2019 SEMI-ANNUAL REPORT (UNAUDITED) · InvestmentObjective The iShares 3-7YearTreasury Bond ETF(the...

iShares Trust

� iShares 1-3 Year Treasury Bond ETF | SHY | NASDAQ

� iShares 3-7 Year Treasury Bond ETF | IEI | NASDAQ

� iShares 7-10 Year Treasury Bond ETF | IEF | NASDAQ

� iShares 10-20 Year Treasury Bond ETF | TLH | NYSE Arca

� iShares 20+ Year Treasury Bond ETF | TLT | NASDAQ

� iShares Short Treasury Bond ETF | SHV | NASDAQ

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.

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

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

AUGUST 31, 2019

2019 SEMI-ANNUAL REPORT (UNAUDITED)

Page

Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

Table of Contents

Investment Objective

The iShares 1-3 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturitiesbetween one and three years, as represented by the ICE U.S. Treasury 1-3 Year Bond Index (the "Index"). The Fund invests in a representative sample of securities includedin the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities thatare included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns

6 Months 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.73% 4.26% 1.20% 1.08% 4.26% 6.17% 11.38%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.75 4.29 1.21 1.08 4.29 6.21 11.35Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.82 4.42 1.34 1.22 4.42 6.88 12.90

Index performance through March 31, 2016 reflects the performance of the Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index. Index performance beginning on April 1, 2016reflects the performance of the ICE U.S. Treasury 1-3 Year Bond Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemptionor sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(03/01/19)

EndingAccount Value

(08/31/19)

ExpensesPaid Duringthe Period (a)


(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,027.30 $ 0.76 $ 1,000.00 $ 1,024.40 $ 0.76 0.15%

(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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY MATURITY

MaturityPercent of

Total Investments(a)

0-1 Year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1%1-2 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.72-3 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.2

FIVE LARGEST HOLDINGS

SecurityPercent of


U. S. Treasury Note/Bond, 2.25%, 04/30/21 . . . . . . . . . . . . . . . . . 8.7%U. S. Treasury Note/Bond, 1.88%, 04/30/22 . . . . . . . . . . . . . . . . . 5.5U. S. Treasury Note/Bond, 2.13%, 05/15/22 . . . . . . . . . . . . . . . . . 5.3U. S. Treasury Note/Bond, 2.50%, 02/15/22 . . . . . . . . . . . . . . . . . 4.6U. S. Treasury Note/Bond, 2.50%, 01/15/22 . . . . . . . . . . . . . . . . . 4.4

(a) Excludes money market funds.

Fund Summary as of August 31, 2019 iShares� 1-3 Year Treasury Bond ETF

F U N D S U M M A R Y 3


The iShares 3-7 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturitiesbetween three and seven years, as represented by the ICE U.S. Treasury 3-7 Year Bond Index (the "Index"). The Fund invests in a representative sample of securitiesincluded in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of thesecurities that are included in the Index.

Performance






Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,062.20 $ 0.78 $ 1,000.00 $ 1,024.40 $ 0.76 0.15%




MaturityPercent of


2-3 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1%3-4 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.94-5 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.95-6 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.56-7 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.47-8 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2


SecurityPercent of





4 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 7-10 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturitiesbetween seven and ten years, as represented by the ICE U.S. Treasury 7-10 Year Bond Index (the "Index"). The Fund invests in a representative sample of securitiesincluded in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of thesecurities that are included in the Index.

Performance






Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,106.00 $ 0.79 $ 1,000.00 $ 1,024.40 $ 0.76 0.15%




MaturityPercent of


7-8 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.9%8-9 Years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.79-10 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.4


SecurityPercent of







The iShares 10-20 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturitiesbetween ten and twenty years, as represented by the ICE U.S. Treasury 10-20 Year Bond Index (the "Index"). The Fund invests in a representative sample of securitiesincluded in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of thesecurities that are included in the Index.

Performance




Index performance through June 30, 2016 reflects the performance of the Bloomberg Barclays U.S. 10-20 Year Treasury Bond Index. Index performance beginning on July 1, 2016reflects the performance of the ICE U.S. Treasury 10-20 Year Bond Index.


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,160.70 $ 0.81 $ 1,000.00 $ 1,024.40 $ 0.76 0.15%




MaturityPercent of


9-10 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3%10-11 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.811-12 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.416-17 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.917-18 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.918-19 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.019-20 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.220-21 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5


SecurityPercent of







The iShares 20+YearTreasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greaterthan twenty years, as represented by the ICE U.S. Treasury 20+ Year Bond Index (the "Index"). The Fund invests in a representative sample of securities included in theIndex that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that areincluded in the Index.

Performance




Index performance through March 31, 2016 reflects the performance of the Bloomberg Barclays U.S. 20+ Year Treasury Bond Index. Index performance beginning on April 1, 2016reflects the performance of the ICE U.S. Treasury 20+ Year Bond Index.


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,241.20 $ 0.85 $ 1,000.00 $ 1,024.40 $ 0.76 0.15%




MaturityPercent of

Total Investment(a)

15-20 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3%20-25 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.425-30 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59.3


SecurityPercent of




Fund Summary as of August 31, 2019 iShares� 20+ Year Treasury Bond ETF



The iShares ShortTreasury Bond ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities betweenone month and one year, as represented by the ICE U.S. Treasury Short Bond Index (the "Index"). The Fund invests in a representative sample of securities included in theIndex that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that areincluded in the Index.

Performance




Index performance through June 30, 2016 reflects the performance of the Bloomberg Barclays U.S. Short Treasury Bond Index. Index performance beginning on July 1, 2016 reflectsthe performance of the ICE U.S. Treasury Short Bond Index.


Expense Example



(03/01/19)

EndingAccount Value

(08/31/19)



(03/01/19)

EndingAccount Value

(08/31/19)


AnnualizedExpense

Ratio

$ 1,000.00 $ 1,012.90 $ 0.76 $ 1,000.00 $ 1,024.40 $ 0.76 0.15%



ALLOCATION BY INVESTMENT TYPE

Investment TypePercent of


U. S. Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%


SecurityPercent of


U. S. Treasury Bill, 2.11%, 10/31/19 . . . . . . . . . . . . . . . . . . . . . . . . . 13.2%U. S. Treasury Note/Bond, 1.50%, 05/31/20 . . . . . . . . . . . . . . . . . 5.3U. S. Treasury Note/Bond, 2.13%, 08/31/20 . . . . . . . . . . . . . . . . . 4.7U. S. Treasury Note/Bond, 3.50%, 05/15/20 . . . . . . . . . . . . . . . . . 4.4U. S. Treasury Bill, 2.03%, 10/29/19. . . . . . . . . . . . . . . . . . . . . . . . . 4.4


Fund Summary as of August 31, 2019 iShares� Short Treasury Bond 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. Market and NAV returns assume that dividends and capital gain distributions have been reinvestedat 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 9

SecurityPar

(000) Value

U.S. Government ObligationsU.S. Government Obligations — 95.7%U.S. Treasury Note/Bond

