2019 SEMI-ANNUAL REPORT (UNAUDITED) - BlackRock · 2019-06-27 · invests in a representative...

iShares Trust

� iShares iBonds Mar 2020 Term Corporate ex-Financials ETF | IBCD | NYSE Arca

� iShares iBonds Mar 2023 Term Corporate ex-Financials ETF | IBCE | NYSE Arca

� iShares iBonds Mar 2020 Term Corporate ETF | IBDC | NYSE Arca

� iShares iBonds Mar 2023 Term Corporate ETF | IBDD | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholderreports 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 accessthe report.

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APRIL 30, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

Page

Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Table of Contents

THIS PAGE INTENTIONALLY LEFT BLANK.

Investment Objective

The iShares iBonds Mar 2020 Term Corporate ex-Financials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated,investment-grade corporate bonds, excluding financials, maturing after March 31, 2019 and before April 1, 2020, as represented by the Bloomberg Barclays 2020 MaturityHigh Quality Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similarto the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns

6 Months 1 Year 5 YearsSince

Inception 1 Year 5 YearsSince

Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.64% 2.82% 2.12% 1.75% 2.82% 11.06% 11.02%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.68 2.78 2.01 1.75 2.78 10.48 11.07Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.70 2.91 2.23 1.85 2.91 11.68 11.72

The inception date of the Fund was 4/17/13. The first day of secondary market trading was 4/19/13.

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 redemptionor sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(11/01/18)

EndingAccount Value

(04/30/19)

ExpensesPaid Duringthe Period (a)


(11/01/18)

EndingAccount Value

(04/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,016.40 $ 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 ofdays in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY

Moody's Credit Ratings*

Percent ofNet Assets

Aaa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4%Aa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.2Baa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.0Not Rated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Short-Term and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2

FIVE LARGEST HOLDINGS

Security(a)


Alibaba Group Holding Ltd., 2.50%, 11/28/19 . . . . . . . . . . . . . . . . . . . . . . . 2.5%Comcast Corp., 5.15%, 03/01/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1America Movil SAB de CV, 5.00%, 03/30/20 . . . . . . . . . . . . . . . . . . . . . . . . 2.1Philip Morris International Inc., 2.00%, 02/21/20. . . . . . . . . . . . . . . . . . . . . 1.9PepsiCo Inc., 4.50%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8

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

(a) Excludes money market funds.

Fund Summary as of April 30, 2019 iShares� iBonds� Mar 2020 Term Corporate ex-Financials ETF

F U N D S U M M A R Y 5


The iShares iBonds Mar 2023 Term Corporate ex-Financials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated,investment-grade corporate bonds, excluding financials, maturing after March 31, 2022 and before April 1, 2023, as represented by the Bloomberg Barclays 2023 MaturityHigh Quality Corporate Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similarto the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance




Inception




Expense Example



(11/01/18)

EndingAccount Value

(04/30/19)



(11/01/18)

EndingAccount Value

(04/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,044.00 $ 0.51 $ 1,000.00 $ 1,024.30 $ 0.50 0.10%






Aaa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9%Aa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.2Baa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.1Not Rated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Short-Term and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9


Security(a)


Visa Inc., 2.80%, 12/14/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6%QUALCOMM Inc., 3.00%, 05/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Oracle Corp., 2.50%, 10/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Chevron Corp., 2.36%, 12/05/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7America Movil SAB de CV, 3.13%, 07/16/22 . . . . . . . . . . . . . . . . . . . . . . . . 1.6



Fund Summary as of April 30, 2019 iShares� iBonds� Mar 2023 Term Corporate ex-Financials ETF

6 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


The iShares iBonds Mar 2020Term Corporate ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-gradecorporate bonds maturing after March 31, 2019 and before April 1, 2020, as represented by the Bloomberg Barclays 2020 Maturity Corporate Index (the "Index"). The Fundinvests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representativesampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance




Inception




Expense Example



(11/01/18)

EndingAccount Value

(04/30/19)



(11/01/18)

EndingAccount Value

(04/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,017.50 $ 0.45 $ 1,000.00 $ 1,024.30 $ 0.45 0.09%






Aaa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3%Aa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.4A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.6Baa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.4Ba. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Not Rated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Short-Term and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0


Security(a)


iShares iBonds Mar 2020 Term Corporate ex-Financials ETF . . . . . . . . 2.2%Morgan Stanley, 5.63%, 09/23/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Goldman Sachs Group Inc. (The), 5.38%, 03/15/20 . . . . . . . . . . . . . . . . . 1.0JPMorgan Chase & Co., 2.25%, 01/23/20 . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Wells Fargo & Co., Series N, 2.15%, 01/30/20 . . . . . . . . . . . . . . . . . . . . . . 0.9



Fund Summary as of April 30, 2019 iShares� iBonds� Mar 2020 Term Corporate ETF

F U N D S U M M A R Y 7


The iShares iBonds Mar 2023Term Corporate ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-gradecorporate bonds maturing after March 31, 2022 and before April 1, 2023, as represented by the Bloomberg Barclays 2023 Maturity Corporate Index (the "Index"). The Fundinvests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representativesampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance




Inception




Expense Example



(11/01/18)

EndingAccount Value

(04/30/19)



(11/01/18)

EndingAccount Value

(04/30/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,045.80 $ 0.46 $ 1,000.00 $ 1,024.30 $ 0.45 0.09%






Aaa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8%Aa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.4Baa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.1Ba. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Not Rated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2Short-Term and Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2


Security(a)


iShares iBonds Mar 2023 Term Corporate ex-Financials ETF . . . . . . . . 4.0%Bank of America Corp., 3.30%, 01/11/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Anheuser-Busch InBev Finance Inc., 3.30%, 02/01/23 . . . . . . . . . . . . . . 1.2Goldman Sachs Group Inc. (The), 3.63%, 01/22/23 . . . . . . . . . . . . . . . . . 1.1CVS Health Corp., 3.70%, 03/09/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0



Fund Summary as of April 30, 2019 iShares� iBonds� Mar 2023 Term Corporate ETF


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 mostrecent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deductionof 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 withchanges 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 mayreflect 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 calculatemarket 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 fundare 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 theperiod 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 doesnot incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may bepayable 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) ongoingcosts, 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 (orfrom 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 andcents) 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 feewaivers, 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 valuedivided 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 yourFund’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 yourFund 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 commissionspaid 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 relativetotal costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

About Fund Performance

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 9

SecurityPar

(000) Value

Corporate Bonds & NotesAerospace & Defense — 2.4%Boeing Capital Corp., 4.70%, 10/27/19 . . . . . . . . . . . . . . . . . . . . . . . . . $ 434 $ 437,706Boeing Co. (The), 4.88%, 02/15/20(a). . . . . . . . . . . . . . . . . . . . . . . . . . . 478 485,734Lockheed Martin Corp., 4.25%, 11/15/19 . . . . . . . . . . . . . . . . . . . . . . . 159 160,237Northrop Grumman Corp., 5.05%, 08/01/19 . . . . . . . . . . . . . . . . . . . . 132 132,768Raytheon Co., 4.40%, 02/15/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536 542,866United Technologies Corp., 1.50%, 11/01/19 . . . . . . . . . . . . . . . . . . . . 335 332,880

2,092,191Agriculture — 3.9%Altria Group Inc.

2.63%, 01/14/20 (Call 12/14/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625 623,7139.25%, 08/06/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 406,604

Philip Morris International Inc.2.00%, 02/21/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,650 1,641,3874.50%, 03/26/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552 560,705

Reynolds American Inc., 8.13%, 06/23/19 . . . . . . . . . . . . . . . . . . . . . . 179 180,235

3,412,644Airlines — 0.2%Continental Airlines Inc. Pass Through Trust, Series 2009-2,

Class A, 7.25%, 11/10/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 88,803Southwest Airlines Co., 2.75%, 11/06/19 (Call 10/06/19). . . . . . . . . 125 124,902

213,705Auto Manufacturers — 7.5%American Honda Finance Corp.

1.20%, 07/12/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 726 724,0472.00%, 02/14/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 423,1552.25%, 08/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 699,328Series A, 2.15%, 03/13/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 343,537

Ford Motor Credit Co. LLC2.46%, 03/27/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 196,6872.60%, 11/04/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,5038.13%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 204,736

General Motors Financial Co. Inc.2.40%, 05/09/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 324,9643.15%, 01/15/20 (Call 12/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 285,248

PACCAR Financial Corp.1.30%, 05/10/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 518 517,8451.95%, 02/27/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 497,0502.20%, 09/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,930

Toyota Motor Credit Corp.1.40%, 05/20/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494 493,7042.13%, 07/18/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 768 767,3162.15%, 03/12/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 865 861,618

6,613,668Beverages — 4.4%Anheuser-Busch InBev Worldwide Inc., 6.88%, 11/15/19 . . . . . . . . 300 306,474Coca-Cola Co. (The), 1.38%, 05/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 999,040Coca-Cola FEMSA SAB de CV, 4.63%, 02/15/20 . . . . . . . . . . . . . . . 198 200,806Molson Coors Brewing Co., 2.25%, 03/15/20 (Call 02/15/20) . . . . 200 198,994PepsiCo Inc.

1.55%, 05/02/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635 635,0004.50%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,528 1,547,543

3,887,857Biotechnology — 2.6%Amgen Inc., 2.20%, 05/22/19 (Call 05/16/19) . . . . . . . . . . . . . . . . . . . 468 467,859Celgene Corp., 2.25%, 05/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,966

SecurityPar

(000) Value

Biotechnology (continued)Gilead Sciences Inc.

1.85%, 09/20/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 750 $ 747,5102.35%, 02/01/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 859 857,265

2,272,600Chemicals — 0.6%Air Products & Chemicals Inc., 4.38%, 08/21/19(a) . . . . . . . . . . . . . . 184 184,891Nutrien Ltd., 4.88%, 03/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 101,771PPG Industries Inc., 2.30%, 11/15/19 (Call 10/15/19). . . . . . . . . . . . 250 249,310

535,972Commercial Services — 0.3%Ecolab Inc., 2.25%, 01/12/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,262

Computers — 5.8%Apple Inc.

1.10%, 08/02/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 547,9321.55%, 02/07/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 595,8601.90%, 02/07/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 248,8582.10%, 05/06/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 845 844,949

DXC Technology Co., 2.88%, 03/27/20 . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,713International Business Machines Corp.

1.80%, 05/17/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 699,7831.88%, 05/15/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 493 492,8371.90%, 01/27/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 795,5208.38%, 11/01/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 616,476

5,091,928Cosmetics & Personal Care — 1.4%Estee Lauder Companies Inc. (The), 1.80%, 02/07/20. . . . . . . . . . . 250 248,310Procter & Gamble Co. (The), 1.75%, 10/25/19 . . . . . . . . . . . . . . . . . . 1,000 996,060

1,244,370Diversified Financial Services — 1.0%National Rural Utilities Cooperative Finance Corp.

2.00%, 01/27/20 (Call 12/27/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 695 691,9002.30%, 11/15/19 (Call 10/15/19)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 246,358

938,258Electric — 3.3%Berkshire Hathaway Energy Co., 2.40%, 02/01/20

(Call 01/01/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 319,344Dominion Energy Inc., Series B, 1.60%, 08/15/19(a) . . . . . . . . . . . . . 175 174,359DTE Energy Co., 2.40%, 12/01/19 (Call 11/01/19)(a). . . . . . . . . . . . . 225 224,451Duke Energy Corp., 5.05%, 09/15/19. . . . . . . . . . . . . . . . . . . . . . . . . . . 197 198,466Eversource Energy, 4.50%, 11/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 119,888Exelon Generation Co. LLC

2.95%, 01/15/20 (Call 12/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,0145.20%, 10/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 126,035

Georgia Power Co.2.00%, 03/30/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 99,2234.25%, 12/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 232,793

NextEra Energy Capital Holdings Inc., 2.40%, 09/15/19(Call 08/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,680

Progress Energy Inc., 4.88%, 12/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . 100 101,134Public Service Enterprise Group Inc., 1.60%, 11/15/19 . . . . . . . . . . 200 198,624Sempra Energy

2.40%, 02/01/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 44,8662.40%, 03/15/20 (Call 02/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 342,390

Southern Power Co., Series D, 1.95%, 12/15/19 . . . . . . . . . . . . . . . . 100 99,480TECO Finance Inc., 5.15%, 03/15/20. . . . . . . . . . . . . . . . . . . . . . . . . . . 75 76,429Virginia Electric & Power Co., 5.00%, 06/30/19 . . . . . . . . . . . . . . . . . 150 150,517

2,907,693

Schedule of Investments (unaudited)

April 30, 2019

iShares� iBonds� Mar 2020 Term Corporate ex-Financials ETF(Percentages shown are based on Net Assets)


SecurityPar

(000) Value

Electrical Components & Equipment — 0.5%Emerson Electric Co., 4.88%, 10/15/19. . . . . . . . . . . . . . . . . . . . . . . . . $ 450 $ 453,933

Electronics — 2.3%Honeywell International Inc.

1.40%, 10/30/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 945 939,6041.80%, 10/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150 1,145,734

2,085,338Environmental Control — 0.4%Republic Services Inc.

5.00%, 03/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 76,3495.50%, 09/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309 311,902

388,251Food — 1.2%General Mills Inc., 2.20%, 10/21/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 99 98,729JM Smucker Co. (The), 2.50%, 03/15/20 . . . . . . . . . . . . . . . . . . . . . . . 200 199,478Kellogg Co., 4.15%, 11/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 54,343Kraft Heinz Foods Co., 5.38%, 02/10/20. . . . . . . . . . . . . . . . . . . . . . . . 209 212,783Kroger Co. (The)

1.50%, 09/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 99,4326.15%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 255,690

Tyson Foods Inc., 2.65%, 08/15/19 (Call 07/15/19). . . . . . . . . . . . . . 189 188,860

1,109,315Gas — 0.1%Dominion Energy Gas Holdings LLC, 2.50%, 12/15/19

(Call 11/15/19). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 79,859

Health Care - Products — 0.4%Life Technologies Corp., 6.00%, 03/01/20 . . . . . . . . . . . . . . . . . . . . . . 134 137,263Stryker Corp., 4.38%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 151,633Zimmer Biomet Holdings Inc., 4.63%, 11/30/19(a) . . . . . . . . . . . . . . . 99 99,904

388,800Health Care - Services — 0.2%Laboratory Corp. of America Holdings, 2.63%, 02/01/20 . . . . . . . . . 100 99,798Quest Diagnostics Inc., 2.50%, 03/30/20 (Call 02/29/20) . . . . . . . . 50 49,853

149,651Internet — 4.8%Alibaba Group Holding Ltd., 2.50%, 11/28/19 (Call 10/28/19) . . . . 2,179 2,176,777Amazon.com Inc., 2.60%, 12/05/19 (Call 11/05/19). . . . . . . . . . . . . . 1,100 1,100,022Baidu Inc., 2.75%, 06/09/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690 689,952eBay Inc., 2.20%, 08/01/19 (Call 07/01/19) . . . . . . . . . . . . . . . . . . . . . 250 249,540

4,216,291Machinery — 5.1%Caterpillar Financial Services Corp.

1.35%, 05/18/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 649,5512.00%, 03/05/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 245,8052.10%, 06/09/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 558 557,6262.10%, 01/10/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 248,9832.25%, 12/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 498,645

John Deere Capital Corp.1.25%, 10/09/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575 571,4521.70%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 993,1702.05%, 03/10/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297 295,4762.30%, 09/16/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 59,919

Rockwell Automation Inc., 2.05%, 03/01/20 (Call 02/01/20) . . . . . . 384 381,946

4,502,573Manufacturing — 1.4%3M Co., 1.63%, 06/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 254,676

SecurityPar

(000) Value

Manufacturing (continued)General Electric Co.

2.10%, 12/11/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 235 $ 233,6752.20%, 01/09/20 (Call 12/09/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 245,6915.50%, 01/08/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 152,4236.00%, 08/07/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 322,630

1,209,095Media — 5.1%Comcast Corp.

