2019 annual report - blackrock · (07/31/19) expenses paid during the period (a)(b) beginning...

iShares Trust

� iShares Core Aggressive Allocation ETF | AOA | NYSE Arca

� iShares Core Conservative Allocation ETF | AOK | NYSE Arca

� iShares Core Growth Allocation ETF | AOR | NYSE Arca

� iShares Core Moderate Allocation ETF | AOM | NYSE Arca

� iShares Morningstar Multi-Asset Income ETF | IYLD | Cboe BZX

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JULY 31, 2019

2019 ANNUAL REPORT

Page

Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Shareholder Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Financial Statements

Statements of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Trustee and Officer Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Table of Contents

iShares Trust

Global Market Overview

Global equity markets advanced for the 12 months ended July 31, 2019 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed andemerging markets, returned 2.95% in U.S. dollar terms for the reporting period.

Global stocks declined sharply in the second half of 2018 amid high volatility, before rebounding in 2019 to post modest gains for the reporting period. The initial downturnwas prompted by trade tensions, particularly between the U.S. and China, and slowing global economic growth. Markets later recovered from a shift to more stimulativemonetary policies, expectations of improving trade relations, and sustained consumer spending.

The most influential central banks reacted to signs of an economic slowdown by changing their outlook for interest rate policy, which supported markets in the second halfof the reporting period. The U.S. Federal Reserve Bank (“Fed”) increased interest rates twice in late 2018, held interest rates steady in early 2019, and lowered interest ratesin July 2019 for the first time in 11 years. The European Central Bank sustained its already negative short-term interest rates, while signaling an interest rate decrease, inthe second half of 2019, and the return of its monetary stimulus program. The Bank of Japan also sustained negative short-term interest rates while signaling a possiblefuture decrease, while the Chinese government enacted stimulus measures. Expectations of lower borrowing costs and the corresponding increases in the global moneysupply drove risk assets to record highs.

The U.S. stock market advanced as unemployment decreased to its lowest level since 1969, despite variable economic growth. Consumer spending was robust, as steadyjob growth and rising wages corresponded with an increase in borrowing. Government spending also increased, reaching its highest level since 2010.A budget deal reachedin July 2019 promised to increase spending further while allowing the government to exceed spending limits for the next two years. Consequently, the federal budget deficitincreased and bond issuance by the U.S. Treasury Department reached a record high. Trade tensions between the U.S. and China persisted, as the U.S. implemented tariffson $200 million of Chinese imports and publicly discussed further tariffs. However, market reaction to the negotiations lessened over time as investors became moreoptimistic that the Trump administration would minimize the effect of trade policy on markets.

The Eurozone economy grew at a slower pace, as economic growth varied widely by country. Ongoing trade tensions and the resulting slowdown in global trade flows ledto stagnant growth for export-reliant European economies like Germany and the Netherlands. Smaller economies, such as Ireland and Malta, grew at a fast pace, while Italyentered a recession before returning to growth in early 2019.

Emerging markets posted relatively flat during the reporting period, albeit with a relatively high amount of volatility. In the first half of the reporting period, emerging marketstocks declined sharply, as rising interest rates and a strengthening U.S. dollar led to concerns among investors about foreign-denominated debt. However, a shift to loosermonetary policy and desire for yield supported emerging market stocks in 2019, reversing previous declines.

Markets in the Asia-Pacific region were negatively affected by trade tensions between the U.S. and China and a slowdown in the Chinese economy. Countries throughoutthe Asia-Pacific region supply China with many industrial and consumer goods and services, and corporate earnings in the region were moderated by China’s recentstruggles.

Market Overview

M A R K E T O V E R V I E W 3

Investment Objective

The iShares Core Aggressive Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed incomefunds intended to represent an aggressive target risk allocation strategy, as represented by the S&P Target Risk Aggressive Index (the “Index”). The Fund invests in arepresentative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fundmay or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns

1 Year 5 Years 10 Years 1 Year 5 Years 10 Years

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.99% 6.48% 9.94% 2.99% 36.91% 157.93%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.10 6.50 9.93 3.10 36.98 157.67Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.12 6.61 10.07 3.12 37.70 161.03

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

$25,793$26,103

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

26,000

$28,000

Jul 19Jul 18Jul 17Jul 16Jul 15Jul 14Jul 13Jul 12Jul 11Jul 10

Fund 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 14 for more information.

Expense Example

Actual Hypothetical 5% Return

BeginningAccount Value

(02/01/19)

EndingAccount Value

(07/31/19)

ExpensesPaid Duringthe Period (a)(b)


(02/01/19)

EndingAccount Value

(07/31/19)


AnnualizedExpense

Ratio (a)

$ 1,000.00 $ 1,069.00 $ 0.97 $ 1,000.00 $ 1,023.90 $ 0.95 0.19%

(a) Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.(b) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of

days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information.

Fund Summary as of July 31, 2019 iShares� Core Aggressive Allocation ETF

4 2 0 1 9 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Portfolio Management Commentary

The Index’s mix of stock and bond funds designed to represent an aggressive target risk allocation strategy posted a positive return for the reporting period, with both equityand bond funds contributing. The equity allocation, which represented approximately 80% of the Index on average, contributed slightly more than the bond component.

Within the equity allocation, large capitalization U.S. stocks were the leading contributors, with the information technology sector performing particularly well. The softwareand services industry benefited from the continued growth of software as a service. Despite a slowdown in global smartphone sales, the technology hardware andequipment industry was also a source of strength, benefiting from increasing sales of smartphone-related software and services. Consumer-based sectors also helped theIndex’s performance, as retail sales rose, driven by solid wage growth amid low inflation.

Several of the Index’s international equity allocations, including international developed markets, detracted from the Index’s return. Japanese stocks declined due to tradetensions between the U.S. and China, which negatively affected Japan’s export-reliant economy. Sluggish European economic growth and uncertainty surrounding Brexitworked against stocks in the U.K. and Germany.

Emerging market equities, particularly in South Korea and China, detracted from the Index’s return. Higher interest rates in the first half of the reporting period increasedborrowing costs, particularly for countries and companies with debt denominated in foreign currencies. As central banks stopped raising interest rates in 2019, emergingmarkets recovered some of their earlier losses. Slowing trade flows resulting from the ongoing trade dispute also weighed on many emerging countries during the reportingperiod.

The bond component of the Index, which represented approximately 20% of the Index on average, was a modest contributor to the Index’s performance. Within the bondallocation, U.S. government and corporate bonds were the leading contributors. Bond prices benefited from low inflation and the Fed’s shift to holding interest rates steadyfor six months followed by its subsequent interest rate decrease in July 2019, which marked the first time in nearly 11 years that the Fed lowered interest rates. Concernsabout slowing economic growth and demand for less risky assets also helped lower bond yields (bond prices and bond yields are inversely related).

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset ClassPercentage of

Total Investments(a)

Domestic Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.3%International Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.1Domestic Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.5International Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1

FIVE LARGEST HOLDINGS

SecurityPercent of


iShares Core S&P 500 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.3%iShares Core MSCI International Developed Markets ETF . . . . 28.1iShares Core Total USD Bond Market ETF . . . . . . . . . . . . . . . . . . . 17.5iShares Core MSCI Emerging Markets ETF . . . . . . . . . . . . . . . . . . 8.0iShares Core International Aggregate Bond ETF . . . . . . . . . . . . . 3.1

(a) Excludes money market funds.

Fund Summary as of July 31, 2019 (continued) iShares� Core Aggressive Allocation ETF

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


The iShares Core Conservative Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixedincome funds intended to represent a conservative target risk allocation strategy, as represented by the S&P Target Risk Conservative Index (the “Index”). The Fund investsin a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, theFund may or may not hold all of the securities that are included in the Index.

Performance






$16,819$16,944

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

$17,000


Fund Index


Expense Example



(02/01/19)

EndingAccount Value

(07/31/19)



(02/01/19)

EndingAccount Value

(07/31/19)


AnnualizedExpense

Ratio (a)

$ 1,000.00 $ 1,060.20 $ 0.97 $ 1,000.00 $ 1,023.90 $ 0.95 0.19%



Fund Summary as of July 31, 2019 iShares� Core Conservative Allocation ETF



The Index’s mix of stock and bond funds designed to represent a conservative target risk allocation strategy posted a positive return for the reporting period, with both bondand equity allocations contributing to the Index’s return. The bond allocation, which represented approximately 70% of the Index on average, contributed significantly morethan the equity component.

