2020 Semi-Annual Report (Unaudited)

APRIL 30, 2021

2021 Semi-Annual Report (Unaudited)

Dear Shareholder, The 12-month reporting period as of April 30, 2021 reflected a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the response to the virus’s spread was well underway, and countries around the world felt the effect of economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses were imposed in many parts of the world, workers were laid off, and unemploy- ment claims spiked, causing a global recession. As May 2020 began, stocks had just begun to recover from the lowest point following the onset of the pandemic. This recovery continued throughout the reporting period, as businesses continued re-opening and governments learned to adapt to life with the virus. Equity prices rose through the summer, fed by Rob Kapito strong fiscal and monetary support and improving economic indicators. The implementation of mass President, BlackRock, Inc. vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International Total Returns as of April 30, 2021 equities also gained, as both developed countries and emerging markets rebounded substantially. 6-Month 12-Month The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the U.S. large cap equities beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and 28.85% 45.98% economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking (S&P 500 Index) inflation concerns late in the reporting period, which led to higher yields and a negative overall return for U.S. small cap equities 48.06 74.91 most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) (Russell 2000 Index) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly. International equities (MSCI Europe, Australasia, 28.84 39.88 The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates Far East Index) and by announcing that inflation could exceed its 2% target for a sustained period without triggering a rate increase. To stabilize credit markets, the Fed also continued purchasing significant quantities of bonds, as Emerging market equities did other influential central banks around the world, including the European Central Bank and the Bank of (MSCI Emerging Markets 22.95 48.71 Japan. Index) Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, 3-month Treasury bills we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and (ICE BofA 3-Month 0.05 0.11 pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as U.S. Treasury Bill Index) the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely U.S. Treasury securities (ICE BofA 10-Year (6.26) (7.79) to be followed by interest rate hikes that could threaten the economic expansion. U.S. Treasury Index) Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in technology, while emerging markets U.S. investment grade bonds should be particularly helped by a vaccine-led economic expansion. While we are underweight overall on (Bloomberg Barclays (1.52) (0.27) credit, global high-yield and Asian bonds present attractive opportunities. We believe that international U.S. Aggregate Bond Index) diversification and a focus on sustainability can help provide portfolio resilience, and the disruption Tax-exempt municipal bonds 2.42 7.40 created by the coronavirus appears to be accelerating the shift toward sustainable investments. (S&P Municipal Bond Index)

In this environment, our view is that investors need to think globally, extend their scope across a broad U.S. high yield bonds array of asset classes, and be nimble as market conditions change. We encourage you to talk with your (Bloomberg Barclays 7.98 19.57 financial advisor and visit iShares.com for further insight about investing in today’s markets. U.S. Corporate High Yield 2% Sincerely, Issuer Capped Index) Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

Rob Kapito President, BlackRock, Inc.

2 T H I S P A G E I S NO T P ART O F Y OUR F U ND R E P O RT Table of Contents

Page The Markets in Review ...... 2 Fund Summary ...... 4 About Fund Performance ...... 10 Shareholder Expenses ...... 10 Schedules of Investments ...... 11 Financial Statements Statements of Assets and Liabilities ...... 40 Statements of Operations ...... 42 Statements of Changes in Net Assets ...... 44 Financial Highlights ...... 47 Notes to Financial Statements ...... 53 Board Review and Approval of Investment Advisory Contract ...... 60 Statement Regarding Liquidity Risk Management Program ...... 62 Supplemental Information ...... 63 General Information ...... 64 Glossary of Terms Used in this Report ...... 65 Fund Summary as of April 30, 2021 iShares iBonds 2021 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2021 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 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 similarr 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 Since Since 6 Months 1 Year Inception 1 Year Inception Fund NAV ...... 1.41% 6.50% 1.95% 6.50% 3.90% Fund Market...... 1.36 6.912.01 6.914.02 Index...... 1.456.511.98 6.51 3.95

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example

Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (11/01/20) (04/30/21) the Period (a) (11/01/20) (04/30/21) the Period (a) Ratio $ 1,000.00 $ 1,014.10 $ 1.70 $ 1,000.00 $ 1,023.10 $ 1.71 0.34%

(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 (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information. Portfolio Information

ALLOCATION BY CREDIT QUALITY FIVE LARGEST HOLDINGS Percent of Percent of Moody's Credit Ratings* Net Assets Security(a) Net Assets A...... 2.3% Deutsche Bank AG/New York NY, 4.25%, 10/14/21...... 3.1% Baa...... 53.4 CSC Holdings LLC, 6.75%, 11/15/21 ...... 2.6 Ba...... 17.6 Elanco Animal Health Inc., 4.91%, 08/27/21 ...... 2.6 B ...... 11.6 Oracle Corp., 1.90%, 09/15/21 ...... 2.5 Caa ...... 4.5 Starwood Property Trust Inc., 5.00%, 12/15/21...... 2.3 Not Rated...... 1.9 Short-Term and Other Assets ...... 8.7

* 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.

4 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Fund Summary as of April 30, 2021 iShares iBonds 2022 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2022 Term High Yield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2022, as represented by the Bloomberg 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 similarr 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 Since Since 6 Months 1 Year Inception 1 Year Inception Fund NAV ...... 4.25% 13.04% 3.51% 13.04% 7.08% Fund Market...... 4.11 9.57 3.65 9.577.37 Index...... 4.42 13.59 4.17 13.59 8.43

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

Expense Example

ALLOCATION BY CREDIT QUALITY FIVE LARGEST HOLDINGS Percent of Percent of Moody's Credit Ratings* Net Assets Security(a) Net Assets A...... 1.3% Sprint Communications Inc., 6.00%, 11/15/22...... 2.3% Baa...... 31.6 Lumen Technologies Inc., Series T, 5.80%, 03/15/22...... 2.3 Ba...... 43.8 DISH DBS Corp., 5.88%, 07/15/22 ...... 2.2 B ...... 12.8 CIT Group Inc., 5.00%, 08/15/22 ...... 2.1 Caa ...... 7.0 OneMain Finance Corp., 6.13%, 05/15/22...... 2.0 Not Rated...... 2.1 Short-Term and Other Assets ...... 1.4

F U ND S U MMARY 5 Fund Summary as of April 30, 2021 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 similarr 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 Since Since 6 Months 1 Year Inception 1 Year Inception Fund NAV ...... 7.05% 16.63% 4.71% 16.63% 9.58% Fund Market...... 6.89 16.36 4.90 16.36 9.96 Index...... 7.42 17.66 6.06 17.66 12.36

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

Expense Example

ALLOCATION BY CREDIT QUALITY FIVE LARGEST HOLDINGS Percent of Percent of Moody's Credit Ratings* Net Assets Security(a) Net Assets Baa...... 4.8% Sprint Corp., 7.88%, 09/15/23...... 3.4% Ba...... 47.4 Carnival Corp., 11.50%, 04/01/23 ...... 3.0 B ...... 24.8 Ligado Networks LLC (15.50% PIK), 15.50%, 11/01/23...... 2.7 Caa ...... 17.3 Tenet Healthcare Corp., 6.75%, 06/15/23...... 2.6 Not Rated...... 4.0 DISH DBS Corp., 5.00%, 03/15/23 ...... 2.2 Short-Term and Other Assets ...... 1.7

6 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Fund Summary as of April 30, 2021 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 similarr 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 Since Since 6 Months 1 Year Inception 1 Year Inception Fund NAV ...... 8.07% 16.74% 4.67% 16.74% 9.49% Fund Market...... 7.8215.46 4.77 15.46 9.69 Index...... 8.72 18.55 5.58 18.55 11.36

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

Expense Example

ALLOCATION BY CREDIT QUALITY FIVE LARGEST HOLDINGS Percent of Percent of Moody's Credit Ratings* Net Assets Security(a) Net Assets Baa...... 1.2% Sprint Corp., 7.13%, 06/15/24...... 2.8% Ba...... 45.4 Occidental Petroleum Corp., 2.90%, 08/15/24 ...... 2.5 B ...... 31.4 DISH DBS Corp., 5.88%, 11/15/24 ...... 1.9 Caa ...... 15.9 Weatherford International Ltd., 11.00%, 12/01/24 ...... 1.7 Not Rated...... 4.0 Intesa Sanpaolo SpA, 5.02%, 06/26/24...... 1.7 Short-Term and Other Assets ...... 2.1

F U ND S U MMARY 7 Fund Summary as of April 30, 2021 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 similarr 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 Since Since 6 Months 1 Year Inception 1 Year Inception Fund NAV ...... 7.11% 17.62% 5.90% 17.62% 12.07% Fund Market...... 7.00 15.88 6.00 15.88 12.27 Index...... 7.65 18.266.3218.26 12.91

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

Expense Example

ALLOCATION BY CREDIT QUALITY FIVE LARGEST HOLDINGS Percent of Percent of Moody's Credit Ratings* Net Assets Security(a) Net Assets Baa...... 2.0% Caesars Entertainment Inc., 6.25%, 07/01/25...... 1.4% Ba...... 41.0 HCA Inc., 5.38%, 02/01/25...... 1.3 B ...... 39.5 American Airlines Inc., 11.75%, 07/15/25 ...... 1.3 Caa ...... 13.6 Royal Caribbean Cruises Ltd., 11.50%, 06/01/25...... 1.1 Ca...... 0.1 Ford Motor Co., 9.00%, 04/22/25...... 1.1 Not Rated...... 1.9 Short-Term and Other Assets ...... 1.9

8 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Fund Summary as of April 30, 2021 iShares iBonds 2026 Term High Yield and Income ETF

Investment Objective

The iShares iBonds 2026 Term High Yield and Income ETF (the "Fund") seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2026, as represented by the Bloomberg Barclays 2026 Term High Yield and Income Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similarr 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 ...... 4.01% Fund Market...... 4.36 Index...... 4.38

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

Expense Example

Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (11/10/20)(a) (04/30/21) the Period (b) (11/01/20) (04/30/21) the Period (b) Ratio $ 1,000.00 $ 1,040.10 $ 1.67 $ 1,000.00 $ 1,023.10 $ 1.76 0.35%

(a) The beginning of the period (commencement of operations) is November 10, 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 (171 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information. Portfolio Information

ALLOCATION BY CREDIT QUALITY FIVE LARGEST HOLDINGS Percent of Percent of Moody's Credit Ratings* Net Assets Security(a) Net Assets Baa...... 2.7% TransDigm Inc., 6.25%, 03/15/26...... 1.9% Ba...... 38.0 American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26 . 1.4 B ...... 41.6 Ford Motor Credit Co. LLC, 4.39%, 01/08/26...... 1.4 Caa ...... 15.2 Altice Financing SA, 7.50%, 05/15/26 ...... 1.4 Not Rated...... 0.7 CHS/Community Health Systems Inc., 8.00%, 03/15/26...... 1.0 Short-Term and Other Assets ...... 1.8

F U ND S U MMARY 9 About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of 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. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined 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 and other fees 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.

10 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) iShares iBonds 2021 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value Corporate Bonds & Notes Diversified Financial Services (continued) Air Lease Corp., 3.38%, 06/01/21 ...... $ 200 $ 200,432 Advertising — 0.2% Capital One Financial Corp., 4.75%, 07/15/21 ...... 800 807,144 Interpublic Group of Companies Inc. (The), 3.75%, 10/01/21 . ... $ 7 5 $ 76,064 Synchrony Financial, 3.75%, 08/15/21 (Call 06/15/21)...... 409 410,616 Aerospace & Defense — 1.4% 1,570,886 Boeing Co. (The) Electric — 7.6% 2.30%, 08/01/21...... 350 351,481 American Electric Power Co. Inc., Series I, 3.65%, 12/01/21..... 100 101,866 2.35%, 10/30/21...... 100 100,838 CenterPoint Energy Inc., 3.60%, 11/01/21(a) ...... 130 132,052 8.75%, 08/15/21...... 108 110,540 Consolidated Edison Inc., 2.00%, 05/15/21 (Call 05/15/21) ...... 100 100,051 562,859 Dominion Energy Inc. (b) Agriculture — 0.9% 2.72%, 08/15/21 ...... 325 327,142 Altria Group Inc., 4.75%, 05/05/21 ...... 380 380,000 Series C, 2.00%, 08/15/21 (Call 07/15/21) ...... 100 100,326 Duke Energy Corp. Auto Manufacturers — 5.9% 1.80%, 09/01/21 (Call 08/01/21)...... 475 476,748 Ford Motor Credit Co. LLC 3.55%, 09/15/21 (Call 06/15/21)...... 75 7 5,274 3.81%, 10/12/21...... 350 353,507 Emera U.S. Finance LP, 2.70%, 06/15/21 (Call 05/15/21)...... 250 250,435 5.88%, 08/02/21...... 750 758,497 NextEra Energy Capital Holdings Inc., 2.40%, 09/01/21 ...... 730 735,175 General Motors Financial Co. Inc. PSEG Power LLC, 3.00%, 06/15/21 (Call 05/15/21)...... 125 125,239 3.20%, 07/06/21 (Call 06/06/21)...... 175 175,431 Public Service Enterprise Group Inc., 2.00%, 11/15/21 4.20%, 11/06/21 ...... 850 866,073 (Call 10/15/21) ...... 100 100,756 4.38%, 09/25/21...... 275 279,249 Puget Energy Inc., 6.00%, 09/01/21...... 225 228,967 2,432,757 Southern Co. (The), 2.35%, 07/01/21 (Call 06/01/21)...... 275 275,432 Banks — 8.1% Southern Power Co., Series E, 2.50%, 12/15/21 Associated Bank N.A./Green Bay WI, 3.50%, 08/13/21 (Call 11/15/21)(a)...... 100 101,178 (Call 07/13/21) ...... 250 251,507 3,130,641 Barclays PLC, 3.20%, 08/10/21 ...... 600 604,896 Electronics — 0.2% Capital One N.A., 2.95%, 07/23/21 (Call 06/23/21) ...... 250 250,903 Avnet Inc., 3.75%, 12/01/21 (Call 11/01/21)...... 100 101,695 Citizens Financial Group Inc., 2.38%, 07/28/21 (Call 06/28/21) . . 125 125,388 Deutsche Bank AG, 3.38%, 05/12/21...... 50 50,031 Food — 3.9% (a) Deutsche Bank AG/New York NY, 4.25%, 10/14/21...... 1,250 1,270,187 General Mills Inc., 3.15%, 12/15/21 (Call 09/15/21) ...... 675 681,858 Discover Bank, 3.20%, 08/09/21 (Call 07/09/21)(a) ...... 250 251,268 JM Smucker Co. (The), 3.50%, 10/15/21 ...... 380 385,350 Santander Holdings USA Inc., 4.45%, 12/03/21 (Call 11/03/21) . . 250 254,892 Kroger Co. (The), 2.95%, 11/01/21 (Call 10/01/21) ...... 175 176,887 Santander UK Group Holdings PLC, 2.88%, 08/05/21...... 250 251,650 Sysco Corp., 2.50%, 07/15/21 (Call 06/15/21) ...... 150 150,372 Tyson Foods Inc., 2.25%, 08/23/21 (Call 07/23/21)(a)...... 200 200,858 3,310,722 Beverages — 1.9% 1,595,325 Keurig Dr Pepper Inc., 3.55%, 05/25/21 ...... 330 330,634 Gas — 0.1% Molson Coors Beverage Co., 2.10%, 07/15/21 (Call 06/15/21). . . 430 430,834 Southern Co. Gas Capital Corp., 3.50%, 09/15/21 (Call 06/15/21) ...... 50 50,182 761,468 Biotechnology — 1.2% Health Care - Products — 0.1% (a) Gilead Sciences Inc., 4.40%, 12/01/21 (Call 09/01/21) ...... 475 481,270 Zimmer Biomet Holdings Inc., 3.38%, 11/30/21 (Call 08/30/21) . . 50 50,480

Chemicals — 0.7% Health Care - Services — 0.4% Celanese U.S. Holdings LLC, 5.88%, 06/15/21 ...... 75 75,439 Anthem Inc., 3.70%, 08/15/21 (Call 05/15/21)...... 175 175,182 Eastman Chemical Co., 3.50%, 12/01/21 ...... 50 50,902 Mosaic Co. (The), 3.75%, 11/15/21 (Call 08/15/21)...... 175 176,587 Home Builders — 2.6% KB Home, 7.00%, 12/15/21 (Call 09/15/21) ...... 700 715,750 302,928 Lennar Corp., 6.25%, 12/15/21 (Call 06/15/21)...... 340 342,414 Commercial Services — 0.7% Equifax Inc., 3.60%, 08/15/21...... 200 201,830 1,058,164 Verisk Analytics Inc., 5.80%, 05/01/21 ...... 75 75,000 Home Furnishings — 0.1% Whirlpool Corp., 4.85%, 06/15/21...... 50 50,257 276,830 Computers — 1.2% Household Products & Wares — 0.1% Hewlett Packard Enterprise Co., 3.50%, 10/05/21 Clorox Co. (The), 3.80%, 11/15/21 ...... 50 50,923 (Call 09/05/21) ...... 150 151,562 HP Inc. Insurance — 2.1% 4.38%, 09/15/21(a) ...... 100 101,407 Genworth Holdings Inc., 7.63%, 09/24/21 ...... 665 678,028 4.65%, 12/09/21...... 225 230,548 Trinity Acquisition PLC, 3.50%, 09/15/21 (Call 08/15/21)(a) ...... 175 176,440 483,517 854,468 Diversified Financial Services — 3.8% Lodging — 0.5% AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Marriott International Inc./MD, Series N, 3.13%, 10/15/21 5.00%, 10/01/21...... 150 152,694 (Call 07/15/21) ...... 200 200,940

S C HEDU LE O F I NVES TMENTS 11 Schedule of Investments (unaudited) (continued) iShares iBonds 2021 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par/ Par Shares Security (000) Value Security (000) Value

Machinery — 1.0% Retail (continued) CNH Industrial Capital LLC, 3.88%, 10/15/21 ...... $ 133 $ 134,974 Walgreens Boots Alliance Inc., 3.30%, 11/18/21 (Call 09/18/21). . $ 525 $ 530,523 IDEX Corp., 4.20%, 12/15/21 (Call 09/15/21) ...... 125 126,725 Yum! Brands Inc., 3.75%, 11/01/21 (Call 08/01/21)(a) ...... 725 728,973 (a) Xylem Inc., 4.88%, 10/01/21 ...... 150 152,656 2,013,356 414,355 Savings & Loans — 0.3% Manufacturing — 2.7% First Niagara Financial Group Inc., 7.25%, 12/15/21...... 100 104,067 Bombardier Inc., 8.75%, 12/01/21(a)(c) ...... 685 712,208 General Electric Co., 4.65%, 10/17/21...... 400 407,772 Semiconductors — 0.9% Analog Devices Inc., 2.50%, 12/05/21 (Call 11/05/21) ...... 125 126,391 1,119,980 Microchip Technology Inc., 3.92%, 06/01/21 ...... 225 225,585 Media — 5.1% CSC Holdings LLC, 6.75%, 11/15/21 ...... 1,050 1,078,875 351,976 DISH DBS Corp., 6.75%, 06/01/21(a) ...... 785 787,983 Software — 3.1% Time Warner Cable LLC, 4.00%, 09/01/21 (Call 06/01/21)(a) . .... 225 225,585 Fiserv Inc., 4.75%, 06/15/21...... 50 50,252 Oracle Corp., 1.90%, 09/15/21 (Call 08/15/21)(a) ...... 1,025 1,029,705 2,092,443 Roper Technologies Inc., 2.80%, 12/15/21 (Call 11/15/21) ...... 180 182,360 Mining — 0.8% Kinross Gold Corp., 5.13%, 09/01/21 (Call 06/01/21)...... 325 326,089 1,262,317 Telecommunications — 7.8% Oil & Gas — 2.6% Hughes Satellite Systems Corp., 7.63%, 06/15/21 ...... 760 765,746 Canadian Natural Resources Ltd., 3.45%, 11/15/21 Lumen Technologies Inc., Series S, 6.45%, 06/15/21...... 625 628,344 (Call 08/15/21) ...... 125 126,072 Qwest Corp., 6.75%, 12/01/21(a) ...... 700 721,966 Energen Corp., 4.63%, 09/01/21 (Call 06/01/21) ...... 15 15,042 Sprint Communications Inc., 11.50%, 11/15/21...... 325 342,426 Ovintiv Inc., 3.90%, 11/15/21 (Call 08/15/21)...... 850 857,803 Sprint Corp., 7.25%, 09/15/21...... 725 740,312 Suncor Energy Inc., 9.25%, 10/15/21...... 50 51,978 3,198,794 1,050,895 Transportation — 2.1% Oil & Gas Services — 0.8% Navios Maritime Acquisition Corp./Navios Acquisition Finance Halliburton Co., 3.25%, 11/15/21 (Call 08/15/21) ...... 310 312,474 U.S. Inc., 8.13%, 11/15/21 (Call 06/01/21)(c) ...... 600 454,344 Norfolk Southern Corp., 3.25%, 12/01/21 (Call 09/01/21)(a) ...... 175 176,704 Packaging & Containers — 0.2% Ryder System Inc., 3.45%, 11/15/21 (Call 10/15/21)...... 125 126,709 Amcor Flexibles North America Inc., 4.50%, 10/15/21 Union Pacific Corp., 3.20%, 06/08/21(a)...... 105 105,295 (Call 07/15/21)(a) ...... 100 100,749 863,052 Pharmaceuticals — 7.7% AbbVie Inc. Total Corporate Bonds & Notes — 91.3% 2.15%, 11/19/21 ...... 625 631,119 (Cost: $37,450,088)...... 37,482,621 3.38%, 11/14/21 ...... 100 101,600 5.00%, 12/15/21 (Call 09/16/21)(a) ...... 225 228,751 Short-Term Investments CVS Health Corp., 2.13%, 06/01/21 (Call 05/01/21) ...... 375 375,229 Money Market Funds — 20.8% Elanco Animal Health Inc., 4.91%, 08/27/21 ...... 1,050 1,062,474 BlackRock Cash Funds: Institutional, SL Agency Shares, Utah Acquisition Sub Inc., 3.15%, 06/15/21 (Call 05/15/21) ...... 630 631,310 0.08%(d)(e)(f) ...... 3,616 3,617,482 Zoetis Inc., 3.25%, 08/20/21 ...... 150 151,288 BlackRock Cash Funds: Treasury, SL Agency Shares, 3,181,771 0.00%(d)(e) ...... 4,940 4,940,000 Pipelines — 4.2% 8,557,482 ANR Pipeline Co., 9.63%, 11/01/21 ...... 75 78,379 DCP Midstream Operating LP, 4.75%, 09/30/21 Total Short-Term Investments — 20.8% (Call 06/30/21)(c) ...... 765 768,894 (Cost: $8,557,248)...... 8,557,482 Enbridge Energy Partners LP, 4.20%, 09/15/21 (Call 06/15/21) . . 247 248,057 Total Investments in Securities — 112.1% Kinder Morgan Energy Partners LP, 5.00%, 10/01/21 (Cost: $46,007,336)...... 46,040,103 (Call 07/01/21) ...... 235 236,704 Williams Companies Inc. (The) Other Assets, Less Liabilities — (12.1)%...... (4,956,924) 4.00%, 11/15/21 (Call 08/15/21) ...... 350 353,426 Net Assets — 100.0% ...... $ 41,083,179 7.88%, 09/01/21...... 50 51,176 1,736,636 (a) All or a portion of this security is on loan. (b) Real Estate Investment Trusts — 3.4% Step coupon security. Coupon rate will either increase (step-up bond) or decrease Diversified Healthcare Trust, 6.75%, 12/15/21 (Call 06/15/21) . . . 450 452,610 (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. Starwood Property Trust Inc., 5.00%, 12/15/21 (Call 09/15/21). . . 935 943,499 (c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1,396,109 1933, as amended. These securities may be resold in transactions exempt from Retail — 4.9% registration to qualified institutional investors. Lowe's Companies Inc., 3.80%, 11/15/21 (Call 08/15/21) ...... 125 126,214 (d) Affiliate of the Fund. (e) Nordstrom Inc., 4.00%, 10/15/21 (Call 07/15/21) ...... 525 527,168 Annualized 7-day yield as of period-end. (f) O'Reilly Automotive Inc., 4.63%, 09/15/21 (Call 06/15/21) ...... 100 100,478 All or a portion of this security was purchased with cash collateral received from loaned securities.

