356
2.95%, 02/28/22		212		215,869
Morgan Stanley
2.19%, 04/28/26 (Call 04/28/25)^(c)		110		111,294
2.63%, 11/17/21		100		101,628


Security	Par (000)		Value

Banks (continued)
2.70%, 01/22/31 (Call 01/22/30)^(c)	$	10	$	10,224
2.75%, 05/19/22		300		307,299
3.13%, 07/27/26		235		249,462
3.74%, 04/24/24 (Call 04/24/23)^(c)		675		714,548
3.88%, 01/27/26		400		440,244
MUFG Union Bank N.A., 3.15%, 04/01/22 (Call 03/01/22)		250		257,388
National Australia Bank Ltd./New York, 2.88%, 04/12/23		250		261,748
Royal Bank of Canada
2.25%, 11/01/24		160		163,650
2.80%, 04/29/22		300		308,781
Royal Bank of Scotland Group PLC, 3.88%, 09/12/23		400		419,300
Santander UK PLC
2.10%, 01/13/23		200		200,726
3.75%, 11/15/21		200		205,522
Sumitomo Mitsui Financial Group Inc.
2.35%, 01/15/25		280		284,390
2.44%, 10/19/21		400		405,400
Svenska Handelsbanken AB, 1.88%, 09/07/21		250		252,410
Toronto-Dominion Bank (The)
1.90%, 12/01/22		205		208,376
2.65%, 06/12/24		200		208,044
Truist Bank, 2.80%, 05/17/22 (Call 04/17/22)		200		206,322
Truist Financial Corp., 3.05%, 06/20/22 (Call 05/20/22)		200		206,610
Wells Fargo & Co.
2.19%, 04/30/26 (Call 04/30/25)^(c)		60		60,389
2.50%, 03/04/21		400		404,380
2.63%, 07/22/22		500		511,910
3.00%, 01/22/21		100		101,313
3.75%, 01/24/24 (Call 12/24/23)		200		213,390
4.48%, 01/16/24		62		66,987
Wells Fargo Bank N.A.
2.60%, 01/15/21		300		303,150
2.90%, 05/27/22 (Call 05/27/21)^(c)		550		557,837
Westpac Banking Corp., 3.30%, 02/26/24		300		319,575

				29,246,812

Beverages — 1.3%
Anheuser-Busch InBev Worldwide Inc., 4.75%, 01/23/29 (Call 10/23/28)		50		57,780
Coca-Cola Co. (The)
1.65%, 06/01/30 (Call 03/01/30)		210		209,320
2.95%, 03/25/25		90		97,796
Constellation Brands Inc., 2.88%, 05/01/30 (Call 02/01/30)		65		66,252
Diageo Capital PLC
2.00%, 04/29/30 (Call 01/29/30)		425		423,976
2.13%, 10/24/24 (Call 09/24/24)		350		362,183
2.38%, 10/24/29 (Call 07/24/29)		275		284,350
Keurig Dr Pepper Inc., 4.06%, 05/25/23 (Call 04/25/23)		260		278,728
PepsiCo Inc., 2.25%, 03/19/25 (Call 02/19/25)		245		259,298

				2,039,683

Biotechnology —0.3%
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		375		374,809
2.90%, 09/15/20		33		33,279

				408,088

Building Materials — 0.3%
Builders FirstSource Inc.
5.00%, 03/01/30 (Call 03/01/25)^(a)		20		17,269
6.75%, 06/01/27 (Call 06/01/22)^(a)		90		92,833


6		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Building Materials (continued)
Carrier Global Corp.
1.92%, 02/15/23 (Call 01/15/23)^(a)	$	25	$	25,125
2.24%, 02/15/25 (Call 01/15/25)^(a)		35		34,671
2.49%, 02/15/27 (Call 12/15/26)^(a)		60		57,471
2.72%, 02/15/30 (Call 11/15/29)^(a)		90		84,901
Louisiana-Pacific Corp., 4.88%, 09/15/24 (Call 05/29/20)		50		48,946
Masco Corp., 3.50%, 04/01/21 (Call 03/01/21)		40		40,328
Norbord Inc., 5.75%, 07/15/27 (Call 07/15/22)^(a)(b)		55		50,296
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 05/14/20)		15		15,020

				466,860

Chemicals — 1.4%
Air Products and Chemicals Inc., 2.05%, 05/15/30 (Call 02/15/30)		65		66,086
Celanese U.S. Holdings LLC, 3.50%, 05/08/24 (Call 04/08/24)		95		95,344
CF Industries Inc., 4.95%, 06/01/43^(b)		100		102,122
Chemours Co. (The), 5.38%, 05/15/27 (Call 02/15/27)		25		21,187
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23 (Call 05/14/20)^(a)(b)		100		88,605
DuPont de Nemours Inc.
2.17%, 05/01/23		60		60,397
3.77%, 11/15/20		95		95,890
FMC Corp., 3.20%, 10/01/26 (Call 08/01/26)		142		147,405
International Flavors & Fragrances Inc.
3.40%, 09/25/20		150		150,217
4.45%, 09/26/28 (Call 06/26/28)		220		234,212
Olin Corp., 5.13%, 09/15/27 (Call 03/15/22)		50		45,971
RPM International Inc., 3.45%, 11/15/22 (Call 08/15/22)		304		313,612
Sherwin-Williams Co. (The)
2.75%, 06/01/22 (Call 05/01/22)		2		2,018
2.95%, 08/15/29 (Call 05/15/29)		175		182,653
3.13%, 06/01/24 (Call 04/01/24)		100		105,119
3.45%, 06/01/27 (Call 03/01/27)		490		527,877
Valvoline Inc., 4.38%, 08/15/25 (Call 08/15/20)		40		40,392

				2,279,107

Commercial Services — 2.5%
Equifax Inc.
2.60%, 12/15/25 (Call 11/15/25)		25		25,393
3.10%, 05/15/30 (Call 02/15/30)		50		50,423
Global Payments Inc.
2.65%, 02/15/25 (Call 01/15/25)		80		82,264
3.80%, 04/01/21 (Call 03/01/21)		325		329,371
4.00%, 06/01/23 (Call 05/01/23)		80		85,072
4.80%, 04/01/26 (Call 01/01/26)		300		340,737
Hertz Corp. (The)
5.50%, 10/15/24 (Call 05/11/20)^(a)		75		15,642
7.63%, 06/01/22 (Call 05/29/20)^(a)		14		5,326
IHS Markit Ltd.
3.63%, 05/01/24 (Call 04/01/24)		302		310,417
4.00%, 03/01/26 (Call 12/01/25)^(a)		150		159,344
4.13%, 08/01/23 (Call 07/01/23)		56		59,954
4.75%, 02/15/25 (Call 11/15/24)^(a)		25		27,067
4.75%, 08/01/28 (Call 05/01/28)		45		51,695
Moody’s Corp., 2.75%, 12/15/21 (Call 11/15/21)		31		31,632
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 05/29/20)^(a)(b)		50		44,584
PayPal Holdings Inc.
2.20%, 09/26/22		145		147,722


Security	Par (000)		Value

Commercial Services (continued)
2.40%, 10/01/24 (Call 09/01/24)	$	520	$	540,483
2.65%, 10/01/26 (Call 08/01/26)		140		146,651
Prime Security Services Borrower LLC/Prime Finance Inc.
5.75%, 04/15/26^(a)		100		98,663
6.25%, 01/15/28 (Call 01/15/23)^(a)		55		49,283
Refinitiv U.S. Holdings Inc.
6.25%, 05/15/26 (Call 11/15/21)^(a)		15		16,002
8.25%, 11/15/26 (Call 11/15/21)^(a)		95		105,415
S&P Global Inc.
2.50%, 12/01/29 (Call 09/01/29)		162		172,668
2.95%, 01/22/27 (Call 10/22/26)		95		102,460
4.40%, 02/15/26 (Call 11/15/25)		300		346,314
Service Corp. International/U.S.
5.13%, 06/01/29 (Call 06/01/24)		40		41,870
5.38%, 05/15/24 (Call 05/29/20)		35		35,691
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 05/11/20)^(a)(b		100		101,340
United Rentals North America Inc.
4.63%, 10/15/25 (Call 10/15/20)		80		78,549
4.88%, 01/15/28 (Call 01/15/23)		100		100,310
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)		308		336,860
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)^(a)		15		15,624

				4,054,826

Computers — 1.0%
Apple Inc.
1.80%, 09/11/24 (Call 08/11/24)		80		82,943
3.00%, 02/09/24 (Call 12/09/23)		60		64,412
Dell International LLC/EMC Corp.
4.00%, 07/15/24 (Call 06/15/24)^(a)		200		203,058
4.42%, 06/15/21 (Call 05/15/21)^(a)		188		191,072
6.02%, 06/15/26 (Call 03/15/26)^(a)		185		200,553
Hewlett Packard Enterprise Co., 3.60%, 10/15/20 (Call 09/15/20)		120		120,756
International Business Machines Corp.
2.85%, 05/13/22		350		363,912
3.00%, 05/15/24		200		214,132
3.50%, 05/15/29		100		112,916
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)^(b)		50		51,068

				1,604,822

Cosmetics & Personal Care — 0.4%
Procter & Gamble Co. (The)
2.45%, 03/25/25		35		37,499
2.80%, 03/25/27		250		275,118
Unilever Capital Corp., 2.20%, 05/05/22 (Call 04/05/22)		240		246,432

				559,049

Distribution & Wholesale — 0.1%
KAR Auction Services Inc., 5.13%, 06/01/25 (Call 06/01/20)^(a)		84		71,966
Performance Food Group Inc., 5.50%, 10/15/27 (Call 10/15/22)^(a)(b)		40		37,978
Wolverine Escrow LLC, 8.50%, 11/15/24 (Call 11/15/21)^(a)		50		35,188

				145,132

Diversified Financial Services — 4.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.95%, 02/01/22 (Call 01/01/22)		631		591,140
5.00%, 10/01/21		150		143,998
Ally Financial Inc., 8.00%, 11/01/31		100		122,346
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)		150		153,325