Within the bond allocation, U.S. government and corporate bonds were the leading contributors. Bond prices benefited from low inflation and the Fed’s shift to holdinginterest rates steady for six months followed by its subsequent interest rate decrease in July 2019, which marked the first time in nearly 11 years that the Fed lowered interestrates. Concerns about slowing economic growth and demand for less risky assets also helped lower bond yields (bond prices and bond yields are inversely related). Bondsin the government, corporate, and securitized sectors contributed to the Index’s return, with corporate bonds contributing the most, as demand for higher-yielding debt wasstrong. As yields on global bonds declined, the yields on over a quarter of all investment-grade bonds became negative. Despite negative yields, foreign investors steppedup their purchases of U.S. corporate bonds, sending yields lower. Mortgage-backed securities were a modest contributor: The Fed announced plans to reduce mortgageholdings, and mortgage refinancing rose with lower interest rates during the second half of the reporting period.

International non-U.S. dollar denominated investment-grade bonds also contributed, as investors sought safer investments due to slowing economic growth. Low inflationand rate reductions by central banks late in the reporting period also contributed to the decline in global bond yields.

The equity component of the Index, which represented approximately 30% of the return on average, contributed slightly to its performance. Within the equity allocation, largecapitalization U.S. stocks were the leading contributors, with the information technology sector performing particularly well. The software and services industry benefitedfrom the continued growth of software as a service.

International developed market equities detracted from the Index’s return, as Japanese stocks declined due to trade tensions between the U.S. and China, which negativelyaffected Japan’s export-reliant economy. Sluggish European economic growth and uncertainty surrounding Brexit worked against stocks in the U.K. and Germany.





Domestic Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.1%Domestic Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.9International Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3International Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.7


SecurityPercent of


iShares Core Total USD Bond Market ETF . . . . . . . . . . . . . . . . . . . 60.1%iShares Core S&P 500 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.5iShares Core International Aggregate Bond ETF . . . . . . . . . . . . . 10.7iShares Core MSCI International Developed Markets ETF . . . . 10.3iShares Core MSCI Emerging Markets ETF . . . . . . . . . . . . . . . . . . 2.9


Fund Summary as of July 31, 2019 (continued) iShares� Core Conservative Allocation ETF



The iShares Core Growth Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income fundsintended to represent a growth allocation target risk strategy, as represented by the S&P Target Risk Growth Index (the “Index”). The Fund invests in a representative sampleof securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not holdall of the securities that are included in the Index.

Performance






$21,663$21,890

8,000

10,000

12,000

14,000

16,000

18,000

20,000

$22,000


Fund Index


Expense Example



(02/01/19)

EndingAccount Value

(07/31/19)



(02/01/19)

EndingAccount Value

(07/31/19)


AnnualizedExpense

Ratio (a)

$ 1,000.00 $ 1,065.40 $ 0.97 $ 1,000.00 $ 1,023.90 $ 0.95 0.19%



Fund Summary as of July 31, 2019 iShares� Core Growth Allocation ETF



The Index’s mix of stock and bond funds designed to represent a growth target risk allocation strategy posted a positive return for the reporting period, with both equity andbond funds contributing. The bond allocation, which represented approximately 40% of the Index on average, was a more significant contributor than the equity component.

Within the bond allocation, U.S. government and corporate bonds were the leading contributors. Bond prices benefited from low inflation and the Fed’s shift to holdinginterest rates steady for six months followed by its subsequent interest rate decrease in July 2019, which marked the first time in nearly 11 years that the Fed lowered interestrates. Concerns about slowing economic growth and demand for less risky assets also helped lower bond yields (bond prices and bond yields are inversely related). Bondsin the government, corporate, and securitized sectors contributed to the Index’s return, with corporate bonds contributing the most, as demand for higher-yielding debt wasstrong. As yields on global bonds declined, the yields on over a quarter of all investment-grade bonds became negative. Despite negative yields, foreign investors steppedup their purchases of U.S. corporate bonds, sending yields lower.

The equity component of the Index, which represented approximately 60% of the Index on average, was a modest contributor to the Index’s performance. Within the equityallocation, large capitalization U.S. stocks were the leading contributors, with the information technology sector performing particularly well. The software and servicesindustry benefited from the continued growth of software as a service. Consumer-based sectors also helped the Index’s performance, as retail sales rose, driven by solidwage growth amid low inflation.

Several of the Index’s international equity allocations, including international developed markets, detracted from the Index’s return. Japanese stocks declined due to tradetensions between the U.S. and China, which negatively affected Japan’s export-reliant economy. Sluggish European economic growth and uncertainty surrounding Brexitworked against stocks in the U.K. and Germany.

Emerging market equities, particularly in South Korea and China, detracted from the Index’s return, declining sharply in the first half of the reporting period on higher interestrates, which increased borrowing costs, particularly for countries and companies with debt denominated in foreign currencies.As central banks stopped raising interest ratesin 2019, emerging markets recovered some of their earlier losses. Slowing trade flows resulting from the ongoing trade dispute also weighed on many emerging countriesduring the reporting period.







SecurityPercent of


iShares Core Total USD Bond Market ETF . . . . . . . . . . . . . . . . . . . 34.8%iShares Core S&P 500 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.3iShares Core MSCI International Developed Markets ETF . . . . 20.9iShares Core International Aggregate Bond ETF . . . . . . . . . . . . . 6.2iShares Core MSCI Emerging Markets ETF . . . . . . . . . . . . . . . . . . 5.9


Fund Summary as of July 31, 2019 (continued) iShares� Core Growth Allocation ETF



The iShares Core Moderate Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed incomefunds intended to represent a moderate target risk allocation strategy, as represented by the S&P Target Risk Moderate Index (the “Index”). The Fund invests in arepresentative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fundmay or may not hold all of the securities that are included in the Index.

Performance






$18,300$18,463

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000

18,000

$19,000


Fund Index


Expense Example



(02/01/19)

EndingAccount Value

(07/31/19)



(02/01/19)

EndingAccount Value

(07/31/19)


AnnualizedExpense

Ratio (a)

$ 1,000.00 $ 1,062.10 $ 0.97 $ 1,000.00 $ 1,023.90 $ 0.95 0.19%



Fund Summary as of July 31, 2019 iShares� Core Moderate Allocation ETF



The Index’s mix of stock and bond funds designed to represent a moderate target risk allocation strategy posted a positive return for the reporting period, with both bondand equity allocations contributing to the Index’s return. The bond allocation, which represented approximately 60% of the Index on average, contributed significantly morethan the equity component.

Within the bond allocation, U.S. government and corporate bonds were the leading contributors. Bond prices benefited from low inflation and the Fed’s shift to holdinginterest rates steady for six months followed by its subsequent interest rate decrease in July 2019, which marked the first time in nearly 11 years that the Fed lowered interestrates. Concerns about slowing economic growth and demand for less risky assets also helped lower bond yields (bond prices and bond yields are inversely related). Bondsin the government, corporate, and securitized sectors contributed to the Index’s return, with corporate bonds contributing the most, as demand for higher-yielding debt wasstrong. As yields on global bonds declined, the yields on over a quarter of all investment-grade bonds became negative. Despite negative yields, foreign investors steppedup their purchases of U.S. corporate bonds, sending yields lower.

International non-U.S. dollar denominated investment-grade bonds also contributed, as investors sought safer investments due to slowing economic growth. Low inflationand rate reductions by central banks late in the reporting period also contributed to the decline in global bond yields.

The equity component of the Index, which represented approximately 40% of the return on average, contributed slightly to its performance. Within the equity allocation, largecapitalization U.S. stocks were the leading contributors, with the information technology sector performing particularly well. The software and services industry benefitedfrom the continued growth of software as a service. The move toward subscription-based software drove profitability in the industry by providing consistent revenues whilereducing training costs.

International developed market equities detracted from the Index’s return, as Japanese stocks declined due to trade tensions between the U.S. and China, which negativelyaffected Japan’s export-reliant economy. Sluggish European economic growth and uncertainty surrounding Brexit worked against stocks in the U.K. and Germany.







SecurityPercent of


iShares Core Total USD Bond Market ETF . . . . . . . . . . . . . . . . . . . 51.7%iShares Core S&P 500 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.4iShares Core MSCI International Developed Markets ETF . . . . 13.8iShares Core International Aggregate Bond ETF . . . . . . . . . . . . . 9.2iShares Core MSCI Emerging Markets ETF . . . . . . . . . . . . . . . . . . 3.9


Fund Summary as of July 31, 2019 (continued) iShares� Core Moderate Allocation ETF



The iShares Morningstar Multi-Asset Income ETF (the “Fund”) seeks to track the investment results of an index composed of underlying equity, fixed income and otherincome funds that collectively seek to deliver high current income while providing an opportunity for capital appreciation, as represented by the Morningstar� Multi-AssetHigh Income IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to theIndex. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


1 Year 5 YearsSince

Inception 1 Year 5 YearsSince

Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.92% 4.23% 5.39% 5.92% 23.00% 46.94%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.96 4.23 5.40 5.96 23.00 46.99Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.03 4.25 5.39 6.03 23.14 46.87


(SINCE INCEPTION AT NET ASSETVALUE)

$14,694$14,687

9,50010,00010,50011,00011,50012,00012,50013,00013,50014,00014,500

$15,000

Jul 19Jul 18Jul 17Jul 16Jul 15Jul 14Jul 13Jul 12

Fund Index

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.