1.13%, 03/31/20(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3 $ 2,9871.13%, 04/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9951.13%, 02/28/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,983 193,505,3951.13%, 08/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 677,712 672,364,4321.25%, 03/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537,467 534,380,4641.25%, 10/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,152 50,866,2681.38%, 02/29/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3,5911.38%, 03/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 18,9441.38%, 04/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 448,5761.38%, 05/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594 591,9121.38%, 08/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334 332,6431.38%, 09/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,512 36,357,9651.38%, 01/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,888 184,129,6711.38%, 04/30/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 576,600 574,460,2721.50%, 04/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9981.50%, 05/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 292,2671.50%, 05/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 265,3251.50%, 06/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 870 867,5541.50%, 07/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449 447,7551.50%, 01/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,792 154,900,8371.63%, 03/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9991.63%, 06/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 231,6011.63%, 07/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 127,7751.63%, 10/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,160 6,152,3001.63%, 11/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,762 318,450,7101.63%, 08/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 12,066,5631.63%, 08/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000 40,217,1881.75%, 10/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,785 31,789,9661.75%, 12/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,946 106,020,4931.75%, 11/30/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,134 39,354,1291.75%, 02/28/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,960 172,148,7051.75%, 03/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,242 152,388,1301.75%, 04/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,075 105,891,7941.75%, 05/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171,884 173,226,8441.75%, 05/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 684,029 689,426,4131.75%, 06/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,651 85,391,6961.75%, 07/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,314 290,802,9601.88%, 06/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 371,1301.88%, 01/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216,111 218,094,8321.88%, 02/28/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,764 146,177,7101.88%, 03/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,870 5,931,3971.88%, 04/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 940,213 950,312,9471.88%, 05/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,724 139,327,1931.88%, 07/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,992 380,603,7751.88%, 08/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 24,307,5002.00%, 07/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308 308,5052.00%, 09/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186,753 187,197,9972.00%, 11/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 585,266 587,323,5732.00%, 02/28/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451,953 454,424,8192.00%, 05/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,150 117,992,0162.00%, 08/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294,806 297,523,7432.00%, 10/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,326 291,310,6242.00%, 12/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,662 82,599,8372.00%, 07/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,179 20,505,332

Security

Par/Shares

(000) Value

U.S. Government Obligations (continued)2.13%, 08/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 255,458 $ 256,286,2432.13%, 01/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,852 346,054,8022.13%, 06/30/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,010 37,384,4372.13%, 08/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,729 408,207,8692.13%, 09/30/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,642 63,415,2372.13%, 05/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 893,964 909,678,2062.13%, 06/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,740 127,147,0932.25%, 02/29/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1,0022.25%, 03/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,774 310,767,5822.25%, 04/30/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,484,682 1,500,340,7632.25%, 07/31/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,952 131,662,6962.25%, 04/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,801 334,408,6472.38%, 04/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 53,1742.38%, 12/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354,286 357,441,7632.38%, 03/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,216 35,614,9312.50%, 12/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,298 5,354,4982.50%, 01/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 746,608 764,194,1202.50%, 02/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772,341 791,257,3222.63%, 08/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,967 3,997,0622.63%, 11/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 649,215 656,138,2682.63%, 06/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,906 210,720,8292.63%, 07/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,224 133,781,8432.63%, 12/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287 294,3662.75%, 08/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369,171 377,664,5092.75%, 09/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 187,4152.88%, 10/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535,683 550,748,7762.88%, 11/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,865 335,462,7413.50%, 05/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 344 347,8973.63%, 02/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,298 3,391,2727.25%, 08/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 27,993,7508.13%, 05/15/21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,135 2,366,8488.75%, 08/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,755 12,519,075

17,227,125,083

Total U.S. Government Obligations — 95.7%(Cost: $17,017,208,624) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,227,125,083

Short-Term InvestmentsMoney Market Funds — 3.2%BlackRock Cash Funds: Treasury, SL Agency Shares,

2.02%(b)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,312 578,312,068

Total Short-Term Investments — 3.2%(Cost: $578,312,068) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,312,068

Total Investments in Securities — 98.9%(Cost: $17,595,520,692) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,805,437,151

Other Assets, Less Liabilities — 1.1% . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,942,746

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,997,379,897

(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.

Schedule of Investments (unaudited)

August 31, 2019

iShares� 1-3 Year Treasury Bond ETF(Percentages shown are based on Net Assets)


Affiliates

Investments in issuers considered to be affiliates of the Fund during the six months ended August 31, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated Issuer

SharesHeld at

02/28/19(000)

Net Activity(000)

SharesHeld at

08/31/19(000)

Value at08/31/19 Income

Net RealizedGain (Loss)(a)

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . 44,381 533,931 578,312 $578,312,068 $1,657,469(b) $ — $ —

(a) Includes realized capital gain distributions from an affiliated fund, if any.(b) Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to

and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund's policy regarding 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 August 31, 2019. The breakdown of the Fund's investmentsinto major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

U.S. Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $17,227,125,083 $ — $17,227,125,083Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,312,068 — — 578,312,068

$ 578,312,068 $17,227,125,083 $ — $17,805,437,151

See notes to financial statements.

Schedule of Investments (unaudited) (continued)

August 31, 2019

iShares� 1-3 Year Treasury Bond ETF

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


1.25%, 07/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,000 $ 23,836,8751.38%, 06/30/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,104 28,049,2091.38%, 08/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,452 10,434,8521.50%, 01/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 628 628,4421.50%, 02/28/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,698 177,139,7451.50%, 03/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,854 72,064,5101.50%, 08/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,770 8,794,3231.63%, 08/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,802 1,811,9951.63%, 08/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,361 3,379,2491.63%, 11/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,060 7,103,0221.63%, 04/30/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,716 90,349,9171.63%, 05/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,128 15,237,9141.63%, 02/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239,296 241,773,0871.63%, 05/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323,010 326,467,2151.75%, 03/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358 360,7131.75%, 04/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320 322,4871.75%, 05/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 711 716,5551.75%, 05/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,259 1,268,9341.75%, 06/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,383 1,395,1011.75%, 09/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,990 29,265,1791.75%, 01/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,018 35,390,0661.75%, 05/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 417,642 422,519,9291.88%, 01/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394 397,6171.88%, 03/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 243,1001.88%, 04/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,006 1,016,8071.88%, 05/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,661 2,691,8751.88%, 07/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,097 2,122,7211.88%, 08/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,194 84,259,9231.88%, 09/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,333 210,135,2341.88%, 10/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,973 39,508,8792.00%, 07/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,103 1,120,8382.00%, 10/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,421 63,508,4912.00%, 11/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,492 5,590,2552.00%, 02/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,297 67,565,9662.00%, 04/30/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,670 9,923,0822.00%, 05/31/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,089 1,118,6922.00%, 06/30/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,500 51,870,9962.00%, 02/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455,372 469,033,0572.00%, 11/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,240 141,301,1032.13%, 06/30/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,685 133,206,8132.13%, 12/31/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,308 1,337,5832.13%, 11/30/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268,940 276,713,6352.13%, 02/29/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,800 149,223,3942.13%, 03/31/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,425 33,435,7482.13%, 07/31/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,544 24,333,0922.13%, 09/30/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,544 24,354,2452.13%, 05/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,831 296,594,3242.25%, 04/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197 200,9712.25%, 12/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,858 115,742,444