5.15%, 03/01/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,850 1,886,2235.70%, 07/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515 517,616

Discovery Communications LLC, 2.75%, 11/15/19(Call 10/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,640

TWDC Enterprises 18 Corp.0.88%, 07/12/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307 305,9591.85%, 05/30/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,045 1,044,3841.95%, 03/04/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 273,529

Warner Media LLC, 2.10%, 06/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,826

4,477,177Mining — 0.1%Newmont Goldcorp Corp., 5.13%, 10/01/19. . . . . . . . . . . . . . . . . . . . . 94 94,845

Oil & Gas — 10.2%BP Capital Markets PLC

1.68%, 05/03/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 275,0002.24%, 05/10/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 533 532,9472.32%, 02/13/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 692 689,7792.52%, 01/15/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 735 734,721

Chevron Corp.1.56%, 05/16/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515 514,7891.96%, 03/03/20 (Call 02/03/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,241 1,234,2862.19%, 11/15/19 (Call 10/15/19)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 453 452,108

EOG Resources Inc., 5.63%, 06/01/19(a) . . . . . . . . . . . . . . . . . . . . . . . 250 250,532Exxon Mobil Corp., 1.91%, 03/06/20 (Call 02/06/20) . . . . . . . . . . . . 1,163 1,156,813Husky Energy Inc., 7.25%, 12/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 96,424Pioneer Natural Resources Co., 7.50%, 01/15/20 . . . . . . . . . . . . . . . 98 101,073Shell International Finance BV

1.38%, 05/10/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 793 792,7944.30%, 09/22/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 824 829,1664.38%, 03/25/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575 583,970

Total Capital International SA, 2.10%, 06/19/19(a) . . . . . . . . . . . . . . . 762 761,474

9,005,876Packaging & Containers — 0.3%Bemis Co. Inc., 6.80%, 08/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 41,348WestRock RKT LLC, 3.50%, 03/01/20. . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,816

242,164Pharmaceuticals — 9.5%Allergan Funding SCS, 3.00%, 03/12/20 (Call 02/12/20). . . . . . . . . 600 600,096AstraZeneca PLC, 1.95%, 09/18/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 264,030Cardinal Health Inc.

1.95%, 06/14/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 224,7662.40%, 11/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 97,750

CVS Health Corp.2.25%, 08/12/19 (Call 07/12/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 99,8763.13%, 03/09/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 450,675

Express Scripts Holding Co., 2.25%, 06/15/19 . . . . . . . . . . . . . . . . . . 214 213,728Express Scripts Inc., 7.25%, 06/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . 54 54,238Johnson & Johnson, 1.88%, 12/05/19 . . . . . . . . . . . . . . . . . . . . . . . . . . 607 604,414Mead Johnson Nutrition Co., 4.90%, 11/01/19 . . . . . . . . . . . . . . . . . . 804 812,096Merck & Co. Inc., 1.85%, 02/10/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150 1,143,307

Schedule of Investments (unaudited) (continued)

April 30, 2019


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

SecurityPar

(000) Value

Pharmaceuticals (continued)Mylan NV, 2.50%, 06/07/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 213 $ 212,877Novartis Capital Corp., 1.80%, 02/14/20(a) . . . . . . . . . . . . . . . . . . . . . . 925 919,959Pfizer Inc.

1.45%, 06/03/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580 579,4431.70%, 12/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 397,4962.10%, 05/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,159 1,158,826

Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/19 . . . 557 554,789

8,388,366Pipelines — 1.8%Enbridge Energy Partners LP, 5.20%, 03/15/20 . . . . . . . . . . . . . . . . . 94 95,837Enterprise Products Operating LLC

2.55%, 10/15/19 (Call 09/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 123,8255.25%, 01/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 101,781

Kinder Morgan Energy Partners LP, 6.85%, 02/15/20 . . . . . . . . . . . 347 357,372Kinder Morgan Inc./DE, 3.05%, 12/01/19 (Call 11/01/19) . . . . . . . . 210 210,139ONEOK Partners LP, 3.80%, 03/15/20 (Call 02/15/20). . . . . . . . . . . 200 201,172Phillips 66 Partners LP, 2.65%, 02/15/20 (Call 01/15/20) . . . . . . . . 49 48,863TransCanada PipeLines Ltd., 2.13%, 11/15/19. . . . . . . . . . . . . . . . . . 300 298,908Williams Companies Inc. (The), 5.25%, 03/15/20 . . . . . . . . . . . . . . . 176 179,400

1,617,297Retail — 4.9%AutoNation Inc., 5.50%, 02/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 83,417Costco Wholesale Corp.

1.70%, 12/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,146 1,139,3881.75%, 02/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 148,980

Home Depot Inc. (The), 2.00%, 06/15/19 (Call 05/31/19) . . . . . . . . 894 893,258McDonald's Corp., 1.88%, 05/29/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 99,943Target Corp., 2.30%, 06/26/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 968 967,303Walgreens Boots Alliance Inc., 2.70%, 11/18/19 (Call 10/18/19). . 323 322,725Walmart Inc., 1.75%, 10/09/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 647,719

4,302,733Semiconductors — 1.5%Broadcom Corp./Broadcom Cayman Finance Ltd., 2.38%,

01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 647,120Lam Research Corp., 2.75%, 03/15/20 (Call 02/15/20)(a) . . . . . . . . 110 109,962Texas Instruments Inc., 1.65%, 08/03/19 . . . . . . . . . . . . . . . . . . . . . . . 545 543,501

1,300,583Software — 5.5%Adobe Inc., 4.75%, 02/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478 485,347Microsoft Corp.

1.10%, 08/08/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 655 652,4981.85%, 02/12/20 (Call 01/12/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,343 1,336,2044.20%, 06/01/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,224

Oracle Corp.2.25%, 10/08/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,384 1,381,5645.00%, 07/08/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 794 797,335

4,853,172

Security

Par/Shares

(000) Value

Telecommunications — 5.8%America Movil SAB de CV, 5.00%, 03/30/20(a) . . . . . . . . . . . . . . . . . . $ 1,800 $ 1,835,352Cisco Systems Inc.

1.40%, 09/20/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 685 681,7944.45%, 01/15/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,521 1,540,484

Deutsche Telekom International Finance BV, 6.00%, 07/08/19 . . . 161 161,919Orange SA

1.63%, 11/03/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 248,5405.38%, 07/08/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 182,852

Telefonica Emisiones SA, 5.88%, 07/15/19(a) . . . . . . . . . . . . . . . . . . . 94 94,557Telefonos de Mexico SAB de CV, 5.50%, 11/15/19 . . . . . . . . . . . . . . 200 202,746Verizon Communications Inc., 2.63%, 02/21/20 . . . . . . . . . . . . . . . . . 200 200,112

5,148,356Transportation — 1.3%Burlington Northern Santa Fe LLC, 4.70%, 10/01/19(a) . . . . . . . . . . 502 505,961Canadian National Railway Co., 2.40%, 02/03/20 . . . . . . . . . . . . . . . 250 249,290Norfolk Southern Corp., 5.90%, 06/15/19(a) . . . . . . . . . . . . . . . . . . . . . 198 198,717Ryder System Inc.

2.45%, 09/03/19 (Call 08/03/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 67,8692.55%, 06/01/19 (Call 05/31/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 143,929

1,165,766

Total Corporate Bonds & Notes — 95.8%(Cost: $84,874,660). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,639,589

Short-Term InvestmentsMoney Market Funds — 8.7%BlackRock Cash Funds: Institutional, SL Agency Shares,

2.59%(b)(c)(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,618 4,619,349BlackRock Cash Funds: Treasury, SL Agency Shares,

2.37%(b)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,034 3,034,128

7,653,477

Total Short-Term Investments — 8.7%(Cost: $7,651,994) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,653,477

Total Investments in Securities — 104.5%(Cost: $92,526,654). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,293,066

Other Assets, Less Liabilities — (4.5)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,967,154)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 88,325,912

(a) All or a portion of this security is on loan.(b) Affiliate of the Fund.(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.


April 30, 2019



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

SharesHeld at

10/31/18(000)

Net Activity(000)

SharesHeld at

04/30/19(000)

Value at04/30/19 Income

Net RealizedGain (Loss)(a)

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . 6,523 (1,905) 4,618 $4,619,349 $ 8,662(b) $ (82) $ 909BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,644 1,390 3,034 3,034,128 47,483 — —

$7,653,477 $56,145 $ (82) $ 909

(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 valuationof 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 intomajor categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Corporate Bonds & Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $84,639,589 $ — $84,639,589Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,653,477 — — 7,653,477

$ 7,653,477 $84,639,589 $ — $92,293,066

See notes to financial statements.


April 30, 2019

iShares� iBonds� Mar 2020 Term Corporate ex-Financials ETF


SecurityPar

(000) Value

Corporate Bonds & NotesAdvertising — 0.2%Omnicom Group Inc./Omnicom Capital Inc., 3.63%, 05/01/22 . . . . . $ 60 $ 61,187

Aerospace & Defense — 2.3%Boeing Co. (The), 2.80%, 03/01/23 (Call 02/01/23) . . . . . . . . . . . . . . . 75 74,869General Dynamics Corp., 2.25%, 11/15/22 (Call 08/15/22) . . . . . . . . 200 197,658Lockheed Martin Corp., 3.10%, 01/15/23 (Call 11/15/22) . . . . . . . . . . 35 35,339Raytheon Co., 2.50%, 12/15/22 (Call 09/15/22) . . . . . . . . . . . . . . . . . . . 200 199,900United Technologies Corp., 3.10%, 06/01/22 . . . . . . . . . . . . . . . . . . . . . 85 85,541

593,307Agriculture — 3.0%Altria Group Inc., 2.85%, 08/09/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 84,534BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22). . . . . . . . . . . . . . . 100 98,613Philip Morris International Inc.

2.38%, 08/17/22 (Call 07/17/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 222,0012.50%, 08/22/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,7592.63%, 03/06/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 336,681

766,588Auto Manufacturers — 3.0%General Motors Financial Co. Inc.

3.25%, 01/05/23 (Call 12/05/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 49,6703.45%, 04/10/22 (Call 02/10/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 85,394

Toyota Motor Credit Corp.2.15%, 09/08/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 221,9982.63%, 01/10/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 247,7622.70%, 01/11/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 75,0102.80%, 07/13/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 75,488

755,322Beverages — 3.9%Anheuser-Busch InBev Finance Inc., 3.30%, 02/01/23

(Call 12/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 40,515Coca-Cola Co. (The), 2.20%, 05/25/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 74,274Diageo Investment Corp.

2.88%, 05/11/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 201,3588.00%, 09/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 87,090

PepsiCo Inc.2.25%, 05/02/22 (Call 04/02/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 173,4232.75%, 03/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314 315,5763.10%, 07/17/22 (Call 05/17/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 101,644

993,880Biotechnology — 1.9%Amgen Inc., 3.63%, 05/15/22 (Call 02/15/22) . . . . . . . . . . . . . . . . . . . . . 41 42,004Biogen Inc., 3.63%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 61,302Celgene Corp.

3.25%, 08/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 41,3273.55%, 08/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 101,784

Gilead Sciences Inc., 3.25%, 09/01/22 (Call 07/01/22) . . . . . . . . . . . . 225 228,492

474,909Chemicals — 1.8%Air Products & Chemicals Inc., 2.75%, 02/03/23 . . . . . . . . . . . . . . . . . . 41 41,025Cabot Corp., 3.70%, 07/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 40,521Dow Chemical Co. (The), 3.00%, 11/15/22 (Call 08/15/22) . . . . . . . . 60 60,082Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22) . . . . . . . . . . 41 41,748Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22). . . . . . . . . . . . . . . . 40 40,116Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . . . . . . . . . . 45 45,107

SecurityPar

(000) Value

Chemicals (continued)Praxair Inc.

2.20%, 08/15/22 (Call 05/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41 $ 40,4612.70%, 02/21/23 (Call 11/21/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 148,860

457,920Commercial Services — 0.2%Catholic Health Initiatives, 2.95%, 11/01/22. . . . . . . . . . . . . . . . . . . . . . . 41 40,706

Computers — 5.4%Apple Inc.

2.30%, 05/11/22 (Call 04/11/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 148,8802.70%, 05/13/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 251,0352.85%, 02/23/23 (Call 12/23/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 261,786

Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22). . 75 78,359HP Inc., 4.05%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 46,565IBM Credit LLC, 2.20%, 09/08/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 98,182International Business Machines Corp.

1.88%, 08/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 291,8162.88%, 11/09/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,572

1,377,195Cosmetics & Personal Care — 3.0%Colgate-Palmolive Co.

1.95%, 02/01/23(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 147,1882.30%, 05/03/22(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 140,292

Procter & Gamble Co. (The), 2.15%, 08/11/22 . . . . . . . . . . . . . . . . . . . . 275 271,876Unilever Capital Corp., 2.20%, 05/05/22 (Call 04/05/22). . . . . . . . . . . 200 197,488

756,844Diversified Financial Services — 3.8%National Rural Utilities Cooperative Finance Corp.

2.30%, 09/15/22 (Call 08/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 73,9222.40%, 04/25/22 (Call 03/25/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 173,5022.70%, 02/15/23 (Call 12/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 49,852

Visa Inc., 2.80%, 12/14/22 (Call 10/14/22) . . . . . . . . . . . . . . . . . . . . . . . . 660 664,297

961,573Electric — 5.9%Ameren Illinois Co., 2.70%, 09/01/22 (Call 06/01/22) . . . . . . . . . . . . . . 41 40,990American Electric Power Co. Inc., Series F, 2.95%, 12/15/22

(Call 09/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 49,997Berkshire Hathaway Energy Co., 2.80%, 01/15/23 (Call 12/15/22) . 75 75,127CenterPoint Energy Houston Electric LLC, 2.25%, 08/01/22

(Call 05/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 40,441Connecticut Light & Power Co. (The), 2.50%, 01/15/23

(Call 10/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 64,475Consumers Energy Co., 2.85%, 05/15/22 (Call 02/15/22) . . . . . . . . . 41 41,212Dominion Energy Inc., Series B, 2.75%, 09/15/22 (Call 06/15/22) . . 41 40,593DTE Energy Co., Series B, 3.30%, 06/15/22 (Call 04/15/22). . . . . . . 25 25,229Duke Energy Carolinas LLC, 2.50%, 03/15/23 (Call 01/15/23) . . . . . 60 59,558Duke Energy Corp.

2.40%, 08/15/22 (Call 07/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 98,7563.05%, 08/15/22 (Call 05/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 120,808

Duke Energy Progress LLC, 2.80%, 05/15/22 (Call 02/15/22). . . . . . 100 100,364Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22). . . . . . . . . . . . . . . . . . . 25 25,757Exelon Generation Co. LLC, 4.25%, 06/15/22 (Call 03/15/22) . . . . . 91 94,239FirstEnergy Corp., Series B, 4.25%, 03/15/23 (Call 12/15/22). . . . . . 40 41,634Georgia Power Co., 2.85%, 05/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 34,853Northern States Power Co./MN, 2.15%, 08/15/22 (Call 02/15/22) . . 150 147,612NSTAR Electric Co., 2.38%, 10/15/22 (Call 07/15/22) . . . . . . . . . . . . . 95 93,836Oncor Electric Delivery Co. LLC, 4.10%, 06/01/22 (Call 03/01/22) . 110 114,172PPL Capital Funding Inc., 3.50%, 12/01/22 (Call 09/01/22) . . . . . . . . 25 25,293Progress Energy Inc., 3.15%, 04/01/22 (Call 01/01/22). . . . . . . . . . . . 41 41,188


April 30, 2019



SecurityPar

(000) Value

Electric (continued)Puget Energy Inc., 5.63%, 07/15/22 (Call 04/15/22). . . . . . . . . . . . . . . $ 40 $ 42,644Sempra Energy, 2.88%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . . . . . . 41 40,631Virginia Electric & Power Co., Series C, 2.75%, 03/15/23

(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 44,927

1,504,336Electrical Components & Equipment — 0.6%Emerson Electric Co., 2.63%, 02/15/23 (Call 11/15/22) . . . . . . . . . . . . 150 150,217

Electronics — 0.2%Arrow Electronics Inc., 3.50%, 04/01/22 (Call 02/01/22) . . . . . . . . . . . 60 60,646

Environmental Control — 0.3%Republic Services Inc., 3.55%, 06/01/22 (Call 03/01/22) . . . . . . . . . . 35 35,721Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22) . . . . . . . . 45 45,152

80,873Food — 1.3%Campbell Soup Co., 2.50%, 08/02/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 73,681Conagra Brands Inc., 3.20%, 01/25/23 (Call 10/25/22) . . . . . . . . . . . . 50 50,336Kraft Heinz Foods Co.