Expense Example



(02/01/19)

EndingAccount Value

(07/31/19)



(02/01/19)

EndingAccount Value

(07/31/19)


AnnualizedExpense

Ratio (a)

$ 1,000.00 $ 1,044.10 $ 1.17 $ 1,000.00 $ 1,023.70 $ 1.15 0.23%



Fund Summary as of July 31, 2019 iShares� Morningstar Multi-Asset Income ETF



The Index’s mix of stock, bond, and real estate investment trust (“REIT”) funds designed to seek a high current income while providing an opportunity for capital appreciationposted a positive return for the reporting period. The bond allocation, which represented approximately 65% of the Index on average, was the largest contributor to theIndex’s return.

Within the bond allocation, U.S. dollar-denominated emerging market bonds were the leading contributors. These bonds benefited from the shift by central banks globallytowards a looser interest rate policy in the second half of the reporting period. Several emerging market economies, including India, Russia, Brazil, the Philippines, andUkraine, lowered headline interest rates in 2019. Investors in search of yield anticipated that these interest rate decreases would stimulate flagging economies, andemerging market bonds consequently became more attractive.

U.S. corporate bonds also performed well, as demand for higher-yielding debt was strong. As yields on global bonds declined, the yields on over a quarter of allinvestment-grade bonds became negative. Despite negative yields, foreign investors stepped up their purchases of U.S. corporate bonds, sending yields lower (bond yieldsand prices are inversely related). Intermediate-term investment grade corporate bonds were the largest contributors to the Index’s return. High-yield U.S. corporate bondswere also solid contributors, reflecting demand for high-yield debt and greater risk tolerance from fixed-income investors.

REITs, which represented approximately 15% of the Index on average, contributed slightly to the Index’s performance. Because they are reliant on debt, REITs typicallystruggle when interest rates and borrowing costs rise. Consequently, REITs trailed for the first half of the reporting period but rebounded as the Fed implemented moreaccommodative interest rate policy in 2019.

On the downside, equities, which represented approximately 20% of the Index on average, detracted fractionally from the Index’s return. The principal detractor amongequities was international stocks in developed countries with relatively high dividends. These stocks struggled primarily due to sluggish European economic growth anduncertainty surrounding Brexit. Value stocks from developed countries other than the U.S. and Canada were also detractors. Some equity funds made a positivecontribution, however, including high-dividend stocks from emerging markets and high-dividend U.S. equities.





International Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.7%Non-Investment Grade Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.8Investment Grade Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.2Domestic Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8International Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.4Domestic Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1


SecurityPercent of


iShares iBoxx $ High Yield Corporate Bond ETF . . . . . . . . . . . . . 19.8%iShares J.P. Morgan USD Emerging Markets Bond ETF . . . . . . 15.2iShares Mortgage Real Estate ETF . . . . . . . . . . . . . . . . . . . . . . . . . . 14.8iShares International Select Dividend ETF . . . . . . . . . . . . . . . . . . . 14.4iShares Intermediate-Term Corporate Bond ETF . . . . . . . . . . . . . 12.1


Fund Summary as of July 31, 2019 (continued) iShares� Morningstar Multi-Asset Income ETF


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

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

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

Shareholder Expenses

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

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

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

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

About Fund Performance


Security Shares Value

Investment CompaniesDomestic Equity — 43.2%iShares Core S&P 500 ETF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,245,748 $ 372,765,174iShares Core S&P Mid-Cap ETF(a) . . . . . . . . . . . . . . . . . . . . . . . . . 132,232 25,951,852iShares Core S&P Small-Cap ETF(a)(b) . . . . . . . . . . . . . . . . . . . . . 142,979 11,325,367

410,042,393Domestic Fixed Income — 17.5%iShares Core Total USD Bond Market ETF(a)(b) . . . . . . . . . . . . . 3,215,410 166,204,543

International Equity — 36.1%iShares Core MSCI Emerging Markets ETF(a) . . . . . . . . . . . . . . 1,507,855 75,664,164iShares Core MSCI International Developed Markets ETF(a). 4,950,463 266,384,414

342,048,578International Fixed Income — 3.1%iShares Core International Aggregate Bond ETF(a) . . . . . . . . . . 538,028 29,677,624

Total Investment Companies — 99.9%(Cost: $879,660,647) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 947,973,138

Short-Term InvestmentsMoney Market Funds — 1.1%BlackRock Cash Funds: Institutional, SL Agency Shares,

2.45%(a)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,002,134 9,006,635


Money Market Funds (continued)BlackRock Cash Funds: Treasury, SL Agency Shares,

2.25%(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,064,000 $ 1,064,000

10,070,635

Total Short-Term Investments — 1.1%(Cost: $10,070,600) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,070,635

Total Investments in Securities — 101.0%(Cost: $889,731,247) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 958,043,773

Other Assets, Less Liabilities — (1.0)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,147,899)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 948,895,874

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

securities.

Affiliates

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

Affiliated Issuer

SharesHeld at

07/31/18Shares

PurchasedShares

Sold

SharesHeld at

07/31/19Value at

07/31/19 Income

NetRealized

Gain (Loss)(a)

Change inUnrealized

Appreciation(Depreciation)

BlackRock Cash Funds: Institutional, SL AgencyShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,124,163 — (11,122,029)(b) 9,002,134 $ 9,006,635 $ 88,656(c) $ 1,835 $ (2,492)

BlackRock Cash Funds: Treasury, SL Agency Shares . . 1,563,863 — (499,863)(b) 1,064,000 1,064,000 46,978 — —iShares Core International Aggregate Bond ETF . . . . . . . 533,153 215,655 (210,780) 538,028 29,677,624 1,215,940 240,593 1,337,259iShares Core MSCI Emerging Markets ETF. . . . . . . . . . . . 1,198,577 734,801 (425,523) 1,507,855 75,664,164 2,010,337 1,854,016 (6,568,383)iShares Core MSCI International Developed Markets

ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,662,682 1,887,903 (1,600,122) 4,950,463 266,384,414 7,897,070 1,341,799 (15,101,815)iShares Core S&P 500 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,209,304 423,463 (387,019) 1,245,748 372,765,174 7,500,343 24,246,247 (1,402,252)iShares Core S&P Mid-Cap ETF . . . . . . . . . . . . . . . . . . . . . . 137,709 52,328 (57,805) 132,232 25,951,852 390,180 514,379 (721,891)iShares Core S&P Small-Cap ETF . . . . . . . . . . . . . . . . . . . . 152,346 71,555 (80,922) 142,979 11,325,367 165,676 1,187,273 (1,867,545)iShares Core Total USD Bond Market ETF. . . . . . . . . . . . . 3,085,880 1,178,809 (1,049,279) 3,215,410 166,204,543 4,766,510 (66,873) 7,356,634

$958,043,773 $24,081,690 $29,319,269 $(16,970,485)

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

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

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.

Schedule of InvestmentsJuly 31, 2019

iShares� Core Aggressive Allocation ETF(Percentages shown are based on Net Assets)

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

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of July 31, 2019. The breakdown of the Fund's investments intomajor categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Investment Companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $947,973,138 $ — $ — $947,973,138Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,070,635 — — 10,070,635

$958,043,773 $ — $ — $958,043,773

See notes to financial statements.

Schedule of Investments (continued)

July 31, 2019

iShares� Core Aggressive Allocation ETF



Investment CompaniesDomestic Equity — 15.9%iShares Core S&P 500 ETF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,259 $ 76,381,151iShares Core S&P Mid-Cap ETF(a) . . . . . . . . . . . . . . . . . . . . . . . . . 27,109 5,320,412iShares Core S&P Small-Cap ETF(a)(b) . . . . . . . . . . . . . . . . . . . . . 29,339 2,323,942

84,025,505Domestic Fixed Income — 60.1%iShares Core Total USD Bond Market ETF(a)(b) . . . . . . . . . . . . . 6,147,871 317,783,452

International Equity — 13.2%iShares Core MSCI Emerging Markets ETF(a) . . . . . . . . . . . . . . 308,938 15,502,509iShares Core MSCI International Developed

Markets ETF(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,014,391 54,584,379

70,086,888International Fixed Income — 10.7%iShares Core International Aggregate Bond ETF(a)(b) . . . . . . . . 1,028,641 56,739,838



2.45%(a)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,584,540 5,587,332



2.25%(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503,000 $ 503,000

6,090,332

Total Short-Term Investments — 1.2%(Cost: $6,090,332). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,090,332


Other Assets, Less Liabilities — (1.1)%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,661,750)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 529,064,265


securities.

