UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22649

iShares U.S. ETF Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

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

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2019

Date of reporting period: April 30, 2019

Item 1. Reports to Stockholders.

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

Act of 1940 are attached.

Information Classification: Confidential

APRIL 30, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

▶ iShares Short Maturity Bond ETF  |  NEAR  |  Cboe BZX

▶ iShares Short Maturity Municipal Bond ETF  |  MEAR  |  Cboe BZX

▶ iShares Ultra Short-Term Bond ETF  |  ICSH  |  Cboe BZX

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

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

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

Table of Contents

	Page
Fund Summary		5
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		35
Supplemental Information		42
General Information		43
Glossary of Terms Used in this Report		44

Fund Summary  as of April 30, 2019 iShares^® Short Maturity Bond ETF

Investment Objective

The iShares Short Maturity Bond ETF (the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.61	%		2.73	%		1.44	%		1.42	%		2.73	%		7.40	%		8.23	%
Fund Market		1.57			2.71			1.42			1.42			2.71			7.28			8.20
Bloomberg Barclays Short-Term Government/Corporate Index		1.41			2.48			1.01			0.93			2.48			5.17			5.32

The inception date of the Fund was 9/25/13. The first day of secondary market trading was 9/26/13.

The Bloomberg Barclays Short-Term Government/Corporate Index an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,016.10	$	1.25		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(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). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Total Investments	(a)
Corporate Bonds & Notes	53.4	%
Asset-Backed Securities	29.9
Collaterized Mortgage Obligations	5.8
Commercial Paper	5.8
U. S. Government & Agency Obligations	2.8
Certificates of Deposit	1.8
Repurchase Agreements	0.5

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	26.3	%
Aa	6.6
A	16.8
Baa	28.0
Ba	1.0
P-1	2.6
P-2	4.9
P-3	0.7
Not Rated	13.1

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

^(a) Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary  as of April 30, 2019 iShares^® Short Maturity Municipal Bond ETF

Investment Objective

The iShares Short Maturity Municipal Bond ETF (the “Fund”) seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.15	%		2.01	%		1.01	%		2.01	%		4.28	%
Fund Market		1.01			1.95			1.00			1.95			4.24
Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index		1.59			2.35			1.02			2.35			4.30

The inception date of the Fund was 3/3/15. The first day of secondary market trading was 3/5/15.

The Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,011.50	$	1.25		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(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). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

S&P Credit Rating*	Percent of Total Investments	(a)
AA	8.3	%
AA-	0.9
A+	4.8
A	20.0
A-	6.1
BBB+	16.9
BBB	0.6
Not Rated	42.4

TEN LARGEST STATES

State	Percent of Total Investments	(a)
New Jersey	23.8	%
New York	17.6
Illinois	9.1
Texas	7.2
Connecticut	5.3
Kansas	4.0
Ohio	3.8
Florida	2.9
Iowa	2.6
Kentucky	2.4

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

^(a) Excludes money market funds.

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Fund Summary  as of April 30, 2019 iShares^® Ultra Short-Term Bond ETF

Investment Objective

The iShares Ultra Short-Term Bond ETF (the “Fund”) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.65	%		2.94	%		1.32	%		1.27	%		2.94	%		6.76	%		7.01	%
Fund Market		1.63			3.00			1.30			1.27			3.00			6.69			7.05
ICE BofAML 6-Month US Treasury Bill Index		1.29			2.33			0.94			0.88			2.33			4.77			4.85

The inception date of the Fund was 12/11/13. The first day of secondary market trading was 12/13/13.

The ICE BofAML 6-Month US Treasury Bill Index is an unmanaged index that measures the performance of government securities with less than 6 months remaining to maturity.

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 8 for more information.

Expense Example

		Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,016.50	$	0.40		$	1,000.00	$	1,024.40	$	0.40		0.08	%

^(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). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Total Investments	(a)
Corporate Bonds & Notes	43.4	%
Commercial Paper	35.6
Certificates of Deposit	15.2
Repurchase Agreements	4.8
Asset-Backed Securities	1.0

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	0.5	%
Aa	17.5
A	25.8
Baa	3.3
P-1	27.6
P-2	23.1
Not Rated	2.2

* 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.

F U N D  S U M M A R Y 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

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Schedule of Investments  (unaudited) April 30, 2019 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Adams Mill CLO Ltd., Series 2014-1A, Class A2, 3.70%, 07/15/26 (Call 07/15/19), (3 mo. LIBOR US + 1.100%)(a)(b)	$	5,388	$	5,387,411
Ally Auto Receivables Trust
1.75%, 12/15/21 (Call 01/15/21)		8,720		8,674,676
2.85%, 03/15/22 (Call 09/15/22)		32,000		32,055,856
Class A2, 2.72%, 05/17/21 (Call 09/15/21)		26,663		26,671,526
ALM VII Ltd., Series 2012-7A, Class A1R, 4.08%, 10/15/28 (Call 07/15/19), (3 mo. LIBOR US + 1.480%)(a)(b)		9,000		9,012,479
ALM XII Ltd., Class A1R, 3.49%, 04/16/27, (3 mo. LIBOR US + 0.890%)(a)(b)		3,735		3,722,455
ALM XVII Ltd., Class A1AR, 3.53%, 01/15/28 (Call 07/15/19), (3 mo. LIBOR US + 0.930%)(a)(b)		22,500		22,450,678
American Express Credit Account Master Trust
1.77%, 11/15/22		60,595		60,166,618
2.67%, 10/17/22		3,875		3,877,826
Series 2017-1, Class A, 1.93%, 09/15/22		29,038		28,892,157
Series 2017-4, Class A, 1.64%, 12/15/21		44,130		44,113,451
AmeriCredit Automobile Receivables Trust
2.93%, 06/20/22 (Call 02/18/23)		31,950		32,002,481
3.11%, 01/18/22 (Call 12/18/22)		44,996		45,082,326
Class A2, 2.71%, 07/19/21 (Call 05/18/22)		6,235		6,235,341
Series 2016-4, Class A3, 1.53%, 07/08/21 (Call 02/08/21)		8,256		8,238,490
Series 2017-1, Class A3, 1.87%, 08/18/21 (Call 05/18/21)		474		473,035
Series 2017-3, Class A3, 1.90%, 03/18/22 (Call 09/18/21)		19,200		19,110,866
Anchorage Capital CLO 7 Ltd., 3.56%, 10/15/27 (Call 07/15/19), (3 mo. LIBOR US + 0.960%)(a)(b)		10,740		10,706,093
Arbor Realty Commercial Real Estate Notes Ltd., Series 2017-FL1, Class A, 3.77%, 04/15/27 (Call 11/15/19), (1 mo. LIBOR US + 1.300%)(a)(b)		12,170		12,201,846
Ares XXIX CLO Ltd., Series 2014-1A, Class A1R, 3.78%, 04/17/26 (Call 07/17/19), (3 mo. LIBOR US + 1.190%)(a)(b)		6,172		6,179,634
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 3.51%, 11/17/27 (Call 05/17/19), (3 mo. LIBOR US + 0.830%)(a)(b)		15,411		15,300,918
Atlas Senior Loan Fund IV Ltd., Class A1RR, 3.36%, 02/17/26 (Call 05/15/19), (3 mo. LIBOR US + 0.680%)(a)(b)		2,699		2,691,617
Avery Point IV CLO Ltd., 3.68%, 04/25/26 (Call 07/25/19), (3 mo. LIBOR US + 1.100%)(a)(b)		4,560		4,561,268
BA Credit Card Trust
1.84%, 01/17/23		10,000		9,914,792
Class A1, 1.95%, 08/15/22		46,700		46,479,095
BlueMountain CLO Ltd., 3.69%, 11/20/28 (Call 11/20/19), (3 mo. LIBOR US + 1.050%)(a)(b)		11,310		11,287,715
BMW Floorplan Master Owner Trust, Class A2, 2.79%, 05/15/23, (1 mo. LIBOR US + 0.320%)(a)(b)		21,060		21,060,015
BMW Vehicle Owner Trust
1.16%, 11/25/20 (Call 05/25/20)		11,005		10,964,789
1.37%, 12/27/22 (Call 05/25/20)		8,735		8,643,881
Cabela’s Credit Card Master Note Trust, Series 2014-2, Class A, 2.92%, 07/15/22, (1 mo. LIBOR US + 0.450%)(b)		3,500		3,501,946

Security	Par (000)		Value
Capital One Multi-Asset Execution Trust
1.33%, 06/15/22	$	2,360	$	2,351,469
1.34%, 04/15/22		26,320		26,274,743
Class A6, 1.82%, 09/15/22		10,107		10,067,714
Series 2017-A1, Class A1, 2.00%, 01/17/23		45,848		45,619,649
Carlyle Global Market Strategies CLO Ltd., Series 2013-2A, Class AR, 3.49%, 01/18/29 (Call 07/18/19), (3 mo. LIBOR US + 0.890%)(a)(b)		6,210		6,176,573
CarMax Auto Owner Trust
1.68%, 09/15/21 (Call 06/15/20)		12,349		12,241,161
1.88%, 06/15/21 (Call 03/15/20)		16,435		16,344,266
Class A2A, 3.02%, 07/15/22 (Call 12/15/22)		24,550		24,633,522
Series 2018-2, Class A2, 2.73%, 08/16/21 (Call 02/15/22)		7,977		7,981,375
Catamaran CLO Ltd., 3.49%, 04/22/27 (Call 07/22/19), (3 mo. LIBOR US + 0.900%)(a)(b)		4,220		4,205,754
Cedar Funding II CLO Ltd., Series 2013-1A, Class A1R, 3.83%, 06/09/30 (Call 06/09/19), (3 mo. LIBOR US + 1.230%)(a)(b)		8,000		7,995,014
Cedar Funding VI CLO Ltd., Class AR, 3.68%, 10/20/28 (Call 10/20/19), (3 mo. LIBOR US + 1.090%)(a)(b)		20,500		20,463,209
Chase Issuance Trust, Series 2016-A1, Class A, 2.88%, 05/15/21, (1 mo. LIBOR US + 0.410%)(b)		36,750		36,754,050
Chesapeake Funding II LLC
Series 2016-1A, Class A2, 3.62%, 03/15/28, (1 mo. LIBOR US + 1.150%)(a)(b)		2,492		2,495,031
Series 2016-2A, Class A2, 3.47%, 06/15/28 (Call 10/15/19), (1 mo. LIBOR US + 1.000%)(a)(b)		3,205		3,210,423
CIFC Funding Ltd.
Class A, 3.83%, 04/20/30, (3 mo. LIBOR US + 1.240%)(a)(b)		6,375		6,371,038
Class A1A, 3.72%, 10/17/30 (Call 10/17/20), (3 mo. LIBOR US + 1.130%)(a)(b)		15,175		15,124,164
Series 2015-2A, Class AR, 3.38%, 04/15/27 (Call 07/15/19), (3 mo. LIBOR US + 0.780%)(a)(b)		17,000		16,934,541
Citibank Credit Card Issuance Trust
Series 2014-A6, Class A6, 2.15%, 07/15/21		6,950		6,943,050
Series 2016-A1, Class A1, 1.75%, 11/19/21		23,370		23,268,312
Series 2017-A9, Class A9, 1.80%, 09/20/21		14,535		14,489,206
CNH Equipment Trust
Class A2, 2.96%, 05/16/22 (Call 01/15/23)		12,530		12,564,925
Series 2017-B, Class A3, 1.86%, 09/15/22 (Call 08/15/21)		19,320		19,183,732
Discover Card Execution Note Trust, Series 2014-A4, Class A4, 2.12%, 12/15/21		11,230		11,222,298
Drive Auto Receivables Trust
3.04%, 03/15/23 (Call 11/15/22)		15,540		15,585,669
3.08%, 07/15/21 (Call 08/15/22)		27,697		27,716,916
3.08%, 09/15/21 (Call 08/15/22)		23,579		23,617,549
Class A3, 3.01%, 11/15/21 (Call 03/15/21)		29,500		29,511,504
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 3.50%, 04/15/29 (Call 10/15/19), (3 mo. LIBOR US + 0.900%)(a)(b)		16,350		16,193,068
Enterprise Fleet Financing LLC
2.13%, 07/20/22 (Call 02/20/20)(a)		1,287		1,283,865
2.13%, 05/22/23(a)		5,288		5,262,247
Series 2017-2, Class A2, 1.97%, 01/20/23(a)		8,883		8,849,747
Ford Credit Auto Owner Trust, 1.22%, 03/15/21 (Call 08/15/20)		3,840		3,819,461

S C H E D U L E   O F  I N V E S T M E N T S 9

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ford Credit Floorplan Master Owner Trust 2.84%, 03/15/24	$	26,550	$	26,646,942
Series 2016-3, Class A2, 3.09%, 07/15/21, (1 mo. LIBOR US + 0.620%)(b)		10,000		10,009,006
Ford Credit Floorplan Master Owner Trust A, 2.09%, 03/15/22(a)		2,560		2,545,932
GM Financial Consumer Automobile Receivables Trust, Class A2, 2.93%, 11/16/21 (Call 08/16/22)		20,136		20,170,736
GoldenTree Loan Opportunities IX Ltd., Class AR2, 3.69%, 10/29/29 (Call 10/29/20), (3 mo. LIBOR US + 1.110%)(a)(b)		16,680		16,645,828
Halcyon Loan Advisors Funding Ltd., Class AR, 3.66%, 07/25/27 (Call 07/25/19), (3 mo. LIBOR US + 1.080%)(a)(b)		16,185		16,174,320
Honda Auto Receivables Owner Trust 1.68%, 08/16/21		27,280		27,115,159
2.98%, 05/17/21 (Call 02/15/22)		23,000		23,058,691
Class A4, 3.16%, 08/19/24 (Call 11/18/21)		5,705		5,787,173
Series 2016-2, Class A3, 1.39%, 04/15/20 (Call 08/15/19)		926		925,064
Series 2016-2, Class A4, 1.62%, 08/15/22 (Call 08/15/19)		18,000		17,948,052
John Deere Owner Trust, Series 2017-B, Class A3, 1.82%, 10/15/21 (Call 01/15/21)		9,641		9,589,414
LCM XX LP, Class AR, 3.63%, 10/20/27 (Call 07/20/19), (3 mo. LIBOR US + 1.040%)(a)(b)		13,750		13,746,722
LCM Xxiv Ltd., Series 24A, Class A, 3.90%, 03/20/30 (Call 07/20/19), (3 mo. LIBOR US + 1.310%)(a)(b)		2,000		1,994,642
LoanCore Issuer Ltd., Class A, 3.60%, 05/15/28 (Call 05/15/20), (1 mo. LIBOR US + 1.130%)(a)(b)		9,450		9,455,062
Madison Park Funding X Ltd., Series 2012-10A, Class AR, 4.04%, 01/20/29 (Call 07/20/19), (3 mo. LIBOR US + 1.450%)(a)(b)		6,250		6,254,509
Madison Park Funding XIII Ltd., Class AR2, 3.54%, 04/19/30 (Call 07/19/19), (3 mo. LIBOR US + 0.950%)(a)(b)		4,000		3,981,682
Marathon CRE Ltd., Class A, 3.62%, 06/15/28 (Call 06/15/20), (1 mo. LIBOR US + 1.150%)(a)(b)		20,640		20,660,933
Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A3, 1.26%, 02/16/21 (Call 06/15/20)		2,861		2,848,633
Mercedes-Benz Master Owner Trust
Class A, 2.81%, 05/15/23, (1 mo. LIBOR US + 0.340%)(a)(b)		21,820		21,838,366
Series 2016-BA, Class A, 3.17%, 05/17/21, (1 mo. LIBOR US + 0.700%)(a)(b)		11,375		11,377,241
Series 2017-BA, Class A, 2.89%, 05/16/22, (1 mo. LIBOR US + 0.420%)(a)(b)		14,540		14,564,251
Navient Private Education Loan Trust Class A1, 2.82%, 12/15/59 (Call 02/15/28), (1 mo. LIBOR US + 0.350%)(a)(b)		10,718		10,715,819
Series 2014-CT, Class A, 3.17%, 09/16/24 (Call 08/15/21), (1 mo. LIBOR US + 0.700%)(a)(b)		638		638,010
Navient Private Education Refi Loan Trust 3.03%, 01/15/43 (Call 11/15/27)(a)		7,051		7,080,684
Class A1, 2.77%, 12/15/59 (Call 01/15/29), (1 mo. LIBOR US + 0.300%)(a)(b)		10,617		10,611,537
Class A1, 3.01%, 06/16/42 (Call 09/15/26)(a)		20,147		20,194,560
Navient Student Loan Trust, Series 2015-2, Class A2, 2.90%, 08/27/29 (Call 08/25/27), (1 mo. LIBOR US + 0.420%)(b)		913		913,452

Security	Par (000)		Value
Nissan Auto Receivables Owner Trust 1.18%, 01/15/21 (Call 09/15/20)	$	2,523	$	2,509,252
1.75%, 10/15/21 (Call 06/15/21)		11,595		11,523,351
2.82%, 01/18/22 (Call 01/15/23)		30,000		30,053,754
Series 2016-B, Class A3, 1.32%, 01/15/21 (Call 09/15/20)		8,096		8,063,080
Nissan Master Owner Trust Receivables
3.03%, 02/15/24, (1 mo. LIBOR US + 0.560%)(b)		23,950		24,048,221
Class A, 2.79%, 10/17/22, (1 mo. LIBOR US + 0.320%)(b)		13,535		13,546,537
Series 2016-A, Class A1, 3.11%, 06/15/21, (1 mo. LIBOR US + 0.640%)(b)		18,500		18,511,749
Series 2017-B, Class A, 2.90%, 04/18/22, (1 mo. LIBOR US + 0.430%)(b)		22,513		22,545,657
NLY Commercial Mortgage Trust, 3.77%, 02/15/36 (Call 03/15/21), (1 mo. LIBOR US + 1.300%)(a)(b)		5,291		5,298,095
OCP CLO Ltd., Class A1R, 3.72%, 10/18/28 (Call 10/18/19), (3 mo. LIBOR US + 1.120%)(a)(b)		17,210		17,199,099
OHA Credit Partners IX Ltd., Series 2013-9A, Class A1R, 3.60%, 10/20/25, (3 mo. LIBOR US + 1.010%)(a)(b)		649		650,138
OneMain Direct Auto Receivables Trust, 2.31%, 12/14/21 (Call 10/14/20)(a)		23,992		23,922,764
OneMain Financial Issuance Trust, 3.83%, 06/18/31 (Call 05/18/21)(a)		1,700		1,731,579
OZLM VIII Ltd., 3.76%, 10/17/29 (Call 10/17/20), (3 mo. LIBOR US + 1.170%)(a)(b)		2,500		2,482,500
Palmer Square Loan Funding Ltd. 3.44%, 01/20/27 (Call 01/20/20), (3 mo. LIBOR US + 0.850%)(a)(b)		34,165		34,047,636
Class A1, 3.58%, 11/15/26 (Call 11/15/19), (3 mo. LIBOR US + 0.900%)(a)(b)		12,707		12,661,765
PFS Financing Corp. 3.02%, 04/15/24 (Call 05/15/22), (1 mo. LIBOR US + 0.550%)(a)(b)		40,000		40,000,000
Series 2017-C, Class A, 2.94%, 10/15/21, (1 mo. LIBOR US + 0.470%)(a)(b)		14,850		14,836,721
Regatta VI Funding Ltd., 3.67%, 07/20/28 (Call 07/20/19), (3 mo. LIBOR US + 1.080%)(a)(b)		15,130		15,062,998
Santander Drive Auto Receivables Trust, Series 2017-3, Class A3, 1.87%, 06/15/21 (Call 03/15/21)		2,125		2,124,342
SLM Private Credit Student Loan Trust, Series 2005-A, Class A3, 2.81%, 06/15/23 (Call 03/15/28), (3 mo. LIBOR US + 0.200%)(b)		5,039		5,035,810
SLM Private Education Loan Trust
Series 2011-C, Class A2A, 5.72%, 10/17/44 (Call 10/15/20), (1 mo. LIBOR US + 3.250%)(a)(b)		386		389,785
Series 2013-C, Class A2B, 3.87%, 10/15/31 (Call 02/15/21), (1 mo. LIBOR US + 1.400%)(a)(b)		3,220		3,227,113
SLM Student Loan Trust, Series 2011-2, Class A1, 3.08%, 11/25/27 (Call 11/25/31), (1 mo. LIBOR US + 0.600%)(b)		357		358,042
SMB Private Education Loan Trust
2.96%, 02/16/26, (1 mo. LIBOR US + 0.350%)(a)(b)		19,660		19,667,658
Class A1, 2.77%, 09/15/25, (1 mo. LIBOR US + 0.300%)(a)(b)		13,677		13,676,491
Class A1, 2.79%, 12/16/24, (1 mo. LIBOR US + 0.320%)(a)(b)		3,470		3,467,529
Class A1, 2.82%, 03/16/26, (1 mo. LIBOR US + 0.350%)(a)(b)		4,561		4,563,128
Series 2015-A, Class A2A, 2.49%, 06/15/27 (Call 05/15/27)(a)		8,614		8,555,402

10 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Series 2017-A, Class A2B, 3.37%, 09/15/34, (1 mo. LIBOR US + 0.900%)(a)(b)	$	28,218	$	28,291,137
Series 2017-B, Class A1, 2.74%, 06/17/24, (1 mo. LIBOR US + 0.270%)(a)(b)		988		987,682
SoFi Professional Loan Program LLC
Series 16-C, Class A1, 3.58%, 10/27/36 (Call 09/25/24), (1 mo. LIBOR US + 1.100%)(a)(b)		2,456		2,488,356
Series 2014-A, Class A1, 4.08%, 06/25/25 (Call 07/25/19), (1 mo. LIBOR US + 1.600%)(a)(b)		143		143,495
Series 2014-B, Class A1, 3.73%, 08/25/32 (Call 05/25/20), (1 mo. LIBOR US + 1.250%)(a)(b)		151		151,654
Series 2014-B, Class A2, 2.55%, 08/27/29 (Call 05/25/20)(a)		798		795,018
Series 2015-A, Class A1, 3.68%, 03/25/33 (Call 11/25/20), (1 mo. LIBOR US + 1.200%)(a)(b)		388		390,090
Series 2015-B, Class A1, 3.53%, 04/25/35 (Call 03/25/22), (1 mo. LIBOR US + 1.050%)(a)(b)		2,067		2,083,258
TICP CLO I Ltd., Series 2015-1A, Class AR, 3.39%, 07/20/27 (Call 07/20/19),
(3 mo. LIBOR US + 0.800%)(a)(b)		4,015		3,991,621
Toyota Auto Receivables, 1.32%, 11/15/21 (Call 04/15/20)		8,347		8,258,300
Toyota Auto Receivables Owner Trust 1.76%, 07/15/21 (Call 02/15/21)		6,528		6,497,224
2.83%, 10/15/21 (Call 09/15/22)		25,330		25,373,715
Treman Park CLO Ltd., Class ARR, 3.66%, 10/20/28 (Call 10/20/19), (3 mo. LIBOR US + 1.070%)(a)(b)		21,750		21,780,304
Volvo Financial Equipment LLC, 2.90%, 11/15/21 (Call 09/15/22)(a)		15,000		15,030,519
Wheels SPV 2 LLC, Series 2015-1A, Class B, 1.88%, 04/20/26 (Call 01/20/21)(a)		848		843,513
Total Asset-Backed Securities — 29.2% (Cost: $1,813,568,790)				1,814,775,028
Certificates of Deposit
Barclays Bank PLC
2.82%, 05/08/19		20,000		20,001,601
2.84%, 05/08/19		20,000		20,001,677
3.00%, 09/19/19		15,000		15,016,728
3.01%, 12/23/19		30,000		30,046,943
3.20%, 01/31/20		10,000		10,028,038
Credit Suisse AG/New York NY, 3.01%, 05/01/19, (3 mo. LIBOR US + 0.270%)(b)		16,000		16,000,000
Total Certificates of Deposit — 1.8% (Cost: $111,000,000)				111,094,987
Collaterized Mortgage Obligations
Mortgage-Backed Securities — 5.7%
Americold LLC, Series 2010-ARTA, Class A1, 3.85%, 01/14/29(a)		2,617		2,641,236
AOA Mortgage Trust, Class A, 2.96%, 12/13/29(a)		6,920		6,922,740
Aventura Mall Trust, Series 2013-AVM, Class A, 3.87%, 12/05/32(a)(b)		4,650		4,706,473
BAMLL Commercial Mortgage Securities Trust, 3.32%, 09/15/34, (1 mo. LIBOR US + 0.850%)(a)(b)		24,720		24,702,787
Bancorp Commercial Mortgage Trust 3.47%, 03/15/36, (1 mo. LIBOR US + 1.000%)(a)(b)		11,450		11,459,865
Class A, 3.37%, 09/15/35, (1 mo. LIBOR US + 0.900%)(a)(b)		6,546		6,536,278

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
BBCMS Trust, 3.16%, 12/15/31, (1 mo. LIBOR US + 0.685%)(a)(b)	$	10,112	$	10,010,748
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10, Class AJ, 5.78%, 12/11/40(b)		5,382		5,531,351
BX Commercial Mortgage Trust
Class A, 3.14%, 03/15/37, (1 mo. LIBOR US + 0.671%)(a)(b)		23,190		23,037,519
Class A, 3.22%, 11/15/35, (1 mo. LIBOR US + 0.750%)(a)(b)		8,172		8,169,108
CGDBB Commercial Mortgage Trust, 3.26%, 07/15/32, (1 mo. LIBOR + 0.790%)(a)(b)		13,300		13,300,016
COMM Mortgage Trust, Series 2014-TWC, Class A, 3.32%, 02/13/32, (1 mo. LIBOR US + 0.850%)(a)(b)		31,721		31,721,032
Commission Mortgage Trust, Series 2013-CR6, Class A3FL, 3.11%, 03/10/46,
(1 mo. LIBOR US + 0.630%)(a)(b)		9,650		9,632,909
Four Times Square Trust Commercial Mortgage Pass-Through Certificates, Series 2006-4TS, Class A, 5.40%, 12/13/28(a)		10,975		11,364,100
Gosforth Funding PLC, Class A1, 3.10%, 08/25/60 (Call 08/25/23), (3 mo. LIBOR US + 0.450%)(a)(b)		9,970		9,949,622
GPMT Ltd., Series 2018-FL1, Class A, 3.39%, 11/21/35, (1 mo. LIBOR US + 0.900%)(a)(b)		8,405		8,406,711
GS Mortgage Securities Corp. 3.42%, 11/15/35, (1 mo. LIBOR US + 0.950%)(a)(b)		26,015		25,982,213
3.47%, 11/15/32, (1 mo. LIBOR US + 1.000%)(a)(b)		7,600		7,609,258
GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.71%, 12/10/27(a)		1,764		1,761,197
Hospitality Mortgage Trust, Series 2017-HIT, Class A, 3.32%, 05/08/30, (1 mo. LIBOR US + 0.850%)(a)(b)		19,260		19,247,845
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A, 3.17%, 01/15/33, (1 mo. LIBOR US + 0.700%)(a)(b)		4,480		4,457,492
Lanark Master Issuer PLC, 3.47%, 12/22/69		8,635		8,668,942
LMREC Inc., Series 2016-CRE2, Class A, 4.18%, 11/24/31, (1 mo. LIBOR US + 1.700%)(a)(b)		2,604		2,605,014
Madison Avenue Trust, Series 2013-650M, Class A, 3.84%, 10/12/32(a)		2,060		2,080,077
Morgan Stanley Capital I Trust 3.42%, 03/15/34, (1 mo. LIBOR US + 0.950%)(a)(b)		8,247		8,250,313
Class A, 3.32%, 08/15/33, (1 mo. LIBOR US + 0.850%)(a)(b)		6,860		6,840,664
Class A, 3.35%, 07/13/29(a)		14,480		14,676,722
Series 2017-CLS, Class A, 3.17%, 11/15/34, (1 mo. LIBOR US + 0.700%)(a)(b)		9,512		9,503,059
Natixis Commercial Mortgage Securities Trust, Series 2018-RIVA, Class A, 3.22%, 02/15/33, (1 mo. LIBOR US + 0.750%)(a)(b)		7,500		7,450,699
Rosslyn Portfolio Trust, 3.42%, 06/15/33, (1 mo. LIBOR + 0.950%)(a)(b)		3,390		3,388,935
VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.81%, 12/13/29(a)		5,200		5,270,507
Wells Fargo Commercial Mortgage Trust, 3.22%, 12/15/34, (1 mo. LIBOR US + 0.750%)(a)(b)		17,280		17,225,921
WFRBS Commercial Mortgage Trust, Series 2012-C8, Class AFL, 3.47%, 08/15/45,
(1 mo. LIBOR US + 1.000%)(a)(b)		21,656		21,935,446
Total Collaterized Mortgage Obligations — 5.7% (Cost: $355,436,675)				355,046,799

S C H E D U L E  O F  I N V E S T M E N T S 11

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
Anheuser-Busch InBev Worldwide Inc., 2.70%, 06/27/19(c)	$	10,000	$	9,956,742
AstraZeneca PLC 2.77%, 07/23/19(c)		8,000		7,948,667
2.95%, 06/24/19(c)		15,000		14,939,110
Bell Canada Inc. 2.80%, 08/08/19(c)		40,000		39,690,778
3.00%, 08/06/19(c)		15,000		14,886,443
Boston Scientific Corp. 2.62%, 05/03/19(c)		15,000		14,996,725
2.74%, 06/21/19(c)		12,250		12,201,623
Broadcom Inc., 2.85%, 05/02/19(c)		20,000		19,996,835
Campbell Soup Co., 2.62%, 05/06/19(c)		15,000		14,993,458
Enbridge (US) Inc., 2.99%, 05/28/19(c)		10,750		10,727,433
Ford Motor Credit Co. LLC, 3.33%, 10/01/19(c)		20,000		19,718,950
Glencore Funding LLC, 3.14%, 05/08/19(c)		15,000		14,990,930
Nissan Motor Acceptance Corp., 2.60%, 06/19/19(c)		15,000		14,946,104
TransCanada PipeLines Ltd., 2.71%, 06/04/19(c)		15,000		14,960,523
VW Credit Inc. 2.83%, 06/05/19(c)		15,000		14,959,380
3.04%, 10/25/19(c)		21,000		20,689,019
3.28%, 12/04/19(c)		18,500		18,163,132
3.41%, 07/08/19(c)		20,000		19,893,663
Walgreens Boots Alliance Inc. 2.64%, 05/09/19(c)		20,900		20,886,232
2.93%, 09/09/19(c)		15,800		15,632,341
3.14%, 08/12/19(c)		20,000		19,835,391
Total Commercial Paper — 5.7% (Cost: $354,925,825)				355,013,479
Corporate Bonds & Notes
Advertising — 0.2%
Interpublic Group of Companies Inc. (The), 3.50%, 10/01/20		4,465		4,501,884
Omnicom Group Inc./Omnicom Capital Inc., 6.25%, 07/15/19		10,000		10,066,691
				14,568,575
Aerospace & Defense — 1.1%
Lockheed Martin Corp., 4.25%, 11/15/19		16,004		16,130,487
Northrop Grumman Corp., 2.08%, 10/15/20		15,000		14,871,695
United Technologies Corp. 1.90%, 05/04/20		15,000		14,874,632
3.17%, 08/16/21 (Call 08/16/19), (3 mo. LIBOR US + 0.650%)(b)		21,865		21,887,071
				67,763,885
Agriculture — 1.3%
BAT Capital Corp. 2.30%, 08/14/20		39,150		38,850,111
3.28%, 08/14/20, (3 mo. LIBOR US + 0.590%)(b)		24,000		23,967,798
Imperial Brands Finance PLC, 2.95%, 07/21/20(a)(d)		15,000		14,961,734
				77,779,643
Auto Manufacturers — 4.2%
American Honda Finance Corp., 2.87%, 06/16/20, (3 mo. LIBOR US + 0.260%)(b)(d)		10,000		10,018,144
BMW U.S. Capital LLC
2.97%, 04/06/20, (3 mo. LIBOR US + 0.380%)(a)(b)		4,415		4,421,544
3.25%, 08/14/20(a)		13,665		13,747,214

Security	Par (000)		Value
Auto Manufacturers (continued)
Daimler Finance North America LLC 3.10%, 05/04/20(a)	$	20,848	$	20,898,926
3.13%, 02/12/21, (3 mo. LIBOR US + 0.430%)(a)(b)		5,000		4,989,962
3.26%, 05/05/20, (3 mo. LIBOR US + 0.530%)(a)(b)		15,500		15,512,224
3.34%, 07/05/19, (3 mo. LIBOR US + 0.740%)(a)(b)		3,500		3,503,715
Ford Motor Credit Co. LLC 2.60%, 11/04/19(d)		15,000		14,984,268
2.68%, 01/09/20		10,000		9,972,324
3.01%, 11/02/20, (3 mo. LIBOR US + 0.430%)(b)(d)		17,000		16,809,279
3.16%, 08/04/20		20,000		20,000,297
General Motors Financial Co. Inc. 3.20%, 07/13/20 (Call 06/13/20)		50,000		50,161,344
3.44%, 04/09/21, (3 mo. LIBOR US + 0.850%)(b)		10,000		9,986,347
3.50%, 07/10/19		15,000		15,020,395
Hyundai Capital America
3.40%, 04/03/20, (3 mo. LIBOR US + 0.800%)(a)(b)		6,890		6,892,412
3.61%, 09/18/20, (3 mo. LIBOR US + 1.000%)(a)(b)		3,000		3,008,585
Nissan Motor Acceptance Corp.
3.18%, 01/13/20, (3 mo. LIBOR US + 0.580%)(a)(b)		15,000		15,015,814
3.25%, 07/13/22, (3 mo. LIBOR US + 0.650%)(a)(b)(d)		12,500		12,318,385
Volkswagen Group of America Finance LLC, 2.13%, 05/23/19(a)		12,500		12,495,213
				259,756,392
Banks — 20.1%
Australia & New Zealand Banking Group Ltd., 3.18%, 08/19/20, (3 mo. LIBOR US + 0.500%)(a)(b)		19,745		19,819,725
Australia & New Zealand Banking Group Ltd./New York NY, 2.70%, 11/16/20		15,000		14,999,435
Banco Santander SA, 3.72%, 04/12/23, (3 mo. LIBOR US + 1.120%)(b)		10,000		9,971,242
Bank of America Corp.
3.24%, 10/01/21 (Call 10/01/20), (3 mo. LIBOR US + 0.650%)(b)		7,500		7,520,460
3.25%, 07/21/21 (Call 07/21/20), (3 mo. LIBOR US + 0.660%)(b)		25,500		25,605,825
3.58%, 04/24/23 (Call 04/24/22), (3 mo. LIBOR US + 1.000%)(b)(d)		7,500		7,576,335
3.75%, 01/20/23 (Call 01/20/22), (3 mo. LIBOR US + 1.160%)(b)		25,000		25,332,048
7.63%, 06/01/19(d)		10,000		10,038,697
Series L, 2.25%, 04/21/20		2,000		1,992,106
Bank of Montreal
2.85%, 09/11/19, (3 mo. LIBOR US + 0.250%)(b)		3,350		3,352,718
3.20%, 12/12/19, (3 mo. LIBOR US + 0.600%)(b)		10,185		10,222,154
3.25%, 07/18/19, (3 mo. LIBOR US + 0.650%)(b)		3,500		3,504,763
3.43%, 08/27/21, (3 mo. LIBOR US + 0.790%)(b)		7,000		7,072,850
Bank of Nova Scotia (The), 3.25%, 09/19/22, (3 mo. LIBOR US + 0.620%)(b)		10,000		10,038,184
Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 3.10%, 09/09/19, (3 mo. LIBOR US + 0.450%)(b)		6,000		6,009,850
Banque Federative du Credit Mutuel SA 2.20%, 07/20/20(a)		10,000		9,927,238
3.08%, 07/20/20, (3 mo. LIBOR US + 0.490%)(a)(b)		3,215		3,225,195
Barclays PLC, 2.75%, 11/08/19		35,085		35,018,654
BB&T Corp., 3.18%, 06/15/20, (3 mo. LIBOR US + 0.570%)(b)		9,403		9,439,536
BNP Paribas SA, 2.38%, 05/21/20		15,000		14,953,027
Capital One N.A., 3.73%, 01/30/23 (Call 01/30/22), (3 mo. LIBOR US + 1.150%)(b)		8,000		8,074,855

12 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Citibank N.A., 3.10%, 06/12/20, (3 mo. LIBOR US + 0.500%)(b)(d)	$	7,060	$	7,082,538
Citigroup Inc. 2.05%, 06/07/19		10,000		9,993,917
2.45%, 01/10/20 (Call 12/10/19)		10,000		9,980,319
2.50%, 07/29/19		10,000		9,996,154
2.65%, 10/26/20		25,000		24,964,078
3.27%, 10/27/22 (Call 09/27/22), (3 mo. LIBOR US + 0.690%)(b)		10,000		10,000,648
3.37%, 01/10/20 (Call 12/10/19), (3 mo. LIBOR US + 0.790%)(b)(d)		8,286		8,320,809
Citizens Bank N.A./Providence RI
3.22%, 05/26/20, (3 mo. LIBOR US + 0.570%)(b)(d)		8,710		8,725,983
3.41%, 02/14/22 (Call 11/14/21), (3 mo. LIBOR US + 0.720%)(b)		30,000		30,081,057
Commonwealth Bank of Australia/New York NY 2.30%, 03/12/20		15,000		14,956,701
2.40%, 11/02/20		20,000		19,919,444
Cooperatieve Rabobank UA, 3.47%, 09/26/23, (3 mo. LIBOR US + 0.860%)(a)(b)		10,000		9,968,316
Credit Suisse Group Funding Guernsey Ltd., 2.75%, 03/26/20		19,000		18,961,803
Danske Bank A/S 2.75%, 09/17/20(a)(d)		20,000		19,814,897
3.13%, 03/02/20, (3 mo. LIBOR US + 0.510%)(a)(b)		2,500		2,490,077
Deutsche Bank AG/New York NY 3.41%, 01/22/21, (3 mo. LIBOR US + 0.815%)(b)		5,000		4,938,550
4.25%, 02/04/21(d)		9,905		9,934,438
Discover Bank, 3.10%, 06/04/20 (Call 05/04/20)		20,000		20,055,197
Federation des Caisses Desjardins du Quebec, 2.25%, 10/30/20(a)		15,000		14,901,807
Fifth Third Bancorp., 2.88%, 07/27/20 (Call 06/27/20)		10,000		10,019,602
Fifth Third Bank/Cincinnati OH, 2.83%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.250%)(b)(d)		10,000		9,999,038
Goldman Sachs Group Inc. (The) 2.55%, 10/23/19(d)		10,000		9,994,927
3.36%, 10/31/22 (Call 10/31/21), (3 mo. LIBOR US + 0.780%)(b)		4,000		4,002,108
3.58%, 07/24/23 (Call 07/24/22), (3 mo. LIBOR US + 1.000%)(b)(d)		5,000		5,014,252
3.65%, 06/05/23 (Call 06/05/22), (3 mo. LIBOR US + 1.050%)(b)(d)		15,000		15,070,259
3.70%, 04/26/22 (Call 04/26/21), (3 mo. LIBOR US +1.110%)(b)		15,000		15,137,049
3.81%, 09/15/20 (Call 08/15/20), (3 mo. LIBOR US + 1.200%)(b)		1,750		1,768,720
3.94%, 04/23/21 (Call 03/23/21), (3 mo. LIBOR US + 1.360%)(b)		7,000		7,110,725
4.42%, 02/25/21, (3 mo. LIBOR US + 1.770%)(b)(d)		10,000		10,236,783
HSBC Bank PLC, 4.13%, 08/12/20(a)(d)		10,000		10,174,398
HSBC Holdings PLC
3.28%, 05/18/21 (Call 05/18/20), (3 mo. LIBOR US + 0.600%)(b)		24,695		24,733,575
4.31%, 05/25/21, (3 mo. LIBOR US + 1.660%)(b)(d)		10,000		10,218,910
4.83%, 03/08/21, (3 mo. LIBOR US + 2.240%)(b)(d)		6,815		7,031,645
HSBC USA Inc., 2.35%, 03/05/20		15,000		14,961,050
Huntington National Bank (The), 3.11%, 03/10/20, (3 mo. LIBOR US + 0.510%)(b)(d)		10,000		10,030,924
ING Bank NV, 3.29%, 08/15/19, (3 mo. LIBOR US + 0.610%)(a)(b)		3,000		3,004,929

Security	Par (000)		Value
Banks (continued)
Intesa Sanpaolo SpA/New York NY, 3.22%, 07/17/19, (3 mo. LIBOR US + 0.630%)(b)	$	6,990	$	6,990,671
JPMorgan Chase & Co.
3.22%, 06/18/22 (Call 06/18/21), (3 mo. LIBOR US + 0.610%)(b)		12,500		12,516,075
3.31%, 06/01/21 (Call 06/01/20), (3 mo. LIBOR US + 0.680%)(b)		19,985		20,071,195
3.48%, 04/25/23 (Call 04/25/22), (3 mo. LIBOR US + 0.900%)(b)(d)		10,000		10,054,698
3.60%, 01/15/23 (Call 01/15/22), (3 mo. LIBOR US + 1.000%)(b)(d)		15,000		15,129,010
4.25%, 10/15/20		10,000		10,225,600
JPMorgan Chase Bank N.A. 2.60%, 02/01/21 (Call 02/01/20)(e)		5,000		4,991,750
3.09%, 04/26/21 (Call 04/26/20)(e)		32,400		32,478,713
Lloyds Bank PLC, 2.70%, 08/17/20		20,000		19,992,492
Mitsubishi UFJ Financial Group Inc., 3.24%, 07/26/21, (3 mo. LIBOR US + 0.650%)(b)		10,000		10,050,314
Mizuho Financial Group Inc.
3.39%, 03/05/23, (3 mo. LIBOR US + 0.790%)(b)(d)		3,000		3,005,931
3.75%, 09/13/21, (3 mo. LIBOR US + 1.140%)(b)(d)		20,000		20,241,399
Morgan Stanley 2.80%, 06/16/20		10,000		10,015,222
3.72%, 01/27/20, (3 mo. LIBOR US + 1.140%)(b)(d)		3,000		3,019,958
3.77%, 01/20/22 (Call 01/20/21), (3 mo. LIBOR US + 1.180%)(b)(d)		30,000		30,325,710
3.98%, 10/24/23 (Call 10/24/22), (3 mo. LIBOR US + 1.400%)(b)		10,000		10,200,064
7.30%, 05/13/19		10,000		10,013,945
MUFG Bank Ltd. 2.35%, 09/08/19(a)		10,000		9,986,618
3.13%, 01/25/21, (3 mo. LIBOR US + 0.500%)(b)		15,000		15,035,328
National Australia Bank Ltd., 3.17%, 05/22/20, (3 mo. LIBOR US + 0.510%)(a)(b)		10,000		10,046,558
Nordea Bank Abp
3.10%, 05/29/20, (3 mo. LIBOR US + 0.470%)(a)(b)		15,000		15,052,470
3.57%, 08/30/23, (3 mo. LIBOR US + 0.940%)(a)(b)		15,000		14,808,549
Royal Bank of Canada, 3.00%, 03/02/20, (3 mo. LIBOR US + 0.380%)(b)(d)		5,000		5,013,929
Santander UK Group Holdings PLC, 2.88%, 10/16/20		10,000		9,977,860
Santander UK PLC, 2.35%, 09/10/19		10,000		9,988,353
Skandinaviska Enskilda Banken AB 2.63%, 11/17/20(a)(d)		20,000		19,919,480
3.11%, 05/17/21, (3 mo. LIBOR US + 0.430%)(a)(b)(d)		10,000		10,018,930
Sumitomo Mitsui Banking Corp., 2.45%, 01/16/20		10,000		9,982,250
Sumitomo Mitsui Trust Bank Ltd., 3.51%, 10/18/19, (3 mo. LIBOR US + 0.910%)(a)(b)		4,400		4,416,330
SunTrust Bank/Atlanta GA, 3.09%, 10/26/21 (Call 10/26/20), (3 mo. LIBOR US + 0.500%)(b)		32,020		32,055,742
Svenska Handelsbanken AB 2.25%, 06/17/19		4,350		4,347,281
2.95%, 09/08/20, (3 mo. LIBOR US + 0.360%)(b)(d)		5,000		5,008,582
3.12%, 05/24/21, (3 mo. LIBOR US + 0.470%)(b)(d)		12,500		12,551,887
Synchrony Bank, 3.23%, 03/30/20, (3 mo. LIBOR US + 0.625%)(b)		30,000		30,049,787
U.S. Bank N.A./Cincinnati OH, 2.05%, 10/23/20 (Call 09/23/20)		10,000		9,924,288

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
UBS AG/London 2.45%, 12/01/20 (Call 11/01/20)(a)	$	15,000	$	14,919,495
3.11%, 12/01/20 (Call 11/01/20), (3 mo. LIBOR US + 0.480%)(a)(b)(d)		5,000		5,009,875
3.17%, 06/08/20 (Call 05/08/20), (3 mo. LIBOR US + 0.580%)(a)(b)(d)		5,300		5,322,472
UBS AG/Stamford CT, 2.38%, 08/14/19		15,000		14,989,968
UBS Group Funding Switzerland AG, 3.87%, 05/23/23 (Call 05/23/22), (3 mo. LIBOR US + 1.220%)(a)(b)		20,000		20,205,900
Wells Fargo & Co. 2.55%, 12/07/20		15,000		14,956,450
3.47%, 07/22/20, (3 mo. LIBOR US + 0.880%)(b)		5,000		5,038,682
3.96%, 03/04/21, (3 mo. LIBOR US + 1.340%)(b)(d)		30,000		30,522,125
Wells Fargo Bank N.A., 3.09%, 07/23/21 (Call 07/23/20), (3 mo. LIBOR US + 0.500%)(b)		15,000		15,032,935
				1,250,795,395
Biotechnology — 0.5%
Amgen Inc. 2.20%, 05/22/19 (Call 05/16/19)		3,000		2,999,383
3.15%, 05/11/20, (3 mo. LIBOR US + 0.450%)(b)(d)		8,100		8,125,315
Gilead Sciences Inc. 1.85%, 09/20/19		12,100		12,060,462
2.55%, 09/01/20		10,000		9,983,691
				33,168,851
Chemicals — 1.5%
DowDuPont Inc., 3.39%, 11/15/20, (3 mo. LIBOR US + 0.710%)(b)(d)		47,500		47,872,238
EI du Pont de Nemours & Co., 3.11%, 05/01/20, (3 mo. LIBOR US + 0.530%)(b)		6,015		6,034,789
PPG Industries Inc., 2.30%, 11/15/19 (Call 10/15/19)		10,868		10,843,454
Sherwin-Williams Co. (The), 2.25%, 05/15/20		30,000		29,837,822
				94,588,303
Computers — 0.6%
Hewlett Packard Enterprise Co.
3.32%, 10/05/21 (Call 09/20/19), (3 mo. LIBOR US + 0.720%)(b)		20,000		20,004,207
3.60%, 10/15/20 (Call 09/15/20)(f)		10,000		10,093,513
IBM Credit LLC, 3.10%, 11/30/20, (3 mo. LIBOR US + 0.470%)(b)(d)		7,250		7,296,323
				37,394,043
Diversified Financial Services — 3.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.75%, 05/15/19		7,771		7,773,054
4.25%, 07/01/20(d)		10,000		10,134,170
4.63%, 10/30/20		20,000		20,448,979
AIG Global Funding, 3.08%, 07/02/20, (3 mo. LIBOR US + 0.480%)(a)(b)		3,695		3,706,429
American Express Co.
2.91%, 10/30/20 (Call 09/29/20), (3 mo. LIBOR US + 0.330%)(b)(d)		7,750		7,757,253
3.29%, 02/27/23 (Call 01/27/23), (3 mo. LIBOR US + 0.650%)(b)		4,000		3,997,105
3.33%, 11/05/21 (Call 10/05/21), (3 mo. LIBOR US + 0.600%)(b)(d)		10,000		10,045,325
American Express Credit Corp., 3.05%, 03/03/20 (Call 02/03/20), (3 mo. LIBOR US + 0.430%)(b)		10,000		10,017,700

Security	Par (000)		Value
Diversified Financial Services (continued)
Capital One Financial Corp.
3.03%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.450%)(b)(d)	$	5,000	$	5,001,998
3.46%, 05/12/20 (Call 04/12/20), (3 mo. LIBOR US + 0.760%)(b)(d)		25,505		25,632,038
GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/20		25,000		24,729,591
Horsepower Finance Ltd., 2.15%, 12/02/19(g)		10,000		9,941,325
International Lease Finance Corp., 6.25%, 05/15/19		23,238		23,264,613
Nomura Holdings Inc., 6.70%, 03/04/20		31,841		32,873,174
Synchrony Financial, 2.70%, 02/03/20 (Call 01/03/20)		11,875		11,855,984
				207,178,738
Electric — 0.9%
Duke Energy Florida LLC, 1.85%, 01/15/20		8,000		7,949,488
Duke Energy Progress LLC, 2.77%, 09/08/20, (3 mo. LIBOR US + 0.180%)(b)(d)		9,835		9,829,707
Exelon Generation Co. LLC, 2.95%, 01/15/20 (Call 12/15/19)		30,000		30,012,027
Sempra Energy, 3.10%, 01/15/21 (Call 05/31/19), (3 mo. LIBOR US + 0.500%)(b)		5,065		5,042,197
				52,833,419
Electronics — 0.2%
Tyco Electronics Group SA, 3.05%, 06/05/20, (3 mo. LIBOR US + 0.450%)(b)		15,000		15,025,826
Environmental Control — 0.1%
Republic Services Inc., 5.50%, 09/15/19		7,964		8,040,959
Food — 1.8%
Campbell Soup Co.,
3.24%, 03/15/21, (3 mo. LIBOR US + 0.630%)(b)		15,000		14,941,012
Conagra Brands Inc. 3.09%, 10/09/20, (3 mo. LIBOR US + 0.500%)(b)		7,000		6,981,045
3.34%, 10/22/20 (Call 10/22/19), (3 mo. LIBOR US + 0.750%)(b)		9,945		9,948,214
General Mills Inc., 3.14%, 04/16/21, (3 mo. LIBOR US + 0.540%)(b)		26,636		26,675,895
Kraft Heinz Foods Co. 3.12%, 08/09/19, (3 mo. LIBOR US + 0.420%)(b)		12,000		12,004,151
3.27%, 02/10/21, (3 mo. LIBOR US + 0.570%)(b)		4,010		4,009,113
Mondelez International Holdings Netherlands BV, 1.63%, 10/28/19 (Call 09/28/19)(a)(d)		7,500		7,457,355
Tyson Foods Inc. 2.65%, 08/15/19 (Call 07/15/19)		4,590		4,591,886
3.09%, 08/21/20, (3 mo. LIBOR US + 0.450%)(b)(d)		14,160		14,146,749
3.17%, 06/02/20, (3 mo. LIBOR US + 0.550%)(b)		5,475		5,478,340
Wm Wrigley Jr Co., 2.90%, 10/21/19 (Call 09/21/19)(a)		3,500		3,501,174
				109,734,934
Health Care – Products — 0.5%
Becton Dickinson and Co. 2.68%, 12/15/19		5,000		4,988,894
3.48%, 12/29/20 (Call 05/31/19), (3 mo. LIBOR US + 0.875%)(b)		21,378		21,382,009
Medtronic Inc., 3.41%, 03/15/20, (3 mo. LIBOR US + 0.800%)(b)		5,312		5,343,328
				31,714,231
Health Care – Services — 0.2%
UnitedHealth Group Inc., 2.70%, 07/15/20		10,000		9,998,263

14 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance — 0.9%
Allstate Corp. (The), 3.03%, 03/29/21, (3 mo. LIBOR US + 0.430%)(b)(d)	$	5,710	$	5,717,681
American International Group Inc., 3.38%, 08/15/20		2,997		3,019,206
Hartford Financial Services Group Inc. (The), 5.50%, 03/30/20		19,058		19,508,494
Marsh & McLennan Companies Inc., 3.80%, 12/29/21 (Call 12/29/19), (3 mo. LIBOR US + 1.200%)(b)		13,380		13,406,866
Pricoa Global Funding I, 2.20%, 05/16/19(a)		10,905		10,902,928
				52,555,175
Machinery — 0.4%
Caterpillar Financial Services Corp.,
3.19%, 05/15/23, (3 mo. LIBOR US + 0.510%)(b)(d)		10,000		9,998,802
John Deere Capital Corp.
2.90%, 06/22/20, (3 mo. LIBOR US + 0.290%)(b)		6,000		6,020,247
2.91%, 03/13/20, (3 mo. LIBOR US + 0.300%)(b)		6,000		6,012,006
				22,031,055
Manufacturing — 0.2%
Siemens Financieringsmaatschappij NV 2.15%, 05/27/20(a)		10,000		9,941,238
2.95%, 03/16/20, (3 mo. LIBOR US + 0.340%)(a)(b)		2,000		2,005,112
				11,946,350
Media — 1.9%
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.58%, 07/23/20 (Call 06/23/20)		35,000		35,238,089
Comcast Corp., 3.03%, 10/01/21, (3 mo. LIBOR US + 0.440%)(b)		42,930		43,136,708
Discovery Communications LLC, 3.34%, 09/20/19, (3 mo. LIBOR US + 0.710%)(b)(d)		30,000		30,041,121
Sky Ltd., 2.63%, 09/16/19(a)(d)		1,425		1,423,520
Warner Media LLC, 2.10%, 06/01/19		10,000		9,991,700
				119,831,138
Oil & Gas — 0.4%
Chevron Corp. 2.43%, 06/24/20 (Call 05/24/20)(d)		10,000		9,990,076
2.83%, 03/03/20, (3 mo. LIBOR US + 0.210%)(b)		6,500		6,510,969
Phillips 66, 3.35%, 04/15/20 (Call 05/31/19), (3 mo. LIBOR US + 0.750%)(a)(b)(d)		5,625		5,626,280
				22,127,325
Pharmaceuticals — 5.1%
AbbVie Inc., 2.50%, 05/14/20 (Call 04/14/20)		42,500		42,362,459
Allergan Funding SCS 3.00%, 03/12/20 (Call 02/12/20)		50,500		50,506,736
3.85%, 03/12/20, (3 mo. LIBOR US + 1.255%)(b)		20,505		20,664,928
AstraZeneca PLC, 1.95%, 09/18/19		6,500		6,472,950
Bayer U.S. Finance II LLC, 3.23%, 06/25/21 (Call 05/25/21), (3 mo. LIBOR US + 0.630%)(a)(b)(d)		25,000		24,859,214
Cigna Corp., 3.20%, 09/17/20(a)		30,000		30,099,522
CVS Health Corp. 2.25%, 08/12/19 (Call 07/12/19)		3,000		2,995,065
2.80%, 07/20/20 (Call 06/20/20)		55,000		54,944,029
3.13%, 03/09/20		12,430		12,458,316
3.23%, 03/09/20, (3 mo. LIBOR US + 0.630%)(b)		5,318		5,335,060
3.32%, 03/09/21, (3 mo. LIBOR US + 0.720%)(b)		10,000		10,040,374
Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/19		50,000		49,807,713
Takeda Pharmaceutical Co. Ltd., 3.80%, 11/26/20(a)		7,035		7,131,141
				317,677,507

Security	Par (000)		Value
Pipelines — 2.8%
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 6.25%, 10/15/22 (Call 05/16/19)	$	2,000	$	2,055,000
Enbridge Inc., 2.98%, 01/10/20, (3 mo. LIBOR US + 0.400%)(b)		5,230		5,230,864
Energy Transfer Operating LP, 4.15%, 10/01/20 (Call 08/01/20)		15,000		15,224,850
Enterprise Products Operating LLC 2.55%, 10/15/19 (Call 09/15/19)		20,000		19,970,764
5.20%, 09/01/20		10,000		10,312,200
Kinder Morgan Inc./DE, 3.88%, 01/15/23, (3 mo. LIBOR US + 1.280%)(b)(d)		20,000		20,099,842
Spectra Energy Partners LP, 3.30%, 06/05/20, (3 mo. LIBOR US + 0.700%)(b)		32,000		32,065,611
TransCanada PipeLines Ltd., 2.13%, 11/15/19		37,540		37,396,070
Williams Companies Inc. (The), 5.25%, 03/15/20		32,170		32,788,419
				175,143,620
Retail — 0.2%
Alimentation Couche-Tard Inc., 3.11%, 12/13/19 (Call 05/31/19), (3 mo. LIBOR US + 0.500%)(a)(b)(d)		8,600		8,596,069
Walgreens Boots Alliance Inc., 2.70%, 11/18/19 (Call 10/18/19)		3,058		3,056,535
				11,652,604
Semiconductors — 1.0%
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.20%, 01/15/21		10,000		9,855,812
2.38%, 01/15/20		11,925		11,873,387
Intel Corp., 2.78%, 05/11/20,
(3 mo. LIBOR US + 0.080%)(b)		13,700		13,709,529
Lam Research Corp., 2.75%, 03/15/20 (Call 02/15/20)		7,555		7,550,702
QUALCOMM Inc. 2.25%, 05/20/20		10,000		9,951,741
3.31%, 01/30/23, (3 mo. LIBOR US + 0.730%)(b)(d)		10,000		10,045,499
				62,986,670
Software — 0.2%
Fidelity National Information Services Inc., 3.63%, 10/15/20 (Call 09/15/20)		10,000		10,091,494
Telecommunications — 1.7%
AT&T Inc. 2.45%, 06/30/20 (Call 05/30/20)		20,000		19,941,874
3.38%, 06/01/21, (3 mo. LIBOR US + 0.750%)(b)		13,250		13,338,666
3.55%, 07/15/21, (3 mo. LIBOR US + 0.950%)(b)(d)		10,000		10,111,503
Deutsche Telekom International Finance BV 2.23%, 01/17/20(a)(d)		13,687		13,624,129
3.17%, 01/17/20, (3 mo. LIBOR US + 0.580%)(a)(b)		12,000		12,021,956
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 03/20/23(a)		5,814		5,799,216
Verizon Communications Inc. 3.21%, 05/22/20, (3 mo. LIBOR US + 0.550%)(b)		22,940		23,029,008
3.61%, 03/16/22, (3 mo. LIBOR US + 1.000%)(b)		10,000		10,190,064
				108,056,416
Transportation — 0.2%
Ryder System Inc., 2.65%, 03/02/20 (Call 02/02/20)		7,725		7,710,806
United Parcel Service Inc., 2.74%, 04/01/21, (3 mo. LIBOR US + 0.150%)(b)		7,500		7,494,622
				15,205,428
Trucking & Leasing — 0.8%
Aviation Capital Group LLC, 3.25%, 07/30/21, (3 mo. LIBOR US + 0.670%)(a)(b)		15,000		14,931,855

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Trucking & Leasing (continued)
Penske Truck Leasing Co. LP/PTL Finance Corp. 2.50%, 06/15/19 (Call 05/31/19)(a)	$	23,030	$	23,014,538
3.20%, 07/15/20 (Call 06/15/20)(a)(d)		10,000		10,016,534
				47,962,927
Total Corporate Bonds & Notes — 52.3% (Cost: $3,243,010,004)				3,247,609,166
Repurchase Agreements
Mizuho Securities USA Inc., 3.13%, 05/01/19 (Purchased on 04/30/19 to be repurchased at $30,002,611, collateralized by non-agency mortgage-backed security, 2.96% to 4.00%, due 08/25/23 to 11/25/36, par and fair value of $38,791,765 and $34,500,001, respectively)(b)(h)		30,000		30,000,000
Total Repurchase Agreements — 0.5% (Cost: $30,000,000)				30,000,000
U.S. Government & Agency Obligations
Mortgage-Backed Securities — 0.3%
Federal National Mortgage Association 5.00% 01/01/20		171		174,076
FHLMC Multifamily Structured Pass Through Certificates
Series K010, Class A2, 4.33%, 10/25/20(b)		1,250		1,274,178
Series K013, Class A2, 3.97%, 01/25/21 (Call 01/11/21)(b)		8,500		8,655,261
Series K032, Class A1, 3.02%, 02/25/23		858		866,944
Series K037, Class A1, 2.59%, 04/25/23		1,095		1,097,404
Series K715, Class A2, 2.86%, 01/25/21		2,475		2,482,275
Series K721, Class A1, 2.61%, 01/25/22		1,885		1,885,135
U.S. Government Obligations — 2.4%
U.S. Treasury Note/Bond, 1.00%, 11/15/19		152,000		150,812,500
Total U.S. Government & Agency Obligations — 2.7% (Cost: $167,377,504)				167,247,773

Security	Shares (000)		Value
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.59%(i)(j)(k)		39,040	$	39,055,939
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(i)(j)		114,087		114,086,715
Total Money Market Funds — 2.4% (Cost: $153,128,855)				153,142,654
Total Investments in Securities — 100.3% (Cost: $6,228,447,653)				6,233,929,886
Other Assets, Less Liabilities — (0.3)%				(20,866,504	)
Net Assets — 100.0%			$	6,213,063,382

^(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)  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(c)  Rates are discount rates or a range of discount rates at the time of purchase.

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

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

^(f)  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.

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

^(h)  Maturity date represents next reset date.

⁽ⁱ⁾  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18 (000)	Net Activity (000)		Shares Held at 04/30/19 (000)		Value at 04/30/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	72,065	(33,025	)	39,040	$	39,055,939	$	130,029	(b)	$	3,793		$	9,453
BlackRock Cash Funds: Treasury, SL Agency Shares	430,219	(316,132	)	114,087		114,086,715		2,743,538			—			—
					$	153,142,654	$	2,873,567		$	3,793		$	9,453

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

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

16 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Bond ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the six months ended April 30, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	(7,065,560	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts sold — in USD	$	45,734,888

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

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, 2019. 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
Asset-Backed Securities	$	—	$	1,814,775,028	$	—	$	1,814,775,028
Certificates of Deposit		—		111,094,987		—		111,094,987
Collaterized Mortgage Obligations		—		355,046,799		—		355,046,799
Commercial Paper		—		355,013,479		—		355,013,479
Corporate Bonds & Notes		—		3,247,609,166		—		3,247,609,166
Repurchase Agreements		—		30,000,000		—		30,000,000
U.S. Government & Agency Obligations		—		167,247,773		—		167,247,773
Money Market Funds		153,142,654		—		—		153,142,654
	$	153,142,654	$	6,080,787,232	$	—	$	6,233,929,886

The following table includes a rollforward for the six months ended April 30, 2019 of investments whose values are classified as Level 3 as of the beginning or end of the period.

	Asset Backed Securities			Collateralized Mortgage Obligations
Balance at beginning of period	$	69,790,000		$	1,443,544
Realized gain (loss) and change in unrealized appreciation/depreciation		—			(577	)
Purchases		—			—
Sales		—			(1,442,967	)
Transfers in(a)		—			—
Transfers out(a)		(69,790,000	)(b)		—
Paydown		—			—
Balance at end of period	$	—		$	—
Net change in unrealized appreciation/depreciation on investments still held at end of period	$	—		$	—

^(a) Represents the value as of the beginning of the reporting period.

^(b) Transfers out of Level 3 are due to resumption of trading of asset backed securities.

The Fund’s investments that are categorized as Level 3 were valued utilizing a single broker quote without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments  (unaudited)  April 30, 2019 iShares^® Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
Alabama — 1.0%
Bessemer Governmental Utility Services Corp. RB, 5.00%, 06/01/20 (BAM)	$	515	$	532,886
Black Belt Energy Gas District RB, Series A, 5.00%, 12/01/19		500		507,705
State of Alabama Docks Department RB, Series B, 5.00%, 10/01/19		500		506,035
Tuscaloosa City Board of Education RB, 5.00%, 08/01/19		150		151,233
				1,697,859
Arizona — 1.9%
Industrial Development Authority of the County of Pima (The) RB, 2.40%, 12/01/25 (Put 05/07/19) (GNMA COLL)(a)(b)		1,200		1,200,000
Industrial Development Authority of the County of Yavapai (The) RB, Series A, 2.40%, 09/01/35 (Put 05/07/19)(a)(b)		2,000		2,000,000
				3,200,000
California — 0.4%
Lancaster Redevelopment Agency Successor Agency TA, 3.00%, 08/01/20		700		712,565
Colorado — 1.8%
City of Colorado Springs CO Utilities System Revenue RB, 2.34%, 11/01/28 (Put 05/07/19)(a)(b)		1,045		1,045,000
County of Arapahoe Co. RB, 2.36%, 08/01/31 (Put 05/07/19)(a)(b)		1,600		1,600,000
State of Colorado Department of Transportation COP, 5.00%, 06/15/19		270		271,093
				2,916,093
Connecticut — 5.4%
State of Connecticut GO
5.00%, 06/01/21		670		712,244
5.00%, 07/15/22		900		985,275
Series A, 5.00%, 04/15/20		1,200		1,237,140
Series C, 2.39%, 05/15/34 (Put 05/07/19)(a)(b)		2,070		2,070,000
Series C, 5.00%, 06/01/20		720		745,243
State of Connecticut Special Tax Revenue RB, Series A, 5.00%, 09/01/21		2,000		2,145,560
University of Connecticut RB, Series A, 5.00%, 04/15/20		1,000		1,030,660
				8,926,122
District of Columbia — 1.8%
District of Columbia RB, 2.32%, 04/01/38 (Put 05/07/19)(a)(b)		2,900		2,900,000
Florida — 3.0%
County of Palm Beach FL RB, 2.32%, 07/01/32 (Put 05/07/19)(a)(b)		5,000		5,000,000
Georgia — 1.5%
City of Atlanta GA TA, 5.00%, 12/01/19 (TA)		365		371,559
Cobb County Development Authority RB, 5.00%, 07/15/20		545		566,440
Main Street Natural Gas Inc. RB
5.00%, 05/15/20		500		514,410
5.00%, 05/15/21		1,000		1,052,910
				2,505,319
Illinois — 9.3%
Chicago Transit Authority RB, 5.00%, 06/01/20		750		773,183
Illinois Development Finance Authority RB, 2.15%, 06/01/29 (Put 05/07/19)(a)(b)		1,100		1,100,000
Illinois Finance Authority RB 2.15%, 11/01/38 (Put 05/07/19)(a)(b)		1,320		1,320,000
2.43%, 02/01/29 (Put 05/07/19)(a)(b)		5,120		5,120,000
2.45%, 11/01/38 (Put 05/07/19)(a)(b)		1,055		1,055,000

Security	Par (000)		Value
Illinois (continued)
4.00%, 09/01/19	$	145	$	145,816
Illinois Health Facilities Authority RB, 2.29%, 08/15/35 (Put 05/07/19)(a)(b)		1,865		1,865,000
Tender Option Bond Trust Receipts/Certificates GO, 2.36%, 03/01/33 (Put 05/07/19)(a)(b)(c)		4,000		4,000,000
				15,378,999
Iowa — 2.6%
Iowa Finance Authority RB
2.34%, 01/01/47 (Put 05/07/19) (GNMA/FNMA/FHLMC)(a)(b)		1,000		1,000,000
2.79%, 04/01/22 (Put 05/07/19)(a)(b)		3,360		3,360,000
				4,360,000
Kansas — 4.2%
City of Burlington KS RB
2.40%, 09/01/35 (Put 05/07/19)(a)(b)		3,000		3,000,000
2.40%, 09/01/35 (Put 05/07/19)(a)(b)		3,000		3,000,000
Geary County Unified School District No. 475 GO, Series B, 3.00%, 09/01/19		850		853,944
				6,853,944
Kentucky — 2.4%
Kentucky Public Energy Authority RB
4.00%, 06/01/20		650		662,123
4.00%, 12/01/20		1,070		1,099,179
4.00%, 06/01/21		1,060		1,096,082
Kentucky State Property & Building Commission RB, Series D, 5.00%, 05/01/21		600		635,556
Tender Option Bond Trust Receipts/Certificates RB, Series 2018, 2.33%, 12/01/41 (Put 05/07/19) (AGM)(a)(b)(c)		500		500,000
				3,992,940
Louisiana — 0.3%
Louisiana Public Facilities Authority RB, 5.00%, 05/15/21		400		423,576
Maryland — 1.0%
Maryland Industrial Development Financing Authority RB, 2.56%, 03/01/30 (Put 05/07/19)(a)(b)		1,600		1,600,000
Massachusetts — 0.6%
Massachusetts Development Finance Agency RB, 5.00%, 07/01/21		975		1,038,004
Michigan — 1.9%
City of Detroit MI Water Supply System Revenue RB, 5.00%, 07/01/19		970		975,044
Michigan State Housing Development Authority RB, Series D, 2.39%, 06/01/30 (Put 05/07/19)(a)(b)		1,000		1,000,000
Michigan Strategic Fund RB, 2.51%, 06/01/39 (Put 05/09/19)(a)(b)		1,165		1,165,000
				3,140,044
Minnesota — 0.9%
City of Minneapolis MN RB, 2.30%, 12/01/27 (Put 05/07/19)(a)(b)		1,445		1,445,000
Missouri — 1.4%
City of Washington MO COP, 5.00%, 03/01/22		350		379,750
RBC Municipal Products Inc. Trust RB, 2.36%, 09/01/39 (Put 05/07/19)(a)(b)(c)		2,000		2,000,000
				2,379,750
Nebraska — 0.6%
Central Plains Energy Project RB, 5.00%, 08/01/39 (Put 12/01/19)(a)(b)		1,000		1,016,510

18 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey — 24.5%
Borough of North Plainfield NJ GO, 3.00%, 12/11/19	$	1,400	$	1,408,386
Garden State Preservation Trust RB, 5.00%, 11/01/20		1,690		1,764,664
Hasbrouck Heights Board of Education GO, 2.75%, 07/12/19		1,225		1,226,494
New Jersey Economic Development Authority RB 5.00%, 05/01/19		250		250,000
5.00%, 06/15/21		4,250		4,500,962
5.25%, 09/01/19		2,340		2,366,021
5.50%, 09/01/21 (Call 03/01/21)		675		716,155
Series A, 4.00%, 07/01/22		2,000		2,099,160
Series DDD, 5.00%, 06/15/19		895		898,419
Series K, 5.50%, 12/15/19 (AMBAC)		750		766,762
Series NN, 5.00%, 03/01/21 (SAP)		1,215		1,273,879
Series NN, 5.00%, 03/01/22		2,200		2,362,404
Series PP, 5.00%, 06/15/19		750		752,865
Series PP, 5.00%, 06/15/20		1,475		1,523,218
Series XX, 5.00%, 06/15/20 (SAP)		200		206,538
New Jersey Health Care Facilities Financing Authority RB 5.00%, 07/01/19		160		160,861
5.00%, 10/01/20		1,600		1,664,512
Series A, 5.00%, 07/01/20		500		518,925
New Jersey Sports & Exposition Authority RB 4.00%, 09/01/19		1,000		1,006,160
5.00%, 09/01/20		1,250		1,295,112
New Jersey Transportation Trust Fund Authority RB 5.00%, 06/15/19		700		702,674
5.25%, 12/15/19		1,500		1,531,230
5.25%, 12/15/20		500		526,000
5.50%, 12/15/19 (NPFGC)		530		541,846
Series A, 5.25%, 12/15/19		530		541,035
Series A-1, 5.00%, 06/15/19		1,060		1,063,805
Series A-1, 5.00%, 06/15/20		1,275		1,316,680
Series B, 5.50%, 12/15/20 (NPFGC)		155		163,497
Series B, 5.50%, 12/15/21 (NPFGC)		625		679,894
Tobacco Settlement Financing Corp./NJ RB, Series A, 5.00%, 06/01/19		1,700		1,704,539
Township of Branchburg NJ GO, 3.00%, 10/04/19		1,000		1,005,260
Township of Pennsauken NJ GO, 3.00%, 06/18/19		710		710,710
Township of South Orange Village NJ GO, 3.00%, 07/10/19		2,000		2,003,280
Township of West Orange/NJ GO, 3.00%, 09/06/19		1,122		1,126,391
				40,378,338
New York — 18.1%
Amherst Development Corp. RB, Series A, 2.35%, 02/01/35 (Put 05/07/19)(a)(b)		1,755		1,755,000
Churchville-Chili Central School District GO, 3.00%, 06/28/19 (SAW)		1,100		1,101,705
City of Yonkers NY GOL, 3.00%, 12/17/19		3,900		3,922,776
County of Nassau NY GOL, 4.00%, 12/10/19		5,000		5,071,700
Enlarged City School District of the City of Troy GO, 3.50%, 06/12/19 (SAW)		2,600		2,604,264
Evans-Brant Central School District GO, 3.00%, 06/27/19 (SAW)		1,525		1,527,440
Gates Chili Central School District GO, 3.00%, 06/27/19 (SAW)		1,200		1,201,824
Jamesville-Dewitt Central School District GO, 3.00%, 09/27/19 (SAW)		1,800		1,808,370
New York City Water & Sewer System RB, 2.35%, 06/15/48 (Put 05/09/19)(a)(b)		700		700,000
North Shore Central School District/NY GOL, 3.00%, 06/26/19 (SAW)		1,000		1,001,520

Security	Par (000)		Value
New York (continued)
Onondaga County Trust for Cultural Resources RB, 4.00%, 05/01/19	$	400	$	400,000
Somers Central School District GO, 3.00%, 09/13/19 (SAW)		1,100		1,104,906
Spackenkill Union Free School District GO, 3.00%, 06/26/19 (SAW)		1,300		1,301,664
Springs Union Free School District GOL, 3.00%, 06/27/19 (SAW)		1,000		1,001,520
Tender Option Bond Trust Receipts/Certificates RB, 2.42%, 11/15/56 (Put 05/07/19)(a)(b)(c)		2,500		2,500,000
Town of Carmel NY GOL, 3.25%, 10/04/19		1,265		1,273,463
Town of Southold NY GOL, 3.00%, 09/25/19		1,600		1,607,840
				29,883,992
North Carolina — 0.4%
North Carolina Turnpike Authority RB 5.00%, 01/01/21		425		445,426
5.00%, 01/01/22		215		231,129
				676,555
Ohio — 4.0%
American Municipal Power Inc. RB, 3.00%, 08/15/19 (ST STANDBY NT PURCHASE)		135		135,406
City of Berea OH GOL, 3.00%, 03/12/20		1,600		1,615,808
County of Allen OH Hospital Facilities Revenue RB, Series A, 5.00%, 08/01/19		500		503,960
County of Franklin OH RB, 2.27%, 11/01/45 (Put 05/07/19)(a)(b)		900		900,000
County of Lorain OH GOL, 3.00%, 02/07/20		2,325		2,346,995
Little Miami Local School District GO, 3.00%, 11/21/19		1,000		1,007,150
				6,509,319
Pennsylvania — 1.9%
Carlisle Area School District GOL, 2.00%, 09/01/19		165		165,198
Commonwealth of Pennsylvania GO, 5.00%, 04/01/20		800		824,200
Connellsville Area School District GOL 4.00%, 08/15/21 (BAM SAW)		500		522,325
4.00%, 08/15/22 (BAM SAW)		500		531,495
Pennsylvania Economic Development Financing Authority RB, 2.15%, 11/01/21		1,000		1,000,000
				3,043,218
Tennessee — 0.2%
Jackson Energy Authority RB, 5.00%, 12/01/19		350		356,681
Texas — 7.4%
City of Houston TX GOL, Series A, 5.00%, 03/01/20		1,000		1,027,830
Harris County Cultural Education Facilities Finance Corp. RB, Series C-1, 2.30%, 12/01/24 (Put 05/09/19)(a)(b)		2,800		2,800,000
Mission Economic Development Corp. RB, 1.75%, 01/01/20 (Put 07/01/19)(a)(b)		2,750		2,749,670
State of Texas GO 2.15%, 06/01/46 (Put 05/07/19)(a)(b)		660		660,000
2.30%, 12/01/41 (Put 05/07/19)(a)(b)		4,000		4,000,000
State of Texas RB, 4.00%, 08/29/19		1,000		1,007,230
				12,244,730
Utah — 1.2%
County of Utah UT RB, 2.15%, 05/15/51 (Put 05/07/19)(a)(b)		2,000		2,000,000
Washington — 2.2%
Grant County Public Utility District No. 2 RB, 2.00%, 01/01/44 (Put 12/02/20)(a)(b)		1,000		1,000,250
Washington Higher Education Facilities Authority RB, 2.30%, 10/01/29 (Put 05/07/19)(a)(b)		1,000		1,000,000

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
Washington (continued)
Washington State Housing Finance Commission RB, 2.30%, 04/01/43 (Put 05/07/19)(a)(b)	$	1,700	$	1,700,000
				3,700,250
Wisconsin — 0.8%
Wisconsin Health & Educational Facilities Authority RB, 2.30%, 11/01/25 (Put 05/07/19)(a)(b)		1,315		1,315,000
Total Municipal Debt Obligations — 102.7% (Cost $169,345,672)				169,594,808
Money Market Funds
BlackRock Liquidity Funds: MuniCash, 1.94%(d)(e)		13		13,025
Total Money Market Funds — 0.0% (Cost: $13,025)				13,025
Total Investments in Securities — 102.7% (Cost: $169,358,697)				169,607,833
Other Assets, Less Liabilities — (2.7)%				(4,468,962	)
Net Assets — 100.0%			$	165,138,871

^(a)  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(b)  Security is payable upon demand on each reset date.

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

^(d)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18 (000)	Net Activity (000)	Shares Held at 04/30/19 (000)		Value at 04/30/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds: Muni Cash	80	(67)	13	$	13,025	$	856	$	(7	)	$	—

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

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, 2019. 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
Municipal Debt Obligations	$	—	$	169,594,808	$	—	$	169,594,808
Money Market Funds		13,025		—		—		13,025
	$	13,025	$	169,594,808	$	—	$	169,607,833

See notes to financial statements.

20 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) April 30, 2019 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Capital One Multi-Asset Execution Trust, Class A6, 1.82%, 09/15/22	$	3,000	$	2,988,339
CarMax Auto Owner Trust, Class A2A, 3.02%, 07/15/22 (Call 12/15/22)		3,510		3,521,942
CNH Equipment Trust, Class A2, 2.96%, 05/16/22 (Call 01/15/23)		4,180		4,191,651
Toyota Auto Receivables Owner Trust, Class A2, 2.77%, 08/16/21 (Call 06/15/22)		2,832		2,834,702
Total Asset-Backed Securities — 1.0% (Cost: $13,488,522)				13,536,634
Certificates of Deposit
Banco Santander SA, 3.09%, 01/29/20		8,000		8,022,799
Bank of America N.A., 2.79%, 07/03/19		1,000		1,000,532
Bank of Montreal/Chicago IL
2.67%, 05/07/19, (1 mo. LIBOR US + 0.200%)(a)		2,000		2,000,097
2.82%, 06/13/19, (1 mo. LIBOR US + 0.300%)(a)		500		500,113
2.84%, 03/06/20, (3 mo. LIBOR US + 0.190%)(a)		2,000		2,002,160
2.95%, 11/01/19(a)		1,500		1,501,418
Bank of Nova Scotia/Houston
2.83%, 09/20/19, (3 mo. LIBOR US + 0.200%)(a)		1,500		1,501,197
2.88%, 02/18/20, (3 mo. LIBOR US + 0.180%)(a)		1,000		1,001,095
2.89%, 10/15/19, (3 mo. LIBOR US + 0.280%)(a)		843		844,062
Bank of Tokyo-Mitsubishi UFJ Ltd. (The), 3.10%, 09/09/19, (3 mo. LIBOR US + 0.450%)(a)		1,400		1,402,298
Barclays Bank PLC 2.90%, 08/01/19		4,000		4,002,590
2.96%, 10/15/19(a)		2,000		2,002,339
3.00%, 09/19/19		2,000		2,002,230
3.01%, 12/23/19		2,000		2,003,130
3.06%, 12/05/19		3,000		3,005,546
3.20%, 01/31/20		3,000		3,008,411
Canadian Imperial Bank of Commerce, 2.80%, 05/02/20(a)		2,000		2,004,359
Canadian Imperial Bank of Commerce/New York NY
2.78%, 07/25/19, (1 mo. LIBOR US + 0.300%)(a)		2,000		2,000,917
2.80%, 08/13/19, (1 mo. LIBOR US + 0.330%)(a)		2,000		2,001,511
2.82%, 05/09/19, (3 mo. LIBOR US + 0.150%)(a)		2,500		2,500,080
3.07%, 09/20/19, (3 mo. LIBOR US + 0.410%)(a)		1,500		1,502,148
3.08%, 10/28/19		2,000		2,004,960
Credit Agricole Corporate and Investment Bank/New York 3.00%, 08/25/20(a)		5,000		5,002,550
3.06%, 05/11/20, (3 mo. LIBOR US + 0.385%)(a)		2,000		2,004,125
3.12%, 07/13/20(a)		6,000		6,016,240
3.19%, 09/24/20, (3 mo. LIBOR US + 0.400%)(a)		1,800		1,801,214
Credit Industriel Et Commercial 2.79%, 03/25/20		7,000		6,833,806
2.89%, 11/07/19		7,000		6,905,220
2.90%, 08/01/19		9,000		8,941,311
Credit Suisse AG/New York NY 2.70%, 05/01/20		4,000		4,001,334
2.80%, 09/27/19		2,000		2,002,518
Lloyds Bank Corporate Markets PLC/New York NY, 3.11%, 04/26/21(a)		7,000		6,999,985
Lloyds Bank PLC, 3.05%, 08/06/19		2,000		2,002,263
Mizuho Bank Ltd.
3.00%, 10/25/19, (3 mo. LIBOR US + 0.400%)(a)		3,000		3,005,740
3.17%, 04/15/20, (3 mo. LIBOR US + 0.330%)(a)		1,500		1,501,826

Security	Par (000)		Value
Mizuho Bank Ltd./NY, 3.00%, 01/15/20, (3 mo. LIBOR US + 0.310%)(a)	$	2,000	$	2,002,918
MUFG Bank Ltd. 2.68%, 10/24/19(a)		5,000		5,002,370
2.72%, 02/24/20		2,000		2,001,191
2.84%, 02/24/20		3,000		3,004,576
2.90%, 08/15/19		4,000		4,003,911
3.13%, 01/25/21, (3 mo. LIBOR US + 0.500%)(a)		2,000		2,004,710
Natixis SA/New York NY
2.79%, 06/06/19, (3 mo. LIBOR US + 0.180%)(a)		2,000		2,000,347
3.02%, 07/23/20(a)		4,000		4,001,912
Nordea Bank AB, 2.87%, 10/18/19, (3 mo. LIBOR US + 0.270%)(a)		1,000		1,001,192
Nordea Bank AB/New York NY
2.87%, 07/10/20, (3 mo. LIBOR US + 0.290%)(a)		4,000		4,005,136
2.97%, 08/10/20, (3 mo. LIBOR US + 0.270%)(a)		1,000		1,000,626
Skandinaviska Enskilda Banken AB, 2.97%, 09/06/19		4,000		4,005,446
Societe Generale International, 2.80%, 03/13/20		2,000		2,002,769
Standard Chartered Bank/New York, 2.67%, 06/04/19		5,000		5,000,719
Sumitomo Mitsui Banking Corp./New York
2.92%, 05/15/19, (3 mo. LIBOR US + 0.460%)(a)		2,000		2,000,320
3.00%, 07/24/20, (3 mo. LIBOR US + 0.420%)(a)		2,000		2,003,382
3.03%, 07/11/19, (3 mo. LIBOR US + 0.370%)(a)		3,250		3,252,173
3.09%, 06/18/20, (3 mo. LIBOR US + 0.410%)(a)		8,200		8,211,758
3.10%, 09/09/19, (3 mo. LIBOR US + 0.450%)(a)		800		801,198
3.19%, 02/12/21(a)		5,000		5,003,447
Sumitomo Mitsui Trust Bank Ltd./New York 2.71%, 07/08/19(a)		1,000		1,000,177
2.79%, 07/09/19, (3 mo. LIBOR US + 0.200%)(a)		1,500		1,500,495
2.81%, 05/18/20(a)		6,000		5,999,916
2.83%, 01/15/20(a)		2,000		2,001,873
2.84%, 02/25/20(a)		6,000		6,001,909
2.88%, 08/16/19, (3 mo. LIBOR US + 0.200%)(a)		3,000		3,001,111
Svenska Handelsbanken AB, 3.00%, 04/01/20, (3 mo. LIBOR US + 0.400%)(a)		3,000		3,009,462
Svenska Handelsbanken/New York NY
2.84%, 12/19/19, (3 mo. LIBOR US + 0.210%)(a)		3,000		3,003,551
2.86%, 10/21/19, (3 mo. LIBOR US + 0.270%)(a)		3,000		3,003,238
Toronto-Dominion Bank (The) 2.73%, 08/07/19 (Call 05/07/19)		2,000		2,000,853
3.02%, 09/18/19		2,000		2,003,527
Total Certificates of Deposit — 15.1% (Cost: $199,431,148)				199,668,337
Commercial Paper
ABN AMRO Funding USA LLC, 2.73%, 12/09/19(b)		4,000		3,934,116
American Electric Power Co. Inc., 2.74%, 05/14/19(b)		5,000		4,994,851
AstraZeneca PLC 2.95%, 06/24/19(b)		5,000		4,979,703
3.09%, 07/15/19(b)		6,500		6,462,634
3.13%, 07/08/19(b)		8,000		7,958,600
AT&T Inc. 2.82%, 07/29/19(b)		5,000		4,964,250
3.09%, 05/30/19(b)		1,500		1,496,625
3.35%, 05/28/19(b)		10,000		9,979,031
Atlantic Asset Securitization LLC, 2.96%, 09/09/19(b)		2,000		1,981,051
Bank of Nova Scotia (The), 2.87%, 05/30/19(b)		3,000		2,993,825

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Barclays Bank PLC 2.79%, 10/02/19(b)	$	6,000	$	5,929,423
3.35%, 11/15/19(b)		2,000		1,970,006
Bedford Row Funding Corp.
2.70%, 08/26/19, (1 mo. LIBOR US + 0.220%)(a)(c)		1,500		1,500,117
2.91%, 09/12/19(b)		3,000		2,971,144
Bell Canada Inc. 2.89%, 08/14/19(b)		2,500		2,479,455
2.90%, 08/02/19(b)		5,750		5,708,336
2.90%, 08/09/19(b)		7,000		6,945,306
2.98%, 06/11/19(b)		4,000		3,987,279
3.00%, 06/04/19(b)		2,000		1,994,717
3.00%, 08/06/19(b)		3,000		2,977,289
3.01%, 08/01/19(b)		2,000		1,985,668
3.06%, 07/08/19(b)		3,000		2,984,153
BP Capital Markets PLC, 2.97%, 03/02/20(b)		9,000		8,786,328
BPCE, 3.00%, 06/21/19(b)		2,000		1,992,942
CenterPoint Energy Inc. 2.76%, 05/16/19(b)		6,000		5,992,968
2.81%, 05/31/19(b)		5,000		4,988,448
2.81%, 06/06/19(b)		4,000		3,988,904
2.83%, 05/08/19(b)		5,000		4,997,088
2.84%, 05/06/19(b)		4,000		3,998,254
Chariot Funding LLC, 3.08%, 07/12/19(b)		1,000		994,896
Charta LLC, 2.86%, 05/06/19(b)		1,000		999,594
COCA-COLA Co., 3.07%, 12/09/19(b)		1,000		983,963
Comcast Corp., 2.67%, 05/17/19(b)		8,000		7,989,932
Credit Suisse AG/New York NY 2.95%, 09/27/19(b)		2,000		1,978,500
3.00%, 07/15/19(b)		2,000		1,989,335
DNB Bank ASA, 3.14%, 10/11/19(b)		7,000		6,919,162
Enbridge (US) Inc. 2.79%, 05/10/19(b)		6,750		6,745,056
2.95%, 07/01/19(b)		3,000		2,985,766
2.99%, 05/28/19(b)		11,500		11,475,859
3.01%, 06/10/19(b)		2,000		1,993,816
3.03%, 06/13/19(b)		5,500		5,481,722
Enterprise Products Operating LLC, 2.72%, 05/07/19(b)		3,000		2,998,466
Federation Des Caisses Desjardins du Quebec, 3.04%, 08/08/19(b)		4,000		3,971,633
Federation Des Caisses Desjardins Du Quebec, 2.74%, 07/22/19(b)		3,000		2,982,446
General Mills Inc., 2.82%, 06/24/19(b)		18,000		17,924,650
HSBC USA Inc., 3.01%, 08/15/19(b)		2,000		1,984,544
Hyundai Capital America 2.79%, 07/22/19(b)		3,000		2,980,557
2.89%, 05/13/19(b)		8,000		7,992,359
JPMorgan Securities LLC
2.79%, 07/26/19, (3 mo. LIBOR US + 0.200%)(a)		2,000		2,000,980
2.84%, 07/11/19(b)		2,000		1,989,752
Jupiter Sector Co. Ltd., 2.95%, 10/15/19(b)		2,500		2,469,713
Keurig Dr Pepper Inc., 2.81%, 05/20/19(b)		2,000		1,997,026
Macquarie Bank Ltd. 2.69%, 05/28/19(b)		2,000		1,996,097
2.83%, 08/08/19(b)		2,000		1,985,650
3.07%, 08/02/19(b)		2,000		1,986,553
3.25%, 10/11/19(b)		4,000		3,951,984
Matchpoint Finance PLC 2.99%, 06/03/19(b)		5,000		4,987,840
3.01%, 05/21/19(b)		1,000		998,508
3.02%, 06/04/19(b)		2,000		1,994,989

Security	Par (000)		Value
Mondelez International Inc., 2.99%, 06/04/19(b)	$	4,000	$	3,989,473
Nationwide Building Society, 2.75%, 09/16/19(b)		1,500		1,484,357
NextEra Energy Capital Holdings Inc., 2.73%, 05/07/19(b)		5,000		4,997,443
Nissan Motor Acceptance Corp. 2.54%, 06/03/19(b)		4,000		3,990,446
2.98%, 07/10/19(b)		3,000		2,984,575
2.98%, 07/12/19(b)		3,000		2,984,129
3.15%, 09/16/19(b)		12,000		11,876,151
Northrop Grumman Corp., 2.91%, 06/19/19(b)		13,000		12,950,528
Old Line Funding LLC, 2.95%, 05/28/19(b)		3,000		2,994,197
Oncor Electric Delivery Co. LLC, 2.71%, 05/09/19(b)		8,000		7,994,730
Ontario Teachers’ Finance Trust, 2.88%, 06/04/19(b)		2,200		2,194,770
Reckitt Benckiser Treasury Services PLC, 2.84%, 07/18/19(b)		6,000		5,966,912
Ridgefield Funding Co. LLC 2.94%, 05/07/19(b)		2,000		1,999,024
3.05%, 06/11/19(b)		7,000		6,979,322
Salisbury Bancorp. Inc. 3.05%, 10/17/19(a)		2,000		2,000,839
3.23%, 08/23/19(b)(c)		2,000		1,983,689
Schlumberger Holdings Corp., 2.81%, 06/18/19(b)		3,500		3,486,971
Societe Generale SA 2.90%, 08/02/19(b)		5,000		4,967,218
2.90%, 08/05/19(b)		2,250		2,234,633
2.91%, 08/26/19(b)		1,500		1,487,615
2.96%, 01/09/20(a)		2,000		2,004,482
3.01%, 12/16/19, (1 mo. LIBOR US + 0.530%)(a)(c)		1,000		1,002,367
3.22%, 10/31/19(b)		1,500		1,479,807
3.24%, 10/15/19(b)		1,000		988,184
Starbird Funding Corp., 2.94%, 05/13/19(b)		3,000		2,997,326
Suncor Energy Inc. 2.84%, 06/17/19(b)		4,000		3,985,461
2.84%, 07/05/19(b)		2,000		1,989,858
2.87%, 06/03/19(b)		5,000		4,987,226
2.87%, 06/06/19(b)		5,000		4,986,079
2.94%, 05/15/19(b)		4,000		3,995,583
Suncorp Group Ltd., 3.01%, 07/23/19(b)		3,000		2,981,198
TELUS Corp., 2.98%, 06/27/19(b)		5,000		4,977,879
Thunder Bay Funding LLC, 2.77%, 05/02/19(b)		1,500		1,499,796
Toronto-Dominion Bank (The), 3.09%, 10/18/19(b)		5,000		4,939,509
Toyota Industries Corp., 3.12%, 08/26/19(b)		3,000		2,975,525
TransCanada PipeLines Ltd. 2.79%, 06/19/19(b)		1,600		1,593,933
2.81%, 05/03/19(b)		3,000		2,999,345
2.83%, 05/29/19(b)		3,000		2,993,477
2.83%, 06/24/19(b)(c)		2,500		2,489,535
2.89%, 05/30/19(b)		3,000		2,993,250
2.95%, 07/08/19(b)		4,000		3,978,733
2.95%, 07/15/19(b)		4,000		3,976,415
UBS AG/London
2.74%, 08/28/19, (1 mo. LIBOR US + 0.260%)(a)		1,000		1,000,563
2.89%, 07/02/19, (1 mo. LIBOR US + 0.400%)(a)(c)		1,000		1,000,673
2.95%, 12/19/19, (3 mo. LIBOR US + 0.320%)(a)		3,000		3,005,052
United Overseas Bank Ltd. 2.92%, 05/17/19(b)		4,000		3,995,370
2.94%, 05/24/19(b)		2,000		1,996,729
Verizon Communications Inc., 2.70%, 06/10/19(b)		4,323		4,309,633
VW Credit Inc. 2.73%, 05/08/19(b)		3,000		2,998,245
2.77%, 05/09/19(b)		5,000		4,996,706
2.93%, 07/26/19(b)		5,000		4,965,901

22 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
3.03%, 10/07/19(b)	$	3,000	$	2,960,627
3.07%, 09/23/19(b)		5,000		4,940,748
3.28%, 12/04/19(b)		3,700		3,632,626
3.41%, 07/08/19(b)		2,000		1,989,366
Walgreens Boots Alliance Inc. 3.08%, 08/30/19(b)		2,000		1,980,521
3.14%, 08/12/19(b)		6,000		5,950,617
3.15%, 08/19/19(b)		3,000		2,973,564
3.21%, 10/01/19(b)		3,000		2,962,283
3.30%, 05/24/19(b)		2,750		2,745,057
3.36%, 07/17/19(b)		4,000		3,975,751
3.36%, 07/26/19(b)		3,000		2,979,541
Westpac Banking Corp.
2.91%, 10/31/19, (3 mo. LIBOR US + 0.180%)(a)		1,000		1,000,791
2.92%, 11/01/19, (3 mo. LIBOR US + 0.180%)(a)		2,000		2,001,492
Total Commercial Paper — 35.5% (Cost: $468,176,582)				468,377,705
Corporate Bonds & Notes
Aerospace & Defense — 0.5%
General Dynamics Corp., 2.88%, 05/11/20		2,000		2,006,793
Lockheed Martin Corp., 4.25%, 11/15/19		2,000		2,015,807
United Technologies Corp.
2.93%, 11/01/19, (3 mo. LIBOR US + 0.350%)(a)		500		500,552
3.17%, 08/16/21 (Call 08/16/19), (3 mo. LIBOR US + 0.650%)(a)		1,000		1,001,009
3.35%, 08/16/21		540		546,489
				6,070,650
Auto Manufacturers — 4.8%
American Honda Finance Corp. 2.00%, 11/13/19		500		498,479
2.75%, 02/12/21, (3 mo. LIBOR US + 0.210%)(a)		1,000		999,608
2.79%, 02/21/20, (3 mo. LIBOR US + 0.150%)(a)		2,000		2,001,259
2.87%, 06/16/20, (3 mo. LIBOR US + 0.260%)(a)		4,000		4,007,258
BMW U.S. Capital LLC
2.97%, 04/06/20, (3 mo. LIBOR US + 0.380%)(a)(c)		5,000		5,007,411
3.01%, 04/12/21, (3 mo. LIBOR US + 0.410%)(a)(c)		2,000		2,003,510
3.25%, 08/14/20(c)		1,850		1,861,130
Daimler Finance North America LLC 2.30%, 01/06/20(c)		4,000		3,983,077
2.30%, 02/12/21(c)		1,535		1,518,124
3.10%, 05/04/20(c)		9,325		9,347,779
3.11%, 02/22/21, (3 mo. LIBOR US + 0.450%)(a)(c)		3,000		2,994,594
3.20%, 10/30/19, (3 mo. LIBOR US + 0.620%)(a)(c)		250		250,342
3.40%, 02/22/22(c)		5,000		5,054,126
Harley-Davidson Financial Services Inc. 2.15%, 02/26/20 (Call 01/26/20)(c)		8,000		7,941,910
3.14%, 05/21/20, (3 mo. LIBOR US + 0.500%)(a)(c)		2,000		2,001,922
Hyundai Capital America 2.00%, 07/01/19(c)		1,025		1,023,170
3.42%, 03/12/21, (3 mo. LIBOR US + 0.820%)(a)(c)		1,000		998,150
Nissan Motor Acceptance Corp., 2.99%, 09/28/20, (3 mo. LIBOR US + 0.390%)(a)(c)		750		746,324
PACCAR Financial Corp. 2.05%, 11/13/20		580		575,845
2.81%, 05/10/21, (3 mo. LIBOR US + 0.260%)(a)		680		680,721
3.10%, 05/10/21		915		921,533

Security	Par (000)		Value
Auto Manufacturers (continued)
Toyota Motor Credit Corp. 2.20%, 01/10/20	$	1,500	$	1,498,777
2.97%, 03/12/20, (3 mo. LIBOR US + 0.370%)(a)		1,500		1,503,628
3.05%, 01/08/21		2,435		2,455,381
Volkswagen Group of America Finance LLC, 3.88%, 11/13/20(c)		4,000		4,055,555
				63,929,613
Banks — 28.8%
ABN AMRO Bank NV 1.80%, 09/20/19(c)		3,000		2,988,564
2.45%, 06/04/20(c)		5,000		4,982,376
2.65%, 01/19/21(c)		1,955		1,948,001
3.21%, 08/27/21, (3 mo. LIBOR US + 0.570%)(a)(c)		3,000		3,010,530
3.40%, 08/27/21(c)		2,500		2,530,922
ANZ New Zealand Int’l Ltd./London 2.20%, 07/17/20(c)		1,351		1,342,255
2.60%, 09/23/19(c)		1,000		999,499
2.75%, 01/22/21(c)		4,000		3,992,295
3.59%, 07/28/21, (3 mo. LIBOR US + 1.010%)(a)(c)		4,000		4,049,073
Australia & New Zealand Banking Group Ltd.
2.88%, 11/09/20, (3 mo. LIBOR US + 0.320%)(a)(c)		1,000		1,001,222
4.88%, 01/12/21(c)		4,000		4,139,838
Australia & New Zealand Banking Group Ltd./New York NY
2.25%, 06/13/19		1,000		999,596
2.25%, 11/09/20		4,500		4,469,653
Bank of America Corp., 2.63%, 10/19/20		6,000		6,003,883
Bank of America N.A., 2.88%, 08/28/20 (Call 08/28/19),
(3 mo. LIBOR US + 0.250%)(a)		2,000		2,000,882
Bank of Montreal 1.50%, 07/18/19		2,000		1,995,385
1.75%, 09/11/19		3,450		3,439,232
3.20%, 12/12/19, (3 mo. LIBOR US + 0.600%)(a)		510		511,860
Bank of Nova Scotia (The)
2.88%, 01/08/21, (3 mo. LIBOR US + 0.290%)(a)		1,000		1,001,248
3.03%, 04/20/21, (3 mo. LIBOR US + 0.440%)(a)		2,000		2,008,015
Banque Federative du Credit Mutuel SA, 2.20%, 07/20/20(c)		8,385		8,323,989
Barclays Bank PLC, 6.75%, 05/22/19		1,500		1,503,166
BPCE SA 2.25%, 01/27/20		5,500		5,478,000
2.50%, 07/15/19		6,000		5,996,820
Branch Banking & Trust Co. 2.10%, 01/15/20 (Call 12/15/19)		15,000		14,938,528
2.25%, 06/01/20 (Call 05/01/20)		1,100		1,095,522
Capital One N.A. 2.35%, 01/31/20 (Call 12/31/19)		7,239		7,214,630
2.40%, 09/05/19 (Call 08/15/19)		3,000		2,995,775
Citibank N.A. 2.10%, 06/12/20 (Call 05/12/20)		3,000		2,981,545
2.89%, 02/12/21 (Call 01/12/21), (3 mo. LIBOR US + 0.350%)(a)		1,000		1,000,589
2.98%, 03/13/21 (Call 03/13/20)(a)		3,515		3,516,692
3.05%, 05/01/20 (Call 04/01/20)		3,000		3,010,931
3.16%, 07/23/21 (Call 06/23/21), (3 mo. LIBOR US + 0.570%)(a)		2,000		2,008,993
3.17%, 02/19/22 (Call 02/19/21)(d)		2,000		2,009,275
Citigroup Inc., 2.05%, 06/07/19		1,030		1,029,373
Commonwealth Bank of Australia 1.75%, 11/07/19(c)		1,591		1,583,521
3.05%, 03/10/20, (3 mo. LIBOR US + 0.450%)(a)(c)		1,615		1,620,204

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.00%, 10/15/19(c)	$	4,000	$	4,044,056
Commonwealth Bank of Australia/New York NY, 2.30%, 09/06/19		2,000		1,997,736
Cooperatieve Rabobank UA, 4.75%, 01/15/20(c)		2,167		2,197,958
Cooperatieve Rabobank UA/NY 2.25%, 01/14/20		8,500		8,476,579
2.50%, 01/19/21		4,080		4,064,474
3.02%, 04/26/21, (3 mo. LIBOR US + 0.430%)(a)		1,000		1,003,109
Credit Agricole Corporate and Investment Bank/New York, 3.20%, 01/14/21(a)		2,000		2,004,950
Credit Agricole SA/London, 3.77%, 07/01/21, (3 mo. LIBOR US + 1.180%)(a)(c)		4,000		4,059,946
Credit Suisse AG/New York NY, 5.30%, 08/13/19		2,000		2,014,572
Fifth Third Bank/Cincinnati OH, 2.83%, 10/30/20 (Call 09/30/20), (3 mo. LIBOR US + 0.250%)(a)		1,000		999,904
Goldman Sachs Bank USA/New York NY, 3.20%, 06/05/20		445		447,719
HSBC Holdings PLC
3.25%, 09/11/21 (Call 09/11/20), (3 mo. LIBOR US + 0.650%)(a)		4,000		4,007,125
3.28%, 05/18/21 (Call 05/18/20), (3 mo. LIBOR US + 0.600%)(a)		7,563		7,574,814
3.40%, 03/08/21		2,000		2,020,313
HSBC USA Inc. 2.35%, 03/05/20		4,000		3,989,613
2.38%, 11/13/19		1,120		1,117,941
ING Bank NV 2.45%, 03/16/20(c)		7,000		6,985,744
2.50%, 10/01/19(c)		2,000		1,997,529
JPMorgan Chase & Co., 2.25%, 01/23/20 (Call 12/23/19)		8,500		8,474,092
JPMorgan Chase Bank N.A. 2.99%, 02/19/21 (Call 02/19/20)(a)		2,500		2,502,182
3.05%, 02/19/21 (Call 02/19/20), (3 mo. LIBOR US + 0.370%)(a)		5,000		5,005,700
KeyBank N.A./Cleveland OH, 3.30%, 02/01/22		2,115		2,147,003
Lloyds Bank PLC 2.35%, 09/05/19		3,000		2,996,389
2.70%, 08/17/20		1,000		999,625
3.30%, 05/07/21		3,000		3,027,545
Macquarie Bank Ltd., 2.40%, 01/21/20(c)		3,850		3,840,313
Mitsubishi UFJ Trust & Banking Corp., 2.65%, 10/19/20(c)		3,500		3,490,894
Mizuho Bank Ltd. 2.40%, 03/26/20(c)		3,000		2,992,640
2.65%, 09/25/19(c)		2,138		2,137,690
Morgan Stanley 2.38%, 07/23/19		4,000		3,997,120
2.65%, 01/27/20		5,000		4,997,018
3.10%, 02/10/21 (Call 02/10/20), (3 mo. LIBOR US + 0.550%)(a)		7,000		7,009,313
3.99%, 04/21/21, (3 mo. LIBOR US + 1.400%)(a)		2,000		2,035,869
MUFG Bank Ltd., 2.35%, 09/08/19(c)		2,000		1,997,324
MUFG Union Bank N.A., 3.15%, 04/01/22 (Call 03/01/22)		4,000		4,036,746
National Australia Bank Ltd.
2.83%, 07/25/19, (3 mo. LIBOR US + 0.240%)(a)(c)		3,000		3,001,608
2.95%, 01/12/21, (3 mo. LIBOR US + 0.350%)(a)(c)		2,000		2,003,386
3.17%, 01/10/20, (3 mo. LIBOR US + 0.590%)(a)(c)		1,200		1,204,250
National Australia Bank Ltd./New York 1.88%, 07/12/21		5,000		4,908,879
2.50%, 01/12/21		1,000		994,726
2.63%, 07/23/20		3,000		2,998,459
3.70%, 11/04/21		3,035		3,097,509

Security	Par (000)		Value
Banks (continued)
National Bank of Canada, 2.20%, 11/02/20 (Call 10/02/20)	$	1,000	$	992,389
Nordea Bank AB 1.63%, 09/30/19(c)		3,900		3,883,105
2.13%, 05/29/20(c)		4,450		4,420,739
Nordea Bank Abp 2.25%, 05/27/21(c)		4,000		3,951,123
2.50%, 09/17/20(c)		4,000		3,983,962
3.10%, 05/29/20, (3 mo. LIBOR US + 0.470%)(a)(c)		2,000		2,006,996
Royal Bank of Canada 1.50%, 07/29/19		2,000		1,994,700
2.89%, 07/22/20, (3 mo. LIBOR US + 0.300%)(a)		2,000		2,003,688
Santander UK PLC 2.13%, 11/03/20		965		954,297
2.35%, 09/10/19		3,000		2,996,506
2.38%, 03/16/20		2,000		1,993,227
2.88%, 11/03/20, (3 mo. LIBOR US + 0.300%)(a)		500		499,635
Skandinaviska Enskilda Banken AB 1.50%, 09/13/19		1,750		1,742,688
2.30%, 03/11/20		4,640		4,625,256
2.45%, 05/27/20(c)		3,000		2,988,750
3.05%, 03/25/22(c)		3,000		3,000,330
3.11%, 05/17/21, (3 mo. LIBOR US + 0.430%)(a)(c)		4,000		4,007,572
3.35%, 12/01/20, (3 mo. LIBOR US + 0.720%)(a)(c)		5,000		5,028,350
Sumitomo Mitsui Banking Corp. 2.51%, 01/17/20		2,498		2,495,170
2.94%, 01/17/20, (3 mo. LIBOR US + 0.350%)(a)		1,000		1,002,038
Suncorp-Metway Ltd. 2.10%, 05/03/19(c)		1,000		999,984
2.35%, 04/27/20(c)		2,000		1,987,888
2.38%, 11/09/20(c)		1,250		1,241,525
3.09%, 10/19/20, (3 mo. LIBOR US + 0.500%)(a)(c)(e)		7,000		6,995,310
Svenska Handelsbanken AB 1.50%, 09/06/19		2,250		2,241,046
2.40%, 10/01/20		3,000		2,985,893
2.95%, 09/08/20, (3 mo. LIBOR US + 0.360%)(a)		745		746,279
Toronto-Dominion Bank (The), 3.00%, 06/11/20		1,000		1,004,389
UBS AG/London, 2.20%, 06/08/20 (Call 05/08/20)(c)		2,300		2,286,333
UBS AG/Stamford CT 2.35%, 03/26/20		2,500		2,493,281
2.38%, 08/14/19		5,013		5,009,647
United Overseas Bank Ltd., 3.07%, 04/23/21, (3 mo. LIBOR US + 0.480%)(a)(c)		2,000		2,001,283
Wells Fargo & Co.
3.96%, 03/04/21, (3 mo. LIBOR US + 1.340%)(a)		5,000		5,087,021
Series N, 2.15%, 01/30/20		3,462		3,448,103
Wells Fargo Bank N.A.
2.91%, 01/15/21, (3 mo. LIBOR US + 0.310%)(a)		2,000		2,003,796
3.09%, 07/23/21 (Call 07/23/20), (3 mo. LIBOR US + 0.500%)(a)		5,000		5,010,978
3.10%, 10/22/21 (Call 09/21/21), (3 mo. LIBOR US + 0.500%)(a)		2,000		2,006,061
3.33%, 07/23/21 (Call 07/23/20)(d)		2,000		2,012,060
Westpac Banking Corp. 2.60%, 11/23/20		9,001		8,985,748
3.04%, 03/06/20, (3 mo. LIBOR US + 0.430%)(a)		3,000		3,008,618
3.05%, 05/15/20		5,000		5,019,804
3.40%, 05/13/19, (3 mo. LIBOR US + 0.710%)(a)		250		250,066
				380,017,878
Computers — 0.2%
Apple Inc., 1.80%, 11/13/19		1,500		1,493,154

24 2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
IBM Credit LLC, 2.76%, 09/06/19, (3 mo. LIBOR US + 0.150%)(a)	$	1,000	$	1,000,464
				2,493,618
Diversified Financial Services — 0.8%
AIG Global Funding, 1.95%, 10/18/19(c)		555		553,025
American Express Credit Corp. 1.70%, 10/30/19 (Call 09/30/19)		2,450		2,439,353
3.05%, 03/03/20 (Call 02/03/20), (3 mo. LIBOR US + 0.430%)(a)		3,000		3,005,310
3.38%, 05/26/20 (Call 04/25/20), (3 mo. LIBOR US + 0.730%)(a)		2,906		2,920,739
Mizuho Securities USA LLC, 3.25%, 06/28/19, (3 mo. LIBOR US + 0.650%)(a)(c)		1,000		1,000,616
				9,919,043
Electric — 1.0%
NextEra Energy Capital Holdings Inc. 2.90%, 04/01/22		2,260		2,269,770
2.93%, 09/03/19(a)		2,000		1,999,948
3.06%, 09/28/20(a)		6,500		6,499,483
Series H, 3.34%, 09/01/20		1,795		1,809,947
Sempra Energy, 2.85%, 07/15/19, (3 mo. LIBOR US + 0.250%)(a)		1,000		999,379
				13,578,527
Electronics — 0.1%
Honeywell International Inc. 1.80%, 10/30/19		310		308,832
2.62%, 10/30/19, (3 mo. LIBOR US + 0.040%)(a)		750		750,190
				1,059,022
Health Care – Services — 0.1%
Roche Holdings Inc., 2.25%, 09/30/19 (Call 08/30/19)(c)		1,300		1,298,013
Household Products & Wares — 0.7%
Church & Dwight Co. Inc., 2.45%, 12/15/19 (Call 11/15/19)		9,500		9,473,449
Insurance — 0.4%
Jackson National Life Global Funding, 2.90%, 10/15/20, (3 mo. LIBOR US + 0.300%)(a)(c)		5,000		4,996,644
Metropolitan Life Global Funding I, 1.75%, 09/19/19(c)		860		856,998
				5,853,642
Internet — 1.3%
Alibaba Group Holding Ltd., 2.50%, 11/28/19 (Call 10/28/19)		1,750		1,748,198
Tencent Holdings Ltd., 2.88%, 02/11/20(c)		16,105		16,048,632
				17,796,830
Machinery — 1.6%
Caterpillar Financial Services Corp. 2.70%, 05/15/20, (3 mo. LIBOR US + 0.180%)(a)		1,500		1,501,819
2.84%, 03/15/21, (3 mo. LIBOR US + 0.230%)(a)		1,000		1,001,017
2.90%, 08/26/20, (3 mo. LIBOR US + 0.250%)(a)		9,000		9,013,912
2.90%, 03/15/21		1,500		1,507,278
John Deere Capital Corp. 2.72%, 07/05/19, (3 mo. LIBOR US + 0.120%)(a)		1,170		1,170,240
2.76%, 10/09/20, (3 mo. LIBOR US + 0.170%)(a)		3,000		3,000,790
2.84%, 03/12/21, (3 mo. LIBOR US + 0.240%)(a)		1,000		1,000,255
3.00%, 07/10/20, (3 mo. LIBOR US + 0.420%)(a)		3,000		3,011,735
				21,207,046
Manufacturing — 0.6%
3M Co., 3.00%, 09/14/21 (Call 08/14/21)		1,075		1,088,838

Security	Par (000)		Value
Manufacturing (continued)
Siemens Financieringsmaatschappij NV 1.30%, 09/13/19(c)	$	1,100	$	1,094,789
2.15%, 05/27/20(c)		3,000		2,982,371
2.95%, 03/16/20, (3 mo. LIBOR US + 0.340%)(a)(c)		3,000		3,007,667
				8,173,665
Media — 0.7%
Comcast Corp. 2.92%, 10/01/20, (3 mo. LIBOR US + 0.330%)(a)		2,000		2,003,756
3.30%, 10/01/20		1,610		1,622,442
NBCUniversal Enterprise Inc., 2.99%, 04/01/21, (3 mo. LIBOR US + 0.400%)(a)(c)		5,000		5,015,528
				8,641,726
Pharmaceuticals — 0.1%
Pfizer Inc., 3.00%, 09/15/21		1,670		1,689,753
Pipelines — 0.1%
TransCanada PipeLines Ltd., 2.79%, 11/15/19, (3 mo. LIBOR US + 0.275%)(a)		1,500		1,501,765
Semiconductors — 1.2%
Lam Research Corp. 2.75%, 03/15/20 (Call 02/15/20)		9,000		8,994,880
2.80%, 06/15/21 (Call 05/15/21)		6,905		6,919,936
				15,914,816
Software — 0.0%
Oracle Corp., 2.25%, 10/08/19		600		598,862
Telecommunications — 0.2%
Verizon Communications Inc., 3.21%, 05/22/20, (3 mo. LIBOR US + 0.550%)(a)		2,000		2,007,760
Total Corporate Bonds & Notes — 43.2% (Cost: $569,843,083)				571,225,678
Repurchase Agreements
Barclays Bank PLC, 3.15%, 05/01/19 (Purchased on 04/30/19 to be repurchased at $10,000,875, collateralized by non-agency mortgage-backed security, 2.48% to 6.46%, due 01/15/21 to 08/15/31, par and fair value of $12,460,021 and $10,500,001, respectively)(a)(f)		10,000		10,000,000
Citigroup Global Markets Inc., 3.08%, 05/01/19 (Purchased on 04/30/19 to be repurchased at $12,001,025, collateralized by non-agency mortgage-backed security, 3.19% to 5.84%, due 04/13/33 to 09/10/58, par and fair value of $12,468,037 and $12,600,000, respectively)(a)(f)		12,000		12,000,000
Credit Suisse Securities (USA) LLC, 2.93%, 05/01/19 (Purchased on 04/30/19 to be repurchased at $5,000,407, collateralized by non-agency mortgage-backed security, 0.00% to 5.93%, due 07/25/27 to 05/16/42, par and fair value of $12,921,332 and $5,750,000, respectively)(a)(f)		5,000		5,000,000
JP Morgan Securities, 2.98%, 05/01/19 (Purchased on 04/30/19 to be repurchased at $6,000,497, collateralized by non-agency mortgage-backed security, 3.57% to 5.25%, due 06/15/26 to 06/15/27, par and fair value of $6,103,924 and $6,300,000, respectively)(a)(f)		6,000		6,000,000

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
JP Morgan Securities, 2.98%, 05/01/19 (Purchased on 04/30/19 to be repurchased at $7,000,579, collateralized by non-agency mortgage-backed security, 4.08%, due 04/25/23, par and fair value of $13,640,089 and $7,490,000, respectively)(a)(f)	$	7,000	$	7,000,000
Merrill Lynch, 2.82%, 05/01/19 (Purchased on 04/30/19 to be repurchased at $10,000,783, collateralized by non-agency mortgage-backed security, 3.67% to 7.63%, due 11/25/28 to 09/25/45, par and fair value of $10,704,994 and $12,000,001, respectively)(a)(f)		10,000		10,000,000
Merrill Lynch, 3.12%, 05/01/19 (Purchased on 04/30/19 to be repurchased at $7,000,607, collateralized by non-agency mortgage-backed security, 1.24% to 4.98%, due 03/25/30 to 07/25/56, par and fair value of $46,561,110 and $8,400,000, respectively)(a)(f)		7,000		7,000,000
Mizuho Securities USA Inc., 3.03%, 05/01/19 (Purchased on 04/30/19 to be repurchased at $6,000,506, collateralized by non-agency mortgage-backed security, 4.34%, due 01/25/49, par and fair value of $6,900,001 and $6,895,881, respectively)(a)(f)		6,000		6,000,000
Total Repurchase Agreements — 4.8% (Cost: $63,000,000)				63,000,000
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(g)(h)		519		518,695
Total Money Market Funds — 0.1% (Cost: $518,695)				518,695
Total Investments in Securities — 99.7% (Cost: $1,314,458,030)				1,316,327,049
Other Assets, Less Liabilities — 0.3%				4,393,168
Net Assets — 100.0%			$	1,320,720,217

^(a)  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(b)  Rates are discount rates or a range of discount rates at the time of purchase.

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

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

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

^(f)  Maturity date represents next reset date.

^(g)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18 (000)	Net Activity (000)		Shares Held at 04/30/19 (000)		Value at 04/30/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	2,193	(1,674	)	519	$	518,695	$	28,627	$	—		$	—

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

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.

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Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Ultra Short-Term Bond ETF

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, 2019. 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
Asset-Backed Securities	$	—	$	13,536,634	$	—	$	13,536,634
Certificates of Deposit		—		199,668,337		—		199,668,337
Commercial Paper		—		468,377,705		—		468,377,705
Corporate Bonds & Notes		—		564,230,368		6,995,310		571,225,678
Repurchase Agreements		—		63,000,000		—		63,000,000
Money Market Funds		518,695		—		—		518,695
	$	518,695	$	1,308,813,044	$	6,995,310	$	1,316,327,049

See notes to financial statements.

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

Statements of Assets and Liabilities  (unaudited)

April 30, 2019

	iShares Short Maturity Bond ETF		iShares Short Maturity Municipal Bond ETF		iShares Ultra Short-Term Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	6,050,787,232	$	169,594,808	$	1,252,808,354
Affiliated(c)		153,142,654		13,025		518,695
Repurchase agreements, at value — Unaffiliated(d)		30,000,000		—		63,000,000
Cash		678,934		—		76,557
Foreign currency, at value(e)		272,726		—		—
Receivables:
Investments sold		212		—		—
Securities lending income — Affiliated		17,679		—		—
Dividends		1,027,427		45		1,011,687
Interest		23,487,466		1,542,038		3,390,416
Total assets		6,259,414,330		171,149,916		1,320,805,709
LIABILITIES
Collateral on securities loaned, at value		39,026,025		—		—
Payables:
Investments purchased		6,042,286		5,976,966		—
Investment advisory fees		1,282,637		34,079		85,492
Total liabilities		46,350,948		6,011,045		85,492
NET ASSETS	$	6,213,063,382	$	165,138,871	$	1,320,720,217
NET ASSETS CONSIST OF:
Paid-in capital	$	6,194,461,541	$	164,739,088	$	1,315,710,369
Accumulated earnings		18,601,841		399,783		5,009,848
NET ASSETS	$	6,213,063,382	$	165,138,871	$	1,320,720,217
Shares outstanding		123,600,000		3,300,000		26,250,000
Net asset value	$	50.27	$	50.04	$	50.31
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Securities loaned, at value	$	37,869,507	$	—	$	—
(b) Investments, at cost — Unaffiliated	$	6,045,318,798	$	169,345,672	$	1,250,939,335
(c) Investments, at cost — Affiliated	$	153,128,855	$	13,025	$	518,695
(d) Repurchase agreements, at cost — Unaffiliated	$	30,000,000	$	—	$	63,000,000
(e) Foreign currency, at cost	$	274,466	$	—	$	—

See notes to financial statements.

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Statements of Operations  (unaudited)

Six Months Ended April 30, 2019

	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	2,743,538		$	856		$	28,627
Interest — Unaffiliated		85,736,033			1,564,621			14,423,829
Securities lending income — Affiliated — net		130,029			—			—
Other income — Unaffiliated		32,000			—			—
Total investment income		88,641,600			1,565,477			14,452,456
EXPENSES
Investment advisory fees		7,267,788			201,015			385,751
Total expenses		7,267,788			201,015			385,751
Net investment income		81,373,812			1,364,462			14,066,705
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		4,955,452			(33,335	)		11,421
Investments — Affiliated		3,793			(11	)		—
Capital gain distributions from underlying funds — Affiliated		—			4			—
Forward foreign currency exchange contracts		(7,065,560	)		—			—
Foreign currency transactions		194,015			—			—
Net realized gain (loss)		(1,912,300	)		(33,342	)		11,421
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		15,930,654			516,155			2,256,812
Investments — Affiliated		9,453			—			—
Foreign currency translations		(2,549	)		—			—
Net change in unrealized appreciation (depreciation)		15,937,558			516,155			2,256,812
Net realized and unrealized gain		14,025,258			482,813			2,268,233
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	95,399,070		$	1,847,275		$	16,334,938

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 29

Statements of Changes in Net Assets

	iShares Short Maturity Bond ETF						iShares Short Maturity Municipal Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	81,373,812		$	81,567,141		$	1,364,462		$	953,580
Net realized loss		(1,912,300	)		(1,136,651	)		(33,342	)		(53,123	)
Net change in unrealized appreciation (depreciation)		15,937,558			(14,317,397	)		516,155			(224,736	)
Net increase in net assets resulting from operations		95,399,070			66,113,093			1,847,275			675,721
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(74,947,647	)		(74,611,511	)		(1,228,390	)		(856,151	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,210,794,063			2,080,578,493			37,408,710			74,785,143
NET ASSETS
Total increase in net assets		1,231,245,486			2,072,080,075			38,027,595			74,604,713
Beginning of period		4,981,817,896			2,909,737,821			127,111,276			52,506,563
End of period	$	6,213,063,382		$	4,981,817,896		$	165,138,871		$	127,111,276

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

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares Ultra Short-Term Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,066,705		$	7,171,945
Net realized gain (loss)		11,421			(2,431	)
Net change in unrealized appreciation (depreciation)		2,256,812			(491,071	)
Net increase in net assets resulting from operations		16,334,938			6,678,443
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,085,607	)		(6,139,081	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		714,676,875			413,322,400
NET ASSETS
Total increase in net assets		718,926,206			413,861,762
Beginning of period		601,794,011			187,932,249
End of period	$	1,320,720,217		$	601,794,011

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 31

Financial Highlights

(For a share outstanding throughout each period)

	iShares Short Maturity Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14
Net asset value, beginning of period	$	50.12		$	50.25		$	50.17		$	50.04		$	50.15		$	50.07
Net investment income(a)		0.69			1.11			0.74			0.50			0.44			0.44
Net realized and unrealized gain (loss)(b)		0.11			(0.23	)		0.04			0.14			(0.13	)		0.04
Net increase from investment operations		0.80			0.88			0.78			0.64			0.31			0.48
Distributions(c)
From net investment income		(0.65	)		(1.01	)		(0.70	)		(0.51	)		(0.42	)		(0.40	)
Total distributions		(0.65	)		(1.01	)		(0.70	)		(0.51	)		(0.42	)		(0.40	)
Net asset value, end of period	$	50.27		$	50.12		$	50.25		$	50.17		$	50.04		$	50.15
Total Return
Based on net asset value		1.61	%(d)		1.78	%		1.57	%		1.28	%		0.62	%		0.96	%
Ratios to Average Net Assets
Total expenses		0.25	%(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		2.80	%(e)		2.21	%		1.47	%		1.01	%		0.87	%		0.87	%
Supplemental Data
Net assets, end of period (000)	$	6,213,063		$	4,981,818		$	2,909,738		$	2,021,893		$	1,781,306		$	418,732
Portfolio turnover rate(f)		31	%(d)		48	%		56	%		79	%		23	%		35	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Short Maturity Municipal Bond ETF
		Six Months Ended 04/30/19 (unaudited	)		Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 03/03/15 to 10/31/15	(a)
Net asset value, beginning of period	$	49.85		$	50.01		$	50.02		$	50.07		$	50.00
Net investment income(b)		0.42			0.68			0.49			0.39			0.20
Net realized and unrealized gain (loss)(c)		0.15			(0.21	)		(0.03	)		(0.04	)		0.04
Net increase from investment operations		0.57			0.47			0.46			0.35			0.24
Distributions(d)
From net investment income		(0.38	)		(0.63	)		(0.47	)		(0.40	)		(0.17	)
Total distributions		(0.38	)		(0.63	)		(0.47	)		(0.40	)		(0.17	)
Net asset value, end of period	$	50.04		$	49.85		$	50.01		$	50.02		$	50.07
Total Return
Based on net asset value		1.15	%(e)		0.95	%		0.93	%		0.69	%		0.48	%(e)
Ratios to Average Net Assets
Total expenses		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%(f)
Total expenses after fees waived		0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%(f)
Net investment income		1.70	%(f)		1.35	%		0.99	%		0.79	%		0.59	%(f)
Supplemental Data
Net assets, end of period (000)	$	165,139		$	127,111		$	52,507		$	35,012		$	35,049
Portfolio turnover rate(g)		97	%(e)		221	%		163	%		100	%		184	%(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 I N A N C I A L  H I G H L I G H T S 33

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Ultra Short-Term Bond ETF
		Six Months Ended 04/30/19 (unaudited	)		Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Period From 12/11/13 to 10/31/14	(a)
Net asset value, beginning of period	$	50.15		$	50.12		$	50.04		$	49.97		$	50.08		$	49.99
Net investment income(b)		0.73			1.16			0.71			0.47			0.24			0.16
Net realized and unrealized gain (loss)(c)		0.09			(0.16	)		0.02			(0.02	)		(0.07	)		0.06
Net increase from investment operations		0.82			1.00			0.73			0.45			0.17			0.22
Distributions(d)
From net investment income		(0.66	)		(0.97	)		(0.65	)		(0.38	)		(0.24	)		(0.13	)
From net realized gain		—			—			—			—			(0.04	)		—
Total distributions		(0.66	)		(0.97	)		(0.65	)		(0.38	)		(0.28	)		(0.13	)
Net asset value, end of period	$	50.31		$	50.15		$	50.12		$	50.04		$	49.97		$	50.08
Total Return
Based on net asset value		1.65	%(e)		2.02	%		1.47	%		0.90	%		0.32	%		0.45	%(e)
Ratios to Average Net Assets
Total expenses		0.08	%(f)		0.08	%		0.09	%		0.18	%		0.18	%		0.18	%(f)
Net investment income		2.92	%(f)		2.33	%		1.43	%		0.93	%		0.47	%		0.35	%(f)
Supplemental Data
Net assets, end of period (000)	$	1,320,720		$	601,794		$	187,932		$	25,018		$	12,493		$	15,024
Portfolio turnover rate(g)		9	%(e)		32	%		11	%		139	%		41	%		71	%(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.

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Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Short Maturity Bond		Diversified	(a)
Short Maturity Municipal Bond		Diversified
Ultra Short-Term Bond		Diversified

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2019, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the 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 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.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to the Funds.

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

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 35

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

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

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

• Repurchase agreements are valued at amortized cost, which approximates market value.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

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

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

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Pursuant to the custodial undertaking associated with a tri-party repurchase arrangement, an unaffiliated third party custodian maintains accounts to hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund. In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund’s obligation under bankruptcy law to return the excess to the counterparty.

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Notes to Financial Statements  (unaudited) (continued)

The following table summarizes the open repurchase agreements as of April 30, 2019 which are subject to offset under an MRA:

iShares ETF and Counterparty		Market Value of Repurchase Agreements		Cash Collateral Received		Non-Cash Collateral Received	(a)		Net Amount
Short Maturity Bond
Mizuho Securities USA Inc.	$	30,000,000	$	—	$	30,000,000		$	—
Ultra Short-Term Bond
Barclays Bank PLC	$	10,000,000	$	—	$	10,000,000		$	—
Citigroup Global Markets Inc.		12,000,000		—		12,000,000			—
Credit Suisse Securities (USA) LLC		5,000,000		—		5,000,000			—
JP Morgan Securities LLC		13,000,000		—		13,000,000			—
Merrill Lynch Pierce Fenner & Smith		17,000,000		—		17,000,000			—
Mizuho Securities USA Inc.		6,000,000		—		6,000,000			—
	$	63,000,000	$	—	$	63,000,000		$	—

^(a) Collateral received in excess of the market value of repurchase agreements 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.

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

As of April 30, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2019:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Short Maturity Bond
BNP Paribas Prime Brokerage International Ltd.	$	1,591,007	$	1,591,007		$	—	$	—
Citigroup Global Markets Inc.		659,971		659,971			—		—
Deutsche Bank Securities Inc.		3,027,399		3,027,399			—		—
Goldman Sachs & Co.		5,117,439		5,117,439			—		—
JPMorgan Securities LLC		15,672,268		15,672,268			—		—
Merrill Lynch, Pierce, Fenner & Smith		1,481,883		1,481,883			—		—
Morgan Stanley & Co. LLC		9,103,565		9,103,565			—		—
MUFG Securities Americas Inc.		652,071		652,071			—		—
Wells Fargo Securities LLC		563,904		563,904			—		—
	$	37,869,507	$	37,869,507		$	—	$	—

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the

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Notes to Financial Statements  (unaudited) (continued)

securities loaned if 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. DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: The iShares Short Maturity Bond ETF uses forward foreign currency exchange contracts to hedge the currency exposure of non-U.S. dollar-denominated securities held in its portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

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

6. 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 Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Short Maturity Bond		0.25	%
Short Maturity Municipal Bond		0.25
Ultra Short-Term Bond		0.08

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a given 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 and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

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, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Short Maturity Bond	$	44,022

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

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Notes to Financial Statements  (unaudited) (continued)

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

For the six months ended April 30, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Short Maturity Municipal Bond	$	5,403,887	$	17,084,697

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.

7. PURCHASES AND SALES

For the six months ended April 30, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Short Maturity Bond	$	1,086,807,285	$	937,624,198	$	1,364,694,022	$	559,295,292
Short Maturity Municipal Bond		—		—		165,927,029		134,452,000
Ultra Short-Term Bond		—		—		320,113,740		29,564,014

There were no in-kind transactions for the six months ended April 30, 2019.

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2019, 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, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Short Maturity Bond	$	1,172,993
Short Maturity Municipal Bond		91,849
Ultra Short-Term Bond		23,259

As of April 30, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Short Maturity Bond	$	6,228,447,653	$	10,636,638	$	(5,154,405	)	$	5,482,233
Short Maturity Municipal Bond		169,358,708		276,481		(27,356	)		249,125
Ultra Short-Term Bond		1,314,458,030		2,017,102		(148,083	)		1,869,019

9. PRINCIPAL RISKS

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

Market Risk: Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market

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Notes to Financial Statements  (unaudited) (continued)

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

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

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

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

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.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 04/30/19						Year Ended 10/31/18
iShares ETF	Shares			Amount			Shares			Amount
Short Maturity Bond
Shares sold		40,350,000		$	2,019,103,080			58,650,000		$	2,940,323,176
Shares redeemed		(16,150,000	)		(808,309,017	)		(17,150,000	)		(859,744,683	)
Net increase		24,200,000		$	1,210,794,063			41,500,000		$	2,080,578,493
Short Maturity Municipal Bond
Shares sold		1,100,000		$	54,906,814			1,900,000		$	94,724,355
Shares redeemed		(350,000	)		(17,498,104	)		(400,000	)		(19,939,212	)
Net increase		750,000		$	37,408,710			1,500,000		$	74,785,143
Ultra Short-Term Bond
Shares sold		14,500,000		$	727,213,063			9,300,000		$	465,896,705
Shares redeemed		(250,000	)		(12,536,188	)		(1,050,000	)		(52,574,305	)
Net increase		14,250,000		$	714,676,875			8,250,000		$	413,322,400

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.

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Notes to Financial Statements  (unaudited) (continued)

11. LEGAL PROCEEDINGS

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

12. 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.

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Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Short Maturity Bond	$	0.650857	$	—	$	—	$	0.650857		100	%		—	%		—	%		100	%
Short Maturity Municipal Bond		0.382890		—		—		0.382890		100			—			—			100
Ultra Short-Term Bond(a)		0.660989		—		0.000200		0.661189		100			—			0	(b)		100

^(a)  The Fund estimates that it has distributed more than the amount of earned income and net realized 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%.

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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 www.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 www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

GENERAL INFORMATION 43

Glossary of Terms Used in this Report

Portfolio Abbreviations — Fixed Income
AGM	Assured Guaranty Municipal Corp.
AMBAC	Ambac Assurance Corp.
BAM	Build America Mutual Assurance Co.
CLO	Collateralized Loan Obligation
COP	Certificates of Participation
GO	General Obligation
GOL	General Obligation Limited
LIBOR	London Interbank Offered Rate
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAP	Subject to Appropriations
SAW	State Aid Withholding
ST	Special Tax
TA	Tax Allocation

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	For more information visit www.iShares.com or call 1-800-iShares (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”). ©2019 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.

APRIL 30, 2019    

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

▶ iShares Inflation Hedged Corporate Bond ETF  |  LQDI  |  Cboe BZX

▶ iShares Interest Rate Hedged Corporate Bond ETF  |  LQDH  |  NYSE Arca

▶ iShares Interest Rate Hedged High Yield Bond ETF  |  HYGH  |  NYSE Arca

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

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

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

Table of Contents

	Page
Fund Summary		5
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		17
Statements of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		21
Notes to Financial Statements		24
Supplemental Information		30
General Information		31
Glossary of Terms Used in this Report		32
Additional Financial Information		33

Fund Summary as of April 30, 2019 iShares^® Inflation Hedged Corporate Bond ETF

Investment Objective

The iShares Inflation Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment- grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

Performance

				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		6.57	%		5.14	%
Fund Market		6.61			5.26
Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index		6.73			5.39

The inception date of the Fund was 5/8/18. The first day of secondary market trading was 5/10/18.

The Markit iBoxx^® USD Liquid Investment Grade Inflation Hedged Index is an unmanaged index that is designed to reflect the inflation hedged performance of U.S. dollar-denominated investment-grade corporate debt.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,065.70	$	0.26		$	1,000.00	$	1,024.50	$	0.25		0.05	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  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). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	2.9	%
Aa	7.9
A	39.9
Baa	45.8
Ba	3.0
Not Rated	0.5

ALLOCATION BY MATURITY

Maturity	Percent of Total Investments	(a)
1-5 Years	21.9	%
5-10 Years	38.1
10-15 Years	3.3
15-20 Years	10.1
More than 20 Years	26.6

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

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of April 30, 2019 iShares^® Interest Rate Hedged Corporate Bond ETF

Investment Objective

The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.85	%		2.78	%		1.92	%		2.78	%		9.80	%
Fund Market		1.83			2.63			1.90			2.63			9.71
Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index(a)		2.22			3.07			2.75			3.07			14.30

The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.

The Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index is an unmanaged index that is designed to reflect the duration hedged performance of U.S. dollar-denominated investment-grade corporate debt.

^(a)  The Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index reflects the performance of the Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index through June 16, 2016 and beginning June 17, 2016 reflects the performance of the Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,018.50	$	0.50		$	1,000.00	$	1,024.30	$	0.50		0.10	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  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). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	2.9	%
Aa	7.9
A	39.9
Baa	45.8
Ba	3.0
Not Rated	0.5

ALLOCATION BY MATURITY

Maturity	Percent of Total Investments	(a)
1-5 Years	21.9	%
5-10 Years	38.1
10-15 Years	3.3
15-20 Years	10.1
More than 20 Years	26.6

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

^(a)  Excludes money market funds.