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified Financial Services (continued)
2.75%, 05/20/22 (Call 04/20/22)	$	300	$	307,317
3.70%, 11/05/21 (Call 10/05/21)		300		308,769
Capital One Bank USA N.A., 2.01%, 01/27/23 (Call 01/27/22)^(c)		650		644,319
Capital One Financial Corp.
2.40%, 10/30/20 (Call 09/30/20)		230		230,524
3.45%, 04/30/21 (Call 03/30/21)		171		173,536
Credit Acceptance Corp., 6.63%, 03/15/26 (Call 03/15/22)		75		67,499
Curo Group Holdings Corp., 8.25%, 09/01/25 (Call 09/01/21)^(a)		100		80,638
Global Aircraft Leasing Co Ltd. (7.25% PIK), 6.50%, 09/15/24 (Call 09/15/21)^(a)(d)		50		30,187
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/21)^(a)(b)		115		102,817
Intercontinental Exchange Inc.
3.75%, 12/01/25 (Call 09/01/25)		343		381,629
3.75%, 09/21/28 (Call 06/21/28)		88		101,396
4.00%, 10/15/23		150		165,447
LPL Holdings Inc., 4.63%, 11/15/27 (Call 11/15/22)^(a)		50		47,491
Mastercard Inc., 2.95%, 11/21/26 (Call 08/21/26)		785		862,197
Nasdaq Inc., 4.25%, 06/01/24 (Call 03/01/24)		100		108,255
Nationstar Mortgage Holdings Inc., 9.13%, 07/15/26 (Call 07/15/21)^(a)		200		191,756
Navient Corp.
5.00%, 03/15/27 (Call 09/15/26)		75		63,302
6.13%, 03/25/24		50		46,256
6.75%, 06/15/26		100		90,900
Nomura Holdings Inc., 2.65%, 01/16/25		520		525,096
ORIX Corp., 2.90%, 07/18/22		55		55,814
Springleaf Finance Corp.
6.13%, 03/15/24 (Call 09/15/23)		30		28,105
6.63%, 01/15/28 (Call 07/15/27)		10		8,825
6.88%, 03/15/25		155		146,545
7.13%, 03/15/26		180		167,872
TD Ameritrade Holding Corp., 2.95%, 04/01/22 (Call 02/01/22)		355		364,397
Visa Inc., 1.90%, 04/15/27 (Call 02/15/27)		70		72,403
Voyager Aviation Holdings LLC/Voyager Finance Co., 8.50%, 08/15/21 (Call 05/29/20)^(a)		45		37,125

				6,421,226

Electric — 3.7%
AES Corp. (The)
5.50%, 04/15/25 (Call 05/29/20)		47		48,177
6.00%, 05/15/26 (Call 05/15/21)^(b)		127		133,424
Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25)		200		211,422
Baltimore Gas & Electric Co., 2.80%, 08/15/22 (Call 05/15/22)		100		104,278
Berkshire Hathaway Energy Co., 3.75%, 11/15/23 (Call 08/15/23)		150		163,033
Black Hills Corp., 3.95%, 01/15/26 (Call 07/15/25)		50		53,095
Calpine Corp.
4.50%, 02/15/28 (Call 02/15/23)^(a)		50		48,537
5.13%, 03/15/28 (Call 03/15/23)^(a)		135		131,618
5.25%, 06/01/26 (Call 06/01/21)^(a)		160		163,365
5.75%, 01/15/25 (Call 05/29/20)		50		50,106
CenterPoint Energy Inc., 2.50%, 09/01/22 (Call 08/01/22)		248		253,466
Commonwealth Edison Co., 2.20%, 03/01/30 (Call 12/01/29) .		50		52,058
Consolidated Edison Inc., 2.00%, 05/15/21 (Call 04/15/21)		200		201,242
Dominion Energy Inc.
2.58%, 07/01/20		55		54,993
Series D, 2.85%, 08/15/26 (Call 05/15/26)		150		156,678


Security	Par (000)		Value

Electric (continued)
DPL Inc., 4.35%, 04/15/29 (Call 01/15/29)^(b)	$	100	$	97,581
Duke Energy Carolinas LLC
2.45%, 02/01/30 (Call 11/01/29)		60		64,034
2.95%, 12/01/26 (Call 09/01/26)		200		218,730
Duke Energy Corp., 3.55%, 09/15/21 (Call 06/15/21)		150		153,710
Entergy Louisiana LLC, 5.40%, 11/01/24		231		265,816
Eversource Energy, Series N, 3.80%, 12/01/23 (Call 11/01/23)		250		268,555
Exelon Corp., 3.40%, 04/15/26 (Call 01/15/26)		100		108,776
Interstate Power & Light Co., 3.60%, 04/01/29 (Call 01/01/29).		35		38,565
MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29)		140		162,975
National Rural Utilities Cooperative Finance Corp.
1.75%, 01/21/22		380		384,689
3.70%, 03/15/29 (Call 12/15/28)		200		224,840
NextEra Energy Capital Holdings Inc.
2.75%, 11/01/29 (Call 08/01/29)		55		59,359
3.55%, 05/01/27 (Call 02/01/27)		224		247,849
NextEra Energy Operating Partners LP
4.25%, 07/15/24 (Call 04/15/24)^(a)(b)		25		25,241
4.25%, 09/15/24 (Call 07/15/24)^(a)(b)		85		86,578
NRG Energy Inc., 6.63%, 01/15/27 (Call 07/15/21)^(b)		200		213,502
PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)		50		52,538
PSEG Power LLC
3.00%, 06/15/21 (Call 05/15/21)		150		152,100
4.15%, 09/15/21 (Call 06/15/21)		300		306,816
Public Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)		100		104,381
San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)		50		52,033
Sempra Energy, 2.90%, 02/01/23 (Call 01/01/23)		195		201,359
Southern California Edison Co., 2.85%, 08/01/29 (Call 05/01/29)		100		103,218
Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)		150		164,310
Talen Energy Supply LLC
7.25%, 05/15/27 (Call 05/15/22)^(a)		15		14,844
10.50%, 01/15/26 (Call 01/15/22)^(a)		100		82,393
Union Electric Co., 2.95%, 06/15/27 (Call 03/15/27)		100		107,470
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 12/15/22)		126		131,499
Vistra Operations Co. LLC, 5.00%, 07/31/27 (Call 07/31/22)^(a)		20		20,420

				5,939,673

Electrical Components & Equipment — 0.0%
Energizer Holdings Inc., 6.38%, 07/15/26 (Call 07/15/21)^(a)		5		5,204


Electronics — 0.8%
Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)		250		251,377
Amphenol Corp., 2.05%, 03/01/25 (Call 02/01/25)		40		39,911
Honeywell International Inc., 2.30%, 08/15/24 (Call 07/15/24)		90		94,567
Jabil Inc., 3.60%, 01/15/30 (Call 10/15/29)		130		121,646
Keysight Technologies Inc.
3.00%, 10/30/29 (Call 07/30/29)		90		91,256
4.60%, 04/06/27 (Call 01/06/27)		65		72,783
Roper Technologies Inc.
2.35%, 09/15/24 (Call 08/15/24)		75		75,940
3.85%, 12/15/25 (Call 09/15/25)		35		36,878
Sensata Technologies BV, 4.38%, 02/15/30 (Call 11/15/29)^(a).		170		167,319
Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)		220		235,888


8		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electronics (continued)
Tyco Electronics Group SA, 3.13%, 08/15/27 (Call 05/15/27)	$	40	$	42,177

				1,229,742

Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC, 5.00%, 01/31/28 (Call 07/31/27)^(a)		200		209,618


Engineering & Construction — 0.1%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)		200		203,602
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)^(a)		25		18,811

				222,413

Entertainment — 0.2%
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)^(a)		100		78,636
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)^(a)		15		12,884
Churchill Downs Inc., 4.75%, 01/15/28 (Call 01/15/23)^(a)		100		93,817
Eldorado Resorts Inc., 6.00%, 09/15/26 (Call 09/15/21)		15		15,066
Scientific Games International Inc.
5.00%, 10/15/25 (Call 10/15/20)^(a)		100		87,275
7.25%, 11/15/29 (Call 11/15/24)^(a)(b)		100		71,516
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)^(a)		25		25,902

				385,096

Environmental Control — 0.3%
GFL Environmental Inc., 5.13%, 12/15/26 (Call 12/15/22)^(a)		45		46,795
Waste Connections Inc., 2.60%, 02/01/30 (Call 11/01/29)		290		295,371
Waste Pro USA Inc., 5.50%, 02/15/26 (Call 02/15/21)^(a)(b)		105		104,680

				446,846

Food — 2.0%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
4.63%, 01/15/27 (Call 01/15/23)^(a)		40		40,364
7.50%, 03/15/26 (Call 03/15/22)^(a)		173		189,272
Campbell Soup Co.
2.38%, 04/24/30 (Call 01/24/30)		540		547,922
4.15%, 03/15/28 (Call 12/15/27)		240		271,138
General Mills Inc., 2.88%, 04/15/30 (Call 01/15/30)		110		117,670
JBS USA LUX SA/JBS USA Finance Inc., 5.88%, 07/15/24 (Call 06/01/20)^(a)		35		35,772
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
5.50%, 01/15/30 (Call 01/15/25)^(a)		100		101,414
6.50%, 04/15/29 (Call 04/15/24)^(a)		10		10,566
JM Smucker Co. (The), 2.38%, 03/15/30 (Call 12/15/29)		50		49,439
Lamb Weston Holdings Inc., 4.88%, 11/01/26 (Call 11/01/21)^(a)		150		150,677
McCormick & Co. Inc./MD
2.70%, 08/15/22 (Call 07/15/22)		235		241,091
3.15%, 08/15/24 (Call 06/15/24)		450		478,503
Mondelez International Inc.
3.63%, 05/07/23 (Call 04/07/23)		250		265,873
3.63%, 02/13/26 (Call 12/13/25)		260		287,292
Pilgrim’s Pride Corp., 5.88%, 09/30/27 (Call 09/30/22)^(a)(b)		100		101,825
Post Holdings Inc.
5.50%, 12/15/29 (Call 12/15/24)^(a)		100		100,788
5.63%, 01/15/28 (Call 12/01/22)^(a)		100		101,712
Simmons Foods Inc., 5.75%, 11/01/24 (Call 11/01/20)^(a)		45		42,193