Affiliates


Affiliated Issuer

SharesHeld at

07/31/18Shares

PurchasedShares

Sold

SharesHeld at

07/31/19Value at

07/31/19 Income

NetRealized

Gain (Loss)(a)

Change inUnrealized


BlackRock Cash Funds: Institutional, SL Agency Shares. . . 1,149,942 4,434,598(b) — 5,584,540 $ 5,587,332 $ 44,499(c) $ (224) $ —BlackRock Cash Funds: Treasury, SL Agency Shares . . . . . 514,739 — (11,739)(b) 503,000 503,000 14,663 — —iShares Core International Aggregate Bond ETF . . . . . . . . . . 950,089 435,259 (356,707) 1,028,641 56,739,838 2,317,171 466,249 2,374,807iShares Core MSCI Emerging Markets ETF. . . . . . . . . . . . . . . 216,153 181,942 (89,157) 308,938 15,502,509 422,499 (118,875) (811,381)iShares Core MSCI International Developed Markets ETF . 929,285 508,887 (423,781) 1,014,391 54,584,379 1,629,927 172,426 (2,811,603)iShares Core S&P 500 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240,723 115,724 (101,188) 255,259 76,381,151 1,530,521 6,226,459 (1,771,245)iShares Core S&P Mid-Cap ETF . . . . . . . . . . . . . . . . . . . . . . . . . 28,715 16,822 (18,428) 27,109 5,320,412 78,857 486,509 (398,196)iShares Core S&P Small-Cap ETF . . . . . . . . . . . . . . . . . . . . . . . 33,447 24,692 (28,800) 29,339 2,323,942 33,832 289,919 (393,656)iShares Core Total USD Bond Market ETF . . . . . . . . . . . . . . . . 5,660,863 2,484,597 (1,997,589) 6,147,871 317,783,452 8,991,095 540,979 13,477,550

$534,726,015 $15,063,064 $ 8,063,442 $ 9,666,276






iShares� Core Conservative Allocation ETF(Percentages shown are based on Net Assets)





InvestmentsAssets


$534,726,015 $ — $ — $534,726,015



July 31, 2019

iShares� Core Conservative Allocation ETF



Investment CompaniesDomestic Equity — 32.1%iShares Core S&P 500 ETF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,279,345 $ 382,818,404iShares Core S&P Mid-Cap ETF(a) . . . . . . . . . . . . . . . . . . . . . . 135,794 26,650,930iShares Core S&P Small-Cap ETF(a)(b) . . . . . . . . . . . . . . . . . . 146,788 11,627,078

421,096,412Domestic Fixed Income — 34.8%iShares Core Total USD Bond Market ETF(a) . . . . . . . . . . . . 8,805,654 455,164,255

International Equity — 26.8%iShares Core MSCI Emerging Markets ETF(a) . . . . . . . . . . . 1,548,502 77,703,830iShares Core MSCI International Developed

Markets ETF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,083,998 273,569,933

351,273,763International Fixed Income — 6.2%iShares Core International Aggregate Bond ETF(a). . . . . . . 1,473,411 81,273,351

Total Investment Companies — 99.9%(Cost: $1,234,618,919). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,308,807,781


2.45%(a)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,252,891 11,258,517



2.25%(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,663,000 $ 1,663,000

12,921,517

Total Short-Term Investments — 1.0%(Cost: $12,921,448). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,921,517

Total Investments in Securities — 100.9%(Cost: $1,247,540,367). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,321,729,298

Other Assets, Less Liabilities — (0.9)% . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,470,359)

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,310,258,939


securities.

Affiliates


Affiliated Issuer

SharesHeld at

07/31/18Shares

PurchasedShares

Sold

SharesHeld at

07/31/19Value at

07/31/19 Income

NetRealized

Gain (Loss)(a)

Change inUnrealized


BlackRock Cash Funds: Institutional, SL AgencyShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,909,951 7,342,940(b) — 11,252,891 $ 11,258,517 $ 99,128(c) $ 5,411 $ (298)

BlackRock Cash Funds: Treasury, SL Agency Shares. . 1,083,431 579,569(b) — 1,663,000 1,663,000 58,089 — —iShares Core International Aggregate Bond ETF. . . . . . . 1,296,426 633,677 (456,692) 1,473,411 81,273,351 3,251,245 601,561 3,204,218iShares Core MSCI Emerging Markets ETF . . . . . . . . . . . 1,110,627 819,153 (381,278) 1,548,502 77,703,830 2,058,084 1,676,068 (5,788,877)iShares Core MSCI International Developed Markets

ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,373,793 2,325,384 (1,615,179) 5,083,998 273,569,933 8,048,109 1,614,235 (13,303,262)iShares Core S&P 500 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . 1,134,222 532,036 (386,913) 1,279,345 382,818,404 7,476,077 23,237,324 1,101,663iShares Core S&P Mid-Cap ETF. . . . . . . . . . . . . . . . . . . . . . 129,926 71,349 (65,481) 135,794 26,650,930 387,100 755,815 (687,646)iShares Core S&P Small-Cap ETF. . . . . . . . . . . . . . . . . . . . 144,695 85,216 (83,123) 146,788 11,627,078 165,401 1,053,381 (1,653,370)iShares Core Total USD Bond Market ETF . . . . . . . . . . . . 7,675,408 3,630,598 (2,500,352) 8,805,654 455,164,255 12,654,403 568,367 20,081,917

$1,321,729,298 $34,197,636 $29,512,162 $ 2,954,345






iShares� Core Growth Allocation ETF(Percentages shown are based on Net Assets)





InvestmentsAssets

Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,308,807,781 $ — $ — $1,308,807,781Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,921,517 — — 12,921,517

$1,321,729,298 $ — $ — $1,321,729,298



July 31, 2019

iShares� Core Growth Allocation ETF



Investment CompaniesDomestic Equity — 21.3%iShares Core S&P 500 ETF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . 714,738 $ 213,871,052iShares Core S&P Mid-Cap ETF(a) . . . . . . . . . . . . . . . . . . . . . . 75,870 14,890,246iShares Core S&P Small-Cap ETF(a)(b) . . . . . . . . . . . . . . . . . . 82,019 6,496,725

235,258,023Domestic Fixed Income — 51.7%iShares Core Total USD Bond Market ETF(a) . . . . . . . . . . . . 11,068,790 572,145,755

International Equity — 17.7%iShares Core MSCI Emerging Markets ETF(a) . . . . . . . . . . . 865,109 43,411,170iShares Core MSCI International Developed

Markets ETF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,840,257 152,834,229

196,245,399International Fixed Income — 9.2%iShares Core International Aggregate Bond ETF(a). . . . . . . 1,852,126 102,163,270

Total Investment Companies — 99.9%(Cost: $1,063,300,225). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,105,812,447


2.45%(a)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,632,134 6,635,450



2.25%(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300,000 $ 1,300,000

7,935,450


Total Investments in Securities — 100.6%(Cost: $1,071,234,454). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113,747,897


Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,106,956,217


securities.

Affiliates


Affiliated Issuer

SharesHeld at

07/31/18Shares

PurchasedShares

Sold

SharesHeld at

07/31/19Value at

07/31/19 Income

NetRealized

Gain (Loss)(a)

Change inUnrealized


BlackRock Cash Funds: Institutional, SL AgencyShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,292,283 — (4,660,149)(b) 6,632,134 $ 6,635,450 $ 128,068(c) $ 12,368 $ 89

BlackRock Cash Funds: Treasury, SL Agency Shares. 1,729,969 — (429,969)(b) 1,300,000 1,300,000 63,333 — —iShares Core International Aggregate Bond ETF. . . . . . 1,573,105 1,020,611 (741,590) 1,852,126 102,163,270 4,119,979 878,268 3,865,241iShares Core MSCI Emerging Markets ETF . . . . . . . . . . 548,064 648,918 (331,873) 865,109 43,411,170 1,192,539 1,280,885 (3,204,504)iShares Core MSCI International Developed Markets

ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,380,966 1,748,992 (1,289,701) 2,840,257 152,834,229 4,571,782 1,411,217 (7,405,148)iShares Core S&P 500 ETF . . . . . . . . . . . . . . . . . . . . . . . . . 616,952 409,727 (311,941) 714,738 213,871,052 4,255,477 17,571,156 (3,972,968)iShares Core S&P Mid-Cap ETF. . . . . . . . . . . . . . . . . . . . . 72,839 55,469 (52,438) 75,870 14,890,246 217,191 299,049 (321,611)iShares Core S&P Small-Cap ETF . . . . . . . . . . . . . . . . . . . 83,964 67,588 (69,533) 82,019 6,496,725 93,841 772,253 (1,009,585)iShares Core Total USD Bond Market ETF . . . . . . . . . . . 9,358,473 5,921,793 (4,211,476) 11,068,790 572,145,755 15,817,042 1,678,744 24,702,569

$1,113,747,897 $30,459,252 $23,903,940 $ 12,654,083






iShares� Core Moderate Allocation ETF(Percentages shown are based on Net Assets)