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Fund Summary as of April 30, 2019 iShares^® Interest Rate Hedged High Yield Bond ETF

Investment Objective

The iShares Interest Rate Hedged High Yield Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		3.06	%		5.02	%		3.16	%		5.02	%		16.57	%
Fund Market		2.94			5.02			3.15			5.02			16.52
Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index		3.06			5.13			3.71			5.13			19.67

The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.

The Markit iBoxx^® USD Liquid High Yield Interest Rate Hedged Swaps Index is an unmanaged index that reflects the duration hedged performance of U.S. dollar-denominated high yield corporate debt.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,030.60	$	0.25		$	1,000.00	$	1,024.50	$	0.25		0.05	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  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). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	1.5	%
Ba	46.9
B	37.5
Caa	12.3
Ca	0.8
C	0.2
Not Rated	0.8

ALLOCATION BY MATURITY

Maturity	Percent of Total Investments	(a)
0-1 Year	0.2	%
1-5 Years	41.8
5-10 Years	57.0
10-15 Years	0.6
More than 20 Years	0.4

* 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.

F U N D   S U M M A R Y 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

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Schedule of Investments (unaudited) April 30, 2019 iShares^® Inflation Hedged Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 96.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		61,516	$	7,333,938
Total Investment Companies — 96.2% (Cost: $7,043,359)				7,333,938
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(a)(b)		147,702		147,702
Total Short-Term Investments — 1.9% (Cost: $147,702)				147,702
Total Investments in Securities — 98.1% (Cost: $7,191,061)				7,481,640
Other Assets, Less Liabilities — 1.9%				143,293
Net Assets — 100.0%			$	7,624,933

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18	Shares Purchased		Shares Sold		Shares Held at 04/30/19		Value at 04/30/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	0	(b)	—		—	$	—	$	46	(c)	$	—		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	25,445	122,257	(b)	—		147,702		147,702		1,563			—			—
iShares iBoxx $ Investment Grade Corporate Bond ETF	84,841	—		(23,325	)	61,516		7,333,938		170,497			19,635			485,944
							$	7,481,640	$	172,106		$	19,635		$	485,944

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year U.S. Treasury Note		2		06/19/19	$	247	$	1,994
10-Year Ultra Long U.S. Treasury Bond		2		06/19/19		264		4,132
							$	6,126

S C H E D U L E  O F  I N V E S T M E N T S 9

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® Inflation Hedged Corporate Bond ETF

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Reference	Frequency
		U.S. CPI Urban Consumers
2.21%	At Termination	NSA	At Termination		05/15/21	$	(1,292	)	$	(13,660	)	$	14	$	(13,674	)
		U.S. CPI Urban Consumers
2.29	At Termination	NSA	At Termination		05/15/23		(2,684	)		(49,430	)		41		(49,471	)
		U.S. CPI Urban Consumers
2.37	At Termination	NSA	At Termination		05/15/28		(3,454	)		(100,394	)		80		(100,474	)
		U.S. CPI Urban Consumers
2.19	At Termination	NSA	At Termination		12/03/28		(750	)		(6,538	)		17		(6,555	)
		U.S. CPI Urban Consumers
2.40	At Termination	NSA	At Termination		05/15/48		(296	)		(14,758	)		15		(14,773	)
									$	(184,780	)	$	167	$	(184,947	)

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	167	$	—	$	—	$	(184,947	)

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts		Inflation Linked Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	6,126	$	—	$	6,126
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	184,947	$	184,947

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

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Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® Inflation Hedged Corporate Bond ETF

For the six months ended April 30, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts		Inflation Linked Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	15,445	$	—		$	15,445
Swaps		—		(50,335	)		(50,335	)
	$	15,445	$	(50,335	)	$	(34,890	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,716	$	—		$	4,716
Swaps		—		(103,734	)		(103,734	)
	$	4,716	$	(103,734	)	$	(99,018	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	541,789
Interest rate swaps:
Average notional value — pays fixed rate	$	9,854,000

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

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, 2019. 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
Investment Companies	$	7,333,938	$	—		$	—	$	7,333,938
Money Market Funds		147,702		—			—		147,702
	$	7,481,640	$	—		$	—	$	7,481,640
Derivative financial instruments(a)
Assets
Futures Contracts	$	6,126	$	—		$	—	$	6,126
Liabilities
Swaps		—		(184,947	)		—		(184,947	)
	$	6,126	$	(184,947	)	$	—	$	(178,821	)

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

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 11

Schedule of Investments (unaudited) April 30, 2019 iShares^® Interest Rate Hedged Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 95.6%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		1,626,022	$	193,854,343
Total Investment Companies — 95.6% (Cost: $190,214,968)				193,854,343
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(a)(b)		3,835,756		3,835,756
Total Short-Term Investments — 1.9% (Cost: $3,835,756)				3,835,756
Total Investments in Securities — 97.5% (Cost: $194,050,724)				197,690,099
Other Assets, Less Liabilities — 2.5%				5,013,687
Net Assets — 100.0%			$	202,703,786

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18	Shares Purchased		Shares Sold		Shares Held at 04/30/19		Value at 04/30/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	78,148,424	—		(78,148,424	)(b)	—	$	—	$	45,165	(c)	$	4,527		$	(3,628	)
BlackRock Cash Funds: Treasury, SL Agency Shares	2,972,028	863,728	(b)	—		3,835,756		3,835,756		30,196			—			—
iShares iBoxx $ Investment Grade Corporate Bond ETF	1,824,319	753,856		(952,153	)	1,626,022		193,854,343		4,161,900			1,222,133			12,475,800
							$	197,690,099	$	4,237,261		$	1,226,660		$	12,472,172

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

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

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective		Termination		Notional Amount				Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate(a)	Frequency	Date		Date		(000)	Value			(Received)			(Depreciation)
1.17%	Semi-annual	2.58%	Quarterly		N/A		12/08/21	$(35,505)	$	1,047,829		$	1,386,797		$	(338,968	)
2.38	Semi-annual	2.58	Quarterly		N/A		01/12/23	(19,813)		(49,273	)		436,812			(486,085	)
2.46	Semi-annual	2.58	Quarterly		N/A		01/12/25	(16,581)		(98,006	)		527,335			(625,341	)
1.44	Semi-annual	2.58	Quarterly		N/A		12/08/26	(61,114)		4,187,786			6,067,182			(1,879,396	)
3.25	Semi-annual	2.58	Quarterly		N/A		10/18/28	(7,485)		(479,042	)		(321,324	)		(157,718	)
2.34	Semi-annual	2.58	Quarterly		N/A		12/08/36	(34,688)		1,696,803			3,261,090			(1,564,287	)
1.77	Semi-annual	2.58	Quarterly		N/A		12/08/46	(15,642)		3,012,069			3,891,489			(879,420	)
3.33	Semi-annual	2.58	Quarterly		N/A		10/24/48	(8,217)		(1,032,154	)		(765,678	)		(266,476	)
									$	8,286,012		$	14,483,703		$	(6,197,691	)

^(a)  Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® Interest Rate Hedged Corporate Bond ETF

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	15,570,705	$	(1,087,002	)	$	—	$	(6,197,691	)

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	6,197,691

^(a)  Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended April 30, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	(1,848,449	)
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	(10,688,615	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	229,746,667

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

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, 2019. 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
Investment Companies	$	193,854,343	$	—		$	—	$	193,854,343
Money Market Funds		3,835,756		—			—		3,835,756
	$	197,690,099	$	—		$	—	$	197,690,099
Derivative financial instruments(a)
Liabilities
Swaps	$	—	$	(6,197,691	)	$	—	$	(6,197,691	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  April 30, 2019 iShares^® Interest Rate Hedged High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 98.0%
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b)		2,588,849	$	225,074,532
Total Investment Companies — 98.0% (Cost: $226,880,436)				225,074,532
Short-Term Investments
Money Market Funds — 43.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.59%(a)(c)(d)		96,930,007		96,968,779
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(a)(c)		2,856,567		2,856,567
				99,825,346
Total Short-Term Investments — 43.4% (Cost: $99,820,279)				99,825,346
Total Investments in Securities — 141.4% (Cost: $326,700,715)				324,899,878
Other Assets, Less Liabilities — (41.4)%				(95,128,665	)
Net Assets — 100.0%			$	229,771,213

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18	Shares Purchased	Shares Sold		Shares Held at 04/30/19		Value at 04/30/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	181,196,855	—	(84,266,848	)(b)	96,930,007	$	96,968,779	$	685,713	(c)	$	12,313		$	(4,568	)
BlackRock Cash Funds: Treasury, SL Agency Shares	5,837,602	—	(2,981,035	)(b)	2,856,567		2,856,567		29,517			—			—
iShares iBoxx $ High Yield Corporate Bond ETF	4,801,259	307,470	(2,519,880	)	2,588,849		225,074,532		8,471,230			(11,396,776	)		10,547,417
						$	324,899,878	$	9,186,460		$	(11,384,463	)	$	10,542,849

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

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

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate(a)	Frequency
2.17%	Semi-annual	2.58%	Quarterly		N/A		01/12/20	$	(44,447	)	$	125,438		$	214,537		$	(89,099	)
1.82	Semi-annual	2.58	Quarterly		N/A		12/09/21		(39,279	)		516,485			1,122,425			(605,940	)
2.38	Semi-annual	2.58	Quarterly		N/A		01/12/23		(63,655	)		(158,305	)		944,101			(1,102,406	)
2.46	Semi-annual	2.58	Quarterly		N/A		01/12/25		(26,574	)		(157,072	)		663,074			(820,146	)
1.44	Semi-annual	2.58	Quarterly		N/A		12/08/26		(6,855	)		469,734			774,941			(305,207	)
2.23	Semi-annual	2.58	Quarterly		N/A		12/09/26		(26,675	)		352,193			597,704			(245,511	)
3.33	Semi-annual	2.58	Quarterly		N/A		10/24/48		(10	)		(1,257	)		(14,676	)		13,419
											$	1,147,216		$	4,302,106		$	(3,154,890	)

^(a)  Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® Interest Rate Hedged High Yield Bond ETF

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	4,316,782	$	(14,676	)	$	13,419	$	(3,168,309	)

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	13,419
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	3,168,309

^(a)  Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended April 30, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	1,067,605
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	(10,240,030	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	307,850,333
Average notional value — receives fixed rate	$	28,000

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

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.

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® Interest Rate Hedged High Yield Bond ETF

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, 2019. 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
Investment Companies	$	225,074,532	$	—		$	—	$	225,074,532
Money Market Funds		99,825,346		—			—		99,825,346
	$	324,899,878	$	—		$	—	$	324,899,878
Derivative financial instruments(a)
Assets
Swaps	$	—	$	13,419		$	—	$	13,419
Liabilities
Swaps		—		(3,168,309	)		—		(3,168,309	)
	$	—	$	(3,154,890	)	$	—	$	(3,154,890	)

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

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) 

April 30, 2019

	iShares Inflation Hedged Corporate Bond ETF		iShares Interest Rate Hedged Corporate Bond ETF			iShares Interest Rate Hedged High Yield Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a) :
Affiliated(b)	$	7,481,640	$	197,690,099		$	324,899,878
Cash pledged:
Futures contracts		6,000		—			—
Centrally cleared swaps		150,000		5,931,000			2,269,000
Receivables:
Securities lending income — Affiliated		46		1,083			25,840
Dividends		232		7,146			5,642
Total assets		7,637,918		203,629,328			327,200,360
LIABILITIES
Bank overdraft		5,506		476,969			258,341
Collateral on securities loaned, at value		—		—			96,971,056
Payables:
Variation margin on futures contracts		6		—			—
Variation margin on centrally cleared swaps		7,161		430,200			190,324
Investment advisory fees		312		18,373			9,426
Total liabilities		12,985		925,542			97,429,147
NET ASSETS	$	7,624,933	$	202,703,786		$	229,771,213
NET ASSETS CONSIST OF:
Paid-in capital	$	7,532,270	$	205,642,397		$	245,670,526
Accumulated earnings (loss)		92,663		(2,938,611	)		(15,899,313	)
NET ASSETS	$	7,624,933	$	202,703,786		$	229,771,213
Shares outstanding		300,000		2,150,000			2,550,000
Net asset value	$	25.42	$	94.28		$	90.11
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a) Securities loaned, at value	$	—	$	—		$	95,042,373
(b) Investments, at cost — Affiliated	$	7,191,061	$	194,050,724		$	326,700,715

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 17

Statements of Operations (unaudited)

Six Months Ended April 30, 2019

	iShares Inflation Hedged Corporate Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF			iShares Interest Rate Hedged High Yield Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	172,060		$	4,192,096		$	8,500,747
Interest — Unaffiliated		56			65,409			32,823
Securities lending income — Affiliated — net		46			45,165			685,713
Other income — Affiliated		3,785			—			—
Total investment income		175,947			4,302,670			9,219,283
EXPENSES
Investment advisory fees		8,989			337,206			863,795
Total expenses		8,989			337,206			863,795
Less:
Investment advisory fees waived		(6,742	)		(224,804	)		(797,349	)
Total expenses after fees waived		2,247			112,402			66,446
Net investment income		173,700			4,190,268			9,152,837
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		19,635			(874,740	)		(821,515	)
In-kind redemptions — Affiliated		—			2,101,400			(10,562,948	)
Futures contracts		15,445			—			—
Swaps		(50,335	)		(1,848,449	)		1,067,605
Net realized loss		(15,255	)		(621,789	)		(10,316,858	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		485,944			12,472,172			10,542,849
Futures contracts		4,716			—			—
Swaps		(103,734	)		(10,688,615	)		(10,240,030	)
Net change in unrealized appreciation (depreciation)		386,926			1,783,557			302,819
Net realized and unrealized gain (loss)		371,671			1,161,768			(10,014,039	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	545,371		$	5,352,036		$	(861,202	)

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Inflation Hedged Corporate Bond ETF						iShares Interest Rate Hedged Corporate Bond ETF
		Six Months Ended 04/30/19 (unaudited	)		Period From 05/08/18 to 10/31/18	(a)		Six Months Ended 04/30/19 (unaudited	)		Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	173,700		$	147,023		$	4,190,268		$	5,410,504
Net realized gain (loss)		(15,255	)		(1,530	)		(621,789	)		5,415,142
Net change in unrealized appreciation (depreciation)		386,926			(275,168	)		1,783,557			(8,162,611	)
Net increase (decrease) in net assets resulting from operations		545,371			(129,675	)		5,352,036			2,663,035
DISTRIBUTIONS TO SHAREHOLDERS(b)
From net investment income and net realized gain		(177,688	)		(145,345	)		(7,121,682	)		(4,886,158	)
Decrease in net assets resulting from distributions to shareholders		(177,688	)		(145,345	)		(7,121,682	)		(4,886,158	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,467,730	)		10,000,000			(11,056,300	)		140,458,346
NET ASSETS
Total increase (decrease) in net assets		(2,100,047	)		9,724,980			(12,825,946	)		138,235,223
Beginning of period		9,724,980			—			215,529,732			77,294,509
End of period	$	7,624,933		$	9,724,980		$	202,703,786		$	215,529,732

^(a)  Commencement of operations.

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 19

Statements of Changes in Net Assets (continued)

	iShares Interest Rate Hedged High Yield Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,152,837		$	15,216,575
Net realized gain (loss)		(10,316,858	)		397,355
Net change in unrealized appreciation (depreciation)		302,819			(6,222,064	)
Net increase (decrease) in net assets resulting from operations		(861,202	)		9,391,866
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(9,254,811	)		(14,460,293	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(176,291,246	)		283,576,812
NET ASSETS
Total increase (decrease) in net assets		(186,407,259	)		278,508,385
Beginning of period		416,178,472			137,670,087
End of period	$	229,771,213		$	416,178,472

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Inflation Hedged Corporate Bond ETF
		Six Months Ended 04/30/19 (unaudited	)		Period From 05/08/18 to 10/31/18	(a)
Net asset value, beginning of period	$	24.31		$	25.00
Net investment income(b)		0.47			0.37
Net realized and unrealized gain (loss)(c)		1.10			(0.70	)
Net increase (decrease) from investment operations		1.57			(0.33	)
Distributions(d)
From net investment income		(0.46	)		(0.36	)
Total distributions		(0.46	)		(0.36	)
Net asset value, end of period	$	25.42		$	24.31
Total Return
Based on net asset value		6.57	%(e)(f)		(1.34	)%(e)
Ratios to Average Net Assets
Total expenses(g)		0.20	%(h)		0.20	%(h)
Total expenses after fees waived(g)		0.05	%(h)		0.05	%(h)
Net investment income		3.86	%(h)		3.04	%(h)
Supplemental Data
Net assets, end of period (000)	$	7,625		$	9,725
Portfolio turnover rate(i)(j)		0	%(e)		0	%(e)(k)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 6.53%.

^(g)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(h)  Annualized.

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

^(j)  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(k)  Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L  H I  G H L I G H T S 21

Financial Highlights (continued)    

(For a share outstanding throughout each period)    

	iShares Interest Rate Hedged Corporate Bond ETF
		Six Months Ended 04/30/19 (unaudited	)		Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Period From 05/27/14 to 10/31/14	(a)
Net asset value, beginning of period	$	95.79		$	96.62		$	92.49		$	92.13		$	97.95		$	100.32
Net investment income(b)		1.73			3.16			2.76			2.74			2.95			1.32
Net realized and unrealized gain (loss)(c)		(0.06	)		(1.16	)		3.73			(0.29	)		(5.82	)		(2.36	)
Net increase (decrease) from investment operations		1.67			2.00			6.49			2.45			(2.87	)		(1.04	)
Distributions(d)
From net investment income		(1.63	)		(2.83	)		(2.36	)		(2.09	)		(2.81	)		(1.32	)
From net realized gain		(1.55	)		—			—			—			—			—
Return of capital		—			—			—			—			(0.14	)		(0.01	)
Total distributions		(3.18	)		(2.83	)		(2.36	)		(2.09	)		(2.95	)		(1.33	)
Net asset value, end of period	$	94.28		$	95.79		$	96.62		$	92.49		$	92.13		$	97.95
Total Return
Based on net asset value		1.85	%(e)		2.08	%		7.11	%		2.70	%		(2.97	)%		(1.05	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%(g)
Total expenses after fees waived(f)		0.10	%(g)		0.10	%		0.10	%		0.10	%		0.11	%		0.11	%(g)
Net investment income		3.73	%(g)		3.27	%		2.91	%		3.01	%		3.12	%		3.09	%(g)
Supplemental Data
Net assets, end of period (000)	$	202,704		$	215,530		$	77,295		$	32,372		$	18,427		$	9,795
Portfolio turnover rate(h)(i)		1	%(e)		2	%		0	%(j)		2	%		8	%		4	%(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)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g)  Annualized.

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

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(j)  Rounds to less than 1%

See notes to financial statements.

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Financial Highlights (continued)    

(For a share outstanding throughout each period)    

	iShares Interest Rate Hedged High Yield Bond ETF
		Six Months Ended 04/30/19 (unaudited	)		Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Period From 05/27/14 to 10/31/14	(a)
Net asset value, beginning of period	$	90.47		$	91.78		$	87.42		$	87.66		$	96.93		$	100.10
Net investment income(b)		3.03			4.98			4.57			4.86			4.80			1.86
Net realized and unrealized gain (loss)(c)		(0.38	)		(1.46	)		4.21			(0.94	)		(9.29	)		(2.87	)
Net increase (decrease) from investment operations		2.65			3.52			8.78			3.92			(4.49	)		(1.01	)
Distributions(d)
From net investment income		(3.01	)		(4.83	)		(4.42	)		(4.16	)		(4.74	)		(2.15	)
Return of capital		—			—			—			—			(0.04	)		(0.01	)
Total distributions		(3.01	)		(4.83	)		(4.42	)		(4.16	)		(4.78	)		(2.16	)
Net asset value, end of period	$	90.11		$	90.47		$	91.78		$	87.42		$	87.66		$	96.93
Total Return
Based on net asset value		3.06	%(e)		3.93	%		10.26	%		4.73	%		(4.77	)%		(1.03	)%(e)
Ratios to Average Net Assets
Total expenses(f)		0.65	%(g)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(g)
Total expenses after fees waived(f)		0.05	%(g)		0.05	%		0.05	%		0.05	%		0.06	%		0.06	%(g)
Net investment income		6.89	%(g)		5.46	%		5.04	%		5.78	%		5.21	%		4.41	%(g)
Supplemental Data
Net assets, end of period (000)	$	229,771		$	416,178		$	137,670		$	30,596		$	48,215		$	43,619
Portfolio turnover rate(h)(i)		0	%(e)		0	%(j)		0	%		0	%(j)		3	%		3	%(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)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g)  Annualized.

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

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(j)  Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L  H I  G H L I G H T S 23

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Inflation Hedged Corporate Bond		Non-diversified
Interest Rate Hedged Corporate Bond		Diversified
Interest Rate Hedged High Yield Bond		Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedules of investments for the underlying funds should be read in conjunction with the Funds’ financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach.

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Notes to Financial Statements (unaudited) (continued)

Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

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

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

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

As of April 30, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2019:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Interest Rate Hedged High Yield Bond
Goldman Sachs & Co	$	86,940,000	$	86,940,000		$	—	$	—
Jefferies LLC		8,102,373		8,102,373			—		—
	$	95,042,373	$	95,042,373		$	—	$	—

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if 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

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Notes to Financial Statements (unaudited) (continued)

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. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: U.S. Treasury futures are used by the iShares Inflation Hedged Corporate Bond ETF to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

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

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

Swaps: Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. The iShares Inflation Hedged Corporate Bond ETF uses inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). Each Fund enters into centrally cleared swaps.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the schedule of investments and cash deposited is shown as cash pledged for centrally cleared swaps on the statement of assets and liabilities. The daily change in valuation of centrally cleared swaps is recorded as variation margin receivable or payable on centrally cleared swaps in the statement of assets and liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the statement of operations. Upfront payments and receipts are shown as swap premiums paid and swap premiums received in the statement of assets and liabilities and represent compensating factors between the stated terms of the swap agreement and prevailing market conditions (interest rate spreads and other relevant factors), at the time the swap was entered into by the Fund. These upfront payments and receipts are amortized over the term of the contract as a realized gain (loss) in the statement of the operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

6. 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 Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Inflation Hedged Corporate Bond		0.20	%
Interest Rate Hedged Corporate Bond		0.30
Interest Rate Hedged High Yield Bond		0.65

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Notes to Financial Statements (unaudited) (continued)

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expenses.

For the iShares Inflation Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2023 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, plus 0.05%.

For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.

For the iShares Interest Rate Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.05%.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a given 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 and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

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, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Inflation Hedged Corporate Bond	$	17
Interest Rate Hedged Corporate Bond		14,627
Interest Rate Hedged High Yield Bond		151,438

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

During the six months ended April 30, 2019, iShares Inflation Hedged Corporate Bond ETF received a reimbursement of $3,785 from an affiliate, which is included in other income — affiliated in the statement of operations, related to an operating event.

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.

7. PURCHASES AND SALES

For the six months ended April 30, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Inflation Hedged Corporate Bond	$	—	$	2,693,371
Interest Rate Hedged Corporate Bond		2,231,748		15,786,514
Interest Rate Hedged High Yield Bond		—		5,754,893

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Notes to Financial Statements (unaudited) (continued)    

For the six months ended April 30, 2019, in-kind transactions were as follows:    

iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged Corporate Bond	$	83,468,781	$	94,500,926
Interest Rate Hedged High Yield Bond		26,366,065		199,673,476

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2019, 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, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:    

iShares ETF	Non-Expiring
Inflation Hedged Corporate Bond	$	177
Interest Rate Hedged High Yield Bond		810,621

As of April 30, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Inflation Hedged Corporate Bond	$	7,191,061	$	296,705	$	(184,947	)	$	111,758
Interest Rate Hedged Corporate Bond		194,063,111		3,639,375		(6,210,078	)		(2,570,703	)
Interest Rate Hedged High Yield Bond		326,714,580		18,486		(4,988,078	)		(4,969,592	)

9. PRINCIPAL RISKS

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:    

	Six Months Ended 04/30/19						Period Ended 10/31/18
iShares ETF	Shares			Amount			Shares			Amount
Inflation Hedged Corporate Bond
Shares sold		—		$	—			400,000		$	10,000,000
Shares redeemed		(100,000	)		(2,467,730	)		—			—
Net increase(decrease)		(100,000	)	$	(2,467,730	)		400,000		$	10,000,000
Interest Rate Hedged Corporate Bond
Shares sold		950,000		$	87,325,028			2,800,000		$	271,201,190
Shares redeemed		(1,050,000	)		(98,381,328	)		(1,350,000	)		(130,742,844	)
Net increase(decrease)		(100,000	)	$	(11,056,300	)		1,450,000		$	140,458,346
Interest Rate Hedged High Yield Bond
Shares sold		300,000		$	26,829,648			3,500,000		$	320,022,946
Shares redeemed		(2,350,000	)		(203,120,894	)		(400,000	)		(36,446,134	)
Net increase(decrease)		(2,050,000	)	$	(176,291,246	)		3,100,000		$	283,576,812

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.

11. LEGAL PROCEEDINGS

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

12. SUBSEQUENT EVENTS

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

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 29

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Inflation Hedged Corporate Bond(a)	$	0.462087	$	—	$	0.001162	$	0.463249		100	%		—	%		0	%(b)		100	%
Interest Rate Hedged Corporate Bond(a)		1.631155		1.553803		0.001082		3.186040		51			49			0	(b)		100
Interest Rate Hedged High Yield Bond(a)		2.983209		—		0.027542		3.010751		99			—			1			100

^(a)  The Fund estimates that it has distributed more than the amount of earned income and net realized 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%.

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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 www.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 www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

G E N E R A L  I N F O R M A T I O N 31

Glossary of Terms Used in this Report

Portfolio Abbreviations — Fixed Income
CPI	Consumer Price Index
LIBOR	London Interbank Offered Rate

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Additional Financial Information

Schedules of Investments (Unaudited)

April 30, 2019

Statements of Assets and Liabilities (Unaudited)

April 30, 2019

Audited Financial Statements

February 28, 2019

iShares Trust

iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca

iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca

Schedule of Investments (unaudited) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.4%
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/31/19)(a)	$	11,778	$	11,964,318
5.38%, 01/15/24 (Call 05/31/19)(a)		8,409		8,624,668
5.75%, 02/01/26 (Call 02/01/21)(a)		8,561		9,010,071
5.75%, 02/01/26 (Call 02/01/21)(b)		946		993,376
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 05/31/19)(a)		11,868		12,020,914
5.63%, 02/15/24 (Call 05/31/19)(a)		11,417		11,757,132
5.88%, 03/15/25 (Call 09/15/19)(a)		11,873		12,312,529
				66,683,008
Aerospace & Defense — 2.7%
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)(a)		25,749		26,564,386
5.40%, 04/15/21 (Call 01/15/21)		25,803		26,609,344
5.87%, 02/23/22(a)		14,026		14,722,917
6.15%, 08/15/20(a)		11,934		12,324,838
Bombardier Inc.
5.75%, 03/15/22(a)(b)		9,579		9,710,183
6.00%, 10/15/22 (Call 05/31/19)(a)(b)		25,108		25,170,770
6.13%, 01/15/23(a)(b)		25,772		25,810,382
7.50%, 12/01/24 (Call 12/01/20)(a)(b)		20,733		21,072,698
7.50%, 03/15/25 (Call 03/15/20)(a)(b)		29,577		29,717,491
7.88%, 04/15/27 (Call 04/15/22)(a)(b)		37,334		37,611,537
8.75%, 12/01/21(b)		25,848		28,594,350
TransDigm Inc.
6.00%, 07/15/22 (Call 05/31/19)(a)		25,245		25,623,675
6.25%, 03/15/26 (Call 03/15/22)(a)(b)		73,991		77,043,129
6.38%, 06/15/26 (Call 06/15/21)(a)		19,334		19,384,195
6.50%, 07/15/24 (Call 07/15/19)(a)		25,226		25,570,229
6.50%, 05/15/25 (Call 05/15/20)(a)		15,283		15,435,830
7.50%, 03/15/27 (Call 03/15/22)(b)		11,418		11,774,813
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/21)(a)(b)		10,047		10,098,805
Triumph Group Inc., 7.75%, 08/15/25 (Call 08/15/20)(a)		8,940		8,940,000
				451,779,572
Agriculture — 0.2%
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)(a)(b)		19,681		20,478,080
Vector Group Ltd., 6.13%, 02/01/25 (Call 02/01/20)(b)		16,131		14,437,805
				34,915,885
Airlines — 0.1%
Air Canada, 7.75%, 04/15/21(b)		9,143		9,793,220
United Continental Holdings Inc., 4.25%, 10/01/22		9,711		9,803,255
				19,596,475
Apparel — 0.2%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)(a)(b)		18,050		18,206,199
4.88%, 05/15/26 (Call 02/15/26)(a)(b)		18,150		18,150,989
				36,357,188
Auto Manufacturers — 0.8%
Allison Transmission Inc.
4.75%, 10/01/27 (Call 10/01/22)(a)(b)		7,853		7,678,585
5.00%, 10/01/24 (Call 10/01/19)(a)(b)		20,856		21,094,175
5.88%, 06/01/29 (Call 06/01/24)(b)		5,204		5,359,144

Security	Par (000)		Value
Auto Manufacturers (continued)
Fiat Chrysler Automobiles NV 4.50%, 04/15/20	$	9,366	$	9,436,245
5.25%, 04/15/23(a)		29,120		30,386,356
Jaguar Land Rover Automotive PLC 4.50%, 10/01/27 (Call 07/01/27)(a)(b)		8,870		7,454,958
5.63%, 02/01/23 (Call 05/31/19)(a)(b)		6,413		6,400,976
Navistar International Corp., 6.63%, 11/01/25 (Call 11/01/20)(b)		22,613		23,095,453
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)(a)(b)		36,306		31,041,630
				141,947,522
Auto Parts & Equipment — 0.8%
Adient U.S.LLC, 7.00%, 05/15/26 (Call 05/15/22)(b)		1,125		1,151,719
American Axle & Manufacturing Inc. 6.25%, 04/01/25 (Call 04/01/20)(a)		13,351		13,417,369
6.25%, 03/15/26 (Call 03/15/21)(a)		8,244		8,244,000
6.50%, 04/01/27 (Call 04/01/22)(a)		10,155		10,229,233
6.63%, 10/15/22 (Call 05/31/19)(a)		8,528		8,729,346
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/20)(a)(b)		7,222		7,345,923
Dana Inc., 5.50%, 12/15/24 (Call 12/15/19)(a)		9,951		10,060,461
Goodyear Tire & Rubber Co. (The) 4.88%, 03/15/27 (Call 12/15/26)(a)		13,581		12,884,691
5.00%, 05/31/26 (Call 05/31/21)(a)		18,779		18,269,748
5.13%, 11/15/23 (Call 05/31/19)(a)		19,768		20,033,880
Panther BF Aggregator 2 LP/Panther Finance Co. Inc. 6.25%, 05/15/26 (Call 05/15/22)(b)		12,297		12,804,251
8.50%, 05/15/27 (Call 05/15/22)(a)(b)		14,396		14,827,880
				137,998,501
Banks — 1.3%
CIT Group Inc. 4.13%, 03/09/21 (Call 02/09/21)		8,665		8,791,642
4.75%, 02/16/24 (Call 11/16/23)		10,036		10,378,706
5.00%, 08/15/22(a)		24,292		25,339,592
5.00%, 08/01/23		15,321		16,006,615
5.25%, 03/07/25 (Call 12/07/24)(a)		9,229		9,811,589
6.13%, 03/09/28(a)		7,365		8,202,769
Deutsche Bank AG, 4.30%, 05/24/28 (Call 05/24/23)(a)(c)		29,708		26,923,784
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)(a)(c)		19,371		16,504,522
Fifth Third Bancorp., 5.10%, (Call 06/30/23)(c)(d)		13,191		12,974,008
Freedom Mortgage Corp. 8.13%, 11/15/24 (Call 11/15/20)(b)		9,331		8,251,617
8.25%, 04/15/25 (Call 04/15/21)(a)(b)		12,904		11,429,001
Intesa Sanpaolo SpA, 5.02%, 06/26/24(a)(b)		40,085		38,639,022
UniCredit SpA, 5.86%, 06/19/32 (Call 06/19/27)(b)(c)		20,341		19,023,684
				212,276,551
Building Materials — 0.7%
Griffon Corp., 5.25%, 03/01/22 (Call 05/31/19)(a)		21,418		21,361,110
Standard Industries Inc./NJ 4.75%, 01/15/28 (Call 01/15/23)(b)		19,630		18,771,187
5.00%, 02/15/27 (Call 02/15/22)(b)		10,509		10,368,606
5.38%, 11/15/24 (Call 11/15/19)(a)(b)		20,047		20,474,252
5.50%, 02/15/23 (Call 05/31/19)(a)(b)		10,393		10,587,869
6.00%, 10/15/25 (Call 10/15/20)(a)(b)		19,803		20,673,540
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 05/16/19)(a)		11,944		12,192,478
				114,429,042

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals — 1.4%
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)(a)	$	25,412	$	26,015,535
Blue Cube Spinco LLC 9.75%, 10/15/23 (Call 10/15/20)(a)		10,544		11,780,469
10.00%, 10/15/25 (Call 10/15/20)(a)		9,125		10,415,152
CF Industries Inc. 3.45%, 06/01/23		16,120		15,739,898
7.13%, 05/01/20		5,496		5,707,252
Chemours Co. (The) 5.38%, 05/15/27 (Call 02/15/27)(a)		10,228		10,307,906
6.63%, 05/15/23 (Call 05/31/19)(a)		19,617		20,322,231
7.00%, 05/15/25 (Call 05/15/20)(a)		15,671		16,532,905
Hexion Inc./Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20 (Call 05/31/19)(a)(e)		4,752		913,440
NOVA Chemicals Corp. 4.88%, 06/01/24 (Call 03/03/24)(a)(b)		20,198		19,867,258
5.00%, 05/01/25 (Call 01/31/25)(a)(b)		9,471		9,260,369
5.25%, 08/01/23 (Call 05/31/19)(a)(b)		8,928		9,002,135
5.25%, 06/01/27 (Call 03/03/27)(a)(b)		21,565		21,109,336
Olin Corp. 5.00%, 02/01/30 (Call 02/01/24)(a)		11,998		11,881,019
5.13%, 09/15/27 (Call 03/15/22)(a)		10,184		10,389,082
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)(a)(b)		8,131		7,939,704
Tronox Inc., 6.50%, 04/15/26 (Call 04/15/21)(a)(b)		13,088		13,170,092
WR Grace &Co.-Conn, 5.13%, 10/01/21(a)(b)		14,989		15,513,615
				235,867,398
Coal — 0.1%
Peabody Energy Corp. 6.00%, 03/31/22 (Call 05/31/19)(b)		5,851		5,933,792
6.38%, 03/31/25 (Call 03/31/20)(b)		6,539		6,500,466
				12,434,258
Commercial Services — 3.6%
APX Group Inc. 7.63%, 09/01/23 (Call 09/01/19)(a)		8,039		7,067,902
7.88%, 12/01/22 (Call 05/31/19)		19,326		19,327,509
8.75%, 12/01/20 (Call 05/31/19)		12,029		11,848,565
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.50%, 04/01/23 (Call 05/31/19)(a)		12,347		12,576,284
Hertz Corp. (The) 5.50%, 10/15/24 (Call 10/15/19)(a)(b)		15,364		13,120,016
5.88%, 10/15/20 (Call 05/31/19)		13,922		13,904,598
6.25%, 10/15/22 (Call 05/31/19)(a)		9,409		9,162,014
7.38%, 01/15/21 (Call 05/31/19)(a)		9,150		9,150,613
7.63%, 06/01/22 (Call 06/01/19)(a)(b)		26,144		26,977,340
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 05/31/19)(a)(b)		24,437		24,885,011
Nielsen Co Luxembourg SARL/The 5.00%, 02/01/25 (Call 02/01/20)(a)(b)		10,151		10,023,816
5.50%, 10/01/21 (Call 05/31/19)(b)		13,162		13,233,158
Nielsen Finance LLC/Nielsen Finance Co. 4.50%, 10/01/20 (Call 05/31/19)(a)		15,828		15,841,072
5.00%, 04/15/22 (Call 05/31/19)(a)(b)		46,702		46,410,112
Prime Security Services Borrower LLC/Prime Finance Inc. 5.25%, 04/15/24(b)		14,530		14,574,109
5.75%, 04/15/26(b)		11,311		11,436,481
9.25%, 05/15/23 (Call 05/31/19)(b)		23,363		24,623,434

Security	Par (000)		Value
Commercial Services (continued)
Refinitiv U.S. Holdings Inc. 6.25%, 05/15/26 (Call 11/15/21)(a)(b)	$	24,316	$	24,954,295
8.25%, 11/15/26 (Call 11/15/21)(a)(b)		31,623		32,087,226
Service Corp. International/U.S. 4.63%, 12/15/27 (Call 12/15/22)(a)		10,388		10,474,837
5.38%, 01/15/22 (Call 05/31/19)(a)		4,492		4,531,305
5.38%, 05/15/24 (Call 05/31/19)(a)		16,431		16,878,194
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 11/15/19)(b)		15,620		15,776,200
Star Merger Sub Inc. 6.88%, 08/15/26 (Call 02/15/22)(a)(b)		12,838		13,330,070
10.25%, 02/15/27 (Call 02/15/22)(b)		15,156		15,856,965
United Rentals North America Inc. 4.63%, 07/15/23 (Call 05/31/19)		19,233		19,569,577
4.63%, 10/15/25 (Call 10/15/20)(a)		14,467		14,358,498
4.88%, 01/15/28 (Call 01/15/23)(a)		34,472		34,213,460
5.25%, 01/15/30 (Call 01/15/25)		4,390		4,411,950
5.50%, 07/15/25 (Call 07/15/20)(a)		14,739		15,234,673
5.50%, 05/15/27 (Call 05/15/22)(a)		18,344		18,894,320
5.75%, 11/15/24 (Call 05/26/19)(a)		16,348		16,826,179
5.88%, 09/15/26 (Call 09/15/21)		18,759		19,603,155
6.50%, 12/15/26 (Call 12/15/21)(a)		20,674		22,139,472
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a)(b)		21,526		22,945,371
				606,247,781
Computers — 1.9%
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(b)		29,432		29,505,580
Dell Inc., 4.63%, 04/01/21(a)		8,713		8,873,668
Dell International LLC/EMC Corp. 5.88%, 06/15/21 (Call 05/16/19)(b)		33,000		33,550,189
7.13%, 06/15/24 (Call 06/15/19)(a)(b)		31,679		33,527,200
EMC Corp. 2.65%, 06/01/20		22,646		22,496,267
3.38%, 06/01/23 (Call 03/01/23)		20,542		20,108,233
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)(b)		20,529		20,726,039
Harland Clarke Holdings Corp. 8.38%, 08/15/22 (Call 05/31/19)(b)		15,144		13,392,975
9.25%, 03/01/21 (Call 05/31/19)(a)(b)		14,717		14,974,548
Leidos Holdings Inc., 4.45%, 12/01/20 (Call 09/01/20)(a)		7,990		8,109,051
NCR Corp. 4.63%, 02/15/21 (Call 05/31/19)(a)		9,644		9,634,137
5.00%, 07/15/22 (Call 05/31/19)(a)		11,952		11,993,764
5.88%, 12/15/21 (Call 05/31/19)(a)		8,868		8,973,095
6.38%, 12/15/23 (Call 05/31/19)(a)		14,767		15,168,940
West Corp., 8.50%, 10/15/25 (Call 10/15/20)(a)(b)		22,585		19,903,031
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(a)		46,667		45,033,655
				315,970,372
Cosmetics & Personal Care — 0.4%
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/19)(b)		11,758		12,198,257
Avon Products Inc., 7.00%, 03/15/23(a)		9,838		9,868,744
Edgewell Personal Care Co. 4.70%, 05/19/21		12,517		12,789,635
4.70%, 05/24/22(a)		9,939		10,262,017

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Cosmetics & Personal Care (continued)
First Quality Finance Co. Inc. 4.63%, 05/15/21 (Call 05/31/19)(a)(b)	$	11,033	$	11,031,468
5.00%, 07/01/25 (Call 07/01/20)(b)		8,958		8,889,416
				65,039,537
Diversified Financial Services — 3.8%
Ally Financial Inc. 4.13%, 02/13/22		14,170		14,352,235
4.25%, 04/15/21(a)		10,961		11,109,756
4.63%, 05/19/22(a)		8,329		8,534,064
4.63%, 03/30/25		10,203		10,524,704
5.13%, 09/30/24		16,093		16,990,033
5.75%, 11/20/25 (Call 10/21/25)(a)		19,570		21,213,064
7.50%, 09/15/20		5,819		6,139,764
8.00%, 03/15/20(a)		3,869		4,028,596
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.88%, 02/01/22 (Call 05/31/19)(a)		27,739		28,124,747
6.00%, 08/01/20 (Call 05/31/19)		26,257		26,437,517
6.25%, 02/01/22 (Call 05/31/19)		24,811		25,539,947
6.38%, 12/15/25 (Call 12/15/20)		15,630		16,294,275
6.75%, 02/01/24 (Call 02/01/20)		11,119		11,655,341
Jefferies Finance LLC/JFIN Co-Issuer Corp. 6.88%, 04/15/22 (Call 05/31/19)(a)(b)		7,101		7,206,775
7.25%, 08/15/24 (Call 08/15/20)(a)(b)		8,208		8,105,400
7.50%, 04/15/21 (Call 05/31/19)(a)(b)		7,174		7,319,274
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 5.25%, 03/15/22 (Call 09/15/21)(a)(b)		8,700		8,917,500
5.25%, 10/01/25 (Call 10/01/20)(b)		7,374		7,346,347
Nationstar Mortgage Holdings Inc. 8.13%, 07/15/23 (Call 07/15/20)(a)(b)		18,382		18,519,865
9.13%, 07/15/26 (Call 07/15/21)(a)(b)		14,664		14,700,660
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.50%, 07/01/21 (Call 05/31/19)		11,886		11,910,277
Navient Corp. 5.00%, 10/26/20		10,167		10,329,389
5.50%, 01/25/23		18,457		18,822,295
5.88%, 03/25/21		13,562		14,026,781
5.88%, 10/25/24(a)		10,306		10,365,045
6.13%, 03/25/24(a)		18,114		18,554,085
6.50%, 06/15/22		20,734		21,874,370
6.63%, 07/26/21		15,646		16,433,189
6.75%, 06/25/25(a)		8,193		8,387,584
6.75%, 06/15/26(a)		8,922		8,967,413
7.25%, 01/25/22		15,404		16,501,535
7.25%, 09/25/23(a)		10,491		11,356,507
8.00%, 03/25/20		3,482		3,610,373
Quicken Loans Inc. 5.25%, 01/15/28 (Call 01/15/23)(a)(b)		19,410		18,835,282
5.75%, 05/01/25 (Call 05/01/20)(a)(b)		25,082		25,459,655
Springleaf Finance Corp. 5.63%, 03/15/23(a)		17,058		17,735,958
6.13%, 05/15/22(a)		19,635		20,764,994
6.13%, 03/15/24 (Call 09/15/23)(a)		19,216		20,287,892
6.88%, 03/15/25(a)		24,692		26,462,881
7.13%, 03/15/26(a)		30,962		33,245,447
7.75%, 10/01/21		12,389		13,457,551
8.25%, 12/15/20(a)		19,339		20,820,145
				641,268,512

Security	Par (000)		Value
Electric — 2.5%
AES Corp./VA 4.00%, 03/15/21	$	11,428	$	11,546,208
4.50%, 03/15/23 (Call 03/15/20)(a)		10,301		10,435,860
4.88%, 05/15/23 (Call 05/31/19)(a)		14,532		14,724,088
5.13%, 09/01/27 (Call 09/01/22)(a)		10,823		11,288,991
5.50%, 04/15/25 (Call 04/15/20)(a)		10,784		11,171,814
6.00%, 05/15/26 (Call 05/15/21)(a)		12,034		12,746,639
Calpine Corp. 5.25%, 06/01/26 (Call 06/01/21)(a)(b)		23,112		23,140,890
5.38%, 01/15/23 (Call 05/31/19)(a)		23,840		23,989,000
5.50%, 02/01/24 (Call 05/31/19)(a)		11,833		11,760,257
5.75%, 01/15/25 (Call 10/15/19)(a)		27,484		27,209,160
5.88%, 01/15/24 (Call 05/31/19)(a)(b)		10,353		10,593,906
6.00%, 01/15/22 (Call 05/31/19)(a)(b)		13,312		13,472,853
Clearway Energy Operating LLC 5.38%, 08/15/24 (Call 08/15/19)		9,769		9,928,918
5.75%, 10/15/25 (Call 10/15/21)(b)		12,936		13,198,762
NextEra Energy Operating Partners LP 4.25%, 09/15/24 (Call 07/15/24)(a)(b)		9,931		9,963,276
4.50%, 09/15/27 (Call 06/15/27)(a)(b)		10,947		10,785,283
NRG Energy Inc. 5.75%, 01/15/28 (Call 01/15/23)		15,076		15,965,032
6.25%, 05/01/24 (Call 05/31/19)		13,560		13,996,632
6.63%, 01/15/27 (Call 07/15/21)(a)		26,318		28,226,055
7.25%, 05/15/26 (Call 05/15/21)(a)		21,451		23,381,590
Talen Energy Supply LLC 6.50%, 06/01/25 (Call 06/01/20)		10,206		8,955,765
10.50%, 01/15/26 (Call 01/15/22)(a)(b)		12,800		13,350,752
Vistra Energy Corp. 5.88%, 06/01/23 (Call 05/31/19)(a)		8,757		8,938,439
7.38%, 11/01/22 (Call 05/06/19)		538		556,432
7.63%, 11/01/24 (Call 11/01/19)		23,679		24,988,190
Vistra Operations Co. LLC 5.50%, 09/01/26 (Call 09/01/21)(a)(b)		20,953		21,581,590
5.63%, 02/15/27 (Call 02/15/22)(a)(b)		25,373		26,094,545
				411,990,927
Electrical Components & Equipment — 0.2%
Energizer Holdings Inc. 5.50%, 06/15/25 (Call 06/15/20)(a)(b)		11,001		11,122,011
6.38%, 07/15/26 (Call 07/15/21)(a)(b)		10,308		10,639,789
7.75%, 01/15/27 (Call 01/15/22)(b)		11,821		12,811,009
				34,572,809
Electronics — 0.5%
ADT Security Corp. (The) 3.50%, 07/15/22		18,776		18,200,594
4.13%, 06/15/23(a)		14,124		13,814,967
6.25%, 10/15/21		18,378		19,314,359
Sensata Technologies BV 4.88%, 10/15/23(b)		10,311		10,710,874
5.00%, 10/01/25(a)(b)		15,176		15,591,759
5.63%, 11/01/24(a)(b)		6,493		6,908,281
				84,540,834
Energy – Alternate Sources — 0.1%
TerraForm Power Operating LLC 4.25%, 01/31/23 (Call 10/31/22)(b)		9,013		8,905,971
5.00%, 01/31/28 (Call 07/31/27)(a)(b)		13,725		13,536,281
				22,442,252

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Engineering & Construction — 0.3%
AECOM 5.13%, 03/15/27 (Call 12/15/26)	$	19,855	$	19,929,655
5.88%, 10/15/24 (Call 07/15/24)(a)		15,538		16,514,790
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)(a)(b)		20,457		19,178,437
				55,622,882
Entertainment — 2.1%
AMC Entertainment Holdings Inc. 5.75%, 06/15/25 (Call 06/15/20)(a)		10,422		10,028,254
5.88%, 11/15/26 (Call 11/15/21)(a)		10,732		10,018,600
6.13%, 05/15/27 (Call 05/15/22)(a)		9,935		9,283,533
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)(a)(b)		35,303		34,540,762
Churchill Downs Inc. 4.75%, 01/15/28 (Call 01/15/23)(b)		7,623		7,454,758
5.50%, 04/01/27 (Call 04/01/22)(b)		9,859		10,136,284
Cinemark USA Inc. 4.88%, 06/01/23 (Call 05/31/19)		17,015		17,190,935
5.13%, 12/15/22 (Call 05/31/19)(a)		8,973		9,113,203
Eldorado Resorts Inc. 6.00%, 04/01/25 (Call 04/01/20)(a)		17,279		17,852,015
6.00%, 09/15/26 (Call 09/15/21)(a)		10,230		10,641,687
International Game Technology PLC 6.25%, 02/15/22 (Call 08/15/21)(b)		28,930		30,211,327
6.25%, 01/15/27 (Call 07/15/26)(a)(b)		14,085		14,798,969
6.50%, 02/15/25 (Call 08/15/24)(a)(b)		21,891		23,313,477
Lions Gate Capital Holdings LLC 5.88%, 11/01/24 (Call 11/01/19)(a)(b)		11,032		11,275,049
6.38%, 02/01/24 (Call 02/01/21)(b)		11,699		12,231,071
Scientific Games International Inc. 5.00%, 10/15/25 (Call 10/15/20)(a)(b)		26,187		26,080,615
8.25%, 03/15/26 (Call 03/15/22)(b)		21,804		22,539,885
10.00%, 12/01/22 (Call 05/31/19)(a)		21,959		23,166,745
Six Flags Entertainment Corp. 4.88%, 07/31/24 (Call 07/31/19)(b)		20,850		20,909,571
5.50%, 04/15/27 (Call 04/15/22)(a)(b)		9,789		9,994,569
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)(a)(b)		19,951		20,906,154
				351,687,463
Environmental Control — 0.3%
Covanta Holding Corp. 5.88%, 03/01/24 (Call 05/31/19)(a)		5,657		5,829,656
5.88%, 07/01/25 (Call 07/01/20)		8,016		8,186,340
6.00%, 01/01/27 (Call 01/01/22)(a)		8,129		8,311,903
GFL Environmental Inc. 5.38%, 03/01/23 (Call 03/01/20)(a)(b)		7,323		7,130,979
7.00%, 06/01/26 (Call 06/01/21)(a)(b)		7,340		7,156,500
8.50%, 05/01/27 (Call 05/01/22)(a)(b)		10,517		10,956,190
				47,571,568
Food — 2.2%
Albertsons Companies LLC/Safeway Inc./New Albertson’s LP/Albertson’s LLC 5.75%, 03/15/25 (Call 09/15/19)(a)		24,668		24,534,749
6.63%, 06/15/24 (Call 06/15/19)(a)		24,763		25,577,255
7.50%, 03/15/26 (Call 03/15/22)(a)(b)		12,307		13,062,766
B&G Foods Inc. 4.63%, 06/01/21 (Call 05/31/19)(a)		13,089		13,086,741
5.25%, 04/01/25 (Call 04/01/20)(a)		18,609		18,292,792

Security	Par (000)		Value
Food (continued)
JBS Investments GmbH 6.25%, 02/05/23 (Call 05/31/19)(b)	$	13,746	$	13,952,190
7.25%, 04/03/24 (Call 05/31/19)(a)(b)		14,011		14,516,797
JBS USA LUX SA/JBS USA Finance Inc. 5.75%, 06/15/25 (Call 06/15/20)(a)(b)		22,526		23,084,302
5.88%, 07/15/24 (Call 07/15/19)(a)(b)		17,647		18,154,351
6.75%, 02/15/28 (Call 02/15/23)(a)(b)		17,158		18,159,228
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 6.50%, 04/15/29 (Call 04/15/24)(a)(b)		15,290		16,173,476
Lamb Weston Holdings Inc. 4.63%, 11/01/24 (Call 11/01/21)(b)		16,780		17,029,686
4.88%, 11/01/26 (Call 11/01/21)(a)(b)		17,230		17,520,756
Pilgrim’s Pride Corp. 5.75%, 03/15/25 (Call 03/15/20)(a)(b)		20,928		21,425,040
5.88%, 09/30/27 (Call 09/30/22)(a)(b)		16,471		17,034,419
Post Holdings Inc. 5.00%, 08/15/26 (Call 08/15/21)(b)		34,554		34,438,935
5.50%, 03/01/25 (Call 03/01/20)(b)		20,252		20,715,054
5.63%, 01/15/28 (Call 12/01/22)(b)		17,790		17,983,555
5.75%, 03/01/27 (Call 03/01/22)(b)		27,567		28,305,492
				373,047,584
Food Service — 0.4%
Aramark Services Inc. 4.75%, 06/01/26 (Call 06/01/21)(a)		10,730		10,891,996
5.00%, 04/01/25 (Call 04/01/20)(a)(b)		14,347		14,760,224
5.00%, 02/01/28 (Call 02/01/23)(a)(b)		22,777		23,135,168
5.13%, 01/15/24 (Call 05/31/19)		17,550		18,122,906
				66,910,294
Gas — 0.5%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.50%, 05/20/25 (Call 02/20/25)(a)		14,827		15,212,733
5.63%, 05/20/24 (Call 03/20/24)		12,722		13,278,588
5.75%, 05/20/27 (Call 02/20/27)		10,248		10,593,870
5.88%, 08/20/26 (Call 05/20/26)(a)		13,469		14,059,472
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/23 (Call 11/01/19)(a)		13,780		14,336,238
7.50%, 04/15/26 (Call 04/15/22)(b)		8,870		9,174,906
				76,655,807
Hand & Machine Tools — 0.1%
Colfax Corp. 6.00%, 02/15/24 (Call 02/15/21)(a)(b)		12,818		13,330,720
6.38%, 02/15/26 (Call 02/15/22)(b)		8,917		9,452,485
				22,783,205
Health Care – Products — 1.3%
Avantor Inc. 6.00%, 10/01/24 (Call 10/01/20)(b)		29,711		31,038,710
9.00%, 10/01/25 (Call 10/01/20)(a)(b)		40,250		43,822,187
Hologic Inc. 4.38%, 10/15/25 (Call 10/15/20)(a)(b)		19,754		19,618,191
4.63%, 02/01/28 (Call 02/01/23)(a)(b)		7,998		7,880,651
Kinetic Concepts Inc./KCI USA Inc. 7.88%, 02/15/21 (Call 05/16/19)(a)(b)		9,679		9,896,778
12.50%, 11/01/21 (Call 05/31/19)(b)		8,651		9,358,318
Mallinckrodt International Finance SA, 4.75%, 04/15/23(a)		10,658		7,577,838
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.88%, 04/15/20 (Call 05/31/19)(a)(b)		6,620		6,487,600
5.50%, 04/15/25 (Call 04/15/20)(a)(b)		12,654		9,102,908

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care – Products (continued)
5.63%, 10/15/23 (Call 05/31/19)(a)(b)	$	13,836	$	10,895,850
5.75%, 08/01/22 (Call 05/31/19)(a)(b)		17,562		16,299,731
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 (Call 05/31/19)(a)(b)		27,055		26,513,900
Teleflex Inc. 4.63%, 11/15/27 (Call 11/15/22)(a)		10,383		10,344,064
4.88%, 06/01/26 (Call 06/01/21)		8,193		8,351,879
				217,188,605
Health Care – Services — 7.1%
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 05/31/19)(a)		14,351		14,494,510
Centene Corp. 4.75%, 05/15/22 (Call 05/31/19)		20,910		21,310,636
4.75%, 01/15/25 (Call 01/15/20)(a)		24,805		25,157,586
5.38%, 06/01/26 (Call 06/01/21)(a)(b)		36,862		38,427,253
5.63%, 02/15/21 (Call 05/31/19)(a)		22,448		22,797,131
6.13%, 02/15/24 (Call 05/31/19)		18,924		19,804,305
CHS/Community Health Systems Inc. 5.13%, 08/01/21 (Call 05/31/19)(a)		17,368		17,176,681
6.25%, 03/31/23 (Call 03/31/20)		63,923		62,324,925
6.88%, 02/01/22 (Call 05/31/19)(a)		38,596		25,183,890
8.00%, 03/15/26 (Call 03/15/22)(b)		30,618		29,784,511
8.13%, 06/30/24 (Call 06/30/21)(a)(b)		28,079		20,842,809
8.63%, 01/15/24 (Call 01/15/21)(b)		21,451		21,805,909
11.00%, 06/30/23 (Call 06/30/20)(a)(b)(f)		35,980		29,258,501
DaVita Inc. 5.00%, 05/01/25 (Call 05/01/20)(a)		30,160		29,487,507
5.13%, 07/15/24 (Call 07/15/19)(a)		34,924		34,930,237
5.75%, 08/15/22 (Call 05/31/19)(a)		22,789		23,160,666
Encompass Health Corp., 5.75%, 11/01/24 (Call 05/31/19)		25,220		25,592,671
Envision Healthcare Corp., 8.75%, 10/15/26 (Call 10/15/21)(a)(b)		23,936		22,559,680
HCA Healthcare Inc., 6.25%, 02/15/21(a)		18,215		19,104,267
HCA Inc. 5.38%, 02/01/25(a)		50,980		53,699,982
5.38%, 09/01/26 (Call 03/01/26)(a)		19,846		20,892,015
5.63%, 09/01/28 (Call 03/01/28)(a)		29,256		31,157,640
5.88%, 05/01/23(a)		24,935		26,730,160
5.88%, 02/15/26 (Call 08/15/25)(a)		29,275		31,543,812
5.88%, 02/01/29 (Call 08/01/28)(a)		20,011		21,536,839
7.50%, 02/15/22(a)		40,260		44,240,152
MEDNAX Inc. 5.25%, 12/01/23 (Call 05/31/19)(a)(b)		15,801		16,097,269
6.25%, 01/15/27 (Call 01/15/22)(a)(b)		19,910		20,308,200
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)		14,914		15,547,845
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/19)(a)(b)		31,351		31,528,240
RegionalCare Hospital Partners Holdings Inc., 8.25%, 05/01/23 (Call 05/31/19)(a)(b)		17,452		18,580,926
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a)(b)		28,100		29,407,366
Tenet Healthcare Corp. 4.38%, 10/01/21(a)		20,524		20,756,061
4.50%, 04/01/21		17,187		17,423,321
4.63%, 07/15/24 (Call 07/15/20)(a)		35,756		35,856,117
4.75%, 06/01/20(a)		4,894		4,956,322
5.13%, 05/01/25 (Call 05/01/20)(a)		27,920		28,094,500

Security	Par (000)		Value
Health Care – Services (continued)
6.00%, 10/01/20(a)	$	33,331	$	34,455,921
6.25%, 02/01/27 (Call 02/01/22)(b)		29,582		30,839,235
6.75%, 06/15/23(a)		37,892		38,653,224
7.00%, 08/01/25 (Call 08/01/20)(a)		8,980		9,083,616
8.13%, 04/01/22		56,086		59,981,734
WellCare Health Plans Inc. 5.25%, 04/01/25 (Call 04/01/20)(a)		24,789		25,572,263
5.38%, 08/15/26 (Call 08/15/21)(a)(b)		14,556		15,217,085
				1,185,363,520
Home Builders — 1.6%
Beazer Homes USA Inc. 5.88%, 10/15/27 (Call 10/15/22)		7,773		7,024,849
8.75%, 03/15/22 (Call 05/16/19)		11,220		11,723,441
Brookfield Residential Properties Inc., 6.50%, 12/15/20 (Call 05/31/19)(a)(b)		7,279		7,308,571
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 07/01/22 (Call 05/31/19)(a)(b)		9,895		10,061,669
K Hovnanian Enterprises Inc. 10.00%, 07/15/22 (Call 07/15/19)(b)		6,321		5,538,776
10.50%, 07/15/24 (Call 07/15/20)(b)		6,923		5,607,630
KB Home, 7.00%, 12/15/21 (Call 09/15/21)		10,553		11,337,673
Lennar Corp. 4.13%, 01/15/22 (Call 10/15/21)		11,892		12,028,357
4.50%, 04/30/24 (Call 01/31/24)(a)		13,400		13,668,000
4.75%, 04/01/21 (Call 02/01/21)		9,415		9,606,733
4.75%, 11/15/22 (Call 08/15/22)		11,991		12,316,256
4.75%, 05/30/25 (Call 02/28/25)(a)		8,829		9,072,258
4.75%, 11/29/27 (Call 05/29/27)(a)		18,195		18,536,156
4.88%, 12/15/23 (Call 09/15/23)		7,465		7,736,879
5.88%, 11/15/24 (Call 05/15/24)(a)		7,988		8,597,185
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)		6,870		7,305,485
PulteGroup Inc. 4.25%, 03/01/21 (Call 02/01/21)		15,013		15,229,172
5.00%, 01/15/27 (Call 10/15/26)		11,314		11,502,636
5.50%, 03/01/26 (Call 12/01/25)		12,287		13,005,448
Taylor Morrison Communities Inc., 6.63%, 05/15/22 (Call 05/31/19)(a)		8,912		9,209,377
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.25%, 04/15/21 (Call 05/31/19)(a)(b)		7,711		7,731,181
Toll Brothers Finance Corp. 4.35%, 02/15/28 (Call 11/15/27)(a)		7,861		7,519,742
4.38%, 04/15/23 (Call 01/15/23)		8,362		8,517,728
4.88%, 03/15/27 (Call 12/15/26)(a)		8,496		8,518,057
5.88%, 02/15/22 (Call 11/15/21)(a)		8,970		9,496,988
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		8,760		8,881,134
William Lyon Homes Inc., 5.88%, 01/31/25 (Call 01/31/20)(a)		8,013		7,772,610
				264,853,991
Home Furnishings — 0.1%
Tempur Sealy International Inc. 5.50%, 06/15/26 (Call 06/15/21)(a)		11,766		11,694,301
5.63%, 10/15/23 (Call 05/31/19)(a)		9,728		9,841,494
				21,535,795
Household Products & Wares — 0.4%
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23
(Call 05/31/19)(a)(b)		17,543		15,657,128

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Household Products & Wares (continued)
Prestige Brands Inc. 5.38%, 12/15/21 (Call 05/31/19)(a)(b)	$	8,941	$	9,002,723
6.38%, 03/01/24 (Call 05/31/19)(a)(b)		12,726		13,103,224
Spectrum Brands Inc., 5.75%, 07/15/25 (Call 07/15/20)(a)		20,970		21,500,541
				59,263,616
Insurance — 0.6%
Acrisure LLC/Acrisure Finance Inc. 7.00%, 11/15/25 (Call 11/15/20)(a)(b)		17,932		16,262,082
8.13%, 02/15/24 (Call 02/15/21)(a)(b)		14,685		15,327,469
Genworth Holdings Inc., 7.63%, 09/24/21		14,464		14,118,973
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)(b)		27,093		27,363,930
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)(a)		9,906		9,906,000
Voya Financial Inc., 5.65%, 05/15/53 (Call 05/15/23)(a)(c)		12,453		12,499,699
				95,478,153
Internet — 2.0%
Match Group Inc. 5.00%, 12/15/27 (Call 12/15/22)(b)		10,078		10,133,902
6.38%, 06/01/24 (Call 06/01/19)		4,900		5,146,914
Netflix Inc. 4.38%, 11/15/26(a)		20,945		20,747,187
4.88%, 04/15/28		31,820		31,623,464
5.38%, 02/01/21(a)		10,003		10,397,047
5.38%, 11/15/29(b)		9,050		9,163,125
5.50%, 02/15/22(a)		13,533		14,244,328
5.75%, 03/01/24(a)		7,290		7,825,687
5.88%, 02/15/25(a)		15,809		17,086,894
5.88%, 11/15/28(a)		37,332		39,329,478
6.38%, 05/15/29(a)(b)		14,773		16,161,355
Symantec Corp. 3.95%, 06/15/22 (Call 03/15/22)(a)		6,732		6,778,808
4.20%, 09/15/20(a)		13,896		14,052,330
5.00%, 04/15/25 (Call 04/15/20)(b)		22,172		22,557,700
VeriSign Inc. 4.63%, 05/01/23 (Call 05/31/19)(a)		12,527		12,743,091
4.75%, 07/15/27 (Call 07/15/22)		10,250		10,449,176
5.25%, 04/01/25 (Call 01/01/25)(a)		9,199		9,764,007
Zayo Group LLC/Zayo Capital Inc. 5.75%, 01/15/27 (Call 01/15/22)(a)(b)		32,865		33,357,975
6.00%, 04/01/23 (Call 05/31/19)		29,104		29,600,028
6.38%, 05/15/25 (Call 05/15/20)(a)		17,752		18,099,181
				339,261,677
Iron & Steel — 0.8%
AK Steel Corp., 7.63%, 10/01/21 (Call 05/31/19)		8,724		8,702,693
Allegheny Technologies Inc. 5.95%, 01/15/21 (Call 10/15/20)		9,541		9,784,991
7.88%, 08/15/23 (Call 05/15/23)		11,675		12,634,802
Cleveland-Cliffs Inc. 4.88%, 01/15/24 (Call 01/15/21)(a)(b)		7,746		7,817,005
5.75%, 03/01/25 (Call 03/01/20)(a)		22,582		22,473,607
5.88%, 06/01/27(b)		12,600		12,143,250
Steel Dynamics Inc. 5.00%, 12/15/26 (Call 12/15/21)(a)		8,097		8,360,785
5.13%, 10/01/21 (Call 05/31/19)(a)		12,766		12,852,968
5.25%, 04/15/23 (Call 05/31/19)		8,359		8,499,536
5.50%, 10/01/24 (Call 10/01/19)(a)		9,611		9,933,296

Security	Par (000)		Value
Iron & Steel (continued)
U.S. Steel Corp. 6.25%, 03/15/26 (Call 03/15/21)(a)	$	12,550	$	11,263,625
6.88%, 08/15/25 (Call 08/15/20)(a)		15,474		14,529,068
				138,995,626
Leisure Time — 0.3%
Sabre GLBL Inc. 5.25%, 11/15/23 (Call 05/31/19)(b)		10,181		10,392,892
5.38%, 04/15/23 (Call 05/31/19)(a)(b)		10,824		11,056,039
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)(b)		15,430		15,359,601
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)(b)		12,399		12,312,982
				49,121,514
Lodging — 2.2%
Boyd Gaming Corp. 6.00%, 08/15/26 (Call 08/15/21)(a)		14,207		14,762,849
6.38%, 04/01/26 (Call 04/01/21)(a)		14,941		15,731,827
6.88%, 05/15/23 (Call 05/16/19)		14,465		14,993,529
Diamond Resorts International Inc. 7.75%, 09/01/23 (Call 09/01/19)(a)(b)		9,211		9,176,459
10.75%, 09/01/24 (Call 09/01/19)(a)(b)		11,900		11,334,750
Hilton Domestic Operating Co. Inc. 4.25%, 09/01/24 (Call 09/01/19)(a)		19,784		19,823,073
5.13%, 05/01/26 (Call 05/01/21)(a)(b)		31,157		31,900,225
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.63%, 04/01/25 (Call 04/01/20)		17,759		17,942,150
4.88%, 04/01/27 (Call 04/01/22)(a)		11,479		11,663,316
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.75%, 11/15/21 (Call 05/31/19)(b)		16,175		16,697,655
MGM Resorts International 4.63%, 09/01/26 (Call 06/01/26)(a)		9,423		9,314,557
5.50%, 04/15/27 (Call 01/15/27)		9,720		10,006,242
5.75%, 06/15/25 (Call 03/15/25)(a)		19,606		20,733,345
6.00%, 03/15/23(a)		26,550		28,340,466
6.63%, 12/15/21(a)		25,860		27,738,605
7.75%, 03/15/22		21,515		23,859,520
Wyndham Destinations Inc. 3.90%, 03/01/23 (Call 12/01/22)		6,954		6,863,689
4.25%, 03/01/22 (Call 12/01/21)		13,511		13,537,601
5.75%, 04/01/27 (Call 01/01/27)		7,822		7,881,291
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/23 (Call 02/28/23)(b)		8,960		8,894,279
5.25%, 05/15/27 (Call 02/15/27)(b)		18,160		17,706,000
5.50%, 03/01/25 (Call 12/01/24)(b)		34,660		35,006,600
				373,908,028
Machinery — 0.1%
Vertiv Group Corp., 9.25%, 10/15/24 (Call 10/15/19)(a)(b)		15,155		14,814,013
Media — 11.0%
Altice Financing SA 6.63%, 02/15/23 (Call 05/31/19)(a)(b)		41,133		42,161,325
7.50%, 05/15/26 (Call 05/15/21)(b)		54,075		54,886,125
Altice Finco SA, 8.13%, 01/15/24 (Call 05/31/19)(b)		6,994		7,224,802
Altice Luxembourg SA 7.63%, 02/15/25 (Call 02/15/20)(b)		28,094		26,338,125
7.75%, 05/15/22 (Call 05/31/19)(a)(b)		57,224		58,296,950

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
AMC Networks Inc. 4.75%, 12/15/22 (Call 05/31/19)(a)	$	13,264	$	13,417,047
4.75%, 08/01/25 (Call 08/01/21)(a)		16,776		16,685,242
5.00%, 04/01/24 (Call 04/01/20)(a)		21,109		21,399,249
Cablevision Systems Corp. 5.88%, 09/15/22(a)		15,555		16,218,939
8.00%, 04/15/20(a)		3,224		3,356,990
CCO Holdings LLC/CCO Holdings Capital Corp. 4.00%, 03/01/23 (Call 11/01/19)(a)(b)		8,494		8,509,884
5.00%, 02/01/28 (Call 08/01/22)(a)(b)		50,321		50,321,000
5.13%, 02/15/23 (Call 05/31/19)(a)		17,514		17,809,051
5.13%, 05/01/23 (Call 05/31/19)(a)(b)		22,537		23,100,425
5.13%, 05/01/27 (Call 05/01/22)(b)		62,732		63,672,980
5.25%, 03/15/21 (Call 05/31/19)		5,570		5,593,499
5.25%, 09/30/22 (Call 05/31/19)		19,550		19,858,738
5.38%, 05/01/25 (Call 05/01/20)(a)(b)		16,119		16,683,165
5.50%, 05/01/26 (Call 05/01/21)(a)(b)		30,845		31,909,152
5.75%, 09/01/23 (Call 05/31/19)		7,917		8,088,535
5.75%, 01/15/24 (Call 05/31/19)(a)		18,256		18,723,810
5.75%, 02/15/26 (Call 02/15/21)(b)		50,562		52,812,009
5.88%, 04/01/24 (Call 05/31/19)(a)(b)		31,051		32,415,381
5.88%, 05/01/27 (Call 05/01/21)(a)(b)		14,927		15,544,294
Clear Channel Worldwide Holdings Inc. 9.25%, 02/15/24 (Call 02/15/21)(b)		45,635		49,114,669
6.50%, 11/15/22 (Call 05/31/19)(a)		45,244		46,267,537
CSC Holdings LLC 5.13%, 12/15/21 (Call 05/13/19)(b)		21,920		21,960,477
5.25%, 06/01/24		14,156		14,463,303
5.38%, 07/15/23 (Call 05/13/19)(a)(b)		21,450		21,941,906
5.38%, 02/01/28 (Call 02/01/23)(a)(b)		19,041		19,387,605
5.50%, 05/15/26 (Call 05/15/21)(a)(b)		28,644		29,503,320
5.50%, 04/15/27 (Call 04/15/22)(a)(b)		25,073		25,805,470
6.50%, 02/01/29 (Call 02/01/24)(a)(b)		33,188		35,552,645
6.63%, 10/15/25 (Call 10/15/20)(a)(b)		18,965		20,150,312
6.75%, 11/15/21(a)		19,323		20,675,610
7.50%, 04/01/28 (Call 04/01/23)(b)		20,826		22,711,644
7.75%, 07/15/25 (Call 07/15/20)(a)(b)		11,924		12,799,669
10.88%, 10/15/25 (Call 10/15/20)(b)		32,928		37,908,360
DISH DBS Corp. 5.00%, 03/15/23(a)		29,145		26,718,119
5.13%, 05/01/20(a)		14,410		14,517,729
5.88%, 07/15/22(a)		38,960		37,940,027
5.88%, 11/15/24(a)		40,311		34,796,580
6.75%, 06/01/21(a)		38,254		39,494,864
7.75%, 07/01/26(a)		39,695		35,527,025
Gray Television Inc. 5.13%, 10/15/24 (Call 10/15/19)(a)(b)		12,583		12,803,203
5.88%, 07/15/26 (Call 07/15/21)(a)(b)		13,493		13,906,291
7.00%, 05/15/27 (Call 05/15/22)(b)		15,162		16,379,698
Meredith Corp., 6.88%, 02/01/26 (Call 02/01/21)(a)		26,283		27,397,680
Nexstar Broadcasting Inc. 5.63%, 08/01/24 (Call 08/01/19)(a)(b)		18,226		18,503,035
5.88%, 11/15/22 (Call 05/13/19)		8,652		8,869,112
Quebecor Media Inc., 5.75%, 01/15/23(a)		16,792		17,575,088
Sinclair Television Group Inc. 5.13%, 02/15/27 (Call 08/15/21)(a)(b)		8,679		8,387,779
5.38%, 04/01/21 (Call 05/16/19)(a)		8,820		8,839,492
5.63%, 08/01/24 (Call 08/01/19)(a)(b)		9,574		9,659,592
6.13%, 10/01/22 (Call 05/16/19)(a)		8,392		8,549,350

Security	Par (000)		Value
Media (continued)
Sirius XM Radio Inc. 3.88%, 08/01/22 (Call 08/01/20)(b)	$	20,768	$	20,793,960
4.63%, 05/15/23 (Call 05/31/19)(a)(b)		10,318		10,408,283
5.00%, 08/01/27 (Call 08/01/22)(a)(b)		30,517		30,756,558
5.38%, 04/15/25 (Call 04/15/20)(b)		20,100		20,689,181
5.38%, 07/15/26 (Call 07/15/21)(a)(b)		18,873		19,415,599
6.00%, 07/15/24 (Call 07/15/19)(a)(b)		29,043		30,059,505
TEGNA Inc. 5.13%, 07/15/20 (Call 05/31/19)(a)		6,573		6,614,081
6.38%, 10/15/23 (Call 05/31/19)(a)		14,340		14,837,741
Telenet Finance Luxembourg Note, 5.50%, 03/01/28 (Call 12/01/22)(b)		15,600		15,486,852
Tribune Media Co., 5.88%, 07/15/22 (Call 05/13/19)		22,639		23,040,842
Unitymedia GmbH, 6.13%, 01/15/25 (Call 01/15/20)(b)		18,303		18,996,206
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.00%, 01/15/25 (Call 01/15/20)(b)		10,329		10,584,742
Univision Communications Inc. 5.13%, 05/15/23 (Call 05/31/19)(a)(b)		24,592		23,673,238
5.13%, 02/15/25 (Call 02/15/20)(a)(b)		29,095		27,323,033
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(b)		9,917		10,024,434
UPCB Finance IV Ltd., 5.38%, 01/15/25 (Call 01/15/20)(b)		22,058		22,547,688
Viacom Inc. 5.88%, 02/28/57 (Call 02/28/22)(a)(c)		11,978		12,082,808
6.25%, 02/28/57 (Call 02/28/27)(c)		11,994		12,325,034
Videotron Ltd. 5.00%, 07/15/22(a)		15,280		15,843,016
5.13%, 04/15/27 (Call 04/15/22)(a)(b)		12,374		12,624,231
5.38%, 06/15/24 (Call 03/15/24)(a)(b)		11,352		11,929,989
Virgin Media Finance PLC 5.75%, 01/15/25 (Call 01/15/20)(a)(b)		2,132		2,177,305
6.00%, 10/15/24 (Call 10/15/19)(a)(b)		8,778		9,087,150
Virgin Media Secured Finance PLC 5.25%, 01/15/21		7,351		7,571,989
5.25%, 01/15/26 (Call 01/15/20)(a)(b)		17,618		17,930,720
5.50%, 01/15/25 (Call 05/15/19)(a)(b)		8,073		8,234,072
5.50%, 08/15/26 (Call 08/15/21)(a)(b)		13,554		13,893,257
Ziggo Bond Co. BV 5.88%, 01/15/25 (Call 01/15/20)(a)(b)		7,328		7,325,710
6.00%, 01/15/27 (Call 01/15/22)(a)(b)		12,355		12,143,199
Ziggo BV, 5.50%, 01/15/27 (Call 01/15/22)(b)		38,760		38,663,100
				1,830,217,431
Metal Fabricate & Hardware — 0.3%
Novelis Corp. 5.88%, 09/30/26 (Call 09/30/21)(a)(b)		29,811		30,295,429
6.25%, 08/15/24 (Call 08/15/19)(a)(b)		22,962		23,958,601
				54,254,030
Mining — 1.4%
Alcoa Nederland Holding BV 6.13%, 05/15/28 (Call 05/15/23)(a)(b)		9,728		10,106,311
6.75%, 09/30/24 (Call 09/30/19)(a)(b)		13,972		14,759,957
7.00%, 09/30/26 (Call 09/30/21)(a)(b)		10,508		11,329,876
Constellium NV 5.75%, 05/15/24 (Call 05/31/19)(a)(b)		7,060		7,230,390
5.88%, 02/15/26 (Call 11/15/20)(a)(b)		10,487		10,693,463
6.63%, 03/01/25 (Call 03/01/20)(a)(b)		11,970		12,466,969

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
FMG Resources August 2006 Pty Ltd. 4.75%, 05/15/22 (Call 02/15/22)(a)(b)	$	16,228	$	16,398,850
5.13%, 03/15/23 (Call 12/15/22)(a)(b)		10,685		10,903,481
5.13%, 05/15/24 (Call 02/15/24)(a)(b)		15,149		15,352,631
Freeport-McMoRan Inc. 3.55%, 03/01/22 (Call 12/01/21)(a)		38,093		37,746,700
3.88%, 03/15/23 (Call 12/15/22)(a)		37,493		37,118,070
4.00%, 11/14/21(a)		10,780		10,887,800
4.55%, 11/14/24 (Call 08/14/24)(a)		17,248		17,140,200
6.88%, 02/15/23 (Call 02/15/20)(a)		14,073		14,875,286
				227,009,984
Office & Business Equipment — 0.6%
CDW LLC/CDW Finance Corp. 5.00%, 09/01/23 (Call 05/31/19)(a)		10,834		11,066,479
5.00%, 09/01/25 (Call 03/01/20)(a)		12,920		13,268,840
5.50%, 12/01/24 (Call 06/01/24)		11,906		12,596,548
Pitney Bowes Inc. 3.88%, 10/01/21 (Call 09/01/21)		13,030		12,909,881
4.38%, 05/15/22 (Call 04/15/22)		7,632		7,517,520
4.63%, 03/15/24 (Call 12/15/23)(a)		8,030		7,539,753
4.70%, 04/01/23 (Call 03/01/23)(a)		8,563		8,303,969
Xerox Corp. 4.13%, 03/15/23 (Call 02/15/23)(a)		15,270		15,231,825
4.50%, 05/15/21		3,772		3,824,505
				92,259,320
Oil & Gas — 8.3%
Antero Resources Corp. 5.00%, 03/01/25 (Call 03/01/20)(a)		12,719		12,558,486
5.13%, 12/01/22 (Call 05/31/19)(a)		23,103		23,187,012
5.38%, 11/01/21 (Call 05/31/19)		21,046		21,203,845
5.63%, 06/01/23 (Call 05/31/19)(a)		15,477		15,650,714
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/26 (Call 11/01/21)(b)		12,635		12,347,328
10.00%, 04/01/22 (Call 04/01/20)(a)(b)		18,310		20,049,316
California Resources Corp., 8.00%, 12/15/22 (Call 05/31/19)(a)(b)		42,161		32,042,360
Callon Petroleum Co. 6.13%, 10/01/24 (Call 10/01/19)(a)		11,098		11,395,415
6.38%, 07/01/26 (Call 07/01/21)(a)		8,218		8,417,061
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21 (Call 05/31/19)(a)		18,776		18,165,780
Chesapeake Energy Corp. 4.88%, 04/15/22 (Call 05/31/19)(a)		7,421		7,329,856
7.00%, 10/01/24 (Call 04/01/21)(a)		16,652		16,513,580
7.50%, 10/01/26 (Call 10/01/21)(a)		7,984		7,809,934
8.00%, 01/15/25 (Call 01/15/20)(a)		25,939		26,263,237
8.00%, 03/15/26 (Call 03/15/22)(a)(b)		16,626		16,812,983
8.00%, 06/15/27 (Call 06/15/22)(a)		25,121		24,625,551
CNX Resources Corp. 5.88%, 04/15/22 (Call 05/31/19)		15,860		15,820,350
7.25%, 03/14/27 (Call 03/14/22)(b)		9,718		9,351,631
Continental Resources Inc./OK 4.50%, 04/15/23 (Call 01/15/23)		3,437		3,551,922
5.00%, 09/15/22 (Call 05/31/19)		3,123		3,148,515
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/20)(a)(b)		24,787		24,490,994

Security	Par (000)		Value
Oil & Gas (continued)
Denbury Resources Inc. 7.50%, 02/15/24 (Call 08/15/20)(a)(b)	$	8,726	$	8,075,835
9.00%, 05/15/21 (Call 05/31/19)(a)(b)		12,005		12,185,075
9.25%, 03/31/22 (Call 05/31/19)(a)(b)		8,531		8,654,454
Diamond Offshore Drilling Inc., 7.88%, 08/15/25 (Call 05/15/25)(a)		10,233		9,999,560
Diamondback Energy Inc. 4.75%, 11/01/24 (Call 11/01/19)(a)(b)		350		358,313
4.75%, 11/01/24 (Call 11/01/19)(a)		13,106		13,417,267
5.38%, 05/31/25 (Call 05/31/20)		15,962		16,681,447
Endeavor Energy Resources LP/EER Finance Inc. 5.50%, 01/30/26 (Call 01/30/21)(b)		10,345		10,848,624
5.75%, 01/30/28 (Call 01/30/23)(b)		11,289		12,078,373
Ensco Rowan PLC 4.50%, 10/01/24 (Call 07/01/24)		12,195		9,771,244
5.20%, 03/15/25 (Call 12/15/24)(a)		12,167		9,802,222
7.75%, 02/01/26 (Call 11/01/25)(a)		20,571		17,793,915
EP Energy LLC/Everest Acquisition Finance Inc. 7.75%, 05/15/26 (Call 05/15/21)(a)(b)		20,621		18,378,466
8.00%, 11/29/24 (Call 11/30/19)(a)(b)		11,232		7,555,276
8.00%, 02/15/25 (Call 02/15/20)(a)(b)		11,110		3,944,050
9.38%, 05/01/24 (Call 05/01/20)(a)(b)		11,515		4,162,673
Extraction Oil & Gas Inc. 5.63%, 02/01/26 (Call 02/01/21)(a)(b)		14,786		12,124,520
7.38%, 05/15/24 (Call 05/15/20)(a)(b)		7,998		7,261,518
Gulfport Energy Corp. 6.00%, 10/15/24 (Call 10/15/19)(a)		13,530		11,899,377
6.38%, 05/15/25 (Call 05/15/20)(a)		11,809		10,418,122
6.38%, 01/15/26 (Call 01/15/21)		8,313		7,189,447
Hilcorp Energy I LP/Hilcorp Finance Co. 5.00%, 12/01/24 (Call 06/01/19)(a)(b)		9,999		9,902,010
5.75%, 10/01/25 (Call 04/01/20)(b)		9,358		9,420,362
6.25%, 11/01/28 (Call 11/01/23)(a)(b)		11,600		11,804,458
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)		21,227		21,394,163
MEG Energy Corp. 6.38%, 01/30/23 (Call 05/31/19)(a)(b)		15,569		14,673,782
6.50%, 01/15/25 (Call 01/15/20)(b)		14,418		14,534,395
7.00%, 03/31/24 (Call 05/31/19)(a)(b)		20,434		19,418,635
Moss Creek Resources Holdings Inc., 10.50%, 05/15/27 (Call 05/15/22)(b)		3,155		3,233,875
Murphy Oil Corp. 4.00%, 06/01/22 (Call 03/01/22)		10,095		10,084,748
4.45%, 12/01/22 (Call 09/01/22)		12,227		12,153,271
5.75%, 08/15/25 (Call 08/15/20)(a)		11,165		11,465,311
6.88%, 08/15/24 (Call 08/15/19)(a)		11,703		12,275,553
Nabors Industries Inc. 4.63%, 09/15/21		13,059		13,010,029
5.00%, 09/15/20(a)		13,723		13,912,081
5.50%, 01/15/23 (Call 11/15/22)(a)		11,697		11,195,074
5.75%, 02/01/25 (Call 11/01/24)(a)		15,621		14,215,110
Noble Holding International Ltd. 7.88%, 02/01/26 (Call 02/01/21)(a)(b)		14,095		13,555,021
7.95%, 04/01/25 (Call 01/01/25)(a)		8,609		7,575,920
Oasis Petroleum Inc. 6.25%, 05/01/26 (Call 05/01/21)(a)(b)		8,343		8,122,993
6.88%, 03/15/22 (Call 05/31/19)		18,556		18,625,585
Pacific Drilling SA, 8.38%, 10/01/23 (Call 10/01/20)(b)		15,249		15,706,470

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Parsley Energy LLC/Parsley Finance Corp. 5.25%, 08/15/25 (Call 08/15/20)(b)	$	8,071	$	8,176,544
5.38%, 01/15/25 (Call 01/15/20)(a)(b)		12,000		12,181,250
5.63%, 10/15/27 (Call 10/15/22)(a)(b)		14,154		14,554,735
6.25%, 06/01/24 (Call 06/01/19)(b)		7,358		7,645,039
PBF Holding Co. LLC/PBF Finance Corp. 7.00%, 11/15/23 (Call 05/31/19)(a)		9,912		10,196,970
7.25%, 06/15/25 (Call 06/15/20)(a)		14,123		14,581,997
PDC Energy Inc. 5.75%, 05/15/26 (Call 05/15/21)(a)		12,371		12,360,924
6.13%, 09/15/24 (Call 09/15/19)(a)		7,264		7,354,800
Precision Drilling Corp., 7.13%, 01/15/26 (Call 11/15/20)(a)(b)		8,418		8,491,657
Puma International Financing SA 5.00%, 01/24/26 (Call 01/24/21)(b)		10,402		9,014,535
5.13%, 10/06/24 (Call 10/06/20)(b)		9,569		8,676,512
QEP Resources Inc. 5.25%, 05/01/23 (Call 02/01/23)		12,328		12,046,382
5.38%, 10/01/22 (Call 07/01/22)(a)		10,865		10,674,862
5.63%, 03/01/26 (Call 12/01/25)(a)		8,778		8,196,457
Range Resources Corp. 4.88%, 05/15/25 (Call 02/15/25)(a)		14,502		13,359,967
5.00%, 08/15/22 (Call 05/15/22)(a)		12,362		12,248,314
5.00%, 03/15/23 (Call 12/15/22)(a)		13,945		13,622,441
5.75%, 06/01/21 (Call 03/01/21)(a)		8,749		8,989,597
Rowan Companies Inc. 4.88%, 06/01/22 (Call 03/01/22)		12,350		11,964,062
7.38%, 06/15/25 (Call 03/15/25)(a)		9,684		8,588,497
Sable Permian Resources Land LLC/AEPB Finance Corp. 7.13%, 11/01/20 (Call 05/31/19)(a)(b)		6,261		1,576,256
7.38%, 11/01/21 (Call 05/31/19)(a)(b)		5,232		1,300,370
13.00%, 11/30/20 (Call 05/31/19)(b)		9,480		9,243,000
Sanchez Energy Corp. 6.13%, 01/15/23 (Call 05/31/19)		12,330		1,649,138
7.25%, 02/15/23 (Call 02/15/20)(a)(b)		6,479		5,458,557
7.75%, 06/15/21 (Call 05/31/19)		5,190		684,613
Seven Generations Energy Ltd. 5.38%, 09/30/25 (Call 09/30/20)(a)(b)		12,856		12,550,670
6.75%, 05/01/23 (Call 05/31/19)(a)(b)		7,764		7,977,164
6.88%, 06/30/23 (Call 05/31/19)(b)		8,712		8,947,950
SM Energy Co. 5.00%, 01/15/24 (Call 05/31/19)(a)		9,155		8,577,091
5.63%, 06/01/25 (Call 06/01/20)(a)		9,568		8,976,269
6.13%, 11/15/22 (Call 05/31/19)		8,787		8,877,506
6.63%, 01/15/27 (Call 01/15/22)(a)		9,527		9,014,695
6.75%, 09/15/26 (Call 09/15/21)(a)		10,559		10,103,643
Southwestern Energy Co. 6.20%, 01/23/25 (Call 10/23/24)(a)		17,472		17,177,247
7.50%, 04/01/26 (Call 04/01/21)		13,185		13,379,204
7.75%, 10/01/27 (Call 10/01/22)(a)		9,767		9,913,505
Sunoco LP/Sunoco Finance Corp. 4.88%, 01/15/23 (Call 01/15/20)(a)		22,813		23,183,711
5.50%, 02/15/26 (Call 02/15/21)		15,598		15,866,465
6.00%, 04/15/27 (Call 04/15/22)(a)(b)		9,411		9,757,050
Series WI, 5.88%, 03/15/28 (Call 03/15/23)(a)		7,298		7,480,450
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(a)(b)		13,760		14,140,843

Security	Par (000)		Value
Oil & Gas (continued)
Transocean Inc. 7.25%, 11/01/25 (Call 11/01/21)(b)	$	13,955	$	13,815,450
7.50%, 01/15/26 (Call 01/15/21)(a)(b)		16,217		15,973,745
9.00%, 07/15/23 (Call 07/15/20)(b)		20,710		22,159,700
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(b)		10,080		10,382,724
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a)(b)		10,310		10,980,150
Whiting Petroleum Corp. 5.75%, 03/15/21 (Call 12/15/20)(a)		17,515		17,947,620
6.25%, 04/01/23 (Call 01/01/23)(a)		8,042		8,237,773
6.63%, 01/15/26 (Call 10/15/25)(a)		18,927		18,885,645
WPX Energy Inc. 5.25%, 09/15/24 (Call 06/15/24)		12,375		12,777,187
5.75%, 06/01/26 (Call 06/01/21)		9,086		9,401,364
6.00%, 01/15/22 (Call 10/15/21)		10,892		11,341,731
8.25%, 08/01/23 (Call 06/01/23)(a)		8,925		10,202,856
				1,390,481,378
Oil & Gas Services — 0.8%
KCA Deutag UK Finance PLC 9.63%, 04/01/23 (Call 04/01/20)(b)		7,615		6,518,559
9.88%, 04/01/22 (Call 04/01/20)(a)(b)		10,668		9,281,160
SESI LLC 7.13%, 12/15/21 (Call 05/31/19)(a)		15,559		13,225,150
7.75%, 09/15/24 (Call 09/15/20)(a)		9,883		7,288,713
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)(a)(b)		7,157		7,577,738
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)(a)(b)		7,250		7,472,237
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 04/01/26 (Call 04/01/21)(a)		11,228		11,810,509
6.88%, 09/01/27 (Call 09/01/22)(b)		15,891		16,725,277
Weatherford International LLC, 9.88%, 03/01/25 (Call 12/01/24)(a)		10,791		7,540,211
Weatherford International Ltd. 4.50%, 04/15/22 (Call 01/15/22)(a)		12,123		8,429,814
7.75%, 06/15/21 (Call 05/15/21)(a)		12,415		10,925,200
8.25%, 06/15/23 (Call 03/15/23)(a)		16,100		11,276,289
9.88%, 02/15/24 (Call 11/15/23)(a)		15,905		11,187,464
				129,258,321
Packaging & Containers — 3.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 4.25%, 09/15/22 (Call 05/13/19)(a)(b)		13,967		14,019,376
4.63%, 05/15/23 (Call 05/31/19)(a)(b)		19,664		19,812,300
6.00%, 02/15/25 (Call 02/15/20)(a)(b)		33,775		34,064,945
7.25%, 05/15/24 (Call 05/31/19)(b)		33,813		35,708,219
Ball Corp. 4.00%, 11/15/23(a)		18,797		18,937,978
4.38%, 12/15/20(a)		14,657		14,931,819
4.88%, 03/15/26 (Call 12/15/25)(a)		15,683		16,240,482
5.00%, 03/15/22(a)		15,309		15,936,011
5.25%, 07/01/25(a)		21,183		22,516,103
Berry Global Inc. 4.50%, 02/15/26 (Call 02/15/21)(a)(b)		10,859		10,533,230
5.13%, 07/15/23 (Call 05/31/19)(a)		15,826		16,085,255
5.50%, 05/15/22 (Call 05/31/19)(a)		10,906		11,053,079
6.00%, 10/15/22 (Call 05/31/19)		6,228		6,422,746

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Packaging & Containers (continued)
BWAY Holding Co. 5.50%, 04/15/24 (Call 04/15/20)(b)	$	28,080	$	27,887,652
7.25%, 04/15/25 (Call 04/15/20)(a)(b)		27,264		26,567,348
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23(a)		22,616		23,096,816
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(a)		8,404		8,201,779
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21)		16,877		17,142,021
Flex Acquisition Co. Inc. 6.88%, 01/15/25 (Call 01/15/20)(a)(b)		11,473		10,777,449
7.88%, 07/15/26 (Call 07/15/21)(b)		9,340		8,740,512
Owens-Brockway Glass Container Inc. 5.00%, 01/15/22(b)		9,836		10,067,044
5.88%, 08/15/23(b)		14,799		15,524,235
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.13%, 07/15/23 (Call 07/15/19)(a)(b)		33,100		33,637,875
5.75%, 10/15/20 (Call 05/31/19)(a)		38,718		38,829,651
7.00%, 07/15/24 (Call 07/15/19)(a)(b)		16,927		17,498,286
Sealed Air Corp. 4.88%, 12/01/22 (Call 09/01/22)(a)(b)		8,071		8,343,008
5.13%, 12/01/24 (Call 09/01/24)(b)		7,921		8,228,891
5.25%, 04/01/23 (Call 01/01/23)(a)(b)		9,575		9,977,227
5.50%, 09/15/25 (Call 06/15/25)(a)(b)		7,782		8,193,595
6.50%, 12/01/20 (Call 09/01/20)(b)		5,201		5,424,597
				514,399,529
Pharmaceuticals — 4.0%
Bausch Health Americas Inc. 8.50%, 01/31/27 (Call 07/31/22)(a)(b)		29,314		31,987,375
9.25%, 04/01/26 (Call 04/01/22)(a)(b)		30,116		33,466,405
Bausch Health Companies Inc. 5.50%, 03/01/23 (Call 05/31/19)(b)		16,826		16,920,121
5.50%, 11/01/25 (Call 11/01/20)(b)		35,504		36,480,360
5.75%, 08/15/27 (Call 08/15/22)(b)		7,630		7,959,998
5.88%, 05/15/23 (Call 05/31/19)(a)(b)		53,304		53,714,441
6.13%, 04/15/25 (Call 04/15/20)(a)(b)		64,307		65,067,295
6.50%, 03/15/22 (Call 05/31/19)(a)(b)		20,913		21,644,955
7.00%, 03/15/24 (Call 03/15/20)(a)(b)		40,203		42,363,911
9.00%, 12/15/25 (Call 12/15/21)(a)(b)		30,541		33,820,340
Elanco Animal Health Inc. 3.91%, 08/27/21(a)(b)		7,457		7,590,827
4.27%, 08/28/23 (Call 07/28/23)(a)(b)		13,996		14,540,261
4.90%, 08/28/28 (Call 05/28/28)(a)(b)		15,885		16,894,624
Endo Dac/Endo Finance LLC/Endo Finco Inc. 6.00%, 07/15/23 (Call 05/31/19)(a)(b)		26,139		21,265,167
6.00%, 02/01/25 (Call 02/01/20)(a)(b)		23,077		17,567,366
Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(b)		28,945		30,039,891
Teva Pharmaceutical Finance Netherlands III BV 2.20%, 07/21/21(a)		59,825		57,405,079
2.80%, 07/21/23(a)		60,160		54,614,776
3.15%, 10/01/26(a)		69,879		58,785,709
6.00%, 04/15/24 (Call 01/15/24)(a)		25,303		25,872,317
6.75%, 03/01/28 (Call 12/01/27)(a)		23,338		24,067,312
				672,068,530

Security	Par (000)		Value
Pipelines — 3.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.38%, 09/15/24 (Call 09/15/19)(a)	$	13,630	$	13,900,044
5.75%, 03/01/27 (Call 03/01/22)(a)(b)		13,396		13,674,637
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 05/31/19)(b)		18,586		18,864,790
Buckeye Partners LP, 6.38%, 01/22/78 (Call 01/22/23)(a)(c)		7,414		6,775,867
Cheniere Corpus Christi Holdings LLC 5.13%, 06/30/27 (Call 01/01/27)(a)		29,490		30,743,325
5.88%, 03/31/25 (Call 10/02/24)(a)		30,099		32,508,262
7.00%, 06/30/24 (Call 01/01/24)(a)		25,179		28,231,954
Cheniere Energy Partners LP 5.25%, 10/01/25 (Call 10/01/20)(a)		30,841		31,534,923
5.63%, 10/01/26 (Call 10/01/21)(b)		23,331		24,099,990
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.63%, 05/01/27 (Call 05/01/22)(b)		12,045		11,999,831
5.75%, 04/01/25 (Call 04/01/20)(a)		11,116		11,382,409
6.25%, 04/01/23 (Call 05/16/19)(a)		14,126		14,514,465
DCP Midstream Operating LP 3.88%, 03/15/23 (Call 12/15/22)		9,477		9,490,742
4.75%, 09/30/21 (Call 06/30/21)(a)(b)		11,036		11,265,629
5.38%, 07/15/25 (Call 04/15/25)(a)		17,605		18,485,030
5.85%, 05/21/43 (Call 05/21/23)(b)(c)		10,035		9,350,022
Energy Transfer Operating LP 4.25%, 03/15/23 (Call 12/15/22)		4,553		4,668,166
5.50%, 06/01/27 (Call 03/01/27)		3,684		4,002,747
5.88%, 01/15/24 (Call 10/15/23)		3,161		3,450,454
7.50%, 10/15/20		4,266		4,537,191
EnLink Midstream LLC, 5.38%, 06/01/29 (Call 03/01/29)		10,055		10,093,108
EnLink Midstream Partners LP 4.15%, 06/01/25 (Call 03/01/25)		14,548		14,045,847
4.40%, 04/01/24 (Call 01/01/24)(a)		11,051		10,995,745
4.85%, 07/15/26 (Call 04/15/26)		10,349		10,265,794
Genesis Energy LP/Genesis Energy Finance Corp. 6.00%, 05/15/23 (Call 05/31/19)		8,582		8,686,572
6.25%, 05/15/26 (Call 02/15/21)(a)		8,248		8,165,520
6.50%, 10/01/25 (Call 10/01/20)(a)		11,442		11,495,777
6.75%, 08/01/22 (Call 05/31/19)		16,426		16,691,640
NGPL PipeCo LLC 4.38%, 08/15/22 (Call 05/15/22)(a)(b)		13,756		14,099,900
4.88%, 08/15/27 (Call 02/15/27)(a)(b)		13,716		14,161,770
NuStar Logistics LP 4.80%, 09/01/20		6,971		7,058,501
5.63%, 04/28/27 (Call 01/28/27)(a)		11,121		11,121,000
SemGroup Corp./Rose Rock Finance Corp., 5.63%, 07/15/22 (Call 05/16/19)(a)		9,303		9,221,599
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 4.75%, 10/01/23 (Call 10/01/20)(a)(b)		9,683		9,807,247
5.50%, 09/15/24 (Call 09/15/19)(a)(b)		13,675		14,138,312
5.50%, 01/15/28 (Call 01/15/23)(a)(b)		15,383		15,671,431
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.25%, 11/15/23 (Call 05/31/19)(a)		11,559		11,566,542
5.00%, 01/15/28 (Call 01/15/23)		14,598		14,323,704
5.13%, 02/01/25 (Call 02/01/20)(a)		9,395		9,605,968
5.25%, 05/01/23 (Call 05/31/19)		13,241		13,452,028

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.38%, 02/01/27 (Call 02/01/22)	$	9,553	$	9,729,363
5.88%, 04/15/26 (Call 04/15/21)		20,613		21,740,273
6.50%, 07/15/27 (Call 07/15/22)(b)		14,351		15,355,570
6.75%, 03/15/24 (Call 09/15/19)(a)		12,375		12,934,883
6.88%, 01/15/29 (Call 01/15/24)(a)(b)		14,979		16,220,385
				614,128,957
Real Estate — 0.4%
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 03/15/20)(a)(b)		21,034		21,216,588
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 05/31/19)		23,786		24,023,860
Realogy Group LLC/Realogy Co-Issuer Corp. 4.88%, 06/01/23 (Call 03/01/23)(a)(b)		9,827		9,355,255
5.25%, 12/01/21 (Call 05/31/19)(b)		10,475		10,587,752
9.38%, 04/01/27 (Call 04/01/22)(b)		7,962		8,270,129
				73,453,584
Real Estate Investment Trusts — 2.9%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)(b)		6,050		6,133,188
CBL & Associates LP 5.25%, 12/01/23 (Call 09/01/23)(a)		10,106		7,230,958
5.95%, 12/15/26 (Call 09/15/26)(a)		11,078		7,718,596
CyrusOne LP/CyrusOne Finance Corp. 5.00%, 03/15/24 (Call 03/15/20)(a)		16,031		16,449,141
5.38%, 03/15/27 (Call 03/15/22)(a)		11,020		11,435,710
Equinix Inc. 5.38%, 01/01/22 (Call 05/31/19)		12,595		12,929,555
5.38%, 04/01/23 (Call 05/31/19)(a)		18,743		19,135,666
5.38%, 05/15/27 (Call 05/15/22)(a)		26,324		27,866,586
5.75%, 01/01/25 (Call 01/01/20)		11,764		12,217,649
5.88%, 01/15/26 (Call 01/15/21)(a)		22,761		24,048,419
ESH Hospitality Inc., 5.25%, 05/01/25 (Call 05/01/20)(a)(b)		26,972		27,122,032
Iron Mountain Inc. 4.38%, 06/01/21 (Call 05/13/19)(a)(b)		9,103		9,168,664
4.88%, 09/15/27 (Call 09/15/22)(a)(b)		18,569		18,007,288
5.25%, 03/15/28 (Call 12/27/22)(a)(b)		16,944		16,689,840
5.75%, 08/15/24 (Call 05/13/19)(a)		20,291		20,392,455
6.00%, 08/15/23 (Call 05/13/19)(a)		10,988		11,303,905
iStar Inc. 4.63%, 09/15/20 (Call 06/15/20)		8,128		8,209,280
5.25%, 09/15/22 (Call 09/15/19)(a)		7,422		7,478,593
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. 4.50%, 09/01/26 (Call 06/01/26)(a)		8,938		8,826,275
5.63%, 05/01/24 (Call 02/01/24)		22,000		23,088,542
5.75%, 02/01/27 (Call 11/01/26)(a)(b)		15,030		15,784,928
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/27 (Call 10/15/22)		29,736		29,795,472
5.25%, 08/01/26 (Call 08/01/21)		8,508		8,656,890
6.38%, 03/01/24 (Call 05/31/19)(a)		9,922		10,420,919
SBA Communications Corp. 4.00%, 10/01/22 (Call 10/01/19)(a)		16,154		16,251,959
4.88%, 07/15/22 (Call 05/31/19)(a)		14,457		14,655,282
4.88%, 09/01/24 (Call 09/01/19)(a)		23,831		24,191,563
Starwood Property Trust Inc. 3.63%, 02/01/21 (Call 11/01/20)		9,891		9,861,808
4.75%, 03/15/25 (Call 09/15/24)(a)		10,316		10,341,790
5.00%, 12/15/21 (Call 09/15/21)		14,647		14,999,952

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.13%, 12/15/24 (Call 12/15/19)(a)(b)	$	9,224	$	8,301,600
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC 6.00%, 04/15/23 (Call 05/31/19)(a)(b)		9,858		9,482,164
8.25%, 10/15/23 (Call 05/31/19)(a)		18,195		16,932,722
				485,129,391
Retail — 3.3%
1011778 BC ULC/New Red Finance Inc. 4.25%, 05/15/24 (Call 05/15/20)(a)(b)		30,393		29,962,207
4.63%, 01/15/22 (Call 05/31/19)(b)		25,190		25,308,078
5.00%, 10/15/25 (Call 10/15/20)(a)(b)		55,651		55,207,534
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)(a)(b)		26,784		25,771,565
Ferrellgas LP/Ferrellgas Finance Corp. 6.50%, 05/01/21 (Call 05/31/19)(a)		5,922		5,285,385
6.75%, 01/15/22 (Call 05/31/19)(a)		7,568		6,703,986
6.75%, 06/15/23 (Call 06/15/19)(a)		8,392		7,426,920
Golden Nugget Inc. 6.75%, 10/15/24 (Call 10/15/19)(b)		26,701		27,307,334
8.75%, 10/01/25 (Call 10/01/20)(a)(b)		13,641		14,264,905
JC Penney Corp. Inc. 5.88%, 07/01/23 (Call 07/01/19)(a)(b)		9,554		8,136,824
8.63%, 03/15/25 (Call 03/15/21)(a)(b)		5,689		3,517,550
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75%, 06/01/27 (Call 06/01/22)(a)(b)		14,481		14,377,895
5.00%, 06/01/24 (Call 06/01/19)(b)		21,491		21,976,467
5.25%, 06/01/26 (Call 06/01/21)(a)(b)		21,940		22,585,957
L Brands Inc. 5.25%, 02/01/28		10,027		8,950,307
5.63%, 02/15/22(a)		19,779		20,510,823
5.63%, 10/15/23(a)		10,028		10,356,219
6.63%, 04/01/21		15,325		16,103,205
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (Call 05/31/19)(a)(b)		9,948		5,645,490
Penske Automotive Group Inc. 5.50%, 05/15/26 (Call 05/15/21)(a)		10,098		10,133,343
5.75%, 10/01/22 (Call 05/31/19)(a)		11,062		11,253,496
PetSmart Inc. 5.88%, 06/01/25 (Call 06/01/20)(a)(b)		24,370		22,176,700
7.13%, 03/15/23 (Call 05/31/19)(b)		32,711		29,034,987
8.88%, 06/01/25 (Call 06/01/20)(a)(b)		10,714		9,522,068
QVC Inc. 4.38%, 03/15/23		16,848		17,024,513
4.45%, 02/15/25 (Call 11/15/24)		11,053		11,016,551
4.85%, 04/01/24		12,832		13,202,202
5.13%, 07/02/22		10,127		10,566,250
Rite Aid Corp., 6.13%, 04/01/23 (Call 05/31/19)(a)(b)		27,898		23,713,300
Staples Inc. 7.50%, 04/15/26 (Call 04/15/22)(b)		39,775		39,799,859
10.75%, 04/15/27 (Call 04/15/22)(a)(b)		19,180		19,587,575
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/19)(a)		9,856		9,806,917
				556,236,412
Semiconductors — 0.2%
Amkor Technology Inc., 6.63%, 09/15/27 (Call 03/15/22)(a)(b)		11,089		11,324,641

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 (Call 02/15/21)(a)(b)	$	14,693	$	15,626,466
				26,951,107
Software — 2.5%
CDK Global Inc. 4.88%, 06/01/27 (Call 06/01/22)(a)		13,024		13,154,610
5.00%, 10/15/24 (Call 07/15/24)(a)		7,247		7,506,588
5.88%, 06/15/26 (Call 06/15/21)(a)		10,208		10,784,520
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/20)(a)(b)		20,505		20,351,212
First Data Corp. 5.00%, 01/15/24 (Call 05/13/19)(a)(b)		26,176		26,833,279
5.38%, 08/15/23 (Call 05/13/19)(a)(b)		19,704		20,145,370
5.75%, 01/15/24 (Call 05/13/19)(a)(b)		28,346		29,189,293
Infor U.S. Inc., 6.50%, 05/15/22 (Call 05/16/19)(a)		33,711		34,311,393
IQVIA Inc. 4.88%, 05/15/23 (Call 05/31/19)(b)		18,422		18,686,816
5.00%, 10/15/26 (Call 10/15/21)(b)		21,404		21,845,565
MSCI Inc. 4.75%, 08/01/26 (Call 08/01/21)(a)(b)		9,511		9,740,973
5.25%, 11/15/24 (Call 11/15/19)(b)		14,823		15,314,433
5.38%, 05/15/27 (Call 05/15/22)(a)(b)		11,087		11,698,620
5.75%, 08/15/25 (Call 08/15/20)(b)		15,753		16,526,866
Nuance Communications Inc., 5.63%, 12/15/26 (Call 12/15/21)		570		582,113
Open Text Corp. 5.63%, 01/15/23 (Call 05/31/19)(b)		16,972		17,403,814
5.88%, 06/01/26 (Call 06/01/21)(a)(b)		18,219		19,112,396
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 11/15/19)(a)(b)		23,938		22,322,185
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 05/31/19)(a)(b)		30,758		33,372,430
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(b)		38,563		39,478,871
Veritas U.S. Inc./Veritas Bermuda Ltd. 7.50%, 02/01/23 (Call 05/13/19)(a)(b)		7,219		7,013,388
10.50%, 02/01/24 (Call 05/13/19)(a)(b)		16,025		14,602,781
				409,977,516
Telecommunications — 10.3%
Altice France SA/France 6.25%, 05/15/24 (Call 06/13/19)(a)(b)		26,838		27,521,532
7.38%, 05/01/26 (Call 05/01/21)(b)		101,719		103,371,934
8.13%, 02/01/27 (Call 02/01/22)(b)		35,159		36,719,181
Anixter Inc., 5.13%, 10/01/21(a)		9,415		9,720,987
C&W Senior Financing DAC 6.88%, 09/15/27 (Call 09/15/22)(a)(b)		15,990		16,025,818
7.50%, 10/15/26 (Call 10/15/21)(a)(b)		7,989		8,288,587
CenturyLink Inc. 5.63%, 04/01/25 (Call 01/01/25)(a)		10,320		10,165,200
Series S, 6.45%, 06/15/21(a)		23,765		24,799,317
Series T, 5.80%, 03/15/22(a)		26,989		27,750,427
Series V, 5.63%, 04/01/20		4,039		4,109,682
Series W, 6.75%, 12/01/23(a)		14,353		15,257,918
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(a)		18,874		20,262,026
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/19)(a)(b)		12,746		11,758,567
CommScope Inc. 5.00%, 06/15/21 (Call 05/13/19)(b)		11,704		11,725,664
5.50%, 03/01/24 (Call 03/01/21)(b)		24,628		25,690,082

Security	Par (000)		Value
Telecommunications (continued)
5.50%, 06/15/24 (Call 06/15/19)(b)	$	12,462	$	12,582,726
6.00%, 03/01/26 (Call 03/01/22)(b)		29,670		31,397,218
8.25%, 03/01/27 (Call 03/01/22)(a)(b)		19,813		21,459,956
CommScope Technologies LLC 5.00%, 03/15/27 (Call 03/15/22)(a)(b)		14,187		13,325,890
6.00%, 06/15/25 (Call 06/15/20)(a)(b)		29,796		30,198,544
Frontier Communications Corp. 6.88%, 01/15/25 (Call 10/15/24)(a)		12,960		6,915,600
7.13%, 01/15/23(a)		15,704		9,775,740
7.63%, 04/15/24(a)		12,959		7,159,847
8.00%, 04/01/27 (Call 04/01/22)(b)		29,940		31,025,325
8.50%, 04/01/26 (Call 04/01/21)(a)(b)		32,824		30,968,676
8.75%, 04/15/22(a)		9,651		6,750,530
10.50%, 09/15/22 (Call 06/15/22)		44,046		32,153,580
11.00%, 09/15/25 (Call 06/15/25)		73,424		47,542,040
Hughes Satellite Systems Corp. 5.25%, 08/01/26(a)		15,034		15,127,361
6.63%, 08/01/26(a)		14,825		14,973,250
7.63%, 06/15/21		17,891		19,172,353
Inmarsat Finance PLC 4.88%, 05/15/22 (Call 05/31/19)(b)		21,030		21,249,623
6.50%, 10/01/24 (Call 10/01/19)(a)(b)		7,554		7,969,833
Intelsat Connect Finance SA, 9.50%, 02/15/23 (Call 08/15/20)(b)		23,994		22,281,095
Intelsat Jackson Holdings SA 5.50%, 08/01/23 (Call 05/31/19)		39,985		36,186,425
8.00%, 02/15/24 (Call 05/31/19)(a)(b)		25,768		26,895,350
8.50%, 10/15/24 (Call 10/15/20)(a)(b)		58,106		57,524,940
9.50%, 09/30/22(b)		9,474		10,960,234
9.75%, 07/15/25 (Call 07/15/21)(b)		29,394		30,165,592
Intelsat Luxembourg SA, 8.13%, 06/01/23 (Call 06/17/19)(a)		19,560		14,938,950
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(a)(b)(c)		10,416		11,029,584
Level 3 Financing Inc. 5.13%, 05/01/23 (Call 05/31/19)(a)		15,076		15,201,084
5.25%, 03/15/26 (Call 03/15/21)(a)		15,502		15,758,829
5.38%, 08/15/22 (Call 05/31/19)		20,228		20,303,855
5.38%, 01/15/24 (Call 05/31/19)(a)		17,550		17,788,022
5.38%, 05/01/25 (Call 05/01/20)		17,125		17,422,119
5.63%, 02/01/23 (Call 05/31/19)(a)		8,759		8,858,036
6.13%, 01/15/21 (Call 05/31/19)		7,429		7,459,180
Nokia OYJ 3.38%, 06/12/22		9,182		9,167,860
4.38%, 06/12/27		10,138		10,192,255
Qwest Corp., 6.75%, 12/01/21		18,873		20,100,334
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 09/07/22)(b)		7,800		7,731,750
Sprint Communications Inc. 6.00%, 11/15/22		45,210		45,433,695
7.00%, 08/15/20		23,651		24,549,598
11.50%, 11/15/21		17,561		20,199,704
Sprint Corp. 7.13%, 06/15/24		50,372		50,482,189
7.25%, 09/15/21		38,931		40,780,222
7.63%, 02/15/25 (Call 11/15/24)(a)		30,137		30,438,370
7.63%, 03/01/26 (Call 11/01/25)		29,843		29,843,000
7.88%, 09/15/23		83,097		86,455,507
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)(b)		30,032		30,014,404
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22(a)		20,843		21,207,752

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
T-Mobile USA Inc. 4.00%, 04/15/22 (Call 03/16/22)	$	9,706	$	9,840,089
4.50%, 02/01/26 (Call 02/01/21)		20,029		20,161,668
4.75%, 02/01/28 (Call 02/01/23)		30,182		30,358,879
5.13%, 04/15/25 (Call 04/15/20)		9,418		9,687,296
5.38%, 04/15/27 (Call 04/15/22)		11,788		12,360,210
6.00%, 03/01/23 (Call 05/13/19)		16,033		16,493,949
6.00%, 04/15/24 (Call 05/13/19)		18,757		19,570,692
6.38%, 03/01/25 (Call 09/01/19)		30,428		31,632,991
6.50%, 01/15/24 (Call 05/13/19)(a)		12,687		13,106,623
6.50%, 01/15/26 (Call 01/15/21)(a)		41,239		44,113,358
ViaSat Inc. 5.63%, 09/15/25 (Call 09/15/20)(a)(b)		6,335		6,275,170
5.63%, 04/15/27 (Call 04/15/22)(b)		11,806		12,095,121
Wind Tre SpA, 5.00%, 01/20/26 (Call 11/03/20)(b)		39,809		36,498,237
				1,714,479,232
Toys, Games & Hobbies — 0.2%
Mattel Inc., 6.75%, 12/31/25 (Call 12/31/20)(a)(b)		30,525		30,563,156
Transportation — 0.4%
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 05/31/19)(a)(b)		7,801		5,097,466
XPO Logistics Inc. 6.13%, 09/01/23 (Call 09/01/19)(a)(b)		10,559		10,780,904
6.50%, 06/15/22 (Call 05/31/19)(a)(b)		23,412		23,909,505
6.75%, 08/15/24 (Call 08/15/21)(a)(b)		20,075		20,765,150
				60,553,025
Trucking & Leasing — 0.4%
Avolon Holdings Funding Ltd. 5.13%, 10/01/23 (Call 09/01/23)(b)		11,238		11,648,861
5.25%, 05/15/24 (Call 04/15/24)(b)		8,129		8,482,205
5.50%, 01/15/23 (Call 12/15/22)(a)(b)		8,874		9,272,176
Park Aerospace Holdings Ltd. 4.50%, 03/15/23 (Call 02/15/23)(b)		10,540		10,668,272
5.25%, 08/15/22 (Call 07/15/22)(b)		18,727		19,494,807
5.50%, 02/15/24(b)		14,628		15,419,375
				74,985,696
Total Corporate Bonds & Notes — 97.9% (Cost: $16,667,607,812)				16,356,828,364

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 20.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.59%(g)(h)(i)		3,254,732	$	3,256,033,995
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(g)(h)		131,884		131,883,985
				3,387,917,980
Total Short-Term Investments — 20.3% (Cost: $ 3,386,723,843)				3,387,917,980
Total Investments in Securities — 118.2% (Cost: $ 20,054,331,655)				19,744,746,344
Other Assets, Less Liabilities — (18.2)%				(3,045,551,794	)
Net Assets — 100.0%			$	16,699,194,550

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

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

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

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

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

^(f)  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.

^(g)  Affiliate of the Fund.