3.50%, 06/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 75,9283.50%, 07/15/22 (Call 05/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 30,332

Sysco Corp., 2.60%, 06/12/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 49,648Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22) . . . . . . . . . . . . . . . 41 42,806

322,731Gas — 0.1%National Fuel Gas Co., 3.75%, 03/01/23 (Call 12/01/22). . . . . . . . . . . 35 35,278

Hand & Machine Tools — 0.2%Stanley Black & Decker Inc., 2.90%, 11/01/22 . . . . . . . . . . . . . . . . . . . . 41 41,172

Health Care - Products — 0.8%Covidien International Finance SA, 3.20%, 06/15/22

(Call 03/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 159,636Thermo Fisher Scientific Inc., 3.15%, 01/15/23 (Call 10/15/22) . . . . 30 30,208

189,844Health Care - Services — 0.7%Kaiser Foundation Hospitals, 3.50%, 04/01/22. . . . . . . . . . . . . . . . . . . . 125 128,351Laboratory Corp. of America Holdings, 3.75%, 08/23/22

(Call 05/23/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 41,854

170,205Home Builders — 0.3%NVR Inc., 3.95%, 09/15/22 (Call 06/15/22) . . . . . . . . . . . . . . . . . . . . . . . 70 71,931

Household Products & Wares — 0.3%Church & Dwight Co. Inc., 2.88%, 10/01/22. . . . . . . . . . . . . . . . . . . . . . . 41 41,011Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)(a) . . . . . . . . . . . . . . 33 33,356

74,367Internet — 2.9%Amazon.com Inc.

2.40%, 02/22/23 (Call 01/22/23). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 297,0992.50%, 11/29/22 (Call 08/29/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 140,698

Baidu Inc., 3.50%, 11/28/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 201,864eBay Inc., 2.60%, 07/15/22 (Call 04/15/22)(a) . . . . . . . . . . . . . . . . . . . . . 100 99,015

738,676Iron & Steel — 0.2%Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22) . . . . . . . . . . . . . . . . . . . . 49 51,000

Machinery — 5.6%ABB Finance USA Inc., 2.88%, 05/08/22 . . . . . . . . . . . . . . . . . . . . . . . . . 230 231,302

SecurityPar

(000) Value

Machinery (continued)Caterpillar Financial Services Corp.

2.40%, 06/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 150 $ 148,8052.63%, 03/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 147,8812.85%, 06/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 75,520

Caterpillar Inc., 2.60%, 06/26/22 (Call 03/26/22)(a) . . . . . . . . . . . . . . . . 157 156,601Deere & Co., 2.60%, 06/08/22 (Call 03/08/22) . . . . . . . . . . . . . . . . . . . . 313 312,903John Deere Capital Corp., 2.80%, 03/06/23 . . . . . . . . . . . . . . . . . . . . . . 345 345,524

1,418,536Manufacturing — 1.9%3M Co.

2.00%, 06/26/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 188,7492.25%, 03/15/23 (Call 02/15/23). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 73,920

Eaton Corp., 2.75%, 11/02/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 49,939General Electric Co.

2.70%, 10/09/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 98,7853.15%, 09/07/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50,019

Parker-Hannifin Corp., 3.50%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . 30 30,524

491,936Media — 3.8%Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22 . . 100 122,410Comcast Corp.

2.75%, 03/01/23 (Call 02/01/23). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 99,8032.85%, 01/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,6863.13%, 07/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 76,003

Discovery Communications LLC, 3.30%, 05/15/22 . . . . . . . . . . . . . . . . 75 75,647NBCUniversal Media LLC, 2.88%, 01/15/23 . . . . . . . . . . . . . . . . . . . . . . 75 75,257TWDC Enterprises 18 Corp., 2.35%, 12/01/22 . . . . . . . . . . . . . . . . . . . . 170 168,739Walt Disney Co. (The), 3.00%, 09/15/22(b). . . . . . . . . . . . . . . . . . . . . . . . 116 116,966Warner Media LLC, 3.40%, 06/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 30,473

965,984Metal Fabricate & Hardware — 0.8%Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22) . . . . . . . 200 198,774

Mining — 0.3%Newmont Goldcorp Corp., 3.70%, 03/15/23 (Call 12/15/22)(b) . . . . . 65 66,343

Oil & Gas — 9.6%Apache Corp., 3.25%, 04/15/22 (Call 01/15/22) . . . . . . . . . . . . . . . . . . . 55 55,393BP Capital Markets America Inc., 3.25%, 05/06/22. . . . . . . . . . . . . . . . 182 184,679BP Capital Markets PLC, 2.50%, 11/06/22. . . . . . . . . . . . . . . . . . . . . . . . 400 396,400Chevron Corp., 2.36%, 12/05/22 (Call 09/05/22) . . . . . . . . . . . . . . . . . . 425 420,393EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22) . . . . . . . . . . . . 60 59,728Exxon Mobil Corp., 2.73%, 03/01/23 (Call 01/01/23) . . . . . . . . . . . . . . 260 261,105Occidental Petroleum Corp.

2.60%, 04/15/22 (Call 03/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 74,4072.70%, 02/15/23 (Call 11/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 256,246

Phillips 66, 4.30%, 04/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 88,584Shell International Finance BV

2.25%, 01/06/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 210,6272.38%, 08/21/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 223,330

Total Capital International SA, 2.70%, 01/25/23 . . . . . . . . . . . . . . . . . . . 200 200,118

2,431,010Oil & Gas Services — 1.4%Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.,

2.77%, 12/15/22 (Call 11/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,035National Oilwell Varco Inc., 2.60%, 12/01/22 (Call 09/01/22) . . . . . . . 65 63,806TechnipFMC PLC, 3.45%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . . . . 30 30,182

343,023


April 30, 2019



SecurityPar

(000) Value

Pharmaceuticals — 9.3%AbbVie Inc., 2.90%, 11/06/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 142 $ 141,692Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . 50 49,915Allergan Inc./U.S., 2.80%, 03/15/23 (Call 12/15/22) . . . . . . . . . . . . . . . 30 29,364Bristol-Myers Squibb Co., 2.00%, 08/01/22 . . . . . . . . . . . . . . . . . . . . . . . 190 185,731Cardinal Health Inc., 3.20%, 03/15/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 60 59,848CVS Health Corp.

2.75%, 12/01/22 (Call 09/01/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,6203.50%, 07/20/22 (Call 05/20/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50,6263.70%, 03/09/23 (Call 02/09/23). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 86,174

Eli Lilly & Co., 2.35%, 05/15/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 174,039GlaxoSmithKline Capital Inc., 2.80%, 03/18/23 . . . . . . . . . . . . . . . . . . . 225 225,072GlaxoSmithKline Capital PLC, 2.85%, 05/08/22. . . . . . . . . . . . . . . . . . . 372 373,242Johnson & Johnson, 2.05%, 03/01/23 (Call 01/01/23) . . . . . . . . . . . . . 50 49,176McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22) . . . . . . . . . . . . . . . . 41 40,510Merck & Co. Inc., 2.40%, 09/15/22 (Call 06/15/22) . . . . . . . . . . . . . . . . 275 274,142Novartis Capital Corp.

2.40%, 05/17/22 (Call 04/17/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 198,8682.40%, 09/21/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 347,599

Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22) . . . . . . . . . . . . . . . . . . . . . . 45 45,386

2,356,004Pipelines — 1.4%Energy Transfer Operating LP, 3.60%, 02/01/23 (Call 11/01/22). . . . 50 50,314Enterprise Products Operating LLC, 3.35%, 03/15/23

(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 55,732Kinder Morgan Energy Partners LP, 3.45%, 02/15/23

(Call 11/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 66,683ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . 40 40,315Sunoco Logistics Partners Operations LP, 3.45%, 01/15/23

(Call 10/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 41,060TransCanada PipeLines Ltd., 2.50%, 08/01/22(a) . . . . . . . . . . . . . . . . . 35 34,551Williams Companies Inc. (The), 3.35%, 08/15/22 (Call 05/15/22) . . 66 66,522

355,177Real Estate Investment Trusts — 0.5%American Tower Corp., 3.50%, 01/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . 35 35,538Crown Castle International Corp.

4.88%, 04/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 26,3545.25%, 01/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 64,419

126,311Retail — 4.0%AutoZone Inc., 3.70%, 04/15/22 (Call 01/15/22) . . . . . . . . . . . . . . . . . . 33 33,667Costco Wholesale Corp., 2.30%, 05/18/22 (Call 04/18/22). . . . . . . . . 175 173,836Home Depot Inc. (The), 2.63%, 06/01/22 (Call 05/01/22) . . . . . . . . . . 350 350,483Lowe's Companies Inc., 3.12%, 04/15/22 (Call 01/15/22). . . . . . . . . . 85 85,699Macy's Retail Holdings Inc., 2.88%, 02/15/23 (Call 11/15/22) . . . . . . 35 34,067Starbucks Corp., 2.70%, 06/15/22 (Call 04/15/22) . . . . . . . . . . . . . . . . 75 74,834Walgreen Co., 3.10%, 09/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 41,018Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22) . . . . . . . . . . . . . . . . . . . . 225 223,038

1,016,642Semiconductors — 5.3%Intel Corp.

2.35%, 05/11/22 (Call 04/11/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 74,6012.70%, 12/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 351,1133.10%, 07/29/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 152,452

Maxim Integrated Products Inc., 3.38%, 03/15/23 (Call 12/15/22) . . 40 40,196QUALCOMM Inc.

2.60%, 01/30/23 (Call 12/30/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 173,5233.00%, 05/20/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 478,311

Texas Instruments Inc., 1.85%, 05/15/22 (Call 04/15/22) . . . . . . . . . . 75 73,504

1,343,700

Security

Par/Shares

(000) Value

Software — 4.6%Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22)(a) . . . . . . . . . . . . . . . . . $ 40 $ 40,640Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . . . . . . . . . . . 41 41,756Microsoft Corp.

2.13%, 11/15/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 173,0072.65%, 11/03/22 (Call 09/03/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 261,425

Oracle Corp.2.50%, 05/15/22 (Call 03/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 159,1102.50%, 10/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 451,9792.63%, 02/15/23 (Call 01/15/23). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,881

1,152,798Telecommunications — 4.3%America Movil SAB de CV, 3.13%, 07/16/22 . . . . . . . . . . . . . . . . . . . . . . 400 402,032AT&T Inc.

2.63%, 12/01/22 (Call 09/01/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 123,9843.00%, 06/30/22 (Call 04/30/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50,174

Cisco Systems Inc.2.60%, 02/28/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 140,3423.00%, 06/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 152,022

Motorola Solutions Inc.3.50%, 03/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 40,2113.75%, 05/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 41,937

Verizon Communications Inc., 2.45%, 11/01/22 (Call 08/01/22) . . . . 60 59,507Vodafone Group PLC, 2.95%, 02/19/23(a) . . . . . . . . . . . . . . . . . . . . . . . . 85 84,808

1,095,017Textiles — 0.1%Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22) . . . . . . . . . . 30 30,838

Transportation — 2.9%Burlington Northern Santa Fe LLC

3.00%, 03/15/23 (Call 12/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 181,6243.05%, 09/01/22 (Call 06/01/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50,550

FedEx Corp., 2.63%, 08/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 49,619Norfolk Southern Corp., 2.90%, 02/15/23 (Call 11/15/22) . . . . . . . . . . 41 41,095Union Pacific Corp.

2.95%, 01/15/23 (Call 10/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 40,1264.16%, 07/15/22 (Call 04/15/22). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 36,374

United Parcel Service Inc., 2.45%, 10/01/22 . . . . . . . . . . . . . . . . . . . . . . 341 339,165

738,553



2.59%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 891 890,895BlackRock Cash Funds: Treasury, SL Agency Shares, 2.37%(c)(d) . 276 275,588

1,166,483



Other Assets, Less Liabilities — (2.7)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (690,742)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,337,094

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


April 30, 2019



(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of1933, as amended. These securities may be resold in transactions exempt fromregistration to qualified institutional investors.

(c) Affiliate of the Fund.(d) Annualized 7-day yield as of period-end.(e) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at

10/31/18(000)

Net Activity(000)

SharesHeld at

04/30/19(000)


Net RealizedGain (Loss)(a)

Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . . . 2,321 (1,430) 891 $ 890,895 $ 3,533(b) $ 788 $ (41)BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 390 (114) 276 275,588 4,126 — —

$1,166,483 $ 7,659 $ 788 $ (41)

(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






InvestmentsAssets

Corporate Bonds & Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $24,861,353 $ — $24,861,353Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,166,483 — — 1,166,483

$ 1,166,483 $24,861,353 $ — $26,027,836



April 30, 2019

iShares� iBonds� Mar 2023 Term Corporate ex-Financials ETF


SecurityPar

(000) Value

Corporate Bonds & NotesAerospace & Defense — 1.1%Boeing Capital Corp., 4.70%, 10/27/19. . . . . . . . . . . . . . . . . . . . . . . $ 195 $ 196,665Boeing Co. (The), 4.88%, 02/15/20(a) . . . . . . . . . . . . . . . . . . . . . . . . 248 252,013Lockheed Martin Corp., 4.25%, 11/15/19 . . . . . . . . . . . . . . . . . . . . . 305 307,373Raytheon Co., 4.40%, 02/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 253,202Rockwell Collins Inc., 1.95%, 07/15/19. . . . . . . . . . . . . . . . . . . . . . . 250 249,585United Technologies Corp., 1.50%, 11/01/19 . . . . . . . . . . . . . . . . . 250 248,418

1,507,256Agriculture — 1.4%Altria Group Inc.

2.63%, 01/14/20 (Call 12/14/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 335 334,3109.25%, 08/06/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515 523,503

Philip Morris International Inc.1.88%, 11/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 124,4852.00%, 02/21/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 248,6954.50%, 03/26/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 609,462

Reynolds American Inc., 8.13%, 06/23/19 . . . . . . . . . . . . . . . . . . . . 215 216,483

2,056,938Airlines — 0.2%Delta Air Lines Inc., 2.88%, 03/13/20(a). . . . . . . . . . . . . . . . . . . . . . . 310 309,600

Auto Manufacturers — 5.1%American Honda Finance Corp.

2.00%, 02/14/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575 572,5042.25%, 08/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465 464,553Series A, 2.15%, 03/13/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 273,834

Ford Motor Credit Co. LLC1.90%, 08/12/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,3782.02%, 05/03/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515 515,0002.46%, 03/27/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 198,6742.60%, 11/04/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 274,4532.68%, 01/09/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 497,3158.13%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650 672,113

General Motors Financial Co. Inc.2.40%, 05/09/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485 484,9473.15%, 01/15/20 (Call 12/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 840 840,731

PACCAR Financial Corp., 1.30%, 05/10/19. . . . . . . . . . . . . . . . . . . 300 299,910Toyota Motor Credit Corp.

1.40%, 05/20/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 324,8052.13%, 07/18/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 364,6752.15%, 03/12/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 985 981,1492.20%, 01/10/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 274,332

7,238,373Banks — 34.8%Australia & New Zealand Banking Group Ltd./New York NY

1.60%, 07/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,4952.25%, 06/13/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 299,871

Bank of America Corp., 7.63%, 06/01/19(a) . . . . . . . . . . . . . . . . . . . 745 747,824Bank of Montreal

1.50%, 07/18/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 299,2921.75%, 09/11/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 119,5982.10%, 12/12/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 545 543,218

Bank of New York Mellon Corp. (The)2.30%, 09/11/19 (Call 08/11/19)(a) . . . . . . . . . . . . . . . . . . . . . . . . . 570 569,248Series G, 2.15%, 02/24/20 (Call 01/24/20)(a). . . . . . . . . . . . . . . 590 587,852Series G, 2.20%, 05/15/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 374,940

Bank of Nova Scotia (The)1.65%, 06/14/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640 639,2382.05%, 06/05/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 354,808

SecurityPar

(000) Value

Banks (continued)Barclays Bank PLC, 6.75%, 05/22/19 . . . . . . . . . . . . . . . . . . . . . . . . $ 300 $ 300,645Barclays PLC, 2.75%, 11/08/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,050 1,048,719BB&T Corp., 2.45%, 01/15/20 (Call 12/15/19) . . . . . . . . . . . . . . . . 952 950,106BPCE SA

2.25%, 01/27/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 273,9442.50%, 07/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 299,892

Branch Banking & Trust Co.1.45%, 05/10/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,9352.10%, 01/15/20 (Call 12/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 400 398,324

Canadian Imperial Bank of Commerce, 1.60%, 09/06/19. . . . . . 530 528,044Capital One N.A.