InvestmentsAssets

Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,105,812,447 $ — $ — $1,105,812,447Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,935,450 — — 7,935,450

$1,113,747,897 $ — $ — $1,113,747,897



July 31, 2019

iShares� Core Moderate Allocation ETF



Investment CompaniesDomestic Equity — 10.1%iShares Core High Dividend ETF(a) . . . . . . . . . . . . . . . . . . . . . . . 84,893 $ 8,005,410iShares Preferred and Income Securities ETF(a)(b) . . . . . . . . . 456,832 17,062,675iShares Select Dividend ETF(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . 92,898 9,315,812

34,383,897Domestic Real Estate — 14.8%iShares Mortgage Real Estate ETF(a) . . . . . . . . . . . . . . . . . . . . . 1,175,821 50,736,676

International Equity — 14.4%iShares International Select Dividend ETF(a)(b) . . . . . . . . . . . . 1,648,268 49,365,627

International Fixed Income — 25.7%iShares J.P. Morgan EM Local Currency Bond ETF(a) . . . . . . 774,389 35,877,443iShares J.P. Morgan USD Emerging Markets

Bond ETF(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457,724 52,034,064

87,911,507Investment Grade Bonds — 15.2%iShares Intermediate-Term Corporate Bond ETF(a) . . . . . . . . 726,016 41,382,912iShares Long-Term Corporate Bond ETF(a)(b) . . . . . . . . . . . . . . 162,685 10,418,347

51,801,259Non-Investment Grade Bonds — 19.8%iShares iBoxx $ High Yield Corporate Bond ETF(a)(b). . . . . . . 778,257 67,653,881




2.45%(a)(c)(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,643,936 $ 79,683,758BlackRock Cash Funds: Treasury, SL Agency Shares,

2.25%(a)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,000 59,000

79,742,758




Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 341,893,282


securities.

Affiliates


Affiliated Issuer

SharesHeld at

07/31/18Shares

PurchasedShares

Sold

SharesHeld at

07/31/19Value at

07/31/19 Income

NetRealized

Gain (Loss)(a)

Change inUnrealized


BlackRock Cash Funds: Institutional, SL AgencyShares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,105,244 — (3,461,308)(b) 79,643,936 $ 79,683,758 $ 651,294(c) $ (1,025) $ 10,889

BlackRock Cash Funds: Treasury, SL Agency Shares . . 22,519 36,481(b) — 59,000 59,000 7,457 — —iShares Core High Dividend ETF . . . . . . . . . . . . . . . . . . . . . . 254,175 185,038 (354,320) 84,893 8,005,410 236,302 2,743,650 (2,443,871)iShares Emerging Markets Dividend ETF . . . . . . . . . . . . . . 100,486 405,280 (505,766) — — 157,990 647,042 8,084iShares iBoxx $ High Yield Corporate Bond ETF . . . . . . . 753,727 181,560 (157,030) 778,257 67,653,881 3,340,145 (219,609) 796,970iShares iBoxx $ Investment Grade Corporate Bond

ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,598 2,288 (142,886) — — 139,066 (535,129) 156,774iShares Intermediate-Term Corporate Bond ETF . . . . . . . — 1,092,108 (366,092) 726,016 41,382,912 1,609,325 466,869 2,292,076iShares International Select Dividend ETF . . . . . . . . . . . . . 1,142,426 787,955 (282,113) 1,648,268 49,365,627 2,755,047 744,707 (5,560,972)iShares J.P. Morgan EM Local Currency Bond ETF. . . . . 348,763 534,925 (109,299) 774,389 35,877,443 496,183 (99,030) 1,000,531iShares J.P. Morgan USD Emerging Markets Bond

ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444,116 115,729 (102,121) 457,724 52,034,064 2,691,149 (255,051) 2,224,709iShares Long-Term Corporate Bond ETF. . . . . . . . . . . . . . . — 165,766 (3,081) 162,685 10,418,347 66,332 3,031 431,855iShares MBS ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468,169 97,727 (565,896) — — 214,097 (1,202,847) 1,619,377iShares Mortgage Real Estate ETF . . . . . . . . . . . . . . . . . . . . 1,099,409 312,755 (236,343) 1,175,821 50,736,676 3,344,476 451,305 (1,576,576)iShares MSCI EAFE Value ETF . . . . . . . . . . . . . . . . . . . . . . . — 227,410 (227,410) — — — (601,783) —iShares Preferred and Income Securities ETF. . . . . . . . . . 435,625 118,933 (97,726) 456,832 17,062,675 886,400 (13,964) (53,006)iShares Select Dividend ETF . . . . . . . . . . . . . . . . . . . . . . . . . . — 94,615 (1,717) 92,898 9,315,812 77,220 6,760 577,151

$421,595,605 $16,672,483 $ 2,134,926 $ (516,009)




iShares� Morningstar Multi-Asset Income ETF(Percentages shown are based on Net Assets)






InvestmentsAssets


$421,595,605 $ — $ — $421,595,605



July 31, 2019

iShares� Morningstar Multi-Asset Income ETF


iSharesCore

AggressiveAllocation

ETF

iSharesCore

ConservativeAllocation

ETF

iSharesCore Growth

Allocation ETF

iSharesCore ModerateAllocation ETF

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

Affiliated(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $958,043,773 $534,726,015 $1,321,729,298 $1,113,747,897Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 576 974 533Receivables:

Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,183 4,851 905 8,469Capital shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,882 — 1,869Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,744 1,921 8,940 6,721

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 958,057,891 534,736,245 1,321,740,117 1,113,765,489

LIABILITIESCollateral on securities loaned, at value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,005,437 5,587,766 11,261,273 6,632,079Payables:

Capital shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 5,170 —Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156,580 84,214 214,735 177,193

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,162,017 5,671,980 11,481,178 6,809,272

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $948,895,874 $529,064,265 $1,310,258,939 $1,106,956,217

NET ASSETS CONSIST OF:Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $883,284,517 $511,012,746 $1,239,215,812 $1,066,475,560Accumulated earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,611,357 18,051,519 71,043,127 40,480,657

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $948,895,874 $529,064,265 $1,310,258,939 $1,106,956,217

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,400,000 15,000,000 28,750,000 28,550,000

Net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54.53 $ 35.27 $ 45.57 $ 38.77

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

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

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,780,045 $ 5,461,699 $ 10,978,744 $ 6,469,477(b) Investments, at cost — Affiliated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $889,731,247 $515,662,055 $1,247,540,367 $1,071,234,454


Statements of Assets and LiabilitiesJuly 31, 2019

F I N A N C I A L S T A T E M E N T S 25

iSharesMorningstarMulti-Asset

Income ETF

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

Affiliated(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $421,595,605Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Receivables:

Securities lending income — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,179Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421,617,945

LIABILITIESCollateral on securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,660,307Payables:

Capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,900

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,724,663

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $341,893,282

NET ASSETS CONSIST OF:Paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $356,312,002Accumulated loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,418,720)

NET ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $341,893,282

Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,700,000

Net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24.96

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

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

(a) Securities loaned, at value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 77,789,892(b) Investments, at cost — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $426,093,023


Statements of Assets and Liabilities (continued)

July 31, 2019


iSharesCore

AggressiveAllocation

ETF

iSharesCore

ConservativeAllocation

ETF

iSharesCore Growth

AllocationETF

iSharesCore

ModerateAllocation

ETF

INVESTMENT INCOMEDividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,993,034 $15,018,565 $34,098,508 $30,331,184Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,656 44,499 99,128 128,068

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,081,690 15,063,064 34,197,636 30,459,252

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,287,775 1,231,808 3,027,350 2,545,285

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,287,775 1,231,808 3,027,350 2,545,285

Less:Investment advisory fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (520,157) (303,423) (711,303) (616,535)

Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,767,618 928,385 2,316,047 1,928,750

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,314,072 14,134,679 31,881,589 28,530,502

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

Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,078,946) (1,071,941) (2,475,130) (1,754,873)In-kind redemptions — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,398,215 9,135,383 31,987,292 25,658,813

Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,319,269 8,063,442 29,512,162 23,903,940

Net change in unrealized appreciation (depreciation) on:Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,970,485) 9,666,276 2,954,345 12,654,083

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,970,485) 9,666,276 2,954,345 12,654,083

Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,348,784 17,729,718 32,466,507 36,558,023

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,662,856 $31,864,397 $64,348,096 $65,088,525


Statements of OperationsYear Ended July 31, 2019


iSharesMorningstarMulti-Asset

Income ETF

INVESTMENT INCOMEDividends — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,021,189Securities lending income — Affiliated — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 651,294

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,672,483

EXPENSESInvestment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 776,388

Total expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 776,388

Less:Investment advisory fees waived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (62,282)

Total expenses after fees waived. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 714,106

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,958,377

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

Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 683,006In-kind redemptions — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,451,920

Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,134,926

Net change in unrealized appreciation (depreciation) on:Investments — Affiliated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (516,009)

Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (516,009)

Net realized and unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,618,917

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,577,294


Statements of Operations (continued)

Year Ended July 31, 2019


iSharesCore Aggressive Allocation ETF

iSharesCore Conservative Allocation ETF

Year Ended07/31/19

Year Ended07/31/18

Year Ended07/31/19

Year Ended07/31/18

INCREASE (DECREASE) IN NET ASSETS

OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,314,072 $ 16,014,088 $ 14,134,679 $ 9,462,145Net realized gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,319,269 32,452,267 8,063,442 9,465,103Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,970,485) 16,455,079 9,666,276 (5,281,237)

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,662,856 64,921,434 31,864,397 13,646,011

DISTRIBUTIONS TO SHAREHOLDERS(a)(b)

Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,465,318) (42,757,528) (14,216,890) (14,307,527)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,456,615 182,198,098 39,695,501 74,048,285

NET ASSETS(b)

Total increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,654,153 204,362,004 57,343,008 73,386,769Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897,241,721 692,879,717 471,721,257 398,334,488

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $948,895,874 $897,241,721 $529,064,265 $471,721,257

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.(b) Prior year distribution character information has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 11 for this prior year information.