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

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

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 a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. 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	$	—	$	16,356,828,364	$	—	$	16,356,828,364
Money Market Funds		3,387,917,980		—		—		3,387,917,980
	$	3,387,917,980	$	16,356,828,364	$	—	$	19,744,746,344

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

Schedule of Investments (unaudited) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.1%
Omnicom Group Inc./Omnicom Capital Inc. 3.60%, 04/15/26 (Call 01/15/26)(a)	$	13,592	$	13,577,731
3.63%, 05/01/22		2,122		2,164,043
3.65%, 11/01/24 (Call 08/01/24)		13,353		13,618,925
WPP Finance 2010, 3.75%, 09/19/24(a)		8,798		8,813,026
				38,173,725
Aerospace & Defense — 1.8%
General Dynamics Corp. 2.25%, 11/15/22 (Call 08/15/22)		10,568		10,442,150
3.38%, 05/15/23 (Call 04/15/23)		11,728		12,032,452
3.50%, 05/15/25 (Call 03/15/25)(a)		12,851		13,304,848
3.75%, 05/15/28 (Call 02/15/28)(a)		5,149		5,419,457
L3 Technologies Inc. 3.85%, 06/15/23 (Call 05/15/23)(a)		11,041		11,389,538
4.40%, 06/15/28 (Call 03/15/28)		12,565		13,247,217
Lockheed Martin Corp. 2.90%, 03/01/25 (Call 12/01/24)(a)		16,041		15,994,155
3.55%, 01/15/26 (Call 10/15/25)		21,861		22,501,167
3.80%, 03/01/45 (Call 09/01/44)(a)		12,727		12,503,865
4.07%, 12/15/42(a)		12,265		12,535,751
4.09%, 09/15/52 (Call 03/15/52)		22,762		23,036,337
4.70%, 05/15/46 (Call 11/15/45)		9,706		10,888,595
Northrop Grumman Corp. 2.55%, 10/15/22 (Call 09/15/22)(a)		14,588		14,468,542
2.93%, 01/15/25 (Call 11/15/24)(a)		17,318		17,132,850
3.20%, 02/01/27 (Call 11/01/26)(a)		7,161		7,059,755
3.25%, 08/01/23		7,206		7,292,787
3.25%, 01/15/28 (Call 10/15/27)(a)		32,146		31,611,161
4.03%, 10/15/47 (Call 04/15/47)		19,972		19,594,497
4.75%, 06/01/43(a)		12,047		13,025,553
Raytheon Co., 2.50%, 12/15/22 (Call 09/15/22)(a)		17,070		17,079,421
Rockwell Collins Inc. 2.80%, 03/15/22 (Call 02/15/22)		13,023		12,977,063
3.20%, 03/15/24 (Call 01/15/24)		7,394		7,389,641
3.50%, 03/15/27 (Call 12/15/26)		14,379		14,280,439
4.35%, 04/15/47 (Call 10/15/46)		8,302		8,252,978
United Technologies Corp. 2.65%, 11/01/26 (Call 08/01/26)		14,450		13,848,111
2.80%, 05/04/24 (Call 03/04/24)(a)		16,072		15,899,109
3.10%, 06/01/22		21,459		21,597,672
3.13%, 05/04/27 (Call 02/04/27)(a)		8,046		7,910,249
3.65%, 08/16/23 (Call 07/16/23)		22,516		23,058,131
3.75%, 11/01/46 (Call 05/01/46)		3,066		2,828,421
3.95%, 08/16/25 (Call 06/16/25)(a)		19,706		20,585,364
4.13%, 11/16/28 (Call 08/16/28)(a)		24,087		25,128,681
4.15%, 05/15/45 (Call 11/16/44)(a)		17,737		17,508,719
4.45%, 11/16/38 (Call 05/16/38)(a)		9,400		9,805,551
4.50%, 06/01/42(a)		36,369		37,726,760
4.63%, 11/16/48 (Call 05/16/48)(a)		17,310		18,330,414
5.70%, 04/15/40		15,355		17,967,854
6.13%, 07/15/38		14,342		17,536,483
				583,191,738
Agriculture — 1.7%
Altria Group Inc. 2.85%, 08/09/22		15,991		15,903,404
3.80%, 02/14/24 (Call 01/14/24)(a)		13,992		14,250,411
3.88%, 09/16/46 (Call 03/16/46)(a)		20,185		16,869,329
4.00%, 01/31/24		15,776		16,206,295

Security	Par (000)		Value
Agriculture (continued)
4.25%, 08/09/42(a)	$	12,928	$	11,399,767
4.40%, 02/14/26 (Call 12/14/25)		19,179		19,829,521
4.80%, 02/14/29 (Call 11/14/28)		36,679		38,038,665
5.38%, 01/31/44(a)		10,573		10,782,225
5.80%, 02/14/39 (Call 08/14/38)		24,770		26,514,601
5.95%, 02/14/49 (Call 08/14/48)(a)		33,440		36,127,860
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)		12,170		11,697,492
BAT Capital Corp. 2.76%, 08/15/22 (Call 07/15/22)		24,065		23,722,608
3.22%, 08/15/24 (Call 06/15/24)(a)		22,379		21,908,119
3.56%, 08/15/27 (Call 05/15/27)		39,534		37,657,617
4.39%, 08/15/37 (Call 02/15/37)(a)		29,360		26,642,162
4.54%, 08/15/47 (Call 02/15/47)(a)		30,765		27,457,249
Philip Morris International Inc. 2.38%, 08/17/22 (Call 07/17/22)		5,015		4,948,133
2.50%, 08/22/22(a)		4,538		4,496,999
2.50%, 11/02/22 (Call 10/02/22)(a)		6,873		6,801,962
2.75%, 02/25/26 (Call 11/25/25)		2,467		2,401,329
2.88%, 05/01/24		10,000		9,957,900
3.25%, 11/10/24		5,295		5,362,574
3.38%, 08/11/25 (Call 05/11/25)(a)		10,611		10,776,868
3.38%, 08/15/29		10,000		9,892,600
3.88%, 08/21/42(a)		7,591		7,082,760
4.13%, 03/04/43		4,394		4,210,040
4.25%, 11/10/44(a)		12,498		12,265,355
4.38%, 11/15/41(a)		13,755		13,701,252
4.88%, 11/15/43(a)		4,476		4,760,835
6.38%, 05/16/38(a)		22,374		28,081,487
Reynolds American Inc. 4.00%, 06/12/22		9,336		9,549,538
4.45%, 06/12/25 (Call 03/12/25)(a)		31,512		32,495,792
5.70%, 08/15/35 (Call 02/15/35)(a)		10,436		10,996,925
5.85%, 08/15/45 (Call 02/15/45)(a)		25,752		26,702,571
				559,492,245
Apparel — 0.1%
NIKE Inc. 2.38%, 11/01/26 (Call 08/01/26)(a)		16,989		16,376,351
3.88%, 11/01/45 (Call 05/01/45)(a)		14,216		14,317,522
				30,693,873
Auto Manufacturers — 1.7%
Daimler Finance North America LLC 3.65%, 02/22/24(a)(b)		11,700		11,953,476
8.50%, 01/18/31		19,439		27,981,474
Ford Motor Co. 4.35%, 12/08/26 (Call 09/08/26)(a)		17,948		17,652,852
4.75%, 01/15/43		21,833		18,527,759
5.29%, 12/08/46 (Call 06/08/46)(a)		17,972		16,450,951
7.45%, 07/16/31(a)		12,482		14,506,054
Ford Motor Credit Co. LLC 2.98%, 08/03/22 (Call 07/03/22)		4,220		4,101,255
3.10%, 05/04/23(a)		6,843		6,558,174
3.34%, 03/28/22 (Call 02/28/22)(a)		4,028		3,979,459
3.66%, 09/08/24(a)		12,384		11,878,345
3.81%, 01/09/24 (Call 11/09/23)(a)		6,308		6,162,358
3.82%, 11/02/27 (Call 08/02/27)(a)		10,770		10,032,904
4.13%, 08/04/25		18,539		18,106,061
4.14%, 02/15/23 (Call 01/15/23)(a)		10,010		10,017,713
4.25%, 09/20/22(a)		11,411		11,563,498

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
4.38%, 08/06/23(a)	$	11,566	$	11,643,918
4.39%, 01/08/26(a)		14,834		14,514,249
5.58%, 03/18/24 (Call 02/18/24)		10,000		10,514,497
General Motors Co. 4.20%, 10/01/27 (Call 07/01/27)		8,934		8,905,237
4.88%, 10/02/23(a)		6,946		7,315,736
5.00%, 10/01/28 (Call 07/01/28)(a)		13,000		13,420,198
5.00%, 04/01/35(a)		9,080		8,681,941
5.15%, 04/01/38 (Call 10/01/37)(a)		15,244		14,606,586
5.20%, 04/01/45		15,742		14,801,063
5.40%, 04/01/48 (Call 10/01/47)		10,771		10,412,856
5.95%, 04/01/49 (Call 10/01/48)(a)		14,380		14,880,310
6.25%, 10/02/43(a)		11,613		12,246,374
6.60%, 04/01/36 (Call 10/01/35)		14,701		16,137,921
6.75%, 04/01/46 (Call 10/01/45)		8,952		9,914,974
General Motors Financial Co. Inc. 3.15%, 06/30/22 (Call 05/30/22)		9,418		9,348,382
3.25%, 01/05/23 (Call 12/05/22)		2,638		2,611,685
3.45%, 01/14/22 (Call 12/14/21)(a)		14,306		14,399,653
3.45%, 04/10/22 (Call 02/10/22)		11,500		11,553,969
3.50%, 11/07/24 (Call 09/07/24)(a)		11,116		10,959,155
3.70%, 05/09/23 (Call 03/09/23)(a)		17,644		17,736,313
3.95%, 04/13/24 (Call 02/13/24)		13,385		13,529,401
4.00%, 01/15/25 (Call 10/15/24)(a)		4,117		4,141,119
4.00%, 10/06/26 (Call 07/06/26)(a)		8,139		8,063,497
4.15%, 06/19/23 (Call 05/19/23)		9,659		9,843,726
4.30%, 07/13/25 (Call 04/13/25)(a)		8,379		8,360,532
4.35%, 04/09/25 (Call 02/09/25)		7,217		7,401,295
4.35%, 01/17/27 (Call 10/17/26)		5,758		5,793,866
5.10%, 01/17/24 (Call 12/17/23)(a)		8,005		8,488,642
5.25%, 03/01/26 (Call 12/01/25)(a)		14,065		14,911,783
Toyota Motor Corp., 3.42%, 07/20/23		2,445		2,510,654
Toyota Motor Credit Corp. 2.15%, 09/08/22(a)		6,660		6,573,839
3.20%, 01/11/27(a)		11,298		11,428,298
3.45%, 09/20/23(a)		7,741		7,971,213
				533,095,215
Banks — 25.4%
Australia & New Zealand Banking Group Ltd./New York NY 2.63%, 11/09/22(a)		7,580		7,515,017
3.70%, 11/16/25(a)		12,542		12,952,266
Banco Santander SA 3.13%, 02/23/23(a)		9,887		9,854,791
3.50%, 04/11/22		12,112		12,248,680
3.80%, 02/23/28(a)		19,635		19,272,171
3.85%, 04/12/23(a)		11,875		12,092,978
4.25%, 04/11/27		14,087		14,271,581
4.38%, 04/12/28(a)		12,622		12,891,222
5.18%, 11/19/25(a)		2,498		2,652,951
Bank of America Corp. 2.50%, 10/21/22 (Call 10/21/21)(a)		15,101		14,881,212
2.82%, 07/21/23 (Call 07/21/22)(c)		5,525		5,487,094
2.88%, 04/24/23 (Call 04/24/22)(a)(c)		10,589		10,545,777
3.00%, 12/20/23 (Call 12/20/22)(c)		40,846		40,668,079
3.09%, 10/01/25 (Call 10/01/24)(c)		16,524		16,362,527
3.12%, 01/20/23 (Call 01/20/22)(c)		15,287		15,334,718
3.25%, 10/21/27 (Call 10/21/26)		25,247		24,726,546
3.30%, 01/11/23		39,261		39,691,701
3.37%, 01/23/26 (Call 01/23/25)(c)		22,165		22,178,827

Security	Par (000)		Value
Banks (continued)
3.42%, 12/20/28 (Call 12/20/27)(c)	$	56,342	$	55,300,101
3.46%, 03/15/25 (Call 03/15/24)(a)(c)		19,525		19,697,242
3.50%, 04/19/26(a)		27,279		27,516,199
3.55%, 03/05/24 (Call 03/05/23)(a)(c)		11,988		12,170,557
3.56%, 04/23/27 (Call 04/23/26)(a)(c)		9,850		9,865,859
3.59%, 07/21/28 (Call 07/21/27)(c)		20,782		20,723,355
3.71%, 04/24/28 (Call 04/24/27)(c)		23,616		23,767,294
3.82%, 01/20/28 (Call 01/20/27)(a)(c)		25,771		26,205,401
3.86%, 07/23/24 (Call 07/23/23)(c)		22,572		23,187,780
3.88%, 08/01/25		23,486		24,301,291
3.95%, 01/23/49 (Call 01/23/48)(a)(c)		11,933		11,688,835
3.97%, 03/05/29 (Call 03/05/28)(c)		24,090		24,605,552
3.97%, 02/07/30 (Call 02/07/29)(c)		27,007		27,561,381
4.00%, 04/01/24(a)		27,049		28,231,631
4.00%, 01/22/25		23,404		23,941,674
4.08%, 04/23/40 (Call 04/23/39)(c)		4,915		4,919,841
4.10%, 07/24/23(a)		21,523		22,497,600
4.13%, 01/22/24(a)		25,017		26,185,029
4.20%, 08/26/24		20,800		21,545,661
4.24%, 04/24/38 (Call 04/24/37)(c)		28,343		29,205,585
4.25%, 10/22/26		23,360		24,134,321
4.27%, 07/23/29 (Call 07/23/28)(c)		36,641		38,248,082
4.33%, 03/15/50 (Call 03/15/49)(c)		9,280		9,579,859
4.44%, 01/20/48 (Call 01/20/47)(a)(c)		28,471		29,944,724
4.45%, 03/03/26(a)		28,031		29,361,065
5.00%, 01/21/44(a)		17,872		20,246,567
5.88%, 02/07/42(a)		16,846		21,084,630
6.11%, 01/29/37(a)		25,518		30,720,000
7.75%, 05/14/38(a)		15,573		21,724,201
Series L, 3.95%, 04/21/25(a)		33,769		34,487,567
Series L, 4.18%, 11/25/27 (Call 11/25/26)(a)		21,940		22,411,346
Bank of America N.A., 6.00%, 10/15/36(a)		16,320		20,326,137
Bank of Montreal 2.35%, 09/11/22(a)		7,751		7,658,296
2.55%, 11/06/22 (Call 10/06/22)(a)		7,847		7,799,288
Series E, 3.30%, 02/05/24		19,605		19,862,010
Bank of New York Mellon Corp. (The) 2.20%, 08/16/23 (Call 06/16/23)		9,188		8,911,549
2.45%, 08/17/26 (Call 05/17/26)(a)		7,718		7,396,534
2.80%, 05/04/26 (Call 02/04/26)(a)		11,374		11,182,982
2.95%, 01/29/23 (Call 12/29/22)(a)		17,021		17,088,766
3.25%, 05/16/27 (Call 02/16/27)		13,231		13,302,191
3.30%, 08/23/29 (Call 05/23/29)(a)		9,878		9,740,703
3.40%, 01/29/28 (Call 10/29/27)		14,068		14,306,153
3.45%, 08/11/23(a)		11,127		11,379,377
3.50%, 04/28/23(a)		16,696		17,101,411
3.65%, 02/04/24 (Call 01/05/24)		10,599		10,926,246
Series G, 3.00%, 02/24/25 (Call 01/24/25)(a)		10,427		10,410,677
Bank of Nova Scotia (The) 2.45%, 09/19/22		7,124		7,082,547
2.70%, 03/07/22(a)		3,003		3,003,339
2.80%, 07/21/21(a)		10,955		10,979,714
3.40%, 02/11/24(a)		20,878		21,220,861
4.50%, 12/16/25(a)		13,736		14,403,153
Barclays PLC 3.65%, 03/16/25		18,212		17,915,611
3.68%, 01/10/23 (Call 01/10/22)(a)		9,014		9,019,230
4.34%, 05/16/24 (Call 05/16/23)(a)(c)		22,245		22,673,654
4.34%, 01/10/28 (Call 01/10/27)(a)		15,073		15,128,146
4.38%, 09/11/24		12,283		12,358,211

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.38%, 01/12/26(a)	$	34,346	$	34,920,248
4.84%, 05/09/28 (Call 05/07/27)(a)		21,173		21,232,242
4.95%, 01/10/47(a)		16,611		16,910,847
4.97%, 05/16/29 (Call 05/16/28)(c)		20,893		21,898,171
5.20%, 05/12/26(a)		30,494		31,587,143
5.25%, 08/17/45		17,288		18,340,011
BB&T Corp. 2.85%, 10/26/24 (Call 09/26/24)(a)		11,170		11,135,386
3.70%, 06/05/25 (Call 05/05/25)		14,035		14,505,571
3.75%, 12/06/23 (Call 11/06/23)		13,937		14,419,591
3.88%, 03/19/29 (Call 02/19/29)(a)		6,875		6,997,647
BNP Paribas SA 3.25%, 03/03/23		13,923		14,122,920
4.25%, 10/15/24		10,536		10,836,366
BPCE SA 2.75%, 12/02/21		1,956		1,951,498
4.00%, 04/15/24(a)		17,623		18,402,911
Branch Banking & Trust Co. 3.63%, 09/16/25 (Call 08/16/25)		21,875		22,278,132
3.80%, 10/30/26 (Call 09/30/26)		12,969		13,278,010
Canadian Imperial Bank of Commerce 2.55%, 06/16/22(a)		9,841		9,795,399
3.10%, 04/02/24		10,025		10,011,407
3.50%, 09/13/23(a)		14,871		15,217,012
Capital One N.A., 2.65%, 08/08/22 (Call 07/08/22)(a)		7,631		7,557,414
Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23)(a)		13,855		14,244,519
Citigroup Inc. 2.70%, 10/27/22 (Call 09/27/22)(a)		13,439		13,330,250
2.75%, 04/25/22 (Call 03/25/22)		10,038		9,990,110
2.88%, 07/24/23 (Call 07/24/22)(c)		27,582		27,404,317
3.14%, 01/24/23 (Call 01/24/22)(c)		17,409		17,461,848
3.20%, 10/21/26 (Call 07/21/26)(a)		38,096		37,386,180
3.30%, 04/27/25(a)		19,184		19,252,205
3.35%, 04/24/25 (Call 04/24/24)(c)		16,225		16,299,372
3.40%, 05/01/26(a)		15,975		15,944,430
3.50%, 05/15/23(a)		19,098		19,304,692
3.52%, 10/27/28 (Call 10/27/27)(a)(c)		20,974		20,719,780
3.67%, 07/24/28 (Call 07/24/27)(c)		29,355		29,415,348
3.70%, 01/12/26(a)		14,202		14,462,306
3.88%, 10/25/23(a)		15,337		15,862,315
3.88%, 03/26/25		13,988		14,208,864
3.88%, 01/24/39 (Call 01/24/38)(a)(c)		9,686		9,528,592
3.89%, 01/10/28 (Call 01/10/27)(a)(c)		30,474		31,019,357
3.98%, 03/20/30 (Call 03/20/29)(c)		18,190		18,515,801
4.00%, 08/05/24(a)		4,431		4,563,277
4.04%, 06/01/24 (Call 06/01/23)(a)(c)		16,418		16,935,761
4.05%, 07/30/22(a)		16,365		16,889,331
4.08%, 04/23/29 (Call 04/23/28)(a)(c)		13,875		14,236,975
4.13%, 07/25/28(a)		21,845		22,158,522
4.28%, 04/24/48 (Call 04/24/47)(a)(c)		11,640		11,987,069
4.30%, 11/20/26(a)		14,554		14,974,948
4.40%, 06/10/25		22,851		23,817,433
4.45%, 09/29/27		42,643		44,213,599
4.50%, 01/14/22		16,491		17,156,882
4.60%, 03/09/26(a)		10,078		10,577,323
4.65%, 07/30/45		15,495		16,583,899
4.65%, 07/23/48 (Call 06/23/48)(a)		32,087		34,598,652
4.75%, 05/18/46(a)		22,073		23,106,299
5.30%, 05/06/44(a)		11,923		13,245,932
5.50%, 09/13/25(a)		13,482		14,884,027

Security	Par (000)		Value
Banks (continued)
5.88%, 01/30/42	$	14,049	$	17,431,713
6.63%, 06/15/32		12,118		14,792,174
6.68%, 09/13/43(a)		14,324		18,411,984
8.13%, 07/15/39(a)		21,635		32,512,381
Citizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25)(a)		7,582		7,787,035
Compass Bank, 2.88%, 06/29/22 (Call 05/29/22)(a)		7,973		7,925,774
Cooperatieve Rabobank UA 3.75%, 07/21/26(a)		27,689		27,435,629
3.95%, 11/09/22		13,546		13,796,876
4.38%, 08/04/25		18,208		18,927,092
4.63%, 12/01/23		8,621		8,997,740
5.25%, 05/24/41(a)		17,700		21,520,386
5.25%, 08/04/45(a)		7,564		8,506,030
5.75%, 12/01/43		10,949		13,118,825
Cooperatieve Rabobank UA/NY 2.75%, 01/10/23(a)		16,668		16,522,098
3.38%, 05/21/25(a)		18,509		18,816,283
Credit Suisse AG/New York NY, 3.63%, 09/09/24		34,400		35,210,148
Credit Suisse Group Funding Guernsey Ltd. 3.75%, 03/26/25		21,142		21,400,137
3.80%, 09/15/22(a)		19,971		20,377,979
3.80%, 06/09/23(a)		21,275		21,674,087
4.55%, 04/17/26(a)		23,632		24,875,861
4.88%, 05/15/45(a)		19,037		20,744,811
Deutsche Bank AG/London, 3.70%, 05/30/24(a)		3,413		3,279,332
Deutsche Bank AG/New York NY 3.30%, 11/16/22(a)		6,529		6,298,135
3.70%, 05/30/24		14,188		13,668,059
3.95%, 02/27/23(a)		12,093		11,890,584
Discover Bank 3.35%, 02/06/23 (Call 01/06/23)		7,053		7,085,900
3.45%, 07/27/26 (Call 04/27/26)(a)		14,232		13,917,111
4.20%, 08/08/23(a)		13,237		13,750,883
4.65%, 09/13/28 (Call 06/13/28)(a)		4,200		4,393,454
Fifth Third Bancorp. 3.65%, 01/25/24 (Call 12/25/23)(a)		4,068		4,180,183
3.95%, 03/14/28 (Call 02/14/28)(a)		3,170		3,284,986
4.30%, 01/16/24 (Call 12/16/23)(a)		8,989		9,448,039
8.25%, 03/01/38		9,112		12,793,968
Fifth Third Bank/Cincinnati OH 3.85%, 03/15/26 (Call 02/15/26)(a)		21,234		21,727,746
3.95%, 07/28/25 (Call 06/28/25)(a)		1,375		1,445,263
Goldman Sachs Group Inc. (The) 2.88%, 10/31/22 (Call 10/31/21)(c)		21,572		21,427,897
2.91%, 06/05/23 (Call 06/05/22)(c)		14,395		14,274,223
2.91%, 07/24/23 (Call 07/24/22)(a)(c)		20,858		20,688,001
3.00%, 04/26/22 (Call 04/26/21)		16,596		16,609,167
3.20%, 02/23/23 (Call 01/23/23)(a)		23,736		23,733,940
3.27%, 09/29/25 (Call 09/29/24)(c)		26,050		25,701,490
3.50%, 01/23/25 (Call 10/23/24)(a)		37,352		37,513,166
3.50%, 11/16/26 (Call 11/16/25)		28,927		28,533,807
3.63%, 01/22/23(a)		22,323		22,748,503
3.63%, 02/20/24 (Call 01/20/24)(a)		13,989		14,229,019
3.69%, 06/05/28 (Call 06/05/27)(a)(c)		28,980		28,684,077
3.75%, 05/22/25 (Call 02/22/25)		30,684		31,111,376
3.75%, 02/25/26 (Call 11/25/25)		20,699		20,767,979
3.81%, 04/23/29 (Call 04/23/28)(c)		36,197		35,944,779
3.85%, 07/08/24 (Call 04/08/24)(a)		21,725		22,243,046
3.85%, 01/26/27 (Call 01/26/26)		28,766		28,923,629

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.00%, 03/03/24(a)	$	31,306	$	32,327,537
4.02%, 10/31/38 (Call 10/31/37)(a)(c)		25,577		24,861,903
4.22%, 05/01/29 (Call 05/01/28)(a)(c)		35,255		35,977,562
4.25%, 10/21/25(a)		20,245		20,845,442
4.41%, 04/23/39 (Call 04/23/38)(c)		23,094		23,371,828
4.75%, 10/21/45 (Call 04/21/45)(a)		23,569		25,078,653
4.80%, 07/08/44 (Call 01/08/44)		19,470		20,699,501
5.15%, 05/22/45(a)		21,364		22,736,188
5.75%, 01/24/22		10,502		11,258,412
5.95%, 01/15/27(a)		7,319		8,240,928
6.13%, 02/15/33		360		443,364
6.25%, 02/01/41(a)		27,905		35,005,171
6.75%, 10/01/37		66,180		81,474,827
HSBC Bank USA N.A./New York NY 5.63%, 08/15/35(a)		7,997		9,286,951
5.88%, 11/01/34(a)		13,168		15,990,103
HSBC Holdings PLC 2.65%, 01/05/22(a)		10,958		10,877,540
3.03%, 11/22/23 (Call 11/22/22)(c)		13,419		13,390,809
3.26%, 03/13/23 (Call 03/13/22)(a)(c)		31,177		31,372,676
3.60%, 05/25/23(a)		22,725		23,166,072
3.80%, 03/11/25 (Call 03/11/24)(c)		900		915,514
3.90%, 05/25/26(a)		28,812		29,316,749
3.95%, 05/18/24 (Call 05/18/23)(a)(c)		11,431		11,729,326
4.00%, 03/30/22(a)		13,280		13,679,478
4.04%, 03/13/28 (Call 03/13/27)(c)		24,979		25,471,946
4.25%, 03/14/24		3,358		3,458,689
4.25%, 08/18/25(a)		23,869		24,498,674
4.29%, 09/12/26 (Call 09/12/25)(a)(c)		17,190		17,896,698
4.30%, 03/08/26		36,039		37,514,202
4.38%, 11/23/26(a)		9,231		9,482,801
4.58%, 06/19/29 (Call 06/19/28)(a)(c)		35,761		37,832,438
5.25%, 03/14/44(a)		17,381		19,310,107
6.10%, 01/14/42(a)		10,520		13,684,380
6.50%, 05/02/36(a)		27,924		34,668,755
6.50%, 09/15/37		33,155		41,724,211
6.80%, 06/01/38		18,927		24,618,294
HSBC USA Inc., 3.50%, 06/23/24(a)		9,414		9,558,798
Huntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)		4,800		4,919,657
ING Groep NV 3.15%, 03/29/22		8,253		8,281,564
3.55%, 04/09/24		2,325		2,330,207
3.95%, 03/29/27(a)		20,067		20,282,578
4.05%, 04/09/29(a)		2,275		2,291,740
4.10%, 10/02/23(a)		14,870		15,354,737
4.55%, 10/02/28(a)		21,912		23,028,500
JPMorgan Chase & Co. 2.70%, 05/18/23 (Call 03/18/23)(a)		28,862		28,585,975
2.78%, 04/25/23 (Call 04/25/22)(c)		15,261		15,171,845
2.95%, 10/01/26 (Call 07/01/26)(a)		28,491		27,811,569
2.97%, 01/15/23 (Call 01/15/22)(a)		19,073		19,056,485
3.13%, 01/23/25 (Call 10/23/24)		32,292		32,312,996
3.20%, 01/25/23		33,987		34,309,747
3.20%, 06/15/26 (Call 03/15/26)(a)		22,845		22,689,695
3.22%, 03/01/25 (Call 03/01/24)(a)(c)		18,976		18,951,187
3.25%, 09/23/22		35,525		35,962,796
3.30%, 04/01/26 (Call 01/01/26)		34,738		34,734,394
3.38%, 05/01/23		21,229		21,514,222
3.51%, 01/23/29 (Call 01/23/28)(c)		30,698		30,413,979

Security	Par (000)		Value
Banks (continued)
3.54%, 05/01/28 (Call 05/01/27)(a)(c)	$	23,842	$	23,802,496
3.56%, 04/23/24 (Call 04/23/23)(c)		12,653		12,855,032
3.63%, 05/13/24		24,865		25,527,016
3.63%, 12/01/27 (Call 12/01/26)(a)		16,997		16,941,340
3.70%, 05/06/30		5,000		5,010,150
3.78%, 02/01/28 (Call 02/01/27)(a)(c)		13,252		13,455,682
3.80%, 07/23/24 (Call 07/23/23)(c)		26,462		27,143,825
3.88%, 02/01/24(a)		21,596		22,407,385
3.88%, 09/10/24		28,259		29,055,729
3.88%, 07/24/38 (Call 07/24/37)(a)(c)		31,337		30,749,795
3.90%, 07/15/25 (Call 04/15/25)(a)		26,666		27,640,469
3.90%, 01/23/49 (Call 01/23/48)(c)		23,792		23,007,337
3.96%, 01/29/27 (Call 01/29/26)(c)		23,655		24,576,114
3.96%, 11/15/48 (Call 11/15/47)(c)		26,863		26,181,838
4.01%, 04/23/29 (Call 04/23/28)(c)		31,950		32,838,498
4.02%, 12/05/24 (Call 12/05/23)(a)(c)		5,550		5,754,644
4.03%, 07/24/48 (Call 07/24/47)(a)(c)		18,258		18,008,475
4.13%, 12/15/26(a)		14,379		14,874,039
4.20%, 07/23/29 (Call 07/23/28)(a)(c)		33,168		34,680,328
4.25%, 10/01/27(a)		10,742		11,186,825
4.26%, 02/22/48 (Call 02/22/47)(a)(c)		23,517		24,053,390
4.45%, 12/05/29 (Call 12/05/28)(a)(c)		6,996		7,438,807
4.50%, 01/24/22		18,180		18,976,931
4.85%, 02/01/44		13,577		15,105,329
4.95%, 06/01/45(a)		21,242		23,556,709
5.40%, 01/06/42(a)		15,228		18,021,747
5.50%, 10/15/40(a)		15,393		18,398,808
5.60%, 07/15/41		19,877		24,140,887
5.63%, 08/16/43(a)		17,607		21,054,171
6.40%, 05/15/38(a)		25,550		33,471,563
KeyBank N.A./Cleveland OH 2.30%, 09/14/22(a)		10,755		10,607,411
3.30%, 06/01/25		7,446		7,551,647
KeyCorp., 4.10%, 04/30/28(a)		2,925		3,063,500
Lloyds Banking Group PLC 2.91%, 11/07/23 (Call 11/07/22)(c)		36,749		36,073,542
3.57%, 11/07/28 (Call 11/07/27)(c)		24,411		23,744,194
3.75%, 01/11/27(a)		12,309		12,207,947
3.90%, 03/12/24(a)		2,375		2,413,166
4.05%, 08/16/23		24,135		24,686,642
4.34%, 01/09/48		18,566		17,233,568
4.38%, 03/22/28(a)		18,267		18,850,567
4.45%, 05/08/25		24,795		25,829,537
4.50%, 11/04/24(a)		12,004		12,334,133
4.55%, 08/16/28(a)		11,735		12,286,069
4.58%, 12/10/25(a)		18,853		19,274,270
4.65%, 03/24/26(a)		15,855		16,198,987
5.30%, 12/01/45(a)		3,746		4,009,903
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		2,460		2,529,458
Manufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)(a)		2,876		2,865,074
Mitsubishi UFJ Financial Group Inc. 2.67%, 07/25/22(a)		17,150		17,016,101
2.76%, 09/13/26(a)		16,850		16,239,646
3.29%, 07/25/27(a)		12,336		12,295,596
3.41%, 03/07/24(a)		20,100		20,376,759
3.46%, 03/02/23		19,449		19,739,341
3.68%, 02/22/27(a)		18,291		18,727,083
3.74%, 03/07/29(a)		16,035		16,459,301
3.76%, 07/26/23(a)		10,666		10,944,583

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.78%, 03/02/25	$	6,537	$	6,742,451
3.85%, 03/01/26		29,085		30,127,401
3.96%, 03/02/28(a)		9,327		9,753,616
4.05%, 09/11/28(a)		10,495		11,082,864
Mizuho Financial Group Inc. 2.60%, 09/11/22(a)		8,802		8,699,831
2.84%, 09/13/26(a)		13,729		13,326,411
2.95%, 02/28/22(a)		8,020		8,013,524
3.17%, 09/11/27		12,806		12,651,464
3.55%, 03/05/23		8,330		8,480,112
3.92%, 09/11/24 (Call 09/11/23)(c)		13,179		13,564,615
4.02%, 03/05/28(a)		14,788		15,570,464
4.25%, 09/11/29 (Call 09/11/28)(a)(c)		15,909		16,878,529
Morgan Stanley 2.63%, 11/17/21		23,593		23,503,632
2.75%, 05/19/22		7,434		7,397,771
3.13%, 01/23/23(a)		34,832		34,933,525
3.13%, 07/27/26		33,845		33,037,106
3.59%, 07/22/28 (Call 07/22/27)(a)(c)		43,640		43,574,767
3.63%, 01/20/27		36,773		37,076,271
3.70%, 10/23/24(a)		34,760		35,673,114
3.74%, 04/24/24 (Call 04/24/23)(c)		36,329		37,090,416
3.75%, 02/25/23(a)		30,338		31,102,317
3.77%, 01/24/29 (Call 01/24/28)(a)(c)		21,213		21,391,319
3.88%, 01/27/26		43,095		44,177,572
3.95%, 04/23/27(a)		26,873		27,099,381
3.97%, 07/22/38 (Call 07/22/37)(a)(c)		20,836		20,475,908
4.00%, 07/23/25(a)		35,737		37,125,915
4.10%, 05/22/23(a)		16,781		17,331,497
4.30%, 01/27/45		20,008		20,469,088
4.35%, 09/08/26		25,902		26,878,785
4.38%, 01/22/47(a)		30,468		31,620,891
4.43%, 01/23/30 (Call 01/23/29)(c)		26,601		28,155,805
4.46%, 04/22/39 (Call 04/22/38)(c)		16,512		17,211,138
4.88%, 11/01/22(a)		22,558		23,839,579
5.00%, 11/24/25(a)		12,748		13,761,174
6.38%, 07/24/42		25,267		33,088,074
7.25%, 04/01/32(a)		13,347		17,899,392
Series F, 3.88%, 04/29/24(a)		36,136		37,429,958
National Australia Bank Ltd./New York 2.50%, 05/22/22		12,479		12,346,784
2.50%, 07/12/26		16,851		16,018,849
3.00%, 01/20/23		12,416		12,442,665
3.38%, 01/14/26(a)		5,363		5,397,962
3.63%, 06/20/23		11,310		11,586,325
Northern Trust Corp., 3.95%, 10/30/25		10,991		11,600,575
PNC Bank N.A. 2.45%, 07/28/22 (Call 06/28/22)(a)		1,367		1,359,830
2.55%, 12/09/21 (Call 11/09/21)(a)		7,262		7,233,800
2.63%, 02/17/22 (Call 01/18/22)		13,772		13,750,445
2.70%, 11/01/22 (Call 10/01/22)(a)		7,819		7,779,438
2.95%, 01/30/23 (Call 12/30/22)(a)		2,373		2,369,903
2.95%, 02/23/25 (Call 01/24/25)(a)		8,475		8,430,810
3.10%, 10/25/27 (Call 09/25/27)(a)		17,592		17,500,143
3.25%, 06/01/25 (Call 05/02/25)		17,733		17,946,988
3.50%, 06/08/23 (Call 05/09/23)		13,245		13,591,342
3.80%, 07/25/23 (Call 06/25/23)(a)		7,459		7,675,521
4.05%, 07/26/28		18,415		19,271,879

Security	Par (000)		Value
Banks (continued)
PNC Financial Services Group Inc. (The) 3.15%, 05/19/27 (Call 04/19/27)	$	3,033	$	3,022,923
3.30%, 03/08/22 (Call 02/06/22)(a)		10,551		10,725,904
3.50%, 01/23/24 (Call 12/23/23)(a)		6,413		6,565,563
3.90%, 04/29/24 (Call 03/29/24)		3,065		3,181,898
Regions Financial Corp. 2.75%, 08/14/22 (Call 07/14/22)(a)		12,158		12,079,160
3.80%, 08/14/23 (Call 07/14/23)(a)		820		844,533
Royal Bank of Canada 2.75%, 02/01/22		8,674		8,688,473
3.70%, 10/05/23(a)		22,141		22,835,594
4.65%, 01/27/26(a)		11,595		12,340,949
Royal Bank of Scotland Group PLC 3.50%, 05/15/23 (Call 05/15/22)(a)(c)		15,811		15,786,706
3.88%, 09/12/23		28,287		28,521,375
4.27%, 03/22/25 (Call 03/22/24)(c)		5,285		5,383,231
4.52%, 06/25/24 (Call 06/25/23)(a)(c)		10,837		11,165,733
4.80%, 04/05/26		16,484		17,239,683
4.89%, 05/18/29 (Call 05/18/28)(c)		34,892		36,426,452
5.08%, 01/27/30 (Call 01/27/29)(a)(c)		19,188		20,406,699
5.13%, 05/28/24(a)		27,433		28,514,417
6.00%, 12/19/23		19,864		21,309,366
6.10%, 06/10/23		18,214		19,445,472
6.13%, 12/15/22		27,871		29,780,646
Santander Holdings USA Inc. 3.40%, 01/18/23 (Call 12/18/22)		5,033		5,032,539
4.40%, 07/13/27 (Call 04/14/27)		17,836		18,101,660
4.50%, 07/17/25 (Call 04/17/25)		12,704		13,202,792
Santander UK Group Holdings PLC 3.37%, 01/05/24 (Call 01/05/23)(c)		13,932		13,785,042
3.57%, 01/10/23 (Call 01/10/22)(a)		9,916		9,926,156
3.82%, 11/03/28 (Call 11/03/27)(a)(c)		12,549		12,291,784
4.80%, 11/15/24 (Call 11/15/23)(c)		12,293		12,828,808
Santander UK PLC, 4.00%, 03/13/24(a)		15,759		16,356,838
State Street Corp. 2.65%, 05/19/26(a)		13,566		13,209,585
3.10%, 05/15/23		11,125		11,226,536
3.30%, 12/16/24		14,762		15,056,996
3.55%, 08/18/25(a)		12,690		13,131,608
3.70%, 11/20/23(a)		3,761		3,898,172
Sumitomo Mitsui Banking Corp., 3.20%, 07/18/22(a)		5,518		5,571,625
Sumitomo Mitsui Financial Group Inc. 2.63%, 07/14/26(a)		27,217		26,088,267
2.78%, 07/12/22(a)		20,482		20,439,305
2.78%, 10/18/22		21,593		21,498,919
3.01%, 10/19/26(a)		15,427		15,153,214
3.10%, 01/17/23		18,397		18,484,908
3.35%, 10/18/27		6,608		6,616,535
3.36%, 07/12/27(a)		21,048		21,100,460
3.45%, 01/11/27		17,935		18,094,320
3.54%, 01/17/28		16,060		16,309,956
3.75%, 07/19/23(a)		5,600		5,761,301
3.78%, 03/09/26(a)		20,422		21,046,599
3.94%, 10/16/23(a)		977		1,014,417
SunTrust Bank/Atlanta GA 2.45%, 08/01/22 (Call 07/01/22)		15,353		15,156,233
3.30%, 05/15/26 (Call 04/15/26)		8,943		8,847,991
SunTrust Banks Inc. 2.70%, 01/27/22 (Call 12/27/21)		7,435		7,398,730
4.00%, 05/01/25 (Call 03/01/25)		12,407		12,946,444

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22)	$	3,269	$	3,244,045
Toronto-Dominion Bank (The) 1.80%, 07/13/21(a)		1,897		1,861,220
3.25%, 03/11/24(a)		20,120		20,409,370
3.50%, 07/19/23(a)		7,993		8,202,093
U.S. Bancorp. 2.95%, 07/15/22 (Call 06/15/22)		18,471		18,550,041
3.10%, 04/27/26 (Call 03/27/26)(a)		11,218		11,126,279
3.38%, 02/05/24 (Call 01/05/24)		5,455		5,588,115
3.60%, 09/11/24 (Call 08/11/24)(a)		12,932		13,348,603
3.70%, 01/30/24 (Call 12/29/23)(a)		5,676		5,901,413
3.90%, 04/26/28 (Call 03/24/28)(a)		9,780		10,353,219
3.95%, 11/17/25 (Call 10/17/25)(a)		11,260		11,882,478
Series V, 2.38%, 07/22/26 (Call 06/22/26)(a)		21,541		20,585,069
Series X, 3.15%, 04/27/27 (Call 03/27/27)		16,253		16,297,728
U.S. Bank N.A./Cincinnati OH 2.80%, 01/27/25 (Call 12/27/24)		14,029		13,938,882
2.85%, 01/23/23 (Call 12/23/22)(a)		17,444		17,482,853
3.40%, 07/24/23 (Call 06/23/23)		6,395		6,542,506
Wachovia Corp., 5.50%, 08/01/35		12,435		14,113,608
Wells Fargo & Co. 2.63%, 07/22/22		44,038		43,649,853
3.00%, 02/19/25		27,273		26,990,765
3.00%, 04/22/26		44,950		43,886,555
3.00%, 10/23/26		42,233		41,086,539
3.07%, 01/24/23 (Call 01/24/22)		46,313		46,325,995
3.30%, 09/09/24		16,350		16,497,905
3.50%, 03/08/22(a)		11,437		11,618,395
3.55%, 09/29/25(a)		32,662		33,225,037
3.58%, 05/22/28 (Call 05/22/27)(c)		34,428		34,540,235
3.75%, 01/24/24 (Call 12/24/23)(a)		29,677		30,559,710
3.90%, 05/01/45(a)		22,469		22,196,114
4.10%, 06/03/26(a)		31,706		32,478,501
4.13%, 08/15/23(a)		8,327		8,602,043
4.15%, 01/24/29 (Call 10/24/28)(a)		23,997		24,954,723
4.30%, 07/22/27(a)		23,788		24,728,366
4.40%, 06/14/46(a)		20,615		20,667,247
4.65%, 11/04/44		23,315		24,143,195
4.75%, 12/07/46(a)		22,071		23,191,313
4.90%, 11/17/45		24,810		26,561,544
5.38%, 02/07/35		5,754		6,727,693
5.38%, 11/02/43(a)		26,258		29,604,435
5.61%, 01/15/44(a)		27,768		32,262,584
Series M, 3.45%, 02/13/23		27,836		28,114,914
Wells Fargo Bank N.A. 3.55%, 08/14/23 (Call 07/14/23)(a)		15,270		15,634,365
5.85%, 02/01/37		9,756		11,995,280
6.60%, 01/15/38		19,668		25,848,736
Westpac Banking Corp. 2.50%, 06/28/22(a)		7,574		7,503,519
2.70%, 08/19/26(a)		7,815		7,528,736
2.75%, 01/11/23(a)		3,817		3,791,207
2.80%, 01/11/22(a)		10,747		10,754,146
2.85%, 05/13/26		26,074		25,354,514
3.30%, 02/26/24(a)		12,845		12,997,447
3.35%, 03/08/27(a)		18,097		18,181,520
3.40%, 01/25/28(a)		13,166		13,309,677
3.65%, 05/15/23		6,981		7,160,121
				8,192,351,768

Security	Par (000)		Value
Beverages — 3.2%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. 3.65%, 02/01/26 (Call 11/01/25)(b)	$	62,968	$	63,190,548
4.70%, 02/01/36 (Call 08/01/35)(b)		56,881		57,674,934
4.90%, 02/01/46 (Call 08/01/45)(b)		106,043		107,477,878
Anheuser-Busch InBev Finance Inc. 2.63%, 01/17/23		1		494
3.30%, 02/01/23 (Call 12/01/22)		63,531		64,271,752
3.70%, 02/01/24		9,733		10,005,517
4.00%, 01/17/43(a)		4,931		4,432,977
4.63%, 02/01/44		11,482		11,156,066
4.90%, 02/01/46 (Call 08/01/45)(a)		5,595		5,683,469
Anheuser-Busch InBev Worldwide Inc. 3.75%, 07/15/42(a)		6,305		5,467,046
4.00%, 04/13/28 (Call 01/13/28)(a)		37,657		38,410,852
4.15%, 01/23/25 (Call 12/23/24)(a)		31,030		32,419,424
4.38%, 04/15/38 (Call 10/15/37)(a)		15,629		15,213,761
4.44%, 10/06/48 (Call 04/06/48)		16,943		16,126,420
4.60%, 04/15/48 (Call 10/15/47)(a)		37,861		37,008,878
4.75%, 01/23/29 (Call 10/23/28)		35,926		38,467,441
4.75%, 04/15/58 (Call 10/15/57)(a)		19,310		18,843,148
4.90%, 01/23/31 (Call 10/23/30)(a)		12,580		13,632,304
4.95%, 01/15/42		10,607		10,842,739
5.45%, 01/23/39 (Call 07/23/38)(a)		30,500		33,441,823
5.55%, 01/23/49 (Call 07/23/48)		48,851		54,244,321
5.80%, 01/23/59 (Call 07/23/58)(a)		30,412		34,510,820
8.20%, 01/15/39(a)		7,069		9,892,393
Coca-Cola Co. (The) 2.25%, 09/01/26		9,387		8,948,851
2.50%, 04/01/23(a)		5,584		5,569,745
2.88%, 10/27/25(a)		21,605		21,778,147
3.20%, 11/01/23		12,782		13,090,889
Constellation Brands Inc., 4.25%, 05/01/23(a)		9,214		9,628,918
Diageo Capital PLC, 2.63%, 04/29/23 (Call 01/29/23)		19,875		19,802,307
Diageo Investment Corp., 2.88%, 05/11/22(a)		6,161		6,203,316
Keurig Dr Pepper Inc. 4.06%, 05/25/23 (Call 04/25/23)(a)(b)		18,343		18,876,640
4.42%, 05/25/25 (Call 03/25/25)(b)		7,921		8,251,975
4.60%, 05/25/28 (Call 02/25/28)(a)(b)		30,283		31,695,033
5.09%, 05/25/48 (Call 11/25/47)(a)(b)		15,671		16,104,269
Molson Coors Brewing Co. 2.10%, 07/15/21 (Call 06/15/21)		3,861		3,792,027
3.00%, 07/15/26 (Call 04/15/26)(a)		5,434		5,212,726
4.20%, 07/15/46 (Call 01/15/46)(a)		18,393		16,519,221
5.00%, 05/01/42(a)		14,887		14,895,667
PepsiCo Inc. 2.25%, 05/02/22 (Call 04/02/22)		10,633		10,542,105
2.38%, 10/06/26 (Call 07/06/26)(a)		14,365		13,765,043
2.75%, 03/05/22(a)		2,767		2,785,497
2.75%, 03/01/23(a)		7,457		7,490,791
2.75%, 04/30/25 (Call 01/30/25)(a)		9,649		9,629,750
2.85%, 02/24/26 (Call 11/24/25)		7,433		7,405,731
3.00%, 08/25/21		2,803		2,833,919
3.00%, 10/15/27 (Call 07/15/27)		7,888		7,857,051
3.10%, 07/17/22 (Call 05/17/22)		12,087		12,296,257
3.45%, 10/06/46 (Call 04/06/46)		18,794		18,050,449
3.60%, 03/01/24 (Call 12/01/23)(a)		19,259		20,012,967
4.00%, 03/05/42(a)		13,219		13,704,219

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
4.00%, 05/02/47 (Call 11/02/46)(a)	$	12,292	$	12,782,247
4.45%, 04/14/46 (Call 10/14/45)(a)		14,753		16,303,949
				1,038,244,711
Biotechnology — 2.1%
Amgen Inc. 2.25%, 08/19/23 (Call 06/19/23)(a)		3,668		3,565,908
2.60%, 08/19/26 (Call 05/19/26)		18,232		17,231,854
2.65%, 05/11/22 (Call 04/11/22)(a)		13,870		13,782,082
3.13%, 05/01/25 (Call 02/01/25)		14,511		14,524,688
3.20%, 11/02/27 (Call 08/02/27)(a)		9,479		9,302,639
3.63%, 05/15/22 (Call 02/15/22)(a)		2,501		2,553,894
3.63%, 05/22/24 (Call 02/22/24)(a)		14,382		14,789,075
4.40%, 05/01/45 (Call 11/01/44)(a)		29,817		29,313,450
4.56%, 06/15/48 (Call 12/15/47)(a)		19,120		19,171,630
4.66%, 06/15/51 (Call 12/15/50)(a)		28,606		28,896,474
5.15%, 11/15/41 (Call 05/15/41)(a)		18,114		19,458,570
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)(a)		16,417		16,981,748
Biogen Inc. 3.63%, 09/15/22(a)		12,777		13,028,413
4.05%, 09/15/25 (Call 06/15/25)		17,183		17,720,257
5.20%, 09/15/45 (Call 03/15/45)(a)		17,495		18,616,272
Celgene Corp. 2.75%, 02/15/23 (Call 01/15/23)		13,495		13,368,092
3.25%, 08/15/22		9,074		9,147,371
3.25%, 02/20/23 (Call 01/20/23)		9,430		9,484,178
3.45%, 11/15/27 (Call 08/15/27)		19,328		19,152,260
3.55%, 08/15/22		12,504		12,722,910
3.63%, 05/15/24 (Call 02/15/24)		13,766		13,978,515
3.88%, 08/15/25 (Call 05/15/25)		35,462		36,553,520
3.90%, 02/20/28 (Call 11/20/27)		17,480		17,851,113
4.35%, 11/15/47 (Call 05/15/47)		12,873		12,639,071
4.55%, 02/20/48 (Call 08/20/47)(a)		18,716		18,959,177
4.63%, 05/15/44 (Call 11/15/43)		7,837		7,943,612
5.00%, 08/15/45 (Call 02/15/45)		24,552		26,294,485
Gilead Sciences Inc. 2.50%, 09/01/23 (Call 07/01/23)(a)		4,047		3,989,204
2.95%, 03/01/27 (Call 12/01/26)(a)		8,874		8,657,359
3.25%, 09/01/22 (Call 07/01/22)(a)		12,873		13,036,419
3.50%, 02/01/25 (Call 11/01/24)(a)		11,054		11,264,661
3.65%, 03/01/26 (Call 12/01/25)		27,505		28,066,061
3.70%, 04/01/24 (Call 01/01/24)		30,726		31,635,803
4.00%, 09/01/36 (Call 03/01/36)(a)		13,329		13,229,033
4.15%, 03/01/47 (Call 09/01/46)(a)		17,998		17,219,763
4.50%, 02/01/45 (Call 08/01/44)(a)		24,866		24,978,882
4.60%, 09/01/35 (Call 03/01/35)		13,466		14,345,280
4.75%, 03/01/46 (Call 09/01/45)(a)		17,256		17,982,260
4.80%, 04/01/44 (Call 10/01/43)(a)		25,546		26,686,611
5.65%, 12/01/41 (Call 06/01/41)(a)		14,993		17,331,514
				665,454,108
Chemicals — 1.2%
Dow Chemical Co. (The) 3.00%, 11/15/22 (Call 08/15/22)(a)		21,587		21,619,804
3.50%, 10/01/24 (Call 07/01/24)(a)		10,218		10,350,835
4.13%, 11/15/21 (Call 08/15/21)		1,699		1,745,263
4.38%, 11/15/42 (Call 05/15/42)(a)		12,995		12,572,249
5.25%, 11/15/41 (Call 05/15/41)		12,295		13,116,069
5.55%, 11/30/48 (Call 05/30/48)(b)		705		799,732
7.38%, 11/01/29(a)		10,603		13,483,797
9.40%, 05/15/39		11,198		17,143,328

Security	Par (000)		Value
Chemicals (continued)
DowDuPont Inc. 4.21%, 11/15/23 (Call 10/15/23)(a)	$	22,451	$	23,507,744
4.49%, 11/15/25 (Call 09/15/25)(a)		29,790		31,920,867
4.73%, 11/15/28 (Call 08/15/28)(a)		23,575		25,622,616
5.32%, 11/15/38 (Call 05/15/38)		19,561		22,152,639
5.42%, 11/15/48 (Call 05/15/48)(a)		20,624		23,758,213
Eastman Chemical Co. 3.60%, 08/15/22 (Call 05/15/22)(a)		8,508		8,658,360
4.65%, 10/15/44 (Call 04/15/44)(a)		6,869		6,794,325
LYB International Finance BV 4.00%, 07/15/23(a)		12,060		12,394,302
4.88%, 03/15/44 (Call 09/15/43)(a)		4,031		4,011,771
5.25%, 07/15/43		13,144		13,666,449
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)(a)		2,927		2,843,412
LyondellBasell Industries NV 4.63%, 02/26/55 (Call 08/26/54)		13,679		12,627,561
5.75%, 04/15/24 (Call 01/15/24)		8,344		9,183,008
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)(a)		10,835		11,258,308
Nutrien Ltd. 4.20%, 04/01/29 (Call 01/01/29)		9,000		9,330,428
5.00%, 04/01/49 (Call 10/01/48)		9,000		9,561,686
Rohm & Haas Co., 7.85%, 07/15/29		12,073		15,577,620
Sherwin-Williams Co. (The) 2.75%, 06/01/22 (Call 05/01/22)(a)		6,542		6,498,454
3.45%, 06/01/27 (Call 03/01/27)(a)		26,733		26,395,148
4.50%, 06/01/47 (Call 12/01/46)(a)		9,434		9,347,755
				375,941,743
Commercial Services — 0.2%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)		16,124		16,585,341
Ecolab Inc. 2.70%, 11/01/26 (Call 08/01/26)		11,623		11,297,890
4.35%, 12/08/21(a)		5,586		5,810,110
IHS Markit Ltd., 4.75%, 08/01/28 (Call 05/01/28)		1,950		2,039,997
RELX Capital Inc. 3.13%, 10/15/22 (Call 07/15/22)		5,835		5,881,622
4.00%, 03/18/29 (Call 12/18/28)		11,887		12,135,914
S&P Global Inc., 4.40%, 02/15/26 (Call 11/15/25)		15,823		16,999,627
Total System Services Inc., 4.80%, 04/01/26 (Call 01/01/26)(a)		4,189		4,417,763
				75,168,264
Computers — 3.1%
Apple Inc. 2.10%, 09/12/22 (Call 08/12/22)		5,566		5,487,457
2.15%, 02/09/22(a)		2,308		2,284,137
2.30%, 05/11/22 (Call 04/11/22)(a)		13,059		12,961,752
2.40%, 01/13/23 (Call 12/13/22)(a)		3,904		3,869,043
2.40%, 05/03/23		63,365		62,673,986
2.45%, 08/04/26 (Call 05/04/26)		29,151		28,031,712
2.50%, 02/09/22 (Call 01/09/22)		2,048		2,044,568
2.50%, 02/09/25(a)		18,635		18,260,720
2.70%, 05/13/22(a)		14,951		15,017,068
2.75%, 01/13/25 (Call 11/13/24)		21,236		21,086,798
2.85%, 02/23/23 (Call 12/23/22)(a)		18,603		18,707,071
2.85%, 05/11/24 (Call 03/11/24)(a)		19,084		19,131,248
2.90%, 09/12/27 (Call 06/12/27)		21,449		21,117,147
3.00%, 02/09/24 (Call 12/09/23)		20,709		20,922,017
3.00%, 06/20/27 (Call 03/20/27)(a)		11,039		10,948,912

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
3.00%, 11/13/27 (Call 08/13/27)(a)	$	12,314	$	12,207,682
3.20%, 05/13/25(a)		24,079		24,494,917
3.20%, 05/11/27 (Call 02/11/27)(a)		18,202		18,316,696
3.25%, 02/23/26 (Call 11/23/25)(a)		32,761		33,207,172
3.35%, 02/09/27 (Call 11/09/26)		21,423		21,795,917
3.45%, 05/06/24(a)		29,319		30,221,615
3.45%, 02/09/45		20,545		19,188,931
3.75%, 09/12/47 (Call 03/12/47)		18,863		18,471,906
3.75%, 11/13/47 (Call 05/13/47)(a)		13,715		13,437,661
3.85%, 05/04/43		33,425		33,355,626
3.85%, 08/04/46 (Call 02/04/46)(a)		21,052		20,909,120
4.25%, 02/09/47 (Call 08/09/46)		19,472		20,529,439
4.38%, 05/13/45(a)		21,079		22,498,782
4.45%, 05/06/44(a)		15,068		16,327,301
4.50%, 02/23/36 (Call 08/23/35)(a)		17,791		19,746,612
4.65%, 02/23/46 (Call 08/23/45)		43,477		48,083,392
Dell International LLC/EMC Corp. 4.00%, 07/15/24 (Call 06/15/24)(b)		17,740		17,923,527
4.90%, 10/01/26 (Call 08/01/26)(b)		18,323		18,779,217
5.30%, 10/01/29 (Call 07/01/29)(a)(b)		15,260		15,665,119
5.45%, 06/15/23 (Call 04/15/23)(b)		31,550		33,607,480
6.02%, 06/15/26 (Call 03/15/26)(b)		49,486		53,717,088
8.10%, 07/15/36 (Call 01/15/36)(a)(b)		15,690		18,788,620
8.35%, 07/15/46 (Call 01/15/46)(a)(b)		24,119		29,624,639
Hewlett Packard Enterprise Co. 4.40%, 10/15/22 (Call 08/15/22)(a)		17,840		18,634,410
4.90%, 10/15/25 (Call 07/15/25)(a)		26,932		28,725,205
6.20%, 10/15/35 (Call 04/15/35)		5,044		5,460,878
6.35%, 10/15/45 (Call 04/15/45)(a)		16,792		17,826,119
HP Inc., 6.00%, 09/15/41(a)		12,840		13,665,493
IBM Credit LLC, 3.00%, 02/06/23(a)		7,593		7,629,617
International Business Machines Corp. 1.88%, 08/01/22(a)		13,729		13,347,084
2.88%, 11/09/22		4,010		4,029,610
3.38%, 08/01/23(a)		17,452		17,787,267
3.45%, 02/19/26(a)		8,961		9,120,162
3.63%, 02/12/24		17,652		18,172,889
4.00%, 06/20/42(a)		11,390		11,105,807
Seagate HDD Cayman 4.25%, 03/01/22 (Call 02/01/22)		2,608		2,619,524
4.75%, 06/01/23(a)		11,883		12,033,543
4.75%, 01/01/25(a)		11,732		11,468,030
				1,015,067,733
Cosmetics & Personal Care — 0.3%
Procter & Gamble Co. (The) 1.70%, 11/03/21		3,759		3,690,840
2.15%, 08/11/22(a)		12,894		12,746,708
2.30%, 02/06/22(a)		10,026		9,980,845
2.45%, 11/03/26		4,089		3,970,863
2.85%, 08/11/27(a)		12,691		12,666,430
3.10%, 08/15/23(a)		16,441		16,808,128
5.55%, 03/05/37		760		970,225
Unilever Capital Corp. 2.20%, 05/05/22 (Call 04/05/22)(a)		3,494		3,447,192
2.90%, 05/05/27 (Call 02/05/27)		9,339		9,187,226
3.50%, 03/22/28 (Call 12/22/27)(a)		12,504		12,779,442
5.90%, 11/15/32(a)		19,435		24,331,606
				110,579,505

Security	Par (000)		Value
Diversified Financial Services — 2.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.50%, 01/15/25 (Call 11/15/24)	$	8,574	$	8,360,560
3.65%, 07/21/27 (Call 04/21/27)(a)		9,322		8,838,732
Air Lease Corp., 3.00%, 09/15/23 (Call 07/15/23)(a)		5,198		5,108,786
American Express Co. 2.50%, 08/01/22 (Call 07/01/22)		24,026		23,757,317
2.65%, 12/02/22		20,116		20,003,594
3.00%, 10/30/24 (Call 09/29/24)(a)		25,089		25,059,646
3.40%, 02/27/23 (Call 01/27/23)		13,507		13,736,265
3.40%, 02/22/24 (Call 01/22/24)		12,976		13,191,284
3.70%, 08/03/23 (Call 07/03/23)(a)		11,973		12,307,305
4.05%, 12/03/42(a)		13,984		14,340,350
4.20%, 11/06/25 (Call 10/06/25)(a)		8,659		9,196,513
American Express Credit Corp. 2.70%, 03/03/22 (Call 01/31/22)(a)		11,061		11,054,127
3.30%, 05/03/27 (Call 04/03/27)		24,249		24,625,909
Ameriprise Financial Inc., 4.00%, 10/15/23		11,563		12,096,261
Brookfield Finance Inc., 4.70%, 09/20/47 (Call 03/20/47)		18,852		18,289,411
Brookfield Finance LLC, 4.00%, 04/01/24 (Call 02/01/24)(a)		6,985		7,162,945
Capital One Bank USA N.A., 3.38%, 02/15/23		12,117		12,110,562
Capital One Financial Corp. 3.05%, 03/09/22 (Call 02/09/22)(a)		3,822		3,835,458
3.20%, 01/30/23 (Call 12/30/22)		21,415		21,463,974
3.20%, 02/05/25 (Call 01/05/25)(a)		7,266		7,182,849
3.30%, 10/30/24 (Call 09/30/24)(a)		11,260		11,221,637
3.50%, 06/15/23(a)		7,778		7,879,479
3.75%, 04/24/24 (Call 03/24/24)		3,794		3,873,943
3.75%, 07/28/26 (Call 06/28/26)(a)		21,257		20,910,800
3.75%, 03/09/27 (Call 02/09/27)		22,453		22,258,788
3.80%, 01/31/28 (Call 12/31/27)		14,702		14,528,787
3.90%, 01/29/24 (Call 12/29/23)(a)		5,300		5,448,283
4.20%, 10/29/25 (Call 09/29/25)(a)		20,863		21,469,788
4.25%, 04/30/25 (Call 03/31/25)(a)		7,377		7,692,947
Charles Schwab Corp. (The) 2.65%, 01/25/23 (Call 12/25/22)(a)		7,856		7,835,616
3.85%, 05/21/25 (Call 03/21/25)(a)		18,462		19,376,004
CME Group Inc. 3.00%, 09/15/22(a)		5,680		5,740,239
3.00%, 03/15/25 (Call 12/15/24)		9,938		10,009,495
5.30%, 09/15/43 (Call 03/15/43)(a)		11,063		13,401,951
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)(a)		18,306		18,361,485
GE Capital International Funding Co. Unlimited Co. 3.37%, 11/15/25(a)		20,222		19,873,862
4.42%, 11/15/35(a)		128,451		120,035,160
Intercontinental Exchange Inc. 3.75%, 12/01/25 (Call 09/01/25)(a)		18,745		19,544,829
3.75%, 09/21/28 (Call 06/21/28)		2,050		2,126,549
4.00%, 10/15/23(a)		7,923		8,293,066
4.25%, 09/21/48 (Call 03/21/48)		16,564		17,252,983
International Lease Finance Corp., 5.88%, 08/15/22(a)		4,274		4,604,111
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)(a)		6,536		6,876,941
Jefferies Group LLC/Jefferies Group Capital Finance Inc. 4.15%, 01/23/30(a)		5,581		5,166,367
4.85%, 01/15/27		10,197		10,233,619

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Mastercard Inc. 2.95%, 11/21/26 (Call 08/21/26)	$	9,957	$	9,929,906
3.38%, 04/01/24		10,569		10,898,365
ORIX Corp., 2.90%, 07/18/22		1,621		1,617,997
Synchrony Financial 3.95%, 12/01/27 (Call 09/01/27)		24,172		23,145,872
4.25%, 08/15/24 (Call 05/15/24)		7,501		7,596,167
4.50%, 07/23/25 (Call 04/23/25)(a)		4,251		4,333,725
TD Ameritrade Holding Corp. 2.95%, 04/01/22 (Call 02/01/22)		6,249		6,289,007
3.30%, 04/01/27 (Call 01/01/27)(a)		10,691		10,732,218
Visa Inc. 2.15%, 09/15/22 (Call 08/15/22)		9,964		9,834,444
2.75%, 09/15/27 (Call 06/15/27)(a)		4,148		4,074,119
2.80%, 12/14/22 (Call 10/14/22)(a)		19,994		20,126,930
3.15%, 12/14/25 (Call 09/14/25)		47,021		47,713,619
3.65%, 09/15/47 (Call 03/15/47)(a)		17,245		17,038,403
4.15%, 12/14/35 (Call 06/14/35)(a)		20,270		21,705,619
4.30%, 12/14/45 (Call 06/14/45)(a)		40,217		43,836,329
				914,611,297
Electric — 1.8%
Berkshire Hathaway Energy Co. 3.80%, 07/15/48 (Call 01/15/48)		5,552		5,294,252
4.45%, 01/15/49 (Call 07/15/48)(a)		16,594		17,591,859
4.50%, 02/01/45 (Call 08/01/44)(a)		11,950		12,649,515
5.15%, 11/15/43 (Call 05/15/43)(a)		11,710		13,453,195
6.13%, 04/01/36(a)		13,290		16,871,510
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)		1,411		1,430,352
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)(a)		3,165		3,265,914
Consolidated Edison Co. of New York Inc. 4.45%, 03/15/44 (Call 09/15/43)(a)		13,871		14,696,165
4.63%, 12/01/54 (Call 06/01/54)		12,290		13,018,936
Dominion Energy Inc., 3.90%, 10/01/25 (Call 07/01/25)(a)		17,704		18,399,388
Duke Energy Carolinas LLC, 5.30%, 02/15/40(a)		4,438		5,285,464
Duke Energy Corp. 2.65%, 09/01/26 (Call 06/01/26)(a)		17,786		16,975,885
3.15%, 08/15/27 (Call 05/15/27)(a)		3,955		3,899,583
3.75%, 04/15/24 (Call 01/15/24)(a)		10,504		10,837,750
3.75%, 09/01/46 (Call 03/01/46)		26,209		24,265,286
Duke Energy Florida LLC, 6.40%, 06/15/38(a)		7,335		9,790,371
Emera U.S. Finance LP 3.55%, 06/15/26 (Call 03/15/26)(a)		13,073		12,908,249
4.75%, 06/15/46 (Call 12/15/45)		6,557		6,690,832
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)(a)		12,880		12,399,008
Exelon Corp. 3.40%, 04/15/26 (Call 01/15/26)(a)		4,567		4,579,417
3.50%, 06/01/22 (Call 05/01/22)		4,728		4,782,865
3.95%, 06/15/25 (Call 03/15/25)(a)		9,708		10,087,776
4.45%, 04/15/46 (Call 10/15/45)(a)		13,021		13,487,661
Exelon Generation Co. LLC 5.60%, 06/15/42 (Call 12/15/41)(a)		7,710		8,181,201
6.25%, 10/01/39		15,590		17,848,752
FirstEnergy Corp.
Series B, 3.90%, 07/15/27 (Call 04/15/27)		19,296		19,535,869
Series B, 4.25%, 03/15/23 (Call 12/15/22)(a)		10,969		11,409,607
Series C, 4.85%, 07/15/47 (Call 01/15/47)		7,245		7,706,049
Series C, 7.38%, 11/15/31		17,988		23,761,403

Security	Par (000)		Value
Electric (continued)
Florida Power & Light Co., 3.95%, 03/01/48 (Call 09/01/47)(a)	$	3,809	$	3,878,343
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		11,564		11,108,378
Georgia Power Co., 4.30%, 03/15/42(a)		13,507		13,508,620
MidAmerican Energy Co., 4.25%, 07/15/49 (Call 01/15/49)(a)		4,195		4,483,730
NextEra Energy Capital Holdings Inc. 3.15%, 04/01/24 (Call 03/01/24)		7,985		8,010,683
3.55%, 05/01/27 (Call 02/01/27)(a)		19,847		20,098,696
Sempra Energy 3.25%, 06/15/27 (Call 03/15/27)		10,058		9,723,661
3.40%, 02/01/28 (Call 11/01/27)		7,157		6,965,565
3.80%, 02/01/38 (Call 08/01/37)		15,541		14,308,942
4.00%, 02/01/48 (Call 08/01/47)		15,829		14,577,964
6.00%, 10/15/39(a)		5,269		6,234,026
Southern California Edison Co. 4.00%, 04/01/47 (Call 10/01/46)(a)		13,956		12,995,877
4.65%, 10/01/43 (Call 04/01/43)		9,573		9,629,441
Series C, 4.13%, 03/01/48 (Call 09/01/47)(a)		12,710		12,030,537
Southern Co. (The) 2.95%, 07/01/23 (Call 05/01/23)(a)		15,374		15,333,954
3.25%, 07/01/26 (Call 04/01/26)		27,734		27,356,360
4.40%, 07/01/46 (Call 01/01/46)(a)		20,382		20,365,427
Virginia Electric & Power Co.
Series A, 3.15%, 01/15/26 (Call 10/15/25)		10,027		10,012,205
Series A, 3.50%, 03/15/27 (Call 12/15/26)		8,979		9,177,686
				570,904,209
Electronics — 0.1%
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)(a)		9,107		8,886,217
Honeywell International Inc. 1.85%, 11/01/21 (Call 10/01/21)(a)		1,734		1,702,046
2.50%, 11/01/26 (Call 08/01/26)		16,084		15,616,426
				26,204,689
Environmental Control — 0.1%
Republic Services Inc. 3.55%, 06/01/22 (Call 03/01/22)(a)		10,703		10,914,303
3.95%, 05/15/28 (Call 02/15/28)(a)		11,029		11,529,726
Waste Management Inc. 3.15%, 11/15/27 (Call 08/15/27)(a)		20,450		20,298,746
4.10%, 03/01/45 (Call 09/01/44)(a)		4,852		4,907,895
				47,650,670
Food — 1.6%
Campbell Soup Co. 3.65%, 03/15/23 (Call 02/15/23)(a)		12,258		12,400,192
3.95%, 03/15/25 (Call 01/15/25)(a)		3,891		3,954,426
4.15%, 03/15/28 (Call 12/15/27)(a)		7,538		7,555,255
4.80%, 03/15/48 (Call 09/15/47)(a)		2,958		2,802,403
Conagra Brands Inc. 3.20%, 01/25/23 (Call 10/25/22)(a)		11,948		12,011,462
4.30%, 05/01/24 (Call 04/01/24)(a)		11,905		12,365,151
4.60%, 11/01/25 (Call 09/01/25)		7,053		7,448,394
4.85%, 11/01/28 (Call 08/01/28)(a)		12,969		13,769,749
5.30%, 11/01/38 (Call 05/01/38)		16,287		16,782,283
5.40%, 11/01/48 (Call 05/01/48)(a)		7,506		7,818,172
General Mills Inc. 3.20%, 02/10/27 (Call 11/10/26)(a)		9,742		9,513,611
3.70%, 10/17/23 (Call 09/17/23)(a)		9,604		9,841,101
4.00%, 04/17/25 (Call 02/17/25)(a)		5,918		6,153,880
4.20%, 04/17/28 (Call 01/17/28)		16,474		17,199,690

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
JM Smucker Co. (The) 3.50%, 10/15/21	$	3,371	$	3,417,652
3.50%, 03/15/25(a)		7,267		7,303,375
Kellogg Co., 3.25%, 04/01/26(a)		5,842		5,764,490
Kraft Heinz Foods Co. 3.00%, 06/01/26 (Call 03/01/26)		15,782		14,888,715
3.50%, 06/06/22		22,627		22,896,802
3.50%, 07/15/22 (Call 05/15/22)		17,119		17,298,863
3.95%, 07/15/25 (Call 04/15/25)		26,327		26,587,216
4.00%, 06/15/23 (Call 05/15/23)(a)		21,058		21,631,081
4.38%, 06/01/46 (Call 12/01/45)		31,858		28,182,090
4.63%, 01/30/29 (Call 10/30/28)(a)		14,211		14,729,805
5.00%, 07/15/35 (Call 01/15/35)(a)		19,192		19,056,748
5.00%, 06/04/42		20,385		19,665,827
5.20%, 07/15/45 (Call 01/15/45)		18,150		17,932,757
6.50%, 02/09/40		4,825		5,362,975
6.88%, 01/26/39		12,395		14,301,244
Kroger Co. (The) 2.65%, 10/15/26 (Call 07/15/26)(a)		8,039		7,461,808
4.45%, 02/01/47 (Call 08/01/46)(a)		12,491		11,461,929
McCormick & Co. Inc./MD 2.70%, 08/15/22 (Call 07/15/22)		5,588		5,548,740
3.40%, 08/15/27 (Call 05/15/27)		2,861		2,823,739
Mondelez International Inc., 3.63%, 05/07/23 (Call 04/07/23)(a)		4,013		4,095,564
Sysco Corp. 3.25%, 07/15/27 (Call 04/15/27)(a)		10,034		9,831,309
3.30%, 07/15/26 (Call 04/15/26)(a)		7,616		7,558,575
3.75%, 10/01/25 (Call 07/01/25)(a)		6,557		6,767,422
Tyson Foods Inc. 3.55%, 06/02/27 (Call 03/02/27)(a)		10,838		10,728,173
3.95%, 08/15/24 (Call 05/15/24)		11,349		11,716,506
4.00%, 03/01/26 (Call 01/01/26)(a)		13,580		14,004,380
4.35%, 03/01/29 (Call 12/01/28)(a)		16,108		16,795,518
4.50%, 06/15/22 (Call 03/15/22)		7,417		7,741,066
4.55%, 06/02/47 (Call 12/02/46)		8,933		8,552,778
5.10%, 09/28/48 (Call 03/28/48)(a)		16,245		16,896,936
				520,619,852
Forest Products & Paper — 0.2%
International Paper Co. 3.00%, 02/15/27 (Call 11/15/26)(a)		11,040		10,596,504
3.65%, 06/15/24 (Call 03/15/24)(a)		12,185		12,491,766
4.35%, 08/15/48 (Call 02/15/48)(a)		10,542		9,706,513
4.40%, 08/15/47 (Call 02/15/47)(a)		9,782		9,052,019
4.75%, 02/15/22 (Call 11/15/21)		4,057		4,241,675
4.80%, 06/15/44 (Call 12/15/43)(a)		9,485		9,342,439
				55,430,916
Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)(a)		3,791		3,894,335
NiSource Inc. 3.49%, 05/15/27 (Call 02/15/27)(a)		16,351		16,298,404
3.95%, 03/30/48 (Call 09/30/47)		7,868		7,498,479
4.38%, 05/15/47 (Call 11/15/46)(a)		13,368		13,642,892
4.80%, 02/15/44 (Call 08/15/43)		8,807		9,312,083
				50,646,193

Security	Par (000)		Value
Health Care – Products — 1.7%
Abbott Laboratories 2.55%, 03/15/22(a)	$	4,880	$	4,862,966
2.90%, 11/30/21 (Call 10/30/21)(a)		6,310		6,334,472
2.95%, 03/15/25 (Call 12/15/24)(a)		14,198		14,165,501
3.40%, 11/30/23 (Call 09/30/23)		9,599		9,798,911
3.75%, 11/30/26 (Call 08/30/26)		8,785		9,137,570
4.75%, 11/30/36 (Call 05/30/36)(a)		32,840		36,610,991
4.90%, 11/30/46 (Call 05/30/46)(a)		27,687		31,657,410
Becton Dickinson and Co. 2.89%, 06/06/22 (Call 05/06/22)		24,274		24,201,083
3.36%, 06/06/24 (Call 04/06/24)		21,609		21,631,722
3.70%, 06/06/27 (Call 03/06/27)		28,667		28,529,975
3.73%, 12/15/24 (Call 09/15/24)(a)		16,645		16,886,073
4.67%, 06/06/47 (Call 12/06/46)(a)		11,495		11,825,340
4.69%, 12/15/44 (Call 06/15/44)(a)		6,281		6,428,166
Boston Scientific Corp. 3.45%, 03/01/24 (Call 02/01/24)		5,680		5,779,963
3.75%, 03/01/26 (Call 01/01/26)(a)		12,864		13,121,306
3.85%, 05/15/25		18,925		19,536,268
4.00%, 03/01/28 (Call 12/01/27)		8,414		8,648,941
4.00%, 03/01/29 (Call 12/01/28)(a)		12,585		12,945,957
4.55%, 03/01/39 (Call 09/01/38)		11,330		11,766,617
4.70%, 03/01/49 (Call 09/01/48)(a)		12,834		13,469,840
Medtronic Global Holdings SCA, 3.35%, 04/01/27 (Call 01/01/27)(a)		11,119		11,253,091
Medtronic Inc. 3.50%, 03/15/25		47,557		48,958,424
3.63%, 03/15/24 (Call 12/15/23)(a)		5,696		5,905,978
4.38%, 03/15/35(a)		23,051		24,771,019
4.63%, 03/15/45(a)		39,360		44,057,931
Stryker Corp. 3.38%, 11/01/25 (Call 08/01/25)(a)		3,732		3,791,413
3.50%, 03/15/26 (Call 12/15/25)(a)		10,987		11,135,442
4.63%, 03/15/46 (Call 09/15/45)		10,366		11,106,312
Thermo Fisher Scientific Inc. 2.95%, 09/19/26 (Call 06/19/26)		23,352		22,669,339
3.00%, 04/15/23 (Call 02/15/23)(a)		3,665		3,677,566
3.15%, 01/15/23 (Call 10/15/22)		6,119		6,160,479
3.20%, 08/15/27 (Call 05/15/27)(a)		4,720		4,616,342
3.30%, 02/15/22(a)		4,255		4,308,981
4.10%, 08/15/47 (Call 02/15/47)(a)		5,883		5,797,479
4.15%, 02/01/24 (Call 11/01/23)(a)		17,097		17,913,548
Zimmer Biomet Holdings Inc. 3.15%, 04/01/22 (Call 02/01/22)(a)		2,898		2,907,962
3.55%, 04/01/25 (Call 01/01/25)		17,088		17,016,596
				553,386,974
Health Care – Services — 2.1%
Aetna Inc. 2.75%, 11/15/22 (Call 08/15/22)		10,372		10,232,759
2.80%, 06/15/23 (Call 04/15/23)(a)		22,879		22,451,343
3.50%, 11/15/24 (Call 08/15/24)(a)		20,885		20,931,058
3.88%, 08/15/47 (Call 02/15/47)(a)		7,325		6,213,317
6.63%, 06/15/36(a)		10,968		12,939,737
Anthem Inc. 2.95%, 12/01/22 (Call 11/01/22)(a)		12,406		12,379,970
3.13%, 05/15/22(a)		8,316		8,359,504
3.30%, 01/15/23(a)		15,170		15,285,089
3.35%, 12/01/24 (Call 10/01/24)(a)		12,291		12,361,404
3.50%, 08/15/24 (Call 05/15/24)(a)		10,365		10,495,913
3.65%, 12/01/27 (Call 09/01/27)		20,276		20,092,449

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care – Services (continued)
4.10%, 03/01/28 (Call 12/01/27)(a)	$	13,248	$	13,554,730
4.38%, 12/01/47 (Call 06/01/47)(a)		15,819		15,364,338
4.55%, 03/01/48 (Call 09/01/47)(a)		9,216		9,180,018
4.63%, 05/15/42(a)		11,207		11,290,202
4.65%, 01/15/43		10,661		10,766,169
4.65%, 08/15/44 (Call 02/15/44)(a)		10,668		10,764,387
Cigna Holding Co. 3.25%, 04/15/25 (Call 01/15/25)(a)		17,023		16,874,493
3.88%, 10/15/47 (Call 04/15/47)		7,405		6,456,635
HCA Inc. 4.50%, 02/15/27 (Call 08/15/26)(a)		17,345		17,803,921
4.75%, 05/01/23		17,896		18,701,545
5.00%, 03/15/24(a)		20,910		22,136,731
5.25%, 04/15/25		21,106		22,614,942
5.25%, 06/15/26 (Call 12/15/25)		19,143		20,462,831
5.50%, 06/15/47 (Call 12/15/46)		19,296		20,462,252
Humana Inc., 4.95%, 10/01/44 (Call 04/01/44)(a)		10,242		10,655,092
Kaiser Foundation Hospitals, 4.15%, 05/01/47 (Call 11/01/46)		12,974		13,606,341
Laboratory Corp. of America Holdings 3.60%, 02/01/25 (Call 11/01/24)		12,830		12,850,797
4.70%, 02/01/45 (Call 08/01/44)		3,038		2,965,236
UnitedHealth Group Inc. 2.38%, 10/15/22(a)		10,453		10,318,834
2.88%, 03/15/22 (Call 12/15/21)		7,037		7,056,652
2.88%, 03/15/23		5,149		5,161,028
2.95%, 10/15/27(a)		15,701		15,315,644
3.10%, 03/15/26(a)		14,452		14,361,376
3.35%, 07/15/22		10,549		10,745,368
3.45%, 01/15/27(a)		8,858		8,978,269
3.50%, 06/15/23(a)		7,152		7,336,956
3.50%, 02/15/24		13,633		14,018,881
3.75%, 07/15/25		19,708		20,513,691
3.75%, 10/15/47 (Call 04/15/47)(a)		11,490		10,899,722
3.85%, 06/15/28		18,974		19,737,096
3.88%, 12/15/28(a)		260		271,179
4.20%, 01/15/47 (Call 07/15/46)		15,509		15,764,270
4.25%, 03/15/43 (Call 09/15/42)(a)		12,629		12,918,952
4.25%, 06/15/48 (Call 12/15/47)		18,525		19,052,160
4.45%, 12/15/48 (Call 06/15/48)		3,547		3,758,725
4.63%, 07/15/35(a)		11,758		12,805,055
4.75%, 07/15/45		18,872		20,747,416
5.80%, 03/15/36		10,856		13,237,890
6.88%, 02/15/38		14,282		19,562,314
				670,814,681
Housewares — 0.2%
Newell Brands Inc. 3.85%, 04/01/23 (Call 02/01/23)		23,953		23,791,631
4.20%, 04/01/26 (Call 01/01/26)		31,407		29,837,542
				53,629,173
Insurance — 2.1%
Aflac Inc., 3.63%, 11/15/24(a)		8,815		9,123,034
American International Group Inc. 3.75%, 07/10/25 (Call 04/10/25)(a)		17,797		17,986,979
3.88%, 01/15/35 (Call 07/15/34)(a)		14,057		13,059,563
3.90%, 04/01/26 (Call 01/01/26)(a)		3,415		3,448,479
4.13%, 02/15/24(a)		17,327		18,083,750
4.20%, 04/01/28 (Call 01/01/28)(a)		5,599		5,715,601
4.38%, 01/15/55 (Call 07/15/54)(a)		8,002		7,342,479

Security	Par (000)		Value
Insurance (continued)
4.50%, 07/16/44 (Call 01/16/44)	$	24,666	$	24,088,140
4.75%, 04/01/48 (Call 10/01/47)(a)		8,895		8,991,787
4.80%, 07/10/45 (Call 01/10/45)(a)		16,949		17,246,577
4.88%, 06/01/22		2,416		2,549,132
6.25%, 05/01/36(a)		9,237		10,707,636
Aon PLC, 3.88%, 12/15/25 (Call 09/15/25)(a)		15,140		15,652,483
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)		8,759		8,497,158
AXA Equitable Holdings Inc. 3.90%, 04/20/23 (Call 03/20/23)		12,864		13,205,256
4.35%, 04/20/28 (Call 01/20/28)		17,588		17,997,127
5.00%, 04/20/48 (Call 10/20/47)(a)		16,868		16,719,169
Berkshire Hathaway Finance Corp. 3.00%, 05/15/22(a)		4,875		4,944,343
4.20%, 08/15/48 (Call 02/15/48)		35,780		37,085,072
4.25%, 01/15/49 (Call 07/15/48)		18,623		19,415,871
5.75%, 01/15/40(a)		3,296		4,094,809
Berkshire Hathaway Inc. 2.75%, 03/15/23 (Call 01/15/23)		23,676		23,718,709
3.13%, 03/15/26 (Call 12/15/25)		29,695		29,839,621
4.50%, 02/11/43(a)		12,801		13,940,407
Brighthouse Financial Inc. 3.70%, 06/22/27 (Call 03/22/27)		15,963		14,734,682
4.70%, 06/22/47 (Call 12/22/46)(a)		11,920		9,768,312
Chubb Corp. (The), 6.00%, 05/11/37(a)		11,839		15,091,148
Chubb INA Holdings Inc. 2.88%, 11/03/22 (Call 09/03/22)(a)		8,576		8,638,204
3.15%, 03/15/25		11,537		11,686,629
3.35%, 05/03/26 (Call 02/03/26)(a)		10,494		10,686,614
4.35%, 11/03/45 (Call 05/03/45)(a)		17,028		18,510,522
Manulife Financial Corp. 4.15%, 03/04/26		7,048		7,422,586
5.38%, 03/04/46(a)		7,279		8,572,047
Marsh & McLennan Companies Inc. 3.88%, 03/15/24 (Call 02/15/24)		10,100		10,506,326
4.38%, 03/15/29 (Call 12/15/28)(a)		18,070		19,296,695
4.90%, 03/15/49 (Call 09/15/48)		11,560		12,722,978
MetLife Inc. 3.60%, 04/10/24(a)		12,875		13,353,239
4.05%, 03/01/45(a)		10,727		10,781,007
4.13%, 08/13/42		9,713		9,849,411
4.60%, 05/13/46 (Call 11/13/45)(a)		5,909		6,432,186
4.88%, 11/13/43		11,492		12,897,646
5.70%, 06/15/35(a)		11,315		13,868,727
5.88%, 02/06/41		7,777		9,723,200
6.38%, 06/15/34(a)		9,058		11,729,506
Series D, 4.37%, 09/15/23(a)		11,581		12,327,988
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		13,092		13,505,483
Prudential Financial Inc. 3.91%, 12/07/47 (Call 06/07/47)(a)		10,614		10,331,299
3.94%, 12/07/49 (Call 06/07/49)		2,688		2,625,486
4.35%, 02/25/50 (Call 08/25/49)		9,315		9,769,279
4.60%, 05/15/44		11,352		12,193,842
5.70%, 12/14/36(a)		7,744		9,242,714
Travelers Companies Inc. (The) 5.35%, 11/01/40(a)		9,161		11,114,375
6.25%, 06/15/37(a)		11,130		14,581,303
				675,416,616

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Internet — 1.2%
Alphabet Inc. 2.00%, 08/15/26 (Call 05/15/26)(a)	$	14,000	$	13,209,951
3.38%, 02/25/24(a)		17,852		18,499,081
Amazon.com Inc. 2.40%, 02/22/23 (Call 01/22/23)		4,609		4,567,332
2.50%, 11/29/22 (Call 08/29/22)(a)		21,517		21,463,971
2.80%, 08/22/24 (Call 06/22/24)		31,836		31,830,142
3.15%, 08/22/27 (Call 05/22/27)		36,322		36,555,136
3.30%, 12/05/21 (Call 10/05/21)(a)		2,973		3,038,630
3.80%, 12/05/24 (Call 09/05/24)(a)		9,346		9,824,213
3.88%, 08/22/37 (Call 02/22/37)(a)		32,743		33,728,610
4.05%, 08/22/47 (Call 02/22/47)(a)		43,448		45,162,132
4.25%, 08/22/57 (Call 02/22/57)(a)		13,710		14,449,269
4.80%, 12/05/34 (Call 06/05/34)(a)		22,750		26,220,258
4.95%, 12/05/44 (Call 06/05/44)		15,358		18,086,960
5.20%, 12/03/25 (Call 09/03/25)		10,085		11,450,856
Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26)(a)		16,385		16,730,496
eBay Inc. 2.60%, 07/15/22 (Call 04/15/22)		12,726		12,600,116
2.75%, 01/30/23 (Call 12/30/22)(a)		7,481		7,409,108
3.45%, 08/01/24 (Call 05/01/24)(a)		7,719		7,798,158
3.60%, 06/05/27 (Call 03/05/27)(a)		13,086		12,921,901
3.80%, 03/09/22 (Call 02/09/22)		6,845		6,998,711
4.00%, 07/15/42 (Call 01/15/42)		5,978		5,229,594
Expedia Group Inc. 3.80%, 02/15/28 (Call 11/15/27)		19,757		19,348,724
5.00%, 02/15/26 (Call 11/15/25)		2,822		3,007,344
				380,130,693
Iron &Steel — 0.0%
ArcelorMittal, 4.55%, 03/11/26(a)		5,666		5,866,667
Machinery — 0.4%
ABB Finance USA Inc. 2.88%, 05/08/22		17,057		17,144,735
3.80%, 04/03/28 (Call 01/03/28)		4,940		5,158,949
4.38%, 05/08/42(a)		5,485		5,886,868
Caterpillar Inc. 3.40%, 05/15/24 (Call 02/15/24)(a)		8,511		8,743,427
3.80%, 08/15/42(a)		18,500		18,751,913
5.20%, 05/27/41		9,204		11,004,538
Deere & Co. 2.60%, 06/08/22 (Call 03/08/22)(a)		7,354		7,359,104
3.90%, 06/09/42 (Call 12/09/41)(a)		12,344		12,753,226
John Deere Capital Corp., 2.80%, 03/06/23(a)		17,227		17,251,287
Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)(a)		530		545,645
Wabtec Corp. 4.40%, 03/15/24 (Call 02/15/24)		2,904		2,978,668
4.95%, 09/15/28 (Call 06/15/28)		15,301		15,764,632
				123,342,992
Manufacturing — 0.9%
3M Co. 2.88%, 10/15/27 (Call 07/15/27)(a)		5,805		5,724,803
3.38%, 03/01/29 (Call 12/01/28)		1,275		1,301,396
3.63%, 09/14/28 (Call 06/14/28)(a)		6,875		7,166,242
4.00%, 09/14/48 (Call 03/14/48)(a)		15,133		15,459,139
Eaton Corp. 2.75%, 11/02/22		17,699		17,607,259
4.15%, 11/02/42(a)		4,352		4,341,119

Security	Par (000)		Value
Manufacturing (continued)
General Electric Co. 2.70%, 10/09/22	$	34,527	$	34,121,287
3.10%, 01/09/23		7,440		7,421,488
3.15%, 09/07/22(a)		12,820		12,827,278
3.38%, 03/11/24(a)		6,526		6,550,436
4.13%, 10/09/42		19,235		16,862,413
4.50%, 03/11/44		25,854		23,886,400
5.88%, 01/14/38		38,490		41,549,651
6.15%, 08/07/37		12,403		13,634,171
6.88%, 01/10/39(a)		21,854		25,929,725
Series A, 6.75%, 03/15/32(a)		31,527		36,812,870
Illinois Tool Works Inc. 2.65%, 11/15/26 (Call 08/15/26)(a)		3,206		3,148,898
3.90%, 09/01/42 (Call 03/01/42)(a)		16,020		16,444,376
Ingersoll-Rand Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)		13,035		13,150,551
				303,939,502
Media — 5.1%
CBS Corp. 4.00%, 01/15/26 (Call 10/15/25)		3,954		4,027,500
7.88%, 07/30/30(a)		6,029		7,907,460
Charter Communications Operating LLC/Charter Communications Operating Capital 3.75%, 02/15/28 (Call 11/15/27)		15,857		15,384,336
4.20%, 03/15/28 (Call 12/15/27)(a)		12,756		12,745,330
4.46%, 07/23/22 (Call 05/23/22)		30,255		31,371,981
4.50%, 02/01/24 (Call 01/01/24)(a)		11,465		11,934,919
4.91%, 07/23/25 (Call 04/23/25)		53,535		56,749,953
5.05%, 03/30/29 (Call 12/30/28)(a)		18,220		19,291,890
5.38%, 04/01/38 (Call 10/01/37)(a)		7,583		7,764,764
5.38%, 05/01/47 (Call 11/01/46)		34,656		34,718,589
5.75%, 04/01/48 (Call 10/01/47)(a)		26,690		28,135,413
6.38%, 10/23/35 (Call 04/23/35)(a)		16,133		18,214,212
6.48%, 10/23/45 (Call 04/23/45)(a)		41,431		46,919,986
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22(a)		12,638		15,477,275
Comcast Corp. 2.35%, 01/15/27 (Call 10/15/26)		16,185		15,141,522
2.75%, 03/01/23 (Call 02/01/23)		11,107		11,092,824
2.85%, 01/15/23(a)		8,088		8,114,138
3.00%, 02/01/24 (Call 01/01/24)(a)		18,861		18,946,625
3.13%, 07/15/22(a)		10,273		10,398,209
3.15%, 03/01/26 (Call 12/01/25)(a)		21,182		21,122,055
3.15%, 02/15/28 (Call 11/15/27)(a)		7,152		7,022,364
3.20%, 07/15/36 (Call 01/15/36)(a)		18,531		16,831,965
3.30%, 02/01/27 (Call 11/01/26)		10,216		10,196,354
3.38%, 02/15/25 (Call 11/15/24)		13,188		13,397,294
3.38%, 08/15/25 (Call 05/15/25)(a)		19,706		20,013,065
3.40%, 07/15/46 (Call 01/15/46)(a)		21,509		19,048,478
3.55%, 05/01/28 (Call 02/01/28)(a)		10,946		11,088,571
3.60%, 03/01/24(a)		17,039		17,526,305
3.70%, 04/15/24 (Call 03/15/24)		27,612		28,513,733
3.90%, 03/01/38 (Call 09/01/37)(a)		13,652		13,480,796
3.95%, 10/15/25 (Call 08/15/25)		33,817		35,424,565
3.97%, 11/01/47 (Call 05/01/47)		14,865		14,427,770
4.00%, 08/15/47 (Call 02/15/47)		11,425		11,155,744
4.00%, 03/01/48 (Call 09/01/47)(a)		10,140		9,890,791
4.00%, 11/01/49 (Call 05/01/49)(a)		21,748		21,162,350
4.05%, 11/01/52 (Call 05/01/52)(a)		15,713		15,268,324
4.15%, 10/15/28 (Call 07/15/28)		42,455		44,896,337

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
4.20%, 08/15/34 (Call 02/15/34)	$	14,084	$	14,712,696
4.25%, 10/15/30 (Call 07/15/30)		19,066		20,252,580
4.25%, 01/15/33(a)		20,951		22,206,074
4.40%, 08/15/35 (Call 02/15/35)(a)		12,273		12,898,091
4.60%, 10/15/38 (Call 04/15/38)		29,940		32,173,790
4.60%, 08/15/45 (Call 02/15/45)		21,246		22,576,837
4.65%, 07/15/42(a)		14,105		15,063,247
4.70%, 10/15/48 (Call 04/15/48)		46,620		50,594,616
4.75%, 03/01/44(a)		17,271		18,713,638
4.95%, 10/15/58 (Call 04/15/58)		32,229		35,909,204
5.65%, 06/15/35(a)		4,681		5,523,258
6.45%, 03/15/37(a)		5,290		6,716,402
6.50%, 11/15/35(a)		11,555		14,701,982
6.95%, 08/15/37(a)		12,947		17,266,682
7.05%, 03/15/33		9,244		12,407,799
Discovery Communications LLC 2.95%, 03/20/23 (Call 02/20/23)		13,238		13,143,900
3.95%, 03/20/28 (Call 12/20/27)(a)		22,668		22,302,234
4.88%, 04/01/43(a)		14,052		13,295,193
5.00%, 09/20/37 (Call 03/20/37)(a)		20,975		20,879,289
5.20%, 09/20/47 (Call 03/20/47)(a)		15,715		15,633,887
6.35%, 06/01/40		3,691		4,136,989
Fox Corp. 4.03%, 01/25/24 (Call 12/25/23)(b)		16,826		17,484,671
4.71%, 01/25/29 (Call 10/25/28)(a)(b)		23,493		25,253,718
5.48%, 01/25/39 (Call 07/25/38)(a)(b)		16,115		17,951,917
5.58%, 01/25/49 (Call 07/25/48)(a)(b)		16,340		18,534,122
NBCUniversal Media LLC 2.88%, 01/15/23		13,271		13,314,087
4.45%, 01/15/43		19,374		20,072,712
5.95%, 04/01/41(a)		4,230		5,215,630
Time Warner Cable LLC 4.00%, 09/01/21 (Call 06/01/21)		3,433		3,493,787
4.50%, 09/15/42 (Call 03/15/42)		12,772		11,319,751
5.50%, 09/01/41 (Call 03/01/41)		11,742		11,624,639
5.88%, 11/15/40 (Call 05/15/40)(a)		11,767		12,182,327
6.55%, 05/01/37(a)		9,535		10,621,945
6.75%, 06/15/39		17,756		19,854,670
7.30%, 07/01/38		20,638		24,052,811
Time Warner Entertainment Co. LP 8.38%, 03/15/23		10,281		12,038,381
8.38%, 07/15/33		14,744		19,345,499
TWDC Enterprises 18 Corp. 1.85%, 07/30/26(a)		15,838		14,673,186
2.35%, 12/01/22(a)		14,065		13,958,226
2.95%, 06/15/27(a)		11,176		11,101,606
3.00%, 02/13/26		14,508		14,527,930
3.15%, 09/17/25(a)		12,068		12,259,706
4.13%, 06/01/44(a)		10,912		11,484,844
Viacom Inc. 4.25%, 09/01/23 (Call 06/01/23)		9,690		10,081,300
4.38%, 03/15/43		17,621		16,013,026
5.85%, 09/01/43 (Call 03/01/43)(a)		8,721		9,496,419
6.88%, 04/30/36		10,068		11,883,366
Walt Disney Co. (The) 3.00%, 09/15/22(b)		14,191		14,335,324
6.15%, 03/01/37(b)		14,973		19,363,319
6.15%, 02/15/41(b)		16,678		21,943,396
6.20%, 12/15/34(b)		7,449		9,669,024

Security	Par (000)		Value
Media (continued)
6.40%, 12/15/35	$	12,339	$	16,230,001
6.65%, 11/15/37(b)		13,258		18,165,112
Warner Media LLC 2.95%, 07/15/26 (Call 04/15/26)		17,296		16,578,150
3.55%, 06/01/24 (Call 03/01/24)		8,729		8,887,076
3.60%, 07/15/25 (Call 04/15/25)		16,992		17,181,012
3.80%, 02/15/27 (Call 11/15/26)(a)		18,661		18,766,046
4.85%, 07/15/45 (Call 01/15/45)(a)		5,459		5,571,237
				1,630,442,148
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp. 2.50%, 01/15/23 (Call 10/15/22)		19,509		19,374,741
3.25%, 06/15/25 (Call 03/15/25)		16,501		16,843,851
				36,218,592
Mining — 0.6%
Barrick Gold Corp., 5.25%, 04/01/42		9,960		10,754,586
Barrick North America Finance LLC 5.70%, 05/30/41(a)		10,153		11,486,904
5.75%, 05/01/43(a)		4,100		4,712,822
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		12,200		14,064,625
BHP Billiton Finance USA Ltd. 4.13%, 02/24/42(a)		10,643		11,071,223
5.00%, 09/30/43(a)		31,181		36,356,045
Newmont Goldcorp Corp., 3.50%, 03/15/22 (Call 12/15/21)		6,862		6,945,996
Newmont Mining Corp. 4.88%, 03/15/42 (Call 09/15/41)(a)		11,024		11,412,853
6.25%, 10/01/39(a)		8,213		9,923,392
Rio Tinto Alcan Inc., 6.13%, 12/15/33(a)		6,864		8,778,543
Rio Tinto Finance USA Ltd. 3.75%, 06/15/25 (Call 03/15/25)(a)		8,552		8,966,889
5.20%, 11/02/40		18,886		22,215,430
7.13%, 07/15/28(a)		8,961		11,570,643
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)(a)		11,686		12,111,755
Teck Resources Ltd., 6.25%, 07/15/41 (Call 01/15/41)(a)		3,380		3,649,420
				184,021,126
Oil & Gas — 5.7%
Anadarko Finance Co., Series B, 7.50%, 05/01/31		7,713		10,177,050
Anadarko Petroleum Corp. 5.55%, 03/15/26 (Call 12/15/25)(a)		16,314		18,348,710
6.20%, 03/15/40		6,729		8,372,701
6.45%, 09/15/36(a)		22,483		28,285,363
6.60%, 03/15/46 (Call 09/15/45)		11,733		15,771,222
Apache Corp. 3.25%, 04/15/22 (Call 01/15/22)		10,066		10,125,369
4.25%, 01/15/44 (Call 07/15/43)(a)		13,909		12,583,520
4.75%, 04/15/43 (Call 10/15/42)(a)		15,379		14,807,129
5.10%, 09/01/40 (Call 03/01/40)		18,267		18,237,670
6.00%, 01/15/37(a)		4,231		4,668,748
BP Capital Markets America Inc. 2.75%, 05/10/23(a)		18,583		18,501,441
3.02%, 01/16/27 (Call 10/16/26)		8,063		7,902,916
3.12%, 05/04/26 (Call 02/04/26)(a)		10,783		10,865,503
3.22%, 11/28/23 (Call 09/28/23)		9,894		9,994,388
3.22%, 04/14/24 (Call 02/14/24)		9,241		9,323,799
3.25%, 05/06/22		6,011		6,101,454
3.79%, 02/06/24 (Call 01/06/24)(a)		10,375		10,736,397

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
3.80%, 09/21/25 (Call 07/21/25)(a)	$	10,325	$	10,737,564
4.23%, 11/06/28 (Call 08/06/28)		21,049		22,483,296
BP Capital Markets PLC 2.50%, 11/06/22(a)		9,168		9,085,138
3.06%, 03/17/22		11,247		11,354,697
3.28%, 09/19/27 (Call 06/19/27)(a)		15,624		15,585,474
3.51%, 03/17/25(a)		8,608		8,799,492
3.54%, 11/04/24		14,788		15,153,404
3.72%, 11/28/28 (Call 08/28/28)(a)		7,840		8,065,548
3.81%, 02/10/24		15,793		16,406,173
3.99%, 09/26/23		12,852		13,435,139
Canadian Natural Resources Ltd. 2.95%, 01/15/23 (Call 12/15/22)		5,865		5,817,650
3.85%, 06/01/27 (Call 03/01/27)(a)		15,263		15,406,182
4.95%, 06/01/47 (Call 12/01/46)(a)		10,182		11,094,485
6.25%, 03/15/38(a)		12,609		15,165,112
Cenovus Energy Inc. 4.25%, 04/15/27 (Call 01/15/27)(a)		3,742		3,762,889
4.45%, 09/15/42 (Call 03/15/42)		7,574		6,994,349
5.40%, 06/15/47 (Call 12/15/46)(a)		19,431		20,296,746
6.75%, 11/15/39		16,006		18,341,896
Chevron Corp. 2.36%, 12/05/22 (Call 09/05/22)		19,170		18,991,566
2.57%, 05/16/23 (Call 03/16/23)(a)		14,650		14,591,059
2.90%, 03/03/24 (Call 01/03/24)(a)		10,325		10,370,794
2.95%, 05/16/26 (Call 02/16/26)(a)		30,544		30,552,180
3.19%, 06/24/23 (Call 03/24/23)		25,721		26,207,935
3.33%, 11/17/25 (Call 08/17/25)		11,288		11,585,178
Cimarex Energy Co., 3.90%, 05/15/27 (Call 02/15/27)		10,150		10,225,276
Concho Resources Inc. 3.75%, 10/01/27 (Call 07/01/27)		13,378		13,407,226
4.30%, 08/15/28 (Call 05/15/28)(a)		8,765		9,140,811
4.88%, 10/01/47 (Call 04/01/47)(a)		9,756		10,323,135
ConocoPhillips, 6.50%, 02/01/39(a)		25,163		33,750,634
ConocoPhillips Co. 4.30%, 11/15/44 (Call 05/15/44)		15,263		16,135,175
4.95%, 03/15/26 (Call 12/15/25)(a)		18,646		20,652,733
ConocoPhillips Holding Co., 6.95%, 04/15/29		14,091		18,179,802
Continental Resources Inc./OK 4.38%, 01/15/28 (Call 10/15/27)(a)		11,320		11,626,020
4.50%, 04/15/23 (Call 01/15/23)		9,825		10,150,934
Devon Energy Corp. 3.25%, 05/15/22 (Call 02/15/22)		11,394		11,469,025
4.75%, 05/15/42 (Call 11/15/41)(a)		17,849		17,968,353
5.00%, 06/15/45 (Call 12/15/44)		6,154		6,420,750
5.60%, 07/15/41 (Call 01/15/41)		9,464		10,489,984
Encana Corp., 6.50%, 08/15/34		11,251		13,546,205
EOG Resources Inc. 2.63%, 03/15/23 (Call 12/15/22)(a)		13,679		13,595,729
4.15%, 01/15/26 (Call 10/15/25)(a)		9,686		10,241,594
EQT Corp. 3.00%, 10/01/22 (Call 09/01/22)		8,347		8,199,187
3.90%, 10/01/27 (Call 07/01/27)(a)		9,732		9,169,515
4.88%, 11/15/21(a)		5,778		5,999,901
Equinor ASA 2.45%, 01/17/23(a)		13,312		13,188,538
2.65%, 01/15/24(a)		16,116		16,049,215
3.70%, 03/01/24		15,105		15,712,297
3.95%, 05/15/43		8,086		8,228,521

Security	Par (000)		Value
Oil & Gas (continued)
4.80%, 11/08/43	$	5,102	$	5,841,158
5.10%, 08/17/40		8,637		10,170,272
Exxon Mobil Corp. 2.40%, 03/06/22 (Call 01/06/22)(a)		6,450		6,427,197
2.71%, 03/06/25 (Call 12/06/24)		18,429		18,360,275
2.73%, 03/01/23 (Call 01/01/23)		17,506		17,572,726
3.04%, 03/01/26 (Call 12/01/25)(a)		28,394		28,536,842
3.18%, 03/15/24 (Call 12/15/23)(a)		8,397		8,590,533
3.57%, 03/06/45 (Call 09/06/44)(a)		7,487		7,324,927
4.11%, 03/01/46 (Call 09/01/45)(a)		30,619		32,589,048
Hess Corp. 4.30%, 04/01/27 (Call 01/01/27)		8,661		8,731,147
5.60%, 02/15/41		9,942		10,423,450
6.00%, 01/15/40		7,460		8,094,339
Marathon Oil Corp. 2.80%, 11/01/22 (Call 08/01/22)		3,134		3,103,271
3.85%, 06/01/25 (Call 03/01/25)		6,577		6,673,763
4.40%, 07/15/27 (Call 04/15/27)(a)		16,862		17,425,680
6.60%, 10/01/37		13,607		16,483,695
Marathon Petroleum Corp. 3.63%, 09/15/24 (Call 06/15/24)		9,587		9,666,799
4.75%, 09/15/44 (Call 03/15/44)		5,542		5,564,968
5.13%, 12/15/26 (Call 09/15/26)(b)		237		256,123
6.50%, 03/01/41 (Call 09/01/40)(a)		10,254		12,462,120
Noble Energy Inc. 4.15%, 12/15/21 (Call 09/15/21)(a)		1,633		1,675,760
5.05%, 11/15/44 (Call 05/15/44)		9,882		10,203,598
5.25%, 11/15/43 (Call 05/15/43)(a)		7,136		7,491,047
6.00%, 03/01/41 (Call 09/01/40)		10,905		12,280,517
Occidental Petroleum Corp. 2.70%, 02/15/23 (Call 11/15/22)		11,862		11,660,115
3.00%, 02/15/27 (Call 11/15/26)		5,651		5,479,831
3.13%, 02/15/22 (Call 11/15/21)		2,995		3,008,939
3.40%, 04/15/26 (Call 01/15/26)(a)		12,415		12,380,670
3.50%, 06/15/25 (Call 03/15/25)(a)		6,395		6,501,110
4.10%, 02/15/47 (Call 08/15/46)		13,978		13,359,232
4.20%, 03/15/48 (Call 09/15/47)(a)		4,126		4,006,516
4.40%, 04/15/46 (Call 10/15/45)(a)		7,373		7,420,765
4.63%, 06/15/45 (Call 12/15/44)		14,874		15,325,960
Petro-Canada, 6.80%, 05/15/38(a)		12,540		16,385,526
Phillips 66 3.90%, 03/15/28 (Call 12/15/27)(a)		5,544		5,697,530
4.30%, 04/01/22		13,749		14,322,593
4.65%, 11/15/34 (Call 05/15/34)		21,742		23,340,433
4.88%, 11/15/44 (Call 05/15/44)(a)		22,337		23,960,786
5.88%, 05/01/42(a)		18,927		22,658,390
Shell International Finance BV 2.25%, 01/06/23		9,620		9,474,112
2.38%, 08/21/22(a)		15,295		15,182,920
2.50%, 09/12/26		13,075		12,608,243
2.88%, 05/10/26(a)		25,155		24,938,571
3.25%, 05/11/25(a)		32,667		33,293,716
3.40%, 08/12/23(a)		6,031		6,188,706
3.50%, 11/13/23 (Call 10/13/23)		11,295		11,641,487
3.75%, 09/12/46(a)		13,805		13,678,124
3.88%, 11/13/28 (Call 08/13/28)(a)		22,020		23,234,181
4.00%, 05/10/46		29,972		30,811,794
4.13%, 05/11/35(a)		9,013		9,572,073
4.38%, 05/11/45(a)		38,054		41,096,535
4.55%, 08/12/43(a)		24,967		27,517,716

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
5.50%, 03/25/40(a)	$	15,756	$	19,330,483
6.38%, 12/15/38(a)		25,059		33,372,476
Suncor Energy Inc. 3.60%, 12/01/24 (Call 09/01/24)		3,304		3,378,580
4.00%, 11/15/47 (Call 05/15/47)		11,440		11,153,743
6.50%, 06/15/38		14,640		18,670,083
6.85%, 06/01/39(a)		6,502		8,540,975
Total Capital Canada Ltd., 2.75%, 07/15/23(a)		2,032		2,030,158
Total Capital International SA 2.70%, 01/25/23(a)		14,887		14,882,824
2.88%, 02/17/22(a)		3,480		3,501,846
3.46%, 02/19/29 (Call 11/19/28)(a)		16,540		16,899,050
3.70%, 01/15/24(a)		8,797		9,129,874
3.75%, 04/10/24(a)		10,050		10,459,296
Total Capital SA, 3.88%, 10/11/28		19,415		20,510,627
Valero Energy Corp. 3.40%, 09/15/26 (Call 06/15/26)		14,181		13,957,899
4.00%, 04/01/29 (Call 01/01/29)		10,095		10,217,038
4.35%, 06/01/28 (Call 03/01/28)		15,000		15,592,463
6.63%, 06/15/37		18,414		22,592,402
7.50%, 04/15/32(a)		5,625		7,294,106
				1,821,167,638
Oil & Gas Services — 0.6%
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40(a)		3,083		3,263,829
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc. 2.77%, 12/15/22 (Call 11/15/22)(a)		4,653		4,632,148
3.34%, 12/15/27 (Call 09/15/27)(a)		15,982		15,643,289
4.08%, 12/15/47 (Call 06/15/47)		19,925		18,566,121
Halliburton Co. 3.50%, 08/01/23 (Call 05/01/23)(a)		14,729		14,987,872
3.80%, 11/15/25 (Call 08/15/25)(a)		21,568		22,054,214
4.75%, 08/01/43 (Call 02/01/43)(a)		13,451		13,852,132
4.85%, 11/15/35 (Call 05/15/35)		8,216		8,629,641
5.00%, 11/15/45 (Call 05/15/45)		24,343		26,010,707
6.70%, 09/15/38(a)		10,933		13,705,600
7.45%, 09/15/39(a)		10,926		14,607,331
National Oilwell Varco Inc. 2.60%, 12/01/22 (Call 09/01/22)(a)		6,457		6,329,343
3.95%, 12/01/42 (Call 06/01/42)		13,316		11,195,928
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)(a)		8,131		8,407,200
				181,885,355
Packaging & Containers — 0.0%
WRKCo Inc. 4.65%, 03/15/26 (Call 01/15/26)		5,030		5,341,021
4.90%, 03/15/29 (Call 12/15/28)(a)		9,825		10,537,171
				15,878,192
Pharmaceuticals — 8.0%
AbbVie Inc. 2.85%, 05/14/23 (Call 03/14/23)		15,765		15,601,142
2.90%, 11/06/22(a)		32,530		32,439,492
3.20%, 11/06/22 (Call 09/06/22)(a)		9,960		10,048,503
3.20%, 05/14/26 (Call 02/14/26)(a)		22,316		21,696,352
3.60%, 05/14/25 (Call 02/14/25)(a)		29,277		29,417,424
3.75%, 11/14/23 (Call 10/14/23)(a)		14,396		14,739,900
4.25%, 11/14/28 (Call 08/14/28)(a)		20,076		20,553,568
4.30%, 05/14/36 (Call 11/14/35)(a)		15,627		14,992,652
4.40%, 11/06/42(a)		28,168		26,145,895

Security	Par (000)		Value
Pharmaceuticals (continued)
4.45%, 05/14/46 (Call 11/14/45)(a)	$	26,588	$	24,638,943
4.50%, 05/14/35 (Call 11/14/34)(a)		30,111		29,644,087
4.70%, 05/14/45 (Call 11/14/44)		27,003		25,970,430
4.88%, 11/14/48 (Call 05/14/48)(a)		19,450		19,193,894
Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22)		22,186		22,119,619
Allergan Funding SCS 3.45%, 03/15/22 (Call 01/15/22)(a)		12,193		12,242,566
3.80%, 03/15/25 (Call 12/15/24)(a)		43,981		44,418,615
3.85%, 06/15/24 (Call 03/15/24)(a)		10,815		10,992,094
4.55%, 03/15/35 (Call 09/15/34)(a)		25,349		24,915,398
4.75%, 03/15/45 (Call 09/15/44)		11,891		11,614,161
4.85%, 06/15/44 (Call 12/15/43)		3,921		3,846,276
AstraZeneca PLC 2.38%, 06/12/22 (Call 05/12/22)(a)		14,404		14,214,851
3.13%, 06/12/27 (Call 03/12/27)		8,723		8,544,070
3.38%, 11/16/25		27,098		27,451,157
3.50%, 08/17/23 (Call 07/17/23)(a)		11,125		11,395,566
4.00%, 01/17/29 (Call 10/17/28)(a)		13,924		14,537,969
4.00%, 09/18/42		16,225		15,827,827
4.38%, 11/16/45(a)		13,056		13,416,519
4.38%, 08/17/48 (Call 02/17/48)(a)		3,377		3,480,522
6.45%, 09/15/37(a)		32,252		40,813,913
Bristol-Myers Squibb Co. 2.00%, 08/01/22		9,595		9,379,272
3.25%, 02/27/27(a)		11,037		10,962,667
Cardinal Health Inc. 2.62%, 06/15/22 (Call 05/15/22)(a)		9,890		9,721,973
3.08%, 06/15/24 (Call 04/15/24)		6,592		6,459,029
3.41%, 06/15/27 (Call 03/15/27)(a)		15,452		14,657,015
Cigna Corp. 3.75%, 07/15/23 (Call 06/15/23)(b)		31,108		31,661,134
4.13%, 11/15/25 (Call 09/15/25)(a)(b)		17,216		17,782,582
4.38%, 10/15/28 (Call 07/15/28)(a)(b)		38,739		39,948,885
4.80%, 08/15/38 (Call 02/15/38)(a)(b)		32,813		33,078,585
4.90%, 12/15/48 (Call 06/15/48)(b)		22,455		22,627,389
CVS Health Corp. 2.75%, 12/01/22 (Call 09/01/22)(a)		12,501		12,292,138
2.88%, 06/01/26 (Call 03/01/26)(a)		19,342		18,262,747
3.50%, 07/20/22 (Call 05/20/22)		12,715		12,862,031
3.70%, 03/09/23 (Call 02/09/23)		74,503		75,510,817
3.88%, 07/20/25 (Call 04/20/25)		38,912		39,152,908
4.00%, 12/05/23 (Call 09/05/23)		17,444		17,831,660
4.10%, 03/25/25 (Call 01/25/25)		62,676		63,815,713
4.30%, 03/25/28 (Call 12/25/27)		104,365		105,458,516
4.78%, 03/25/38 (Call 09/25/37)		54,376		52,889,034
5.05%, 03/25/48 (Call 09/25/47)(a)		78,735		77,481,082
5.13%, 07/20/45 (Call 01/20/45)(a)		44,577		44,300,734
5.30%, 12/05/43 (Call 06/05/43)(a)		5,860		5,974,772
Eli Lilly & Co. 2.35%, 05/15/22(a)		5,663		5,629,762
2.75%, 06/01/25 (Call 03/01/25)		11,140		11,114,929
3.10%, 05/15/27 (Call 02/15/27)(a)		9,891		9,960,387
3.38%, 03/15/29 (Call 12/15/28)(a)		15,165		15,482,267
3.70%, 03/01/45 (Call 09/01/44)(a)		13,464		13,116,766
3.88%, 03/15/39 (Call 09/15/38)(a)		11,858		12,090,735
3.95%, 05/15/47 (Call 11/15/46)(a)		2,570		2,610,778
3.95%, 03/15/49 (Call 09/15/48)		23,633		24,043,659
4.15%, 03/15/59 (Call 09/15/58)		11,763		12,056,577

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Express Scripts Holding Co. 3.00%, 07/15/23 (Call 05/15/23)	$	7,888	$	7,804,001
3.40%, 03/01/27 (Call 12/01/26)(a)		23,886		23,218,004
3.50%, 06/15/24 (Call 03/15/24)		13,438		13,518,964
3.90%, 02/15/22(a)		1,167		1,195,534
4.50%, 02/25/26 (Call 11/27/25)(a)		11,436		11,939,315
4.80%, 07/15/46 (Call 01/15/46)(a)		20,492		20,269,514
GlaxoSmithKline Capital Inc. 2.80%, 03/18/23		6,651		6,644,656
3.38%, 05/15/23		22,049		22,504,729
3.63%, 05/15/25(a)		15,968		16,498,334
3.88%, 05/15/28(a)		18,064		18,901,176
6.38%, 05/15/38(a)		33,293		43,955,003
GlaxoSmithKline Capital PLC 2.85%, 05/08/22(a)		18,949		19,006,825
3.00%, 06/01/24 (Call 05/01/24)		10,679		10,724,192
3.38%, 06/01/29 (Call 03/01/29)		8,490		8,498,054
Johnson & Johnson 2.25%, 03/03/22 (Call 02/03/22)(a)		4,698		4,668,756
2.45%, 03/01/26 (Call 12/01/25)(a)		23,853		23,274,481
2.63%, 01/15/25 (Call 11/15/24)(a)		10,266		10,246,511
2.90%, 01/15/28 (Call 10/15/27)(a)		17,414		17,276,711
2.95%, 03/03/27 (Call 12/03/26)		10,550		10,534,161
3.38%, 12/05/23(a)		7,290		7,548,154
3.40%, 01/15/38 (Call 07/15/37)(a)		13,613		13,275,599
3.50%, 01/15/48 (Call 07/15/47)(a)		9,402		9,115,806
3.55%, 03/01/36 (Call 09/01/35)(a)		13,016		13,027,834
3.63%, 03/03/37 (Call 09/03/36)		17,736		17,906,397
3.70%, 03/01/46 (Call 09/01/45)(a)		14,237		14,329,415
3.75%, 03/03/47 (Call 09/03/46)(a)		16,295		16,481,825
4.38%, 12/05/33 (Call 06/05/33)		10,871		12,126,691
5.95%, 08/15/37(a)		15,293		19,818,113
McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)		6,170		6,306,422
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)(a)		12,548		13,227,898
Merck & Co. Inc. 2.35%, 02/10/22(a)		2,810		2,796,529
2.40%, 09/15/22 (Call 06/15/22)(a)		7,782		7,758,849
2.75%, 02/10/25 (Call 11/10/24)		31,096		31,002,908
2.80%, 05/18/23		15,959		16,081,653
2.90%, 03/07/24 (Call 02/07/24)(a)		2,585		2,613,351
3.40%, 03/07/29 (Call 12/07/28)		10,545		10,738,508
3.70%, 02/10/45 (Call 08/10/44)		30,712		30,071,329
3.90%, 03/07/39 (Call 09/07/38)(a)		13,565		13,854,663
4.00%, 03/07/49 (Call 09/07/48)		10,395		10,660,643
4.15%, 05/18/43(a)		9,288		9,702,387
Mylan Inc. 4.55%, 04/15/28 (Call 01/15/28)(a)		12,949		12,697,321
5.20%, 04/15/48 (Call 10/15/47)(a)		3,300		2,993,251
Mylan NV 3.95%, 06/15/26 (Call 03/15/26)(a)		34,560		33,246,309
3.95%, 06/15/26 (Call 03/15/26)(b)		1,922		1,850,502
5.25%, 06/15/46 (Call 12/15/45)		9,657		8,822,874
Novartis Capital Corp. 2.40%, 05/17/22 (Call 04/17/22)(a)		10,323		10,253,947
2.40%, 09/21/22(a)		20,684		20,530,498
3.00%, 11/20/25 (Call 08/20/25)(a)		11,341		11,419,329
3.10%, 05/17/27 (Call 02/17/27)		10,067		10,093,737
3.40%, 05/06/24		29,611		30,421,444

Security	Par (000)		Value
Pharmaceuticals (continued)
4.00%, 11/20/45 (Call 05/20/45)	$	17,761	$	18,335,291
4.40%, 05/06/44(a)		22,181		24,334,105
Pfizer Inc. 2.75%, 06/03/26(a)		18,654		18,325,923
2.95%, 03/15/24 (Call 02/15/24)(a)		2,806		2,836,062
3.00%, 06/15/23(a)		16,089		16,314,231
3.00%, 12/15/26(a)		28,441		28,330,265
3.20%, 09/15/23 (Call 08/15/23)		8,373		8,559,037
3.40%, 05/15/24(a)		16,036		16,555,720
3.45%, 03/15/29 (Call 12/15/28)(a)		14,043		14,257,622
3.60%, 09/15/28 (Call 06/15/28)		12,140		12,574,202
3.90%, 03/15/39 (Call 09/15/38)(a)		10,520		10,738,295
4.00%, 12/15/36		14,402		14,841,398
4.00%, 03/15/49 (Call 09/15/48)		15,110		15,375,903
4.13%, 12/15/46		13,110		13,590,103
4.20%, 09/15/48 (Call 03/15/48)(a)		19,509		20,442,225
4.30%, 06/15/43		11,568		12,235,801
4.40%, 05/15/44		5,919		6,350,785
7.20%, 03/15/39(a)		25,756		37,035,286
Sanofi, 3.38%, 06/19/23 (Call 05/19/23)		5,052		5,171,158
Shire Acquisitions Investments Ireland DAC 2.88%, 09/23/23 (Call 07/23/23)(a)		21,583		21,334,869
3.20%, 09/23/26 (Call 06/23/26)(a)		21,366		20,805,279
Takeda Pharmaceutical Co. Ltd. 4.40%, 11/26/23 (Call 10/26/23)(a)(b)		14,600		15,329,886
5.00%, 11/26/28 (Call 08/26/28)(a)(b)		22,685		24,762,701
Wyeth LLC 5.95%, 04/01/37(a)		20,629		26,079,402
6.50%, 02/01/34(a)		10,452		13,851,735
Zoetis Inc. 3.00%, 09/12/27 (Call 06/12/27)(a)		10,153		9,784,885
3.25%, 02/01/23 (Call 11/01/22)(a)		14,693		14,814,100
4.50%, 11/13/25 (Call 08/13/25)(a)		9,391		9,987,349
4.70%, 02/01/43 (Call 08/01/42)(a)		12,500		13,333,435
				2,570,870,108
Pipelines — 3.6%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. 4.25%, 12/01/27 (Call 09/01/27)(a)		1,763		1,792,087
5.25%, 01/15/25 (Call 01/15/21)(a)		1,910		2,007,887
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)		3,357		3,513,564
Enable Midstream Partners LP, 4.95%, 05/15/28
(Call 02/15/28)(a)		13,302		13,558,749
Enbridge Inc. 4.00%, 10/01/23 (Call 07/01/23)(a)		2,367		2,445,392
4.25%, 12/01/26 (Call 09/01/26)(a)		11,559		12,047,892
5.50%, 12/01/46 (Call 06/01/46)(a)		9,841		11,749,905
Energy Transfer Operating LP 3.60%, 02/01/23 (Call 11/01/22)		6,725		6,768,070
4.05%, 03/15/25 (Call 12/15/24)(a)		13,710		13,905,749
4.25%, 03/15/23 (Call 12/15/22)		100		102,600
4.50%, 04/15/24 (Call 03/15/24)		10,180		10,634,656
4.75%, 01/15/26 (Call 10/15/25)(a)		9,796		10,235,507
4.95%, 06/15/28 (Call 03/15/28)(a)		4,871		5,140,347
5.15%, 03/15/45 (Call 09/15/44)		13,070		12,684,389
5.20%, 02/01/22 (Call 11/01/21)		2,422		2,543,979
5.25%, 04/15/29 (Call 01/15/29)		15,499		16,682,535
5.30%, 04/15/47 (Call 10/15/46)		15,089		14,995,877
6.13%, 12/15/45 (Call 06/15/45)		10,964		11,925,162
6.25%, 04/15/49 (Call 10/15/48)(a)		21,225		23,852,729

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
6.50%, 02/01/42 (Call 08/01/41)(a)	$	12,803	$	14,453,756
Series 30Y, 6.00%, 06/15/48 (Call 12/15/47)		11,959		13,034,152
Energy Transfer Partners LP/Regency Energy Finance Corp., 5.88%, 03/01/22 (Call 12/01/21)(a)		8,036		8,585,584
Enterprise Products Operating LLC 3.35%, 03/15/23 (Call 12/15/22)(a)		15,300		15,497,720
3.70%, 02/15/26 (Call 11/15/25)(a)		10,358		10,599,710
3.75%, 02/15/25 (Call 11/15/24)(a)		14,206		14,664,884
3.90%, 02/15/24 (Call 11/15/23)		7,109		7,370,822
4.15%, 10/16/28 (Call 07/16/28)(a)		13,685		14,411,058
4.25%, 02/15/48 (Call 08/15/47)(a)		10,547		10,320,370
4.45%, 02/15/43 (Call 08/15/42)(a)		13,068		13,108,073
4.80%, 02/01/49 (Call 08/01/48)		12,800		13,579,023
4.85%, 08/15/42 (Call 02/15/42)(a)		12,469		13,200,458
4.85%, 03/15/44 (Call 09/15/43)(a)		16,138		17,063,713
4.90%, 05/15/46 (Call 11/15/45)(a)		11,574		12,361,894
5.10%, 02/15/45 (Call 08/15/44)		15,987		17,470,908
5.95%, 02/01/41		10,101		12,002,391
EQM Midstream Partners LP 4.75%, 07/15/23 (Call 06/15/23)(a)		4,088		4,163,134
5.50%, 07/15/28 (Call 04/15/28)(a)		12,505		12,791,442
Kinder Morgan Energy Partners LP 3.95%, 09/01/22 (Call 06/01/22)		8,235		8,462,521
5.50%, 03/01/44 (Call 09/01/43)		10,314		11,009,534
6.95%, 01/15/38		12,387		15,285,497
Kinder Morgan Inc./DE 3.15%, 01/15/23 (Call 12/15/22)		11,290		11,305,241
4.30%, 06/01/25 (Call 03/01/25)(a)		11,186		11,725,171
4.30%, 03/01/28 (Call 12/01/27)(a)		15,230		15,782,589
5.05%, 02/15/46 (Call 08/15/45)		10,121		10,404,492
5.20%, 03/01/48 (Call 09/01/47)(a)		13,510		14,226,075
5.30%, 12/01/34 (Call 06/01/34)		16,311		17,821,759
5.55%, 06/01/45 (Call 12/01/44)		14,925		16,253,998
7.75%, 01/15/32		7,571		9,946,299
MPLX LP 4.00%, 03/15/28 (Call 12/15/27)		10,483		10,492,235
4.13%, 03/01/27 (Call 12/01/26)		14,471		14,628,695
4.50%, 07/15/23 (Call 04/15/23)		14,482		15,168,515
4.50%, 04/15/38 (Call 10/15/37)		20,971		20,155,228
4.70%, 04/15/48 (Call 10/15/47)		17,491		16,858,490
4.80%, 02/15/29 (Call 11/15/28)		10,208		10,852,442
4.88%, 12/01/24 (Call 09/01/24)		13,069		13,942,765
4.88%, 06/01/25 (Call 03/01/25)(a)		14,468		15,386,997
5.20%, 03/01/47 (Call 09/01/46)		10,694		11,010,407
5.50%, 02/15/49 (Call 08/15/48)		21,856		23,561,813
ONEOK Inc. 4.55%, 07/15/28 (Call 04/15/28)		10,779		11,257,824
5.20%, 07/15/48 (Call 01/15/48)		11,760		12,191,049
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		9,442		9,521,935
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24 (Call 08/01/24)		7,641		7,621,271
3.65%, 06/01/22 (Call 03/01/22)		3,317		3,350,955
4.50%, 12/15/26 (Call 09/15/26)(a)		3,839		3,959,889
4.65%, 10/15/25 (Call 07/15/25)		16,710		17,477,403
Sabine Pass Liquefaction LLC 4.20%, 03/15/28 (Call 09/15/27)(a)		16,675		16,866,827
5.00%, 03/15/27 (Call 09/15/26)		15,907		16,933,113
5.63%, 04/15/23 (Call 01/15/23)		19,497		21,045,649
5.63%, 03/01/25 (Call 12/01/24)		18,589		20,405,443
5.75%, 05/15/24 (Call 02/15/24)(a)		19,241		21,116,157

Security	Par (000)		Value
Pipelines (continued)
5.88%, 06/30/26 (Call 12/31/25)(a)	$	17,837	$	19,843,334
6.25%, 03/15/22 (Call 12/15/21)(a)		4,362		4,692,205
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		4,023		4,296,483
Sunoco Logistics Partners Operations LP 4.00%, 10/01/27 (Call 07/01/27)(a)		7,378		7,306,104
5.35%, 05/15/45 (Call 11/15/44)		9,549		9,487,067
5.40%, 10/01/47 (Call 04/01/47)		17,944		18,056,810
TransCanada PipeLines Ltd. 2.50%, 08/01/22(a)		12,161		11,992,345
4.25%, 05/15/28 (Call 02/15/28)		17,547		18,274,227
4.63%, 03/01/34 (Call 12/01/33)		16,359		17,004,621
4.88%, 01/15/26 (Call 10/15/25)		5,732		6,176,419
4.88%, 05/15/48 (Call 11/15/47)		7,482		7,813,370
5.10%, 03/15/49 (Call 09/15/48)(a)		16,015		17,232,188
6.10%, 06/01/40		11,110		13,120,321
6.20%, 10/15/37		5,068		5,951,849
7.63%, 01/15/39(a)		13,637		18,623,931
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)(a)		10,520		13,159,747
Williams Companies Inc. (The) 3.35%, 08/15/22 (Call 05/15/22)		9,878		9,960,863
3.60%, 03/15/22 (Call 01/15/22)(a)		14,079		14,278,180
3.75%, 06/15/27 (Call 03/15/27)(a)		14,885		14,833,111
3.90%, 01/15/25 (Call 10/15/24)		8,490		8,670,608
4.00%, 09/15/25 (Call 06/15/25)		9,150		9,401,806
4.30%, 03/04/24 (Call 12/04/23)(a)		17,044		17,760,456
4.85%, 03/01/48 (Call 09/01/47)(a)		9,425		9,403,633
5.10%, 09/15/45 (Call 03/15/45)(a)		11,411		11,712,342
6.30%, 04/15/40(a)		16,465		19,085,423
				1,165,431,889
Real Estate Investment Trusts — 1.1%
American Tower Corp. 3.38%, 10/15/26 (Call 07/15/26)		7,082		6,985,200
3.50%, 01/31/23		15,449		15,683,860
3.55%, 07/15/27 (Call 04/15/27)(a)		8,548		8,424,878
4.00%, 06/01/25 (Call 03/01/25)		2,124		2,192,679
5.00%, 02/15/24		10,501		11,319,975
Boston Properties LP 2.75%, 10/01/26 (Call 07/01/26)		14,174		13,489,485
3.20%, 01/15/25 (Call 10/15/24)		8,271		8,227,624
3.65%, 02/01/26 (Call 11/03/25)		6,858		6,916,567
3.85%, 02/01/23 (Call 11/01/22)(a)		11,962		12,315,612
4.50%, 12/01/28 (Call 09/01/28)(a)		10,265		10,977,016
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		13,116		13,449,078
Crown Castle International Corp. 3.15%, 07/15/23 (Call 06/15/23)(a)		4,813		4,812,495
3.20%, 09/01/24 (Call 07/01/24)		3,656		3,639,661
3.65%, 09/01/27 (Call 06/01/27)		10,771		10,675,863
3.70%, 06/15/26 (Call 03/15/26)		7,479		7,518,535
3.80%, 02/15/28 (Call 11/15/27)		19,126		19,090,426
4.45%, 02/15/26 (Call 11/15/25)(a)		14,607		15,316,902
4.88%, 04/15/22		5,786		6,094,787
5.25%, 01/15/23		5,265		5,649,293
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)		13,897		13,847,894
ERP Operating LP 4.50%, 07/01/44 (Call 01/01/44)		11,018		11,902,732
4.63%, 12/15/21 (Call 09/15/21)(a)		2,037		2,123,815

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
GLP Capital LP/GLP Financing II Inc. 5.25%, 06/01/25 (Call 03/01/25)	$	9,463	$	9,961,132
5.30%, 01/15/29 (Call 10/15/28)		8,332		8,805,841
5.38%, 04/15/26(a)		12,834		13,543,769
HCP Inc. 3.88%, 08/15/24 (Call 05/17/24)(a)		9,533		9,780,593
4.00%, 06/01/25 (Call 03/01/25)(a)		5,543		5,711,547
4.25%, 11/15/23 (Call 08/15/23)(a)		6,868		7,159,016
Realty Income Corp. 3.25%, 10/15/22 (Call 07/15/22)(a)		4,277		4,338,785
4.65%, 08/01/23 (Call 05/01/23)		100		107,001
Simon Property Group LP 3.25%, 11/30/26 (Call 08/30/26)(a)		15,499		15,521,731
3.30%, 01/15/26 (Call 10/15/25)(a)		13,692		13,737,509
3.38%, 10/01/24 (Call 07/01/24)(a)		13,555		13,824,739
3.38%, 06/15/27 (Call 03/15/27)		6,193		6,255,061
3.38%, 12/01/27 (Call 09/01/27)(a)		2,269		2,291,008
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		520		543,404
Welltower Inc. 4.00%, 06/01/25 (Call 03/01/25)		14,746		15,228,569
4.25%, 04/15/28 (Call 01/15/28)(a)		5,307		5,484,423
Weyerhaeuser Co., 7.38%, 03/15/32(a)		20,377		27,312,302
				370,260,807
Retail — 3.5%
Costco Wholesale Corp. 2.30%, 05/18/22 (Call 04/18/22)		7,810		7,737,885
2.75%, 05/18/24 (Call 03/18/24)		12,038		12,065,403
3.00%, 05/18/27 (Call 02/18/27)(a)		14,247		14,266,517
Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)(a)		9,872		9,921,116
Dollar Tree Inc. 3.70%, 05/15/23 (Call 04/15/23)(a)		8,708		8,841,220
4.00%, 05/15/25 (Call 03/15/25)(a)		7,691		7,833,444
4.20%, 05/15/28 (Call 02/15/28)		23,995		24,161,696
Home Depot Inc. (The) 2.13%, 09/15/26 (Call 06/15/26)		14,971		14,124,622
2.63%, 06/01/22 (Call 05/01/22)		14,344		14,365,563
2.70%, 04/01/23 (Call 01/01/23)		14,884		14,901,901
2.80%, 09/14/27 (Call 06/14/27)(a)		14,021		13,783,936
3.00%, 04/01/26 (Call 01/01/26)(a)		11,992		12,033,025
3.35%, 09/15/25 (Call 06/15/25)		13,310		13,672,759
3.50%, 09/15/56 (Call 03/15/56)(a)		6,170		5,614,551
3.75%, 02/15/24 (Call 11/15/23)(a)		12,794		13,341,551
3.90%, 12/06/28 (Call 09/06/28)		6,950		7,365,763
3.90%, 06/15/47 (Call 12/15/46)(a)		8,389		8,438,450
4.20%, 04/01/43 (Call 10/01/42)(a)		17,432		18,159,788
4.25%, 04/01/46 (Call 10/01/45)(a)		12,210		12,863,980
4.40%, 03/15/45 (Call 09/15/44)(a)		15,766		16,891,967
4.50%, 12/06/48 (Call 06/06/48)(a)		22,594		24,885,341
4.88%, 02/15/44 (Call 08/15/43)(a)		14,415		16,474,013
5.88%, 12/16/36(a)		30,872		39,031,398
5.95%, 04/01/41 (Call 10/01/40)		10,796		13,803,652
Lowe’s Companies Inc. 2.50%, 04/15/26 (Call 01/15/26)		14,690		13,951,490
3.10%, 05/03/27 (Call 02/03/27)(a)		16,178		15,786,064
3.12%, 04/15/22 (Call 01/15/22)(a)		5,889		5,936,127
3.38%, 09/15/25 (Call 06/15/25)(a)		5,296		5,343,622
3.65%, 04/05/29 (Call 01/05/29)		10,000		10,003,054
3.70%, 04/15/46 (Call 10/15/45)(a)		15,238		13,623,610
4.05%, 05/03/47 (Call 11/03/46)		14,012		13,099,561

Security	Par (000)		Value
Retail (continued)
4.38%, 09/15/45 (Call 03/15/45)(a)	$	11,916	$	11,739,934
4.55%, 04/05/49 (Call 10/05/48)		10,000		10,143,116
4.65%, 04/15/42 (Call 10/15/41)		14,945		15,304,710
Macy’s Retail Holdings Inc., 2.88%, 02/15/23 (Call 11/15/22)(a)		7,253		7,040,317
McDonald’s Corp. 3.35%, 04/01/23 (Call 03/01/23)(a)		12,664		12,909,025
3.50%, 03/01/27 (Call 12/01/26)(a)		12,192		12,354,061
3.70%, 01/30/26 (Call 10/30/25)		19,963		20,523,551
3.80%, 04/01/28 (Call 01/01/28)(a)		8,913		9,180,074
4.45%, 03/01/47 (Call 09/01/46)(a)		10,743		10,918,449
4.45%, 09/01/48 (Call 03/01/48)(a)		10,600		10,803,028
4.70%, 12/09/35 (Call 06/09/35)(a)		11,838		12,663,113
4.88%, 12/09/45 (Call 06/09/45)		10,936		11,821,369
6.30%, 10/15/37		12,762		15,796,130
6.30%, 03/01/38		5,818		7,220,079
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)		3,770		3,736,098
Starbucks Corp. 3.10%, 03/01/23 (Call 02/01/23)(a)		2,128		2,147,729
3.80%, 08/15/25 (Call 06/15/25)(a)		19,002		19,703,886
3.85%, 10/01/23 (Call 07/01/23)(a)		5,755		5,967,164
4.00%, 11/15/28 (Call 08/15/28)(a)		8,025		8,374,256
4.50%, 11/15/48 (Call 05/15/48)(a)		16,380		16,589,747
Target Corp. 2.50%, 04/15/26(a)		13,297		12,908,649
3.38%, 04/15/29 (Call 01/15/29)		4,385		4,448,447
3.50%, 07/01/24(a)		15,704		16,244,466
3.63%, 04/15/46(a)		15,913		15,091,308
3.90%, 11/15/47 (Call 05/15/47)(a)		11,089		10,998,733
4.00%, 07/01/42		11,481		11,601,431
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)(a)		13,567		12,941,339
Walgreen Co., 3.10%, 09/15/22(a)		13,068		13,077,677
Walgreens Boots Alliance Inc. 3.45%, 06/01/26 (Call 03/01/26)(a)		27,351		26,400,741
3.80%, 11/18/24 (Call 08/18/24)		19,786		20,033,630
4.80%, 11/18/44 (Call 05/18/44)(a)		18,198		17,009,043
Walmart Inc. 2.35%, 12/15/22 (Call 11/15/22)(a)		20,773		20,596,787
2.55%, 04/11/23 (Call 01/11/23)		27,494		27,372,589
2.65%, 12/15/24 (Call 10/15/24)		11,669		11,589,580
2.85%, 07/08/24 (Call 06/08/24)		10,000		10,043,455
3.25%, 07/08/29 (Call 04/08/29)		10,000		10,085,053
3.30%, 04/22/24 (Call 01/22/24)		23,521		24,118,676
3.40%, 06/26/23 (Call 05/26/23)(a)		34,718		35,689,628
3.55%, 06/26/25 (Call 04/26/25)		20,258		21,019,405
3.63%, 12/15/47 (Call 06/15/47)(a)		20,382		19,916,345
3.70%, 06/26/28 (Call 03/26/28)(a)		37,882		39,656,783
3.95%, 06/28/38 (Call 12/28/37)		17,857		18,544,712
4.05%, 06/29/48 (Call 12/29/47)(a)		40,950		42,993,057
5.25%, 09/01/35(a)		27,646		33,209,061
5.63%, 04/01/40(a)		3,286		4,131,291
5.63%, 04/15/41(a)		5,468		6,885,654
6.20%, 04/15/38		3,304		4,390,907
				1,138,257,352
Semiconductors — 2.1%
Analog Devices Inc. 3.50%, 12/05/26 (Call 09/05/26)(a)		8,827		8,800,058
3.90%, 12/15/25 (Call 09/15/25)(a)		11,660		11,987,248

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
Applied Materials Inc. 3.30%, 04/01/27 (Call 01/01/27)(a)	$	19,115	$	19,295,971
4.35%, 04/01/47 (Call 10/01/46)(a)		6,238		6,531,487
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.65%, 01/15/23 (Call 12/15/22)(a)		10,021		9,750,424
3.13%, 01/15/25 (Call 11/15/24)		23,509		22,386,006
3.50%, 01/15/28 (Call 10/15/27)		14,155		13,018,988
3.63%, 01/15/24 (Call 11/15/23)(a)		23,710		23,535,528
3.88%, 01/15/27 (Call 10/15/26)		47,670		45,485,498
Broadcom Inc. 3.63%, 10/15/24 (Call 09/15/24)(b)		20,000		19,712,574
4.25%, 04/15/26 (Call 02/15/26)(b)		25,000		24,707,847
4.75%, 04/15/29 (Call 01/15/29)(b)		30,000		29,803,410
Intel Corp. 2.35%, 05/11/22 (Call 04/11/22)(a)		10,301		10,241,252
2.60%, 05/19/26 (Call 02/19/26)(a)		14,054		13,684,303
2.70%, 12/15/22(a)		15,304		15,347,514
2.88%, 05/11/24 (Call 03/11/24)(a)		12,791		12,842,818
3.10%, 07/29/22		11,882		12,072,044
3.15%, 05/11/27 (Call 02/11/27)(a)		17,792		17,909,715
3.70%, 07/29/25 (Call 04/29/25)		26,112		27,314,463
3.73%, 12/08/47 (Call 06/08/47)(a)		19,333		18,864,018
4.00%, 12/15/32(a)		15,004		16,191,303
4.10%, 05/19/46 (Call 11/19/45)(a)		24,090		24,811,987
4.10%, 05/11/47 (Call 11/11/46)(a)		19,753		20,512,926
4.80%, 10/01/41(a)		2,460		2,787,172
4.90%, 07/29/45 (Call 01/29/45)(a)		2,810		3,225,950
KLA-Tencor Corp. 4.10%, 03/15/29 (Call 12/15/28)		10,300		10,566,770
4.65%, 11/01/24 (Call 08/01/24)		15,072		16,085,764
Lam Research Corp. 3.75%, 03/15/26 (Call 01/15/26)		10,820		11,115,751
4.00%, 03/15/29 (Call 12/15/28)		13,355		13,814,775
4.88%, 03/15/49 (Call 09/15/48)		8,990		9,698,125
NVIDIA Corp., 3.20%, 09/16/26 (Call 06/16/26)		13,554		13,496,965
QUALCOMM Inc. 2.60%, 01/30/23 (Call 12/30/22)(a)		13,861		13,746,160
2.90%, 05/20/24 (Call 03/20/24)(a)		23,814		23,732,880
3.00%, 05/20/22(a)		17,643		17,768,473
3.25%, 05/20/27 (Call 02/20/27)(a)		12,954		12,875,487
3.45%, 05/20/25 (Call 02/20/25)		17,643		17,943,781
4.30%, 05/20/47 (Call 11/20/46)(a)		19,216		19,408,133
4.65%, 05/20/35 (Call 11/20/34)(a)		19,071		20,615,009
4.80%, 05/20/45 (Call 11/20/44)		15,788		16,912,556
Texas Instruments Inc., 4.15%, 05/15/48 (Call 11/15/47)		18,609		19,632,080
				668,233,213
Software — 3.9%
Fidelity National Information Services Inc. 3.00%, 08/15/26 (Call 05/15/26)(a)		12,957		12,538,752
3.50%, 04/15/23 (Call 01/15/23)		1,984		2,019,295
5.00%, 10/15/25 (Call 07/15/25)(a)		12,029		13,087,239
Fiserv Inc. 3.80%, 10/01/23 (Call 09/01/23)(a)		5,292		5,458,329
3.85%, 06/01/25 (Call 03/01/25)(a)		8,586		8,835,316
4.20%, 10/01/28 (Call 07/01/28)		3,270		3,379,842
Microsoft Corp. 2.00%, 08/08/23 (Call 06/08/23)		24,155		23,572,164
2.13%, 11/15/22(a)		5,859		5,786,320
2.38%, 05/01/23 (Call 02/01/23)(a)		13,694		13,607,947

Security	Par (000)		Value
Software (continued)
2.40%, 08/08/26 (Call 05/08/26)(a)	$	45,130	$	43,698,738
2.65%, 11/03/22 (Call 09/03/22)(a)		10,823		10,870,799
2.70%, 02/12/25 (Call 11/12/24)		29,612		29,533,937
2.88%, 02/06/24 (Call 12/06/23)		26,522		26,779,208
3.13%, 11/03/25 (Call 08/03/25)(a)		22,667		23,146,878
3.30%, 02/06/27 (Call 11/06/26)(a)		38,760		39,697,635
3.45%, 08/08/36 (Call 02/08/36)		20,937		20,830,016
3.50%, 02/12/35 (Call 08/12/34)		11,630		11,641,203
3.50%, 11/15/42(a)		8,074		7,877,315
3.63%, 12/15/23 (Call 09/15/23)(a)		22,524		23,466,442
3.70%, 08/08/46 (Call 02/08/46)(a)		51,919		52,077,841
3.75%, 02/12/45 (Call 08/12/44)(a)		25,891		26,196,144
3.95%, 08/08/56 (Call 02/08/56)(a)		28,480		29,117,058
4.00%, 02/12/55 (Call 08/12/54)		21,809		22,566,274
4.10%, 02/06/37 (Call 08/06/36)(a)		28,807		30,946,525
4.20%, 11/03/35 (Call 05/03/35)(a)		19,390		21,064,701
4.45%, 11/03/45 (Call 05/03/45)(a)		30,614		34,218,554
4.50%, 10/01/40		18,754		21,029,873
4.50%, 02/06/57 (Call 08/06/56)		29,110		32,831,178
4.75%, 11/03/55 (Call 05/03/55)		9,228		10,818,488
5.20%, 06/01/39(a)		4,794		5,805,719
5.30%, 02/08/41		15,344		18,881,884
Series 30Y, 4.25%, 02/06/47 (Call 08/06/46)		31,265		34,131,766
Oracle Corp. 2.40%, 09/15/23 (Call 07/15/23)		26,256		25,809,585
2.50%, 05/15/22 (Call 03/15/22)(a)		13,632		13,564,239
2.50%, 10/15/22(a)		28,122		27,905,984
2.63%, 02/15/23 (Call 01/15/23)(a)		19,310		19,220,649
2.65%, 07/15/26 (Call 04/15/26)		41,477		40,104,879
2.95%, 11/15/24 (Call 09/15/24)(a)		24,195		24,220,305
2.95%, 05/15/25 (Call 02/15/25)(a)		27,895		27,755,095
3.25%, 11/15/27 (Call 08/15/27)(a)		47,113		47,304,208
3.40%, 07/08/24 (Call 04/08/24)(a)		33,969		34,756,354
3.63%, 07/15/23(a)		13,928		14,388,465
3.80%, 11/15/37 (Call 05/15/37)(a)		21,779		21,552,795
3.85%, 07/15/36 (Call 01/15/36)		20,395		20,383,281
3.90%, 05/15/35 (Call 11/15/34)		13,529		13,688,081
4.00%, 07/15/46 (Call 01/15/46)		44,520		44,195,062
4.00%, 11/15/47 (Call 05/15/47)(a)		25,826		25,599,080
4.13%, 05/15/45 (Call 11/15/44)		30,785		31,054,877
4.30%, 07/08/34 (Call 01/08/34)		14,709		15,666,700
4.38%, 05/15/55 (Call 11/15/54)		4,184		4,355,645
4.50%, 07/08/44 (Call 01/08/44)		11,988		12,792,272
5.38%, 07/15/40		27,519		32,596,236
6.13%, 07/08/39		7,061		9,017,871
6.50%, 04/15/38(a)		6,135		8,096,544
salesforce.com Inc. 3.25%, 04/11/23 (Call 03/11/23)		17,927		18,297,037
3.70%, 04/11/28 (Call 01/11/28)(a)		17,885		18,700,053
VMware Inc. 2.95%, 08/21/22 (Call 07/21/22)		11,254		11,199,406
3.90%, 08/21/27 (Call 05/21/27)(a)		19,273		18,725,892
				1,246,463,975
Telecommunications — 6.9%
AT&T Inc. 2.63%, 12/01/22 (Call 09/01/22)(a)		10,114		10,047,584
3.00%, 02/15/22(a)		8,186		8,227,867
3.00%, 06/30/22 (Call 04/30/22)		10,960		11,000,177
3.20%, 03/01/22 (Call 02/01/22)		4,686		4,731,916
3.40%, 05/15/25 (Call 02/15/25)(a)		54,843		55,074,130

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
3.60%, 02/17/23 (Call 12/17/22)(a)	$	23,355	$	23,859,716
3.80%, 03/01/24 (Call 01/01/24)(a)		14,481		14,924,523
3.90%, 03/11/24 (Call 12/11/23)(a)		4,896		5,074,891
3.95%, 01/15/25 (Call 10/15/24)(a)		19,283		19,891,976
4.10%, 02/15/28 (Call 11/15/27)(a)		18,981		19,406,112
4.13%, 02/17/26 (Call 11/17/25)(a)		31,839		32,911,382
4.25%, 03/01/27 (Call 12/01/26)(a)		32,861		34,074,126
4.30%, 02/15/30 (Call 11/15/29)(a)		30,007		30,756,722
4.30%, 12/15/42 (Call 06/15/42)		26,881		25,415,588
4.35%, 03/01/29 (Call 12/01/28)(a)		24,885		25,687,596
4.35%, 06/15/45 (Call 12/15/44)		32,908		31,051,554
4.45%, 04/01/24 (Call 01/01/24)		19,722		20,838,007
4.50%, 05/15/35 (Call 11/15/34)(a)		39,835		39,917,753
4.50%, 03/09/48 (Call 09/09/47)		60,159		57,817,353
4.55%, 03/09/49 (Call 09/09/48)(a)		28,590		27,571,896
4.75%, 05/15/46 (Call 11/15/45)(a)		37,848		37,581,448
4.80%, 06/15/44 (Call 12/15/43)		31,305		31,344,109
4.85%, 03/01/39 (Call 09/01/38)(a)		25,466		26,052,260
4.90%, 08/15/37 (Call 02/14/37)(a)		12,527		12,973,594
5.15%, 03/15/42(a)		15,304		16,021,176
5.15%, 11/15/46 (Call 05/15/46)		23,541		24,617,137
5.15%, 02/15/50 (Call 08/14/49)		18,703		19,588,596
5.25%, 03/01/37 (Call 09/01/36)(a)		31,073		33,312,857
5.35%, 09/01/40(a)		20,027		21,419,668
5.45%, 03/01/47 (Call 09/01/46)(a)		14,376		15,741,507
5.55%, 08/15/41		4,802		5,298,431
5.65%, 02/15/47 (Call 08/15/46)		19,838		22,195,724
5.70%, 03/01/57 (Call 09/01/56)		15,673		17,672,091
6.00%, 08/15/40 (Call 05/15/40)		17,157		19,663,507
6.30%, 01/15/38(a)		252		299,200
6.38%, 03/01/41(a)		6,156		7,361,158
British Telecommunications PLC, 9.63%, 12/15/30		24,964		36,132,522
Cisco Systems Inc. 2.20%, 09/20/23 (Call 07/20/23)		23,098		22,726,446
2.50%, 09/20/26 (Call 06/20/26)(a)		10,072		9,781,762
2.95%, 02/28/26(a)		6,067		6,071,746
3.63%, 03/04/24		21,044		21,982,739
5.50%, 01/15/40		20,965		26,267,728
5.90%, 02/15/39(a)		14,158		18,402,529
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		36,291		50,726,043
Motorola Solutions Inc., 3.75%, 05/15/22		1,692		1,730,481
Orange SA 5.38%, 01/13/42		7,715		8,850,174
5.50%, 02/06/44 (Call 08/06/43)(a)		7,204		8,504,504
9.00%, 03/01/31(a)		31,810		46,606,883
Rogers Communications Inc. 4.10%, 10/01/23 (Call 07/01/23)		16,678		17,419,064
4.30%, 02/15/48 (Call 08/15/47)(a)		5,444		5,436,272
4.35%, 05/01/49 (Call 11/01/48)		10,000		10,076,819
5.00%, 03/15/44 (Call 09/15/43)(a)		7,714		8,473,675
Telefonica Emisiones SAU 4.10%, 03/08/27(a)		16,265		16,664,566
4.57%, 04/27/23(a)		8,142		8,623,200
4.67%, 03/06/38		14,407		14,155,010
4.90%, 03/06/48(a)		15,906		15,690,700
5.21%, 03/08/47		30,663		31,568,659
5.52%, 03/01/49 (Call 09/01/48)		16,220		17,344,875
7.05%, 06/20/36		19,753		24,474,174
Telefonica Europe BV, 8.25%, 09/15/30(a)		9,076		12,237,996

Security	Par (000)		Value
Telecommunications (continued)
Verizon Communications Inc. 2.63%, 08/15/26(a)	$	38,124	$	36,619,699
3.38%, 02/15/25		31,212		31,677,502
3.50%, 11/01/24 (Call 08/01/24)		23,371		23,912,099
3.85%, 11/01/42 (Call 05/01/42)(a)		10,205		9,653,162
3.88%, 02/08/29 (Call 11/08/28)(a)		3,946		4,085,501
4.02%, 12/03/29 (Call 09/03/29)(a)(b)		45,375		47,367,335
4.13%, 03/16/27(a)		40,453		42,657,235
4.13%, 08/15/46(a)		16,169		15,911,704
4.27%, 01/15/36(a)		29,022		29,741,569
4.33%, 09/21/28(a)		120,081		128,381,971
4.40%, 11/01/34 (Call 05/01/34)		19,263		20,291,956
4.50%, 08/10/33		35,692		38,180,696
4.52%, 09/15/48(a)		54,798		57,041,951
4.67%, 03/15/55		53,025		55,807,418
4.75%, 11/01/41		8,477		9,074,344
4.81%, 03/15/39(a)		12,959		14,039,472
4.86%, 08/21/46		59,066		64,214,198
5.01%, 04/15/49		40,343		45,133,364
5.01%, 08/21/54(a)		42,840		47,481,380
5.15%, 09/15/23(a)		4,582		5,013,147
5.25%, 03/16/37(a)		27,029		30,676,742
5.50%, 03/16/47(a)		13,886		16,462,519
6.55%, 09/15/43(a)		7,786		10,183,406
Vodafone Group PLC 2.50%, 09/26/22(a)		7,472		7,359,271
2.95%, 02/19/23(a)		13,243		13,189,827
3.75%, 01/16/24(a)		25,095		25,527,588
4.13%, 05/30/25(a)		23,240		23,963,515
4.38%, 05/30/28(a)		34,926		35,915,104
4.38%, 02/19/43		15,540		14,382,934
5.00%, 05/30/38		14,875		15,093,259
5.25%, 05/30/48(a)		35,273		36,052,166
6.15%, 02/27/37(a)		20,581		23,352,691
				2,227,816,624
Transportation — 1.3%
Burlington Northern Santa Fe LLC 3.85%, 09/01/23 (Call 06/01/23)(a)		4,411		4,605,264
3.90%, 08/01/46 (Call 02/01/46)(a)		19,439		19,467,290
4.05%, 06/15/48 (Call 12/15/47)(a)		7,082		7,281,445
4.13%, 06/15/47 (Call 12/15/46)(a)		7,581		7,849,692
4.15%, 04/01/45 (Call 10/01/44)(a)		13,390		13,891,988
4.15%, 12/15/48 (Call 06/15/48)(a)		13,504		14,054,707
4.45%, 03/15/43 (Call 09/15/42)		12,888		13,921,799
4.55%, 09/01/44 (Call 03/01/44)		14,932		16,361,921
4.90%, 04/01/44 (Call 10/01/43)		5,785		6,586,606
5.75%, 05/01/40 (Call 11/01/39)		7,059		8,717,474
Cie. de Chemin de Fer Canadien Pacifique, 6.13%, 09/15/15 (Call 03/15/15)		3,701		4,611,151
CSX Corp. 3.25%, 06/01/27 (Call 03/01/27)(a)		12,571		12,489,936
3.80%, 03/01/28 (Call 12/01/27)		5,852		6,016,661
3.80%, 11/01/46 (Call 05/01/46)(a)		3,810		3,600,425
4.10%, 03/15/44 (Call 09/15/43)(a)		12,451		12,300,556
4.25%, 03/15/29 (Call 12/15/28)		4,960		5,279,814
4.30%, 03/01/48 (Call 09/01/47)(a)		7,854		8,041,072
FedEx Corp. 3.25%, 04/01/26 (Call 01/01/26)(a)		11,150		11,190,444
4.00%, 01/15/24(a)		5,868		6,143,099
4.05%, 02/15/48 (Call 08/15/47)(a)		14,360		12,847,602

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

Schedule of Investments (unaudited) (continued) April 30, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
4.40%, 01/15/47 (Call 07/15/46)	$	11,889	$	11,202,642
4.55%, 04/01/46 (Call 10/01/45)(a)		15,299		14,768,579
4.75%, 11/15/45 (Call 05/15/45)		16,644		16,426,762
4.95%, 10/17/48 (Call 04/17/48)(a)		2,893		2,967,921
5.10%, 01/15/44		13,274		13,755,842
Union Pacific Corp. 3.70%, 03/01/29 (Call 12/01/28)(a)		7,475		7,681,064
3.80%, 10/01/51 (Call 04/01/51)		5,375		5,056,112
3.95%, 09/10/28 (Call 06/10/28)		30,179		31,695,525
4.16%, 07/15/22 (Call 04/15/22)(a)		8,404		8,726,179
4.30%, 03/01/49 (Call 09/01/48)(a)		6,840		7,049,315
4.38%, 09/10/38 (Call 03/10/38)		14,247		14,908,520
4.50%, 09/10/48 (Call 03/10/48)		12,844		13,635,876
United Parcel Service Inc. 2.45%, 10/01/22		6,374		6,337,814
2.50%, 04/01/23 (Call 03/01/23)		17,676		17,591,680
3.05%, 11/15/27 (Call 08/15/27)(a)		14,412		14,368,630
3.75%, 11/15/47 (Call 05/15/47)(a)		11,054		10,519,059
6.20%, 01/15/38(a)		21,635		27,839,436
				419,789,902
Water — 0.1%
American Water Capital Corp. 3.75%, 09/01/47 (Call 03/01/47)		21,761		20,466,514
6.59%, 10/15/37(a)		1,872		2,441,502
				22,908,016
Total Corporate Bonds & Notes — 98.9% (Cost: $31,891,452,057)				31,869,694,689

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.59%(d)(e)(f)		2,569,671	$	2,570,698,896
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(d)(e)		99,745		99,744,961
				2,670,443,857
Total Short-Term Investments — 8.3% (Cost: $2,669,500,791)				2,670,443,857
Total Investments in Securities — 107.2% (Cost: $34,560,952,848)				34,540,138,546
Other Assets, Less Liabilities — (7.2)%				(2,327,339,224	)
Net Assets — 100.0%			$	32,212,799,322

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

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

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

^(d)  Affiliate of the Fund.