12 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2021 Term High Yield and Income ETF April 30, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Change in Shares Unrealized Held at Capital Gain Value at Purchases Proceeds Net Realized Appreciation Value at 04/30/21 Distributions from Affiliated Issuer 10/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 (000) Income Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $1,241,761 $2,376,243(a) $ —$ (335) $ (187) $3,617,482 3,616 $ 2,648(b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares...... 610,000 4,330,000(a) — — — 4,940,0004,940 249 — $ (335) $ (187) $8,557,482 $ 2,897 $ —

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

Fair Value 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, 2021. 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...... $ — $37,482,621 $ — $37,482,621 Money Market Funds ...... 8,557,482 — — 8,557,482 $ 8,557,482 $37,482,621 $ — $46,040,103

See notes to financial statements.

S C HEDU LE O F I NVES TMENTS 13 Schedule of Investments (unaudited) iShares iBonds 2022 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value Corporate Bonds & Notes Banks (continued) Morgan Stanley, 4.88%, 11/01/22 ...... $ 250 $ 266,175 Advertising — 0.3% Natwest Group PLC, 6.13%, 12/15/22...... 145 156,973 Omnicom Group Inc./Omnicom Capital Inc., 3.63%, 05/01/22. ... $ 9 5 $ 97,866 Santander Holdings USA Inc., 3.70%, 03/28/22 WPP Finance 2010, 3.63%, 09/07/22 ...... 35 36,453 (Call 02/28/22)(a) ...... 50 51,273 134,319 2,403,724 Aerospace & Defense — 1.1% Beverages — 0.3% Boeing Co. (The), 2.70%, 05/01/22(a)...... 50 51,010 Constellation Brands Inc., 2.65%, 11/07/22 (Call 10/07/22) ...... 100 103,109 Howmet Aerospace Inc., 5.87%, 02/23/22 ...... 325 339,625 Molson Coors Beverage Co., 3.50%, 05/01/22...... 35 36,043 Raytheon Technologies Corp. 2.50%, 12/15/22 (Call 09/15/22)...... 75 77,171 139,152 2.80%, 03/15/22 (Call 02/15/22)...... 50 50,990 Biotechnology — 0.8% Amgen Inc., 2.65%, 05/11/22 (Call 04/11/22)...... 200 204,456 518,796 Biogen Inc., 3.63%, 09/15/22 ...... 50 52,232 Agriculture — 1.0% Gilead Sciences Inc., 3.25%, 09/01/22 (Call 07/01/22) ...... 125 129,189 Altria Group Inc., 2.85%, 08/09/22(a) ...... 125 128,848 BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22) ...... 45 46,145 385,877 Bunge Ltd. Finance Corp., 3.00%, 09/25/22 (Call 08/25/22) . .... 30 30,915 Chemicals — 1.3% Cooke Omega Investments Inc./Alpha VesselCo Holdings Inc., Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)...... 318 330,847 8.50%, 12/15/22 (Call 06/15/21)(b) ...... 241 247,763 Cabot Corp., 3.70%, 07/15/22 ...... 25 2 5,746 Celanese U.S. Holdings LLC, 4.63%, 11/15/22(a)...... 35 37,066 453,671 Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22) ...... 50 51,594 Airlines — 3.4% Huntsman International LLC, 5.13%, 11/15/22 (Call 08/15/22) . . . 3 5 3 6 , 8 9 0 American Airlines Group Inc., 5.00%, 06/01/22(b)...... 533 528,997 Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22)...... 90 93,546 Continental Airlines Inc. Pass Through Trust, Series 2007-1, NewMarket Corp., 4.10%, 12/15/22 ...... 25 2 6,315 Class A, 5.98%, 10/19/23 ...... 18 18,375 Delta Air Lines Inc., 3.63%, 03/15/22 (Call 02/15/22)(a) ...... 675 685,091 602,004 Delta Air Lines Pass Through Trust, Series 2007-1, Class A, Commercial Services — 6.0% 6.82%, 02/10/24...... 12 12,381 ADT Security Corp. (The), 3.50%, 07/15/22...... 871 891,529 United Airlines Holdings Inc., 4.25%, 10/01/22 ...... 315 321,310 APX Group Inc., 7.88%, 12/01/22 (Call 12/01/21) ...... 395 396,860 Block Financial LLC, 5.50%, 11/01/22 (Call 05/01/22)(a) ...... 100 104,626 1,566,154 CoreCivic Inc., 5.00%, 10/15/22 (Call 07/15/22)(a)...... 145 152,452 Apparel — 0.1% Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)(a) ...... 35 36,353 Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22) ...... 30 30,643 IHS Markit Ltd., 5.00%, 11/01/22 (Call 08/01/22)(b) ...... 500 526,660 Auto Manufacturers — 3.7% Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II (b) Ford Motor Credit Co. LLC Finance Inc., 7.88%, 10/01/22 (Call 05/17/21) ...... 250 245,310 2.98%, 08/03/22 (Call 07/03/22)...... 125 126,779 Moody's Corp., 4.50%, 09/01/22 (Call 06/01/22) ...... 35 36,496 (b) 3.22%, 01/09/22...... 75 75,849 North Queensland Export Terminal Pty Ltd., 4.45%, 12/15/22 . . 325 307,041 3.34%, 03/28/22 (Call 02/28/22)...... 125 126,734 PayPal Holdings Inc., 2.20%, 09/26/22 ...... 50 51,279 3.35%, 11/01/22 ...... 225 230,130 Verisk Analytics Inc., 4.13%, 09/12/22 ...... 25 2 6,215 3.55%, 10/07/22...... 110 112,760 2,774,821 4.25%, 09/20/22...... 175 180,696 Computers — 0.9% 5.60%, 01/07/22...... 225 231,318 Genpact Luxembourg Sarl, 3.70%, 04/01/22 (Call 03/01/22). .... 25 2 5,601 General Motors Financial Co. Inc. Hewlett Packard Enterprise Co., 4.40%, 10/15/22 3.15%, 06/30/22 (Call 05/30/22)...... 240 246,382 (Call 08/15/22) ...... 125 131,161 3.45%, 01/14/22 (Call 12/14/21)...... 50 50,879 Vericast Corp., 8.38%, 08/15/22 (Call 06/01/21)(b)...... 270 275,343 3.45%, 04/10/22 (Call 02/10/22)...... 60 61,355 432,105 3.55%, 07/08/22...... 250 258,622 Diversified Financial Services — 7.2% 1,701,504 Air Lease Corp. Auto Parts & Equipment — 0.9% 2.63%, 07/01/22 (Call 06/01/22)...... 200 204,244 ZF North America Capital Inc., 4.50%, 04/29/22(b)...... 395 406,408 3.50%, 01/15/22...... 25 2 5,519 3.75%, 02/01/22 (Call 12/01/21)...... 45 4 5,824 Banks — 5.2% Aircastle Ltd., 5.50%, 02/15/22...... 35 36,250 CIT Group Inc., 5.00%, 08/15/22 ...... 935 984,583 Ally Financial Inc., 4.63%, 05/19/22 ...... 75 7 8,162 Citigroup Inc., 4.05%, 07/30/22 ...... 160 166,936 Capital One Financial Corp., 3.05%, 03/09/22 (Call 02/09/22) . . . 50 51,044 Cooperatieve Rabobank U.A., 3.95%, 11/09/22 ...... 100 105,021 Discover Financial Services, 3.85%, 11/21/22...... 150 157,715 Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22. . . 150 156,372 International Lease Finance Corp., 5.88%, 08/15/22 ...... 275 293,298 Deutsche Bank AG/New York NY Navient Corp. 3.30%, 11/16/22 ...... 200 207,714 6.50%, 06/15/22...... 641 672,947 Series D, 5.00%, 02/14/22 ...... 200 206,582 7.25%, 01/25/22...... 355 368,767 Fifth Third Bancorp., 2.60%, 06/15/22 (Call 05/15/22) ...... 75 76,782 OneMain Finance Corp., 6.13%, 05/15/22...... 861 902,104 Huntington Bancshares Inc./OH, 2.30%, 01/14/22 (Call 12/14/21) ...... 25 25,313

14 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2022 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Diversified Financial Services (continued) Health Care - Services (continued) Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, Humana Inc., 3.15%, 12/01/22 (Call 09/01/22) ...... $ 5 0 $ 51,752 12/15/22 (Call 12/15/21)(b) ...... $ 285 $ 289,395 Laboratory Corp. of America Holdings, 3.75%, 08/23/22 Synchrony Financial, 2.85%, 07/25/22 (Call 06/25/22)...... 200 204,916 (Call 05/23/22) ...... 150 155,118 3,330,185 Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)...... 605 636,303 Electric — 4.6% 1,137,119 Dominion Energy Inc., Series B, 2.75%, 09/15/22 Holding Companies - Diversified — 0.2% (Call 06/15/22) ...... 50 51,251 Ares Capital Corp., 3.63%, 01/19/22 (Call 12/19/21) ...... 45 4 5,831 DTE Energy Co. FS KKR Capital Corp., 4.75%, 05/15/22 (Call 04/15/22) ...... 35 36,201 2.25%, 11/01/22 ...... 50 51,319 82,032 Series H, 0.55%, 11/01/22 ...... 100 100,202 Home Builders — 2.3% Duke Energy Corp. DR Horton Inc., 4.38%, 09/15/22 (Call 06/15/22)...... 25 2 6,039 2.40%, 08/15/22 (Call 07/15/22)...... 50 51,167 KB Home, 7.50%, 09/15/22 ...... 300 325,410 3.05%, 08/15/22 (Call 05/15/22)...... 250 256,617 Lennar Corp. Edison International, 2.40%, 09/15/22 (Call 08/15/22) ...... 50 51,017 4.13%, 01/15/22 (Call 10/15/21)...... 165 167,553 Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22)...... 50 51,870 4.75%, 11/15/22 (Call 08/15/22) ...... 245 257,561 Eversource Energy, Series K, 2.75%, 03/15/22 (Call 02/15/22) . . 5 0 5 0 , 8 9 9 NVR Inc., 3.95%, 09/15/22 (Call 06/15/22)...... 45 4 6,713 Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22)...... 85 87,552 Toll Brothers Finance Corp., 5.88%, 02/15/22 (Call 11/15/21) .... 225 231,133 Exelon Generation Co. LLC, 4.25%, 06/15/22 (Call 03/15/22). . . . 7 5 77,433 1,054,409 FirstEnergy Corp., Series A, 3.35%, 07/15/22 (Call 05/15/22).... 325 332,010 Household Products & Wares — 0.1% ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22) ...... 100 103,046 Church & Dwight Co. Inc., 2.88%, 10/01/22...... 50 51,731 NextEra Energy Capital Holdings Inc. 1.95%, 09/01/22...... 50 51,028 Housewares — 0.6% 2.90%, 04/01/22...... 25 25,606 Newell Brands Inc., 4.00%, 06/15/22 (Call 03/15/22)(a) ...... 255 261,933 Pacific Gas & Electric Co., 1.75%, 06/16/22 (Call 06/16/21) . .... 200 200,162 PPL Capital Funding Inc., 4.20%, 06/15/22 (Call 03/15/22) ...... 50 51,555 Insurance — 0.9% (a) Public Service Enterprise Group Inc., 2.65%, 11/15/22 Alleghany Corp., 4.95%, 06/27/22 ...... 30 31,540 (Call 10/15/22)(a) ...... 50 51,606 American International Group Inc., 4.88%, 06/01/22...... 225 235,517 Puget Energy Inc., 5.63%, 07/15/22 (Call 04/15/22) ...... 35 36,643 Enstar Group Ltd., 4.50%, 03/10/22 (Call 02/10/22) ...... 25 2 5,651 Sempra Energy, 2.88%, 10/01/22 (Call 07/01/22) ...... 100 102,783 Fidelity National Financial Inc., 5.50%, 09/01/22 ...... 30 31,926 (a) TransAlta Corp., 4.50%, 11/15/22 (Call 08/15/22)(a) ...... 310 322,800 Markel Corp., 4.90%, 07/01/22 ...... 25 2 6,239 Primerica Inc., 4.75%, 07/15/22(a) ...... 30 31,474 2,106,566 WR Berkley Corp., 4.63%, 03/15/22...... 25 2 5,864 Electronics — 0.8% Arrow Electronics Inc., 3.50%, 04/01/22 (Call 02/01/22) ...... 25 25,578 408,211 Avnet Inc., 4.88%, 12/01/22...... 25 26,563 Internet — 2.9% Ingram Micro Inc., 5.00%, 08/10/22 (Call 02/10/22) ...... 260 268,978 Cogent Communications Group Inc., 5.38%, 03/01/22 (a)(b) Jabil Inc., 4.70%, 09/15/22(a)...... 35 36,915 (Call 12/01/21) ...... 259 265,980 E*TRADE Financial Corp., 2.95%, 08/24/22 (Call 07/24/22) .. . . . 50 51,519 358,034 eBay Inc., 2.60%, 07/15/22 (Call 04/15/22) ...... 100 102,086 Engineering & Construction — 0.5% Netflix Inc., 5.50%, 02/15/22...... 575 596,091 Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22 NortonLifeLock Inc., 3.95%, 06/15/22 (Call 03/15/22) ...... 295 301,227 (Call 05/15/21) ...... 215 215,396 1,316,903 Food — 1.9% Leisure Time — 1.1% General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22) ...... 25 25,746 Royal Caribbean Cruises Ltd., 5.25%, 11/15/22...... 480 494,429 Kraft Heinz Foods Co., 3.50%, 06/06/22...... 615 633,284 Kroger Co. (The), 2.80%, 08/01/22 (Call 07/01/22) ...... 50 51,437 Lodging — 2.5% McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 07/15/22) . .... 50 51,379 Marriott International Inc./MD, 2.30%, 01/15/22 (Call 12/15/21) . . 25 25,232 Mondelez International Inc., 0.63%, 07/01/22 ...... 50 50,158 MGM Resorts International, 7.75%, 03/15/22 ...... 711 748,406 Sysco Corp., 2.60%, 06/12/22 ...... 35 35,806 Travel & Leisure Co., 4.25%, 03/01/22 (Call 12/01/21) ...... 375 380,160 Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22)...... 50 51,778 1,153,798 899,588 Machinery — 0.2% (a) Health Care - Products — 0.2% CNH Industrial Capital LLC, 4.38%, 04/05/22 ...... 35 36,223 DH Europe Finance II Sarl, 2.05%, 11/15/22 ...... 50 51,246 Flowserve Corp., 3.50%, 09/15/22 (Call 06/15/22) ...... 35 36,062 Zimmer Biomet Holdings Inc., 3.15%, 04/01/22 (Call 02/01/22) . . 50 51,039 72,285 102,285 Manufacturing — 2.9% Health Care - Services — 2.5% Bombardier Inc. (b) Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22)...... 160 164,650 5.75%, 03/15/22 ...... 280 290,063 (b) Anthem Inc. 6.00%, 10/15/22 (Call 05/31/21) ...... 756 755,493 2.95%, 12/01/22 (Call 11/01/22) ...... 75 77,851 Carlisle Companies Inc., 3.75%, 11/15/22 (Call 08/15/22) ...... 25 26,025 3.13%, 05/15/22...... 50 51,445 Eaton Corp., 2.75%, 11/02/22...... 125 129,418

S C HEDU LE O F I NVES TMENTS 15 Schedule of Investments (unaudited) (continued) iShares iBonds 2022 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Manufacturing (continued) Pharmaceuticals (continued) General Electric Co. Cardinal Health Inc., 2.62%, 06/15/22 (Call 05/15/22) ...... $ 110 $ 112,408 2.70%, 10/09/22(a) ...... $ 8 0 $ 82,655 Cigna Corp., 3.05%, 11/30/22 (Call 10/31/22)...... 100 103,797 3.15%, 09/07/22...... 50 51,812 CVS Health Corp. 1,335,466 2.75%, 12/01/22 (Call 09/01/22)...... 200 206,278 Media — 7.7% 3.50%, 07/20/22 (Call 05/20/22)...... 50 51,648 Charter Communications Operating LLC/Charter 4.75%, 12/01/22 (Call 09/01/22)...... 30 31,675 (a) Communications Operating Capital, 4.46%, 07/23/22 McKesson Corp., 2.70%, 12/15/22 (Call 09/15/22) ...... 50 51,511 (b) (Call 05/23/22) ...... 325 338,221 Viatris Inc., 1.13%, 06/22/22 ...... 150 150,903 CSC Holdings LLC, 5.88%, 09/15/22 ...... 600 631,122 1,484,889 DISH DBS Corp., 5.88%, 07/15/22 ...... 986 1,031,711 Pipelines — 4.9% Fox Corp., 3.67%, 01/25/22...... 50 51,209 DCP Midstream Operating LP, 4.95%, 04/01/22 (Call 01/01/22). . 205 209,705 Sirius XM Radio Inc., 3.88%, 08/01/22 (Call 08/01/21)(b) ...... 736 739,599 Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22) ...... 100 102,694 Videotron Ltd., 5.00%, 07/15/22...... 715 744,429 Energy Transfer LP 3,536,291 4.65%, 02/15/22...... 15 1 5,473 Metal Fabricate & Hardware — 0.2% 5.20%, 02/01/22 (Call 11/01/21) ...... 75 7 6,696 Hillman Group Inc. (The), 6.38%, 07/15/22 (Call 07/15/21)(b) . . . . 91 91,076 Energy Transfer Partners LP/Regency Energy Finance Corp. 5.00%, 10/01/22 (Call 07/01/22)...... 200 209,802 Mining — 1.6% 5.88%, 03/01/22 (Call 12/01/21)...... 65 66,963 Ferroglobe PLC/Globe Specialty Metals Inc., 9.38%, 03/01/22 Enterprise Products Operating LLC, 4.05%, 02/15/22 ...... 100 102,871 (Call 06/01/21)(b) ...... 175 172,031 Kinder Morgan Energy Partners LP, 3.95%, 09/01/22 Freeport-McMoRan Inc., 3.55%, 03/01/22 (Call 12/01/21) ...... 408 413,818 (Call 06/01/22) ...... 75 7 7,823 Mountain Province Diamonds Inc., 8.00%, 12/15/22 MPLX LP, 3.50%, 12/01/22 (Call 11/01/22) ...... 35 36,469 (Call 12/15/21)(a)(b) ...... 185 169,469 NuStar Logistics LP, 4.75%, 02/01/22 (Call 11/01/21)(a)...... 120 121,777 755,318 ONEOK Inc., 4.25%, 02/01/22 (Call 11/02/21) ...... 50 50,916 Office & Business Equipment — 0.4% ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)...... 150 154,885 Xerox Corp., 4.07%, 03/17/22...... 199 203,583 Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 06/01/22 (Call 03/01/22) ...... 50 51,116 Oil & Gas — 5.5% Ruby Pipeline LLC, 8.00%, 04/01/22(a)(b) ...... 259 221,315 Apache Corp., 3.25%, 04/15/22 (Call 01/15/22) ...... 100 100,837 Sabine Pass Liquefaction LLC, 6.25%, 03/15/22 (Call 12/15/21) . 100 103,414 Calumet Specialty Products Partners LP/Calumet Finance TransCanada PipeLines Ltd., 2.50%, 08/01/22...... 50 51,355 Corp., 7.63%, 01/15/22 (Call 06/01/21) ...... 95 95,140 Western Midstream Operating LP, 4.00%, 07/01/22 Cenovus Energy Inc. (Call 04/01/22) ...... 380 388,839 3.00%, 08/15/22 (Call 05/15/22)...... 225 230,184 Williams Companies Inc. (The) 3.95%, 04/15/22 (Call 01/15/22)...... 25 25,549 3.35%, 08/15/22 (Call 05/15/22)...... 180 185,123 (a) EQT Corp., 3.00%, 10/01/22 (Call 09/01/22) ...... 605 615,321 3.60%, 03/15/22 (Call 01/15/22)...... 50 51,104 Occidental Petroleum Corp. 2,278,340 2.60%, 04/15/22 (Call 03/15/22)...... 55 55,058 Real Estate Investment Trusts — 2.3% 2.70%, 08/15/22...... 531 534,398 American Tower Corp., 4.70%, 03/15/22...... 50 51,879 3.13%, 02/15/22 (Call 11/15/21) ...... 165 166,043 Kimco Realty Corp., 3.40%, 11/01/22 (Call 09/01/22)(a)...... 25 25,993 Ovintiv Exploration Inc., 5.75%, 01/30/22 ...... 425 437,746 Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Phillips 66, 4.30%, 04/01/22 ...... 150 155,348 Corp., 5.25%, 03/15/22 (Call 09/15/21)(b) ...... 280 281,196 Range Resources Corp., 5.00%, 08/15/22 (Call 05/15/22)(a) . .... 102 104,102 Mack-Cali Realty LP, 4.50%, 04/18/22 (Call 01/18/22)...... 175 176,169 2,519,726 Office Properties Income Trust, 4.00%, 07/15/22 (Call 06/15/22). 25 25,752 Oil & Gas Services — 0.3% Service Properties Trust, 5.00%, 08/15/22 (Call 02/15/22) ...... 365 369,738 (b) Welltec A/S, 9.50%, 12/01/22 (Call 12/01/21) ...... 150 145,567 SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 09/15/22) ...... 85 87,888 Packaging & Containers — 2.4% SL Green Realty Corp., 4.50%, 12/01/22 (Call 09/01/22)(a) ...... 25 26,217 Ball Corp., 5.00%, 03/15/22...... 555 573,853 Graphic Packaging International LLC, 4.88%, 11/15/22 1,044,832 (Call 08/15/22)(a) ...... 225 235,717 Retail — 1.0% Sealed Air Corp., 4.88%, 12/01/22 (Call 09/01/22)(b) ...... 275 288,129 Lowe's Companies Inc., 3.12%, 04/15/22 (Call 01/15/22)...... 50 51,000 Macy's Retail Holdings LLC, 3.88%, 01/15/22 (Call 10/15/21)(a). . 240 241,800 1,097,699 McDonald's Corp., 2.63%, 01/15/22 ...... 50 50,812 Pharmaceuticals — 3.2% Starbucks Corp., 2.70%, 06/15/22 (Call 04/15/22)...... 50 51,126 AbbVie Inc. Walgreen Co., 3.10%, 09/15/22...... 50 51,699 2.30%, 11/21/22 ...... 110 113,175 2.90%, 11/06/22 ...... 300 311,166 446,437 3.25%, 10/01/22 (Call 07/01/22)...... 150 154,881 Savings & Loans — 0.1% 3.45%, 03/15/22 (Call 01/15/22)...... 50 51,069 People's United Financial Inc., 3.65%, 12/06/22 (Call 09/06/22). . 35 36,470 AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/12/22) ...... 50 51,033 Becton Dickinson and Co., 2.89%, 06/06/22 (Call 05/06/22) . .... 93 95,345

16 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2022 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par/ Par Shares Security (000) Value Security (000) Value

Semiconductors — 0.5% Transportation (continued) Advanced Micro Devices Inc., 7.50%, 08/15/22 ...... $ 183 $ 197,821 Union Pacific Corp., 4.16%, 07/15/22 (Call 04/15/22)...... $ 75 $ 77,688 Broadcom Corp./Broadcom Cayman Finance Ltd., 3.00%, 399,315 01/15/22 (Call 12/15/21) ...... 23 23,293 Trucking & Leasing — 0.5% 221,114 Fortress Transportation & Infrastructure Investors LLC, 6.75%, Software — 2.3% 03/15/22 (Call 05/07/21)(a)(b) ...... 240 240,149 Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22)(a) ...... 25 26,014 Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22) ...... 50 51,797 Total Corporate Bonds & Notes — 98.6% Marble II Pte Ltd., 5.30%, 06/20/22 (Call 06/20/21)(a)(c)...... 200 200,348 (Cost: $44,756,357)...... 45,375,475 Oracle Corp., 2.50%, 10/15/22...... 500 515,775 Roper Technologies Inc., 3.13%, 11/15/22 (Call 08/15/22) ...... 50 51,739 Short-Term Investments VMware Inc., 2.95%, 08/21/22 (Call 07/21/22) ...... 200 205,818 Money Market Funds — 14.0% 1,051,491 BlackRock Cash Funds: Institutional, SL Agency Shares, Telecommunications — 8.4% 0.08%(d)(e)(f) ...... 4,021 4,022,675 AT&T Inc. BlackRock Cash Funds: Treasury, SL Agency Shares, 2.63%, 12/01/22 (Call 09/01/22)...... 100 103,062 0.00%(d)(e) ...... 2,431 2,431,000 3.00%, 06/30/22 (Call 04/30/22)...... 260 266,744 6,453,675 Corning Inc., 2.90%, 05/15/22 (Call 03/15/22)(a) ...... 30 30,684 Lumen Technologies Inc., Series T, 5.80%, 03/15/22 ...... 1,021 1,054,724 Total Short-Term Investments — 14.0% Nokia OYJ, 3.38%, 06/12/22...... 375 384,604 (Cost: $6,453,671)...... 6,453,675 Sprint Communications Inc., 6.00%, 11/15/22...... 997 1,064,896 Total Investments in Securities — 112.6% Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22...... 331 342,026 (Cost: $51,210,028)...... 51,829,150 T-Mobile USA Inc., 4.00%, 04/15/22 (Call 03/16/22)...... 290 296,844 Trilogy International Partners LLC/Trilogy International Other Assets, Less Liabilities — (12.6)%...... (5,787,281) Finance Inc., 8.88%, 05/01/22 (Call 05/01/21)(a)(b)...... 225 221,713 Net Assets — 100.0% ...... $ 46,041,869 Verizon Communications Inc., 2.45%, 11/01/22 (Call 08/01/22) . . 100 102,639 Vodafone Group PLC, 2.50%, 09/26/22 ...... 25 25,694 (a) All or a portion of this security is on loan. (b) 3,893,630 Security exempt from registration pursuant to Rule 144A under the Securities Act of Transportation — 0.9% 1933, as amended. These securities may be resold in transactions exempt from FedEx Corp., 2.63%, 08/01/22(a) ...... 50 51,404 registration to qualified institutional investors. (c) This security may be resold to qualified foreign investors and foreign institutional buyers JB Hunt Transport Services Inc., 3.30%, 08/15/22 under Regulation S of the Securities Act of 1933. (Call 06/15/22) ...... 25 25,785 (d) Affiliate of the Fund. Navios Maritime Holdings Inc./Navios Maritime Finance II (e) Annualized 7-day yield as of period-end. U.S. Inc., 7.38%, 01/15/22 (Call 05/31/21)(a)(b) ...... 200 167,542 (f) All or a portion of this security was purchased with cash collateral received from loaned Ryder System Inc., 2.50%, 09/01/22 (Call 08/01/22) ...... 75 76,896 securities.