Statements of Changes in Net Assets


iSharesCore Growth Allocation ETF

iSharesCore Moderate Allocation ETF

Year Ended07/31/19

Year Ended07/31/18

Year Ended07/31/19

Year Ended07/31/18


OPERATIONSNet investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,881,589 $ 21,901,414 $ 28,530,502 $ 17,609,912Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,512,162 52,116,160 23,903,940 22,753,177Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,954,345 (3,172,354) 12,654,083 (6,562,344)

Net increase in net assets resulting from operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,348,096 70,845,220 65,088,525 33,800,745


Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,096,022) (52,725,303) (28,700,097) (31,213,415)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,280,104 71,410,668 161,333,527 170,072,094

NET ASSETS(b)

Total increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,532,178 89,530,585 197,721,955 172,659,424Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,118,726,761 1,029,196,176 909,234,262 736,574,838

End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,310,258,939 $1,118,726,761 $1,106,956,217 $909,234,262



Statements of Changes in Net Assets (continued)


iSharesMorningstar Multi-Asset Income ETF

Year Ended07/31/19

Year Ended07/31/18


OPERATIONSNet investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,958,377 $ 15,510,280Net realized gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,134,926 2,430,318Net change in unrealized appreciation (depreciation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (516,009) (12,030,466)

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,577,294 5,910,132


From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,652,386) (16,126,287)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (67,126) —

Decrease in net assets resulting from distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,719,512) (16,126,287)

CAPITAL SHARE TRANSACTIONSNet increase in net assets derived from capital share transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,417,034 5,509,769

NET ASSETS(b)

Total increase (decrease) in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,274,816 (4,706,386)Beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324,618,466 329,324,852

End of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $341,893,282 $324,618,466



Statements of Changes in Net Assets (continued)


iShares Core Aggressive Allocation ETF

Year Ended07/31/19

Year Ended07/31/18

Year Ended07/31/17

Year Ended07/31/16

Year Ended07/31/15

Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54.21 $ 52.49 $ 47.02 $ 47.33 $ 45.81

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.29 1.06 1.09 1.05 1.05Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.28 3.51 5.40 (0.38) 1.47

Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.57 4.57 6.49 0.67 2.52

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.25) (1.05) (1.02) (0.98) (1.00)From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1.80) — — —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.25) (2.85) (1.02) (0.98) (1.00)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54.53 $ 54.21 $ 52.49 $ 47.02 $ 47.33

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.99% 8.84% 13.99% 1.53% 5.54%

Ratios to Average Net AssetsTotal expenses(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 0.25% 0.25% 0.25% 0.25%

Total expenses after fees waived(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.19% 0.18% 0.16% 0.11% 0.11%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.44% 1.97% 2.23% 2.33% 2.24%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $948,896 $897,242 $692,880 $444,366 $376,267

Portfolio turnover rate(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4% 40% 1% 6% 58%

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

expenses.(e) Portfolio turnover rate excludes in-kind transactions.(f) Portfolio turnover rate excludes the portfolio activity of the underlying funds in which the Fund is invested. See each underlying fund's financial highlights for its respective portfolio

turnover rates.


Financial Highlights(For a share outstanding throughout each period)


iShares Core Conservative Allocation ETF

Year Ended07/31/19

Year Ended07/31/18

Year Ended07/31/17

Year Ended07/31/16

Year Ended07/31/15


Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.98 0.70 0.74 0.65 0.66Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.08 0.33 0.84 0.83 (0.03)

Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.06 1.03 1.58 1.48 0.63

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.97) (0.72) (0.73) (0.65) (0.66)From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.32) — — —



Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.17% 3.05% 4.84% 4.65% 1.93%









turnover rates.


Financial Highlights (continued)

(For a share outstanding throughout each period)

F I N A N C I A L H I G H L I G H T S 33

iShares Core Growth Allocation ETF

Year Ended07/31/19

Year Ended07/31/18

Year Ended07/31/17

Year Ended07/31/16

Year Ended07/31/15

Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44.84 $ 44.08 $ 40.81 $ 40.53 $ 39.50

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.16 0.88 0.94 0.90 0.91Net realized and unrealized gain(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.69 1.96 3.22 0.19 0.98

Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.85 2.84 4.16 1.09 1.89

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.12) (0.90) (0.89) (0.81) (0.86)From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1.18) — — —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.12) (2.08) (0.89) (0.81) (0.86)

Net asset value, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45.57 $ 44.84 $ 44.08 $ 40.81 $ 40.53

Total ReturnBased on net asset value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.24% 6.53% 10.33% 2.80% 4.82%

Ratios to Average Net AssetsTotal expenses(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 0.25% 0.25% 0.25% 0.25%

Total expenses after fees waived(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.19% 0.18% 0.15% 0.11% 0.11%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.63% 1.96% 2.26% 2.31% 2.25%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,310,259 $1,118,727 $1,029,196 $763,086 $455,946

Portfolio turnover rate(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4% 44% 2% 11% 75%




turnover rates.





iShares Core Moderate Allocation ETF

Year Ended07/31/19

Year Ended07/31/18

Year Ended07/31/17

Year Ended07/31/16

Year Ended07/31/15

Net asset value, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37.73 $ 37.48 $ 35.89 $ 35.19 $ 34.99

Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.05 0.77 0.81 0.73 0.74Net realized and unrealized gain(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.99 0.80 1.54 0.66 0.17

Net increase from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.04 1.57 2.35 1.39 0.91

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.00) (0.77) (0.76) (0.69) (0.71)From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.55) — — —

Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.00) (1.32) (0.76) (0.69) (0.71)

Net asset value, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38.77 $ 37.73 $ 37.48 $ 35.89 $ 35.19

Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52% 4.24% 6.66% 4.03% 2.62%

Ratios to Average Net AssetsTotal expenses(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 0.25% 0.25% 0.25% 0.25%

Total expenses after fees waived(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.19% 0.18% 0.15% 0.11% 0.11%

Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.80% 2.03% 2.24% 2.13% 2.10%

Supplemental DataNet assets, end of year (000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,106,956 $909,234 $736,575 $531,165 $360,717

Portfolio turnover rate(e)(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4% 40% 2% 12% 83%




turnover rates.




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

iShares Morningstar Multi-Asset Income ETF

Year Ended07/31/19

Year Ended07/31/18

Year Ended07/31/17

Year Ended07/31/16

Year Ended07/31/15


Net investment income(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.25 1.17 1.12 1.04 1.23Net realized and unrealized gain (loss)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.16 (0.71) 0.58 0.65 (1.38)

Net increase (decrease) from investment operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.41 0.46 1.70 1.69 (0.15)

Distributions(c)

From net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.31) (1.22) (1.15) (1.04) (1.24)From net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (0.06) (0.25)Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.01) — (0.02) (0.13) —



Total ReturnBased on net asset value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.92% 1.85% 7.01% 7.26% (0.67)%









turnover rates.





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

Core Aggressive Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiedCore Conservative Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiedCore Growth Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiedCore Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DiversifiedMorningstar Multi-Asset Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diversified

Each Fund is a fund of funds and seeks to achieve its investment objective by investing primarily in other iShares funds (each, an “underlying fund,” collectively, the“underlying funds”). The financial statements and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction withthe Funds' financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting 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. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date.Interest income is accrued daily.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds.Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated 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:• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as

applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued atthe last traded price.

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

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

Notes to Financial Statements

N O T E S T O F I N A N C I A L S T A T E M E N T S 37

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

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

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

• Level 1 – Unadjusted price quotations in active markets for identical assets or liabilities;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to,

quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered tobe active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, lossseverities, credit risks and default rates) or other market-corroborated inputs; and

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority tounobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classificationis determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is includedin its schedule of investments. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is notnecessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

As of July 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 July 31, 2019 and the value of the related cash collateral are disclosed in the statements of assetsand liabilities.