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

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

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 a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. 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	$	—	$	31,869,694,689	$	—	$	31,869,694,689
Money Market Funds		2,670,443,857		—		—		2,670,443,857
	$	2,670,443,857	$	31,869,694,689	$	—	$	34,540,138,546

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2019

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	16,356,828,364		$	31,869,694,689
Affiliated(c)		3,387,917,980			2,670,443,857
Receivables:
Investments sold		65,943,722			108,462,573
Securities lending income — Affiliated		1,538,904			627,749
Capital shares sold		4,837,113			5,597,613
Dividends		237,437			253,691
Interest		251,309,958			328,086,943
Total assets		20,068,613,478			34,983,167,115
LIABILITIES
Collateral on securities loaned, at value		3,254,305,652			2,569,388,110
Payables:
Investments purchased		104,706,691			194,554,401
Capital shares redeemed		3,608,114			2,476,448
Investment advisory fees		6,798,471			3,948,834
Total liabilities		3,369,418,928			2,770,367,793
NET ASSETS	$	16,699,194,550		$	32,212,799,322
NET ASSETS CONSIST OF:
Paid-in capital	$	17,810,175,334		$	32,324,722,212
Accumulated loss		(1,110,980,784	)		(111,922,890	)
NET ASSETS	$	16,699,194,550		$	32,212,799,322
Shares outstanding		192,400,000			270,100,000
Net asset value	$	86.79		$	119.26
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	3,124,281,993		$	2,489,075,743
(b) Investments, at cost — Unaffiliated	$	16,667,607,812		$	31,891,452,057
(c) Investments, at cost — Affiliated	$	3,386,723,843		$	2,669,500,791

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

Schedule of Investments February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.4%
Lamar Media Corp. 5.00%, 05/01/23 (Call 04/01/19)(a)	$	10,803	$	11,017,653
5.38%, 01/15/24 (Call 04/01/19)(a)		9,075		9,324,563
5.75%, 02/01/26 (Call 02/01/21)(a)		9,536		9,965,120
5.75%, 02/01/26 (Call 02/01/21)(b)		1,552		1,623,780
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.25%, 02/15/22 (Call 04/01/19)(a)		10,887		11,053,571
5.63%, 02/15/24 (Call 04/01/19)(a)		8,504		8,748,490
5.88%, 03/15/25 (Call 09/15/19)(a)		10,143		10,399,618
				62,132,795
Aerospace & Defense — 2.4%
Arconic Inc. 5.13%, 10/01/24 (Call 07/01/24)(a)		23,429		23,260,311
5.40%, 04/15/21 (Call 01/15/21)		23,921		24,561,351
5.87%, 02/23/22		11,986		12,530,365
6.15%, 08/15/20(a)		12,519		12,947,776
Bombardier Inc. 5.75%, 03/15/22(b)		9,095		9,160,370
6.00%, 10/15/22 (Call 04/01/19)(a)(b)		23,735		23,853,675
6.13%, 01/15/23(a)(b)		23,343		23,518,072
7.50%, 12/01/24 (Call 12/01/20)(a)(b)		18,501		18,824,767
7.50%, 03/15/25 (Call 03/15/20)(a)(b)		26,753		26,987,089
7.75%, 03/15/20(b)		8,812		9,220,436
7.88%, 04/15/27(b)		7,740		7,681,640
8.75%, 12/01/21(b)		26,454		29,104,360
TransDigm Inc. 5.50%, 10/15/20 (Call 03/15/19)(a)		7,243		7,251,084
6.00%, 07/15/22 (Call 04/01/19)		20,404		20,781,474
6.25%, 03/15/26 (Call 03/15/22)(a)(b)		39,574		40,513,882
6.38%, 06/15/26 (Call 06/15/21)(a)		16,308		15,866,326
6.50%, 07/15/24 (Call 07/15/19)(a)		19,206		19,377,327
6.50%, 05/15/25 (Call 05/15/20)		13,922		13,869,793
7.50%, 03/15/27 (Call 03/15/22)(b)		10,019		10,068,093
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 05/15/21)(a)(b)		8,557		8,332,379
Triumph Group Inc., 7.75%, 08/15/25 (Call 08/15/20)(a)		10,244		9,817,594
				367,528,164
Agriculture — 0.1%
JBS Investments II GmbH, 7.00%, 01/15/26 (Call 01/15/22)(b)		8,084		8,322,882
Vector Group Ltd., 6.13%, 02/01/25 (Call 02/01/20)(b)		15,749		13,937,865
				22,260,747
Airlines — 0.1%
Air Canada, 7.75%, 04/15/21(a)(b)		7,955		8,530,865
American Airlines Group Inc., 4.63%, 03/01/20(a)(b)		5,791		5,827,193
United Continental Holdings Inc., 4.25%, 10/01/22(a)		9,076		9,072,044
				23,430,102
Apparel — 0.2%
Hanesbrands Inc. 4.63%, 05/15/24 (Call 02/15/24)(a)(b)		18,244		18,221,195
4.88%, 05/15/26 (Call 02/15/26)(a)(b)		16,845		16,602,375
				34,823,570
Auto Manufacturers — 0.9%
Allison Transmission Inc. 4.75%, 10/01/27 (Call 10/01/22)(b)		6,710		6,424,825
5.00%, 10/01/24 (Call 10/01/19)(a)(b)		18,453		18,591,397

Security	Par (000)		Value
Auto Manufacturers (continued)
Fiat Chrysler Automobiles NV 4.50%, 04/15/20(a)	$	16,385	$	16,509,808
5.25%, 04/15/23(a)		27,701		27,978,010
Jaguar Land Rover Automotive PLC 3.50%, 03/15/20 (Call 12/15/19)(a)(b)		5,032		4,958,753
4.50%, 10/01/27 (Call 07/01/27)(a)(b)		8,822		6,859,516
5.63%, 02/01/23 (Call 04/01/19)(a)(b)		6,651		6,418,215
Navistar International Corp., 6.63%, 11/01/25 (Call 11/01/20)(a)(b)		20,665		21,296,376
Tesla Inc., 5.30%, 08/15/25 (Call 08/15/20)(a)(b)		33,409		29,741,587
				138,778,487
Auto Parts & Equipment — 0.6%
American Axle & Manufacturing Inc. 6.25%, 04/01/25 (Call 04/01/20)(a)		13,280		13,239,828
6.25%, 03/15/26 (Call 03/15/21)(a)		6,865		6,736,281
6.50%, 04/01/27 (Call 04/01/22)		9,610		9,483,097
6.63%, 10/15/22 (Call 04/01/19)(a)		8,380		8,568,550
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/20)(a)(b)		6,221		6,185,683
Dana Inc., 5.50%, 12/15/24 (Call 12/15/19)(a)		8,110		8,064,381
Goodyear Tire & Rubber Co. (The) 4.88%, 03/15/27 (Call 12/15/26)(a)		12,657		11,627,959
5.00%, 05/31/26 (Call 05/31/21)(a)		17,809		16,874,028
5.13%, 11/15/23 (Call 04/01/19)(a)		18,670		18,700,806
				99,480,613
Banks — 1.2%
CIT Group Inc. 4.13%, 03/09/21 (Call 02/09/21)(a)		9,791		9,888,910
4.75%, 02/16/24 (Call 11/16/23)(a)		9,423		9,623,239
5.00%, 08/15/22(a)		20,770		21,476,803
5.00%, 08/01/23(a)		15,478		16,052,698
5.25%, 03/07/25 (Call 12/07/24)(a)		9,269		9,728,186
6.13%, 03/09/28(a)		6,889		7,489,621
Deutsche Bank AG, 4.30%, 05/24/28 (Call 05/24/23)(a)(c)(d)		26,792		23,871,616
Deutsche Bank AG/New York NY, 4.88%, 12/01/32 (Call 12/01/27)(a)(c)(d)		17,964		15,161,894
Fifth Third Bancorp., 5.10%, (Call 06/30/23)(a)(c)(d)(e)		12,663		12,116,908
Freedom Mortgage Corp. 8.13%, 11/15/24 (Call 11/15/20)(b)		9,373		8,787,188
8.25%, 04/15/25 (Call 04/15/21)(b)		11,698		10,996,120
Intesa Sanpaolo SpA, 5.02%, 06/26/24(b)		17,704		16,401,713
UniCredit SpA, 5.86%, 06/19/32 (Call 06/19/27)(b)(c)(d)		19,371		17,318,660
				178,913,556
Building Materials — 0.7%
Griffon Corp., 5.25%, 03/01/22 (Call 04/01/19)(a)		19,638		19,441,620
Standard Industries Inc./NJ 4.75%, 01/15/28 (Call 01/15/23)(a)(b)		18,679		17,464,865
5.00%, 02/15/27 (Call 02/15/22)(b)		9,080		8,698,640
5.38%, 11/15/24 (Call 11/15/19)(a)(b)		19,744		20,098,569
5.50%, 02/15/23 (Call 04/01/19)(a)(b)		8,727		8,934,266
6.00%, 10/15/25 (Call 10/15/20)(a)(b)		19,867		20,736,181
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23 (Call 03/18/19)(a)		12,226		12,520,188
				107,894,329
Chemicals — 1.8%
Ashland LLC, 4.75%, 08/15/22 (Call 05/15/22)(a)		20,977		21,553,867

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Blue Cube Spinco LLC 9.75%, 10/15/23 (Call 10/15/20)(a)	$	11,035	$	12,361,959
10.00%, 10/15/25 (Call 10/15/20)(a)		9,304		10,653,080
CF Industries Inc. 3.45%, 06/01/23(a)		14,625		14,155,782
7.13%, 05/01/20		5,791		6,018,930
Chemours Co. (The) 5.38%, 05/15/27 (Call 02/15/27)(a)		9,739		9,516,322
6.63%, 05/15/23 (Call 04/01/19)(a)		16,821		17,473,655
7.00%, 05/15/25 (Call 05/15/20)(a)		14,552		15,184,102
Element Solutions Inc., 5.88%, 12/01/25 (Call 12/01/20)(a)(b)		15,286		15,467,598
Hexion Inc. 6.63%, 04/15/20 (Call 04/01/19)(a)		23,338		19,895,645
10.38%, 02/01/22 (Call 04/01/19)(b)		10,492		8,891,970
Hexion Inc./Hexion Nova Scotia Finance ULC, 9.00%, 11/15/20 (Call 04/01/19)(a)		5,123		1,662,574
Huntsman International LLC 4.88%, 11/15/20 (Call 03/27/19)		10,862		11,133,550
5.13%, 11/15/22 (Call 08/15/22)(a)		8,202		8,571,090
NOVA Chemicals Corp. 4.88%, 06/01/24 (Call 03/03/24)(a)(b)		19,506		18,885,709
5.00%, 05/01/25 (Call 01/31/25)(a)(b)		10,781		10,336,284
5.25%, 08/01/23 (Call 04/01/19)(a)(b)		8,997		8,966,775
5.25%, 06/01/27 (Call 03/03/27)(a)(b)		18,192		17,093,483
Olin Corp. 5.00%, 02/01/30 (Call 02/01/24)(a)		10,807		10,509,807
5.13%, 09/15/27 (Call 03/15/22)(a)		10,343		10,420,572
Tronox Finance PLC, 5.75%, 10/01/25 (Call 10/01/20)(a)(b)		10,211		9,457,939
Tronox Inc., 6.50%, 04/15/26 (Call 04/15/21)(a)(b)		10,655		10,095,613
WR Grace & Co.-Conn, 5.13%, 10/01/21(a)(b)		13,057		13,434,217
				281,740,523
Coal — 0.1%
Peabody Energy Corp. 6.00%, 03/31/22 (Call 04/01/19)(b)		6,191		6,248,557
6.38%, 03/31/25 (Call 03/31/20)(b)		6,906		6,798,957
				13,047,514
Commercial Services — 4.0%
ADT Security Corp. (The) 3.50%, 07/15/22		20,255		19,881,546
4.13%, 06/15/23		13,439		13,180,720
6.25%, 10/15/21		20,017		21,126,212
APX Group Inc. 7.63%, 09/01/23 (Call 09/01/19)(a)		7,227		6,368,794
7.88%, 12/01/22 (Call 04/01/19)		18,024		17,922,615
8.75%, 12/01/20 (Call 04/01/19)(a)		12,052		11,976,675
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.50%, 04/01/23 (Call 04/01/19)(a)		13,335		13,485,019
Hertz Corp. (The) 5.50%, 10/15/24 (Call 10/15/19)(b)		14,151		12,006,976
5.88%, 10/15/20 (Call 04/01/19)		12,592		12,582,163
6.25%, 10/15/22 (Call 04/01/19)(a)		9,167		8,688,242
7.38%, 01/15/21 (Call 04/01/19)(a)		11,233		11,231,050
7.63%, 06/01/22 (Call 06/01/19)(b)		24,310		24,856,975
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23 (Call 04/01/19)(a)(b)		21,455		21,686,744

Security	Par (000)		Value
Commercial Services (continued)
Nielsen Co Luxembourg SARL/The 5.00%, 02/01/25 (Call 02/01/20)(a)(b)	$	10,728	$	10,593,900
5.50%, 10/01/21 (Call 04/01/19)(a)(b)		13,535		13,653,901
Nielsen Finance LLC/Nielsen Finance Co. 4.50%, 10/01/20 (Call 04/01/19)(a)		15,138		15,137,587
5.00%, 04/15/22 (Call 04/01/19)(a)(b)		42,546		42,599,182
Prime Security Services Borrower LLC/Prime Finance Inc., 9.25%, 05/15/23 (Call 05/15/19)(a)(b)		36,407		38,391,181
Refinitiv U.S. Holdings Inc. 6.25%, 05/15/26 (Call 11/15/21)(a)(b)		23,408		23,585,667
8.25%, 11/15/26 (Call 11/15/21)(a)(b)		29,245		28,632,683
Service Corp. International/U.S. 4.63%, 12/15/27 (Call 12/15/22)(a)		10,602		10,496,974
5.38%, 01/15/22 (Call 04/01/19)(a)		4,742		4,794,137
5.38%, 05/15/24 (Call 05/15/19)(a)		16,853		17,262,506
ServiceMaster Co. LLC (The), 5.13%, 11/15/24 (Call 11/15/19)(b)		15,398		15,489,426
Star Merger Sub Inc. 6.88%, 08/15/26 (Call 02/15/22)(b)		3,935		3,948,773
10.25%, 02/15/27 (Call 02/15/22)(b)		13,638		14,026,683
United Rentals North America Inc. 4.63%, 07/15/23 (Call 04/01/19)(a)		18,078		18,431,284
4.63%, 10/15/25 (Call 10/15/20)(a)		14,044		13,640,634
4.88%, 01/15/28 (Call 01/15/23)(a)		30,133		28,739,349
5.50%, 07/15/25 (Call 07/15/20)		15,343		15,688,218
5.50%, 05/15/27 (Call 05/15/22)(a)		18,740		18,735,315
5.75%, 11/15/24 (Call 05/15/19)(a)		16,435		16,928,050
5.88%, 09/15/26 (Call 09/15/21)(a)		19,007		19,416,185
6.50%, 12/15/26 (Call 12/15/21)(a)		20,073		20,951,194
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 08/15/21)(a)(b)		20,930		21,466,331
				607,602,891
Computers — 1.9%
Banff Merger Sub Inc., 9.75%, 09/01/26 (Call 09/01/21)(b)		27,334		26,548,148
Dell Inc., 4.63%, 04/01/21(a)		8,325		8,474,496
Dell International LLC/EMC Corp. 5.88%, 06/15/21 (Call 03/18/19)(a)(b)		30,922		31,555,901
7.13%, 06/15/24 (Call 06/15/19)(a)(b)		31,203		32,997,173
EMC Corp. 2.65%, 06/01/20		23,721		23,446,726
3.38%, 06/01/23 (Call 03/01/23)		19,353		18,681,693
Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 07/15/20)(a)(b)		19,277		19,678,353
Harland Clarke Holdings Corp. 8.38%, 08/15/22 (Call 04/01/19)(b)		14,707		13,714,278
9.25%, 03/01/21 (Call 04/01/19)(a)(b)		13,527		13,391,730
Leidos Holdings Inc., 4.45%, 12/01/20 (Call 09/01/20)(a)		8,647		8,801,565
NCR Corp. 4.63%, 02/15/21 (Call 04/01/19)(a)		6,405		6,405,000
5.00%, 07/15/22 (Call 04/01/19)(a)		11,744		11,705,261
5.88%, 12/15/21 (Call 04/01/19)(a)		8,147		8,269,205
6.38%, 12/15/23 (Call 04/01/19)(a)		12,753		12,960,236
West Corp., 8.50%, 10/15/25 (Call 10/15/20)(a)(b)		21,246		17,620,901
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(a)		42,994		40,683,072
				294,933,738

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Cosmetics & Personal Care — 0.4%
Avon International Operations Inc., 7.88%, 08/15/22 (Call 08/15/19)(a)(b)	$	9,748	$	10,058,041
Avon Products Inc. 6.60%, 03/15/20		4,508		4,589,708
7.00%, 03/15/23(a)		9,809		9,425,223
Edgewell Personal Care Co. 4.70%, 05/19/21(a)		11,915		12,063,937
4.70%, 05/24/22(a)		10,804		10,896,698
First Quality Finance Co. Inc. 4.63%, 05/15/21 (Call 04/01/19)(a)(b)		10,175		10,190,368
5.00%, 07/01/25 (Call 07/01/20)(a)(b)		6,347		6,204,193
				63,428,168
Diversified Financial Services — 4.1%
Ally Financial Inc. 4.13%, 03/30/20(a)		7,301		7,346,533
4.13%, 02/13/22(a)		13,048		13,149,937
4.25%, 04/15/21(a)		9,841		9,945,561
4.63%, 05/19/22(a)		8,779		8,962,810
4.63%, 03/30/25(a)		9,314		9,488,637
5.13%, 09/30/24(a)		13,941		14,620,624
5.75%, 11/20/25 (Call 10/21/25)(a)		18,985		20,130,880
7.50%, 09/15/20(a)		6,158		6,541,638
8.00%, 03/15/20		12,283		12,864,343
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.88%, 02/01/22 (Call 04/01/19)		25,569		25,888,612
6.00%, 08/01/20 (Call 04/01/19)(a)		27,656		27,945,130
6.25%, 02/01/22 (Call 04/01/19)(a)		23,232		23,924,314
6.38%, 12/15/25 (Call 12/15/20)		15,038		15,526,735
6.75%, 02/01/24 (Call 02/01/20)(a)		11,468		12,008,169
Jefferies Finance LLC/JFIN Co-Issuer Corp. 6.88%, 04/15/22 (Call 04/01/19)(a)(b)		7,679		7,674,201
7.25%, 08/15/24 (Call 08/15/20)(b)		5,996		5,838,605
7.38%, 04/01/20 (Call 04/01/19)(a)(b)		5,506		5,511,736
7.50%, 04/15/21 (Call 04/01/19)(b)		7,754		7,894,541
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 5.25%, 03/15/22 (Call 09/15/21)(a)(b)		7,805		7,965,978
5.25%, 10/01/25 (Call 10/01/20)(a)(b)		6,541		6,148,540
Lions Gate Capital Holdings LLC 5.88%, 11/01/24 (Call 11/01/19)(a)(b)		1,070		1,085,248
6.38%, 02/01/24 (Call 02/01/21)(b)		5,445		5,573,913
Nationstar Mortgage Holdings Inc. 8.13%, 07/15/23 (Call 07/15/20)(b)		18,365		18,732,300
9.13%, 07/15/26 (Call 07/15/21)(a)(b)		14,141		14,466,537
Nationstar Mortgage LLC/Nationstar Capital Corp., 6.50%, 07/01/21 (Call 04/01/19)		9,480		9,500,666
Navient Corp. 5.00%, 10/26/20(a)		9,546		9,634,862
5.50%, 01/25/23(a)		18,015		17,850,941
5.88%, 03/25/21		11,855		12,088,247
5.88%, 10/25/24(a)		8,648		8,324,901
6.13%, 03/25/24(a)		14,811		14,490,610
6.50%, 06/15/22(a)		18,856		19,401,645
6.63%, 07/26/21(a)		14,153		14,634,202
6.75%, 06/25/25(a)		8,034		7,867,278
6.75%, 06/15/26		9,445		9,102,619
7.25%, 01/25/22(a)		14,319		15,024,695
7.25%, 09/25/23		10,048		10,410,657
8.00%, 03/25/20(a)		16,017		16,659,194

Security	Par (000)		Value
Diversified Financial Services (continued)
Quicken Loans Inc. 5.25%, 01/15/28 (Call 01/15/23)(a)(b)	$	18,252	$	16,609,320
5.75%, 05/01/25 (Call 05/01/20)(a)(b)		23,054		22,840,750
Springleaf Finance Corp. 5.25%, 12/15/19		370		376,207
5.63%, 03/15/23(a)		14,750		15,009,188
6.13%, 05/15/22(a)		18,362		19,105,308
6.13%, 03/15/24 (Call 09/15/23)(a)		12,986		13,132,092
6.88%, 03/15/25(a)		22,832		23,399,508
7.13%, 03/15/26(a)		29,101		29,470,824
7.75%, 10/01/21(a)		12,128		13,034,988
8.25%, 12/15/20(a)		18,945		20,324,518
				627,528,742
Electric — 2.5%
AES Corp./VA 4.00%, 03/15/21		10,337		10,354,619
4.50%, 03/15/23 (Call 03/15/20)(a)		9,788		9,861,410
4.88%, 05/15/23 (Call 04/01/19)(a)		11,467		11,592,420
5.13%, 09/01/27 (Call 09/01/22)(a)		9,642		9,907,155
5.50%, 04/15/25 (Call 04/15/20)(a)		11,268		11,620,444
6.00%, 05/15/26 (Call 05/15/21)(a)		9,468		10,011,753
Calpine Corp. 5.25%, 06/01/26 (Call 06/01/21)(a)(b)		22,026		21,585,480
5.38%, 01/15/23 (Call 04/01/19)(a)		21,465		21,226,202
5.50%, 02/01/24 (Call 04/01/19)(a)		12,620		12,146,750
5.75%, 01/15/25 (Call 10/15/19)(a)		28,441		27,242,761
5.88%, 01/15/24 (Call 04/01/19)(a)(b)		10,127		10,350,744
6.00%, 01/15/22 (Call 04/01/19)(a)(b)		14,901		15,154,007
Clearway Energy Operating LLC 5.38%, 08/15/24 (Call 08/15/19)		9,951		9,783,077
5.75%, 10/15/25 (Call 10/15/21)(a)(b)		11,919		11,710,418
NextEra Energy Operating Partners LP 4.25%, 09/15/24 (Call 07/15/24)(a)(b)		9,827		9,655,028
4.50%, 09/15/27 (Call 06/15/27)(b)		9,496		9,044,940
NRG Energy Inc. 5.75%, 01/15/28 (Call 01/15/23)(a)		15,326		15,728,307
6.25%, 05/01/24 (Call 05/01/19)		14,107		14,600,745
6.63%, 01/15/27 (Call 07/15/21)(a)		24,494		26,109,073
7.25%, 05/15/26 (Call 05/15/21)(a)		18,810		20,356,182
Talen Energy Supply LLC 6.50%, 06/01/25 (Call 06/01/20)(a)		11,993		10,629,396
9.50%, 07/15/22 (Call 07/15/20)(a)(b)		6,048		6,482,700
10.50%, 01/15/26 (Call 01/15/22)(a)(b)		12,114		12,652,099
Vistra Energy Corp. 5.88%, 06/01/23 (Call 04/01/19)(a)		8,608		8,841,582
7.38%, 11/01/22 (Call 04/01/19)		232		240,741
7.63%, 11/01/24 (Call 11/01/19)		17,257		18,340,465
Vistra Operations Co. LLC 5.50%, 09/01/26 (Call 09/01/21)(a)(b)		17,338		17,988,175
5.63%, 02/15/27 (Call 02/15/22)(a)(b)		19,017		19,587,510
				382,804,183
Electrical Components & Equipment — 0.2%
Energizer Holdings Inc. 5.50%, 06/15/25 (Call 06/15/20)(a)(b)		8,532		8,333,808
6.38%, 07/15/26 (Call 07/15/21)(a)(b)		7,606		7,669,582
7.75%, 01/15/27 (Call 01/15/22)(a)(b)		10,612		11,291,831
				27,295,221

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronics — 0.2%
Sensata Technologies BV 4.88%, 10/15/23(a)(b)	$	9,626	$	9,916,785
5.00%, 10/01/25(b)		12,962		13,157,443
5.63%, 11/01/24(a)(b)		5,648		5,918,801
				28,993,029
Energy – Alternate Sources — 0.1%
TerraForm Power Operating LLC 4.25%, 01/31/23 (Call 10/31/22)(a)(b)		8,677		8,579,384
5.00%, 01/31/28 (Call 07/31/27)(a)(b)		12,852		12,209,400
				20,788,784
Engineering & Construction — 0.3%
AECOM 5.13%, 03/15/27 (Call 12/15/26)(a)		17,926		16,984,885
5.88%, 10/15/24 (Call 07/15/24)(a)		16,308		17,036,175
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 07/15/20)(a)(b)		17,999		16,256,753
				50,277,813
Entertainment — 1.9%
AMC Entertainment Holdings Inc. 5.75%, 06/15/25 (Call 06/15/20)(a)		10,908		10,063,908
5.88%, 11/15/26 (Call 11/15/21)(a)		11,379		10,242,238
6.13%, 05/15/27 (Call 05/15/22)(a)		8,804		7,917,792
Caesars Resort Collection LLC/CRC Finco Inc., 5.25%, 10/15/25 (Call 10/15/20)(a)(b)		32,316		30,639,607
Cinemark USA Inc. 4.88%, 06/01/23 (Call 04/01/19)(a)		14,808		14,864,512
5.13%, 12/15/22 (Call 04/01/19)(a)		5,472		5,554,080
Eldorado Resorts Inc. 6.00%, 04/01/25 (Call 04/01/20)(a)		18,266		18,587,482
6.00%, 09/15/26 (Call 09/15/21)(a)(b)		9,732		9,902,310
International Game Technology PLC 6.25%, 02/15/22 (Call 08/15/21)(b)		26,672		28,072,280
6.25%, 01/15/27 (Call 07/15/26)(a)(b)		12,642		13,145,670
6.50%, 02/15/25 (Call 08/15/24)(a)(b)		20,239		21,554,535
Scientific Games International Inc. 5.00%, 10/15/25 (Call 10/15/20)(b)		24,475		23,740,750
10.00%, 12/01/22 (Call 04/01/19)(a)		41,993		44,250,124
Six Flags Entertainment Corp. 4.88%, 07/31/24 (Call 07/31/19)(b)		17,813		17,545,805
5.50%, 04/15/27 (Call 04/15/22)(a)(b)		10,784		10,599,492
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26 (Call 07/15/21)(a)(b)		19,171		19,602,348
				286,282,933
Environmental Control — 0.3%
Covanta Holding Corp. 5.88%, 03/01/24 (Call 04/01/19)(a)		4,750		4,850,937
5.88%, 07/01/25 (Call 07/01/20)		7,905		7,903,024
6.00%, 01/01/27 (Call 01/01/22)(a)		8,172		8,156,637
GFL Environmental Inc., 5.38%, 03/01/23 (Call 03/01/20)(a)(b)		8,817		8,315,533
Hulk Finance Corp., 7.00%, 06/01/26 (Call 06/01/21)(a)(b)		6,687		6,341,784
Tervita Escrow Corp., 7.63%, 12/01/21 (Call 04/01/19)(a)(b)		3,232		3,207,760
				38,775,675

Security	Par (000)		Value
Food — 2.1%
Albertsons Companies LLC/Safeway Inc./New Albertson’s LP/Albertson’s LLC 5.75%, 03/15/25 (Call 09/15/19)(a)	$	23,432	$	22,294,290
6.63%, 06/15/24 (Call 06/15/19)		23,239		23,268,049
7.50%, 03/15/26 (Call 03/15/22)(b)		4,678		4,815,416
B&G Foods Inc. 4.63%, 06/01/21 (Call 04/01/19)(a)		14,126		14,121,586
5.25%, 04/01/25 (Call 04/01/20)(a)		18,414		17,585,370
JBS Investments GmbH 6.25%, 02/05/23 (Call 04/01/19)(b)		13,034		13,200,044
7.25%, 04/03/24 (Call 04/03/19)(a)(b)		12,849		13,295,995
JBS USA LUX SA/JBS USA Finance Inc. 5.75%, 06/15/25 (Call 06/15/20)(a)(b)		16,098		16,299,225
5.88%, 07/15/24 (Call 07/15/19)(a)(b)		12,690		13,045,320
6.75%, 02/15/28 (Call 02/15/23)(a)(b)		18,513		19,160,955
Lamb Weston Holdings Inc. 4.63%, 11/01/24 (Call 11/01/21)(a)(b)		15,802		15,855,614
4.88%, 11/01/26 (Call 11/01/21)(a)(b)		16,892		16,934,230
Pilgrim’s Pride Corp. 5.75%, 03/15/25 (Call 03/15/20)(a)(b)		17,779		17,751,220
5.88%, 09/30/27 (Call 09/30/22)(a)(b)		17,089		16,789,942
Post Holdings Inc. 5.00%, 08/15/26 (Call 08/15/21)(a)(b)		31,514		30,244,301
5.50%, 03/01/25 (Call 03/01/20)(a)(b)		19,143		19,232,534
5.63%, 01/15/28 (Call 12/01/22)(a)(b)		17,815		17,303,932
5.75%, 03/01/27 (Call 03/01/22)(a)(b)		24,283		23,953,446
				315,151,469
Food Service — 0.4%
Aramark Services Inc. 4.75%, 06/01/26 (Call 06/01/21)(a)		8,545		8,491,233
5.00%, 04/01/25 (Call 04/01/20)(a)(b)		10,408		10,590,140
5.00%, 02/01/28 (Call 02/01/23)(a)(b)		22,033		21,757,588
5.13%, 01/15/24 (Call 04/01/19)		16,724		17,122,501
				57,961,462
Gas — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.50%, 05/20/25 (Call 02/20/25)(a)		12,547		12,463,092
5.63%, 05/20/24 (Call 03/20/24)(a)		13,252		13,351,390
5.75%, 05/20/27 (Call 02/20/27)(a)		9,363		9,200,903
5.88%, 08/20/26 (Call 05/20/26)(a)		12,538		12,567,633
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 11/01/19)		11,842		12,196,050
				59,779,068
Hand & Machine Tools — 0.1%
Colfax Corp. 6.00%, 02/15/24 (Call 02/15/21)(a)(b)		10,936		11,322,041
6.38%, 02/15/26 (Call 02/15/22)(b)		5,000		5,212,500
				16,534,541
Health Care – Products — 1.4%
Avantor Inc. 6.00%, 10/01/24 (Call 10/01/20)(b)		28,443		29,047,414
9.00%, 10/01/25 (Call 10/01/20)(a)(b)		37,041		39,717,001
Hologic Inc. 4.38%, 10/15/25 (Call 10/15/20)(a)(b)		18,259		17,985,115
4.63%, 02/01/28 (Call 02/01/23)(a)(b)		7,943		7,713,811
Kinetic Concepts Inc./KCI USA Inc. 7.88%, 02/15/21 (Call 03/18/19)(a)(b)		12,026		12,304,853
12.50%, 11/01/21 (Call 05/01/19)(b)		8,769		9,472,347

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care – Products (continued)
Mallinckrodt International Finance SA, 4.75%, 04/15/23(a)	$	6,394	$	5,202,851
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.88%, 04/15/20 (Call 04/01/19)(a)(b)		9,046		9,001,675
5.50%, 04/15/25 (Call 04/15/20)(a)(b)		12,902		10,495,003
5.63%, 10/15/23 (Call 04/01/19)(a)(b)		14,173		12,361,549
5.75%, 08/01/22 (Call 04/01/19)(a)(b)		16,347		15,387,295
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 6.63%, 05/15/22 (Call 04/01/19)(b)		24,745		23,815,914
Teleflex Inc. 4.63%, 11/15/27 (Call 11/15/22)(a)		9,834		9,766,346
4.88%, 06/01/26 (Call 06/01/21)		7,873		7,971,412
				210,242,586
Health Care – Services — 7.0%
Acadia Healthcare Co. Inc., 5.63%, 02/15/23 (Call 04/01/19)(a)		12,212		12,124,226
Centene Corp. 4.75%, 05/15/22 (Call 05/15/19)		18,272		18,604,404
4.75%, 01/15/25 (Call 01/15/20)		22,485		22,656,761
5.38%, 06/01/26 (Call 06/01/21)(a)(b)		33,875		35,187,656
5.63%, 02/15/21 (Call 04/01/19)(a)		19,948		20,243,230
6.13%, 02/15/24 (Call 04/01/19)(a)		17,951		18,757,192
CHS/Community Health Systems Inc. 5.13%, 08/01/21 (Call 04/01/19)(a)		18,033		17,672,340
6.25%, 03/31/23 (Call 03/31/20)		57,038		54,970,372
6.88%, 02/01/22 (Call 04/01/19)(a)		35,171		23,037,005
8.00%, 03/15/26(b)		15,900		15,690,597
8.13%, 06/30/24 (Call 06/30/21)(a)(b)		27,094		22,602,991
8.63%, 01/15/24 (Call 01/15/21)(a)(b)		20,442		21,055,260
11.00%, 06/30/23 (Call 06/30/20)(a)(b)(f)		31,460		28,853,539
DaVita Inc. 5.00%, 05/01/25 (Call 05/01/20)(a)		29,080		28,062,200
5.13%, 07/15/24 (Call 07/15/19)(a)		31,783		31,504,899
5.75%, 08/15/22 (Call 04/01/19)(a)		23,759		24,247,247
Encompass Health Corp., 5.75%, 11/01/24 (Call 04/01/19)(a)		23,767		24,011,800
Envision Healthcare Corp., 8.75%, 10/15/26 (Call 10/15/21)(a)(b)		22,215		20,049,038
HCA Healthcare Inc., 6.25%, 02/15/21(a)		16,054		16,794,431
HCA Inc. 4.50%, 02/15/27 (Call 08/15/26)(a)		3,257		3,285,194
4.75%, 05/01/23(a)		4,397		4,557,041
5.00%, 03/15/24(a)		1,885		1,969,216
5.25%, 04/15/25		3,130		3,312,968
5.25%, 06/15/26 (Call 12/15/25)(a)		2,859		3,015,322
5.38%, 02/01/25(a)		44,948		46,556,298
5.38%, 09/01/26 (Call 03/01/26)		15,946		16,368,459
5.63%, 09/01/28 (Call 03/01/28)		28,290		29,333,194
5.88%, 03/15/22(a)		4,516		4,804,525
5.88%, 05/01/23(a)		22,446		23,736,645
5.88%, 02/15/26 (Call 08/15/25)(a)		22,773		24,039,748
5.88%, 02/01/29 (Call 08/01/28)(a)		13,028		13,652,259
6.50%, 02/15/20(a)		7,190		7,405,121
7.50%, 02/15/22(a)		34,463		37,780,064
MEDNAX Inc. 5.25%, 12/01/23 (Call 04/01/19)(a)(b)		14,311		14,471,999
6.25%, 01/15/27 (Call 01/15/22)(a)(b)		13,679		13,747,395
Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)(a)		13,504		13,947,100

Security	Par (000)		Value
Health Care – Services (continued)
MPH Acquisition Holdings LLC, 7.13%, 06/01/24 (Call 06/01/19)(a)(b)	$	29,779	$	29,833,129
RegionalCare Hospital Partners Holdings Inc., 8.25%, 05/01/23 (Call 05/01/19)(b)		15,662		16,746,327
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a)(b)		26,517		27,246,218
Tenet Healthcare Corp. 4.38%, 10/01/21(a)		19,058		19,343,870
4.50%, 04/01/21(a)		14,635		14,836,231
4.63%, 07/15/24 (Call 07/15/20)(a)		34,378		34,292,055
4.75%, 06/01/20(a)		5,161		5,230,901
5.13%, 05/01/25 (Call 05/01/20)		26,481		26,271,202
6.00%, 10/01/20		31,886		32,922,295
6.25%, 02/01/27 (Call 02/01/22)(b)		15,898		16,404,749
6.75%, 06/15/23(a)		35,264		36,145,600
7.00%, 08/01/25 (Call 08/01/20)(a)		9,489		9,512,723
8.13%, 04/01/22(a)		53,577		57,193,447
WellCare Health Plans Inc. 5.25%, 04/01/25 (Call 04/01/20)		23,055		23,538,002
5.38%, 08/15/26 (Call 08/15/21)(a)(b)		13,639		14,014,073
				1,081,638,558
Home Builders — 1.6%
Beazer Homes USA Inc. 5.88%, 10/15/27 (Call 10/15/22)(a)		7,238		6,315,155
8.75%, 03/15/22 (Call 03/18/19)		9,800		10,200,422
Brookfield Residential Properties Inc., 6.50%, 12/15/20 (Call 04/01/19)(a)(b)		7,264		7,298,446
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp., 6.13%, 07/01/22 (Call 04/01/19)(a)(b)		10,712		10,685,220
K Hovnanian Enterprises Inc. 10.00%, 07/15/22 (Call 07/15/19)(b)		6,831		5,452,846
10.50%, 07/15/24 (Call 07/15/20)(b)		6,411		4,469,669
KB Home, 7.00%, 12/15/21 (Call 09/15/21)(a)		9,075		9,632,734
Lennar Corp. 4.13%, 01/15/22 (Call 10/15/21)(a)		10,946		10,948,566
4.50%, 04/30/24 (Call 01/31/24)(a)		12,398		12,333,685
4.75%, 04/01/21 (Call 02/01/21)		8,919		9,097,380
4.75%, 11/15/22 (Call 08/15/22)(a)		11,001		11,231,333
4.75%, 05/30/25 (Call 02/28/25)(a)		8,840		8,881,437
4.75%, 11/29/27 (Call 05/29/27)(a)		15,235		14,777,950
4.88%, 12/15/23 (Call 09/15/23)(a)		8,757		8,918,457
5.88%, 11/15/24 (Call 05/15/24)(a)		9,138		9,615,004
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)(a)		6,772		6,989,974
PulteGroup Inc. 4.25%, 03/01/21 (Call 02/01/21)(a)		12,439		12,531,861
5.00%, 01/15/27 (Call 10/15/26)		13,260		12,769,853
5.50%, 03/01/26 (Call 12/01/25)		11,934		12,023,505
Taylor Morrison Communities Inc., 6.63%, 05/15/22 (Call 05/15/19)(a)		5,101		5,241,278
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.25%, 04/15/21 (Call 04/01/19)(b)		8,219		8,237,713
Toll Brothers Finance Corp. 4.35%, 02/15/28 (Call 11/15/27)(a)		7,614		7,194,041
4.38%, 04/15/23 (Call 01/15/23)		9,638		9,644,024
4.88%, 03/15/27 (Call 12/15/26)(a)		7,238		7,093,240
5.88%, 02/15/22 (Call 11/15/21)(a)		9,166		9,624,300
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(a)		8,344		8,174,512

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Home Builders (continued)
William Lyon Homes Inc., 5.88%, 01/31/25 (Call 01/31/20)(a)	$	7,543	$	6,812,272
				246,194,877
Home Furnishings — 0.1%
Tempur Sealy International Inc. 5.50%, 06/15/26 (Call 06/15/21)(a)		12,225		12,225,000
5.63%, 10/15/23 (Call 04/01/19)(a)		8,074		8,154,993
				20,379,993
Household Products & Wares — 0.4%
Kronos Acquisition Holdings Inc., 9.00%, 08/15/23 (Call 04/01/19)(a)(b)		16,908		14,518,864
Prestige Brands Inc. 5.38%, 12/15/21 (Call 04/01/19)(a)(b)		7,130		7,161,229
6.38%, 03/01/24 (Call 04/01/19)(a)(b)		12,055		12,115,275
Spectrum Brands Inc. 5.75%, 07/15/25 (Call 07/15/20)(a)		18,964		18,561,015
6.63%, 11/15/22 (Call 04/01/19)(a)		8,234		8,435,780
				60,792,163
Insurance — 0.6%
Acrisure LLC/Acrisure Finance Inc. 7.00%, 11/15/25 (Call 11/15/20)(a)(b)		17,926		15,830,092
8.13%, 02/15/24 (Call 02/15/21)(b)		13,875		14,204,531
Genworth Holdings Inc., 7.63%, 09/24/21		14,711		14,390,300
HUB International Ltd., 7.00%, 05/01/26 (Call 05/01/21)(a)(b)		24,136		23,668,365
Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24)		9,219		8,969,800
Voya Financial Inc., 5.65%, 05/15/53 (Call 05/15/23)(a)(c)(d)		12,600		12,472,740
				89,535,828
Internet — 2.0%
Match Group Inc., 5.00%, 12/15/27 (Call 12/15/22)(b)		8,500		8,417,380
Netflix Inc. 4.38%, 11/15/26(a)		18,231		17,536,034
4.88%, 04/15/28		29,831		29,061,921
5.38%, 02/01/21(a)		9,508		9,828,895
5.50%, 02/15/22(a)		13,184		13,810,240
5.75%, 03/01/24(a)		7,687		8,124,599
5.88%, 02/15/25(a)		15,331		16,261,240
5.88%, 11/15/28(a)(b)		34,967		36,419,879
6.38%, 05/15/29(a)(b)		14,591		15,524,428
Symantec Corp. 3.95%, 06/15/22 (Call 03/15/22)(a)		8,474		8,433,837
4.20%, 09/15/20(a)		15,446		15,615,597
5.00%, 04/15/25 (Call 04/15/20)(a)(b)		21,851		21,769,059
VeriSign Inc. 4.63%, 05/01/23 (Call 04/01/19)		10,193		10,339,808
4.75%, 07/15/27 (Call 07/15/22)		11,063		10,956,980
5.25%, 04/01/25 (Call 01/01/25)(a)		6,916		7,177,632
Zayo Group LLC/Zayo Capital Inc. 5.75%, 01/15/27 (Call 01/15/22)(b)		29,894		29,015,864
6.00%, 04/01/23 (Call 04/01/19)(a)		26,132		26,413,737
6.38%, 05/15/25 (Call 05/15/20)(a)		17,512		17,380,660
				302,087,790
Iron & Steel — 0.8%
AK Steel Corp. 7.00%, 03/15/27 (Call 03/15/22)(a)		6,902		5,814,935
7.63%, 10/01/21 (Call 04/01/19)		6,900		6,948,947

Security	Par (000)		Value
Iron & Steel (continued)
Allegheny Technologies Inc. 5.95%, 01/15/21 (Call 10/15/20)	$	9,602	$	9,845,551
7.88%, 08/15/23 (Call 05/15/23)(a)		9,963		10,875,528
Cleveland-Cliffs Inc. 4.88%, 01/15/24 (Call 01/15/21)(a)(b)		7,826		7,808,147
5.75%, 03/01/25 (Call 03/01/20)		20,876		20,404,115
Steel Dynamics Inc. 5.00%, 12/15/26 (Call 12/15/21)(a)		8,048		8,200,576
5.13%, 10/01/21 (Call 04/01/19)(a)		13,265		13,356,197
5.25%, 04/15/23 (Call 04/01/19)		8,041		8,182,974
5.50%, 10/01/24 (Call 10/01/19)(a)		8,943		9,188,933
U.S. Steel Corp. 6.25%, 03/15/26 (Call 03/15/21)		12,248		11,620,290
6.88%, 08/15/25 (Call 08/15/20)(a)		14,553		14,379,173
				126,625,366
Leisure Time — 0.3%
Sabre GLBL Inc. 5.25%, 11/15/23 (Call 04/01/19)(b)		9,692		9,939,492
5.38%, 04/15/23 (Call 04/01/19)(a)(b)		10,724		10,960,077
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 09/15/22)(b)		15,544		14,974,053
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a)(b)		12,170		11,875,530
				47,749,152
Lodging — 2.4%
Boyd Gaming Corp. 6.00%, 08/15/26 (Call 08/15/21)(a)		13,625		14,008,203
6.38%, 04/01/26 (Call 04/01/21)(a)		14,747		15,379,114
6.88%, 05/15/23 (Call 03/18/19)(a)		15,618		16,320,810
Diamond Resorts International Inc. 7.75%, 09/01/23 (Call 09/01/19)(a)(b)		9,932		9,981,660
10.75%, 09/01/24 (Call 09/01/19)(a)(b)		11,251		10,716,577
Hilton Domestic Operating Co. Inc. 4.25%, 09/01/24 (Call 09/01/19)(a)		19,329		19,031,817
5.13%, 05/01/26 (Call 05/01/21)(a)(b)		27,933		28,087,213
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.63%, 04/01/25 (Call 04/01/20)(a)		16,083		16,013,195
4.88%, 04/01/27 (Call 04/01/22)(a)		11,973		11,898,584
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.75%, 11/15/21 (Call 04/01/19)(a)(b)		14,846		15,298,803
MGM Resorts International 4.63%, 09/01/26 (Call 06/01/26)		8,439		8,017,050
5.25%, 03/31/20(a)		4,865		4,946,083
5.75%, 06/15/25 (Call 03/15/25)(a)		18,920		19,289,801
6.00%, 03/15/23(a)		23,231		24,305,434
6.63%, 12/15/21(a)		23,600		25,135,919
6.75%, 10/01/20(a)		18,580		19,424,545
7.75%, 03/15/22		19,528		21,431,980
Wyndham Destinations Inc. 3.90%, 03/01/23 (Call 12/01/22)		5,878		5,718,526
4.25%, 03/01/22 (Call 12/01/21)		12,434		12,425,970
5.75%, 04/01/27 (Call 01/01/27)		7,144		7,074,346
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/23 (Call 02/28/23)(b)		10,056		9,945,803
5.25%, 05/15/27 (Call 02/15/27)(b)		17,439		16,725,091
5.50%, 03/01/25 (Call 12/01/24)(b)		31,995		31,844,623
				363,021,147
Machinery — 0.1%
Vertiv Group Corp., 9.25%, 10/15/24 (Call 10/15/19)(a)(b)		13,219		13,219,000

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media — 11.9%
Altice Financing SA 6.63%, 02/15/23 (Call 04/01/19)(a)(b)	$	36,695	$	37,584,612
7.50%, 05/15/26 (Call 05/15/21)(b)		50,641		48,995,167
Altice Finco SA, 8.13%, 01/15/24 (Call 04/01/19)(b)		6,726		6,795,171
Altice France SA/France 6.25%, 05/15/24 (Call 05/15/19)(a)(b)		24,923		24,923,000
7.38%, 05/01/26 (Call 05/01/21)(a)(b)		93,903		92,142,319
8.13%, 02/01/27 (Call 02/01/22)(b)		31,698		31,825,359
Altice Luxembourg SA 7.63%, 02/15/25 (Call 02/15/20)(a)(b)		26,962		23,895,073
7.75%, 05/15/22 (Call 04/01/19)(a)(b)		51,437		51,115,519
AMC Networks Inc. 4.75%, 12/15/22 (Call 04/01/19)(a)		12,231		12,377,772
4.75%, 08/01/25 (Call 08/01/21)(a)		14,871		14,410,928
5.00%, 04/01/24 (Call 04/01/20)(a)		19,445		19,303,347
Cablevision Systems Corp. 5.88%, 09/15/22(a)		13,848		14,311,043
8.00%, 04/15/20(a)		5,381		5,622,024
CCO Holdings LLC/CCO Holdings Capital Corp. 4.00%, 03/01/23 (Call 11/01/19)(a)(b)		8,825		8,714,688
5.00%, 02/01/28 (Call 08/01/22)(a)(b)		45,987		44,291,229
5.13%, 02/15/23 (Call 04/01/19)(a)		13,048		13,260,030
5.13%, 05/01/23 (Call 04/01/19)(a)(b)		19,397		19,738,387
5.13%, 05/01/27 (Call 05/01/22)(a)(b)		59,446		58,579,277
5.25%, 03/15/21 (Call 04/01/19)(a)		5,906		5,932,531
5.25%, 09/30/22 (Call 04/01/19)(a)		20,754		21,141,517
5.38%, 05/01/25 (Call 05/01/20)(a)(b)		13,301		13,633,525
5.50%, 05/01/26 (Call 05/01/21)(a)(b)		26,651		27,206,218
5.75%, 09/01/23 (Call 04/01/19)(a)		8,148		8,311,979
5.75%, 01/15/24 (Call 04/01/19)		14,631		15,017,921
5.75%, 02/15/26 (Call 02/15/21)(a)(b)		44,110		45,516,006
5.88%, 04/01/24 (Call 04/01/19)(a)(b)		26,466		27,584,189
5.88%, 05/01/27 (Call 05/01/21)(a)(b)		13,815		14,190,595
Clear Channel Worldwide Holdings Inc. 9.25%, 02/15/24 (Call 02/15/21)(a)(b)		18,770		19,695,932
6.50%, 11/15/22 (Call 04/01/19)(a)		36,360		37,231,935
Series B, 7.63%, 03/15/20 (Call 03/06/19)(a)		22,811		22,839,514
CSC Holdings LLC 5.13%, 12/15/21 (Call 03/11/19)(b)		20,312		20,375,780
5.25%, 06/01/24		13,532		13,451,269
5.38%, 07/15/23 (Call 03/11/19)(a)(b)		20,800		21,315,451
5.38%, 02/01/28 (Call 02/01/23)(a)(b)		17,315		17,023,642
5.50%, 05/15/26 (Call 05/15/21)(a)(b)		26,037		26,320,618
5.50%, 04/15/27 (Call 04/15/22)(a)(b)		23,434		23,568,258
6.50%, 02/01/29 (Call 02/01/24)(a)(b)		25,966		27,167,187
6.63%, 10/15/25 (Call 10/15/20)(a)(b)		18,049		19,127,357
6.75%, 11/15/21(a)		18,991		20,240,676
7.50%, 04/01/28 (Call 04/01/23)(b)		19,803		20,947,419
7.75%, 07/15/25 (Call 07/15/20)(a)(b)		10,422		11,130,370
10.88%, 10/15/25 (Call 10/15/20)(b)		30,892		35,834,720
DISH DBS Corp. 5.00%, 03/15/23(a)		27,485		24,332,814
5.13%, 05/01/20(a)		15,128		15,254,531
5.88%, 07/15/22(a)		36,765		35,110,575
5.88%, 11/15/24(a)		36,307		30,577,755
6.75%, 06/01/21(a)		36,497		37,318,182
7.75%, 07/01/26(a)		37,568		32,590,240
Gray Television Inc. 5.13%, 10/15/24 (Call 10/15/19)(a)(b)		9,379		9,350,863
5.88%, 07/15/26 (Call 07/15/21)(a)(b)		14,131		14,296,598

Security	Par (000)		Value
Media (continued)
7.00%, 05/15/27 (Call 05/15/22)(b)	$	13,496	$	14,272,020
Meredith Corp., 6.88%, 02/01/26		25,640		26,480,992
Nexstar Broadcasting Inc. 5.63%, 08/01/24 (Call 08/01/19)(a)(b)		17,220		17,090,850
5.88%, 11/15/22 (Call 03/11/19)		8,871		9,084,458
Quebecor Media Inc., 5.75%, 01/15/23(a)		16,383		17,012,722
Sinclair Television Group Inc. 5.13%, 02/15/27 (Call 08/15/21)(b)		7,727		7,244,063
5.38%, 04/01/21 (Call 03/18/19)(a)		9,417		9,428,771
5.63%, 08/01/24 (Call 08/01/19)(a)(b)		10,254		10,343,723
6.13%, 10/01/22 (Call 03/18/19)(a)		10,126		10,350,797
Sirius XM Radio Inc. 3.88%, 08/01/22 (Call 08/01/20)(a)(b)		18,890		18,819,163
4.63%, 05/15/23 (Call 04/01/19)(a)(b)		9,736		9,857,700
5.00%, 08/01/27 (Call 08/01/22)(a)(b)		28,484		27,794,451
5.38%, 04/15/25 (Call 04/15/20)(b)		19,464		19,854,901
5.38%, 07/15/26 (Call 07/15/21)(a)(b)		17,865		17,931,994
6.00%, 07/15/24 (Call 07/15/19)(a)(b)		28,676		29,760,311
TEGNA Inc. 5.13%, 07/15/20 (Call 04/01/19)(a)		6,953		7,028,117
6.38%, 10/15/23 (Call 04/01/19)(a)		13,757		14,204,103
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (Call 12/01/22)(b)		14,800		14,274,600
Tribune Media Co., 5.88%, 07/15/22 (Call 03/11/19)(a)		22,820		23,257,635
Unitymedia GmbH, 6.13%, 01/15/25 (Call 01/15/20)(a)(b)		15,879		16,456,202
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.00%, 01/15/25 (Call 01/15/20)(a)(b)		9,006		9,239,893
Univision Communications Inc. 5.13%, 05/15/23 (Call 04/01/19)(a)(b)		21,867		19,926,304
5.13%, 02/15/25 (Call 02/15/20)(a)(b)		28,068		24,624,407
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(b)		11,525		11,705,021
UPCB Finance IV Ltd., 5.38%, 01/15/25 (Call 01/15/20)(a)(b)		20,005		20,455,113
Viacom Inc. 5.88%, 02/28/57 (Call 02/28/22)(a)(c)(d)		12,719		12,568,955
6.25%, 02/28/57 (Call 02/28/27)(c)(d)		11,772		11,631,030
Videotron Ltd. 5.00%, 07/15/22(a)		15,207		15,636,843
5.13%, 04/15/27 (Call 04/15/22)(a)(b)		11,960		12,195,047
5.38%, 06/15/24 (Call 03/15/24)(a)(b)		11,253		11,682,302
Virgin Media Finance PLC 5.75%, 01/15/25 (Call 01/15/20)(a)(b)		5,991		5,961,045
6.00%, 10/15/24 (Call 10/15/19)(a)(b)		8,325		8,582,034
Virgin Media Secured Finance PLC 5.25%, 01/15/21(a)		7,732		7,835,093
5.25%, 01/15/26 (Call 01/15/20)(a)(b)		16,267		16,289,367
5.50%, 01/15/25 (Call 03/15/19)(a)(b)		6,890		6,999,080
5.50%, 08/15/26 (Call 08/15/21)(a)(b)		13,578		13,667,106
Ziggo Bond Co. BV 5.88%, 01/15/25 (Call 01/15/20)(a)(b)		6,245		6,062,958
6.00%, 01/15/27 (Call 01/15/22)(a)(b)		11,304		10,684,635
Ziggo BV, 5.50%, 01/15/27 (Call 01/15/22)(a)(b)		37,013		35,717,545
				1,823,532,463
Metal Fabricate & Hardware — 0.3%
Novelis Corp. 5.88%, 09/30/26 (Call 09/30/21)(a)(b)		27,671		26,910,048
6.25%, 08/15/24 (Call 08/15/19)(a)(b)		21,564		21,744,262
				48,654,310

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining —1.5%
Alcoa Nederland Holding BV 6.13%, 05/15/28 (Call 05/15/23)(a)(b)	$	8,800	$	8,992,544
6.75%, 09/30/24 (Call 09/30/19)(a)(b)		13,782		14,601,300
7.00%, 09/30/26 (Call 09/30/21)(a)(b)		8,020		8,621,688
Constellium NV 5.75%, 05/15/24 (Call 05/15/19)(a)(b)		7,103		6,966,977
5.88%, 02/15/26 (Call 11/15/20)(a)(b)		8,892		8,655,210
6.63%, 03/01/25 (Call 03/01/20)(a)(b)		12,924		13,029,007
FMG Resources August 2006 Pty Ltd. 4.75%, 05/15/22 (Call 02/15/22)(a)(b)		15,425		15,427,931
5.13%, 03/15/23 (Call 12/15/22)(b)		9,922		9,900,296
5.13%, 05/15/24 (Call 02/15/24)(a)(b)		13,845		13,730,347
Freeport-McMoRan Inc. 3.10%, 03/15/20		9,805		9,816,276
3.55%, 03/01/22 (Call 12/01/21)(a)		35,540		35,140,175
3.88%, 03/15/23 (Call 12/15/22)(a)		35,396		34,882,050
4.00%, 11/14/21		11,609		11,609,605
4.55%, 11/14/24 (Call 08/14/24)		17,430		17,255,700
6.88%, 02/15/23 (Call 02/15/20)(a)		13,376		14,124,917
Teck Resources Ltd., 8.50%, 06/01/24 (Call 06/01/19)(b)		11,561		12,413,624
				235,167,647
Office & Business Equipment — 0.4%
CDW LLC/CDW Finance Corp. 5.00%, 09/01/23 (Call 04/01/19)(a)		7,040		7,119,200
5.00%, 09/01/25 (Call 03/01/20)(a)		11,282		11,400,584
5.50%, 12/01/24 (Call 06/01/24)(a)		10,571		11,056,055
Pitney Bowes Inc. 3.88%, 10/01/21 (Call 09/01/21)		11,240		10,913,337
4.38%, 05/15/22 (Call 04/15/22)		7,972		7,596,652
4.63%, 03/15/24 (Call 12/15/23)(a)		7,335		6,779,207
4.70%, 04/01/23 (Call 03/01/23)		7,737		7,311,465
				62,176,500
Oil & Gas — 9.4%
Antero Resources Corp. 5.00%, 03/01/25 (Call 03/01/20)(a)		12,255		11,764,800
5.13%, 12/01/22 (Call 04/01/19)(a)		20,731		20,750,566
5.38%, 11/01/21 (Call 04/01/19)(a)		17,946		18,009,091
5.63%, 06/01/23 (Call 04/01/19)(a)		13,441		13,474,602
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/26 (Call 11/01/21)(b)		11,286		10,931,196
10.00%, 04/01/22 (Call 04/01/20)(a)(b)		18,807		20,296,377
California Resources Corp., 8.00%, 12/15/22 (Call 04/01/19)(a)(b)		40,236		31,967,502
Callon Petroleum Co. 6.13%, 10/01/24 (Call 10/01/19)(a)		11,066		11,228,916
6.38%, 07/01/26 (Call 07/01/21)(a)		7,548		7,602,691
Calumet Specialty Products Partners LP/Calumet Finance Corp., 6.50%, 04/15/21 (Call 04/01/19)(a)		17,741		16,521,306
Chesapeake Energy Corp. 4.88%, 04/15/22 (Call 04/01/19)(a)		7,621		7,382,844
6.13%, 02/15/21(a)		8,143		8,311,204
6.63%, 08/15/20		4,038		4,147,783
7.00%, 10/01/24 (Call 04/01/21)(a)		15,078		14,908,372
7.50%, 10/01/26 (Call 10/01/21)(a)		7,425		7,313,625
8.00%, 01/15/25 (Call 01/15/20)(a)		24,568		24,997,940
8.00%, 06/15/27 (Call 06/15/22)(a)		24,513		24,267,870
Citgo Holding Inc., 10.75%, 02/15/20(b)		9,369		9,636,895

Security	Par (000)		Value
Oil & Gas (continued)
CNX Resources Corp., 5.88%, 04/15/22 (Call 04/01/19)(a)	$	23,988	$	24,182,902
Continental Resources Inc./OK 3.80%, 06/01/24 (Call 03/01/24)		19,646		19,410,769
4.38%, 01/15/28 (Call 10/15/27)(a)		19,032		18,973,408
4.50%, 04/15/23 (Call 01/15/23)		28,726		29,338,519
5.00%, 09/15/22 (Call 04/01/19)(a)		23,100		23,326,380
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 10/15/20)(a)(b)		22,645		21,909,037
Denbury Resources Inc. 7.50%, 02/15/24 (Call 08/15/20)(b)		8,017		7,155,173
9.00%, 05/15/21 (Call 04/01/19)(a)(b)		11,365		11,464,444
9.25%, 03/31/22 (Call 04/01/19)(a)(b)		9,142		9,202,471
Diamond Offshore Drilling Inc., 7.88%, 08/15/25 (Call 05/15/25)		9,747		9,168,272
Diamondback Energy Inc. 4.75%, 11/01/24 (Call 11/01/19)		10,076		10,209,821
5.38%, 05/31/25 (Call 05/31/20)		15,388		15,926,580
Endeavor Energy Resources LP/EER Finance Inc. 5.50%, 01/30/26 (Call 01/30/21)(b)		10,466		10,867,820
5.75%, 01/30/28 (Call 01/30/23)(b)		10,102		10,770,626
Ensco PLC 4.50%, 10/01/24 (Call 07/01/24)(a)		12,227		9,376,581
5.20%, 03/15/25 (Call 12/15/24)(a)		12,980		10,046,520
7.75%, 02/01/26 (Call 11/01/25)		18,508		15,546,720
EP Energy LLC/Everest Acquisition Finance Inc. 7.75%, 05/15/26 (Call 05/15/21)(a)(b)		19,823		17,543,355
8.00%, 11/29/24 (Call 11/30/19)(a)(b)		12,230		8,673,746
8.00%, 02/15/25 (Call 02/15/20)(a)(b)		11,755		5,201,588
9.38%, 05/01/24 (Call 05/01/20)(b)		12,158		5,744,655
Extraction Oil & Gas Inc. 5.63%, 02/01/26 (Call 02/01/21)(a)(b)		14,329		11,986,607
7.38%, 05/15/24 (Call 05/15/20)(a)(b)		8,042		7,127,223
Gulfport Energy Corp. 6.00%, 10/15/24 (Call 10/15/19)(a)		10,843		9,840,023
6.38%, 05/15/25 (Call 05/15/20)(a)		13,169		11,870,276
6.38%, 01/15/26 (Call 01/15/21)		7,355		6,457,461
Hilcorp Energy I LP/Hilcorp Finance Co. 5.00%, 12/01/24 (Call 06/01/19)(a)(b)		10,563		10,153,684
5.75%, 10/01/25 (Call 04/01/20)(b)		8,558		8,487,575
6.25%, 11/01/28 (Call 11/01/23)(a)(b)		10,493		10,323,426
Jones Energy Holdings LLC/Jones Energy Finance Corp. 6.75%, 04/01/22 (Call 04/01/19)		3,743		183,407
9.25%, 03/15/23 (Call 03/15/20)(a)(b)		6,189		3,996,740
Matador Resources Co., 5.88%, 09/15/26 (Call 09/15/21)(a)		20,641		20,589,397
MEG Energy Corp. 6.38%, 01/30/23 (Call 04/01/19)(b)		14,898		13,646,568
6.50%, 01/15/25 (Call 01/15/20)(b)		14,848		14,676,706
7.00%, 03/31/24 (Call 04/01/19)(a)(b)		18,131		16,589,865
Murphy Oil Corp. 4.00%, 06/01/22 (Call 03/01/22)		8,428		8,344,159
4.45%, 12/01/22 (Call 09/01/22)		11,809		11,701,981
5.75%, 08/15/25 (Call 08/15/20)(a)		10,202		10,377,347
6.88%, 08/15/24 (Call 08/15/19)(a)		9,180		9,670,556
Nabors Industries Inc. 4.63%, 09/15/21		13,519		13,233,834
5.00%, 09/15/20(a)		12,756		12,821,927

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
5.50%, 01/15/23 (Call 11/15/22)(a)	$	11,258	$	10,587,933
5.75%, 02/01/25 (Call 11/01/24)		14,647		12,962,595
Newfield Exploration Co. 5.38%, 01/01/26 (Call 10/01/25)(a)		9,800		10,339,000
5.63%, 07/01/24(a)		9,226		9,859,230
5.75%, 01/30/22		13,859		14,586,597
Noble Holding International Ltd. 7.75%, 01/15/24 (Call 10/15/23)(a)		15,210		13,696,130
7.88%, 02/01/26 (Call 02/01/21)(b)		14,458		13,518,230
7.95%, 04/01/25 (Call 01/01/25)(a)		9,162		8,057,979
Oasis Petroleum Inc. 6.25%, 05/01/26 (Call 05/01/21)(a)(b)		8,265		7,856,916
6.88%, 03/15/22 (Call 04/01/19)		17,455		17,477,910
Pacific Drilling SA, 8.38%, 10/01/23 (Call 10/01/20)(b)		14,946		15,026,067
Parsley Energy LLC/Parsley Finance Corp. 5.25%, 08/15/25 (Call 08/15/20)(b)		6,425		6,354,987
5.38%, 01/15/25 (Call 01/15/20)(a)(b)		10,900		10,818,250
5.63%, 10/15/27 (Call 10/15/22)(a)(b)		12,142		11,990,225
6.25%, 06/01/24 (Call 06/01/19)(b)		8,350		8,578,538
PBF Holding Co. LLC/PBF Finance Corp. 7.00%, 11/15/23 (Call 04/01/19)		9,388		9,631,958
7.25%, 06/15/25 (Call 06/15/20)(a)		14,471		14,801,573
PDC Energy Inc. 5.75%, 05/15/26 (Call 05/15/21)(a)		10,380		10,007,896
6.13%, 09/15/24 (Call 09/15/19)(a)		7,542		7,473,314
Precision Drilling Corp., 7.13%, 01/15/26 (Call 11/15/20)(b)		6,841		6,726,841
Puma International Financing SA 5.00%, 01/24/26 (Call 01/24/21)(b)		10,802		9,221,308
5.13%, 10/06/24 (Call 10/06/20)(b)		9,769		8,660,219
QEP Resources Inc. 5.25%, 05/01/23 (Call 02/01/23)		12,485		12,048,025
5.38%, 10/01/22 (Call 07/01/22)(a)		8,428		8,317,235
5.63%, 03/01/26 (Call 12/01/25)(a)		8,736		8,209,452
Range Resources Corp. 4.88%, 05/15/25 (Call 02/15/25)(a)		13,267		12,172,473
5.00%, 08/15/22 (Call 05/15/22)(a)		10,268		10,126,815
5.00%, 03/15/23 (Call 12/15/22)(a)		14,107		13,592,683
5.75%, 06/01/21 (Call 03/01/21)(a)		8,371		8,503,977
Rowan Companies Inc. 4.88%, 06/01/22 (Call 03/01/22)		12,331		11,460,123
7.38%, 06/15/25 (Call 03/15/25)(a)		9,722		8,469,533
Sable Permian Resources Land LLC/AEPB Finance Corp. 7.13%, 11/01/20 (Call 04/01/19)(a)(b)		6,625		2,282,076
7.38%, 11/01/21 (Call 04/01/19)(a)(b)		5,555		1,890,436
13.00%, 11/30/20 (Call 04/01/19)(b)		8,867		9,133,934
Sanchez Energy Corp. 6.13%, 01/15/23 (Call 04/01/19)		13,269		1,957,178
7.25%, 02/15/23 (Call 02/15/20)(a)(b)		6,913		5,971,104
7.75%, 06/15/21 (Call 04/01/19)(a)		5,596		909,350
Seven Generations Energy Ltd. 5.38%, 09/30/25 (Call 09/30/20)(a)(b)		13,623		13,210,904
6.75%, 05/01/23 (Call 04/01/19)(b)		6,957		7,129,838
6.88%, 06/30/23 (Call 04/01/19)(a)(b)		7,837		8,028,376
SM Energy Co. 5.00%, 01/15/24 (Call 04/01/19)(a)		10,473		9,857,711
5.63%, 06/01/25 (Call 06/01/20)(a)		9,532		8,945,186
6.13%, 11/15/22 (Call 04/01/19)		8,555		8,555,000

Security	Par (000)		Value
Oil & Gas (continued)
6.63%, 01/15/27 (Call 01/15/22)(a)	$	8,700	$	8,308,500
6.75%, 09/15/26 (Call 09/15/21)(a)		9,102		8,737,920
Southwestern Energy Co. 6.20%, 01/23/25 (Call 10/23/24)(a)		18,189		18,001,653
7.50%, 04/01/26 (Call 04/01/21)		10,286		10,683,573
7.75%, 10/01/27 (Call 10/01/22)(a)		8,937		9,283,541
Sunoco LP/Sunoco Finance Corp. 4.88%, 01/15/23 (Call 01/15/20)		19,696		19,962,455
5.50%, 02/15/26 (Call 02/15/21)		14,530		14,444,232
Series WI, 5.88%, 03/15/28 (Call 03/15/23)(a)		6,032		5,941,520
Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 07/15/21)(b)		10,654		10,813,739
Transocean Inc. 7.25%, 11/01/25 (Call 11/01/21)(b)		15,944		15,212,284
7.50%, 01/15/26 (Call 01/15/21)(a)(b)		14,112		13,617,198
9.00%, 07/15/23 (Call 07/15/20)(b)		19,998		21,121,548
Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 08/01/21)(b)		9,035		9,131,143
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/22)(a)(b)		10,023		10,298,633
Whiting Petroleum Corp. 5.75%, 03/15/21 (Call 12/15/20)(a)		17,433		17,650,912
6.25%, 04/01/23 (Call 01/01/23)(a)		7,839		7,871,118
6.63%, 01/15/26 (Call 10/15/25)(a)		19,181		18,797,380
WPX Energy Inc. 5.25%, 09/15/24 (Call 06/15/24)		10,610		10,619,517
5.75%, 06/01/26 (Call 06/01/21)		9,693		9,761,045
6.00%, 01/15/22 (Call 10/15/21)		10,028		10,353,910
8.25%, 08/01/23 (Call 06/01/23)		8,883		9,964,690
				1,439,213,345
Oil & Gas Services — 0.6%
KCA Deutag UK Finance PLC 9.63%, 04/01/23 (Call 04/01/20)(b)		6,043		4,590,372
9.88%, 04/01/22 (Call 04/01/20)(a)(b)		7,611		6,079,551
SESI LLC 7.13%, 12/15/21 (Call 04/01/19)		16,034		14,843,618
7.75%, 09/15/24 (Call 09/15/20)(a)		8,484		7,248,849
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 10/15/20)(a)(b)		7,495		7,891,626
Transocean Proteus Ltd., 6.25%, 12/01/24 (Call 12/01/20)(a)(b)		7,352		7,519,143
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27 (Call 09/01/22)(b)		5,510		5,620,200
Weatherford International LLC, 9.88%, 03/01/25 (Call 12/01/24)(a)		9,920		7,068,000
Weatherford International Ltd. 4.50%, 04/15/22 (Call 01/15/22)(a)		12,608		8,668,000
7.75%, 06/15/21 (Call 05/15/21)(a)		12,896		11,531,174
8.25%, 06/15/23 (Call 03/15/23)(a)		11,678		8,320,575
9.88%, 02/15/24 (Call 11/15/23)(a)		14,174		10,205,280
				99,586,388
Packaging & Containers — 3.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. 4.25%, 09/15/22 (Call 03/15/19)(a)(b)		11,270		11,249,714
4.63%, 05/15/23 (Call 05/15/19)(a)(b)		19,796		19,951,707
6.00%, 02/15/25 (Call 02/15/20)(a)(b)		31,361		30,870,407
7.25%, 05/15/24 (Call 05/15/19)(a)(b)		31,257		32,536,974

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Packaging & Containers (continued)
Ball Corp. 4.00%, 11/15/23(a)	$	18,934	$	18,991,478
4.38%, 12/15/20(a)		14,892		15,171,225
4.88%, 03/15/26 (Call 12/15/25)(a)		13,512		13,782,240
5.00%, 03/15/22		13,485		14,024,400
5.25%, 07/01/25		19,142		20,063,209
Berry Global Inc. 4.50%, 02/15/26 (Call 02/15/21)(a)(b)		9,034		8,548,423
5.13%, 07/15/23 (Call 04/01/19)(a)		13,830		13,881,863
5.50%, 05/15/22 (Call 04/01/19)(a)		9,234		9,374,433
6.00%, 10/15/22 (Call 04/01/19)		6,756		6,940,735
BWAY Holding Co. 5.50%, 04/15/24 (Call 04/15/20)(a)(b)		28,432		28,032,530
7.25%, 04/15/25 (Call 04/15/20)(a)(b)		23,888		22,634,890
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 01/15/23(a)		19,259		19,505,515
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(a)		7,409		7,121,011
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/21)(a)		16,800		16,842,000
Flex Acquisition Co. Inc. 6.88%, 01/15/25 (Call 01/15/20)(a)(b)		9,553		9,004,556
7.88%, 07/15/26 (Call 07/15/21)(b)		10,103		9,689,058
Owens-Brockway Glass Container Inc. 5.00%, 01/15/22(a)(b)		7,743		7,897,376
5.88%, 08/15/23(b)		12,331		12,959,634
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.13%, 07/15/23 (Call 07/15/19)(a)(b)		30,719		30,719,000
5.75%, 10/15/20 (Call 04/01/19)		40,535		40,636,206
7.00%, 07/15/24 (Call 07/15/19)(a)(b)		15,630		15,981,675
Sealed Air Corp. 4.88%, 12/01/22 (Call 09/01/22)(a)(b)		7,080		7,223,472
5.13%, 12/01/24 (Call 09/01/24)(a)(b)		8,297		8,532,946
5.25%, 04/01/23 (Call 01/01/23)(a)(b)		8,296		8,566,160
5.50%, 09/15/25 (Call 06/15/25)(a)(b)		6,797		7,086,838
6.50%, 12/01/20 (Call 09/01/20)(a)(b)		5,539		5,785,010
				473,604,685
Pharmaceuticals — 4.0%
Bausch Health Americas Inc. 8.50%, 01/31/27 (Call 07/31/22)(b)		17,556		18,214,350
9.25%, 04/01/26 (Call 04/01/22)(a)(b)		28,048		30,193,119
Bausch Health Companies Inc. 5.50%, 03/01/23 (Call 04/01/19)(b)		16,881		16,838,798
5.50%, 11/01/25 (Call 11/01/20)(a)(b)		28,374		28,605,129
5.63%, 12/01/21 (Call 04/01/19)(b)		12,264		12,282,396
5.75%, 08/15/27 (Call 08/15/22)(b)		1,425		1,437,469
5.88%, 05/15/23 (Call 04/01/19)(a)(b)		56,751		56,609,122
6.13%, 04/15/25 (Call 04/15/20)(a)(b)		56,866		54,662,442
6.50%, 03/15/22 (Call 04/01/19)(a)(b)		21,305		22,077,306
7.00%, 03/15/24 (Call 03/15/20)(a)(b)		37,135		39,139,176
9.00%, 12/15/25 (Call 12/15/21)(a)(b)		26,938		28,857,332
Elanco Animal Health Inc. 3.91%, 08/27/21(b)		7,997		8,052,708
4.27%, 08/28/23 (Call 07/28/23)(b)		14,384		14,634,086
4.90%, 08/28/28 (Call 05/28/28)(a)(b)		14,199		14,728,891
Endo Dac/Endo Finance LLC/Endo Finco Inc. 6.00%, 07/15/23 (Call 04/01/19)(b)		29,875		24,623,537
6.00%, 02/01/25 (Call 02/01/20)(a)(b)		20,120		15,537,111

Security	Par (000)		Value
Pharmaceuticals (continued)
Endo Finance LLC, 5.75%, 01/15/22 (Call 04/01/19)(a)(b)	$	13,339	$	12,471,965
Endo Finance LLC/Endo Finco Inc., 5.38%, 01/15/23 (Call 04/01/19)(a)(b)		15,107		12,406,624
Teva Pharmaceutical Finance Netherlands III BV 2.20%, 07/21/21(a)		55,059		52,260,103
2.80%, 07/21/23(a)		55,121		49,927,643
3.15%, 10/01/26(a)		64,921		53,965,581
6.00%, 04/15/24 (Call 01/15/24)(a)		23,083		23,441,941
6.75%, 03/01/28 (Call 12/01/27)(a)		22,192		22,805,487
				613,772,316
Pipelines — 3.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.38%, 09/15/24 (Call 09/15/19)		3,100		3,100,000
5.75%, 03/01/27 (Call 03/01/22)(b)		11,795		11,883,462
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22 (Call 04/01/19)(a)(b)		17,364		17,639,964
Buckeye Partners LP, 6.38%, 01/22/78 (Call 01/22/23)(a)(c)(d)		7,271		6,324,760
Cheniere Corpus Christi Holdings LLC 5.13%, 06/30/27 (Call 01/01/27)(a)		27,265		27,810,300
5.88%, 03/31/25 (Call 10/02/24)(a)		27,411		29,158,479
7.00%, 06/30/24 (Call 01/01/24)(a)		23,976		26,630,098
Cheniere Energy Partners LP 5.25%, 10/01/25 (Call 10/01/20)(a)		26,498		26,849,666
5.63%, 10/01/26 (Call 10/01/21)(b)		21,101		21,496,644
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.75%, 04/01/25 (Call 04/01/20)(a)		7,888		7,939,765
6.25%, 04/01/23 (Call 03/18/19)(a)		11,811		12,125,960
DCP Midstream Operating LP 3.88%, 03/15/23 (Call 12/15/22)		11,143		11,083,803
4.75%, 09/30/21 (Call 06/30/21)(a)(b)		9,640		9,836,415
5.35%, 03/15/20(a)(b)		5,701		5,813,924
5.38%, 07/15/25 (Call 04/15/25)(a)		15,725		16,354,000
5.85%, 05/21/43 (Call 05/21/23)(b)(c)(d)		7,983		7,137,999
Energy Transfer LP 4.25%, 03/15/23 (Call 12/15/22)(a)		18,432		18,670,680
5.50%, 06/01/27 (Call 03/01/27)		19,702		20,656,371
5.88%, 01/15/24 (Call 10/15/23)(a)		23,503		25,242,504
7.50%, 10/15/20		19,139		20,335,187
EnLink Midstream Partners LP 4.15%, 06/01/25 (Call 03/01/25)		13,433		12,829,915
4.40%, 04/01/24 (Call 01/01/24)(a)		10,167		9,911,237
4.85%, 07/15/26 (Call 04/15/26)		5,700		5,586,000
Genesis Energy LP/Genesis Energy Finance Corp. 6.00%, 05/15/23 (Call 04/01/19)		6,934		6,908,215
6.25%, 05/15/26 (Call 02/15/21)(a)		8,181		7,591,895
6.50%, 10/01/25 (Call 10/01/20)		9,631		9,235,829
6.75%, 08/01/22 (Call 04/01/19)		15,115		15,429,109
NGPL PipeCo LLC 4.38%, 08/15/22 (Call 05/15/22)(a)(b)		13,360		13,534,849
4.88%, 08/15/27 (Call 02/15/27)(a)(b)		13,089		13,199,438
NuStar Logistics LP 4.80%, 09/01/20		8,086		8,204,298
5.63%, 04/28/27 (Call 01/28/27)(a)		11,061		11,135,662
Rockies Express Pipeline LLC, 5.63%, 04/15/20(a)(b)		447		455,940
SemGroup Corp./Rose Rock Finance Corp., 5.63%, 07/15/22 (Call 03/18/19)(a)		7,148		6,958,450

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 4.75%, 10/01/23 (Call 10/01/20)(b)	$	10,615	$	10,633,245
5.50%, 09/15/24 (Call 09/15/19)(a)(b)		14,975		15,316,430
5.50%, 01/15/28 (Call 01/15/23)(b)		14,710		14,673,225
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.25%, 11/15/23 (Call 04/01/19)		11,069		10,932,368
5.00%, 01/15/28 (Call 01/15/23)		14,502		14,048,812
5.13%, 02/01/25 (Call 02/01/20)(a)		9,643		9,770,386
5.25%, 05/01/23 (Call 04/01/19)		10,339		10,468,134
5.38%, 02/01/27 (Call 02/01/22)(a)		9,195		9,264,054
5.88%, 04/15/26 (Call 04/15/21)(a)(b)		18,635		19,409,843
6.50%, 07/15/27 (Call 07/15/22)(b)		12,359		13,068,355
6.75%, 03/15/24 (Call 09/15/19)(a)		11,529		12,077,895
6.88%, 01/15/29 (Call 01/15/24)(b)		14,099		15,050,682
				601,784,247
Real Estate — 0.4%
Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 03/15/20)(a)(b)		19,980		19,730,250
Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 04/01/19)(a)		22,722		22,293,595
Realogy Group LLC/Realogy Co-Issuer Corp. 4.88%, 06/01/23 (Call 03/01/23)(a)(b)		10,118		9,156,790
5.25%, 12/01/21 (Call 04/01/19)(a)(b)		9,256		9,271,427
				60,452,062
Real Estate Investment Trusts — 2.9%
CBL & Associates LP 5.25%, 12/01/23 (Call 09/01/23)(a)		7,908		6,589,451
5.95%, 12/15/26 (Call 09/15/26)(a)		12,744		9,685,440
CyrusOne LP/CyrusOne Finance Corp. 5.00%, 03/15/24 (Call 03/15/20)(a)		13,764		13,981,214
5.38%, 03/15/27 (Call 03/15/22)(a)		10,340		10,524,181
Equinix Inc. 5.38%, 01/01/22 (Call 04/01/19)(a)		12,853		13,198,424
5.38%, 04/01/23 (Call 04/01/19)(a)		17,264		17,587,700
5.38%, 05/15/27 (Call 05/15/22)(a)		24,316		25,136,665
5.75%, 01/01/25 (Call 01/01/20)(a)		9,876		10,283,385
5.88%, 01/15/26 (Call 01/15/21)(a)		21,221		22,228,997
ESH Hospitality Inc., 5.25%, 05/01/25 (Call 05/01/20)(a)(b)		25,616		25,543,955
Iron Mountain Inc. 4.38%, 06/01/21 (Call 03/11/19)(a)(b)		7,085		7,097,915
4.88%, 09/15/27 (Call 09/15/22)(a)(b)		20,087		18,982,215
5.25%, 03/15/28 (Call 12/27/22)(a)(b)		15,291		14,679,360
5.75%, 08/15/24 (Call 03/11/19)(a)		17,786		17,824,907
6.00%, 08/15/23 (Call 03/11/19)(a)		10,687		10,991,426
iStar Inc. 4.63%, 09/15/20 (Call 06/15/20)(a)		8,531		8,568,915
5.25%, 09/15/22 (Call 09/15/19)(a)		7,903		7,744,940
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. 4.50%, 09/01/26 (Call 06/01/26)(a)		10,618		10,180,809
5.63%, 05/01/24 (Call 02/01/24)(a)		19,771		20,425,914
5.75%, 02/01/27 (Call 11/01/26)(a)(b)		13,102		13,396,795
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/27 (Call 10/15/22)		27,756		27,640,349
5.25%, 08/01/26 (Call 08/01/21)(a)		8,688		8,819,872
6.38%, 03/01/24 (Call 04/01/19)(a)		7,429		7,803,840

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
SBA Communications Corp. 4.00%, 10/01/22 (Call 10/01/19)(a)	$	14,972	$	14,866,054
4.88%, 07/15/22 (Call 04/01/19)(a)		14,859		15,058,152
4.88%, 09/01/24 (Call 09/01/19)(a)		21,791		21,763,761
Starwood Property Trust Inc. 3.63%, 02/01/21 (Call 11/01/20)(a)		9,423		9,349,972
4.75%, 03/15/25 (Call 09/15/24)(a)		8,988		8,723,978
5.00%, 12/15/21 (Call 09/15/21)(a)		14,130		14,426,730
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.13%, 12/15/24 (Call 12/15/19)(a)(b)		9,938		8,248,540
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC 6.00%, 04/15/23 (Call 04/01/19)(a)(b)		10,644		9,898,920
8.25%, 10/15/23 (Call 04/15/19)		19,493		16,910,178
				448,162,954
Retail — 3.0%
1011778 BC ULC/New Red Finance Inc. 4.25%, 05/15/24 (Call 05/15/20)(a)(b)		27,273		26,586,061
4.63%, 01/15/22 (Call 04/01/19)(a)(b)		23,145		23,257,948
5.00%, 10/15/25 (Call 10/15/20)(a)(b)		51,130		49,466,179
Beacon Roofing Supply Inc., 4.88%, 11/01/25 (Call 11/01/20)(a)(b)		25,597		23,893,200
Ferrellgas LP/Ferrellgas Finance Corp. 6.50%, 05/01/21 (Call 04/01/19)(a)		6,262		5,613,296
6.75%, 01/15/22 (Call 04/01/19)(a)		8,161		7,273,491
6.75%, 06/15/23 (Call 06/15/19)(a)		9,058		8,106,910
Golden Nugget Inc. 6.75%, 10/15/24 (Call 10/15/19)(a)(b)		25,962		26,128,006
8.75%, 10/01/25 (Call 10/01/20)(b)		12,294		12,694,379
JC Penney Corp. Inc. 5.88%, 07/01/23 (Call 07/01/19)(a)(b)		9,269		7,924,995
8.63%, 03/15/25 (Call 03/15/21)(b)		6,116		3,654,310
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75%, 06/01/27 (Call 06/01/22)(a)(b)		13,757		13,503,355
5.00%, 06/01/24 (Call 06/01/19)(a)(b)		19,956		20,165,538
5.25%, 06/01/26 (Call 06/01/21)(a)(b)		19,883		20,200,780
L Brands Inc. 5.25%, 02/01/28		9,205		7,962,325
5.63%, 02/15/22(a)		18,225		18,607,900
5.63%, 10/15/23		9,652		9,572,285
6.63%, 04/01/21		14,360		15,045,364
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/21 (Call 04/01/19)(a)(b)		10,450		5,464,790
Penske Automotive Group Inc. 5.50%, 05/15/26 (Call 05/15/21)(a)		10,015		9,851,756
5.75%, 10/01/22 (Call 04/01/19)(a)		11,681		11,897,737
PetSmart Inc. 5.88%, 06/01/25 (Call 06/01/20)(a)(b)		20,890		16,652,746
7.13%, 03/15/23 (Call 04/01/19)(a)(b)		28,045		18,993,476
8.88%, 06/01/25 (Call 06/01/20)(a)(b)		8,161		5,545,538
QVC Inc. 4.38%, 03/15/23(a)		14,167		14,286,575
4.45%, 02/15/25 (Call 11/15/24)(a)		10,096		9,816,683
4.85%, 04/01/24		12,349		12,444,238
5.13%, 07/02/22(a)		8,251		8,598,559
Rite Aid Corp., 6.13%, 04/01/23 (Call 04/01/19)(a)(b)		26,219		22,351,697
Staples Inc., 8.50%, 09/15/25 (Call 09/15/20)(a)(b)		18,788		18,412,240

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/01/19)(a)	$	9,798	$	9,664,043
				463,636,400
Semiconductors — 0.1%
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 (Call 02/15/21)(a)(b)		12,695		13,378,237
Software — 2.3%
CDK Global Inc. 4.88%, 06/01/27 (Call 06/01/22)(a)		12,039		11,825,819
5.00%, 10/15/24 (Call 07/15/24)(a)		6,755		6,817,122
5.88%, 06/15/26 (Call 06/15/21)(a)		10,595		10,912,850
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 03/01/20)(a)(b)		20,045		19,551,769
First Data Corp. 5.00%, 01/15/24 (Call 03/11/19)(a)(b)		27,453		28,173,916
5.38%, 08/15/23 (Call 03/11/19)(a)(b)		20,964		21,450,365
5.75%, 01/15/24 (Call 03/11/19)(a)(b)		29,671		30,618,988
Infor U.S. Inc., 6.50%, 05/15/22 (Call 03/18/19)(a)		30,853		31,462,964
IQVIA Inc. 4.88%, 05/15/23 (Call 04/01/19)(b)		14,228		14,501,445
5.00%, 10/15/26 (Call 10/15/21)(a)(b)		19,834		20,181,095
MSCI Inc. 4.75%, 08/01/26 (Call 08/01/21)(a)(b)		9,951		9,954,553
5.25%, 11/15/24 (Call 11/15/19)(a)(b)		14,237		14,666,088
5.38%, 05/15/27 (Call 05/15/22)(a)(b)		8,339		8,640,483
5.75%, 08/15/25 (Call 08/15/20)(a)(b)		13,450		14,062,455
Nuance Communications Inc., 5.63%, 12/15/26 (Call 12/15/21)		9,875		10,047,812
Open Text Corp. 5.63%, 01/15/23 (Call 04/01/19)(a)(b)		12,178		12,513,481
5.88%, 06/01/26 (Call 06/01/21)(a)(b)		14,935		15,685,484
Rackspace Hosting Inc., 8.63%, 11/15/24 (Call 11/15/19)(a)(b)		22,763		19,840,711
Solera LLC/Solera Finance Inc., 10.50%, 03/01/24 (Call 04/01/19)(a)(b)		32,299		35,004,041
Veritas U.S. Inc./Veritas Bermuda Ltd. 7.50%, 02/01/23 (Call 03/11/19)(a)(b)		7,570		7,134,725
10.50%, 02/01/24 (Call 03/11/19)(a)(b)		13,869		11,719,305
				354,765,471
Telecommunications — 9.0%
Anixter Inc., 5.13%, 10/01/21(a)		6,953		7,087,714
C&W Senior Financing DAC 6.88%, 09/15/27 (Call 09/15/22)(a)(b)		11,085		10,895,677
7.50%, 10/15/26 (Call 10/15/21)(b)		8,413		8,591,776
CenturyLink Inc. 5.63%, 04/01/25 (Call 01/01/25)(a)		9,834		9,404,812
Series S, 6.45%, 06/15/21(a)		23,041		23,958,589
Series T, 5.80%, 03/15/22(a)		25,585		26,299,249
Series V, 5.63%, 04/01/20		10,554		10,741,861
Series W, 6.75%, 12/01/23(a)		13,363		13,918,366
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(a)		18,643		19,755,754
Cincinnati Bell Inc., 7.00%, 07/15/24 (Call 09/15/19)(a)(b)		12,268		11,071,870
CommScope Finance LLC 5.50%, 03/01/24 (Call 03/01/21)(b)		9,480		9,650,166
6.00%, 03/01/26 (Call 03/01/22)(b)		20,795		21,262,887
8.25%, 03/01/27 (Call 03/01/22)(a)(b)		11,935		12,382,563

Security	Par (000)		Value
Telecommunications (continued)
CommScope Inc. 5.00%, 06/15/21 (Call 03/11/19)(a)(b)	$	11,632	$	11,667,511
5.50%, 06/15/24 (Call 06/15/19)(b)		9,797		9,410,733
CommScope Technologies LLC 5.00%, 03/15/27 (Call 03/15/22)(a)(b)		11,997		10,740,914
6.00%, 06/15/25 (Call 06/15/20)(b)		30,744		29,053,080
Frontier Communications Corp. 6.88%, 01/15/25 (Call 10/15/24)(a)		13,459		7,272,907
7.13%, 01/15/23		15,465		9,165,461
7.63%, 04/15/24(a)		12,447		7,001,438
8.50%, 04/01/26 (Call 04/01/21)(a)(b)		29,478		27,414,540
8.75%, 04/15/22		9,113		6,196,840
10.50%, 09/15/22 (Call 06/15/22)		40,910		29,352,925
11.00%, 09/15/25 (Call 06/15/25)		64,540		41,332,494
Hughes Satellite Systems Corp. 5.25%, 08/01/26(a)		14,657		14,422,155
6.63%, 08/01/26(a)		14,411		14,122,780
7.63%, 06/15/21(a)		16,745		17,959,013
Inmarsat Finance PLC 4.88%, 05/15/22 (Call 04/01/19)(a)(b)		18,561		18,521,172
6.50%, 10/01/24 (Call 10/01/19)(a)(b)		6,938		6,868,620
Intelsat Connect Finance SA, 9.50%, 02/15/23 (Call 08/15/20)(a)(b)		23,532		22,826,040
Intelsat Jackson Holdings SA 5.50%, 08/01/23 (Call 04/01/19)		37,391		34,212,765
8.00%, 02/15/24 (Call 04/01/19)(a)(b)		19,371		20,218,481
8.50%, 10/15/24 (Call 10/15/20)(b)		53,153		53,668,584
9.50%, 09/30/22(b)		9,481		10,999,230
9.75%, 07/15/25 (Call 07/15/21)(b)		27,113		28,197,520
Intelsat Luxembourg SA, 8.13%, 06/01/23 (Call 04/15/19)(a)		18,137		15,189,738
Koninklijke KPN NV, 7.00%, 03/28/73 (Call 03/28/23)(a)(b)(c)(d)		10,395		10,789,100
Level 3 Financing Inc. 5.13%, 05/01/23 (Call 04/01/19)(a)		14,673		14,771,055
5.25%, 03/15/26 (Call 03/15/21)(a)		14,549		14,292,117
5.38%, 08/15/22 (Call 04/01/19)(a)		20,566		20,720,245
5.38%, 01/15/24 (Call 04/01/19)(a)		16,956		17,096,243
5.38%, 05/01/25 (Call 05/01/20)(a)		15,757		15,697,911
5.63%, 02/01/23 (Call 04/01/19)(a)		9,464		9,550,507
6.13%, 01/15/21 (Call 04/01/19)		7,840		7,878,792
Nokia OYJ 3.38%, 06/12/22		9,986		9,782,535
4.38%, 06/12/27(a)		10,294		10,133,156
Qwest Corp., 6.75%, 12/01/21(a)		17,539		18,710,824
Sprint Communications Inc. 6.00%, 11/15/22		41,432		42,131,356
7.00%, 03/01/20(b)		10,236		10,568,670
7.00%, 08/15/20		26,424		27,544,378
11.50%, 11/15/21		16,217		18,889,562
Sprint Corp. 7.13%, 06/15/24		44,632		46,019,774
7.25%, 09/15/21		35,431		37,423,994
7.63%, 02/15/25 (Call 11/15/24)(a)		27,562		28,921,438
7.63%, 03/01/26 (Call 11/01/25)		27,943		29,118,352
7.88%, 09/15/23		75,742		81,063,633
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)(b)		27,124		26,411,995
Telefonaktiebolaget LM Ericsson, 4.13%, 05/15/22(a)		19,859		20,061,959

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
T-Mobile USA Inc.
4.00%, 04/15/22 (Call 03/16/22)	$	7,921	$	7,939,565
4.50%, 02/01/26 (Call 02/01/21)		18,768		18,525,517
4.75%, 02/01/28 (Call 02/01/23)		27,193		26,442,473
5.13%, 04/15/25 (Call 04/15/20)		8,465		8,673,980
5.38%, 04/15/27 (Call 04/15/22)		10,024		10,271,676
6.00%, 03/01/23 (Call 03/11/19)		16,830		17,292,825
6.00%, 04/15/24 (Call 04/15/19)		18,710		19,395,534
6.38%, 03/01/25 (Call 09/01/19)		31,446		32,782,455
6.50%, 01/15/24 (Call 03/11/19)(a)		13,324		13,761,350
6.50%, 01/15/26 (Call 01/15/21)(a)		36,659		39,239,709
Wind Tre SpA, 5.00%, 01/20/26 (Call 11/03/20)(b)		36,144		31,354,920
				1,374,093,825
Toys, Games & Hobbies — 0.2%
Mattel Inc., 6.75%, 12/31/25 (Call 12/31/20)(b)		28,862		28,465,147
Transportation — 0.4%
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc., 7.38%, 01/15/22 (Call 04/01/19)(a)(b)		8,332		3,728,570
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/19)(a)(b)		10,628		10,588,145
6.50%, 06/15/22 (Call 04/01/19)(b)		23,816		24,262,550
6.75%, 08/15/24 (Call 08/15/21)(a)(b)		17,550		17,659,687
				56,238,952
Trucking & Leasing — 0.7%
Avolon Holdings Funding Ltd.
5.13%, 10/01/23 (Call 09/01/23)(b)		18,222		18,404,220
5.25%, 05/15/24 (Call 04/15/24)(b)		4,855		4,976,375
5.50%, 01/15/23 (Call 12/15/22)(b)		8,705		8,924,366
Park Aerospace Holdings Ltd.
4.50%, 03/15/23 (Call 02/15/23)(a)(b)		16,446		16,293,103
5.25%, 08/15/22(a)(b)		32,071		32,831,404
5.50%, 02/15/24(a)(b)		21,720		22,425,900
				103,855,368
Total Corporate Bonds & Notes — 98.2% (Cost: $15,567,053,774)				15,070,194,894

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 24.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(g)(h)(i)		3,540,731	$	3,542,147,417
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(g)(h)		195,221		195,221,490
				3,737,368,907
Total Short-Term Investments — 24.4% (Cost: $3,736,186,466)				3,737,368,907
Total Investments in Securities — 122.6% (Cost: $19,303,240,240)				18,807,563,801
Other Assets, Less Liabilities — (22.6)%				(3,465,699,831	)
Net Assets — 100.0%			$	15,341,863,970

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

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

^(c)  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^(d)  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

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

^(f)  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.

^(g)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 02/28/18 (000)	Net Activity (000)		Shares Held at 02/28/19 (000)		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	3,511,252	29,479		3,540,731	$	3,542,147,417	$	22,007,060	(b)	$	198,538		$	837,192
BlackRock Cash Funds: Treasury, SL Agency Shares	210,259	(15,038	)	195,221		195,221,490		3,318,650			—			—
					$	3,737,368,907	$	25,325,710		$	198,538		$	837,192

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

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

Fair Value Measurements

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

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ High Yield Corporate Bond ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. 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	$	—	$	15,070,194,894	$	—	$	15,070,194,894
Money Market Funds		3,737,368,907		—		—		3,737,368,907
	$	3,737,368,907	$	15,070,194,894	$	—	$	18,807,563,801

See notes to financial statements.

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

Schedule of Investments February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.1%
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)(a)	$	20,782	$	20,031,842
3.63%, 05/01/22(a)		2,162		2,175,884
3.65%, 11/01/24 (Call 08/01/24)(a)		13,353		13,213,734
WPP Finance 2010
3.75%, 09/19/24(a)		8,913		8,647,721
4.75%, 11/21/21(a)		2,356		2,403,947
				46,473,128
Aerospace & Defense — 1.9%
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)(a)		10,773		10,525,452
3.38%, 05/15/23 (Call 04/15/23)		11,763		11,925,306
3.50%, 05/15/25 (Call 03/15/25)(a)		12,936		13,166,389
3.75%, 05/15/28 (Call 02/15/28)(a)		9,364		9,587,236
L3 Technologies Inc.
3.85%, 06/15/23 (Call 05/15/23)(a)		7,204		7,307,841
4.40%, 06/15/28 (Call 03/15/28)(a)		14,490		14,967,147
Lockheed Martin Corp.
2.90%, 03/01/25 (Call 12/01/24)(a)		14,715		14,429,032
3.35%, 09/15/21		8,355		8,468,497
3.55%, 01/15/26 (Call 10/15/25)(a)		21,771		22,141,061
3.80%, 03/01/45 (Call 09/01/44)		12,153		11,446,253
4.07%, 12/15/42		9,356		9,157,363
4.09%, 09/15/52 (Call 03/15/52)(a)		22,522		21,726,606
4.70%, 05/15/46 (Call 11/15/45)(a)		9,591		10,315,402
Northrop Grumman Corp.
2.55%, 10/15/22 (Call 09/15/22)		12,298		12,070,733
2.93%, 01/15/25 (Call 11/15/24)(a)		23,967		23,240,941
3.20%, 02/01/27 (Call 11/01/26)(a)		7,149		6,895,872
3.25%, 08/01/23(a)		10,487		10,505,376
3.25%, 01/15/28 (Call 10/15/27)(a)		28,010		26,771,093
4.03%, 10/15/47 (Call 04/15/47)		27,186		25,446,256
4.75%, 06/01/43		11,872		12,366,726
Raytheon Co., 2.50%, 12/15/22 (Call 09/15/22)(a)		16,952		16,719,125
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)		13,023		12,814,477
3.20%, 03/15/24 (Call 01/15/24)		7,410		7,260,985
3.50%, 03/15/27 (Call 12/15/26)		21,634		20,872,154
4.35%, 04/15/47 (Call 10/15/46)		13,512		12,738,114
United Technologies Corp.
1.95%, 11/01/21 (Call 10/01/21)(a)		3,289		3,205,123
2.65%, 11/01/26 (Call 08/01/26)		15,140		14,052,568
2.80%, 05/04/24 (Call 03/04/24)		15,747		15,281,796
3.10%, 06/01/22(a)		21,874		21,852,351
3.13%, 05/04/27 (Call 02/04/27)		7,560		7,180,484
3.65%, 08/16/23 (Call 07/16/23)(a)		22,166		22,490,845
3.75%, 11/01/46 (Call 05/01/46)(a)		9,357		8,203,362
3.95%, 08/16/25 (Call 06/16/25)(a)		22,686		23,143,150
4.13%, 11/16/28 (Call 08/16/28)		33,163		33,591,237
4.15%, 05/15/45 (Call 11/16/44)		16,202		15,160,733
4.45%, 11/16/38 (Call 05/16/38)		9,325		9,262,415
4.50%, 06/01/42		35,011		34,563,038
4.63%, 11/16/48 (Call 05/16/48)(a)		17,330		17,433,789
5.70%, 04/15/40(a)		14,348		16,169,783
6.13%, 07/15/38(a)		18,300		21,314,548
				615,770,659

Security	Par (000)		Value
Agriculture — 1.7%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)(a)	$	235	$	209,394
2.85%, 08/09/22		23,426		23,041,882
3.80%, 02/14/24 (Call 01/14/24)(a)		11,865		11,873,010
3.88%, 09/16/46 (Call 03/16/46)(a)		19,955		15,096,049
4.00%, 01/31/24(a)		18,984		19,189,170
4.25%, 08/09/42(a)		12,203		9,832,112
4.40%, 02/14/26 (Call 12/14/25)		16,600		16,743,353
4.80%, 02/14/29 (Call 11/14/28)		33,085		33,019,578
5.38%, 01/31/44(a)		20,363		19,074,014
5.80%, 02/14/39 (Call 08/14/38)		23,100		22,972,918
5.95%, 02/14/49 (Call 08/14/48)		30,320		30,213,744
Archer-Daniels-Midland Co., 2.50%, 08/11/26 (Call 05/11/26)(a)		11,215		10,553,937
BAT Capital Corp.
2.76%, 08/15/22 (Call 07/15/22)(a)		24,162		23,500,454
3.22%, 08/15/24 (Call 06/15/24)(a)		27,444		26,378,533
3.56%, 08/15/27 (Call 05/15/27)(a)		40,756		37,340,871
4.39%, 08/15/37 (Call 02/15/37)(a)		35,840		30,018,530
4.54%, 08/15/47 (Call 02/15/47)(a)		28,535		23,013,535
Philip Morris International Inc.
2.38%, 08/17/22 (Call 07/17/22)(a)		4,105		4,003,985
2.50%, 08/22/22(a)		11,838		11,598,556
2.50%, 11/02/22 (Call 10/02/22)(a)		6,600		6,446,740
2.75%, 02/25/26 (Call 11/25/25)		8,882		8,379,968
2.90%, 11/15/21(a)		3,278		3,265,309
3.25%, 11/10/24(a)		5,035		4,993,558
3.38%, 08/11/25 (Call 05/11/25)(a)		9,233		9,167,127
3.88%, 08/21/42(a)		7,591		6,600,822
4.13%, 03/04/43		8,538		7,654,490
4.25%, 11/10/44(a)		12,693		11,658,278
4.38%, 11/15/41(a)		13,615		12,659,989
4.88%, 11/15/43		8,081		7,993,393
6.38%, 05/16/38(a)		22,654		26,608,532
Reynolds American Inc.
4.00%, 06/12/22(a)		9,506		9,615,423
4.45%, 06/12/25 (Call 03/12/25)(a)		30,952		31,201,616
5.70%, 08/15/35 (Call 02/15/35)		8,976		8,896,399
5.85%, 08/15/45 (Call 02/15/45)		30,105		28,705,683
				551,520,952
Airlines — 0.0%
Delta Air Lines Inc., 3.63%, 03/15/22 (Call 02/15/22)(a)		8,169		8,137,533
Apparel — 0.1%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)(a)		14,984		14,135,302
3.88%, 11/01/45 (Call 05/01/45)(a)		12,979		12,783,017
				26,918,319
Auto Manufacturers — 1.7%
Daimler Finance North America LLC
3.65%, 02/22/24(b)		12,000		11,937,797
8.50%, 01/18/31		19,809		27,040,250
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)(a)		18,258		16,565,138
4.75%, 01/15/43		20,518		15,657,152
5.29%, 12/08/46 (Call 06/08/46)(a)		20,684		16,671,341
7.45%, 07/16/31(a)		24,757		26,113,495
Ford Motor Credit Co. LLC
2.98%, 08/03/22 (Call 07/03/22)(a)		4,000		3,772,870
3.10%, 05/04/23		6,393		5,879,512

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
3.34%, 03/28/22 (Call 02/28/22)(a)	$	4,028	$	3,865,017
3.66%, 09/08/24(a)		11,658		10,560,078
3.81%, 01/09/24 (Call 11/09/23)(a)		5,783		5,367,505
3.82%, 11/02/27 (Call 08/02/27)(a)		8,740		7,415,559
4.13%, 08/04/25		17,749		16,221,965
4.14%, 02/15/23 (Call 01/15/23)(a)		8,935		8,627,518
4.25%, 09/20/22(a)		10,076		9,881,356
4.38%, 08/06/23(a)		11,766		11,433,049
4.39%, 01/08/26(a)		19,649		17,930,966
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)		9,079		8,500,335
4.88%, 10/02/23(a)		7,801		8,039,065
5.00%, 10/01/28 (Call 07/01/28)(a)		13,040		12,767,889
5.00%, 04/01/35		7,755		6,899,637
5.15%, 04/01/38 (Call 10/01/37)		15,474		13,911,915
5.20%, 04/01/45		14,060		12,242,940
5.40%, 04/01/48 (Call 10/01/47)		9,973		8,963,488
5.95%, 04/01/49 (Call 10/01/48)		13,865		13,172,762
6.25%, 10/02/43(a)		13,806		13,585,045
6.60%, 04/01/36 (Call 10/01/35)(a)		14,426		14,935,337
6.75%, 04/01/46 (Call 10/01/45)		8,662		8,912,139
General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)(a)		15,743		15,433,217
3.25%, 01/05/23 (Call 12/05/22)(a)		2,408		2,344,833
3.45%, 01/14/22 (Call 12/14/21)(a)		14,431		14,392,410
3.45%, 04/10/22 (Call 02/10/22)		11,650		11,573,301
3.50%, 11/07/24 (Call 09/07/24)(a)		9,876		9,329,233
3.70%, 05/09/23 (Call 03/09/23)(a)		15,999		15,734,260
3.95%, 04/13/24 (Call 02/13/24)(a)		13,635		13,241,109
4.00%, 01/15/25 (Call 10/15/24)		11,287		10,846,543
4.00%, 10/06/26 (Call 07/06/26)(a)		5,930		5,554,297
4.15%, 06/19/23 (Call 05/19/23)		16,104		16,067,409
4.30%, 07/13/25 (Call 04/13/25)(a)		8,544		8,309,521
4.35%, 04/09/25 (Call 02/09/25)(a)		13,795		13,458,699
4.35%, 01/17/27 (Call 10/17/26)		11,483		10,876,930
5.10%, 01/17/24 (Call 12/17/23)		8,090		8,267,126
5.25%, 03/01/26 (Call 12/01/25)(a)		18,346		18,594,702
Toyota Motor Corp., 3.42%, 07/20/23(a)		2,150		2,178,854
Toyota Motor Credit Corp.
2.15%, 09/08/22(a)		5,790		5,639,249
3.20%, 01/11/27(a)		11,533		11,428,833
3.30%, 01/12/22(a)		5,280		5,340,811
3.45%, 09/20/23(a)		11,025		11,197,741
				546,680,198
Banks — 25.5%
Australia & New Zealand Banking Group Ltd./New York NY
2.30%, 06/01/21		3,135		3,080,563
2.55%, 11/23/21(a)		2,794		2,747,942
2.63%, 05/19/22(a)		647		635,558
2.63%, 11/09/22		7,580		7,453,999
3.70%, 11/16/25(a)		12,242		12,384,051
Banco Santander SA
3.13%, 02/23/23		9,287		9,007,741
3.50%, 04/11/22(a)		12,312		12,266,664
3.80%, 02/23/28		20,310		19,112,358
3.85%, 04/12/23(a)		10,275		10,209,119
4.25%, 04/11/27(a)		13,887		13,605,048
4.38%, 04/12/28(a)		12,822		12,616,852
5.18%, 11/19/25(a)		2,498		2,561,399

Security	Par (000)		Value
Banks (continued)
Bank of America Corp.
2.33%, 10/01/21 (Call 10/01/20)(c)(d)	$	1,541	$	1,524,269
2.50%, 10/21/22 (Call 10/21/21)(a)		14,191		13,875,987
2.82%, 07/21/23 (Call 07/21/22)(a)(c)(d)		3,824		3,763,530
2.88%, 04/24/23 (Call 04/24/22)(a)(c)(d)		9,588		9,464,320
3.00%, 12/20/23 (Call 12/20/22)(a)(c)(d)		38,476		38,011,148
3.09%, 10/01/25 (Call 10/01/24)(a)(c)(d)		15,699		15,315,532
3.12%, 01/20/23 (Call 01/20/22)(c)(d)		18,242		18,167,972
3.25%, 10/21/27 (Call 10/21/26)(a)		24,487		23,438,587
3.30%, 01/11/23		45,268		45,434,627
3.37%, 01/23/26 (Call 01/23/25)(c)(d)		28,650		28,187,073
3.42%, 12/20/28 (Call 12/20/27)(a)(c)(d)		67,182		64,817,355
3.50%, 04/19/26(a)		27,269		27,032,613
3.55%, 03/05/24 (Call 03/05/23)(a)(c)(d)		11,605		11,642,584
3.59%, 07/21/28 (Call 07/21/27)(c)(d)		26,642		26,041,417
3.71%, 04/24/28 (Call 04/24/27)(a)(c)(d)		24,797		24,460,153
3.82%, 01/20/28 (Call 01/20/27)(a)(c)(d)		26,796		26,654,517
3.86%, 07/23/24 (Call 07/23/23)(c)(d)		22,167		22,531,705
3.88%, 08/01/25(a)		23,409		23,850,786
3.95%, 01/23/49 (Call 01/23/48)(a)(c)(d)		11,259		10,608,523
3.97%, 03/05/29 (Call 03/05/28)(a)(c)(d)		25,900		25,988,006
3.97%, 02/07/30 (Call 02/07/29)(a)(c)(d)		18,145		18,228,781
4.00%, 04/01/24(a)		34,769		35,792,940
4.00%, 01/22/25		23,363		23,444,771
4.10%, 07/24/23(a)		20,858		21,506,160
4.13%, 01/22/24(a)		30,881		31,908,324
4.20%, 08/26/24(a)		36,540		37,369,334
4.24%, 04/24/38 (Call 04/24/37)(a)(c)(d)		31,988		31,883,243
4.25%, 10/22/26		25,660		25,815,831
4.27%, 07/23/29 (Call 07/23/28)(a)(c)(d)		38,416		39,447,673
4.44%, 01/20/48 (Call 01/20/47)(a)(c)(d)		27,111		27,611,233
4.45%, 03/03/26		28,116		28,641,317
4.88%, 04/01/44		951		1,023,993
5.00%, 01/21/44(a)		16,072		17,558,880
5.70%, 01/24/22(a)		1,827		1,962,428
5.88%, 02/07/42(a)		16,671		20,268,300
6.11%, 01/29/37		24,203		27,925,378
7.75%, 05/14/38(a)		16,367		22,155,813
Series L, 3.95%, 04/21/25		34,045		34,037,738
Series L, 4.18%, 11/25/27 (Call 11/25/26)(a)		24,814		24,694,821
Bank of America N.A., 6.00%, 10/15/36(a)		13,770		16,469,847
Bank of Montreal
2.35%, 09/11/22(a)		6,320		6,170,715
2.55%, 11/06/22 (Call 10/06/22)(a)		5,167		5,066,476
Series E, 3.30%, 02/05/24(a)		18,890		18,832,854
Bank of New York Mellon Corp. (The)
2.20%, 08/16/23 (Call 06/16/23)		8,038		7,724,593
2.45%, 08/17/26 (Call 05/17/26)		7,416		6,949,190
2.66%, 05/16/23 (Call 05/16/22)(a)(c)(d)		535		526,435
2.80%, 05/04/26 (Call 02/04/26)(a)		10,584		10,176,841
2.95%, 01/29/23 (Call 12/29/22)		15,466		15,389,688
3.25%, 05/16/27 (Call 02/16/27)		16,631		16,420,405
3.30%, 08/23/29 (Call 05/23/29)		8,923		8,682,651
3.40%, 01/29/28 (Call 10/29/27)(a)		13,250		13,218,028
3.44%, 02/07/28 (Call 02/07/27)(a)(c)(d)		762		759,866
3.45%, 08/11/23(a)		9,945		10,081,401
3.50%, 04/28/23(a)		15,811		16,036,400
3.65%, 02/04/24 (Call 01/05/24)		14,912		15,226,852
Series G, 3.00%, 02/24/25 (Call 01/24/25)(a)		10,457		10,297,151

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Bank of Nova Scotia (The)
2.45%, 09/19/22(a)	$	7,254	$	7,105,813
2.70%, 03/07/22(a)		3,003		2,975,727
2.80%, 07/21/21(a)		10,955		10,898,431
3.40%, 02/11/24(a)		19,000		19,016,895
4.50%, 12/16/25(a)		11,376		11,676,727
Barclays PLC
3.65%, 03/16/25		16,632		15,949,193
3.68%, 01/10/23 (Call 01/10/22)(a)		8,914		8,830,841
4.34%, 05/16/24 (Call 05/16/23)(a)(c)(d)		25,630		25,576,377
4.34%, 01/10/28 (Call 01/10/27)(a)		14,228		13,777,492
4.38%, 09/11/24(a)		12,238		12,023,740
4.38%, 01/12/26(a)		32,061		31,834,931
4.84%, 05/09/28 (Call 05/07/27)(a)		21,289		20,543,681
4.95%, 01/10/47(a)		16,436		15,648,548
4.97%, 05/16/29 (Call 05/16/28)(a)(c)(d)		19,356		19,600,457
5.20%, 05/12/26(a)		30,364		30,620,111
5.25%, 08/17/45		16,638		16,671,585
BB&T Corp.
2.75%, 04/01/22 (Call 03/01/22)(a)		9,717		9,654,983
2.85%, 10/26/24 (Call 09/26/24)		14,469		14,163,551
3.70%, 06/05/25 (Call 05/05/25)		15,065		15,347,077
3.75%, 12/06/23 (Call 11/06/23)		5,171		5,294,168
BNP Paribas SA
3.25%, 03/03/23		12,268		12,341,228
4.25%, 10/15/24(a)		10,636		10,689,782
BPCE SA
2.75%, 12/02/21(a)		8,566		8,448,185
4.00%, 04/15/24(a)		16,373		16,697,688
Branch Banking & Trust Co.
2.63%, 01/15/22 (Call 12/15/21)		3,176		3,146,689
3.63%, 09/16/25 (Call 08/16/25)(a)		20,010		20,073,066
3.80%, 10/30/26 (Call 09/30/26)		7,479		7,523,371
Canadian Imperial Bank of Commerce
2.55%, 06/16/22(a)		10,016		9,900,707
3.50%, 09/13/23(a)		11,470		11,610,865
Capital One N.A.
2.25%, 09/13/21 (Call 08/13/21)		3,262		3,174,744
2.65%, 08/08/22 (Call 07/08/22)(a)		7,631		7,440,053
Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23)(a)		12,405		12,605,698
Citigroup Inc.
2.70%, 10/27/22 (Call 09/27/22)(a)		12,809		12,580,042
2.75%, 04/25/22 (Call 03/25/22)(a)		10,088		9,957,147
2.88%, 07/24/23 (Call 07/24/22)(a)(c)(d)		32,187		31,739,948
3.14%, 01/24/23 (Call 01/24/22)(c)(d)		17,764		17,677,841
3.20%, 10/21/26 (Call 07/21/26)(a)		43,951		42,071,721
3.30%, 04/27/25(a)		18,703		18,446,352
3.40%, 05/01/26(a)		14,200		13,850,872
3.50%, 05/15/23(a)		18,918		18,970,023
3.52%, 10/27/28 (Call 10/27/27)(a)(c)(d)		22,364		21,643,045
3.67%, 07/24/28 (Call 07/24/27)(a)(c)(d)		28,973		28,367,531
3.70%, 01/12/26(a)		13,862		13,817,127
3.75%, 06/16/24(a)		673		683,011
3.88%, 10/25/23(a)		15,457		15,844,394
3.88%, 03/26/25(a)		13,423		13,322,293
3.88%, 01/24/39 (Call 01/24/38)(a)(c)(d)		9,699		9,176,920
3.89%, 01/10/28 (Call 01/10/27)(a)(c)(d)		42,329		42,168,666
4.00%, 08/05/24(a)		3,866		3,891,255
4.04%, 06/01/24 (Call 06/01/23)(a)(c)(d)		15,663		16,003,225
4.05%, 07/30/22(a)		16,665		17,060,949

Security	Par (000)		Value
Banks (continued)
4.08%, 04/23/29 (Call 04/23/28)(a)(c)(d)	$	20,500	$	20,675,123
4.13%, 07/25/28(a)		20,360		20,014,135
4.28%, 04/24/48 (Call 04/24/47)(a)(c)(d)		11,480		11,404,289
4.30%, 11/20/26(a)		13,739		13,761,058
4.40%, 06/10/25		29,271		29,774,874
4.45%, 09/29/27(a)		40,551		40,742,774
4.50%, 01/14/22		16,616		17,216,673
4.60%, 03/09/26(a)		14,133		14,450,177
4.65%, 07/30/45		14,125		14,642,702
4.65%, 07/23/48 (Call 06/23/48)		29,302		30,499,195
4.75%, 05/18/46(a)		25,129		24,729,723
5.30%, 05/06/44		12,038		12,752,288
5.50%, 09/13/25(a)		12,975		14,023,841
5.88%, 01/30/42		13,326		15,801,023
6.63%, 06/15/32(a)		12,208		14,437,521
6.68%, 09/13/43(a)		13,614		16,752,318
8.13%, 07/15/39		27,005		39,199,945
Citizens Financial Group Inc., 4.30%, 12/03/25 (Call 11/03/25)		10,817		10,903,218
Compass Bank, 2.88%, 06/29/22 (Call 05/29/22)(a)		7,973		7,784,996
Cooperatieve Rabobank UA
3.75%, 07/21/26(a)		32,424		31,271,486
3.95%, 11/09/22		18,906		19,066,278
4.38%, 08/04/25(a)		23,578		23,950,962
4.63%, 12/01/23		21,021		21,654,560
5.25%, 05/24/41(a)		16,543		18,927,718
5.25%, 08/04/45(a)		4,414		4,759,927
5.75%, 12/01/43(a)		10,949		12,542,189
Cooperatieve Rabobank UA/NY
2.75%, 01/10/23(a)		16,418		16,118,887
3.38%, 05/21/25(a)		16,134		16,169,306
Credit Suisse AG/New York NY
3.00%, 10/29/21		1,875		1,869,885
3.63%, 09/09/24(a)		35,185		35,226,476
Credit Suisse Group Funding Guernsey Ltd.
3.75%, 03/26/25(a)		24,572		24,183,389
3.80%, 09/15/22(a)		24,601		24,749,037
3.80%, 06/09/23		20,875		20,843,343
4.55%, 04/17/26(a)		27,117		27,781,453
4.88%, 05/15/45(a)		22,707		23,240,283
Deutsche Bank AG
4.10%, 01/13/26(a)		803		765,002
4.25%, 10/14/21		1,515		1,501,395
Deutsche Bank AG/London, 3.70%, 05/30/24(a)		10,513		9,829,740
Deutsche Bank AG/New York NY
3.30%, 11/16/22(a)		4,829		4,575,661
3.70%, 05/30/24		11,908		11,166,940
3.95%, 02/27/23(a)		9,873		9,543,825
Discover Bank
3.20%, 08/09/21 (Call 07/09/21)		461		459,421
3.35%, 02/06/23 (Call 01/06/23)		6,668		6,608,489
3.45%, 07/27/26 (Call 04/27/26)(a)		18,532		17,510,959
4.20%, 08/08/23		12,485		12,751,899
4.65%, 09/13/28 (Call 06/13/28)(a)		4,200		4,257,224
Fifth Third Bancorp.
3.65%, 01/25/24 (Call 12/25/23)		2,318		2,345,224
3.95%, 03/14/28 (Call 02/14/28)(a)		4,370		4,387,961
4.30%, 01/16/24 (Call 12/16/23)(a)		8,961		9,231,447
8.25%, 03/01/38		9,282		12,736,514

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Fifth Third Bank/Cincinnati OH
3.85%, 03/15/26 (Call 02/15/26)(a)	$	21,294	$	21,223,800
3.95%, 07/28/25 (Call 06/28/25)(a)		1,125		1,157,111
Goldman Sachs Group Inc. (The)
2.88%, 10/31/22 (Call 10/31/21)(c)(d)		29,362		28,910,368
2.91%, 06/05/23 (Call 06/05/22)(c)(d)		20,745		20,364,454
2.91%, 07/24/23 (Call 07/24/22)(c)(d)		20,506		20,090,690
3.00%, 04/26/22 (Call 04/26/21)(a)		23,721		23,539,511
3.20%, 02/23/23 (Call 01/23/23)(a)		22,266		22,111,648
3.27%, 09/29/25 (Call 09/29/24)(a)(c)(d)		28,413		27,535,672
3.50%, 01/23/25 (Call 10/23/24)(a)		36,717		36,090,116
3.50%, 11/16/26 (Call 11/16/25)		27,422		26,388,232
3.63%, 01/22/23(a)		31,403		31,599,806
3.63%, 02/20/24 (Call 01/20/24)(a)		10,690		10,673,485
3.69%, 06/05/28 (Call 06/05/27)(c)(d)		33,405		32,295,857
3.75%, 05/22/25 (Call 02/22/25)(a)		32,919		32,787,182
3.75%, 02/25/26 (Call 11/25/25)		19,214		18,945,027
3.81%, 04/23/29 (Call 04/23/28)(a)(c)(d)		33,728		32,749,193
3.85%, 07/08/24 (Call 04/08/24)		27,840		28,084,009
3.85%, 01/26/27 (Call 01/26/26)(a)		27,472		26,958,260
4.00%, 03/03/24(a)		30,591		31,034,459
4.02%, 10/31/38 (Call 10/31/37)(c)(d)		29,084		26,927,581
4.22%, 05/01/29 (Call 05/01/28)(a)(c)(d)		37,750		37,785,912
4.25%, 10/21/25(a)		18,575		18,616,224
4.41%, 04/23/39 (Call 04/23/38)(a)(c)(d)		20,330		19,689,786
4.75%, 10/21/45 (Call 04/21/45)(a)		23,824		24,105,886
4.80%, 07/08/44 (Call 01/08/44)(a)		25,928		26,312,914
5.15%, 05/22/45		19,712		19,840,374
5.75%, 01/24/22		26,702		28,504,377
5.95%, 01/15/27(a)		7,449		8,173,563
6.13%, 02/15/33		365		430,969
6.25%, 02/01/41(a)		27,285		32,846,507
6.45%, 05/01/36(a)		855		999,720
6.75%, 10/01/37		64,138		76,464,522
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35(a)		7,592		8,535,840
5.88%, 11/01/34		12,733		14,752,948
HSBC Holdings PLC
2.65%, 01/05/22(a)		11,158		10,997,858
2.95%, 05/25/21(a)		2,124		2,113,990
3.03%, 11/22/23 (Call 11/22/22)(a)(c)(d)		13,819		13,570,809
3.26%, 03/13/23 (Call 03/13/22)(a)(c)(d)		31,652		31,412,913
3.60%, 05/25/23(a)		22,400		22,501,488
3.90%, 05/25/26		35,822		35,614,766
3.95%, 05/18/24 (Call 05/18/23)(c)(d)		10,685		10,780,027
4.00%, 03/30/22(a)		28,605		29,306,478
4.04%, 03/13/28 (Call 03/13/27)(c)(d)		22,709		22,430,095
4.25%, 03/14/24(a)		14,128		14,269,272
4.25%, 08/18/25(a)		24,469		24,676,568
4.29%, 09/12/26 (Call 09/12/25)(a)(c)(d)		17,590		17,817,980
4.30%, 03/08/26(a)		36,689		37,375,682
4.38%, 11/23/26(a)		15,971		16,068,723
4.58%, 06/19/29 (Call 06/19/28)(a)(c)(d)		31,246		32,023,391
4.88%, 01/14/22(a)		7,027		7,344,976
5.25%, 03/14/44(a)		17,161		18,106,465
6.10%, 01/14/42(a)		10,565		13,130,134
6.50%, 05/02/36(a)		25,853		30,735,965
6.50%, 09/15/37(a)		32,190		38,427,208
6.80%, 06/01/38		23,836		29,435,968
HSBC USA Inc., 3.50%, 06/23/24(a)		9,614		9,612,777

Security	Par (000)		Value
Banks (continued)
Huntington Bancshares Inc./OH, 2.30%, 01/14/22 (Call 12/14/21)(a)	$	7,838	$	7,650,383
Huntington National Bank (The), 3.55%, 10/06/23 (Call 09/06/23)(a)		2,600		2,630,046
ING Groep NV
3.15%, 03/29/22(a)		11,373		11,294,922
3.95%, 03/29/27(a)		25,699		25,264,381
4.10%, 10/02/23(a)		14,745		14,939,071
4.55%, 10/02/28(a)		22,087		22,563,222
JPMorgan Chase & Co.
2.30%, 08/15/21 (Call 08/15/20)(a)		1,800		1,766,871
2.70%, 05/18/23 (Call 03/18/23)(a)		28,372		27,864,836
2.78%, 04/25/23 (Call 04/25/22)(c)(d)		14,729		14,559,705
2.95%, 10/01/26 (Call 07/01/26)(a)		27,506		26,249,355
2.97%, 01/15/23 (Call 01/15/22)(a)		17,243		17,128,517
3.13%, 01/23/25 (Call 10/23/24)(a)		32,837		32,270,683
3.20%, 01/25/23		33,917		33,940,477
3.20%, 06/15/26 (Call 03/15/26)(a)		23,220		22,556,282
3.22%, 03/01/25 (Call 03/01/24)(c)(d)		18,927		18,702,337
3.25%, 09/23/22(a)		34,920		35,101,137
3.30%, 04/01/26 (Call 01/01/26)(a)		32,913		32,227,774
3.38%, 05/01/23(a)		20,124		20,087,163
3.51%, 01/23/29 (Call 01/23/28)(a)(c)(d)		31,023		30,142,819
3.54%, 05/01/28 (Call 05/01/27)(a)(c)(d)		23,077		22,658,522
3.56%, 04/23/24 (Call 04/23/23)(c)(d)		18,338		18,432,501
3.63%, 05/13/24(a)		25,270		25,570,064
3.63%, 12/01/27 (Call 12/01/26)(a)		16,977		16,427,833
3.78%, 02/01/28 (Call 02/01/27)(a)(c)(d)		26,118		26,079,084
3.80%, 07/23/24 (Call 07/23/23)(a)(c)(d)		26,562		26,969,079
3.88%, 02/01/24(a)		20,661		21,176,331
3.88%, 09/10/24		28,699		29,018,552
3.88%, 07/24/38 (Call 07/24/37)(c)(d)		28,717		27,239,651
3.90%, 07/15/25 (Call 04/15/25)(a)		24,456		24,998,605
3.90%, 01/23/49 (Call 01/23/48)(c)(d)		22,281		20,723,821
3.96%, 01/29/27 (Call 01/29/26)(a)(c)(d)		22,375		22,703,798
3.96%, 11/15/48 (Call 11/15/47)(a)(c)(d)		25,408		23,833,352
4.01%, 04/23/29 (Call 04/23/28)(c)(d)		33,303		33,657,764
4.02%, 12/05/24 (Call 12/05/23)(a)(c)(d)		5,240		5,364,651
4.03%, 07/24/48 (Call 07/24/47)(a)(c)(d)		18,043		17,156,522
4.13%, 12/15/26(a)		20,959		21,192,502
4.20%, 07/23/29 (Call 07/23/28)(c)(d)		28,956		29,644,742
4.25%, 10/01/27(a)		17,692		17,945,111
4.26%, 02/22/48 (Call 02/22/47)(c)(d)		23,207		22,893,706
4.35%, 08/15/21(a)		2,836		2,922,036
4.45%, 12/05/29 (Call 12/05/28)(a)(c)(d)		555		581,040
4.50%, 01/24/22(a)		30,005		31,215,015
4.85%, 02/01/44(a)		17,233		18,548,927
4.95%, 06/01/45(a)		20,919		22,186,442
5.40%, 01/06/42		14,958		17,086,305
5.50%, 10/15/40(a)		15,658		18,063,263
5.60%, 07/15/41		19,810		23,176,620
5.63%, 08/16/43(a)		17,916		20,527,436
6.40%, 05/15/38		31,820		39,924,681
KeyBank N.A./Cleveland OH
2.30%, 09/14/22(a)		9,955		9,682,358
3.30%, 06/01/25		7,046		7,006,024
KeyCorp., 4.10%, 04/30/28(a)		2,695		2,739,413
Lloyds Banking Group PLC
2.91%, 11/07/23 (Call 11/07/22)(c)(d)		39,028		37,781,262
3.57%, 11/07/28 (Call 11/07/27)(a)(c)(d)		20,529		19,299,705