Change in Shares Unrealized Held at Capital Gain Value at Purchases Proceeds Net Realized Appreciation Value at 04/30/21 Distributions from Affiliated Issuer 10/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 (000) Income Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $1,096,376 $2,926,939(a) $ —$ (325) $ (315) $4,022,675 4,021 $ 5,106(b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares...... 691,000 1,740,000(a) — — — 2,431,0002,431 100 — $ (325) $ (315) $6,453,675 $ 5,206 $ —

S C HEDU LE O F I NVES TMENTS 17 Schedule of Investments (unaudited) (continued) iShares iBonds 2022 Term High Yield and Income ETF April 30, 2021

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of April 30, 2021. 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...... $ — $45,375,475 $ — $45,375,475 Money Market Funds ...... 6,453,675 — — 6,453,675 $ 6,453,675 $45,375,475 $ — $51,829,150

See notes to financial statements.

18 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) iShares iBonds 2023 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value Corporate Bonds & Notes Diversified Financial Services (continued) OneMain Finance Corp. Aerospace & Defense — 0.4% 5.63%, 03/15/23...... $ 485 $ 518,048 Spirit AeroSystems Inc., 3.95%, 06/15/23 (Call 05/15/23)(a)...... $ 175 $ 173,303 8.25%, 10/01/23...... 275 313,066 Airlines — 1.3% TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (b) American Airlines Pass Through Trust, Series 2013-2, Class A, (Call 06/01/21) ...... 240 244,711 4.95%, 01/15/23...... 320 321,514 2,052,272 Delta Air Lines Inc., 3.80%, 04/19/23 (Call 03/19/23)(a) ...... 290 299,866 Electric — 1.5% 621,380 FirstEnergy Corp., Series B, 4.75%, 03/15/23 (Call 12/15/22).... 465 492,309 (b) Auto Manufacturers — 4.4% InterGen NV, 7.00%, 06/30/23 (Call 05/31/21) ...... 235 226,900 Ford Motor Co., 8.50%, 04/21/23...... 510 571,210 719,209 Ford Motor Credit Co. LLC Electrical Components & Equipment — 0.4% 3.09%, 01/09/23...... 170 173,409 EnerSys, 5.00%, 04/30/23 (Call 01/30/23)(b) ...... 175 183,446 3.10%, 05/04/23...... 130 132,861 3.37%, 11/17/23 ...... 145 149,655 Electronics — 0.7% (b) 4.14%, 02/15/23 (Call 01/15/23)...... 225 233,446 Sensata Technologies BV, 4.88%, 10/15/23 ...... 290 311,199 4.38%, 08/06/23...... 145 153,004 Energy - Alternate Sources — 0.6% Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23 TerraForm Power Operating LLC, 4.25%, 01/31/23 (b) (Call 06/01/21) ...... 255 255,849 (Call 10/31/22)(b) ...... 290 298,288 Stellantis NV, 5.25%, 04/15/23 ...... 345 373,977 2,043,411 Entertainment — 1.2% Auto Parts & Equipment — 0.9% Cinemark USA Inc., 4.88%, 06/01/23 (Call 06/01/21)...... 440 439,446 Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/23 Downstream Development Authority of the Quapaw Tribe of (b) (Call 05/06/21)(a) ...... 440 440,048 Oklahoma, 10.50%, 02/15/23 (Call 06/01/21) ...... 100 104,067 543,513 Banks — 2.6% Food — 2.9% CIT Group Inc., 5.00%, 08/01/23 ...... 500 543,200 Albertsons Companies Inc./Safeway Inc./New (b) Commerzbank AG, 8.13%, 09/19/23 ...... 600 687,666 Albertsons LP/Albertsons LLC, 3.50%, 02/15/23 1,230,866 (Call 12/15/22)(b) ...... 435 447,719 Building Materials — 0.4% Fresh Market Inc. (The), 9.75%, 05/01/23 (Call 06/01/21)(b) . .... 420 431,836 Norbord Inc., 6.25%, 04/15/23 (Call 01/15/23)(b) ...... 165 178,956 Ingles Markets Inc., 5.75%, 06/15/23 (Call 06/01/21)(a) ...... 161 162,483 Kraft Heinz Foods Co., 4.00%, 06/15/23 (Call 05/01/21)...... 275 295,342 Chemicals — 1.6% CF Industries Inc., 3.45%, 06/01/23 ...... 435 453,366 1,337,380 CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23 Gas — 0.5% (Call 05/17/21)(b) ...... 275 276,570 Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (Call 05/31/21)(b) ...... 230 232,992 729,936 Commercial Services — 3.5% Hand & Machine Tools — 0.3% ADT Security Corp. (The), 4.13%, 06/15/23...... 395 413,999 Apex Tool Group LLC/BC Mountain Finance Inc., 9.00%, Ahern Rentals Inc., 7.38%, 05/15/23 (Call 06/01/21)(b) ...... 300 270,003 02/15/23 (Call 06/01/21)(a)(b) ...... 140 139,882 APX Group Inc., 7.63%, 09/01/23 (Call 06/01/21) ...... 230 236,427 CoreCivic Inc., 4.63%, 05/01/23 (Call 02/01/23)(a)...... 175 177,235 Health Care - Services — 4.7% (a) IHS Markit Ltd., 4.13%, 08/01/23 (Call 07/01/23)...... 225 241,286 Encompass Health Corp., 5.13%, 03/15/23 (Call 06/01/21) . . . . 77 77,317 Modulaire Global Finance PLC, 8.00%, 02/15/23 HCA Inc., 5.88%, 05/01/23...... 820 893,374 (Call 05/11/21)(b)...... 300 306,006 Tenet Healthcare Corp., 6.75%, 06/15/23...... 1,115 1,217,368 1,644,956 2,188,059 Computers — 1.9% Holding Companies - Diversified — 0.6% (a)(b) EMC Corp., 3.38%, 06/01/23 (Call 03/01/23) ...... 515 533,828 FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23) . . 285 289,540 Seagate HDD Cayman, 4.75%, 06/01/23 ...... 315 338,471 Home Builders — 1.4% 872,299 KB Home, 7.63%, 05/15/23 (Call 11/15/22) ...... 205 223,583 Cosmetics & Personal Care — 0.6% Taylor Morrison Communities Inc./Taylor Morrison Holdings Avon Products Inc., 6.50%, 03/15/23 ...... 270 289,229 II Inc., 5.88%, 04/15/23 (Call 01/15/23)(b) ...... 205 220,131 Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23). . . . 225 236,570 Distribution & Wholesale — 0.8% Avient Corp., 5.25%, 03/15/23 ...... 330 355,430 680,284 Housewares — 1.4% Diversified Financial Services — 4.4% Newell Brands Inc., 4.35%, 04/01/23 (Call 02/01/23) ...... 620 652,984 Navient Corp. 5.50%, 01/25/23(a) ...... 580 607,034 Insurance — 0.6% 7.25%, 09/25/23...... 340 369,413 Genworth Holdings Inc., 4.90%, 08/15/23 ...... 215 213,774

S C HEDU LE O F I NVES TMENTS 19 Schedule of Investments (unaudited) (continued) iShares iBonds 2023 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Insurance (continued) Oil & Gas (continued) MGIC Investment Corp., 5.75%, 08/15/23(a) ...... $ 5 5 $ 59,387 Seven Generations Energy Ltd., 6.75%, 05/01/23 (b) 273,161 (Call 05/01/21) ...... $ 115 $ 115,000 (b) Internet — 0.6% Transocean Sentry Ltd., 5.38%, 05/15/23 (Call 05/31/21) ...... 221 210,225 (b) VeriSign Inc., 4.63%, 05/01/23 (Call 06/01/21)(a) ...... 290 290,768 Vantage Drilling International, 9.25%, 11/15/23 (Call 06/01/21) . 185 150,481 W&T Offshore Inc., 9.75%, 11/01/23 (Call 06/01/21)(b)...... 300 265,083 Iron & Steel — 1.5% WPX Energy Inc., 8.25%, 08/01/23 (Call 06/01/23)...... 35 40,064 Allegheny Technologies Inc., 7.88%, 08/15/23 (Call 05/15/23) . . . 290 315,659 3,197,746 Carpenter Technology Corp., 4.45%, 03/01/23 (Call 12/01/22) . . . 175 182,390 Oil & Gas Services — 0.2% (a) Commercial Metals Co., 4.88%, 05/15/23 (Call 02/15/23) ...... 190 199,187 CGG Holding U.S. Inc., 9.00%, 05/01/23 (Call 05/01/21)(b) ...... 100 102,250 697,236 Leisure Time — 5.7% Packaging & Containers — 5.1% (a) Carnival Corp., 11.50%, 04/01/23 (Call 01/01/23)(b) ...... 1,210 1,389,709 Ball Corp., 4.00%, 11/15/23 ...... 655 695,158 (a) Royal Caribbean Cruises Ltd. Berry Global Inc., 5.13%, 07/15/23 (Call 06/01/21) ...... 103 103,294 9.13%, 06/15/23 (Call 03/15/23)(a)(b) ...... 580 639,688 Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, (a) 10.88%, 06/01/23 (Call 03/01/23)(b)...... 565 648,530 01/15/23 ...... 655 692,073 OI European Group BV, 4.00%, 03/15/23 (Call 12/15/22)(a)(b) . . . . 170 174,969 2,677,927 Owens-Brockway Glass Container Inc., 5.88%, 08/15/23(a)(b) . . . . 405 440,296 Lodging — 3.4% Sealed Air Corp., 5.25%, 04/01/23 (Call 01/01/23)(b) ...... 245 259,700 Diamond Resorts International Inc., 7.75%, 09/01/23 (Call 06/01/21)(b) ...... 260 270,449 2,365,490 MGM Resorts International, 6.00%, 03/15/23 ...... 725 776,156 Pharmaceuticals — 1.2% Travel & Leisure Co., 3.90%, 03/01/23 (Call 12/01/22) ...... 230 237,539 Elanco Animal Health Inc., 5.27%, 08/28/23 (Call 07/28/23) ..... 525 567,409 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, (b) Pipelines — 3.9% 05/30/23 (Call 02/28/23) ...... 290 297,520 Buckeye Partners LP, 4.15%, 07/01/23 (Call 04/01/23) ...... 290 300,391 1,581,664 DCP Midstream Operating LP, 3.88%, 03/15/23 Machinery — 0.5% (Call 12/15/22)(a) ...... 275 286,264 Cleaver-Brooks Inc., 7.88%, 03/01/23 (Call 06/01/21)(a)(b) ...... 220 219,413 EQM Midstream Partners LP, 4.75%, 07/15/23 (Call 06/15/23). . . 350 366,450 NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, Manufacturing — 2.0% 11/01/23 (Call 06/01/21) ...... 320 312,605 Bombardier Inc., 6.13%, 01/15/23(b) ...... 660 691,522 PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 LSB Industries Inc., 9.63%, 05/01/23 (Call 06/01/21)(a)(b) ...... 255 263,925 (Call 06/01/21) ...... 305 304,838 955,447 Targa Resources Partners LP/Targa Resources Partners Media — 4.0% Finance Corp., 4.25%, 11/15/23 (Call 05/17/21) ...... 235 235,279 CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 1,805,827 03/01/23 (Call 05/17/21)(b) ...... 335 338,641 Real Estate — 1.3% DISH DBS Corp., 5.00%, 03/15/23 ...... 970 1,014,465 Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23) ...... 315 344,122 Quebecor Media Inc., 5.75%, 01/15/23(a) ...... 475 507,386 Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/23 1,860,492 (Call 03/01/23)(b) ...... 235 244,336 Metal Fabricate & Hardware — 0.8% 588,458 Grinding Media Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 Real Estate Investment Trusts — 2.5% (Call 06/01/21)(b) ...... 390 397,890 EPR Properties, 5.25%, 07/15/23 (Call 04/15/23) ...... 160 166,874 Mining — 1.8% GEO Group Inc. (The), 5.13%, 04/01/23 (Call 06/01/21)...... 165 150,729 FMG Resources August 2006 Pty Ltd., 5.13%, 03/15/23 Mack-Cali Realty LP, 3.15%, 05/15/23 (Call 02/15/23)(a) ...... 80 81,270 (Call 12/15/22)(a)(b) ...... 220 232,322 Service Properties Trust, 4.50%, 06/15/23 (Call 12/15/22) ...... 290 295,992 Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22) ...... 600 626,694 Starwood Property Trust Inc., 5.50%, 11/01/23 (Call 08/01/23)(b). 1 7 5 1 8 4 , 3 1 7 Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 859,016 (a)(b) Office & Business Equipment — 1.3% 6.00%, 04/15/23 (Call 05/06/21) ...... 270 274,093 Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23)...... 580 606,796 1,153,275 Retail — 3.5% Oil & Gas — 6.8% Brinker International Inc., 3.88%, 05/15/23...... 175 178,990 Antero Resources Corp., 5.63%, 06/01/23 (Call 06/01/21)...... 315 316,039 Gap Inc. (The), 8.38%, 05/15/23(b) ...... 290 330,063 Callon Petroleum Co., 6.25%, 04/15/23 (Call 06/01/21)...... 315 299,206 L Brands Inc., 5.63%, 10/15/23 ...... 185 201,006 Calumet Specialty Products Partners LP/Calumet Finance Macy's Retail Holdings LLC, 2.88%, 02/15/23 (Call 11/15/22). . . . 265 265,138 Corp., 7.75%, 04/15/23 (Call 06/01/21) ...... 190 189,724 QVC Inc., 4.38%, 03/15/23 ...... 420 443,113 Cenovus Energy Inc., 3.80%, 09/15/23 (Call 06/15/23) ...... 135 142,579 Rite Aid Corp., 6.13%, 04/01/23 (Call 05/28/21)(b) ...... 35 35,066 Continental Resources Inc./OK, 4.50%, 04/15/23 Yum! Brands Inc., 3.88%, 11/01/23 (Call 08/01/23)(a) ...... 190 200,148 (Call 01/15/23) ...... 375 393,034 1,653,524 Occidental Petroleum Corp., 2.70%, 02/15/23 (Call 11/15/22). . . . 590 593,440 Precision Drilling Corp., 7.75%, 12/15/23 (Call 05/17/21) ...... 165 165,936 Range Resources Corp., 5.00%, 03/15/23 (Call 12/15/22)(a) . .... 310 316,935

20 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2023 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Shares Security (000) Value Security (000) Value Storage & Warehousing — 0.7% Short-Term Investments LBC Tank Terminals Holding Netherlands BV, 6.88%, 05/15/23 Money Market Funds — 11.6% (Call 06/01/21)(b) ...... $ 165 $ 165,297 BlackRock Cash Funds: Institutional, SL Agency Shares, Modulaire Global Finance 2 PLC, 10.00%, 08/15/23 0.08%(d)(e)(f) ...... 4,073 $ 4,074,553 (Call 05/11/21)(b)...... 175 178,551 BlackRock Cash Funds: Treasury, SL Agency Shares, 343,848 0.00%(d)(e) ...... 1,338 1,338,000 Telecommunications — 9.5% 5,412,553 DKT Finance ApS, 9.38%, 06/17/23 (Call 05/11/21)(b) ...... 235 242,050 (b)(c) Ligado Networks LLC (15.50% PIK), 15.50%, 11/01/23 ...... 1,415 1,279,182 Total Short-Term Investments — 11.6% Lumen Technologies Inc., Series W, 6.75%, 12/01/23 ...... 535 591,929 (Cost: $5,411,938)...... 5,412,553 Plantronics Inc., 5.50%, 05/31/23 (Call 05/15/21)(b) ...... 195 195,160 Sprint Corp., 7.88%, 09/15/23...... 1,415 1,614,303 Total Investments in Securities — 109.9% T-Mobile USA Inc., 6.00%, 03/01/23 (Call 05/11/21)(a) ...... 535 539,366 (Cost: $50,456,726)...... 51,390,787 4,461,990 Other Assets, Less Liabilities — (9.9)%...... (4,635,553) Toys, Games & Hobbies — 0.3% Mattel Inc., 3.15%, 03/15/23 (Call 12/15/22) ...... 145 148,561 Net Assets — 100.0% ...... $ 46,755,234 (a) Transportation — 2.1% All or a portion of this security is on loan. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Altera Infrastructure LP/Teekay Offshore Finance Corp., 8.50%, (b) 1933, as amended. These securities may be resold in transactions exempt from 07/15/23 (Call 05/17/21) ...... 380 346,815 registration to qualified institutional investors. Kenan Advantage Group Inc. (The), 7.88%, 07/31/23 (c) Payment-in-kind ("PIK") bond which gives the issuer an option to make coupon pay- (Call 06/01/21)(b) ...... 320 320,614 ments in cash or in the form of additional bonds. Stated interest rate represents the cash XPO Logistics Inc., 6.13%, 09/01/23 (Call 06/01/21)(b) ...... 290 293,755 coupon rate. (d) 961,184 Affiliate of the Fund. (e) Annualized 7-day yield as of period-end. (f) Total Corporate Bonds & Notes — 98.3% All or a portion of this security was purchased with cash collateral received from loaned (Cost: $45,044,788)...... 45,978,234 securities.

Change in Shares Unrealized Held at Capital Gain Value at Purchases Proceeds Net Realized Appreciation Value at 04/30/21 Distributions from Affiliated Issuer 10/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 (000) Income Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $1,632,308 $2,443,023(a) $ —$ (425) $ (353) $4,074,553 4,073 $ 4,296(b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares...... 778,000 560,000(a) — — — 1,338,0001,338 74 — $ (425) $ (353) $5,412,553 $ 4,370 $ —

S C HEDU LE O F I NVES TMENTS 21 Schedule of Investments (unaudited) (continued) iShares iBonds 2023 Term High Yield and Income ETF April 30, 2021

Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Total Investments Assets Corporate Bonds & Notes...... $ — $45,978,234 $ — $45,978,234 Money Market Funds ...... 5,412,553 — — 5,412,553 $ 5,412,553 $45,978,234 $ — $51,390,787

See notes to financial statements.

22 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) iShares iBonds 2024 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value Corporate Bonds & Notes Computers — 2.5% Dell International LLC/EMC Corp., 7.13%, 06/15/24 Advertising — 0.5% (Call 05/17/21)(a) ...... $ 365 $ 375,194 MDC Partners Inc., 7.50%, 05/01/24 (Call 05/31/21)(a)(b) ...... $ 150 $ 152,517 Diebold Nixdorf Inc., 8.50%, 04/15/24 (Call 06/01/21)(c) ...... 105 107,518 Aerospace & Defense — 2.4% Flexential Intermediate Corp., 11.25%, 08/01/24 (a) Howmet Aerospace Inc., 5.13%, 10/01/24 (Call 07/01/24)(c) . .... 340 372,385 (Call 02/01/22) ...... 50 54,213 Triumph Group Inc. Seagate HDD Cayman, 4.88%, 03/01/24 (Call 01/01/24) ...... 125 134,937 6.25%, 09/15/24 (Call 06/01/21)(a)(c) ...... 130 131,421 Vericast Corp./Harland Clarke/Checks in the Mail/Valassis (a) 8.88%, 06/01/24 (Call 02/01/23)(a) ...... 188 209,101 Comm/Valassis Direct, 12.50%, 05/01/24 (Call 06/01/21) . . . 6 0 6 2 , 7 4 9 712,907 734,611 Airlines — 1.3% Cosmetics & Personal Care — 0.4% Delta Air Lines Inc., 2.90%, 10/28/24 (Call 09/28/24) ...... 270 272,425 Oriflame Investment Holding PLC, 9.13%, 08/01/24 (a)(c) United Airlines Holdings Inc., 5.00%, 02/01/24(c) ...... 110 113,167 (Call 05/06/21) ...... 100 106,589 385,592 Distribution & Wholesale — 1.1% Apparel — 1.3% Core & Main Holdings LP (9.38% PIK), 8.63%, 09/15/24 (a) Hanesbrands Inc., 4.63%, 05/15/24 (Call 02/15/24) ...... 255 268,877 (Call 06/01/21)(a)(d) ...... 80 81,936 (a) Michael Kors USA Inc., 4.50%, 11/01/24 (Call 09/01/24) ...... 110 116,666 Performance Food Group Inc., 5.50%, 06/01/24 385,543 (Call 05/11/21)(a)...... 90 90,116 Auto Manufacturers — 3.1% Wolverine Escrow LLC, 8.50%, 11/15/24 (Call 11/15/21)(a)...... 154 151,655 Ford Motor Credit Co. LLC 323,707 3.66%, 09/08/24...... 130 135,348 Diversified Financial Services — 5.7% 3.81%, 01/09/24 (Call 11/09/23) ...... 180 186,750 CNG Holdings Inc., 12.50%, 06/15/24 (Call 06/15/21)(a) ...... 60 57,225 4.06%, 11/01/24 (Call 10/01/24) ...... 270 284,216 Enova International Inc., 8.50%, 09/01/24 (Call 06/01/21)(a) . .... 50 51,506 5.58%, 03/18/24 (Call 02/18/24)...... 280 305,208 Fairstone Financial Inc., 7.88%, 07/15/24 (Call 07/15/21)(a)...... 110 115,262 911,522 Global Aircraft Leasing Co. Ltd. (7.25% PIK), 6.50%, 09/15/24 Auto Parts & Equipment — 0.6% (Call 09/15/21)(a)(d) ...... 418 415,010 Cooper-Standard Automotive Inc., 13.00%, 06/01/24 goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/21)(a) ...... 135 140,380 (Call 06/01/22)(a) ...... 75 85,819 Navient Corp. Dana Inc., 5.50%, 12/15/24 (Call 05/29/21) ...... 85 86,738 5.88%, 10/25/24...... 135 142,568 Meritor Inc., 6.25%, 02/15/24 (Call 06/01/21) ...... 10 10,158 6.13%, 03/25/24...... 220 232,375 182,715 OneMain Finance Corp., 6.13%, 03/15/24 (Call 09/15/23) ...... 355 383,482 Banks — 2.5% VistaJet Malta Finance PLC/XO Management Holding Inc., (a) CIT Group Inc., 4.75%, 02/16/24 (Call 11/16/23) ...... 120 130,747 10.50%, 06/01/24 (Call 06/01/22) ...... 135 146,169 Freedom Mortgage Corp., 8.13%, 11/15/24 (Call 06/01/21)(a) . . . . 1 05 108,643 1,683,977 Intesa Sanpaolo SpA, 5.02%, 06/26/24(a)...... 450 488,583 Electric — 0.6% 727,973 NextEra Energy Operating Partners LP (a) Biotechnology — 0.2% 4.25%, 07/15/24 (Call 04/15/24) ...... 165 175,052 (a)(c) Advanz Pharma Corp. Ltd., 8.00%, 09/06/24 (Call 05/17/21). .... 60 61,148 4.25%, 09/15/24 (Call 07/15/24) ...... 5 5,321 180,373 Building Materials — 0.0% Electrical Components & Equipment — 0.3% U.S. Concrete Inc., 6.38%, 06/01/24 (Call 06/01/21) ...... 12 12,238 WESCO Distribution Inc., 5.38%, 06/15/24 (Call 06/01/21) ...... 90 91,733