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

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

iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

Core Aggressive AllocationCitigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 130,221 $ 130,221 $ — $ —Virtu Americas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,056 124,056 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,525,768 8,525,768 — —

$ 8,780,045 $ 8,780,045 $ — $ —

Notes to Financial Statements (continued)


iShares ETF and CounterpartyMarket Value of

Securities on LoanCash Collateral

Received(a)Non-Cash Collateral

Received Net Amount

Core Conservative AllocationBofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,443,669 $ 1,443,669 $ — $ —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,269,604 2,269,604 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,665,485 1,665,485 — —UBS Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,128 44,128 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,813 38,813 — —

$ 5,461,699 $ 5,461,699 $ — $ —

Core Growth AllocationBofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,960,500 $ 3,960,500 $ — $ —Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349,475 349,475 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,668,769 6,668,769 — —

$ 10,978,744 $ 10,978,744 $ — $ —

Core Moderate AllocationCitigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,359,850 $ 6,359,850 $ — $ —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,627 109,627 — —

$ 6,469,477 $ 6,469,477 $ — $ —

Morningstar Multi-Asset IncomeBofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,327,010 $ 17,327,010 $ — $ —Deutsche Bank Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,980 11,980 — —Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,715,345 2,715,345 — —JPMorgan Securities LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404,967 2,404,967 — —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending). . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,424 38,424 — —State Street Bank & Trust Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478,454 478,454 — —Wells Fargo Securities LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,813,712 54,813,712 — —

$ 77,789,892 $ 77,789,892 $ — $ —

(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 0.25%, accrued daily and paid monthly by the Funds, based onthe average daily net assets of each Fund.

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

For each of the iShares Core Aggressive Allocation, iShares Core Conservative Allocation, iShares Core Growth Allocation and iShares Core Moderate Allocation ETFs,BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through November 30, 2021, in an amount equal to the acquired fund fees andexpenses, if any, attributable to each Fund’s investments in other iShares funds.

For the iShares Morningstar Multi-Asset Income ETF, BFAhas contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2021in order to limit the Fund’s total annual operating expenses after fee waiver to 0.60% of average daily net assets.

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.

Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70%of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lendingincome plus the collateral investment fees generated across all the iShares ETF Complex in a given calendar year exceeds a specified threshold, each Fund, pursuant tothe securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70%of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the year endedJuly 31, 2019, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETFFees Paid

to BTC

Core Aggressive Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,290Core Conservative Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,054Core Growth Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,295Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,760Morningstar Multi-Asset Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,904

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 year ended July 31, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF Purchases Sales

Core Aggressive Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 1,090,198Core Conservative Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,213 —Core Growth Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330,588 —Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 514,430 —

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.

6. PURCHASES AND SALES

For the year ended July 31, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:

iShares ETF Purchases Sales

Core Aggressive Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,758,107 $ 41,241,551Core Conservative Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,113,761 21,049,592Core Growth Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,511,380 53,925,833Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,562,256 46,238,172Morningstar Multi-Asset Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156,217,383 156,147,581



For the year ended July 31, 2019, in-kind transactions were as follows:

iShares ETFIn-kind

PurchasesIn-kindSales

Core Aggressive Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 290,635,103 $ 248,337,260Core Conservative Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199,666,244 156,148,476Core Growth Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485,519,573 322,573,016Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 547,635,970 384,325,212Morningstar Multi-Asset Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,030,955 54,669,253

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications haveno effect on net assets or NAV per share. As of July 31, 2019, the following permanent differences attributable to distributions paid in excess of taxable income and realizedgains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF Paid-in CapitalAccumulated

Earnings (Loss)

Core Aggressive Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29,923,112 $ (29,923,112)Core Conservative Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,526,671 (8,526,671)Core Growth Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,509,378 (30,509,378)Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,210,420 (24,210,420)

The tax character of distributions paid was as follows:

iShares ETFYear Ended

07/31/19Year Ended

07/31/18

Core Aggressive AllocationOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,465,318 $ 24,070,463Long-term capital gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 18,687,065

$ 22,465,318 $ 42,757,528

Core Conservative AllocationOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,216,890 $ 10,826,576Long-term capital gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,480,951

$ 14,216,890 $ 14,307,527

Core Growth AllocationOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32,096,022 $ 29,796,957Long-term capital gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 22,928,346

$ 32,096,022 $ 52,725,303

Core Moderate AllocationOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28,700,097 $ 21,880,405Long-term capital gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 9,333,010

$ 28,700,097 $ 31,213,415

Morningstar Multi-Asset IncomeOrdinary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,652,386 $ 16,126,287Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,126 —

$ 16,719,512 $ 16,126,287



As of July 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF

Non-expiringCapital Loss

Carryforwards(a)Net UnrealizedGains (Losses)(b) Total

Core Aggressive Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,011,138) $ 66,622,495 $ 65,611,357Core Conservative Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (295,466) 18,346,985 18,051,519Core Growth Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,085,386) 72,128,513 71,043,127Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (895,034) 41,375,691 40,480,657Morningstar Multi-Asset Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,945,449) (5,473,271) (14,418,720)

(a) Amounts available to offset future realized capital gains.(b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

For the year ended July 31, 2019, the iShares Morningstar Multi-Asset Income ETF utilized $1,344,524 of its capital loss carryforwards.

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

iShares ETF Tax CostGross Unrealized

AppreciationGross Unrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

Core Aggressive Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 891,421,278 $ 81,513,932 $ (14,891,437) $ 66,622,495Core Conservative Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 516,379,030 21,016,821 (2,669,836) 18,346,985Core Growth Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,249,600,785 85,007,365 (12,878,852) 72,128,513Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,072,372,206 48,495,972 (7,120,281) 41,375,691Morningstar Multi-Asset Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427,068,876 4,333,837 (9,807,108) (5,473,271)

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.

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 Ended07/31/19

Year Ended07/31/18

iShares ETF Shares Amount Shares Amount

Core Aggressive AllocationShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,800,000 $ 292,933,042 3,950,000 $ 213,999,171Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,950,000) (253,476,427) (600,000) (31,801,073)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850,000 $ 39,456,615 3,350,000 $ 182,198,098

Core Conservative AllocationShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 $ 200,289,034 3,950,000 $ 136,388,794Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,800,000) (160,593,533) (1,800,000) (62,340,509)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000 $ 39,695,501 2,150,000 $ 74,048,285

Core Growth AllocationShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,400,000 $ 487,932,915 5,800,000 $ 261,166,646Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,600,000) (328,652,811) (4,200,000) (189,755,978)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,800,000 $ 159,280,104 1,600,000 $ 71,410,668

Core Moderate AllocationShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,050,000 $ 550,284,776 7,350,000 $ 280,045,939Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,600,000) (388,951,249) (2,900,000) (109,973,845)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,450,000 $ 161,333,527 4,450,000 $ 170,072,094

Morningstar Multi-Asset IncomeShares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,900,000 $ 71,121,752 1,250,000 $ 31,692,549Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,250,000) (54,704,718) (1,050,000) (26,182,780)

Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 650,000 $ 16,417,034 200,000 $ 5,509,769

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specifiedamount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Unitsmay pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and othertransaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may alsopay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, andbrokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactionsare reflected as a receivable or a payable in the statement of assets and liabilities.

10. LEGAL PROCEEDINGS

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

11. REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. TheFunds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statementof assets and liabilities, statement of changes in net assets and notes to the financial statements.

Prior year distribution information and undistributed net investment income in the statement of changes in net assets has been modified to conform to the current yearpresentation in accordance with the Regulation S-X changes.