Security

Par/Shares

(000) Value

U.S. Government Obligations (continued)2.25%, 01/31/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,446 $ 24,273,0212.25%, 10/31/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,720 25,737,7692.25%, 11/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346,268 360,524,5052.25%, 12/31/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,891 70,763,1082.25%, 11/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501,421 525,140,5652.25%, 02/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,403 338,237,9322.38%, 01/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,842 54,495,3762.38%, 08/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 718,672 751,461,4102.50%, 03/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,062 39,484,8652.50%, 05/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392,154 411,424,6912.63%, 02/28/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,775 247,388,1702.63%, 06/30/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,450 16,139,8182.63%, 12/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,941 56,657,0132.63%, 03/31/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,827 13,642,2162.75%, 04/30/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,527 131,415,9812.75%, 05/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,180 155,264,8562.75%, 07/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,281 124,190,4302.75%, 08/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,470 6,800,8292.75%, 11/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,042 97,003,6392.75%, 02/15/24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346,506 366,335,3462.75%, 02/28/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,099 7,592,6022.75%, 06/30/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,353 13,251,4882.88%, 09/30/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,437 15,264,3082.88%, 10/31/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,155 13,922,7182.88%, 05/31/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,755 62,299,1262.88%, 11/30/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,656 15,896,6083.00%, 09/30/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,525 29,997,9493.00%, 10/31/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,361 49,482,5817.13%, 02/15/23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,431 13,613,0717.25%, 08/15/22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,365 2,758,5517.63%, 02/15/25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,660 10,141,720

7,755,462,466

Total U.S. Government Obligations — 99.5%(Cost: $7,490,265,086). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,755,462,466


2.02%(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,956 143,956,000

Total Short-Term Investments — 1.9%(Cost: $143,956,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,956,000

Total Investments in Securities — 101.4%(Cost: $7,634,221,086). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,899,418,466

Other Assets, Less Liabilities — (1.4)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (108,358,935)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,791,059,531

(a) Affiliate of the Fund.(b) Annualized 7-day yield as of period-end.


August 31, 2019



Affiliates


Affiliated Issuer

SharesHeld at

02/28/19(000)

Net Activity(000)

SharesHeld at

08/31/19(000)



Change inUnrealized


BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . . . . . . . 9,761 134,195 143,956 $143,956,000 $405,926(b) $ — $ —







InvestmentsAssets

U.S. Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $7,755,462,466 $ — $7,755,462,466Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,956,000 — — 143,956,000

$ 143,956,000 $7,755,462,466 $ — $7,899,418,466



August 31, 2019

iShares� 3-7 Year Treasury Bond ETF


SecurityPar

(000) Value


1.50%, 08/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7 $ 7,3201.63%, 05/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1,9202.00%, 11/15/26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 14,5202.25%, 02/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 939,129 991,404,8392.25%, 08/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,673,238 2,828,724,9042.25%, 11/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 584,104 618,670,6702.38%, 05/15/27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,269,034 3,485,607,1832.38%, 05/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540,691 582,699,7242.63%, 02/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,269,229 1,393,523,9832.75%, 02/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,954,084 2,149,492,2902.88%, 05/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,855,415 2,063,714,5382.88%, 08/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,015,454 2,246,207,8543.13%, 11/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,963,848 2,235,795,2575.25%, 11/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,326 75,793,4815.25%, 02/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,580 3,432,7105.50%, 08/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 12,0196.13%, 08/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,047 122,650,587

18,797,753,799


SecurityShares

(000) Value


2.02%(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,709 $ 170,709,000



Other Assets, Less Liabilities — (0.8)%. . . . . . . . . . . . . . . . . . . . . . . . . . . (141,595,111)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,826,867,688


Affiliates


Affiliated Issuer

SharesHeld at

02/28/19(000)

Net Activity(000)

SharesHeld at

08/31/19(000)



Change inUnrealized









InvestmentsAssets


$ 170,709,000 $18,797,753,799 $ — $18,968,462,799



August 31, 2019



SecurityPar

(000) Value


3.13%, 11/15/28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,190 $ 1,354,7874.25%, 05/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,877 167,421,5384.38%, 02/15/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,341 251,166,1184.38%, 11/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,434 93,872,3744.50%, 02/15/36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,178 174,489,0714.50%, 05/15/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,348 111,369,3224.75%, 02/15/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,705 11,261,0385.00%, 05/15/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,785 97,480,7285.38%, 02/15/31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,311 59,334,5676.13%, 08/15/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,679 2,392,8036.25%, 05/15/30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,592 129,905,821

1,100,048,167

Total U.S. Government Obligations — 99.0%(Cost: $992,576,443) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,100,048,167

SecurityShares

(000) Value


2.02%(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,944 $ 9,944,000

Total Short-Term Investments — 0.9%(Cost: $9,944,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,944,000

Total Investments in Securities — 99.9%(Cost: $1,002,520,443). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,109,992,167

Other Assets, Less Liabilities — 0.1% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,652,319

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,111,644,486


Affiliates


Affiliated Issuer

SharesHeld at

02/28/19(000)

Net Activity(000)

SharesHeld at

08/31/19(000)



Change inUnrealized


BlackRock Cash Funds: Treasury, SL Agency Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . 12,553 (2,609) 9,944 $9,944,000 $57,182(b) $ — $ —







InvestmentsAssets

U.S. Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $1,100,048,167 $ — $1,100,048,167Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,944,000 — — 9,944,000

$ 9,944,000 $1,100,048,167 $ — $1,109,992,167



August 31, 2019



SecurityPar

(000) Value


2.50%, 02/15/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,124,925 $ 1,247,832,3972.50%, 02/15/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,058,907 1,175,635,5122.50%, 05/15/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 966,745 1,074,219,4152.75%, 08/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466,686 538,548,4702.75%, 11/15/42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444,861 513,188,9852.75%, 08/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 531,964 621,442,4722.75%, 11/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478,290 559,207,1882.88%, 05/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 912,686 1,076,078,7772.88%, 08/15/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 505,305 599,753,3722.88%, 11/15/46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397,276 473,891,7732.88%, 05/15/49(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,968 22,843,8443.00%, 11/15/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,851 5,865,0093.00%, 05/15/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,868 2,263,8803.00%, 11/15/45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 936,219 1,137,213,5173.00%, 02/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,202 12,461,3073.00%, 05/15/47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478,256 584,387,4863.00%, 02/15/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 699,958 857,694,2603.00%, 08/15/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 699,440 858,507,7143.13%, 11/15/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,691 13,072,6713.13%, 02/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407,069 498,977,7933.13%, 08/15/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 882,932 1,088,454,9963.13%, 05/15/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624,001 782,414,6313.38%, 05/15/44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,480 5,740,6063.38%, 11/15/48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,378 26,793,0903.63%, 08/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470,450 623,658,1273.75%, 08/15/41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,213 21,654,2213.75%, 11/15/43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470,022 635,538,9733.88%, 08/15/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435,917 590,156,9634.25%, 05/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,023 25,383,002