Chemicals — 3.1% Electronics — 0.7% (a)(c) Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 06/01/21) . 110 105,525 Ingram Micro Inc., 5.45%, 12/15/24 (Call 09/15/24) ...... 95 108,814 INEOS Group Holdings SA, 5.63%, 08/01/24 Sensata Technologies BV, 5.63%, 11/01/24(a)...... 100 1 11,497 (Call 06/01/21)(a)(c) ...... 125 125,866 220,311 Methanex Corp., 4.25%, 12/01/24 (Call 09/01/24)...... 105 110,649 Engineering & Construction — 1.0% OCI NV, 5.25%, 11/01/24 (Call 11/01/21)(a)(c) ...... 125 130,149 AECOM, 5.88%, 10/15/24 (Call 07/15/24) ...... 155 174,383 Rayonier AM Products Inc., 5.50%, 06/01/24 (Call 06/01/21)(a) . . 120 117,301 Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24)(c) ...... 125 129,140 TPC Group Inc., 10.50%, 08/01/24 (Call 08/01/21)(a) ...... 220 205,608 WR Grace & Co-Conn, 5.63%, 10/01/24(a)...... 105 116,727 303,523 Entertainment — 2.3% 911,825 Cedar Fair LP/Canada's Wonderland Co./Magnum Management Coal — 0.2% Corp., 5.38%, 06/01/24 (Call 06/01/21) ...... 110 110,964 Warrior Met Coal Inc., 8.00%, 11/01/24 (Call 06/01/21)(a) ...... 70 71,674 Gateway Casinos & Entertainment Ltd., 8.25%, 03/01/24 Commercial Services — 1.1% (Call 05/31/21)(a) ...... 50 4 8,261 IHS Markit Ltd., 3.63%, 05/01/24 (Call 04/01/24)...... 115 123,788 Jacobs Entertainment Inc., 7.88%, 02/01/24 (Call 06/01/21)(a)(c) . 75 78,187 Prime Security Services Borrower LLC/Prime Finance Inc., Live Nation Entertainment Inc., 4.88%, 11/01/24 5.25%, 04/15/24(a) ...... 195 208,237 (Call 05/06/21)(a) ...... 140 142,626 332,025

S C HEDU LE O F I NVES TMENTS 23 Schedule of Investments (unaudited) (continued) iShares iBonds 2024 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Entertainment (continued) Lodging (continued) Mohegan Gaming & Entertainment, 7.88%, 10/15/24 Diamond Resorts International Inc., 10.75%, 09/01/24 (Call 05/17/21)(a) ...... $ 5 0 $ 52,171 (Call 06/01/21)(a) ...... $ 145 $ 153,400 Six Flags Entertainment Corp., 4.88%, 07/31/24 Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations (Call 06/01/21)(a)(c) ...... 245 247,548 Borrower Inc., 6.13%, 12/01/24 (Call 12/01/21)...... 80 83,920 (a) 679,757 MGM China Holdings Ltd., 5.38%, 05/15/24 (Call 05/15/21) . . . 100 102,888 Environmental Control — 0.5% Travel + Leisure Co., 5.65%, 04/01/24 (Call 02/01/24)...... 80 87,135 Stericycle Inc., 5.38%, 07/15/24 (Call 07/15/21)(a)...... 145 149,697 Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)(a)...... 150 160,847 Food — 0.8% Wynn Macau Ltd., 4.88%, 10/01/24 (Call 05/11/21)(a) ...... 125 127,186 (a) Lamb Weston Holdings Inc., 4.63%, 11/01/24 (Call 11/01/21) . . 215 223,000 785,296 Gas — 0.7% Machinery — 0.8% AmeriGas Partners LP/AmeriGas Finance Corp., 5.63%, Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (a) 05/20/24 (Call 03/20/24)(c) ...... 180 200,646 (Call 06/01/21) ...... 135 140,794 Welbilt Inc., 9.50%, 02/15/24 (Call 06/01/21)(c)...... 85 89,376 Health Care - Services — 4.0% 230,170 CHS/Community Health Systems Inc., 8.13%, 06/30/24 Manufacturing — 1.6% (a) (Call 06/30/21) ...... 360 376,873 Bombardier Inc., 7.50%, 12/01/24 (Call 05/31/21)(a) ...... 240 243,581 Magellan Health Inc., 4.90%, 09/22/24 (Call 07/22/24) ...... 100 109,335 FXI Holdings Inc., 7.88%, 11/01/24 (Call 06/01/21)(a) ...... 125 129,375 Tenet Healthcare Corp. Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24) ...... 1 05 110,840 4.63%, 07/15/24 (Call 06/01/21)...... 470 477,210 483,796 4.63%, 09/01/24 (Call 09/01/21)(a) ...... 200 205,666 Media — 7.2% 1,169,084 AMC Networks Inc., 5.00%, 04/01/24 (Call 06/01/21)...... 173 175,448 Holding Companies - Diversified — 2.0% Cengage Learning Inc., 9.50%, 06/15/24 (Call 06/01/21)(a)(c) . . . . 145 148,099 Icahn Enterprises LP/Icahn Enterprises Finance Corp. Clear Channel Worldwide Holdings Inc., 9.25%, 02/15/24 4.75%, 09/15/24 (Call 06/15/24)...... 310 324,728 (Call 06/01/21)(c) ...... 229 238,675 6.75%, 02/01/24 (Call 06/01/21)...... 95 97,082 CSC Holdings LLC, 5.25%, 06/01/24...... 245 265,457 (a) Stena AB, 7.00%, 02/01/24 ...... 80 81,338 DISH DBS Corp., 5.88%, 11/15/24 ...... 530 573,677 (a) Stena International SA, 5.75%, 03/01/24 ...... 100 101,876 McGraw Hill LLC / McGraw-Hill Global Education Finance Inc., 605,024 8.00%, 11/30/24 (Call 06/01/21)(a) ...... 160 162,584 Home Builders — 1.6% Sirius XM Radio Inc., 4.63%, 07/15/24 (Call 07/15/21)(a) ...... 390 401,232 Forestar Group Inc., 8.00%, 04/15/24 (Call 05/07/21)(a) ...... 70 72,840 TEGNA Inc., 5.50%, 09/15/24 (Call 06/01/21)(a)(c) ...... 11 11,221 Lennar Corp. Videotron Ltd., 5.38%, 06/15/24 (Call 03/15/24)(a)(c) ...... 145 159,513 (c) 4.50%, 04/30/24 (Call 01/31/24) ...... 60 65,594 2,135,906 (c) 5.88%, 11/15/24 (Call 05/15/24) ...... 35 39,965 Mining — 2.1% (c) MDC Holdings Inc., 5.50%, 01/15/24 (Call 10/15/23) ...... 50 55,012 Compass Minerals International Inc., 4.88%, 07/15/24 Taylor Morrison Communities Inc./Taylor Morrison Holdings (Call 05/15/24)(a)(c) ...... 100 103,382 (a) II Inc., 5.63%, 03/01/24 (Call 12/01/23) ...... 95 103,473 Constellium SE, 5.75%, 05/15/24 (Call 05/31/21)(a) ...... 100 101,162 TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (c) 06/15/24 ...... 110 122,651 (Call 02/15/24)(a) ...... 195 212,187 459,535 Freeport-McMoRan Inc., 4.55%, 11/14/24 (Call 08/14/24) ...... 195 213,102 Insurance — 0.7% 629,833 (c) Genworth Holdings Inc., 4.80%, 02/15/24 ...... 100 98,333 Office & Business Equipment — 1.1% Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)...... 110 116,651 CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 214,984 (Call 06/01/24) ...... 140 154,293 Internet — 0.5% Pitney Bowes Inc., 4.63%, 03/15/24 (Call 12/15/23) ...... 75 7 8,301 Netflix Inc., 5.75%, 03/01/24 ...... 130 146,002 Xerox Corp., 3.80%, 05/15/24(c)...... 85 88,452

Iron & Steel — 1.0% 321,046 ArcelorMittal SA, 3.60%, 07/16/24...... 195 207,474 Oil & Gas — 8.1% (a) Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 Baytex Energy Corp., 5.63%, 06/01/24 (Call 06/01/21) ...... 95 89,277 (c) (Call 10/01/21)(a)(c) ...... 80 80,833 Callon Petroleum Co., 6.13%, 10/01/24 (Call 06/01/21) ...... 111 102,687 Continental Resources Inc./OK, 3.80%, 06/01/24 288,307 (Call 03/01/24) ...... 245 256,593 Leisure Time — 1.1% Ensign Drilling Inc., 9.25%, 04/15/24 (Call 05/31/21)(a)(c) ...... 100 80,589 NCL Corp. Ltd. (a) Ithaca Energy North Sea PLC, 9.38%, 07/15/24 3.63%, 12/15/24 (Call 12/15/21) ...... 165 157,939 (a)(c) (a) (Call 07/15/21) ...... 125 125,122 12.25%, 05/15/24 (Call 02/15/24) ...... 135 164,653 Murphy Oil Corp., 6.88%, 08/15/24 (Call 06/01/21)(c) ...... 135 138,541 322,592 Occidental Petroleum Corp. Lodging — 2.7% 2.90%, 08/15/24 (Call 07/15/24)...... 755 753,226 Arrow Bidco LLC, 9.50%, 03/15/24 (Call 06/01/21)(a) ...... 70 69,920

24 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2024 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par/ Par Shares Security (000) Value Security (000) Value

Oil & Gas (continued) Retail — 3.7% 6.95%, 07/01/24...... $ 140 $ 155,959 1011778 BC ULC/New Red Finance Inc., 4.25%, 05/15/24 Ovintiv Exploration Inc., 5.63%, 07/01/24 ...... 245 272,981 (Call 05/31/21)(a) ...... $ 154 $ 156,056 PDC Energy Inc., 6.13%, 09/15/24 (Call 06/01/21) ...... 105 107,654 Bed Bath & Beyond Inc., 3.75%, 08/01/24 (Call 05/01/24)(c) . .... 80 82,206 Precision Drilling Corp., 5.25%, 11/15/24 (Call 05/17/21)(c) ...... 55 52,823 Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)(a). .... 90 94,252 SM Energy Co., 5.00%, 01/15/24 (Call 06/01/21) ...... 65 62,373 Golden Nugget Inc., 6.75%, 10/15/24 (Call 06/01/21)(a) ...... 315 319,004 Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(a) . . . 123 115,514 Macy's Retail Holdings LLC, 3.63%, 06/01/24 (Call 03/01/24)(c). . 9 5 9 6 , 0 3 5 WPX Energy Inc., 5.25%, 09/15/24 (Call 06/15/24)...... 70 77,648 QVC Inc., 4.85%, 04/01/24 ...... 145 157,358 2,390,987 Suburban Propane Partners LP/Suburban Energy Finance Oil & Gas Services — 3.1% Corp., 5.50%, 06/01/24 (Call 06/01/21) ...... 130 131,513 (a) Oceaneering International Inc., 4.65%, 11/15/24 (Call 08/15/24) . 120 117,109 TPro Acquisition Corp., 11.00%, 10/15/24 (Call 10/15/21) . .... 60 66,126 Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 05/31/21)(a) . . 8 3 8 2 , 0 5 0 1,102,550 Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 05/31/21)(a)(c). . . 9 0 8 8 , 2 5 4 Software — 3.2% Weatherford International Ltd. Blackboard Inc., 10.38%, 11/15/24 (Call 06/01/21)(a)(c) ...... 50 52,688 8.75%, 09/01/24 (Call 08/28/21)(a) ...... 120 125,698 BY Crown Parent LLC, 7.38%, 10/15/24 (Call 05/17/21)(a)(c) . .... 90 91,814 11.00%, 12/01/24 (Call 12/01/21)(a) ...... 525 517,041 CDK Global Inc., 5.00%, 10/15/24 (Call 07/15/24)...... 130 143,087 930,152 Donnelley Financial Solutions Inc., 8.25%, 10/15/24 Packaging & Containers — 2.3% (Call 10/15/21) ...... 15 1 5,735 Graphic Packaging International LLC, 4.13%, 08/15/24 Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (a) (Call 05/15/24) ...... 80 86,013 (Call 05/11/21) ...... 440 453,341 Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 Veritas U.S. Inc./Veritas Bermuda Ltd., 10.50%, 02/01/24 (a) (Call 06/01/21)(a) ...... 390 391,310 (Call 05/11/21) ...... 200 205,022 Sealed Air Corp., 5.13%, 12/01/24 (Call 09/01/24)(a) ...... 110 119,875 961,687 Trident TPI Holdings Inc., 9.25%, 08/01/24 (Call 08/01/21)(a) . . . . 7 0 74,395 Telecommunications — 7.7% (a) 671,593 Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/21) ...... 125 128,931 (a) Pharmaceuticals — 1.5% CommScope Inc., 5.50%, 03/01/24 (Call 06/01/21) ...... 240 247,428 Bausch Health Companies Inc., 7.00%, 03/15/24 Gogo Intermediate Holdings LLC/Gogo Finance Co. Inc., 9.88%, (a) (Call 05/31/21)(a) ...... 355 364,088 05/01/24 (Call 05/01/21) ...... 185 194,135 Endo Dac/Endo Finance LLC/Endo Finco Inc., 5.88%, 10/15/24 Lumen Technologies Inc., Series Y, 7.50%, 04/01/24 (Call 05/31/21)(a)(c) ...... 80 80,391 (Call 01/01/24) ...... 280 313,174 Sprint Corp., 7.13%, 06/15/24...... 710 820,291 444,479 Telecom Italia SpA/Milano, 5.30%, 05/30/24(a) ...... 350 382,008 Pipelines — 2.9% T-Mobile USA Inc., 6.00%, 04/15/24 (Call 05/11/21)(c) ...... 195 196,418 Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24 (Call 05/17/21)...... 180 183,091 2,282,385 Buckeye Partners LP, 4.35%, 10/15/24 (Call 07/15/24) ...... 80 83,569 Transportation — 0.9% (a) EnLink Midstream Partners LP, 4.40%, 04/01/24 (Call 01/01/24) . 125 128,250 XPO Logistics Inc., 6.75%, 08/15/24 (Call 08/15/21) ...... 245 256,998 EQM Midstream Partners LP, 4.00%, 08/01/24 (Call 05/01/24). . . 150 153,375 Trucking & Leasing — 0.3% Genesis Energy LP/Genesis Energy Finance Corp., 5.63%, Fly Leasing Ltd., 5.25%, 10/15/24 (Call 05/31/21)...... 75 7 6,421 06/15/24 (Call 06/01/21) ...... 95 95,000 Southeast Supply Header LLC, 4.25%, 06/15/24 Total Corporate Bonds & Notes — 97.9% (Call 03/15/24)(a) ...... 100 100,031 (Cost: $28,177,923)...... 28,970,751 Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 09/15/24 (Call 06/01/21)(a) ...... 118 120,546 Short-Term Investments 863,862 Money Market Funds — 15.0% Real Estate Investment Trusts — 4.9% BlackRock Cash Funds: Institutional, SL Agency Shares, (c) Diversified Healthcare Trust, 4.75%, 05/01/24 (Call 11/01/23) . . 50 51,645 0.08%(e)(f)(g) ...... 3,280 3,281,991 HAT Holdings I LLC/HAT Holdings II LLC, 5.25%, 07/15/24 BlackRock Cash Funds: Treasury, SL Agency Shares, (a) (Call 07/15/21) ...... 120 124,043 0.00%(e)(f) ...... 1,140 1,140,000 iStar Inc., 4.75%, 10/01/24 (Call 07/01/24)...... 200 209,234 MGM Growth Properties Operating Partnership LP/MGP 4,421,991 Finance Co-Issuer Inc., 5.63%, 05/01/24 (Call 02/01/24)...... 335 361,254 Total Short-Term Investments — 15.0% SBA Communications Corp., 4.88%, 09/01/24 (Call 06/01/21) . . . 265 271,318 (Cost: $4,421,575)...... 4,421,991 Service Properties Trust 4.35%, 10/01/24 (Call 09/01/24)...... 215 214,458 Total Investments in Securities — 112.9% 4.65%, 03/15/24 (Call 09/15/23)...... 70 70,915 (Cost: $32,599,498)...... 33,392,742 Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, Other Assets, Less Liabilities — (12.9)%...... (3,814,322) 7.13%, 12/15/24 (Call 06/01/21)(a) ...... 145 149,592 1,452,459 Net Assets — 100.0% ...... $ 29,578,420

S C HEDU LE O F I NVES TMENTS 25 Schedule of Investments (unaudited) (continued) iShares iBonds 2024 Term High Yield and Income ETF April 30, 2021

(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) 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) 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) 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.

Change in Shares Unrealized Held at Capital Gain Value at Purchases Proceeds Net Realized Appreciation Value at 04/30/21 Distributions from Affiliated Issuer 10/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 (000) Income Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $939,588 $2,342,870(a) $ —$ (277) $ (190) $3,281,991 3,280 $ 5,464(b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares ...... 340,000 800,000(a) — — — 1,140,0001,140 75 — $ (277) $ (190) $4,421,991 $ 5,539 $ —

Level 1 Level 2 Level 3 Total Investments Assets Corporate Bonds & Notes...... $ — $28,970,751 $ — $28,970,751 Money Market Funds ...... 4,421,991 — — 4,421,991 $ 4,421,991 $28,970,751 $ — $33,392,742

See notes to financial statements.

26 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) iShares iBonds 2025 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value Corporate Bonds & Notes Auto Parts & Equipment (continued) Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)(a)...... $ 5 0 $ 53,669 Advertising — 0.4% Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 Clear Channel International BV, 6.63%, 08/01/25 (Call 05/31/21)(a) ...... 35 36,121 (Call 02/01/22)(a) ...... $ 5 0 $ 52,536 Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/25 Outfront Media Capital LLC/Outfront Media Capital Corp., (Call 05/31/22)(b) ...... 80 90,148 6.25%, 06/15/25 (Call 06/15/22)(a) ...... 40 42,453 Meritor Inc., 6.25%, 06/01/25 (Call 06/01/22)(a)(b) ...... 30 32,139 94,989 ZF North America Capital Inc., 4.75%, 04/29/25(a)...... 100 107,870 Aerospace & Defense — 2.9% 505,103 Hexcel Corp., 4.95%, 08/15/25 (Call 05/15/25)...... 50 54,519 Banks — 1.4% Howmet Aerospace Inc., 6.88%, 05/01/25 (Call 04/01/25) ...... 120 139,192 CIT Group Inc., 5.25%, 03/07/25 (Call 12/07/24) ...... 65 7 3,327 Kratos Defense & Security Solutions Inc., 6.50%, 11/30/25 Deutsche Bank AG, 4.50%, 04/01/25...... 150 161,867 (Call 06/01/21)(a) ...... 30 3 1 , 4 9 3 Freedom Mortgage Corp., 8.25%, 04/15/25 (Call 06/01/21)(a). . . . 7 0 7 2 , 5 9 2 Rolls-Royce PLC, 3.63%, 10/14/25 (Call 07/14/25)(a)...... 100 100,924 Provident Funding Associates LP/PFG Finance Corp., 6.38%, Spirit AeroSystems Inc. 06/15/25 (Call 06/01/21)(a) ...... 35 35,190 5.50%, 01/15/25 (Call 10/15/22)(a) ...... 60 63,476 7.50%, 04/15/25 (Call 04/15/22)(a) ...... 120 128,592 342,976 TransDigm Inc. Beverages — 0.3% (a) 6.50%, 05/15/25 (Call 05/15/21)...... 55 55,921 Primo Water Holdings Inc., 5.50%, 04/01/25 (Call 05/02/21) . . . 7 5 7 7 , 0 6 3 (a) 8.00%, 12/15/25 (Call 04/08/22) ...... 150 162,956 Building Materials — 0.8% 737,073 Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25 Airlines — 2.2% (Call 07/15/22)(a) ...... 50 53,988 American Airlines Group Inc., 3.75%, 03/01/25(a)(b)...... 50 43,968 Jeld-Wen Inc. American Airlines Inc., 11.75%, 07/15/25(a) ...... 250 313,745 4.63%, 12/15/25 (Call 06/01/21)(a) ...... 30 30,606 American Airlines Pass Through Trust, Series 2013-1, Class A, 6.25%, 05/15/25 (Call 05/15/22)(a) ...... 45 4 8,099 4.00%, 01/15/27...... 40 36,473 Koppers Inc., 6.00%, 02/15/25 (Call 06/01/21)(a) ...... 45 4 6,253 Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, Summit Materials LLC/Summit Materials Finance Corp., 5.13%, 09/20/25 (Call 09/20/23)(a) ...... 85 96,233 06/01/25 (Call 05/17/21)(a) ...... 30 30,450 U.S. Airways Pass Through Trust, Series 2013-1, Class A, 209,396 3.95%, 05/15/27...... 29 28,735 Chemicals — 2.0% (b) United Airlines Holdings Inc., 4.88%, 01/15/25 ...... 35 35,485 Blue Cube Spinco LLC, 10.00%, 10/15/25 (Call 05/14/21)(b) . .... 18 18,946 554,639 Chemours Co. (The), 7.00%, 05/15/25 (Call 06/01/21) ...... 55 56,593 Apparel — 0.7% Consolidated Energy Finance SA, 6.88%, 06/15/25 Hanesbrands Inc., 5.38%, 05/15/25 (Call 05/15/22)(a) ...... 70 73,633 (Call 05/31/21)(a)(b) ...... 50 50,150 Levi Strauss & Co., 5.00%, 05/01/25 (Call 06/01/21) ...... 14 14,291 Kraton Polymers LLC/Kraton Polymers Capital Corp., 4.25%, William Carter Co. (The), 5.50%, 05/15/25 (Call 05/15/22)(a). .... 50 52,898 12/15/25 (Call 12/15/22)(a) ...... 55 55,827 Wolverine World Wide Inc., 6.38%, 05/15/25 (Call 05/15/22)(a). . . 30 32,090 Olin Corp., 9.50%, 06/01/25 (Call 03/01/25)(a) ...... 60 7 5,231 (a)(b) 172,912 PQ Corp., 5.75%, 12/15/25 (Call 05/11/21) ...... 30 30,772 Auto Manufacturers — 5.4% Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (a)(b) Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 06/01/21) ...... 65 67,068 (Call 11/01/24)(a)...... 100 108,889 Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., (a)(b) Ford Motor Co., 9.00%, 04/22/25 (Call 03/22/25)...... 230 280,966 5.38%, 09/01/25 (Call 05/31/21) ...... 50 51,095 (a) Ford Motor Credit Co. LLC Tronox Inc., 6.50%, 05/01/25 (Call 05/01/22) ...... 50 53,396 3.38%, 11/13/25 (Call 10/13/25) ...... 150 153,696 Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25 (a) 4.13%, 08/04/25...... 100 105,427 (Call 06/01/21) ...... 40 39,625 4.69%, 06/09/25 (Call 04/09/25)...... 25 26,875 498,703 5.13%, 06/16/25 (Call 05/16/25)...... 175 191,201 Coal — 0.3% Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25 Natural Resource Partners LP/NRP Finance Corp., 9.13%, (Call 10/15/22)(a) ...... 75 81,427 06/30/25 (Call 10/30/21)(a) ...... 15 14,311 Navistar International Corp. SunCoke Energy Partners LP/SunCoke Energy Partners 6.63%, 11/01/25 (Call 05/11/21)(a) ...... 125 129,470 Finance Corp., 7.50%, 06/15/25 (Call 06/01/21)(a) ...... 55 57,260 (a)(b) 9.50%, 05/01/25 (Call 06/25/21) ...... 50 54,257 71,571 (a) Tesla Inc., 5.30%, 08/15/25 (Call 06/01/21) ...... 180 186,527 Commercial Services — 2.3% (a) Wabash National Corp., 5.50%, 10/01/25 (Call 05/17/21) ...... 30 30,597 Aptim Corp., 7.75%, 06/15/25 (Call 05/17/21)(a)...... 50 42,756 1,349,332 Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.25%, Auto Parts & Equipment — 2.0% 03/15/25 (Call 06/01/21)(a) ...... 19 1 9,348 Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)(a)...... 60 66,492 Brink's Co. (The), 5.50%, 07/15/25 (Call 07/15/22)(a) ...... 40 42,400 American Axle & Manufacturing Inc., 6.25%, 04/01/25 Cardtronics Inc./Cardtronics USA Inc., 5.50%, 05/01/25 (Call 06/01/21)(b) ...... 70 72,507 (Call 06/01/21)(a) ...... 30 30,845 BorgWarner Inc., 5.00%, 10/01/25(a) ...... 40 46,157 IHS Markit Ltd., 4.75%, 02/15/25 (Call 11/15/24)(a) ...... 75 84,295