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.75%, 01/11/27(a)	$	12,059	$	11,636,596
4.05%, 08/16/23(a)		24,035		24,271,939
4.34%, 01/09/48		18,666		15,967,087
4.38%, 03/22/28(a)		18,517		18,531,990
4.45%, 05/08/25		24,795		25,348,650
4.50%, 11/04/24(a)		13,888		13,870,616
4.55%, 08/16/28(a)		15,780		15,998,925
4.58%, 12/10/25(a)		18,948		18,698,586
4.65%, 03/24/26(a)		16,255		16,006,573
5.30%, 12/01/45(a)		3,746		3,713,927
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23)		2,505		2,544,663
Manufacturers & Traders Trust Co., 2.90%, 02/06/25 (Call 01/06/25)(a)		2,316		2,267,523
Mitsubishi UFJ Financial Group Inc.
2.67%, 07/25/22(a)		24,885		24,397,672
2.76%, 09/13/26(a)		17,050		16,053,496
3.00%, 02/22/22(a)		5,495		5,461,979
3.29%, 07/25/27		19,481		18,969,045
3.41%, 03/07/24		10,000		9,986,800
3.46%, 03/02/23		16,504		16,529,337
3.68%, 02/22/27(a)		17,756		17,789,884
3.74%, 03/07/29		5,000		5,004,400
3.76%, 07/26/23(a)		21,575		21,894,327
3.78%, 03/02/25		5,962		6,043,294
3.85%, 03/01/26		28,055		28,580,770
3.96%, 03/02/28		9,485		9,684,714
4.05%, 09/11/28(a)		10,700		11,018,823
Mizuho Financial Group Inc.
2.27%, 09/13/21(a)		2,814		2,738,435
2.60%, 09/11/22		8,802		8,563,840
2.84%, 09/13/26(a)		13,729		13,002,056
2.95%, 02/28/22		18,020		17,837,924
3.17%, 09/11/27		20,806		20,103,325
3.55%, 03/05/23(a)		7,085		7,116,184
3.92%, 09/11/24 (Call 09/11/23)(c)(d)		14,639		14,896,477
4.02%, 03/05/28(a)		12,323		12,638,712
4.25%, 09/11/29 (Call 09/11/28)(a)(c)(d)		16,309		16,826,428
Morgan Stanley
2.63%, 11/17/21		25,643		25,286,947
2.75%, 05/19/22(a)		16,829		16,602,950
3.13%, 01/23/23(a)		34,047		33,814,742
3.13%, 07/27/26		38,667		36,856,375
3.59%, 07/22/28 (Call 07/22/27)(c)(d)		39,155		38,092,357
3.63%, 01/20/27		36,568		35,979,347
3.70%, 10/23/24		34,465		34,631,942
3.74%, 04/24/24 (Call 04/24/23)(a)(c)(d)		36,459		36,692,877
3.75%, 02/25/23		28,668		29,115,146
3.77%, 01/24/29 (Call 01/24/28)(a)(c)(d)		32,673		32,151,559
3.88%, 01/27/26(a)		41,120		41,274,040
3.95%, 04/23/27		25,159		24,576,164
3.97%, 07/22/38 (Call 07/22/37)(a)(c)(d)		20,931		19,883,717
4.00%, 07/23/25		31,332		31,860,608
4.10%, 05/22/23(a)		20,766		21,109,590
4.30%, 01/27/45		24,368		23,836,960
4.35%, 09/08/26(a)		29,965		30,104,955
4.38%, 01/22/47(a)		27,833		27,646,686
4.43%, 01/23/30 (Call 01/23/29)(c)(d)		22,239		22,956,157
4.46%, 04/22/39 (Call 04/22/38)(c)(d)		18,738		18,864,676
4.88%, 11/01/22(a)		21,398		22,410,853
5.00%, 11/24/25(a)		12,333		12,959,430

Security	Par (000)		Value
Banks (continued)
6.38%, 07/24/42	$	24,992	$	31,383,404
7.25%, 04/01/32		12,795		16,575,792
Series F, 3.88%, 04/29/24		35,616		36,146,443
National Australia Bank Ltd./New York
2.50%, 05/22/22(a)		12,479		12,210,418
2.50%, 07/12/26		16,026		14,767,680
2.80%, 01/10/22		11,098		10,997,906
3.00%, 01/20/23(a)		14,116		13,967,710
3.38%, 01/14/26(a)		5,063		4,980,622
3.63%, 06/20/23(a)		11,060		11,189,335
Northern Trust Corp., 3.95%, 10/30/25(a)		16,606		17,238,938
PNC Bank N.A.
2.45%, 07/28/22 (Call 06/28/22)(a)		1,367		1,340,971
2.55%, 12/09/21 (Call 11/09/21)		7,262		7,166,354
2.63%, 02/17/22 (Call 01/18/22)(a)		20,147		20,011,344
2.70%, 11/01/22 (Call 10/01/22)(a)		7,819		7,656,330
2.95%, 01/30/23 (Call 12/30/22)(a)		2,273		2,242,407
2.95%, 02/23/25 (Call 01/24/25)		7,737		7,584,453
3.10%, 10/25/27 (Call 09/25/27)		23,787		23,151,485
3.25%, 06/01/25 (Call 05/02/25)		17,433		17,354,872
3.50%, 06/08/23 (Call 05/09/23)		13,245		13,397,894
3.80%, 07/25/23 (Call 06/25/23)		7,459		7,575,589
4.05%, 07/26/28(a)		16,680		17,150,775
PNC Financial Services Group Inc. (The)
3.15%, 05/19/27 (Call 04/19/27)		3,083		3,017,819
3.30%, 03/08/22 (Call 02/06/22)(a)		10,626		10,696,619
3.50%, 01/23/24 (Call 12/23/23)(a)		768		773,337
3.90%, 04/29/24 (Call 03/29/24)(a)		3,045		3,098,300
Regions Financial Corp.
2.75%, 08/14/22 (Call 07/14/22)(a)		18,335		17,962,757
3.80%, 08/14/23 (Call 07/14/23)		25		25,267
Royal Bank of Canada
2.75%, 02/01/22(a)		8,674		8,649,298
3.70%, 10/05/23(a)		20,401		20,733,155
4.65%, 01/27/26(a)		11,779		12,332,204
Royal Bank of Scotland Group PLC
3.50%, 05/15/23 (Call 05/15/22)(a)(c)(d)		20,831		20,546,032
3.88%, 09/12/23(a)		26,912		26,672,943
4.52%, 06/25/24 (Call 06/25/23)(c)(d)		9,412		9,481,679
4.80%, 04/05/26(a)		23,724		24,072,090
4.89%, 05/18/29 (Call 05/18/28)(a)(c)(d)		31,242		31,602,120
5.08%, 01/27/30 (Call 01/27/29)(a)(c)(d)		12,572		12,889,039
5.13%, 05/28/24		22,923		23,215,119
6.00%, 12/19/23(a)		19,225		20,194,882
6.10%, 06/10/23		17,821		18,703,075
6.13%, 12/15/22		34,115		35,986,017
Santander Holdings USA Inc.
3.40%, 01/18/23 (Call 12/18/22)(a)		3,313		3,251,936
3.70%, 03/28/22 (Call 02/28/22)(a)		13,847		13,854,256
4.40%, 07/13/27 (Call 04/14/27)(a)		20,704		20,217,394
4.50%, 07/17/25 (Call 04/17/25)(a)		11,873		12,050,378
Santander UK Group Holdings PLC
3.37%, 01/05/24 (Call 01/05/23)(c)(d)		12,807		12,417,726
3.57%, 01/10/23 (Call 01/10/22)(a)		16,321		16,093,160
3.82%, 11/03/28 (Call 11/03/27)(c)(d)		12,749		12,003,881
4.80%, 11/15/24 (Call 11/15/23)(c)(d)		8,748		8,914,858
Santander UK PLC, 4.00%, 03/13/24(a)		15,660		16,229,338
State Street Corp.
2.65%, 05/19/26(a)		10,619		10,143,214
3.10%, 05/15/23		11,110		11,049,776

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.30%, 12/16/24(a)	$	11,522	$	11,664,329
3.55%, 08/18/25(a)		10,450		10,700,879
3.70%, 11/20/23(a)		2,883		2,944,313
Sumitomo Mitsui Banking Corp., 3.20%, 07/18/22		4,768		4,752,181
Sumitomo Mitsui Financial Group Inc.
2.44%, 10/19/21(a)		2,349		2,303,476
2.63%, 07/14/26(a)		27,672		25,944,163
2.78%, 07/12/22		20,887		20,578,537
2.78%, 10/18/22(a)		18,933		18,608,185
2.85%, 01/11/22		3,688		3,650,805
3.01%, 10/19/26(a)		14,505		13,903,306
3.10%, 01/17/23(a)		21,218		21,039,016
3.35%, 10/18/27(a)		6,408		6,263,717
3.36%, 07/12/27		21,132		20,725,989
3.45%, 01/11/27(a)		18,239		17,988,436
3.54%, 01/17/28		15,580		15,442,358
3.75%, 07/19/23		5,350		5,416,244
3.78%, 03/09/26		20,702		20,924,621
3.94%, 10/16/23		750		766,988
4.31%, 10/16/28(a)		1,640		1,725,720
SunTrust Bank/Atlanta GA
2.45%, 08/01/22 (Call 07/01/22)		12,318		12,068,184
3.30%, 05/15/26 (Call 04/15/26)		10,408		10,118,928
SunTrust Banks Inc.
2.70%, 01/27/22 (Call 12/27/21)(a)		7,435		7,352,871
4.00%, 05/01/25 (Call 03/01/25)		11,294		11,660,551
Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22)		9,509		9,211,140
Toronto-Dominion Bank (The)
1.80%, 07/13/21(a)		8,387		8,163,387
3.50%, 07/19/23(a)		5,845		5,939,819
U.S. Bancorp.
2.95%, 07/15/22 (Call 06/15/22)(a)		18,836		18,721,210
3.00%, 03/15/22 (Call 02/15/22)(a)		6,533		6,536,997
3.10%, 04/27/26 (Call 03/27/26)(a)		10,768		10,526,661
3.60%, 09/11/24 (Call 08/11/24)		10,532		10,690,931
3.70%, 01/30/24 (Call 12/29/23)(a)		5,253		5,404,993
3.90%, 04/26/28 (Call 03/24/28)(a)		9,955		10,362,694
3.95%, 11/17/25 (Call 10/17/25)		2,885		3,001,224
Series V, 2.38%, 07/22/26 (Call 06/22/26)		15,405		14,462,114
Series V, 2.63%, 01/24/22 (Call 12/23/21)(a)		12,027		11,948,710
Series X, 3.15%, 04/27/27 (Call 03/27/27)(a)		20,712		20,395,413
U.S. Bank N.A./Cincinnati OH
2.80%, 01/27/25 (Call 12/27/24)(a)		10,879		10,629,059
2.85%, 01/23/23 (Call 12/23/22)(a)		16,294		16,188,785
3.40%, 07/24/23 (Call 06/23/23)(a)		6,395		6,459,247
Wachovia Corp., 5.50%, 08/01/35		11,542		12,753,329
Wells Fargo & Co.
2.63%, 07/22/22(a)		42,448		41,669,707
3.00%, 02/19/25		27,743		26,994,721
3.00%, 04/22/26		45,215		43,274,729
3.00%, 10/23/26(a)		47,318		45,105,349
3.07%, 01/24/23 (Call 01/24/22)(a)		49,898		49,575,454
3.30%, 09/09/24(a)		28,564		28,399,197
3.50%, 03/08/22(a)		23,887		24,114,524
3.55%, 09/29/25		31,407		31,389,742
3.58%, 05/22/28 (Call 05/22/27)(a)(c)(d)		34,383		33,976,249
3.75%, 01/24/24 (Call 12/24/23)		28,957		29,440,686
3.90%, 05/01/45(a)		20,014		19,220,661
4.10%, 06/03/26(a)		30,387		30,625,650
4.13%, 08/15/23(a)		8,454		8,635,701

Security	Par (000)		Value
Banks (continued)
4.15%, 01/24/29 (Call 10/24/28)(a)	$	23,052	$	23,583,554
4.30%, 07/22/27(a)		23,205		23,592,366
4.40%, 06/14/46(a)		20,920		20,075,453
4.65%, 11/04/44(a)		21,932		21,821,215
4.75%, 12/07/46(a)		29,460		29,730,785
4.90%, 11/17/45		24,598		25,323,061
5.38%, 02/07/35		4,124		4,701,719
5.38%, 11/02/43(a)		27,416		29,891,023
5.61%, 01/15/44		29,083		32,666,593
Series M, 3.45%, 02/13/23(a)		32,611		32,662,780
Wells Fargo Bank N.A.
3.55%, 08/14/23 (Call 07/14/23)		15,270		15,471,996
5.85%, 02/01/37(a)		9,756		11,424,101
6.60%, 01/15/38(a)		21,143		26,937,326
Westpac Banking Corp.
2.00%, 08/19/21(a)		2,191		2,134,462
2.50%, 06/28/22(a)		7,729		7,569,051
2.70%, 08/19/26		12,530		11,787,704
2.75%, 01/11/23(a)		3,833		3,765,612
2.80%, 01/11/22(a)		10,847		10,771,484
2.85%, 05/13/26(a)		25,779		24,535,627
3.30%, 02/26/24(e)		11,370		11,327,065
3.35%, 03/08/27(a)		19,137		18,770,274
3.40%, 01/25/28(a)		13,270		13,076,972
3.65%, 05/15/23		6,583		6,674,950
				8,289,500,622
Beverages — 3.2%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)(b)		63,698		63,255,668
4.70%, 02/01/36 (Call 08/01/35)(a)(b)		63,786		61,588,528
4.90%, 02/01/46 (Call 08/01/45)(b)		120,773		115,653,191
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23		1		491
3.30%, 02/01/23 (Call 12/01/22)		71,215		71,848,457
3.70%, 02/01/24		8,098		8,258,081
4.00%, 01/17/43(a)		4,887		4,115,915
4.63%, 02/01/44		10,541		9,643,511
4.90%, 02/01/46 (Call 08/01/45)(a)		3,125		2,996,525
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42(a)		5,755		4,732,797
4.00%, 04/13/28 (Call 01/13/28)(a)		36,677		36,449,207
4.15%, 01/23/25 (Call 12/23/24)(a)		28,410		29,338,842
4.38%, 04/15/38 (Call 10/15/37)(a)		18,464		16,998,795
4.44%, 10/06/48 (Call 04/06/48)		21,770		19,536,217
4.60%, 04/15/48 (Call 10/15/47)(a)		27,496		25,269,968
4.75%, 01/23/29 (Call 10/23/28)(a)		35,285		36,840,571
4.75%, 04/15/58 (Call 10/15/57)(a)		18,688		16,917,949
4.90%, 01/23/31 (Call 10/23/30)(a)		10,250		10,737,730
4.95%, 01/15/42		14,319		14,023,705
5.45%, 01/23/39 (Call 07/23/38)		30,000		31,449,027
5.55%, 01/23/49 (Call 07/23/48)		47,215		49,541,378
5.80%, 01/23/59 (Call 07/23/58)		30,407		32,316,186
8.20%, 01/15/39(a)		7,199		9,583,513
Coca-Cola Co. (The)
1.55%, 09/01/21(a)		1,749		1,700,910
2.25%, 09/01/26(a)		14,609		13,554,574
2.50%, 04/01/23(a)		10,084		10,002,167
2.88%, 10/27/25(a)		20,790		20,566,449
3.20%, 11/01/23(a)		16,713		17,019,759

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
3.30%, 09/01/21(a)	$	1,940	$	1,967,291
Constellation Brands Inc., 4.25%, 05/01/23(a)		15,889		16,360,191
Diageo Capital PLC, 2.63%, 04/29/23 (Call 01/29/23)		20,175		19,877,403
Diageo Investment Corp., 2.88%, 05/11/22(a)		6,281		6,274,287
Keurig Dr Pepper Inc.
4.06%, 05/25/23 (Call 04/25/23)(a)(b)		17,868		18,070,507
4.42%, 05/25/25 (Call 03/25/25)(b)		6,583		6,695,763
4.60%, 05/25/28 (Call 02/25/28)(a)(b)		32,189		32,425,634
5.09%, 05/25/48 (Call 11/25/47)(a)(b)		14,597		14,176,379
Molson Coors Brewing Co.
2.10%, 07/15/21 (Call 06/15/21)(a)		3,861		3,756,563
3.00%, 07/15/26 (Call 04/15/26)(a)		10,086		9,271,494
4.20%, 07/15/46 (Call 01/15/46)(a)		23,327		19,736,823
5.00%, 05/01/42(a)		13,907		13,238,855
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)(a)		2,253		2,191,595
2.25%, 05/02/22 (Call 04/02/22)		10,863		10,695,081
2.38%, 10/06/26 (Call 07/06/26)		13,619		12,745,931
2.75%, 03/05/22(a)		2,417		2,417,765
2.75%, 03/01/23(a)		6,883		6,872,962
2.75%, 04/30/25 (Call 01/30/25)(a)		9,389		9,245,520
2.85%, 02/24/26 (Call 11/24/25)(a)		4,621		4,496,308
3.00%, 08/25/21(a)		2,803		2,821,056
3.00%, 10/15/27 (Call 07/15/27)		7,273		7,059,905
3.10%, 07/17/22 (Call 05/17/22)		12,167		12,294,155
3.45%, 10/06/46 (Call 04/06/46)(a)		18,889		17,228,428
3.60%, 03/01/24 (Call 12/01/23)(a)		17,629		18,185,154
4.00%, 03/05/42(a)		11,489		11,479,383
4.00%, 05/02/47 (Call 11/02/46)(a)		12,537		12,463,865
4.45%, 04/14/46 (Call 10/14/45)(a)		20,508		21,893,424
				1,047,881,833
Biotechnology — 2.0%
Amgen Inc.
2.25%, 08/19/23 (Call 06/19/23)(a)		3,348		3,221,343
2.60%, 08/19/26 (Call 05/19/26)(a)		16,517		15,306,104
2.65%, 05/11/22 (Call 04/11/22)(a)		14,150		13,940,110
3.13%, 05/01/25 (Call 02/01/25)(a)		14,496		14,183,610
3.20%, 11/02/27 (Call 08/02/27)(a)		13,029		12,441,150
3.63%, 05/15/22 (Call 02/15/22)		5,606		5,682,862
3.63%, 05/22/24 (Call 02/22/24)(a)		20,232		20,506,690
4.40%, 05/01/45 (Call 11/01/44)		29,127		27,244,991
4.56%, 06/15/48 (Call 12/15/47)(a)		19,235		18,299,400
4.66%, 06/15/51 (Call 12/15/50)(a)		37,881		36,362,389
5.15%, 11/15/41 (Call 05/15/41)		15,654		16,212,890
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		16,477		16,420,500
Biogen Inc.
3.63%, 09/15/22(a)		12,478		12,655,186
4.05%, 09/15/25 (Call 06/15/25)		18,313		18,617,549
5.20%, 09/15/45 (Call 03/15/45)		16,890		17,635,937
Celgene Corp.
2.75%, 02/15/23 (Call 01/15/23)		12,725		12,411,058
3.25%, 08/15/22		8,974		8,935,082
3.25%, 02/20/23 (Call 01/20/23)		9,255		9,185,774
3.45%, 11/15/27 (Call 08/15/27)		15,218		14,439,354
3.55%, 08/15/22		11,379		11,434,454
3.63%, 05/15/24 (Call 02/15/24)(a)		13,277		13,246,236
3.88%, 08/15/25 (Call 05/15/25)		37,982		38,065,158
3.90%, 02/20/28 (Call 11/20/27)(a)		17,100		16,763,956
4.35%, 11/15/47 (Call 05/15/47)(a)		14,908		13,375,458
4.55%, 02/20/48 (Call 08/20/47)(a)		17,895		16,575,637

Security	Par (000)		Value
Biotechnology (continued)
4.63%, 05/15/44 (Call 11/15/43)(a)	$	6,262	$	5,846,447
5.00%, 08/15/45 (Call 02/15/45)		23,217		22,857,740
Gilead Sciences Inc.
2.50%, 09/01/23 (Call 07/01/23)		3,705		3,582,934
2.95%, 03/01/27 (Call 12/01/26)		8,619		8,157,504
3.25%, 09/01/22 (Call 07/01/22)		12,803		12,870,796
3.50%, 02/01/25 (Call 11/01/24)(a)		14,903		14,894,942
3.65%, 03/01/26 (Call 12/01/25)(a)		34,619		34,472,354
3.70%, 04/01/24 (Call 01/01/24)		27,636		28,117,286
4.00%, 09/01/36 (Call 03/01/36)(a)		13,347		12,379,759
4.15%, 03/01/47 (Call 09/01/46)(a)		17,183		15,721,985
4.40%, 12/01/21 (Call 09/01/21)(a)		4,703		4,862,667
4.50%, 02/01/45 (Call 08/01/44)(a)		25,776		24,936,311
4.60%, 09/01/35 (Call 03/01/35)		13,501		13,467,230
4.75%, 03/01/46 (Call 09/01/45)(a)		18,551		18,615,665
4.80%, 04/01/44 (Call 10/01/43)		21,671		21,813,415
5.65%, 12/01/41 (Call 06/01/41)(a)		14,978		16,650,451
				662,410,364
Chemicals — 1.2%
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)(a)		20,461		20,336,935
3.50%, 10/01/24 (Call 07/01/24)(a)		10,093		9,995,499
4.13%, 11/15/21 (Call 08/15/21)(a)		5,029		5,143,574
4.38%, 11/15/42 (Call 05/15/42)(a)		12,745		11,435,240
5.25%, 11/15/41 (Call 05/15/41)(a)		12,540		12,601,188
7.38%, 11/01/29(a)		13,301		16,355,886
9.40%, 05/15/39(a)		11,283		16,479,192
DowDuPont Inc.
4.21%, 11/15/23 (Call 10/15/23)		26,655		27,502,704
4.49%, 11/15/25 (Call 09/15/25)		27,538		28,749,201
4.73%, 11/15/28 (Call 08/15/28)(a)		29,325		30,644,766
5.32%, 11/15/38 (Call 05/15/38)		20,315		21,456,920
5.42%, 11/15/48 (Call 05/15/48)(a)		26,728		28,507,601
Eastman Chemical Co.
3.60%, 08/15/22 (Call 05/15/22)(a)		14,777		14,887,816
3.80%, 03/15/25 (Call 12/15/24)(a)		645		640,920
4.65%, 10/15/44 (Call 04/15/44)(a)		6,669		6,166,915
LYB International Finance BV
4.00%, 07/15/23(a)		12,300		12,395,170
4.88%, 03/15/44 (Call 09/15/43)(a)		10,426		9,786,058
5.25%, 07/15/43		12,227		11,961,389
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)(a)		5,497		5,132,289
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)(a)		10,719		9,186,995
5.75%, 04/15/24 (Call 01/15/24)		13,274		14,229,316
6.00%, 11/15/21 (Call 08/17/21)		2,902		3,069,162
Mosaic Co. (The), 4.25%, 11/15/23 (Call 08/15/23)(a)		13,403		13,763,712
Rohm & Haas Co., 7.85%, 07/15/29(a)		12,223		15,256,619
Sherwin-Williams Co. (The)
2.75%, 06/01/22 (Call 05/01/22)(a)		6,667		6,557,258
3.45%, 06/01/27 (Call 03/01/27)(a)		26,638		25,344,888
4.50%, 06/01/47 (Call 12/01/46)(a)		7,726		7,199,353
				384,786,566
Commercial Services — 0.2%
Automatic Data Processing Inc., 3.38%, 09/15/25 (Call 06/15/25)(a)		15,797		16,094,715

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services (continued)
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)	$	11,712	$	11,104,725
3.95%, 12/01/47 (Call 06/01/47)		301		292,437
4.35%, 12/08/21(a)		5,586		5,786,422
5.50%, 12/08/41(a)		703		817,680
IHS Markit Ltd., 4.75%, 08/01/28 (Call 05/01/28)		1,155		1,164,185
S&P Global Inc., 4.40%, 02/15/26 (Call 11/15/25)		15,518		16,198,317
Total System Services Inc., 4.80%, 04/01/26 (Call 01/01/26)(a)		4,094		4,195,579
				55,654,060
Computers — 3.1%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)(a)		2,980		2,897,168
2.10%, 09/12/22 (Call 08/12/22)		5,681		5,552,361
2.15%, 02/09/22		13,633		13,414,636
2.30%, 05/11/22 (Call 04/11/22)		13,309		13,111,600
2.40%, 01/13/23 (Call 12/13/22)(a)		3,959		3,894,779
2.40%, 05/03/23(a)		62,905		61,699,935
2.45%, 08/04/26 (Call 05/04/26)		27,029		25,602,493
2.50%, 02/09/22 (Call 01/09/22)		7,048		7,003,491
2.50%, 02/09/25(a)		18,975		18,361,612
2.70%, 05/13/22(a)		15,241		15,198,456
2.75%, 01/13/25 (Call 11/13/24)		16,901		16,588,200
2.85%, 02/23/23 (Call 12/23/22)(a)		18,593		18,595,534
2.85%, 05/11/24 (Call 03/11/24)(a)		17,419		17,296,935
2.90%, 09/12/27 (Call 06/12/27)(a)		24,510		23,658,224
3.00%, 02/09/24 (Call 12/09/23)		26,084		26,100,143
3.00%, 06/20/27 (Call 03/20/27)(a)		9,196		8,957,896
3.00%, 11/13/27 (Call 08/13/27)		10,849		10,541,865
3.20%, 05/13/25(a)		24,114		24,207,507
3.20%, 05/11/27 (Call 02/11/27)(a)		17,862		17,639,984
3.25%, 02/23/26 (Call 11/23/25)(a)		32,120		32,139,796
3.35%, 02/09/27 (Call 11/09/26)(a)		20,326		20,298,316
3.45%, 05/06/24(a)		29,089		29,708,052
3.45%, 02/09/45		17,844		16,111,058
3.75%, 09/12/47 (Call 03/12/47)		20,911		19,749,800
3.75%, 11/13/47 (Call 05/13/47)(a)		12,845		12,142,769
3.85%, 05/04/43		38,318		37,039,049
3.85%, 08/04/46 (Call 02/04/46)		20,507		19,727,164
4.25%, 02/09/47 (Call 08/09/46)(a)		17,847		18,231,713
4.38%, 05/13/45		26,109		27,044,984
4.45%, 05/06/44		14,428		15,147,979
4.50%, 02/23/36 (Call 08/23/35)(a)		20,874		22,404,492
4.65%, 02/23/46 (Call 08/23/45)(a)		49,001		52,628,897
Dell International LLC/EMC Corp.
4.42%, 06/15/21 (Call 05/15/21)(b)		3,199		3,249,978
5.45%, 06/15/23 (Call 04/15/23)(a)(b)		31,194		32,775,470
6.02%, 06/15/26 (Call 03/15/26)(a)(b)		62,066		65,831,668
8.10%, 07/15/36 (Call 01/15/36)(a)(b)		20,765		23,744,402
8.35%, 07/15/46 (Call 01/15/46)(b)		22,504		26,312,746
Hewlett Packard Enterprise Co.
4.40%, 10/15/22 (Call 08/15/22)		17,643		18,270,584
4.90%, 10/15/25 (Call 07/15/25)(a)		34,092		35,452,053
6.20%, 10/15/35 (Call 04/15/35)(a)		4,659		4,798,945
6.35%, 10/15/45 (Call 04/15/45)		15,922		16,091,388
HP Inc., 6.00%, 09/15/41(a)		12,434		12,620,013
IBM Credit LLC, 3.00%, 02/06/23(a)		12,521		12,462,375
International Business Machines Corp.
1.88%, 08/01/22(a)		12,834		12,348,524
2.88%, 11/09/22(a)		10,737		10,660,097

Security	Par (000)		Value
Computers (continued)
3.38%, 08/01/23(a)	$	16,857	$	16,980,415
3.45%, 02/19/26(a)		15,271		15,281,568
3.63%, 02/12/24(a)		20,897		21,254,880
4.00%, 06/20/42(a)		16,175		15,359,985
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)		2,608		2,602,703
4.75%, 06/01/23(a)		12,123		12,158,394
4.75%, 01/01/25(a)		14,072		13,544,300
				1,024,497,376
Cosmetics & Personal Care — 0.4%
Procter & Gamble Co. (The)
1.70%, 11/03/21(a)		3,759		3,667,574
2.15%, 08/11/22(a)		13,069		12,829,526
2.30%, 02/06/22(a)		10,101		9,996,462
2.45%, 11/03/26(a)		4,069		3,873,025
2.85%, 08/11/27(a)		12,936		12,633,789
3.10%, 08/15/23(a)		15,516		15,773,455
5.55%, 03/05/37		765		946,257
Unilever Capital Corp.
2.20%, 05/05/22 (Call 04/05/22)(a)		3,494		3,420,010
2.90%, 05/05/27 (Call 02/05/27)(a)		16,869		16,229,321
3.50%, 03/22/28 (Call 12/22/27)(a)		16,739		16,823,252
5.90%, 11/15/32(a)		19,505		23,838,391
				120,031,062
Diversified Financial Services — 3.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.50%, 01/15/25 (Call 11/15/24)(a)		8,199		7,733,162
3.65%, 07/21/27 (Call 04/21/27)		16,822		15,172,161
3.95%, 02/01/22 (Call 01/01/22)(a)		1,450		1,454,224
5.00%, 10/01/21		4,451		4,572,079
Air Lease Corp., 3.00%, 09/15/23 (Call 07/15/23)(a)		11,298		10,807,435
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)(a)		24,456		23,956,670
2.65%, 12/02/22(a)		20,654		20,325,331
3.00%, 10/30/24 (Call 09/29/24)(a)		31,394		30,701,247
3.40%, 02/27/23 (Call 01/27/23)(a)		13,147		13,220,923
3.40%, 02/22/24 (Call 01/22/24)		12,335		12,368,010
3.70%, 08/03/23 (Call 07/03/23)(a)		10,013		10,195,798
4.05%, 12/03/42		14,164		13,930,399
4.20%, 11/06/25 (Call 10/06/25)(a)		12,599		13,085,024
American Express Credit Corp.
2.70%, 03/03/22 (Call 01/31/22)(a)		15,221		15,129,590
3.30%, 05/03/27 (Call 04/03/27)(a)		28,006		27,749,118
Ameriprise Financial Inc., 4.00%, 10/15/23(a)		11,012		11,322,712
Brookfield Finance Inc., 4.70%, 09/20/47 (Call 03/20/47)		18,615		16,919,978
Brookfield Finance LLC, 4.00%, 04/01/24 (Call 02/01/24)(a)		14,315		14,306,802
Capital One Bank USA N.A., 3.38%, 02/15/23(a)		19,097		18,808,696
Capital One Financial Corp.
3.05%, 03/09/22 (Call 02/09/22)(a)		3,822		3,793,958
3.20%, 01/30/23 (Call 12/30/22)		26,720		26,333,188
3.20%, 02/05/25 (Call 01/05/25)(a)		6,607		6,342,084
3.30%, 10/30/24 (Call 09/30/24)		18,080		17,481,436
3.50%, 06/15/23(a)		7,443		7,375,673
3.75%, 04/24/24 (Call 03/24/24)(a)		3,725		3,723,427
3.75%, 07/28/26 (Call 06/28/26)(a)		27,372		26,014,305
3.75%, 03/09/27 (Call 02/09/27)(a)		30,326		29,121,739

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
3.80%, 01/31/28 (Call 12/31/27)(a)	$	12,581	$	12,059,567
3.90%, 01/29/24 (Call 12/29/23)(a)		4,295		4,323,620
4.20%, 10/29/25 (Call 09/29/25)(a)		20,973		20,941,459
4.25%, 04/30/25 (Call 03/31/25)(a)		7,432		7,531,890
Charles Schwab Corp. (The)
2.65%, 01/25/23 (Call 12/25/22)(a)		5,916		5,837,055
3.85%, 05/21/25 (Call 03/21/25)(a)		18,348		18,880,624
CME Group Inc.
3.00%, 09/15/22		4,450		4,459,400
3.00%, 03/15/25 (Call 12/15/24)(a)		8,844		8,734,825
5.30%, 09/15/43 (Call 03/15/43)(a)		11,298		13,449,389
Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26)(a)		18,552		17,981,815
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/25(a)		19,093		18,374,217
4.42%, 11/15/35		133,771		120,728,608
Intercontinental Exchange Inc.
3.75%, 12/01/25 (Call 09/01/25)		16,987		17,373,634
3.75%, 09/21/28 (Call 06/21/28)		2,090		2,119,570
4.00%, 10/15/23(a)		6,497		6,724,188
4.25%, 09/21/48 (Call 03/21/48)		13,244		13,413,087
International Lease Finance Corp., 5.88%, 08/15/22(a)		8,034		8,476,804
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23)(a)		5,606		5,836,210
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
4.15%, 01/23/30		5,371		4,711,696
4.85%, 01/15/27		17,137		16,665,340
Mastercard Inc.
2.95%, 11/21/26 (Call 08/21/26)(a)		13,512		13,243,054
3.38%, 04/01/24(a)		17,914		18,291,534
ORIX Corp., 2.90%, 07/18/22(a)		1,656		1,632,362
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)		329		299,901
3.75%, 08/15/21 (Call 06/15/21)(a)		1,610		1,613,526
3.95%, 12/01/27 (Call 09/01/27)		29,312		26,844,598
4.25%, 08/15/24 (Call 05/15/24)(a)		4,696		4,593,430
4.50%, 07/23/25 (Call 04/23/25)(a)		9,541		9,340,035
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)		6,274		6,269,787
3.30%, 04/01/27 (Call 01/01/27)		10,696		10,443,355
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)(a)		14,676		14,362,032
2.75%, 09/15/27 (Call 06/15/27)(a)		4,153		3,998,785
2.80%, 12/14/22 (Call 10/14/22)(a)		18,535		18,508,866
3.15%, 12/14/25 (Call 09/14/25)		44,221		44,315,708
3.65%, 09/15/47 (Call 03/15/47)(a)		19,145		18,160,838
4.15%, 12/14/35 (Call 06/14/35)		19,650		20,542,187
4.30%, 12/14/45 (Call 06/14/45)		47,670		49,959,843
				992,988,008
Electric — 1.7%
Berkshire Hathaway Energy Co.
3.80%, 07/15/48 (Call 01/15/48)(a)		4,028		3,673,116
4.45%, 01/15/49 (Call 07/15/48)		15,764		15,854,187
4.50%, 02/01/45 (Call 08/01/44)(a)		11,965		12,205,491
5.15%, 11/15/43 (Call 05/15/43)(a)		11,671		12,842,528
6.13%, 04/01/36(a)		19,520		23,667,908
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)		1,395		1,362,747

Security	Par (000)		Value
Electric (continued)
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)	$	15,161	$	15,398,987
4.63%, 12/01/54 (Call 06/01/54)(a)		12,210		12,223,200
Dominion Energy Inc., 3.90%, 10/01/25 (Call 07/01/25)(a)		17,739		17,845,583
Duke Energy Carolinas LLC
3.88%, 03/15/46 (Call 09/15/45)(a)		597		572,660
5.30%, 02/15/40(a)		4,091		4,730,130
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)(a)		3,872		3,748,677
2.65%, 09/01/26 (Call 06/01/26)(a)		17,091		15,923,485
3.15%, 08/15/27 (Call 05/15/27)(a)		3,188		3,047,353
3.75%, 04/15/24 (Call 01/15/24)(a)		10,229		10,380,854
3.75%, 09/01/46 (Call 03/01/46)(a)		30,477		27,299,349
Duke Energy Florida LLC, 6.40%, 06/15/38(a)		7,465		9,566,760
Emera U.S. Finance LP
2.70%, 06/15/21 (Call 05/15/21)		277		272,029
3.55%, 06/15/26 (Call 03/15/26)(a)		13,248		12,675,217
4.75%, 06/15/46 (Call 12/15/45)(a)		5,950		5,816,040
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)(a)		12,376		11,586,739
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)(a)		4,542		4,403,336
3.50%, 06/01/22 (Call 05/01/22)		4,838		4,810,861
3.95%, 06/15/25 (Call 03/15/25)(a)		15,713		15,778,199
4.45%, 04/15/46 (Call 10/15/45)(a)		12,060		11,735,576
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)(a)		14,055		13,897,349
6.25%, 10/01/39(a)		15,785		16,723,060
FirstEnergy Corp.
Series B, 3.90%, 07/15/27 (Call 04/15/27)(a)		18,554		18,347,240
Series B, 4.25%, 03/15/23 (Call 12/15/22)(a)		10,984		11,228,257
Series C, 4.85%, 07/15/47 (Call 01/15/47)(a)		6,585		6,777,202
Series C, 7.38%, 11/15/31(a)		22,565		29,059,083
Florida Power & Light Co., 3.95%, 03/01/48 (Call 09/01/47)		1,275		1,265,124
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)(a)		13,446		12,533,105
Georgia Power Co., 4.30%, 03/15/42		12,737		12,013,666
MidAmerican Energy Co., 4.25%, 07/15/49 (Call 01/15/49)		855		875,980
NextEra Energy Capital Holdings Inc., 3.55%, 05/01/27 (Call 02/01/27)(a)		18,662		18,181,638
Sempra Energy
2.90%, 02/01/23 (Call 01/01/23)		1,385		1,340,073
3.25%, 06/15/27 (Call 03/15/27)(a)		14,173		13,203,144
3.40%, 02/01/28 (Call 11/01/27)(a)		11,040		10,389,351
3.80%, 02/01/38 (Call 08/01/37)		13,739		12,095,653
4.00%, 02/01/48 (Call 08/01/47)(a)		16,364		14,379,695
6.00%, 10/15/39		4,334		4,918,174
Southern California Edison Co.
4.00%, 04/01/47 (Call 10/01/46)(a)		13,456		12,119,025
4.65%, 10/01/43 (Call 04/01/43)		9,573		9,429,405
Series C, 4.13%, 03/01/48 (Call 09/01/47)		10,635		9,794,819
Southern Co. (The)
2.95%, 07/01/23 (Call 05/01/23)(a)		15,608		15,318,094
3.25%, 07/01/26 (Call 04/01/26)		26,892		25,609,122
4.40%, 07/01/46 (Call 01/01/46)		18,212		17,425,710
Virginia Electric & Power Co.
Series A, 3.15%, 01/15/26 (Call 10/15/25)		9,755		9,571,107
Series A, 3.50%, 03/15/27 (Call 12/15/26)(a)		8,749		8,681,425
				562,597,513

2 0 1 9  I S H A R E S  A N N U A L  R E P  O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronics — 0.1%
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)	$	15,992	$	15,213,620
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)(a)		6,594		6,447,613
2.50%, 11/01/26 (Call 08/01/26)(a)		16,304		15,570,439
				37,231,672
Environmental Control — 0.1%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)(a)		10,933		11,086,172
3.95%, 05/15/28 (Call 02/15/28)(a)		11,234		11,494,020
Waste Management Inc.
3.15%, 11/15/27 (Call 08/15/27)(a)		17,291		16,751,677
4.10%, 03/01/45 (Call 09/01/44)(a)		4,962		4,829,225
				44,161,094
Food — 1.8%
Campbell Soup Co.
3.65%, 03/15/23 (Call 02/15/23)(a)		11,886		11,795,921
3.95%, 03/15/25 (Call 01/15/25)(a)		3,971		3,886,611
4.15%, 03/15/28 (Call 12/15/27)(a)		14,512		13,881,471
4.80%, 03/15/48 (Call 09/15/47)		3,003		2,624,186
Conagra Brands Inc.
3.20%, 01/25/23 (Call 10/25/22)(a)		10,578		10,374,586
4.30%, 05/01/24 (Call 04/01/24)(a)		11,695		11,856,956
4.60%, 11/01/25 (Call 09/01/25)		13,069		13,268,629
4.85%, 11/01/28 (Call 08/01/28)(a)		12,814		12,827,465
5.30%, 11/01/38 (Call 05/01/38)(a)		16,312		15,496,085
5.40%, 11/01/48 (Call 05/01/48)(a)		13,777		12,919,748
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)(a)		4,736		4,750,057
3.20%, 02/10/27 (Call 11/10/26)(a)		9,917		9,291,734
3.70%, 10/17/23 (Call 09/17/23)(a)		9,024		9,110,924
4.00%, 04/17/25 (Call 02/17/25)(a)		5,713		5,770,313
4.20%, 04/17/28 (Call 01/17/28)(a)		20,519		20,697,938
JM Smucker Co. (The)
3.50%, 10/15/21(a)		3,371		3,395,150
3.50%, 03/15/25		14,195		13,930,380
Kellogg Co.
3.25%, 04/01/26(a)		10,782		10,184,857
Series B, 7.45%, 04/01/31(a)		1,687		2,121,929
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)(a)		23,937		22,096,898
3.50%, 06/06/22		23,047		22,980,491
3.50%, 07/15/22 (Call 05/15/22)(a)		15,564		15,510,398
3.95%, 07/15/25 (Call 04/15/25)(a)		29,244		28,906,741
4.00%, 06/15/23 (Call 05/15/23)(a)		20,843		21,081,729
4.38%, 06/01/46 (Call 12/01/45)(a)		33,593		27,848,913
4.63%, 01/30/29 (Call 10/30/28)(a)		13,961		13,995,344
5.00%, 07/15/35 (Call 01/15/35)(a)		17,337		16,494,970
5.00%, 06/04/42(a)		22,990		20,846,895
5.20%, 07/15/45 (Call 01/15/45)		16,210		15,201,318
6.50%, 02/09/40(a)		4,179		4,429,955
6.88%, 01/26/39(a)		11,765		12,940,785
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)(a)		13,999		12,587,638
4.45%, 02/01/47 (Call 08/01/46)(a)		12,416		10,932,603
McCormick & Co. Inc./MD
2.70%, 08/15/22 (Call 07/15/22)(a)		4,707		4,600,252
3.40%, 08/15/27 (Call 05/15/27)		6,386		6,078,847
Mondelez International Inc., 3.63%, 05/07/23 (Call 04/07/23)		3,818		3,857,131

Security	Par (000)		Value
Food (continued)
Sysco Corp.
3.25%, 07/15/27 (Call 04/15/27)(a)	$	10,234	$	9,803,071
3.30%, 07/15/26 (Call 04/15/26)		14,761		14,250,483
3.75%, 10/01/25 (Call 07/01/25)		10,199		10,247,400
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)(a)		10,993		10,560,816
3.95%, 08/15/24 (Call 05/15/24)(a)		17,264		17,388,833
4.00%, 03/01/26 (Call 01/01/26)(a)		10,925		10,948,215
4.35%, 03/01/29 (Call 12/01/28)(a)		15,510		15,609,673
4.50%, 06/15/22 (Call 03/15/22)(a)		12,452		12,847,026
4.55%, 06/02/47 (Call 12/02/46)(a)		8,933		7,972,978
5.10%, 09/28/48 (Call 03/28/48)		15,760		15,269,546
				573,473,889
Forest Products & Paper — 0.2%
International Paper Co.
3.00%, 02/15/27 (Call 11/15/26)(a)		14,176		13,277,310
3.65%, 06/15/24 (Call 03/15/24)(a)		11,550		11,686,873
4.35%, 08/15/48 (Call 02/15/48)(a)		16,102		14,246,389
4.40%, 08/15/47 (Call 02/15/47)		15,047		13,445,802
4.75%, 02/15/22 (Call 11/15/21)		4,057		4,221,148
4.80%, 06/15/44 (Call 12/15/43)		9,260		8,826,006
7.30%, 11/15/39(a)		1,042		1,261,916
				66,965,444
Gas — 0.1%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)(a)		3,821		3,780,486
NiSource Inc.
3.49%, 05/15/27 (Call 02/15/27)(a)		15,926		15,431,606
3.95%, 03/30/48 (Call 09/30/47)(a)		5,821		5,260,485
4.38%, 05/15/47 (Call 11/15/46)		12,668		12,230,574
4.80%, 02/15/44 (Call 08/15/43)(a)		12,672		12,744,106
				49,447,257
Health Care – Products — 1.8%
Abbott Laboratories
2.55%, 03/15/22(a)		4,880		4,818,655
2.90%, 11/30/21 (Call 10/30/21)(a)		13,660		13,645,384
2.95%, 03/15/25 (Call 12/15/24)(a)		13,633		13,388,559
3.40%, 11/30/23 (Call 09/30/23)		9,549		9,642,168
3.75%, 11/30/26 (Call 08/30/26)		7,975		8,086,111
4.75%, 11/30/36 (Call 05/30/36)(a)		33,335		35,728,400
4.90%, 11/30/46 (Call 05/30/46)(a)		34,677		37,855,896
Becton Dickinson and Co.
2.89%, 06/06/22 (Call 05/06/22)		24,759		24,493,470
3.13%, 11/08/21(a)		5,083		5,055,003
3.36%, 06/06/24 (Call 04/06/24)		25,094		24,709,670
3.70%, 06/06/27 (Call 03/06/27)		32,440		31,540,202
3.73%, 12/15/24 (Call 09/15/24)(a)		14,812		14,825,310
4.67%, 06/06/47 (Call 12/06/46)(a)		10,580		10,490,787
4.69%, 12/15/44 (Call 06/15/44)		6,006		5,867,102
Boston Scientific Corp.
3.45%, 03/01/24 (Call 02/01/24)		5,000		5,012,282
3.75%, 03/01/26 (Call 01/01/26)		10,000		10,014,199
3.85%, 05/15/25(a)		15,075		15,270,948
4.00%, 03/01/28 (Call 12/01/27)(a)		13,454		13,480,638
4.00%, 03/01/29 (Call 12/01/28)		8,250		8,225,655
4.55%, 03/01/39 (Call 09/01/38)		10,200		10,194,351
4.70%, 03/01/49 (Call 09/01/48)		10,465		10,429,024
Medtronic Global Holdings SCA, 3.35%, 04/01/27 (Call 01/01/27)		16,164		16,111,462

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care – Products (continued)
Medtronic Inc.
3.15%, 03/15/22	$	15,408	$	15,508,805
3.50%, 03/15/25		46,543		47,231,534
3.63%, 03/15/24 (Call 12/15/23)(a)		3,917		4,015,155
4.38%, 03/15/35(a)		20,557		21,656,339
4.63%, 03/15/45		50,595		55,390,698
Stryker Corp.
3.38%, 11/01/25 (Call 08/01/25)		3,122		3,102,202
3.50%, 03/15/26 (Call 12/15/25)		10,312		10,248,970
4.63%, 03/15/46 (Call 09/15/45)		10,061		10,277,808
Thermo Fisher Scientific Inc.
2.95%, 09/19/26 (Call 06/19/26)		21,792		20,564,267
3.00%, 04/15/23 (Call 02/15/23)(a)		9,875		9,727,753
3.15%, 01/15/23 (Call 10/15/22)(a)		5,713		5,688,022
3.20%, 08/15/27 (Call 05/15/27)		12,379		11,746,865
3.30%, 02/15/22(a)		4,255		4,270,406
4.10%, 08/15/47 (Call 02/15/47)(a)		6,003		5,631,399
4.15%, 02/01/24 (Call 11/01/23)(a)		13,642		14,089,867
Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 02/01/22)(a)		2,898		2,869,154
3.55%, 04/01/25 (Call 01/01/25)(a)		21,768		21,127,207
				592,031,727
Health Care – Services — 2.1%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		10,552		10,313,329
2.80%, 06/15/23 (Call 04/15/23)		21,194		20,637,874
3.50%, 11/15/24 (Call 08/15/24)		16,055		15,854,404
3.88%, 08/15/47 (Call 02/15/47)(a)		7,065		5,865,155
6.63%, 06/15/36		10,318		12,030,533
Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)		11,073		10,978,803
3.13%, 05/15/22(a)		8,481		8,457,529
3.30%, 01/15/23(a)		17,565		17,589,089
3.35%, 12/01/24 (Call 10/01/24)(a)		12,435		12,322,432
3.50%, 08/15/24 (Call 05/15/24)		14,463		14,428,604
3.65%, 12/01/27 (Call 09/01/27)(a)		19,404		19,061,069
4.10%, 03/01/28 (Call 12/01/27)(a)		13,173		13,295,347
4.38%, 12/01/47 (Call 06/01/47)		17,969		17,221,459
4.55%, 03/01/48 (Call 09/01/47)(a)		9,002		8,851,548
4.63%, 05/15/42(a)		10,882		10,764,593
4.65%, 01/15/43		10,666		10,622,342
4.65%, 08/15/44 (Call 02/15/44)		10,138		10,075,490
5.85%, 01/15/36(a)		553		623,375
Cigna Holding Co.
3.05%, 10/15/27 (Call 07/15/27)		1,407		1,297,223
3.25%, 04/15/25 (Call 01/15/25)(a)		14,920		14,515,004
3.88%, 10/15/47 (Call 04/15/47)		5,111		4,317,377
4.00%, 02/15/22 (Call 11/15/21)(a)		3,945		4,015,843
HCA Inc.
4.50%, 02/15/27 (Call 08/15/26)(a)		14,000		14,109,480
4.75%, 05/01/23(a)		15,111		15,645,778
5.00%, 03/15/24		20,915		21,866,005
5.25%, 04/15/25		17,545		18,594,366
5.25%, 06/15/26 (Call 12/15/25)(a)		17,855		18,855,416
5.50%, 06/15/47 (Call 12/15/46)		19,384		20,143,853
Humana Inc., 4.95%, 10/01/44 (Call 04/01/44)(a)		9,418		9,668,795
Kaiser Foundation Hospitals, 4.15%, 05/01/47 (Call 11/01/46)		12,094		12,204,300

Security	Par (000)		Value
Health Care – Services (continued)
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)(a)	$	19,695	$	19,238,864
4.70%, 02/01/45 (Call 08/01/44)(a)		7,476		6,991,898
UnitedHealth Group Inc.
2.38%, 10/15/22		15,743		15,462,661
2.88%, 12/15/21(a)		5,772		5,768,523
2.88%, 03/15/22 (Call 12/15/21)(a)		12,037		12,041,585
2.88%, 03/15/23		5,009		4,984,415
2.95%, 10/15/27		13,811		13,244,662
3.10%, 03/15/26(a)		13,498		13,233,038
3.35%, 07/15/22(a)		9,654		9,778,047
3.38%, 04/15/27(a)		1,619		1,605,832
3.45%, 01/15/27(a)		8,133		8,138,617
3.50%, 06/15/23(a)		6,082		6,185,460
3.50%, 02/15/24		14,948		15,186,868
3.75%, 07/15/25		30,478		31,292,360
3.75%, 10/15/47 (Call 04/15/47)(a)		15,610		14,617,569
3.85%, 06/15/28(a)		14,077		14,427,323
4.20%, 01/15/47 (Call 07/15/46)		13,428		13,469,204
4.25%, 03/15/43 (Call 09/15/42)(a)		16,203		16,457,510
4.25%, 04/15/47 (Call 10/15/46)		1,509		1,528,594
4.25%, 06/15/48 (Call 12/15/47)(a)		18,690		18,918,573
4.45%, 12/15/48 (Call 06/15/48)(a)		2,012		2,098,469
4.63%, 07/15/35(a)		10,848		11,779,121
4.75%, 07/15/45(a)		24,042		26,117,411
5.80%, 03/15/36(a)		10,836		13,032,558
6.88%, 02/15/38(a)		14,085		18,695,636
				688,521,213
Housewares — 0.2%
Newell Brands Inc.
3.85%, 04/01/23 (Call 02/01/23)		23,493		22,916,747
4.20%, 04/01/26 (Call 01/01/26)		31,486		29,517,416
5.50%, 04/01/46 (Call 10/01/45)		1,000		868,529
				53,302,692
Insurance — 2.1%
Aflac Inc., 3.63%, 11/15/24(a)		8,465		8,631,688
American International Group Inc.
3.75%, 07/10/25 (Call 04/10/25)		16,812		16,557,451
3.88%, 01/15/35 (Call 07/15/34)		11,837		10,480,202
3.90%, 04/01/26 (Call 01/01/26)(a)		16,670		16,345,555
4.13%, 02/15/24		17,682		18,021,003
4.20%, 04/01/28 (Call 01/01/28)(a)		11,906		11,759,868
4.38%, 01/15/55 (Call 07/15/54)		7,723		6,545,870
4.50%, 07/16/44 (Call 01/16/44)(a)		24,656		22,640,288
4.75%, 04/01/48 (Call 10/01/47)(a)		12,875		12,304,330
4.80%, 07/10/45 (Call 01/10/45)(a)		16,664		15,964,769
4.88%, 06/01/22(a)		2,461		2,580,534
6.25%, 05/01/36(a)		9,437		10,538,103
Aon PLC, 3.88%, 12/15/25 (Call 09/15/25)(a)		15,430		15,691,579
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)		13,213		12,339,346
AXA Equitable Holdings Inc.
3.90%, 04/20/23 (Call 03/20/23)		12,607		12,725,159
4.35%, 04/20/28 (Call 01/20/28)(a)		16,983		16,776,268
5.00%, 04/20/48 (Call 10/20/47)		11,548		10,792,493
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22(a)		4,985		5,021,109
4.20%, 08/15/48 (Call 02/15/48)(a)		35,235		35,391,465
4.25%, 01/15/49 (Call 07/15/48)		7,905		8,011,631
5.75%, 01/15/40(a)		2,658		3,212,677

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Berkshire Hathaway Inc.
2.75%, 03/15/23 (Call 01/15/23)(a)	$	23,256	$	23,201,972
3.13%, 03/15/26 (Call 12/15/25)(a)		31,880		31,501,734
4.50%, 02/11/43(a)		12,846		13,579,313
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)(a)		18,233		16,369,899
4.70%, 06/22/47 (Call 12/22/46)		17,095		13,526,253
Chubb Corp. (The), 6.00%, 05/11/37(a)		12,079		14,893,094
Chubb INA Holdings Inc.
2.88%, 11/03/22 (Call 09/03/22)(a)		8,741		8,735,213
3.15%, 03/15/25(a)		11,585		11,482,353
3.35%, 05/03/26 (Call 02/03/26)		10,409		10,364,426
4.35%, 11/03/45 (Call 05/03/45)(a)		13,643		14,263,080
Manulife Financial Corp.
4.15%, 03/04/26(a)		12,429		12,833,501
5.38%, 03/04/46(a)		12,134		13,509,086
Marsh & McLennan Companies Inc.
3.88%, 03/15/24 (Call 02/15/24)(a)		10,200		10,430,123
4.38%, 03/15/29 (Call 12/15/28)(a)		10,000		10,313,781
4.90%, 03/15/49 (Call 09/15/48)		10,415		10,967,702
MetLife Inc.
3.60%, 04/10/24(a)		12,049		12,317,532
4.05%, 03/01/45(a)		7,469		7,079,196
4.13%, 08/13/42(a)		8,579		8,254,951
4.60%, 05/13/46 (Call 11/13/45)(a)		5,599		5,764,439
4.88%, 11/13/43		14,405		15,408,098
5.70%, 06/15/35(a)		11,550		13,438,338
5.88%, 02/06/41(a)		7,977		9,591,575
6.38%, 06/15/34(a)		9,028		11,177,440
Series D, 4.37%, 09/15/23		15,127		15,914,549
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		11,889		11,845,989
Prudential Financial Inc.
3.91%, 12/07/47 (Call 06/07/47)(a)		9,507		8,770,597
3.94%, 12/07/49 (Call 06/07/49)		11,758		10,942,772
4.35%, 02/25/50 (Call 08/25/49)(a)		5,525		5,462,262
4.60%, 05/15/44(a)		17,192		17,591,346
5.70%, 12/14/36(a)		7,704		8,871,225
Travelers Companies Inc. (The)
5.35%, 11/01/40		9,331		10,877,106
6.25%, 06/15/37(a)		11,340		14,253,984
				675,864,317
Internet — 1.2%
Alphabet Inc.
2.00%, 08/15/26 (Call 05/15/26)		23,080		21,375,895
3.38%, 02/25/24(a)		17,147		17,591,063
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)(a)		17,626		17,311,057
2.50%, 11/29/22 (Call 08/29/22)(a)		19,259		19,075,371
2.80%, 08/22/24 (Call 06/22/24)		23,957		23,691,583
3.15%, 08/22/27 (Call 05/22/27)(a)		45,513		44,878,835
3.30%, 12/05/21 (Call 10/05/21)		2,973		3,015,424
3.80%, 12/05/24 (Call 09/05/24)(a)		9,400		9,798,126
3.88%, 08/22/37 (Call 02/22/37)(a)		33,168		33,025,978
4.05%, 08/22/47 (Call 02/22/47)(a)		43,953		44,081,154
4.25%, 08/22/57 (Call 02/22/57)(a)		13,290		13,442,158
4.80%, 12/05/34 (Call 06/05/34)(a)		28,374		31,639,907
4.95%, 12/05/44 (Call 06/05/44)(a)		14,858		16,867,473
5.20%, 12/03/25 (Call 09/03/25)		7,140		8,018,259

Security	Par (000)		Value
Internet (continued)
Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26)(a)	$	16,131	$	15,812,950
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)(a)		11,971		11,715,047
2.75%, 01/30/23 (Call 12/30/22)(a)		12,319		11,991,336
3.45%, 08/01/24 (Call 05/01/24)(a)		6,879		6,817,283
3.60%, 06/05/27 (Call 03/05/27)(a)		12,917		12,309,813
3.80%, 03/09/22 (Call 02/09/22)		10,520		10,667,301
4.00%, 07/15/42 (Call 01/15/42)(a)		5,948		4,761,666
Expedia Group Inc.
3.80%, 02/15/28 (Call 11/15/27)		10,505		9,933,003
5.00%, 02/15/26 (Call 11/15/25)		7,312		7,576,823
				395,397,505
Machinery — 0.4%
ABB Finance USA Inc.
2.88%, 05/08/22(a)		17,412		17,294,755
3.80%, 04/03/28 (Call 01/03/28)		3,740		3,812,093
4.38%, 05/08/42(a)		5,570		5,777,778
Caterpillar Financial Services Corp., 1.70%, 08/09/21(a)		496		482,097
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)		7,789		7,934,287
3.80%, 08/15/42(a)		18,790		18,039,708
5.20%, 05/27/41(a)		9,329		10,548,185
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)(a)		7,484		7,432,241
3.90%, 06/09/42 (Call 12/09/41)(a)		12,589		12,612,174
John Deere Capital Corp., 2.80%, 03/06/23(a)		23,232		23,046,260
Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28)		75		75,426
Wabtec Corp.
4.15%, 03/15/24 (Call 02/15/24)(a)		13,389		13,339,263
4.70%, 09/15/28 (Call 06/15/28)(a)		22,466		22,196,408
				142,590,675
Manufacturing — 0.9%
3M Co.
2.88%, 10/15/27 (Call 07/15/27)(a)		5,625		5,434,756
3.63%, 09/14/28 (Call 06/14/28)(a)		7,000		7,153,137
4.00%, 09/14/48 (Call 03/14/48)(a)		13,205		13,264,671
5.70%, 03/15/37(a)		1,410		1,708,312
Eaton Corp.
2.75%, 11/02/22		17,679		17,455,658
4.15%, 11/02/42(a)		4,372		4,197,511
General Electric Co.
2.70%, 10/09/22		33,998		32,904,529
3.10%, 01/09/23		7,465		7,303,074
3.15%, 09/07/22(a)		12,204		12,022,523
3.38%, 03/11/24(a)		6,351		6,224,160
3.45%, 05/15/24 (Call 02/13/24)		1,322		1,297,693
4.13%, 10/09/42		24,442		20,649,547
4.50%, 03/11/44		25,831		23,012,794
4.65%, 10/17/21		7,973		8,178,997
5.88%, 01/14/38		36,161		37,895,220
6.15%, 08/07/37		11,813		12,667,200
6.88%, 01/10/39(a)		21,571		24,956,763
Series A, 6.75%, 03/15/32		35,437		40,593,147

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Manufacturing (continued)
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)(a)	$	3,206	$	3,064,174
3.90%, 09/01/42 (Call 03/01/42)(a)		16,315		16,276,071
				296,259,937
Media — 5.1%
21st Century Fox America Inc.
3.00%, 09/15/22(a)		15,401		15,424,426
6.15%, 03/01/37		18,278		22,780,736
6.15%, 02/15/41(a)		15,518		19,623,725
6.20%, 12/15/34		7,579		9,373,033
6.40%, 12/15/35		12,584		15,931,993
6.65%, 11/15/37(a)		13,308		17,506,642
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)		195		190,327
4.00%, 01/15/26 (Call 10/15/25)		17,974		17,812,448
7.88%, 07/30/30(a)		5,645		7,243,764
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%, 02/15/28 (Call 11/15/27)(a)		15,610		14,611,684
4.20%, 03/15/28 (Call 12/15/27)		18,775		18,175,997
4.46%, 07/23/22 (Call 05/23/22)		29,500		30,246,925
4.50%, 02/01/24 (Call 01/01/24)(a)		10,516		10,770,690
4.91%, 07/23/25 (Call 04/23/25)(a)		51,516		53,343,989
5.05%, 03/30/29 (Call 12/30/28)(a)		16,390		16,754,871
5.38%, 04/01/38 (Call 10/01/37)		6,913		6,700,564
5.38%, 05/01/47 (Call 11/01/46)(a)		33,280		31,560,206
5.75%, 04/01/48 (Call 10/01/47)(a)		21,319		21,274,976
6.38%, 10/23/35 (Call 04/23/35)(a)		22,042		23,567,172
6.48%, 10/23/45 (Call 04/23/45)(a)		46,746		50,216,643
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22		12,758		15,530,427
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)		15,287		14,000,477
2.75%, 03/01/23 (Call 02/01/23)		11,267		11,076,505
2.85%, 01/15/23(a)		7,613		7,543,576
3.00%, 02/01/24 (Call 01/01/24)(a)		19,231		19,045,021
3.13%, 07/15/22(a)		10,442		10,486,293
3.15%, 03/01/26 (Call 12/01/25)(a)		19,127		18,767,036
3.15%, 02/15/28 (Call 11/15/27)		7,182		6,913,266
3.20%, 07/15/36 (Call 01/15/36)(a)		18,501		16,185,359
3.30%, 02/01/27 (Call 11/01/26)		9,043		8,840,585
3.38%, 02/15/25 (Call 11/15/24)		13,182		13,180,434
3.38%, 08/15/25 (Call 05/15/25)		17,506		17,449,911
3.40%, 07/15/46 (Call 01/15/46)(a)		25,074		21,312,727
3.55%, 05/01/28 (Call 02/01/28)(a)		10,851		10,744,874
3.60%, 03/01/24(a)		15,471		15,731,821
3.70%, 04/15/24 (Call 03/15/24)		36,824		37,615,701
3.90%, 03/01/38 (Call 09/01/37)		9,513		9,000,981
3.95%, 10/15/25 (Call 08/15/25)		34,772		35,785,225
3.97%, 11/01/47 (Call 05/01/47)(a)		13,894		12,853,078
4.00%, 08/15/47 (Call 02/15/47)(a)		8,640		8,047,154
4.00%, 03/01/48 (Call 09/01/47)(a)		16,720		15,597,545
4.00%, 11/01/49 (Call 05/01/49)(a)		19,298		17,941,650
4.05%, 11/01/52 (Call 05/01/52)		9,174		8,481,204
4.15%, 10/15/28 (Call 07/15/28)		49,285		50,853,071
4.20%, 08/15/34 (Call 02/15/34)		14,214		14,248,168
4.25%, 10/15/30 (Call 07/15/30)		21,986		22,779,248
4.25%, 01/15/33(a)		21,286		21,758,181
4.40%, 08/15/35 (Call 02/15/35)		12,443		12,553,358
4.60%, 10/15/38 (Call 04/15/38)		35,973		37,119,254

Security	Par (000)		Value
Media (continued)
4.60%, 08/15/45 (Call 02/15/45)	$	18,501	$	18,886,933
4.65%, 07/15/42(a)		13,310		13,659,840
4.70%, 10/15/48 (Call 04/15/48)(a)		54,335		56,532,568
4.75%, 03/01/44		17,386		18,089,005
4.95%, 10/15/58 (Call 04/15/58)		35,129		37,095,044
5.65%, 06/15/35		4,766		5,417,572
6.40%, 05/15/38(a)		3,411		4,171,174
6.45%, 03/15/37(a)		5,405		6,643,581
6.50%, 11/15/35		11,243		13,716,075
6.95%, 08/15/37		13,197		16,955,024
7.05%, 03/15/33(a)		9,239		11,969,635
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)		11,840		11,462,176
3.95%, 03/20/28 (Call 12/20/27)(a)		26,788		25,498,032
4.88%, 04/01/43(a)		14,172		12,754,963
5.00%, 09/20/37 (Call 03/20/37)(a)		17,026		16,081,886
5.20%, 09/20/47 (Call 03/20/47)(a)		21,220		19,955,226
6.35%, 06/01/40(a)		2,946		3,149,580
Fox Corp.
4.03%, 01/25/24 (Call 12/25/23)(a)(b)		14,581		14,880,207
4.71%, 01/25/29 (Call 10/25/28)(b)		22,733		23,622,370
5.48%, 01/25/39 (Call 07/25/38)(b)		14,000		14,674,748
5.58%, 01/25/49 (Call 07/25/48)(b)		18,090		19,074,331
NBCUniversal Media LLC
2.88%, 01/15/23(a)		13,466		13,384,012
4.45%, 01/15/43		20,224		20,068,441
5.95%, 04/01/41(a)		4,310		5,088,782
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)(a)		3,433		3,461,189
4.50%, 09/15/42 (Call 03/15/42)		14,258		11,957,232
5.50%, 09/01/41 (Call 03/01/41)		10,867		10,339,443
5.88%, 11/15/40 (Call 05/15/40)(a)		11,607		11,500,247
6.55%, 05/01/37		9,280		9,870,699
6.75%, 06/15/39(a)		20,236		21,717,510
7.30%, 07/01/38(a)		20,968		23,706,456
Time Warner Entertainment Co. LP
8.38%, 03/15/23		15,161		17,476,793
8.38%, 07/15/33(a)		13,949		17,630,463
Viacom Inc.
4.25%, 09/01/23 (Call 06/01/23)(a)		15,085		15,433,756
4.38%, 03/15/43		17,156		14,728,236
5.85%, 09/01/43 (Call 03/01/43)(a)		17,136		17,873,192
6.88%, 04/30/36(a)		12,593		14,309,573
Walt Disney Co. (The)
1.85%, 07/30/26(a)		5,308		4,832,557
2.35%, 12/01/22(a)		12,574		12,355,601
2.75%, 08/16/21		1,768		1,765,940
2.95%, 06/15/27(a)		11,411		11,173,736
3.00%, 02/13/26		15,938		15,768,080
3.15%, 09/17/25(a)		16,120		16,198,941
4.13%, 06/01/44(a)		11,123		11,263,329
Warner Media LLC
2.95%, 07/15/26 (Call 04/15/26)		14,449		13,375,640
3.55%, 06/01/24 (Call 03/01/24)		11,821		11,768,289
3.60%, 07/15/25 (Call 04/15/25)		23,560		23,190,732
3.80%, 02/15/27 (Call 11/15/26)		27,131		26,460,672
4.85%, 07/15/45 (Call 01/15/45)(a)		5,164		4,927,736
				1,660,470,188

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)(a)	$	18,444	$	18,141,420
3.25%, 06/15/25 (Call 03/15/25)		4,636		4,692,965
				22,834,385
Mining — 0.5%
Barrick Gold Corp., 5.25%, 04/01/42(a)		7,980		8,292,612
Barrick North America Finance LLC
5.70%, 05/30/41		10,068		11,047,077
5.75%, 05/01/43(a)		10,650		11,789,288
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39(a)		12,194		13,692,685
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22		1,955		1,949,034
4.13%, 02/24/42(a)		10,613		10,737,280
5.00%, 09/30/43(a)		31,244		35,535,392
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		6,862		6,891,202
4.88%, 03/15/42 (Call 09/15/41)(a)		11,029		11,005,105
6.25%, 10/01/39(a)		7,928		9,104,486
Rio Tinto Alcan Inc., 6.13%, 12/15/33		4,994		6,098,283
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 03/15/25)		8,057		8,296,586
5.20%, 11/02/40(a)		18,256		20,860,032
7.13%, 07/15/28(a)		8,971		11,386,910
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)(a)		11,291		11,333,271
				178,019,243
Oil & Gas — 5.6%
Anadarko Finance Co., Series B, 7.50%, 05/01/31		7,823		9,455,784
Anadarko Petroleum Corp.
5.55%, 03/15/26 (Call 12/15/25)(a)		16,234		17,353,014
6.20%, 03/15/40(a)		11,144		12,257,614
6.45%, 09/15/36		22,218		25,001,409
6.60%, 03/15/46 (Call 09/15/45)(a)		10,693		12,673,311
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		10,116		10,018,993
4.25%, 01/15/44 (Call 07/15/43)		13,354		11,399,220
4.75%, 04/15/43 (Call 10/15/42)		18,564		16,868,320
5.10%, 09/01/40 (Call 03/01/40)		18,379		17,347,868
6.00%, 01/15/37		8,243		8,644,796
BP Capital Markets America Inc.
2.75%, 05/10/23		18,913		18,631,287
3.02%, 01/16/27 (Call 10/16/26)		6,821		6,580,208
3.12%, 05/04/26 (Call 02/04/26)		10,472		10,244,765
3.22%, 11/28/23 (Call 09/28/23)		10,246		10,269,238
3.22%, 04/14/24 (Call 02/14/24)		9,746		9,759,745
3.25%, 05/06/22		9,671		9,747,929
3.59%, 04/14/27 (Call 01/14/27)		2,647		2,653,200
3.79%, 02/06/24 (Call 01/06/24)		10,000		10,257,474
3.80%, 09/21/25 (Call 07/21/25)(a)		10,255		10,497,409
4.23%, 11/06/28 (Call 08/06/28)		18,615		19,563,269
BP Capital Markets PLC
2.50%, 11/06/22(a)		8,963		8,800,484
3.06%, 03/17/22(a)		13,947		13,981,770
3.28%, 09/19/27 (Call 06/19/27)(a)		15,644		15,294,978
3.51%, 03/17/25		8,773		8,852,865
3.54%, 11/04/24		12,273		12,487,884
3.72%, 11/28/28 (Call 08/28/28)(a)		7,675		7,802,376

Security	Par (000)		Value
Oil & Gas (continued)
3.81%, 02/10/24	$	15,383	$	15,803,154
3.99%, 09/26/23		13,097		13,567,244
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 12/15/22)		9,540		9,316,035
3.85%, 06/01/27 (Call 03/01/27)(a)		15,768		15,441,530
4.95%, 06/01/47 (Call 12/01/46)		9,487		9,845,100
6.25%, 03/15/38(a)		18,369		21,262,040
Cenovus Energy Inc.
4.25%, 04/15/27 (Call 01/15/27)(a)		7,916		7,544,056
4.45%, 09/15/42 (Call 03/15/42)		6,452		5,333,968
5.25%, 06/15/37 (Call 12/15/36)		1,859		1,737,572
5.40%, 06/15/47 (Call 12/15/46)(a)		18,596		17,504,716
6.75%, 11/15/39		15,121		15,874,083
Chevron Corp.
2.36%, 12/05/22 (Call 09/05/22)		18,561		18,255,564
2.57%, 05/16/23 (Call 03/16/23)(a)		13,135		12,957,202
2.90%, 03/03/24 (Call 01/03/24)(a)		8,805		8,767,564
2.95%, 05/16/26 (Call 02/16/26)(a)		26,959		26,497,958
3.19%, 06/24/23 (Call 03/24/23)(a)		26,116		26,378,346
3.33%, 11/17/25 (Call 08/17/25)		8,408		8,508,439
Concho Resources Inc.
3.75%, 10/01/27 (Call 07/01/27)(a)		17,408		16,855,366
4.30%, 08/15/28 (Call 05/15/28)(a)		7,275		7,328,816
4.88%, 10/01/47 (Call 04/01/47)(a)		7,881		7,919,289
ConocoPhillips, 6.50%, 02/01/39(a)		31,023		40,566,453
ConocoPhillips Co.
4.30%, 11/15/44 (Call 05/15/44)		10,048		10,318,863
4.95%, 03/15/26 (Call 12/15/25)(a)		18,101		19,824,956
ConocoPhillips Holding Co., 6.95%, 04/15/29		21,464		27,251,235
Devon Energy Corp.
3.25%, 05/15/22 (Call 02/15/22)(a)		11,629		11,559,081
4.75%, 05/15/42 (Call 11/15/41)		13,305		12,985,897
5.00%, 06/15/45 (Call 12/15/44)		4,888		4,940,158
5.60%, 07/15/41 (Call 01/15/41)		8,596		9,299,474
5.85%, 12/15/25 (Call 09/15/25)		947		1,044,389
Encana Corp., 6.50%, 08/15/34		12,871		14,711,102
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)(a)		18,984		18,618,888
4.15%, 01/15/26 (Call 10/15/25)		9,761		10,143,128
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)		14,494		13,993,777
3.90%, 10/01/27 (Call 07/01/27)(a)		5,337		4,840,151
4.88%, 11/15/21		5,778		5,928,189
Equinor ASA
2.45%, 01/17/23(a)		11,856		11,677,302
2.65%, 01/15/24		13,971		13,769,841
2.75%, 11/10/21(a)		379		378,971
3.15%, 01/23/22		2,505		2,530,749
3.70%, 03/01/24		15,170		15,641,848
3.95%, 05/15/43		8,121		7,956,970
4.80%, 11/08/43		4,957		5,474,493
5.10%, 08/17/40		7,132		8,095,500
Exxon Mobil Corp.
2.40%, 03/06/22 (Call 01/06/22)(a)		6,450		6,385,045
2.71%, 03/06/25 (Call 12/06/24)(a)		16,689		16,450,252
2.73%, 03/01/23 (Call 01/01/23)		17,801		17,774,080
3.04%, 03/01/26 (Call 12/01/25)(a)		38,109		37,887,659
3.18%, 03/15/24 (Call 12/15/23)(a)		8,132		8,232,282
3.57%, 03/06/45 (Call 09/06/44)(a)		7,147		6,848,157
4.11%, 03/01/46 (Call 09/01/45)(a)		31,124		32,383,305

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)	$	11,421	$	11,046,666
5.60%, 02/15/41		11,972		11,632,399
6.00%, 01/15/40		9,472		9,504,271
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)(a)		2,964		2,888,783
3.85%, 06/01/25 (Call 03/01/25)		11,322		11,184,794
4.40%, 07/15/27 (Call 04/15/27)(a)		13,917		14,026,152
6.60%, 10/01/37		12,813		14,705,123
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		9,762		9,643,378
4.75%, 09/15/44 (Call 03/15/44)		9,702		9,298,759
5.13%, 12/15/26 (Call 09/15/26)(b)		237		250,676
6.50%, 03/01/41 (Call 09/01/40)(a)		14,505		16,899,928
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		5,473		5,569,301
5.05%, 11/15/44 (Call 05/15/44)		12,774		11,968,083
5.25%, 11/15/43 (Call 05/15/43)		9,853		9,418,360
6.00%, 03/01/41 (Call 09/01/40)		10,060		10,439,264
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		11,395		11,238,727
3.00%, 02/15/27 (Call 11/15/26)		5,326		5,178,097
3.13%, 02/15/22 (Call 11/15/21)(a)		2,995		3,014,208
3.40%, 04/15/26 (Call 01/15/26)(a)		12,335		12,360,686
3.50%, 06/15/25 (Call 03/15/25)		6,520		6,595,831
4.10%, 02/15/47 (Call 08/15/46)(a)		12,878		12,594,571
4.20%, 03/15/48 (Call 09/15/47)(a)		11,258		11,248,926
4.40%, 04/15/46 (Call 10/15/45)		12,113		12,395,503
4.63%, 06/15/45 (Call 12/15/44)		14,864		15,608,233
Petro-Canada, 6.80%, 05/15/38(a)		11,460		14,225,802
Phillips 66
3.90%, 03/15/28 (Call 12/15/27)(a)		5,134		5,113,474
4.30%, 04/01/22		13,799		14,288,717
4.65%, 11/15/34 (Call 05/15/34)		20,112		20,791,454
4.88%, 11/15/44 (Call 05/15/44)(a)		21,982		22,896,557
5.88%, 05/01/42(a)		19,272		22,343,375
Shell International Finance BV
1.75%, 09/12/21(a)		3,757		3,660,892
2.25%, 01/06/23		16,355		15,968,409
2.38%, 08/21/22(a)		15,175		14,938,633
2.50%, 09/12/26		20,195		19,090,467
2.88%, 05/10/26(a)		24,185		23,500,412
3.25%, 05/11/25		31,647		31,775,579
3.40%, 08/12/23(a)		5,839		5,951,533
3.50%, 11/13/23 (Call 10/13/23)		11,000		11,241,229
3.75%, 09/12/46(a)		13,223		12,598,328
3.88%, 11/13/28 (Call 08/13/28)(a)		19,260		19,943,682
4.00%, 05/10/46(a)		27,588		27,575,036
4.13%, 05/11/35(a)		9,008		9,285,692
4.38%, 05/11/45		38,719		40,706,922
4.55%, 08/12/43		22,622		24,360,740
5.50%, 03/25/40		8,481		10,139,151
6.38%, 12/15/38(a)		24,673		32,152,938
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)(a)		9,384		9,451,777
4.00%, 11/15/47 (Call 05/15/47)(a)		11,575		10,761,304
6.50%, 06/15/38		14,727		17,860,730
6.85%, 06/01/39(a)		6,361		7,981,460
Total Capital Canada Ltd., 2.75%, 07/15/23		2,047		2,018,918

Security	Par (000)		Value
Oil & Gas (continued)
Total Capital International SA
2.70%, 01/25/23(a)	$	14,952	$	14,779,396
2.75%, 06/19/21(a)		5,203		5,197,718
2.88%, 02/17/22(a)		3,480		3,481,802
3.46%, 02/19/29 (Call 11/19/28)		15,580		15,548,077
3.70%, 01/15/24		8,718		8,946,026
3.75%, 04/10/24(a)		10,025		10,308,839
Total Capital SA, 3.88%, 10/11/28		21,525		22,279,326
Valero Energy Corp.
3.40%, 09/15/26 (Call 06/15/26)		14,131		13,539,280
4.35%, 06/01/28 (Call 03/01/28)(a)		13,915		14,097,998
6.63%, 06/15/37(a)		17,380		20,597,770
7.50%, 04/15/32		5,745		7,144,295
				1,805,909,904
Oil & Gas Services — 0.6%
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40(a)		2,833		2,871,174
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
2.77%, 12/15/22 (Call 11/15/22)		4,638		4,565,677
3.34%, 12/15/27 (Call 09/15/27)(a)		15,802		14,987,400
4.08%, 12/15/47 (Call 06/15/47)(a)		25,049		22,055,775
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)		13,834		13,958,881
3.80%, 11/15/25 (Call 08/15/25)(a)		26,488		26,749,609
4.75%, 08/01/43 (Call 02/01/43)(a)		12,661		12,567,532
4.85%, 11/15/35 (Call 05/15/35)		7,531		7,615,506
5.00%, 11/15/45 (Call 05/15/45)(a)		31,433		32,310,534
6.70%, 09/15/38(a)		10,428		12,687,789
7.45%, 09/15/39(a)		8,185		10,735,132
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)(a)		4,536		4,396,485
3.95%, 12/01/42 (Call 06/01/42)		12,532		10,225,760
Schlumberger Investment SA, 3.65%, 12/01/23 (Call 09/01/23)(a)		7,251		7,446,160
				183,173,414
Packaging & Containers — 0.0%
WRKCo Inc., 4.65%, 03/15/26 (Call 01/15/26)(a)		3,790		3,900,132
Pharmaceuticals — 7.9%
AbbVie Inc.
2.85%, 05/14/23 (Call 03/14/23)(a)		15,985		15,606,068
2.90%, 11/06/22(a)		32,907		32,473,394
3.20%, 11/06/22 (Call 09/06/22)(a)		9,660		9,613,734
3.20%, 05/14/26 (Call 02/14/26)(a)		26,246		24,744,401
3.60%, 05/14/25 (Call 02/14/25)(a)		34,598		34,063,665
3.75%, 11/14/23 (Call 10/14/23)(a)		18,505		18,685,570
4.25%, 11/14/28 (Call 08/14/28)(a)		27,276		26,980,945
4.30%, 05/14/36 (Call 11/14/35)(a)		15,327		13,918,855
4.40%, 11/06/42(a)		27,442		24,347,209
4.45%, 05/14/46 (Call 11/14/45)(a)		24,828		21,904,694
4.50%, 05/14/35 (Call 11/14/34)		29,731		27,765,623
4.70%, 05/14/45 (Call 11/14/44)(a)		28,965		26,526,712
4.88%, 11/14/48 (Call 05/14/48)(a)		21,120		19,857,860
Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22)(a)		26,051		25,695,141
Allergan Funding SCS
3.45%, 03/15/22 (Call 01/15/22)		31,453		31,313,364
3.80%, 03/15/25 (Call 12/15/24)(a)		43,184		42,687,466
3.85%, 06/15/24 (Call 03/15/24)(a)		9,811		9,773,685
4.55%, 03/15/35 (Call 09/15/34)(a)		36,190		33,707,420

2 0 1 9  I S H A R E S  A N N U A L  R E P  O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
4.75%, 03/15/45 (Call 09/15/44)(a)	$	17,260	$	15,974,373
4.85%, 06/15/44 (Call 12/15/43)(a)		7,911		7,313,372
AstraZeneca PLC
2.38%, 06/12/22 (Call 05/12/22)(a)		14,689		14,355,876
3.13%, 06/12/27 (Call 03/12/27)		12,920		12,233,018
3.38%, 11/16/25(a)		29,763		29,255,312
3.50%, 08/17/23 (Call 07/17/23)		10,000		10,051,087
4.00%, 01/17/29 (Call 10/17/28)(a)		13,884		14,006,154
4.00%, 09/18/42		15,595		14,259,170
4.38%, 11/16/45(a)		11,376		11,003,974
4.38%, 08/17/48 (Call 02/17/48)(a)		8,552		8,240,051
6.45%, 09/15/37(a)		30,699		37,265,522
Bristol-Myers Squibb Co.
2.00%, 08/01/22(a)		9,770		9,477,978
3.25%, 02/27/27(a)		11,172		10,864,473
Cardinal Health Inc.
2.62%, 06/15/22 (Call 05/15/22)		10,090		9,799,571
3.08%, 06/15/24 (Call 04/15/24)(a)		10,810		10,359,138
3.41%, 06/15/27 (Call 03/15/27)(a)		15,447		14,442,136
Cigna Corp.
3.75%, 07/15/23 (Call 06/15/23)(a)(b)		35,577		35,999,836
4.13%, 11/15/25 (Call 09/15/25)(b)		27,356		27,789,628
4.38%, 10/15/28 (Call 07/15/28)(a)(b)		41,397		41,953,305
4.80%, 08/15/38 (Call 02/15/38)(a)(b)		31,686		31,546,762
4.90%, 12/15/48 (Call 06/15/48)(a)(b)		32,968		32,586,639
CVS Health Corp.
2.75%, 12/01/22 (Call 09/01/22)		14,242		13,909,129
2.88%, 06/01/26 (Call 03/01/26)(a)		20,577		19,145,606
3.50%, 07/20/22 (Call 05/20/22)(a)		12,835		12,893,689
3.70%, 03/09/23 (Call 02/09/23)(a)		69,383		69,731,441
3.88%, 07/20/25 (Call 04/20/25)(a)		30,652		30,615,368
4.00%, 12/05/23 (Call 09/05/23)		16,059		16,330,680
4.10%, 03/25/25 (Call 01/25/25)(a)		66,571		67,467,538
4.30%, 03/25/28 (Call 12/25/27)(a)		103,273		103,295,049
4.78%, 03/25/38 (Call 09/25/37)		55,236		53,749,550
5.05%, 03/25/48 (Call 09/25/47)(a)		91,878		90,875,795
5.13%, 07/20/45 (Call 01/20/45)(a)		44,860		44,614,306
5.30%, 12/05/43 (Call 06/05/43)(a)		5,980		6,067,585
Eli Lilly & Co.
2.35%, 05/15/22(a)		5,783		5,719,839
2.75%, 06/01/25 (Call 03/01/25)(a)		11,170		10,941,299
3.10%, 05/15/27 (Call 02/15/27)(a)		9,801		9,624,339
3.38%, 03/15/29 (Call 12/15/28)		12,755		12,666,621
3.70%, 03/01/45 (Call 09/01/44)		9,881		9,391,251
3.88%, 03/15/39 (Call 09/15/38)		10,000		9,849,367
3.95%, 05/15/47 (Call 11/15/46)(a)		12,755		12,582,342
3.95%, 03/15/49 (Call 09/15/48)		17,315		16,922,259
4.15%, 03/15/59 (Call 09/15/58)		10,000		9,757,579
Express Scripts Holding Co.
3.00%, 07/15/23 (Call 05/15/23)		11,185		10,962,904
3.40%, 03/01/27 (Call 12/01/26)(a)		21,406		20,374,685
3.50%, 06/15/24 (Call 03/15/24)		13,481		13,351,471
3.90%, 02/15/22(a)		7,442		7,596,947
4.50%, 02/25/26 (Call 11/27/25)(a)		17,032		17,436,285
4.75%, 11/15/21		3,044		3,158,791
4.80%, 07/15/46 (Call 01/15/46)(a)		20,687		20,332,532
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23(a)		6,446		6,385,628
3.38%, 05/15/23(a)		21,147		21,389,118
3.63%, 05/15/25(a)		18,433		18,762,213

Security	Par (000)		Value
Pharmaceuticals (continued)
3.88%, 05/15/28(a)	$	21,899	$	22,459,325
6.38%, 05/15/38(a)		32,408		41,121,179
GlaxoSmithKline Capital PLC, 2.85%, 05/08/22(a)		19,319		19,260,122
Johnson & Johnson
2.25%, 03/03/22 (Call 02/03/22)(a)		4,698		4,637,256
2.45%, 03/01/26 (Call 12/01/25)(a)		28,683		27,392,411
2.63%, 01/15/25 (Call 11/15/24)(a)		9,511		9,348,138
2.90%, 01/15/28 (Call 10/15/27)(a)		16,129		15,657,362
2.95%, 03/03/27 (Call 12/03/26)		7,637		7,447,702
3.38%, 12/05/23(a)		6,783		6,958,540
3.40%, 01/15/38 (Call 07/15/37)(a)		24,883		23,673,627
3.50%, 01/15/48 (Call 07/15/47)(a)		12,252		11,502,506
3.55%, 03/01/36 (Call 09/01/35)		11,406		11,036,383
3.63%, 03/03/37 (Call 09/03/36)		15,850		15,446,678
3.70%, 03/01/46 (Call 09/01/45)(a)		14,157		13,748,879
3.75%, 03/03/47 (Call 09/03/46)(a)		15,477		15,152,639
4.38%, 12/05/33 (Call 06/05/33)		8,119		8,722,314
5.95%, 08/15/37		17,809		22,458,132
McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)(a)		4,250		4,266,762
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)(a)		10,893		11,356,335
Merck & Co. Inc.
2.35%, 02/10/22(a)		2,810		2,780,272
2.40%, 09/15/22 (Call 06/15/22)(a)		7,942		7,830,170
2.75%, 02/10/25 (Call 11/10/24)(a)		35,181		34,456,472
2.80%, 05/18/23		14,917		14,846,159
3.70%, 02/10/45 (Call 08/10/44)(a)		30,407		28,941,027
4.15%, 05/18/43(a)		8,933		9,133,339
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)		13,049		12,306,815
5.20%, 04/15/48 (Call 10/15/47)		2,475		2,105,816
Mylan NV
3.95%, 06/15/26 (Call 03/15/26)(a)		32,740		30,576,269
3.95%, 06/15/26 (Call 03/15/26)(b)		1,937		1,811,037
5.25%, 06/15/46 (Call 12/15/45)(a)		7,957		6,863,469
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)		10,528		10,402,795
2.40%, 09/21/22(a)		20,989		20,658,979
3.00%, 11/20/25 (Call 08/20/25)(a)		11,326		11,260,225
3.10%, 05/17/27 (Call 02/17/27)(a)		9,462		9,328,455
3.40%, 05/06/24(a)		30,111		30,795,137
4.00%, 11/20/45 (Call 05/20/45)(a)		19,956		19,976,688
4.40%, 05/06/44(a)		21,062		22,391,735
Pfizer Inc.
2.20%, 12/15/21(a)		3,007		2,966,589
2.75%, 06/03/26		26,054		25,149,825
3.00%, 06/15/23(a)		14,875		14,973,172
3.00%, 12/15/26(a)		34,056		33,328,094
3.20%, 09/15/23 (Call 08/15/23)		6,468		6,558,433
3.40%, 05/15/24(a)		17,271		17,723,452
3.60%, 09/15/28 (Call 06/15/28)		12,380		12,593,426
4.00%, 12/15/36		14,137		14,263,865
4.10%, 09/15/38 (Call 03/15/38)(a)		1,890		1,925,287
4.13%, 12/15/46		10,426		10,547,822
4.20%, 09/15/48 (Call 03/15/48)(a)		18,669		19,177,497
4.30%, 06/15/43		11,383		11,771,864
4.40%, 05/15/44		5,279		5,548,217
7.20%, 03/15/39(a)		22,576		31,827,597
Sanofi, 3.38%, 06/19/23 (Call 05/19/23)(a)		4,037		4,099,778

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)(a)	$	3,046	$	2,973,373
2.88%, 09/23/23 (Call 07/23/23)(a)		25,798		24,951,057
3.20%, 09/23/26 (Call 06/23/26)		34,344		32,292,966
Takeda Pharmaceutical Co. Ltd.
4.40%, 11/26/23 (Call 10/26/23)(b)		14,600		15,086,088
5.00%, 11/26/28 (Call 08/26/28)(a)(b)		22,885		23,958,036
Wyeth LLC
5.95%, 04/01/37		18,774		23,153,032
6.50%, 02/01/34		10,007		12,969,563
Zoetis Inc.
3.00%, 09/12/27 (Call 06/12/27)		10,028		9,349,453
3.25%, 02/01/23 (Call 11/01/22)(a)		18,707		18,633,734
3.95%, 09/12/47 (Call 03/12/47)		903		815,389
4.50%, 11/13/25 (Call 08/13/25)		9,198		9,632,065
4.70%, 02/01/43 (Call 08/01/42)(a)		11,770		11,992,856
				2,570,718,066
Pipelines — 3.6%
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
4.25%, 12/01/27 (Call 09/01/27)(a)		1,525		1,498,674
5.25%, 01/15/25 (Call 01/15/21)		1,850		1,890,899
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)		9,647		9,842,205
Enable Midstream Partners LP, 4.95%, 05/15/28 (Call 02/15/28)		13,127		13,014,974
Enbridge Inc.
4.00%, 10/01/23 (Call 07/01/23)		1,275		1,297,792
4.25%, 12/01/26 (Call 09/01/26)(a)		10,080		10,272,694
5.50%, 12/01/46 (Call 06/01/46)(a)		9,816		11,162,920
Energy Transfer Operating LP
3.60%, 02/01/23 (Call 11/01/22)		6,750		6,720,313
4.05%, 03/15/25 (Call 12/15/24)(a)		12,510		12,426,640
4.50%, 04/15/24 (Call 03/15/24)		10,000		10,285,687
4.75%, 01/15/26 (Call 10/15/25)(a)		9,671		9,854,058
4.95%, 06/15/28 (Call 03/15/28)(a)		3,837		3,921,225
5.15%, 03/15/45 (Call 09/15/44)(a)		13,275		12,373,310
5.20%, 02/01/22 (Call 11/01/21)		2,422		2,521,610
5.25%, 04/15/29 (Call 01/15/29)(a)		15,029		15,696,441
5.30%, 04/15/47 (Call 10/15/46)		18,206		17,168,232
6.13%, 12/15/45 (Call 06/15/45)(a)		10,419		10,759,005
6.25%, 04/15/49 (Call 10/15/48)		20,955		22,427,105
6.50%, 02/01/42 (Call 08/01/41)(a)		12,923		13,949,487
Series 30Y, 6.00%, 06/15/48 (Call 12/15/47)(a)		11,354		11,746,820
Energy Transfer Partners LP/Regency Energy Finance Corp., 5.88%, 03/01/22 (Call 12/01/21)		8,036		8,514,400
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)(a)		15,215		15,253,337
3.70%, 02/15/26 (Call 11/15/25)(a)		9,133		9,147,582
3.75%, 02/15/25 (Call 11/15/24)(a)		14,021		14,206,090
3.90%, 02/15/24 (Call 11/15/23)(a)		12,139		12,412,880
3.95%, 02/15/27 (Call 11/15/26)		10		10,156
4.15%, 10/16/28 (Call 07/16/28)(a)		11,855		12,165,845
4.25%, 02/15/48 (Call 08/15/47)(a)		15,602		14,638,940
4.45%, 02/15/43 (Call 08/15/42)(a)		12,984		12,564,869
4.80%, 02/01/49 (Call 08/01/48)		12,280		12,502,785
4.85%, 08/15/42 (Call 02/15/42)		11,904		12,039,503
4.85%, 03/15/44 (Call 09/15/43)(a)		16,308		16,675,693
4.90%, 05/15/46 (Call 11/15/45)(a)		8,964		9,216,892
5.10%, 02/15/45 (Call 08/15/44)		16,079		16,943,328
5.95%, 02/01/41		10,201		11,645,372

Security	Par (000)		Value
Pipelines (continued)
EQM Midstream Partners LP
4.75%, 07/15/23 (Call 06/15/23)	$	2,073	$	2,085,312
5.50%, 07/15/28 (Call 04/15/28)		12,675		12,629,127
Kinder Morgan Energy Partners LP
3.95%, 09/01/22 (Call 06/01/22)(a)		8,220		8,360,136
5.50%, 03/01/44 (Call 09/01/43)		10,254		10,588,405
6.95%, 01/15/38		12,632		15,102,914
Kinder Morgan Inc./DE
3.15%, 01/15/23 (Call 12/15/22)(a)		10,645		10,532,041
4.30%, 06/01/25 (Call 03/01/25)(a)		16,991		17,416,093
4.30%, 03/01/28 (Call 12/01/27)(a)		14,065		14,205,715
5.05%, 02/15/46 (Call 08/15/45)		7,946		7,827,704
5.20%, 03/01/48 (Call 09/01/47)(a)		12,167		12,310,912
5.30%, 12/01/34 (Call 06/01/34)		14,741		15,318,847
5.55%, 06/01/45 (Call 12/01/44)(a)		17,350		18,208,214
7.75%, 01/15/32		11,181		14,047,342
MPLX LP
4.00%, 03/15/28 (Call 12/15/27)(a)		14,567		14,089,977
4.13%, 03/01/27 (Call 12/01/26)(a)		14,631		14,341,115
4.50%, 07/15/23 (Call 04/15/23)(a)		13,820		14,306,995
4.50%, 04/15/38 (Call 10/15/37)		18,382		16,909,723
4.70%, 04/15/48 (Call 10/15/47)		17,826		16,276,648
4.80%, 02/15/29 (Call 11/15/28)		9,628		9,861,720
4.88%, 12/01/24 (Call 09/01/24)		17,694		18,480,845
4.88%, 06/01/25 (Call 03/01/25)(a)		14,753		15,363,702
5.20%, 03/01/47 (Call 09/01/46)(a)		9,343		9,131,592
5.50%, 02/15/49 (Call 08/15/48)		19,151		19,620,027
ONEOK Inc., 4.55%, 07/15/28 (Call 04/15/28)(a)		10,353		10,499,831
ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22)		8,912		8,917,441
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		7,451		7,260,576
3.65%, 06/01/22 (Call 03/01/22)		6,917		6,908,166
4.50%, 12/15/26 (Call 09/15/26)(a)		5,034		5,035,981
4.65%, 10/15/25 (Call 07/15/25)(a)		17,035		17,442,234
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		21,040		20,752,335
5.00%, 03/15/27 (Call 09/15/26)		13,437		13,946,895
5.63%, 04/15/23 (Call 01/15/23)(a)		19,687		20,993,390
5.63%, 03/01/25 (Call 12/01/24)(a)		18,479		19,969,241
5.75%, 05/15/24 (Call 02/15/24)(a)		19,536		21,125,287
5.88%, 06/30/26 (Call 12/31/25)(a)		23,667		25,817,372
6.25%, 03/15/22 (Call 12/15/21)(a)		4,362		4,666,497
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		3,893		4,076,363
Sunoco Logistics Partners Operations LP
4.00%, 10/01/27 (Call 07/01/27)(a)		13,288		12,729,382
5.35%, 05/15/45 (Call 11/15/44)		9,279		8,770,244
5.40%, 10/01/47 (Call 04/01/47)(a)		17,354		16,588,999
TransCanada PipeLines Ltd.
2.50%, 08/01/22(a)		11,901		11,672,519
4.25%, 05/15/28 (Call 02/15/28)(a)		16,372		16,691,468
4.63%, 03/01/34 (Call 12/01/33)		15,164		15,426,907
4.88%, 01/15/26 (Call 10/15/25)(a)		12,742		13,468,104
4.88%, 05/15/48 (Call 11/15/47)(a)		12,427		12,505,555
5.10%, 03/15/49 (Call 09/15/48)(a)		12,635		13,052,980
6.10%, 06/01/40(a)		11,319		12,970,624
6.20%, 10/15/37		12,408		14,229,280
7.63%, 01/15/39(a)		13,842		18,196,790
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)(a)		10,450		12,804,162

2 0 1 9  I S H A R E S  A N N U A L  R E P  O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
Williams Companies Inc. (The)
3.35%, 08/15/22 (Call 05/15/22)	$	10,078	$	10,025,198
3.60%, 03/15/22 (Call 01/15/22)		14,204		14,287,792
3.75%, 06/15/27 (Call 03/15/27)		18,735		18,171,341
3.90%, 01/15/25 (Call 10/15/24)(a)		8,525		8,543,988
4.00%, 09/15/25 (Call 06/15/25)		8,995		9,044,718
4.30%, 03/04/24 (Call 12/04/23)(a)		16,244		16,631,065
4.85%, 03/01/48 (Call 09/01/47)(a)		8,290		7,934,135
5.10%, 09/15/45 (Call 03/15/45)		12,611		12,486,553
6.30%, 04/15/40(a)		16,690		18,805,676
				1,166,231,958
Real Estate Investment Trusts — 1.3%
American Tower Corp.
3.38%, 10/15/26 (Call 07/15/26)		12,552		11,996,717
3.50%, 01/31/23(a)		12,858		12,838,764
3.55%, 07/15/27 (Call 04/15/27)		7,023		6,732,665
4.00%, 06/01/25 (Call 03/01/25)		13,499		13,609,435
5.00%, 02/15/24		17,194		18,220,753
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)		13,324		12,328,858
3.20%, 01/15/25 (Call 10/15/24)(a)		8,019		7,782,698
3.65%, 02/01/26 (Call 11/03/25)(a)		6,739		6,640,460
3.85%, 02/01/23 (Call 11/01/22)		11,852		12,030,194
4.50%, 12/01/28 (Call 09/01/28)(a)		8,280		8,599,518
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		12,941		13,028,251
Crown Castle International Corp.
3.15%, 07/15/23 (Call 06/15/23)(a)		9,368		9,177,491
3.20%, 09/01/24 (Call 07/01/24)		8,726		8,467,194
3.65%, 09/01/27 (Call 06/01/27)(a)		20,206		19,407,758
3.70%, 06/15/26 (Call 03/15/26)(a)		11,329		11,038,080
3.80%, 02/15/28 (Call 11/15/27)(a)		18,571		17,976,238
4.45%, 02/15/26 (Call 11/15/25)(a)		12,583		12,834,228
4.88%, 04/15/22		5,811		6,040,218
5.25%, 01/15/23(a)		15,768		16,650,333
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)(a)		12,874		12,409,897
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)(a)		11,073		11,398,999
4.63%, 12/15/21 (Call 09/15/21)(a)		2,037		2,114,896
GLP Capital LP/GLP Financing II Inc.
5.25%, 06/01/25 (Call 03/01/25)		11,382		11,767,215
5.30%, 01/15/29 (Call 10/15/28)		12,023		12,193,011
5.38%, 04/15/26		12,697		13,087,423
HCP Inc.
3.88%, 08/15/24 (Call 05/17/24)(a)		9,703		9,723,717
4.00%, 06/01/25 (Call 03/01/25)(a)		11,288		11,324,972
4.25%, 11/15/23 (Call 08/15/23)(a)		6,303		6,425,782
Realty Income Corp.
3.25%, 10/15/22 (Call 07/15/22)		3,282		3,293,367
4.65%, 08/01/23 (Call 05/01/23)(a)		100		105,142
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)(a)		15,789		15,381,664
3.30%, 01/15/26 (Call 10/15/25)(a)		19,482		19,140,621
3.38%, 10/01/24 (Call 07/01/24)(a)		16,710		16,778,935
3.38%, 06/15/27 (Call 03/15/27)		5,863		5,740,327
3.38%, 12/01/27 (Call 09/01/27)		2,054		2,009,858
Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)		12,501		12,605,528

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Weyerhaeuser Co., 7.38%, 03/15/32	$	19,559	$	24,934,099
				415,835,306
Retail — 3.5%
Costco Wholesale Corp.
2.30%, 05/18/22 (Call 04/18/22)(a)		7,970		7,878,997
2.75%, 05/18/24 (Call 03/18/24)		16,523		16,398,078
3.00%, 05/18/27 (Call 02/18/27)(a)		14,200		13,859,437
Dollar General Corp., 3.25%, 04/15/23 (Call 01/15/23)(a)		18,507		18,268,443
Dollar Tree Inc.
3.70%, 05/15/23 (Call 04/15/23)(a)		7,506		7,439,221
4.00%, 05/15/25 (Call 03/15/25)(a)		6,799		6,673,041
4.20%, 05/15/28 (Call 02/15/28)(a)		23,782		22,569,199
Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)(a)		13,815		12,710,944
2.63%, 06/01/22 (Call 05/01/22)(a)		14,629		14,578,259
2.70%, 04/01/23 (Call 01/01/23)(a)		12,955		12,925,295
2.80%, 09/14/27 (Call 06/14/27)(a)		13,523		13,011,833
3.00%, 04/01/26 (Call 01/01/26)(a)		12,100		11,867,766
3.35%, 09/15/25 (Call 06/15/25)(a)		12,098		12,273,729
3.50%, 09/15/56 (Call 03/15/56)(a)		4,601		4,014,283
3.75%, 02/15/24 (Call 11/15/23)(a)		12,634		13,093,195
3.90%, 12/06/28 (Call 09/06/28)		5,910		6,141,092
3.90%, 06/15/47 (Call 12/15/46)(a)		6,529		6,304,252
4.20%, 04/01/43 (Call 10/01/42)(a)		15,014		15,128,898
4.25%, 04/01/46 (Call 10/01/45)(a)		16,661		16,952,596
4.40%, 03/15/45 (Call 09/15/44)		14,541		15,039,130
4.50%, 12/06/48 (Call 06/06/48)(a)		20,105		21,231,471
4.88%, 02/15/44 (Call 08/15/43)(a)		14,675		16,138,652
5.88%, 12/16/36(a)		31,204		37,872,713
5.95%, 04/01/41 (Call 10/01/40)		13,951		17,292,029
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 01/15/26)(a)		12,554		11,479,799
3.10%, 05/03/27 (Call 02/03/27)(a)		20,526		19,363,551
3.12%, 04/15/22 (Call 01/15/22)(a)		5,914		5,904,371
3.38%, 09/15/25 (Call 06/15/25)		4,432		4,332,525
3.70%, 04/15/46 (Call 10/15/45)(a)		14,678		12,399,826
4.05%, 05/03/47 (Call 11/03/46)(a)		19,582		17,452,179
4.38%, 09/15/45 (Call 03/15/45)(a)		12,131		11,294,017
4.65%, 04/15/42 (Call 10/15/41)		14,276		13,880,115
Macy’s Retail Holdings Inc., 2.88%, 02/15/23 (Call 11/15/22)(a)		13,068		12,170,623
McDonald’s Corp.
2.63%, 01/15/22(a)		11,403		11,315,951
3.35%, 04/01/23 (Call 03/01/23)(a)		10,964		11,049,663
3.50%, 03/01/27 (Call 12/01/26)(a)		11,698		11,551,665
3.70%, 01/30/26 (Call 10/30/25)(a)		20,019		20,166,182
3.80%, 04/01/28 (Call 01/01/28)		15,068		15,035,217
4.45%, 03/01/47 (Call 09/01/46)(a)		10,973		10,690,428
4.45%, 09/01/48 (Call 03/01/48)(a)		8,655		8,417,849
4.70%, 12/09/35 (Call 06/09/35)(a)		11,951		12,282,340
4.88%, 12/09/45 (Call 06/09/45)(a)		23,086		23,756,584
6.30%, 10/15/37(a)		12,982		15,480,113
6.30%, 03/01/38(a)		5,913		7,072,121
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)		2,290		2,218,660
Starbucks Corp.
3.10%, 03/01/23 (Call 02/01/23)(a)		6,728		6,712,450
3.50%, 03/01/28 (Call 12/01/27)(a)		1,298		1,268,051
3.80%, 08/15/25 (Call 06/15/25)(a)		16,956		17,184,569

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
3.85%, 10/01/23 (Call 07/01/23)(a)	$	5,875	$	6,001,556
4.00%, 11/15/28 (Call 08/15/28)(a)		8,160		8,259,147
4.50%, 11/15/48 (Call 05/15/48)(a)		15,505		14,944,744
Target Corp. 2.50%, 04/15/26(a)		11,604		11,041,099
2.90%, 01/15/22(a)		8,957		9,007,842
3.50%, 07/01/24(a)		14,849		15,226,984
3.63%, 04/15/46		14,123		12,696,628
3.90%, 11/15/47 (Call 05/15/47)(a)		10,081		9,486,894
4.00%, 07/01/42(a)		16,356		15,841,368
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)(a)		13,797		12,737,308
Walgreen Co., 3.10%, 09/15/22(a)		10,688		10,655,332
Walgreens Boots Alliance Inc. 3.30%, 11/18/21 (Call 09/18/21)(a)		2,120		2,131,592
3.45%, 06/01/26 (Call 03/01/26)(a)		29,957		28,678,624
3.80%, 11/18/24 (Call 08/18/24)(a)		24,953		25,021,688
4.80%, 11/18/44 (Call 05/18/44)(a)		16,463		15,355,496
Walmart Inc. 2.35%, 12/15/22 (Call 11/15/22)		18,295		18,014,964
2.55%, 04/11/23 (Call 01/11/23)(a)		25,693		25,433,249
2.65%, 12/15/24 (Call 10/15/24)(a)		11,909		11,729,772
3.30%, 04/22/24 (Call 01/22/24)(a)		29,517		30,018,795
3.40%, 06/26/23 (Call 05/26/23)		38,899		39,652,466
3.55%, 06/26/25 (Call 04/26/25)(a)		25,825		26,490,983
3.63%, 12/15/47 (Call 06/15/47)(a)		17,585		16,449,929
3.70%, 06/26/28 (Call 03/26/28)(a)		38,036		38,956,110
3.95%, 06/28/38 (Call 12/28/37)		17,624		17,688,028
4.00%, 04/11/43 (Call 10/11/42)(a)		1,327		1,318,741
4.05%, 06/29/48 (Call 12/29/47)		36,030		36,332,407
4.30%, 04/22/44 (Call 10/22/43)		1,851		1,924,074
5.25%, 09/01/35(a)		25,186		29,324,183
5.63%, 04/01/40(a)		3,311		4,005,946
5.63%, 04/15/41(a)		5,583		6,784,173
5.88%, 04/05/27		1,302		1,529,199
6.20%, 04/15/38(a)		2,614		3,307,768
				1,128,188,491
Semiconductors — 1.7%
Analog Devices Inc. 3.50%, 12/05/26 (Call 09/05/26)(a)		13,622		13,106,966
3.90%, 12/15/25 (Call 09/15/25)		11,750		11,743,494
Applied Materials Inc. 3.30%, 04/01/27 (Call 01/01/27)(a)		18,969		18,727,690
4.35%, 04/01/47 (Call 10/01/46)(a)		9,888		9,918,652
Broadcom Corp./Broadcom Cayman Finance Ltd. 2.65%, 01/15/23 (Call 12/15/22)		9,246		8,805,138
3.00%, 01/15/22 (Call 12/15/21)(a)		7,280		7,148,185
3.13%, 01/15/25 (Call 11/15/24)		20,544		19,033,406
3.50%, 01/15/28 (Call 10/15/27)(a)		17,309		15,422,701
3.63%, 01/15/24 (Call 11/15/23)(a)		28,604		27,790,411
3.88%, 01/15/27 (Call 10/15/26)		57,950		53,644,315
Intel Corp. 2.35%, 05/11/22 (Call 04/11/22)(a)		10,506		10,363,780
2.60%, 05/19/26 (Call 02/19/26)(a)		13,859		13,283,882
2.70%, 12/15/22(a)		19,359		19,268,946
2.88%, 05/11/24 (Call 03/11/24)(a)		12,861		12,727,923
3.10%, 07/29/22(a)		12,122		12,247,025
3.15%, 05/11/27 (Call 02/11/27)(a)		14,856		14,739,692
3.70%, 07/29/25 (Call 04/29/25)(a)		28,233		29,061,972
3.73%, 12/08/47 (Call 06/08/47)(a)		18,153		17,306,407

Security	Par (000)		Value
Semiconductors (continued)
4.00%, 12/15/32(a)	$	18,230	$	19,360,743
4.10%, 05/19/46 (Call 11/19/45)(a)		20,340		20,506,011
4.10%, 05/11/47 (Call 11/11/46)(a)		22,089		22,195,559
4.80%, 10/01/41(a)		2,215		2,454,890
4.90%, 07/29/45 (Call 01/29/45)		1,840		2,081,310
NVIDIA Corp. 2.20%, 09/16/21 (Call 08/16/21)(a)		2,226		2,182,080
3.20%, 09/16/26 (Call 06/16/26)		13,784		13,391,859
QUALCOMM Inc. 2.60%, 01/30/23 (Call 12/30/22)		13,701		13,355,409
2.90%, 05/20/24 (Call 03/20/24)(a)		17,164		16,589,275
3.00%, 05/20/22(a)		18,003		17,918,451
3.25%, 05/20/27 (Call 02/20/27)(a)		20,253		19,129,406
3.45%, 05/20/25 (Call 02/20/25)(a)		24,960		24,546,308
4.30%, 05/20/47 (Call 11/20/46)		16,856		15,118,199
4.65%, 05/20/35 (Call 11/20/34)(a)		18,156		17,724,759
4.80%, 05/20/45 (Call 11/20/44)		21,978		21,133,555
Texas Instruments Inc., 4.15%, 05/15/48 (Call 11/15/47)(a)		22,184		22,606,674
				564,635,073
Software — 3.8%
Fidelity National Information Services Inc. 2.25%, 08/15/21 (Call 07/15/21)		76		73,846
3.00%, 08/15/26 (Call 05/15/26)(a)		15,202		14,171,842
3.50%, 04/15/23 (Call 01/15/23)(a)		2,024		2,011,057
5.00%, 10/15/25 (Call 07/15/25)		11,525		12,131,842
Fiserv Inc. 3.80%, 10/01/23 (Call 09/01/23)		2,286		2,295,652
3.85%, 06/01/25 (Call 03/01/25)(a)		8,601		8,616,314
4.20%, 10/01/28 (Call 07/01/28)		3,220		3,180,042
Microsoft Corp. 2.00%, 08/08/23 (Call 06/08/23)(a)		30,189		29,214,493
2.13%, 11/15/22(a)		5,979		5,881,091
2.38%, 02/12/22 (Call 01/12/22)(a)		1,995		1,976,640
2.38%, 05/01/23 (Call 02/01/23)(a)		13,375		13,206,732
2.40%, 08/08/26 (Call 05/08/26)(a)		42,720		40,542,156
2.65%, 11/03/22 (Call 09/03/22)(a)		9,768		9,751,123
2.70%, 02/12/25 (Call 11/12/24)(a)		33,308		32,799,653
2.88%, 02/06/24 (Call 12/06/23)(a)		33,602		33,592,343
3.13%, 11/03/25 (Call 08/03/25)(a)		20,532		20,652,285
3.30%, 02/06/27 (Call 11/06/26)(a)		37,026		37,241,162
3.45%, 08/08/36 (Call 02/08/36)		19,870		19,284,222
3.50%, 02/12/35 (Call 08/12/34)		11,230		10,981,368
3.50%, 11/15/42(a)		7,034		6,643,543
3.63%, 12/15/23 (Call 09/15/23)(a)		24,919		25,836,777
3.70%, 08/08/46 (Call 02/08/46)(a)		52,657		51,372,869
3.75%, 02/12/45 (Call 08/12/44)(a)		23,875		23,400,243
3.95%, 08/08/56 (Call 02/08/56)(a)		36,000		35,370,277
4.00%, 02/12/55 (Call 08/12/54)		19,594		19,455,063
4.10%, 02/06/37 (Call 08/06/36)		27,813		29,051,502
4.20%, 11/03/35 (Call 05/03/35)(a)		19,661		20,780,466
4.45%, 11/03/45 (Call 05/03/45)(a)		38,118		41,491,710
4.50%, 10/01/40(a)		17,751		19,302,207
4.50%, 02/06/57 (Call 08/06/56)		29,925		32,610,613
4.75%, 11/03/55 (Call 05/03/55)(a)		8,513		9,596,836
5.20%, 06/01/39		4,554		5,386,135
5.30%, 02/08/41		14,849		17,754,177
Series 30Y, 4.25%, 02/06/47 (Call 08/06/46)(a)		31,501		33,273,379

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Oracle Corp. 1.90%, 09/15/21 (Call 08/15/21)(a)	$	1,478	$	1,445,146
2.40%, 09/15/23 (Call 07/15/23)(a)		25,163		24,449,727
2.50%, 05/15/22 (Call 03/15/22)(a)		26,187		25,868,008
2.50%, 10/15/22		25,170		24,834,363
2.63%, 02/15/23 (Call 01/15/23)		19,160		18,893,983
2.65%, 07/15/26 (Call 04/15/26)		40,442		38,408,875
2.95%, 11/15/24 (Call 09/15/24)(a)		29,752		29,421,982
2.95%, 05/15/25 (Call 02/15/25)(a)		27,849		27,357,913
3.25%, 11/15/27 (Call 08/15/27)(a)		47,301		46,552,528
3.40%, 07/08/24 (Call 04/08/24)(a)		31,315		31,673,929
3.63%, 07/15/23(a)		14,208		14,563,379
3.80%, 11/15/37 (Call 05/15/37)(a)		20,334		19,491,237
3.85%, 07/15/36 (Call 01/15/36)(a)		20,745		20,080,268
3.90%, 05/15/35 (Call 11/15/34)(a)		13,184		12,907,564
4.00%, 07/15/46 (Call 01/15/46)		50,065		47,873,069
4.00%, 11/15/47 (Call 05/15/47)(a)		24,871		23,798,926
4.13%, 05/15/45 (Call 11/15/44)(a)		27,361		26,717,518
4.30%, 07/08/34 (Call 01/08/34)(a)		12,209		12,688,483
4.38%, 05/15/55 (Call 11/15/54)		4,039		4,021,457
4.50%, 07/08/44 (Call 01/08/44)(a)		11,350		11,726,329
5.38%, 07/15/40(a)		26,939		30,934,905
6.13%, 07/08/39(a)		6,766		8,374,545
6.50%, 04/15/38(a)		11,977		15,313,277
salesforce.com Inc. 3.25%, 04/11/23 (Call 03/11/23)		9,782		9,891,502
3.70%, 04/11/28 (Call 01/11/28)(a)		17,920		18,361,000
VMware Inc. 2.95%, 08/21/22 (Call 07/21/22)		9,389		9,193,666
3.90%, 08/21/27 (Call 05/21/27)		25,142		23,460,739
				1,247,233,978
Telecommunications — 6.8%
AT&T Inc. 2.63%, 12/01/22 (Call 09/01/22)(a)		10,039		9,803,009
3.00%, 02/15/22(a)		16,911		16,829,565
3.00%, 06/30/22 (Call 04/30/22)		10,370		10,278,409
3.20%, 03/01/22 (Call 02/01/22)		12,036		12,030,309
3.40%, 05/15/25 (Call 02/15/25)(a)		61,977		60,401,638
3.60%, 02/17/23 (Call 12/17/22)(a)		20,955		21,091,040
3.80%, 03/15/22(a)		12,188		12,385,146
3.80%, 03/01/24 (Call 01/01/24)(a)		14,766		14,893,273
3.90%, 03/11/24 (Call 12/11/23)(a)		8,931		9,047,753
3.95%, 01/15/25 (Call 10/15/24)		19,401		19,464,362
4.10%, 02/15/28 (Call 11/15/27)		26,534		26,148,774
4.13%, 02/17/26 (Call 11/17/25)(a)		29,907		29,944,518
4.25%, 03/01/27 (Call 12/01/26)(a)		32,686		32,836,990
4.30%, 02/15/30 (Call 11/15/29)		35,792		35,126,806
4.30%, 12/15/42 (Call 06/15/42)(a)		28,291		24,792,156
4.35%, 03/01/29 (Call 12/01/28)		21,829		21,683,922
4.35%, 06/15/45 (Call 12/15/44)(a)		30,948		26,930,860
4.45%, 04/01/24 (Call 01/01/24)		19,497		20,192,932
4.50%, 05/15/35 (Call 11/15/34)(a)		39,975		37,628,883
4.50%, 03/09/48 (Call 09/09/47)(a)		60,884		54,346,751
4.55%, 03/09/49 (Call 09/09/48)(a)		30,680		27,428,945
4.75%, 05/15/46 (Call 11/15/45)(a)		36,741		34,108,302
4.80%, 06/15/44 (Call 12/15/43)(a)		33,425		31,381,609
4.85%, 03/01/39 (Call 09/01/38)		24,807		23,669,150
4.90%, 08/15/37 (Call 02/14/37)		10,306		9,981,625
5.15%, 03/15/42(a)		15,544		15,261,357
5.15%, 11/15/46 (Call 05/15/46)(a)		28,231		27,537,288

Security	Par (000)		Value
Telecommunications (continued)
5.15%, 02/15/50 (Call 08/14/49)(a)	$	25,146	$	24,290,395
5.25%, 03/01/37 (Call 09/01/36)		29,228		29,430,179
5.35%, 09/01/40(a)		20,032		20,077,443
5.45%, 03/01/47 (Call 09/01/46)(a)		20,474		20,852,077
5.55%, 08/15/41		4,812		4,925,384
5.65%, 02/15/47 (Call 08/15/46)(a)		18,973		19,779,749
5.70%, 03/01/57 (Call 09/01/56)		14,658		14,889,853
6.00%, 08/15/40 (Call 05/15/40)(a)		17,367		18,692,882
6.30%, 01/15/38(a)		252		280,577
6.38%, 03/01/41(a)		4,022		4,547,568
British Telecommunications PLC, 9.63%, 12/15/30		24,414		34,113,411
Cisco Systems Inc. 2.20%, 09/20/23 (Call 07/20/23)(a)		22,128		21,563,926
2.50%, 09/20/26 (Call 06/20/26)(a)		9,597		9,121,301
2.95%, 02/28/26(a)		13,234		13,005,323
3.63%, 03/04/24(a)		20,664		21,399,665
5.50%, 01/15/40(a)		19,635		24,009,236
5.90%, 02/15/39(a)		18,093		23,104,300
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		45,411		60,549,542
Motorola Solutions Inc., 3.75%, 05/15/22		1,732		1,737,014
Orange SA 4.13%, 09/14/21(a)		3,685		3,802,532
5.38%, 01/13/42(a)		7,875		8,527,190
5.50%, 02/06/44 (Call 08/06/43)(a)		7,334		8,034,144
9.00%, 03/01/31(a)		31,775		44,573,376
Rogers Communications Inc. 4.10%, 10/01/23 (Call 07/01/23)(a)		15,343		15,891,848
4.30%, 02/15/48 (Call 08/15/47)(a)		5,559		5,382,907
5.00%, 03/15/44 (Call 09/15/43)(a)		11,219		11,874,523
Telefonica Emisiones SAU 4.10%, 03/08/27(a)		16,015		15,753,030
4.57%, 04/27/23(a)		7,082		7,368,638
4.67%, 03/06/38(a)		14,357		13,225,387
4.90%, 03/06/48(a)		15,956		14,707,106
5.21%, 03/08/47		29,183		27,986,870
5.52%, 03/01/49 (Call 09/01/48)		5,000		4,987,500
7.05%, 06/20/36(a)		20,053		23,534,901
Telefonica Europe BV, 8.25%, 09/15/30(a)		8,971		11,590,209
Verizon Communications Inc. 2.63%, 08/15/26(a)		38,450		35,915,138
3.38%, 02/15/25		29,092		29,091,395
3.50%, 11/01/24 (Call 08/01/24)		21,360		21,566,970
3.85%, 11/01/42 (Call 05/01/42)(a)		8,556		7,694,341
3.88%, 02/08/29 (Call 11/08/28)(a)		3,025		3,023,719
4.02%, 12/03/29(b)		46,170		46,311,280
4.13%, 03/16/27(a)		43,670		44,662,440
4.13%, 08/15/46		15,764		14,556,487
4.27%, 01/15/36(a)		35,266		34,492,112
4.33%, 09/21/28(a)		139,186		143,932,799
4.40%, 11/01/34 (Call 05/01/34)(a)		17,204		17,271,810
4.50%, 08/10/33(a)		34,460		35,217,279
4.52%, 09/15/48(a)		52,703		51,486,820
4.67%, 03/15/55		52,018		50,480,785
4.75%, 11/01/41		8,257		8,371,835
4.81%, 03/15/39(a)		13,119		13,466,076
4.86%, 08/21/46(a)		59,250		60,886,645
5.01%, 04/15/49		43,368		45,559,745
5.01%, 08/21/54(a)		49,496		50,622,811
5.15%, 09/15/23		3,692		4,007,923

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
5.25%, 03/16/37(a)	$	25,154	$	27,362,174
5.50%, 03/16/47(a)		12,623		14,102,373
6.55%, 09/15/43(a)		7,751		9,555,797
Vodafone Group PLC 2.50%, 09/26/22(a)		7,302		7,080,073
2.95%, 02/19/23(a)		20,648		20,183,905
3.75%, 01/16/24(a)		23,804		23,729,622
4.13%, 05/30/25(a)		20,783		20,868,547
4.38%, 05/30/28(a)		34,450		34,074,002
4.38%, 02/19/43(a)		15,473		13,251,577
5.00%, 05/30/38(a)		13,286		12,666,556
5.25%, 05/30/48(a)		34,754		33,187,220
6.15%, 02/27/37(a)		25,786		27,640,975
				2,211,156,589
Transportation — 1.3%
Burlington Northern Santa Fe LLC 3.85%, 09/01/23 (Call 06/01/23)(a)		3,783		3,913,995
3.90%, 08/01/46 (Call 02/01/46)(a)		13,749		13,259,776
4.05%, 06/15/48 (Call 12/15/47)		5,986		5,878,017
4.13%, 06/15/47 (Call 12/15/46)(a)		7,686		7,660,276
4.15%, 04/01/45 (Call 10/01/44)(a)		12,764		12,799,673
4.15%, 12/15/48 (Call 06/15/48)(a)		13,234		13,313,851
4.45%, 03/15/43 (Call 09/15/42)		12,898		13,407,063
4.55%, 09/01/44 (Call 03/01/44)(a)		12,749		13,369,718
4.90%, 04/01/44 (Call 10/01/43)(a)		5,101		5,612,576
5.75%, 05/01/40 (Call 11/01/39)(a)		11,719		14,089,456
Cie. de Chemin de Fer Canadien Pacifique, 6.13%, 09/15/15 (Call 03/15/15)(a)		3,756		4,360,565
CSX Corp. 2.60%, 11/01/26 (Call 08/01/26)(a)		439		405,515
3.25%, 06/01/27 (Call 03/01/27)(a)		18,172		17,486,436
3.80%, 03/01/28 (Call 12/01/27)(a)		4,636		4,616,765
3.80%, 11/01/46 (Call 05/01/46)(a)		3,790		3,392,899
4.10%, 03/15/44 (Call 09/15/43)		12,696		11,937,571
4.25%, 03/15/29 (Call 12/15/28)		5,000		5,145,300
4.30%, 03/01/48 (Call 09/01/47)(a)		10,839		10,467,919
FedEx Corp. 3.25%, 04/01/26 (Call 01/01/26)(a)		10,009		9,718,173
4.00%, 01/15/24(a)		5,988		6,164,782
4.05%, 02/15/48 (Call 08/15/47)		23,545		20,419,552
4.40%, 01/15/47 (Call 07/15/46)(a)		10,646		9,683,103
4.55%, 04/01/46 (Call 10/01/45)		13,578		12,687,560
4.75%, 11/15/45 (Call 05/15/45)(a)		18,660		17,958,259
4.95%, 10/17/48 (Call 04/17/48)(a)		1,763		1,744,884
5.10%, 01/15/44(a)		10,754		10,842,262
Union Pacific Corp. 3.70%, 03/01/29 (Call 12/01/28)(a)		7,175		7,139,208
3.80%, 10/01/51 (Call 04/01/51)(a)		10,120		8,927,607
3.95%, 09/10/28 (Call 06/10/28)(a)		30,569		31,232,390
4.16%, 07/15/22 (Call 04/15/22)(a)		6,939		7,182,306
4.30%, 03/01/49 (Call 09/01/48)(a)		5,025		4,903,415
4.38%, 09/10/38 (Call 03/10/38)		12,648		12,608,045
4.50%, 09/10/48 (Call 03/10/48)		11,784		11,852,695

Security	Par/ Shares (000)		Value
Transportation (continued)
United Parcel Service Inc. 2.45%, 10/01/22	$	5,181	$	5,136,032
2.50%, 04/01/23 (Call 03/01/23)		16,386		16,111,340
3.05%, 11/15/27 (Call 08/15/27)(a)		14,497		14,139,729
3.75%, 11/15/47 (Call 05/15/47)(a)		11,264		10,388,800
6.20%, 01/15/38		21,940		27,248,763
				407,206,276
Water — 0.1%
American Water Capital Corp. 3.75%, 09/01/47 (Call 03/01/47)(a)		21,031		19,396,349
6.59%, 10/15/37(a)		1,912		2,438,005
				21,834,354
Total Corporate Bonds & Notes — 98.8% (Cost: $33,040,812,554)				32,138,442,972
U.S. Government Obligations
U.S. Government Obligations — 0.0%
U.S. Treasury Note/Bond, 3.00%, 02/15/48(a)		10,000		9,830,402
Total U.S. Government Obligations — 0.0% (Cost: $9,932,523)				9,830,402
Short-Term Investments
Money Market Funds — 10.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(f)(g)(h)		3,058,759		3,059,982,217
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(f)(g)		188,176		188,176,431
				3,248,158,648
Total Short-Term Investments — 10.0% (Cost: $3,247,032,129)				3,248,158,648
Total Investments in Securities — 108.8% (Cost: $36,297,777,206)				35,396,432,022
Other Assets, Less Liabilities — (8.8)%				(2,876,458,632	)
Net Assets — 100.0%			$	32,519,973,390

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

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

^(c)  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^(d)  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

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

^(f)  Affiliate of the Fund.

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

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

2 0 1 9  I S H A R E S  A N N U A L  R  E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Par/Shares Held at 02/28/18 (000)	Par/Shares Purchased (000)		Par/Shares Sold (000)		Par/Shares Held at 02/28/19 (000)		Value at 02/28/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	3,425,888	—		(367,129	)(b)	3,058,759	$	3,059,982,217	$	10,038,489	(c)	$	76,445		$	951,048
BlackRock Cash Funds: Treasury, SL Agency Shares	107,658	80,518	(b)	—		188,176		188,176,431		2,796,541			—			—
PNC Bank N.A.
2.15%, 04/29/21(d)	14,331	—		(14,331	)	—		N/A		93,367			(478,239	)		474,968
2.45%, 07/28/22(d)	1,367	—		—		1,367		N/A		33,014			—			43,371
2.55%, 12/09/21(d)	11,815	—		(4,553	)	7,262		N/A		193,894			(98,087	)		244,650
2.63%, 02/17/22(d)	17,722	10,000		(7,575	)	20,147		N/A		533,701			(65,197	)		455,641
2.70%, 11/01/22(d)	21,889	1,000		(15,070	)	7,819		N/A		257,699			(491,212	)		669,663
2.95%, 01/30/23(d)	11,926	—		(9,653	)	2,273		N/A		103,301			(300,507	)		295,856
2.95%, 02/23/25(d)	13,200	—		(5,463	)	7,737		N/A		230,340			(186,807	)		535,782
3.10%, 10/25/27(d)	2,938	25,000		(4,151	)	23,787		N/A		628,688			35,836			113,138
3.25%, 06/01/25(d)	18,440	—		(1,007	)	17,433		N/A		531,423			(36,057	)		781,877
3.50%, 06/08/23(d)	—	13,245		—		13,245		N/A		177,771			—			—
3.80%, 07/25/23(d)	12,012	—		(4,553	)	7,459		N/A		232,665			(122,905	)		339,329
4.05%, 07/26/28(d)	—	17,580		(900	)	16,680		N/A		301,925			2,145			—
PNC Financial Services Group Inc. (The)
3.15%, 05/19/27(d)	3,494	1,080		(1,491	)	3,083		N/A		99,778			(73,497	)		158,115
3.30%, 03/08/22(d)	10,630	—		(4	)	10,626		N/A		279,868			(96	)		237,612
3.90%, 04/29/24(d)	7,596	—		(4,551	)	3,045		N/A		114,709			(67,461	)		114,913
							$	3,248,158,648	$	16,647,173		$	(1,805,639	)	$	5,415,963

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

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

^(d)  As of year end, the entity is no longer an affiliate of the Fund.

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(586,890	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — short	$	0	(a)

^(a)  Derivative not held at quarter-end. The amounts shown in the Statement of Operations serve as an indicator of volume activity during the year.

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

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.

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

Schedule of Investments (continued) February 28, 2019 iShares^® iBoxx $ Investment Grade Corporate Bond ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. 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	$	—	$	32,138,442,972	$	—	$	32,138,442,972
U.S. Government Obligations		—		9,830,402		—		9,830,402
Money Market Funds		3,248,158,648		—		—		3,248,158,648
	$	3,248,158,648	$	32,148,273,374	$	—	$	35,396,432,022

See notes to financial statements.

2 0 1 9  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities

February 28, 2019

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	15,070,194,894		$	32,148,273,374
Affiliated(c)		3,737,368,907			3,248,158,648
Cash		1,333,268			453,386
Receivables:
Investments sold		58,727,901			74,417,514
Securities lending income — Affiliated		1,439,866			742,686
Capital shares sold		22,468,899			8,975,380
Dividends		371,240			369,074
Interest		248,854,962			343,432,761
Total assets		19,140,759,937			35,824,822,823
LIABILITIES
Collateral on securities loaned, at value		3,540,434,454			3,058,681,844
Payables:
Investments purchased		214,391,017			241,138,727
Capital shares redeemed		38,394,496			1,480,204
Investment advisory fees		5,676,000			3,548,658
Total liabilities		3,798,895,967			3,304,849,433
NET ASSETS	$	15,341,863,970		$	32,519,973,390
NET ASSETS CONSIST OF:
Paid-in capital	$	16,660,112,419		$	33,567,996,064
Accumulated loss		(1,318,248,449	)		(1,048,022,674	)
NET ASSETS	$	15,341,863,970		$	32,519,973,390
Shares outstanding		179,000,000			280,600,000
Net asset value	$	85.71		$	115.89
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	3,364,927,722		$	2,943,916,981
(b) Investments, at cost — Unaffiliated	$	15,567,053,774		$	33,050,745,077
(c)  Investments, at cost — Affiliated	$	3,736,186,466		$	3,247,032,129

See notes to financial statements.

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

Statements of Operations

Year Ended February 28, 2019

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	3,318,650		$	2,796,541
Interest — Unaffiliated		824,067,747			1,199,381,118
Interest — Affiliated		—			3,812,143
Securities lending income — Affiliated — net		22,007,060			10,038,489
Other income — Unaffiliated		2,391,220			3,043
Total investment income		851,784,677			1,216,031,334
EXPENSES
Investment advisory fees		72,959,257			46,920,280
Total expenses		72,959,257			46,920,280
Net investment income		778,825,420			1,169,111,054
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(90,216,076	)		(157,853,814	)
Investments —Affiliated		198,538			(213,376	)
In-kind redemptions — Unaffiliated		(83,560,666	)		(450,062,071	)
In-kind redemptions — Affiliated		—			(1,592,263	)
Futures contracts		—			(586,890	)
Foreign currency transactions		(36,287	)		—
Net realized loss		(173,614,491	)		(610,308,414	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		137,161,188			221,608,433
Investments — Affiliated		837,192			5,415,963
Net change in unrealized appreciation (depreciation)		137,998,380			227,024,396
Net realized and unrealized loss		(35,616,111	)		(383,284,018	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	743,209,309		$	785,827,036

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares iBoxx $ High Yield Corporate Bond ETF								iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year Ended 02/28/19				Year Ended 02/28/18				Year Ended   02/28/19				Year Ended   02/28/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	778,825,420			$	917,067,469			$	1,169,111,054			$	1,156,409,466
Net realized gain (loss)			(173,614,491	)			211,898,895				(610,308,414	)			273,864,055
Net change in unrealized appreciation (depreciation)			137,998,380				(572,278,455	)			227,024,396				(753,064,134	)
Net increase in net assets resulting from operations			743,209,309				556,687,909				785,827,036				677,209,387
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Decrease in net assets resulting from distributions to shareholders			(786,516,158	)			(936,329,183	)			(1,173,825,530	)			(1,129,426,920	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			113,715,886				(2,943,402,425	)			245,691,487				1,876,304,924
NET ASSETS(b)
Total increase (decrease) in net assets			70,409,037				(3,323,043,699	)			(142,307,007	)			1,424,087,391
Beginning of year			15,271,454,933				18,594,498,632				32,662,280,397				31,238,193,006
End of year		$	15,341,863,970			$	15,271,454,933			$	32,519,973,390			$	32,662,280,397

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

^(b) Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares iBoxx $ High Yield Corporate Bond ETF
	Year Ended 02/28/19			Year Ended 02/28/18			Year Ended 02/28/17			Year Ended 02/29/16			Year Ended 02/28/15
Net asset value, beginning of year	$	86.13		$	88.08		$	79.10		$	91.71		$	94.64
Net investment income(a)		4.46			4.42			4.64			4.79			4.96
Net realized and unrealized gain (loss)(b)		(0.36	)		(1.92	)		8.89			(12.62	)		(2.89	)
Net increase (decrease) from investment operations		4.10			2.50			13.53			(7.83	)		2.07
Distributions(c)
From net investment income		(4.52	)		(4.45	)		(4.55	)		(4.78	)		(5.00	)
Total distributions		(4.52	)		(4.45	)		(4.55	)		(4.78	)		(5.00	)
Net asset value, end of year	$	85.71		$	86.13		$	88.08		$	79.10		$	91.71
Total Return
Based on net asset value		4.95	%		2.87	%		17.54	%		(8.76	)%		2.22	%
Ratios to Average Net Assets
Total expenses		0.49	%		0.49	%		0.49	%		0.50	%		0.50	%
Net investment income		5.25	%		5.05	%		5.46	%		5.60	%		5.37	%
Supplemental Data
Net assets, end of year (000)	$	15,341,864		$	15,271,455		$	18,594,499		$	15,543,922		$	18,021,179
Portfolio turnover rate(d)		14	%		17	%		13	%		11	%		11	%

^(a) Based on average shares outstanding.