				3,133,511

Forest Products & Paper — 0.0%
Clearwater Paper Corp., 5.38%, 02/01/25^(a)(b)		50		47,189


Security	Par (000)		Value

Gas — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.63%, 05/20/24 (Call 03/20/24)	$	45	$	45,877
5.75%, 05/20/27 (Call 02/20/27)		75		76,373
National Fuel Gas Co., 3.95%, 09/15/27 (Call 06/15/27)		52		47,126
NiSource Inc., 3.65%, 06/15/23 (Call 05/15/23)		290		308,969

				478,345

Hand & Machine Tools — 0.2%
Colfax Corp., 6.00%, 02/15/24 (Call 02/15/21)^(a)		60		60,939
Stanley Black & Decker Inc., 2.30%, 03/15/30 (Call 12/15/29)		300		298,626

				359,565

Health Care – Products — 0.8%
Abbott Laboratories, 2.55%, 03/15/22^(b)		90		93,125
Avantor Inc., 6.00%, 10/01/24 (Call 10/01/20)^(a)		100		105,541
Baxter International Inc., 2.60%, 08/15/26 (Call 05/15/26)		220		234,124
Boston Scientific Corp., 3.38%, 05/15/22		150		155,671
DH Europe Finance II Sarl
2.05%, 11/15/22		175		177,772
2.60%, 11/15/29 (Call 08/15/29)		90		94,490
Hill-Rom Holdings Inc., 4.38%, 09/15/27 (Call 09/15/22)^(a)		20		20,392
Hologic Inc., 4.38%, 10/15/25 (Call 10/15/20)^(a)		150		151,573
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 (Call 05/29/20)^(a)(b)		12		11,039
Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24)		103		111,613
Teleflex Inc.
4.63%, 11/15/27 (Call 11/15/22)		50		51,910
4.88%, 06/01/26 (Call 06/01/21)		50		50,912
Zimmer Biomet Holdings Inc., 3.55%, 03/20/30 (Call 12/20/29)		80		82,442

				1,340,604

Health Care – Services — 3.1%
Anthem Inc., 2.95%, 12/01/22 (Call 11/01/22)		500		519,640
Catalent Pharma Solutions Inc., 5.00%, 07/15/27 (Call 07/15/22)^(a)(b)		10		10,208
Centene Corp.
4.75%, 01/15/25 (Call 05/29/20)		125		128,966
5.25%, 04/01/25 (Call 05/14/20)^(a)(b)		80		82,910
5.38%, 06/01/26 (Call 06/01/21)^(a)		90		95,369
5.38%, 08/15/26 (Call 08/15/21)^(a)(b)		50		53,230
Charles River Laboratories International Inc., 4.25%, 05/01/28 (Call 05/01/23)^(a)		150		151,242
CHS/Community Health Systems Inc.
6.25%, 03/31/23 (Call 05/29/20)^(b)		250		234,950
8.00%, 03/15/26 (Call 03/15/22)^(a)		150		143,737
DaVita Inc., 5.13%, 07/15/24 (Call 05/14/20)		150		152,181
HCA Inc.
4.13%, 06/15/29 (Call 03/15/29)		90		97,131
5.00%, 03/15/24		530		575,198
5.25%, 04/15/25		222		247,219
5.38%, 02/01/25		50		53,764
5.38%, 09/01/26 (Call 03/01/26)		70		75,879
5.63%, 09/01/28 (Call 03/01/28)		20		22,184
5.88%, 02/15/26 (Call 08/15/25)^(b)		200		223,766
Humana Inc.
2.50%, 12/15/20		65		65,319
4.88%, 04/01/30 (Call 01/01/30)^(b)		110		132,073
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)		270		282,774
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)^(a)		150		144,361
Tenet Healthcare Corp.
4.63%, 07/15/24 (Call 07/15/20)		50		49,418


SCHEDULE OF INVESTMENTS			9

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security9	Par (000)		Value

Health Care — Services (continued)
5.13%, 11/01/27 (Call 11/01/22)^(a)	$	150	$	148,963
6.75%, 06/15/23		200		199,700
United Health Group Inc.
2.38%, 10/15/22		500		517,350
3.10%, 03/15/26		75		82,036
3.50%, 06/15/23		500		539,670

				5,029,238

Holding Companies – Diversified — 0.6%
Ares Capital Corp.
3.25%, 07/15/25 (Call 06/15/25)		200		177,890
3.50%, 02/10/23 (Call 01/10/23)		500		476,950
FS KKR Capital Corp.
4.13%, 02/01/25 (Call 01/01/25)		55		45,322
4.63%, 07/15/24 (Call 06/15/24)		80		67,970
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 02/01/22 (Call 05/29/20)		25		25,236
6.38%, 12/15/25 (Call 12/15/20)		200		198,424

				991,792

Home Builders — 0.8%
Beazer Homes USA Inc., 5.88%, 10/15/27 (Call 10/15/22)		75		58,036
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.25%, 09/15/27 (Call 09/15/22)^(a)		225		207,000
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		50		50,168
4.50%, 04/30/24 (Call 01/31/24)^(b)		50		51,088
4.75%, 11/29/27 (Call 05/29/27)		100		103,120
M/I Homes Inc., 4.95%, 02/01/28 (Call 02/01/23)^(a)		40		35,164
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)^(a)		50		44,607
5.25%, 12/15/27 (Call 12/15/22)^(a)		20		18,758
MDC Holdings Inc., 6.00%, 01/15/43 (Call 10/15/42)		50		48,509
Meritage Homes Corp., 5.13%, 06/06/27 (Call 12/06/26)^(b)		50		48,652
Pulte Group Inc.
5.00%, 01/15/27 (Call 10/15/26)		100		103,841
5.50%, 03/01/26 (Call 12/01/25)		100		106,493
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28 (Call 02/15/23)^(a)		80		69,062
Taylor Morrison Communities Inc., 5.75%, 01/15/28 (Call 10/15/27)^(a)		150		135,961
Toll Brothers Finance Corp., 4.35%, 02/15/28 (Call 11/15/27)		75		73,907
TRI Pointe Group Inc., 5.25%, 06/01/27 (Call 12/01/26)		100		90,167

				1,244,533

Insurance — 1.8%
Acrisure LLC/Acrisure Finance Inc.
7.00%, 11/15/25 (Call 11/15/20)^(a)		25		22,431
8.13%, 02/15/24 (Call 02/15/21)^(a)		50		51,477
Aon Corp.
3.75%, 05/02/29 (Call 02/02/29)		100		109,607
4.50%, 12/15/28 (Call 09/15/28)		100		115,152
Aon PLC, 2.80%, 03/15/21 (Call 02/15/21)		100		101,026
Chubb INA Holdings Inc., 3.35%, 05/15/24		25		27,093
Fidelity & Guaranty Life Holdings Inc., 5.50%, 05/01/25 (Call 02/01/25)^(a)		50		52,783
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)^(a)		50		49,778
Kemper Corp., 4.35%, 02/15/25 (Call 11/15/24)		100		103,254
Markel Corp., 3.35%, 09/17/29 (Call 06/17/29)^(b)		235		242,045
Marsh & McLennan Companies Inc.
3.30%, 03/14/23 (Call 01/14/23)		200		210,134
3.75%, 03/14/26 (Call 12/14/25)^(b)		1,100		1,212,431


Security	Par (000)		Value

Insurance (continued)
3.88%, 03/15/24 (Call 02/15/24)	$	150	$	163,414
4.38%, 03/15/29 (Call 12/15/28)		150		174,904
Progressive Corp. (The), 3.95%, 03/26/50 (Call 09/26/49)		25		31,537
Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28)		130		147,492
Willis Towers Watson PLC, 5.75%, 03/15/21		100		103,149

				2,917,707

Internet — 1.8%
Alibaba Group Holding Ltd.
3.40%, 12/06/27 (Call 09/06/27)		800		867,032
3.60%, 11/28/24 (Call 08/28/24)		791		854,098
Booking HoldingsInc.
4.50%, 04/13/27 (Call 02/13/27)		100		107,986
4.63%, 04/13/30 (Call 01/13/30)		160		177,531
JD.com Inc., 3.38%, 01/14/30 (Call 10/14/29)		220		227,121
Match Group Inc.
4.13%, 08/01/30 (Call 05/01/25)^(a)		45		43,877
5.00%, 12/15/27 (Call 12/15/22)^(a)		69		72,152
5.63%, 02/15/29 (Call 02/15/24)^(a)(b)		55		57,588
Netflix Inc.
4.88%, 04/15/28		100		106,493
5.88%, 11/15/28		50		56,603
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 05/11/20)^(a)		150		150,775
VeriSignInc.
4.75%, 07/15/27 (Call 07/15/22)		100		106,461
5.25%, 04/01/25 (Call 01/01/25)		50		54,780

				2,882,497

Iron &Steel — 0.3%
Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23)^(b)		150		137,444
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25 (Call 09/01/20)^(a)		85		79,679
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 01/15/21)^(a)		100		86,767
9.88%, 10/17/25 (Call 10/17/22)^(a)		89		87,664
Commercial Metals Co., 5.75%, 04/15/26 (Call 04/15/21)		150		148,962

				540,516

Lodging —0.6%
Boyd Gaming Corp., 6.00%, 08/15/26 (Call 08/15/21)		40		36,165
Hilton Domestic OperatingCo. Inc.
4.88%, 01/15/30 (Call 01/15/25)		50		47,658
5.13%, 05/01/26 (Call 05/01/21)		25		24,701
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., 6.13%, 12/01/24 (Call 12/01/21)		50		45,849
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 05/14/20)		100		98,078
4.88%, 04/01/27 (Call 04/01/22)		50		48,516
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)		15		13,959
3.50%, 08/18/26 (Call 06/18/26)		440		420,917
MGM Resorts International, 4.63%, 09/01/26 (Call 06/01/26)		27		24,290
Wyndham Destinations Inc., 5.75%, 04/01/27 (Call 01/01/27)		100		87,787
Wyndham Hotels & Resorts Inc., 5.38%, 04/15/26 (Call 04/15/21)^(a)		77		70,867
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (Call 02/15/27)^(a)		100		86,860