S C HEDU LE O F I NVES TMENTS 27 Schedule of Investments (unaudited) (continued) iShares iBonds 2025 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Commercial Services (continued) Electric (continued) Jaguar Holding Co. II/PPD Development LP, 4.63%, 06/15/25 Talen Energy Supply LLC, 6.50%, 06/01/25 (Call 06/01/21)...... $ 4 5 $ 37,444 (a)(b) (Call 06/15/22) ...... $ 3 5 $ 36,803 266,477 (a) Laureate Education Inc., 8.25%, 05/01/25 (Call 05/11/21) . .... 20 20,855 Electrical Components & Equipment — 0.6% Nielsen Co Luxembourg SARL (The), 5.00%, 02/01/25 WESCO Distribution Inc., 7.13%, 06/15/25 (Call 06/15/22)(a) . . . . 150 162,378 (Call 05/31/21)(a)(b) ...... 45 46,178 Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 Electronics — 0.5% (Call 06/01/21)(a) ...... 35 35,985 Brightstar Escrow Corp., 9.75%, 10/15/25 (Call 10/15/22)(a) . .... 40 43,578 Sabre GLBL Inc. Sensata Technologies BV, 5.00%, 10/01/25(a)...... 70 7 7,700 7.38%, 09/01/25 (Call 09/01/22)(a) ...... 100 108,829 121,278 9.25%, 04/15/25 (Call 03/16/25)(a) ...... 80 95,880 Engineering & Construction — 1.1% Team Health Holdings Inc., 6.38%, 02/01/25 (Call 05/17/21)(a) . . . 2 5 2 2 , 1 1 6 Brand Industrial Services Inc., 8.50%, 07/15/25 586,290 (Call 06/01/21)(a)(b) ...... 105 107,400 Computers — 1.4% PowerTeam Services LLC, 9.03%, 12/04/25 (Call 02/04/23)(a) . . . 1 0 5 1 1 6 , 6 0 0 Diebold Nixdorf Inc., 9.38%, 07/15/25 (Call 07/15/22)(a) ...... 70 77,897 Tutor Perini Corp., 6.88%, 05/01/25 (Call 05/17/21)(a)(b) ...... 45 4 6,447 Everi Payments Inc., 7.50%, 12/15/25 (Call 06/01/21)(a) ...... 30 31,164 270,447 NCR Corp., 8.13%, 04/15/25 (Call 04/15/22)(a)...... 40 43,780 Entertainment — 6.3% Seagate HDD Cayman, 4.75%, 01/01/25 ...... 45 49,180 AMC Entertainment Holdings Inc., 10.50%, 04/15/25 Tempo Acquisition LLC/Tempo Acquisition Finance Corp. (Call 04/15/22)(a) ...... 50 53,511 5.75%, 06/01/25 (Call 06/01/22)(a) ...... 30 31,753 Banijay Entertainment SASU, 5.38%, 03/01/25 6.75%, 06/01/25 (Call 05/11/21)(a) ...... 120 122,197 (Call 03/01/22)(a)(b) ...... 50 51,538 355,971 Boyne USA Inc., 7.25%, 05/01/25 (Call 05/15/21)(a) ...... 55 57,082 Distribution & Wholesale — 1.2% Caesars Entertainment Inc., 6.25%, 07/01/25 (Call 07/01/22)(a) . . 335 356,256 Avient Corp., 5.75%, 05/15/25 (Call 05/15/22)(a) ...... 65 68,684 Caesars Resort Collection LLC/CRC Finco Inc. Core & Main LP, 6.13%, 08/15/25 (Call 06/01/21)(a) ...... 75 76,711 5.25%, 10/15/25 (Call 05/11/21)(a) ...... 165 166,429 G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 08/15/22)(a)(b) . . . 4 0 4 3 , 4 3 5 5.75%, 07/01/25 (Call 07/01/22)(a)(b) ...... 120 126,439 KAR Auction Services Inc., 5.13%, 06/01/25 (Call 06/01/21)(a)(b) . 9 5 9 6 , 1 8 7 Cedar Fair LP/Canada's Wonderland Co./Magnum Management Performance Food Group Inc., 6.88%, 05/01/25 Corp./Millennium Op, 5.50%, 05/01/25 (Call 05/01/22)(a)...... 100 104,974 (Call 05/01/22)(a) ...... 25 26,699 Cinemark USA Inc., 8.75%, 05/01/25 (Call 05/01/22)(a) ...... 25 27,212 311,716 International Game Technology PLC, 6.50%, 02/15/25 (a) Diversified Financial Services — 3.9% (Call 08/15/24) ...... 110 121,748 (a) Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25) ...... 105 120,222 Powdr Corp., 6.00%, 08/01/25 (Call 08/01/22) ...... 25 2 6,455 Curo Group Holdings Corp., 8.25%, 09/01/25 (Call 09/01/21)(a) . . 60 61,433 Scientific Games International Inc. (a) Enova International Inc., 8.50%, 09/15/25 (Call 09/15/21)(a) . .... 35 36,586 5.00%, 10/15/25 (Call 06/01/21) ...... 155 160,072 (a) Finance of America Funding LLC, 7.88%, 11/15/25 8.63%, 07/01/25 (Call 07/01/22) ...... 55 60,180 (Call 11/15/22)(a)...... 35 36,219 SeaWorld Parks & Entertainment Inc., 9.50%, 08/01/25 (a)(b) Genworth Mortgage Holdings Inc., 6.50%, 08/15/25 (Call 02/01/22) ...... 50 54,278 (Call 02/15/25)(a) ...... 75 81,420 Six Flags Theme Parks Inc., 7.00%, 07/01/25 (a)(b) LD Holdings Group LLC, 6.50%, 11/01/25 (Call 11/01/22)(a) . .... 50 52,813 (Call 07/01/22) ...... 75 80,890 (a) Navient Corp., 6.75%, 06/25/25 ...... 50 54,445 Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/15/22) ...... 60 63,772 NFP Corp., 7.00%, 05/15/25 (Call 05/15/22)(a) ...... 40 43,122 Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, (a) OneMain Finance Corp. 04/15/25 (Call 04/15/22) ...... 70 7 5,566 6.88%, 03/15/25...... 150 170,389 1,586,402 8.88%, 06/01/25 (Call 06/01/22)...... 55 60,947 Environmental Control — 0.9% PennyMac Financial Services Inc., 5.38%, 10/15/25 Covanta Holding Corp., 5.88%, 07/01/25 (Call 06/01/21) ...... 40 4 1,694 (Call 10/15/22)(a) ...... 65 68,497 GFL Environmental Inc. PRA Group Inc., 7.38%, 09/01/25 (Call 09/01/22)(a) ...... 25 26,739 3.75%, 08/01/25 (Call 08/01/22)(a) ...... 75 7 6,295 SLM Corp., 4.20%, 10/29/25 (Call 09/29/25)...... 60 63,143 4.25%, 06/01/25 (Call 06/01/22)(a) ...... 50 51,738 StoneX Group Inc., 8.63%, 06/15/25 (Call 06/15/22)(a)(b) ...... 35 37,458 Tervita Corp., 11.00%, 12/01/25 (Call 12/01/23)(a) ...... 45 50,955 United Shore Financial Services LLC, 5.50%, 11/15/25 220,682 (Call 11/15/22)(a)...... 65 67,554 Food — 2.0% 980,987 Albertsons Companies Inc./Safeway Inc./New Electric — 1.1% Albertsons LP/Albertsons LLC, 5.75%, 03/15/25 DPL Inc., 4.13%, 07/01/25 (Call 04/01/25) ...... 25 26,895 (Call 06/01/21)(b) ...... 13 1 3,403 Drax Finco PLC, 6.63%, 11/01/25 (Call 05/11/21)(a) ...... 75 77,785 B&G Foods Inc., 5.25%, 04/01/25 (Call 06/01/21)...... 75 7 7,200 FirstEnergy Corp., 2.05%, 03/01/25 (Call 02/01/25) ...... 30 30,239 Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 FirstEnergy Transmission LLC, 4.35%, 01/15/25 (Call 06/01/21)(a) ...... 50 52,040 (Call 10/15/24)(a) ...... 60 65,448 Del Monte Foods Inc., 11.88%, 05/15/25 (Call 05/15/22)(a) ...... 50 56,939 Midland Cogeneration Venture LP, 6.00%, 03/15/25(a)(b)...... 13 13,749 Dole Food Co. Inc., 7.25%, 06/15/25 (Call 06/01/21)(a) ...... 30 30,609 NSG Holdings LLC/NSG Holdings Inc., 7.75%, 12/15/25(a) ...... 14 14,917 Kraft Heinz Foods Co., 3.95%, 07/15/25 (Call 04/15/25)...... 142 157,214

28 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2025 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Food (continued) Home Builders (continued) U.S. Foods Inc., 6.25%, 04/15/25 (Call 04/15/22)(a) ...... $ 100 $ 106,335 Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)(a). . . . $ 59 $ 62,751 (b) 493,740 Toll Brothers Finance Corp., 4.88%, 11/15/25 (Call 08/15/25) . . 3 5 3 9 , 3 1 3 Food Service — 1.0% 335,489 Aramark Services Inc. Household Products & Wares — 0.2% 5.00%, 04/01/25 (Call 06/01/21)(a)(b) ...... 60 61,591 Spectrum Brands Inc., 5.75%, 07/15/25 (Call 06/01/21) ...... 45 4 6,312 6.38%, 05/01/25 (Call 05/01/22)(a) ...... 180 191,460 Housewares — 0.6% 253,051 American Greetings Corp., 8.75%, 04/15/25 (Call 06/01/21)(a) . . . 3 0 3 0 , 9 8 7 Forest Products & Paper — 0.1% CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 07/15/22)(a) . . . 6 5 6 9 , 4 4 7 (a) ...... 25 26,601 Clearwater Paper Corp., 5.38%, 02/01/25 Newell Brands Inc., 4.88%, 06/01/25 (Call 05/01/25) ...... 35 38,771 Gas — 0.3% 139,205 AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, Insurance — 1.2% 05/20/25 (Call 02/20/25) ...... 70 77,713 Acrisure LLC/Acrisure Finance Inc., 7.00%, 11/15/25 (Call 06/01/21)(a) ...... 90 92,554 Hand & Machine Tools — 0.1% AssuredPartners Inc., 7.00%, 08/15/25 (Call 06/01/21)(a) ...... 50 51,317 Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25 NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)(a) ...... 40 4 6,032 (a) (Call 05/11/21) ...... 25 26,328 Radian Group Inc., 6.63%, 03/15/25 (Call 09/15/24)...... 60 67,875 (a) Health Care - Products — 0.2% USI Inc./NY, 6.88%, 05/01/25 (Call 06/01/21) ...... 55 55,916 Hill-Rom Holdings Inc., 5.00%, 02/15/25 (Call 05/20/21)(a)(b). .... 25 25,655 313,694 Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, Internet — 2.1% 7.38%, 06/01/25 (Call 06/01/22)(a) ...... 18 19,391 Netflix Inc. (a) 45,046 3.63%, 06/15/25 (Call 03/15/25) ...... 85 91,476 Health Care - Services — 5.0% 5.88%, 02/15/25...... 80 92,505 (a) Air Methods Corp., 8.00%, 05/15/25 (Call 06/01/21)(a)...... 45 42,571 NortonLifeLock Inc., 5.00%, 04/15/25 (Call 05/11/21) ...... 110 1 11,412 (a) Akumin Inc., 7.00%, 11/01/25 (Call 11/01/22)(a)(b) ...... 50 52,206 TripAdvisor Inc., 7.00%, 07/15/25 (Call 07/15/22) ...... 65 7 0,227 (a) CHS/Community Health Systems Inc., 6.63%, 02/15/25 Uber Technologies Inc., 7.50%, 05/15/25 (Call 05/15/22) ...... 100 108,072 (Call 02/15/22)(a) ...... 152 160,419 VeriSign Inc., 5.25%, 04/01/25 (Call 01/01/25) ...... 40 4 5,241 Encompass Health Corp., 5.75%, 09/15/25 (Call 06/01/21)(b) . . . . 35 3 6 , 2 1 0 518,933 Global Medical Response Inc., 6.50%, 10/01/25 Iron & Steel — 1.2% (Call 10/01/21)(a) ...... 60 61,460 ArcelorMittal SA, 6.13%, 06/01/25...... 70 81,472 HCA Inc. Cleveland-Cliffs Inc. 5.38%, 02/01/25...... 290 323,141 5.75%, 03/01/25 (Call 06/01/21)(b) ...... 40 4 1,108 7.69%, 06/15/25(b) ...... 15 18,088 9.88%, 10/17/25 (Call 10/17/22)(a) ...... 86 100,964 Legacy LifePoint Health LLC, 6.75%, 04/15/25 (Call 04/15/22)(a). 60 63,995 U.S. Steel Corp., 6.88%, 08/15/25 (Call 06/01/21) ...... 75 7 6,903 (a) ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22) ...... 50 53,137 300,447 Prime Healthcare Services Inc., 7.25%, 11/01/25 Leisure Time — 2.1% (a) (Call 11/01/22) ...... 75 80,659 Carlson Travel Inc., 6.75%, 12/15/25 (Call 12/15/21)(a) ...... 45 42,409 (a) RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22) ...... 80 83,219 Constellation Merger Sub Inc., 8.50%, 09/15/25 Surgery Center Holdings Inc., 6.75%, 07/01/25 (Call 06/01/21)(a) ...... 35 33,977 (a) (Call 06/01/21) ...... 40 40,738 Royal Caribbean Cruises Ltd., 11.50%, 06/01/25 Tenet Healthcare Corp. (Call 06/01/22)(a) ...... 245 283,904 5.13%, 05/01/25 (Call 06/01/21)...... 165 167,064 Silversea Cruise Finance Ltd., 7.25%, 02/01/25 (a) 7.50%, 04/01/25 (Call 04/01/22) ...... 70 75,432 (Call 05/11/21)(a)...... 60 62,077 1,258,339 Viking Cruises Ltd. Holding Companies - Diversified — 0.6% 6.25%, 05/15/25 (Call 05/31/21)(a) ...... 25 2 5,029 Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 13.00%, 05/15/25 (Call 05/15/22)(a)...... 65 7 5,997 12/15/25 (Call 06/01/21) ...... 105 108,581 523,393 (a) Stena International SA, 6.13%, 02/01/25 (Call 02/01/22) ...... 35 35,594 Lodging — 2.7% 144,175 Boyd Gaming Corp., 8.63%, 06/01/25 (Call 06/01/22)(a) ...... 60 66,441 Home Builders — 1.3% Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25 Ashton Woods USA LLC/Ashton Woods Finance Co., 6.75%, (Call 05/01/22)(a) ...... 50 52,605 08/01/25 (Call 06/01/21)(a)(b) ...... 25 26,010 Marriott Ownership Resorts Inc., 6.13%, 09/15/25 Brookfield Residential Properties Inc./Brookfield Residential (Call 05/15/22)(a) ...... 50 53,071 U.S. Corp., 6.38%, 05/15/25 (Call 06/01/21)(a) ...... 20 20,476 Melco Resorts Finance Ltd., 4.88%, 06/06/25 Century Communities Inc., 5.88%, 07/15/25 (Call 06/01/21) . .... 40 41,527 (Call 05/31/21)(b)(c) ...... 50 51,469 Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)(a) . . 65 69,503 MGM Resorts International M/I Homes Inc., 5.63%, 08/01/25 (Call 05/17/21)...... 20 20,738 5.75%, 06/15/25 (Call 03/15/25)...... 60 66,075 Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25) ...... 30 34,147 6.75%, 05/01/25 (Call 05/01/22)...... 90 96,535 New Home Co. Inc. (The), 7.25%, 10/15/25 (Call 10/15/22)(a). . . . 2 0 21,024 Station Casinos LLC, 5.00%, 10/01/25 (Call 06/01/21)(a) ...... 29 2 9,421

S C HEDU LE O F I NVES TMENTS 29 Schedule of Investments (unaudited) (continued) iShares iBonds 2025 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Lodging (continued) Oil & Gas (continued) Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24) ...... $ 3 0 $ 24,770 Gaming Finance Corp., 5.88%, 05/15/25 (Call 06/01/21)(a). ... $ 3 0 $ 29,324 Neptune Energy Bondco PLC, 6.63%, 05/15/25 Travel + Leisure Co., 6.60%, 10/01/25 (Call 07/01/25)...... 35 39,692 (Call 06/01/21)(a) ...... 75 7 6,146 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, Occidental Petroleum Corp. 03/01/25 (Call 12/01/24)(a) ...... 180 191,743 3.50%, 06/15/25 (Call 03/15/25)...... 75 7 5,237 676,376 5.50%, 12/01/25 (Call 09/01/25)...... 80 86,238 Machinery — 0.6% 5.88%, 09/01/25 (Call 06/01/25)...... 90 98,279 Clark Equipment Co., 5.88%, 06/01/25 (Call 06/01/22)(a) ...... 25 26,479 8.00%, 07/15/25 (Call 04/15/25)...... 50 58,361 Husky III Holding Ltd. (13.75% PIK), 13.00%, 02/15/25 Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, (a) (Call 06/01/21)(a)(b)(d) ...... 45 49,070 12/15/25 (Call 06/01/21) ...... 30 30,416 RBS Global Inc./Rexnord LLC, 4.88%, 12/15/25 PBF Holding Co. LLC/PBF Finance Corp. (Call 06/01/21)(a) ...... 50 51,159 7.25%, 06/15/25 (Call 06/01/21)...... 25 2 1,299 (a) Tennant Co., 5.63%, 05/01/25 (Call 05/03/21) ...... 30 30,844 9.25%, 05/15/25 (Call 05/15/22) ...... 140 146,632 Range Resources Corp., 4.88%, 05/15/25 (Call 02/15/25)...... 75 7 4 , 6 1 2 157,552 SM Energy Co. Manufacturing — 0.8% 5.63%, 06/01/25 (Call 06/01/21)...... 35 33,423 Bombardier Inc., 7.50%, 03/15/25 (Call 05/31/21)(a) ...... 150 149,898 10.00%, 01/15/25 (Call 06/17/22)(a)...... 65 7 3,933 Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/22) ...... 40 43,024 Southwestern Energy Co., 6.45%, 01/23/25 (Call 10/23/24) ..... 85 91,783 192,922 Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(a) . .... 29 28,085 Media — 1.6% Vermilion Energy Inc., 5.63%, 03/15/25 (Call 05/31/21)(a)...... 30 2 8,706 AMC Networks Inc., 4.75%, 08/01/25 (Call 08/01/21)(b)...... 80 82,374 1,941,282 EW Scripps Co. (The), 5.13%, 05/15/25 (Call 05/15/21)(a) ...... 40 41,053 Oil & Gas Services — 0.3% Houghton Mifflin Harcourt Publishers Inc., 9.00%, 02/15/25 CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, (Call 02/15/22)(a) ...... 25 26,739 04/01/25 (Call 06/01/21)(a) ...... 35 35,612 Meredith Corp., 6.50%, 07/01/25 (Call 07/01/22)(a) ...... 30 32,132 Exterran Energy Solutions LP/EES Finance Corp., 8.13%, Univision Communications Inc. 05/01/25 (Call 06/01/21) ...... 30 2 7,103 5.13%, 02/15/25 (Call 05/11/21)(a) ...... 180 182,983 KLX Energy Services Holdings Inc., 11.50%, 11/01/25 9.50%, 05/01/25 (Call 05/01/22)(a) ...... 30 33,364 (Call 11/01/21)(a)...... 25 1 5,760 398,645 78,475 Mining — 0.6% Packaging & Containers — 3.0% Arconic Corp., 6.00%, 05/15/25 (Call 05/15/22)(a) ...... 90 96,247 Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. Kaiser Aluminum Corp., 6.50%, 05/01/25 (Call 05/01/22)(a) ...... 35 37,225 5.25%, 04/30/25 (Call 04/30/22)(a) ...... 75 7 8,743 New Gold Inc., 6.38%, 05/15/25 (Call 05/31/21)(a)...... 8 8,241 6.00%, 02/15/25 (Call 05/11/21)(a) ...... 100 103,134 141,713 Ball Corp., 5.25%, 07/01/25...... 105 118,876 Office & Business Equipment — 0.6% Flex Acquisition Co. Inc., 6.88%, 01/15/25 (Call 06/01/21)(a) . .... 60 60,989 CDW LLC/CDW Finance Corp., 4.13%, 05/01/25 Matthews International Corp., 5.25%, 12/01/25 (Call 05/01/22) ...... 60 62,572 (Call 06/01/21)(a) ...... 25 2 5,929 (a) Xerox Holdings Corp., 5.00%, 08/15/25 (Call 07/15/25) ...... 75 78,851 Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 141,423 (Call 06/01/21)(a)(b) ...... 135 131,151 Oil & Gas — 7.7% Owens-Brockway Glass Container Inc. Antero Resources Corp., 5.00%, 03/01/25 (Call 06/01/21)(b) . .... 60 60,889 5.38%, 01/15/25(a) ...... 25 2 6,632 Apache Corp., 4.63%, 11/15/25 (Call 08/15/25) ...... 50 52,804 6.38%, 08/15/25(a)(b) ...... 30 33,289 Calumet Specialty Products Partners LP/Calumet Finance Pactiv LLC, 7.95%, 12/15/25...... 25 2 7,819 Corp., 11.00%, 04/15/25 (Call 10/15/21)(a) ...... 75 81,664 Plastipak Holdings Inc., 6.25%, 10/15/25 (Call 06/01/21)(a) ...... 50 51,370 Cenovus Energy Inc., 5.38%, 07/15/25 (Call 04/15/25)(b) ...... 70 79,542 Sealed Air Corp., 5.50%, 09/15/25 (Call 06/15/25)(a) ...... 40 44,304 Comstock Resources Inc., 7.50%, 05/15/25 (Call 06/01/21)(a) . . . 19 19,709 Silgan Holdings Inc., 4.75%, 03/15/25 (Call 06/01/21) ...... 25 2 5,383 CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 Trident TPI Holdings Inc., 6.63%, 11/01/25 (Call 05/11/21)(a). .... 30 30,630 (a) (Call 06/01/21) ...... 120 124,206 758,249 (a)(b) CVR Energy Inc., 5.25%, 02/15/25 (Call 02/15/22) ...... 105 105,500 Pharmaceuticals — 3.1% Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., Bausch Health Companies Inc. (a) 7.75%, 12/15/25 (Call 12/15/22) ...... 55 62,212 5.50%, 11/01/25 (Call 05/31/21)(a) ...... 225 231,968 Endeavor Energy Resources LP/EER Finance Inc., 6.63%, 6.13%, 04/15/25 (Call 05/31/21)(a) ...... 255 260,661 (a) 07/15/25 (Call 07/15/22) ...... 60 63,928 9.00%, 12/15/25 (Call 12/15/21)(a) ...... 155 168,020 (b) EQT Corp., 7.63%, 02/01/25 (Call 01/01/25) ...... 100 115,091 Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 Hilcorp Energy I LP/Hilcorp Finance Co., 5.75%, 10/01/25 (Call 09/01/22)(a) ...... 60 65,260 (a) (Call 06/01/21) ...... 50 50,822 P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/22)...... 70 72,115 (Call 11/15/22)(a)...... 40 42,724 MEG Energy Corp., 6.50%, 01/15/25 (Call 05/31/21)(a) ...... 47 48,606 768,633 Murphy Oil Corp., 5.75%, 08/15/25 (Call 06/01/21)...... 55 56,274