1.85%, 09/13/19 (Call 08/13/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 500 498,2552.35%, 01/31/20 (Call 12/31/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,061,304

Citigroup Inc.2.40%, 02/18/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670 668,1442.45%, 01/10/20 (Call 12/10/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 930 927,8242.50%, 07/29/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 735 734,4788.50%, 05/22/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307 307,982

Citizens Bank N.A./Providence RI, 2.25%, 03/02/20(Call 02/03/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 473,010

Comerica Inc., 2.13%, 05/23/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 49,984Commonwealth Bank of Australia/New York NY

2.30%, 09/06/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 499,3252.30%, 03/12/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 348,873

Compass Bank, 2.75%, 09/29/19 (Call 08/29/19) . . . . . . . . . . . . . 250 249,838Cooperatieve Rabobank UA/NY

1.38%, 08/09/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,1352.25%, 01/14/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570 568,261

Credit Suisse AG/New York NY2.30%, 05/28/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 999,8205.30%, 08/13/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 302,1335.40%, 01/14/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540 549,769

Credit Suisse Group Funding Guernsey Ltd., 2.75%,03/26/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555 554,229

Deutsche Bank AG, 2.85%, 05/10/19 . . . . . . . . . . . . . . . . . . . . . . . . 548 547,995Fifth Third Bank/Cincinnati OH, 1.63%, 09/27/19

(Call 08/27/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,064Goldman Sachs Group Inc. (The)

1.95%, 07/23/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575 574,0222.55%, 10/23/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 930 929,0985.38%, 03/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,430 1,460,387

HSBC USA Inc.2.25%, 06/23/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 499,7502.35%, 03/05/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725 723,064

Huntington National Bank (The), 2.38%, 03/10/20(Call 02/10/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,528

JPMorgan Chase & Co.2.20%, 10/22/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 675 673,6232.25%, 01/23/20 (Call 12/23/19)(a) . . . . . . . . . . . . . . . . . . . . . . . . 1,440 1,435,5364.95%, 03/25/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690 703,683

JPMorgan Chase Bank N.A., 1.65%, 09/23/19 (Call 08/23/19). 400 398,412KeyBank N.A./Cleveland OH

1.60%, 08/22/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 548,0812.50%, 12/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590 589,251

Manufacturers & Traders Trust Co., 2.10%, 02/06/20(Call 01/06/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 348,299

Morgan Stanley2.38%, 07/23/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 549,4722.65%, 01/27/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,120 1,119,3175.50%, 01/26/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 229,462


April 30, 2019

iShares� iBonds� Mar 2020 Term Corporate ETF(Percentages shown are based on Net Assets)


SecurityPar

(000) Value

Banks (continued)5.63%, 09/23/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,600 $ 1,617,2487.30%, 05/13/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825 826,138

MUFG Union Bank N.A., 2.25%, 05/06/19. . . . . . . . . . . . . . . . . . . . 250 249,988National Australia Bank Ltd./New York

1.38%, 07/12/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,3932.25%, 01/10/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 299,091

PNC Bank N.A.1.45%, 07/29/19 (Call 06/29/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 425 423,8612.25%, 07/02/19 (Call 06/02/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,8252.40%, 10/18/19 (Call 09/18/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 500 499,580

PNC Financial Services Group Inc. (The), 5.13%, 02/08/20 . . . 760 773,619Royal Bank of Canada

2.13%, 03/02/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 655 651,9612.15%, 03/06/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 682 679,340

Royal Bank of Scotland Group PLC, 6.40%, 10/21/19. . . . . . . . . 250 253,875Santander UK PLC

2.35%, 09/10/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 341,5382.38%, 03/16/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 508 506,293

Skandinaviska Enskilda Banken AB, 1.50%, 09/13/19(a) . . . . . . 315 313,636Sumitomo Mitsui Banking Corp.

2.25%, 07/11/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 349,7172.45%, 01/16/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 499,2152.51%, 01/17/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 748,987

SunTrust Bank/Atlanta GA, 2.25%, 01/31/20 (Call 12/31/19) . . 457 455,446SunTrust Banks Inc., 2.50%, 05/01/19 . . . . . . . . . . . . . . . . . . . . . . . 100 100,000Svenska Handelsbanken AB

1.50%, 09/06/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 313,7272.25%, 06/17/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,878

Toronto-Dominion Bank (The)1.90%, 10/24/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 398,6402.13%, 07/02/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 570 569,5612.25%, 11/05/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765 763,332

U.S. Bank N.A./Cincinnati OH2.00%, 01/24/20 (Call 12/24/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 370 368,3462.13%, 10/28/19 (Call 09/28/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 770 767,9982.35%, 01/23/20 (Call 12/23/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 550 548,911

UBS AG/Stamford CT2.35%, 03/26/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 363,9492.38%, 08/14/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,125 1,124,111

Wells Fargo & Co., Series N, 2.15%, 01/30/20. . . . . . . . . . . . . . . . 1,309 1,303,738Wells Fargo Bank N.A.

1.75%, 05/24/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 449,7752.15%, 12/06/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 299,1812.40%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 748,462

Westpac Banking Corp.1.60%, 08/19/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 304,0882.15%, 03/06/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670 667,1394.88%, 11/19/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 965 976,580

49,911,568Beverages — 1.5%Anheuser-Busch InBev Worldwide Inc., 6.88%, 11/15/19. . . . . . 500 510,790Coca-Cola Co. (The), 1.38%, 05/30/19. . . . . . . . . . . . . . . . . . . . . . . 275 274,736Constellation Brands Inc., 2.00%, 11/07/19(a). . . . . . . . . . . . . . . . . 335 333,375Molson Coors Brewing Co.

1.45%, 07/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,9322.25%, 03/15/20 (Call 02/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . 255 253,717

SecurityPar

(000) Value

Beverages (continued)PepsiCo Inc.

1.55%, 05/02/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 435 $ 435,0004.50%, 01/15/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 369,669

2,202,219Biotechnology — 1.1%Amgen Inc.

2.20%, 05/22/19 (Call 05/16/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 690 689,7934.50%, 03/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 253,917

Celgene Corp., 2.25%, 05/15/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 219,963Gilead Sciences Inc., 2.35%, 02/01/20 . . . . . . . . . . . . . . . . . . . . . . . 405 404,182

1,567,855Chemicals — 0.2%Air Products & Chemicals Inc., 4.38%, 08/21/19 . . . . . . . . . . . . . . 25 25,121Methanex Corp., 3.25%, 12/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100,034Nutrien Ltd., 4.88%, 03/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 132,302PPG Industries Inc., 2.30%, 11/15/19 (Call 10/15/19) . . . . . . . . . 100 99,724

357,181Computers — 2.9%Apple Inc.

1.10%, 08/02/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 393,5151.55%, 02/07/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 790 784,5491.80%, 11/13/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,8971.90%, 02/07/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 204,0632.10%, 05/06/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,273 1,272,924

DXC Technology Co., 2.88%, 03/27/20. . . . . . . . . . . . . . . . . . . . . . . 105 104,879IBM Credit LLC, 1.63%, 09/06/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 348,659International Business Machines Corp.

1.80%, 05/17/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 264,9181.90%, 01/27/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 273,4608.38%, 11/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 462,357

4,134,221Cosmetics & Personal Care — 0.4%Estee Lauder Companies Inc. (The), 1.80%, 02/07/20 . . . . . . . . 250 248,310Procter & Gamble Co. (The), 1.90%, 11/01/19. . . . . . . . . . . . . . . . 295 293,944

542,254Diversified Financial Services — 3.9%AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

3.75%, 05/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 250,068Air Lease Corp., 2.13%, 01/15/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 263,643American Express Co., 8.13%, 05/20/19 . . . . . . . . . . . . . . . . . . . . . 250 250,665American Express Credit Corp.

2.20%, 03/03/20 (Call 02/01/20) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100 1,095,5012.25%, 08/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 743 742,153

Ameriprise Financial Inc., 5.30%, 03/15/20(a) . . . . . . . . . . . . . . . . . 290 296,357International Lease Finance Corp., 6.25%, 05/15/19 . . . . . . . . . . 460 460,520Jefferies Group LLC, 8.50%, 07/15/19 . . . . . . . . . . . . . . . . . . . . . . . 180 181,944Nasdaq Inc., 5.55%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 402,714National Rural Utilities Cooperative Finance Corp., 2.00%,

01/27/20 (Call 12/27/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 258,840Nomura Holdings Inc., 6.70%, 03/04/20 . . . . . . . . . . . . . . . . . . . . . . 335 345,740Synchrony Financial

2.70%, 02/03/20 (Call 01/03/20) . . . . . . . . . . . . . . . . . . . . . . . . . . 490 489,1623.00%, 08/15/19 (Call 07/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 225 225,027

TD Ameritrade Holding Corp., 5.60%, 12/01/19(a) . . . . . . . . . . . . . 320 325,069

5,587,403Electric — 2.6%Berkshire Hathaway Energy Co., 2.40%, 02/01/20

(Call 01/01/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220 219,549


April 30, 2019



SecurityPar

(000) Value

Electric (continued)Consolidated Edison Inc., Series A, 2.00%, 03/15/20 . . . . . . . . . $ 220 $ 218,574Dominion Energy Inc.

5.20%, 08/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 140,882Series B, 1.60%, 08/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 298,902

DTE Energy Co., 2.40%, 12/01/19 (Call 11/01/19) . . . . . . . . . . . . 125 124,695Duke Energy Corp., 5.05%, 09/15/19 . . . . . . . . . . . . . . . . . . . . . . . . 345 347,567Eversource Energy, 4.50%, 11/15/19(a). . . . . . . . . . . . . . . . . . . . . . . 160 161,193Exelon Generation Co. LLC

2.95%, 01/15/20 (Call 12/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 445 445,0315.20%, 10/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 141,159

Georgia Power Co.2.00%, 03/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 119,0684.25%, 12/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575 579,462

NextEra Energy Capital Holdings Inc.2.40%, 09/15/19 (Call 08/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 75 74,8802.70%, 09/15/19 (Call 08/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 160 159,818

Public Service Enterprise Group Inc., 1.60%, 11/15/19. . . . . . . . 150 148,968Sempra Energy

2.40%, 02/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 149,5532.40%, 03/15/20 (Call 02/15/20) . . . . . . . . . . . . . . . . . . . . . . . . . . 425 423,011

3,752,312Electrical Components & Equipment — 0.1%Emerson Electric Co., 4.88%, 10/15/19 . . . . . . . . . . . . . . . . . . . . . . 160 161,399

Electronics — 0.5%Honeywell International Inc.

1.40%, 10/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412 409,6471.80%, 10/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,073

658,720Environmental Control — 0.4%Republic Services Inc.

5.00%, 03/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 279,9475.50%, 09/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 252,348

532,295Food — 1.3%General Mills Inc., 2.20%, 10/21/19 . . . . . . . . . . . . . . . . . . . . . . . . . . 350 349,041JM Smucker Co. (The), 2.50%, 03/15/20 . . . . . . . . . . . . . . . . . . . . . 250 249,348Kellogg Co., 4.15%, 11/15/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 75,477Kraft Heinz Foods Co., 5.38%, 02/10/20 . . . . . . . . . . . . . . . . . . . . . 290 295,249Kroger Co. (The)

1.50%, 09/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 283,3816.15%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 173,869

Tyson Foods Inc., 2.65%, 08/15/19 (Call 07/15/19) . . . . . . . . . . . 385 384,715

1,811,080Gas — 0.1%Dominion Energy Gas Holdings LLC, 2.50%, 12/15/19

(Call 11/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,648

Health Care - Products — 0.8%Becton Dickinson and Co.

2.13%, 06/06/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 299,7512.68%, 12/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 299,505

Life Technologies Corp., 6.00%, 03/01/20 . . . . . . . . . . . . . . . . . . . . 355 363,644Stryker Corp., 4.38%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 151,634

1,114,534Health Care - Services — 1.6%Anthem Inc., 2.25%, 08/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 414,099HCA Inc., 6.50%, 02/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 1,231,728Humana Inc., 2.63%, 10/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 124,819

SecurityPar

(000) Value

Health Care - Services (continued)Laboratory Corp. of America Holdings, 2.63%, 02/01/20 . . . . . . $ 175 $ 174,646Quest Diagnostics Inc., 2.50%, 03/30/20 (Call 02/29/20) . . . . . . 130 129,619UnitedHealth Group Inc., 2.30%, 12/15/19(a) . . . . . . . . . . . . . . . . . 150 149,546

2,224,457Holding Companies - Diversified — 0.4%Ares Capital Corp., 3.88%, 01/15/20 (Call 12/15/19) . . . . . . . . . . 235 236,079FS KKR Capital Corp.

4.00%, 07/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 150,1334.25%, 01/15/20 (Call 12/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 135 135,394

521,606Home Builders — 0.1%DR Horton Inc., 4.00%, 02/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100,815

Insurance — 1.7%Allstate Corp. (The), 7.45%, 05/16/19 . . . . . . . . . . . . . . . . . . . . . . . . 150 150,275American International Group Inc., 2.30%, 07/16/19

(Call 06/16/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555 554,528Berkshire Hathaway Finance Corp., 1.30%, 08/15/19 . . . . . . . . . 85 84,663Berkshire Hathaway Inc., 2.10%, 08/14/19 . . . . . . . . . . . . . . . . . . . 390 389,392Chubb INA Holdings Inc., 5.90%, 06/15/19 . . . . . . . . . . . . . . . . . . . 60 60,199Hartford Financial Services Group Inc. (The), 5.50%,

03/30/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 358,347Marsh & McLennan Companies Inc., 2.35%, 03/06/20

(Call 02/06/20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 278,992Protective Life Corp., 7.38%, 10/15/19(a) . . . . . . . . . . . . . . . . . . . . . 125 127,494Prudential Financial Inc., 7.38%, 06/15/19 . . . . . . . . . . . . . . . . . . . 310 311,631Travelers Companies Inc. (The), 5.90%, 06/02/19 . . . . . . . . . . . . 160 160,390WR Berkley Corp., 7.38%, 09/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . 10 10,163

2,486,074Internet — 1.3%Alibaba Group Holding Ltd., 2.50%, 11/28/19 (Call 10/28/19) . . 850 849,133Amazon.com Inc., 2.60%, 12/05/19 (Call 11/05/19) . . . . . . . . . . . 378 378,007Baidu Inc., 2.75%, 06/09/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,986eBay Inc., 2.20%, 08/01/19 (Call 07/01/19). . . . . . . . . . . . . . . . . . . 380 379,301

1,806,427Machinery — 2.0%Caterpillar Financial Services Corp.

1.35%, 05/18/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 304,7902.00%, 03/05/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345 343,3302.10%, 06/09/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395 394,7352.10%, 01/10/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370 368,4942.25%, 12/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,932

CNH Industrial Capital LLC, 3.38%, 07/15/19. . . . . . . . . . . . . . . . . 250 250,218John Deere Capital Corp.

1.25%, 10/09/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 213,6731.70%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 362,5072.05%, 03/10/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 124,3592.20%, 03/13/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 104,5892.30%, 09/16/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 314,575

Rockwell Automation Inc., 2.05%, 03/01/20 (Call 02/01/20) . . . 130 129,305

2,935,507Manufacturing — 1.4%3M Co., 1.63%, 06/15/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 319,594General Electric Co.

2.20%, 01/09/20 (Call 12/09/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 612 608,7565.50%, 01/08/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630 640,1756.00%, 08/07/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410 413,370

1,981,895


April 30, 2019



SecurityPar

(000) Value

Media — 2.0%Comcast Corp.