				1,005,647


10		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Machinery — 0.6%
Caterpillar Financial Services Corp.
1.95%, 11/18/22	$	260	$	265,239
3.45%, 05/15/23		200		213,732
John Deere Capital Corp., 2.60%, 03/07/24		309		323,610
Mueller Water Products Inc., 5.50%, 06/15/26 (Call 06/15/21)^(a)		15		15,511
Otis Worldwide Corp.
2.29%, 04/05/27 (Call 02/05/27)^(a)		25		25,226
2.57%, 02/15/30 (Call 11/15/29)^(a)		40		40,330
Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)		23		22,853

				906,501

Manufacturing — 0.2%
Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29)		45		41,329
General Electric Co.
3.63%, 05/01/30 (Call 02/01/30)		35		35,172
4.38%, 09/16/20		210		211,346

				287,847

Media — 2.7%
Altice FinancingSA, 7.50%, 05/15/26 (Call 05/15/21)^(a)		200		208,648
AMC Networks Inc., 4.75%, 08/01/25 (Call 08/01/21)		100		92,291
CCO HoldingsLLC/CCO Holdings Capital Corp.
5.00%, 02/01/28 (Call 08/01/22)^(a)		263		270,322
5.13%, 05/01/27 (Call 05/01/22)^(a)		260		270,075
5.38%, 06/01/29 (Call 06/01/24)^(a)		75		79,105
Charter Communications Operating LLC/Charter Communications Operating Capital
2.80%, 04/01/31 (Call 01/01/31)		200		201,724
3.58%, 07/23/20 (Call 06/23/20)		190		190,228
4.50%, 02/01/24 (Call 01/01/24)		700		759,227
4.91%, 07/23/25 (Call 04/23/25)		324		366,195
CSC HoldingsLLC
5.25%, 06/01/24		200		209,444
5.50%, 05/15/26 (Call 05/15/21)^(a)		200		207,850
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 08/15/27 (Call 08/15/22)^(a)		150		82,284
DISH DBS Corp.
5.00%, 03/15/23		75		71,503
5.88%, 11/15/24		100		96,301
6.75%, 06/01/21		50		50,083
7.75%, 07/01/26^(b)		100		98,500
Fox Corp., 4.03%, 01/25/24 (Call 12/25/23)		100		108,002
Gray Television Inc.
5.88%, 07/15/26 (Call 07/15/21)^(a)(b)		14		13,550
7.00%, 05/15/27 (Call 05/15/22)^(a)		135		135,675
Sirius XM Radio Inc., 5.50%, 07/01/29 (Call 07/01/24)^(a)		150		158,284
TEGNA Inc., 5.00%, 09/15/29 (Call 09/15/24)^(a)		75		66,847
Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)		150		156,432
Time Warner Cable LLC, 4.00%, 09/01/21 (Call 06/01/21)		329		335,271
Univision Communications Inc., 5.13%, 02/15/25 (Call 05/11/20)^(a)		50		44,262

				4,272,103

Mining — 0.3%
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27 (Call 06/15/27)^(a)		45		44,024
Freeport-McMoRan Inc., 5.45%, 03/15/43 (Call 09/15/42)^(b)		50		45,865
Hudbay Minerals Inc., 7.63%, 01/15/25 (Call 05/29/20)^(a)		50		45,594
Kaiser Aluminum Corp., 4.63%, 03/01/28 (Call 03/01/23)^(a)(b)		200		186,354
New Gold Inc., 6.25%, 11/15/22 (Call 05/06/20)^(a)		50		50,021


Security	Par (000)		Value

Mining(continued)
Novelis Corp.
4.75%, 01/30/30 (Call 01/30/25)^(a)	$	35	$	31,007
5.88%, 09/30/26 (Call 09/30/21)^(a)		50		48,655

				451,520

Office & Business Equipment — 0.1%
CDW LLC/CDW Finance Corp.
4.25%, 04/01/28 (Call 10/01/22)		70		70,424
5.00%, 09/01/25 (Call 05/29/20)^(b)		100		102,701

				173,125

Oil & Gas — 2.0%
Antero Resources Corp., 5.13%, 12/01/22 (Call 05/29/20)		100		69,863
Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)		145		112,500
BP Capital Markets America Inc.
3.63%, 04/06/30 (Call 01/06/30)		140		151,176
3.79%, 02/06/24 (Call 01/06/24)		600		637,878
Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27)		270		247,004
Chesapeake Energy Corp., 11.50%, 01/01/25 (Call 01/01/22)^(a)		87		2,609
CNX Resources Corp., 7.25%, 03/14/27 (Call 03/14/22)^(a)		100		89,504
Comstock Resources Inc.
7.50%, 05/15/25 (Call 05/29/20)^(a)		65		54,122
9.75%, 08/15/26 (Call 08/15/21)		75		64,814
EOG Resources Inc., 4.38%, 04/15/30 (Call 01/15/30)		40		44,536
EQT Corp., 6.13%, 02/01/25 (Call 01/01/25)		25		23,970
Gulfport Energy Corp., 6.38%, 05/15/25 (Call 05/29/20)		50		23,671
Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)		175		158,630
Hilcorp Energy ILP/Hilcorp Finance Co., 6.25%, 11/01/28 (Call 11/01/23)^(a)		45		23,341
Jagged Peak Energy LLC, 5.88%, 05/01/26 (Call 05/01/21)		20		17,268
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)		30		15,100
MEG Energy Corp., 6.50%, 01/15/25 (Call 05/29/20)^(a)		50		40,920
Moss Creek Resources Holdings Inc., 10.50%, 05/15/27 (Call 05/15/22)^(a)		25		9,266
Murphy Oil Corp.
5.75%, 08/15/25 (Call 08/15/20)		50		34,334
5.88%, 12/01/27 (Call 12/01/22)		90		61,283
Nabors Industries Inc.
5.50%, 01/15/23 (Call 11/15/22)^(b)		50		19,020
5.75%, 02/01/25 (Call 11/01/24)		75		17,101
Parkland Fuel Corp., 6.00%, 04/01/26 (Call 04/01/21)^(a)		25		24,234
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/23)^(a)		35		24,924
7.25%, 06/15/25 (Call 06/15/20)		50		37,917
Precision Drilling Corp., 7.75%, 12/15/23 (Call 05/14/20)		50		22,002
QEP Resources Inc., 5.63%, 03/01/26 (Call 12/01/25)		25		7,867
Range Resources Corp., 5.00%, 03/15/23 (Call 12/15/22)^(b)		50		44,674
Shell International Finance BV
2.00%, 11/07/24 (Call 10/07/24)		330		333,132
3.50%, 11/13/23 (Call 10/13/23)		300		319,005
SM Energy Co., 6.63%, 01/15/27 (Call 01/15/22)		60		16,379
Southwestern Energy Co., 7.50%, 04/01/26 (Call 04/01/21)^(b).		100		89,687
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23 (Call 05/29/20)		100		97,886
5.50%, 02/15/26 (Call 02/15/21)		25		24,000
6.00%, 04/15/27 (Call 04/15/22)		150		142,710
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)^(a).		100		76,486
Transocean Inc., 7.25%, 11/01/25 (Call 11/01/21)^(a)		50		18,955
Valaris PLC, 7.75%, 02/01/26 (Call 11/01/25)		50		3,988


SCHEDULE OF INVESTMENTS			11

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil & Gas (continued)
W&T Offshore Inc., 9.75%, 11/01/23 (Call 11/01/20)^(a)	$	120	$	39,499
Whiting Petroleum Corp., 6.63%, 01/15/26 (Call 10/15/25)^(e)		25		2,509

				3,243,764

Oil & Gas Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
3.14%, 11/07/29 (Call 08/07/29)		50		46,687
4.49%, 05/01/30 (Call 02/01/30)		45		46,314
National Oilwell Varco Inc., 3.60%, 12/01/29 (Call 09/01/29)		8		6,516
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 04/01/21)		55		45,345
6.88%, 09/01/27 (Call 09/01/22)		100		81,948

				226,810

Packaging & Containers — 0.6%
Ardagh Packaging Finance PLC/Ardagh HoldingsUSAInc., 5.25%, 08/15/27 (Call 08/15/22)^(a)		200		194,148
Ball Corp.
4.00%, 11/15/23		50		51,701
5.25%, 07/01/25		50		55,278
Berry Global Inc.
4.50%, 02/15/26 (Call 02/15/21)^(a)(b)		25		24,713
4.88%, 07/15/26 (Call 07/15/22)^(a)		100		102,267
Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 01/15/23)^(a)		100		101,144
Greif Inc., 6.50%, 03/01/27 (Call 03/01/22)^(a)(b)		30		30,201
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 (Call 05/29/20)^(a)		75		69,227
Sealed Air Corp., 5.50%, 09/15/25 (Call 06/15/25)^(a)		50		53,072
Trivium Packaging Finance BV, 5.50%, 08/15/26 (Call 08/15/22)^(a)		200		205,778

				887,529

Pharmaceuticals — 3.1%
AbbVie Inc.
2.30%, 05/14/21 (Call 04/14/21)		55		55,510
2.30%, 11/21/22^(a)		450		460,858
2.90%, 11/06/22		500		519,755
3.20%, 11/21/29 (Call 08/21/29)^(a)		320		341,488
AstraZeneca PLC, 3.50%, 08/17/23 (Call 07/17/23)		450		483,336
Bausch Health Americas Inc., 8.50%, 01/31/27 (Call 07/31/22)^(a)		100		110,189
Bausch Health Companies Inc.
5.50%, 11/01/25 (Call 11/01/20)^(a)		130		135,057
6.13%, 04/15/25 (Call 05/29/20)^(a)(b)		150		151,871
7.25%, 05/30/29 (Call 05/30/24)^(a)		125		133,614
Becton Dickinson and Co.
2.40%, 06/05/20		75		74,976
2.89%, 06/06/22 (Call 05/06/22)		118		120,946
Bristol-Myers Squibb Co., 3.45%, 11/15/27 (Call 08/15/27)^(a)		31		34,861
Cigna Corp., 2.40%, 03/15/30 (Call 12/15/29)		65		65,662
CVS Health Corp.
2.63%, 08/15/24 (Call 07/15/24)		60		62,553
3.35%, 03/09/21		85		86,443
Endo Dac/Endo Finance LLC/Endo Finco Inc., 5.88%, 10/15/24 (Call 06/01/20)^(a)(b)		200		191,918
Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 08/01/22)^(a)		200		208,238
Mead Johnson Nutrition Co., 3.00%, 11/15/20		55		55,463
Novartis Capital Corp.
2.20%, 08/14/30 (Call 05/14/30)		130		137,790