Security

Par/Shares

(000) Value

U.S. Government Obligations (continued)4.25%, 11/15/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 552,367 $ 784,792,5354.38%, 02/15/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,972 2,792,3554.38%, 11/15/39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,482 70,986,7674.38%, 05/15/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,108 11,671,2874.50%, 05/15/38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,421 3,485,4304.63%, 02/15/40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261,505 387,384,3345.00%, 05/15/37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,469 12,743,800

16,946,736,959



2.02%(b)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,047 139,047,280



Other Assets, Less Liabilities — (0.3)%. . . . . . . . . . . . . . . . . . . . . . . . . . . (56,421,187)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,029,363,052

(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

SharesHeld at

02/28/19(000)

Net Activity(000)

SharesHeld at

08/31/19(000)



Change inUnrealized








August 31, 2019

iShares� 20+ Year Treasury Bond ETF(Percentages shown are based on Net Assets)


Fair Value Measurements (continued)



InvestmentsAssets


$ 139,047,280 $16,946,736,959 $ — $17,085,784,239



August 31, 2019

iShares� 20+ Year Treasury Bond ETF


SecurityPar

(000) Value

U.S. Government ObligationsU.S. Government Obligations — 103.4%U.S. Treasury Bill

1.95%, 10/01/19 (a)(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 293,712 $ 293,242,5512.02%, 10/22/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 864,360 862,018,7862.03%, 10/29/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,099,497 1,096,084,6122.03%, 12/26/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,744 288,993,3082.04%, 09/19/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674 1,672,5462.04%, 09/24/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,148 138,982,4142.04%, 01/30/20 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393,880 390,880,3832.07%, 09/12/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,681 5,678,3372.08%, 09/03/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 889,608 889,608,0002.11%, 10/31/19 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,303,993 3,293,664,8502.12%, 02/27/20 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,558 2,534,9842.18%, 10/10/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950,478 948,524,2362.22%, 10/03/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,153 319,620,0802.32%, 09/26/19 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 855 853,944

U.S. Treasury Note/Bond0.88%, 09/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,412 177,343,0051.00%, 10/15/19 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,032 374,564,8711.00%, 11/15/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,532 312,907,3851.00%, 11/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 656,350 654,734,7621.13%, 12/31/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,528 100,249,1921.13%, 03/31/20 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,946 56,696,8611.13%, 04/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,936 2,921,8931.25%, 10/31/19 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,414 181,174,9221.25%, 01/31/20 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,098 63,920,2281.25%, 02/29/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,332 18,273,9971.38%, 09/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,676 138,604,7971.38%, 12/15/19 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,638 195,294,1061.38%, 01/15/20 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 601,393 600,312,3691.38%, 01/31/20 (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,212 57,077,9091.38%, 02/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,542 50,419,5931.38%, 02/29/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,435 227,837,1421.38%, 03/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,321 344,295,8281.38%, 04/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 831,523 828,892,0111.38%, 05/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 951,412 948,067,1971.50%, 10/31/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 658,967 658,340,9811.50%, 11/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,505 72,408,7051.50%, 04/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,756 13,726,4461.50%, 05/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,594 148,222,5151.50%, 05/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,326,924 1,323,554,860

Security

Par/Shares

(000) Value

U.S. Government Obligations (continued)1.50%, 06/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 554,430 $ 552,871,1541.50%, 07/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359,752 358,754,2491.63%, 12/31/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512,271 511,690,6941.63%, 03/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263,620 263,259,5811.63%, 06/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 852,734 851,268,3641.63%, 07/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,518 64,404,5901.75%, 09/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723,568 723,394,5901.75%, 11/30/19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,412 2,410,0211.88%, 06/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,461 403,602,8412.00%, 01/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,742 90,759,7232.00%, 07/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 732,148 733,349,1772.13%, 08/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,163,020 1,166,790,7322.25%, 02/29/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,604 57,694,0062.38%, 04/30/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,470 39,599,5112.50%, 05/31/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,940 41,131,9062.63%, 08/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,135 82,757,4293.38%, 11/15/19 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 509,280 510,553,2003.50%, 05/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,097,779 1,110,214,7723.63%, 02/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 914,688 921,369,5128.75%, 08/15/20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407,937 434,452,905


Money Market Funds

BlackRock Cash Funds: Treasury, SL Agency Shares,2.02%(c)(d)(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,587,750 2,587,749,933

Total Money Market Funds — 10.7%(Cost: $2,587,749,933) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,587,749,933


Other Assets, Less Liabilities — (14.1)% . . . . . . . . . . . . . . . . . . . . . . . . . (3,412,857,958)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,177,421,538

(a) Rates are discount rates or a range of discount rates at the time of purchase.(b) All or a portion of this security is on loan.(c) Affiliate of the Fund.(d) Annualized 7-day yield as of period-end.(e) All or a portion of this security was purchased with cash collateral received from loaned

securities.

Affiliates


Affiliated Issuer

SharesHeld at

02/28/19(000)

Net Activity(000)

SharesHeld at

08/31/19(000)



Change inUnrealized


BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . . . . . . . . . . . . . 1,859,949 727,801 2,587,750 $2,587,749,933 $5,213,950(b) $ — $ —






August 31, 2019

iShares� Short Treasury Bond ETF(Percentages shown are based on Net Assets)


Fair Value Measurements (continued)



InvestmentsAssets

U.S. Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $25,002,529,563 $ — $25,002,529,563Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,587,749,933 — — 2,587,749,933

$ 2,587,749,933 $25,002,529,563 $ — $27,590,279,496



August 31, 2019

iShares� Short Treasury Bond ETF


iShares1-3 Year Treasury

Bond ETF


Bond ETF


Bond ETF

iShares10-20 Year

Treasury BondETF

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

Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,227,125,083 $7,755,462,466 $18,797,753,799 $1,100,048,167Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,312,068 143,956,000 170,709,000 9,944,000

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634 309 118 343Receivables:

Investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 898,408,137 180,709,465 413,930,839 98,125,952Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 8 722 —Capital shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,233,053 5,861,597 3,135,457 —Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,007,237 151,793 131,747 14,202Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,726,853 37,025,438 76,621,575 6,726,213

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,829,813,067 8,123,167,076 19,462,283,257 1,214,858,877

LIABILITIESCollateral on securities loaned, at value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,068 — — —Payables:

Investments purchased. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 830,255,528 331,151,639 633,181,093 103,075,603Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,174,574 955,906 2,234,476 138,788

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 832,433,170 332,107,545 635,415,569 103,214,391

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,997,379,897 $7,791,059,531 $18,826,867,688 $ 1,111,644,486