5.15%, 03/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 645 $ 657,6295.70%, 07/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 276,397

Discovery Communications LLC2.20%, 09/20/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315 314,0332.75%, 11/15/19 (Call 10/15/19). . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,964

Time Warner Cable LLC, 5.00%, 02/01/20 . . . . . . . . . . . . . . . . . . . 640 648,864TWDC Enterprises 18 Corp.

1.85%, 05/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 364,7851.95%, 03/04/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 363,047

Warner Media LLC, 2.10%, 06/01/19. . . . . . . . . . . . . . . . . . . . . . . . . 230 229,800

2,879,519Mining — 0.1%Newmont Goldcorp Corp., 5.13%, 10/01/19 . . . . . . . . . . . . . . . . . . 140 141,259

Oil & Gas — 5.5%BP Capital Markets PLC

1.68%, 05/03/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 515 515,0002.24%, 05/10/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 304,9692.32%, 02/13/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 378,7802.52%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 339,871

Cenovus Energy Inc., 5.70%, 10/15/19 . . . . . . . . . . . . . . . . . . . . . . 129 130,315Chevron Corp.

1.56%, 05/16/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470 469,8071.96%, 03/03/20 (Call 02/03/20) . . . . . . . . . . . . . . . . . . . . . . . . . . 730 726,0512.19%, 11/15/19 (Call 10/15/19). . . . . . . . . . . . . . . . . . . . . . . . . . . 440 439,133

Encana Corp., 6.50%, 05/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 250,323EOG Resources Inc., 5.63%, 06/01/19. . . . . . . . . . . . . . . . . . . . . . . 530 531,129EQT Corp., 8.13%, 06/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 301,188Exxon Mobil Corp., 1.91%, 03/06/20 (Call 02/06/20) . . . . . . . . . . 620 616,702Husky Energy Inc., 7.25%, 12/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . 165 169,255Pioneer Natural Resources Co., 7.50%, 01/15/20. . . . . . . . . . . . . 165 170,174Shell International Finance BV

1.38%, 05/10/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 299,9221.38%, 09/12/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 308,6364.30%, 09/22/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 990 996,2074.38%, 03/25/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640 649,984

Total Capital International SA, 2.10%, 06/19/19(a). . . . . . . . . . . . . 331 330,772

7,928,218Packaging & Containers — 0.1%WestRock RKT LLC, 3.50%, 03/01/20 . . . . . . . . . . . . . . . . . . . . . . . 150 150,612

Pharmaceuticals — 5.2%Allergan Funding SCS, 3.00%, 03/12/20 (Call 02/12/20)(a) . . . . 950 950,152AstraZeneca PLC, 1.95%, 09/18/19. . . . . . . . . . . . . . . . . . . . . . . . . . 290 288,939Cardinal Health Inc., 1.95%, 06/14/19. . . . . . . . . . . . . . . . . . . . . . . . 575 574,402CVS Health Corp.

2.25%, 08/12/19 (Call 07/12/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 490 489,3923.13%, 03/09/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 795 796,193

Express Scripts Holding Co., 2.25%, 06/15/19. . . . . . . . . . . . . . . . 465 464,410Express Scripts Inc., 7.25%, 06/15/19 . . . . . . . . . . . . . . . . . . . . . . . 25 25,110Johnson & Johnson, 1.88%, 12/05/19. . . . . . . . . . . . . . . . . . . . . . . . 215 214,084Mead Johnson Nutrition Co., 4.90%, 11/01/19 . . . . . . . . . . . . . . . . 335 338,373Merck & Co. Inc., 1.85%, 02/10/20. . . . . . . . . . . . . . . . . . . . . . . . . . . 450 447,381Mylan NV, 2.50%, 06/07/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 245,857Novartis Capital Corp., 1.80%, 02/14/20 . . . . . . . . . . . . . . . . . . . . . 285 283,447Pfizer Inc.

1.70%, 12/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 447,1832.10%, 05/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 815 814,878

SecurityPar

(000) Value

Pharmaceuticals (continued)Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/19. $ 1,075 $ 1,070,732

7,450,533Pipelines — 1.9%Andeavor Logistics LP/Tesoro Logistics Finance Corp.,

5.50%, 10/15/19 (Call 09/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100,815Enable Midstream Partners LP, 2.40%, 05/15/19 . . . . . . . . . . . . . 90 89,979Enbridge Energy Partners LP, 5.20%, 03/15/20. . . . . . . . . . . . . . . 145 147,833Enterprise Products Operating LLC

2.55%, 10/15/19 (Call 09/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 180 179,7465.25%, 01/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 284,987

Kinder Morgan Energy Partners LP, 6.85%, 02/15/20 . . . . . . . . . 110 113,288Kinder Morgan Inc./DE, 3.05%, 12/01/19 (Call 11/01/19) . . . . . . 540 540,357Phillips 66 Partners LP, 2.65%, 02/15/20 (Call 01/15/20) . . . . . . 145 144,596Plains All American Pipeline LP/PAA Finance Corp.

2.60%, 12/15/19 (Call 11/15/19). . . . . . . . . . . . . . . . . . . . . . . . . . . 55 54,8695.75%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 101,789

TransCanada PipeLines Ltd., 2.13%, 11/15/19 . . . . . . . . . . . . . . . 290 288,944Williams Companies Inc. (The), 5.25%, 03/15/20 . . . . . . . . . . . . . 600 611,592

2,658,795Real Estate Investment Trusts — 0.7%Alexandria Real Estate Equities Inc., 2.75%, 01/15/20

(Call 12/15/19)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 149,829ERP Operating LP, 2.38%, 07/01/19 (Call 06/01/19) . . . . . . . . . . 225 224,878HCP Inc., 2.63%, 02/01/20 (Call 11/01/19) . . . . . . . . . . . . . . . . . . . 310 309,333Office Properties Income Trust

3.60%, 02/01/20 (Call 01/01/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . 110 110,2293.75%, 08/15/19 (Call 07/15/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 150 150,128

Senior Housing Properties Trust, 3.25%, 05/01/19 . . . . . . . . . . . . 60 60,000

1,004,397Retail — 1.7%AutoNation Inc., 5.50%, 02/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 188,197Costco Wholesale Corp.

1.70%, 12/15/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 347,9801.75%, 02/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290 288,028

Home Depot Inc. (The), 2.00%, 06/15/19 (Call 05/31/19)(a). . . . 350 349,709McDonald's Corp., 1.88%, 05/29/19 . . . . . . . . . . . . . . . . . . . . . . . . . 175 174,900Target Corp., 2.30%, 06/26/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296 295,787Walgreens Boots Alliance Inc., 2.70%, 11/18/19

(Call 10/18/19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290 289,754Walmart Inc., 1.75%, 10/09/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540 538,105

2,472,460Semiconductors — 1.1%Analog Devices Inc., 2.85%, 03/12/20 . . . . . . . . . . . . . . . . . . . . . . . 275 275,088Broadcom Corp./Broadcom Cayman Finance Ltd., 2.38%,

01/15/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,060,282Lam Research Corp., 2.75%, 03/15/20 (Call 02/15/20)(a). . . . . . 310 309,892

1,645,262Software — 2.9%Adobe Inc., 4.75%, 02/01/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 314,765CA Inc., 5.38%, 12/01/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 364,903Microsoft Corp.

1.10%, 08/08/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440 438,3191.85%, 02/06/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 675 671,3751.85%, 02/12/20 (Call 01/12/20)(a) . . . . . . . . . . . . . . . . . . . . . . . . 900 895,4464.20%, 06/01/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365 365,409


April 30, 2019



SecurityPar

(000) Value

Software (continued)Oracle Corp.

2.25%, 10/08/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 590 $ 588,9625.00%, 07/08/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 552,310

4,191,489Telecommunications — 2.7%America Movil SAB de CV

5.00%, 10/16/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 302,9195.00%, 03/30/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 407,856

Cisco Systems Inc.1.40%, 09/20/19(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 223,9474.45%, 01/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,165 1,179,924

Deutsche Telekom International Finance BV, 6.00%,07/08/19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 326,856

Orange SA1.63%, 11/03/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415 412,5765.38%, 07/08/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 356,661

Telefonica Emisiones SA, 5.88%, 07/15/19. . . . . . . . . . . . . . . . . . . 320 321,894Verizon Communications Inc., 2.63%, 02/21/20 . . . . . . . . . . . . . . 385 385,216

3,917,849Transportation — 0.9%Burlington Northern Santa Fe LLC, 4.70%, 10/01/19. . . . . . . . . . 270 272,130Canadian National Railway Co., 2.40%, 02/03/20. . . . . . . . . . . . . 170 169,517FedEx Corp., 2.30%, 02/01/20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,067Norfolk Southern Corp., 5.90%, 06/15/19 . . . . . . . . . . . . . . . . . . . . 85 85,308Ryder System Inc.

2.45%, 09/03/19 (Call 08/03/19) . . . . . . . . . . . . . . . . . . . . . . . . . . 145 144,7202.55%, 06/01/19 (Call 05/31/19)(a) . . . . . . . . . . . . . . . . . . . . . . . . 170 169,9172.65%, 03/02/20 (Call 02/02/20) . . . . . . . . . . . . . . . . . . . . . . . . . . 180 179,615

1,270,274Trucking & Leasing — 0.1%GATX Corp., 2.60%, 03/30/20 (Call 02/28/20) . . . . . . . . . . . . . . . . 175 174,557

Total Corporate Bonds & Notes — 91.8%(Cost: $131,735,369) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,586,861

SecurityShares

(000) Value

Investment CompaniesExchange Traded Funds — 2.2%

iShares iBonds Mar 2020 Term Corporateex-Financials ETF(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 $ 3,153,440

Total Investment Companies — 2.2%(Cost $3,047,085) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,153,440


2.59%(b)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,462 11,467,047BlackRock Cash Funds: Treasury, SL Agency Shares,

2.37%(b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,406 8,405,900

19,872,947

Total Short-Term Investments — 13.9%(Cost: $19,869,890) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,872,947

Total Investments in Securities — 107.9%(Cost: $154,652,344) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,613,248

Other Assets, Less Liabilities — (7.9)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,275,012)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 143,338,236

(a) All or a portion of this security is on loan.(b) Affiliate of the Fund.(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


Affiliated Issuer

Par/SharesHeld at

10/31/18(000)

Par/SharesPurchased

(000)

Par/SharesSold

(000)

Par/SharesHeld at

04/30/19(000)


NetRealized

Gain (Loss)(a)

Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . . 10,100 1,362(b) — 11,462 $11,467,047 $ 14,822(c) $ (353) $ 2,248BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . 2,815 5,591(b) — 8,406 8,405,900 56,502 — —iShares iBonds Mar 2020 Term Corporate ex-Financials

ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 — — 128 3,153,440 30,504 — 22,406PNC Bank N.A.

1.45%, 07/29/19(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 250 — 425 N/A 2,544 — 3002.25%, 07/02/19(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 — — 250 N/A 2,391 — 1,6952.40%, 10/18/19(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 — — 500 N/A 5,090 — 4,959

PNC Financial Services Group Inc. (The), 5.13%,02/08/20(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510 250 — 760 N/A 7,564 — 3,928

$23,026,387 $119,417 $ (353) $ 35,536

(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



April 30, 2019



Affiliates (continued)

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





InvestmentsAssets

Corporate Bonds & Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $131,586,861 $ — $131,586,861Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,153,440 — — 3,153,440Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,872,947 — — 19,872,947

$ 23,026,387 $131,586,861 $ — $154,613,248



April 30, 2019

iShares� iBonds� Mar 2020 Term Corporate ETF


SecurityPar

(000) Value

Corporate Bonds & NotesAdvertising — 0.5%Omnicom Group Inc./Omnicom Capital Inc., 3.63%, 05/01/22. . . . $ 305 $ 311,036WPP Finance 2010, 3.63%, 09/07/22(a) . . . . . . . . . . . . . . . . . . . . . . . . 100 100,771

411,807Aerospace & Defense — 1.5%General Dynamics Corp., 2.25%, 11/15/22 (Call 08/15/22). . . . . . . 100 98,829Lockheed Martin Corp., 3.10%, 01/15/23 (Call 11/15/22) . . . . . . . . 100 100,970Northrop Grumman Corp., 2.55%, 10/15/22 (Call 09/15/22)(a). . . . 250 247,523Raytheon Co., 2.50%, 12/15/22 (Call 09/15/22) . . . . . . . . . . . . . . . . . 275 274,862United Technologies Corp., 3.10%, 06/01/22. . . . . . . . . . . . . . . . . . . . 460 462,926

1,185,110Agriculture — 1.9%Altria Group Inc., 2.85%, 08/09/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 377,917BAT Capital Corp., 2.76%, 08/15/22 (Call 07/15/22) . . . . . . . . . . . . . 575 567,025Bunge Ltd. Finance Corp., 3.00%, 09/25/22 (Call 08/25/22) . . . . . 25 24,808Philip Morris International Inc.

2.50%, 08/22/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 272,3522.63%, 03/06/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 198,632

1,440,734Apparel — 0.1%Tapestry Inc., 3.00%, 07/15/22 (Call 06/15/22) . . . . . . . . . . . . . . . . . . 50 49,751

Auto Manufacturers — 2.0%American Honda Finance Corp., 2.60%, 11/16/22 . . . . . . . . . . . . . . . 25 24,909Ford Motor Credit Co. LLC

2.98%, 08/03/22 (Call 07/03/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 194,4264.25%, 09/20/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 202,640

General Motors Financial Co. Inc.3.15%, 06/30/22 (Call 05/30/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 74,4213.25%, 01/05/23 (Call 12/05/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 149,0103.45%, 04/10/22 (Call 02/10/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 386,783

Toyota Motor Credit Corp.2.63%, 01/10/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 224,7842.80%, 07/13/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 251,627

1,508,600Banks — 21.7%Australia & New Zealand Banking Group Ltd./New York NY,

2.63%, 11/09/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 247,830Banco Santander SA

3.13%, 02/23/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 199,2143.50%, 04/11/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 202,368

Bank of America Corp., 3.30%, 01/11/23. . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,011,320Bank of Montreal, 2.55%, 11/06/22 (Call 10/06/22) . . . . . . . . . . . . . . 475 472,273Bank of New York Mellon Corp. (The), 2.95%, 01/29/23

(Call 12/29/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 250,900Bank of Nova Scotia (The), 2.45%, 09/19/22. . . . . . . . . . . . . . . . . . . . 275 273,647Barclays PLC, 3.68%, 01/10/23 (Call 01/10/22) . . . . . . . . . . . . . . . . . 200 200,130BB&T Corp., 2.75%, 04/01/22 (Call 03/01/22). . . . . . . . . . . . . . . . . . . 215 215,133BNP Paribas SA, 3.25%, 03/03/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 187,705Canadian Imperial Bank of Commerce, 2.55%, 06/16/22 . . . . . . . . 215 214,002Capital One N.A., 2.65%, 08/08/22 (Call 07/08/22) . . . . . . . . . . . . . . 250 247,535Citigroup Inc.

2.70%, 10/27/22 (Call 09/27/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 148,7492.75%, 04/25/22 (Call 03/25/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 223,9343.38%, 03/01/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 152,0314.05%, 07/30/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 283,814

Cooperatieve Rabobank UA, 3.95%, 11/09/22 . . . . . . . . . . . . . . . . . . 425 432,913Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22. . . 250 255,407Deutsche Bank AG/New York NY, 3.95%, 02/27/23. . . . . . . . . . . . . . 275 269,822

SecurityPar

(000) Value

Banks (continued)Fifth Third Bancorp., 2.60%, 06/15/22 (Call 05/15/22) . . . . . . . . . . . $ 100 $ 99,337Goldman Sachs Group Inc. (The)

3.00%, 04/26/22 (Call 04/26/21) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,1143.20%, 02/23/23 (Call 01/23/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50,0683.63%, 01/22/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850 866,889

JPMorgan Chase & Co.2.97%, 01/15/23 (Call 01/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,2763.20%, 01/25/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 429,2843.25%, 09/23/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560 566,625

KeyBank N.A./Cleveland OH, 2.30%, 09/14/22 . . . . . . . . . . . . . . . . . 300 295,680Manufacturers & Traders Trust Co., 2.50%, 05/18/22

(Call 04/18/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 248,413Mitsubishi UFJ Financial Group Inc.