Security	Par (000)		Value

Pharmaceuticals (continued)
2.75%, 08/14/50 (Call 02/14/50)	$	70	$	75,870
3.00%, 11/20/25 (Call 08/20/25)		176		192,873
3.40%, 05/06/24		384		419,589
Zoetis Inc.
3.00%, 09/12/27 (Call 06/12/27)		325		351,101
3.45%, 11/13/20 (Call 10/13/20)		330		329,957
3.90%, 08/20/28 (Call 05/20/28)		115		132,521

				4,932,439

Pipelines — 2.0%
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27 (Call 01/01/27)		90		90,041
Cheniere Energy Partners LP
4.50%, 10/01/29 (Call 10/01/24)^(a)		50		46,152
5.25%, 10/01/25 (Call 10/01/20)		175		167,207
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75%, 04/01/25 (Call 05/29/20)		100		72,877
DCP Midstream Operating LP, 5.38%, 07/15/25 (Call 04/15/25)		80		64,560
Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22)		40		40,261
Enterprise Products Operating LLC, 2.80%, 01/31/30 (Call 10/31/29)		100		98,862
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28 (Call 02/01/23)		4538,375
Hess Midstream Operations LP, 5.13%, 06/15/28 (Call 06/15/23)^(a)		50		44,016
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23 (Call 05/29/20)		50		33,875
7.50%, 04/15/26 (Call 04/15/22)		100		64,986
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)		150		135,000
6.00%, 06/01/26 (Call 03/01/26)		30		27,081
ONEOKInc.
2.75%, 09/01/24 (Call 08/01/24)		180		162,707
4.00%, 07/13/27 (Call 04/13/27)		180		161,707
4.25%, 02/01/22 (Call 11/01/21)		400		398,960
4.55%, 07/15/28 (Call 04/15/28)		60		54,473
7.50%, 09/01/23 (Call 06/01/23)		160		168,686
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 05/29/20)		35		26,502
Phillips 66 Partners LP, 2.45%, 12/15/24 (Call 11/15/24)		325		298,109
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)		329		329,030
5.63%, 03/01/25 (Call 12/01/24)		20		21,012
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 01/15/28 (Call 01/15/23)^(a)		50		33,801
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/29/20)		150		136,329
5.88%, 04/15/26 (Call 04/15/21)		35		31,421
6.88%, 01/15/29 (Call 01/15/24)		121		111,039
Tennessee Gas Pipeline Co. LLC, 2.90%, 03/01/30 (Call 12/01/29)^(a)		130		123,816
Trans Canada PipeLines Ltd., 4.10%, 04/15/30 (Call 01/15/30)		250		270,557

				3,251,442

Real Estate — 0.2%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 11/15/20)^(a)		125		120,839


12		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Real Estate (continued)
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 05/29/20)^(a)	$	65	$	62,965
Realogy Group LLC/Realogy Co-Issuer Corp., 9.38%, 04/01/27 (Call 04/01/22)^(a)		100		69,916

				253,720

Real Estate Investment Trusts — 3.3%
American Tower Corp.
2.25%, 01/15/22		300		304,158
2.80%, 06/01/20 (Call 05/11/20)		100		99,998
3.00%, 06/15/23		410		428,618
3.38%, 05/15/24 (Call 04/15/24)		150		159,791
3.55%, 07/15/27 (Call 04/15/27)		344		374,296
4.00%, 06/01/25 (Call 03/01/25)		146		160,692
AvalonBay Communities Inc., 2.30%, 03/01/30 (Call 12/01/29)		75		74,184
Camden Property Trust, 2.80%, 05/15/30 (Call 02/15/30)		70		72,543
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		300		318,291
CoreCivic Inc., 4.63%, 05/01/23 (Call 02/01/23)^(b)		100		95,428
Crown Castle International Corp.
3.20%, 09/01/24 (Call 07/01/24)		395		420,031
3.40%, 02/15/21 (Call 01/15/21)		167		168,994
4.88%, 04/15/22		100		106,484
EPR Properties, 3.75%, 08/15/29 (Call 05/15/29)		30		24,144
Equinix Inc.
2.63%, 11/18/24 (Call 10/18/24)		75		77,547
2.90%, 11/18/26 (Call 09/18/26)		145		148,174
ESH Hospitality Inc., 5.25%, 05/01/25 (Call 05/29/20)^(a)		150		140,967
GLP Capital LP/GLP Financing II Inc.
5.25%, 06/01/25 (Call 03/01/25)		245		240,698
5.38%, 04/15/26 (Call 01/15/26)		88		87,667
5.75%, 06/01/28 (Call 03/03/28)		140		137,913
HAT Holdings I LLC/HAT Holdings II LLC, 5.25%, 07/15/24 (Call 07/15/21)^(a)		50		49,749
Iron Mountain Inc.
4.88%, 09/15/27 (Call 09/15/22)^(a)		100		97,973
5.25%, 03/15/28 (Call 12/27/22)^(a)		25		24,473
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (Call 10/01/20)^(a)(b)		95		69,110
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
5.63%, 05/01/24 (Call 02/01/24)		50		50,799
5.75%, 02/01/27 (Call 11/01/26)^(b)		80		81,054
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27 (Call 10/15/22)^(b)		185		188,654
Omega Healthcare Investors Inc.
4.50%, 04/01/27 (Call 01/01/27)		130		127,163
4.95%, 04/01/24 (Call 01/01/24)		504		510,980
Prologis LP, 2.13%, 04/15/27 (Call 02/15/27)		55		55,572
Public Storage, 3.39%, 05/01/29 (Call 02/01/29)^(b)		300		322,242
VICI Properties LP/VICI Note Co. Inc.
3.75%, 02/15/27 (Call 02/15/23)^(a)		20		18,587
4.25%, 12/01/26 (Call 12/01/22)^(a)		50		46,805
4.63%, 12/01/29 (Call 12/01/24)^(a)		75		69,794

				5,353,573

Retail — 1.6%
1011778 BC ULC/New Red Finance Inc.
3.88%, 01/15/28 (Call 09/15/22)^(a)		35		33,916
4.25%, 05/15/24 (Call 05/29/20)^(a)		185		185,209


Security	Par (000)		Value

Retail (continued)
5.00%, 10/15/25 (Call 10/15/20)^(a)(b)	$	150	$	150,583
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)^(a)		25		22,058
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		95		95,438
1.60%, 04/20/30 (Call 01/20/30)		225		223,425
Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27)		11		10,596
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		25		27,422
Golden Nugget Inc., 6.75%, 10/15/24 (Call 05/29/20)^(a)		175		137,937
Home Depot Inc. (The), 3.13%, 12/15/49 (Call 06/15/49)		25		26,736
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)^(a)		107		110,579
5.25%, 06/01/26 (Call 06/01/21)^(a)		100		102,493
L Brands Inc.
6.88%, 11/01/35		50		37,040
7.50%, 06/15/29 (Call 06/15/24)		75		55,312
Lowe’s Companies Inc., 4.00%, 04/15/25 (Call 03/15/25)		85		94,308
McDonald’s Corp.
1.45%, 09/01/25 (Call 08/01/25)		35		35,005
3.38%, 05/26/25 (Call 02/26/25)		150		163,618
Murphy Oil USA Inc., 4.75%, 09/15/29 (Call 09/15/24)		100		103,130
PetSmart Inc., 5.88%, 06/01/25 (Call 06/01/20)^(a)		84		84,593
Ross Stores Inc.
4.60%, 04/15/25 (Call 03/15/25)		170		185,664
4.70%, 04/15/27 (Call 02/15/27)		60		64,747
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/20)		100		82,552
Staples Inc., 7.50%, 04/15/26 (Call 04/15/22)^(a)		75		58,658
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 05/29/20)		200		194,542
5.88%, 03/01/27 (Call 03/01/22)		50		48,086
Superior Plus LP/Superior General Partner Inc., 7.00%, 07/15/26 (Call 07/15/21)^(a)		15		15,027
Yum! Brands Inc., 4.75%, 01/15/30 (Call 10/15/29)^(a)(b)		160		163,126

				2,511,800

Semiconductors — 1.4%
Amkor Technology Inc., 6.63%, 09/15/27 (Call 03/15/22)^(a)		100		103,430
Analog Devices Inc.
2.50%, 12/05/21 (Call 11/05/21)		166		167,555
2.95%, 01/12/21		370		374,636
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.20%, 01/15/21		100		99,703
3.88%, 01/15/27 (Call 10/15/26)		162		169,034
Broadcom Inc.
3.13%, 10/15/22^(a)		50		51,824
3.63%, 10/15/24 (Call 09/15/24)^(a)		200		210,716
Intel Corp., 3.40%, 03/25/25 (Call 02/25/25)		220		243,300
Lam Research Corp., 3.75%, 03/15/26 (Call 01/15/26)		30		33,545
Micron Technology Inc., 4.64%, 02/06/24 (Call 01/06/24)		100		107,647
NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)^(a)		70		75,897
Qorvo Inc.
4.38%, 10/15/29 (Call 10/15/24)^(a)		30		29,935
5.50%, 07/15/26 (Call 07/15/21)		130		136,430
QUALCOMM Inc., 3.00%, 05/20/22		285		296,896


SCHEDULE OF INVESTMENTS			13

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Semiconductors (continued)
Texas Instruments Inc.
1.38%, 03/12/25 (Call 02/12/25)	$	110	$	111,288
1.75%, 05/04/30 (Call 02/04/30)		60		60,094