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,815,976,470 $7,642,361,971 $17,866,515,403 $1,007,698,176Accumulated earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,403,427 148,697,560 960,352,285 103,946,310

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,997,379,897 $7,791,059,531 $18,826,867,688 $ 1,111,644,486

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,600,000 61,000,000 165,300,000 7,300,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85.05 $ 127.72 $ 113.90 $ 152.28

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

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

(a) Securities loaned, at value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,987 $ — $ — $ —(b) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,017,208,624 $7,490,265,086 $17,815,567,131 $ 992,576,443(c) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 578,312,068 $ 143,956,000 $ 170,709,000 $ 9,944,000


Statements of Assets and Liabilities (unaudited)

August 31, 2019


iShares20+ Year Treasury

Bond ETF

iSharesShort Treasury Bond

ETF

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

Unaffiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,946,736,959 $25,002,529,563Affiliated(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,047,280 2,587,749,933

Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 431Receivables:

Investments sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,900,251 1,893,299,002Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,891 303,244Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,065,801 —Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,836 958,471Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,531,195 75,721,976

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,381,398,617 29,560,562,620

LIABILITIESCollateral on securities loaned, at value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,030,280 2,583,905,933Payables:

Investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,012,200 2,783,240,259Capital shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 12,898,568Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,993,085 3,096,322

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352,035,565 5,383,141,082

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,029,363,052 $24,177,421,538

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14,903,437,225 $24,104,560,795Accumulated earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,125,925,827 72,860,743

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,029,363,052 $24,177,421,538

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,800,000 218,500,000

Net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147.06 $ 110.65

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

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

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,458,457 $ 2,522,976,431(b) Investments, at cost — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,089,844,847 $24,975,033,014(c) Investments, at cost — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 139,047,280 $ 2,587,749,933


Statements of Assets and Liabilities (unaudited) (continued)

August 31, 2019

F I N A N C I A L S T A T E M E N T S 21

iShares1-3 YearTreasury

Bond ETF

iShares3-7 YearTreasury

Bond ETF


Bond ETF

iShares10-20 Year

TreasuryBond ETF

INVESTMENT INCOMEDividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,625,421 $ 405,799 $ 485,500 $ 56,685Interest — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,771,438 82,652,334 181,064,667 13,461,147Securities lending income — Affiliated — net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,048 127 980 497

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219,428,907 83,058,260 181,551,147 13,518,329

EXPENSESInvestment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,109,857 5,501,738 11,277,385 798,320

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,109,857 5,501,738 11,277,385 798,320

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205,319,050 77,556,522 170,273,762 12,720,009

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

Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (316,410) 7,776,776 63,383,798 4,480,109In-kind redemptions — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,027,671 28,908,551 285,859,870 18,645,227

Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,711,261 36,685,327 349,243,668 23,125,336

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,264,680 324,128,111 999,301,727 121,299,564Short sales — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 53 —

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,264,680 324,128,111 999,301,780 121,299,564

Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 306,975,941 360,813,438 1,348,545,448 144,424,900

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $512,294,991 $438,369,960 $1,518,819,210 $157,144,909


Statements of Operations (unaudited)

Six Months Ended August 31, 2019


iShares20+ Year Treasury

Bond ETF

iSharesShort

TreasuryBond ETF

INVESTMENT INCOMEDividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 408,668 $ 2,875,269Interest — Unaffiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,092,764 264,365,733Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,928 2,338,681

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,503,360 269,579,683

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,789,162 16,551,771

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,789,162 16,551,771

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,714,198 253,027,912

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

Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,324,282 911,976In-kind redemptions — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434,300,692 2,547,514

Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,624,974 3,459,490

Net change in unrealized appreciation (depreciation) on:Investments — Unaffiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,393,862,638 24,809,518

Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,393,862,638 24,809,518

Net realized and unrealized gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,853,487,612 28,269,008

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,017,201,810 $281,296,920


Statements of Operations (unaudited) (continued)

Six Months Ended August 31, 2019


iShares1-3 Year Treasury Bond ETF


Six Months Ended08/31/19

(unaudited)Year Ended

02/28/19



02/28/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 205,319,050 $ 294,689,964 $ 77,556,522 $ 154,778,068Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,711,261 (49,826,469) 36,685,327 (72,904,346)Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,264,680 119,359,284 324,128,111 171,130,921

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512,294,991 364,222,779 438,369,960 253,004,643

DISTRIBUTIONS TO SHAREHOLDERS(a)

Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . (215,403,510) (267,062,415) (77,873,295) (151,218,243)

CAPITAL SHARE TRANSACTIONSNet increase (decrease) in net assets derived from capital share transactions . . . . . . . . . . . . . . . . (1,272,414,109) 7,594,594,264 308,076,515 (48,951,373)

NET ASSETSTotal increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (975,522,628) 7,691,754,628 668,573,180 52,835,027Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,972,902,525 11,281,147,897 7,122,486,351 7,069,651,324

End of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,997,379,897 $18,972,902,525 $7,791,059,531 $7,122,486,351

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


Statements of Changes in Net Assets






02/28/19



02/28/19


OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 170,273,762 $ 224,493,488 $ 12,720,009 $ 15,355,565Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349,243,668 (236,605,725) 23,125,336 (14,365,071)Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 999,301,780 425,032,763 121,299,564 30,266,542

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,518,819,210 412,920,526 157,144,909 31,257,036


Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (164,939,181) (213,315,979) (12,374,570) (14,161,249)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,255,205,994 4,653,812,378 37,259,884 405,028,164

NET ASSETSTotal increase in net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,609,086,023 4,853,416,925 182,030,223 422,123,951Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,217,781,665 8,364,364,740 929,614,263 507,490,312

End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,826,867,688 $13,217,781,665 $1,111,644,486 $929,614,263



Statements of Changes in Net Assets (continued)


iShares20+ Year Treasury Bond ETF

iSharesShort Treasury Bond ETF



02/28/19



02/28/19


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 163,714,198 $ 215,293,568 $ 253,027,912 $ 304,741,109Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,624,974 (126,119,913) 3,459,490 362,235Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,393,862,638 127,329,672 24,809,518 11,956,689

Net increase in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,017,201,810 216,503,327 281,296,920 317,060,033


Decrease in net assets resulting from distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . (159,247,794) (209,030,700) (249,489,360) (274,484,840)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . 3,219,907,129 4,225,361,240 5,014,315,121 9,582,120,420

NET ASSETSTotal increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,077,861,145 4,232,833,867 5,046,122,681 9,624,695,613Beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,951,501,907 6,718,668,040 19,131,298,857 9,506,603,244

End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,029,363,052 $10,951,501,907 $24,177,421,538 $19,131,298,857



Statements of Changes in Net Assets (continued)


iShares 1-3 Year Treasury Bond ETF



02/28/19Year Ended

02/28/18Year Ended

02/28/17Year Ended

02/29/16Year Ended

02/28/15

Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 83.73 $ 83.44 $ 84.54 $ 84.93 $ 84.70 $ 84.55