2.67%, 07/25/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 347,1053.46%, 03/02/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 253,847

Mizuho Financial Group Inc., 2.60%, 09/11/22 . . . . . . . . . . . . . . . . . . 200 197,928Morgan Stanley

2.75%, 05/19/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 575 572,0903.75%, 02/25/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 718,5014.88%, 11/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460 486,266

MUFG Americas Holdings Corp., 3.50%, 06/18/22 . . . . . . . . . . . . . . 100 101,254National Australia Bank Ltd./New York, 3.00%, 01/20/23. . . . . . . . . 250 250,713PNC Bank N.A., 2.70%, 11/01/22 (Call 10/01/22) . . . . . . . . . . . . . . . 275 273,454PNC Financial Services Group Inc. (The), 2.85%, 11/09/22(b) . . . . 175 174,767Regions Financial Corp., 2.75%, 08/14/22 (Call 07/14/22) . . . . . . . 250 248,610Royal Bank of Scotland Group PLC, 6.13%, 12/15/22 . . . . . . . . . . . 375 401,239Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22) . . 300 300,255Santander UK Group Holdings PLC, 3.57%, 01/10/23

(Call 01/10/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 200,510Sumitomo Mitsui Banking Corp., 3.20%, 07/18/22. . . . . . . . . . . . . . . 250 252,788Sumitomo Mitsui Financial Group Inc.

2.78%, 07/12/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 249,4282.78%, 10/18/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 248,9203.10%, 01/17/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 276,455

SunTrust Bank/Atlanta GA, 2.45%, 08/01/22 (Call 07/01/22). . . . . 350 345,866Synchrony Bank, 3.00%, 06/15/22 (Call 05/15/22) . . . . . . . . . . . . . . 250 248,095U.S. Bancorp., 2.95%, 07/15/22 (Call 06/15/22). . . . . . . . . . . . . . . . . 275 276,389Wells Fargo & Co.

2.63%, 07/22/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 775 768,2193.07%, 01/24/23 (Call 01/24/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510 510,189Series M, 3.45%, 02/13/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 328,503

Westpac Banking Corp.2.50%, 06/28/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 272,3742.75%, 01/11/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 99,368

16,848,546Beverages — 2.8%Anheuser-Busch InBev Finance Inc., 3.30%, 02/01/23

(Call 12/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 944 956,140Anheuser-Busch InBev Worldwide Inc., 2.50%, 07/15/22 . . . . . . . . 250 247,653Diageo Investment Corp., 2.88%, 05/11/22 . . . . . . . . . . . . . . . . . . . . . 300 302,037Molson Coors Brewing Co., 3.50%, 05/01/22 . . . . . . . . . . . . . . . . . . . 100 101,467PepsiCo Inc.

2.75%, 03/01/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 311,5563.10%, 07/17/22 (Call 05/17/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 228,699

2,147,552Biotechnology — 2.0%Amgen Inc.

2.65%, 05/11/22 (Call 04/11/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 74,5833.63%, 05/15/22 (Call 02/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399 408,775


April 30, 2019



SecurityPar

(000) Value

Biotechnology (continued)Biogen Inc., 3.63%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 217 $ 221,709Celgene Corp.

3.25%, 08/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292 294,3273.25%, 02/20/23 (Call 01/20/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25,1743.55%, 08/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317 322,655

Gilead Sciences Inc., 3.25%, 09/01/22 (Call 07/01/22) . . . . . . . . . . 225 228,492

1,575,715Building Materials — 0.1%Owens Corning, 4.20%, 12/15/22 (Call 09/15/22) . . . . . . . . . . . . . . . 95 97,582

Chemicals — 1.7%Celanese U.S. Holdings LLC, 4.63%, 11/15/22. . . . . . . . . . . . . . . . . . 100 104,683Dow Chemical Co. (The), 3.00%, 11/15/22 (Call 08/15/22). . . . . . . 287 287,390Eastman Chemical Co., 3.60%, 08/15/22 (Call 05/15/22) . . . . . . . . 165 168,011Huntsman International LLC, 5.13%, 11/15/22 (Call 08/15/22) . . . 50 52,637NewMarket Corp., 4.10%, 12/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 103,491Nutrien Ltd., 3.15%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . . . . . . . . 125 125,298Praxair Inc., 2.20%, 08/15/22 (Call 05/15/22) . . . . . . . . . . . . . . . . . . . 170 167,763Sherwin-Williams Co. (The), 2.75%, 06/01/22 (Call 05/01/22). . . . 325 322,816

1,332,089Commercial Services — 0.8%Block Financial LLC, 5.50%, 11/01/22 (Call 05/01/22) . . . . . . . . . . . 75 79,493Ecolab Inc., 2.38%, 08/10/22 (Call 07/10/22) . . . . . . . . . . . . . . . . . . . 165 162,952Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22) . . . . . . . . . . . . . . . . . . . 75 75,275Moody's Corp., 2.63%, 01/15/23 (Call 12/15/22) . . . . . . . . . . . . . . . . 150 147,950RELX Capital Inc., 3.13%, 10/15/22 (Call 07/15/22) . . . . . . . . . . . . . 100 100,924Verisk Analytics Inc., 4.13%, 09/12/22 . . . . . . . . . . . . . . . . . . . . . . . . . . 55 56,979

623,573Computers — 2.3%Apple Inc.

2.30%, 05/11/22 (Call 04/11/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 116,1262.70%, 05/13/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 451,8632.85%, 02/23/23 (Call 12/23/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 362,473

Hewlett Packard Enterprise Co., 4.40%, 10/15/22(Call 08/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 202,690

HP Inc., 4.05%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 103,477IBM Credit LLC, 3.00%, 02/06/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100,502International Business Machines Corp., 1.88%, 08/01/22 . . . . . . . . 450 437,724

1,774,855Cosmetics & Personal Care — 0.5%Colgate-Palmolive Co., 1.95%, 02/01/23(a) . . . . . . . . . . . . . . . . . . . . . 275 269,844Unilever Capital Corp., 3.13%, 03/22/23 (Call 02/22/23) . . . . . . . . . 150 151,860

421,704Diversified Financial Services — 4.8%AerCap Ireland Capital DAC/AerCap Global Aviation Trust,

3.50%, 05/26/22 (Call 04/26/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 225,286Air Lease Corp., 2.75%, 01/15/23 (Call 12/15/22)(a) . . . . . . . . . . . . . 284 278,703American Express Co.

2.50%, 08/01/22 (Call 07/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 296,6822.65%, 12/02/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460 457,2083.40%, 02/27/23 (Call 01/27/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 127,124

Capital One Bank USA N.A., 3.38%, 02/15/23 . . . . . . . . . . . . . . . . . . 325 325,244Capital One Financial Corp., 3.20%, 01/30/23 (Call 12/30/22) . . . 50 50,167CME Group Inc., 3.00%, 09/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 187,185Discover Financial Services, 3.85%, 11/21/22. . . . . . . . . . . . . . . . . . . 300 307,566Intercontinental Exchange Inc., 2.35%, 09/15/22 (Call 08/15/22) . 25 24,655International Lease Finance Corp., 5.88%, 08/15/22 . . . . . . . . . . . . 150 161,554Invesco Finance PLC, 3.13%, 11/30/22. . . . . . . . . . . . . . . . . . . . . . . . . 100 100,564Jefferies Group LLC, 5.13%, 01/20/23(a). . . . . . . . . . . . . . . . . . . . . . . . 135 142,904

SecurityPar

(000) Value

Diversified Financial Services (continued)National Rural Utilities Cooperative Finance Corp., 2.70%,

02/15/23 (Call 12/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 150 $ 149,557ORIX Corp., 2.90%, 07/18/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 124,665TD Ameritrade Holding Corp., 2.95%, 04/01/22 (Call 02/01/22) . . 285 286,964Visa Inc., 2.80%, 12/14/22 (Call 10/14/22) . . . . . . . . . . . . . . . . . . . . . . 485 488,157

3,734,185Electric — 4.0%Ameren Illinois Co., 2.70%, 09/01/22 (Call 06/01/22) . . . . . . . . . . . . 110 109,972American Electric Power Co. Inc., Series F, 2.95%, 12/15/22

(Call 09/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 159,992CenterPoint Energy Inc., 2.50%, 09/01/22 (Call 08/01/22) . . . . . . . 45 44,184Consumers Energy Co., 2.85%, 05/15/22 (Call 02/15/22). . . . . . . . 130 130,672Dominion Energy Inc., Series B, 2.75%, 09/15/22

(Call 06/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 123,760DTE Energy Co., Series B, 3.30%, 06/15/22 (Call 04/15/22) . . . . . 125 126,146Duke Energy Corp., 3.05%, 08/15/22 (Call 05/15/22). . . . . . . . . . . . 295 296,985Duke Energy Progress LLC, 2.80%, 05/15/22 (Call 02/15/22). . . . 175 175,637Edison International, 2.95%, 03/15/23 (Call 01/15/23) . . . . . . . . . . . 25 23,837Entergy Corp., 4.00%, 07/15/22 (Call 05/15/22) . . . . . . . . . . . . . . . . . 160 164,842Exelon Corp., 3.50%, 06/01/22 (Call 05/01/22). . . . . . . . . . . . . . . . . . 25 25,324Exelon Generation Co. LLC, 4.25%, 06/15/22 (Call 03/15/22). . . . 400 414,236FirstEnergy Corp., Series B, 4.25%, 03/15/23 (Call 12/15/22). . . . 160 166,538Georgia Power Co., 2.85%, 05/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . 199 198,162Kansas City Power & Light Co., 3.15%, 03/15/23

(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 101,382Oncor Electric Delivery Co. LLC

4.10%, 06/01/22 (Call 03/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 134,9317.00%, 09/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 141,316

PPL Capital Funding Inc., 3.50%, 12/01/22 (Call 09/01/22) . . . . . . 175 177,053Puget Energy Inc., 5.63%, 07/15/22 (Call 04/15/22) . . . . . . . . . . . . . 201 214,284TransAlta Corp., 4.50%, 11/15/22 (Call 08/15/22) . . . . . . . . . . . . . . . 75 75,757Virginia Electric & Power Co., Series C, 2.75%, 03/15/23

(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 129,788

3,134,798Electronics — 0.6%Agilent Technologies Inc., 3.20%, 10/01/22 (Call 07/01/22) . . . . . . 100 100,724Arrow Electronics Inc., 3.50%, 04/01/22 (Call 02/01/22) . . . . . . . . . 150 151,614Avnet Inc., 4.88%, 12/01/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 26,289Flex Ltd., 5.00%, 02/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 103,968Jabil Inc., 4.70%, 09/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 51,579

434,174Environmental Control — 0.3%Republic Services Inc., 3.55%, 06/01/22 (Call 03/01/22). . . . . . . . . 120 122,473Waste Management Inc., 2.90%, 09/15/22 (Call 06/15/22). . . . . . . 96 96,325

218,798Food — 1.7%Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23) . . . . . . . . . . . 175 177,296Conagra Brands Inc., 3.20%, 01/25/23 (Call 10/25/22)(a) . . . . . . . . 164 165,104Flowers Foods Inc., 4.38%, 04/01/22 (Call 01/01/22)(a) . . . . . . . . . . 100 103,566General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22) . . . . . . . . . . . . . 25 24,732Kraft Heinz Foods Co.

3.50%, 06/06/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 379,6393.50%, 07/15/22 (Call 05/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 101,108

Kroger Co. (The), 2.80%, 08/01/22 (Call 07/01/22) . . . . . . . . . . . . . . 150 149,338Tyson Foods Inc., 4.50%, 06/15/22 (Call 03/15/22). . . . . . . . . . . . . . 217 226,556

1,327,339Hand & Machine Tools — 0.2%Stanley Black & Decker Inc., 2.90%, 11/01/22 . . . . . . . . . . . . . . . . . . 118 118,496


April 30, 2019



SecurityPar

(000) Value

Health Care - Products — 1.3%Becton Dickinson and Co., 2.89%, 06/06/22 (Call 05/06/22) . . . . . $ 300 $ 299,085Boston Scientific Corp., 3.38%, 05/15/22 . . . . . . . . . . . . . . . . . . . . . . . 100 101,366Covidien International Finance SA, 3.20%, 06/15/22

(Call 03/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 146,418Thermo Fisher Scientific Inc., 3.15%, 01/15/23 (Call 10/15/22). . . 170 171,181Zimmer Biomet Holdings Inc., 3.15%, 04/01/22 (Call 02/01/22) . . 250 250,770

968,820Health Care - Services — 1.7%Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22). . . . . . . . . . . . . . . . . . . . . 150 148,086Anthem Inc., 3.30%, 01/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 453,456Humana Inc.

2.90%, 12/15/22 (Call 11/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,8203.15%, 12/01/22 (Call 09/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 160,352

Laboratory Corp. of America Holdings, 3.75%, 08/23/22(Call 05/23/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 112,290

UnitedHealth Group Inc.2.75%, 02/15/23 (Call 11/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 149,7402.88%, 03/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 300,807

1,349,551Home Builders — 0.3%NVR Inc., 3.95%, 09/15/22 (Call 06/15/22). . . . . . . . . . . . . . . . . . . . . . 185 190,102

Household Products & Wares — 0.3%Church & Dwight Co. Inc., 2.88%, 10/01/22. . . . . . . . . . . . . . . . . . . . . 125 125,034Clorox Co. (The), 3.05%, 09/15/22 (Call 06/15/22)(a) . . . . . . . . . . . . 125 126,347

251,381Insurance — 2.6%American International Group Inc., 4.88%, 06/01/22. . . . . . . . . . . . . 375 395,663Berkshire Hathaway Finance Corp., 3.00%, 05/15/22 . . . . . . . . . . . 225 228,278Berkshire Hathaway Inc.

2.75%, 03/15/23 (Call 01/15/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 351,2673.00%, 02/11/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 126,995

Chubb INA Holdings Inc.2.70%, 03/13/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 174,1932.88%, 11/03/22 (Call 09/03/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 125,841

Fidelity National Financial Inc., 5.50%, 09/01/22 . . . . . . . . . . . . . . . . 75 80,822Hartford Financial Services Group Inc. (The), 5.13%, 04/15/22 . . 225 239,321MetLife Inc., Series N, 3.05%, 12/15/22 . . . . . . . . . . . . . . . . . . . . . . . . 190 192,972Primerica Inc., 4.75%, 07/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 105,078

2,020,430Internet — 1.3%Amazon.com Inc.

2.40%, 02/22/23 (Call 01/22/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,7582.50%, 11/29/22 (Call 08/29/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384 383,178

Baidu Inc., 3.50%, 11/28/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 201,864eBay Inc.

2.60%, 07/15/22 (Call 04/15/22)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 351,5042.75%, 01/30/23 (Call 12/30/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,765

986,069Iron & Steel — 0.2%Nucor Corp., 4.13%, 09/15/22 (Call 06/15/22). . . . . . . . . . . . . . . . . . . 110 114,489

Machinery — 1.8%ABB Finance USA Inc., 2.88%, 05/08/22 . . . . . . . . . . . . . . . . . . . . . . . 250 251,415Caterpillar Inc., 2.60%, 06/26/22 (Call 03/26/22) . . . . . . . . . . . . . . . . 300 299,238Deere & Co., 2.60%, 06/08/22 (Call 03/08/22)(a) . . . . . . . . . . . . . . . . 275 274,915Flowserve Corp., 3.50%, 09/15/22 (Call 06/15/22) . . . . . . . . . . . . . . 175 175,766

SecurityPar

(000) Value

Machinery (continued)John Deere Capital Corp.

2.15%, 09/08/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25 $ 24,5552.80%, 01/27/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50,0572.80%, 03/06/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 275,418

Roper Technologies Inc., 3.13%, 11/15/22 (Call 08/15/22) . . . . . . . 25 25,123

1,376,487Manufacturing — 1.7%3M Co., 2.00%, 06/26/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295 290,005Eaton Corp., 2.75%, 11/02/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258 257,683General Electric Co.