				2,271,930

Software — 1.7%
Activision Blizzard Inc., 2.30%, 09/15/21 (Call 08/15/21)		123		124,799
Adobe Inc.
1.70%, 02/01/23		35		35,932
1.90%, 02/01/25 (Call 01/01/25)		65		68,057
2.15%, 02/01/27 (Call 12/01/26)		185		193,974
2.30%, 02/01/30 (Call 11/01/29)		240		252,417
CA Inc., 3.60%, 08/15/22 (Call 07/15/22)		263		266,653
CDK Global Inc.
5.25%, 05/15/29 (Call 05/15/24)^(a)		10		10,195
5.88%, 06/15/26 (Call 06/15/21)		20		20,941
Citrix Systems Inc.
3.30%, 03/01/30 (Call 12/01/29)		240		244,258
4.50%, 12/01/27 (Call 09/01/27)		100		111,393
Electronic Arts Inc., 3.70%, 03/01/21 (Call 02/01/21)		30		30,593
Fair Isaac Corp., 4.00%, 06/15/28 (Call 12/15/22)^(a)		160		158,682
j2 Cloud Services LLC/j2 Global Co-Obligor Inc., 6.00%, 07/15/25 (Call 07/15/20)^(a)		102		103,461
MSCI Inc.
3.63%, 09/01/30 (Call 03/01/25)^(a)		40		40,432
4.00%, 11/15/29 (Call 11/15/24)^(a)(b)		100		104,498
5.38%, 05/15/27 (Call 05/15/22)^(a)		75		80,939
Nuance Communications Inc., 5.63%, 12/15/26 (Call 12/15/21)^(b)		100		105,545
Oracle Corp., 2.50%, 04/01/25 (Call 03/01/25)		185		195,158
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 05/29/20)^(a)		50		49,396
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 05/29/20)^(a)		50		49,744
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)^(a)(b)		80		82,146
VMware Inc.
2.30%, 08/21/20		280		281,786
2.95%, 08/21/22 (Call 07/21/22)		184		186,705

				2,797,704

Telecommunications — 3.5%
Altice France SA/France, 7.38%, 05/01/26 (Call 05/01/21)^(a)		200		209,132
AT&T Inc.
3.00%, 06/30/22 (Call 04/30/22)		415		427,230
3.20%, 03/01/22 (Call 02/01/22)		165		170,998
3.60%, 02/17/23 (Call 12/17/22)		470		494,628
3.80%, 03/01/24 (Call 01/01/24)		325		347,630
3.90%, 03/11/24 (Call 12/11/23)		214		229,575
4.05%, 12/15/23		100		108,158
CenturyLink Inc.
5.13%, 12/15/26 (Call 12/15/22)^(a)		65		62,199
5.63%, 04/01/25 (Call 01/01/25)		100		100,572
Series G, 6.88%, 01/15/28		50		50,967
Series S, 6.45%, 06/15/21^(b)		60		61,327
CommScope Inc.
5.50%, 06/15/24 (Call 05/11/20)^(a)		100		89,840
6.00%, 03/01/26 (Call 03/01/22)^(a)		50		50,105
Embarq Corp., 8.00%, 06/01/36		50		52,252
Frontier Communications Corp., 8.50%, 04/01/26 (Call 04/01/21)^(a)(e)		25		23,097


Security	Par (000)		Value

Telecommunications (continued)
Gogo Intermediate Holdings LLC/Gogo Finance Co. Inc., 9.88%, 05/01/24 (Call 05/01/21)^(a)	$	100	$	81,943
Hughes Satellite Systems Corp.
5.25%, 08/01/26		135		142,332
6.63%, 08/01/26		200		213,324
Intelsat Jackson Holdings SA, 8.00%, 02/15/24 (Call 05/29/20)^(a)		50		50,980
Level 3 Financing Inc.
4.63%, 09/15/27 (Call 09/15/22)^(a)		95		95,093
5.38%, 05/01/25 (Call 05/29/20)		50		50,750
Motorola Solutions Inc.
3.50%, 03/01/23		200		205,374
4.60%, 02/23/28 (Call 11/23/27)		209		231,798
Sprint Capital Corp., 8.75%, 03/15/32		50		70,271
Sprint Corp.
7.25%, 09/15/21		75		78,665
7.63%, 02/15/25 (Call 11/15/24)		100		115,004
7.63%, 03/01/26 (Call 11/01/25)		50		59,145
7.88%, 09/15/23		125		140,420
Telecom Italia Capital SA, 7.20%, 07/18/36		100		113,098
Telesat Canada/Telesat LLC, 6.50%, 10/15/27 (Call 10/15/22)^(a)		30		28,357
T-Mobile USA Inc.
3.75%, 04/15/27 (Call 02/15/27)^(a)		20		21,444
3.88%, 04/15/30 (Call 01/15/30)^(a)		410		448,606
4.75%, 02/01/28 (Call 02/01/23)		150		157,537
6.50%, 01/15/26 (Call 01/15/21)		200		211,144
Verizon Communications Inc.
3.00%, 03/22/27 (Call 01/22/27)		115		124,415
3.38%, 02/15/25		268		293,358
ViaSat Inc.
5.63%, 09/15/25 (Call 09/15/20)^(a)(b)		100		94,849
5.63%, 04/15/27 (Call 04/15/22)^(a)		100		98,976

				5,604,593

Toys, Games & Hobbies — 0.1%
Hasbro Inc.
3.00%, 11/19/24 (Call 10/19/24)		50		49,775
3.55%, 11/19/26 (Call 09/19/26)		120		118,159

				167,934

Transportation — 0.2%
Kansas City Southern, 2.88%, 11/15/29 (Call 05/15/29)		85		86,282
Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23 (Call 07/15/20)^(a)		100		89,750
XPO Logistics Inc., 6.50%, 06/15/22 (Call 05/29/20)^(a)		61		61,243

				237,275

Water — 0.0%
Essential Utilities Inc., 3.57%, 05/01/29 (Call 02/01/29)		50		54,058


Total Corporate Bonds & Notes — 76.5% (Cost: $121,940,860)				122,487,656


U.S. Government Agency Obligations

Mortgage-Backed Securities — 77.2%
Federal Home Loan Mortgage Corp.
2.50%, 01/01/33		75		79,282
3.00%, 07/01/46		44		46,923
3.00%, 08/01/46		327		346,855
3.00%, 10/01/46		65		69,387
3.00%, 12/01/46		108		114,525


14		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		`Value

Mortgage-Backed Securities (continued)
3.00%, 01/01/47	$	169	$	179,086
3.00%, 06/01/47		279		296,718
3.00%, 10/01/47		111		117,824
3.50%, 07/01/33		46		48,903
3.50%, 06/01/34		132		139,090
3.50%, 07/01/43		21		22,899
3.50%, 09/01/44		21		23,191
3.50%, 01/01/46		20		21,941
3.50%, 03/01/46		21		22,742
3.50%, 09/01/46		17		18,028
3.50%, 08/01/47		18		18,633
3.50%, 05/01/49		51		54,868
3.50%, 06/01/49		81		87,233
4.00%, 04/01/46		180		197,431
4.00%, 07/01/46		59		64,085
4.00%, 06/01/48		60		67,153
4.00%, 01/01/49		1		630
4.50%, 07/01/48		19		20,605
5.00%, 07/01/48		24		25,732
5.00%, 04/01/49		19		20,777
Federal National Mortgage Association
3.50%, 11/01/51		1,510		1,637,091
4.00%, 01/01/57		103		113,297
4.00%, 02/01/57		105		115,240
Government National Mortgage Association
2.50%, 05/01/50^(f)		2,625		2,771,426
3.00%, 01/15/44		36		39,192
3.00%, 05/20/45		367		393,125
3.00%, 11/20/45		2,926		3,132,981
3.00%, 04/20/46		223		238,963
3.00%, 09/20/46		204		218,358
3.00%, 12/15/46		87		92,674
3.00%, 02/15/47		357		381,328
3.00%, 05/01/50^(f)		13,529		14,401,845
3.50%, 10/20/42		188		204,725
3.50%, 03/15/43		87		94,447
3.50%, 06/15/43		75		81,320
3.50%, 04/20/45		76		81,485
3.50%, 04/20/46		116		124,318
3.50%, 12/20/46		132		141,599
3.50%, 03/20/47		266		283,914
3.50%, 08/20/47		304		325,066
3.50%, 09/20/47		278		297,118
3.50%, 11/20/47		245		261,342
3.50%, 02/20/48		168		179,520
3.50%, 04/20/48		1,087		1,187,195
3.50%, 08/20/48		253		268,618
3.50%, 01/20/49		102		109,197
3.50%, 01/20/50		1,609		1,706,804
3.50%, 05/01/50^(f)		15,763		16,721,095
4.00%, 09/20/45		37		39,881
4.00%, 09/20/46		12		12,934
4.00%, 04/20/47		126		134,635
4.00%, 06/20/47		469		501,697
4.00%, 07/20/47		729		779,039
4.00%, 11/20/47		130		138,529
4.00%, 05/15/48		154		165,111
4.00%, 05/20/48		114		122,072
4.00%, 08/20/48		123		131,329
4.00%, 11/20/49		260		276,626