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

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year Ended 02/28/19			Year Ended 02/28/18			Year Ended 02/28/17			Year Ended 02/29/16			Year Ended 02/28/15
Net asset value, beginning of year	$	117.11		$	118.42		$	114.80		$	121.46		$	117.02
Net investment income(a)		4.15			3.86			3.88			4.00			4.06
Net realized and unrealized gain (loss)(b)		(1.20	)		(1.39	)		3.63			(6.70	)		4.42
Net increase (decrease) from investment operations		2.95			2.47			7.51			(2.70	)		8.48
Distributions(c)
From net investment income		(4.17	)		(3.78	)		(3.89	)		(3.96	)		(4.04	)
Total distributions		(4.17	)		(3.78	)		(3.89	)		(3.96	)		(4.04	)
Net asset value, end of year	$	115.89		$	117.11		$	118.42		$	114.80		$	121.46
Total Return
Based on net asset value		2.64	%		2.06	%		6.57	%		(2.19	)%		7.35	%
Ratios to Average Net Assets
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		3.62	%		3.22	%		3.24	%		3.44	%		3.42	%
Supplemental Data
Net assets, end of year (000)	$	32,519,973		$	32,662,280		$	31,238,193		$	25,071,298		$	22,044,157
Portfolio turnover rate(d)		10	%		10	%		11	%		13	%		9	%

^(a) Based on average shares outstanding.

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

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

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

See notes to financial statements.

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

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
iBoxx $ High Yield Corporate Bond	Diversified
iBoxx $ Investment Grade Corporate Bond	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the 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 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.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to the Funds.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.

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

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Notes to Financial Statements (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

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

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board 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 for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. 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

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

Notes to Financial Statements (continued)

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 February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

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

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
iBoxx $ High Yield Corporate Bond
Barclays Bank PLC	$	88,245,173	$	88,245,173		$	—	$	—
Barclays Capital Inc.		530,671,514		530,671,514			—		—
BMO Capital Markets		28,626,541		28,626,541			—		—
BNP Paribas Prime Brokerage International Ltd.		111,037,252		111,037,252			—		—
Citigroup Global Markets Inc.		290,377,798		290,377,798			—		—
Credit Suisse Securities (USA) LLC		94,911,105		94,911,105			—		—
Deutsche Bank Securities Inc.		108,691,504		108,691,504			—		—
Goldman Sachs & Co.		685,739,667		685,739,667			—		—
HSBC Securities (USA) Inc.		32,427,463		32,427,463			—		—
Jefferies LLC		8,858,806		8,858,806			—		—
JPMorgan Securities LLC		625,312,564		625,312,564			—		—
Merrill Lynch, Pierce, Fenner & Smith		73,245,465		73,245,465			—		—
Morgan Stanley & Co. LLC		42,626,256		42,626,256			—		—
MUFG Securities Americas Inc.		8,024		8,024			—		—
Nomura Securities International Inc.		22,987,090		22,987,090			—		—
RBC Capital Markets LLC		391,360,621		391,360,621			—		—
Scotia Capital (USA) Inc.		290,175		290,175			—		—
State Street Bank & Trust Company		6,117,672		6,117,672			—		—
UBS AG		18,368,718		18,368,718			—		—
UBS Securities LLC		4,492,617		4,492,617			—		—
Wells Fargo Securities LLC		200,531,697		200,531,697			—		—
	$	3,364,927,722	$	3,364,927,722		$	—	$	—

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Notes to Financial Statements (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
iBoxx $ Investment Grade Corporate Bond
Barclays Bank PLC	$	160,054,312	$	160,054,312		$	—	$	—
Barclays Capital Inc.		99,231,838		99,231,838			—		—
BMO Capital Markets		38,515,471		38,515,471			—		—
BNP Paribas Prime Brokerage International Ltd.		64,204,147		64,204,147			—		—
BNP Paribas Securities Corp.		199,136		199,136			—		—
Citigroup Global Markets Inc.		159,289,312		159,289,312			—		—
Credit Suisse Securities (USA) LLC		134,786,585		134,786,585			—		—
Deutsche Bank Securities Inc.		65,096,633		65,096,633			—		—
Goldman Sachs & Co.		277,248,578		277,248,578			—		—
HSBC Securities (USA) Inc.		161,259,528		161,259,528			—		—
Jefferies LLC		13,994,657		13,994,657			—		—
JPMorgan Securities LLC		531,613,842		531,613,842			—		—
Merrill Lynch, Pierce, Fenner & Smith		115,282,788		115,282,788			—		—
Morgan Stanley & Co. LLC		166,642,924		166,642,924			—		—
MUFG Securities Americas Inc.		100,526,184		100,526,184			—		—
Nomura Securities International Inc.		18,258,288		18,258,288			—		—
RBC Capital Markets LLC		327,240,975		327,240,975			—		—
Scotia Capital (USA) Inc.		6,922,768		6,922,768			—		—
SG Americas Securities LLC		11,222,825		11,222,825			—		—
State Street Bank & Trust Company		39,574,261		39,574,261			—		—
UBS AG		110,681,244		110,681,244			—		—
UBS Securities LLC		5,910,444		5,910,444			—		—
Wells Fargo Securities LLC		336,160,241		336,160,241			—		—
	$	2,943,916,981	$	2,943,916,981		$	—	$	—

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if 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. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: The iShares iBoxx $ Investment Grade Corporate Bond ETF used futures contracts to mitigate or maintain duration risk in line with its underlying index as securities were purchased and sold. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

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

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

6. 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).

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

Notes to Financial Statements (continued)

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $19 billion		0.5000	%
Over $19 billion, up to and including $33 billion		0.4750
Over $33 billion, up to and including $47 billion		0.4513
Over $47 billion		0.4287

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

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.1500	%
Over $121 billion, up to and including $181 billion		0.1425
Over $181 billion, up to and including $231 billion		0.1354
Over $231 billion, up to and including $281 billion		0.1287
Over $281 billion		0.1222

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

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a given 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 and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

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 year ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
iBoxx $ High Yield Corporate Bond	$	6,098,624
iBoxx $ Investment Grade Corporate Bond		3,409,374

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

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

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Notes to Financial Statements (continued)

For the year ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
iBoxx $ High Yield Corporate Bond	$	826,198	$	46,325,650
iBoxx $ Investment Grade Corporate Bond		68,846,751		883,797,313

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.

7. PURCHASES AND SALES

For the year ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
iBoxx $ High Yield Corporate Bond	$	—	$	—	$	2,116,860,849	$	1,957,913,497
iBoxx $ Investment Grade Corporate Bond		24,831,055		14,987,861		4,600,692,591		3,096,463,411

For the year ended February 28, 2019, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
iBoxx $ High Yield Corporate Bond	$	37,379,309,994	$	37,228,440,554
iBoxx $ Investment Grade Corporate Bond		22,329,631,951		23,585,490,293

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 28, 2019, the following permanent differences attributable to realized gains (losses)from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Loss
iBoxx $ High Yield Corporate Bond	$	(85,475,759	)	$	85,475,759
iBoxx $ Investment Grade Corporate Bond		(458,466,057	)		458,466,057

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 02/28/19		Year Ended 02/28/18
iBoxx $ High Yield Corporate Bond
Ordinary income	$	786,516,158	$	936,329,183
iBoxx $ Investment Grade Corporate Bond
Ordinary income	$	1,173,825,530	$	1,129,426,920

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

Notes to Financial Statements (continued)

As of February 28, 2019, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
iBoxx $ High Yield Corporate Bond	$	58,924,104	$	(880,749,485	)	$	(496,423,068	)	$	(1,318,248,449	)
iBoxx $ Investment Grade Corporate Bond		97,426,256		(240,484,386	)		(904,964,544	)		(1,048,022,674	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
iBoxx $ High Yield Corporate Bond	$	19,304,096,256	$	31,018,183	$	(527,550,638	)	$	(496,532,455	)
iBoxx $ Investment Grade Corporate Bond		36,301,396,566		88,120,314		(993,084,858	)		(904,964,544	)

9. PRINCIPAL RISKS

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

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

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

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

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

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

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.

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Notes to Financial Statements (continued)

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.

When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

10. CAPITAL SHARE TRANSACTIONS

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:

	Year Ended 02/28/19						Year Ended 02/28/18
iShares ETF	Shares			Amount			Shares			Amount
iBoxx $ High Yield Corporate Bond
Shares sold		455,300,000		$	38,560,415,044			234,300,000		$	20,454,486,063
Shares redeemed		(453,600,000	)		(38,446,699,158	)		(268,100,000	)		(23,397,888,488	)
Net increase(decrease)		1,700,000		$	113,715,886			(33,800,000	)	$	(2,943,402,425	)
iBoxx $ Investment Grade Corporate Bond
Shares sold		210,900,000		$	24,164,921,854			213,200,000		$	25,559,315,034
Shares redeemed		(209,200,000	)		(23,919,230,367	)		(198,100,000	)		(23,683,010,110	)
Net increase		1,700,000		$	245,691,487			15,100,000		$	1,876,304,924

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.

11. LEGAL PROCEEDINGS

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

12. REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information and undistributed net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

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

Notes to Financial Statements (continued)

Distributions for the year ended February 28, 2018 were classified as follows:

iShares ETF	Net Investment Income
iBoxx $ High Yield Corporate Bond	$	936,329,183
iBoxx $ Investment Grade Corporate Bond		1,129,426,920

Undistributed net investment income as of February 28, 2018 are as follows:

iShares ETF	Undistributed net investment income
iBoxx $ High Yield Corporate Bond	$	62,019,010
iBoxx $ Investment Grade Corporate Bond		102,140,732

13. 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares iBoxx $ High Yield Corporate Bond ETF and

iShares iBoxx $ Investment Grade Corporate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2019, the related statements of operations for the year ended February 28, 2019, the statements of changes in net assets for each of the two years in the period ended February 28, 2019, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2019 and each of the financial highlights for each of the five years in the period ended February 28, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

San Francisco, California

April 18, 2019

We have served as the auditor of one or more BlackRock investment companies since 2000.

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

	For more information visit www.iShares.com or call 1-800-iShares (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”). ©2019 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.

APRIL 30, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

▶ iShares Interest Rate Hedged Long-Term Corporate Bond ETF  |  IGBH  |  NYSE Arca

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

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

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

Table of Contents

	Page
Fund Summary		5
About Fund Performance		7
Shareholder Expenses		7
Schedule of Investments		8
Financial Statements
Statement of Assets and Liabilities		10
Statement of Operations		11
Statements of Changes in Net Assets		12
Financial Highlights		13
Notes to Financial Statements		14
Supplemental Information		19
General Information		20
Glossary of Terms Used in this Report		21
Additional Financial Information		22

Fund Summary  as of April 30, 2019 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

Investment Objective

The iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares Long-Term Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		0.90	%		1.43	%		3.64	%		1.43	%		14.46	%
Fund Market		0.86			1.28			3.62			1.28			14.37
Index(a)		1.25			1.71			4.34			1.71			17.39
Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index		1.71			2.04			4.43			2.04			17.77
ICE Q70A Custom Index(b)		1.25			1.34			N/A			1.34			N/A

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

The Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index is an unmanaged index that consists of the Bloomberg Barclays U.S. Long Credit Index plus interest rate swaps that intend to hedge the interest rate exposure of the existing Bloomberg Barclays U.S. Long Credit Index.

The ICE Q70A Custom Index is an unmanaged index that consists of the ICE BofAML 10+ Year US Corporate Index plus interest rate swaps that intend to hedge the interest rate exposure of the ICE BofAML 10+ Year US Corporate Index.

^(a)  Reference Index performance through July 31, 2018 reflects the performance of the Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index. Index performance beginning on August 1, 2018 reflects the performance of the ICE Q70A Custom Index, which, effective as of August 1, 2018, replaced the Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index as the reference index of the Fund. The ICE Q70A Custom Index more accurately reflects the investment strategy of the Fund because the underlying fund traces the ICE BofAML 10+ Year US Corporate Index as of August 1, 2018.

^(b)  The inception date of the ICE Q70A Custom Index was December 31, 2017. The average annual and cumulative total returns of this index for the period December 31, 2017 through April 30, 2019 were 1.58% and 2.11% respectively.

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 7 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period (a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,009.00	$	0.50	$	1,000.00	$	1,024.30	$	0.50		0.10	%

^(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). See “Shareholder Expenses” on page 7 for more information.

F U N D  S U M M A R Y 5

Fund Summary  as of April 30, 2019(continued) iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments (a)
Aaa		2.8	%
Aa		7.1
A		35.6
Baa		49.8
Ba		3.5
Not Rated		1.2

ALLOCATION BY MATURITY

Maturity	Percent of Total Investments (a)
5-10 Years		0.4	%
10-15 Years		7.3
15-20 Years		22.7
More than 20 Years		69.6

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

^(a)  Excludes money market funds.

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About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

A B O U T  F U N D  P E R F O R M A N C E  / S H A R E H O L D E R  E X P E N S E S 7

Schedule of Investments  (unaudited) April 30, 2019 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 93.9%
iShares Long-Term Corporate Bond ETF(a)		818,263	$	49,292,163
Total Investment Companies — 93.9% (Cost: $48,384,911)				49,292,163

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(a)(b)		879,364	$	879,364
Total Short-Term Investments — 1.7% (Cost: $879,364)				879,364
Total Investments in Securities — 95.6% (Cost: $49,264,275)				50,171,527
Other Assets, Less Liabilities — 4.4%				2,290,813
Net Assets — 100.0%			$	52,462,340

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18		Shares Purchased			Shares Sold			Shares Held at 04/30/19		Value at 04/30/19		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		9,059,128		—			(9,059,128	)(b)		—	$	—	$	17,253	(c)	$	(1,997	)	$	890
BlackRock Cash Funds: Treasury, SL Agency Shares		770,488		108,876	(b)		—			879,364		879,364		7,429			—			—
iShares Long-Term Corporate Bond ETF		966,877		439,697			(588,311	)		818,263		49,292,163		1,079,199			(842,758	)		4,059,816
											$	50,171,527	$	1,103,881		$	(844,755	)	$	4,060,706

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

^(b) Net of purchases and sales.

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

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate (a)	Frequency
1.17%	Semi-annual	2.58%	Quarterly		N/A		12/08/21	$	(1	)	$	29		$	37		$	(8	)
2.38	Semi-annual	2.58	Quarterly		N/A		01/12/23		(4,708	)		(11,708	)		104,794			(116,502	)
2.46	Semi-annual	2.58	Quarterly		N/A		01/12/25		(1	)		(6	)		40			(46	)
1.44	Semi-annual	2.58	Quarterly		N/A		12/08/26		(3,318	)		227,363			318,447			(91,084	)
3.25	Semi-annual	2.58	Quarterly		N/A		10/18/28		(4,217	)		(269,889	)		(121,062	)		(148,827	)
2.34	Semi-annual	2.58	Quarterly		N/A		12/08/36		(20,725	)		1,013,792			2,161,597			(1,147,805	)
1.77	Semi-annual	2.58	Quarterly		N/A		12/08/46		(13,386	)		2,577,647			3,387,963			(810,316	)
3.33	Semi-annual	2.58	Quarterly		N/A		10/24/48		(2,711	)		(340,534	)		(226,042	)		(114,492	)
											$	3,196,694		$	5,625,774		$	(2,429,080	)

^(a) Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	5,972,878	$	(347,104	)	$	—	$	(2,429,080	)

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	2,429,080

^(a)  Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended April 30, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	408,870
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	(4,686,126	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	51,149,428

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

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, 2019. 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
Investment Companies	$	49,292,163	$	—		$	—	$	49,292,163
Money Market Funds		879,364		—			—		879,364
	$	50,171,527	$	—		$	—	$	50,171,527
Derivative financial instruments(a)
Liabilities
Swaps	$	—	$	(2,429,080	)	$	—	$	(2,429,080	)

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T  S 9

Statement of Assets and Liabilities (unaudited)

April 30, 2019

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	50,171,527
Cash pledged:
Centrally cleared swaps		2,618,000
Receivables:
Securities lending income — Affiliated		1,878
Dividends		2,325
Total assets		52,793,730
LIABILITIES
Bank overdraft		165,163
Payables:
Variation margin on centrally cleared swaps		161,925
Investment advisory fees		4,302
Total liabilities		331,390
NET ASSETS	$	52,462,340
NET ASSETS CONSIST OF:
Paid-in capital	$	54,435,424
Accumulated loss		(1,973,084	)
NET ASSETS	$	52,462,340
Shares outstanding		2,100,000
Net asset value	$	24.98
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — Affiliated	$	49,264,275

See notes to financial statements.

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Statement of Operations (unaudited)

Six Months Ended April 30, 2019

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	1,086,628
Interest — Unaffiliated		25,037
Securities lending income — Affiliated — net		17,253
Total investment income		1,128,918
EXPENSES
Investment advisory fees		83,638
Total expenses		83,638
Less:
Investment advisory fees waived		(59,741	)
Total expenses after fees waived		23,897
Net investment income		1,105,021
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(605,987	)
In-kind redemptions — Affiliated		(238,768	)
Swaps		408,870
Net realized loss		(435,885	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		4,060,706
Swaps		(4,686,126	)
Net change in unrealized appreciation (depreciation)		(625,420	)
Net realized and unrealized loss		(1,061,305	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,716

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 11

Statement of Changes in Net Assets

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,105,021		$	1,297,595
Net realized gain (loss)		(435,885	)		1,440,479
Net change in unrealized appreciation (depreciation)		(625,420	)		(2,484,789	)
Net increase in net assets resulting from operations		43,716			253,285
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain		(1,936,434	)		(1,132,375	)
Decrease in net assets resulting from distributions to shareholders		(1,936,434	)		(1,132,375	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,598,470	)		43,246,927
NET ASSETS
Total increase (decrease) in net assets		(5,491,188	)		42,367,837
Beginning of period		57,953,528			15,585,691
End of period	$	52,462,340		$	57,953,528

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 07/22/15 (a) to 10/31/15
Net asset value, beginning of period	$	25.76		$	25.98		$	24.07		$	24.08		$	25.10
Net investment income(b)		0.57			1.01			0.91			0.89			0.26
Net realized and unrealized gain (loss)(c)		(0.37	)		(0.32	)		1.78			(0.28	)		(1.09	)
Net increase (decrease) from investment operations		0.20			0.69			2.69			0.61			(0.83	)
Distributions(d)
From net investment income		(0.53	)		(0.91	)		(0.76	)		(0.60	)		(0.13	)
From net realized gain		(0.45	)		—			—			—			—
Return of capital		—			—			(0.02	)		(0.02	)		(0.06	)
Total distributions		(0.98	)		(0.91	)		(0.78	)		(0.62	)		(0.19	)
Net asset value, end of period	$	24.98		$	25.76		$	25.98		$	24.07		$	24.08
Total Return
Based on net asset value		0.90	%(e)		2.66	%		11.36	%		2.49	%(f)		(3.19	)%(e)(f)
Ratios to Average Net Assets
Total expenses(g)		0.35	%(h)		0.35	%		0.35	%		0.35	%		0.35	%(h)
Total expenses after fees waived(g)		0.10	%(h)		0.10	%		0.10	%		0.10	%		0.12	%(h)
Net investment income		4.62	%(h)		3.86	%		3.62	%		3.78	%		3.80	%(h)
Supplemental Data
Net assets, end of period (000)	$	52,462		$	57,954		$	15,586		$	8,423		$	8,429
Portfolio turnover rate(i)(j)		4	%(e)		5	%		6	%		9	%		4	%(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)  The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total returns for the year ended October 31, 2016 and the period ended October 31, 2015 were 2.62% and -3.31%, respectively.

^(g)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(h)  Annualized.

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

^(j)  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T S 13

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares U.S. ETF 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 fund (the “Fund”):

iShares ETF	Diversification Classification
Interest Rate Hedged Long-Term Corporate Bond	Diversified

Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedule of investments for the underlying fund should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily.

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

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

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Notes to Financial Statements  (unaudited) (continued)

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

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

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

As of April 30, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2019 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

Swaps: Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Interest rate swaps are used by the Fund to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). The Fund enters into centrally cleared swaps.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the schedule of investments and cash deposited is shown as cash pledged for centrally cleared swaps on the statement of assets and liabilities. The daily change in valuation of centrally cleared swaps is recorded as variation margin receivable or payable on centrally cleared swaps in the statement of assets and liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the statement of operations. Upfront payments and receipts are shown as swap premiums paid and swap premiums received in the statement of assets and liabilities and represent compensating factors between the stated terms of the swap agreement and prevailing market conditions (interest rate spreads and other relevant factors), at the time the swap was entered into by the Fund. These upfront payments and receipts are amortized over the term of the contract as a realized gain (loss) in the statement of the operations.

N O T E S    TO    F I N A N C I A L     S T A T E M E N T S 15

Notes to Financial Statements  (unaudited) (continued)

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses are a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares Long-Term Corporate Bond ETF (“IGLB”), after taking into account any fee waivers by IGLB, plus 0.10%.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a given calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended April 30, 2019, the Fund paid BTC $3,544 for securities lending agent services.

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

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

7. PURCHASES AND SALES

For the six months ended April 30, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Interest Rate Hedged Long-Term Corporate Bond	$	1,863,350	$	6,238,364

For the six months ended April 30, 2019, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged Long-Term Corporate Bond	$	23,432,486	$	26,953,442

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Notes to Financial Statements  (unaudited) (continued)

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of April 30, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Interest Rate Hedged Long-Term Corporate Bond	$	49,355,903	$	907,252	$	(2,520,708	)	$	(1,613,456	)

9. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 17

Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 04/30/19						Year Ended 10/31/18
iShares ETF	Shares			Amount			Shares		Amount
Interest Rate Hedged Long-Term Corporate Bond
Shares sold		1,000,000		$	24,912,944			1,650,000	$	43,246,927
Shares redeemed		(1,150,000	)		(28,511,414	)		—		—
Net increase (decrease)		(150,000	)	$	(3,598,470	)		1,650,000	$	43,246,927

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.

11. LEGAL PROCEEDINGS

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

12. SUBSEQUENT EVENTS

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

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Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged Long-Term Corporate Bond(a)	$	0.529580	$	0.448960	$	0.000145	$	0.978685		54	%		46	%		0	%(b)		100	%

^(a)  The Fund estimates that it has distributed more than the amount of earned income and net realized 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 P P L E M E N T A L    I N F O R M A T I O  N 19

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 www.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 www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations — Fixed Income
LIBOR	London Interbank Offered Rate

G L O S S A R Y    O F    T E R M S     U S E D    I N    T H I S    R E P O R T 21

Additional Financial Information

Schedule of Investments (Unaudited)

April 30, 2019

Statement of Assets and Liabilities (Unaudited)

April 30, 2019

Audited Financial Statements

February 28, 2019

iShares Trust

iShares Long-Term Corporate Bond ETF  |   IGLB  |  NYSE Arca

Schedule of Investments  (unaudited) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.0%
WPP Finance 2010, 5.63%, 11/15/43	$	320	$	324,827
Aerospace & Defense — 1.9%
BAE Systems Holdings Inc., 4.75%, 10/07/44(a)		375		394,750
Boeing Co. (The)
3.38%, 06/15/46 (Call 12/15/45)		135		123,158
3.50%, 03/01/39 (Call 09/01/38)		865		823,684
3.55%, 03/01/38 (Call 09/01/37)		255		242,293
3.60%, 05/01/34		350		348,915
3.65%, 03/01/47 (Call 09/01/46)		150		142,878
3.85%, 11/01/48 (Call 05/01/48)		75		73,052
5.88%, 02/15/40		150		186,465
6.63%, 02/15/38		66		87,769
6.88%, 03/15/39		267		369,464
General Dynamics Corp., 3.60%, 11/15/42 (Call 05/15/42)(b)		200		196,573
Harris Corp.
4.85%, 04/27/35 (Call 10/27/34)		175		186,453
5.05%, 04/27/45 (Call 10/27/44)(b)		250		276,867
6.15%, 12/15/40		100		122,462
Lockheed Martin Corp.
3.60%, 03/01/35 (Call 09/01/34)		490		485,013
3.80%, 03/01/45 (Call 09/01/44)		850		830,104
4.07%, 12/15/42		365		370,552
4.09%, 09/15/52 (Call 03/15/52)		730		739,403
4.50%, 05/15/36 (Call 11/15/35)		475		515,792
4.70%, 05/15/46 (Call 11/15/45)		908		1,014,366
Series B, 6.15%, 09/01/36(b)		150		189,167
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		220		210,517
4.03%, 10/15/47 (Call 04/15/47)		1,295		1,270,208
4.75%, 06/01/43		425		460,893
5.05%, 11/15/40(b)		200		222,366
Northrop Grumman Systems Corp., 7.75%, 02/15/31		250		342,326
Raytheon Co.
4.20%, 12/15/44 (Call 06/15/44)		100		107,168
4.70%, 12/15/41(b)		150		170,940
4.88%, 10/15/40		212		245,006
Rockwell Collins Inc.
4.35%, 04/15/47 (Call 10/15/46)(b)		710		706,154
4.80%, 12/15/43 (Call 06/15/43)		260		272,823
United Technologies Corp.
3.75%, 11/01/46 (Call 05/01/46)		720		664,785
4.05%, 05/04/47 (Call 11/04/46)		310		299,809
4.15%, 05/15/45 (Call 11/16/44)		425		417,555
4.45%, 11/16/38 (Call 05/16/38)		409		426,576
4.50%, 06/01/42		1,065		1,104,966
4.63%, 11/16/48 (Call 05/16/48)		1,090		1,155,611
5.40%, 05/01/35		121		136,252
5.70%, 04/15/40		645		754,900
6.05%, 06/01/36(b)		150		180,991
6.13%, 07/15/38		765		939,442
7.50%, 09/15/29		330		434,261
				18,242,729
Agriculture — 1.4%
Altria Group Inc.
3.88%, 09/16/46 (Call 03/16/46)(b)		630		526,711
4.25%, 08/09/42		650		575,296

Security	Par (000)		Value
Agriculture (continued)
4.50%, 05/02/43(b)	$	320	$	291,891
5.38%, 01/31/44(b)		810		824,377
5.80%, 02/14/39 (Call 08/14/38)		375		401,084
5.95%, 02/14/49 (Call 08/14/48)(b)		910		983,712
6.20%, 02/14/59 (Call 08/14/58)		730		793,290
Archer-Daniels-Midland Co.
4.02%, 04/16/43		409		411,132
4.50%, 03/15/49 (Call 09/15/48)		275		299,535
4.54%, 03/26/42(b)		563		606,817
BAT Capital Corp.
4.39%, 08/15/37 (Call 02/15/37)		1,310		1,190,150
4.54%, 08/15/47 (Call 02/15/47)(b)		1,125		1,004,415
Philip Morris International Inc.
3.88%, 08/21/42		359		334,682
4.13%, 03/04/43		770		730,208
4.25%, 11/10/44(b)		380		373,020
4.38%, 11/15/41		272		269,514
4.50%, 03/20/42(b)		230		233,438
4.88%, 11/15/43		660		703,511
6.38%, 05/16/38		665		834,884
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		435		459,594
5.85%, 08/15/45 (Call 02/15/45)		1,036		1,071,699
6.15%, 09/15/43		150		158,231
7.25%, 06/15/37		103		123,411
				13,200,602
Apparel — 0.1%
NIKE Inc.
3.38%, 11/01/46 (Call 05/01/46)		200		186,490
3.63%, 05/01/43 (Call 11/01/42)		300		292,929
3.88%, 11/01/45 (Call 05/01/45)		530		538,414
VF Corp., 6.45%, 11/01/37(b)		125		155,711
				1,173,544
Auto Manufacturers — 0.9%
Daimler Finance North America LLC, 8.50%, 01/18/31		886		1,277,691
Ford Holdings LLC, 9.30%, 03/01/30		111		137,269
Ford Motor Co.
4.75%, 01/15/43		853		724,832
5.29%, 12/08/46 (Call 06/08/46)		720		656,163
7.40%, 11/01/46		319		350,123
7.45%, 07/16/31		790		916,906
General Motors Co.
5.00%, 04/01/35		340		324,122
5.15%, 04/01/38 (Call 10/01/37)		685		658,858
5.20%, 04/01/45		485		454,717
5.40%, 04/01/48 (Call 10/01/47)		600		581,411
5.95%, 04/01/49 (Call 10/01/48)(b)		280		289,656
6.25%, 10/02/43		747		787,240
6.60%, 04/01/36 (Call 10/01/35)		425		465,310
6.75%, 04/01/46 (Call 10/01/45)		460		509,254
				8,133,552
Auto Parts & Equipment — 0.1%
Aptiv PLC
4.40%, 10/01/46 (Call 04/01/46)(b)		100		89,303
5.40%, 03/15/49 (Call 09/15/48)		135		139,500
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)		215		202,971
Lear Corp., 5.25%, 05/15/49		230		224,206
				655,980

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks — 7.8%
Bank of America Corp.
3.95%, 01/23/49 (Call 01/23/48)(b)(c)	$	1,010	$	993,375
4.08%, 04/23/40 (Call 04/23/39)(c)		250		250,344
4.24%, 04/24/38 (Call 04/24/37)(c)		861		888,599
4.33%, 03/15/50 (Call 03/15/49)(c)		264		273,026
4.44%, 01/20/48 (Call 01/20/47)(b)(c)		1,139		1,203,298
4.88%, 04/01/44		450		503,300
5.00%, 01/21/44		717		813,432
5.88%, 02/07/42		558		698,831
6.11%, 01/29/37(b)		920		1,107,415
7.75%, 05/14/38		960		1,343,905
Series L, 4.75%, 04/21/45		518		549,063
Bank of America N.A., 6.00%, 10/15/36		560		700,165
Bank of New York Mellon Corp. (The), 3.30%, 08/23/29 (Call 05/23/29)		550		542,189
Barclays PLC
4.95%, 01/10/47		975		993,398
5.25%, 08/17/45		300		313,906
BNP Paribas SA, 7.20%, (Call 06/25/37)(a)(c)(d)		200		212,000
Citigroup Inc.
3.88%, 01/24/39 (Call 01/24/38)(c)		592		583,388
4.28%, 04/24/48 (Call 04/24/47)(b)(c)		583		603,431
4.65%, 07/30/45		615		658,817
4.65%, 07/23/48 (Call 06/23/48)		995		1,073,546
4.75%, 05/18/46		585		614,979
5.30%, 05/06/44		515		577,018
5.88%, 02/22/33(b)		175		200,764
5.88%, 01/30/42		620		770,157
6.00%, 10/31/33		440		515,543
6.13%, 08/25/36		482		567,015
6.63%, 06/15/32		661		819,610
6.68%, 09/13/43		490		633,107
8.13%, 07/15/39(b)		760		1,150,766
Commonwealth Bank of Australia
3.90%, 07/12/47(a)		100		99,815
4.32%, 01/10/48(a)		550		526,750
Cooperatieve Rabobank UA
5.25%, 05/24/41		843		1,026,240
5.25%, 08/04/45		736		830,947
5.75%, 12/01/43		475		571,297
Credit Suisse Group Funding Guernsey Ltd., 4.88%, 05/15/45(b)		1,026		1,118,490
Fifth Third Bancorp., 8.25%, 03/01/38		540		761,187
First Republic Bank/CA, 4.38%, 08/01/46 (Call 02/01/46)		250		240,787
Goldman Sachs Group Inc. (The)
4.02%, 10/31/38 (Call 10/31/37)(c)		825		800,528
4.41%, 04/23/39 (Call 04/23/38)(c)		1,060		1,072,605
4.75%, 10/21/45 (Call 04/21/45)(b)		884		942,702
4.80%, 07/08/44 (Call 01/08/44)		915		974,934
5.15%, 05/22/45		1,145		1,224,813
6.13%, 02/15/33		50		61,689
6.25%, 02/01/41		955		1,197,920
6.45%, 05/01/36		25		30,052
6.75%, 10/01/37		3,000		3,702,392
HSBC Bank USA N.A., 7.00%, 01/15/39(b)		265		360,838
HSBC Bank USA N.A./New York NY, 5.63%, 08/15/35		485		566,284
HSBC Holdings PLC
5.25%, 03/14/44(b)		525		586,785
6.10%, 01/14/42		283		369,968
6.50%, 05/02/36		1,125		1,404,564

Security	Par (000)		Value
Banks (continued)
6.50%, 09/15/37	$	1,220	$	1,535,710
6.80%, 06/01/38(b)		1,370		1,785,319
7.63%, 05/17/32		359		476,915
JPMorgan Chase & Co. 3.88%, 07/24/38 (Call 07/24/37)(b)(c)		1,710		1,688,354
3.90%, 01/23/49 (Call 01/23/48)(c)		975		945,845
3.96%, 11/15/48 (Call 11/15/47)(c)		620		604,681
4.03%, 07/24/48 (Call 07/24/47)(c)		835		828,006
4.26%, 02/22/48 (Call 02/22/47)(b)(c)		850		871,899
4.85%, 02/01/44		470		521,964
4.95%, 06/01/45		755		839,773
5.40%, 01/06/42		580		690,513
5.50%, 10/15/40		680		814,510
5.60%, 07/15/41		755		919,434
5.63%, 08/16/43		645		772,043
6.40%, 05/15/38		1,105		1,448,098
Lloyds Banking Group PLC 4.34%, 01/09/48		755		703,755
5.30%, 12/01/45(b)		300		323,599
Mitsubishi UFJ Financial Group Inc. 4.15%, 03/07/39		555		579,871
4.29%, 07/26/38(b)		490		515,833
Morgan Stanley 3.97%, 07/22/38 (Call 07/22/37)(c)		331		325,006
4.30%, 01/27/45(b)		1,095		1,123,315
4.38%, 01/22/47		1,405		1,459,226
4.46%, 04/22/39 (Call 04/22/38)(c)		935		973,626
6.38%, 07/24/42		1,050		1,373,934
7.25%, 04/01/32		473		634,389
Regions Bank/Birmingham AL, 6.45%, 06/26/37(b)		250		305,367
Regions Financial Corp., 7.38%, 12/10/37		235		311,962
Santander UK Group Holdings PLC, 5.63%, 09/15/45(a)(b)		245		259,042
Standard Chartered PLC 5.30%, 01/09/43(a)		200		207,072
5.70%, 03/26/44(a)		850		932,662
UBS AG/London, 4.50%, 06/26/48(a)		200		222,607
Wachovia Corp. 5.50%, 08/01/35		627		711,559
6.55%, 10/15/35		175		211,028
7.50%, 04/15/35		125		162,738
Wells Fargo & Co. 3.90%, 05/01/45		1,150		1,136,996
4.40%, 06/14/46		1,095		1,099,603
4.65%, 11/04/44		1,005		1,041,556
4.75%, 12/07/46		1,110		1,167,253
4.90%, 11/17/45		865		927,717
5.38%, 02/07/35		310		362,570
5.38%, 11/02/43		1,080		1,220,816
5.61%, 01/15/44		1,135		1,327,787
Wells Fargo Bank N.A., 6.60%, 01/15/38		400		526,166
Wells Fargo Capital X, 5.95%, 12/01/86		200		225,260
				73,741,353
Beverages — 2.9%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)(a)		2,640		2,682,359
4.90%, 02/01/46 (Call 08/01/45)(a)		3,655		3,708,808
Anheuser-Busch InBev Finance Inc. 4.00%, 01/17/43		265		241,519
4.63%, 02/01/44		1,082		1,055,426

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
4.70%, 02/01/36 (Call 08/01/35)(b)	$	60	$	60,963
4.90%, 02/01/46 (Call 08/01/45)		609		618,689
Anheuser-Busch InBev Worldwide Inc. 3.75%, 07/15/42		435		379,082
4.38%, 04/15/38 (Call 10/15/37)		340		331,283
4.44%, 10/06/48 (Call 04/06/48)		975		927,927
4.60%, 04/15/48 (Call 10/15/47)		1,098		1,071,658
4.75%, 04/15/58 (Call 10/15/57)(b)		620		607,432
4.90%, 01/23/31 (Call 10/23/30)(b)		370		401,244
4.95%, 01/15/42		500		509,796
5.45%, 01/23/39 (Call 07/23/38)(b)		520		566,920
5.55%, 01/23/49 (Call 07/23/48)		1,745		1,938,133
5.80%, 01/23/59 (Call 07/23/58)		1,210		1,376,334
8.00%, 11/15/39		185		255,597
8.20%, 01/15/39(b)		462		645,778
Bacardi Ltd. 5.15%, 05/15/38 (Call 11/15/37)(a)		300		290,710
5.30%, 05/15/48 (Call 11/15/47)(a)		300		291,192
Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45)		213		232,882
Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43		306		345,811
Constellation Brands Inc. 4.10%, 02/15/48 (Call 08/15/47)(b)		375		343,829
4.50%, 05/09/47 (Call 11/09/46)		170		165,465
5.25%, 11/15/48 (Call 05/15/48)(b)		238		259,296
Diageo Capital PLC 3.88%, 04/29/43 (Call 10/29/42)		150		151,268
5.88%, 09/30/36		365		454,846
Diageo Investment Corp. 4.25%, 05/11/42		340		359,117
7.45%, 04/15/35		11		15,279
Fomento Economico Mexicano SAB de CV, 4.38%, 05/10/43		200		200,181
Keurig Dr Pepper Inc. 4.42%, 12/15/46 (Call 06/15/46)		115		104,628
4.50%, 11/15/45 (Call 05/15/45)		350		326,499
4.99%, 05/25/38 (Call 11/25/37)(a)(b)		620		641,067
5.09%, 05/25/48 (Call 11/25/47)(a)(b)		175		179,920
Molson Coors Brewing Co. 4.20%, 07/15/46 (Call 01/15/46)(b)		815		730,829
5.00%, 05/01/42		750		750,326
PepsiCo Inc. 3.45%, 10/06/46 (Call 04/06/46)		790		757,284
3.60%, 08/13/42		250		243,780
4.00%, 03/05/42		397		411,677
4.00%, 05/02/47 (Call 11/02/46)(b)		470		488,884
4.25%, 10/22/44 (Call 04/22/44)		300		323,062
4.45%, 04/14/46 (Call 10/14/45)		1,004		1,112,770
4.60%, 07/17/45 (Call 01/17/45)(b)		250		281,325
Pernod Ricard SA, 5.50%, 01/15/42(a)		250		285,234
				27,126,109
Biotechnology —1.6%
Amgen Inc. 4.40%, 05/01/45 (Call 11/01/44)(b)		1,270		1,247,119
4.56%, 06/15/48 (Call 12/15/47)		815		817,460
4.66%, 06/15/51 (Call 12/15/50)		2,140		2,161,725
4.95%, 10/01/41		270		283,838
5.15%, 11/15/41 (Call 05/15/41)(b)		535		574,554
5.65%, 06/15/42 (Call 12/15/41)		40		45,165
5.75%, 03/15/40(b)		280		322,380
6.38%, 06/01/37		265		326,765

Security	Par (000)		Value
Biotechnology (continued)
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)(b)	$	135	$	152,485
Biogen Inc., 5.20%, 09/15/45 (Call 03/15/45)(b)		790		841,377
Celgene Corp. 4.35%, 11/15/47 (Call 05/15/47)		585		570,224
4.55%, 02/20/48 (Call 08/20/47)(b)		775		782,484
4.63%, 05/15/44 (Call 11/15/43)		360		363,318
5.00%, 08/15/45 (Call 02/15/45)		949		1,020,618
5.25%, 08/15/43		370		400,234
Gilead Sciences Inc. 4.00%, 09/01/36 (Call 03/01/36)		135		131,824
4.15%, 03/01/47 (Call 09/01/46)(b)		845		808,378
4.50%, 02/01/45 (Call 08/01/44)		1,085		1,085,696
4.60%, 09/01/35 (Call 03/01/35)		515		546,686
4.75%, 03/01/46 (Call 09/01/45)		1,328		1,387,879
4.80%, 04/01/44 (Call 10/01/43)		755		787,948
5.65%, 12/01/41 (Call 06/01/41)		415		478,428
				15,136,585
Building Materials — 0.4%
CRH America Finance Inc. 4.40%, 05/09/47 (Call 11/09/46)		100		91,260
4.50%, 04/04/48 (Call 10/04/47)(a)(b)		400		378,430
Johnson Controls International PLC 4.50%, 02/15/47 (Call 08/15/46)		285		274,375
4.63%, 07/02/44 (Call 01/02/44)		210		203,698
4.95%, 07/02/64 (Call 01/02/64)(e)		300		272,749
5.13%, 09/14/45 (Call 03/14/45)(b)		310		321,914
6.00%, 01/15/36(b)		140		158,700
Lafarge SA, 7.13%, 07/15/36		165		191,488
Martin Marietta Materials Inc., 4.25%, 12/15/47 (Call 06/15/47)		425		376,010
Masco Corp., 4.50%, 05/15/47 (Call 11/15/46)		100		91,317
Owens Corning 4.30%, 07/15/47 (Call 01/15/47)		475		389,250
7.00%, 12/01/36		248		282,025
Vulcan Materials Co. 4.50%, 06/15/47 (Call 12/15/46)		250		226,432
4.70%, 03/01/48 (Call 09/01/47)		310		289,023
				3,546,671
Chemicals — 1.7%
Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44)		120		122,658
Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)(a)(b)		200		232,500
Dow Chemical Co. (The) 4.25%, 10/01/34 (Call 04/01/34)		985		985,297
4.38%, 11/15/42 (Call 05/15/42)		726		702,741
4.63%, 10/01/44 (Call 04/01/44)(b)		235		235,268
5.25%, 11/15/41 (Call 05/15/41)		425		453,342
5.55%, 11/30/48 (Call 05/30/48)(a)		175		199,446
7.38%, 11/01/29		480		611,636
9.40%, 05/15/39		287		440,731
DowDuPont Inc. 5.32%, 11/15/38 (Call 05/15/38)		1,080		1,221,985
5.42%, 11/15/48 (Call 05/15/48)		1,030		1,189,175
Eastman Chemical Co. 4.65%, 10/15/44 (Call 04/15/44)		379		374,981
4.80%, 09/01/42 (Call 03/01/42)		243		245,221
International Flavors & Fragrances Inc. 4.38%, 06/01/47 (Call 12/01/46)		200		191,966
5.00%, 09/26/48 (Call 03/26/48)(b)		200		209,457

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Lubrizol Corp. (The), 6.50%, 10/01/34	$	420	$	550,967
LYB International Finance BV 4.88%, 03/15/44 (Call 09/15/43)(b)		735		731,442
5.25%, 07/15/43		415		431,148
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		448		413,661
Methanex Corp., 5.65%, 12/01/44 (Call 06/01/44)		275		259,614
Mexichem SAB de CV, 5.88%, 09/17/44(a)		400		401,200
Mosaic Co. (The) 5.45%, 11/15/33 (Call 05/15/33)(b)		353		381,612
5.63%, 11/15/43 (Call 05/15/43)		345		365,218
Nutrien Ltd. 4.13%, 03/15/35 (Call 09/15/34)		337		318,606
4.90%, 06/01/43 (Call 12/01/42)		355		367,517
5.25%, 01/15/45 (Call 07/15/44)		4		4,315
5.63%, 12/01/40		215		239,225
5.88%, 12/01/36		191		215,408
6.13%, 01/15/41 (Call 07/15/40)		575		675,683
OCP SA, 6.88%, 04/25/44(a)		200		217,000
Praxair Inc., 3.55%, 11/07/42 (Call 05/07/42)(b)		315		301,319
Rohm & Haas Co., 7.85%, 07/15/29		100		129,456
RPM International Inc., 4.25%, 01/15/48 (Call 07/15/47)		405		351,628
Sherwin-Williams Co. (The) 4.00%, 12/15/42 (Call 06/15/42)		200		180,954
4.50%, 06/01/47 (Call 12/01/46)		905		897,685
4.55%, 08/01/45 (Call 02/01/45)		45		44,379
Syngenta Finance NV, 5.68%, 04/24/48 (Call 10/24/47)(a)		350		337,898
Westlake Chemical Corp. 4.38%, 11/15/47 (Call 05/15/47)		360		326,305
5.00%, 08/15/46 (Call 02/15/46)		445		437,716
				15,996,360
Commercial Services — 1.1%
California Institute of Technology 4.32%, 08/01/45		12		12,974
4.70%, 11/01/11		100		110,831
Cleveland Clinic Foundation (The), 4.86%, 01/01/14		200		218,988
CommonSpirit Health, 4.35%, 11/01/42		450		432,078
DP World Ltd. 5.63%, 09/25/48(a)		200		211,918
6.85%, 07/02/37(a)(b)		1,300		1,582,379
Ecolab Inc. 3.70%, 11/01/46 (Call 05/01/46)		50		47,257
3.95%, 12/01/47 (Call 06/01/47)		430		438,675
5.50%, 12/08/41(b)		193		233,783
Equifax Inc., 7.00%, 07/01/37		115		133,732
ERAC USA Finance LLC, 7.00%, 10/15/37(a)(b)		1,080		1,409,453
George Washington University (The) 4.87%, 09/15/45		16		18,582
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		635		667,409
Johns Hopkins University, Series 2013, 4.08%, 07/01/53		11		11,598
Massachusetts Institute of Technology 3.96%, 07/01/38		9		9,467
4.68%, 07/01/14		150		174,328
5.60%, 07/01/11		375		521,354
Moody’s Corp., 5.25%, 07/15/44		250		280,558
Northwestern University, 4.64%, 12/01/44		355		406,328
President and Fellows of Harvard College 3.15%, 07/15/46 (Call 01/15/46)		375		352,727
3.30%, 07/15/56 (Call 01/15/56)		335		306,527
Princeton University, 5.70%, 03/01/39(b)		325		423,140

Security	Par (000)		Value
Commercial Services (continued)
S&P Global Inc. 4.50%, 05/15/48 (Call 11/15/47)(b)	$	200	$	216,826
6.55%, 11/15/37(b)		191		247,970
Trustees of Dartmouth College, 3.47%, 06/01/46		100		96,070
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		9		8,721
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		200		191,695
University of Southern California 3.03%, 10/01/39		536		501,772
5.25%, 10/01/11		150		190,012
Verisk Analytics Inc., 5.50%, 06/15/45 (Call 12/15/44)		111		121,824
Wesleyan University, 4.78%, 07/01/16		50		51,392
William Marsh Rice University 3.57%, 05/15/45		301		296,872
3.77%, 05/15/55		125		124,243
				10,051,483
Computers — 1.7%
Apple Inc. 3.45%, 02/09/45		900		838,396
3.75%, 09/12/47 (Call 03/12/47)		585		573,397
3.75%, 11/13/47 (Call 05/13/47)(b)		495		484,456
3.85%, 05/04/43		1,320		1,313,338
3.85%, 08/04/46 (Call 02/04/46)		830		822,840
4.25%, 02/09/47 (Call 08/09/46)		775		817,645
4.38%, 05/13/45		1,095		1,172,368
4.45%, 05/06/44		570		615,433
4.50%, 02/23/36 (Call 08/23/35)		665		738,038
4.65%, 02/23/46 (Call 08/23/45)		1,530		1,699,549
Dell International LLC/EMC Corp. 5.30%, 10/01/29 (Call 07/01/29)(a)		250		257,700
8.10%, 07/15/36 (Call 01/15/36)(a)		873		1,052,173
8.35%, 07/15/46 (Call 01/15/46)(a)		1,185		1,458,475
Hewlett Packard Enterprise Co. 6.20%, 10/15/35 (Call 04/15/35)		405		439,665
6.35%, 10/15/45 (Call 04/15/45)		690		733,808
HP Inc., 6.00%, 09/15/41		614		651,506
International Business Machines Corp. 4.00%, 06/20/42		820		803,113
4.70%, 02/19/46(b)		435		470,352
5.60%, 11/30/39		515		616,386
5.88%, 11/29/32		291		358,445
7.13%, 12/01/96		95		123,809
Seagate HDD Cayman, 5.75%, 12/01/34 (Call 06/01/34)		165		154,749
				16,195,641
Cosmetics & Personal Care — 0.3%
Colgate-Palmolive Co. 3.70%, 08/01/47 (Call 02/01/47)		245		247,917
4.00%, 08/15/45		200		209,955
Estee Lauder Companies Inc. (The) 3.70%, 08/15/42		50		48,166
4.15%, 03/15/47 (Call 09/15/46)		125		130,830
4.38%, 06/15/45 (Call 12/15/44)		335		361,648
6.00%, 05/15/37		225		283,362
Procter & Gamble Co. (The), 3.50%, 10/25/47(b)		500		495,675
Unilever Capital Corp., 5.90%, 11/15/32		630		786,729
				2,564,282

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Distribution & Wholesale — 0.1%
WW Grainger Inc. 3.75%, 05/15/46 (Call 11/15/45)	$	250	$	230,858
4.20%, 05/15/47 (Call 11/15/46)		310		312,292
4.60%, 06/15/45 (Call 12/15/44)		370		392,326
				935,476
Diversified Financial Services — 1.8%
American Express Co., 4.05%, 12/03/42		715		733,810
Blackstone Holdings Finance Co. LLC 4.45%, 07/15/45(a)		400		391,375
5.00%, 06/15/44(a)		61		65,253
Brookfield Finance Inc., 4.70%, 09/20/47 (Call 03/20/47)		620		602,885
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(a)		170		171,558
CME Group Inc. 4.15%, 06/15/48 (Call 12/15/47)		505		525,484
5.30%, 09/15/43 (Call 03/15/43)(b)		315		381,317
Credit Suisse USA Inc., 7.13%, 07/15/32		588		795,533
FMR LLC, 6.50%, 12/14/40(a)		500		651,124
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		4,625		4,331,903
Invesco Finance PLC, 5.38%, 11/30/43		326		353,177
Jefferies Group LLC 6.25%, 01/15/36		255		267,552
6.50%, 01/20/43		210		218,679
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.15%, 01/23/30		595		554,035
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(a)		500		538,995
Legg Mason Inc., 5.63%, 01/15/44		315		325,367
Mastercard Inc. 3.80%, 11/21/46 (Call 05/21/46)		150		151,727
3.95%, 02/26/48 (Call 08/26/47)		350		364,368
National Rural Utilities Cooperative Finance Corp. 4.02%, 11/01/32 (Call 05/01/32)		50		53,404
4.30%, 03/15/49 (Call 09/15/48)		910		958,644
Series C, 8.00%, 03/01/32		271		379,191
Raymond James Financial Inc., 4.95%, 07/15/46(b)		595		625,057
Visa Inc. 3.65%, 09/15/47 (Call 03/15/47)		484		476,886
4.15%, 12/14/35 (Call 06/14/35)		1,079		1,155,611
4.30%, 12/14/45 (Call 06/14/45)(b)		1,630		1,778,106
Western Union Co. (The) 6.20%, 11/17/36		265		282,317
6.20%, 06/21/40		90		93,430
				17,226,788
Electric — 11.7%
Abu Dhabi National Energy Co. PJSC 4.88%, 04/23/30(a)		800		854,000
6.50%, 10/27/36(a)		500		630,625
AEP Transmission Co. LLC 3.75%, 12/01/47 (Call 06/01/47)		225		219,828
4.00%, 12/01/46 (Call 06/01/46)		150		149,182
4.25%, 09/15/48 (Call 03/15/48)		260		275,718
Alabama Power Co. 3.75%, 03/01/45 (Call 09/01/44)(b)		150		145,168
3.85%, 12/01/42		100		96,663
4.10%, 01/15/42		10		9,808
4.15%, 08/15/44 (Call 02/15/44)		302		306,116
4.30%, 01/02/46 (Call 07/02/45)(b)		270		285,346
6.00%, 03/01/39		270		343,024

Security	Par (000)		Value
Electric (continued)
6.13%, 05/15/38	$	255	$	328,791
Series B, 3.70%, 12/01/47 (Call 06/01/47)		125		120,075
Ameren Illinois Co. 3.70%, 12/01/47 (Call 06/01/47)		265		258,205
4.15%, 03/15/46 (Call 09/15/45)		350		361,799
4.50%, 03/15/49 (Call 09/15/48)		353		391,851
Appalachian Power Co. 4.40%, 05/15/44 (Call 11/15/43)		161		165,103
4.45%, 06/01/45 (Call 12/01/44)		200		205,199
7.00%, 04/01/38		195		261,695
Series L, 5.80%, 10/01/35		25		28,625
Series Y, 4.50%, 03/01/49 (Call 09/01/48)(b)		400		418,592
Arizona Public Service Co. 3.75%, 05/15/46 (Call 11/15/45)		530		497,387
4.25%, 03/01/49 (Call 09/01/48)		110		113,781
4.35%, 11/15/45 (Call 05/15/45)		60		62,182
4.50%, 04/01/42 (Call 10/01/41)		401		419,425
5.05%, 09/01/41 (Call 03/01/41)		160		177,839
Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)		50		52,344
Baltimore Gas & Electric Co., 3.50%, 08/15/46 (Call 02/15/46)		335		312,549
Berkshire Hathaway Energy Co. 3.80%, 07/15/48 (Call 01/15/48)		865		827,821
4.45%, 01/15/49 (Call 07/15/48)		701		744,523
4.50%, 02/01/45 (Call 08/01/44)		480		507,631
5.15%, 11/15/43 (Call 05/15/43)		196		225,560
5.95%, 05/15/37		430		536,684
6.13%, 04/01/36		1,647		2,088,532
Black Hills Corp. 4.20%, 09/15/46 (Call 03/15/46)		150		143,591
4.35%, 05/01/33 (Call 02/01/33)		470		488,956
CenterPoint Energy Houston Electric LLC 3.55%, 08/01/42 (Call 02/01/42)		225		214,961
3.95%, 03/01/48 (Call 09/01/47)		75		76,232
4.25%, 02/01/49 (Call 08/01/48)		250		267,393
4.50%, 04/01/44 (Call 10/01/43)		250		273,404
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45)		245		248,971
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/30 (Call 08/15/30)(a)		100		105,369
5.95%, 12/15/36		100		116,724
CMS Energy Corp. 4.70%, 03/31/43 (Call 09/30/42)		100		103,253
4.88%, 03/01/44 (Call 09/01/43)		310		340,001
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)		195		194,611
Comision Federal de Electricidad, 6.13%, 06/16/45(a)		400		429,050
Commonwealth Edison Co. 3.65%, 06/15/46 (Call 12/15/45)		205		197,715
3.70%, 03/01/45 (Call 09/01/44)		200		192,139
3.80%, 10/01/42 (Call 04/01/42)		200		195,382
4.00%, 03/01/48 (Call 09/01/47)		575		580,643
4.00%, 03/01/49 (Call 09/01/48)		855		866,912
4.35%, 11/15/45 (Call 05/15/45)		220		234,135
4.60%, 08/15/43 (Call 02/15/43)		150		164,180
4.70%, 01/15/44 (Call 07/15/43)		235		260,268
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		225		218,120
Connecticut Light & Power Co. (The) 4.00%, 04/01/48 (Call 10/01/47)		620		640,097
4.30%, 04/15/44 (Call 10/15/43)		90		95,374

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Consolidated Edison Co. of New York Inc.
3.85%, 06/15/46 (Call 12/15/45)(b)	$	355	$	344,876
3.95%, 03/01/43 (Call 09/01/42)		320		316,679
4.45%, 03/15/44 (Call 09/15/43)		584		617,662
4.50%, 12/01/45 (Call 06/01/45)		287		306,725
4.50%, 05/15/58 (Call 11/15/57)		325		338,968
4.63%, 12/01/54 (Call 06/01/54)		238		252,885
5.70%, 06/15/40		370		448,252
Series 05-A, 5.30%, 03/01/35		125		144,603
Series 06-A, 5.85%, 03/15/36(b)		125		151,238
Series 06-B, 6.20%, 06/15/36		215		270,081
Series 06-E, 5.70%, 12/01/36		90		106,996
Series 07-A, 6.30%, 08/15/37		100		129,139
Series 08-B, 6.75%, 04/01/38(b)		340		460,994
Series 09-C, 5.50%, 12/01/39		200		239,190
Series 12-A, 4.20%, 03/15/42		8		8,151
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		250		244,482
Series C, 4.30%, 12/01/56 (Call 06/01/56)(b)		205		206,164
Series E, 4.65%, 12/01/48 (Call 06/01/48)		60		66,411
Consumers Energy Co. 3.25%, 08/15/46 (Call 02/15/46)		200		181,348
3.95%, 05/15/43 (Call 11/15/42)		75		76,173
3.95%, 07/15/47 (Call 01/15/47)		200		204,000
4.05%, 05/15/48 (Call 11/15/47)		310		322,434
4.35%, 04/15/49 (Call 10/15/48)		320		350,454
Delmarva Power & Light Co., 4.15%, 05/15/45 (Call 11/15/44)		250		255,540
Dominion Energy Inc. 4.70%, 12/01/44 (Call 06/01/44)		226		238,580
7.00%, 06/15/38		255		335,483
Series A, 4.60%, 03/15/49 (Call 09/15/48)		420		437,885
Series B, 5.95%, 06/15/35		190		220,654
Series C, 4.05%, 09/15/42 (Call 03/15/42)		250		238,584
Series C, 4.90%, 08/01/41 (Call 02/01/41)		477		509,123
Series E, 6.30%, 03/15/33		175		214,583
Series F, 5.25%, 08/01/33		390		437,578
DTE Electric Co. 3.70%, 03/15/45 (Call 09/15/44)		215		209,674
3.70%, 06/01/46 (Call 12/01/45)(b)		135		130,904
3.95%, 03/01/49 (Call 09/01/48)		720		736,141
4.30%, 07/01/44 (Call 01/01/44)		103		108,612
Series A, 4.00%, 04/01/43 (Call 10/01/42)		225		227,324
Series A, 4.05%, 05/15/48 (Call 11/15/47)		230		238,173
DTE Energy Co., 6.38%, 04/15/33		135		168,257
Duke Energy Carolinas LLC 3.70%, 12/01/47 (Call 06/01/47)		265		255,886
3.75%, 06/01/45 (Call 12/01/44)		165		160,904
3.88%, 03/15/46 (Call 09/15/45)		250		248,849
3.95%, 03/15/48 (Call 09/15/47)		410		413,538
4.00%, 09/30/42 (Call 03/30/42)(b)		300		303,935
4.25%, 12/15/41 (Call 06/15/41)		350		367,076
5.30%, 02/15/40		345		412,047
6.00%, 01/15/38		172		219,598
6.05%, 04/15/38		300		386,140
6.10%, 06/01/37		100		128,164
6.45%, 10/15/32		101		129,519
Duke Energy Corp. 3.75%, 09/01/46 (Call 03/01/46)		798		742,542
4.80%, 12/15/45 (Call 06/15/45)(b)		491		529,123

Security	Par (000)		Value
Electric (continued)
Duke Energy Florida LLC 3.40%, 10/01/46 (Call 04/01/46)(b)	$	230	$	210,502
3.85%, 11/15/42 (Call 05/15/42)		280		276,920
4.20%, 07/15/48 (Call 01/15/48)		25		26,211
5.65%, 04/01/40		150		184,878
6.35%, 09/15/37		300		396,257
6.40%, 06/15/38		1,060		1,424,417
Duke Energy Indiana LLC 3.75%, 05/15/46 (Call 11/15/45)		145		140,980
6.12%, 10/15/35		250		317,826
6.35%, 08/15/38		46		60,956
6.45%, 04/01/39		150		199,027
Series UUU, 4.20%, 03/15/42 (Call 09/15/41)		125		126,778
Series WWW, 4.90%, 07/15/43 (Call 01/15/43)		35		39,752
Duke Energy Ohio Inc. 3.70%, 06/15/46 (Call 12/15/45)		10		9,620
4.30%, 02/01/49 (Call 08/01/48)		50		52,998
Duke Energy Progress LLC 3.60%, 09/15/47 (Call 03/15/47)		100		94,997
3.70%, 10/15/46 (Call 04/15/46)		350		336,803
4.10%, 05/15/42 (Call 11/15/41)		150		153,912
4.10%, 03/15/43 (Call 09/15/42)		186		190,611
4.15%, 12/01/44 (Call 06/01/44)		175		181,326
4.20%, 08/15/45 (Call 02/15/45)		295		308,536
4.38%, 03/30/44 (Call 09/30/43)		150		159,390
6.30%, 04/01/38		250		330,501
E.ON International Finance BV, 6.65%, 04/30/38(a)(b)		360		448,499
El Paso Electric Co. 5.00%, 12/01/44 (Call 06/01/44)(b)		100		104,395
6.00%, 05/15/35(b)		150		173,298
Electricite de France SA 4.75%, 10/13/35 (Call 04/13/35)(a)		800		823,492
4.88%, 09/21/38 (Call 03/21/38)(a)		1,000		1,044,990
4.88%, 01/22/44(a)		1,060		1,082,046
4.95%, 10/13/45 (Call 04/13/45)(a)		100		103,236
5.00%, 09/21/48 (Call 03/21/48)(a)		1,225		1,288,532
5.25%, 10/13/55 (Call 04/13/55)(a)		80		82,126
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		885		904,177
Enel Finance International NV 4.75%, 05/25/47(a)(b)		1,210		1,192,961
4.88%, 06/14/29(a)		800		833,595
6.00%, 10/07/39(a)(b)		275		310,751
Entergy Arkansas Inc., 4.95%, 12/15/44 (Call 12/15/24)		20		20,887
Entergy Arkansas LLC, 4.20%, 04/01/49 (Call 10/01/48)		140		145,562
Entergy Louisiana LLC 3.05%, 06/01/31 (Call 03/01/31)		315		299,430
4.00%, 03/15/33 (Call 12/15/32)		565		589,981
4.20%, 09/01/48 (Call 03/01/48)		270		279,052
4.20%, 04/01/50 (Call 10/01/49)		175		181,001
4.95%, 01/15/45 (Call 01/15/25)		100		104,575
Exelon Corp. 4.45%, 04/15/46 (Call 10/15/45)		565		585,490
4.95%, 06/15/35 (Call 12/15/34)		225		241,964
5.10%, 06/15/45 (Call 12/15/44)(b)		289		326,924
5.63%, 06/15/35(b)		385		442,692
Exelon Generation Co. LLC 5.60%, 06/15/42 (Call 12/15/41)		490		520,386
5.75%, 10/01/41 (Call 04/01/41)		20		21,529
6.25%, 10/01/39		300		342,368

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
FirstEnergy Corp.
Series C, 4.85%, 07/15/47 (Call 01/15/47)	$	1,185	$	1,262,130
Series C, 7.38%, 11/15/31		1,017		1,344,642
FirstEnergy Transmission LLC, 4.55%, 04/01/49 (Call 10/01/48)		165		168,662
Florida Power & Light Co. 3.70%, 12/01/47 (Call 06/01/47)		345		338,547
3.80%, 12/15/42 (Call 06/15/42)		250		247,607
3.95%, 03/01/48 (Call 09/01/47)		675		690,485
3.99%, 03/01/49 (Call 09/01/48)		775		799,247
4.05%, 06/01/42 (Call 12/01/41)		460		474,352
4.05%, 10/01/44 (Call 04/01/44)		250		258,696
4.13%, 02/01/42 (Call 08/01/41)		260		271,357
4.13%, 06/01/48 (Call 12/01/47)		282		296,534
4.95%, 06/01/35(b)		200		226,138
5.25%, 02/01/41 (Call 08/01/40)		200		237,719
5.65%, 02/01/37		146		177,820
5.69%, 03/01/40		149		185,277
5.95%, 02/01/38		670		864,671
5.96%, 04/01/39		100		127,822
Georgia Power Co. 4.30%, 03/15/42		450		452,240
4.30%, 03/15/43		296		292,518
Series 10-C, 4.75%, 09/01/40		263		271,367
Iberdrola International BV, 6.75%, 07/15/36		150		188,027
Indiana Michigan Power Co. 4.25%, 08/15/48 (Call 02/15/48)		245		251,941
6.05%, 03/15/37		105		128,014
Series K, 4.55%, 03/15/46 (Call 09/15/45)(b)		245		261,774
Series L, 3.75%, 07/01/47 (Call 01/01/47)		150		140,783
Interstate Power & Light Co. 3.70%, 09/15/46 (Call 03/15/46)		385		354,805
6.25%, 07/15/39		80		99,688
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)		75		85,194
Kansas City Power & Light Co. 4.20%, 03/15/48 (Call 09/15/47)(b)		260		268,298
5.30%, 10/01/41 (Call 04/01/41)		195		226,078
Series 2019, 4.13%, 04/01/49 (Call 10/01/48)		225		231,099
Kentucky Utilities Co., 5.13%, 11/01/40 (Call 05/01/40)(b)		349		414,031
Louisville Gas & Electric Co., 4.25%, 04/01/49 (Call 10/01/48)		350		368,264
MidAmerican Energy Co. 3.65%, 08/01/48 (Call 02/01/48)		350		337,669
4.25%, 05/01/46 (Call 11/01/45)		111		116,894
4.25%, 07/15/49 (Call 01/15/49)		116		123,796
4.40%, 10/15/44 (Call 04/15/44)		340		366,364
4.80%, 09/15/43 (Call 03/15/43)		175		196,819
5.75%, 11/01/35		46		55,610
6.75%, 12/30/31		11		14,358
Minejesa Capital BV, 5.63%, 08/10/37(a)		500		494,938
Mississippi Power Co., Series 12-A, 4.25%, 03/15/42		360		349,268
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)(a)(b)		175		209,272
Narragansett Electric Co. (The), 4.17%, 12/10/42(a)		50		48,688
National Grid USA, 5.80%, 04/01/35		455		514,506
Nevada Power Co., Series N, 6.65%, 04/01/36		300		391,298
New England Power Co., 3.80%, 12/05/47 (Call 06/05/47)(a)		900		862,872

Security	Par (000)		Value
Electric (continued)
Northern States Power Co./MN 3.40%, 08/15/42 (Call 02/15/42)(b)	$	435	$	406,903
3.60%, 05/15/46 (Call 11/15/45)		75		72,457
4.00%, 08/15/45 (Call 02/15/45)		90		91,310
4.13%, 05/15/44 (Call 11/15/43)		7		7,212
4.85%, 08/15/40 (Call 02/15/40)		25		27,707
5.35%, 11/01/39		30		35,826
6.25%, 06/01/36		331		426,745
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		816		825,460
NSTAR Electric Co. 4.40%, 03/01/44 (Call 09/01/43)		110		118,012
5.50%, 03/15/40		266		314,068
Oglethorpe Power Corp. 4.20%, 12/01/42		50		47,141
4.25%, 04/01/46 (Call 10/01/45)		95		90,856
4.55%, 06/01/44		500		496,245
5.05%, 10/01/48 (Call 04/01/48)(a)		130		145,303
5.25%, 09/01/50		25		28,260
5.38%, 11/01/40		175		199,179
5.95%, 11/01/39(b)		120		138,185
Ohio Edison Co. 6.88%, 07/15/36		250		322,957
8.25%, 10/15/38		65		96,572
Ohio Power Co. 4.15%, 04/01/48 (Call 10/01/47)(b)		75		77,974
Series D, 6.60%, 03/01/33		190		242,384
Oklahoma Gas & Electric Co. 3.85%, 08/15/47 (Call 02/15/47)(b)		250		236,638
4.15%, 04/01/47 (Call 10/01/46)		405		402,700
Oncor Electric Delivery Co. LLC 3.75%, 04/01/45 (Call 10/01/44)		140		138,577
3.80%, 09/30/47 (Call 03/30/47)		200		199,954
4.10%, 11/15/48 (Call 05/15/48)		175		184,753
4.55%, 12/01/41 (Call 06/01/41)		210		231,565
5.25%, 09/30/40		305		361,830
5.30%, 06/01/42 (Call 12/01/41)		310		370,477
7.25%, 01/15/33		150		206,862
7.50%, 09/01/38		60		89,109
PacifiCorp 4.10%, 02/01/42 (Call 08/01/41)		140		142,880
4.13%, 01/15/49 (Call 07/15/48)		150		155,552
4.15%, 02/15/50 (Call 08/15/49)(b)		700		727,512
5.75%, 04/01/37		40		48,995
6.00%, 01/15/39(b)		425		536,347
6.10%, 08/01/36		730		920,453
6.25%, 10/15/37		50		65,107
6.35%, 07/15/38		150		195,922
PECO Energy Co. 3.90%, 03/01/48 (Call 09/01/47)		290		290,536
4.15%, 10/01/44 (Call 04/01/44)		240		249,014
5.95%, 10/01/36		111		138,241
Pennsylvania Electric Co., 6.15%, 10/01/38		75		87,943
Perusahaan Listrik Negara PT 6.15%, 05/21/48(a)		1,000		1,106,095
6.25%, 01/25/49		500		558,295
Potomac Electric Power Co. 4.15%, 03/15/43 (Call 09/15/42)		146		150,403
6.50%, 11/15/37		180		235,374
7.90%, 12/15/38(b)		75		107,844

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
PPL Capital Funding Inc. 4.00%, 09/15/47 (Call 03/15/47)	$	350	$	327,198
4.70%, 06/01/43 (Call 12/01/42)		500		517,879
5.00%, 03/15/44 (Call 09/15/43)		355		380,373
PPL Electric Utilities Corp. 3.95%, 06/01/47 (Call 12/01/46)		345		348,784
4.13%, 06/15/44 (Call 12/15/43)		150		153,818
4.15%, 06/15/48 (Call 12/15/47)		305		316,649
6.25%, 05/15/39		315		403,738
Progress Energy Inc. 7.00%, 10/30/31		150		196,536
7.75%, 03/01/31		299		409,059
PSEG Power LLC, 8.63%, 04/15/31		485		655,860
Public Service Co. of Colorado 3.55%, 06/15/46 (Call 12/15/45)		75		69,061
3.60%, 09/15/42 (Call 03/15/42)(b)		225		217,405
3.80%, 06/15/47 (Call 12/15/46)		300		298,014
4.05%, 09/15/49 (Call 03/15/49)		705		729,777
4.10%, 06/15/48 (Call 12/15/47)		250		261,310
4.30%, 03/15/44 (Call 09/15/43)		180		192,372
4.75%, 08/15/41 (Call 02/15/41)		5		5,410
6.50%, 08/01/38		100		133,460
Series 17, 6.25%, 09/01/37		165		213,098
Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/37		50		63,762
Public Service Electric &Gas Co. 3.60%, 12/01/47 (Call 06/01/47)		235		225,910
3.65%, 09/01/42 (Call 03/01/42)(b)		155		150,904
3.80%, 03/01/46 (Call 09/01/45)		340		338,177
3.95%, 05/01/42 (Call 11/01/41)		410		412,646
4.05%, 05/01/48 (Call 11/01/47)(b)		155		160,830
4.15%, 11/01/45 (Call 05/01/45)		25		25,181
5.50%, 03/01/40		50		60,674
5.80%, 05/01/37		225		274,915
Puget Sound Energy Inc. 4.30%, 05/20/45 (Call 11/20/44)		321		341,255
4.43%, 11/15/41 (Call 05/15/41)		310		323,629
5.64%, 04/15/41 (Call 10/15/40)		235		286,933
5.76%, 10/01/39		200		248,484
5.80%, 03/15/40		56		69,609
6.27%, 03/15/37		5		6,344
San Diego Gas & Electric Co. 3.95%, 11/15/41		60		54,942
4.15%, 05/15/48 (Call 11/15/47)		175		174,063
4.50%, 08/15/40		245		252,400
6.00%, 06/01/39		163		194,324
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)		200		185,799
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a)		600		649,500
Sempra Energy 3.80%, 02/01/38 (Call 08/01/37)		1,106		1,020,600
4.00%, 02/01/48 (Call 08/01/47)		709		652,375
6.00%, 10/15/39		335		397,265
South Carolina Electric & Gas Co. 4.35%, 02/01/42 (Call 08/01/41)		185		195,291
4.60%, 06/15/43 (Call 12/15/42)(b)		181		195,146
5.10%, 06/01/65 (Call 12/01/64)(b)		115		135,129
5.30%, 05/15/33		5		5,708
5.45%, 02/01/41 (Call 08/01/40)		95		113,230
6.05%, 01/15/38		298		368,825

Security	Par (000)		Value
Electric (continued)
Southern California Edison Co. 4.00%, 04/01/47 (Call 10/01/46)	$	526	$	490,767
4.05%, 03/15/42 (Call 09/15/41)		95		88,792
4.50%, 09/01/40 (Call 03/01/40)		48		47,453
4.65%, 10/01/43 (Call 04/01/43)		459		462,588
5.50%, 03/15/40(b)		217		241,151
5.63%, 02/01/36		275		305,906
6.00%, 01/15/34		296		344,802
6.05%, 03/15/39		210		247,783
6.65%, 04/01/29		250		287,525
Series 04-G, 5.75%, 04/01/35		105		117,980
Series 05-B, 5.55%, 01/15/36		300		327,404
Series 05-E, 5.35%, 07/15/35		150		163,037
Series 06-E, 5.55%, 01/15/37		275		303,844
Series 08-A, 5.95%, 02/01/38		265		307,725
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		365		340,077
Series B, 4.88%, 03/01/49 (Call 09/01/48)		175		185,621
Series C, 3.60%, 02/01/45 (Call 08/01/44)(b)		255		225,115
Series C, 4.13%, 03/01/48 (Call 09/01/47)		358		338,591
Southern Co. (The) 4.25%, 07/01/36 (Call 01/01/36)		855		851,926
4.40%, 07/01/46 (Call 01/01/46)		830		834,520
Southern Power Co. 5.15%, 09/15/41(b)		535		559,656
5.25%, 07/15/43		180		190,192
Series F, 4.95%, 12/15/46 (Call 06/15/46)		145		149,158
Southwestern Electric Power Co. 6.20%, 03/15/40		335		410,219
Series J, 3.90%, 04/01/45 (Call 10/01/44)		580		545,526
Series L, 3.85%, 02/01/48 (Call 08/01/47)		100		93,386
Southwestern Public Service Co. 3.40%, 08/15/46 (Call 02/15/46)		415		378,835
3.70%, 08/15/47 (Call 02/15/47)(b)		270		257,462
4.50%, 08/15/41 (Call 02/15/41)		100		107,494
6.00%, 10/01/36		30		35,323
Series 6, 4.40%, 11/15/48 (Call 05/15/48)		205		218,827
State Grid Overseas Investment 2016 Ltd., 4.00%, 05/04/47(a)		500		494,323
Tampa Electric Co. 4.10%, 06/15/42 (Call 12/15/41)		75		73,049
4.20%, 05/15/45 (Call 11/15/44)		350		337,529
4.35%, 05/15/44 (Call 11/15/43)		150		151,029
4.45%, 06/15/49 (Call 12/15/48)		175		180,843
Toledo Edison Co. (The), 6.15%, 05/15/37		295		366,792
TransAlta Corp., 6.50%, 03/15/40		260		261,035
Tucson Electric Power Co., 4.85%, 12/01/48 (Call 06/01/48)		200		220,297
Union Electric Co. 3.90%, 09/15/42 (Call 03/15/42)		360		364,059
4.00%, 04/01/48 (Call 10/01/47)		500		506,638
8.45%, 03/15/39		161		249,191
Virginia Electric & Power Co. 4.00%, 01/15/43 (Call 07/15/42)(b)		116		114,968
4.45%, 02/15/44 (Call 08/15/43)		275		293,377
4.60%, 12/01/48 (Call 06/01/48)		690		756,744
8.88%, 11/15/38(b)		300		469,815
Series A, 6.00%, 05/15/37		75		91,396
Series B, 4.20%, 05/15/45 (Call 11/15/44)		7		7,167
Series B, 6.00%, 01/15/36		250		305,925

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Series C, 4.00%, 11/15/46 (Call 05/15/46)(b)	$	235	$	232,598
Series D, 4.65%, 08/15/43 (Call 02/15/43)		71		77,251
Westar Energy Inc.
4.10%, 04/01/43 (Call 10/01/42)		55		55,396
4.13%, 03/01/42 (Call 09/01/41)(b)		300		304,071
4.25%, 12/01/45 (Call 06/01/45)		355		367,995
4.63%, 09/01/43 (Call 03/01/43)		150		160,664
Wisconsin Electric Power Co.
4.30%, 10/15/48 (Call 04/15/48)(b)		270		281,822
5.70%, 12/01/36		5		6,206
Wisconsin Power & Light Co., 6.38%, 08/15/37		380		503,921
Wisconsin Public Service Corp., 4.75%, 11/01/44 (Call 05/01/44)		215		240,656
Xcel Energy Inc., 6.50%, 07/01/36		200		254,084
				110,617,700
Electronics — 0.1%
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)		275		268,034
Honeywell International Inc., 3.81%, 11/21/47 (Call 05/21/47)(b)		350		350,517
Tyco Electronics Group SA, 7.13%, 10/01/37(b)		200		263,166
				881,717
Engineering & Construction — 0.1%
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)(a)		1,508		1,411,865
Environmental Control — 0.1%
Republic Services Inc., 5.70%, 05/15/41 (Call 11/15/40)		30		35,945
Waste Management Inc.
3.90%, 03/01/35 (Call 09/01/34)		185		183,190
4.10%, 03/01/45 (Call 09/01/44)(b)		455		460,591
				679,726
Food — 2.0%
Ahold Finance USA LLC, 6.88%, 05/01/29		11		13,246
Campbell Soup Co.
3.80%, 08/02/42		76		62,181
4.80%, 03/15/48 (Call 09/15/47)(b)		460		437,101
Conagra Brands Inc.
5.30%, 11/01/38 (Call 05/01/38)		644		663,211
5.40%, 11/01/48 (Call 05/01/48)		590		613,522
8.25%, 09/15/30		100		133,253
General Mills Inc.
4.15%, 02/15/43 (Call 08/15/42)		30		28,216
4.55%, 04/17/38 (Call 10/17/37)(b)		340		342,567
4.70%, 04/17/48 (Call 10/17/47)		345		351,846
5.40%, 06/15/40		190		209,619
Grupo Bimbo SAB de CV, 4.70%, 11/10/47 (Call 05/10/47)(a)		200		190,245
Hershey Co. (The), 3.38%, 08/15/46 (Call 02/15/46)		200		186,797
Ingredion Inc., 6.63%, 04/15/37		50		59,739
JM Smucker Co. (The)
4.25%, 03/15/35		345		334,073
4.38%, 03/15/45		100		95,574
Kellogg Co.
4.50%, 04/01/46(b)		365		350,220
Series B, 7.45%, 04/01/31		611		787,417
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		172		190,554
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)		1,895		1,676,492
5.00%, 07/15/35 (Call 01/15/35)		625		621,636

Security	Par (000)		Value
Food (continued)
5.00%, 06/04/42	$	660	$	636,195
5.20%, 07/15/45 (Call 01/15/45)		1,007		996,029
6.50%, 02/09/40		580		645,013
6.75%, 03/15/32		250		290,743
6.88%, 01/26/39		385		444,409
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)		215		181,713
4.45%, 02/01/47 (Call 08/01/46)		560		514,332
4.65%, 01/15/48 (Call 07/15/47)		275		259,984
5.00%, 04/15/42 (Call 10/15/41)		125		122,622
5.15%, 08/01/43 (Call 02/01/43)		195		195,142
5.40%, 07/15/40 (Call 01/15/40)		225		230,422
5.40%, 01/15/49 (Call 07/15/48)(b)		450		472,094
6.90%, 04/15/38		250		294,735
7.50%, 04/01/31		225		286,214
Mars Inc.
3.20%, 04/01/30 (Call 01/01/30)		100		99,044
3.88%, 04/01/39 (Call 10/01/38)		350		348,232
3.95%, 04/01/44 (Call 10/01/43)		100		99,394
3.95%, 04/01/49 (Call 10/01/48)		350		344,941
4.13%, 04/01/54 (Call 10/01/53)		100		100,260
4.20%, 04/01/59 (Call 10/01/58)		350		351,162
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)(b)		100		95,499
Mondelez International Inc., 4.63%, 05/07/48 (Call 11/07/47)		275		277,311
Nestle Holdings Inc.
3.90%, 09/24/38 (Call 03/24/38)(a)(b)		310		320,050
4.00%, 09/24/48 (Call 03/24/48)(a)(b)		650		676,106
Sysco Corp.
4.45%, 03/15/48 (Call 09/15/47)(b)		175		177,483
4.50%, 04/01/46 (Call 10/01/45)(b)		421		427,396
4.85%, 10/01/45 (Call 04/01/45)		165		176,575
5.38%, 09/21/35(b)		150		169,235
Tyson Foods Inc.
4.55%, 06/02/47 (Call 12/02/46)		305		293,676
4.88%, 08/15/34 (Call 02/15/34)		400		424,313
5.10%, 09/28/48 (Call 03/28/48)		864		899,523
5.15%, 08/15/44 (Call 02/15/44)		355		368,760
				18,566,116
Forest Products & Paper — 0.5%
Celulosa Arauco y Constitucion SA, 5.50%, 11/02/47 (Call 05/02/47)		200		201,540
Domtar Corp., 6.75%, 02/15/44 (Call 08/15/43)(b)		185		196,704
Georgia-Pacific LLC
7.75%, 11/15/29(b)		275		373,798
8.88%, 05/15/31(b)		214		319,185
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)		540		497,086
4.40%, 08/15/47 (Call 02/15/47)		795		738,147
4.80%, 06/15/44 (Call 12/15/43)		450		446,979
5.00%, 09/15/35 (Call 03/15/35)		275		286,561
5.15%, 05/15/46 (Call 11/15/45)		350		356,179
6.00%, 11/15/41 (Call 05/15/41)		335		375,282
7.30%, 11/15/39		225		282,863
8.70%, 06/15/38(b)		75		103,601
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)(a)		400		444,000
				4,621,925

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Gas — 1.0%
Atmos Energy Corp. 4.13%, 10/15/44 (Call 04/15/44)	$	400	$	411,984
4.13%, 03/15/49 (Call 09/15/48)		240		246,533
4.15%, 01/15/43 (Call 07/15/42)		160		164,040
4.30%, 10/01/48 (Call 04/01/48)		200		211,194
5.50%, 06/15/41 (Call 12/15/40)		5		6,004
Brooklyn Union Gas Co. (The) 4.27%, 03/15/48 (Call 09/15/47)(a)		800		822,787
4.49%, 03/04/49 (Call 09/04/48)(a)		350		371,000
CenterPoint Energy Resources Corp. 4.10%, 09/01/47 (Call 03/01/47)		90		86,389
5.85%, 01/15/41 (Call 07/15/40)		235		278,688
Dominion Energy Gas Holdings LLC 4.60%, 12/15/44 (Call 06/15/44)		605		623,564
4.80%, 11/01/43 (Call 05/01/43)		115		123,391
Korea Gas Corp., 6.25%, 01/20/42(a)(b)		300		407,887
NiSource Inc. 3.95%, 03/30/48 (Call 09/30/47)		195		185,916
4.38%, 05/15/47 (Call 11/15/46)		430		439,901
4.80%, 02/15/44 (Call 08/15/43)		488		517,141
5.25%, 02/15/43 (Call 08/15/42)		465		516,267
5.65%, 02/01/45 (Call 08/01/44)(b)		411		481,030
5.80%, 02/01/42 (Call 08/01/41)		150		173,045
5.95%, 06/15/41 (Call 12/15/40)		200		236,361
ONE Gas Inc. 4.50%, 11/01/48 (Call 05/01/48)(b)		75		81,672
4.66%, 02/01/44 (Call 08/01/43)		410		450,800
Piedmont Natural Gas Co. Inc. 3.64%, 11/01/46 (Call 05/01/46)		45		40,493
4.65%, 08/01/43 (Call 02/01/43)		153		160,397
Southern California Gas Co. 3.75%, 09/15/42 (Call 03/15/42)		5		4,817
4.45%, 03/15/44 (Call 09/15/43)		470		491,326
Series UU, 4.13%, 06/01/48 (Call 12/01/47)		255		260,747
Series VV, 4.30%, 01/15/49 (Call 07/15/48)(b)		100		105,859
Southern Co. Gas Capital Corp. 3.95%, 10/01/46 (Call 04/01/46)(b)		250		233,124
4.40%, 06/01/43 (Call 12/01/42)		71		70,957
4.40%, 05/30/47 (Call 11/30/46)		145		144,487
5.88%, 03/15/41 (Call 09/15/40)		400		466,470
6.00%, 10/01/34		400		476,502
Southwest Gas Corp., 3.80%, 09/29/46 (Call 03/29/46)(b)		160		147,525
				9,438,298
Hand & Machine Tools — 0.1%
Snap-on Inc., 4.10%, 03/01/48 (Call 09/01/47)		270		279,193
Stanley Black & Decker Inc. 4.85%, 11/15/48 (Call 05/15/48)		150		167,317
5.20%, 09/01/40		200		224,598
				671,108
Health Care – Products — 1.4%
Abbott Laboratories 4.75%, 11/30/36 (Call 05/30/36)		945		1,051,839
4.75%, 04/15/43 (Call 10/15/42)		255		278,109
4.90%, 11/30/46 (Call 05/30/46)		1,485		1,692,828
5.30%, 05/27/40		265		307,849
6.00%, 04/01/39		200		243,399
Baxter International Inc., 3.50%, 08/15/46 (Call 02/15/46)		488		426,762

Security	Par (000)		Value
Health Care – Products (continued)
Becton Dickinson and Co. 4.67%, 06/06/47 (Call 12/06/46)	$	945	$	974,772
4.69%, 12/15/44 (Call 06/15/44)		695		711,601
5.00%, 11/12/40		165		168,802
Boston Scientific Corp. 4.55%, 03/01/39 (Call 09/01/38)		105		109,099
4.70%, 03/01/49 (Call 09/01/48)		1,100		1,156,616
7.00%, 11/15/35		130		166,343
7.38%, 01/15/40		150		204,692
Danaher Corp., 4.38%, 09/15/45 (Call 03/15/45)		360		366,918
Koninklijke Philips NV, 5.00%, 03/15/42		485		539,523
Medtronic Inc. 4.38%, 03/15/35(b)		1,250		1,345,945
4.63%, 03/15/45(b)		1,675		1,876,875
Stryker Corp. 4.10%, 04/01/43 (Call 10/01/42)		475		462,214
4.38%, 05/15/44 (Call 11/15/43)		35		35,923
4.63%, 03/15/46 (Call 09/15/45)		300		321,613
Thermo Fisher Scientific Inc. 4.10%, 08/15/47 (Call 02/15/47)		331		326,595
5.30%, 02/01/44 (Call 08/01/43)		235		270,468
Zimmer Biomet Holdings Inc. 4.25%, 08/15/35 (Call 02/15/35)		310		282,631
4.45%, 08/15/45 (Call 02/15/45)		100		96,122
5.75%, 11/30/39		200		216,119
				13,633,657
Health Care – Services — 2.3%
Advocate Health & Hospitals Corp., 4.27%, 08/15/48 (Call 02/15/48)		50		52,326
Aetna Inc. 3.88%, 08/15/47 (Call 02/15/47)		475		403,783
4.13%, 11/15/42 (Call 05/15/42)		450		401,832
4.50%, 05/15/42 (Call 11/15/41)		225		212,028
4.75%, 03/15/44 (Call 09/15/43)		270		264,012
6.63%, 06/15/36(b)		310		368,201
6.75%, 12/15/37		410		493,349
Anthem Inc. 4.38%, 12/01/47 (Call 06/01/47)		695		675,263
4.55%, 03/01/48 (Call 09/01/47)		550		551,092
4.63%, 05/15/42		632		637,489
4.65%, 01/15/43		794		800,062
4.65%, 08/15/44 (Call 02/15/44)		490		495,936
4.85%, 08/15/54 (Call 02/15/54)		275		273,052
5.10%, 01/15/44		75		80,211
Ascension Health 3.95%, 11/15/46		653		663,714
4.85%, 11/15/53		11		12,754
Baylor Scott & White Holdings 3.97%, 11/15/46 (Call 05/15/46)		350		349,676
4.19%, 11/15/45 (Call 05/15/45)		201		207,579
Cigna Holding Co., 3.88%, 10/15/47 (Call 04/15/47)		652		569,172
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		200		202,362
Dignity Health 4.50%, 11/01/42		100		96,688
5.27%, 11/01/64		100		104,185
Hackensack Meridian Health Inc., 4.21%, 07/01/48 (Call 01/01/48)		50		52,836
HCA Inc., 5.50%, 06/15/47 (Call 12/15/46)		645		683,398

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care – Services (continued)
Humana Inc. 4.63%, 12/01/42 (Call 06/01/42)	$	330	$	325,006
4.80%, 03/15/47 (Call 09/15/46)(b)		215		220,191
4.95%, 10/01/44 (Call 04/01/44)		240		249,394
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46		60		60,873
Kaiser Foundation Hospitals 4.15%, 05/01/47 (Call 11/01/46)		975		1,022,754
4.88%, 04/01/42		100		114,707
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		445		433,220
Mayo Clinic, Series 2013, 4.00%, 11/15/47		11		11,418
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52		275		285,099
Series 2015, 4.20%, 07/01/55		225		237,831
Montefiore Medical Center, Series 18-C, 5.25%, 11/01/48		165		171,184
Mount Sinai Hospitals Group Inc., Series 2017, 3.98%, 07/01/48		205		201,087
New York and Presbyterian Hospital (The) 4.02%, 08/01/45		21		21,612
4.06%, 08/01/56		350		351,424
Northwell Healthcare Inc. 3.98%, 11/01/46 (Call 11/01/45)		435		416,498
4.26%, 11/01/47 (Call 11/01/46)		210		210,198
Providence St Joseph Health Obligated Group, Series I, 3.74%, 10/01/47		250		237,539
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)		197		194,740
Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)		25		27,848
Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		375		374,670
Sutter Health, Series 2018, 4.09%, 08/15/48 (Call 02/15/48)		70		70,466
Texas Health Resources, 4.33%, 11/15/55		9		9,371
Toledo Hospital (The), 6.02%, 11/15/48		500		548,787
UnitedHealth Group Inc. 3.75%, 10/15/47 (Call 04/15/47)(b)		415		394,758
3.95%, 10/15/42 (Call 04/15/42)		282		277,488
4.20%, 01/15/47 (Call 07/15/46)		350		356,250
4.25%, 03/15/43 (Call 09/15/42)		625		640,671
4.25%, 04/15/47 (Call 10/15/46)		395		407,431
4.25%, 06/15/48 (Call 12/15/47)		837		862,143
4.38%, 03/15/42 (Call 09/15/41)		250		260,655
4.45%, 12/15/48 (Call 06/15/48)		320		339,497
4.63%, 07/15/35		604		658,983
4.63%, 11/15/41 (Call 05/15/41)		150		161,535
4.75%, 07/15/45		1,100		1,210,158
5.70%, 10/15/40 (Call 04/15/40)		100		121,681
5.80%, 03/15/36		340		415,048
5.95%, 02/15/41 (Call 08/15/40)		225		282,545
6.50%, 06/15/37		100		131,100
6.63%, 11/15/37(b)		336		448,125
6.88%, 02/15/38		443		606,996
				22,021,981
Home Furnishings — 0.0%
Whirlpool Corp., 4.50%, 06/01/46 (Call 12/01/45)		315		286,470

Security	Par (000)		Value
Household Products & Wares — 0.1%
Kimberly-Clark Corp. 3.20%, 07/30/46 (Call 01/30/46)	$	290	$	260,154
3.90%, 05/04/47 (Call 11/04/46)		310		313,795
5.30%, 03/01/41		31		37,330
6.63%, 08/01/37		295		393,582
				1,004,861
Housewares — 0.0%
Newell Brands Inc. 5.38%, 04/01/36 (Call 10/01/35)		359		325,075
5.50%, 04/01/46 (Call 10/01/45)		100		87,375
				412,450
Insurance — 5.2%
ACE Capital Trust II, Series N, 9.70%, 04/01/30		100		138,000
Aflac Inc. 4.00%, 10/15/46 (Call 04/15/46)		285		280,322
4.75%, 01/15/49 (Call 07/15/48)		300		330,169
6.45%, 08/15/40		65		83,231
AIA Group Ltd., 4.50%, 03/16/46 (Call 09/16/45)(a)		200		211,407
Alleghany Corp., 4.90%, 09/15/44 (Call 03/15/44)		125		126,944
Allstate Corp. (The) 4.20%, 12/15/46 (Call 06/15/46)		115		118,805
4.50%, 06/15/43		435		468,294
5.35%, 06/01/33(b)		198		232,483
5.55%, 05/09/35		376		443,367
5.95%, 04/01/36		100		122,655
6.50%, 05/15/67 (Call 05/15/37)(b)(c)		195		214,500
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)		330		313,775
American International Group Inc. 3.88%, 01/15/35 (Call 07/15/34)		801		742,063
4.38%, 01/15/55 (Call 07/15/54)(b)		600		556,576
4.50%, 07/16/44 (Call 01/16/44)		1,143		1,116,153
4.70%, 07/10/35 (Call 01/10/35)		200		203,456
4.75%, 04/01/48 (Call 10/01/47)		630		638,995
4.80%, 07/10/45 (Call 01/10/45)		560		570,303
6.25%, 05/01/36		315		365,291
8.18%, 05/15/68 (Call 05/15/38)(c)		75		90,938
Aon PLC 4.60%, 06/14/44 (Call 03/14/44)		525		536,936
4.75%, 05/15/45 (Call 11/15/44)(b)		361		377,277
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)		245		270,907
Arch Capital Group Ltd., 7.35%, 05/01/34		95		127,330
Arch Capital Group U.S. Inc., 5.14%, 11/01/43(b)		220		245,384
Assurant Inc., 6.75%, 02/15/34		170		194,754
AXA Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		900		892,635
AXA SA, 8.60%, 12/15/30		740		995,300
AXIS Specialty Finance PLC, 5.15%, 04/01/45		75		73,921
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48 (Call 02/15/48)		640		662,521
4.25%, 01/15/49 (Call 07/15/48)		1,027		1,074,622
4.30%, 05/15/43		283		297,180
4.40%, 05/15/42		455		485,058
5.75%, 01/15/40		310		384,217
Berkshire Hathaway Inc., 4.50%, 02/11/43(b)		495		539,824
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46)		905		741,821
Chubb Corp. (The), 6.00%, 05/11/37		210		267,280

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Chubb INA Holdings Inc. 4.15%, 03/13/43	$	250	$	262,755
4.35%, 11/03/45 (Call 05/03/45)		835		908,871
Everest Reinsurance Holdings Inc., 4.87%, 06/01/44		200		202,738
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34)(a)(c)		290		288,814
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37)(a)(b)(c)		300		261,375
Guardian Life Insurance Co. of America (The) 4.85%, 01/24/77(a)		200		209,988
4.88%, 06/19/64(a)		165		175,497
Harborwalk Funding Trust, 5.08%, 02/15/69 (Call 02/15/49)(c)		400		421,720
Hartford Financial Services Group Inc. (The) 4.30%, 04/15/43		79		79,557
4.40%, 03/15/48 (Call 09/15/47)(b)		135		138,072
5.95%, 10/15/36		325		382,332
6.10%, 10/01/41(b)		225		273,145
6.63%, 03/30/40		315		392,642
Liberty Mutual Group Inc. 4.85%, 08/01/44(a)(b)		675		701,821
6.50%, 03/15/35(a)		250		296,853
Liberty Mutual Insurance Co., 7.70%, 10/15/97(a)		70		92,209
Lincoln National Corp. 4.35%, 03/01/48 (Call 09/01/47)(b)		300		301,063
6.15%, 04/07/36		345		414,041
6.30%, 10/09/37		116		141,734
7.00%, 06/15/40		285		375,334
Loews Corp. 4.13%, 05/15/43 (Call 11/15/42)		240		235,084
6.00%, 02/01/35		150		183,173
Manulife Financial Corp., 5.38%, 03/04/46(b)		645		761,529
Markel Corp. 4.30%, 11/01/47 (Call 05/01/47)(b)		115		103,772
5.00%, 04/05/46		265		266,087
Marsh & McLennan Companies Inc. 4.20%, 03/01/48 (Call 09/01/47)		360		358,725
4.35%, 01/30/47 (Call 07/30/46)		242		245,794
4.90%, 03/15/49 (Call 09/15/48)		1,015		1,120,135
5.88%, 08/01/33		75		90,476
Massachusetts Mutual Life Insurance Co. 4.50%, 04/15/65(a)(b)		500		495,960
5.38%, 12/01/41(a)		25		28,479
MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)(a)		155		192,975
MetLife Inc. 4.05%, 03/01/45		541		544,878
4.13%, 08/13/42		716		727,109
4.60%, 05/13/46 (Call 11/13/45)(b)		310		337,551
4.88%, 11/13/43		780		875,608
5.70%, 06/15/35		375		460,419
5.88%, 02/06/41		340		425,039
6.38%, 06/15/34		260		336,838
6.40%, 12/15/66 (Call 12/15/31)		598		661,759
6.50%, 12/15/32		480		624,028
9.25%, 04/08/38 (Call 04/08/33)(a)		105		143,850
10.75%, 08/01/69 (Call 08/01/34)		66		103,290
Series N, 4.72%, 12/15/44		325		357,818
Mutual of Omaha Insurance Co., 6.80%, 06/15/36(a)		75		93,561
Nationwide Financial Services Inc., 5.30%, 11/18/44(a)		300		322,775
Nationwide Mutual Insurance Co., 9.38%, 08/15/39(a)		360		561,462

Security	Par (000)		Value
Insurance (continued)
New York Life Insurance Co. 4.45%, 05/15/69 (Call 11/15/68)(a)	$	250	$	255,569
5.88%, 05/15/33(a)		785		970,993
6.75%, 11/15/39(a)		140		190,869
Northwestern Mutual Life Insurance Co. (The) 3.85%, 09/30/47 (Call 03/30/47)(a)(b)		100		96,636
6.06%, 03/30/40(a)		925		1,179,306
Pacific Life Insurance Co., 4.30%, 10/24/67 (Call 10/24/47)(a)(c)		600		550,620
Principal Financial Group Inc. 4.35%, 05/15/43		300		301,694
4.63%, 09/15/42		40		41,970
6.05%, 10/15/36		191		229,581
Progressive Corp. (The) 3.70%, 01/26/45		150		145,102
4.13%, 04/15/47 (Call 10/15/46)		340		350,889
4.20%, 03/15/48 (Call 09/15/47)		535		561,409
4.35%, 04/25/44		136		144,544
6.25%, 12/01/32(b)		220		280,088
Prudential Financial Inc. 3.91%, 12/07/47 (Call 06/07/47)(b)		434		422,843
3.94%, 12/07/49 (Call 06/07/49)		780		762,840
4.35%, 02/25/50 (Call 08/25/49)		644		676,810
4.42%, 03/27/48 (Call 09/27/47)		250		262,905
4.60%, 05/15/44		520		560,022
5.70%, 12/14/36		570		680,358
6.63%, 06/21/40		100		129,993
Securian Financial Group Inc., 4.80%, 04/15/48(a)		315		322,878
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)		145		151,273
Sompo International Holdings Ltd., 7.00%, 07/15/34(b)		175		214,959
Swiss Re Finance Luxembourg SA, 5.00%, 04/02/49 (Call 04/02/29)(c)		200		206,274
Teachers Insurance & Annuity Association of America 4.27%, 05/15/47 (Call 11/15/46)(a)		1,400		1,441,585
4.90%, 09/15/44(a)(b)		291		327,383
6.85%, 12/16/39(a)(b)		50		68,385
Transatlantic Holdings Inc., 8.00%, 11/30/39		170		233,304
Travelers Companies Inc. (The) 3.75%, 05/15/46 (Call 11/15/45)		435		425,958
4.00%, 05/30/47 (Call 11/30/46)		380		387,113
4.05%, 03/07/48 (Call 09/07/47)		175		179,887
4.10%, 03/04/49 (Call 09/04/48)		340		352,220
4.30%, 08/25/45 (Call 02/25/45)		240		255,674
4.60%, 08/01/43		91		100,583
5.35%, 11/01/40		413		498,738
6.25%, 06/15/37		385		504,343
6.75%, 06/20/36		200		270,404
Travelers Property Casualty Corp., 6.38%, 03/15/33(b)		250		323,400
Unum Group, 5.75%, 08/15/42(b)		210		225,026
Voya Financial Inc. 4.80%, 06/15/46		100		103,678
5.70%, 07/15/43		235		271,219
Western & Southern Financial Group Inc., 5.75%, 07/15/33(a)		200		239,881
Western & Southern Life Insurance Co. (The), 5.15%, 01/15/49 (Call 07/15/48)(a)		150		162,363
Willis North America Inc., 5.05%, 09/15/48 (Call 03/15/48)		155		162,256
WR Berkley Corp., 4.75%, 08/01/44		210		216,832

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
XLIT Ltd., 5.50%, 03/31/45	$	471	$	520,884
				49,474,970
Internet — 0.9%
Alibaba Group Holding Ltd. 4.00%, 12/06/37 (Call 06/06/37)		325		314,204
4.20%, 12/06/47 (Call 06/06/47)		800		779,400
4.40%, 12/06/57 (Call 06/06/57)		200		197,230
4.50%, 11/28/34 (Call 05/28/34)		560		582,204
Amazon.com Inc. 3.88%, 08/22/37 (Call 02/22/37)(b)		987		1,016,896
4.05%, 08/22/47 (Call 02/22/47)(b)		1,708		1,779,312
4.25%, 08/22/57 (Call 02/22/57)		1,090		1,153,334
4.80%, 12/05/34 (Call 06/05/34)		1,120		1,292,508
4.95%, 12/05/44 (Call 06/05/44)		565		666,746
eBay Inc., 4.00%, 07/15/42 (Call 01/15/42)		532		468,208
Tencent Holdings Ltd., 3.93%, 01/19/38 (Call 07/19/37)		250		239,054
				8,489,096
Iron & Steel — 0.4%
ArcelorMittal 6.75%, 03/01/41		60		67,466
7.00%, 10/15/39		250		286,910
Nucor Corp. 4.40%, 05/01/48 (Call 11/01/47)		10		10,313
5.20%, 08/01/43 (Call 02/01/43)		199		225,518
6.40%, 12/01/37		225		285,915
Vale Overseas Ltd. 6.88%, 11/21/36(b)		800		925,352
6.88%, 11/10/39		660		766,425
8.25%, 01/17/34		420		531,180
Vale SA, 5.63%, 09/11/42		405		413,679
				3,512,758
Leisure Time — 0.0%
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)		200		189,323
Machinery — 0.5%
ABB Finance USA Inc., 4.38%, 05/08/42(b)		412		442,992
Caterpillar Inc. 3.80%, 08/15/42(b)		770		781,121
4.30%, 05/15/44 (Call 11/15/43)		100		107,747
4.75%, 05/15/64 (Call 11/15/63)(b)		225		254,210
5.20%, 05/27/41		370		440,407
5.30%, 09/15/35		11		12,906
6.05%, 08/15/36		111		141,446
Cummins Inc., 4.88%, 10/01/43 (Call 04/01/43)		185		208,979
Deere & Co. 3.90%, 06/09/42 (Call 12/09/41)		563		581,698
5.38%, 10/16/29(b)		265		314,590
7.13%, 03/03/31		133		178,628
Dover Corp., 5.38%, 03/01/41 (Call 12/01/40)		435		489,365
Rockwell Automation Inc., 4.20%, 03/01/49 (Call 09/01/48)(b)		145		153,390
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)		225		225,464
				4,332,943
Manufacturing — 1.5%
3M Co. 3.13%, 09/19/46 (Call 03/19/46)		250		220,950
3.63%, 10/15/47 (Call 04/15/47)		315		305,393
3.88%, 06/15/44		150		151,939
4.00%, 09/14/48 (Call 03/14/48)(b)		878		898,100

Security	Par (000)		Value
Manufacturing (continued)
5.70%, 03/15/37	$	55	$	68,365
Crane Co., 4.20%, 03/15/48 (Call 09/15/47)		45		42,322
Eaton Corp. 4.00%, 11/02/32		755		787,687
4.15%, 11/02/42		340		339,556
General Electric Co. 4.13%, 10/09/42		934		823,636
4.50%, 03/11/44		970		899,776
5.88%, 01/14/38		950		1,025,103
6.15%, 08/07/37		684		753,062
6.88%, 01/10/39(b)		725		857,747
Series A, 6.75%, 03/15/32		2,290		2,678,315
Illinois Tool Works Inc. 3.90%, 09/01/42 (Call 03/01/42)		655		676,424
4.88%, 09/15/41 (Call 03/15/41)		200		229,085
Ingersoll-Rand Global Holding Co. Ltd. 4.30%, 02/21/48 (Call 08/21/47)		100		97,383
5.75%, 06/15/43		185		217,219
Ingersoll-Rand Luxembourg Finance SA 4.50%, 03/21/49 (Call 09/21/48)		295		296,368
4.65%, 11/01/44 (Call 05/01/44)(b)		140		143,947
Parker-Hannifin Corp. 4.10%, 03/01/47 (Call 09/01/46)		145		145,423
4.20%, 11/21/34 (Call 05/21/34)		225		233,754
4.45%, 11/21/44 (Call 05/21/44)		200		211,471
Series A, 6.25%, 05/15/38		555		695,941
Siemens Financieringsmaatschappij NV 3.30%, 09/15/46(a)		265		239,136
4.20%, 03/16/47(a)		1,040		1,089,128
4.40%, 05/27/45(a)		110		117,600
				14,244,830
Media — 5.5%
CBS Corp. 4.60%, 01/15/45 (Call 07/15/44)		230		222,013
4.85%, 07/01/42 (Call 01/01/42)		500		496,420
4.90%, 08/15/44 (Call 02/15/44)		360		357,551
5.50%, 05/15/33(b)		300		330,084
5.90%, 10/15/40 (Call 04/15/40)		165		183,196
7.88%, 07/30/30		365		476,996
Charter Communications Operating LLC/Charter Communications Operating Capital 5.38%, 04/01/38 (Call 10/01/37)		549		563,614
5.38%, 05/01/47 (Call 11/01/46)		1,560		1,564,557
5.75%, 04/01/48 (Call 10/01/47)		1,075		1,133,634
6.38%, 10/23/35 (Call 04/23/35)		1,050		1,186,336
6.48%, 10/23/45 (Call 04/23/45)		1,240		1,404,586
6.83%, 10/23/55 (Call 04/23/55)		215		242,493
Comcast Corp. 3.20%, 07/15/36 (Call 01/15/36)		505		460,408
3.40%, 07/15/46 (Call 01/15/46)		580		514,824
3.90%, 03/01/38 (Call 09/01/37)		600		596,676
3.97%, 11/01/47 (Call 05/01/47)		875		849,925
4.00%, 08/15/47 (Call 02/15/47)		605		589,574
4.00%, 03/01/48 (Call 09/01/47)		485		473,423
4.00%, 11/01/49 (Call 05/01/49)		1,025		997,514
4.05%, 11/01/52 (Call 05/01/52)		500		485,327
4.20%, 08/15/34 (Call 02/15/34)		596		623,486
4.25%, 10/15/30 (Call 07/15/30)		705		749,953
4.25%, 01/15/33		1,935		2,057,619
4.40%, 08/15/35 (Call 02/15/35)		530		556,089

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
4.50%, 01/15/43	$	230	$	241,665
4.60%, 10/15/38 (Call 04/15/38)		1,170		1,259,085
4.60%, 08/15/45 (Call 02/15/45)		715		761,541
4.65%, 07/15/42		575		614,691
4.70%, 10/15/48 (Call 04/15/48)		1,865		2,026,110
4.75%, 03/01/44		540		587,076
4.95%, 10/15/58 (Call 04/15/58)		1,075		1,202,276
5.65%, 06/15/35		171		201,830
6.40%, 05/15/38		62		78,413
6.45%, 03/15/37		270		343,317
6.50%, 11/15/35		435		550,283
6.55%, 07/01/39		25		32,246
6.95%, 08/15/37		417		562,204
7.05%, 03/15/33		351		468,980
Cox Communications Inc. 4.60%, 08/15/47 (Call 02/15/47)(a)		185		177,533
8.38%, 03/01/39(a)		800		1,065,884
Discovery Communications LLC 4.88%, 04/01/43		560		531,662
4.95%, 05/15/42		250		239,721
5.00%, 09/20/37 (Call 03/20/37)		570		567,832
5.20%, 09/20/47 (Call 03/20/47)(b)		590		587,177
6.35%, 06/01/40		520		584,483
Fox Corp. 5.48%, 01/25/39 (Call 07/25/38)(a)		878		977,679
5.58%, 01/25/49 (Call 07/25/48)(a)		715		811,257
Grupo Televisa SAB 5.00%, 05/13/45 (Call 11/13/44)		750		740,906
6.63%, 01/15/40		360		418,127
Historic TW Inc., 6.63%, 05/15/29		100		122,641
NBCUniversal Media LLC 4.45%, 01/15/43		350		363,455
5.95%, 04/01/41		735		907,029
Thomson Reuters Corp. 5.50%, 08/15/35		150		158,433
5.65%, 11/23/43 (Call 05/23/43)		125		133,570
5.85%, 04/15/40		250		276,289
Time Warner Cable LLC 4.50%, 09/15/42 (Call 03/15/42)		535		477,202
5.50%, 09/01/41 (Call 03/01/41)		635		633,246
5.88%, 11/15/40 (Call 05/15/40)		575		598,771
6.55%, 05/01/37		500		555,618
6.75%, 06/15/39		1,025		1,143,290
7.30%, 07/01/38		780		911,830
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		375		493,004
TWDC Enterprises 18 Corp. 3.00%, 07/30/46		25		21,734
3.70%, 12/01/42		300		295,270
4.13%, 06/01/44(b)		670		705,894
4.38%, 08/16/41		275		295,090
7.00%, 03/01/32		200		274,938
Series E, 4.13%, 12/01/41		250		261,214
Viacom Inc. 4.38%, 03/15/43		620		562,904
5.25%, 04/01/44 (Call 10/01/43)		305		311,079
5.85%, 09/01/43 (Call 03/01/43)		750		817,011
6.88%, 04/30/36(b)		385		454,594
Walt Disney Co. (The) 4.75%, 09/15/44 (Call 03/15/44)(a)		325		372,352
4.95%, 10/15/45 (Call 04/15/45)(a)		240		285,790

Security	Par (000)		Value
Media (continued)
5.40%, 10/01/43(a)	$	150	$	184,296
6.15%, 03/01/37(a)		767		992,533
6.15%, 02/15/41(a)		610		804,395
6.20%, 12/15/34(a)		560		726,765
6.40%, 12/15/35		439		577,811
6.55%, 03/15/33(a)		275		361,186
6.65%, 11/15/37(a)		470		643,859
6.90%, 08/15/39(a)		236		333,540
7.75%, 12/01/45(a)		150		238,921
7.85%, 03/01/39		320		481,684
8.15%, 10/17/36		100		150,225
Warner Media LLC 4.65%, 06/01/44 (Call 12/01/43)		270		269,120
4.85%, 07/15/45 (Call 01/15/45)		578		590,368
4.90%, 06/15/42		300		308,873
5.35%, 12/15/43		225		240,652
5.38%, 10/15/41		250		267,759
6.10%, 07/15/40		100		115,245
6.25%, 03/29/41		225		263,771
7.70%, 05/01/32		225		304,939
				52,036,466
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp. 3.90%, 01/15/43 (Call 07/15/42)		166		164,927
4.38%, 06/15/45 (Call 12/15/44)		86		91,825
Valmont Industries Inc. 5.00%, 10/01/44 (Call 04/01/44)		460		433,331
5.25%, 10/01/54 (Call 04/01/54)		170		157,819
				847,902
Mining —1.7%
Barrick Gold Corp. 5.25%, 04/01/42		372		403,010
6.45%, 10/15/35		25		29,560
Barrick North America Finance LLC 5.70%, 05/30/41		406		461,458
5.75%, 05/01/43		655		753,576
7.50%, 09/15/38		222		282,680
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		449		519,157
BHP Billiton Finance USA Ltd. 4.13%, 02/24/42		556		582,016
5.00%, 09/30/43		825		957,312
Corp. Nacional del Cobre de Chile 4.25%, 07/17/42(a)		1,100		1,089,280
4.38%, 02/05/49 (Call 08/05/48)(a)(b)		1,350		1,349,858
4.50%, 08/01/47 (Call 02/01/47)(a)		1,000		1,021,725
Glencore Finance Canada Ltd. 5.55%, 10/25/42(a)		225		219,707
6.00%, 11/15/41(a)		35		35,714
6.90%, 11/15/37(a)		100		113,748
Indonesia Asahan Aluminium Persero PT, 6.76%, 11/15/48(a)		400		459,041
Newmont Goldcorp Corp., 5.45%, 06/09/44 (Call 12/09/43)		399		437,917
Newmont Mining Corp. 4.88%, 03/15/42 (Call 09/15/41)		288		299,382
5.88%, 04/01/35		175		199,923
6.25%, 10/01/39		550		664,554
Rio Tinto Alcan Inc. 5.75%, 06/01/35		111		131,270
6.13%, 12/15/33		401		512,297

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
7.25%, 03/15/31	$	275	$	364,970
Rio Tinto Finance USA Ltd., 5.20%, 11/02/40		410		484,828
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (Call 02/21/42)		405		418,542
4.75%, 03/22/42 (Call 09/22/41)(b)		340		381,142
Southern Copper Corp. 5.25%, 11/08/42		740		771,450
5.88%, 04/23/45		595		664,913
6.75%, 04/16/40		575		690,719
7.50%, 07/27/35		335		424,194
Teck Resources Ltd. 5.20%, 03/01/42 (Call 09/01/41)		60		58,472
5.40%, 02/01/43 (Call 08/01/42)		200		199,543
6.00%, 08/15/40 (Call 02/15/40)		290		307,157
6.13%, 10/01/35		355		387,336
6.25%, 07/15/41 (Call 01/15/41)		605		653,031
Vale Canada Ltd., 7.20%, 09/15/32		100		109,761
				16,439,243
Oil & Gas — 8.2%
Anadarko Finance Co., Series B, 7.50%, 05/01/31		455		594,029
Anadarko Petroleum Corp. 4.50%, 07/15/44 (Call 01/15/44)		420		427,893
6.20%, 03/15/40		520		641,067
6.45%, 09/15/36		735		917,426
6.60%, 03/15/46 (Call 09/15/45)		775		1,045,274
Apache Corp. 4.25%, 01/15/44 (Call 07/15/43)		598		537,728
4.75%, 04/15/43 (Call 10/15/42)		815		780,896
5.10%, 09/01/40 (Call 03/01/40)		515		513,508
5.25%, 02/01/42 (Call 08/01/41)		145		148,252
6.00%, 01/15/37		562		619,472
7.75%, 12/15/29		165		200,700
BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28)		250		256,675
Burlington Resources LLC, 7.20%, 08/15/31		300		400,185
Canadian Natural Resources Ltd. 4.95%, 06/01/47 (Call 12/01/46)		505		550,393
5.85%, 02/01/35		150		168,995
6.25%, 03/15/38		760		912,761
6.45%, 06/30/33		200		240,569
6.50%, 02/15/37		50		60,896
6.75%, 02/01/39		25		31,351
7.20%, 01/15/32		200		252,762
Cenovus Energy Inc. 4.45%, 09/15/42 (Call 03/15/42)		175		160,588
5.25%, 06/15/37 (Call 12/15/36)		425		432,232
5.40%, 06/15/47 (Call 12/15/46)		970		1,016,815
6.75%, 11/15/39		668		765,366
CNOOC Finance 2013 Ltd., 4.25%, 05/09/43		400		403,982
CNOOC Finance 2015 Australia Pty Ltd., 4.20%, 05/05/45		400		400,354
CNOOC Nexen Finance 2014 ULC, 4.88%, 04/30/44		400		441,650
Concho Resources Inc. 4.85%, 08/15/48 (Call 02/15/48)		145		152,838
4.88%, 10/01/47 (Call 04/01/47)		875		926,543
Conoco Funding Co., 7.25%, 10/15/31		375		508,880
ConocoPhillips 5.90%, 10/15/32		368		455,531
5.90%, 05/15/38		350		438,750
6.50%, 02/01/39		1,100		1,470,753

Security	Par (000)		Value
Oil & Gas (continued)
ConocoPhillips Canada Funding Co. I 5.95%, 10/15/36	$	140	$	177,763
7.40%, 12/01/31		295		398,887
ConocoPhillips Co. 4.30%, 11/15/44 (Call 05/15/44)(b)		669		709,195
5.95%, 03/15/46 (Call 09/15/45)		175		230,017
ConocoPhillips Holding Co., 6.95%, 04/15/29		600		775,792
Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)		345		350,330
Devon Energy Corp. 4.75%, 05/15/42 (Call 11/15/41)		554		553,841
5.00%, 06/15/45 (Call 12/15/44)(b)		582		603,450
5.60%, 07/15/41 (Call 01/15/41)		835		924,157
Ecopetrol SA 5.88%, 05/28/45		1,175		1,210,309
7.38%, 09/18/43		490		592,964
Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)(a)		400		382,188
Encana Corp. 6.50%, 08/15/34		555		667,982
6.50%, 02/01/38		440		521,332
6.63%, 08/15/37		80		95,151
7.20%, 11/01/31		100		123,408
8.13%, 09/15/30		50		64,731
EOG Resources Inc. 3.90%, 04/01/35 (Call 10/01/34)		365		370,417
5.10%, 01/15/36 (Call 07/15/35)		195		222,394
Equinor ASA 3.95%, 05/15/43		604		619,612
4.25%, 11/23/41(b)		375		396,833
4.80%, 11/08/43		348		399,132
5.10%, 08/17/40		287		335,351
Exxon Mobil Corp. 3.57%, 03/06/45 (Call 09/06/44)		367		360,526
4.11%, 03/01/46 (Call 09/01/45)(b)		1,105		1,176,268
Gazprom OAO Via Gaz Capital SA, 7.29%, 08/16/37(a)		1,200		1,439,400
Hess Corp. 5.60%, 02/15/41		872		912,195
5.80%, 04/01/47 (Call 10/01/46)		85		91,985
6.00%, 01/15/40		385		411,454
7.13%, 03/15/33		225		274,516
7.30%, 08/15/31		445		539,591
KazMunayGas National Co. JSC 5.38%, 04/24/30(a)		400		427,580
6.38%, 10/24/48(a)		600		662,355
Kerr-McGee Corp., 7.88%, 09/15/31		14		18,719
Marathon Oil Corp. 5.20%, 06/01/45 (Call 12/01/44)(b)		320		346,565
6.60%, 10/01/37		349		420,317
6.80%, 03/15/32		331		402,315
Marathon Petroleum Corp. 4.50%, 04/01/48 (Call 10/01/47)(a)(b)		200		192,421
4.75%, 09/15/44 (Call 03/15/44)		327		328,397
5.00%, 09/15/54 (Call 03/15/54)		325		323,114
5.85%, 12/15/45 (Call 06/15/45)		110		117,256
6.50%, 03/01/41 (Call 09/01/40)(b)		735		893,547
Motiva Enterprises LLC, 6.85%, 01/15/40(a)		300		354,686
Nexen Inc. 5.88%, 03/10/35		250		297,304
6.40%, 05/15/37		950		1,205,241

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
7.50%, 07/30/39	$	465	$	666,668
7.88%, 03/15/32		160		222,073
Noble Energy Inc. 4.95%, 08/15/47 (Call 02/15/47)		85		87,195
5.05%, 11/15/44 (Call 05/15/44)		720		743,711
5.25%, 11/15/43 (Call 05/15/43)(b)		430		451,854
6.00%, 03/01/41 (Call 09/01/40)		685		773,043
Occidental Petroleum Corp. 4.10%, 02/15/47 (Call 08/15/46)		475		455,888
4.20%, 03/15/48 (Call 09/15/47)		645		628,987
4.40%, 04/15/46 (Call 10/15/45)		520		523,907
4.63%, 06/15/45 (Call 12/15/44)		520		532,043
Pertamina Persero PT 6.45%, 05/30/44(a)		1,600		1,836,712
6.50%, 11/07/48(a)		900		1,048,198
Petro-Canada 5.35%, 07/15/33		125		141,707
5.95%, 05/15/35		171		204,117
6.80%, 05/15/38		549		717,802
Petroleos del Peru SA 4.75%, 06/19/32(a)		600		609,750
5.63%, 06/19/47(a)		200		211,700
Petroleos Mexicanos 5.50%, 06/27/44		700		571,596
5.63%, 01/23/46		865		721,410
6.35%, 02/12/48		1,725		1,520,967
6.38%, 01/23/45		1,460		1,305,255
6.50%, 06/02/41		1,310		1,207,178
6.63%, 06/15/35		1,175		1,133,287
6.63%, 06/15/38		300		278,333
6.75%, 09/21/47(b)		2,550		2,351,100
Petronas Capital Ltd., 4.50%, 03/18/45(a)		900		977,773
Phillips 66 4.65%, 11/15/34 (Call 05/15/34)		820		879,134
4.88%, 11/15/44 (Call 05/15/44)		805		864,578
5.88%, 05/01/42		721		864,085
Saudi Arabian Oil Co. 4.25%, 04/16/39(a)		1,500		1,466,713
4.38%, 04/16/49(a)		1,500		1,457,340
Shell International Finance BV 3.63%, 08/21/42		103		99,917
3.75%, 09/12/46(b)		430		424,046
4.00%, 05/10/46		760		782,070
4.13%, 05/11/35		815		866,221
4.38%, 05/11/45		1,240		1,339,379
4.55%, 08/12/43		1,170		1,290,442
5.50%, 03/25/40		999		1,227,836
6.38%, 12/15/38		945		1,260,134
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(a)(b)		700		773,349
Sinopec Group Overseas Development 2017 Ltd., 4.25%, 04/12/47		600		610,115
Sinopec Group Overseas Development 2018 Ltd., 4.60%, 09/12/48(a)		700		750,473
Suncor Energy Inc. 4.00%, 11/15/47 (Call 05/15/47)		170		166,009
5.95%, 12/01/34		25		30,241
6.50%, 06/15/38		680		865,799
6.85%, 06/01/39		470		617,595
Thaioil Treasury Center Co. Ltd., 5.38%, 11/20/48		200		225,679

Security	Par (000)		Value
Oil & Gas (continued)
Tosco Corp., 8.13%, 02/15/30	$	61	$	85,118
Valero Energy Corp. 4.90%, 03/15/45(b)		385		404,515
6.63%, 06/15/37		649		795,535
7.50%, 04/15/32		485		631,983
				77,496,662
Oil & Gas Services — 0.6%
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40		425		446,111
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47)		875		814,170
Halliburton Co. 4.50%, 11/15/41 (Call 05/15/41)		200		199,101
4.75%, 08/01/43 (Call 02/01/43)(b)		560		573,335
4.85%, 11/15/35 (Call 05/15/35)		375		392,985
5.00%, 11/15/45 (Call 05/15/45)		1,085		1,161,608
6.70%, 09/15/38		96		120,022
7.45%, 09/15/39		740		986,369
National Oilwell Varco Inc., 3.95%, 12/01/42 (Call 06/01/42)		960		810,009
				5,503,710
Packaging & Containers — 0.1%
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)		503		550,117
WestRock MWV LLC 7.95%, 02/15/31		151		196,504
8.20%, 01/15/30(b)		195		257,667
				1,004,288
Pharmaceuticals — 6.0%
AbbVie Inc. 4.30%, 05/14/36 (Call 11/14/35)		550		525,820
4.40%, 11/06/42		800		741,157
4.45%, 05/14/46 (Call 11/14/45)		879		815,190
4.50%, 05/14/35 (Call 11/14/34)(b)		1,025		1,002,643
4.70%, 05/14/45 (Call 11/14/44)		1,440		1,379,327
4.88%, 11/14/48 (Call 05/14/48)(b)		820		809,675
Allergan Finance LLC, 4.63%, 10/01/42 (Call 04/01/42)		100		96,085
Allergan Funding SCS 4.55%, 03/15/35 (Call 09/15/34)(b)		1,060		1,043,242
4.75%, 03/15/45 (Call 09/15/44)		719		702,501
4.85%, 06/15/44 (Call 12/15/43)		565		555,521
AmerisourceBergen Corp. 4.25%, 03/01/45 (Call 09/01/44)		200		176,327
4.30%, 12/15/47 (Call 06/15/47)		345		309,308
AstraZeneca PLC 4.00%, 09/18/42(b)		570		556,350
4.38%, 11/16/45		610		628,763
4.38%, 08/17/48 (Call 02/17/48)(b)		575		593,531
6.45%, 09/15/37(b)		1,360		1,726,837
Bayer U.S. Finance II LLC 4.20%, 07/15/34 (Call 01/15/34)(a)		350		323,364
4.38%, 12/15/28 (Call 09/15/28)(a)		1,500		1,505,072
4.40%, 07/15/44 (Call 01/15/44)(a)		525		467,776
4.65%, 11/15/43 (Call 05/15/43)(a)		74		67,533
4.70%, 07/15/64 (Call 01/15/64)(a)(b)		400		342,306
4.88%, 06/25/48 (Call 12/25/47)(a)(b)		475		459,499
Bristol-Myers Squibb Co. 3.25%, 08/01/42		194		163,957
4.50%, 03/01/44 (Call 09/01/43)(b)		665		676,731

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Cardinal Health Inc. 4.37%, 06/15/47 (Call 12/15/46)(b)	$	300	$	265,215
4.50%, 11/15/44 (Call 05/15/44)		275		247,515
4.60%, 03/15/43		200		182,340
Cigna Corp. 4.80%, 08/15/38 (Call 02/15/38)(a)		990		998,306
4.90%, 12/15/48 (Call 06/15/48)(a)		1,395		1,407,906
CVS Health Corp. 4.78%, 03/25/38 (Call 09/25/37)		2,075		2,018,505
4.88%, 07/20/35 (Call 01/20/35)		725		724,209
5.05%, 03/25/48 (Call 09/25/47)		3,460		3,414,009
5.13%, 07/20/45 (Call 01/20/45)		1,535		1,525,942
5.30%, 12/05/43 (Call 06/05/43)		433		442,672
Eli Lilly & Co. 3.70%, 03/01/45 (Call 09/01/44)		615		596,830
3.88%, 03/15/39 (Call 09/15/38)		190		193,559
3.95%, 05/15/47 (Call 11/15/46)		395		401,851
3.95%, 03/15/49 (Call 09/15/48)		700		712,300
4.15%, 03/15/59 (Call 09/15/58)		703		721,216
5.55%, 03/15/37(b)		171		205,287
Express Scripts Holding Co. 4.80%, 07/15/46 (Call 01/15/46)		920		912,889
6.13%, 11/15/41		190		220,913
GlaxoSmithKline Capital Inc. 4.20%, 03/18/43		235		243,948
5.38%, 04/15/34		200		239,188
6.38%, 05/15/38		1,275		1,679,476
Johnson & Johnson 3.40%, 01/15/38 (Call 07/15/37)		410		398,300
3.50%, 01/15/48 (Call 07/15/47)		335		324,373
3.55%, 03/01/36 (Call 09/01/35)		879		880,159
3.63%, 03/03/37 (Call 09/03/36)		405		407,914
3.70%, 03/01/46 (Call 09/01/45)(b)		500		499,818
3.75%, 03/03/47 (Call 09/03/46)		775		781,479
4.38%, 12/05/33 (Call 06/05/33)		630		703,235
4.50%, 09/01/40		210		231,256
4.50%, 12/05/43 (Call 06/05/43)(b)		200		224,055
4.85%, 05/15/41		386		449,403
4.95%, 05/15/33		361		425,442
5.85%, 07/15/38(b)		105		135,160
5.95%, 08/15/37		605		780,441
McKesson Corp., 4.75%, 05/30/29 (Call 02/28/29)		850		888,940
Mead Johnson Nutrition Co. 4.60%, 06/01/44 (Call 12/01/43)		168		183,011
5.90%, 11/01/39		240		296,342
Merck & Co. Inc. 3.60%, 09/15/42 (Call 03/15/42)		410		396,255
3.70%, 02/10/45 (Call 08/10/44)		1,005		984,980
3.90%, 03/07/39 (Call 09/07/38)(b)		540		554,089
4.00%, 03/07/49 (Call 09/07/48)		275		281,377
4.15%, 05/18/43(b)		1,145		1,205,098
6.55%, 09/15/37		75		100,039
Merck Sharp & Dohme Corp., 5.75%, 11/15/36		25		30,648
Mylan Inc. 5.20%, 04/15/48 (Call 10/15/47)		200		180,112
5.40%, 11/29/43 (Call 05/29/43)(b)		465		425,951
Mylan NV, 5.25%, 06/15/46 (Call 12/15/45)		400		363,410
Novartis Capital Corp. 3.70%, 09/21/42		200		197,772
4.00%, 11/20/45 (Call 05/20/45)(b)		1,395		1,441,403

Security	Par (000)		Value
Pharmaceuticals (continued)
4.40%, 05/06/44	$	640	$	702,661
Perrigo Finance Unlimited Co., 4.90%, 12/15/44 (Call 06/15/44)		75		63,304
Pfizer Inc. 3.90%, 03/15/39 (Call 09/15/38)		300		305,743
4.00%, 12/15/36		580		598,408
4.00%, 03/15/49 (Call 09/15/48)		80		81,359
4.10%, 09/15/38 (Call 03/15/38)		340		353,704
4.13%, 12/15/46		850		880,387
4.20%, 09/15/48 (Call 03/15/48)		115		121,107
4.30%, 06/15/43		560		591,007
4.40%, 05/15/44		705		757,046
5.60%, 09/15/40		100		123,925
7.20%, 03/15/39		1,345		1,938,275
Wyeth LLC 5.95%, 04/01/37		810		1,021,150
6.00%, 02/15/36		426		537,223
6.50%, 02/01/34		409		537,865
Zoetis Inc. 3.95%, 09/12/47 (Call 03/12/47)		350		336,014
4.45%, 08/20/48 (Call 02/20/48)		330		341,896
4.70%, 02/01/43 (Call 08/01/42)		576		612,078
				56,696,205
Pipelines — 4.7%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(a)(b)		800		842,000
Buckeye Partners LP 5.60%, 10/15/44 (Call 04/15/44)		210		207,181
5.85%, 11/15/43 (Call 05/15/43)		140		142,139
Colonial Pipeline Co., 4.25%, 04/15/48 (Call 10/15/47)		20		19,894
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)		295		329,211
El Paso Natural Gas Co. LLC, 8.38%, 06/15/32		50		65,425
Enable Midstream Partners LP, 5.00%, 05/15/44 (Call 11/15/43)		145		131,226
Enbridge Energy Partners LP 5.50%, 09/15/40 (Call 03/15/40)		200		223,964
7.38%, 10/15/45 (Call 04/15/45)		95		132,423
Series B, 7.50%, 04/15/38		200		268,237
Enbridge Inc. 4.50%, 06/10/44 (Call 12/10/43)		605		612,228
5.50%, 12/01/46 (Call 06/01/46)(b)		390		465,845
Energy Transfer Operating LP 4.90%, 03/15/35 (Call 09/15/34)		200		191,735
5.15%, 02/01/43 (Call 08/01/42)		275		266,521
5.15%, 03/15/45 (Call 09/15/44)		441		428,937
5.30%, 04/15/47 (Call 10/15/46)		570		565,875
5.95%, 10/01/43 (Call 04/01/43)		155		164,759
6.05%, 06/01/41 (Call 12/01/40)		50		53,461
6.13%, 12/15/45 (Call 06/15/45)(b)		590		645,090
6.25%, 04/15/49 (Call 10/15/48)		675		757,818
6.50%, 02/01/42 (Call 08/01/41)(b)		360		406,157
6.63%, 10/15/36(b)		205		229,719
7.50%, 07/01/38		290		354,529
8.25%, 11/15/29 (Call 08/15/29)		165		206,263
Series 30Y, 6.00%, 06/15/48 (Call 12/15/47)		615		667,661
Enterprise Products Operating LLC 4.25%, 02/15/48 (Call 08/15/47)		575		563,723
4.45%, 02/15/43 (Call 08/15/42)		550		551,402
4.80%, 02/01/49 (Call 08/01/48)		190		202,207
4.85%, 08/15/42 (Call 02/15/42)		383		405,970

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
4.85%, 03/15/44 (Call 09/15/43)(b)	$	870	$	920,504
4.90%, 05/15/46 (Call 11/15/45)		705		757,711
4.95%, 10/15/54 (Call 04/15/54)		200		208,394
5.10%, 02/15/45 (Call 08/15/44)		860		940,003
5.70%, 02/15/42		275		320,327
5.95%, 02/01/41		450		534,158
6.13%, 10/15/39		335		401,856
7.55%, 04/15/38		150		201,540
Series D, 6.88%, 03/01/33		305		388,110
Series H, 6.65%, 10/15/34		141		176,621
EQM Midstream Partners LP, Series 30Y, 6.50%, 07/15/48 (Call 01/15/48)		310		319,395
GNL Quintero SA, 4.63%, 07/31/29(a)		450		463,867
Kinder Morgan Energy Partners LP 4.70%, 11/01/42 (Call 05/01/42)		340		329,559
5.00%, 08/15/42 (Call 02/15/42)		400		400,906
5.00%, 03/01/43 (Call 09/01/42)		350		353,245
5.40%, 09/01/44 (Call 03/01/44)		275		286,908
5.50%, 03/01/44 (Call 09/01/43)		625		667,520
5.80%, 03/15/35		300		332,372
6.38%, 03/01/41		390		452,779
6.55%, 09/15/40		125		144,574
6.95%, 01/15/38		800		985,624
7.30%, 08/15/33		51		64,351
7.40%, 03/15/31		148		185,416
7.50%, 11/15/40		95		122,567
7.75%, 03/15/32		100		129,894
Kinder Morgan Inc./DE 5.05%, 02/15/46 (Call 08/15/45)		892		917,569
5.20%, 03/01/48 (Call 09/01/47)		290		306,294
5.30%, 12/01/34 (Call 06/01/34)		465		507,171
5.55%, 06/01/45 (Call 12/01/44)		655		713,420
7.75%, 01/15/32		437		576,087
Magellan Midstream Partners LP 4.20%, 03/15/45 (Call 09/15/44)		35		32,884
4.20%, 10/03/47 (Call 04/03/47)		210		202,451
4.25%, 09/15/46 (Call 03/15/46)(b)		200		195,754
4.85%, 02/01/49 (Call 08/01/48)(b)		385		410,551
5.15%, 10/15/43 (Call 04/15/43)		420		456,017
MPLX LP 4.50%, 04/15/38 (Call 10/15/37)		935		896,736
4.70%, 04/15/48 (Call 10/15/47)		598		576,621
4.90%, 04/15/58 (Call 10/15/57)		60		56,863
5.20%, 03/01/47 (Call 09/01/46)		509		524,190
5.50%, 02/15/49 (Call 08/15/48)		1,050		1,133,458
ONEOK Inc. 4.95%, 07/13/47 (Call 01/06/47)		250		249,532
5.20%, 07/15/48 (Call 01/15/48)(b)		754		782,205
6.00%, 06/15/35		35		38,505
ONEOK Partners LP 6.13%, 02/01/41 (Call 08/01/40)		225		252,117
6.20%, 09/15/43 (Call 03/15/43)		125		141,748
6.65%, 10/01/36		210		245,207
6.85%, 10/15/37		300		353,056
Phillips 66 Partners LP 4.68%, 02/15/45 (Call 08/15/44)(b)		75		73,353
4.90%, 10/01/46 (Call 04/01/46)		390		394,461
Plains All American Pipeline LP/PAA Finance Corp. 4.30%, 01/31/43 (Call 07/31/42)		90		79,225
4.70%, 06/15/44 (Call 12/15/43)		250		235,501