30 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2025 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Pipelines — 4.2% Real Estate Investment Trusts (continued) Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, VICI Properties LP/VICI Note Co. Inc., 3.50%, 02/15/25 12/15/25 (Call 12/15/22)(a) ...... $ 6 0 $ 64,825 (Call 02/15/22)(a) ...... $ 7 5 $ 76,708 Buckeye Partners LP, 4.13%, 03/01/25 (Call 02/01/25)(a) ...... 50 51,518 XHR LP, 6.38%, 08/15/25 (Call 08/15/22)(a)...... 50 53,061 Crestwood Midstream Partners LP/Crestwood Midstream 1,242,878 (b) Finance Corp., 5.75%, 04/01/25 (Call 06/01/21) ...... 50 51,288 Retail — 5.2% DCP Midstream Operating LP, 5.38%, 07/15/25 (Call 04/15/25). . 8 5 9 3 , 2 6 6 1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25 EnLink Midstream Partners LP, 4.15%, 06/01/25 (Call 03/01/25) . 7 5 7 5 , 6 6 4 (Call 04/15/22)(a)(b) ...... 50 53,070 (a) EQM Midstream Partners LP, 6.00%, 07/01/25 (Call 04/01/25) . 7 5 8 1 , 8 8 5 Abercrombie & Fitch Management Co., 8.75%, 07/15/25 Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, (Call 07/15/22)(a) ...... 35 38,784 10/01/25 (Call 06/01/21) ...... 50 50,196 At Home Holding III Inc., 8.75%, 09/01/25 (Call 09/01/22)(a) . .... 20 2 1,861 Martin Midstream Partners LP/Martin Midstream Finance Corp., Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 05/19/21)(a) . 1 1 0 1 1 2 , 8 3 8 (a)(b) 11.50%, 02/28/25 ...... 15 15,492 Burlington Coat Factory Warehouse Corp., 6.25%, 04/15/25 (a) New Fortress Energy Inc., 6.75%, 09/15/25 (Call 09/15/22) . . . . 1 2 5 129,431 (Call 04/15/22)(a) ...... 30 31,932 NGL Energy Partners LP/NGL Energy Finance Corp., 6.13%, Carvana Co., 5.63%, 10/01/25 (Call 10/01/22)(a) ...... 50 51,528 (b) 03/01/25 (Call 06/01/21) ...... 40 35,526 Dave & Buster's Inc., 7.63%, 11/01/25 (Call 11/01/22)(a) ...... 50 54,043 NuStar Logistics LP, 5.75%, 10/01/25 (Call 07/01/25) ...... 60 64,579 eG Global Finance PLC, 6.75%, 02/07/25 (Call 05/15/21)(a) . .... 100 102,945 (a) Rattler Midstream LP, 5.63%, 07/15/25 (Call 07/15/22) ...... 50 52,615 Gap Inc. (The), 8.63%, 05/15/25 (Call 05/15/22)(a) ...... 75 83,146 Rockies Express Pipeline LLC, 3.60%, 05/15/25 Golden Nugget Inc., 8.75%, 10/01/25 (Call 06/01/21)(a)(b) ...... 40 42,024 (a) (Call 04/15/25) ...... 40 39,812 IRB Holding Corp., 7.00%, 06/15/25 (Call 06/15/22)(a)...... 75 80,809 Summit Midstream Holdings LLC/Summit Midstream Finance L Brands Inc., 9.38%, 07/01/25(a) ...... 50 63,378 Corp., 5.75%, 04/15/25 (Call 06/01/21) ...... 25 21,251 Lithia Motors Inc., 5.25%, 08/01/25 (Call 06/01/21)(a)...... 30 31,031 Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Macy's Inc., 8.38%, 06/15/25 (Call 06/15/22)(a) ...... 130 143,386 (a) 7.50%, 10/01/25 (Call 10/01/22) ...... 75 81,847 Penske Automotive Group Inc., 3.50%, 09/01/25 Western Midstream Operating LP (Call 09/01/22)(b) ...... 55 56,376 3.95%, 06/01/25 (Call 03/01/25)...... 45 46,967 QVC Inc., 4.45%, 02/15/25 (Call 11/15/24)...... 70 74,611 4.35%, 02/01/25 (Call 01/01/25)...... 105 1 11,040 Rite Aid Corp., 7.50%, 07/01/25 (Call 07/01/22)(a) ...... 60 62,158 1,067,202 Sally Holdings LLC/Sally Capital Inc. Real Estate — 0.7% 5.63%, 12/01/25 (Call 06/01/21)(b) ...... 50 51,525 Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 8.75%, 04/30/25 (Call 04/30/22)(a) ...... 25 2 7,648 11/15/25 (Call 06/01/21)(a) ...... 65 68,738 Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, Greystar Real Estate Partners LLC, 5.75%, 12/01/25 11/28/25 (Call 11/28/22)(a)...... 35 35,437 (Call 06/01/21)(a) ...... 40 41,270 Suburban Propane Partners LP/Suburban Energy Finance Realogy Group LLC/Realogy Co-Issuer Corp., 7.63%, 06/15/25 Corp., 5.75%, 03/01/25 (Call 06/01/21) ...... 20 2 0,412 (Call 06/15/22)(a) ...... 55 60,067 Yum! Brands Inc., 7.75%, 04/01/25 (Call 04/01/22)(a)...... 60 65,563 170,075 1,304,505 Real Estate Investment Trusts — 4.9% Semiconductors — 0.7% CTR Partnership LP/CareTrust Capital Corp., 5.25%, 06/01/25 ams AG, 7.00%, 07/31/25 (Call 07/31/22)(a)(b) ...... 50 53,301 (Call 06/01/21) ...... 35 36,005 Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)(a) . . . 120 125,789 Diversified Healthcare Trust, 9.75%, 06/15/25 (Call 06/15/22) . . . 100 112,252 179,090 EPR Properties, 4.50%, 04/01/25 (Call 01/01/25) ...... 30 31,534 Software — 1.8% (a) ESH Hospitality Inc., 5.25%, 05/01/25 (Call 06/01/21) ...... 110 112,219 Ascend Learning LLC, 6.88%, 08/01/25 (Call 06/01/21)(a) ...... 65 66,498 Felcor Lodging LP, 6.00%, 06/01/25 (Call 05/17/21)...... 45 46,035 Boxer Parent Co. Inc., 7.13%, 10/02/25 (Call 06/01/22)(a) ...... 60 64,512 HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/25 Change Healthcare Holdings LLC/Change Healthcare (a) (Call 04/15/22) ...... 40 42,366 Finance Inc., 5.75%, 03/01/25 (Call 05/11/21)(a) ...... 85 86,516 iStar Inc., 4.25%, 08/01/25 (Call 05/01/25)...... 55 55,887 PTC Inc., 3.63%, 02/15/25 (Call 02/15/22)(a) ...... 40 4 1,019 Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (a) Corp., 5.25%, 10/01/25 (Call 05/17/21) ...... 35 35,470 (Call 09/01/21)(a) ...... 180 186,858 MGM Growth Properties Operating Partnership LP/MGP 445,403 Finance Co-Issuer Inc., 4.63%, 06/15/25 (Call 03/15/25)(a). . . . 95 101,190 Telecommunications — 2.9% New Residential Investment Corp., 6.25%, 10/15/25 Cincinnati Bell Inc., 8.00%, 10/15/25 (Call 10/15/21)(a) ...... 30 31,815 (Call 10/15/22)(a) ...... 55 55,906 CommScope Technologies LLC, 6.00%, 06/15/25 Park Intermediate Holdings LLC/PK Domestic Property LLC/PK (Call 05/11/21)(a)...... 128 130,289 Finance Co-Issuer, 7.50%, 06/01/25 (Call 06/01/22)(a) ...... 45 48,919 Intrado Corp., 8.50%, 10/15/25 (Call 06/01/21)(a)...... 85 86,434 Service Properties Trust Level 3 Financing Inc., 5.38%, 05/01/25 (Call 06/01/21) ...... 55 56,198 4.50%, 03/15/25 (Call 09/15/24)...... 40 39,352 Lumen Technologies Inc., 5.63%, 04/01/25 (Call 01/01/25) ...... 65 7 0,189 7.50%, 09/15/25 (Call 06/15/25)...... 80 90,746 Qwest Corp., 7.25%, 09/15/25(b) ...... 25 2 9,487 Starwood Property Trust Inc., 4.75%, 03/15/25 (Call 09/15/24). . . 50 52,077 Sprint Corp., 7.63%, 02/15/25 (Call 11/15/24)...... 180 214,225 Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, T-Mobile USA Inc., 5.13%, 04/15/25 (Call 05/11/21)(b) ...... 35 35,592 7.88%, 02/15/25 (Call 02/15/22)(a) ...... 235 253,151

S C HEDU LE O F I NVES TMENTS 31 Schedule of Investments (unaudited) (continued) iShares iBonds 2025 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par/ Shares Security (000) Value

Telecommunications (continued) (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of ViaSat Inc., 5.63%, 09/15/25 (Call 05/11/21)(a) ...... $ 7 0 $ 71,618 1933, as amended. These securities may be resold in transactions exempt from 725,847 registration to qualified institutional investors. (b) All or a portion of this security is on loan. Transportation — 0.7% (c) This security may be resold to qualified foreign investors and foreign institutional buyers Western Global Airlines LLC, 10.38%, 08/15/25 under Regulation S of the Securities Act of 1933. (a)(b) (Call 05/15/25) ...... 40 45,348 (d) Payment-in-kind ("PIK") bond which gives the issuer an option to make coupon pay- XPO Logistics Inc., 6.25%, 05/01/25 (Call 05/01/22)(a) ...... 113 121,031 ments in cash or in the form of additional bonds. Stated interest rate represents the cash 166,379 coupon rate. (e) Trucking & Leasing — 0.3% Affiliate of the Fund. (f) Annualized 7-day yield as of period-end. Fortress Transportation & Infrastructure Investors LLC, 6.50%, (g) (a) All or a portion of this security was purchased with cash collateral received from loaned 10/01/25 (Call 10/01/21) ...... 85 88,459 securities. Total Corporate Bonds & Notes — 98.1% (Cost: $23,742,146)...... 24,623,959

Short-Term Investments Money Market Funds — 11.5% BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g) ...... 2,317 2,318,286 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f) ...... 560 560,000 2,878,286

Total Short-Term Investments — 11.5% (Cost: $2,877,635)...... 2,878,286

Total Investments in Securities — 109.6% (Cost: $26,619,781)...... 27,502,245 Other Assets, Less Liabilities — (9.6)%...... (2,416,898)

Net Assets — 100.0% ...... $ 25,085,347

Change in Shares Unrealized Held at Capital Gain Value at Purchases Proceeds Net Realized Appreciation Value at 04/30/21 Distributions from Affiliated Issuer 10/31/20 at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 (000) Income Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $1,893,672 $425,075(a) $ —$ (346) $ (115) $2,318,286 2,317 $ 3,772(b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares ...... 334,000 226,000(a) — — — 560,000 560 36 — $ (346) $ (115) $2,878,286 $ 3,808 $ —

32 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2025 Term High Yield and Income ETF April 30, 2021

Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Total Investments Assets Corporate Bonds & Notes...... $ — $24,623,959 $ — $24,623,959 Money Market Funds ...... 2,878,286 — — 2,878,286 $ 2,878,286 $24,623,959 $ — $27,502,245

See notes to financial statements.

S C HEDU LE O F I NVES TMENTS 33 Schedule of Investments (unaudited) iShares iBonds 2026 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value Corporate Bonds & Notes Building Materials (continued) Masonite International Corp., 5.75%, 09/15/26 (Call 09/15/21)(a) . $ 25 $ 25,969 Aerospace & Defense — 3.0% Signature Aviation U.S. Holdings Inc., 5.38%, 05/01/26 40,969 (Call 05/01/21)(a) ...... $ 3 5 $ 35,904 Chemicals — 1.3% Spirit AeroSystems Inc., 3.85%, 06/15/26 (Call 03/15/26)...... 25 25,886 GCP Applied Technologies Inc., 5.50%, 04/15/26 (a) TransDigm Inc. (Call 04/15/22) ...... 25 2 5,676 (a) 6.25%, 03/15/26 (Call 03/15/22)(a) ...... 275 291,181 GPD Companies Inc., 10.13%, 04/01/26 (Call 04/01/22) ...... 30 32,665 (a)(b) 6.38%, 06/15/26 (Call 06/15/21)...... 50 51,826 Ingevity Corp., 4.50%, 02/01/26 (Call 02/01/22) ...... 25 2 5,530 (a)(b) TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/21) . . 5 0 5 2 , 7 5 9 Nouryon Holding BV, 8.00%, 10/01/26 (Call 10/01/21) ...... 45 47,810 Nufarm Australia Ltd./Nufarm Americas Inc., 5.75%, 04/30/26 457,556 (Call 04/30/21)(a) ...... 35 36,041 Agriculture — 0.4% Rayonier AM Products Inc., 7.63%, 01/15/26 (Call 01/15/24)(a) . . 3 5 3 7 , 2 5 5 Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/23)(a). . . . 1 5 15,528 Vector Group Ltd., 10.50%, 11/01/26 (Call 11/01/21)(a) ...... 40 42,411 204,977 Commercial Services — 4.3% 57,939 Allied Universal Holdco LLC/Allied Universal Finance Corp., Airlines — 3.3% 6.63%, 07/15/26 (Call 07/15/22)(a) ...... 135 142,965 American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, Alta Equipment Group Inc., 5.63%, 04/15/26 (Call 03/23/23)(a). . . 5 5 , 0 8 8 04/20/26(a) ...... 205 215,256 Carriage Services Inc., 6.63%, 06/01/26 (Call 06/01/21)(a) ...... 30 31,579 American Airlines Pass Through Trust, Series 2014-1, Class A, Cimpress PLC, 7.00%, 06/15/26 (Call 06/15/21)(a) ...... 50 52,589 3.70%, 04/01/28...... 33 3 2 , 2 2 1 CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24)...... 25 2 5,125 Delta Air Lines Inc., 7.38%, 01/15/26 (Call 12/15/25)(b) ...... 85 99,646 CPI CG Inc., 8.63%, 03/15/26 (Call 03/15/23)(a)...... 20 2 0,947 Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Graham Holdings Co., 5.75%, 06/01/26 (Call 06/01/21)(a) ...... 30 31,339 Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a) ...... 75 79,267 Legends Hospitality Holding Co. LLC / Legends Hospitality United Airlines Inc., 4.38%, 04/15/26 (Call 10/15/25)(a) ...... 85 88,190 Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)(a) ...... 25 2 5,792 514,580 Prime Security Services Borrower LLC/Prime Finance Inc., Apparel — 0.9% 5.75%, 04/15/26(a) ...... 95 103,901 (a) Hanesbrands Inc., 4.88%, 05/15/26 (Call 02/15/26) ...... 65 69,687 RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)(a) . . . 2 5 2 5 , 8 0 7 Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)...... 45 45,732 Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, (a) Wolverine World Wide Inc., 5.00%, 09/01/26 (Call 09/01/21) . . . 2 0 2 0 , 4 2 8 11/01/26 (Call 11/01/22)(a)...... 35 36,473 135,847 United Rentals North America Inc., 5.88%, 09/15/26 Auto Manufacturers — 1.7% (Call 09/15/21) ...... 70 7 3,178 Ford Motor Credit Co. LLC Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a) . .... 75 7 9,885 4.39%, 01/08/26...... 200 213,544 654,668 4.54%, 08/01/26 (Call 06/01/26)...... 50 53,645 Computers — 1.7% 267,189 Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(a) ...... 100 106,200 Auto Parts & Equipment — 2.4% Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b)...... 135 149,687 Adient Global Holdings Ltd., 4.88%, 08/15/26 255,887 (a)(b) (Call 08/15/21) ...... 50 51,254 Cosmetics & Personal Care — 0.5% American Axle & Manufacturing Inc., 6.25%, 03/15/26 Coty Inc. (b) (Call 03/15/22) ...... 30 30,831 5.00%, 04/15/26 (Call 04/15/23)(a) ...... 39 39,455 Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26 6.50%, 04/15/26 (Call 04/15/22)(a)(b) ...... 40 4 0,225 (Call 05/15/22)(a) ...... 70 74,295 79,680 Cooper-Standard Automotive Inc., 5.63%, 11/15/26 Distribution & Wholesale — 0.7% (Call 11/15/21)(a)...... 30 26,122 American Builders & Contractors Supply Co. Inc., 5.88%, Dana Financing Luxembourg Sarl, 6.50%, 06/01/26 05/15/26 (Call 05/15/21)(a) ...... 45 4 6,434 (Call 06/01/21)(a) ...... 30 31,106 Resideo Funding Inc., 6.13%, 11/01/26 (Call 11/01/21)(a) ...... 19 20,070 Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/26 Wolverine Escrow LLC, 9.00%, 11/15/26 (Call 11/15/22)(a)...... 40 39,562 (Call 05/31/21) ...... 65 66,635 IHO Verwaltungs GmbH (5.50% PIK), 4.75%, 09/15/26 106,066 (Call 09/15/21)(a)(c) ...... 50 51,147 Diversified Financial Services — 2.0% Tenneco Inc., 5.00%, 07/15/26 (Call 07/15/21)(b) ...... 35 33,893 Credit Acceptance Corp., 6.63%, 03/15/26 (Call 03/15/22)...... 30 31,666 goeasy Ltd., 4.38%, 05/01/26 (Call 04/27/23)(a) ...... 25 2 5,289 365,283 Home Point Capital Inc., 5.00%, 02/01/26 (Call 02/01/23)(a) . .... 35 34,453 Banks — 1.0% Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.25%, 06/03/26 Freedom Mortgage Corp., 7.63%, 05/01/26 (Call 05/01/23)(a). . . . 45 46,919 (Call 06/01/22)(a) ...... 25 2 6,265 Intesa Sanpaolo SpA, 5.71%, 01/15/26(a)...... 100 112,637 Navient Corp., 6.75%, 06/15/26...... 35 37,753 159,556 OneMain Finance Corp., 7.13%, 03/15/26...... 110 128,491 Building Materials — 0.3% PHH Mortgage Corp., 7.88%, 03/15/26 (Call 03/15/23)(a) ...... 25 25,418 Cogent Communications Group, 3.50%, 05/01/26 309,335 (Call 02/01/26)(a) ...... 15 15,000

34 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2026 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Electric — 2.3% Forest Products & Paper (continued) Calpine Corp., 5.25%, 06/01/26 (Call 06/01/21)(a) ...... $ 5 0 $ 51,313 Resolute Forest Products Inc., 4.88%, 03/01/26 Clearway Energy Operating LLC, 5.00%, 09/15/26 (Call 03/01/23)(a) ...... $ 2 0 $ 20,384 (Call 09/15/21) ...... 25 25,817 Schweitzer-Mauduit International Inc., 6.88%, 10/01/26 FirstEnergy Corp., Series A, 1.60%, 01/15/26 (Call 12/15/25).... 25 24,361 (Call 10/01/21)(a) ...... 25 2 6,517 NextEra Energy Operating Partners LP, 3.88%, 10/15/26 72,595 (a) (Call 07/15/26) ...... 35 36,638 Gas — 0.4% NRG Energy Inc., 7.25%, 05/15/26 (Call 05/15/21)...... 70 72,612 AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, (a) Talen Energy Supply LLC, 10.50%, 01/15/26 (Call 01/15/22) . . 4 0 3 6 , 7 6 2 08/20/26 (Call 05/20/26) ...... 50 55,930 Terraform Global Operating LLC, 6.13%, 03/01/26 (Call 03/01/22)(a) ...... 30 30,814 Health Care - Products — 0.2% Vistra Operations Co. LLC, 5.50%, 09/01/26 (Call 09/01/21)(a) . . . 7 0 7 2 , 3 4 9 Teleflex Inc., 4.88%, 06/01/26 (Call 06/01/21)...... 25 2 5,638 350,666 Health Care - Services — 6.8% Energy - Alternate Sources — 0.2% AHP Health Partners Inc., 9.75%, 07/15/26 (Call 07/15/21)(a) . . . . 3 5 3 8 , 0 0 4 Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, Centene Corp. (a) 01/15/26 (Call 11/15/21) ...... 25 26,217 5.38%, 06/01/26 (Call 06/01/21)(a) ...... 100 104,271 (a) Engineering & Construction — 0.5% 5.38%, 08/15/26 (Call 08/15/21) ...... 55 57,678 Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, CHS/Community Health Systems Inc., 8.00%, 03/15/26 (a) 02/01/26 (Call 02/01/23)(a) ...... 25 26,302 (Call 03/15/22) ...... 145 156,140 (a) frontdoor Inc., 6.75%, 08/15/26 (Call 08/15/21)(a) ...... 25 26,517 Hadrian Merger Sub Inc., 8.50%, 05/01/26 (Call 05/01/21) . . . . 2 5 2 6 , 0 2 8 New Enterprise Stone & Lime Co. Inc., 6.25%, 03/15/26 HCA Inc. (Call 03/15/22)(a) ...... 25 25,839 5.38%, 09/01/26 (Call 03/01/26)...... 70 7 9,556 5.88%, 02/15/26 (Call 08/15/25)...... 105 120,593 78,658 IQVIA Inc., 5.00%, 10/15/26 (Call 10/15/21)(a) ...... 75 7 7,600 Entertainment — 2.0% RegionalCare Hospital Partners Holdings Inc./LifePoint (a) ...... 25 26,117 CCM Merger Inc., 6.38%, 05/01/26 (Call 11/01/22) Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a) ...... 100 108,281 Cinemark USA Inc., 5.88%, 03/15/26 (Call 03/15/23)(a) ...... 5 5,188 Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a) ...... 85 90,391 Golden Entertainment Inc., 7.63%, 04/15/26 (Call 04/15/22)(a)(b) . 3 0 3 2 , 0 8 5 Tenet Healthcare Corp., 4.88%, 01/01/26 (Call 03/01/22)(a) ...... 145 150,622 Live Nation Entertainment Inc., 5.63%, 03/15/26 (a) U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/15/22) ...... 25 25,977 (Call 03/01/23)(a) ...... 30 31,303 Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)(a) ...... 70 71,058 1,040,467 Scientific Games International Inc., 8.25%, 03/15/26 Holding Companies - Diversified — 0.6% (Call 03/15/22)(a) ...... 75 81,034 Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 05/15/26 (Call 05/15/22) ...... 85 89,701 (a) 7.00%, 07/15/26 (Call 07/15/21) ...... 70 73,107 Home Builders — 0.4% 314,566 Forestar Group Inc., 3.85%, 05/15/26 (Call 05/15/23)(a) ...... 10 1 0,127 Environmental Control — 0.5% K Hovnanian Enterprises Inc., 10.50%, 02/15/26 GFL Environmental Inc., 5.13%, 12/15/26 (Call 12/15/22)(a) . .... 35 36,755 (Call 02/15/22)(a) ...... 20 2 1,800 Waste Pro USA Inc., 5.50%, 02/15/26 (Call 02/15/22)(a) ...... 35 35,857 LGI Homes Inc., 6.88%, 07/15/26 (Call 07/15/21)(a) ...... 25 2 6,084 72,612 58,011 Food — 2.5% Home Furnishings — 0.6% Albertsons Companies Inc./Safeway Inc./New Tempur Sealy International Inc., 5.50%, 06/15/26 Albertsons LP/Albertsons LLC (Call 06/15/21)(b) ...... 45 4 6,395 3.25%, 03/15/26 (Call 09/15/22)(a) ...... 55 54,881 WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 7.50%, 03/15/26 (Call 03/15/22)(a) ...... 45 49,605 (Call 04/15/23)(a) ...... 45 4 6,736 FAGE International SA/FAGE USA Dairy Industry Inc., 5.63%, 93,131 (a) 08/15/26 (Call 08/15/21) ...... 25 25,839 Housewares — 1.1% H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, Newell Brands Inc., 4.70%, 04/01/26 (Call 01/01/26) ...... 135 150,380 (a) 06/01/26 (Call 06/01/21) ...... 25 25,753 Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26 (Call 12/15/21) . . 20 20,968 Kraft Heinz Foods Co., 3.00%, 06/01/26 (Call 03/01/26)...... 130 137,099 171,348 Lamb Weston Holdings Inc., 4.88%, 11/01/26 (Call 11/01/21)(a) . . 60 62,294 Insurance — 1.3% Sigma Holdco BV, 7.88%, 05/15/26 (Call 05/15/21)(a) ...... 25 25,061 Acrisure LLC/Acrisure Finance Inc., 10.13%, 08/01/26 380,532 (Call 08/01/22)(a)(b) ...... 30 34,336 Food Service — 0.2% AmWINS Group Inc., 7.75%, 07/01/26 (Call 07/01/21)(a) ...... 45 47,927 Aramark Services Inc., 4.75%, 06/01/26 (Call 06/01/21) ...... 35 35,894 HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)(a) ...... 115 119,195 Forest Products & Paper — 0.5% 201,458 Mercer International Inc., 5.50%, 01/15/26 (Call 01/15/22)(b). .... 25 25,694 Internet — 1.6% Netflix Inc., 4.38%, 11/15/26(b) ...... 70 7 8,964