2.70%, 10/09/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 271,6593.10%, 01/09/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 224,1973.15%, 09/07/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242 242,089

1,285,633Media — 3.1%CBS Corp., 2.50%, 02/15/23 (Call 01/15/23)(a) . . . . . . . . . . . . . . . . . . 50 48,921Charter Communications Operating LLC/Charter

Communications Operating Capital, 4.46%, 07/23/22(Call 05/23/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 570,267

Comcast Cable Communications Holdings Inc., 9.46%,11/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 257,061

Comcast Corp.2.85%, 01/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25,0863.13%, 07/15/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299 302,998

Discovery Communications LLC, 3.30%, 05/15/22 . . . . . . . . . . . . . . 189 190,629NBCUniversal Media LLC, 2.88%, 01/15/23 . . . . . . . . . . . . . . . . . . . . 250 250,857Time Warner Entertainment Co. LP, 8.38%, 03/15/23 . . . . . . . . . . . 175 204,610TWDC Enterprises 18 Corp., 2.35%, 12/01/22 . . . . . . . . . . . . . . . . . . 252 250,130Walt Disney Co. (The), 3.00%, 09/15/22(c) . . . . . . . . . . . . . . . . . . . . . . 175 176,458Warner Media LLC, 3.40%, 06/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 142,209

2,419,226Metal Fabricate & Hardware — 0.3%Precision Castparts Corp., 2.50%, 01/15/23 (Call 10/15/22) . . . . . 250 248,468

Mining — 0.3%Newmont Goldcorp Corp., 3.70%, 03/15/23 (Call 12/15/22)(c) . . . . 170 173,512Southern Copper Corp., 3.50%, 11/08/22 . . . . . . . . . . . . . . . . . . . . . . . 75 75,830

249,342Oil & Gas — 5.0%Apache Corp.

2.63%, 01/15/23 (Call 10/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 36,1963.25%, 04/15/22 (Call 01/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 178,264

BP Capital Markets America Inc., 3.25%, 05/06/22 . . . . . . . . . . . . . . 155 157,282BP Capital Markets PLC, 2.50%, 11/06/22 . . . . . . . . . . . . . . . . . . . . . . 450 445,950Canadian Natural Resources Ltd., 2.95%, 01/15/23

(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 173,547Chevron Corp., 2.36%, 12/05/22 (Call 09/05/22) . . . . . . . . . . . . . . . . 350 346,206Devon Energy Corp., 3.25%, 05/15/22 (Call 02/15/22) . . . . . . . . . . 175 176,137EOG Resources Inc., 2.63%, 03/15/23 (Call 12/15/22) . . . . . . . . . . 225 223,981EQT Corp., 3.00%, 10/01/22 (Call 09/01/22) . . . . . . . . . . . . . . . . . . . . 125 122,739Exxon Mobil Corp., 2.73%, 03/01/23 (Call 01/01/23) . . . . . . . . . . . . 275 276,169Husky Energy Inc., 3.95%, 04/15/22 (Call 01/15/22). . . . . . . . . . . . . 100 102,450Marathon Oil Corp., 2.80%, 11/01/22 (Call 08/01/22) . . . . . . . . . . . . 170 168,375Occidental Petroleum Corp.

2.60%, 04/15/22 (Call 03/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 124,0122.70%, 02/15/23 (Call 11/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 172,473

Phillips 66, 4.30%, 04/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383 399,147Pioneer Natural Resources Co., 3.95%, 07/15/22

(Call 04/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 134,072


April 30, 2019



SecurityPar

(000) Value

Oil & Gas (continued)Shell International Finance BV

2.25%, 01/06/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25 $ 24,6062.38%, 08/21/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367 364,277

Total Capital International SA, 2.70%, 01/25/23 . . . . . . . . . . . . . . . . . 275 275,162

3,901,045Oil & Gas Services — 0.4%National Oilwell Varco Inc., 2.60%, 12/01/22 (Call 09/01/22) . . . . . 240 235,591TechnipFMC PLC, 3.45%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . . 75 75,456

311,047Packaging & Containers — 0.2%Packaging Corp. of America, 3.90%, 06/15/22 (Call 03/15/22) . . . 100 102,505WestRock RKT LLC, 4.00%, 03/01/23 (Call 12/01/22) . . . . . . . . . . . 75 76,763

179,268Pharmaceuticals — 6.3%AbbVie Inc.

2.90%, 11/06/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525 523,8613.20%, 11/06/22 (Call 09/06/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 151,325

Allergan Finance LLC, 3.25%, 10/01/22 (Call 07/01/22) . . . . . . . . . 395 394,332AstraZeneca PLC, 2.38%, 06/12/22 (Call 05/12/22) . . . . . . . . . . . . . 25 24,696Bristol-Myers Squibb Co., 2.00%, 08/01/22 . . . . . . . . . . . . . . . . . . . . . 224 218,967Cardinal Health Inc.

2.62%, 06/15/22 (Call 05/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 172,2393.20%, 03/15/23(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 99,747

CVS Health Corp.2.75%, 12/01/22 (Call 09/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 385 379,1443.50%, 07/20/22 (Call 05/20/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325 329,0693.70%, 03/09/23 (Call 02/09/23) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 811,048

Express Scripts Holding Co., 3.05%, 11/30/22 (Call 10/31/22) . . . 100 99,811GlaxoSmithKline Capital Inc., 2.80%, 03/18/23. . . . . . . . . . . . . . . . . . 235 235,075GlaxoSmithKline Capital PLC, 2.85%, 05/08/22 . . . . . . . . . . . . . . . . . 325 326,085McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22) . . . . . . . . . . . . . . 175 172,907Merck & Co. Inc., 2.40%, 09/15/22 (Call 06/15/22) . . . . . . . . . . . . . . 292 291,089Novartis Capital Corp., 2.40%, 09/21/22 . . . . . . . . . . . . . . . . . . . . . . . . 425 422,084Zoetis Inc., 3.25%, 02/01/23 (Call 11/01/22) . . . . . . . . . . . . . . . . . . . . 250 252,145

4,903,624Pipelines — 2.9%Enbridge Inc., 2.90%, 07/15/22 (Call 06/15/22) . . . . . . . . . . . . . . . . . 100 99,688Energy Transfer Operating LP, 3.60%, 02/01/23 (Call 11/01/22). . 125 125,785Energy Transfer Partners LP/Regency Energy Finance Corp.,

5.00%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 105,279Enterprise Products Operating LLC, 3.35%, 03/15/23

(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 263,458Kinder Morgan Energy Partners LP

3.45%, 02/15/23 (Call 11/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 202,0703.95%, 09/01/22 (Call 06/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 257,272

MPLX LP, 3.38%, 03/15/23 (Call 02/15/23) . . . . . . . . . . . . . . . . . . . . . 125 125,818ONEOK Partners LP, 3.38%, 10/01/22 (Call 07/01/22). . . . . . . . . . . 135 136,064Plains All American Pipeline LP/PAA Finance Corp.

2.85%, 01/31/23 (Call 10/31/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 127,5763.65%, 06/01/22 (Call 03/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 151,498

Sunoco Logistics Partners Operations LP, 3.45%, 01/15/23(Call 10/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100,146

TransCanada PipeLines Ltd., 2.50%, 08/01/22. . . . . . . . . . . . . . . . . . 249 245,805Western Midstream Operating LP, 4.00%, 07/01/22

(Call 04/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 127,564Williams Companies Inc. (The), 3.35%, 08/15/22 (Call 05/15/22). 179 180,416

2,248,439

SecurityPar

(000) Value

Real Estate Investment Trusts — 4.1%Alexandria Real Estate Equities Inc., 4.60%, 04/01/22

(Call 01/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 75 $ 78,374American Tower Corp., 3.50%, 01/31/23. . . . . . . . . . . . . . . . . . . . . . . . 195 197,995Boston Properties LP, 3.85%, 02/01/23 (Call 11/01/22) . . . . . . . . . . 200 206,048Brixmor Operating Partnership LP, 3.88%, 08/15/22

(Call 06/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 167,368Crown Castle International Corp., 5.25%, 01/15/23. . . . . . . . . . . . . . 400 429,460Digital Realty Trust LP

2.75%, 02/01/23 (Call 01/01/23)(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 98,0013.63%, 10/01/22 (Call 07/03/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 202,6203.95%, 07/01/22 (Call 05/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 25,670

Duke Realty LP, 3.88%, 10/15/22 (Call 07/15/22) . . . . . . . . . . . . . . . 100 102,723EPR Properties, 5.75%, 08/15/22 (Call 05/15/22) . . . . . . . . . . . . . . . 25 26,618HCP Inc.

3.15%, 08/01/22 (Call 05/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 100,3374.00%, 12/01/22 (Call 10/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 154,506

Healthcare Trust of America Holdings LP, 2.95%, 07/01/22(Call 06/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 24,754

Hospitality Properties Trust, 5.00%, 08/15/22 (Call 02/15/22) . . . . 100 103,954Host Hotels & Resorts LP, Series C, 4.75%, 03/01/23

(Call 12/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 104,774Kilroy Realty LP, 3.80%, 01/15/23 (Call 10/15/22) . . . . . . . . . . . . . . . 75 76,546Kimco Realty Corp., 3.40%, 11/01/22 (Call 09/01/22). . . . . . . . . . . . 100 100,831Liberty Property LP, 4.13%, 06/15/22 (Call 03/15/22) . . . . . . . . . . . . 75 77,309Realty Income Corp., 3.25%, 10/15/22 (Call 07/15/22) . . . . . . . . . . 175 177,618Regency Centers Corp., 3.75%, 11/15/22 (Call 08/15/22). . . . . . . . 100 102,042Simon Property Group LP, 2.75%, 02/01/23 (Call 11/01/22). . . . . . 195 195,150Ventas Realty LP/Ventas Capital Corp., 3.25%, 08/15/22

(Call 05/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 246,764Weingarten Realty Investors, 3.38%, 10/15/22 (Call 07/15/22) . . . 90 90,409Welltower Inc., 3.75%, 03/15/23 (Call 12/15/22). . . . . . . . . . . . . . . . . 100 102,568

3,192,439Retail — 2.5%AutoZone Inc., 3.70%, 04/15/22 (Call 01/15/22). . . . . . . . . . . . . . . . . 200 204,042Home Depot Inc. (The), 2.63%, 06/01/22 (Call 05/01/22) . . . . . . . . 320 320,442Kohl's Corp., 3.25%, 02/01/23 (Call 11/01/22). . . . . . . . . . . . . . . . . . . 100 99,475Lowe's Companies Inc., 3.12%, 04/15/22 (Call 01/15/22) . . . . . . . . 225 226,849Macy's Retail Holdings Inc., 2.88%, 02/15/23 (Call 11/15/22) . . . . 125 121,669QVC Inc.

4.38%, 03/15/23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 196,7885.13%, 07/02/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 104,363

Starbucks Corp., 3.10%, 03/01/23 (Call 02/01/23). . . . . . . . . . . . . . . 125 126,160Walgreen Co., 3.10%, 09/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 255,112Walmart Inc., 2.35%, 12/15/22 (Call 11/15/22) . . . . . . . . . . . . . . . . . . 315 312,253

1,967,153Savings & Loans — 0.1%People's United Financial Inc., 3.65%, 12/06/22 (Call 09/06/22). . 100 101,356

Semiconductors — 1.8%Broadcom Corp./Broadcom Cayman Finance Ltd., 2.65%,

01/15/23 (Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 170,200Intel Corp., 2.70%, 12/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 476,510Maxim Integrated Products Inc., 3.38%, 03/15/23

(Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 75,367QUALCOMM Inc.

2.60%, 01/30/23 (Call 12/30/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 99,1563.00%, 05/20/22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480 483,346

Texas Instruments Inc., 1.85%, 05/15/22 (Call 04/15/22) . . . . . . . . 96 94,085

1,398,664


April 30, 2019



SecurityPar

(000) Value

Software — 2.1%Fiserv Inc., 3.50%, 10/01/22 (Call 07/01/22) . . . . . . . . . . . . . . . . . . . . $ 120 $ 122,214Microsoft Corp.

2.13%, 11/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 148,2922.65%, 11/03/22 (Call 09/03/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 150,822

Oracle Corp.2.50%, 05/15/22 (Call 03/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 509 506,1702.50%, 10/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470 466,879

VMware Inc., 2.95%, 08/21/22 (Call 07/21/22) . . . . . . . . . . . . . . . . . . 250 248,752

1,643,129Telecommunications — 2.9%America Movil SAB de CV, 3.13%, 07/16/22 . . . . . . . . . . . . . . . . . . . . 225 226,143AT&T Inc.

2.63%, 12/01/22 (Call 09/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 239,0413.00%, 06/30/22 (Call 04/30/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310 311,0823.60%, 02/17/23 (Call 12/17/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 281,182

Cisco Systems Inc., 2.60%, 02/28/23. . . . . . . . . . . . . . . . . . . . . . . . . . . 175 175,427Motorola Solutions Inc.

3.50%, 03/01/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 95,5003.75%, 05/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 147,292

Rogers Communications Inc., 3.00%, 03/15/23 (Call 12/15/22) . . 125 125,274Verizon Communications Inc., 2.45%, 11/01/22 (Call 08/01/22) . . 215 213,235Vodafone Group PLC

2.50%, 09/26/22(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 109,0492.95%, 02/19/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 334,243

2,257,468Textiles — 0.2%Mohawk Industries Inc., 3.85%, 02/01/23 (Call 11/01/22) . . . . . . . . 160 164,472

Transportation — 1.9%Burlington Northern Santa Fe LLC

3.00%, 03/15/23 (Call 12/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 171,5333.05%, 09/01/22 (Call 06/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 126,375

FedEx Corp., 2.63%, 08/01/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 144,887Norfolk Southern Corp.

2.90%, 02/15/23 (Call 11/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 150,3473.00%, 04/01/22 (Call 01/01/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 125,710

Ryder System Inc., 3.40%, 03/01/23 (Call 02/01/23) . . . . . . . . . . . . 50 50,446Union Pacific Corp.

2.95%, 01/15/23 (Call 10/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 120,3794.16%, 07/15/22 (Call 04/15/22) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 207,850

United Parcel Service Inc., 2.45%, 10/01/22 . . . . . . . . . . . . . . . . . . . . 376 373,977

1,471,504


SecurityShares

(000) Value

Investment CompaniesExchange Traded Funds — 4.0%

iShares iBonds Mar 2023 Term Corporateex-Financials ETF(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 $ 3,113,415

Total Investment Companies — 4.0%(Cost $2,974,253). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,113,415


2.59%(d)(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,551 1,551,632BlackRock Cash Funds: Treasury, SL Agency Shares,

2.37%(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270 270,202

1,821,834



Other Assets, Less Liabilities — (1.2)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (921,824)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 77,598,439

(a) All or a portion of this security is on loan.(b) Step coupon security. Coupon rate will either increase (step-up bond) or decrease

(step-down bond) at regular intervals until maturity. Interest rate shown reflects the ratecurrently in effect.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of1933, as amended. These securities may be resold in transactions exempt fromregistration to qualified institutional investors.

(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.


April 30, 2019



Affiliates


Affiliated Issuer

Par/SharesHeld at

10/31/18(000)

Par/SharesPurchased

(000)

Par/SharesSold

(000)

Par/SharesHeld at

04/30/19(000)


NetRealized

Gain (Loss)(a)

Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares . . . . . . 1,890 — (339)(b) 1,551 $1,551,632 $ 4,844(c) $ 478 $ 364BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . 332 — (62)(b) 270 270,202 4,679 — —iShares iBonds Mar 2023 Term Corporate ex-Financials ETF. . 129 — — 129 3,113,415 42,958 — 85,140PNC Bank N.A., 2.70%, 11/01/22(d) . . . . . . . . . . . . . . . . . . . . . . . . . . 250 25 — 275 N/A 3,626 — 8,690PNC Financial Services Group Inc. (The), 2.85%, 11/09/22(d) . 175 — — 175 N/A 2,588 — 4,915

$4,935,249 $58,695 $ 478 $ 99,109

(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 period end, the entity is no longer an affiliate of the Fund.