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.00%, 05/01/50^(f)	$	9,452	$	10,054,911
4.50%, 10/20/46		14		15,960
4.50%, 06/20/48		100		107,360
4.50%, 07/20/48		73		78,805
4.50%, 08/20/48		130		139,529
4.50%, 10/20/48		207		222,022
4.50%, 05/01/50^(f)		4,452		4,765,640
5.00%, 11/20/48		79		85,601
5.00%, 12/20/48		147		158,715
5.00%, 01/20/49		150		161,534
5.00%, 05/20/49		17		18,125
5.00%, 05/01/50^(f)		2,060		2,220,622
Uniform Mortgage-Backed Securities 2.50%, 10/01/32		19		20,305
2.50%, 01/01/33		496		519,012
2.50%, 05/01/35^(f)		5,159		5,394,178
2.50%, 04/01/47		91		94,981
2.50%, 10/01/49		48		49,922
2.50%, 05/01/50^(f)		1,075		1,119,722
3.00%, 01/01/31		286		303,385
3.00%, 02/01/31		573		605,948
3.00%, 02/01/32		114		121,537
3.00%, 02/01/33		90		95,964
3.00%, 07/01/34		86		90,994
3.00%, 09/01/34		608		645,658
3.00%, 12/01/34		767		810,912
3.00%, 05/01/35^(f)		3,430		3,617,042
3.00%, 10/01/44		553		589,652
3.00%, 11/01/46		1,398		1,488,218
3.00%, 12/01/46		25		26,970
3.00%, 09/01/49		599		640,231
3.00%, 05/01/50^(f)		9,276		9,792,340
3.50%, 03/01/33		96		103,469
3.50%, 04/01/33		134		143,356
3.50%, 05/01/33		59		63,949
3.50%, 07/01/34		175		185,002
3.50%, 08/01/34		182		192,808
3.50%, 05/01/35^(f)		1,792		1,891,400
3.50%, 11/01/45		102		108,998
3.50%, 01/01/46		65		71,454
3.50%, 02/01/46		278		298,128
3.50%, 07/01/46		33		35,782
3.50%, 01/01/47		107		113,704
3.50%, 02/01/47		122		130,424
3.50%, 05/01/47		71		77,445
3.50%, 08/01/47		134		141,742
3.50%, 04/01/48		5,736		6,058,277
3.50%, 05/01/48		88		96,206
3.50%, 11/01/48		92		97,896
3.50%, 04/01/49		52		56,421
3.50%, 07/01/49		744		787,648
3.50%, 11/01/49		771		813,716
3.50%, 05/01/50^(f)		1,497		1,581,806
4.00%, 06/01/33		89		94,356
4.00%, 07/01/33		41		43,695
4.00%, 05/01/35^(f)		827		873,861
4.00%, 03/01/45		41		44,755
4.00%, 01/01/46		64		69,455
4.00%, 02/01/46		41		43,604
4.00%, 03/01/46		16		17,679


SCHEDULE OF INVESTMENTS			15

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares^® Edge U.S. Fixed Income Balanced Risk ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.00%, 04/01/46	$	95	$	101,651
4.00%, 02/01/47		36		39,093
4.00%, 03/01/47		37		39,987
4.00%, 06/01/47		16		17,226
4.00%, 09/01/47		100		106,846
4.00%, 11/01/47		25		27,128
4.00%, 05/01/49		189		206,687
4.00%, 07/01/49		66		72,846
4.00%, 12/01/49		125		132,996
4.00%, 05/01/50^(f)		8,007		8,528,385
4.50%, 05/01/35^(f)		50		52,775
4.50%, 10/01/47		18		19,237
4.50%, 03/01/48		38		41,577
4.50%, 06/01/48		76		83,881
4.50%, 07/01/48		12		12,787
4.50%, 08/01/48		137		150,415
4.50%, 12/01/48		79		85,891
4.50%, 07/01/49		106		114,758
4.50%, 08/01/49		98		106,182
4.50%, 05/01/50^(f)		2,977		3,209,578
5.00%, 08/01/48		552		610,868
5.00%, 09/01/48		36		38,754
5.00%, 04/01/49		37		40,612
5.00%, 05/01/50^(f)		417		453,161
5.50%, 05/01/50^(f)		925		1,014,754
6.00%, 02/01/49		114		133,941

				123,744,524


Total U.S. Government Agency Obligations — 77.2% (Cost: $122,431,559)				123,744,524


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.89%^(g)(h)(i)		5,892	$	5,898,874
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.18%^(g)(h)		100		100,000

				5,998,874


Total Short-Term Investments — 3.8% (Cost: $5,992,041)				5,998,874


Total Investments in Securities — 157.5% (Cost: $250,364,460)				252,231,054

Other Assets, Less Liabilities — (57.5)%				(92,058,936	)


Net Assets — 100.0%			$	160,172,118

^(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)	Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date.

^(d)	Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

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

^(f)	TBA transaction.

^(g)	Affiliate of the Fund.

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

⁽ⁱ⁾	All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


Affiliated Issuer	Shares Held at 10/31/19 (000)		Net Activity (000)			Shares Held at 04/30/20 (000)		Value at 04/30/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		8,428		(2,536	)		5,892	$	5,898,874	$	40,923	^(b)	$	(2,878	)	$	4,695
BlackRock Cash Funds: Treasury, SL Agency Shares		100		—			100		100,000		612			—			—

								$	5,998,874	$	41,535		$	(2,878	)	$	4,695

^(a)

Includes realized capital gain distributions from an affiliated fund, if any.

^(b)

Futures Contracts


Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
2-Year U.S. Treasury Note		14			06/30/20	$	3,086	$	31,475
5-Year U.S. Treasury Note		32			06/30/20		4,016		65,228

									96,703

Short Contracts
10-Year U.S. Treasury Note		(24	)		06/19/20		3,338		(4,051	)


16		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares Edge U.S. Fixed Income Balanced Risk ETF

Futures Contracts (continued)


Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
10-Year Ultra Long U.S. Treasury Bond		(17	)		06/19/20	$	2,670	$	(66,781	)
Long U.S. Treasury Bond		(5	)		06/19/20		905		(41,104	)
Ultra Long U.S. Treasury Bond		(16	)		06/19/20		3,596		(314,537	)

									(426,473	)

								$	(329,770	)

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2020, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:


	Interest Rate Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	96,703

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	426,473

^(a)

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended April 30, 2020, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Interest Rate Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,305,792	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(687,598	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	6,732,805
Average notional value of contracts — short	$	(12,247,417	)

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements


SCHEDULE OF INVESTMENTS			17

Schedule of Investments (unaudited) (continued)

April 30, 2020

iShares Edge U.S. Fixed Income Balanced Risk ETF

Fair Value Measurements (continued)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Corporate Bonds & Notes	$	—		$	122,487,656	$	—	$	122,487,656
U.S. Government Agency Obligations		—			123,744,524		—		123,744,524
Money Market Funds		5,998,874			—		—		5,998,874

	$	5,998,874		$	246,232,180	$	—	$	252,231,054

Derivative financial instruments^(a)
Assets
Futures Contracts	$	96,703		$	—	$	—	$	96,703
Liabilities
Futures Contracts		(426,473	)		—		—		(426,473	)

	$	(329,770	)	$	—	$	—	$	(329,770	)

^(a)

Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.


18		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities (unaudited)

April 30, 2020


	iShares Edge U.S. Fixed Income Balanced Risk ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	246,232,180
Affiliated^(c)		5,998,874
Cash		498,623
Cash pledged:
Futures contracts		523,000
Receivables:
Investments sold		640,970
Securities lending income — Affiliated		3,995
Variation margin on futures contracts		30,271
Dividends		803
Interest		1,443,834

Total assets		255,372,550


LIABILITIES
Collateral on securities loaned, at value		5,183,358
Payables:
Investments purchased		89,984,741
Investment advisory fees		32,333

Total liabilities		95,200,432


NET ASSETS	$	160,172,118


NET ASSETS CONSIST OF:
Paid-in capital	$	161,395,774
Accumulated loss		(1,223,656	)

NET ASSETS	$	160,172,118


Shares outstanding		1,600,000

Net asset value	$	100.11

Shares authorized		Unlimited

Par value		None


^(a) Securities loaned, at value	$	5,023,752
^(b) Investments, at cost — Unaffiliated	$	244,372,419
^(c) Investments, at cost — Affiliated	$	5,992,041

See notes to financial statements.


FINANCIAL STATEMENTS			19

Statement of Operations (unaudited)

Six Months Ended April 30, 2020


	iShares Edge U.S. Fixed Income Balanced Risk ETF

INVESTMENT INCOME
Dividends — Affiliated	$	25,409
Interest — Unaffiliated		2,612,609
Securities lending income — Affiliated — net		16,126
Other income — Unaffiliated		1,684

Total investment income		2,655,828


EXPENSES
Investment advisory fees		198,378

Total expenses		198,378
Less:
Investment advisory fees waived		(1,337	)

Total expenses after fees waived		197,041

Net investment income		2,458,787


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		958,433
Investments —Affiliated		(2,878	)
In-kind redemptions — Unaffiliated		(368,823	)
Futures contracts		(1,305,792	)

Net realized loss		(719,060	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,523,762	)
Investments — Affiliated		4,695
Futures contracts		(687,598	)

Net change in unrealized appreciation (depreciation)		(2,206,665	)

Net realized and unrealized loss		(2,925,725	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(466,938	)

See notes to financial statements.


20		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	iShares Edge U.S. Fixed Income Balanced Risk ETF
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,458,787		$	4,200,628
Net realized loss		(719,060	)		(212,312	)
Net change in unrealized appreciation (depreciation)		(2,206,665	)		6,727,055

Net increase (decrease) in net assets resulting from operations		(466,938	)		10,715,371


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,420,294	)		(4,179,955	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		20,886,003			25,435,100


NET ASSETS
Total increase in net assets		17,998,771			31,970,516
Beginning of period		142,173,347			110,202,831

End of period	$	160,172,118		$	142,173,347

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

See notes to financial statements.