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.92 1.64 0.89 0.62 0.49 0.33Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.35 0.16 (1.13) (0.40) 0.21 0.14

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . 2.27 1.80 (0.24) 0.22 0.70 0.47

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.95) (1.51) (0.86) (0.61) (0.47) (0.32)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.95) (1.51) (0.86) (0.61) (0.47) (0.32)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85.05 $ 83.73 $ 83.44 $ 84.54 $ 84.93 $ 84.70

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.73%(d) 2.18% (0.29)% 0.26% 0.83% 0.55%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%(e) 0.15% 0.15% 0.15% 0.15% 0.15%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.18%(e) 1.97% 1.06% 0.73% 0.58% 0.39%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,997,380 $18,972,903 $11,281,148 $11,049,616 $12,875,581 $7,817,715

Portfolio turnover rate(f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30%(d) 62% 85% 66% 76% 122%

(a) Based on average shares outstanding.(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share

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


Financial Highlights(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 27




02/28/19Year Ended

02/28/18Year Ended

02/28/17Year Ended

02/29/16Year Ended

02/28/15

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 121.54 $ 120.03 $ 123.07 $ 125.75 $ 123.34 $ 121.64

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.32 2.47 1.93 1.63 1.72 1.61Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.19 1.47 (3.10) (2.69) 2.40 1.63

Net increase (decrease) from investment operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.51 3.94 (1.17) (1.06) 4.12 3.24

Distributions(c)

From net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.33) (2.43) (1.87) (1.62) (1.71) (1.54)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.33) (2.43) (1.87) (1.62) (1.71) (1.54)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 127.72 $ 121.54 $ 120.03 $ 123.07 $ 125.75 $ 123.34

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.22%(d) 3.33% (0.98)% (0.85)% 3.38% 2.68%

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%(e) 0.15% 0.15% 0.15% 0.15% 0.15%

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.11%(e) 2.06% 1.57% 1.31% 1.39% 1.32%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,791,060 $7,122,486 $7,069,651 $6,325,850 $6,727,650 $4,958,114

Portfolio turnover rate(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23%(d) 41% 66% 45% 41% 58%




Financial Highlights (continued)

(For a share outstanding throughout each period)





02/28/19Year Ended

02/28/18Year Ended

02/28/17Year Ended

02/29/16Year Ended

02/28/15

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 104.16 $ 102.13 $ 105.68 $ 110.51 $ 107.59 $ 102.44

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.23 2.45 1.97 1.88 2.00 2.21Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.74 1.97 (3.59) (4.81) 2.91 5.12

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . 10.97 4.42 (1.62) (2.93) 4.91 7.33

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.23) (2.39) (1.93) (1.90) (1.99) (2.18)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.23) (2.39) (1.93) (1.90) (1.99) (2.18)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 113.90 $ 104.16 $ 102.13 $ 105.68 $ 110.51 $ 107.59

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.60%(d) 4.40% (1.59)% (2.68)% 4.65% 7.24%

Ratios to Average Net AssetsTotal expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%(e) 0.15% 0.15% 0.15% 0.15% 0.15%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.26%(e) 2.40% 1.86% 1.72% 1.87% 2.11%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,826,868 $13,217,782 $8,364,365 $7,080,844 $10,387,936 $7,369,931

Portfolio turnover rate(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27%(d) 63% 46% 77% 56% 142%










02/28/19Year Ended

02/28/18Year Ended

02/28/17Year Ended

02/29/16Year Ended

02/28/15

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 132.80 $ 130.13 $ 134.79 $ 141.36 $ 137.46 $ 126.25

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.69 3.10 2.53 2.52 2.85 2.94Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.46 2.53 (4.68) (6.58) 3.89 11.14

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.15 5.63 (2.15) (4.06) 6.74 14.08

Distributions(c)

From net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.67) (2.96) (2.51) (2.51) (2.84) (2.87)

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.67) (2.96) (2.51) (2.51) (2.84) (2.87)

Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 152.28 $ 132.80 $ 130.13 $ 134.79 $ 141.36 $ 137.46

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.07%(d) 4.39% (1.66)% (2.91)% 5.01% 11.28%

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%(e) 0.15% 0.15% 0.15% 0.15% 0.15%

Net investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.39%(e) 2.38% 1.87% 1.79% 2.09% 2.23%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,111,644 $929,614 $507,490 $539,163 $876,445 $453,615

Portfolio turnover rate(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28%(d) 45% 27% 15% 37% 9%







iShares 20+ Year Treasury Bond ETF



02/28/19Year Ended

02/28/18Year Ended

02/28/17Year Ended

02/29/16Year Ended

02/28/15

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 119.95 $ 118.70 $ 121.65 $ 130.77 $ 129.37 $ 108.52

Net investment income(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.64 3.23 3.11 3.06 3.15 3.38Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.05 1.24 (2.98) (9.06) 1.36 20.84

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . 28.69 4.47 0.13 (6.00) 4.51 24.22

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.58) (3.22) (3.08) (3.12) (3.11) (3.37)

Total distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.58) (3.22) (3.08) (3.12) (3.11) (3.37)

Net asset value, end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 147.06 $ 119.95 $ 118.70 $ 121.65 $ 130.77 $ 129.37

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.12%(d) 3.82% 0.04% (4.70)% 3.67% 22.69%

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%(e) 0.15% 0.15% 0.15% 0.15% 0.15%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.51%(e) 2.72% 2.51% 2.34% 2.54% 2.83%

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,029,363 $10,951,502 $6,718,668 $5,255,316 $9,624,733 $7,594,272

Portfolio turnover rate(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12%(d) 17% 25% 24% 37% 32%







iShares Short Treasury Bond ETF



02/28/19Year Ended

02/28/18Year Ended

02/28/17Year Ended

02/29/16Year Ended

02/28/15

Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 110.52 $ 110.29 $ 110.36 $ 110.29 $ 110.26 $ 110.23

Net investment income(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.27 2.16 1.01 0.42 0.09 0.00(b)

Net realized and unrealized gain (loss)(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15 0.01 (0.22) 0.05 (0.02) 0.03

Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.42 2.17 0.79 0.47 0.07 0.03

Distributions(d)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.29) (1.94) (0.86) (0.40) (0.04) (0.00)(b)

Total distributions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.29) (1.94) (0.86) (0.40) (0.04) (0.00)(b)

Net asset value, end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 110.65 $ 110.52 $ 110.29 $ 110.36 $ 110.29 $ 110.26

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.29%(e) 1.98% 0.71% 0.44% 0.07% 0.03%

Ratios to Average Net AssetsTotal expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%(f) 0.15% 0.15% 0.15% 0.15% 0.15%

Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%(f) 0.15% 0.15% 0.15% 0.13% 0.08%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.29%(f) 1.95% 0.91% 0.38% 0.08% 0.00%(g)

Supplemental DataNet assets, end of period (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,177,422 $19,131,299 $9,506,603 $4,447,672 $5,867,274 $5,435,886

Portfolio turnover rate(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17%(e) 73% 47% 78% 0% 1%

(a) Based on average shares outstanding.(b) Rounds to less than $0.01.(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share

transactions in relation to the fluctuating market values of the Fund’s underlying securities.(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(e) Not annualized.(f) Annualized.(g) Rounds to less than 0.01%.(h) Portfolio turnover rate excludes in-kind transactions.