InvestmentsAssets

Corporate Bonds & Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $73,585,014 $ — $73,585,014Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,113,415 — — 3,113,415Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,821,834 — — 1,821,834

$ 4,935,249 $73,585,014 $ — $78,520,263



April 30, 2019

iShares� iBonds� Mar 2023 Term Corporate ETF


iSharesiBonds Mar2020 TermCorporate

ex-FinancialsETF


ex-FinancialsETF


ETF


ETF

ASSETSInvestments in securities, at value (including securities on loan)(a):

Unaffiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $84,639,589 $24,861,353 $131,586,861 $73,585,014Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,653,477 1,166,483 23,026,387 4,935,249

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 6,850 —Receivables:

Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,202 250 2,312 571Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,058 600 22,002 392Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639,926 200,382 1,091,407 633,003

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,950,252 26,229,068 155,735,819 79,154,229

LIABILITIESCollateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,617,655 889,878 11,463,743 1,549,702Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 923,098 —Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,685 2,096 10,742 6,088

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,624,340 891,974 12,397,583 1,555,790

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $88,325,912 $25,337,094 $143,338,236 $77,598,439

NET ASSETS CONSIST OF:Paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $89,522,848 $26,254,442 $143,365,774 $77,752,402Accumulated loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,196,936) (917,348) (27,538) (153,963)

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $88,325,912 $25,337,094 $143,338,236 $77,598,439

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600,000 1,050,000 5,500,000 2,950,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24.53 $ 24.13 $ 26.06 $ 26.30

Shares authorized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unlimited Unlimited Unlimited Unlimited

Par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None None None None

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,542,398 $ 862,499 $ 10,273,468 $ 1,505,563(b) Investments, at cost — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $84,874,660 $24,869,584 $131,735,369 $73,399,389(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,651,994 $ 1,166,195 $ 22,916,975 $ 4,795,520


Statements of Assets and Liabilities (unaudited)

April 30, 2019



ex-FinancialsETF


ex-FinancialsETF


ETF


ETF

INVESTMENT INCOMEDividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 47,483 $ 4,126 $ 87,006 $ 47,637Interest — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 817,715 550,899 1,474,927 940,530Interest — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 17,589 6,214Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,662 3,533 14,822 4,844Other income — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 — — —

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 873,954 558,558 1,594,344 999,225

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,678 19,243 65,638 32,718

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,678 19,243 65,638 32,718

Less:Investment advisory fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,782) (161) (3,668) (1,699)

Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,896 19,082 61,970 31,019

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 833,058 539,476 1,532,374 968,206

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) from:

Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (67,861) (86,202) (18,780) (44,703)Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (82) 788 (353) 478In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,760) 42,726 — —

Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (87,703) (42,688) (19,133) (44,225)

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 676,878 1,219,824 735,457 1,950,914Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 909 (41) 35,536 99,109

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 677,787 1,219,783 770,993 2,050,023

Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590,084 1,177,095 751,860 2,005,798

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,423,142 $1,716,571 $2,284,234 $2,974,004


Statements of Operations (unaudited)

Six Months Ended April 30, 2019

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

iSharesiBonds Mar 2020 Term Corporate

ex-Financials ETF

iSharesiBonds Mar 2023 Term Corporate

ex-Financials ETF

Six MonthsEnded

04/30/19(unaudited)

Year Ended10/31/18

Six MonthsEnded

04/30/19(unaudited)

Year Ended10/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 833,058 $ 1,732,858 $ 539,476 $ 1,254,704Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (87,703) (67,145) (42,688) (49,237)Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 677,787 (926,930) 1,219,783 (1,927,488)

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,423,142 738,783 1,716,571 (722,021)

DISTRIBUTIONS TO SHAREHOLDERS(a)

Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (839,392) (1,723,970) (558,227) (1,252,194)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,703 (6,092,784) (20,356,373) (1,206,767)

NET ASSETSTotal increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601,453 (7,077,971) (19,198,029) (3,180,982)Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,724,459 94,802,430 44,535,123 47,716,105

End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $88,325,912 $87,724,459 $ 25,337,094 $44,535,123

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


Statements of Changes in Net Assets


iSharesiBonds Mar 2020 Term Corporate ETF

iSharesiBonds Mar 2023 Term Corporate ETF

Six MonthsEnded

04/30/19(unaudited)

Year Ended10/31/18

Six MonthsEnded

04/30/19(unaudited)

Year Ended10/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,532,374 $ 2,398,359 $ 968,206 $ 2,293,022Net realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,133) (26,491) (44,225) (207,358)Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 770,993 (1,171,559) 2,050,023 (3,305,917)

Net increase (decrease) in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,284,234 1,200,309 2,974,004 (1,220,253)

DISTRIBUTIONS TO SHAREHOLDERS(a)

Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,512,144) (2,331,279) (977,641) (2,332,562)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,895,099 33,754,391 15,606,635 (24,415,101)

NET ASSETSTotal increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,667,189 32,623,421 17,602,998 (27,967,916)Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,671,047 93,047,626 59,995,441 87,963,357

End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $143,338,236 $125,671,047 $77,598,439 $ 59,995,441

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


Statements of Changes in Net Assets (continued)

F I N A N C I A L S T A T E M E N T S 33

iShares iBonds Mar 2020 Term Corporate ex-Financials ETF

Six Months Ended04/30/19

(unaudited)Year Ended

10/31/18Year Ended

10/31/17Year Ended

10/31/16(a)Year Ended


10/31/14(a)

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24.37 $ 24.62 $ 24.80 $ 24.56 $ 24.55 $ 24.12

Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.24 0.46 0.46 0.50 0.53 0.52Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.16 (0.26) (0.19) 0.25 0.02 0.42

Net increase from investment operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40 0.20 0.27 0.75 0.55 0.94

Distributions(d)

From net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.24) (0.45) (0.45) (0.51) (0.54) (0.51)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.24) (0.45) (0.45) (0.51) (0.54) (0.51)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24.53 $ 24.37 $ 24.62 $ 24.80 $ 24.56 $ 24.55

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.64%(e) 0.84% 1.12% 3.09% 2.23% 3.96%

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10% 0.10% 0.10% 0.10%

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10% 0.10% 0.10% 0.10%

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.95%(f) 1.87% 1.86% 2.04% 2.17% 2.13%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $88,326 $87,724 $94,802 $85,570 $58,951 $54,015

Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3%(e) 5% 11% 8% 35% 43%

(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on July 22, 2016.(b) Based on average shares outstanding.(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share

transactions in relation to the fluctuating market values of the Fund’s underlying securities.(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(e) Not annualized.(f) Annualized.(g) Portfolio turnover rate excludes in-kind transactions.


Financial Highlights(For a share outstanding throughout each period)


iShares iBonds Mar 2023 Term Corporate ex-Financials ETF



10/31/18Year Ended

10/31/17Year Ended



10/31/14(a)


Net investment income(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.33 0.66 0.66 0.68 0.69 0.68Net realized and unrealized gain (loss)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69 (1.04) (0.33) 0.79 (0.01) 0.68

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.02 (0.38) 0.33 1.47 0.68 1.36

Distributions(d)




Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.40%(e) (1.54)% 1.37% 6.24% 2.86% 5.93%

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10% 0.10% 0.10% 0.10%

Total expenses after fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(f) 0.10% 0.10% 0.10% 0.10% 0.10%

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.80%(f) 2.76% 2.72% 2.77% 2.86% 2.86%


Portfolio turnover rate(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%(e) 5% 10% 12% 17% 8%


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.


Financial Highlights (continued)

(For a share outstanding throughout each period)

F I N A N C I A L H I G H L I G H T S 35

iShares iBonds Mar 2020 Term Corporate ETF



10/31/18Year Ended

10/31/17Year Ended



10/31/14(a)



Net increase from investment operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.45 0.25 0.40 0.88 0.60 1.11

Distributions(d)




Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.75%(e) 0.97% 1.54% 3.46% 2.30% 4.36%

Ratios to Average Net AssetsTotal expenses(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(g) 0.10% 0.10% 0.10% 0.10% 0.10%

Total expenses after fees waived(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.09%(g) 0.10% 0.10% 0.09% 0.09% 0.08%

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.33%(g) 2.15% 2.11% 2.23% 2.33% 2.70%


Portfolio turnover rate(h)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4%(e) 5% 7% 9% 3% 9%


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.





iShares iBonds Mar 2023 Term Corporate ETF



10/31/18Year Ended

10/31/17Year Ended



10/31/14(a)



Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.16 (0.36) 0.52 1.78 0.54 1.67

Distributions(d)




Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.58%(e) (1.37)% 2.01% 6.99% 2.07% 6.68%

Ratios to Average Net AssetsTotal expenses(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%(g) 0.10% 0.10% 0.10% 0.10% 0.10%

Total expenses after fees waived(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.09%(g) 0.10% 0.10% 0.09% 0.09% 0.08%

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.96%(g) 2.95% 2.92% 3.01% 3.11% 3.36%


Portfolio turnover rate(h)(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2%(e) 3% 12% 6% 6% 3%


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.




F I N A N C I A L H I G H L I G H T S 37

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. TheTrust 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 ETFDiversificationClassification

iBonds Mar 2020 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Mar 2023 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Mar 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiediBonds Mar 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 principlesgenerally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to makecertain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financialstatements 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 aredetermined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, andpayment-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-dividenddate, net of any foreign taxes withheld at source.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds.Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated netrealized 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 netinvestment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvestedin additional shares of the Funds.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on PurchaseCallable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchasedcallable 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 appliedon a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management continues to evaluate theimpact 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. TheFunds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with anycertainty.

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 theFund’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 notopen. 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 atthe measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by theBoard of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed bymanagement 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 aninstitutional 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 qualityinformation, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices ofsecurities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions.

Notes to Financial Statements (unaudited)


• 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, asapplicable, 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 atthe 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”).

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 thatapplication 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 priceis 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 ValuedInvestments”). 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 principalmarket for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, ifreasonably 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 resultin 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 valuehierarchy 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 tobe active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, lossseverities, 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 GlobalValuation 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 tounobservable 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 classificationis 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 includedin 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 notnecessarily 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 andmaintains 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 securitieson 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 Fundor 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 loanedsecurities 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 requiredto 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 fundsmanaged by BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateralreceived 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 itsschedule 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 assetsand 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 valueof 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, bankruptcyor 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 orinsolvency. 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 inconnection with loaned securities.

Notes to Financial Statements (unaudited) (continued)

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 39

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 CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

iBonds Mar 2020 Term Corporate ex-FinancialsHSBC Securities (USA) Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,455 $ 99,455 $ — $ —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,044,966 1,044,966 — —Merrill Lynch, Pierce, Fenner & Smith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524,224 480,539 — (43,685)(b)

Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,612,951 1,612,951 — —RBC Capital Markets LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,215 280,215 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980,587 980,587 — —

$ 4,542,398 $ 4,498,713 $ — $ (43,685)

iBonds Mar 2023 Term Corporate ex-FinancialsBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 59,848 $ 59,848 $ — $ —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,769 111,769 — —Merrill Lynch, Pierce, Fenner & Smith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272,828 272,828 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377,414 377,414 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,640 40,640 — —

$ 862,499 $ 862,499 $ — $ —

iBonds Mar 2020 Term CorporateBNP Paribas Prime Brokerage International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,018,619 $ 1,018,619 $ — $ —BNP Paribas Securities Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,623 278,623 — —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,709 104,709 — —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303,926 303,926 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 770,985 770,985 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,269,467 5,269,467 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,527,139 2,527,139 — —

$ 10,273,468 $ 10,273,468 $ — $ —

iBonds Mar 2023 Term CorporateBarclays Bank PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 88,775 $ 88,775 $ — $ —Goldman Sachs & Co.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268,670 268,670 — —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,904 142,904 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 627,225 627,225 — —Merrill Lynch, Pierce, Fenner & Smith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239,394 239,394 — —Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,595 138,595 — —

$ 1,505,563 $ 1,505,563 $ — $ —

(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 statementof assets and liabilities.

(b) Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the eventof default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigatethese risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of thesecurities 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 aninvestment 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 belowthe value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.10%, accrued daily and paid monthly by the Funds, based onthe average daily net assets of each Fund.

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



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 orexpenses 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 operationalcosts 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 moneymarket 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 collateralinvestment 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 thereinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion ofsecurities 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 amountretained 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 securitieslending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateralinvestment 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 ActiShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lendingagreement, 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 securitieslending 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 endedApril 30, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETFFees Paid

to BTC

iBonds Mar 2020 Term Corporate ex-Financials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,944iBonds Mar 2023 Term Corporate ex-Financials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,182iBonds Mar 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,063iBonds Mar 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,585

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

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investmentsis 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’sunderlying index.

6. 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

iBonds Mar 2020 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,152,657 $ 13,072,105iBonds Mar 2023 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,931,361 2,162,642iBonds Mar 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,133,401 15,271,459iBonds Mar 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,542,877 1,489,856

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

iShares ETFIn-kind

PurchasesIn-kindSales

iBonds Mar 2020 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,326,229 $ 2,354,184iBonds Mar 2023 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 19,991,676iBonds Mar 2020 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,967,436 —iBonds Mar 2023 Term Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,346,089 —



7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investmentcompany by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, asamended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieveit 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 thatthere 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

iBonds Mar 2020 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 979,818iBonds Mar 2023 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 952,131iBonds Mar 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,956iBonds Mar 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 590,358

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 incometax purposes were as follows:

iShares ETF Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

iBonds Mar 2020 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 92,554,639 $ 7,991 $ (269,564) $ (261,573)iBonds Mar 2023 Term Corporate ex-Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,039,798 109,259 (121,221) (11,962)iBonds Mar 2020 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,652,344 143,046 (182,142) (39,096)iBonds Mar 2023 Term Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,196,414 518,133 (194,284) 323,849

8. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to variousrisks, 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 mayalso 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 socialinstability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus providesdetails 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 wellas 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 compositionof 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 representsthe 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, fixedincome 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 marketconditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instabilityor 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 inthe 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 arenot 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 ofwithholding 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 forinvestments 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 bondsand 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 interestrate 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 besubject 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, repurchaseagreements 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 bymonitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally offinancial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets isapproximated 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 particularinvestment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:


Year Ended10/31/18

iShares ETF Shares Amount Shares Amount

iBonds Mar 2020 Term Corporate ex-FinancialsShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 $ 2,451,073 — $ —Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (100,000) (2,433,370) (250,000) (6,092,784)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — $ 17,703 (250,000) $ (6,092,784)

iBonds Mar 2023 Term Corporate ex-FinancialsShares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (850,000) (20,356,373) (50,000) (1,206,767)

iBonds Mar 2020 Term CorporateShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,000 $ 16,895,099 1,400,000 $ 36,355,700Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (100,000) (2,601,309)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,000 $ 16,895,099 1,300,000 $ 33,754,391

iBonds Mar 2023 Term CorporateShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 $ 15,606,635 50,000 $ 1,330,147Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (1,000,000) (25,745,248)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 $ 15,606,635 (950,000) $(24,415,101)

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 specifiedamount 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 Unitsmay 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 othertransaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may alsopay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, andbrokerage 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 transactionsare reflected as a receivable or a payable in the statement of assets and liabilities.

10. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iSharesMorningstar 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 lawsuitalleges 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-lossorders 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 thePlaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs haveappealed the court’s decision.

11. SUBSEQUENT EVENTS

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



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 actualamounts 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 calendaryear-end.

Total Cumulative Distributionsfor the Fiscal Year-to-Date

% Breakdown of the Total CumulativeDistributions for the Fiscal Year-to-Date

iShares ETF

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

iBonds Mar 2020 Term Corporate ex-Financials(a). . $ 0.232789 $ — $ 0.004777 $ 0.237566 98% —% 2% 100%iBonds Mar 2023 Term Corporate ex-Financials. . . . 0.333008 — — 0.333008 100 — — 100iBonds Mar 2020 Term Corporate(a) . . . . . . . . . . . . . . . 0.294006 — 0.005819 0.299825 98 — 2 100iBonds Mar 2023 Term Corporate(a) . . . . . . . . . . . . . . . 0.379121 — 0.008291 0.387412 98 — 2 100

(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 returnof 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 theFund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce theFund's net asset value per share.

Supplemental Information (unaudited)


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. Onceyou 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 copyof certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contactyour 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 currentlyenrolled 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’ FormsN-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 iShareswebsite 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 theiShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) bycalling 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

G E N E R A L I N F O R M A T I O N 45

THIS PAGE INTENTIONALLY LEFT BLANK.

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

Investing involves risk, including possible loss of principal.

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

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

©2019 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks arethe property of their respective owners.

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

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2019 SEMI-ANNUAL REPORT (UNAUDITED) - BlackRock · 2019-06-27 · invests in a representative...

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