FINANCIAL STATEMENTS			21

Financial Highlights

(For a share outstanding throughout each period)


	iShares Edge U.S. Fixed Income Balanced Risk ETF
		Six Months Ended 04/30/20 (unaudited	)		Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 02/24/15^(a) to 10/31/15

Net asset value, beginning of period	$	101.55		$	95.83		$	100.57		$	100.60		$	98.33		$	99.60

Net investment income^(b)		1.55			3.51			3.15			2.66			2.75			1.74
Net realized and unrealized gain (loss)^(c)		(1.45	)		5.73			(4.88	)		0.09			2.40			(1.29	)

Net increase (decrease) from investment operations		0.10			9.24			(1.73	)		2.75			5.15			0.45


Distributions^(d)
From net investment income		(1.54	)		(3.52	)		(3.01	)		(2.70	)		(2.79	)		(1.72	)
From net realized gain		—			—			—			(0.05	)		—			—
Return of capital		—			—			—			(0.03	)		(0.09	)		—

Total distributions		(1.54	)		(3.52	)		(3.01	)		(2.78	)		(2.88	)		(1.72	)


Net asset value, end of period	$	100.11		$	101.55		$	95.83		$	100.57		$	100.60		$	98.33


Total Return
Based on net asset value		0.10	%^(e)		9.82	%		(1.73	)%		2.79	%		5.32	%		0.46	%^(e)


Ratios to Average Net Assets
Total expenses		0.25	%^(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.26	%^(f)

Total expenses after fees waived		0.25	%^(f)		0.25	%		0.24	%		0.24	%		0.25	%		0.25	%^(f)

Net investment income		3.10	%^(f)		3.55	%		3.22	%		2.66	%		2.78	%		2.58	%^(f)


Supplemental Data
Net assets, end of period (000)	$	160,172		$	142,173		$	110,203		$	130,741		$	70,418		$	73,750

Portfolio turnover rate^(g)(h)		241	%^(e)		504	%		633	%		683	%		569	%		362	%^(e)

^(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) Not annualized.

^(f)	Annualized.

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

^(h)	Portfolio turnover rate includes to-be-announced (TBA) transactions.

See notes to financial statements.


22		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

These financial statements relate only to the following fund (the “Fund”):


iShares ETF	Diversification Classification
Edge U.S. Fixed Income Balanced Risk		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

•

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

•

Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.


NOTES TO FINANCIAL STATEMENTS			23

Notes to Financial Statements (unaudited) (continued)

•

Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities;

•

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 judgement 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. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. 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*

As of April 30, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and 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 for the Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2020 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.


24		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Notes to Financial Statements (unaudited) (continued)

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2020:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
Edge U.S. Fixed Income Balanced Risk
Barclays Bank PLC	$	154,985	$	154,985	$	—	$	—
Barclays Capital Inc.		104,742		104,742		—		—
BNP Paribas Prime Brokerage International Ltd.		541,608		541,608		—		—
BofA Securities, Inc.		622,350		622,350		—		—
Citadel Clearing LLC		62,168		62,168		—		—
Citigroup Global Markets Inc.		68,678		68,342		—		(336	)^(b)
Credit Suisse Securities (USA) LLC		231,155		231,155		—		—
HSBC Securities (USA) Inc.		41,600		41,600		—		—
JPMorgan Securities LLC		1,942,677		1,942,677		—		—
Wells Fargo Securities LLC		1,253,789		1,253,789		—		—

	$	5,023,752	$	5,023,416	$	—	$	(336	)

^(a)

^(b)

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, the 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. The 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 the Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: The Fund uses futures contracts to balance its exposure to interest rate risk against its exposure to credit spread risk. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.


NOTES TO FINANCIAL STATEMENTS			25

Notes to Financial Statements (unaudited) (continued)

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”). BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund 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 the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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, the 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.

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

7.	*PURCHASES AND SALES*

For the six months ended April 30, 2020, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:


	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Edge U.S. Fixed Income Balanced Risk	$	521,615,317	$	463,539,597	$	31,293,302	$	24,106,946

For the six months ended April 30, 2020, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Edge U.S. Fixed Income Balanced Risk	$	16,761,903	$	8,030,412

8.	*INCOME TAX INFORMATION*

As of October 31, 2019, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $1,961,432.


26		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Edge U.S. Fixed Income Balanced Risk	$	250,411,832	$	4,747,307	$	(3,257,855	)	$	1,489,452

9.	*PRINCIPAL RISKS*

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. 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 Fund and its investments. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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 the Fund’s portfolio are disclosed in its schedule of investments.

10.

CAPITAL SHARE TRANSACTIONS


NOTES TO FINANCIAL STATEMENTS			27

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 04/30/20						Year Ended 10/31/19
iShares ETF	Shares			Amount			Shares			Amount
Edge U.S. Fixed Income Balanced Risk
Shares sold		300,000		$	30,569,407			550,000		$	54,816,899
Shares redeemed		(100,000	)		(9,683,404	)		(300,000	)		(29,381,799	)

Net increase		200,000		$	20,886,003			250,000		$	25,435,100

11.

LEGAL PROCEEDINGS

12.

SUBSEQUENT EVENTS


28		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

The Board of Trustees (the “Board”) of iShares Edge U.S. Fixed Income Balanced Risk ETF met on December 3, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the iShares Funds (each, a “Fund”) pursuant to the Liquidity Rule. The Board has appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

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


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM			29

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 the 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.


	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
Edge U.S. Fixed Income Balanced Risk	$	1.535582	$	—	$	—	$	1.535582		100	%		—	%		—	%		100	%


30		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

Availability of Quarterly Schedule of Investments

The iShares 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 its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The iShares Fund’s Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records


GENERAL INFORMATION			31

Glossary of Terms Used in this Report


Portfolio Abbreviations — Fixed Income

PIK		Payment-in-kind


32		2020 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Fund’s 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”).

iS-SAR-1013-0420

Item 2.

Code of Ethics.

Not applicable to this semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Information Classification: Limited Access

Item 6.

Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

(a)

The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.

Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(b) Section 906 Certifications are attached.

Information Classification: Limited Access

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By: /s/ Armando Senra

Armando Senra, President (Principal Executive Officer)

Date: July 02, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Armando Senra

Armando Senra, President (Principal Executive Officer)

Date: July 02, 2020

By: /s/ Trent Walker

Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: July 02, 2020

Information Classification: Limited Access

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS EX-99.CERT

I, Armando Senra, certify that:

I have reviewed this report on Form N-CSR of iShares Trust for the following fifty-seven series: iShares 0-5 Year High Yield Corporate Bond ETF, iShares 0-5 Year Investment Grade Corporate Bond ETF, iShares 0-5 Year TIPS Bond ETF, iShares 1-3 Year International Treasury Bond ETF, iShares Aaa - A Rated Corporate Bond ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares CMBS ETF, iShares Convertible Bond ETF, iShares Core 1-5 Year USD Bond ETF, iShares Core International Aggregate Bond ETF, iShares Core Total USD Bond Market ETF, iShares Edge U.S. Fixed Income Balanced Risk ETF, iShares Fallen Angels USD Bond ETF, iShares Floating Rate Bond ETF, iShares Global Green Bond ETF, iShares GNMA Bond ETF, iShares iBonds 2021 Term High Yield and Income ETF, 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 Dec 2020 Term Corporate ETF, iShares iBonds Dec 2021 Term Corporate ETF, iShares iBonds Dec 2021 Term Muni Bond ETF, iShares iBonds Dec 2021 Term Treasury ETF, iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2022 Term Muni Bond ETF, iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2023 Term Muni Bond ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2024 Term Muni Bond ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term Muni Bond ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2027 Term Muni Bond ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2028 Term Muni Bond ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Mar 2023 Term Corporate ETF, iShares iBonds Mar 2023 Term Corporate ex-Financials ETF, iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF, iShares International Treasury Bond ETF, iShares J.P. Morgan USD Emerging Markets Bond ETF, iShares TIPS Bond ETF, iShares Treasury Floating Rate Bond ETF, iShares U.S. Treasury Bond ETF and iShares Yield Optimized Bond ETF;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

Information Classification: Limited Access

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 02, 2020

/s/ Armando Senra

President

(Principal Executive Officer)

Armando Senra

[Signature]

[Title]

Information Classification: Limited Access

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS EX-99.CERT

I, Trent Walker, certify that:

I have reviewed this report on Form N-CSR of iShares Trust for the following fifty-seven series: iShares 0-5 Year High Yield Corporate Bond ETF, iShares 0-5 Year Investment Grade Corporate Bond ETF, iShares 0-5 Year TIPS Bond ETF, iShares 1-3 Year International Treasury Bond ETF, iShares Aaa—A Rated Corporate Bond ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares CMBS ETF, iShares Convertible Bond ETF, iShares Core 1-5 Year USD Bond ETF, iShares Core International Aggregate Bond ETF, iShares Core Total USD Bond Market ETF, iShares Edge U.S. Fixed Income Balanced Risk ETF, iShares Fallen Angels USD Bond ETF, iShares Floating Rate Bond ETF, iShares Global Green Bond ETF, iShares GNMA Bond ETF, iShares iBonds 2021 Term High Yield and Income ETF, 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 Dec 2020 Term Corporate ETF, iShares iBonds Dec 2021 Term Corporate ETF, iShares iBonds Dec 2021 Term Muni Bond ETF, iShares iBonds Dec 2021 Term Treasury ETF, iShares iBonds Dec 2022 Term Corporate ETF, iShares iBonds Dec 2022 Term Muni Bond ETF, iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Corporate ETF, iShares iBonds Dec 2023 Term Muni Bond ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Corporate ETF, iShares iBonds Dec 2024 Term Muni Bond ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Corporate ETF, iShares iBonds Dec 2025 Term Muni Bond ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term Muni Bond ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Corporate ETF, iShares iBonds Dec 2027 Term Muni Bond ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2028 Term Muni Bond ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Mar 2023 Term Corporate ETF, iShares iBonds Mar 2023 Term Corporate ex-Financials ETF, iShares iBoxx $ High Yield ex Oil & Gas Corporate Bond ETF, iShares International Treasury Bond ETF, iShares J.P. Morgan USD Emerging Markets Bond ETF, iShares TIPS Bond ETF, iShares Treasury Floating Rate Bond ETF, iShares U.S. Treasury Bond ETF and iShares Yield Optimized Bond ETF;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(a)

(b)

(c)

Information Classification: Limited Access

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors(or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 02, 2020

/s/ Trent Walker

Treasurer and Chief Financial Officer

(Principal Financial Officer)

Trent Walker

[Signature]

[Title]

Information Classification: Limited Access

Ex.99.906 CERT

N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the “Registrant”), each certify, to his knowledge, that:

1. The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


Date: July 02, 2020	/s/ Armando Senra	President (Principal Executive Officer)
	Armando Senra [Signature]	[Title]

Date: July 02, 2020	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
	Trent Walker [Signature]	[Title]

Information Classification: Limited Access