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

1-3 Year Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified3-7 Year Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified7-10 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified10-20 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified20+ Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiedShort Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting 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.

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.

• 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 Valued

Notes to Financial Statements (unaudited)

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 33

Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach.Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the 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

Short Positions: From time to time, in order to track the performance of its benchmark index, a fund may sell non-index securities that will be received through corporateactions occurring on the opening of market trading on the following business day. A fund may also experience temporary short positions due to the timing of portfoliosecurities trades and in-kind redemption transactions. Such short positions are valued consistent with how securities are valued as described under Investment Valuationand Fair Value Measurements. The obligation to deliver the securities is recorded as a liability in the statement of assets and liabilities and is equal to the current fair valueof the securities to be delivered. Any market fluctuations between the value of the obligation to sell these securities and the current fair value are reflected as unrealizedappreciation (depreciation) in the statement of operations. Upon receipt of the securities related to the corporate actions or purchase of the securities related to the shortposition, a realized gain (loss) is recorded. Dividends or interest on securities sold short, if any, are reflected as an expense in the statement of operations. Details of theshort positions, if any, are included in the schedule of 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 August 31, 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 August 31, 2019 and the value of the related cash collateral are disclosed in the statements ofassets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default(including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The 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)


The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of August 31, 2019:

iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

1-3 Year Treasury BondJPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,987 $ 2,987 $ — $ —

20+ Year Treasury BondBofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,458,457 $ 22,458,457 $ — $ —

Short Treasury BondCitigroup Global Markets Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,400,000 $ 17,400,000 $ — $ —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,213,044,742 2,213,044,742 — —Morgan Stanley & Co LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199,680,334 199,680,334 — —Nomura Securities International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,851,355 92,851,355 — —

$ 2,522,976,431 $ 2,522,976,431 $ — $ —

(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.

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 to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if thevalue of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateralfalls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a 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 0.15%, accrued daily and paid monthly by the Funds, based onthe average daily net assets of each Fund.

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.

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.



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 endedAugust 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETFFees Paid

to BTC

1-3 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,6293-7 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 547-10 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42010-20 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21320+ Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 607Short Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 907,289

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

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

For the six months ended August 31, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF Purchases SalesNet Realized

Gain (Loss)

1-3 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,433,779,953 $ 5,617,240,846 $ (2,342,524)3-7 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 618,003,924 1,433,779,953 5,577,5937-10 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,955,399 763,987,616 12,621,14910-20 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,166,789 202,124,910 2,065,05820+ Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 358,276,052 17,206,194Short Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,702,755,400 — —

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 August 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

U.S. Government Securities

iShares ETF Purchases Sales

1-3 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,630,693,860 $ 6,243,457,6103-7 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,709,199,869 1,696,036,1607-10 Year Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,132,696,623 4,089,103,18310-20 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286,617,750 282,391,98720+ Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,671,745,944 1,588,963,338Short Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,916,617,570 716,662,766

For the six months ended August 31, 2019, in-kind transactions were as follows:

iShares ETFIn-kind

PurchasesIn-kindSales

1-3 Year Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,409,026,580 $ 6,761,109,7483-7 Year Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,572,662,964 1,274,560,8797-10 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,598,779,354 6,374,350,78710-20 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,440,058 238,122,35520+ Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,477,570,815 8,297,278,371Short Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,152,483 587,858,490



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 August 31, 2019, inclusive of the open tax return years, and does not believethat there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

iShares ETF Non-Expiring

1-3 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 130,624,6303-7 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,970,3247-10 Year Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381,422,96510-20 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,519,42720+ Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,964,721Short Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,179,334

As of August 31, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federalincome tax purposes were as follows:

iShares ETF Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

1-3 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,601,167,973 $ 209,916,459 $ (5,647,281) $ 204,269,1783-7 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,636,646,982 265,205,858 (2,434,374) 262,771,4847-10 Year Treasury Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,005,969,715 982,186,668 (19,693,584) 962,493,08410-20 Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,007,041,448 107,471,724 (4,521,005) 102,950,71920+ Year Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,269,354,747 1,856,892,112 (40,462,620) 1,816,429,492Short Treasury Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,562,782,966 28,237,227 (740,697) 27,496,530

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.

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 prices more volatile than those of securities with shorter durations. Given the environment of historically low interest rates, a fund maybe subject to a greater risk of price losses if interest rates rise.

Credit Risk: Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, 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 affiliatesmanage 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 Ended02/28/19

iShares ETF Shares Amount Shares Amount

1-3 Year Treasury BondShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,000,000 $ 5,563,001,660 155,800,000 $ 12,967,895,509Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (81,000,000) (6,835,415,769) (64,400,000) (5,373,301,245)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15,000,000) $ (1,272,414,109) 91,400,000 $ 7,594,594,264

3-7 Year Treasury BondShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800,000 $ 1,595,826,883 23,000,000 $ 2,760,280,856Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,400,000) (1,287,750,368) (23,300,000) (2,809,232,229)

Net increase(decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400,000 $ 308,076,515 (300,000) $ (48,951,373)

7-10 Year Treasury BondShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,900,000 $10,679,927,677 125,000,000 $ 12,849,932,266Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (59,500,000) (6,424,721,683) (80,000,000) (8,196,119,888)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,400,000 $ 4,255,205,994 45,000,000 $ 4,653,812,378

10-20 Year Treasury BondShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 $ 278,332,062 4,400,000 $ 575,595,490Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,700,000) (241,072,178) (1,300,000) (170,567,326)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 $ 37,259,884 3,100,000 $ 405,028,164

20+ Year Treasury BondShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,700,000 $11,599,282,857 204,900,000 $ 24,309,681,571Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (65,200,000) (8,379,375,728) (170,200,000) (20,084,320,331)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,500,000 $ 3,219,907,129 34,700,000 $ 4,225,361,240

Short Treasury BondShares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,600,000 $ 7,467,736,567 145,100,000 $ 16,006,020,377Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,200,000) (2,453,421,446) (58,200,000) (6,423,899,957)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,400,000 $ 5,014,315,121 86,900,000 $ 9,582,120,420

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. The appeal was fully briefed on January 18, 2019, and a hearing on Plaintiffs’ appeal has been scheduled for November 19, 2019.



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.



iShares 1-3 Year Treasury Bond ETF, iShares Short Treasury Bond ETF (the “Funds”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust's Board of Trustees (the “Board”), including a majority of Trustees who are not“interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment AdvisoryContract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and itscommittees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative andshareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal andregulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel,deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees(the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c)Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019,the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent andquality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The IndependentTrustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature,extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v)the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract arediscussed below.