S C HEDU LE O F I NVES TMENTS 35 Schedule of Investments (unaudited) (continued) iShares iBonds 2026 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Internet (continued) Media (continued) Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 10/01/22)(a) ...... $ 5 5 $ 60,271 (Call 07/01/22)(a)(b) ...... $ 3 5 $ 36,059 Uber Technologies Inc., 8.00%, 11/01/26 (Call 11/01/21)(a) ...... 100 108,224 Diamond Sports Group LLC/Diamond Sports Finance Co., (a) 247,459 5.38%, 08/15/26 (Call 08/15/22) ...... 100 7 2 , 9 7 3 (b) Iron & Steel — 1.2% DISH DBS Corp., 7.75%, 07/01/26 ...... 135 155,627 (a)(b) ArcelorMittal SA, 4.55%, 03/11/26...... 50 55,453 Gray Television Inc., 5.88%, 07/15/26 (Call 07/15/21) ...... 50 51,864 Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, iHeartCommunications Inc., 6.38%, 05/01/26 (Call 05/01/22) .... 55 58,523 (b) 07/15/26 (Call 07/15/21)(a) ...... 25 26,608 Meredith Corp., 6.88%, 02/01/26 (Call 02/01/22) ...... 90 92,452 Cleveland-Cliffs Inc., 6.75%, 03/15/26 (Call 03/04/23)(a)(b) ...... 50 54,353 Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (a) U.S. Steel Corp., 6.25%, 03/15/26 (Call 03/15/22) ...... 45 45,983 (Call 09/15/23) ...... 65 66,135 Sinclair Television Group Inc., 5.88%, 03/15/26 182,397 (Call 03/15/22)(a)(b) ...... 25 2 5,741 Leisure Time — 2.7% Sirius XM Radio Inc., 5.38%, 07/15/26 (Call 07/15/21)(a)(b) ...... 70 7 2 , 2 8 7 Carnival Corp. Spanish Broadcasting System Inc., 9.75%, 03/01/26 7.63%, 03/01/26 (Call 03/01/24)(a)(b) ...... 100 109,516 (Call 09/01/23)(a) ...... 20 1 9,319 10.50%, 02/01/26 (Call 08/01/23)(a)...... 55 64,918 TEGNA Inc., 4.75%, 03/15/26 (Call 03/15/23)(a)...... 40 4 2 , 6 2 3 Life Time Inc. Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)(a) ...... 35 36,737 5.75%, 01/15/26 (Call 01/15/23)(a) ...... 59 61,127 Virgin Media Secured Finance PLC, 5.50%, 08/15/26 8.00%, 04/15/26 (Call 02/01/23)(a) ...... 30 31,562 (Call 08/15/21)(a) ...... 50 51,927 NCL Corp. Ltd. 5.88%, 03/15/26 (Call 12/15/25)(a) ...... 80 83,801 1,190,883 10.25%, 02/01/26 (Call 08/01/23)(a)...... 55 64,817 Mining — 2.1% Alcoa Nederland Holding BV, 7.00%, 09/30/26 (Call 09/30/21)(a) . 100 105,505 415,741 Constellium SE, 5.88%, 02/15/26 (Call 11/15/21)(a) ...... 50 51,561 Lodging — 2.4% JW Aluminum Continuous Cast Co., 10.25%, 06/01/26 Boyd Gaming Corp. (Call 06/01/21)(a) ...... 25 2 6,386 6.00%, 08/15/26 (Call 08/15/21)...... 50 51,847 Novelis Corp., 5.88%, 09/30/26 (Call 09/30/21)(a) ...... 105 109,543 6.38%, 04/01/26 (Call 04/01/22)...... 50 51,629 Taseko Mines Ltd., 7.00%, 02/15/26 (Call 02/15/23)(a)...... 25 26,002 Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21) ...... 55 57,438 318,997 MGM Resorts International, 4.63%, 09/01/26 (Call 06/01/26) . . . . 50 52,660 Oil & Gas — 7.6% Travel & Leisure Co., 6.63%, 07/31/26 (Call 04/30/26)(a) ...... 45 51,567 Aethon United BR LP/Aethon United Finance Corp., 8.25%, (a) Wynn Macau Ltd., 5.50%, 01/15/26 (Call 06/15/22)(a) ...... 100 104,939 02/15/26 (Call 02/15/23) ...... 45 4 7,712 Antero Resources Corp., 8.38%, 07/15/26 (Call 01/15/24)(a) . .... 35 39,294 370,080 Ascent Resources Utica Holdings LLC/ARU Finance Corp., Machinery — 1.5% 7.00%, 11/01/26 (Call 11/01/21)(a) ...... 45 4 5,546 BWX Technologies Inc., 5.38%, 07/15/26 (Call 07/15/21)(a) ...... 30 30,970 Berry Petroleum Co. LLC, 7.00%, 02/15/26 (Call 02/15/22)(a) . . . . 3 0 3 0 , 0 0 2 Colfax Corp., 6.38%, 02/15/26 (Call 02/15/22)(a) ...... 23 24,511 California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)(a) . . 4 0 4 0 , 9 6 7 Manitowoc Co. Inc. (The), 9.00%, 04/01/26 (Call 04/01/22)(a) . . . . 2 5 27,107 Callon Petroleum Co., 6.38%, 07/01/26 (Call 07/01/21)...... 25 21,870 Mueller Water Products Inc., 5.50%, 06/15/26 (Call 06/15/21)(a) . 35 36,150 Centennial Resource Production LLC, 5.38%, 01/15/26 SPX FLOW Inc., 5.88%, 08/15/26 (Call 08/15/21)(a) ...... 25 25,988 (Call 01/15/22)(a) ...... 20 1 8,712 Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)(a) . . . . 30 32,326 Chesapeake Energy Corp., 5.50%, 02/01/26 (Call 02/05/23)(a). . . 3 0 3 1 , 6 7 5 Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 Colgate Energy Partners III LLC, 7.75%, 02/15/26 (Call 04/15/22)(a) ...... 45 46,712 (Call 02/15/24)(a) ...... 20 2 0,200 223,764 Comstock Resources Inc., 9.75%, 08/15/26 (Call 08/15/21) ..... 86 93,483 Manufacturing — 1.1% Endeavor Energy Resources LP/EER Finance Inc., 5.50%, EnPro Industries Inc., 5.75%, 10/15/26 (Call 10/15/21) ...... 25 26,458 01/30/26 (Call 01/30/22)(a) ...... 35 36,238 (a) FXI Holdings Inc., 12.25%, 11/15/26 (Call 11/15/22) ...... 55 63,663 Energy Ventures Gom LLC/EnVen Finance Corp., 11.75%, Gates Global LLC/Gates Corp., 6.25%, 01/15/26 04/15/26 (Call 04/15/23)(a) ...... 15 1 5,381 (a) (Call 01/15/22) ...... 40 41,935 Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Hillenbrand Inc., 5.00%, 09/15/26 (Call 07/15/26) ...... 30 33,220 Corp., 6.00%, 08/01/26 (Call 08/01/21)(a) ...... 30 30,924 165,276 Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21) ...... 75 74,772 Media — 7.8% Moss Creek Resources Holdings Inc., 7.50%, 01/15/26 Altice Financing SA, 7.50%, 05/15/26 (Call 05/15/21)(a) ...... 200 207,836 (Call 01/15/22)(a) ...... 25 22,360 Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/22)(a) ...... 25 22,321 (Call 02/01/23)(a) ...... 20 20,451 Occidental Petroleum Corp. CCO Holdings LLC/CCO Holdings Capital Corp. 3.20%, 08/15/26 (Call 06/15/26)...... 70 68,363 5.50%, 05/01/26 (Call 05/01/21)(a) ...... 5 5,160 3.40%, 04/15/26 (Call 01/15/26)...... 80 7 9,171 5.75%, 02/15/26 (Call 02/15/22)(a) ...... 70 72,345 5.55%, 03/15/26 (Call 12/15/25)...... 75 80,539 CSC Holdings LLC, 5.50%, 05/15/26 (Call 05/15/21)(a) ...... 100 102,824 Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25) ...... 50 56,015 PDC Energy Inc., 5.75%, 05/15/26 (Call 05/15/21) ...... 55 57,170

36 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2026 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Par Security (000) Value Security (000) Value

Oil & Gas (continued) Pipelines (continued) Range Resources Corp., 9.25%, 02/01/26 (Call 02/01/22)...... $ 6 0 $ 65,852 Targa Resources Partners LP/Targa Resources Partners SM Energy Co., 6.75%, 09/15/26 (Call 09/15/21) ...... 25 24,250 Finance Corp., 5.88%, 04/15/26 (Call 04/15/22)(b) ...... $ 6 5 $ 68,071 Southwestern Energy Co., 7.50%, 04/01/26 (Call 04/01/22) . .... 45 47,602 TransMontaigne Partners LP/TLP Finance Corp., 6.13%, Sunoco LP/Sunoco Finance Corp., 5.50%, 02/15/26 02/15/26 (Call 02/15/22) ...... 25 2 5,188 (Call 02/15/22) ...... 55 56,718 Western Midstream Operating LP, 4.65%, 07/01/26 Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23)(a) ...... 40 40,065 (Call 04/01/26) ...... 35 37,511 1,167,202 814,225 Oil & Gas Services — 0.8% Real Estate Investment Trusts — 2.4% TechnipFMC PLC, 6.50%, 02/01/26 (Call 02/01/23)(a) ...... 65 69,060 Brookfield Property REIT Inc./BPR Cumulus LLC/BPR USA Compression Partners LP/USA Compression Finance Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 Corp., 6.88%, 04/01/26 (Call 04/01/22) ...... 50 52,411 (Call 05/15/22)(a) ...... 65 67,914 121,471 EPR Properties, 4.75%, 12/15/26 (Call 09/15/26) ...... 35 36,765 (b) Packaging & Containers — 3.5% GEO Group Inc. (The), 6.00%, 04/15/26 (Call 04/15/22) ...... 25 17,244 Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., iStar Inc., 5.50%, 02/15/26 (Call 08/15/22)...... 30 31,118 4.13%, 08/15/26 (Call 08/15/22)(a) ...... 100 102,865 MGM Growth Properties Operating Partnership LP/MGP Ball Corp., 4.88%, 03/15/26 (Call 12/15/25)...... 55 61,702 Finance Co-Issuer Inc., 4.50%, 09/01/26 (Call 06/01/26)...... 35 37,037 Berry Global Inc., 4.50%, 02/15/26 (Call 02/15/22)(a) ...... 35 35,844 MPT Operating Partnership LP/MPT Finance Corp., 5.25%, Cascades Inc./Cascades USA Inc., 5.13%, 01/15/26 08/01/26 (Call 08/01/21) ...... 35 36,097 (Call 01/15/23)(a) ...... 25 26,670 Service Properties Trust Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 4.75%, 10/01/26 (Call 08/01/26)...... 35 34,149 09/30/26 (Call 03/31/26) ...... 50 53,807 5.25%, 02/15/26 (Call 08/15/25)...... 25 2 5,131 Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, VICI Properties LP/VICI Note Co. Inc., 4.25%, 12/01/26 (a) 02/01/26 (Call 02/01/22) ...... 25 25,931 (Call 12/01/22) ...... 85 87,887 Crown Cork & Seal Co. Inc., 7.38%, 12/15/26(b)...... 15 18,257 373,342 Flex Acquisition Co. Inc., 7.88%, 07/15/26 (Call 07/15/21)(a) . .... 35 36,602 Retail — 4.9% Intertape Polymer Group Inc., 7.00%, 10/15/26 99 Escrow Issuer Inc., 7.50%, 01/15/26 (Call 01/15/23)(a) ...... 25 23,943 (Call 10/15/21)(a) ...... 20 21,020 Beacon Roofing Supply Inc., 4.50%, 11/15/26 (Call 11/15/22)(a). . 2 5 2 5 , 9 2 0 LABL Escrow Issuer LLC, 6.75%, 07/15/26 (Call 07/15/22)(a) . . . . 50 53,862 CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)(a) . .... 40 39,712 Trivium Packaging Finance BV, 5.50%, 08/15/26 Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 08/15/22)(a) ...... 100 104,555 (Call 04/01/23)(a) ...... 45 4 4 , 4 9 4 (a) 541,115 Guitar Center Inc., 8.50%, 01/15/26 (Call 01/15/22) ...... 25 2 6,419 (a) Pharmaceuticals — 1.0% IRB Holding Corp., 6.75%, 02/15/26 (Call 02/15/22) ...... 35 36,244 Bausch Health Americas Inc., 9.25%, 04/01/26 KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of (a) (Call 04/01/22)(a) ...... 105 116,298 America LLC, 5.25%, 06/01/26 (Call 06/01/21) ...... 75 7 7,124 HLF Financing Sarl LLC/Herbalife International Inc., 7.25%, LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, (a) 08/15/26 (Call 08/15/21)(a) ...... 30 31,345 02/15/26 (Call 02/15/23) ...... 40 4 1,804 Lannett Co. Inc., 7.75%, 04/15/26 (Call 04/15/23)(a) ...... 10 10,106 NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)(a) ...... 70 7 1,593 157,749 Party City Holdings Inc., 8.75%, 02/15/26 (Call 08/15/23)(a)...... 45 46,135 Pipelines — 5.3% Penske Automotive Group Inc., 5.50%, 05/15/26 (Call 05/15/21). 25 25,803 Antero Midstream Partners LP/Antero Midstream Finance Corp., Rite Aid Corp., 8.00%, 11/15/26 (Call 01/15/23)(a) ...... 60 62,312 7.88%, 05/15/26 (Call 05/15/23)(a) ...... 40 43,578 Specialty Building Products Holdings LLC/SBP Finance Corp., Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 6.38%, 09/30/26 (Call 09/30/22)(a) ...... 45 4 7,415 07/15/26 (Call 07/15/21)(a) ...... 25 25,827 SRS Distribution Inc., 8.25%, 07/01/26 (Call 07/01/21)(a) ...... 25 2 6,236 Buckeye Partners LP, 3.95%, 12/01/26 (Call 09/01/26) ...... 45 45,210 Staples Inc., 7.50%, 04/15/26 (Call 04/15/22)(a) ...... 135 139,817 Cheniere Energy Partners LP, 5.63%, 10/01/26 (Call 10/01/21) . . 75 78,187 White Cap Parent LLC (9.00% PIK), 8.25%, 03/15/26 CNX Midstream Partners LP/CNX Midstream Finance Corp., (Call 03/15/22)(a)(c) ...... 20 2 0,728 6.50%, 03/15/26 (Call 03/15/22)(a) ...... 30 31,083 EnLink Midstream Partners LP, 4.85%, 07/15/26 (Call 04/15/26) . 35 35,208 755,699 EQM Midstream Partners LP, 4.13%, 12/01/26 (Call 09/01/26). . . 35 35,404 Semiconductors — 0.3% (a) Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, Entegris Inc., 4.63%, 02/10/26 (Call 11/10/21) ...... 40 4 1,388 05/15/26 (Call 02/15/22) ...... 25 24,527 Software — 2.2% Hess Midstream Operations LP, 5.63%, 02/15/26 (a) (a) ACI Worldwide Inc., 5.75%, 08/15/26 (Call 08/15/21) ...... 30 31,567 (Call 02/15/22) ...... 50 51,902 (a) (a) Boxer Parent Co. Inc., 9.13%, 03/01/26 (Call 09/01/21) ...... 25 26,465 New Fortress Energy Inc., 6.50%, 09/30/26 (Call 03/31/23) . . . . 1 00 101,953 BY Crown Parent LLC/BY Bond Finance Inc., 4.25%, 01/31/26 NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, (a) (a) (Call 07/31/22) ...... 55 57,611 02/01/26 (Call 02/01/23) ...... 125 131,397 Camelot Finance SA, 4.50%, 11/01/26 (Call 11/01/22)(a)...... 50 51,970 Northriver Midstream Finance LP, 5.63%, 02/15/26 (a) Dun & Bradstreet Corp. (The), 6.88%, 08/15/26 (Call 10/15/22) ...... 40 41,268 (Call 02/15/22)(a) ...... 30 31,984 NuStar Logistics LP, 6.00%, 06/01/26 (Call 03/01/26) ...... 35 37,911

S C HEDU LE O F I NVES TMENTS 37 Schedule of Investments (unaudited) (continued) iShares iBonds 2026 Term High Yield and Income ETF April 30, 2021 (Percentages shown are based on Net Assets)

Par Shares Security (000) Value Security (000) Value Software (continued) Short-Term Investments Fair Isaac Corp., 5.25%, 05/15/26 (Call 02/15/26)(a)...... $ 3 0 $ 33,320 Money Market Funds — 9.7% Nuance Communications Inc., 5.63%, 12/15/26 (Call 12/15/21). . 3 5 3 6 , 7 5 8 BlackRock Cash Funds: Institutional, SL Agency Shares, Open Text Corp., 5.88%, 06/01/26 (Call 06/01/21)(a) ...... 60 6 1 , 9 5 1 0.08%(d)(e)(f) ...... 1,373 $ 1,373,943 331,626 BlackRock Cash Funds: Treasury, SL Agency Shares, Telecommunications — 5.8% 0.00%(d)(e) ...... 120 120,000 Altice France SA/France, 7.38%, 05/01/26 (Call 05/01/21)(a). .... 150 155,809 1,493,943 CommScope Inc., 6.00%, 03/01/26 (Call 03/01/22)(a)...... 105 110,662 Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 Total Short-Term Investments — 9.7% (a) (Call 10/01/22) ...... 140 146,013 (Cost: $1,494,058)...... 1,493,943 HC2 Holdings Inc., 8.50%, 02/01/26 (Call 02/01/23)(a)...... 20 19,749 Hughes Satellite Systems Corp. Total Investments in Securities — 107.9% 5.25%, 08/01/26...... 55 6 0 , 6 1 3 (Cost: $16,321,505)...... 16,538,601 (b) 6.63%, 08/01/26 ...... 55 60,943 Other Assets, Less Liabilities — (7.9)%...... (1,209,848) Level 3 Financing Inc., 5.25%, 03/15/26 (Call 03/15/22) ...... 25 25,757 Lumen Technologies Inc., 5.13%, 12/15/26 (Call 12/15/22)(a) . . . . 8 5 8 9 , 1 2 3 Net Assets — 100.0% ...... $ 15,328,753 Sprint Corp., 7.63%, 03/01/26 (Call 11/01/25)...... 100 122,637 (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of T-Mobile USA Inc. 1933, as amended. These securities may be resold in transactions exempt from 2.25%, 02/15/26 (Call 02/15/23)...... 85 85,581 registration to qualified institutional investors. 2.63%, 04/15/26 (Call 04/15/23)...... 20 20,344 (b) All or a portion of this security is on loan. 897,231 (c) Payment-in-kind ("PIK") bond which gives the issuer an option to make coupon pay- Toys, Games & Hobbies — 0.2% ments in cash or in the form of additional bonds. Stated interest rate represents the cash Mattel Inc., 3.38%, 04/01/26 (Call 04/01/23)(a) ...... 25 25,885 coupon rate. (d) Affiliate of the Fund. (e) Water — 0.2% Annualized 7-day yield as of period-end. (f) Solaris Midstream Holdings LLC, 7.63%, 04/01/26 All or a portion of this security was purchased with cash collateral received from loaned securities. (Call 04/01/23)(a) ...... 25 26,172

Total Corporate Bonds & Notes — 98.2% (Cost: $14,827,447)...... 15,044,658

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Change in Shares Unrealized Held at Capital Gain Value at Purchases Proceeds Net Realized Appreciation Value at 04/30/21 Distributions from Affiliated Issuer 11/10/20(a) at Cost from Sales Gain (Loss) (Depreciation) 04/30/21 (000) Income Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $ —$1,374,106(b) $ —$ (48) $ (115) $1,373,943 1,373 $ 890(c) $ — BlackRock Cash Funds: Treasury, SL Agency Shares...... — 120,000(b) — — — 120,000 120 31 — $ (48) $ (115) $1,493,943 $ 921 $ —

(a) The Fund commenced operations on November 10, 2020. (b) Represents net amount purchased (sold). (c) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

38 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares iBonds 2026 Term High Yield and Income ETF April 30, 2021

Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Total Investments Assets Corporate Bonds & Notes...... $ — $15,044,658 $ — $15,044,658 Money Market Funds ...... 1,493,943 — — 1,493,943 $ 1,493,943 $15,044,658 $ — $16,538,601

See notes to financial statements.

S C HEDU LE O F I NVES TMENTS 39 Statements of Assets and Liabilities (unaudited) April 30, 2021

iShares iShares iShares iShares iBonds 2021 iBonds 2022 iBonds 2023 iBonds 2024 Term High Term High Term High Term High Yield and Yield and Yield and Yield and Income ETF Income ETF Income ETF Income ETF

ASSETS Investments in securities, at value (including securities on loan)(a): Unaffiliated(b)...... $37,482,621 $45,375,475 $45,978,234 $28,970,751 Affiliated(c) ...... 8,557,482 6,453,675 5,412,553 4,421,991 Cash ...... 8,035 227,710 2,512 9,665 Receivables: Investments sold ...... — 289,812 — — Securities lending income — Affiliated...... 432 1,298 899 1,572 Dividends ...... 51 26 14 13 Interest ...... 523,518 553,911 772,406 469,503 Total assets...... 46,572,139 52,901,907 52,166,618 33,873,495

LIABILITIES Collateral on securities loaned, at value ...... 3,617,998 4,022,924 4,074,776 3,282,013 Payables: Investments purchased ...... 1,860,040 2,824,503 1,324,407 1,005,038 Investment advisory fees ...... 10,922 12,611 12,201 8,024 Total liabilities...... 5,488,960 6,860,038 5,411,384 4,295,075

NET ASSETS...... $41,083,179 $46,041,869 $46,755,234 $29,578,420

NET ASSETS CONSIST OF: Paid-in capital...... $41,651,476 $45,911,440 $46,415,714 $29,652,770 Accumulated earnings (loss)...... (568,297) 130,429 339,520 (74,350) NET ASSETS...... $41,083,179 $46,041,869 $46,755,234 $29,578,420

Shares outstanding ...... 1,700,000 1,900,000 1,900,000 1,200,000 Net asset value ...... $ 24.17 $ 24.23 $ 24.61 $ 24.65 Shares authorized ...... Unlimited Unlimited Unlimited Unlimited Par value ...... None None None None

(a) Securities loaned, at value ...... $ 3,455,267 $ 3,890,153 $ 3,919,025 $ 3,223,720 (b) Investments, at cost — Unaffiliated...... $37,450,088 $44,756,357 $45,044,788 $28,177,923 (c) Investments, at cost — Affiliated ...... $ 8,557,248 $ 6,453,671 $ 5,411,938 $ 4,421,575

See notes to financial statements.

40 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Statements of Assets and Liabilities (unaudited) (continued) April 30, 2021

iShares iShares iBonds 2025 iBonds 2026 Term High Term High Yield and Yield and Income ETF Income ETF

ASSETS Investments in securities, at value (including securities on loan)(a): Unaffiliated(b) ...... $24,623,959 $15,044,658 Affiliated(c)...... 2,878,286 1,493,943 Cash ...... 4,560 6,789 Receivables: Investments sold ...... — 155,120 Securities lending income — Affiliated ...... 790 270 Dividends ...... 7 — Interest...... 413,841 223,599 Total assets ...... 27,921,443 16,924,379

LIABILITIES Collateral on securities loaned, at value ...... 2,318,877 1,374,106 Payables: Investments purchased ...... 510,448 217,136 Investment advisory fees...... 6,771 4,384 Total liabilities ...... 2,836,096 1,595,626

NET ASSETS ...... $25,085,347 $15,328,753

NET ASSETS CONSIST OF: Paid-in capital...... $25,006,945 $15,096,489 Accumulated earnings ...... 78,402 232,264 NET ASSETS ...... $25,085,347 $15,328,753

Shares outstanding...... 1,000,000 600,000 Net asset value ...... $ 25.09 $ 25.55 Shares authorized...... Unlimited Unlimited Par value ...... None None

(a) Securities loaned, at value ...... $ 2,248,140 $ 1,325,431 (b) Investments, at cost — Unaffiliated ...... $23,742,146 $14,827,447 (c) Investments, at cost — Affiliated...... $ 2,877,635 $ 1,494,058

See notes to financial statements.