Security	Par (000)		Value
Pipelines (continued)
4.90%, 02/15/45 (Call 08/15/44)(b)	$	415	$	399,569
5.15%, 06/01/42 (Call 12/01/41)		60		57,940
6.65%, 01/15/37		225		256,752
Southern Natural Gas Co. LLC, 8.00%, 03/01/32		50		67,170
Spectra Energy Partners LP 4.50%, 03/15/45 (Call 09/15/44)		310		314,566
5.95%, 09/25/43 (Call 03/25/43)		165		194,893
Sunoco Logistics Partners Operations LP 4.95%, 01/15/43 (Call 07/15/42)		250		233,700
5.30%, 04/01/44 (Call 10/01/43)		461		455,873
5.35%, 05/15/45 (Call 11/15/44)		380		376,456
5.40%, 10/01/47 (Call 04/01/47)		935		938,644
6.10%, 02/15/42		175		188,004
Texas Eastern Transmission LP, 7.00%, 07/15/32		265		330,486
TransCanada PipeLines Ltd. 4.63%, 03/01/34 (Call 12/01/33)		755		784,310
4.75%, 05/15/38 (Call 11/15/37)(b)		100		104,196
4.88%, 05/15/48 (Call 11/15/47)		645		674,020
5.00%, 10/16/43 (Call 04/16/43)		551		577,099
5.10%, 03/15/49 (Call 09/15/48)		190		204,519
5.60%, 03/31/34		200		226,386
5.85%, 03/15/36		150		169,706
6.10%, 06/01/40		392		463,037
6.20%, 10/15/37		600		712,532
7.25%, 08/15/38		325		424,562
7.63%, 01/15/39		454		620,375
Transcontinental Gas Pipe Line Co. LLC 4.45%, 08/01/42 (Call 02/01/42)		300		292,679
4.60%, 03/15/48 (Call 09/15/47)		510		515,366
5.40%, 08/15/41 (Call 02/15/41)		151		164,997
Western Midstream Operating LP 5.30%, 03/01/48 (Call 09/01/47)		250		254,715
5.45%, 04/01/44 (Call 10/01/43)		440		456,802
5.50%, 08/15/48 (Call 02/15/48)		210		220,123
Williams Companies Inc. (The) 4.85%, 03/01/48 (Call 09/01/47)		325		325,638
4.90%, 01/15/45 (Call 07/15/44)		225		224,660
5.10%, 09/15/45 (Call 03/15/45)		784		803,401
5.40%, 03/04/44 (Call 09/04/43)		420		447,035
5.80%, 11/15/43 (Call 05/15/43)		50		55,319
6.30%, 04/15/40(b)		750		871,482
				43,947,789
Private Equity — 0.1%
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)		85		84,584
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)(b)		325		329,066
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(a)(b)		450		466,855
				880,505
Real Estate — 0.0%
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(a)		100		102,958
Real Estate Investment Trusts — 0.9%
Alexandria Real Estate Equities Inc. 4.70%, 07/01/30 (Call 04/01/30)		545		587,832
4.85%, 04/15/49 (Call 10/15/48)		130		138,249
AvalonBay Communities Inc. 3.90%, 10/15/46 (Call 04/15/46)		195		193,317
4.15%, 07/01/47 (Call 01/01/47)		150		153,940

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Crown Castle International Corp., 5.20%, 02/15/49 (Call 08/15/48)(b)	$	135	$	143,835
ERP Operating LP 4.50%, 07/01/44 (Call 01/01/44)		318		345,064
4.50%, 06/01/45 (Call 12/01/44)		340		366,949
Essex Portfolio LP, 4.50%, 03/15/48 (Call 09/15/47)		100		101,467
Federal Realty Investment Trust 3.63%, 08/01/46 (Call 02/01/46)		450		408,092
4.50%, 12/01/44 (Call 06/01/44)		197		205,731
HCP Inc., 6.75%, 02/01/41 (Call 08/01/40)		150		190,822
Hospitality Properties Trust, 4.38%, 02/15/30 (Call 08/15/29)		250		234,371
Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29)		129		131,662
Kimco Realty Corp. 4.25%, 04/01/45 (Call 10/01/44)		315		299,224
4.45%, 09/01/47 (Call 03/01/47)(b)		350		341,870
Realty Income Corp., 4.65%, 03/15/47 (Call 09/15/46)		370		403,054
Regency Centers LP 4.40%, 02/01/47 (Call 08/01/46)		245		244,910
4.65%, 03/15/49 (Call 09/15/48)		280		291,368
Simon Property Group LP 4.25%, 10/01/44 (Call 04/01/44)		14		14,599
4.25%, 11/30/46 (Call 05/30/46)		135		140,503
4.75%, 03/15/42 (Call 09/15/41)(b)		385		427,297
6.75%, 02/01/40 (Call 11/01/39)		425		571,886
Trust F/1401, 6.95%, 01/30/44 (Call 07/30/43)(a)		200		214,579
Ventas Realty LP 4.38%, 02/01/45 (Call 08/01/44)(b)		177		171,448
4.88%, 04/15/49 (Call 10/15/48)(b)		290		302,553
5.70%, 09/30/43 (Call 03/30/43)		26		29,701
Welltower Inc. 4.95%, 09/01/48 (Call 03/01/48)		250		265,092
6.50%, 03/15/41 (Call 09/15/40)		250		306,814
Weyerhaeuser Co., 7.38%, 03/15/32		890		1,193,537
				8,419,766
Retail — 2.9%
Alimentation Couche-Tard Inc., 4.50%, 07/26/47 (Call 01/26/47)(a)		150		144,103
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)		120		115,344
Home Depot Inc. (The) 3.50%, 09/15/56 (Call 03/15/56)		445		405,801
3.90%, 06/15/47 (Call 12/15/46)(b)		235		236,978
4.20%, 04/01/43 (Call 10/01/42)(b)		345		359,770
4.25%, 04/01/46 (Call 10/01/45)		870		915,486
4.40%, 03/15/45 (Call 09/15/44)		580		622,637
4.50%, 12/06/48 (Call 06/06/48)		475		519,201
4.88%, 02/15/44 (Call 08/15/43)(b)		455		520,250
5.40%, 09/15/40 (Call 03/15/40)		121		145,613
5.88%, 12/16/36		1,585		2,002,022
5.95%, 04/01/41 (Call 10/01/40)		790		1,010,700
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)		225		227,211
Lowe’s Companies Inc. 3.70%, 04/15/46 (Call 10/15/45)		590		526,482
4.05%, 05/03/47 (Call 11/03/46)		1,027		959,045
4.25%, 09/15/44 (Call 03/15/44)		220		212,708
4.38%, 09/15/45 (Call 03/15/45)		465		458,312
4.55%, 04/05/49 (Call 10/05/48)		110		111,767
4.65%, 04/15/42 (Call 10/15/41)		426		436,074

Security	Par (000)		Value
Retail (continued)
Macy’s Retail Holdings Inc. 4.30%, 02/15/43 (Call 08/15/42)	$	165	$	125,814
4.50%, 12/15/34 (Call 06/15/34)		32		27,888
5.13%, 01/15/42 (Call 07/15/41)		105		89,087
McDonald’s Corp. 3.63%, 05/01/43		86		77,896
3.70%, 02/15/42(b)		455		419,252
4.45%, 03/01/47 (Call 09/01/46)		255		259,247
4.45%, 09/01/48 (Call 03/01/48)		205		209,118
4.60%, 05/26/45 (Call 11/26/44)		535		556,993
4.70%, 12/09/35 (Call 06/09/35)		513		548,858
4.88%, 07/15/40		6		6,397
4.88%, 12/09/45 (Call 06/09/45)		800		863,249
5.70%, 02/01/39		255		298,601
6.30%, 10/15/37		558		689,721
6.30%, 03/01/38		339		421,721
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)		320		290,286
Starbucks Corp. 3.75%, 12/01/47 (Call 06/01/47)		150		135,120
4.30%, 06/15/45 (Call 12/15/44)(b)		215		209,329
4.50%, 11/15/48 (Call 05/15/48)		665		675,691
Target Corp. 3.63%, 04/15/46		740		702,650
3.90%, 11/15/47 (Call 05/15/47)		389		386,628
4.00%, 07/01/42		1,048		1,065,990
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)		125		116,585
Walgreen Co., 4.40%, 09/15/42		250		221,507
Walgreens Boots Alliance Inc. 4.50%, 11/18/34 (Call 05/18/34)(b)		590		573,324
4.65%, 06/01/46 (Call 12/01/45)		225		205,727
4.80%, 11/18/44 (Call 05/18/44)		915		858,113
Walmart Inc. 3.63%, 12/15/47 (Call 06/15/47)		680		665,554
3.95%, 06/28/38 (Call 12/28/37)		1,768		1,835,684
4.00%, 04/11/43 (Call 10/11/42)(b)		540		563,110
4.05%, 06/29/48 (Call 12/29/47)		1,390		1,462,205
4.30%, 04/22/44 (Call 10/22/43)		250		269,219
4.75%, 10/02/43 (Call 04/02/43)		285		321,875
5.00%, 10/25/40		100		117,010
5.25%, 09/01/35(b)		570		685,906
5.63%, 04/01/40		175		219,859
5.63%, 04/15/41		550		696,883
6.20%, 04/15/38		350		464,329
6.50%, 08/15/37(b)		100		136,629
				27,402,559
Semiconductors — 1.0%
Analog Devices Inc. 4.50%, 12/05/36 (Call 06/05/36)		255		256,143
5.30%, 12/15/45 (Call 06/15/45)		135		152,145
Applied Materials Inc. 4.35%, 04/01/47 (Call 10/01/46)(b)		550		574,335
5.10%, 10/01/35 (Call 04/01/35)(b)		335		383,963
5.85%, 06/15/41		360		443,117
Intel Corp. 3.73%, 12/08/47 (Call 06/08/47)(b)		1,095		1,069,274
4.00%, 12/15/32		670		724,101
4.10%, 05/19/46 (Call 11/19/45)		1,095		1,136,602
4.10%, 05/11/47 (Call 11/11/46)		645		663,674
4.80%, 10/01/41(b)		225		255,426
4.90%, 07/29/45 (Call 01/29/45)		120		138,501

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
KLA-Tencor Corp. 5.00%, 03/15/49 (Call 09/15/48)	$	130	$	139,630
5.65%, 11/01/34 (Call 07/01/34)		225		245,919
Lam Research Corp., 4.88%, 03/15/49 (Call 09/15/48)		375		404,655
QUALCOMM Inc. 4.30%, 05/20/47 (Call 11/20/46)(b)		961		971,699
4.65%, 05/20/35 (Call 11/20/34)(b)		734		794,579
4.80%, 05/20/45 (Call 11/20/44)		500		535,630
Texas Instruments Inc., 4.15%, 05/15/48 (Call 11/15/47)		945		998,553
				9,887,946
Software — 2.7%
Activision Blizzard Inc., 4.50%, 06/15/47 (Call 12/15/46)		220		213,440
Fidelity National Information Services Inc., 4.50%, 08/15/46 (Call 02/15/46)		650		643,713
Microsoft Corp. 3.45%, 08/08/36 (Call 02/08/36)		990		984,074
3.50%, 02/12/35 (Call 08/12/34)		625		628,719
3.50%, 11/15/42		350		341,108
3.70%, 08/08/46 (Call 02/08/46)		1,305		1,308,360
3.75%, 05/01/43 (Call 11/01/42)(b)		250		248,358
3.75%, 02/12/45 (Call 08/12/44)		840		847,937
3.95%, 08/08/56 (Call 02/08/56)		1,035		1,056,769
4.00%, 02/12/55 (Call 08/12/54)		810		839,439
4.10%, 02/06/37 (Call 08/06/36)		995		1,068,569
4.20%, 11/03/35 (Call 05/03/35)		895		973,898
4.45%, 11/03/45 (Call 05/03/45)		1,260		1,406,766
4.50%, 10/01/40		560		628,373
4.50%, 02/06/57 (Call 08/06/56)		1,225		1,377,056
4.75%, 11/03/55 (Call 05/03/55)		380		447,360
4.88%, 12/15/43 (Call 06/15/43)		365		427,745
5.20%, 06/01/39(b)		337		407,001
5.30%, 02/08/41		675		835,729
Series 30Y, 4.25%, 02/06/47 (Call 08/06/46)		1,125		1,231,910
Oracle Corp. 3.25%, 05/15/30 (Call 02/15/30)		350		344,987
3.80%, 11/15/37 (Call 05/15/37)		905		897,619
3.85%, 07/15/36 (Call 01/15/36)		500		501,496
3.90%, 05/15/35 (Call 11/15/34)(b)		680		689,622
4.00%, 07/15/46 (Call 01/15/46)		1,480		1,469,812
4.00%, 11/15/47 (Call 05/15/47)		820		813,232
4.13%, 05/15/45 (Call 11/15/44)		740		748,039
4.30%, 07/08/34 (Call 01/08/34)		1,350		1,438,342
4.38%, 05/15/55 (Call 11/15/54)		559		582,292
4.50%, 07/08/44 (Call 01/08/44)		445		475,504
5.38%, 07/15/40		630		746,037
6.13%, 07/08/39		565		725,509
6.50%, 04/15/38		416		551,504
				25,900,319
Telecommunications — 7.5%
America Movil SAB de CV 4.38%, 07/16/42		443		454,219
4.38%, 04/22/49 (Call 10/22/48)		600		607,566
6.13%, 11/15/37		125		151,646
6.13%, 03/30/40		860		1,067,346
6.38%, 03/01/35		200		246,033
AT&T Inc. 4.30%, 02/15/30 (Call 11/15/29)		1,485		1,520,980
4.30%, 12/15/42 (Call 06/15/42)		885		835,234
4.35%, 06/15/45 (Call 12/15/44)		1,400		1,321,424

Security	Par (000)		Value
Telecommunications (continued)
4.50%, 05/15/35 (Call 11/15/34)	$	900	$	903,640
4.50%, 03/09/48 (Call 09/09/47)		1,520		1,458,752
4.55%, 03/09/49 (Call 09/09/48)		1,165		1,122,217
4.75%, 05/15/46 (Call 11/15/45)(b)		1,620		1,608,479
4.80%, 06/15/44 (Call 12/15/43)		1,675		1,680,746
4.85%, 03/01/39 (Call 09/01/38)		670		685,242
4.90%, 08/15/37 (Call 02/14/37)		275		283,638
5.15%, 03/15/42		530		551,351
5.15%, 11/15/46 (Call 05/15/46)		850		891,148
5.15%, 02/15/50 (Call 08/14/49)		1,738		1,823,779
5.25%, 03/01/37 (Call 09/01/36)		1,270		1,360,201
5.30%, 08/15/58 (Call 02/14/58)		500		530,244
5.35%, 09/01/40		850		908,160
5.45%, 03/01/47 (Call 09/01/46)(b)		1,050		1,150,764
5.55%, 08/15/41		200		220,485
5.65%, 02/15/47 (Call 08/15/46)		585		657,606
5.70%, 03/01/57 (Call 09/01/56)		499		561,928
6.00%, 08/15/40 (Call 05/15/40)		540		620,623
6.15%, 09/15/34		50		55,848
6.30%, 01/15/38(b)		25		29,828
6.35%, 03/15/40		225		262,066
6.38%, 03/01/41		545		652,654
6.45%, 06/15/34		25		28,703
AT&T Mobility LLC, 7.13%, 12/15/31		25		30,039
Bell Canada Inc., 4.46%, 04/01/48 (Call 10/01/47)		960		984,480
British Telecommunications PLC, 9.63%, 12/15/30		1,387		2,004,215
Cisco Systems Inc. 5.50%, 01/15/40(b)		1,105		1,380,714
5.90%, 02/15/39		830		1,079,223
Corning Inc. 4.38%, 11/15/57 (Call 05/15/57)(b)		715		658,245
4.70%, 03/15/37 (Call 09/15/36)		165		169,384
4.75%, 03/15/42		100		102,648
5.35%, 11/15/48 (Call 05/15/48)		240		274,251
5.75%, 08/15/40		250		288,030
Deutsche Telekom International Finance BV 4.75%, 06/21/38 (Call 12/21/37)(a)(b)		275		284,939
8.75%, 06/15/30		1,875		2,621,445
9.25%, 06/01/32		229		338,068
Juniper Networks Inc., 5.95%, 03/15/41		260		273,690
Koninklijke KPN NV, 8.38%, 10/01/30(b)		426		544,422
Motorola Solutions Inc., 5.50%, 09/01/44		290		279,172
Orange SA 5.38%, 01/13/42		200		230,571
5.50%, 02/06/44 (Call 08/06/43)		325		382,715
9.00%, 03/01/31		1,247		1,827,237
Rogers Communications Inc. 4.30%, 02/15/48 (Call 08/15/47)		600		598,918
4.50%, 03/15/43 (Call 09/15/42)		285		293,256
5.00%, 03/15/44 (Call 09/15/43)		700		769,671
5.45%, 10/01/43 (Call 04/01/43)		56		64,352
7.50%, 08/15/38		200		271,997
SES Global Americas Holdings GP, 5.30%, 03/25/44(a)		565		513,368
Telefonica Emisiones SAU 4.67%, 03/06/38		465		458,417
4.90%, 03/06/48		565		558,425
5.21%, 03/08/47		890		918,332
5.52%, 03/01/49 (Call 09/01/48)		465		499,321
7.05%, 06/20/36		775		960,893
Telefonica Europe BV, 8.25%, 09/15/30		690		930,192

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48)(b)	$	380	$	399,824
Verizon Communications Inc. 3.85%, 11/01/42 (Call 05/01/42)		505		482,440
4.02%, 12/03/29 (Call 09/03/29)(a)		350		365,451
4.13%, 08/15/46		655		648,753
4.27%, 01/15/36		1,575		1,611,422
4.40%, 11/01/34 (Call 05/01/34)		1,280		1,355,663
4.50%, 08/10/33		1,790		1,919,417
4.52%, 09/15/48		1,785		1,861,558
4.67%, 03/15/55		2,050		2,161,599
4.75%, 11/01/41		435		467,634
4.81%, 03/15/39		965		1,048,011
4.86%, 08/21/46		1,930		2,099,263
5.01%, 04/15/49		1,755		1,976,433
5.01%, 08/21/54		2,300		2,570,061
5.25%, 03/16/37(b)		450		512,147
5.50%, 03/16/47		1,115		1,327,208
6.40%, 02/15/38		50		62,863
6.55%, 09/15/43		400		526,648
7.75%, 12/01/30		125		169,203
Vodafone Group PLC 4.38%, 02/19/43		815		758,514
5.00%, 05/30/38		615		623,118
5.25%, 05/30/48		1,590		1,626,490
6.15%, 02/27/37		510		579,425
6.25%, 11/30/32		200		234,595
7.88%, 02/15/30		505		649,499
				70,880,419
Toys, Games & Hobbies — 0.1%
Hasbro Inc. 5.10%, 05/15/44 (Call 11/15/43)		300		295,555
6.35%, 03/15/40		210		236,988
				532,543
Transportation — 3.2%
Burlington Northern Santa Fe LLC 3.90%, 08/01/46 (Call 02/01/46)(b)		555		557,176
4.05%, 06/15/48 (Call 12/15/47)(b)		410		422,311
4.13%, 06/15/47 (Call 12/15/46)		174		180,667
4.15%, 04/01/45 (Call 10/01/44)		725		753,151
4.15%, 12/15/48 (Call 06/15/48)(b)		90		94,118
4.38%, 09/01/42 (Call 03/01/42)		385		411,006
4.40%, 03/15/42 (Call 09/15/41)		365		388,529
4.45%, 03/15/43 (Call 09/15/42)		276		298,823
4.55%, 09/01/44 (Call 03/01/44)		455		496,487
4.70%, 09/01/45 (Call 03/01/45)		355		398,836
4.90%, 04/01/44 (Call 10/01/43)		145		165,340
4.95%, 09/15/41 (Call 03/15/41)		199		227,574
5.05%, 03/01/41 (Call 09/01/40)		56		64,548
5.15%, 09/01/43 (Call 03/01/43)		165		193,906
5.40%, 06/01/41 (Call 12/01/40)		280		333,746
5.75%, 05/01/40 (Call 11/01/39)		565		697,421
6.15%, 05/01/37		295		378,027
6.20%, 08/15/36		200		252,419
7.95%, 08/15/30		83		115,967
Canadian National Railway Co. 3.20%, 08/02/46 (Call 02/02/46)		300		277,977
3.65%, 02/03/48 (Call 08/03/47)		335		330,760
4.45%, 01/20/49 (Call 07/20/48)		215		239,960
6.20%, 06/01/36		50		65,122

Security	Par (000)		Value
Transportation (continued)
6.25%, 08/01/34	$	136	$	179,192
6.38%, 11/15/37		175		234,905
Canadian Pacific Railway Co., 4.80%, 08/01/45 (Call 02/01/45)		275		303,537
Cie. de Chemin de Fer Canadien Pacifique 4.80%, 09/15/35 (Call 03/15/35)		197		212,198
5.95%, 05/15/37		16		19,375
6.13%, 09/15/15 (Call 03/15/15)		528		658,914
7.13%, 10/15/31		740		974,771
CSX Corp. 3.80%, 11/01/46 (Call 05/01/46)		358		341,710
3.95%, 05/01/50 (Call 11/01/49)		150		145,009
4.10%, 03/15/44 (Call 09/15/43)		375		371,044
4.25%, 11/01/66 (Call 05/01/66)		300		279,097
4.30%, 03/01/48 (Call 09/01/47)(b)		431		441,691
4.40%, 03/01/43 (Call 09/01/42)		325		333,216
4.50%, 03/15/49 (Call 09/15/48)		345		362,342
4.50%, 08/01/54 (Call 02/01/54)		100		103,216
4.65%, 03/01/68 (Call 09/01/67)		85		85,056
4.75%, 05/30/42 (Call 11/30/41)		300		324,799
5.50%, 04/15/41 (Call 10/15/40)		120		138,530
6.00%, 10/01/36		320		384,370
6.15%, 05/01/37		225		274,278
6.22%, 04/30/40		340		426,433
FedEx Corp. 3.88%, 08/01/42		150		133,050
3.90%, 02/01/35(b)		300		284,318
4.05%, 02/15/48 (Call 08/15/47)		600		535,289
4.10%, 04/15/43		152		138,868
4.10%, 02/01/45		375		345,160
4.40%, 01/15/47 (Call 07/15/46)		220		207,422
4.55%, 04/01/46 (Call 10/01/45)		575		556,436
4.75%, 11/15/45 (Call 05/15/45)		600		592,396
4.90%, 01/15/34		430		468,867
4.95%, 10/17/48 (Call 04/17/48)(b)		396		406,593
5.10%, 01/15/44		585		614,806
Kansas City Southern 4.30%, 05/15/43 (Call 11/15/42)		140		136,945
4.95%, 08/15/45 (Call 02/15/45)		245		263,572
Norfolk Southern Corp. 3.94%, 11/01/47 (Call 05/01/47)		385		374,072
3.95%, 10/01/42 (Call 04/01/42)		170		165,584
4.05%, 08/15/52 (Call 02/15/52)		795		774,910
4.10%, 05/15/49		135		134,010
4.15%, 02/28/48 (Call 08/28/47)		280		281,928
4.45%, 06/15/45 (Call 12/15/44)		275		287,861
4.65%, 01/15/46 (Call 07/15/45)		225		242,294
4.84%, 10/01/41		530		580,064
Polar Tankers Inc., 5.95%, 05/10/37(a)		30		35,185
TTX Co., 4.60%, 02/01/49 (Call 08/01/48)(a)(b)		250		267,525
Union Pacific Corp. 3.35%, 08/15/46 (Call 02/15/46)		150		130,383
3.38%, 02/01/35 (Call 08/01/34)		385		363,848
3.60%, 09/15/37 (Call 03/15/37)		300		287,132
3.80%, 10/01/51 (Call 04/01/51)		1,035		971,374
3.88%, 02/01/55 (Call 08/01/54)		225		209,672
4.00%, 04/15/47 (Call 10/15/46)		150		147,558
4.05%, 11/15/45 (Call 05/15/45)		300		293,276
4.05%, 03/01/46 (Call 09/01/45)(b)		280		274,657
4.10%, 09/15/67 (Call 03/15/67)		35		32,420

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
4.15%, 01/15/45 (Call 07/15/44)	$	120	$	118,514
4.25%, 04/15/43 (Call 10/15/42)(b)		206		205,760
4.30%, 06/15/42 (Call 12/15/41)		150		151,771
4.30%, 03/01/49 (Call 09/01/48)(b)		398		409,812
4.38%, 09/10/38 (Call 03/10/38)		381		397,765
4.38%, 11/15/65 (Call 05/15/65)		496		484,098
4.50%, 09/10/48 (Call 03/10/48)		515		545,858
4.75%, 09/15/41 (Call 03/15/41)		193		204,833
4.80%, 09/10/58 (Call 03/10/58)		155		166,611
4.82%, 02/01/44 (Call 08/01/43)(b)		220		237,551
United Parcel Service Inc. 3.40%, 11/15/46 (Call 05/15/46)		110		98,671
3.63%, 10/01/42		105		98,714
3.75%, 11/15/47 (Call 05/15/47)(b)		145		138,041
4.25%, 03/15/49 (Call 09/15/48)		625		642,592
4.88%, 11/15/40 (Call 05/15/40)		415		462,486
6.20%, 01/15/38		820		1,065,318
				29,903,424
Trucking & Leasing — 0.0%
GATX Corp., 5.20%, 03/15/44 (Call 09/15/43)(b)		150		156,747
Unknown BI — 0.0%
AEP Texas Inc., 4.15%, 05/01/49		200		200,636
Water — 0.2%
American Water Capital Corp. 3.75%, 09/01/47 (Call 03/01/47)		630		591,659
4.00%, 12/01/46 (Call 06/01/46)		130		127,638
4.20%, 09/01/48 (Call 03/01/48)		35		35,526
4.30%, 12/01/42 (Call 06/01/42)		16		16,397
4.30%, 09/01/45 (Call 03/01/45)		350		359,262
6.59%, 10/15/37(b)		365		477,924
Veolia Environnement SA, 6.75%, 06/01/38		179		231,039
				1,839,445
Total Corporate Bonds & Notes — 97.2% (Cost: $911,022,211)				918,823,308

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 10.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.59%(f)(g)(h)		80,135	$	80,166,808
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(f)(g)		21,778		21,778,379
				101,945,187
Total Short-Term Investments — 10.8% (Cost: $101,929,065)				101,945,187
Total Investments in Securities — 108.0% (Cost: $1,012,951,276)				1,020,768,495
Other Assets, Less Liabilities — (8.0)%				(75,754,337	)
Net Assets — 100.0%			$	945,014,158

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

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

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

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

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

^(f)  Affiliate of the Fund.

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

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

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 a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. 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	$	—	$	918,823,308	$	—	$	918,823,308
Money Market Funds		101,945,187		—		—		101,945,187
	$	101,945,187	$	918,823,308	$	—	$	1,020,768,495

2 0 1 9    I S H A R E S    S E M I  - A N N U A L    R E P O R T    T O    S H A R E H  O L D E R S

Statements of Assets and Liabilities  (unaudited)

April 30, 2019

	iShares Long-Term Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	918,823,309
Affiliated(c)		101,945,186
Cash		53,395
Receivables:
Investments sold		8,109,974
Securities lending income — Affiliated		15,391
Capital shares sold		490,526
Dividends		40,267
Interest		11,299,141
Total assets		1,040,777,189
LIABILITIES
Collateral on securities loaned, at value		80,143,017
Payables:
Investments purchased		15,579,629
Investment advisory fees		40,385
Total liabilities		95,763,031
NET ASSETS	$	945,014,158
NET ASSETS CONSIST OF:
Paid-in capital	$	953,926,265
Accumulated loss		(8,912,107	)
NET ASSETS	$	945,014,158
Shares outstanding		15,700,000
Net asset value	$	60.19
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	77,199,167
(b) Investments, at cost — Unaffiliated	$	911,022,211
(c) Investments, at cost — Affiliated	$	101,929,065

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

Schedule of Investments February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.0%
WPP Finance 2010, 5.63%, 11/15/43	$	310	$	288,845
Aerospace & Defense — 1.9%
BAE Systems Holdings Inc., 4.75%, 10/07/44(a)		350		356,367
Boeing Co. (The) 3.38%, 06/15/46 (Call 12/15/45)		135		121,873
3.50%, 03/01/39 (Call 09/01/38)		280		264,147
3.55%, 03/01/38 (Call 09/01/37)		180		172,150
3.65%, 03/01/47 (Call 09/01/46)		150		141,679
3.85%, 11/01/48 (Call 05/01/48)		75		73,361
5.88%, 02/15/40		150		187,051
6.63%, 02/15/38		66		86,808
6.88%, 03/15/39		252		341,345
General Dynamics Corp., 3.60%, 11/15/42 (Call 05/14/42)(b)		200		193,042
Harris Corp. 4.85%, 04/27/35 (Call 10/27/34)		175		180,589
5.05%, 04/27/45 (Call 10/27/44)		200		212,628
6.15%, 12/15/40		100		118,402
Lockheed Martin Corp. 3.60%, 03/01/35 (Call 09/01/34)		150		142,528
3.80%, 03/01/45 (Call 09/01/44)		540		505,413
4.07%, 12/15/42		140		136,830
4.09%, 09/15/52 (Call 03/15/52)		545		526,691
4.50%, 05/15/36 (Call 11/15/35)		370		388,616
4.70%, 05/15/46 (Call 11/15/45)		385		412,440
Series B, 6.15%, 09/01/36		150		183,279
Northrop Grumman Corp. 3.85%, 04/15/45 (Call 10/15/44)		95		87,213
4.03%, 10/15/47 (Call 04/15/47)		750		701,889
4.75%, 06/01/43		200		209,527
5.05%, 11/15/40		200		216,162
Northrop Grumman Systems Corp., 7.75%, 02/15/31		250		336,140
Raytheon Co. 4.20%, 12/15/44 (Call 06/15/44)		100		103,428
4.70%, 12/15/41(b)		150		165,551
4.88%, 10/15/40		212		238,664
Rockwell Collins Inc. 4.35%, 04/15/47 (Call 10/15/46)		455		429,111
4.80%, 12/15/43 (Call 06/15/43)		150		150,817
United Technologies Corp. 3.75%, 11/01/46 (Call 05/01/46)		320		281,044
4.05%, 05/04/47 (Call 11/04/46)		200		183,902
4.15%, 05/15/45 (Call 11/16/44)		425		397,176
4.50%, 06/01/42		1,100		1,087,108
4.63%, 11/16/48 (Call 05/16/48)		600		604,442
5.40%, 05/01/35(b)		121		131,894
5.70%, 04/15/40		280		315,662
6.05%, 06/01/36		150		172,698
6.13%, 07/15/38		290		340,838
7.50%, 09/15/29		330		422,385
				11,320,890
Agriculture — 1.3%
Altria Group Inc. 3.88%, 09/16/46 (Call 03/16/46)(b)		460		347,554
4.25%, 08/09/42		470		379,016
4.50%, 05/02/43		285		235,888
5.38%, 01/31/44(b)		410		381,713
5.80%, 02/14/39 (Call 08/14/38)		150		149,341

Security	Par (000)		Value
Agriculture (continued)
5.95%, 02/14/49 (Call 08/14/48)	$	500	$	499,450
6.20%, 02/14/59 (Call 08/14/58)		500		500,746
Archer-Daniels-Midland Co. 4.02%, 04/16/43		399		390,155
4.50%, 03/15/49 (Call 09/15/48)(b)		250		263,484
4.54%, 03/26/42		378		395,200
BAT Capital Corp. 4.39%, 08/15/37 (Call 02/15/37)		725		600,851
4.54%, 08/15/47 (Call 02/15/47)		775		625,624
Philip Morris International Inc. 3.88%, 08/21/42		225		195,712
4.13%, 03/04/43		275		246,636
4.25%, 11/10/44(b)		275		251,938
4.38%, 11/15/41		100		92,617
4.50%, 03/20/42		130		122,552
4.88%, 11/15/43		215		212,261
6.38%, 05/16/38		525		616,831
Reynolds American Inc. 5.70%, 08/15/35 (Call 02/15/35)		250		246,502
5.85%, 08/15/45 (Call 02/12/45)(b)		770		733,570
6.15%, 09/15/43		150		147,743
7.25%, 06/15/37		103		112,570
				7,747,954
Apparel — 0.1%
NIKE Inc. 3.38%, 11/01/46 (Call 05/01/46)		200		181,312
3.63%, 05/01/43 (Call 11/01/42)		250		238,159
3.88%, 11/01/45 (Call 05/01/45)		245		241,895
VF Corp., 6.45%, 11/01/37		125		147,988
				809,354
Auto Manufacturers — 0.8%
Daimler Finance North America LLC, 8.50%, 01/18/31		530		722,825
Ford Holdings LLC, 9.30%, 03/01/30(b)		75		85,593
Ford Motor Co. 4.75%, 01/15/43		605		463,062
5.29%, 12/08/46 (Call 06/08/46)		435		351,039
7.40%, 11/01/46		169		169,402
7.45%, 07/16/31(b)		485		511,690
General Motors Co. 5.00%, 04/01/35		255		228,098
5.15%, 04/01/38 (Call 10/01/37)		325		291,875
5.20%, 04/01/45		445		387,718
5.40%, 04/01/48 (Call 10/01/47)		100		89,484
6.25%, 10/02/43		450		444,815
6.60%, 04/01/36 (Call 10/01/35)		425		439,395
6.75%, 04/01/46 (Call 10/01/45)		395		406,551
				4,591,547
Auto Parts & Equipment — 0.0%
Aptiv PLC, 4.40%, 10/01/46 (Call 04/01/46)(b)		100		86,101
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)		185		167,087
				253,188
Banks — 7.7%
Bank of America Corp. 3.95%, 01/23/49 (Call 01/23/48)(b)(c)(d)		725		681,560
4.24%, 04/24/38 (Call 04/24/37)(c)(d)		550		546,797
4.44%, 01/20/48 (Call 01/20/47)(b)(c)(d)		590		599,652
4.88%, 04/01/44		100		107,771
5.00%, 01/21/44		395		431,637
5.88%, 02/07/42		450		547,260

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
6.11%, 01/29/37	$	700	$	808,191
7.75%, 05/14/38		650		876,167
Series L, 4.75%, 04/21/45		58		59,088
Bank of America N.A., 6.00%, 10/15/36		400		479,012
Bank of New York Mellon Corp. (The), 3.30%, 08/23/29 (Call 05/23/29)		550		535,143
Barclays PLC 4.95%, 01/10/47(b)		535		512,149
5.25%, 08/17/45		300		297,354
BNP Paribas SA, 7.20%, (Call 06/25/37)(a)(b)(c)(d)(e)		200		213,250
Citigroup Inc. 3.88%, 01/24/39 (Call 01/22/38)(c)(d)		295		278,962
4.28%, 04/24/48 (Call 10/24/47)(c)(d)		390		388,135
4.65%, 07/30/45		475		493,626
4.65%, 07/23/48 (Call 06/23/48)		340		354,652
4.75%, 05/18/46		325		318,899
5.30%, 05/06/44		355		376,076
5.88%, 02/22/33		75		83,845
5.88%, 01/30/42		400		474,228
6.00%, 10/31/33		50		56,694
6.13%, 08/25/36		282		320,802
6.63%, 06/15/32		500		593,004
6.68%, 09/13/43		440		542,888
8.13%, 07/15/39		680		986,812
Commonwealth Bank of Australia, 4.32%, 01/10/48(a)		550		501,395
Cooperatieve Rabobank UA 5.25%, 05/24/41(b)		620		714,292
5.25%, 08/04/45		361		389,325
5.75%, 12/01/43		425		487,322
Credit Suisse Group Funding Guernsey Ltd., 4.88%, 05/15/45		711		731,084
Fifth Third Bancorp., 8.25%, 03/01/38		380		523,363
First Republic Bank/CA, 4.38%, 08/01/46 (Call 02/01/46)		250		232,074
Goldman Sachs Group Inc. (The) 4.02%, 10/31/38 (Call 10/31/37)(c)(d)		575		530,972
4.41%, 04/23/39 (Call 04/23/38)(c)(d)		610		590,019
4.75%, 10/21/45 (Call 04/21/45)		600		607,435
4.80%, 07/08/44 (Call 01/08/44)		610		619,246
5.15%, 05/22/45		585		588,875
6.25%, 02/01/41		725		872,929
6.45%, 05/01/36		25		29,013
6.75%, 10/01/37		2,010		2,389,601
HSBC Bank USA N.A., 7.00%, 01/15/39		250		322,969
HSBC Bank USA N.A./New York NY, 5.63%, 08/15/35		385		433,964
HSBC Holdings PLC 5.25%, 03/14/44		350		369,415
6.10%, 01/14/42		225		276,820
6.50%, 05/02/36		750		890,022
6.50%, 09/15/37		825		985,420
6.80%, 06/01/38		700		864,719
7.63%, 05/17/32		300		385,517
JPMorgan Chase & Co. 3.88%, 07/24/38 (Call 07/24/37)(c)(d)		910		862,842
3.90%, 01/23/49 (Call 01/23/48)(c)(d)		630		586,181
4.03%, 07/24/48 (Call 07/24/47)(c)(d)		500		476,443
4.26%, 02/22/48 (Call 02/22/47)(c)(d)		500		492,693
4.85%, 02/01/44		250		266,039
4.95%, 06/01/45		560		593,900
5.40%, 01/06/42		500		568,562
5.50%, 10/15/40		635		731,669

Security	Par (000)		Value
Banks (continued)
5.60%, 07/15/41	$	360	$	420,922
5.63%, 08/16/43(b)		535		613,068
6.40%, 05/15/38		795		998,718
Lloyds Banking Group PLC 4.34%, 01/09/48		540		462,304
5.30%, 12/01/45(b)		200		199,121
Mitsubishi UFJ Financial Group Inc. 4.15%, 03/07/39		250		249,798
4.29%, 07/26/38		125		128,035
Morgan Stanley 4.30%, 01/27/45(b)		800		785,347
4.38%, 01/22/47		975		968,832
4.46%, 04/22/39 (Call 04/22/38)(c)(d)		500		501,385
6.38%, 07/24/42		550		690,909
7.25%, 04/01/32		250		324,257
Regions Financial Corp., 7.38%, 12/10/37		235		303,187
Santander UK Group Holdings PLC, 5.63%, 09/15/45(a)		200		197,267
Standard Chartered PLC 5.30%, 01/09/43(a)		200		202,689
5.70%, 03/26/44(a)(b)		700		749,181
UBS AG/London, 4.50%, 06/26/48(a)		200		216,079
Wachovia Corp. 5.50%, 08/01/35		560		618,601
6.55%, 10/15/35		50		59,479
Wells Fargo & Co. 3.90%, 05/01/45(b)		600		576,216
4.40%, 06/14/46		660		634,523
4.65%, 11/04/44		550		547,434
4.75%, 12/07/46		835		842,623
4.90%, 11/17/45		625		641,170
5.38%, 02/07/35		260		295,518
5.38%, 11/02/43		635		691,241
5.61%, 01/15/44		785		884,215
Wells Fargo Bank N.A., 6.60%, 01/15/38		250		316,026
Wells Fargo Capital X, 5.95%, 12/01/86		200		215,500
				45,211,419
Beverages — 3.0%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. 4.70%, 02/01/36 (Call 08/01/35)(a)		2,000		1,930,626
4.90%, 02/01/46 (Call 08/01/45)(a)		2,935		2,816,040
Anheuser-Busch InBev Finance Inc. 4.00%, 01/17/43		265		223,265
4.63%, 02/01/44		350		320,589
4.70%, 02/01/36 (Call 08/01/35)		25		24,133
4.90%, 02/01/46 (Call 08/01/45)		95		90,646
Anheuser-Busch InBev Worldwide Inc. 3.75%, 07/15/42		300		248,050
4.38%, 04/15/38 (Call 10/15/37)		250		229,175
4.44%, 10/06/48 (Call 04/06/48)		550		495,607
4.60%, 04/15/48 (Call 10/15/47)		835		768,994
4.75%, 04/15/58 (Call 10/15/57)(b)		400		363,929
4.90%, 01/23/31 (Call 10/23/30)		250		261,927
4.95%, 01/15/42		500		488,014
5.55%, 01/23/49 (Call 07/23/48)		1,650		1,733,583
5.80%, 01/23/59 (Call 07/23/58)(b)		500		533,332
8.00%, 11/15/39		150		195,894
8.20%, 01/15/39		380		510,492
Bacardi Ltd., 5.30%, 05/15/48 (Call 11/15/47)(a)		425		384,179
Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45)		128		134,737

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
Coca-Cola FEMSA SAB de CV, 5.25%, 11/26/43	$	306	$	333,309
Constellation Brands Inc. 4.10%, 02/15/48 (Call 08/15/47)		375		322,185
4.50%, 05/09/47 (Call 11/09/46)		50		45,680
5.25%, 11/15/48 (Call 05/15/48)(b)		40		40,508
Diageo Capital PLC 3.88%, 04/29/43 (Call 10/29/42)		100		97,183
5.88%, 09/30/36		365		440,192
Diageo Investment Corp. 4.25%, 05/11/42		300		304,633
7.45%, 04/15/35		11		14,949
Fomento Economico Mexicano SAB de CV, 4.38%, 05/10/43		200		195,235
Keurig Dr Pepper Inc. 4.42%, 12/15/46 (Call 06/15/46)		75		64,503
4.50%, 11/15/45 (Call 08/15/45)		350		309,185
4.99%, 05/25/38 (Call 11/25/37)(a)(b)		250		244,663
Molson Coors Brewing Co. 4.20%, 07/15/46 (Call 01/15/46)(b)		450		382,084
5.00%, 05/01/42		400		378,475
PepsiCo Inc. 3.45%, 10/06/46 (Call 04/06/46)(b)		590		539,569
3.60%, 08/13/42		250		234,933
4.00%, 03/05/42		182		180,610
4.00%, 05/02/47 (Call 11/02/46)(b)		370		367,677
4.25%, 10/22/44 (Call 04/22/44)		300		309,026
4.45%, 04/14/46 (Call 10/14/45)		350		373,982
4.60%, 07/17/45 (Call 01/17/45)(b)		250		272,000
Pernod Ricard SA, 5.50%, 01/15/42(a)		250		269,739
				17,473,532
Biotechnology — 1.5%
Amgen Inc. 4.40%, 05/01/45 (Call 11/01/44)		965		905,923
4.56%, 06/15/48 (Call 12/15/47)		375		354,652
4.66%, 06/15/51 (Call 12/15/50)(b)		1,160		1,110,926
4.95%, 10/01/41		170		172,995
5.15%, 11/15/41 (Call 05/15/41)		400		414,325
5.65%, 06/15/42 (Call 12/15/41)		40		43,545
5.75%, 03/15/40		115		126,770
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)(b)		125		129,116
Biogen Inc., 5.20%, 09/15/45 (Call 03/15/45)		540		564,641
Celgene Corp. 4.35%, 11/15/47 (Call 05/15/47)		400		358,116
4.55%, 02/20/48 (Call 08/20/47)		390		361,032
4.63%, 05/15/44 (Call 11/15/43)		460		429,395
5.00%, 08/15/45 (Call 02/15/45)		425		419,341
5.25%, 08/15/43		370		372,868
Gilead Sciences Inc. 4.00%, 09/01/36 (Call 03/01/36)		135		125,794
4.15%, 03/01/47 (Call 09/01/46)		425		388,536
4.50%, 02/01/45 (Call 08/01/44)		600		578,763
4.60%, 09/01/35 (Call 03/01/35)		475		474,063
4.75%, 03/01/46 (Call 09/01/45)		590		591,922
4.80%, 04/01/44 (Call 10/01/43)		630		631,939
5.65%, 12/01/41 (Call 06/01/41)		350		389,897
				8,944,559
Building Materials — 0.4%
CRH America Finance Inc., 4.50%, 04/04/48 (Call 10/04/47)(a)		400		348,526

Security	Par (000)		Value
Building Materials (continued)
Johnson Controls International PLC 4.50%, 02/15/47 (Call 08/15/46)	$	225	$	203,132
4.63%, 07/02/44 (Call 01/02/44)		185		172,786
4.95%, 07/02/64 (Call 01/02/64)(f)		235		207,303
5.13%, 09/14/45 (Call 03/14/45)		270		268,621
6.00%, 01/15/36(b)		100		112,145
Lafarge SA, 7.13%, 07/15/36		165		188,241
Martin Marietta Materials Inc., 4.25%, 12/15/47 (Call 06/15/47)		250		208,025
Masco Corp., 4.50%, 05/15/47 (Call 11/15/46)		100		85,974
Owens Corning 4.30%, 07/15/47 (Call 01/15/47)		335		260,445
7.00%, 12/01/36		173		187,645
Vulcan Materials Co. 4.50%, 06/15/47 (Call 12/15/46)		430		368,897
4.70%, 03/01/48 (Call 09/01/47)		25		22,253
				2,633,993
Chemicals — 1.6%
Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44)		110		110,284
Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)(a)		200		233,500
Dow Chemical Co. (The) 4.25%, 10/01/34 (Call 04/01/34)		375		348,843
4.38%, 11/15/42 (Call 05/15/42)		540		485,949
4.63%, 10/01/44 (Call 04/01/44)		235		217,149
5.25%, 11/15/41 (Call 08/15/41)		375		377,952
5.55%, 11/30/48 (Call 05/30/48)(a)		40		42,087
7.38%, 11/01/29		210		258,975
9.40%, 05/15/39		180		263,303
DowDuPont Inc. 5.32%, 11/15/38 (Call 05/15/38)		475		502,638
5.42%, 11/15/48 (Call 05/15/48)		670		715,082
Eastman Chemical Co. 4.65%, 10/15/44 (Call 04/15/44)		320		297,870
4.80%, 09/01/42 (Call 03/01/42)		208		197,114
International Flavors & Fragrances Inc. 4.38%, 06/01/47 (Call 12/01/46)		200		183,011
5.00%, 09/26/48 (Call 03/26/48)(b)		110		109,122
Lubrizol Corp. (The), 6.50%, 10/01/34		120		157,607
LYB International Finance BV 4.88%, 03/15/44 (Call 09/15/43)(b)		370		347,382
5.25%, 07/15/43		240		234,851
LyondellBasell Industries NV, 4.63%, 02/26/55
(Call 08/26/54)		390		335,550
Methanex Corp., 5.65%, 12/01/44 (Call 06/01/44)		150		135,348
Mexichem SAB de CV, 5.88%, 09/17/44(a)		200		193,430
Mosaic Co. (The) 5.45%, 11/15/33 (Call 05/15/33)		333		345,698
5.63%, 11/15/43 (Call 05/15/43)(b)		260		264,667
Nutrien Ltd. 4.13%, 03/15/35 (Call 09/15/34)		337		303,870
4.90%, 06/01/43 (Call 12/01/42)		275		264,401
5.25%, 01/15/45 (Call 07/15/44)		4		3,980
5.63%, 12/01/40		200		208,565
5.88%, 12/01/36		101		109,651
6.13%, 01/15/41 (Call 07/15/40)		225		249,151
OCP SA, 6.88%, 04/25/44(a)		200		218,000
Praxair Inc., 3.55%, 11/07/42 (Call 05/07/42)(b)		300		276,840
Rohm & Haas Co., 7.85%, 07/15/29		100		125,345
RPM International Inc., 4.25%, 01/15/48 (Call 07/15/47)		150		123,808

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Sherwin-Williams Co. (The) 4.00%, 12/15/42 (Call 06/15/42)	$	200	$	170,382
4.50%, 06/01/47 (Call 12/01/46)		494		462,242
4.55%, 08/01/45 (Call 02/01/45)		45		41,243
Syngenta Finance NV, 5.68%, 04/24/48 (Call 10/24/47)(a)		300		267,992
Westlake Chemical Corp. 4.38%, 11/15/47 (Call 05/15/47)		265		224,120
5.00%, 08/15/46 (Call 02/15/46)		200		186,169
				9,593,171
Commercial Services — 1.3%
California Institute of Technology 4.32%, 08/01/45		12		12,563
4.70%, 11/01/11		100		105,435
Cleveland Clinic Foundation (The), 4.86%, 01/01/14		200		206,447
DP World Ltd. 5.63%, 09/25/48(a)		200		201,500
6.85%, 07/02/37(a)(b)		600		712,500
Ecolab Inc. 3.70%, 11/01/46 (Call 05/01/46)		50		44,877
3.95%, 12/01/47 (Call 06/01/47)		430		419,244
5.50%, 12/08/41		66		76,052
Equifax Inc., 7.00%, 07/01/37		115		125,904
ERAC USA Finance LLC, 7.00%, 10/15/37(a)(b)		900		1,105,314
George Washington University (The) 4.87%, 09/15/45		16		17,857
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		575		577,172
Johns Hopkins University, Series 2013, 4.08%, 07/01/53		11		10,748
Massachusetts Institute of Technology 3.96%, 07/01/38		9		9,287
4.68%, 07/01/14		150		162,963
5.60%, 07/01/11(b)		375		485,774
Moody’s Corp., 5.25%, 07/15/44		250		270,137
Northwestern University, 4.64%, 12/01/44		355		395,876
President and Fellows of Harvard College 3.15%, 07/15/46 (Call 01/15/46)		375		334,408
3.30%, 07/15/56 (Call 01/15/56)		250		220,073
Princeton University, 5.70%, 03/01/39		300		377,377
S&P Global Inc. 4.50%, 05/15/48 (Call 11/15/47)		200		204,675
6.55%, 11/15/37		161		202,876
Trustees of Dartmouth College, 3.47%, 06/01/46		100		92,063
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		9		8,432
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		200		186,475
University of Southern California 3.03%, 10/01/39		325		296,183
5.25%, 10/01/11		150		175,380
Verisk Analytics Inc., 5.50%, 06/15/45 (Call 12/15/44)		111		113,646
Wesleyan University, 4.78%, 07/01/16		50		49,344
William Marsh Rice University 3.57%, 05/15/45		301		287,196
3.77%, 05/15/55		125		120,093
				7,607,871
Computers — 1.6%
Apple Inc. 3.45%, 02/09/45		575		518,834
3.75%, 09/12/47 (Call 03/12/47)		395		371,854
3.75%, 11/13/47 (Call 05/13/47)		250		236,421
3.85%, 05/04/43		850		822,746

Security	Par (000)		Value
Computers (continued)
3.85%, 08/04/46 (Call 02/04/46)	$	550	$	529,427
4.25%, 02/09/47 (Call 08/09/46)(b)		450		460,186
4.38%, 05/13/45		625		647,928
4.45%, 05/06/44		425		445,482
4.50%, 02/23/36 (Call 08/23/35)		275		295,928
4.65%, 02/23/46 (Call 08/23/45)		1,200		1,293,581
Dell International LLC/EMC Corp. 8.10%, 07/15/36 (Call 01/15/36)(a)		450		509,098
8.35%, 07/15/46 (Call 01/15/46)(a)		625		731,343
Hewlett Packard Enterprise Co. 6.20%, 10/15/35 (Call 04/15/35)		285		293,411
6.35%, 10/15/45 (Call 04/15/45)		475		480,991
HP Inc., 6.00%, 09/15/41(b)		370		377,382
International Business Machines Corp. 4.00%, 06/20/42		535		509,730
4.70%, 02/19/46(b)		200		210,414
5.60%, 11/30/39(b)		195		225,189
5.88%, 11/29/32		291		349,259
7.13%, 12/01/96(b)		75		92,534
Seagate HDD Cayman, 5.75%, 12/01/34 (Call 06/01/34)		165		146,385
				9,548,123
Cosmetics & Personal Care — 0.4%
Colgate-Palmolive Co. 3.70%, 08/01/47 (Call 02/01/47)		175		172,091
4.00%, 08/15/45		200		205,046
Estee Lauder Companies Inc. (The) 3.70%, 08/15/42		50		46,573
4.15%, 03/15/47 (Call 09/15/46)		125		125,399
4.38%, 06/15/45 (Call 12/15/44)		275		283,379
6.00%, 05/15/37		180		221,170
Procter & Gamble Co. (The), 3.50%, 10/25/47(b)		425		406,384
Unilever Capital Corp., 5.90%, 11/15/32		575		705,039
				2,165,081
Distribution & Wholesale — 0.1%
WW Grainger Inc. 3.75%, 05/15/46 (Call 11/15/45)		250		223,976
4.20%, 05/15/47 (Call 11/15/46)		205		198,107
4.60%, 06/15/45 (Call 12/15/44)		170		175,117
				597,200
Diversified Financial Services — 1.8%
American Express Co., 4.05%, 12/03/42		370		364,039
Blackstone Holdings Finance Co. LLC, 4.45%, 07/15/45(a)		400		370,128
Brookfield Finance Inc., 4.70%, 09/20/47 (Call 03/20/47)		305		278,621
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(a)		135		129,743
CME Group Inc. 4.15%, 06/15/48 (Call 12/15/47)(b)		180		183,313
5.30%, 09/15/43 (Call 03/15/43)		300		357,595
Credit Suisse USA Inc., 7.13%, 07/15/32		268		345,520
FMR LLC, 6.50%, 12/14/40(a)		500		619,426
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		3,565		3,219,125
Invesco Finance PLC, 5.38%, 11/30/43		141		145,389
Jefferies Group LLC 6.25%, 01/15/36		220		217,071
6.50%, 01/20/43		150		147,659
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 4.15%, 01/23/30		250		218,432
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(a)		500		511,928

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Legg Mason Inc., 5.63%, 01/15/44	$	210	$	204,445
Mastercard Inc. 3.80%, 11/21/46 (Call 05/21/46)		150		148,107
3.95%, 02/26/48 (Call 08/26/47)		145		145,731
National Rural Utilities Cooperative Finance Corp. 4.02%, 11/01/32 (Call 05/01/32)		50		51,607
4.30%, 03/15/49 (Call 09/15/48)		300		305,782
Series C, 8.00%, 03/01/32		271		371,594
Raymond James Financial Inc., 4.95%, 07/15/46		310		310,590
Visa Inc. 3.65%, 09/15/47 (Call 03/15/47)		290		275,541
4.15%, 12/14/35 (Call 06/14/35)		585		612,296
4.30%, 12/14/45 (Call 06/14/45)		875		918,146
Western Union Co. (The) 6.20%, 11/17/36		265		268,315
6.20%, 06/21/40		90		85,603
				10,805,746
Electric — 12.0%
Abu Dhabi National Energy Co. PJSC, 4.88%, 04/23/30(a)		800		831,000
AEP Transmission Co. LLC 3.75%, 12/01/47 (Call 06/01/47)		200		187,757
4.00%, 12/01/46 (Call 06/01/46)		150		145,135
4.25%, 09/15/48 (Call 03/15/48)		150		151,816
Alabama Power Co. 3.75%, 03/01/45 (Call 09/01/44)		150		138,557
3.85%, 12/01/42		100		93,657
4.10%, 01/15/42		10		9,563
4.15%, 08/15/44 (Call 02/15/44)		302		297,114
4.30%, 01/02/46 (Call 07/02/45)		250		252,356
6.00%, 03/01/39		270		323,804
6.13%, 05/15/38		200		241,167
Series B, 3.70%, 12/01/47 (Call 06/01/47)		25		22,967
Ameren Illinois Co. 3.70%, 12/01/47 (Call 06/01/47)		225		212,282
4.15%, 03/15/46 (Call 09/15/45)		350		351,331
4.50%, 03/15/49 (Call 09/15/48)		50		53,455
Appalachian Power Co. 4.40%, 05/15/44 (Call 11/15/43)		11		10,820
4.45%, 06/01/45 (Call 12/01/44)		150		148,833
7.00%, 04/01/38		170		214,553
Series L, 5.80%, 10/01/35		25		27,948
Arizona Public Service Co. 3.75%, 05/15/46 (Call 11/15/45)		275		250,825
4.25%, 03/01/49 (Call 09/01/48)		100		99,023
4.35%, 11/15/45 (Call 05/15/45)		45		45,156
4.50%, 04/01/42 (Call 10/01/41)		326		331,850
5.05%, 09/01/41 (Call 03/01/41)		160		172,816
Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)		50		50,649
Baltimore Gas & Electric Co., 3.50%, 08/15/46 (Call 02/15/46)		285		253,999
Berkshire Hathaway Energy Co. 3.80%, 07/15/48 (Call 01/15/48)		475		433,338
4.45%, 01/15/49 (Call 07/15/48)		575		578,529
4.50%, 02/01/45 (Call 08/01/44)		200		204,438
5.15%, 11/15/43 (Call 05/15/43)		120		132,579
5.95%, 05/15/37		350		417,499
6.13%, 04/01/36		900		1,093,616
Black Hills Corp. 4.20%, 09/15/46 (Call 03/15/46)		150		137,964
4.35%, 05/01/33 (Call 02/01/33)		250		249,609

Security	Par (000)		Value
Electric (continued)
CenterPoint Energy Houston Electric LLC 3.55%, 08/01/42 (Call 02/01/42)	$	225	$	207,247
3.95%, 03/01/48 (Call 09/01/47)		50		49,064
4.25%, 02/01/49 (Call 08/01/48)		200		205,841
4.50%, 04/01/44 (Call 10/01/43)		225		237,754
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45)		150		146,719
Cleveland Electric Illuminating Co. (The) 4.55%, 11/15/30 (Call 08/15/30)(a)		100		101,727
5.95%, 12/15/36		100		112,633
CMS Energy Corp. 4.70%, 03/31/43 (Call 09/30/42)		100		99,464
4.88%, 03/01/44 (Call 09/01/43)		150		158,355
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)		197		189,257
Comision Federal de Electricidad, 6.13%, 06/16/45(a)		400		405,000
Commonwealth Edison Co. 3.65%, 06/15/46 (Call 12/15/45)		100		92,205
3.70%, 03/01/45 (Call 09/01/44)		200		186,330
3.80%, 10/01/42 (Call 04/01/42)		200		188,944
4.00%, 03/01/48 (Call 09/01/47)		450		440,895
4.00%, 03/01/49 (Call 09/01/48)		250		243,905
4.35%, 11/15/45 (Call 05/15/45)		150		154,112
4.60%, 08/15/43 (Call 02/15/43)		100		106,193
4.70%, 01/15/44 (Call 04/15/43)		235		252,787
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		225		210,408
Connecticut Light & Power Co. (The) 4.00%, 04/01/48 (Call 10/01/47)(b)		100		99,759
4.30%, 04/15/44 (Call 10/15/43)		70		72,752
Consolidated Edison Co. of New York Inc. 3.85%, 06/15/46 (Call 12/15/45)		210		195,201
3.95%, 03/01/43 (Call 09/01/42)		200		189,126
4.45%, 03/15/44 (Call 09/15/43)		315		320,327
4.50%, 12/01/45 (Call 06/01/45)		207		210,965
4.50%, 05/15/58 (Call 11/15/57)		200		196,506
4.63%, 12/01/54 (Call 06/01/54)		125		125,216
5.70%, 06/15/40		300		348,427
Series 05-A, 5.30%, 03/01/35		100		109,608
Series 06-A, 5.85%, 03/15/36		225		263,503
Series 06-B, 6.20%, 06/15/36		200		242,492
Series 06-E, 5.70%, 12/01/36		75		85,291
Series 07-A, 6.30%, 08/15/37		100		122,360
Series 08-B, 6.75%, 04/01/38		200		255,444
Series 09-C, 5.50%, 12/01/39		200		226,470
Series 12-A, 4.20%, 03/15/42		8		7,826
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		210		195,480
Series C, 4.30%, 12/01/56 (Call 06/01/56)		205		194,114
Series E, 4.65%, 12/01/48 (Call 06/01/48)		50		52,421
Consumers Energy Co. 3.25%, 08/15/46 (Call 02/15/46)		200		175,779
3.95%, 05/15/43 (Call 11/15/42)		75		74,481
3.95%, 07/15/47 (Call 01/15/47)		200		197,611
4.35%, 04/15/49 (Call 10/15/48)(b)		120		127,082
Delmarva Power & Light Co., 4.15%, 05/15/45 (Call 11/15/44)		250		245,267
Dominion Energy Inc. 4.70%,12/01/44 (Call 06/01/44)		75		75,991
7.00%, 06/15/38		230		286,764
Series B, 5.95%, 06/15/35		160		182,319
Series C, 4.05%, 09/15/42 (Call 03/15/42)		250		230,322

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Series C, 4.90%, 08/01/41 (Call 02/01/41)	$	272	$	277,954
Series E, 6.30%, 03/15/33		175		207,883
Series F, 5.25%, 08/01/33		305		332,235
DTE Electric Co. 3.70%, 03/15/45 (Call 09/15/44)		200		188,409
3.70%, 06/01/46 (Call 12/01/45)(b)		135		125,544
3.95%, 03/01/49 (Call 09/01/48)		435		424,807
4.30%, 07/01/44 (Call 01/01/44)		103		105,368
Series A, 4.00%, 04/01/43 (Call 10/01/42)		100		99,070
Series A, 4.05%, 05/15/48 (Call 11/15/47)		190		188,210
DTE Energy Co., 6.38%, 04/15/33		135		162,602
Duke Energy Carolinas LLC 3.70%, 12/01/47 (Call 06/01/47)		250		232,838
3.75%, 06/01/45 (Call 12/01/44)		165		155,366
3.88%, 03/15/46 (Call 09/15/45)		250		240,082
3.95%, 03/15/48 (Call 09/15/47)		285		278,004
4.00%, 09/30/42 (Call 03/30/42)		250		245,567
4.25%, 12/15/41 (Call 06/15/41)		300		305,346
5.30%, 02/15/40		260		300,813
6.00%, 01/15/38		57		69,595
6.05%, 04/15/38		300		371,241
6.10%, 06/01/37		100		122,090
6.45%, 10/15/32		101		126,187
Duke Energy Corp. 3.75%, 09/01/46 (Call 03/01/46)		320		286,687
4.80%, 12/15/45 (Call 06/15/45)		201		207,691
Duke Energy Florida LLC 3.40%, 10/01/46 (Call 04/01/46)(b)		230		203,530
3.85%, 11/15/42 (Call 05/15/42)		280		268,670
5.65%, 04/01/40		150		178,722
6.35%, 09/15/37		100		126,319
6.40%, 06/15/38		300		385,791
Duke Energy Indiana LLC 3.75%, 05/15/46 (Call 12/15/45)		145		135,856
6.12%, 10/15/35		250		296,788
6.35%, 08/15/38		46		58,906
6.45%, 04/01/39		150		188,756
Series UUU, 4.20%, 03/15/42 (Call 09/15/41)(b)		125		123,269
Series WWW, 4.90%, 07/15/43 (Call 01/15/43)		35		38,558
Duke Energy Ohio Inc., 3.70%, 06/15/46 (Call 12/15/45)		10		9,237
Duke Energy Progress LLC 3.70%, 10/15/46 (Call 04/15/46)		250		234,310
4.10%, 05/15/42 (Call 11/15/41)		150		148,873
4.10%, 03/15/43 (Call 09/15/42)		186		184,580
4.15%, 12/01/44 (Call 06/01/44)		175		174,430
4.20%, 08/15/45 (Call 02/15/45)		250		251,632
4.38%, 03/30/44 (Call 09/30/43)		150		154,798
6.30%, 04/01/38		250		311,607
El Paso Electric Co. 5.00%, 12/01/44 (Call 06/01/44)(b)		100		103,124
6.00%, 05/15/35(b)		150		168,995
Electricite de France SA 4.75%, 10/13/35 (Call 04/13/35)(a)		625		601,987
4.88%, 01/22/44(a)		900		863,221
5.00%, 09/21/48 (Call 03/21/48)(a)(b)		1,200		1,180,452
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		520		509,143
Enel Finance International NV 4.75%, 05/25/47(a)(b)		735		652,601
4.88%, 06/14/29(a)		800		795,962
6.00%, 10/07/39(a)(b)		275		285,606

Security	Par (000)		Value
Electric (continued)
Entergy Louisiana LLC 3.05%, 06/01/31 (Call 03/01/31)	$	215	$	198,625
4.00%, 03/15/33 (Call 12/15/32)		500		507,826
4.20%, 09/01/48 (Call 03/01/48)		220		220,603
4.95%, 01/15/45 (Call 01/15/25)		100		103,644
Exelon Corp. 4.45%, 04/15/46 (Call 10/15/45)		350		340,765
4.95%, 06/15/35 (Call 12/15/34)		225		231,108
5.10%, 06/15/45 (Call 12/15/44)		209		221,681
5.63%, 06/15/35		285		315,401
Exelon Generation Co. LLC 5.60%, 06/15/42 (Call 12/15/41)		270		268,106
5.75%, 10/01/41 (Call 04/01/41)		20		19,771
6.25%, 10/01/39		200		211,578
FirstEnergy Corp.
Series C, 4.85%, 07/15/47 (Call 01/15/47)		700		722,307
Series C, 7.38%, 11/15/31		460		593,179
Florida Power & Light Co. 3.70%, 12/01/47 (Call 06/01/47)		305		290,390
3.80%, 12/15/42 (Call 06/15/42)		250		241,229
3.95%, 03/01/48 (Call 09/01/47)		105		104,273
3.99%, 03/01/49 (Call 09/01/48)		500		497,001
4.05%, 06/01/42 (Call 12/01/41)		200		200,930
4.05%, 10/01/44 (Call 04/01/44)		250		251,663
4.13%, 02/01/42 (Call 08/01/41)		260		265,350
4.13%, 06/01/48 (Call 12/01/47)		260		265,537
4.95%, 06/01/35		200		222,782
5.25%, 02/01/41 (Call 08/01/40)		200		232,675
5.65%, 02/01/37		96		114,928
5.69%, 03/01/40		124		152,233
5.95%, 02/01/38		350		434,952
Georgia Power Co. 4.30%, 03/15/42		290		272,877
4.30%, 03/15/43		271		248,249
Series 10-C, 4.75%, 09/01/40		263		259,118
Iberdrola International BV, 6.75%, 07/15/36		150		180,404
Indiana Michigan Power Co. 4.25%, 08/15/48 (Call 02/15/48)		175		173,556
6.05%, 03/15/37		105		121,968
Series K, 4.55%, 03/15/46 (Call 09/15/45)(b)		200		204,914
Series L, 3.75%, 07/01/47 (Call 01/01/47)		150		136,339
Interstate Power & Light Co. 3.70%, 09/15/46 (Call 03/15/46)		325		289,826
6.25%, 07/15/39		30		36,633
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)		75		82,494
Kansas City Power & Light Co. 4.20%, 03/15/48 (Call 09/15/47)		260		253,490
5.30%, 10/01/41 (Call 04/01/41)		195		215,145
Kentucky Utilities Co., 5.13%, 11/01/40 (Call 05/01/40)(b)		349		396,760
MidAmerican Energy Co. 3.65%, 08/01/48 (Call 02/01/48)		240		223,083
4.25%, 05/01/46 (Call 11/01/45)		111		113,144
4.40%, 10/15/44 (Call 04/15/44)		295		308,805
4.80%, 09/15/43 (Call 03/15/43)		175		190,221
5.75%, 11/01/35		46		53,991
6.75%, 12/30/31		11		14,161
Minejesa Capital BV, 5.63%, 08/10/37(a)		500		476,250
Mississippi Power Co., Series 12-A, 4.25%, 03/15/42		350		321,764
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)(a)(b)		25		29,099

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
National Grid USA, 5.80%, 04/01/35	$	180	$	199,379
Nevada Power Co., Series N, 6.65%, 04/01/36		300		378,386
New England Power Co., 3.80%, 12/05/47 (Call 06/05/47)(a)(b)		900		823,271
Northern States Power Co./MN 3.40%, 08/15/42 (Call 02/15/42)(b)		375		342,945
3.60%, 05/15/46 (Call 11/15/45)		50		46,692
4.00%, 08/15/45 (Call 02/15/45)		90		88,344
4.13%, 05/15/44 (Call 11/15/43)		7		7,035
4.85%, 08/15/40 (Call 02/15/40)		25		27,202
5.35%, 11/01/39		5		5,839
6.25%, 06/01/36		106		132,911
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		171		168,268
NSTAR Electric Co. 4.40%, 03/01/44 (Call 09/01/43)		110		113,529
5.50%, 03/15/40		241		278,329
Oglethorpe Power Corp. 4.20%, 12/01/42		50		44,776
4.25%, 04/01/46 (Call 10/01/45)		50		45,283
4.55%, 06/01/44		500		466,052
5.25%, 09/01/50		25		26,148
5.38%, 11/01/40		175		187,962
5.95%, 11/01/39		25		28,170
Ohio Edison Co. 6.88%, 07/15/36		250		310,934
8.25%, 10/15/38		65		92,214
Ohio Power Co., 4.15%, 04/01/48 (Call 10/01/47)		75		74,780
Oklahoma Gas & Electric Co. 3.85%, 08/15/47 (Call 02/15/47)(b)		250		231,229
4.15%, 04/01/47 (Call 10/01/46)		405		393,176
Oncor Electric Delivery Co. LLC 3.80%, 09/30/47 (Call 03/30/47)		100		96,213
4.55%, 12/01/41 (Call 06/01/41)		150		161,159
5.25%, 09/30/40		305		352,028
5.30%, 06/01/42 (Call 12/01/41)		200		232,764
7.25%, 01/15/33		150		200,668
PacifiCorp 4.10%, 02/01/42 (Call 08/01/41)		95		92,782
4.13%, 01/15/49 (Call 07/15/48)		150		148,025
4.15%, 02/15/50 (Call 08/15/49)		250		247,183
6.00%, 01/15/39		375		456,553
6.10%, 08/01/36		230		278,030
6.25%, 10/15/37		50		62,025
6.35%, 07/15/38		150		188,291
PECO Energy Co. 3.90%, 03/01/48 (Call 09/01/47)		250		241,610
4.15%, 10/01/44 (Call 04/01/44)		200		199,711
5.95%, 10/01/36		111		132,045
Pennsylvania Electric Co., 6.15%, 10/01/38		75		85,473
Perusahaan Listrik Negara PT, 6.15%, 05/21/48(a)		1,000		1,064,890
Potomac Electric Power Co. 4.15%, 03/15/43 (Call 09/15/42)		116		115,075
6.50%, 11/15/37		175		219,674
PPL Capital Funding Inc. 4.00%, 09/15/47 (Call 03/15/47)		350		313,749
4.70%, 06/01/43 (Call 12/01/42)		50		49,636
5.00%, 03/15/44 (Call 09/15/43)		300		311,287
PPL Electric Utilities Corp. 3.95%, 06/01/47 (Call 12/01/46)		200		196,040
4.13%, 06/15/44 (Call 12/15/43)		50		49,835

Security	Par (000)		Value
Electric (continued)
4.15%, 06/15/48 (Call 12/15/47)	$	205	$	207,391
6.25%, 05/15/39		161		202,206
Progress Energy Inc. 7.00%, 10/30/31		110		139,830
7.75%, 03/01/31		259		344,089
PSEG Power LLC, 8.63%, 04/15/31		235		307,451
Public Service Co. of Colorado 3.60%, 09/15/42 (Call 03/15/42)		225		209,019
3.80%, 06/15/47 (Call 12/15/46)		300		284,498
4.10%, 06/15/48 (Call 12/15/47)		250		251,657
4.30%, 03/15/44 (Call 09/15/43)		150		154,011
4.75%, 08/15/41 (Call 02/15/41)		5		5,248
6.50%, 08/01/38		100		129,155
Series 17, 6.25%, 09/01/37		60		75,888
Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/37		50		61,921
Public Service Electric & Gas Co. 3.60%, 12/01/47 (Call 06/01/47)		220		203,615
3.65%, 09/01/42 (Call 03/01/42)		75		70,367
3.80%, 03/01/46 (Call 09/01/45)		225		214,026
3.95%, 05/01/42 (Call 11/01/41)		285		279,872
4.05%, 05/01/48 (Call 11/01/47)		155		155,751
4.15%, 11/01/45 (Call 05/01/45)		25		24,522
5.50%, 03/01/40		50		58,380
5.80%, 05/01/37		150		179,833
Puget Sound Energy Inc. 4.30%, 05/20/45 (Call 11/20/44)		111		113,602
4.43%, 11/15/41 (Call 05/15/41)		50		50,813
5.64%, 04/15/41 (Call 10/15/40)		235		278,666
5.76%, 10/01/39		200		237,534
5.80%, 03/15/40		56		67,748
6.27%, 03/15/37		5		6,205
San Diego Gas & Electric Co. 4.15%, 05/15/48 (Call 11/15/47)		100		95,268
4.50%, 08/15/40		100		98,638
6.00%, 06/01/39		163		185,152
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)		200		179,758
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a)		600		622,500
Sempra Energy 3.80%, 02/01/38 (Call 08/01/37)		650		571,222
4.00%, 02/01/48 (Call 08/01/47)		435		379,019
6.00%, 10/15/39		275		309,712
South Carolina Electric & Gas Co. 4.35%, 02/01/42 (Call 08/01/41)		175		180,170
4.60%, 06/15/43 (Call 12/15/42)		166		173,359
5.10%, 06/01/65 (Call 12/01/64)		115		125,217
5.30%, 05/15/33		5		5,498
5.45%, 02/01/41 (Call 08/01/40)		95		108,496
6.05%, 01/15/38		298		355,001
Southern California Edison Co. 4.00%, 04/01/47 (Call 10/01/46)		300		270,913
4.05%, 03/15/42 (Call 09/15/41)		95		87,885
4.50%, 09/01/40 (Call 03/01/40)		48		47,151
4.65%, 10/01/43 (Call 04/01/43)		200		199,095
5.50%, 03/15/40(b)		217		234,578
5.63%, 02/01/36		150		160,792
6.00%, 01/15/34		266		293,567
6.05%, 03/15/39		150		167,136
6.65%, 04/01/29		250		277,225
Series 04-G, 5.75%, 04/01/35		105		111,878
Series 05-E, 5.35%, 07/15/35		150		154,447

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Series 06-E, 5.55%, 01/15/37	$	250	$	267,075
Series 08-A, 5.95%, 02/01/38		185		205,543
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		305		272,055
Series C, 3.60%, 02/01/45 (Call 08/01/44)		255		217,630
Series C, 4.13%, 03/01/48 (Call 09/01/47)		100		92,173
Southern Co. (The) 4.25%, 07/01/36 (Call 01/01/36)		300		286,832
4.40%, 07/01/46 (Call 01/01/46)		350		335,859
Southern Power Co. 5.15%, 09/15/41		325		322,904
5.25%, 07/15/43		50		49,779
Series F, 4.95%, 12/15/46 (Call 06/15/46)		25		23,974
Southwestern Electric Power Co. 6.20%, 03/15/40		150		176,940
Series J, 3.90%, 04/01/45 (Call 10/01/44)		200		181,085
Series L, 3.85%, 02/01/48 (Call 08/01/47)		100		89,639
Southwestern Public Service Co. 3.40%, 08/15/46 (Call 02/15/46)		360		313,811
3.70%, 08/15/47 (Call 02/15/47)		250		230,507
4.50%, 08/15/41 (Call 02/15/41)		100		103,103
Series 6, 4.40%, 11/15/48 (Call 05/15/48)		205		212,072
State Grid Overseas Investment 2016 Ltd., 4.00%, 05/04/47(a)		500		476,802
Tampa Electric Co. 4.10%, 06/15/42 (Call 12/15/41)		75		71,295
4.20%, 05/15/45 (Call 11/15/44)		350		329,087
4.35%, 05/15/44 (Call 11/15/43)		150		146,088
4.45%, 06/15/49 (Call 12/15/48)		165		164,086
Toledo Edison Co. (The), 6.15%, 05/15/37		220		259,752
TransAlta Corp., 6.50%, 03/15/40		150		147,042
Union Electric Co. 3.90%, 09/15/42 (Call 03/15/42)		250		245,322
8.45%, 03/15/39		111		164,583
Virginia Electric & Power Co. 4.00%, 01/15/43 (Call 07/15/42)		116		110,114
4.45%, 02/15/44 (Call 08/15/43)		150		152,291
4.60%, 12/01/48 (Call 06/01/48)		100		104,347
8.88%, 11/15/38		300		457,519
Series A, 6.00%, 05/15/37		75		89,895
Series B, 4.20%, 05/15/45 (Call 11/15/44)		7		6,869
Series B, 6.00%, 01/15/36		250		296,618
Series C, 4.00%, 11/15/46 (Call 05/15/46)		60		57,374
Series D, 4.65%, 08/15/43 (Call 02/15/43)		71		74,323
Westar Energy Inc. 4.10%, 04/01/43 (Call 10/01/42)		5		4,908
4.13%, 03/01/42 (Call 09/01/41)(b)		300		297,052
4.25%, 12/01/45 (Call 06/01/45)		275		277,323
4.63%, 09/01/43 (Call 03/01/43)		105		109,748
Wisconsin Electric Power Co., 4.30%, 10/15/48 (Call 04/15/48)(b)		170		175,230
Wisconsin Power & Light Co., 6.38%, 08/15/37		235		294,605
Wisconsin Public Service Corp., 4.75%, 11/01/44 (Call 05/01/44)		205		222,114
Xcel Energy Inc., 6.50%, 07/01/36		200		245,837
				70,659,669
Electronics — 0.3%
Corning Inc. 4.38%, 11/15/57 (Call 05/15/57)		300		262,488
4.70%, 03/15/37 (Call 09/15/36)		60		59,064
4.75%, 03/15/42		100		98,109

Security	Par (000)		Value
Electronics (continued)
5.35%, 11/15/48 (Call 05/15/48)	$	100	$	106,623
5.75%, 08/15/40		200		215,997
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)		225		212,869
Honeywell International Inc., 3.81%, 11/21/47 (Call 05/21/47)		300		291,249
Tyco Electronics Group SA, 7.13%, 10/01/37		200		256,142
				1,502,541
Engineering & Construction — 0.1%
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)(a)		708		608,880
Environmental Control — 0.1%
Republic Services Inc., 5.70%, 05/15/41 (Call 11/15/40)		30		34,904
Waste Management Inc. 3.90%, 03/01/35 (Call 09/01/34)		150		145,885
4.10%, 03/01/45 (Call 09/01/44)		410		401,574
				582,363
Food — 1.9%
Ahold Finance USA LLC, 6.88%, 05/01/29		11		12,937
Campbell Soup Co. 3.80%, 08/02/42		76		57,644
4.80%, 03/15/48 (Call 09/15/47)		355		311,076
Conagra Brands Inc. 5.30%, 11/01/38 (Call 05/01/38)		480		456,044
5.40%, 11/01/48 (Call 05/01/48)(b)		60		56,297
8.25%, 09/15/30		100		128,121
General Mills Inc. 4.15%, 02/15/43 (Call 08/15/42)		30		26,034
4.55%, 04/17/38 (Call 10/17/37)		295		276,497
4.70%, 04/17/48 (Call 10/17/47)		250		233,103
5.40%, 06/15/40		190		193,111
Grupo Bimbo SAB de CV, 4.70%, 11/10/47 (Call 05/10/47)(a)		200		184,325
Hershey Co. (The), 3.38%, 08/15/46 (Call 02/15/46)		200		179,259
Ingredion Inc., 6.63%, 04/15/37		50		60,036
JM Smucker Co. (The) 4.25%, 03/15/35(b)		325		295,639
4.38%, 03/15/45(b)		100		89,754
Kellogg Co. 4.50%, 04/01/46(b)		225		204,996
Series B, 7.45%, 04/01/31		180		227,449
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		117		125,629
Kraft Heinz Foods Co. 4.38%, 06/01/46 (Call 12/01/45)(b)		1,115		924,731
4.63%, 01/30/29 (Call 10/30/28)		550		551,565
5.00%, 07/15/35 (Call 01/15/35)		400		378,991
5.00%, 06/04/42		500		453,495
5.20%, 07/15/45 (Call 01/15/45)		405		376,798
6.50%, 02/09/40		435		456,250
6.75%, 03/15/32		60		67,013
6.88%, 01/26/39		265		291,636
Kroger Co. (The) 3.88%, 10/15/46 (Call 04/15/46)		215		170,830
4.45%, 02/01/47 (Call 08/01/46)		300		264,473
5.00%, 04/15/42 (Call 10/15/41)		125		117,331
5.15%, 08/01/43 (Call 02/01/43)		185		177,057
5.40%, 07/15/40 (Call 01/15/40)		200		197,727
5.40%, 01/15/49 (Call 07/15/48)		100		98,553
6.90%, 04/15/38		250		287,165
7.50%, 04/01/31		150		182,872
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)		100		90,391
Mondelez International Inc., 4.63%, 05/07/48 (Call 11/07/47)		275		263,330

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
Nestle Holdings Inc. 3.90%, 09/24/38 (Call 03/24/38)(a)(b)	$	285	$	283,495
4.00%, 09/24/48 (Call 03/24/48)(a)		500		495,498
Sysco Corp. 4.45%, 03/15/48 (Call 09/15/47)		175		169,989
4.50%, 04/01/46 (Call 10/01/45)		241		235,400
4.85%, 10/01/45 (Call 04/01/45)		100		104,080
5.38%, 09/21/35		150		164,777
Tyson Foods Inc. 4.88%, 08/15/34 (Call 02/15/34)		400		400,507
5.10%, 09/28/48 (Call 03/28/48)		440		426,419
5.15%, 08/15/44 (Call 02/15/44)		335		324,825
				11,073,149
Forest Products & Paper — 0.5%
Celulosa Arauco y Constitucion SA, 5.50%, 11/02/47 (Call 05/02/47)		200		194,753
Domtar Corp., 6.75%, 02/15/44 (Call 08/15/43)(b)		175		173,120
Georgia-Pacific LLC 7.75%, 11/15/29		185		245,959
8.88%, 05/15/31		214		312,445
International Paper Co. 4.35%, 08/15/48 (Call 02/15/48)		235		208,404
4.40%, 08/15/47 (Call 02/15/47)		335		299,720
4.80%, 06/15/44 (Call 12/15/43)		200		190,640
5.00%, 09/15/35 (Call 03/15/35)		110		110,775
5.15%, 05/15/46 (Call 11/15/45)		175		172,270
6.00%, 11/15/41 (Call 05/15/41)		185		198,429
7.30%, 11/15/39		320		389,123
8.70%, 06/15/38(b)		35		46,683
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)(a)		200		219,050
				2,761,371
Gas — 1.0%
Atmos Energy Corp. 4.13%, 10/15/44 (Call 04/15/44)		400		392,813
4.13%, 03/15/49 (Call 09/15/48)		150		147,882
4.15%, 01/15/43 (Call 07/15/42)		145		142,495
4.30%, 10/01/48 (Call 04/01/48)		125		127,654
5.50%, 06/15/41 (Call 12/15/40)		5		5,827
Brooklyn Union Gas Co. (The) 4.27%, 03/15/48 (Call 09/15/47)(a)		800		782,087
4.49%, 03/04/49 (Call 09/04/48)(a)		150		149,670
CenterPoint Energy Resources Corp. 4.10%, 09/01/47 (Call 03/01/47)		90		84,554
5.85%, 01/15/41 (Call 07/15/40)		235		270,386
Dominion Energy Gas Holdings LLC 4.60%, 12/15/44 (Call 06/15/44)		260		263,039
4.80%, 11/01/43 (Call 05/01/43)		115		119,957
Korea Gas Corp., 6.25%, 01/20/42(a)(b)		300		394,711
NiSource Inc. 3.95%, 03/30/48 (Call 12/30/47)		145		131,074
4.38%, 05/15/47 (Call 11/15/46)		50		48,376
4.80%, 02/15/44 (Call 08/15/43)		175		176,748
5.25%, 02/15/43 (Call 08/15/42)		375		396,925
5.65%, 02/01/45 (Call 08/01/44)		411		457,457
5.95%, 06/15/41 (Call 12/15/40)		200		225,869
ONE Gas Inc. 4.50%, 11/01/48 (Call 05/01/48)(b)		50		52,721
4.66%, 02/01/44 (Call 08/01/43)		275		292,194

Security	Par (000)		Value
Gas (continued)
Piedmont Natural Gas Co. Inc. 3.64%, 11/01/46 (Call 05/01/46)	$	20	$	17,552
4.65%, 08/01/43 (Call 02/01/43)		153		159,541
Southern California Gas Co. 3.75%, 09/15/42 (Call 03/15/42)		5		4,624
Series UU, 4.13%, 06/01/48 (Call 12/01/47)		175		172,497
Southern Co. Gas Capital Corp. 3.95%, 10/01/46 (Call 04/01/46)		250		222,861
4.40%, 06/01/43 (Call 12/01/42)		71		68,301
4.40%, 05/30/47 (Call 11/30/46)		90		86,829
5.88%, 03/15/41 (Call 09/15/40)		325		370,244
Southwest Gas Corp., 3.80%, 09/29/46 (Call 03/29/46)		110		99,359
				5,864,247
Hand & Machine Tools — 0.1%
Snap-on Inc., 4.10%, 03/01/48 (Call 09/01/47)		195		194,274
Stanley Black & Decker Inc. 4.85%, 11/15/48 (Call 05/15/48)		100		104,329
5.20%, 09/01/40		200		213,987
				512,590
Health Care – Products — 1.7%
Abbott Laboratories 4.75%, 11/30/36 (Call 05/30/36)		730		785,373
4.75%, 04/15/43 (Call 10/15/42)(b)		230		241,487
4.90%, 11/30/46 (Call 05/30/46)(b)		900		983,832
5.30%, 05/27/40		250		278,227
6.00%, 04/01/39		200		235,071
Baxter International Inc., 3.50%, 08/15/46 (Call 02/15/46)		350		289,264
Becton Dickinson and Co. 4.67%, 06/06/47 (Call 12/06/46)		450		445,696
4.69%, 12/15/44 (Call 06/15/44)		535		523,790
5.00%, 11/12/40		165		163,071
Boston Scientific Corp. 4.55%, 03/01/39 (Call 09/01/38)		95		94,298
4.70%, 03/01/49 (Call 09/01/48)		350		349,432
7.00%, 11/15/35		130		160,693
7.38%, 01/15/40		150		191,636
Covidien International Finance SA, 6.55%, 10/15/37		110		143,478
Danaher Corp., 4.38%, 09/15/45 (Call 03/15/45)(b)		175		172,871
Koninklijke Philips NV, 5.00%, 03/15/42		300		322,246
Medtronic Inc. 4.38%, 03/15/35		850		895,839
4.50%, 03/15/42 (Call 09/15/41)		86		92,606
4.63%, 03/15/44 (Call 09/15/43)		150		165,051
4.63%, 03/15/45		1,380		1,511,771
5.55%, 03/15/40		200		241,225
6.50%, 03/15/39		100		130,452
Stryker Corp. 4.10%, 04/01/43 (Call 10/01/42)		405		382,016
4.38%, 05/15/44 (Call 12/15/43)		20		19,727
4.63%, 03/15/46 (Call 09/15/45)		180		184,747
Thermo Fisher Scientific Inc. 4.10%, 08/15/47 (Call 02/15/47)		275		260,497
5.30%, 02/01/44 (Call 08/01/43)		190		208,453
Zimmer Biomet Holdings Inc. 4.25%, 08/15/35 (Call 02/15/35)		200		177,797
4.45%, 08/15/45 (Call 07/15/45)		100		90,677
5.75%, 11/30/39		200		207,280
				9,948,603

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care – Services — 2.7%
Advocate Health & Hospitals Corp., 4.27%, 08/15/48 (Call 02/15/48)	$	50	$	51,024
Aetna Inc. 3.88%, 08/15/47 (Call 02/15/47)		250		206,489
4.13%, 11/15/42 (Call 05/15/42)		235		204,609
4.50%, 05/15/42 (Call 11/15/41)		175		160,997
4.75%, 03/15/44 (Call 09/15/43)		160		151,605
6.63%, 06/15/36		165		192,784
6.75%, 12/15/37		260		310,034
Anthem Inc. 4.38%, 12/01/47 (Call 06/01/47)		435		414,985
4.55%, 03/01/48 (Call 09/01/47)(b)		510		501,987
4.63%, 05/15/42		400		398,899
4.65%, 01/15/43		470		469,017
4.65%, 08/15/44 (Call 02/15/44)		300		299,130
5.10%, 01/15/44		75		79,420
Ascension Health 3.95%, 11/15/46		608		595,375
4.85%, 11/15/53		11		12,299
Baylor Scott & White Holdings 3.97%, 11/15/46 (Call 05/15/46)		350		332,970
4.19%, 11/15/45 (Call 05/15/45)		166		163,566
Cigna Holding Co., 3.88%, 10/15/47 (Call 04/15/47)		535		454,053
CommonSpirit Health, 4.35%, 11/01/42		325		293,921
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		200		194,438
Dignity Health 4.50%, 11/01/42		100		93,377
5.27%, 11/01/64		100		99,880
Hackensack Meridian Health Inc., 4.21%, 07/01/48 (Call 01/01/48)		50		49,452
HCA Inc., 5.50%, 06/15/47 (Call 12/15/46)		500		519,440
Humana Inc. 4.63%, 12/01/42 (Call 06/01/42)		235		233,153
4.80%, 03/15/47 (Call 09/14/46)		215		219,116
4.95%, 10/01/44 (Call 04/01/44)		195		200,394
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46		60		57,506
Kaiser Foundation Hospitals 4.15%, 05/01/47 (Call 11/01/46)		775		782,220
4.88%, 04/01/42		100		111,744
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		325		304,988
Mayo Clinic, Series 2013, 4.00%, 11/15/47		11		10,839
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52		275		273,301
Series 2015, 4.20%, 07/01/55(b)		225		226,099
Montefiore Medical Center, Series 18-C, 5.25%, 11/01/48		115		115,247
Mount Sinai Hospitals Group Inc., Series 2017, 3.98%, 07/01/48		150		140,161
New York and Presbyterian Hospital (The) 4.02%, 08/01/45		21		20,768
4.06%, 08/01/56		350		342,667
Northwell Healthcare Inc., 3.98%, 11/01/46 (Call 11/01/45)		425		389,837
Providence St Joseph Health Obligated Group, Series I, 3.74%, 10/01/47		250		229,995
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)		197		184,608
Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)		25		26,719
Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		250		239,606

Security	Par (000)		Value
Health Care – Services (continued)
Sutter Health, Series 2018, 4.09%, 08/15/48 (Call 02/15/48)	$	35	$	34,027
Texas Health Resources, 4.33%, 11/15/55		9		9,120
Toledo Hospital (The), 6.02%, 11/15/48		500		529,016
UnitedHealth Group Inc. 3.75%, 10/15/47 (Call 04/15/47)		200		187,853
3.95%, 10/15/42 (Call 04/15/42)		152		148,363
4.20%, 01/15/47 (Call 07/15/46)		250		250,782
4.25%, 03/15/43 (Call 09/15/42)		425		432,597
4.25%, 04/15/47 (Call 10/15/46)		275		278,117
4.25%, 06/15/48 (Call 12/15/47)		425		429,630
4.38%, 03/15/42 (Call 09/15/41)		250		257,843
4.63%, 07/15/35		250		271,736
4.63%, 11/15/41 (Call 05/15/41)		100		106,161
4.75%, 07/15/45		850		924,208
5.70%, 10/15/40 (Call 04/15/40)		100		119,904
5.80%, 03/15/36		250		301,422
5.95%, 02/15/41 (Call 08/15/40)		200		247,191
6.50%, 06/15/37		100		127,381
6.63%, 11/15/37		111		143,601
6.88%, 02/15/38		350		467,136
				15,624,807
Home Furnishings — 0.0%
Whirlpool Corp., 4.50%, 06/01/46 (Call 12/01/45)		315		260,722
Household Products & Wares — 0.2%
Kimberly-Clark Corp. 3.20%, 07/30/46 (Call 01/30/46)		240		208,001
3.90%, 05/04/47 (Call 11/04/46)		310		305,879
5.30%, 03/01/41		31		36,057
6.63%, 08/01/37		295		388,896
				938,833
Housewares — 0.1%
Newell Brands Inc. 5.38%, 04/01/36 (Call 10/01/35)		289		256,280
5.50%, 04/01/46 (Call 10/01/45)		100		86,866
				343,146
Insurance — 5.4%
ACE Capital Trust II, Series N, 9.70%, 04/01/30		100		135,000
Aflac Inc. 4.00%, 10/15/46 (Call 04/15/46)		285		270,992
4.75%, 01/15/49 (Call 07/15/48)		185		195,387
6.45%, 08/15/40		65		81,104
Alleghany Corp., 4.90%, 09/15/44 (Call 03/15/44)		125		121,792
Allstate Corp. (The) 4.20%, 12/15/46 (Call 06/15/46)		80		79,608
4.50%, 06/15/43		345		358,898
5.35%, 06/01/33		118		135,262
5.55%, 05/09/35		376		430,820
5.95%, 04/01/36		50		59,767
6.50%, 05/15/67 (Call 05/15/37)(b)(c)(d)		85		90,950
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)		330		297,765
American International Group Inc. 3.88%, 01/15/35 (Call 07/15/34)		490		435,559
4.38%, 01/15/55 (Call 07/15/54)		325		274,724
4.50%, 07/16/44 (Call 01/16/44)		415		380,080
4.70%, 07/10/35 (Call 01/10/35)		200		193,614
4.75%, 04/01/48 (Call 10/01/47)		385		363,537
4.80%, 07/10/45 (Call 01/10/45)		440		423,166

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
6.25%, 05/01/36	$	300	$	336,370
8.18%, 05/15/68 (Call 05/15/38)(c)(d)		50		58,000
Aon PLC
4.60%, 06/14/44 (Call 03/14/44)		225		222,587
4.75%, 05/15/45 (Call 11/15/44)		311		315,414
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)		220		231,840
Arch Capital Group Ltd., 7.35%, 05/01/34		45		58,626
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		220		233,493
Assurant Inc., 6.75%, 02/15/34		170		188,311
AXA Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		550		514,114
AXA SA, 8.60%, 12/15/30		740		965,522
AXIS Specialty Finance PLC, 5.15%, 04/01/45		75		72,435
Berkshire Hathaway Finance Corp.
4.20%, 08/15/48 (Call 02/15/48)		325		326,724
4.25%, 01/15/49 (Call 07/15/48)		250		253,223
4.30%, 05/15/43		168		171,623
4.40%, 05/15/42		385		399,160
5.75%, 01/15/40		300		362,652
Berkshire Hathaway Inc., 4.50%, 02/11/43(b)		295		312,074
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46)		550		435,204
Chubb Corp. (The), 6.00%, 05/11/37(b)		210		259,620
Chubb INA Holdings Inc. 4.15%, 03/13/43		250		254,675
4.35%, 11/03/45 (Call 05/03/45)(b)		600		628,231
Everest Reinsurance Holdings Inc., 4.87%, 06/01/44		200		195,370
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34)(a)(c)(d)		60		57,615
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37)(a)(b)(c)(d)		300		259,584
Guardian Life Insurance Co. of America (The) 4.85%, 01/24/77(a)		200		200,808
4.88%, 06/19/64(a)		165		167,560
Hartford Financial Services Group Inc. (The) 4.30%, 04/15/43		14		13,452
4.40%, 03/15/48 (Call 09/15/47)		100		97,014
5.95%, 10/15/36		200		228,884
6.10%, 10/01/41		225		263,301
6.63%, 03/30/40		135		163,962
Liberty Mutual Group Inc., 4.85%, 08/01/44(a)		650		638,376
Liberty Mutual Insurance Co., 7.70%, 10/15/97(a)		70		89,890
Lincoln National Corp. 4.35%, 03/01/48 (Call 09/01/47)		300		282,746
6.15%, 04/07/36		195		227,869
6.30%, 10/09/37		41		48,894
7.00%, 06/15/40		125		160,316
Loews Corp. 4.13%, 05/15/43 (Call 11/15/42)		240		226,759
6.00%, 02/01/35		150		170,752
Manulife Financial Corp., 5.38%, 03/04/46		400		445,721
Markel Corp. 4.30%, 11/01/47 (Call 05/01/47)		100		88,233
5.00%, 04/05/46		150		148,221
Marsh & McLennan Companies Inc. 4.20%, 03/01/48 (Call 09/01/47)		200		190,473
4.35%, 01/30/47 (Call 07/30/46)		242		236,930
4.90%, 03/15/49 (Call 09/15/48)		565		592,370
5.88%, 08/01/33		25		29,350
Massachusetts Mutual Life Insurance Co. 4.50%, 04/15/65(a)		400		376,237
5.38%, 12/01/41(a)		25		27,606

Security	Par (000)		Value
Insurance (continued)
MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)(a)	$	30	$	36,513
MetLife Inc. 4.05%, 03/01/45		450		424,623
4.13%, 08/13/42		425		409,588
4.60%, 05/13/46 (Call 12/13/45)		300		310,941
4.88%, 11/13/43		375		399,779
5.70%, 06/15/35		460		535,758
5.88%, 02/06/41		50		59,920
6.38%, 06/15/34(b)		100		123,956
6.40%, 12/15/66 (Call 12/15/31)		445		471,700
6.50%, 12/15/32		340		430,706
10.75%, 08/01/69 (Call 08/01/34)		66		98,340
Series N, 4.72%, 12/15/44		225		235,706
Mutual of Omaha Insurance Co., 6.80%, 06/15/36(a)		75		92,582
Nationwide Financial Services Inc., 5.30%, 11/18/44(a)		250		262,693
Nationwide Mutual Insurance Co., 9.38%, 08/15/39(a)		350		533,783
New York Life Insurance Co., 5.88%, 05/15/33(a)(b)		650		785,645
Northwestern Mutual Life Insurance Co. (The), 6.06%, 03/30/40(a)(b)		900		1,110,934
Pacific Life Insurance Co., 4.30%, 10/24/67 (Call 10/24/47)(a)(c)(d)		600		534,898
Principal Financial Group Inc. 4.35%, 05/15/43		300		285,633
4.63%, 09/15/42		15		14,988
6.05%, 10/15/36		191		222,136
Progressive Corp. (The) 3.70%, 01/26/45		150		139,601
4.13%, 04/15/47 (Call 10/15/46)		100		99,957
4.20%, 03/15/48 (Call 09/15/47)		385		390,723
4.35%, 04/25/44		136		138,921
6.25%, 12/01/32		200		248,057
Prudential Financial Inc. 3.91%, 12/07/47 (Call 06/07/47)		225		207,603
3.94%, 12/07/49 (Call 06/07/49)		260		242,298
4.35%, 02/25/50 (Call 08/25/49)		250		247,209
4.42%, 03/27/48 (Call 09/27/47)		250		252,619
4.60%, 05/15/44		310		321,859
5.70%, 12/14/36		350		403,914
6.63%, 06/21/40		5		6,311
Sompo International Holdings Ltd., 7.00%, 07/15/34(b)		175		208,041
Teachers Insurance & Annuity Association of America 4.27%, 05/15/47 (Call 11/15/46)(a)(b)		1,250		1,225,216
4.90%, 09/15/44(a)(b)		75		80,018
Transatlantic Holdings Inc., 8.00%, 11/30/39		150		199,412
Travelers Companies Inc. (The) 3.75%, 05/15/46 (Call 11/15/45)		250		235,203
4.00%, 05/30/47 (Call 11/30/46)		185		180,168
4.05%, 03/07/48 (Call 09/07/47)		175		172,203
4.10%, 03/04/49 (Call 09/04/48)		60		59,578
4.30%, 08/25/45 (Call 02/25/45)		185		188,798
4.60%, 08/01/43		91		96,817
5.35%, 11/01/40		235		274,149
6.25%, 06/15/37(b)		145		183,031
6.75%, 06/20/36		200		261,983
Travelers Property Casualty Corp., 6.38%, 03/15/33		250		315,845
Unum Group, 5.75%, 08/15/42		210		218,854
Voya Financial Inc. 4.80%, 06/15/46		100		99,070
5.70%, 07/15/43		235		258,695

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Western & Southern Life Insurance Co. (The), 5.15%, 01/15/49 (Call 07/15/48)(a)	$	150	$	156,070
Willis North America Inc., 5.05%, 09/15/48 (Call 03/15/48)		35		34,571
WR Berkley Corp., 4.75%, 08/01/44		200		197,959
XLIT Ltd., 5.50%, 03/31/45		276		293,499
				31,575,290
Internet — 0.9%
Alibaba Group Holding Ltd. 4.00%, 12/06/37 (Call 06/06/37)		300		282,031
4.20%, 12/06/47 (Call 06/06/47)		600		566,121
4.50%, 11/28/34 (Call 05/28/34)		435		441,932
Amazon.com Inc. 3.88%, 08/22/37 (Call 02/22/37)(b)		320		318,934
4.05%, 08/22/47 (Call 02/22/47)		1,150		1,151,986
4.25%, 08/22/57 (Call 02/22/57)		700		709,434
4.80%, 12/05/34 (Call 06/05/34)		860		958,917
4.95%, 12/05/44 (Call 06/05/44)		360		409,013
eBay Inc., 4.00%, 07/15/42 (Call 01/15/42)		370		296,395
				5,134,763
Iron & Steel — 0.4%
ArcelorMittal 6.75%, 03/01/41		10		10,638
7.00%, 10/15/39		250		274,291
Nucor Corp. 5.20%, 08/01/43 (Call 02/01/43)		199		216,081
6.40%, 12/01/37		200		243,143
Vale Overseas Ltd. 6.88%, 11/21/36		550		596,996
6.88%, 11/10/39		435		476,869
8.25%, 01/17/34		420		510,300
Vale SA, 5.63%, 09/11/42		30		29,130
				2,357,448
Leisure Time — 0.0%
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)		150		136,579
Machinery — 0.5%
ABB Finance USA Inc., 4.38%, 05/08/42		357		368,305
Caterpillar Inc. 3.80%, 08/15/42(b)		550		528,126
4.30%, 05/15/44 (Call 11/15/43)		100		102,153
4.75%, 05/15/64 (Call 11/15/63)		225		236,254
5.20%, 05/27/41		335		381,592
5.30%, 09/15/35		11		12,248
6.05%, 08/15/36		111		136,071
Cummins Inc., 4.88%, 10/01/43 (Call 04/01/43)		175		193,392
Deere &Co. 3.90%, 06/09/42 (Call 12/09/41)(b)		245		244,099
5.38%, 10/16/29(b)		200		232,290
7.13%, 03/03/31		101		132,175
Dover Corp., 5.38%, 03/01/41 (Call 12/01/40)		250		267,964
Rockwell Automation Inc., 4.20%, 03/01/49 (Call 09/01/48)		120		120,521
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)		225		217,836
				3,173,026
Manufacturing —1.4%
3M Co. 3.13%, 09/19/46 (Call 03/19/46)		250		215,116
3.63%, 10/15/47 (Call 04/15/47)		265		247,644
3.88%, 06/15/44		150		148,279
4.00%, 09/14/48 (Call 03/14/48)		50		50,239

Security	Par (000)		Value
Manufacturing (continued)
5.70%, 03/15/37	$	50	$	60,193
Crane Co., 4.20%, 03/15/48 (Call 09/15/47)		45		40,722
Eaton Corp. 4.00%, 11/02/32		700		697,760
4.15%, 11/02/42		275		266,272
General Electric Co. 4.13%, 10/09/42		475		401,496
4.50%, 03/11/44		725		646,962
5.88%, 01/14/38		525		551,224
6.15%, 08/07/37		405		434,729
6.88%, 01/10/39(b)		515		596,202
Series A, 6.75%, 03/15/32		1,080		1,236,782
Illinois Tool Works Inc. 3.90%, 09/01/42 (Call 03/01/42)(b)		375		376,545
4.88%, 09/15/41 (Call 03/15/41)		200		224,693
Ingersoll-Rand Global Holding Co. Ltd. 4.30%, 02/21/48 (Call 08/21/47)		100		95,198
5.75%, 06/15/43		170		195,121
Ingersoll-Rand Luxembourg Finance SA, 4.65%, 11/01/44 (Call 05/01/44)		140		140,189
Parker-Hannifin Corp. 4.10%, 03/01/47 (Call 09/01/46)		110		107,494
4.20%, 11/21/34 (Call 05/21/34)(b)		100		101,311
4.45%, 11/21/44 (Call 05/21/44)		200		204,151
Series A, 6.25%, 05/15/38		100		123,428
Siemens Financieringsmaatschappij NV 3.30%, 09/15/46(a)		150		131,649
4.20%, 03/16/47(a)(b)		1,000		1,010,540
4.40%, 05/27/45(a)		100		104,288
				8,408,227
Media — 5.6%
21st Century Fox America Inc. 4.75%, 09/15/44 (Call 03/15/44)		275		296,926
4.95%, 10/15/45 (Call 04/15/45)		200		222,609
5.40%, 10/01/43		75		87,686
6.15%, 03/01/37		475		586,395
6.15%, 02/15/41(b)		500		629,679
6.20%, 12/15/34		500		618,917
6.40%, 12/15/35		302		382,863
6.55%, 03/15/33		275		352,480
6.65%, 11/15/37		300		391,736
6.90%, 08/15/39		36		48,227
7.75%, 12/01/45		150		221,023
7.85%, 03/01/39		200		288,290
8.15%, 10/17/36		100		144,546
CBS Corp. 4.60%, 01/15/45 (Call 07/15/44)(b)		145		133,821
4.85%, 07/01/42 (Call 01/01/42)		265		252,456
4.90%, 08/15/44 (Call 02/15/44)		310		293,861
5.50%, 05/15/33		150		158,759
5.90%, 10/15/40 (Call 04/15/40)		165		175,210
7.88%, 07/30/30(b)		50		64,404
Charter Communications Operating LLC/Charter Communications Operating Capital 5.38%, 04/01/38 (Call 10/01/37)		150		144,608
5.38%, 05/01/47 (Call 11/01/46)		785		744,658
5.75%, 04/01/48 (Call 10/01/47)		730		729,844
6.38%, 10/23/35 (Call 04/23/35)		650		695,891
6.48%, 10/23/45 (Call 04/23/45)		1,065		1,145,376
6.83%, 10/23/55 (Call 04/23/55)		150		161,720

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Comcast Corp. 3.20%, 07/15/36 (Call 01/15/36)	$	375	$	328,061
3.40%, 07/15/46 (Call 01/15/46)		550		462,938
3.90%, 03/01/38 (Call 09/01/37)		225		211,494
3.97%, 11/01/47 (Call 05/01/47)		625		579,010
4.00%, 08/15/47 (Call 02/15/47)		50		46,389
4.00%, 03/01/48 (Call 09/01/47)		50		46,741
4.00%, 11/01/49 (Call 05/01/49)		780		725,274
4.05%, 11/01/52 (Call 05/01/52)		150		138,734
4.20%, 08/15/34 (Call 02/15/34)		480		483,110
4.25%, 10/15/30 (Call 07/15/30)		320		331,262
4.25%, 01/15/33(b)		1,300		1,329,869
4.40%, 08/15/35 (Call 02/25/35)		455		456,124
4.50%, 01/15/43(b)		200		201,576
4.60%, 10/15/38 (Call 04/15/38)		810		835,893
4.60%, 08/15/45 (Call 02/15/45)		670		676,366
4.65%, 07/15/42		375		380,764
4.70%, 10/15/48 (Call 04/15/48)		1,190		1,238,090
4.75%, 03/01/44		340		352,914
4.95%, 10/15/58 (Call 04/15/58)		765		805,480
5.65%, 06/15/35		111		125,883
6.40%, 05/15/38		62		75,939
6.45%, 03/15/37		175		215,462
6.50%, 11/15/35		435		532,867
6.55%, 07/01/39		25		31,207
6.95%, 08/15/37		150		191,747
7.05%, 03/15/33		161		209,160
Cox Communications Inc. 4.60%, 08/15/47 (Call 02/15/47)(a)		75		68,104
8.38%, 03/01/39(a)		650		821,216
Discovery Communications LLC 4.88%, 04/01/43		265		238,858
4.95%, 05/15/42		250		224,817
5.00%, 09/20/37 (Call 03/20/37)		260		245,802
5.20%, 09/20/47 (Call 03/20/47)		410		385,852
6.35%, 06/01/40		300		320,333
Fox Corp., 5.58%, 01/25/49 (Call 07/25/48)(a)		665		701,130
Grupo Televisa SAB 5.00%, 05/13/45 (Call 11/13/44)		525		478,635
6.63%, 01/15/40		300		334,080
Historic TW Inc., 6.63%, 05/15/29		100		118,453
NBCUniversal Media LLC 4.45%, 01/15/43		325		322,132
5.95%, 04/01/41(b)		700		823,608
Thomson Reuters Corp. 5.50%, 08/15/35		150		153,028
5.65%, 11/23/43 (Call 05/23/43)		125		133,268
5.85%, 04/15/40(b)		250		270,205
Time Warner Cable LLC 4.50%, 09/15/42 (Call 03/15/42)		300		251,969
5.50%, 09/01/41 (Call 03/01/41)		400		378,414
5.88%, 11/15/40 (Call 05/15/40)		500		493,588
6.55%, 05/01/37		450		477,140
6.75%, 06/15/39		465		499,087
7.30%, 07/01/38		550		615,499
Time Warner Entertainment Co. LP, 8.38%, 07/15/33		151		191,260
Viacom Inc. 4.38%, 03/15/43		435		373,408
5.25%, 04/01/44 (Call 10/01/43)		250		241,584

Security	Par (000)		Value
Media (continued)
5.85%, 09/01/43 (Call 03/01/43)	$	225	$	234,703
6.88%, 04/30/36		350		395,411
Walt Disney Co. (The) 3.00%, 07/30/46		25		20,979
3.70%, 12/01/42		300		284,488
4.13%, 06/01/44(b)		285		288,886
4.38%, 08/16/41		275		285,184
7.00%, 03/01/32		200		269,981
Series E, 4.13%, 12/01/41		200		201,593
Warner Media LLC 4.65%, 06/01/44 (Call 12/01/43)		235		214,454
4.85%, 07/15/45 (Call 01/15/45)		175		165,046
4.90%, 06/15/42(b)		300		284,786
5.35%, 12/15/43		225		224,049
5.38%, 10/15/41		250		252,697
6.10%, 07/15/40		100		109,199
6.25%, 03/29/41(b)		200		220,648
7.70%, 05/01/32		225		294,147
				32,892,060
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp. 3.90%, 01/15/43 (Call 07/15/42)(b)		166		158,765
4.38%, 06/15/45 (Call 12/15/44)		86		89,218
Valmont Industries Inc. 5.00%, 10/01/44 (Call 04/01/44)		60		55,245
5.25%, 10/01/54 (Call 04/01/54)		50		44,560
				347,788
Mining —1.6%
Barrick Gold Corp., 5.25%, 04/01/42		245		256,062
Barrick North America Finance LLC 5.70%, 05/30/41		275		301,183
5.75%, 05/01/43		300		332,357
7.50%, 09/15/38		35		43,575
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		340		381,814
BHP Billiton Finance USA Ltd. 4.13%, 02/24/42(b)		440		445,187
5.00%, 09/30/43		470		536,740
Corp. Nacional del Cobre de Chile 4.25%, 07/17/42(a)		600		577,125
4.50%, 08/01/47 (Call 02/01/47)(a)		800		800,348
Glencore Finance Canada Ltd., 5.55%, 10/25/42(a)		200		192,900
Goldcorp Inc., 5.45%, 06/09/44 (Call 12/09/43)		251		261,758
Indonesia Asahan Aluminium Persero PT, 6.76%, 11/15/48(a) .		200		217,101
Newmont Mining Corp. 4.88%, 03/15/42 (Call 09/15/41)		150		149,680
5.88%, 04/01/35		125		138,875
6.25%, 10/01/39		450		516,671
Rio Tinto Alcan Inc. 5.75%, 06/01/35		111		128,451
6.13%, 12/15/33		161		197,080
7.25%, 03/15/31		275		355,064
Rio Tinto Finance USA Ltd., 5.20%, 11/02/40		385		441,956
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (Call 02/21/42)		263		264,408
4.75%, 03/22/42 (Call 09/22/41)		230		251,251
Southern Copper Corp. 5.25%, 11/08/42		360		357,840
5.88%, 04/23/45		375		402,701

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
6.75%, 04/16/40	$	450	$	521,437
7.50%, 07/27/35		335		410,878
Teck Resources Ltd. 6.00%, 08/15/40 (Call 02/15/40)		250		255,575
6.25%, 07/15/41 (Call 01/15/41)		500		521,750
Vale Canada Ltd., 7.20%, 09/15/32		100		104,500
				9,364,267
Oil & Gas — 7.8%
Anadarko Finance Co., Series B, 7.50%, 05/01/31		340		413,638
Anadarko Petroleum Corp. 4.50%, 07/15/44 (Call 01/15/44)		355		321,131
6.20%, 03/15/40		285		312,854
6.45%, 09/15/36		345		388,234
6.60%, 03/15/46 (Call 09/15/45)		485		575,487
Apache Corp. 4.25%, 01/15/44 (Call 07/15/43)		390		333,736
4.75%, 04/15/43 (Call 10/15/42)		360		327,282
5.10%, 09/01/40 (Call 03/01/40)		365		348,296
5.25%, 02/01/42 (Call 08/01/41)		135		130,449
6.00%, 01/15/37		322		333,796
7.75%, 12/15/29		165		195,056
BP Capital Markets PLC, 3.72%, 11/28/28 (Call 08/28/28)(b)		250		254,488
Canadian Natural Resources Ltd. 4.95%, 06/01/47 (Call 12/01/46)		425		442,463
5.85%, 02/01/35		150		163,930
6.25%, 03/15/38		190		217,946
6.45%, 06/30/33		200		232,036
6.50%, 02/15/37		50		57,604
6.75%, 02/01/39		25		29,930
7.20%, 01/15/32		200		243,443
Cenovus Energy Inc. 4.45%, 09/15/42 (Call 03/15/42)		75		62,569
5.25%, 06/15/37 (Call 12/15/36)		325		302,549
5.40%, 06/15/47 (Call 12/15/46)		510		478,707
6.75%, 11/15/39		425		448,795
CNOOC Finance 2013 Ltd., 4.25%, 05/09/43		400		390,010
CNOOC Nexen Finance 2014 ULC, 4.88%, 04/30/44		400		433,022
Concho Resources Inc., 4.88%, 10/01/47 (Call 04/01/47)(b)		535		537,205
Conoco Funding Co., 7.25%, 10/15/31		250		328,674
ConocoPhillips 5.90%, 10/15/32		263		316,053
5.90%, 05/15/38		210		254,861
6.50%, 02/01/39		725		948,119
ConocoPhillips Canada Funding Co. I 5.95%, 10/15/36		100		120,565
7.20%, 08/15/31		300		392,610
7.40%, 12/01/31		295		393,191
ConocoPhillips Co. 4.30%, 11/15/44 (Call 05/15/44)		200		205,419
5.95%, 03/15/46 (Call 09/15/45)		175		221,858
ConocoPhillips Holding Co., 6.95%, 04/15/29		600		762,172
Devon Energy Corp. 4.75%, 05/15/42 (Call 11/15/41)		278		271,020
5.00%, 06/15/45 (Call 12/15/44)		250		254,794
5.60%, 07/15/41 (Call 01/15/41)		435		470,703
Ecopetrol SA 5.88%, 05/28/45		450		453,735
7.38%, 09/18/43		375		438,750
Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)(a)		400		366,600

Security	Par (000)		Value
Oil & Gas (continued)
Encana Corp. 6.50%, 08/15/34	$	250	$	285,569
6.50%, 02/01/38		350		388,750
6.63%, 08/15/37		80		91,014
7.20%, 11/01/31		100		116,516
8.13%, 09/15/30		50		61,470
EOG Resources Inc. 3.90%, 04/01/35 (Call 10/01/34)		300		292,965
5.10%, 01/15/36 (Call 07/15/35)		125		134,820
Equinor ASA 3.95%, 05/15/43		225		221,849
4.25%, 11/23/41		275		281,084
4.80%, 11/08/43		275		304,273
5.10%, 08/17/40		150		170,426
Exxon Mobil Corp. 3.57%, 03/06/45 (Call 09/06/44)		250		239,108
4.11%, 03/01/46 (Call 09/01/45)(b)		925		962,975
Gazprom OAO Via Gaz Capital SA, 7.29%, 08/16/37(a)		800		918,000
Hess Corp. 5.60%, 02/15/41		475		461,219
5.80%, 04/01/47 (Call 10/01/46)		50		49,849
6.00%, 01/15/40		250		250,993
7.13%, 03/15/33		225		253,526
7.30%, 08/15/31		420		478,820
KazMunayGas National Co. JSC, 6.38%, 10/24/48(a)		600		648,600
Kerr-McGee Corp., 7.88%, 09/15/31		14		17,318
Marathon Oil Corp. 5.20%, 06/01/45 (Call 12/01/44)		250		257,192
6.60%, 10/01/37		150		173,035
6.80%, 03/15/32		166		189,695
Marathon Petroleum Corp. 4.50%, 04/01/48 (Call 10/01/47)(a)		200		183,165
4.75%, 09/15/44 (Call 03/15/44)		265		253,969
5.00%, 09/15/54 (Call 03/15/54)		240		222,038
5.85%, 12/15/45 (Call 06/15/45)		50		51,254
6.50%, 03/01/41 (Call 09/01/40)		285		329,085
Motiva Enterprises LLC, 6.85%, 01/15/40(a)		300		317,921
Nexen Inc. 5.88%, 03/10/35		250		290,819
6.40%, 05/15/37		250		309,484
7.50%, 07/30/39		385		538,016
7.88%, 03/15/32		160		217,606
Noble Energy Inc. 4.95%, 08/15/47 (Call 02/15/47)(b)		50		46,783
5.05%, 11/15/44 (Call 05/15/44)		285		267,050
5.25%, 11/15/43 (Call 05/15/43)		300		281,950
6.00%, 03/01/41 (Call 09/01/40)		400		415,277
Occidental Petroleum Corp. 4.10%, 02/15/47 (Call 08/15/46)(b)		400		391,482
4.20%, 03/15/48 (Call 09/15/47)		175		175,346
4.40%, 04/15/46 (Call 10/15/45)		275		281,539
4.63%, 06/15/45 (Call 12/15/44)		350		367,846
Pertamina Persero PT 6.45%, 05/30/44(a)		1,400		1,552,250
6.50%, 11/07/48(a)		200		221,959
Petro-Canada 5.35%, 07/15/33		125		133,238
5.95%, 05/15/35		111		124,842
6.80%, 05/15/38		510		628,143

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Petroleos del Peru SA 4.75%, 06/19/32(a)	$	600	$	591,000
5.63%, 06/19/47(a)		200		203,250
Petroleos Mexicanos 5.50%, 06/27/44		700		549,290
5.63%, 01/23/46		865		676,862
6.35%, 02/12/48		50		41,420
6.38%, 01/23/45		1,150		967,150
6.50%, 06/02/41		1,050		910,875
6.63%, 06/15/35		900		814,500
6.63%, 06/15/38		200		176,700
6.75%, 09/21/47		1,880		1,629,960
Petronas Capital Ltd., 4.50%, 03/18/45(a)		400		420,525
Phillips 66 4.65%, 11/15/34 (Call 05/15/34)		410		424,083
4.88%, 11/15/44 (Call 05/15/44)		550		572,947
5.88%, 05/01/42(b)		440		510,175
Shell International Finance BV 3.75%, 09/12/46(b)		200		190,812
4.00%, 05/10/46		725		724,206
4.13%, 05/11/35(b)		525		541,879
4.38%, 05/11/45		975		1,025,476
4.55%, 08/12/43		575		615,403
5.50%, 03/25/40		300		358,690
6.38%, 12/15/38		875		1,143,388
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(a)		700		744,579
Sinopec Group Overseas Development 2018 Ltd., 4.60%, 09/12/48(a)		500		521,105
Suncor Energy Inc. 5.95%, 12/01/34		25		28,436
6.50%, 06/15/38		415		500,664
6.85%, 06/01/39(b)		455		570,766
Tosco Corp., 8.13%, 02/15/30		61		82,491
Valero Energy Corp. 4.90%, 03/15/45		275		279,967
6.63%, 06/15/37		520		615,544
7.50%, 04/15/32		395		491,280
				45,947,331
Oil & Gas Services — 0.5%
Baker Hughes a GE Co. LLC, 5.13%, 09/15/40(b)		400		405,615
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47)		400		352,929
Halliburton Co. 4.50%, 11/15/41 (Call 05/15/41)		200		191,959
4.75%, 08/01/43 (Call 02/01/43)(b)		350		350,504
4.85%, 11/15/35 (Call 05/15/35)		200		202,596
5.00%, 11/15/45 (Call 05/15/45)		660		678,582
6.70%, 09/15/38		21		25,571
7.45%, 09/15/39		360		472,205
National Oilwell Varco Inc., 3.95%, 12/01/42 (Call 06/01/42)		425		346,826
				3,026,787
Packaging & Containers — 0.1%
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)		128		138,689
WestRock MWV LLC 7.95%, 02/15/31		101		127,945
8.20%, 01/15/30		175		225,162
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)		50		52,519
				544,315

Security	Par (000)		Value
Pharmaceuticals — 5.7%
AbbVie Inc. 4.30%, 05/14/36 (Call 11/14/35)	$	315	$	287,310
4.40%, 11/06/42		725		643,753
4.45%, 05/14/46 (Call 11/14/45)		575		505,037
4.50%, 05/14/35 (Call 11/14/34)		750		701,255
4.70%, 05/14/45 (Call 11/14/44)		1,100		1,007,653
4.88%, 11/14/48 (Call 05/14/48)(b)		355		333,444
Allergan Finance LLC, 4.63%, 10/01/42 (Call 04/01/42)		60		54,131
Allergan Funding SCS 4.55%, 03/15/35 (Call 09/15/34)		550		512,990
4.75%, 03/15/45 (Call 09/15/44)(b)		400		369,196
4.85%, 06/15/44 (Call 12/15/43)(b)		385		355,893
AmerisourceBergen Corp. 4.25%, 03/01/45 (Call 09/01/44)		200		173,842
4.30%, 12/15/47 (Call 06/15/47)(b)		240		209,310
AstraZeneca PLC 4.00%, 09/18/42		395		362,134
4.38%, 11/16/45		405		391,627
4.38%, 08/17/48 (Call 02/17/48)(b)		295		285,333
6.45%, 09/15/37		705		859,365
Bayer U.S. Finance II LLC 4.20%, 07/15/34 (Call 01/15/34)(a)		350		312,092
4.38%, 12/15/28 (Call 09/15/28)(a)		1,500		1,460,710
4.40%, 07/15/44 (Call 01/15/44)(a)		275		232,201
4.65%, 11/15/43 (Call 05/15/43)(a)		74		64,405
4.70%, 07/15/64 (Call 01/15/64)(a)		200		157,580
4.88%, 06/25/48 (Call 12/25/47)(a)		275		250,490
Bristol-Myers Squibb Co. 3.25%, 08/01/42(b)		49		39,857
4.50%, 03/01/44 (Call 09/01/43)		290		288,318
Cardinal Health Inc. 4.37%, 06/15/47 (Call 12/15/46)		250		215,800
4.50%, 11/15/44 (Call 05/15/44)		195		167,342
4.60%, 03/15/43		200		175,644
Cigna Corp. 4.80%, 08/15/38 (Call 02/15/38)(a)		600		596,175
4.90%, 12/15/48 (Call 06/15/48)(a)		735		727,049
CVS Health Corp. 4.78%, 03/25/38 (Call 09/25/37)		1,460		1,416,829
4.88%, 07/20/35 (Call 01/20/35)		300		295,826
5.05%, 03/25/48 (Call 09/25/47)		2,495		2,467,077
5.13%, 07/20/45 (Call 01/20/45)		1,010		997,810
5.30%, 12/05/43 (Call 06/05/43)		273		276,076
Eli Lilly & Co. 3.70%, 03/01/45 (Call 09/01/44)		165		156,782
3.95%, 05/15/47 (Call 11/15/46)(b)		230		226,427
3.95%, 03/15/49 (Call 09/15/48)		225		220,311
4.15%, 03/15/59 (Call 09/15/58)		500		487,617
5.55%, 03/15/37(b)		166		195,985
Express Scripts Holding Co. 4.80%, 07/15/46 (Call 01/15/46)		625		614,362
6.13%, 11/15/41		165		185,646
GlaxoSmithKline Capital Inc. 4.20%, 03/18/43(b)		185		187,796
5.38%, 04/15/34		200		230,580
6.38%, 05/15/38		850		1,074,929
Johnson & Johnson 3.40%, 01/15/38 (Call 07/15/37)		100		95,226
3.50%, 01/15/48 (Call 07/15/47)		300		280,872
3.55%, 03/01/36 (Call 09/01/35)		375		364,427

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
3.63%, 03/03/37 (Call 09/03/36)	$	405	$	395,056
3.70%, 03/01/46 (Call 09/01/45)(b)		500		485,805
3.75%, 03/03/47 (Call 09/03/46)		375		367,445
4.38%, 12/05/33 (Call 06/05/33)		350		375,413
4.50%, 09/01/40		100		108,344
4.50%, 12/05/43 (Call 06/05/43)(b)		200		216,928
4.85%, 05/15/41		186		210,047
4.95%, 05/15/33		311		355,060
5.85%, 07/15/38		100		125,781
5.95%, 08/15/37		400		504,054
McKesson Corp., 4.75%, 05/30/29 (Call 02/28/29)		50		51,271
Mead Johnson Nutrition Co. 4.60%, 06/01/44 (Call 12/01/43)		153		157,332
5.90%, 11/01/39		175		208,958
Merck & Co. Inc. 3.60%, 09/15/42 (Call 03/15/42)		350		329,414
3.70%, 02/10/45 (Call 08/10/44)(b)		625		594,853
4.15%, 05/18/43		500		511,274
6.55%, 09/15/37		75		98,917
Merck Sharp & Dohme Corp., 5.75%, 11/15/36		25		30,294
Mylan Inc., 5.40%, 11/29/43 (Call 05/29/43)		375		331,255
Mylan NV, 5.25%, 06/15/46 (Call 12/15/45)(b)		300		258,845
Novartis Capital Corp. 3.70%, 09/21/42(b)		200		192,365
4.00%, 11/20/45 (Call 05/20/45)(b)		410		410,652
4.40%, 05/06/44		325		345,906
Perrigo Finance Unlimited Co., 4.90%, 12/15/44 (Call 06/15/44)		50		40,157
Pfizer Inc. 4.00%, 12/15/36		360		363,410
4.13%, 12/15/46		500		508,676
4.30%, 06/15/43		300		310,544
4.40%, 05/15/44		425		446,436
5.60%, 09/15/40		100		119,228
7.20%, 03/15/39		925		1,305,135
Wyeth LLC 5.95%, 04/01/37		750		925,749
6.00%, 02/15/36		146		179,934
6.50%, 02/01/34		143		184,961
Zoetis Inc. 3.95%, 09/12/47 (Call 03/12/47)		325		294,962
4.45%, 08/20/48 (Call 02/20/48)		25		24,706
4.70%, 02/01/43 (Call 08/01/42)		425		433,344
				33,317,025
Pipelines — 4.8%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(a)		800		808,000
Buckeye Partners LP 5.60%, 10/15/44 (Call 04/15/44)		160		147,618
5.85%, 11/15/43 (Call 05/15/43)		140		131,757
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)(b)		295		319,966
Enable Midstream Partners LP, 5.00%, 05/15/44 (Call 11/15/43)		125		107,544
Enbridge Energy Partners LP 5.50%, 09/15/40 (Call 03/15/40)		200		217,236
7.38%, 10/15/45 (Call 04/15/45)		50		67,365
Series B, 7.50%, 04/15/38		200		260,335
Enbridge Inc. 4.50%, 06/10/44 (Call 12/10/43)		295		288,632
5.50%, 12/01/46 (Call 05/29/46)(b)		170		193,829

Security	Par (000)		Value
Pipelines (continued)
Energy Transfer Operating LP 4.90%, 03/15/35 (Call 09/15/34)	$	200	$	186,474
5.15%, 02/01/43 (Call 08/01/42)		200		183,605
5.15%, 03/15/45 (Call 09/15/44)		250		232,096
5.30%, 04/15/47 (Call 10/15/46)		325		306,425
5.95%, 10/01/43 (Call 04/01/43)		15		15,017
6.05%, 06/01/41 (Call 12/01/40)		50		50,935
6.13%, 12/15/45 (Call 06/15/45)		400		416,915
6.25%, 04/15/49 (Call 10/15/48)		600		643,888
6.50%, 02/01/42 (Call 08/01/41)		285		308,718
6.63%, 10/15/36		180		194,209
7.50%, 07/01/38		290		340,533
Series 30Y, 6.00%, 06/15/48 (Call 12/15/47)		15		15,522
Enterprise Products Operating LLC 4.25%, 02/15/48 (Call 08/15/47)		300		280,988
4.45%, 02/15/43 (Call 08/15/42)		350		337,961
4.85%, 08/15/42 (Call 02/15/42)		315		321,899
4.85%, 03/15/44 (Call 09/15/43)		600		613,596
4.90%, 05/15/46 (Call 11/15/45)		435		447,325
4.95%, 10/15/54 (Call 04/15/54)		200		200,639
5.10%, 02/15/45 (Call 08/15/44)		425		447,896
5.70%, 02/15/42		265		295,372
5.95%, 02/01/41		285		326,145
6.13%, 10/15/39		250		291,147
7.55%, 04/15/38		150		196,746
Series D, 6.88%, 03/01/33		200		243,930
Series H, 6.65%, 10/15/34		141		172,178
EQM Midstream Partners LP, Series 30Y, 6.50%, 07/15/48 (Call 01/15/48)		275		273,529
GNL Quintero SA, 4.63%, 07/31/29(a)(b)		450		453,937
Kinder Morgan Energy Partners LP 4.70%, 11/01/42 (Call 05/01/42)		250		235,031
5.00%, 08/15/42 (Call 02/15/42)		375		366,826
5.00%, 03/01/43 (Call 09/01/42)		300		293,207
5.40%, 09/01/44 (Call 03/01/44)		250		255,245
5.50%, 03/01/44 (Call 09/01/43)		305		315,068
5.80%, 03/15/35		300		319,390
6.38%, 03/01/41		230		260,268
6.55%, 09/15/40		100		114,729
6.95%, 01/15/38		400		478,285
7.30%, 08/15/33		36		43,991
7.40%, 03/15/31		118		142,735
7.50%, 11/15/40		95		117,671
7.75%, 03/15/32		100		125,906
Kinder Morgan Inc./DE 5.05%, 02/15/46 (Call 08/15/45)		385		381,173
5.20%, 03/01/48 (Call 09/01/47)		185		187,707
5.30%, 12/01/34 (Call 06/01/34)		315		324,879
5.55%, 06/01/45 (Call 12/01/44)		465		487,965
7.75%, 01/15/32		395		495,970
Magellan Midstream Partners LP 4.20%, 10/03/47 (Call 04/03/47)		210		191,714
4.25%, 09/15/46 (Call 03/15/46)(b)		200		185,874
4.85%, 02/01/49 (Call 08/01/48)		100		101,562
5.15%, 10/15/43 (Call 04/15/43)		250		258,724
MPLX LP 4.50%, 04/15/38 (Call 10/15/37)		745		686,493
4.70%, 04/15/48 (Call 10/15/47)		485		444,691
4.80%, 02/15/29 (Call 11/15/28)		50		51,213
4.90%, 04/15/58 (Call 10/15/57)		60		53,357

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.20%, 03/01/47 (Call 09/01/46)	$	425	$	414,452
5.50%, 02/15/49 (Call 08/15/48)		325		332,233
ONEOK Inc., 4.95%, 07/13/47 (Call 01/06/47)		250		240,752
ONEOK Partners LP 6.13%, 02/01/41 (Call 08/01/40)		225		239,994
6.20%, 09/15/43 (Call 03/15/43)		125		134,089
6.65%, 10/01/36		210		233,180
6.85%, 10/15/37		300		347,543
Phillips 66 Partners LP 4.68%, 02/15/45 (Call 08/15/44)(b)		75		71,317
4.90%, 10/01/46 (Call 04/01/46)		250		247,205
Plains All American Pipeline LP/PAA Finance Corp. 4.30%, 01/31/43 (Call 07/31/42)		90		74,885
4.70%, 06/15/44 (Call 12/15/43)		250		220,655
4.90%, 02/15/45 (Call 08/15/44)		350		321,187
5.15%, 06/01/42 (Call 12/01/41)		60		55,725
6.65%, 01/15/37		225		245,963
Southern Natural Gas Co. LLC, 8.00%, 03/01/32		50		64,392
Spectra Energy Partners LP 4.50%, 03/15/45 (Call 09/15/44)		190		185,493
5.95%, 09/25/43 (Call 03/25/43)		150		165,767
Sunoco Logistics Partners Operations LP 4.95%, 01/15/43 (Call 07/15/42)		250		223,254
5.30%, 04/01/44 (Call 10/01/43)		275		257,555
5.35%, 05/15/45 (Call 11/15/44)		100		94,133
5.40%, 10/01/47 (Call 04/01/47)		835		801,178
6.10%, 02/15/42		175		179,086
Texas Eastern Transmission LP, 7.00%, 07/15/32		200		242,590
TransCanada PipeLines Ltd. 4.63%, 03/01/34 (Call 12/01/33)		350		356,258
4.75%, 05/15/38 (Call 11/15/37)(b)		100		100,982
4.88%, 05/15/48 (Call 11/15/47)		525		528,793
5.00%, 10/16/43 (Call 04/16/43)		400		403,879
5.60%, 03/31/34		200		219,590
5.85%, 03/15/36		100		110,213
6.10%, 06/01/40		279		323,134
6.20%, 10/15/37		200		229,848
7.25%, 08/15/38		325		413,491
7.63%, 01/15/39		300		395,687
Transcontinental Gas Pipe Line Co. LLC 4.45%, 08/01/42 (Call 02/01/42)		300		281,907
4.60%, 03/15/48 (Call 09/15/47)		475		452,660
5.40%, 08/15/41 (Call 02/15/41)		151		157,194
Western Midstream Operating LP 5.45%, 04/01/44 (Call 10/01/43)		350		322,294
5.50%, 08/15/48 (Call 02/15/48)		160		150,027
Williams Companies Inc. (The) 4.90%, 01/15/45 (Call 07/15/44)		225		216,587
5.10%, 09/15/45 (Call 03/15/45)		305		302,026
5.40%, 03/04/44 (Call 09/04/43)		175		177,014
5.80%, 11/15/43 (Call 05/15/43)		50		53,237
6.30%, 04/15/40		405		456,555
				28,303,585
Private Equity — 0.0%
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)		75		69,282
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)(b)		250		242,754
				312,036