Expenses and Performance of the Funds: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which eachFund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable,funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each Fund’s applicable peer group pursuant to Broadridge’s proprietaryETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine theapplicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information providedin Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were within range of the medianof the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds.In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridgealso provided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and forthe quarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlyingindex and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Suchperiodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fundgenerally performed in line with its respective underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rateand expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year,to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s complianceprogram and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managingthe Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment andrisk management processes and strategies provided at the June 17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to theFunds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRockin managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFAand its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

Board Review and Approval of Investment Advisory Contract


funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillaryrevenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profitmargin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds andBFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, notingthat the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scaleare difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thattheAdvisory Contract for the Funds did not provide for breakpoints in the Funds' investment advisory fee rate as the assets of the Funds increase. However, the Board wouldcontinue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supportedthe Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates do not manage Other Accounts with substantially the same investment objectives and strategies as the Funds and that track the same indexes. The Board furthernoted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of servicesand generally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services toinstitutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in lightof differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for clientsegmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board alsoconsidered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that theinvestment advisory fee rates under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for certain of the OtherAccounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the servicesprovided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which wasincluded in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates)in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’sincreased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a serviceprovider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board notedthat BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers forportfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from anunderwriting syndicate in which a BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable,under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion withrespect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of theIndependent Trustees, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large asto bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuanceof the Advisory Contract for the coming year.

iShares 3-7 Year Treasury Bond ETF, iShares 7-10 Year Treasury Bond ETF, iShares 10-20 Year Treasury Bond ETF, iShares 20+ Year Treasury Bond ETF (the“Funds”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust's Board of Trustees (the “Board”), including a majority of Trustees who are not“interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment AdvisoryContract between the Trust and BFA (the “Advisory Contract”) on behalf of the Funds. The Board’s consideration entails a year-long process whereby the Board and its

Board Review and Approval of Investment Advisory Contract (continued)

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 41

committees (composed solely of Independent Trustees) assess BlackRock’s services to the Funds, including investment management; fund accounting; administrative andshareholder services; oversight of the Funds’ service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal andregulatory requirements. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel,deemed reasonably necessary to evaluate the Advisory Contract. At meetings on May 6, 2019 and May 17, 2019, a committee composed of all of the Independent Trustees(the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c)Committee and/or their independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 17-19, 2019,the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Funds, basedon a review of qualitative and quantitative information provided by BFA and their cumulative experience as Trustees. The Board noted its satisfaction with the extent andquality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The IndependentTrustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the AdvisoryContract for the Funds, the Board, including the Independent Trustees, considered various factors, including: (i) the expenses and performance of each Fund; (ii) the nature,extent and quality of the services provided by BFA; (iii) the costs of services provided to each Fund and profits realized by BFA and its affiliates; (iv) economies of scale; (v)the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The materialfactors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Trustees, to approve the Advisory Contract arediscussed below.

Expenses and Performance of the Funds: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independentprovider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which eachFund invests (if applicable), and waivers/reimbursements (if applicable) of each Fund in comparison with the same information for other ETFs (including, where applicable,funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising each Fund’s applicable peer group pursuant to Broadridge’s proprietaryETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine theapplicable Peer Groups. The Board further noted that due to the limitations in providing comparable funds in the various Peer Groups, the statistical information providedin Broadridge’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) for the Funds were lower than the median ofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in their respective Peer Group, excluding iShares funds. Inaddition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as any particular Fund, Broadridge alsoprovided, and the Board reviewed, a comparison of such Fund’s performance for the one-, three-, five-, ten-year, and since inception periods, as applicable, and for thequarter ended December 31, 2018, to that of relevant comparison fund(s) for the same periods. The Board noted that each Fund seeks to track its specified underlying indexand that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. Such periodiccomparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that each Fund generallyperformed in line with its respective underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rateand expense level and the historical performance of each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided by BFA: Based on management’s representations, including information about recent and proposed enhancements tothe iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and riskmanagement, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA underthe Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Boardconsidered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year,to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s complianceprogram and its compliance record with respect to the Funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliancematters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has providedinformation and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board alsoreviewed the background and experience of the persons responsible for the day-to-day management of the Funds, as well as the resources available to them in managingthe Funds. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment andrisk management processes and strategies provided at the June 17-19, 2019 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to theFunds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to the Funds and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRockin managing the Funds, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFAand its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iSharesfunds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation during their meetings. The Board recognized thatprofitability may be affected by numerous factors including, among other things, fee waivers by the Adviser, the types of funds managed, expense allocations and businessmix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed the sources of direct and ancillary



revenue with management, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Funds. The Board also discussed BFA’s estimated profitmargin as reflected in the Funds’ profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Funds andBFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Funds increase, notingthat the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c)Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providingservices, noting that such costs have increased over the past year. The estimated cost information distinguished, among other things, between fixed and variable costs, andshowed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scaleare difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds throughvarious means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additionalinvestment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted thattheAdvisory Contract for the Funds did not provide for breakpoints in the Funds' investment advisory fee rate as the assets of the Funds increase. However, the Board wouldcontinue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supportedthe Board’s approval of the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investmentadvisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-endfunds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Boardacknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and itsaffiliates do not manage Other Accounts with substantially the same investment objectives and strategies as the Funds and that track the same indexes. The Board furthernoted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Funds, including in terms of the types of servicesand generally more extensive services provided to the Funds, as well as other significant differences. In that regard, the Board considered that the pricing of services toinstitutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overallrelationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challengesof managing and providing other services to the Funds, as a publicly traded ETFs, as compared to the Other Accounts, particularly those that are institutional clients, in lightof differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for clientsegmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board alsoconsidered the “all-inclusive” nature of the Funds’ advisory fee structure, and the Funds’ expenses borne by BFA under this arrangement. The Board noted that theinvestment advisory fee rates under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for certain of the OtherAccounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the servicesprovided to the Funds by BFA, both direct and indirect, such as payment of revenue to BTC, the Funds’ securities lending agent, for loaning portfolio securities (which wasincluded in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates)in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services or other services and BlackRock’sincreased profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a serviceprovider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board notedthat BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers forportfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from anunderwriting syndicate in which a BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable,under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds and thus would not alter the Board’s conclusion withrespect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of theIndependent Trustees, determined that the Funds’ investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large asto bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuanceof the Advisory Contract for the coming year.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 43

Section 19(a) Notices

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

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

7-10 Year Treasury Bond(a) . . . . . . . . . . . . . . . . . . . . . . . $ 1.225622 $ — $ 0.001144 $ 1.226766 100% —% 0%(b) 100%20+ Year Treasury Bond(a) . . . . . . . . . . . . . . . . . . . . . . . . 1.548712 — 0.035325 1.584037 98 — 2 100Short Treasury Bond(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.291104 — 0.001305 1.292409 100 — 0(b) 100

(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A 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.

(b) Rounds to less than 1%

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

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how 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

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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 Interactive Data Pricing and Reference Data LLC, nor does this company makeany representation 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) · InvestmentObjective The iShares 3-7YearTreasury Bond ETF(the...

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