F INANC IAL S T ATEMENTS 41 Statements of Operations (unaudited) Six Months Ended April 30, 2021

iShares iBonds 2021 Term iShares iShares iShares High Yield iBonds 2022 iBonds 2023 iBonds 2024 and Term High Term High Term High Income Yield and Yield and Yield and ETF Income ETF Income ETF Income ETF

INVESTMENT INCOME Dividends —Affiliated ...... $ 249 $ 100 $ 74 $ 75 Interest—Unaffiliated ...... 432,104 663,154 818,736 520,915 Securities lending income — Affiliated — net...... 2,648 5,106 4,296 5,464 Other income — Unaffiliated ...... — 475 700 2,500 Total investment income ...... 435,001 668,835 823,806 528,954

EXPENSES Investment advisory fees...... 57,985 58,833 50,768 35,155 Total expenses ...... 57,985 58,833 50,768 35,155 Less: Investment advisory fees waived ...... (861) (350) (291) (264) Total expenses after fees waived...... 57,124 58,483 50,477 34,891 Net investment income ...... 377,877 610,352 773,329 494,063

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — Unaffiliated ...... 55,226 239,713 171,507 38,769 Investments — Affiliated...... (335) (325) (425) (277) Net realized gain ...... 54,891 239,388 171,082 38,492 Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated ...... (29,003) 286,759 704,564 692,057 Investments — Affiliated...... (187) (315) (353) (190) Net change in unrealized appreciation (depreciation) ...... (29,190) 286,444 704,211 691,867 Net realized and unrealized gain ...... 25,701 525,832 875,293 730,359 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...... $403,578 $1,136,184 $1,648,622 $1,224,422

See notes to financial statements.

42 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Statements of Operations (unaudited) (continued) Six Months Ended April 30, 2021

iShares iBonds iShares 2026 Term iBonds 2025 High Yield Term High and Yield and Income Income ETF ETF(a)

INVESTMENT INCOME Dividends —Affiliated...... $ 36 $ 31 Interest—Unaffiliated ...... 548,803 269,843 Securities lending income — Affiliated — net ...... 3,772 890 Other income — Unaffiliated...... — 700 Total investment income ...... 552,611 271,464

EXPENSES Investment advisory fees ...... 34,754 21,866 Total expenses ...... 34,754 21,866 Less: Investment advisory fees waived...... (136) (54) Total expenses after fees waived ...... 34,618 21,812 Net investment income...... 517,993 249,652

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — Unaffiliated ...... 69,756 453 Investments — Affiliated ...... (346) (48) Net realized gain...... 69,410 405 Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated ...... 682,584 217,211 Investments — Affiliated ...... (115) (115) Net change in unrealized appreciation (depreciation)...... 682,469 217,096 Net realized and unrealized gain ...... 751,879 217,501 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $1,269,872 $467,153

(a) For the period from November 10, 2020 (commencement of operations) to April 30, 2021.

See notes to financial statements.

F INANC IAL S T ATEMENTS 43 Statements of Changes in Net Assets

iShares iShares iBonds 2021 Term High Yield and iBonds 2022 Term High Yield and Income ETF Income ETF Six Months Six Months Ended Ended 04/30/21 Year Ended 04/30/21 Year Ended (unaudited) 10/31/20 (unaudited) 10/31/20 INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income ...... $ 377,877 $ 631,929 $ 610,352 $ 776,460 Net realized gain (loss) ...... 54,891 (773,112) 239,388 (599,785) Net change in unrealized appreciation (depreciation) ...... (29,190) 126,115 286,444 379,272 Net increase (decrease) in net assets resulting from operations ...... 403,578 (15,068) 1,136,184 555,947

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders ...... (432,337) (636,214) (668,270) (746,451)

CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions ...... 14,531,985 14,777,663 26,547,147 9,379,420

NET ASSETS Total increase in net assets ...... 14,503,226 14,126,381 27,015,061 9,188,916 Beginning of period ...... 26,579,953 12,453,572 19,026,808 9,837,892 End of period ...... $41,083,179 $26,579,953 $46,041,869 $19,026,808

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

See notes to financial statements.

44 2021 I S HARES S E MI-AN N U AL R E P O RT TO S H AREHO LDERS Statements of Changes in Net Assets (continued)

iShares iShares iBonds 2023 Term High Yield and iBonds 2024 Term High Yield and Income ETF Income ETF Six Months Six Months Ended Ended 04/30/21 Year Ended 04/30/21 Year Ended (unaudited) 10/31/20 (unaudited) 10/31/20 INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income ...... $ 773,329 $ 756,119 $ 494,063 $ 625,296 Net realized gain (loss) ...... 171,082 (847,890) 38,492 (1,028,239) Net change in unrealized appreciation (depreciation) ...... 704,211 270,583 691,867 (49,506) Net increase (decrease) in net assets resulting from operations ...... 1,648,622 178,812 1,224,422 (452,449)

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders ...... (688,037) (769,276) (463,831) (655,125)

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions ...... 29,261,490 4,759,599 19,463,986 (2,142,843)

NET ASSETS Total increase (decrease) in net assets ...... 30,222,075 4,169,135 20,224,577 (3,250,417) Beginning of period ...... 16,533,159 12,364,024 9,353,843 12,604,260 End of period ...... $46,755,234 $16,533,159 $29,578,420 $ 9,353,843

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

See notes to financial statements.

F INANC IAL S T ATEMENTS 45 Statements of Changes in Net Assets (continued)

iShares iBonds 2026 iShares Term High iBonds 2025 Term High Yield and Yield and Income ETF Income ETF Six Months Period From Ended 11/10/20(a) 04/30/21 Year Ended to 04/30/21 (unaudited) 10/31/20 (unaudited) INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income ...... $ 517,993 $ 791,768 $ 249,652 Net realized gain (loss) ...... 69,410 (1,033,686) 405 Net change in unrealized appreciation (depreciation) ...... 682,469 96,035 217,096 Net increase (decrease) in net assets resulting from operations ...... 1,269,872 (145,883) 467,153

DISTRIBUTIONS TO SHAREHOLDERS(b) Decrease in net assets resulting from distributions to shareholders ...... (521,562) (790,698) (234,889)

CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions ...... 7,489,734 5,218,399 15,096,489

NET ASSETS Total increase in net assets...... 8,238,044 4,281,818 15,328,753 Beginning of period ...... 16,847,303 12,565,485 — End of period ...... $25,085,347 $16,847,303 $15,328,753

(a) Commencement of operations. (b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

46 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Financial Highlights (For a share outstanding throughout each period)

iShares iBonds 2021 Term High Yield and Income ETF Six Months Ended Period From 04/30/21 Year Ended 05/07/19(a) (unaudited) 10/31/20 to 10/31/19

Net asset value, beginning of period ...... $ 24.16 $ 24.91 $ 25.00 Net investment income(b) ...... 0.27 0.88 0.58 Net realized and unrealized gain (loss)(c) ...... 0.07 (0.67) (0.20) Net increase from investment operations...... 0.34 0.21 0.38

Distributions(d) From net investment income...... (0.33) (0.96) (0.47) Total distributions ...... (0.33) (0.96) (0.47)

Net asset value, end of period ...... $ 24.17 $ 24.16 $ 24.91

Total Return Based on net asset value ...... 1.41%(e) 0.90% 1.54%(e)

Ratios to Average Net Assets Total expenses ...... 0.35%(f) 0.35% 0.35%(f) Total expenses after fees waived ...... 0.34%(f) 0.35% 0.35%(f) Net investment income...... 2.28%(f) 3.66% 4.76%(f)

Supplemental Data Net assets, end of period (000) ...... $41,083 $26,580 $12,454 Portfolio turnover rate(g) ...... 1%(e) 50% 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.

F INANC IAL H I G HLIG HTS 47 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares iBonds 2022 Term High Yield and Income ETF Six Months Ended Period From 04/30/21 Year Ended 05/07/19(a) (unaudited) 10/31/20 to 10/31/19

Net asset value, beginning of period ...... $ 23.78 $ 24.59 $25.00 Net investment income(b) ...... 0.43 1.32 0.64 Net realized and unrealized gain (loss)(c) ...... 0.57 (0.83) (0.51) Net increase from investment operations...... 1.00 0.49 0.13

Distributions(d) From net investment income...... (0.55) (1.30) (0.54) Total distributions ...... (0.55) (1.30) (0.54)

Net asset value, end of period ...... $ 24.23 $ 23.78 $24.59

Total Return Based on net asset value ...... 4.25%(e) 2.15% 0.56%(e)

Ratios to Average Net Assets Total expenses ...... 0.35%(f) 0.35% 0.35%(f) Total expenses after fees waived ...... 0.35%(f) 0.35% 0.35%(f) Net investment income...... 3.63%(f) 5.61% 5.34%(f)

Supplemental Data Net assets, end of period (000) ...... $46,042 $19,027 $9,838 Portfolio turnover rate(g) ...... 22%(e) 68% 14%(e)

See notes to financial statements.

48 2021 I S H ARES S E MI-AN N U AL R E P O RT TO S H AREHO LDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares iBonds 2023 Term High Yield and Income ETF Six Months Ended Period From 04/30/21 Year Ended 05/07/19(a) (unaudited) 10/31/20 to 10/31/19

Net asset value, beginning of period ...... $ 23.62 $ 24.73 $ 25.00 Net investment income(b) ...... 0.64 1.33 0.69 Net realized and unrealized gain (loss)(c) ...... 1.01 (1.08) (0.40) Net increase from investment operations...... 1.65 0.25 0.29

Distributions(d) From net investment income...... (0.66) (1.36) (0.56) Total distributions ...... (0.66) (1.36) (0.56)

Net asset value, end of period ...... $ 24.61 $ 23.62 $ 24.73

Total Return Based on net asset value ...... 7.05%(e) 1.16% 1.19%(e)

Ratios to Average Net Assets Total expenses ...... 0.35%(f) 0.35% 0.35%(f) Total expenses after fees waived ...... 0.35%(f) 0.35% 0.35%(f) Net investment income...... 5.33%(f) 5.67% 5.73%(f)

Supplemental Data Net assets, end of period (000) ...... $46,755 $16,533 $12,364 Portfolio turnover rate(g) ...... 18%(e) 51% 9%(e)

See notes to financial statements.

F INANC IAL H I G HLIG HTS 49 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares iBonds 2024 Term High Yield and Income ETF Six Months Ended Period From 04/30/21 Year Ended 05/07/19(a) (unaudited) 10/31/20 to 10/31/19

Net asset value, beginning of period ...... $ 23.38 $25.21 $ 25.00 Net investment income(b) ...... 0.59 1.33 0.68 Net realized and unrealized gain (loss)(c) ...... 1.29 (1.79) 0.09 Net increase (decrease) from investment operations...... 1.88 (0.46) 0.77

Distributions(d) From net investment income...... (0.61) (1.37) (0.56) Total distributions ...... (0.61) (1.37) (0.56)

Net asset value, end of period ...... $ 24.65 $23.38 $ 25.21

Total Return Based on net asset value ...... 8.07%(e) (1.72)% 3.08%(e)

Ratios to Average Net Assets Total expenses ...... 0.35%(f) 0.35% 0.35%(f) Total expenses after fees waived ...... 0.35%(f) 0.35% 0.35%(f) Net investment income...... 4.92%(f) 5.61% 5.55%(f)

Supplemental Data Net assets, end of period (000) ...... $29,578 $9,354 $12,604 Portfolio turnover rate(g) ...... 21%(e) 42% 10%(e)

See notes to financial statements.

50 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares iBonds 2025 Term High Yield and Income ETF Six Months Ended Period From 04/30/21 Year Ended 05/07/19(a) (unaudited) 10/31/20 to 10/31/19

Net asset value, beginning of period ...... $ 24.07 $ 25.13 $ 25.00 Net investment income(b) ...... 0.64 1.37 0.71 Net realized and unrealized gain (loss)(c) ...... 1.05 (0.99) 0.00(d) Net increase from investment operations...... 1.69 0.38 0.71

Distributions(e) From net investment income...... (0.67) (1.44) (0.58) Total distributions ...... (0.67) (1.44) (0.58)

Net asset value, end of period ...... $ 25.09 $ 24.07 $ 25.13

Total Return Based on net asset value ...... 7.11%(f) 1.71% 2.87%(f)

Ratios to Average Net Assets Total expenses ...... 0.35%(g) 0.35% 0.35%(g) Total expenses after fees waived ...... 0.35%(g) 0.35% 0.35%(g) Net investment income...... 5.22%(g) 5.73% 5.84%(g)

Supplemental Data Net assets, end of period (000) ...... $25,085 $16,847 $12,565 Portfolio turnover rate(h) ...... 14%(f) 42% 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.

F INANC IAL H I G HLIG HTS 51 Financial Highlights (continued) (For a share outstanding throughout the period)

iShares iBonds 2026 Term High Yield and Income ETF Period From 11/10/20(a) to 04/30/21 (unaudited)

Net asset value, beginning of period ...... $ 25.00 Net investment income(b) ...... 0.47 Net realized and unrealized gain(c) ...... 0.52 Net increase from investment operations ...... 0.99

Distributions From net investment income ...... (0.44) Total distributions...... (0.44)

Net asset value, end of period...... $ 25.55

Total Return Based on net asset value ...... 4.01%(d)

Ratios to Average Net Assets Total expenses ...... 0.35%(e) Total expenses after fees waived ...... 0.35%(e) Net investment income ...... 4.00%(e)

Supplemental Data Net assets, end of period (000)...... $15,329 Portfolio turnover rate(f) ...... 16%(d)

(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) Not annualized. (e) Annualized. (f) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

52 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS 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”):

Diversification iShares ETF 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 iBonds 2026 Term High Yield and Income(a)...... Non-diversified

(a) The Fund commenced operations on November 10, 2020.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities: • Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche

N O TES TO F INANC IAL S T ATEMENTS 53 Notes to Financial Statements (unaudited) (continued)

of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. • Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

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

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; • Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and • Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

4. SECURITIES AND OTHER INVESTMENTS

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, or its affiliates is disclosed in the 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, if any, are also disclosed in each Fund's schedule of investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the statements of assets and liabilities.

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

54 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Notes to Financial Statements (unaudited) (continued)

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

Market Value of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) Received Net Amount iBonds 2021 Term High Yield and Income BMO Capital Markets ...... $ 14,077 $ 14,077 $ — $ — JPMorgan Securities LLC ...... 2,727,269 2,727,269 — — Morgan Stanley & Co. LLC ...... 713,921 713,921 — — $ 3,455,267 $ 3,455,267 $ — $ —

iBonds 2022 Term High Yield and Income Barclays Capital Inc...... $ 1,087,354 $ 1,087,354 $ — $ — BMO Capital Markets ...... 241,267 241,267 — — BofA Securities, Inc...... 118,943 118,943 — — Citigroup Global Markets Inc...... 138,351 138,351 — — JPMorgan Securities LLC ...... 1,710,898 1,710,898 — — Morgan Stanley & Co. LLC ...... 542,841 542,841 — — Pershing LLC ...... 50,499 50,499 — — $ 3,890,153 $ 3,890,153 $ — $ —

iBonds 2023 Term High Yield and Income Barclays Capital Inc...... $ 147,724 $ 147,724 $ — $ — BMO Capital Markets ...... 100,265 100,265 — — BNP Paribas Prime Brokerage International Ltd...... 367,061 367,061 — — BofA Securities, Inc...... 589 589 — — Citigroup Global Markets Inc...... 36,474 36,474 — — Credit Suisse Securities (USA) LLC...... 397,067 397,067 — — Goldman Sachs & Co...... 1,021,028 1,021,028 — — JPMorgan Securities LLC ...... 976,979 976,979 — — Morgan Stanley & Co. LLC ...... 489,759 489,759 — — Scotia Capital (USA) Inc...... 382,079 382,079 — — $ 3,919,025 $ 3,919,025 $ — $ —

iBonds 2024 Term High Yield and Income Barclays Capital Inc...... $ 385,081 $ 339,239 $ — $ (45,842)(b) BofA Securities, Inc...... 257,583 257,583 — — Citadel Clearing LLC ...... 23,600 23,600 — — Citigroup Global Markets Inc...... 16,477 16,477 — — Credit Suisse Securities (USA) LLC...... 184,328 184,328 — — Goldman Sachs & Co...... 1,087,255 1,087,255 — — Jefferies LLC ...... 77,848 77,848 — — JPMorgan Securities LLC ...... 1,085,281 1,085,281 — — Morgan Stanley & Co. LLC ...... 106,267 106,267 — — $ 3,223,720 $ 3,177,878 $ — $ (45,842) iBonds 2025 Term High Yield and Income Barclays Capital Inc...... $ 194,726 $ 194,726 $ — $ — BNP Paribas Prime Brokerage International Ltd...... 72,513 72,513 — — BofA Securities, Inc...... 25,644 25,644 — — Citadel Clearing LLC ...... 29,769 29,769 — — Citigroup Global Markets Inc...... 15,990 15,990 — — Credit Suisse Securities (USA) LLC...... 63,851 63,851 — — Goldman Sachs & Co...... 720,450 720,450 — — JPMorgan Securities LLC ...... 984,416 984,416 — — Morgan Stanley & Co. LLC ...... 140,781 140,781 — — $ 2,248,140 $ 2,248,140 $ — $ —

iBonds 2026 Term High Yield and Income Barclays Bank PLC ...... $ 96,135 $ 96,135 $ — $ — BMO Capital Markets ...... 38,857 38,857 — — Credit Suisse Securities (USA) LLC...... 31,509 31,509 — — Goldman Sachs & Co...... 799,890 799,890 — — RBC Capital Markets LLC ...... 359,040 359,040 — — $ 1,325,431 $ 1,325,431 $ — $ —

N O TES TO F INANC IAL S T ATEMENTS 55 Notes to Financial Statements (unaudited) (continued)

(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) The market value of the loaned securities is determined as of April 30, 2021. 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. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund's investments in other funds advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF Amounts waived iBonds 2021 Term High Yield and Income ...... $ 861 iBonds 2022 Term High Yield and Income ...... 350 iBonds 2023 Term High Yield and Income ...... 291 iBonds 2024 Term High Yield and Income ...... 264 iBonds 2025 Term High Yield and Income ...... 136 iBonds 2026 Term High Yield and Income ...... 54

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

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

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

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

56 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS 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, 2021, the Funds paid BTC the following amounts for securities lending agent services:

Fees Paid iShares ETF to BTC iBonds 2021 Term High Yield and Income ...... $ 906 iBonds 2022 Term High Yield and Income ...... 1,631 iBonds 2023 Term High Yield and Income ...... 1,557 iBonds 2024 Term High Yield and Income ...... 1,604 iBonds 2025 Term High Yield and Income ...... 1,264 iBonds 2026 Term High Yield and Income ...... 376

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

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

6. PURCHASES AND SALES

For the six months ended April 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF Purchases Sales iBonds 2021 Term High Yield and Income ...... $ 102,166 $ 6,631,020 iBonds 2022 Term High Yield and Income ...... 7,178,455 7,489,045 iBonds 2023 Term High Yield and Income ...... 5,790,680 5,268,314 iBonds 2024 Term High Yield and Income ...... 4,269,610 4,225,234 iBonds 2025 Term High Yield and Income ...... 2,819,835 2,801,756 iBonds 2026 Term High Yield and Income ...... 9,640,324 2,094,077

For the six months ended April 30, 2021, in-kind transactions were as follows:

In-kind In-kind iShares ETF Purchases Sales iBonds 2021 Term High Yield and Income ...... $ 14,224,240 $ — iBonds 2022 Term High Yield and Income ...... 26,015,529 — iBonds 2023 Term High Yield and Income ...... 28,397,216 — iBonds 2024 Term High Yield and Income ...... 19,119,106 — iBonds 2025 Term High Yield and Income ...... 7,327,277 — iBonds 2026 Term High Yield and Income ...... 7,374,729 —

7. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2021, 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, 2020, 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...... $ 652,399 iBonds 2022 Term High Yield and Income...... 735,106 iBonds 2023 Term High Yield and Income...... 906,272 iBonds 2024 Term High Yield and Income...... 922,647 iBonds 2025 Term High Yield and Income...... 938,284

N O TES TO F INANC IAL S T ATEMENTS 57 Notes to Financial Statements (unaudited) (continued)

As of April 30, 2021, 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:

Net Unrealized Gross Unrealized Gross Unrealized Appreciation iShares ETF Tax Cost Appreciation Depreciation (Depreciation) iBonds 2021 Term High Yield and Income...... $ 46,062,020 $ 64,071 $ (85,988) $ (21,917) iBonds 2022 Term High Yield and Income...... 51,254,159 640,375 (65,384) 574,991 iBonds 2023 Term High Yield and Income...... 50,497,003 1,030,817 (137,033) 893,784 iBonds 2024 Term High Yield and Income...... 32,703,489 765,313 (76,060) 689,253 iBonds 2025 Term High Yield and Income...... 26,663,066 867,360 (28,181) 839,179 iBonds 2026 Term High Yield and Income...... 16,370,912 225,758 (58,069) 167,689

8. PRINCIPAL RISKS

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

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

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

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

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition.

58 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Notes to Financial Statements (unaudited) (continued)

The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

Six Months Ended Year Ended 04/30/21 10/31/20 iShares ETF Shares Amount Shares Amount iBonds 2021 Term High Yield and Income Shares sold ...... 600,000 $ 14,531,985 800,000 $ 19,441,959 Shares redeemed ...... — — (200,000) (4,664,296) Net increase ...... 600,000 $ 14,531,985 600,000 $ 14,777,663 iBonds 2022 Term High Yield and Income Shares sold ...... 1,100,000 $ 26,547,147 700,000 $ 16,128,396 Shares redeemed ...... — — (300,000) (6,748,976) Net increase ...... 1,100,000 $ 26,547,147 400,000 $ 9,379,420 iBonds 2023 Term High Yield and Income Shares sold ...... 1,200,000 $ 29,261,490 400,000 $ 9,203,670 Shares redeemed ...... — — (200,000) (4,444,071) Net increase ...... 1,200,000 $ 29,261,490 200,000 $ 4,759,599 iBonds 2024 Term High Yield and Income Shares sold ...... 800,000 $ 19,463,986 100,000 $ 2,303,087 Shares redeemed ...... — — (200,000) (4,445,930) Net increase (decrease) ...... 800,000 $ 19,463,986 (100,000) $ (2,142,843) iBonds 2025 Term High Yield and Income Shares sold ...... 300,000 $ 7,489,734 900,000 $ 21,196,356 Shares redeemed ...... — — (700,000) (15,977,957) Net increase ...... 300,000 $ 7,489,734 200,000 $ 5,218,399

Period Ended 04/30/21 iShares ETF Shares Amount iBonds 2026 Term High Yield and Income Shares sold...... 600,000 $15,096,489

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. SUBSEQUENT EVENTS

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

N O TES TO F INANC IAL S T ATEMENTS 59 Board Review and Approval of Investment Advisory Contract iShares iBonds 2026 Term High Yield and Income ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

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

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

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

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

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

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

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

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

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

60 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Board Review and Approval of Investment Advisory Contract (continued) funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

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

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

B O ARD R E VIEW AND A PPRO VAL O F I N VES TMENT A D VISORY C O NTRAC T 61 Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (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 referenced the methodology used by BlackRock to establish 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 also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

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 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 factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

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 (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

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

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

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. 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.

62 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Supplemental Information (unaudited)

Section 19(a) Notices

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

April 30, 2021

Total Cumulative Distributions % Breakdown of the Total Cumulative for the Fiscal Year-to-Date Distributions for the Fiscal Year-to-Date Net Net Investment Net Realized Return of Total Per Investment Net Realized Return of Total Per iShares ETF Income Capital Gains Capital Share Income Capital Gains Capital Share iBonds 2021 Term High Yield and Income(a) ...... $ 0.317828 $ —$ 0.010632 $ 0.328460 97% —% 3% 100% iBonds 2022 Term High Yield and Income(a) ...... 0.515120 — 0.035087 0.550207 94— 6 100 iBonds 2023 Term High Yield and Income(a) ...... 0.652470 — 0.002832 0.655302100 — 0(b) 100 iBonds 2024 Term High Yield and Income ...... 0.606341 — — 0.606341 100 ——100 iBonds 2025 Term High Yield and Income ...... 0.670514 — — 0.670514 100 ——100 iBonds 2026 Term High Yield and Income ...... 0.443580 — — 0.443580 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. (b) Rounds to less than 1%.

S U PPLEMENTAL I NFO RMATION 63 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 off the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if theirr accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

64 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Glossary of Terms Used in this Report

Portfolio Abbreviations - Fixed Income

PIK Payment-in-kind REIT Real Estate Investment Trust

G LOSSARY O F T E RMS U S ED IN THIS R E P O RT 65 THIS PAGE INTENTIONALLY LEFT BLANK. THIS PAGE INTENTIONALLY LEFT BLANK. 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. ©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. iS-SAR-1023-0421