Security	Par (000)		Value
Real Estate — 0.0%
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(a)	$	100	$	100,842
Real Estate Investment Trusts — 1.0%
Alexandria Real Estate Equities Inc., 4.70%, 07/01/30 (Call 04/01/30)		425		439,288
AvalonBay Communities Inc. 3.90%, 10/15/46 (Call 04/15/46)		195		182,144
4.15%, 07/01/47 (Call 01/01/47)		150		147,027
Crown Castle International Corp., 5.20%, 02/15/49 (Call 08/15/48)		85		84,758
ERP Operating LP 4.50%, 07/01/44 (Call 01/01/44)		100		103,266
4.50%, 06/01/45 (Call 12/01/44)		315		325,708
Essex Portfolio LP, 4.50%, 03/15/48 (Call 09/15/47)		100		97,771
Federal Realty Investment Trust 3.63%, 08/01/46 (Call 02/01/46)		125		109,109
4.50%, 12/01/44 (Call 06/01/44)		197		199,659
HCP Inc., 6.75%, 02/01/41 (Call 08/01/40)		150		185,378
Kilroy Realty LP, 4.25%, 08/15/29 (Call 05/15/29)		129		127,923
Kimco Realty Corp. 4.25%, 04/01/45 (Call 10/01/44)		250		228,468
4.45%, 09/01/47 (Call 03/01/47)		190		178,903
Realty Income Corp., 4.65%, 03/15/47 (Call 09/15/46)		180		187,893
Regency Centers LP 4.40%, 02/01/47 (Call 08/01/46)		200		190,705
4.65%, 03/15/49 (Call 09/15/48)		150		148,148
Simon Property Group LP 4.25%, 10/01/44 (Call 04/01/44)		14		13,881
4.25%, 11/30/46 (Call 05/30/46)		135		134,299
4.75%, 03/15/42 (Call 09/15/41)(b)		185		196,619
6.75%, 02/01/40 (Call 11/01/39)		295		384,125
Trust F/1401, 6.95%, 01/30/44 (Call 07/30/43)(a)(b)		200		201,975
Ventas Realty LP 4.38%, 02/01/45 (Call 08/01/44)(b)		177		163,918
4.40%, 01/15/29 (Call 10/15/28)		300		305,852
4.88%, 04/15/49 (Call 10/15/48)		65		64,697
5.70%, 09/30/43 (Call 03/30/43)		26		28,787
Welltower Inc. 4.95%, 09/01/48 (Call 03/01/48)		250		253,935
6.50%, 03/15/41 (Call 09/15/40)		165		194,769
Weyerhaeuser Co., 7.38%, 03/15/32		600		757,102
				5,636,107
Retail — 2.7%
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)		95		86,837
Home Depot Inc. (The) 3.50%, 09/15/56 (Call 03/15/56)		345		304,041
3.90%, 06/15/47 (Call 12/15/46)(b)		170		164,033
4.20%, 04/01/43 (Call 10/01/42)		150		151,136
4.25%, 04/01/46 (Call 10/01/45)		500		508,929
4.40%, 03/15/45 (Call 09/15/44)		375		388,693
4.50%, 12/06/48 (Call 06/06/48)		375		396,649
4.88%, 02/15/44 (Call 08/15/43)		450		496,290
5.40%, 09/15/40 (Call 03/15/40)		121		140,798
5.88%, 12/16/36		675		819,425
5.95%, 04/01/41 (Call 10/01/40)		450		556,954
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)		160		144,511
Lowe’s Companies Inc. 3.70%, 04/15/46 (Call 10/15/45)(b)		475		402,215
4.05%, 05/03/47 (Call 11/03/46)(b)		395		352,761
4.25%, 09/15/44 (Call 03/15/44)		175		161,150

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
4.38%, 09/15/45 (Call 03/15/45)	$	285	$	264,216
4.65%, 04/15/42 (Call 10/15/41)		225		217,548
Macy’s Retail Holdings Inc. 4.30%, 02/15/43 (Call 08/15/42)		100		73,173
4.50%, 12/15/34 (Call 06/15/34)		22		18,146
5.13%, 01/15/42 (Call 07/15/41)		105		86,731
McDonald’s Corp. 3.63%, 05/01/43		11		9,546
3.70%, 02/15/42		355		315,315
4.45%, 03/01/47 (Call 09/01/46)		180		175,187
4.45%, 09/01/48 (Call 03/01/48)		80		77,828
4.60%, 05/26/45 (Call 11/26/44)		300		296,608
4.70%, 12/09/35 (Call 06/09/35)		195		200,631
4.88%, 07/15/40		6		6,164
4.88%, 12/09/45 (Call 06/09/45)		400		412,465
5.70%, 02/01/39		255		288,422
6.30%, 10/15/37		375		449,219
6.30%, 03/01/38		275		326,807
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)		210		179,683
Starbucks Corp. 3.75%, 12/01/47 (Call 06/01/47)		150		128,486
4.30%, 06/15/45 (Call 12/10/44)		190		178,695
4.50%, 11/15/48 (Call 05/15/48)		275		265,155
Target Corp. 3.63%, 04/15/46		575		517,220
3.90%, 11/15/47 (Call 05/15/47)		269		253,440
4.00%, 07/01/42		500		484,675
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)(b)		125		109,203
Walgreen Co., 4.40%, 09/15/42		250		224,714
Walgreens Boots Alliance Inc. 4.50%, 11/18/34 (Call 05/18/34)		305		295,248
4.65%, 06/01/46 (Call 12/01/45)		200		186,394
4.80%, 11/18/44 (Call 05/18/44)		315		294,167
Walmart Inc. 3.63%, 12/15/47 (Call 06/15/47)		150		140,488
3.95%, 06/28/38 (Call 12/28/37)		790		792,048
4.00%, 04/11/43 (Call 10/11/42)		435		432,994
4.05%, 06/29/48 (Call 12/29/47)		1,050		1,059,127
4.30%, 04/22/44 (Call 10/22/43)		250		261,278
4.75%, 10/02/43 (Call 04/02/43)		175		190,312
5.00%, 10/25/40		100		113,483
5.25%, 09/01/35		420		490,849
5.63%, 04/01/40		135		163,636
5.63%, 04/15/41		450		548,185
6.20%, 04/15/38		60		76,474
6.50%, 08/15/37(b)		100		130,734
				15,809,116
Semiconductors — 0.8%
Analog Devices Inc. 4.50%, 12/05/36 (Call 06/05/36)		50		47,470
5.30%, 12/15/45 (Call 06/15/45)		135		141,274
Applied Materials Inc. 4.35%, 04/01/47 (Call 10/01/46)(b)		160		160,364
5.10%, 10/01/35 (Call 04/01/35)		200		219,392
5.85%, 06/15/41		320		383,703
Intel Corp. 3.73%, 12/08/47 (Call 06/08/47)		550		523,355
4.00%, 12/15/32		375		397,742
4.10%, 05/19/46 (Call 11/19/45)		660		659,921
4.10%, 05/11/47 (Call 11/11/46)		175		176,218

Security	Par (000)		Value
Semiconductors (continued)
4.80%, 10/01/41(b)	$	100	$	111,478
4.90%, 07/29/45 (Call 01/29/45)		60		67,609
KLA-Tencor Corp., 5.65%, 11/01/34 (Call 07/01/34)		125		127,117
QUALCOMM Inc. 4.30%, 05/20/47 (Call 11/20/46)		455		408,164
4.65%, 05/20/35 (Call 11/20/34)		400		391,196
4.80%, 05/20/45 (Call 11/20/44)		410		394,710
Texas Instruments Inc., 4.15%, 05/15/48 (Call 11/15/47)(b)		350		356,877
				4,566,590
Software — 2.8%
Activision Blizzard Inc., 4.50%, 06/15/47 (Call 12/15/46)		175		155,516
Fidelity National Information Services Inc., 4.50%, 08/15/46 (Call 02/15/46)		250		227,097
Microsoft Corp. 3.45%, 08/08/36 (Call 02/08/36)		725		703,679
3.50%, 02/12/35 (Call 08/12/34)		550		537,956
3.50%, 11/15/42		250		235,709
3.70%, 08/08/46 (Call 02/08/46)		675		658,755
3.75%, 05/01/43 (Call 11/01/42)		250		244,466
3.75%, 02/12/45 (Call 08/12/44)		635		622,967
3.95%, 08/08/56 (Call 02/08/56)		690		677,245
4.00%, 02/12/55 (Call 08/12/54)		725		718,795
4.10%, 02/06/37 (Call 08/06/36)		550		575,244
4.20%, 11/03/35 (Call 05/03/35)		425		449,785
4.45%, 11/03/45 (Call 05/03/45)(b)		925		1,007,171
4.50%, 10/01/40		475		517,003
4.50%, 02/06/57 (Call 08/06/56)		700		767,540
4.75%, 11/03/55 (Call 05/03/55)		285		322,481
4.88%, 12/15/43 (Call 06/15/43)		300		339,491
5.20%, 06/01/39		222		262,111
5.30%, 02/08/41		475		569,219
Series 30Y, 4.25%, 02/06/47 (Call 08/06/46)(b)		700		742,812
Oracle Corp. 3.25%, 05/15/30 (Call 02/15/30)		350		335,882
3.80%, 11/15/37 (Call 05/15/37)		725		695,192
3.85%, 07/15/36 (Call 01/15/36)		375		363,316
3.90%, 05/15/35 (Call 11/15/34)		525		515,049
4.00%, 07/15/46 (Call 01/15/46)		800		765,121
4.00%, 11/15/47 (Call 05/15/47)		625		595,173
4.13%, 05/15/45 (Call 11/15/44)		555		538,907
4.30%, 07/08/34 (Call 01/08/34)		650		675,729
4.38%, 05/15/55 (Call 11/15/54)		389		387,763
4.50%, 07/08/44 (Call 01/08/44)(b)		325		336,308
5.38%, 07/15/40		550		627,851
6.13%, 07/08/39		325		401,813
6.50%, 04/15/38		90		115,218
				16,688,364
Telecommunications — 7.4%
America Movil SAB de CV 4.38%, 07/16/42		443		442,889
6.13%, 11/15/37		125		148,086
6.13%, 03/30/40		685		828,138
6.38%, 03/01/35		165		198,532
AT&T Inc. 4.30%, 02/15/30 (Call 11/15/29)		1,285		1,261,476
4.30%, 12/15/42 (Call 06/15/42)		535		468,550
4.35%, 06/15/45 (Call 12/15/44)		765		666,372
4.50%, 05/15/35 (Call 11/15/34)		900		847,770
4.50%, 03/09/48 (Call 09/09/47)		1,135		1,008,831

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
4.55%, 03/09/49 (Call 09/09/48)	$	710	$	635,219
4.75%, 05/15/46 (Call 11/15/45)(b)		1,175		1,090,866
4.80%, 06/15/44 (Call 12/15/43)		800		750,948
4.85%, 03/01/39 (Call 09/01/38)		100		95,549
4.90%, 08/15/37 (Call 02/14/37)		25		24,109
5.15%, 03/15/42		460		447,902
5.15%, 11/15/46 (Call 05/15/46)		575		561,187
5.15%, 02/15/50 (Call 08/14/49)(b)		1,165		1,128,236
5.25%, 03/01/37 (Call 09/01/36)		1,005		1,012,044
5.30%, 08/15/58 (Call 02/14/58)		500		474,468
5.35%, 09/01/40		650		652,019
5.45%, 03/01/47 (Call 09/01/46)(b)		775		787,648
5.55%, 08/15/41		150		153,589
5.65%, 02/15/47 (Call 08/15/46)		525		545,976
5.70%, 03/01/57 (Call 09/01/56)		335		341,547
6.00%, 08/15/40 (Call 05/15/40)		300		322,330
6.15%, 09/15/34		50		54,675
6.30%, 01/15/38(b)		25		27,884
6.35%, 03/15/40		225		248,020
6.38%, 03/01/41		375		416,032
6.45%, 06/15/34		25		26,641
AT&T Mobility LLC, 7.13%, 12/15/31		25		29,114
Bell Canada Inc., 4.46%, 04/01/48 (Call 10/01/47)		525		524,799
British Telecommunications PLC, 9.63%, 12/15/30		925		1,292,216
Cisco Systems Inc. 5.50%, 01/15/40		600		733,784
5.90%, 02/15/39		610		779,164
Deutsche Telekom International Finance BV 4.75%, 06/21/38 (Call 12/21/37)(a)(b)		275		270,534
8.75%, 06/15/30		1,175		1,575,333
9.25%, 06/01/32		219		312,016
Juniper Networks Inc., 5.95%, 03/15/41		175		168,920
Koninklijke KPN NV, 8.38%, 10/01/30		390		469,645
Motorola Solutions Inc., 5.50%, 09/01/44		230		222,714
Orange SA 5.38%, 01/13/42		200		216,683
5.50%, 02/06/44 (Call 08/06/43)		225		247,486
9.00%, 03/01/31		675		946,701
Rogers Communications Inc. 4.30%, 02/15/48 (Call 08/15/47)		450		434,768
4.50%, 03/15/43 (Call 09/15/42)		150		147,821
5.00%, 03/15/44 (Call 09/15/43)		350		370,771
5.45%, 10/01/43 (Call 04/01/43)		56		61,752
7.50%, 08/15/38		150		197,859
Telefonica Emisiones SAU 4.67%, 03/06/38		250		228,876
4.90%, 03/06/48(b)		400		368,240
5.21%, 03/08/47		525		502,840
5.52%, 03/01/49 (Call 09/01/48)		150		149,775
7.05%, 06/20/36		600		705,896
Telefonica Europe BV, 8.25%, 09/15/30		600		774,776
TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48)(b)		135		135,415
Verizon Communications Inc. 3.85%, 11/01/42 (Call 05/01/42)		475		425,218
4.13%, 08/15/46		525		480,559
4.27%, 01/15/36		900		878,390
4.40%, 11/01/34 (Call 05/01/34)		970		971,794
4.50%, 08/10/33		1,475		1,502,604
4.52%, 09/15/48		1,460		1,427,652
4.67%, 03/15/55		1,450		1,410,186

Security	Par (000)		Value
Telecommunications (continued)
4.75%, 11/01/41	$	200	$	203,003
4.81%, 03/15/39		580		595,062
4.86%, 08/21/46		1,240		1,274,932
5.01%, 04/15/49		1,025		1,072,904
5.01%, 08/21/54		1,600		1,641,270
5.25%, 03/16/37		265		288,476
5.50%, 03/16/47		465		516,882
6.40%, 02/15/38		50		59,424
6.55%, 09/15/43		250		309,102
7.75%, 12/01/30		125		162,141
Vodafone Group PLC 4.38%, 02/19/43		625		536,036
5.00%, 05/30/38(b)		150		142,159
5.25%, 05/30/48		980		933,960
6.15%, 02/27/37		270		289,448
6.25%, 11/30/32		200		223,468
7.88%, 02/15/30		410		509,937
				43,390,038
Toys, Games & Hobbies — 0.1%
Hasbro Inc. 5.10%, 05/15/44 (Call 11/15/43)		125		110,018
6.35%, 03/15/40		200		209,173
				319,191
Transportation — 3.2%
Burlington Northern Santa Fe LLC 3.90%, 08/01/46 (Call 02/01/46)		290		279,559
4.05%, 06/15/48 (Call 12/15/47)		300		294,809
4.13%, 06/15/47 (Call 12/15/46)		10		9,930
4.15%, 04/01/45 (Call 10/01/44)		400		401,289
4.38%, 09/01/42 (Call 03/01/42)		260		267,617
4.40%, 03/15/42 (Call 09/15/41)		265		274,234
4.45%, 03/15/43 (Call 09/15/42)		221		229,895
4.55%, 09/01/44 (Call 03/01/44)		300		315,051
4.70%, 09/01/45 (Call 03/01/45)		295		317,926
4.90%, 04/01/44 (Call 10/01/43)		100		110,163
4.95%, 09/15/41 (Call 03/15/41)		114		125,887
5.05%, 03/01/41 (Call 09/01/40)		56		62,099
5.15%, 09/01/43 (Call 03/01/43)		150		169,986
5.40%, 06/01/41 (Call 12/01/40)		250		287,782
5.75%, 05/01/40 (Call 11/01/39)		300		361,062
6.15%, 05/01/37		220		269,919
6.20%, 08/15/36		200		247,180
7.95%, 08/15/30		75		103,399
Canadian National Railway Co. 3.20%, 08/02/46 (Call 02/02/46)		300		263,883
3.65%, 02/03/48 (Call 08/03/47)(b)		250		240,085
4.45%, 01/20/49 (Call 07/20/48)		100		108,968
6.20%, 06/01/36		50		61,964
6.25%, 08/01/34		111		142,326
6.38%, 11/15/37		175		223,673
Cie. de Chemin de Fer Canadien Pacifique 4.80%, 09/15/35 (Call 03/15/35)		197		208,203
4.80%, 08/01/45 (Call 02/01/45)		100		106,176
5.95%, 05/15/37		16		18,794
6.13%, 09/15/15 (Call 03/15/15)		255		296,501
7.13%, 10/15/31		500		636,797
CSX Corp. 3.80%, 11/01/46 (Call 05/01/46)		225		201,951
3.95%, 05/01/50 (Call 11/01/49)		150		135,176

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
4.10%, 03/15/44 (Call 09/15/43)	$	200	$	188,653
4.25%, 03/15/29 (Call 12/15/28)		70		72,094
4.25%, 11/01/66 (Call 05/01/66)(b)		300		258,715
4.30%, 03/01/48 (Call 09/01/47)		250		242,028
4.40%, 03/01/43 (Call 09/01/42)		325		317,064
4.50%, 03/15/49 (Call 09/15/48)		95		93,787
4.50%, 08/01/54 (Call 02/01/54)		100		96,909
4.75%, 05/30/42 (Call 11/30/41)		300		307,631
5.50%, 04/15/41 (Call 10/15/40)		120		133,111
6.00%, 10/01/36		250		288,870
6.15%, 05/01/37		100		118,443
6.22%, 04/30/40		205		244,452
FedEx Corp. 3.88%, 08/01/42(b)		150		128,097
3.90%, 02/01/35		300		276,938
4.05%, 02/15/48 (Call 08/15/47)		350		303,305
4.10%, 04/15/43		152		134,046
4.10%, 02/01/45		285		248,452
4.40%, 01/15/47 (Call 07/15/46)		65		59,224
4.55%, 04/01/46 (Call 10/01/45)		400		373,811
4.75%, 11/15/45 (Call 05/15/45)		525		506,282
4.90%, 01/15/34		215		226,189
4.95%, 10/17/48 (Call 04/17/48)(b)		65		64,492
5.10%, 01/15/44(b)		300		302,795
Kansas City Southern 4.30%, 05/15/43 (Call 11/15/42)		100		94,519
4.95%, 08/15/45 (Call 02/15/45)		245		251,537
Norfolk Southern Corp. 3.94%, 11/01/47 (Call 05/01/47)		200		186,733
3.95%, 10/01/42 (Call 04/01/42)		140		131,189
4.05%, 08/15/52 (Call 02/15/52)		480		444,293
4.15%, 02/28/48 (Call 08/28/47)		225		218,088
4.45%, 06/15/45 (Call 12/15/44)		275		275,754
4.65%, 01/15/46 (Call 07/15/45)		95		97,659
4.84%, 10/01/41		450		472,113
Polar Tankers Inc., 5.95%, 05/10/37(a)		30		34,659
TTX Co., 4.60%, 02/01/49 (Call 08/01/48)(a)		250		256,980
Union Pacific Corp. 3.35%, 08/15/46 (Call 02/15/46)		150		124,459
3.38%, 02/01/35 (Call 08/01/34)		310		279,945
3.60%, 09/15/37 (Call 03/15/37)		300		272,327
3.88%, 02/01/55 (Call 08/01/54)		225		193,828
4.00%, 04/15/47 (Call 10/15/46)		150		139,002
4.05%, 11/15/45 (Call 05/15/45)		225		210,200
4.05%, 03/01/46 (Call 09/01/45)		250		235,450
4.15%, 01/15/45 (Call 07/15/44)		110		103,242
4.25%, 04/15/43 (Call 10/15/42)		165		157,456
4.30%, 06/15/42 (Call 12/15/41)		150		145,256
4.30%, 03/01/49 (Call 09/01/48)		250		244,766
4.38%, 09/10/38 (Call 03/10/38)		25		24,931
4.38%, 11/15/65 (Call 05/15/65)		96		87,245
4.50%, 09/10/48 (Call 03/10/48)		500		502,006
4.75%, 09/15/41 (Call 03/15/41)		158		161,877
4.80%, 09/10/58 (Call 03/10/58)(b)		85		87,539
4.82%, 02/01/44 (Call 08/01/43)		220		227,507
6.63%, 02/01/29(b)		250		304,454

Security	Par/ Shares (000)		Value
Transportation (continued)
United Parcel Service Inc. 3.40%, 11/15/46 (Call 05/15/46)	$	110	$	95,834
3.63%, 10/01/42		105		95,369
4.88%, 11/15/40 (Call 05/15/40)		365		399,516
6.20%, 01/15/38		600		746,381
				19,059,786
Trucking & Leasing —0.0%
GATX Corp., 5.20%, 03/15/44 (Call 09/15/43)		150		149,364
Water — 0.2%
American Water Capital Corp. 3.75%, 09/01/47 (Call 03/01/47)		200		185,333
4.00%, 12/01/46 (Call 06/01/46)		95		90,623
4.20%, 09/01/48 (Call 03/01/48)		35		34,690
4.30%, 12/01/42 (Call 06/01/42)		16		16,045
4.30%, 09/01/45 (Call 03/01/45)		350		350,144
6.59%, 10/15/37(b)		324		411,550
Veolia Environnement SA, 6.75%, 06/01/38		179		216,646
				1,305,031
Total Corporate Bonds & Notes — 97.2% (Cost: $595,243,915)				572,138,350
Short-Term Investments
Money Market Funds — 8.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(g)(h)(i)		44,702		44,719,478
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(g)(h)		5,363		5,362,954
				50,082,432
Total Short-Term Investments — 8.5% (Cost: $50,066,040)				50,082,432
Total Investments in Securities — 105.7% (Cost: $645,309,955)				622,220,782
Other Assets, Less Liabilities — (5.7)%				(33,332,911	)
Net Assets — 100.0%			$	588,887,871

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

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

^(c)  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^(d)  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

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

^(f)  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.

^(g)  Affiliate of the Fund.

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

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

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

Schedule of Investments  (continued) February 28, 2019 iShares^® Long-Term Corporate Bond ETF

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 02/28/18 (000)		Net Activity (000)			Shares Held at 02/28/19 (000)		Value at 02/28/19		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		79,862		(35,160	)		44,702	$	44,719,478	$	166,305	(b)	$	1,830	$	10,537
BlackRock Cash Funds: Treasury, SL Agency Shares		11,712		(6,349	)		5,363		5,362,954		142,855			—		—
								$	50,082,432	$	309,160		$	1,830	$	10,537

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

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

Futures Contracts

Derivative Financial Instruments Categorized by Risk Exposure

For the year ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	98,151

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — short	$	(1,433,812	)

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

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 February 28, 2019. 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	$	—	$	572,138,350	$	—	$	572,138,350
Money Market Funds		50,082,432		—		—		50,082,432
	$	50,082,432	$	572,138,350	$	—	$	622,220,782

See notes to financial statements.

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Statement of Assets and Liabilities

February 28, 2019

	iShares Long-Term Corporate Bond ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	572,138,350
Affiliated(c)		50,082,432
Receivables:
Investments sold		10,432,901
Securities lending income — Affiliated		11,084
Dividends		12,376
Interest		7,593,232
Total assets		640,270,375
LIABILITIES
Collateral on securities loaned, at value		44,696,548
Payables:
Investments purchased		6,658,656
Investment advisory fees		27,300
Total liabilities		51,382,504
NET ASSETS	$	588,887,871
NET ASSETS CONSIST OF:
Paid-in capital	$	628,936,281
Accumulated loss		(40,048,410	)
NET ASSETS	$	588,887,871
Shares outstanding		10,200,000
Net asset value	$	57.73
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	42,610,052
(b) Investments, at cost — Unaffiliated	$	595,243,915
(c) Investments, at cost — Affiliated	$	50,066,040

See notes to financial statements.

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

Statement of Operations

Year Ended February 28, 2019

	iShares Long-Term Corporate Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	142,855
Interest — Unaffiliated		26,776,991
Securities lending income — Affiliated — net		166,305
Other income — Unaffiliated		13,290
Total investment income		27,099,441
EXPENSES
Investment advisory fees		648,764
Total expenses		648,764
Less:
Investment advisory fees waived		(58,784	)
Total expenses after fees waived		589,980
Net investment income		26,509,461
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(8,400,016	)
Investments — Affiliated		1,830
In-kind redemptions — Unaffiliated		(6,876,763	)
Futures contracts		98,151
Net realized loss		(15,176,798	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(9,700,318	)
Investments — Affiliated		10,537
Net change in unrealized appreciation (depreciation)		(9,689,781	)
Net realized and unrealized loss		(24,866,579	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,642,882

See notes to financial statements.

2 0 1 9    I S H A R E S    A N N U  A L    R E P O R T    T O    S H A R E H O L D E R  S

Statement of Changes in Net Assets

	iShares Long-Term Corporate Bond ETF
	Year Ended 02/28/19			Year Ended 02/28/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	26,509,461		$	32,634,051
Net realized gain (loss)		(15,176,798	)		5,573,251
Net change in unrealized appreciation (depreciation)		(9,689,781	)		(997,323	)
Net increase in net assets resulting from operations		1,642,882			37,209,979
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Decrease in net assets resulting from distributions to shareholders		(26,801,451	)		(32,962,172	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(100,635,843	)		(120,323,815	)
NET ASSETS(b)
Total decrease in net assets		(125,794,412	)		(116,076,008	)
Beginning of year		714,682,283			830,758,291
End of year	$	588,887,871		$	714,682,283

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

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Long-Term Corporate Bond ETF
	Year Ended 02/28/19			Year Ended 02/28/18			Year Ended 02/28/17			Year Ended 02/29/16			Year Ended 02/28/15
Net asset value, beginning of year	$	60.06		$	59.77		$	56.51		$	62.53		$	57.87
Net investment income(a)		2.56			2.48			2.48			2.55			2.59
Net realized and unrealized gain (loss)(b)		(2.31	)		0.30			3.25			(6.02	)		4.59
Net increase (decrease) from investment operations		0.25			2.78			5.73			(3.47	)		7.18
Distributions(c)
From net investment income		(2.58	)		(2.49	)		(2.47	)		(2.55	)		(2.52	)
From net realized gain		—			—			—			—			—
Total distributions		(2.58	)		(2.49	)		(2.47	)		(2.55	)		(2.52	)
Net asset value, end of year	$	57.73		$	60.06		$	59.77		$	56.51		$	62.53
Total Return
Based on net asset value		0.53	%		4.65	%		10.21	%		(5.53	)%		12.64	%
Ratios to Average Net Assets
Total expenses		0.11	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses after fees waived		0.10	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		4.44	%		4.05	%		4.10	%		4.40	%		4.28	%
Supplemental Data
Net assets, end of year (000)	$	588,888		$	714,682		$	830,758		$	785,548		$	850,376
Portfolio turnover rate(d)		24	%		12	%		10	%		11	%		23	%

^(a)  Based on average shares outstanding.

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

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

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

See notes to financial statements.

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Notes to Financial Statements

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 fund (the “Fund”):

iShares ETF	Diversification Classification
Long-Term Corporate Bond(a)	Diversified

^(a)  Formerly the iShares 10+ Year Credit Bond ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

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

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to the Fund.

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Fund.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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Notes to Financial Statements  (continued)

The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

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

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

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board 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 for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.

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Notes to Financial Statements  (continued)

In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received (a)		Non-Cash Collateral Received		Net Amount
Long-Term Corporate Bond
Barclays Bank PLC	$	2,806,704	$	2,806,704	$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		421,439		421,439		—		—
BNP Paribas Securities Corp.		91,680		91,680		—		—
Citigroup Global Markets Inc.		3,015,111		3,015,111		—		—
Credit Suisse Securities (USA) LLC		3,816,962		3,816,962		—		—
Deutsche Bank Securities Inc.		121,924		121,924		—		—
Goldman Sachs & Co.		6,689,509		6,689,509		—		—
HSBC Securities (USA) Inc.		769,944		769,944		—		—
Jefferies LLC		259,584		259,584		—		—
JPMorgan Securities LLC		9,263,813		9,263,813		—		—
Merrill Lynch, Pierce, Fenner & Smith		302,310		302,310		—		—
Morgan Stanley & Co. LLC		3,759,863		3,759,863		—		—
MUFG Securities Americas Inc.		377,660		377,660		—		—
Nomura Securities International Inc.		621,192		621,192		—		—
Scotia Capital (USA) Inc.		1,193,624		1,193,624		—		—
State Street Bank & Trust Company		1,511,422		1,511,422		—		—
UBS AG		769,702		769,702		—		—
Wells Fargo Securities LLC		6,817,609		6,817,609		—		—
	$	42,610,052	$	42,610,052	$	—	$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: The Fund used futures contracts to mitigate or maintain duration risk as securities were purchased and sold during the Fund’s transition to a new underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

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

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

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Notes to Financial Statements  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $121 billion		0.0600	%
Over $121 billion, up to and including $181 billion		0.0570
Over $181 billion, up to and including $231 billion		0.0542
Over $231 billion, up to and including $281 billion		0.0515
Over $281 billion		0.0489

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

Prior to June 26, 2018, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses. Effective June 1, 2018, BFA contractually agreed to waive a portion of its investment advisory fee for the Fund through May 30, 2023 such that the Fund’s total annual operating expenses after fee waiver will not exceed 0.06% of average daily net assets. The contractual waiver for the Fund was terminated effective June 26, 2018, pursuant to a written agreement between the Trust and BFA and in conjunction with the permanent annual advisory fee reduction for the Fund from 0.20% to 0.06%.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a given calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in its statement of operations. For the year ended February 28, 2019, the Fund paid BTC $56,984 for securities lending agent services.

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

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

For the year ended February 28, 2019, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
Long-Term Corporate Bond	$	173,888	$	1,599,283

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Notes to Financial Statements  (continued)

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

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.

7. PURCHASES AND SALES

For the year ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Long-Term Corporate Bond	$	1,466,370	$	1,523,962	$	141,062,511	$	137,570,887

For the year ended February 28, 2019, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Long-Term Corporate Bond	$	179,160,233	$	281,081,061

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 28, 2019, the following permanent differences attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Loss
Long-Term Corporate Bond	$	(7,107,222	)	$	7,107,222

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 02/28/19		Year Ended 02/28/18
Long-Term Corporate Bond
Ordinary income	$	26,801,451	$	32,962,172

As of February 28, 2019, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards (a)			Net Unrealized Gains (Losses) (b)			Total
Long-Term Corporate Bond	$	2,285,522	$	(18,291,069	)	$	(24,042,863	)	$	(40,048,410	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

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Notes to Financial Statements  (continued)

As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Long-Term Corporate Bond	$	646,266,283	$	2,959,296	$	(27,004,797	)	$	(24,045,501	)

9. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements  (continued)

Transactions in capital shares were as follows:

	Year Ended 02/28/19						Year Ended 02/28/18
iShares ETF	Shares			Amount			Shares			Amount
Long-Term Corporate Bond
Shares sold		3,300,000		$	190,580,512			2,300,000		$	141,236,309
Shares redeemed		(5,000,000	)		(291,216,355	)		(4,300,000	)		(261,560,124	)
Net decrease		(1,700,000	)	$	(100,635,843	)		(2,000,000	)	$	(120,323,815	)

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.

11. LEGAL PROCEEDINGS

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

12. REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Fund has adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information and undistributed net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended February 28, 2018 were classified as follows:

iShares ETF	Net Investment Income
Long-Term Corporate Bond	$	32,962,172

Undistributed net investment income as of February 28, 2018 are as follows:

iShares ETF	Undistributed net investment income
Long-Term Corporate Bond	$	2,575,074

13. SUBSEQUENT EVENTS

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

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of iShares Long-Term Corporate Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Long-Term Corporate Bond ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of February 28, 2019, the related statement of operations for the year ended February 28, 2019, the statement of changes in net assets for each of the two years in the period ended February 28, 2019, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2019 and the financial highlights for each of the five years in the period ended February 28, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

San Francisco, California

April 18, 2019

We have served as the auditor of one or more BlackRock investment companies since 2000.

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	For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737) This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus. Investing involves risk, including possible loss of principal. The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or ICE Data Indices, LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above. ©2019 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.

APRIL 30, 2019    

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

▶ iShares Interest Rate Hedged Emerging Markets Bond ETF | EMBH | NYSE Arca

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

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

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

Table of Contents

	Page
Fund Summary		5
About Fund Performance		6
Shareholder Expenses		6
Schedule of Investments		7
Financial Statements
Statement of Assets and Liabilities		10
Statement of Operations		11
Statements of Changes in Net Assets		12
Financial Highlights		13
Notes to Financial Statements		14
Supplemental Information		19
General Information		20
Glossary of Terms Used in this Report		21
Additional Financial Information		22

Fund Summary as of April 30, 2019 iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Investment Objective

The iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, emerging market bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares J.P. Morgan USD Emerging Markets Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.83	%		1.65	%		4.38	%		1.65	%		17.56	%
Fund Market		2.83			1.57			4.36			1.57			17.52
J.P. Morgan EMBI Global Core Swap Hedged Index		2.75			1.79			4.79			1.79			19.32

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

The J.P. Morgan EMBI Global Core Swap Hedged Index is an unmanaged index that consists of the J.P. Morgan EMBI^® Global Core Index plus interest rate swaps that intend to hedge the interest rate exposure of the J.P. Morgan EMBI^® Global Core Index.

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 6 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	1,028.30	$	0.50		$	1,000.00	$	1,024.30	$	0.50		0.10	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  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). See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

Tables shown are for the underlying fund in which the Fund invests.

ALLOCATION BY CREDIT QUALITY

Moody’s Credit Rating*	Percent of Total Investments	(a)
Aa	2.0	%
A	16.0
Baa	32.4
Ba	18.7
B	21.2
Caa	4.1
C	0.8
Not Rated	4.8

TEN LARGEST COUNTRIES

Country	Percent of Total Investments	(a)
Mexico	5.5	%
Indonesia	5.0
Russia	3.9
China	3.8
Turkey	3.8
Philippines	3.7
Colombia	3.5
Brazil	3.5
Kazakhstan	3.1
Ecuador	3.0

* 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.

F U N D  S U M M A R Y 5

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

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Schedule of Investments  (unaudited) April 30, 2019 iShares^® Interest Rate Hedged Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 95.7%
iShares J.P. Morgan USD Emerging Markets Bond ETF(a)		120,876	$	13,272,185
Total Investment Companies — 95.7% (Cost: $13,149,663)				13,272,185
Short-Term Investments
Money Market Funds — 2.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(a)(b)		301,810		301,810
Total Short-Term Investments — 2.2% (Cost: $301,810)				301,810
Total Investments in Securities — 97.9% (Cost: $13,451,473)				13,573,995
Other Assets, Less Liabilities — 2.1%				297,387
Net Assets — 100.0%			$	13,871,382

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18	Shares Purchased		Shares Sold		Shares Held at 04/30/19		Value at 04/30/19		Income			Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares	—	0	(b)	—		—	$	—	$	102	(c)	$	—		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	159,121	142,689	(b)	—		301,810		301,810		1,787			—			—
iShares J.P. Morgan USD Emerging Markets Bond ETF	127,721	12,450		(19,295	)	120,876		13,272,185		449,057			(16,635	)		709,224
							$	13,573,995	$	450,946		$	(16,635	)	$	709,224

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

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

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)				Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate(a)	Frequency						Value
1.17%	Semi-annual	2.58%	Quarterly		N/A		12/08/21	$(3,989)	$	117,724		$	190,285		$	(72,561	)
2.38	Semi-annual	2.58	Quarterly		N/A		01/12/23	(40)		(100	)		(36	)		(64	)
2.46	Semi-annual	2.58	Quarterly		N/A		01/12/25	(1,682)		(9,941	)		52,501			(62,442	)
1.44	Semi-annual	2.58	Quarterly		N/A		12/08/26	(3,551)		243,329			342,217			(98,888	)
3.25	Semi-annual	2.58	Quarterly		N/A		10/18/28	(1,086)		(69,504	)		(24,526	)		(44,978	)
2.34	Semi-annual	2.58	Quarterly		N/A		12/08/36	(1,236)		60,460			147,708			(87,248	)
2.41	Semi-annual	2.58	Quarterly		N/A		06/19/37	(357)		14,371			4,971			9,400
1.77	Semi-annual	2.58	Quarterly		N/A		12/08/46	(982)		189,191			257,870			(68,679	)
3.33	Semi-annual	2.58	Quarterly		N/A		10/24/48	(240)		(30,147	)		(24,372	)		(5,775	)
									$	515,383		$	946,618		$	(431,235	)

^(a)  Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

S C H E D U L E  O F  I N V E S T M E N T S 7

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Interest Rate Hedged Emerging Markets Bond ETF

Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps

	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)		$995,552		$(48,934)		$9,400		$(440,635)

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

	Interest Rate Contracts
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	9,400
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	440,635

^(a)  Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended April 30, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Interest Rate Contracts
Net Realized Gain (Loss) from:
Swaps	$	36,433
Net Change in Unrealized Appreciation (Depreciation) on:
Swaps	$	(739,257	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	14,183,557

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

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.

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Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Interest Rate Hedged Emerging Markets Bond ETF

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, 2019. 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
Investment Companies	$	13,272,185	$	—		$	—	$	13,272,185
Money Market Funds		301,810		—			—		301,810
	$	13,573,995	$	—		$	—	$	13,573,995
Derivative financial instruments(a)
Assets
Swaps	$	—	$	9,400		$	—	$	9,400
Liabilities
Swaps		—		(440,635	)		—		(440,635	)
	$	—	$	(431,235	)	$	—	$	(431,235	)

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

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 9

Statement of Assets and Liabilities  (unaudited)

April 30, 2019

	iShares Interest Rate Hedged Emerging Markets Bond ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	13,573,995
Cash pledged:
Centrally cleared swaps		352,000
Receivables:
Dividends		547
Total assets		13,926,542
LIABILITIES
Bank overdraft		28,797
Payables:
Variation margin on centrally cleared swaps		25,223
Investment advisory fees		1,140
Total liabilities		55,160
NET ASSETS	$	13,871,382
NET ASSETS CONSIST OF:
Paid-in capital	$	14,154,696
Accumulated loss		(283,314	)
NET ASSETS	$	13,871,382
Shares outstanding		550,000
Net asset value	$	25.22
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — Affiliated	$	13,451,473

See notes to financial statements.

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Statement of Operations  (unaudited)

Six Months Ended April 30, 2019

	iShares Interest Rate Hedged Emerging Markets Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$	450,844
Interest — Unaffiliated		3,408
Securities lending income — Affiliated — net		102
Total investment income		454,354
EXPENSES
Investment advisory fees		52,897
Total expenses		52,897
Less:
Investment advisory fees waived		(45,844	)
Total expenses after fees waived		7,053
Net investment income		447,301
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(74,348	)
In-kind redemptions — Affiliated		57,713
Swaps		36,433
Net realized gain		19,798
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		709,224
Swaps		(739,257	)
Net change in unrealized appreciation (depreciation)		(30,033	)
Net realized and unrealized loss		(10,235	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	437,066

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 11

Statement of Changes in Net Assets

	iShares Interest Rate Hedged Emerging Markets Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	447,301		$	214,797
Net realized gain		19,798			6,418
Net change in unrealized appreciation (depreciation)		(30,033	)		(389,122	)
Net increase (decrease) in net assets resulting from operations		437,066			(167,907	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(432,820	)		(205,131	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(35,334	)		11,631,104
NET ASSETS
Total increase (decrease) in net assets		(31,088	)		11,258,066
Beginning of period		13,902,470			2,644,404
End of period	$	13,871,382		$	13,902,470

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Emerging Markets Bond ETF
		Six Months Ended 04/30/19 (unaudited	)		Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Period From 07/22/15 to 10/31/15	(a)
Net asset value, beginning of period	$	25.28		$	26.44		$	25.06		$	24.20		$	25.05
Net investment income(b)		0.79			1.06			1.11			1.17			0.33
Net realized and unrealized gain (loss)(c)		(0.10	)		(1.19	)		1.24			0.61			(0.95	)
Net increase (decrease) from investment operations		0.69			(0.13	)		2.35			1.78			(0.62	)
Distributions(d)
From net investment income		(0.75	)		(1.03	)		(0.97	)		(0.89	)		(0.23	)
Return of capital		—			—			—			(0.03	)		(0.00	)(e)
Total distributions		(0.75	)		(1.03	)		(0.97	)		(0.92	)		(0.23	)
Net asset value, end of period	$	25.22		$	25.28		$	26.44		$	25.06		$	24.20
Total Return
Based on net asset value		2.83	%(f)		(0.51	)%		9.57	%		7.49	%		(2.43	)%(f)
Ratios to Average Net Assets
Total expenses(g)		0.75	%(h)		0.75	%		0.75	%		0.75	%		0.75	%(h)
Total expenses after fees waived(g)		0.10	%(h)		0.10	%		0.10	%		0.10	%		0.12	%(h)
Net investment income		6.34	%(h)		4.07	%		4.32	%		4.82	%		4.86	%(h)
Supplemental Data
Net assets, end of period (000)	$	13,871		$	13,902		$	2,644		$	2,506		$	2,420
Portfolio turnover rate(i)(j)		1	%(f)		0	%(k)		2	%		3	%		0	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Rounds to less than $0.01.

^(f)  Not annualized.

^(g)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(h)  Annualized.

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

^(j)  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(k)  Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 13

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares U.S. ETF 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 fund (the “Fund”):

iShares ETF	Diversification   Classification
Interest Rate Hedged Emerging Markets Bond	Diversified

Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements and schedule of investments for the underlying fund should be read in conjunction with the Fund’s financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily.

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

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

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Notes to Financial Statements  (unaudited) (continued)

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

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

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

As of April 30, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of April 30, 2019 and the value of the related cash collateral are disclosed in the statement of assets and liabilities.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

Swaps: Swaps are financial agreements to exchange cash flows in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Interest rate swaps are used by the Fund to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund.

Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (“centrally cleared swaps”). The Fund enters into centrally cleared swaps.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the schedule of investments and cash deposited is shown as cash pledged for centrally cleared swaps on the statement of assets and liabilities. The daily change in valuation of centrally cleared swaps is recorded as variation margin receivable or payable on centrally cleared swaps in the statement of assets and liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the statement of operations. Upfront payments and receipts are shown as swap premiums paid and swap premiums received in the statement of assets and liabilities and represent compensating factors between the stated terms of the swap agreement and prevailing market conditions (interest rate spreads and other relevant factors), at the time the swap was entered into by the Fund. These upfront payments and receipts are amortized over the term of the contract as a realized gain (loss) in the statement of the operations.

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 15

Notes to Financial Statements  (unaudited) (continued)

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.75%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares J.P. Morgan USD Emerging Markets Bond ETF (“EMB”), after taking into account any fee waivers by EMB, plus 0.10%.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a given calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended April 30, 2019, the Fund paid BTC $36 for securities lending agent services.

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

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

7. PURCHASES AND SALES

For the six months ended April 30, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Interest Rate Hedged Emerging Markets Bond	$	104,707	$	853,094

For the six months ended April 30, 2019, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Interest Rate Hedged Emerging Markets Bond	$	1,184,732	$	1,224,026

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Notes to Financial Statements  (unaudited) (continued)

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of October 31, 2018, the Fund had non-expiring capital loss carryforwards in the amount of $8,340 available to offset future realized capital gains.

As of April 30, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Interest Rate Hedged Emerging Markets Bond	$	13,452,013	$	131,922	$	(441,175	)	$	(309,253	)

9. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 04/30/19						Year Ended 10/31/18
iShares ETF	Shares			Amount			Shares		Amount
Interest Rate Hedged Emerging Markets Bond
Shares sold		50,000		$	1,228,056			450,000	$	11,631,104
Shares redeemed		(50,000	)		(1,263,390	)		—		—
Net increase(decrease)		—		$	(35,334	)		450,000	$	11,631,104

N O T E S  T O  F I N A N C I A L  S T A T  E M E N T S 17

Notes to Financial Statements  (unaudited) (continued)

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.

11. LEGAL PROCEEDINGS

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

12. SUBSEQUENT EVENTS

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

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Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged Emerging Markets Bond(a)		$0.725363	$	—	$	0.028551	$	0.753914		96	%		—	%		4	%		100	%

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

S U P P L E M E N T A L  I N F O R M A T I O  N 19

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 www.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 www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations — Fixed Income

LIBOR London Interbank Offered Rate

G L O S S A R Y  O F  T E R M S  U S E D   I N  T H I S  R E P O R T 21

Additional Financial Information

April 30, 2019

iShares Trust

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

Schedule of Investments  (unaudited) April 30, 2019 iShares^® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes(a)
Azerbaijan — 0.5%
Southern Gas Corridor CJSC, 6.88%, 03/24/26(b)	$	64,866	$	73,298,580
Bahrain — 0.1%
Oil and Gas Holding Co. BSCC (The), 7.50%, 10/25/27(b)		11,700		12,431,250
Chile — 1.1%
Corp. Nacional del Cobre de Chile
3.63%, 08/01/27 (Call 05/01/27)(b)		49,765		49,901,107
4.38%, 02/05/49 (Call 08/05/48)(c)		45,825		45,820,189
4.50%, 09/16/25(b)		35,152		37,393,467
4.50%, 08/01/47 (Call 02/01/47)(b)		40,239		41,113,192
				174,227,955
China — 3.0%
Amber Circle Funding Ltd., 3.25%, 12/04/22(b)		15,488		15,487,923
China Development Bank
2.13%, 06/01/21(b)		8,544		8,406,399
2.63%, 01/24/22(b)		17,649		17,497,660
China Development Bank Corp./Hong Kong, 3.31%, 03/06/22, (3 mo. LIBOR US + 0.700%)(b)(d)		20,522		20,580,467
China Great Wall International Holdings III Ltd., 3.13%, 08/31/22(b)		12,820		12,668,275
China Minmetals Corp., 3.75%, (Call 11/13/22)(b)(e)(f)		13,166		12,824,935
CNAC HK Finbridge Co. Ltd.
3.50%, 07/19/22(b)		21,854		21,847,225
4.13%, 07/19/27(b)		15,054		15,042,032
4.63%, 03/14/23(b)		18,195		18,822,091
5.13%, 03/14/28(b)		25,039		26,814,390
CNOOC Curtis Funding No. 1 Pty Ltd., 4.50%, 10/03/23(b)		20,869		21,937,180
Sinopec Group Overseas Development 2012 Ltd.
3.90%, 05/17/22(b)		21,831		22,275,807
4.88%, 05/17/42(b)		13,532		14,949,951
Sinopec Group Overseas Development 2013 Ltd., 4.38%, 10/17/23(b)		22,527		23,546,939
Sinopec Group Overseas Development 2014 Ltd., 4.38%, 04/10/24(b)		20,851		21,821,718
Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25(b)		19,492		19,306,534
Sinopec Group Overseas Development 2016 Ltd., 2.00%, 09/29/21(b)		14,620		14,231,035
Sinopec Group Overseas Development 2017 Ltd.
2.50%, 09/13/22(b)		21,288		20,837,014
3.00%, 04/12/22(b)		16,356		16,268,086
3.63%, 04/12/27(b)		14,939		14,949,838
State Grid Overseas Investment 2013 Ltd., 3.13%, 05/22/23(b)		12,818		12,808,835
State Grid Overseas Investment 2014 Ltd., 4.13%, 05/07/24(b)		21,457		22,337,273
State Grid Overseas Investment 2016 Ltd.
2.75%, 05/04/22(b)		21,034		20,862,468
3.50%, 05/04/27(b)		33,607		33,498,281
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26(b)		13,119		12,790,697
				462,413,053

Security	Par (000)		Value
Indonesia — 1.2%
Indonesia Asahan Aluminium Persero PT
5.23%, 11/15/21(b)	$	11,195	$	11,628,806
5.71%, 11/15/23(b)		14,477		15,525,786
6.53%, 11/15/28(b)		11,011		12,525,012
Pelabuhan Indonesia II PT, 4.25%, 05/05/25(b)		11,096		11,219,776
Pertamina Persero PT
4.30%, 05/20/23(b)		9,028		9,265,301
4.88%, 05/03/22(b)		16,865		17,460,925
5.63%, 05/20/43(b)		19,192		19,929,645
6.00%, 05/03/42(b)		10,699		11,669,774
6.45%, 05/30/44(b)		15,928		18,284,468
Perusahaan Listrik Negara PT
4.13%, 05/15/27(b)		17,275		17,005,510
5.25%, 10/24/42(b)		9,872		9,755,264
5.45%, 05/21/28(b)		10,836		11,594,032
5.50%, 11/22/21(b)		9,156		9,615,585
6.15%, 05/21/48(b)		12,258		13,558,513
				189,038,397
Kazakhstan — 1.6%
Development Bank of Kazakhstan JSC, 4.13%, 12/10/22(b)		33,792		34,045,440
Kazakhstan Temir Zholy Finance BV, 6.95%, 07/10/42(b)		32,974		38,909,320
KazMunayGas National Co. JSC
4.75%, 04/19/27(b)		29,547		30,581,145
5.38%, 04/24/30(b)		41,155		43,992,637
5.75%, 04/19/47(b)		39,580		41,559,000
6.38%, 10/24/48(b)		48,356		53,381,398
				242,468,940
Malaysia — 0.9%
Petronas Capital Ltd.
3.50%, 03/18/25(b)		46,881		47,455,058
4.50%, 03/18/45(b)		46,571		50,595,433
7.88%, 05/22/22(b)		33,995		38,692,259
				136,742,750
Mexico — 2.9%
Banco Nacional de Comercio Exterior SNC/Cayman Islands, 4.38%, 10/14/25(b)		9,123		9,145,808
Comision Federal de Electricidad
4.75%, 02/23/27(b)		7,749		7,869,458
4.88%, 01/15/24		12,802		13,179,083
4.88%, 01/15/24(b)		195		200,744
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)(b)		18,925		17,718,531
Petroleos Mexicanos
3.50%, 01/30/23		20,034		19,264,694
4.25%, 01/15/25		8,703		8,198,226
4.50%, 01/23/26		13,458		12,591,305
4.63%, 09/21/23		18,336		18,221,400
4.88%, 01/24/22		16,366		16,520,822
4.88%, 01/18/24		12,054		11,992,525
5.35%, 02/12/28		21,922		20,551,875
5.38%, 03/13/22		14,046		14,384,509
5.50%, 06/27/44		14,866		12,139,055
5.63%, 01/23/46		18,417		15,359,778
6.25%, 03/11/22, (3 mo. LIBOR US + 3.650%)(d)		10,369		10,824,251
6.35%, 02/12/48		30,832		27,185,191
6.38%, 01/23/45		27,460		24,549,515
6.50%, 03/13/27		51,054		51,579,856
6.50%, 01/23/29		18,156		18,137,209

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Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico (continued)
6.50%, 06/02/41	$	25,092	$	23,122,529
6.63%, 06/15/35		25,267		24,370,021
6.75%, 09/21/47		52,602		48,499,044
6.88%, 08/04/26		27,473		28,582,909
				454,188,338
Oman — 0.1%
Lamar Funding Ltd., 3.96%, 05/07/25(b)		25,306		22,176,027
Peru — 0.5%
Petroleos del Peru SA
4.75%, 06/19/32(b)		33,525		34,069,781
5.63%, 06/19/47(b)		34,815		36,851,678
				70,921,459
Philippines — 0.2%
Power Sector Assets & Liabilities Management Corp.,
7.39%, 12/02/24(b)		26,705		32,234,404
Russia — 0.3%
Vnesheconombank Via VEB Finance PLC
5.94%, 11/21/23(b)		20,800		21,814,000
6.03%, 07/05/22(b)		13,023		13,641,592
6.80%, 11/22/25(b)		16,245		17,707,050
				53,162,642
Saudi Arabia — 0.2%
Saudi Arabian Oil Co.
2.75%, 04/16/22(c)		10,950		10,877,894
2.88%, 04/16/24(c)		8,900		8,765,209
3.50%, 04/16/29(c)		8,100		7,962,219
4.25%, 04/16/39(c)		8,145		7,978,313
4.38%, 04/16/49(c)		1,755		1,707,440
				37,291,075
South Africa — 0.7%
Eskom Holdings SOC Ltd.
6.35%, 08/10/28(b)		26,331		27,360,937
6.75%, 08/06/23(b)		26,525		26,657,625
7.13%, 02/11/25(b)		31,190		31,501,900
Transnet SOC Ltd., 4.00%, 07/26/22(b)		21,441		21,080,791
				106,601,253
United Arab Emirates — 0.1%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(b)		20,450		21,523,625
Venezuela — 0.4%
Petroleos de Venezuela SA
5.38%, 04/12/27(g)		24,185		5,078,850
5.50%, 04/12/37(g)		22,444		4,488,840
6.00%, 05/16/24(g)		70,800		14,868,041
6.00%, 11/15/26(g)		58,476		12,279,956
9.00%, 11/17/21(g)		36,205		9,141,821
9.75%, 05/17/35(g)		40,301		10,276,818
12.75%, 02/17/22(g)		24,511		6,127,575
				62,261,901
Total Corporate Bonds & Notes — 13.8% (Cost: $2,187,459,148)				2,150,981,649

Security	Par (000)		Value
Foreign Government Obligations(a)
Angola — 1.1%
Angolan Government International Bond
8.25%, 05/09/28(b)	$	58,569	$	61,277,816
9.38%, 05/08/48(b)		58,321		62,589,222
9.50%, 11/12/25(b)		48,871		54,857,698
				178,724,736
Argentina — 2.6%
Argentine Republic Government International Bond
3.75%, 12/31/38(h)		72,714		38,211,299
4.63%, 01/11/23		22,549		16,633,608
5.63%, 01/26/22		45,227		35,186,606
5.88%, 01/11/28		60,571		41,972,372
6.63%, 07/06/28		13,423		9,463,416
6.88%, 01/26/27		50,627		36,375,500
6.88%, 01/11/48		40,209		26,627,807
7.13%, 07/06/36		24,896		17,116,000
7.13%, 06/28/17		38,554		25,692,193
7.50%, 04/22/26		91,466		68,631,970
7.63%, 04/22/46		38,408		26,742,146
8.28%, 12/31/33		81,537		60,543,124
				403,196,041
Azerbaijan — 0.7%
Republic of Azerbaijan International Bond
3.50%, 09/01/32(b)		38,969		34,825,232
4.75%, 03/18/24(b)		39,818		41,112,085
State Oil Co. of the Azerbaijan Republic, 4.75%, 03/13/23(b)		33,602		34,362,917
				110,300,234
Bahrain — 0.9%
Bahrain Government International Bond
6.00%, 09/19/44(b)		15,300		14,305,500
6.13%, 07/05/22(b)		12,300		12,699,750
6.13%, 08/01/23(b)		18,810		19,562,400
6.75%, 09/20/29(b)		15,723		16,627,073
7.00%, 01/26/26(b)		16,575		17,776,687
7.00%, 10/12/28(b)		22,160		23,925,376
CBB International Sukuk Co. 5 Spc, 5.62%, 02/12/24(b)		11,600		11,977,000
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(b)		14,200		15,478,000
				132,351,786
Bolivia — 0.2%
Bolivian Government International Bond, 4.50%, 03/20/28(b)		33,238		31,091,656
Brazil — 3.4%
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 09/26/23(b)		27,045		29,133,009
Brazil Minas SPE via State of Minas Gerais, 5.33%, 02/15/28(b)		18,091		18,619,606
Brazilian Government International Bond
2.63%, 01/05/23		41,165		39,724,225
4.25%, 01/07/25		76,618		77,345,871
4.50%, 05/30/29 (Call 02/28/29)		9,900		9,640,125
4.63%, 01/13/28 (Call 10/13/27)		57,575		57,731,892
5.00%, 01/27/45		65,737		59,952,144
5.63%, 01/07/41		45,656		45,557,155
5.63%, 02/21/47		52,058		51,103,516
6.00%, 04/07/26		40,689		44,757,900
7.13%, 01/20/37		35,138		41,176,290
8.25%, 01/20/34		31,104		39,488,861

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Brazil (continued)
8.88%, 04/15/24	$	14,832	$	18,421,344
				532,651,938
Chile — 0.8%
Chile Government International Bond
3.24%, 02/06/28 (Call 11/06/27)		65,463		65,724,852
3.86%, 06/21/47		51,660		51,853,725
				117,578,577
China — 0.8%
China Government International Bond
2.13%, 11/02/22(b)		14,565		14,290,799
2.63%, 11/02/27(b)		13,811		13,383,757
3.25%, 10/19/23(b)		22,697		23,236,054
3.50%, 10/19/28(b)		14,611		15,179,339
Export-Import Bank of China (The)
2.63%, 03/14/22(b)		17,838		17,673,498
2.88%, 04/26/26(b)		14,069		13,525,022
3.63%, 07/31/24(b)		21,383		21,825,521
				119,113,990
Colombia — 3.4%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		20,895		20,460,697
3.88%, 04/25/27 (Call 01/25/27)		46,551		47,225,990
4.00%, 02/26/24 (Call 11/26/23)		41,396		42,472,296
4.38%, 07/12/21		38,000		39,075,210
4.50%, 01/28/26 (Call 10/28/25)		31,707		33,419,178
4.50%, 03/15/29 (Call 12/15/28)		40,406		42,587,924
5.00%, 06/15/45 (Call 12/15/44)		94,899		98,884,758
5.20%, 05/15/49 (Call 11/15/48)		22,467		23,972,289
5.63%, 02/26/44 (Call 08/26/43)		48,993		54,896,656
6.13%, 01/18/41		49,485		58,242,608
7.38%, 09/18/37		37,027		48,289,688
8.13%, 05/21/24		20,708		25,077,906
				534,605,200
Costa Rica — 0.6%
Costa Rica Government International Bond
4.25%, 01/26/23(b)		31,547		30,209,249
7.00%, 04/04/44(b)		32,381		31,075,236
7.16%, 03/12/45(b)		35,443		34,468,318
				95,752,803
Croatia — 0.8%
Croatia Government International Bond
5.50%, 04/04/23(b)		50,514		54,757,176
6.00%, 01/26/24(b)		57,993		64,940,271
				119,697,447
Dominican Republic — 2.6%
Dominican Republic International Bond
5.50%, 01/27/25(b)		49,828		51,322,840
5.88%, 04/18/24(b)		33,827		35,315,388
5.95%, 01/25/27(b)		55,591		58,509,528
6.00%, 07/19/28(b)		43,865		46,230,420
6.50%, 02/15/48(b)		33,356		34,564,321
6.85%, 01/27/45(b)		66,059		70,584,041
6.88%, 01/29/26(b)		49,686		54,778,815
7.45%, 04/30/44(b)		50,155		56,650,073
7.50%, 05/06/21(b)		1,000		1,035,000
				408,990,426

Security	Par (000)		Value
Ecuador — 3.0%
Ecuador Government International Bond
7.88%, 01/23/28(b)	$	90,077	$	86,825,671
7.95%, 06/20/24(b)		56,885		57,756,763
8.75%, 06/02/23(b)		36,056		38,183,304
8.88%, 10/23/27(b)		73,168		74,344,176
9.63%, 06/02/27(b)		31,236		33,094,542
9.65%, 12/13/26(b)		52,081		55,454,026
10.75%, 03/28/22(b)		83,699		93,798,540
10.75%, 01/31/29(c)		500		557,617
10.75%, 01/31/29(b)		20,525		22,890,198
				462,904,837
Egypt — 2.8%
Egypt Government International Bond
5.58%, 02/21/23(b)		36,581		36,215,190
5.88%, 06/11/25(b)		40,819		39,849,549
6.13%, 01/31/22(b)		71,799		72,516,990
6.59%, 02/21/28(b)		41,015		39,528,206
7.50%, 01/31/27(b)		58,478		60,013,048
7.60%, 03/01/29(c)		37,400		37,587,000
7.90%, 02/21/48(b)		50,879		49,034,636
8.50%, 01/31/47(b)		77,274		78,239,925
8.70%, 03/01/49(c)		1,000		1,026,250
8.70%, 03/01/49(b)		28,900		29,658,625
				443,669,419
El Salvador — 0.2%
El Salvador Government International Bond, 7.65%, 06/15/35(b)		33,162		34,339,251
Ethiopia — 0.2%
Ethiopia International Bond, 6.63%, 12/11/24(b)		35,443		36,340,948
Gabon — 0.3%
Gabon Government International Bond, 6.38%, 12/12/24(b)		51,852		49,972,326
Ghana — 1.1%
Ghana Government International Bond
7.63%, 05/16/29(b)		40,179		39,425,644
7.88%, 08/07/23(b)		4,000		4,185,000
8.13%, 01/18/26(b)		33,639		34,816,365
8.13%, 03/26/32(c)		29,775		29,529,803
8.63%, 06/16/49(b)		36,663		35,104,823
8.95%, 03/26/51(c)		24,125		23,873,014
				166,934,649
Hungary — 1.8%
Hungary Government International Bond
5.38%, 02/21/23		65,248		70,534,719
5.38%, 03/25/24		65,230		71,787,246
5.75%, 11/22/23		67,410		74,756,005
7.63%, 03/29/41		40,024		60,227,114
				277,305,084
India — 0.4%
Export-Import Bank of India
3.38%, 08/05/26(b)		34,012		32,783,316
3.88%, 02/01/28(b)		33,781		33,354,853
				66,138,169
Indonesia — 3.7%
Indonesia Government International Bond
2.95%, 01/11/23		12,756		12,631,752
3.38%, 04/15/23(b)		10,067		10,109,231

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Indonesia (continued)
3.50%, 01/11/28	$	12,110	$	11,867,800
3.75%, 04/25/22(b)		21,689		22,020,733
3.85%, 07/18/27(b)		9,588		9,650,082
4.10%, 04/24/28		11,572		11,832,370
4.13%, 01/15/25(b)		21,678		22,359,231
4.35%, 01/08/27(b)		14,690		15,254,463
4.35%, 01/11/48		19,569		19,284,956
4.63%, 04/15/43(b)		15,255		15,474,901
4.75%, 01/08/26(b)		24,435		26,023,153
4.75%, 02/11/29		13,894		14,880,474
4.75%, 07/18/47(b)		9,846		10,084,027
5.13%, 01/15/45(b)		22,441		24,078,857
5.25%, 01/17/42(b)		23,563		25,610,978
5.25%, 01/08/47(b)		14,572		15,886,467
5.35%, 02/11/49		10,486		11,708,825
5.38%, 10/17/23(b)		12,624		13,695,588
5.88%, 01/15/24(b)		21,314		23,601,951
5.95%, 01/08/46(b)		12,353		14,677,526
6.63%, 02/17/37(b)		17,297		21,495,760
6.75%, 01/15/44(b)		20,501		26,558,943
7.75%, 01/17/38(b)		22,146		30,639,102
8.50%, 10/12/35(b)		15,715		22,628,264
Perusahaan Penerbit SBSN Indonesia III
3.30%, 11/21/22(b)		7,434		7,443,479
3.40%, 03/29/22(b)		14,129		14,137,831
3.75%, 03/01/23(b)		14,808		14,982,661
4.15%, 03/29/27(b)		21,848		22,209,038
4.33%, 05/28/25(b)		20,671		21,322,033
4.35%, 09/10/24(b)		14,030		14,529,538
4.40%, 03/01/28(b)		21,801		22,481,954
4.45%, 02/20/29(c)		400		413,022
4.45%, 02/20/29(b)		8,400		8,673,462
4.55%, 03/29/26(b)		17,685		18,434,048
				576,682,500
Iraq — 0.8%
Iraq International Bond
5.80%, 01/15/28 (Call 06/16/19)(b)		87,467		84,624,322
6.75%, 03/09/23(b)		35,457		35,988,855
				120,613,177
Ivory Coast — 0.8%
Ivory Coast Government International Bond
5.75%, 12/31/32 (Call 06/30/19)(b)(h)		56,576		53,181,510
6.13%, 06/15/33(b)		40,765		37,069,857
6.38%, 03/03/28(b)		35,978		34,853,688
				125,105,055
Jamaica — 1.0%
Jamaica Government International Bond
6.75%, 04/28/28		62,936		70,382,588
7.88%, 07/28/45		32,743		39,618,866
8.00%, 03/15/39		41,003		49,656,478
				159,657,932
Jordan — 0.6%
Jordan Government International Bond
5.75%, 01/31/27(b)		33,032		32,247,490
6.13%, 01/29/26(b)		33,887		33,929,359
7.38%, 10/10/47(b)		33,974		33,039,715
				99,216,564

Security	Par (000)		Value
Kazakhstan — 1.5%
Kazakhstan Government International Bond
3.88%, 10/14/24(b)	$	49,046	$	50,860,702
4.88%, 10/14/44(b)		32,575		34,977,406
5.13%, 07/21/25(b)		79,575		87,830,906
6.50%, 07/21/45(b)		47,268		61,389,315
				235,058,329
Kenya — 0.9%
Kenya Government International Bond
6.88%, 06/24/24(b)		67,085		68,258,987
7.25%, 02/28/28(b)		32,899		32,570,010
8.25%, 02/28/48(b)		33,761		33,310,122
				134,139,119
Kuwait — 0.4%
Kuwait International Government Bond, 3.50%, 03/20/27(b)		56,860		57,798,190
Lebanon — 1.6%
Lebanon Government International Bond
6.00%, 01/27/23(b)		36,328		31,378,310
6.10%, 10/04/22(b)		51,683		45,450,805
6.60%, 11/27/26(b)		52,213		42,861,391
6.65%, 02/26/30(b)		44,669		35,286,947
6.75%, 11/29/27(b)		33,513		27,187,589
6.85%, 03/23/27(b)		41,478		34,051,571
7.00%, 03/23/32(b)		32,757		26,357,756
				242,574,369
Lithuania — 0.4%
Lithuania Government International Bond, 6.63%, 02/01/22(b)		51,014		56,039,899
Malaysia — 1.0%
1MDB Global Investments Ltd., 4.40%, 03/09/23(b)		101,800		95,649,752
Malaysia Sovereign Sukuk Bhd, 3.04%, 04/22/25(b)		33,824		33,810,978
Malaysia Sukuk Global Bhd, 3.18%, 04/27/26(b)		34,073		34,061,586
				163,522,316
Mexico — 2.5%
Mexico Government International Bond
3.60%, 01/30/25		22,389		22,333,028
3.63%, 03/15/22		19,778		20,104,337
3.75%, 01/11/28		22,288		21,909,104
4.00%, 10/02/23		26,582		27,366,169
4.13%, 01/21/26		23,622		23,994,047
4.15%, 03/28/27		28,764		29,152,314
4.35%, 01/15/47		20,393		19,039,415
4.50%, 04/22/29		19,523		20,137,975
4.60%, 01/23/46		23,165		22,355,267
4.60%, 02/10/48		24,841		24,033,667
4.75%, 03/08/44		40,848		40,252,232
5.55%, 01/21/45		26,446		29,031,493
5.75%, 12/10/10		23,116		23,706,036
6.05%, 01/11/40		29,496		33,787,668
6.75%, 09/27/34		16,811		20,542,117
8.30%, 08/15/31		11,785		15,916,762
				393,661,631
Mongolia — 0.2%
Mongolia Government International Bond, 5.13%, 12/05/22(b)		33,330		32,702,563

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Morocco — 0.3%
Morocco Government International Bond, 4.25%, 12/11/22(b)	$	52,243	$	53,287,860
Nigeria — 2.0%
Nigeria Government International Bond
6.50%, 11/28/27(b)		49,668		48,922,980
7.14%, 02/23/30(b)		41,328		41,018,040
7.63%, 11/21/25(b)		37,018		39,516,715
7.63%, 11/28/47(b)		50,677		48,713,266
7.70%, 02/23/38(b)		39,272		38,743,595
7.88%, 02/16/32(b)		49,481		51,089,133
8.75%, 01/21/31(b)		33,179		36,496,900
				304,500,629
Oman — 2.7%
Oman Government International Bond
3.63%, 06/15/21(b)		29,155		28,389,681
3.88%, 03/08/22(b)		26,532		25,802,370
4.13%, 01/17/23(b)		27,436		26,510,035
4.75%, 06/15/26(b)		59,523		55,058,775
5.38%, 03/08/27(b)		45,034		42,388,253
5.63%, 01/17/28(b)		59,534		56,631,717
6.50%, 03/08/47(b)		46,083		41,071,474
6.75%, 01/17/48(b)		63,364		57,423,625
Oman Sovereign Sukuk SAOC
4.40%, 06/01/24(b)		47,163		44,922,757
5.93%, 10/31/25(b)		37,742		38,290,203
				416,488,890
Pakistan — 1.0%
Pakistan Government International Bond
6.88%, 12/05/27(b)		51,527		51,002,713
8.25%, 04/15/24(b)		36,265		39,148,974
Third Pakistan International Sukuk Co. Ltd. (The)
5.50%, 10/13/21(b)		27,981		28,171,691
5.63%, 12/05/22(b)		34,714		34,757,392
				153,080,770
Panama — 2.0%
Panama Government International Bond
3.75%, 03/16/25 (Call 12/16/24)		41,579		42,847,160
3.88%, 03/17/28 (Call 12/17/27)		43,805		45,318,682
4.00%, 09/22/24 (Call 06/22/24)		39,346		40,998,532
4.50%, 05/15/47		38,733		40,699,668
4.50%, 04/16/50 (Call 10/16/49)		57,449		59,966,702
6.70%, 01/26/36		67,159		87,298,977
				317,129,721
Paraguay — 0.2%
Paraguay Government International Bond, 6.10%, 08/11/44(b)		33,908		38,197,362
Peru — 2.5%
Peruvian Government International Bond
4.13%, 08/25/27		41,718		44,867,709
5.63%, 11/18/50		83,285		106,479,873
6.55%, 03/14/37		38,732		51,804,631
7.35%, 07/21/25		61,011		76,044,415
8.75%, 11/21/33		72,380		112,298,656
				391,495,284

Security	Par (000)		Value
Philippines — 3.5%
Philippine Government International Bond
3.00%, 02/01/28	$	43,640	$	43,094,500
3.70%, 03/01/41		44,272		44,789,761
3.70%, 02/02/42		40,802		41,353,031
3.75%, 01/14/29		30,585		32,076,019
3.95%, 01/20/40		42,758		44,786,653
4.20%, 01/21/24		33,192		35,125,268
5.00%, 01/13/37		26,201		30,937,748
5.50%, 03/30/26		23,777		27,370,061
6.38%, 01/15/32		19,672		25,325,044
6.38%, 10/23/34		42,336		56,318,522
7.75%, 01/14/31		36,647		51,558,848
9.50%, 02/02/30		40,613		62,624,231
10.63%, 03/16/25		31,217		44,302,386
				539,662,072
Poland — 1.9%
Republic of Poland Government International Bond
3.00%, 03/17/23		67,020		67,695,226
3.25%, 04/06/26		57,893		59,023,071
4.00%, 01/22/24		65,628		68,763,050
5.00%, 03/23/22		99,939		106,227,662
				301,709,009
Qatar — 1.6%
Qatar Government International Bond
3.25%, 06/02/26(b)		20,600		20,522,750
3.38%, 03/14/24(c)		20,775		21,065,850
3.88%, 04/23/23(b)		14,700		15,177,750
4.00%, 03/14/29(c)		28,425		29,591,420
4.50%, 04/23/28(b)		21,500		23,193,125
4.63%, 06/02/46(b)		8,860		9,402,675
4.82%, 03/14/49(c)		42,600		45,741,750
5.10%, 04/23/48(b)		40,254		44,966,335
5.75%, 01/20/42(b)		8,689		10,568,995
6.40%, 01/20/40(b)		5,360		6,968,000
9.75%, 06/15/30(b)		7,489		11,645,395
SoQ Sukuk A QSC, 3.24%, 01/18/23(b)		10,000		10,087,500
				248,931,545
Romania — 1.5%
Romanian Government International Bond
4.38%, 08/22/23(b)		49,576		51,508,225
4.88%, 01/22/24(b)		32,280		34,378,200
5.13%, 06/15/48(b)		40,838		41,297,427
6.13%, 01/22/44(b)		33,298		38,500,813
6.75%, 02/07/22(b)		67,055		73,257,587
				238,942,252
Russia — 3.5%
Russian Foreign Bond — Eurobond, 5.10%, 03/28/35(c)		3,600		3,726,000
Russian Foreign Bond — Eurobond
4.25%, 06/23/27(b)		41,600		41,891,200
4.38%, 03/21/29(b)		27,600		27,779,400
4.50%, 04/04/22(b)		33,800		34,932,300
4.75%, 05/27/26(b)		48,400		50,100,050
4.88%, 09/16/23(b)		47,000		49,538,000
5.25%, 06/23/47(b)		118,400		122,612,080
5.63%, 04/04/42(b)		50,000		55,500,000
5.88%, 09/16/43(b)		27,800		31,796,250
7.50%, 03/31/30(b)(h)		53,938		60,134,051
12.75%, 06/24/28(b)		42,694		69,004,177
				547,013,508

2 0 1 9  I S H A R E S  S E M I - A  N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Saudi Arabia — 1.6%
KSA Sukuk Ltd.
2.89%, 04/20/22(b)	$	20,150	$	20,131,865
3.63%, 04/20/27(b)		19,600		19,727,400
4.30%, 01/19/29(b)		7,200		7,509,600
Saudi Government International Bond
2.88%, 03/04/23(b)		9,200		9,126,400
3.25%, 10/26/26(b)		16,150		15,859,300
3.63%, 03/04/28(b)		22,800		22,811,400
4.00%, 04/17/25(b)		19,799		20,511,764
4.38%, 04/16/29(c)		1,550		1,626,725
4.38%, 04/16/29(b)		21,175		22,223,163
4.50%, 04/17/30(b)		13,200		13,906,200
4.50%, 10/26/46(b)		25,542		25,171,641
4.63%, 10/04/47(b)		19,550		19,618,425
5.00%, 04/17/49(b)		18,150		19,166,400
5.25%, 01/16/50(b)		22,750		24,673,626
				242,063,909
Senegal — 0.4%
Senegal Government International Bond
6.25%, 05/23/33(b)		38,037		36,658,159
6.75%, 03/13/48(b)		32,905		30,318,173
				66,976,332
Serbia — 0.5%
Serbia International Bond, 7.25%, 09/28/21(b)		67,747		73,759,546
Slovakia — 0.3%
Slovakia Government International Bond, 4.38%, 05/21/22(b)		50,179		52,647,556
South Africa — 2.2%
Republic of South Africa Government International Bond
4.30%, 10/12/28		50,476		47,125,655
4.67%, 01/17/24		38,995		39,287,462
4.85%, 09/27/27		27,375		26,622,188
4.88%, 04/14/26		31,499		31,183,538
5.00%, 10/12/46		26,492		23,313,887
5.38%, 07/24/44		25,524		23,468,680
5.65%, 09/27/47		39,223		36,782,349
5.88%, 05/30/22		27,591		28,936,061
5.88%, 09/16/25		51,733		54,513,649
5.88%, 06/22/30		31,904		32,579,567
				343,813,036
Sri Lanka — 2.3%
Sri Lanka Government International Bond
5.75%, 04/18/23(b)		41,544		40,620,685
5.88%, 07/25/22(b)		31,795		31,459,722
6.20%, 05/11/27(b)		49,503		46,582,075
6.25%, 07/27/21(b)		31,652		31,790,161
6.75%, 04/18/28(b)		41,732		40,219,215
6.83%, 07/18/26(b)		35,671		35,046,579
6.85%, 03/14/24(c)		33,561		33,812,708
6.85%, 11/03/25(b)		50,657		50,482,993
7.85%, 03/14/29(c)		46,225		47,394,261
				357,408,399
Trinidad And Tobago — 0.2%
Trinidad & Tobago Government International Bond, 4.50%, 08/04/26(b)		33,647		33,226,413

Security	Par (000)		Value
Tunisia — 0.2%
Banque Centrale de Tunisie International Bond, 5.75%, 01/30/25(b)	$	33,840	$	30,879,000
Turkey — 3.7%
Hazine Mustesarligi Varlik Kiralama AS
4.25%, 06/08/21(b)		12,897		12,430,773
4.49%, 11/25/24(b)		13,005		11,447,001
5.00%, 04/06/23(b)		15,500		14,511,875
5.80%, 02/21/22(c)		14,140		13,796,045
Turkey Government International Bond
3.25%, 03/23/23		20,269		17,738,922
4.25%, 04/14/26		18,117		15,048,614
4.88%, 10/09/26		35,833		30,522,012
4.88%, 04/16/43		37,852		27,831,629
5.13%, 03/25/22		13,298		12,684,763
5.13%, 02/17/28		24,508		20,711,098
5.75%, 03/22/24		29,355		27,467,327
5.75%, 05/11/47		41,722		32,706,919
6.00%, 03/25/27		37,561		33,792,317
6.00%, 01/14/41		35,129		28,494,010
6.13%, 10/24/28		25,359		22,737,513
6.25%, 09/26/22		32,582		31,770,220
6.63%, 02/17/45		38,177		32,493,399
6.75%, 05/30/40		20,440		17,884,285
6.88%, 03/17/36		34,449		30,837,884
7.25%, 12/23/23		25,399		25,314,294
7.25%, 03/05/38		13,385		12,378,113
7.38%, 02/05/25		38,345		37,887,736
7.63%, 04/26/29		28,409		27,627,753
8.00%, 02/14/34		18,912		18,918,146
11.88%, 01/15/30		16,227		20,723,096
				577,755,744
Ukraine — 2.6%
Ukraine Government International Bond
7.38%, 09/25/32(b)		94,322		83,239,165
7.75%, 09/01/21(b)		42,476		42,136,192
7.75%, 09/01/22(b)		44,312		43,514,384
7.75%, 09/01/23(b)		43,784		42,251,560
7.75%, 09/01/24(b)		40,685		38,894,860
7.75%, 09/01/25(b)		41,033		38,694,119
7.75%, 09/01/26(b)		42,559		39,664,988
7.75%, 09/01/27(b)		39,879		36,768,438
9.75%, 11/01/28(b)		45,886		46,867,731
				412,031,437
United Arab Emirates — 1.1%
Abu Dhabi Government International Bond
2.50%, 10/11/22(b)		29,920		29,531,040
3.13%, 05/03/26(b)		30,600		30,676,500
3.13%, 10/11/27(b)		45,043		44,761,481
4.13%, 10/11/47(b)		36,830		37,382,450
RAK Capital, 3.09%, 03/31/25(b)		1,200		1,162,446
Sharjah Sukuk Program Ltd.
3.85%, 04/03/26(b)		10,400		10,374,000
4.23%, 03/14/28(b)		9,700		9,863,979
				163,751,896
Uruguay — 2.5%
Uruguay Government International Bond
4.38%, 10/27/27		61,468		64,234,132
4.38%, 01/23/31 (Call 10/23/30)		38,653		40,179,821

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

Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® J.P. Morgan USD Emerging Markets Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Uruguay (continued)
4.50%, 08/14/24	$	38,672	$	40,508,391
4.98%, 04/20/55		58,270		59,959,430
5.10%, 06/18/50		130,752		137,289,894
7.63%, 03/21/36		37,594		51,141,049
				393,312,717
Venezuela — 0.7%
Venezuela Government International Bond
6.00%, 12/09/20(g)		11,204		3,109,110
7.00%, 03/31/38(g)		20,227		5,461,290
7.65%, 04/21/25(g)		21,100		5,855,250
8.25%, 10/13/24(g)		41,370		11,686,968
9.00%, 05/07/23(g)		29,024		8,235,532
9.25%, 09/15/27(g)		52,980		16,026,450
9.25%, 05/07/28(g)		26,699		7,542,439
9.38%, 01/13/34(g)		18,430		5,851,525
11.75%, 10/21/26(g)		42,002		12,600,660
11.95%, 08/05/31(g)		57,610		16,707,074
12.75%, 08/23/22(g)		40,940		12,282,000
				105,358,298
Vietnam — 0.2%
Vietnam Government International Bond, 4.80%, 11/19/24(b)		33,982		35,617,724
Zambia — 0.3%
Zambia Government International Bond
8.50%, 04/14/24(b)		35,017		24,249,272
8.97%, 07/30/27(b)		41,376		28,652,880
				52,902,152
Total Foreign Government Obligations — 84.6% (Cost: $13,558,022,057)				13,210,374,222

Security	Shares (000)		Value
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(i)(j)		78,467	$	78,467,416
Total Short-Term Investments — 0.5% (Cost: $78,467,416)				78,467,416
Total Investments in Securities — 98.9% (Cost: $15,823,948,621)				15,439,823,287
Other Assets, Less Liabilities — 1.1%				168,966,345
Net Assets — 100.0%			$	15,608,789,632

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

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

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

^(d) Variable or floating rate security. Rate shown is the rate in effect as of period-end.

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

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

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

^(h) 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.

⁽ⁱ⁾ Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18 (000)	Net Activity (000)	Shares Held at 04/30/19 (000)		Value at 04/30/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	62,171	16,296	78,467	$	78,467,416	$	1,047,930	$	—		$	—

^(a) Includes realized capital gain distributions from an affiliated fund, if any.

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.

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Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® J.P. Morgan USD Emerging Markets Bond ETF

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, 2019. 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	$	—	$	2,150,981,649	$	—	$	2,150,981,649
Foreign Government Obligations		—		13,210,374,222		—		13,210,374,222
Money Market Funds		78,467,416		—		—		78,467,416
	$	78,467,416	$	15,361,355,871	$	—	$	15,439,823,287

See notes to financial statements.

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

Statement of Assets and Liabilities  (unaudited)

April 30, 2019

	iShares J.P. Morgan USD Emerging Markets Bond ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$15,361,355,871
Affiliated(b)	78,467,416
Cash	1,084,598
Receivables:
Investments sold	18,552,109
Capital shares sold	10,230,087
Dividends	144,715
Interest	200,945,381
Total assets	15,670,780,177
LIABILITIES
Payables:
Investments purchased	56,741,929
Investment advisory fees	5,248,616
Total liabilities	61,990,545
NET ASSETS	$15,608,789,632
NET ASSETS CONSIST OF:
Paid-in capital	$16,229,349,551
Accumulated loss	(620,559,919)
NET ASSETS	$15,608,789,632
Shares outstanding	142,500,000
Net asset value	$              109.54
Shares authorized	Unlimited
Par value	None
(a) Investments, at cost — Unaffiliated	$15,745,481,205
(b) Investments, at cost — Affiliated	$       78,467,416

See notes to financial statements.

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Statement of Operations  (unaudited)

Six Months Ended April 30, 2019

	iShares J.P. Morgan USD Emerging Markets Bond ETF
INVESTMENT INCOME
Dividends — Affiliated	$       1,047,930
Interest — Unaffiliated	436,711,681
Other income — Unaffiliated	1,101,386
Foreign taxes withheld	33
Total investment income	438,861,030
EXPENSES
Investment advisory fees	30,949,868
Total expenses	30,949,868
Net investment income	407,911,162
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated	(56,888,566)
In-kind redemptions — Unaffiliated	103,985,154
Net realized gain	47,096,588
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated	819,101,475
Net change in unrealized appreciation (depreciation)	819,101,475
Net realized and unrealized gain	866,198,063
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$1,274,109,225

See notes to financial statements.

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

Statement of Changes in Net Assets

	iShares J.P. Morgan USD Emerging Markets Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	407,911,162		$	583,133,460
Net realized gain (loss)		47,096,588			(87,221,198	)
Net change in unrealized appreciation (depreciation)		819,101,475			(1,252,248,328	)
Net increase (decrease) in net assets resulting from operations		1,274,109,225			(756,336,066	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(521,966,156	)		(560,509,063	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		111,916,067			4,133,365,853
NET ASSETS
Total increase in net assets		864,059,136			2,816,520,724
Beginning of period		14,744,730,496			11,928,209,772
End of period	$	15,608,789,632		$	14,744,730,496

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

See notes to financial statements.

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Financial Highlights  

(For a share outstanding throughout each period)

	iShares J.P. Morgan USD Emerging Markets Bond ETF
	Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14
Net asset value, beginning of period	$	104.57		$	115.92		$	114.74		$	108.36		$	114.15		$	110.96
Net investment income(a)		2.73			5.07			5.33			5.39			5.08			4.86
Net realized and unrealized gain (loss)(b)		5.78			(11.50	)		1.02			6.57			(5.75	)		3.17
Net increase (decrease) from investment operations		8.51			(6.43	)		6.35			11.96			(0.67	)		8.03
Distributions(c)
From net investment income		(3.54	)		(4.92	)		(5.17	)		(5.58	)		(5.12	)		(4.84	)
Total distributions		(3.54	)		(4.92	)		(5.17	)		(5.58	)		(5.12	)		(4.84	)
Net asset value, end of period	$	109.54		$	104.57		$	115.92		$	114.74		$	108.36		$	114.15
Total Return
Based on net asset value		8.32	%(d)		(5.68	)%		5.74	%		11.35	%		(0.55	)%		7.45	%
Ratios to Average Net Assets
Total expenses		0.39	%(e)		0.39	%		0.54	%		0.59	%		0.60	%		0.60	%
Total expenses after fees waived		0.39	%(e)		0.39	%		0.40	%		0.40	%		0.40	%		0.59	%
Net investment income		5.17	%(e)		4.60	%		4.69	%		4.81	%		4.61	%		4.35	%
Supplemental Data
Net assets, end of period (000)	$	15,608,790		$	14,744,730		$	11,928,210		$	9,649,296		$	4,464,443		$	5,147,968
Portfolio turnover rate(f)		6	%(d)		15	%		26	%		32	%		24	%		52	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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

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 fund (the “Fund”):

iShares ETF	Diversification Classification
J.P. Morgan USD Emerging Markets Bond	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2019, if any, are disclosed in the statement of assets and liabilities.

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

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate the impact of this guidance to the Fund.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

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

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

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

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

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

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

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

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

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

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

Notes to Financial Statements  (unaudited) (continued)

For the six months ended April 30, 2019, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales
J.P. Morgan USD Emerging Markets Bond	$	652,818	$	8,818,919

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

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.

5. PURCHASES AND SALES

For the six months ended April 30, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
J.P. Morgan USD Emerging Markets Bond	$	976,736,160	$	854,218,379

For the six months ended April 30, 2019, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
J.P. Morgan USD Emerging Markets Bond	$	4,353,438,084	$	4,421,393,427

6. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of October 31, 2018, the Fund had non-expiring capital loss carryforwards in the amount of $160,819,685 available to offset future realized capital gains.

As of April 30, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
J.P. Morgan USD Emerging Markets Bond	$	15,892,794,008	$	170,378,323	$	(623,349,044	)	$	(452,970,721	)

7. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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Notes to Financial Statements  (unaudited) (continued)

or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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

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

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

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.

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

8. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 04/30/19						Year Ended 10/31/18
iShares ETF	Shares			Amount			Shares			Amount
J.P. Morgan USD Emerging Markets Bond
Shares sold		43,500,000		$	4,614,041,392			98,900,000		$	10,877,622,219
Shares redeemed		(42,000,000	)		(4,502,125,325	)		(60,800,000	)		(6,744,256,366	)
Net increase		1,500,000		$	111,916,067			38,100,000		$	4,133,365,853

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.

9. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit

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

Notes to Financial Statements  (unaudited) (continued)

alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

10. SUBSEQUENT EVENTS

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations — Fixed Income

LIBOR London Interbank Offered Rate

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

	For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737) This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus. Investing involves risk, including possible loss of principal. The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). ©2019 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.

APRIL 30, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

▶ iShares Bloomberg Roll Select Commodity Strategy ETF  |  CMDY  |  NYSE Arca

▶ iShares Commodities Select Strategy ETF  |  COMT  |  NASDAQ

▶ iShares Gold Strategy ETF  |  IAUF  |  Cboe BZX

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

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

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

Table of Contents

	Page
Fund Summary		5
About Fund Performance		8
Shareholder Expenses		8
Consolidated Schedules of Investments		9
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		18
Consolidated Statements of Operations		19
Consolidated Statements of Changes in Net Assets		20
Consolidated Financial Highlights		22
Notes to Consolidated Financial Statements		25
Supplemental Information		32
General Information		33
Glossary of Terms Used in this Report		34

Fund Summary as of April 30, 2019 iShares^® Bloomberg Roll Select Commodity Strategy ETF

Investment Objective

The iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”) seeks to provide exposure, on a total return basis, to a diversified group of commodities. The Fund seeks to achieve its investment objective by investing in exchange-traded futures contracts on the Bloomberg Roll Select Commodity Index. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(2.77	)%		(9.53	)%		(6.62	)%		(9.53	)%		(7.10	)%
Fund Market		(2.78	)		(9.41	)		(6.48	)		(9.41	)		(6.96	)
Bloomberg Roll Select Commodity Index		(2.66	)		(9.46	)		(6.43	)		(9.46	)		(6.90	)

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

The Bloomberg Roll Select Commodity Index is an unmanaged index that aims to reflect the performance of a diversified group of commodities, while also seeking to minimize the effect of contango and maximize the effect of backwardation in connection with periodically switching or “rolling” into new futures contracts.

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 8 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses   Paid During    the Period (a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses   Paid During    the Period (a)		Annualized Expense Ratio
$	1,000.00	$	972.30	$	0.59	$	1,000.00	$	1,024.20	$	0.60		0.12	%

^(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). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Commercial Paper		60.6	%
U. S. Treasury Obligations		23.9
Money Market Funds		11.4
Cash		4.1
Other assets, less liabilities		0.0

COMMODITIES EXPOSURE

Sector Exposure(a)	Percent of Exposure
Energy Futures		34.2	%
Agriculture Futures		26.5
Industrial Metals Futures		18.0
Precious Metals Futures		15.2
Livestock Futures		6.1

^(a)  Represents the sector allocation of the Bloomberg Roll Select Commodity Index.

F U N D    S U M M A R Y 5

Fund Summary as of April 30, 2019 iShares^® Commodities Select Strategy ETF

Investment Objective

The iShares Commodities Select Strategy ETF (the “Fund”) seeks total return by providing investors with broad commodity exposure. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(1.51	)%(a)		(4.01	)%		(4.89	)%		(4.01	)%		(20.38	)%
Fund Market		(1.44	)		(4.10	)		(4.91	)		(4.10	)		(20.45	)
S&P GSCITM Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend (USD) TR		(1.53	)		(4.52	)		N/A			(4.52	)		N/A
S&P GSCITM (USD) TR		(3.23	)		(5.06	)		(9.77	)		(5.06	)		(37.29	)

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.

The S&P GSCI^TM Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend (USD) TR is an unmanaged index that is designed to measure the performance of a multi-asset allocation strategy that consists of a futures-based commodities index and an equity-based index that is based on various commodity-related GICS subsectors. The inception date of this index was April 17, 2017. The average annual and cumulative total returns for the period April 17, 2017 through April 30, 2019 were 4.56% and 9.51% respectively.

The S&P GSCI^TM (USD) TR is an unmanaged index that measures the performance of general commodity price movements and inflation in the world economy.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$	984.90	$	2.36		$	1,000.00	$	1,022.40	$	2.41		0.48	%

^(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). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR AND INVESTMENT TYPE

Sector and Investment Type	Percent of Net Assets
Energy Equities		13.0	%
Specialty Chemicals Equities		6.6
Industrial Metals Equities		5.0
Agriculture Equities		4.2
Precious Metals Equities		1.4
Short-term		69.0
Cash		3.6
Other Assets, Less Liabilities		(2.8	)

COMMODITY-LINKED FUTURES

Sector Exposure(a)	Percent of Net Assets
Energy Futures		32.2	%
Agriculture Futures		15.0
Industrial Metals Futures		10.7
Livestock Futures		7.6
Precious Metals Futures		4.3

^(a)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

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Fund Summary as of April 30, 2019 iShares^® Gold Strategy ETF

Investment Objective

The iShares Gold Strategy ETF (the “Fund”) seeks to provide exposure, on a total return basis, to the price performance of gold. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance

				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		5.35	%		(1.47	)%
Fund Market		5.24			(1.39	)
Bloomberg Composite Gold Index		5.50			(1.36	)

The inception date of the Fund was 6/6/18. The first day of secondary market trading was 6/8/18.

The Bloomberg Composite Gold Index is an unmanaged index comprised of exchange -traded gold futures contracts and one or more exchange-traded products backed by or linked to physical gold. The index is designed to track the price performance of gold.

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 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/18)		Ending Account Value (04/30/19)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$	1,053.50	$	0.97		$	1,000.00	$	1,023.90	$	0.95		0.19	%

^(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). See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
U. S. Treasury Obligations		61.0	%
Commercial Paper		15.3
Money Market Funds		3.2
Grantor Trust		20.7
Cash		2.3
Other assets, less liabilities		(2.5	)

COMMODITY-LINKED FUTURES

Sector Exposure(a)	Percent of Net Assets
Gold Futures		76.3	%

^(a)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

F U N D    S U M M A R Y 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

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

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

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

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

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Consolidated Schedule of Investments  (unaudited) April 30, 2019 iShares^® Bloomberg Roll Select Commodity Strategy ETF (Percentages shown are based on Net Assets)

Security	Par		Value
Short-Term Investments
Commercial Paper — 60.6%
Banco Santander SA, 2.42%, 05/03/19(a)	$	500,000	$	499,899
Barton Capital Corp., 2.55%, 05/29/19(a)		250,000		249,490
Cancara Asset Securitisation LLC, 2.62%, 07/15/19(a)		1,600,000		1,591,383
Comcast Corp., 2.67%, 05/17/19(a)		1,200,000		1,198,490
Electricite de France SA, 2.65%, 05/17/19(a)		750,000		749,056
Federation des Caisses Desjardins du Quebec, 2.52%, 07/23/19(a)		1,500,000		1,491,110
Hitachi Capital America Corp., 2.70%, 05/28/19(a)		1,300,000		1,297,271
Keurig Dr Pepper Inc., 2.76%, 05/09/19(a)		1,600,000		1,598,950
Manhattan Asset Funding Co., LLC, 2.57%, 06/05/19(a)		1,500,000		1,496,253
Mitsubishi UFJ, 2.42%, 05/07/19(a)		1,400,000		1,399,341
National Securities Clearing Corp., 2.54%, 05/06/19(a)		1,250,000		1,249,499
NextEra Energy Capital Holdings Inc., 2.78%, 06/07/19(a)(b)		1,600,000		1,595,421
Nissan Motor Acceptance Corp., 2.54%, 06/03/19(a)		1,300,000		1,296,895
Oversea-Chinese Banking Corp. Ltd., 2.57%, 07/24/19(a)		1,400,000		1,391,548
Parker-Hannifin Corp., 2.43%, 05/06/19(a)		1,500,000		1,499,393
PSP Capital Inc., 2.53%, 07/08/19(a)		1,400,000		1,393,329
United Overseas Bank Ltd., 2.56%, 06/20/19(a)		1,600,000		1,594,424
Versailles CDS LLC, 2.58%, 06/10/19(a)		250,000		249,287
Victory Receivables Corp., 2.58%, 06/18/19(a)		300,000		298,973
Wal-Mart Stores Inc., 2.45%, 06/03/19(a)		1,400,000		1,396,769
				23,536,781
U.S. Treasury Obligations — 23.9%
U.S. Treasury Bill
2.43%, 05/14/19(a)		500,000		499,570
2.43%, 05/16/19(a)		650,000		649,351

Security	Par/ Shares		Value
U.S. Treasury Obligations (continued)
2.43%, 06/04/19(a)	$	2,300,000	$	2,294,821
2.44%, 05/07/19(a)		3,350,000		3,348,676
2.44%, 05/21/19(a)		2,500,000		2,496,675
				9,289,093
Money Market Funds — 11.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(c)(d)		4,397,413		4,397,413
Total Short-Term Investments — 95.9% (Costs: $37,224,024)				37,223,287
Total Investments in Securities — 95.9% (Cost: $37,224,024)				37,223,287
Other Assets, Less Liabilities — 4.1%				1,605,485
Net Assets — 100.0%			$	38,828,772

^(a)  Rates are discount rates or a range of discount rates at the time of purchase.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18		Net Activity			Shares Held at 04/30/19		Value at 04/30/19		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		7,904,926		(3,507,513	)		4,397,413	$	4,397,413	$	66,511	$	—	$	—

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Bloomberg Roll Select Commodity Index		1,909		06/19/19	$	38,741	$	32,573

C O N S O L I D A T E D  S C H E D U L E  O F   I N V E S T M E N T S 9

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Bloomberg Roll Select Commodity Strategy ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2019, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

	Commodity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	32,573

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

For the six months ended April 30, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,804,871	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	206,315

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	39,119,681

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

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 Consolidated Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Commercial Paper	$	—	$	23,536,781	$	—	$	23,536,781
U.S. Treasury Obligations		—		9,289,093		—		9,289,093
Money Market Funds		4,397,413		—		—		4,397,413
	$	4,397,413	$	32,825,874	$	—	$	37,223,287
Derivative financial instruments(a)
Assets
Futures Contracts	$	32,573	$	—	$	—	$	32,573

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

See notes to consolidated financial statements.

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Consolidated Schedule of Investments  (unaudited)  April 30, 2019 iShares^® Commodities Select Strategy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Agricultural & Farm Machinery — 1.7%
AGCO Corp.		5,594	$	395,943
CNH Industrial NV		86,475		942,577
Deere & Co.		27,719		4,591,098
Lindsay Corp.		939		79,815
Toro Co. (The)		9,237		675,687
				6,685,120
Agricultural Products — 0.9%
Archer-Daniels-Midland Co.		48,745		2,174,027
Bunge Ltd.		12,279		643,542
Darling Ingredients Inc.(a)		14,330		312,537
Ingredion Inc.		5,802		549,740
				3,679,846
Aluminum — 0.1%
Alcoa Corp.(a)		10,257		273,657
Constellium NV, Class A(a)		6,435		60,103
Kaiser Aluminum Corp.		885		87,084
				420,844
Coal & Consumable Fuels — 0.1%
Arch Coal Inc., Class A		366		35,495
Cameco Corp.(b)		8,190		90,417
CONSOL Energy Inc.(a)		558		18,916
Peabody Energy Corp.		1,658		47,701
				192,529
Copper — 0.3%
Freeport-McMoRan Inc.		79,693		981,021
Southern Copper Corp.		4,677		179,690
				1,160,711
Diversified Metals & Mining — 2.9%
BHP Group Ltd., ADR		80,938		4,285,667
BHP Group PLC, ADR		58,079		2,737,263
Compass Minerals International Inc.		1,863		106,918
Materion Corp.		1,113		64,588
Rio Tinto PLC, ADR		61,068		3,596,905
Teck Resources Ltd., Class B		27,554		651,652
				11,442,993
Fertilizers & Agricultural Chemicals — 1.6%
CF Industries Holdings Inc.		19,398		868,642
FMC Corp.		11,719		926,504
Mosaic Co. (The)		30,864		805,859
Nutrien Ltd.		52,547		2,846,997
Scotts Miracle-Gro Co. (The)		3,420		290,768
Sociedad Quimica y Minera de Chile SA, ADR(b)		8,067		287,508
				6,026,278
Gold — 1.2%
Agnico Eagle Mines Ltd.(b)		12,929		535,390
Barrick Gold Corp.(b)		96,329		1,225,305
Cia. de Minas Buenaventura SAA, ADR		11,943		193,596
Franco-Nevada Corp.		10,288		737,444
Kinross Gold Corp.(a)(b)		68,760		218,657
Newmont Goldcorp Corp.		44,945		1,395,991
Royal Gold Inc.		3,603		313,677
				4,620,060
Integrated Oil & Gas — 7.2%
BP PLC, ADR		69,775		3,051,261
Cenovus Energy Inc.(b)		21,103		209,131
Chevron Corp.		39,318		4,720,519

Security	Shares		Value
Integrated Oil & Gas (continued)
China Petroleum & Chemical Corp., ADR		5,279	$	405,110
Ecopetrol SA, ADR(b)		5,105		94,391
Eni SpA, ADR(b)		26,321		893,072
Equinor ASA, ADR(b)		22,573		500,895
Exxon Mobil Corp.		87,676		7,038,629
Imperial Oil Ltd.(b)		4,836		140,631
Occidental Petroleum Corp.		15,510		913,229
PetroChina Co. Ltd., ADR		4,366		276,324
Petroleo Brasileiro SA, ADR		30,801		469,099
Royal Dutch Shell PLC, Class A, ADR		45,834		2,911,834
Royal Dutch Shell PLC, Class B, ADR		38,753		2,514,682
Suncor Energy Inc.		32,798		1,082,334
Total SA, ADR		52,262		2,909,426
				28,130,567
Oil & Gas Drilling — 0.1%
Ensco Rowan PLC, Class A		4,073		56,900
Helmerich & Payne Inc.		2,264		132,489
Nabors Industries Ltd.		6,722		23,527
Patterson-UTI Energy Inc.		4,421		60,082
Transocean Ltd.(a)		10,478		82,357
				355,355
Oil & Gas Equipment & Services — 0.8%
Apergy Corp.(a)		1,601		63,544
Archrock Inc.		2,777		28,075
Baker Hughes a GE Co.		10,624		255,188
C&J Energy Services Inc.(a)		1,327		18,644
Cactus Inc., Class A(a)		959		34,812
Core Laboratories NV		917		58,129
Dril-Quip Inc.(a)		753		32,801
Halliburton Co.		18,056		511,526
Helix Energy Solutions Group Inc.(a)		2,875		22,482
McDermott International Inc.(a)		3,741		30,265
National Oilwell Varco Inc.		7,934		207,395
Oceaneering International Inc.(a)		2,045		39,264
Oil States International Inc.(a)		1,249		24,131
ProPetro Holding Corp.(a)		1,535		33,970
Schlumberger Ltd.		28,680		1,224,062
TechnipFMC PLC.		8,804		216,490
Tenaris SA, ADR		4,886		135,538
U.S. Silica Holdings Inc.		1,509		23,872
				2,960,188
Oil & Gas Exploration & Production — 2.4%
Anadarko Petroleum Corp.		10,338		753,123
Antero Resources Corp.(a)		4,471		32,415
Apache Corp.		7,768		255,645
Cabot Oil & Gas Corp.		8,761		226,822
California Resources Corp.(a)		993		20,933
Callon Petroleum Co.(a)		4,715		35,410
Canadian Natural Resources Ltd.		24,872		745,663
Carrizo Oil & Gas Inc.(a)		1,748		22,409
Centennial Resource Development Inc./DE, Class A(a)		3,937		41,457
Chesapeake Energy Corp.(a)		21,610		62,885
Cimarex Energy Co.		2,099		144,117
CNOOC Ltd., ADR		3,326		604,268
CNX Resources Corp.(a)		4,104		36,772
Concho Resources Inc.		4,151		478,942
ConocoPhillips		23,474		1,481,679
Continental Resources Inc./OK(a)		1,790		82,322
Denbury Resources Inc.(a)		9,430		21,029

C O N S O L I D A T E D  S C H E D U L E  O F   I N V E S T M E N T S 11

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Commodities Select Strategy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil & Gas Exploration & Production (continued)
Devon Energy Corp.		9,070	$	291,510
Diamondback Energy Inc.		3,197		340,129
Encana Corp.		30,952		214,497
EOG Resources Inc.		12,003		1,152,888
EQT Corp.		5,272		107,812
Gulfport Energy Corp.(a)		3,028		19,833
Hess Corp.		5,267		337,720
Kosmos Energy Ltd.		4,864		32,540
Magnolia Oil & Gas Corp.(a)(b)		1,769		23,315
Marathon Oil Corp.		16,937		288,607
Matador Resources Co.(a)		2,143		42,196
Murphy Oil Corp.		3,366		91,690
Noble Energy Inc.		10,007		270,790
Oasis Petroleum Inc.(a)		5,593		34,117
Parsley Energy Inc., Class A(a)		5,451		108,802
PDC Energy Inc.(a)		1,369		59,538
Pioneer Natural Resources Co.		3,484		579,947
QEP Resources Inc.(a)		4,891		36,780
Range Resources Corp.		4,297		38,845
SM Energy Co.		2,137		34,042
Southwestern Energy Co.(a)		11,202		44,248
SRC Energy Inc.(a)		5,034		30,959
Whiting Petroleum Corp.(a)		1,883		51,575
WPX Energy Inc.(a)		8,179		113,606
				9,391,877
Oil & Gas Refining & Marketing — 0.7%
Cosan Ltd., Class A		2,495		30,489
CVR Energy Inc.		603		27,503
Delek U.S. Holdings Inc.		1,475		54,663
HollyFrontier Corp.		3,251		155,170
Marathon Petroleum Corp.		13,939		848,467
PBF Energy Inc., Class A		2,480		83,278
Phillips 66		8,681		818,358
Valero Energy Corp.		8,642		783,484
World Fuel Services Corp.		1,390		42,882
				2,844,294
Oil & Gas Storage & Transportation — 1.5%
Cheniere Energy Inc.(a)		4,572		294,208
Enbridge Inc.		41,846		1,545,791
Equitrans Midstream Corp.		4,209		87,673
Golar LNG Ltd.		2,096		40,956
Kinder Morgan Inc./DE		40,284		800,443
ONEOK Inc.		8,517		578,560
Pembina Pipeline Corp.		10,513		375,945
SemGroup Corp., Class A		1,418		18,519
Ship Finance International Ltd.		1,902		24,270
Targa Resources Corp.		4,745		190,512
TransCanada Corp.		19,081		911,309
Ultrapar Participacoes SA, ADR		17,961		96,271
Williams Companies Inc. (The)		25,059		709,921
				5,674,378
Silver — 0.2%
Hecla Mining Co.		26,563		55,783
Wheaton Precious Metals Corp.		24,437		529,794
				585,577
Specialty Chemicals — 6.6%
A Schulman Inc.(c)		1,888		817
Albemarle Corp.		9,204		690,852
Ashland Global Holdings Inc.		5,450		438,888

Security	Shares/ Par		Value
Specialty Chemicals (continued)
Axalta Coating Systems Ltd.(a)		18,147	$	489,606
Balchem Corp.		2,809		285,142
Celanese Corp.		11,149		1,202,866
DowDuPont Inc.		196,235		7,545,236
Ecolab Inc.		22,046		4,058,228
Element Solutions Inc.(a)		20,209		219,470
Ferro Corp.(a)		7,246		129,486
GCP Applied Technologies Inc.(a)		6,281		180,830
HB Fuller Co.		4,426		216,741
Ingevity Corp.(a)		3,622		416,566
Innospec Inc		2,127		180,412
International Flavors & Fragrances Inc.		8,816		1,214,757
Kraton Corp.(a)		2,778		91,174
Livent Corp.(a)		12,707		136,981
Minerals Technologies Inc.(b)		3,066		192,453
NewMarket Corp.		759		318,461
PolyOne Corp.		6,764		186,957
PPG Industries Inc.		20,531		2,412,392
Quaker Chemical Corp.(b)		1,161		259,855
RPM International Inc.		11,457		694,867
Sensient Technologies Corp.		3,681		258,112
Sherwin-Williams Co. (The)		7,101		3,229,748
Stepan Co.		1,764		163,241
WR Grace & Co.		5,813		439,347
				25,653,485
Steel — 1.7%
Allegheny Technologies Inc.(a)(b)		6,912		172,247
ArcelorMittal		35,194		768,637
Carpenter Technology Corp.		2,606		129,440
Cleveland-Cliffs Inc.		16,093		160,769
Commercial Metals Co.		6,469		111,849
Nucor Corp.		16,795		958,490
POSCO, ADR(b)		17,646		973,530
Reliance Steel & Aluminum Co.		3,689		339,240
Steel Dynamics Inc.		12,625		399,960
Ternium SA, ADR		2,915		71,855
U.S. Steel Corp.		9,527		148,621
Vale SA, ADR		171,474		2,191,438
Warrior Met Coal Inc.		2,353		72,943
Worthington Industries Inc.		2,159		86,641
				6,585,660
Total Common Stocks — 30.0% (Cost: $125,222,370)				116,409,762
Preferred Stocks
Integrated Oil & Gas — 0.2%
Petroleo Brasileiro SA, Preference Shares, ADR		45,210		623,898
Steel — 0.0%
Gerdau SA, Preference Shares, ADR		57,356		205,335
Total Preferred Stocks — 0.2% (Cost: $697,833)				829,233
Short-Term Investments
Certificates of Deposit — 2.0%
MUFG Bank Ltd., 2.90%,08/15/19	$	4,950,000		4,954,840

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Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Commodities Select Strategy ETF (Percentages shown are based on Net Assets)

Security	Par		Value
Certificates of Deposit (continued)
Royal Bank of Canada, 3.07%, 11/27/19	$	2,700,000	$	2,708,048
				7,662,888
Commercial Paper — 44.4%
Banco Santander SA, 2.59%, 07/16/19(d)		5,000,000		4,970,709
Barton Capital Corp.
2.51%, 06/24/2019(d)		1,200,000		1,195,295
2.55%, 05/29/2019(d)		3,750,000		3,742,348
Bedford Row Funding Corp., 2.79%, 05/02/19(d)		3,500,000		3,499,519
Bell Canada Inc., 2.87%, 07/05/19(d)		8,200,000		8,158,598
Charta LLC, 2.67%, 08/13/19(d)		9,000,000		8,932,406
CIESCO LLC, 2.92%, 05/29/19(d)		3,500,000		3,492,982
Comcast Corp., 2.67%, 05/17/19(d)		2,000,000		1,997,483
DZ Bank AG Deutsche Zentral-Genossenschaftsbank/New York, 2.61%, 09/05/19(d)		10,000,000		9,909,511
Electricite de France SA, 2.65%, 05/17/19(d)		2,417,000		2,413,958
Enbridge (US) Inc., 3.03%, 06/13/19(d)		4,500,000		4,485,045
Erste Abwicklungsanstalt, 2.55%, 07/05/19(d)		3,020,000		3,006,203
Federation des Caisses Desjardins du Quebec, 2.52%, 07/23/19(d)		1,000,000		994,073
Gotham Funding Corp., 2.54%, 07/29/19(d)		2,000,000		1,987,050
Jupiter Sector Co. LLC, 2.65%, 09/03/19(d)		8,000,000		7,927,704
Keurig Dr Pepper Inc., 2.76%, 05/09/19(d)		2,500,000		2,498,359
La Fayette Asset Securitization LLC, 2.59%, 06/04/19(d)		2,000,000		1,995,145
Mondelez International Inc., 2.78%, 07/09/19(d)		10,900,000		10,841,143
National Securities Clearing Corp., 2.54%, 05/06/19(d)		5,000,000		4,997,994
NextEra Energy Capital Holdings Inc., 2.78%, 06/07/19(d)(e)		2,000,000		1,994,277
Nieuw Amsterdam Receivables Corp., 2.57%, 06/04/19(d)		5,000,000		4,987,765
Nissan Motor Acceptance Corp., 2.54%, 06/03/19(d)		9,700,000		9,676,832
Old Line Funding LLC, 2.75%, 06/05/19(d)		4,000,000		3,990,008
Parker-Hannifin Corp., 2.76%, 05/22/19(d)		10,000,000		9,984,930
PSP Capital Inc., 2.53%, 07/08/19(d)		3,000,000		2,985,706
Societe Generale SA, 2.88%, 09/03/19(d)		5,000,000		4,955,060
Suncor Energy Inc., 2.96%, 05/06/19(d)		5,000,000		4,997,810
Telstra Corp. Ltd., 2.61%, 05/02/19(d)		8,250,000		8,248,801
Toronto-Dominion Bank (The), 2.77%, 06/13/19, (3 mo. LIBOR US + 0.160%)(f)		5,000,000		5,001,454
United Overseas Bank Ltd., 2.56%, 06/20/19(d)		5,000,000		4,982,575
Verizon Communications Inc., 2.69%, 06/03/19(d)		10,000,000		9,974,453

Security	Par/ Shares		Value
Commercial Paper (continued)
Versailles CDS LLC, 2.58%, 06/10/19(d)	$	4,000,000	$	3,988,588
Victory Receivables Corp., 2.58%, 06/18/19(d)		3,000,000		2,989,730
VW Credit Inc., 2.83%, 06/05/19(d)		2,014,000		2,008,546
Westpac Banking Corp., 3.10%, 11/01/19(d)		5,000,000		4,933,683
				172,745,743
U.S. Treasury Obligations — 10.6%
U.S. Treasury Bill
2.44%, 05/07/19(d)		6,900,000		6,897,274
2.45%, 05/28/19(d)		21,600,000		21,561,374
2.46%, 10/31/19(d)		13,000,000		12,843,251
				41,301,899
Money Market Funds — 12.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.59%(g)(h)(i)		3,777,968		3,779,479
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(g)(h)		42,730,365		42,730,365
				46,509,844
Total Short-Term Investments — 69.0% (Costs: $268,189,347)				268,220,374
Total Investments in Securities — 99.2% (Cost: $394,109,550)				385,459,369
Other Assets, Less Liabilities — 0.8%				3,010,271
Net Assets — 100.0%			$	388,469,640

^(a)  Non-income producing security.

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

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

^(d)  Rates are discount rates or a range of discount rates at the time of purchase.

^(e)  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.

^(f)  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^(g)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18		Net Activity			Shares Held at 04/30/19		Value at 04/30/19		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		13,372,232		(9,594,264	)		3,777,968	$	3,779,479	$	30,279	(b)	$	(85	)	$	106
BlackRock Cash Funds: Treasury, SL Agency Shares		195,565,236		(152,834,871	)		42,730,365		42,730,365		1,263,754			—			—
								$	46,509,844	$	1,294,033		$	(85	)	$	106

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

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

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

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Commodities Select Strategy  ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Aluminum		291		12/16/20	$	13,973	$	(626,654	)
Brent Crude Oil		539		05/31/19		38,840		828,758
Cattle Feeder		69		08/29/19		5,146		(116,855	)
Cocoa		57		07/16/19		1,345		37,472
Coffee		64		03/19/20		2,460		(68,685	)
Copper		107		12/16/20		17,301		(82,629	)
Corn		951		12/13/19		18,117		(401,345	)
Cotton		141		12/06/19		5,336		148,398
Gasoline RBOB		111		09/30/19		8,471		225,785
Gold		117		10/29/19		15,183		(208,392	)
KC HRW Wheat		189		07/12/19		3,723		(1,445,976	)
Lead		52		06/19/19		2,497		(191,996	)
Lean Hogs		283		08/14/19		10,536		877,686
Live Cattle		303		06/28/19		13,847		147,803
Low Sulphur Gasoil		181		12/10/20		11,240		(777,559	)
Natural Gas		217		03/27/20		5,570		(112,841	)
Nickel		39		07/17/19		2,853		(212,250	)
NY Harbor ULSD		104		05/31/19		9,076		66,344
Silver		21		12/27/19		1,596		(69,991	)
Soybean		259		03/13/20		11,574		(698,153	)
Sugar		427		06/28/19		5,901		(239,022	)
Wheat		464		07/12/19		9,947		(3,011,793	)
WTI Crude Oil		836		02/20/20		51,807		217,033
Zinc		66		06/19/19		4,737		368,802
							$	(5,346,060	)

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2019, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

	Commodity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,918,081
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	8,264,141

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

For the six months ended April 30, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(38,936,806	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	10,456,697

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	350,574,814

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Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Commodities Select Strategy  ETF

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

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 Consolidated Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	116,408,945		$	—	$	817	$	116,409,762
Preferred Stocks		829,233			—		—		829,233
Certificates of Deposit		—			7,662,888		—		7,662,888
Commercial Paper		—			172,745,743		—		172,745,743
U.S. Treasury Obligations		—			41,301,899		—		41,301,899
Money Market Funds		46,509,844			—		—		46,509,844
	$	163,748,022		$	221,710,530	$	817	$	385,459,369
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,918,081		$	—	$	—	$	2,918,081
Liabilities
Futures Contracts		(8,264,141	)		—		—		(8,264,141	)
	$	(5,346,060	)	$	—	$	—	$	(5,346,060	)

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

See notes to consolidated financial statements.

C O N S O L I D A T E D    S C H E D U L E     O F    I N V E S T M E N T S 15

Consolidated Schedule of Investments  (unaudited) April 30, 2019 iShares^® Gold Strategy ETF (Percentages shown are based on Net Assets)

Security	Shares/ Par		Value
Grantor Trust
Grantor Trust — 20.7%
iShares Gold Trust(a)(b)		82,327	$	1,011,799
Total Grantor Trust (Cost: $1,007,265)				1,011,799
Short-Term Investments
Commercial Paper — 15.3%
Electricite de France SA, 2.65%, 05/17/19(c)	$	250,000		249,685
Mitsubishi UFJ, 2.42%, 05/07/19(c)		250,000		249,883
Parker-Hannifin Corp., 2.76%, 05/22/19(c)		250,000		249,623
				749,191
U.S. Treasury Obligations — 61.0%
U.S. Treasury Bill
2.41%, 05/02/19(c)		175,000		174,988
2.41%, 05/09/19(c)		225,000		224,881
2.41%, 05/23/19(c)		250,000		249,639
2.42%, 06/06/19(c)		225,000		224,465
2.43%, 05/14/19(c)		810,000		809,303
2.43%, 05/16/19(c)		250,000		249,750
2.43%, 06/04/19(c)		250,000		249,437

Security	Par/ Shares		Value
U.S. Treasury Obligations (continued)
2.44%, 05/07/19(c)	$	200,000	$	199,921
2.44%, 05/21/19(c)		250,000		249,667
2.45%, 05/28/19(c)		350,000		349,374
			2,981,425
Money Market Funds — 3.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(a)(d)		154,867		154,867
Total Short-Term Investments — 79.5% (Costs: $3,885,491)				3,885,483
Total Investments in Securities — 100.2% (Cost: $4,892,756)				4,897,282
Other Assets, Less Liabilities — (0.2)%				(9,169	)
Net Assets — 100.0%			$	4,888,113

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

^(c)  Rates are discount rates or a range of discount rates at the time of purchase.

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

Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer	Shares Held at 10/31/18	Shares Purchased		Shares Sold		Shares Held at 04/30/19		Value at 04/30/19		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares	1,592	153,275	(b)	—		154,867	$	154,867	$	1,629	$	—		$	—
iShares Gold Trust	84,019	23,783		(25,475	)	82,327		1,011,799		—		(2,897	)		59,899
							$	1,166,666	$	1,629	$	(2,897	)	$	59,899

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Net of purchases and sales.

Futures Contracts

Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Gold	29	06/26/19	$	3,729	$	(79,695	)

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Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2019 iShares^® Gold Strategy ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2019, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

	Commodity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	79,695

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

For the six months ended April 30, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

	Commodity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	177,019
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(26,867	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,698,370

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

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 Consolidated Financial Statements.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Grantor Trust	$	1,011,799		$	—	$	—	$	1,011,799
Commercial Paper		—			749,191		—		749,191
U.S. Treasury Obligations		—			2,981,425		—		2,981,425
Money Market Funds		154,867			—		—		154,867
	$	1,166,666		$	3,730,616	$	—	$	4,897,282
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(79,695	)	$	—	$	—	$	(79,695	)

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

C O N S O L I D A T E D    S C H E D U L E     O F    I N V E S T M E N T S 17

Consolidated Statements of Assets and Liabilities  (unaudited)

April 30, 2019

	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodities Select Strategy ETF			iShares Gold Strategy ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	32,825,874		$	338,949,525		$	3,730,616
Affiliated(c)		4,397,413			46,509,844			1,166,666
Cash		124,372			—			—
Foreign currency, at value(d)		—			253			—
Cash pledged:
Futures contracts		1,485,000			14,164,448			110,000
Receivables:
Investments sold		—			13,619,537			—
Securities lending income — Affiliated		—			4,695			—
Variation margin on futures contracts		—			—			12,171
Dividends		9,933			359,494			270
Tax reclaims		—			13,135			—
Total assets		38,842,592			413,620,931			5,019,723
LIABILITIES
Bank overdraft		—			400,350			130,859
Collateral on securities loaned, at value		—			3,779,783			—
Payables:
Investments purchased		—			20,617,662			—
Variation margin on futures contracts		5,664			195,689			—
Investment advisory fees		8,156			157,807			751
Total liabilities		13,820			25,151,291			131,610
NET ASSETS	$	38,828,772		$	388,469,640		$	4,888,113
NET ASSETS CONSIST OF:
Paid-in capital	$	40,287,358		$	466,770,728		$	4,758,904
Accumulated earnings (loss)		(1,458,586	)		(78,301,088	)		129,209
NET ASSETS	$	38,828,772		$	388,469,640		$	4,888,113
Shares outstanding		850,000			11,700,000			100,000
Net asset value	$	45.68		$	33.20		$	48.88
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Securities loaned, at value	$	—		$	3,663,643		$	—
(b) Investments, at cost — Unaffiliated	$	32,826,611		$	347,600,222		$	3,730,624
(c)  Investments, at cost — Affiliated	$	4,397,413		$	46,509,328		$	1,162,132
(d) Foreign currency, at cost	$	—		$	253		$	—

See notes to consolidated financial statements.

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Consolidated Statements of Operations  (unaudited)

Six Months Ended April 30, 2019

	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodities Select Strategy ETF			iShares Gold Strategy ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	2,585,413		$	—
Dividends — Affiliated		66,511			1,263,754			1,629
Interest— Unaffiliated		435,118			2,744,932			45,016
Securities lending income — Affiliated — net		—			30,279			—
Foreign taxes withheld		(14,895	)		(288,460	)		(27	)
Total investment income		486,734			6,335,918			46,618
EXPENSES
Investment advisory fees		54,551			1,043,711			6,051
Total expenses		54,551			1,043,711			6,051
Less:
Investment advisory fees waived		(31,208	)		(1,171	)		(1,450	)
Total expenses after fees waived		23,343			1,042,540			4,601
Net investment income		463,391			5,293,378			42,017
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		82			(8,141,562	)		73
Investments — Affiliated		—			(85	)		(2,897	)
In-kind redemptions — Unaffiliated		—			(1,532,951	)		—
Futures contracts		(1,804,871	)		(38,936,806	)		177,019
Foreign currency transactions		—			(134	)		—
Payment by affiliate		—			1,669,892			—
Net realized gain (loss)		(1,804,789	)		(46,941,646	)		174,195
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,816			8,430,199			61
Investments — Affiliated		—			106			59,899
Futures contracts		206,315			10,456,697			(26,867	)
Foreign currency translations		—			27			—
Net change in unrealized appreciation (depreciation)		208,131			18,887,029			33,093
Net realized and unrealized gain (loss)		(1,596,658	)		(28,054,617	)		207,288
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,133,267	)	$	(22,761,239	)	$	249,305

See notes to consolidated financial statements.

C O N S O L I D A T E D    F I N A N C I A L     S T A T E M E N T S 19

Consolidated Statements of Changes in Net Assets

	iShares Bloomberg Roll Select Commodity Strategy ETF						iShares Commodities Select Strategy ETF
	Six Months Ended 04/30/19 (unaudited)			Period From    04/03/18(a) to 10/31/18			Six Months Ended 04/30/19 (unaudited)			Year Ended 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	463,391		$	540,685		$	5,293,378		$	9,105,327
Net realized gain (loss)		(1,804,789	)		(2,480,399	)		(46,941,646	)		63,034,081
Net change in unrealized appreciation (depreciation)		208,131			(176,295	)		18,887,029			(45,275,635	)
Net increase (decrease) in net assets resulting from operations		(1,133,267	)		(2,116,009	)		(22,761,239	)		26,863,773
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(644,782	)		—			(40,656,950	)		(19,895,785	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			42,722,830			(276,850,797	)		462,814,807
NET ASSETS
Total increase (decrease) in net assets		(1,778,049	)		40,606,821			(340,268,986	)		469,782,795
Beginning of period		40,606,821			—			728,738,626			258,955,831
End of period	$	38,828,772		$	40,606,821		$	388,469,640		$	728,738,626

^(a)  Commencement of operations.

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

See notes to consolidated financial statements.

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Consolidated Statements of Changes in Net Assets  (continued)

	iShares Gold Strategy ETF
	Six Months Ended 04/30/19 (unaudited)			Period From    06/06/18(a) to 10/31/18
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	42,017		$	27,494
Net realized gain (loss)		174,195			(242,981	)
Net change in unrealized appreciation (depreciation)		33,093			(108,262	)
Net increase (decrease) in net assets resulting from operations		249,305			(323,749	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(37,443	)		—
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			5,000,000
NET ASSETS
Total increase in net assets		211,862			4,676,251
Beginning of period		4,676,251			—
End of period	$	4,888,113		$	4,676,251

^(a)  Commencement of operations.

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

See notes to consolidated financial statements.

C O N S O L I D A T E D    F I N A N C I A L     S T A T E M E N T S 21

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares Bloomberg Roll Select Commodity Strategy ETF
		Six Months Ended 04/30/19 (unaudited	)		Period From 04/03/18 to 10/31/18	(a)
Net asset value, beginning of period	$	47.77		$	50.00
Net investment income(b)		0.55			0.58
Net realized and unrealized loss(c)		(1.88	)		(2.81	)
Net decrease from investment operations		(1.33	)		(2.23	)
Distributions(d)
From net investment income		(0.76	)		—
Total distributions		(0.76	)		—
Net asset value, end of period	$	45.68		$	47.77
Total Return
Based on net asset value		(2.77	)%(e)		(4.46	)%(e)
Ratios to Average Net Assets
Total expenses		0.28	%(f)		0.28	%(f)
Total expenses after fees waived		0.12	%(f)		0.10	%(f)
Net investment income		2.38	%(f)		2.01	%(f)
Supplemental Data
Net assets, end of period (000)	$	38,829		$	40,607
Portfolio turnover rate(g)		0	%(e)		0	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to consolidated financial statements.

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Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Commodities Select Strategy ETF
		Six Months Ended 04/30/19 (unaudited	)		Year Ended 10/31/18			Year Ended 10/31/17			Year Ended 10/31/16			Year Ended 10/31/15			Period From 10/15/14 to 10/31/14	(a)
Net asset value, beginning of period	$	37.18		$	35.97		$	32.41		$	32.97		$	50.68		$	50.04
Net investment income (loss)(b)		0.41			0.63			0.31			0.16			0.26			(0.01	)
Net realized and unrealized gain (loss)(c)		(1.29	)		2.62			3.58			(0.57	)		(17.35	)		0.65
Net increase (decrease) from investment operations		(0.88	)		3.25			3.89			(0.41	)		(17.09	)		0.64
Distributions(d)
From net investment income		(3.10	)		(2.04	)		(0.33	)		(0.15	)		(0.61	)		—
Return of capital		—			—			—			—			(0.01	)		—
Total distributions		(3.10	)		(2.04	)		(0.33	)		(0.15	)		(0.62	)		—
Net asset value, end of period	$	33.20		$	37.18		$	35.97		$	32.41		$	32.97		$	50.68
Total Return
Based on net asset value		(1.72	)%(e)(f)		9.29	%(g)		12.08	%		(1.23	)%		(33.88	)%		1.28	%(e)
Ratios to Average Net Assets
Total expenses		0.48	%(h)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%(h)
Total expenses after fees waived		0.48	%(h)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%(h)
Net investment income (loss)		2.43	%(h)		1.66	%		0.93	%		0.51	%		0.68	%		(0.23	)%(h)
Supplemental Data
Net assets, end of period (000)	$	388,470		$	728,739		$	258,956		$	320,820		$	253,857		$	20,273
Portfolio turnover rate(i)		21	%(e)		167	%		44	%		43	%		76	%		0	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been (1.51)%.

^(g)  Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 9.06%.

^(h)  Annualized.

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

See notes to consolidated financial statements.

C O N S O L I D A T E D    F I N A N C I A L     H I G H L I G H T S 23

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Gold Strategy ETF
		Six Months Ended 04/30/19 (unaudited	)		Period From 06/06/18 to 10/31/18	(a)
Net asset value, beginning of period	$	46.76		$	50.00
Net investment income(b)		0.42			0.27
Net realized and unrealized gain (loss)(c)		2.07			(3.51	)
Net increase (decrease) from investment operations		2.49			(3.24	)
Distributions(d)
From net investment income		(0.37	)		—
Total distributions		(0.37	)		—
Net asset value, end of period	$	48.88		$	46.76
Total Return
Based on net asset value		5.35	%(e)		(6.48	)%(e)
Ratios to Average Net Assets
Total expenses		0.25	%(f)		0.25	%(f)
Total expenses after fees waived		0.19	%(f)		0.19	%(f)
Net investment income		1.74	%(f)		1.45	%(f)
Supplemental Data
Net assets, end of period (000)	$	4,888		$	4,676
Portfolio turnover rate(g)		26	%(e)		13	%(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 consolidated financial statements.

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Notes to Consolidated Financial Statements  (unaudited)

1. ORGANIZATION

iShares U.S. ETF 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 consolidated financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
Bloomberg Roll Select Commodity Strategy	Non-diversified
Commodities Select Strategy	Diversified
Gold Strategy	Non-diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary in the Cayman Islands (each, a “Subsidiary”) that invests in certain “commodity-linked instruments” and cash and cash equivalents in accordance with each Fund’s investment objective. In compliance with Sub-chapter M of the Internal Revenue Code of 1986, as amended, each Fund may invest up to 25% of its total assets in its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Fund’s commodity-linked instruments held in its Subsidiary are intended to provide the Fund with exposure to applicable commodity markets or commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund. Each Subsidiary has the same investment objective as its Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest income, if any, are recognized daily on the accrual basis.

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its consolidated statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2019, if any, are disclosed in the consolidated statement of assets and liabilities.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the 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 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.

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Notes to Consolidated Financial Statements  (unaudited) (continued)

Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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:

• Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Fixed-income investments are valued using the last available bid price or current market quotations provided by independent dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

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

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.

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

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

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its consolidated schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Consolidated Financial Statements  (unaudited) (continued)

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 April 30, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the consolidated schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its consolidated schedule of investments. The market value of any securities on loan as of April 30, 2019 and the value of the related cash collateral are disclosed in the consolidated statements of assets and liabilities.

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

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of April 30, 2019:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Commodities Select Strategy
Barclays Bank PLC	$	224,295	$	224,295		$	—	$	—
Barclays Capital Inc.		795,318		795,318			—		—
BNP Paribas Prime Brokerage International Ltd.		378,845		378,845			—		—
BNP Paribas Securities Corp.		403,794		403,794			—		—
Citigroup Global Markets Inc.		172,247		172,247			—		—
Credit Suisse Securities (USA) LLC		309,201		309,201			—		—
Deutsche Bank Securities Inc.		218,873		218,873			—		—
JPMorgan Securities LLC		1,058,308		1,058,308			—		—
State Street Bank & Trust Company		102,762		102,762			—		—
	$	3,663,643	$	3,663,643		$	—	$	—

^(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 consolidated statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if 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. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: The Funds invest in commodity futures contracts to gain exposure to the applicable commodities markets. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

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

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Notes to Consolidated Financial Statements  (unaudited) (continued)

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

6. 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, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fee
Bloomberg Roll Select Commodity Strategy		0.28	%
Commodities Select Strategy		0.48
Gold Strategy		0.25

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Bloomberg Roll Select Commodity Strategy ETF and iShares Commodities Select Strategy ETF through February 29, 2024 and February 28, 2025, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

For the six months ended April 30, 2019, BFA voluntarily waived its investment advisory fees for the iShares Bloomberg Roll Select Commodity Strategy ETF in the amount of $30,512.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Gold Strategy ETF through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other exchange-traded products sponsored by BFA or its affiliates, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.25%.

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares Commodities Select Strategy ETF and its Subsidiary.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 a given 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 and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.

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Notes to Consolidated Financial Statements  (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its consolidated statement of operations. For the six months ended April 30, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
Commodities Select Strategy	$	7,315

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

During the six months ended April 30, 2019, the iShares Commodities Select Strategy ETF received a reimbursement of $1,669,892, from an affiliate, which is included in payment by affiliate in the consolidated statement of operations, related to an operating event.

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 consolidated statement of operations.

7. PURCHASES AND SALES

For the six months ended April 30, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF	Purchases		Sales
Commodities Select Strategy	$	30,139,682	$	37,029,988
Gold Strategy		290,387		316,092

For the six months ended April 30, 2019, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind    Sales
Commodities Select Strategy	$	26,518,859	$	109,909,425

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2019, 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’ consolidated financial statements.

As of October 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Commodities Select Strategy	$	19,737,468

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of April 30, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
Bloomberg Roll Select Commodity Strategy	$	37,224,024	$	32,997	$	(1,161	)	$	31,836
Commodities Select Strategy		394,845,233		6,047,733		(20,779,639	)		(14,731,906)
Gold Strategy		4,892,756		4,565		(79,734	)		(75,169)

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Notes to Consolidated Financial Statements  (unaudited) (continued)

9. PRINCIPAL RISKS

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

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

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

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

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

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

The iShares Bloomberg Roll Select Commodity Strategy ETF and iShares Commodities Select Strategy ETF (“COMT”) have substantial exposure to certain commodity markets through investments in commodity-linked instruments and for COMT, through commodity-related equities as well. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Funds cannot control could have an adverse impact on the Funds’ portfolios.

The iShares Gold Strategy ETF has substantial exposure to gold through its investments in gold investments and the Fund’s portfolio may be adversely affected by changes or trends in the price of gold, which historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may adversely affect the performance of the Fund.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 04/30/19				Period Ended 10/31/18
iShares ETF	Shares		Amount		Shares			Amount
Bloomberg Roll Select Commodity Strategy
Shares sold		—	$	—		1,000,000		$	50,058,752
Shares redeemed		—		—		(150,000	)		(7,335,922	)
Net increase		—	$	—		850,000		$	42,722,830

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Notes to Consolidated Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/19						Period Ended 10/31/18
iShares ETF	Shares			Amount			Shares			Amount
Commodities Select Strategy
Shares sold		2,500,000		$	84,446,619			13,900,000		$	519,754,209
Shares redeemed		(10,400,000	)		(361,297,416	)		(1,500,000	)		(56,939,402	)
Net increase (decrease)		(7,900,000	)	$	(276,850,797	)		12,400,000		$	462,814,807
Gold Strategy
Shares sold		—		$	—			100,000		$	5,000,000

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 consolidated statement of assets and liabilities.

11. LEGAL PROCEEDINGS

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

12. SUBSEQUENT EVENTS

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

N O T E S    T O    C O N S O L I D A T E D     F I N A N C I A L    S T A T E M E N T S 31

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Bloomberg Roll Select Commodity Strategy(a)	$	0.699757	$	—	$	0.058810	$	0.758567		92	%		—	%		8	%		100	%
Commodities Select Strategy(a)		3.031768		—		0.071816		3.103584		98			—			2			100
Gold Strategy(a)		0.330049		—		0.044381		0.374430		88			—			12			100

^(a)  The Fund estimates that it has distributed more than the amount of earned income and net realized 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.

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General Information

Electronic Delivery

Shareholders can signup for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.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 www.icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

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

G E N E R A L    I N F O R M A T I O N 33

Glossary of Terms Used in this Report

Portfolio Abbreviations — Equity
ADR	American Depositary Receipt
Portfolio Abbreviations — Fixed Income
LIBOR	London Interbank Offered Rate

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	For more information visit www.iShares.com or call 1-800-iShares (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”). ©2019 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.

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Information Classification: Confidential

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(b) Section 906 Certifications are attached.

Information Classification: Confidential

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares U.S. ETF Trust

By: /s/ Martin Small

Martin Small, President (Principal Executive Officer)        

Date:     June 28, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Martin Small

Martin Small, President (Principal Executive Officer)        

Date:     June 28, 2019

By: /s/ Neal Andrews

Neal Andrews, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date:     June 28, 2019

Information Classification: Confidential