Distributions for the year ended July 31, 2018 were classified as follows:

iShares ETFNet

Investment IncomeNet

Realized Gains

Core Aggressive Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,274,802 $ 26,482,726Core Conservative Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,805,325 4,502,202Core Growth Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,453,816 30,271,487Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,170,112 13,043,303Morningstar Multi-Asset Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,126,287 —

12. SUBSEQUENT EVENTS

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



To the Board of Trustees of iShares Trust andShareholders of iShares Core Aggressive Allocation ETF,iShares Core Conservative Allocation ETF, iShares Core Growth Allocation ETF,iShares Core Moderate Allocation ETF and iShares Morningstar Multi-Asset Income ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Core Aggressive Allocation ETF, iShares CoreConservative Allocation ETF, iShares Core Growth Allocation ETF, iShares Core Moderate Allocation ETF and iShares Morningstar Multi-Asset Income ETF (five of thefunds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of July 31, 2019, the related statements of operations for the year ended July 31, 2019,the statements of changes in net assets for each of the two years in the period ended July 31, 2019, including the related notes, and the financial highlights for each of thefive years in the period ended July 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all materialrespects, the financial position of each of the Funds as of July 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assetsfor each of the two years in the period ended July 31, 2019 and each of the financial highlights for each of the five years in the period ended July 31, 2019 in conformity withaccounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on ouraudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent withrespect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and thePCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performingprocedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of thefinancial statements. Our procedures included confirmation of securities owned as of July 31, 2019 by correspondence with the custodian, transfer agent and brokers; whenreplies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLPPhiladelphia, PennsylvaniaSeptember 20, 2019

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 45

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended July 31, 2019 that qualified for the dividends-receiveddeduction were as follows:

iShares ETFDividends-Received

Deduction

Core Aggressive Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.56%Core Conservative Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.76%Core Growth Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.00%Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.74%Morningstar Multi-Asset Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.31%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2019:

iShares ETFQualified Dividend

Income

Core Aggressive Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,540,884Core Conservative Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,184,449Core Growth Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,690,961Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,874,095Morningstar Multi-Asset Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,512,874

For the fiscal year ended July 31, 2019, the Funds intend to pass through to their shareholders foreign source income earned and foreign taxes paid by the underlying funds:

iShares ETFForeign SourceIncome Earned

ForeignTaxes Paid

Core Aggressive Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,229,771 $ 877,803Core Conservative Allocation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,524,121 186,621Core Growth Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,402,868 863,479Core Moderate Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,326,404 492,899Morningstar Multi-Asset Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,649,421 212,817

Important Tax Information (unaudited)


iShares Trust

iShares Core Aggressive Allocation ETF, iShares Core Conservative Allocation ETF, iShares Core Growth Allocation ETF, iShares Core Moderate Allocation ETF,iShares Morningstar Multi-Asset Income 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 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.

Board Review and Approval of Investment Advisory Contract

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 47

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 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.

Board Review and Approval of Investment Advisory Contract (continued)


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

% Breakdown of the Total CumulativeDistributions for the Fiscal Year

iShares ETF

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

NetInvestment

IncomeNet Realized

Capital GainsReturn of

CapitalTotal Per

Share

Core Aggressive Allocation(a) . . . . . . . . . . . . . . . . . . . . . $ 1.138154 $ — $ 0.107044 $ 1.245198 91% —% 9% 100%Core Conservative Allocation(a) . . . . . . . . . . . . . . . . . . . 0.939648 — 0.029433 0.969081 97 — 3 100Core Growth Allocation(a) . . . . . . . . . . . . . . . . . . . . . . . . . 1.052582 — 0.068781 1.121363 94 — 6 100Core Moderate Allocation(a) . . . . . . . . . . . . . . . . . . . . . . . 0.961449 — 0.040568 1.002017 96 — 4 100Morningstar Multi-Asset Income(a). . . . . . . . . . . . . . . . . 1.262994 — 0.053832 1.316826 96 — 4 100

(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.

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of afund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fundshares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest ask on the primary securities exchange on whichshares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund willfluctuate with changes in the value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply anddemand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV iscalculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is tradingbelow the reported NAV, expressed as a percentage of the NAV.

Premium/discount information for the Funds covering the most recently completed calendar year and the most recently completed calendar quarters since that year (orsince the Fund began trading, if shorter) is publicly accessible, free of charge, at www.iShares.com.

The following information shows the frequency of distributions of premiums and discounts for the Funds for the immediately preceding five calendar years (or from the datea Fund began trading on the secondary market, if less than five years) through the date of the most recent calendar quarter-end. Each line in each table shows the numberof trading days in which the Fund traded within the premium/discount range indicated. Premium/discount ranges with no trading days are omitted. The number of tradingdays in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented hererepresents past performance, which cannot be used to predict future results.

iShares Core Aggressive Allocation ETFPeriod Covered: January 01, 2014 through June 30, 2019

Premium/Discount RangeNumberof Days

Percentage ofTotal Days

Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 670 48.48At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 10.13Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 571 41.32

1,382 100.00%

Supplemental Information (unaudited)

S U P P L E M E N T A L I N F O R M A T I O N 49

iShares Core Conservative Allocation ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 724 52.39%At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 7.53Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553 40.01Less than –6.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,382 100.00%

iShares Core Growth Allocation ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 749 54.20%At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 8.03Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 521 37.70Less than –3.5% and Greater than –4.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07

1,382 100.00%

iShares Core Moderate Allocation ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 738 53.40At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 8.25Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 528 38.21

1,382 100.00%

iShares Morningstar Multi-Asset Income ETFPeriod Covered: January 01, 2014 through June 30, 2019



Greater than 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07%Greater than 5.5% and Less than 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 5.0% and Less than 5.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 1.5% and Less than 2.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 1.0% and Less than 1.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 0.5% and Less than 1.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0.07Greater than 0.0% and Less than 0.5% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 798 57.75At NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 7.53Less than 0.0% and Greater than –0.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474 34.30

1,382 100.00%

Supplemental Information (unaudited) (continued)


The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and otherservice providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successoris elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred toas independent trustees (“Independent Trustees”).

The registered investment companies advised by BFAor its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, indexand money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the "BlackRockFixed-Income Complex") and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included inthe BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S.ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 360 funds as of July 31, 2019. With the exception ofRobert S. Kapito, Salim Ramji, Charles Park, Martin Small and Neal J. Andrews, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, SanFrancisco, CA 94105. The address of Mr. Kapito, Mr. Ramji, Mr. Park, Mr. Small and Mr. Andrews is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York,NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in theFunds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age) Position(s)Principal Occupation(s)During the Past 5 Years Other Directorships Held by Trustee

Robert S.Kapito(a) (62)

Trustee (since2009).

President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Headof BlackRock’s Portfolio Management Group (since its formation in 1998) andBlackRock, Inc.’s predecessor entities (since 1988); Trustee, University ofPennsylvania (since 2009); President of Board of Directors, Hope & HeroesChildren’s Cancer Fund (since 2002).

Director of BlackRock, Inc. (since 2006); Directorof iShares, Inc. (since 2009); Trustee of iSharesU.S. ETF Trust (since 2011).

Salim Ramji(b)

(49)Trustee (since2019).

Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’sETF and Index Investments Business (since 2019); Head of BlackRock’sU.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy,BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).

Director of iShares, Inc. (since 2019); Trustee ofiShares U.S. ETF Trust (since 2019).

(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees


Cecilia H.Herbert (70)

Trustee (since2005);IndependentBoard Chair(since 2016).

Chair of the Finance Committee (since 2019) and Trustee and Member of theFinance, Technology and Quality Committees of Stanford Health Care (since 2016);Member of the Audit Committee (since 2018) and Trustee and Member of theInvestment Committee, WNET, a New York public media company (since 2011);Chair (1994-2005) and Member (since 1992) of the Investment Committee,Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios)(2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director(1998-2013) and President (2007-2011) of the Board of Directors, Catholic CharitiesCYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee(2006-2010) of the Thacher School.

Director of iShares, Inc. (since 2005); Trustee ofiShares U.S. ETF Trust (since 2011);Independent Board Chair of iShares, Inc. andiShares U.S. ETF Trust (since 2016); Trustee ofThrivent Church Loan and Income Fund (since2019).

Jane D.Carlin (63)

Trustee (since2015); RiskCommittee Chair(since 2016).

Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of theNominating and Governance Committee (2017-2018) and Director of PHHCorporation (mortgage solutions) (2012-2018); Managing Director and Global Headof Financial Holding Company Governance & Assurance and the Global Head ofOperational Risk Management of Morgan Stanley (2006-2012).

Director of iShares, Inc. (since 2015); Trustee ofiShares U.S. ETF Trust (since 2015); Member ofthe Audit Committee (since 2016) and Director ofThe Hanover Insurance Group, Inc. (since 2016).

Richard L.Fagnani (64)

Trustee (since2017); AuditCommittee Chair(since 2019).

Partner, KPMG LLP (2002-2016). Director of iShares, Inc. (since 2017); Trustee ofiShares U.S. ETF Trust (since 2017).

Trustee and Officer Information

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 51

Independent Trustees (continued)


John E.Kerrigan (64)

Trustee (since2005); Nominatingand Governanceand Equity PlusCommittee Chairs(since 2019).

Chief Investment Officer, Santa Clara University (since 2002). Director of iShares, Inc. (since 2005); Trustee ofiShares U.S. ETF Trust (since 2011).

Drew E.Lawton (60)

Trustee (since2017); 15(c)Committee Chair(since 2017).

Senior Managing Director of New York Life Insurance Company (2010-2015). Director of iShares, Inc. (since 2017); Trustee ofiShares U.S. ETF Trust (since 2017).

John E.Martinez (58)

Trustee (since2003); SecuritiesLendingCommittee Chair(since 2019).

Director of Real Estate Equity Exchange, Inc. (since 2005); Director of ClouderaFoundation (since 2017); Director of Reading Partners (2012-2016).


Madhav V.Rajan (54)

Trustee (since2011); FixedIncome PlusCommittee Chair(since 2019).

Dean, and George Pratt Shultz Professor of Accounting, University of Chicago BoothSchool of Business (since 2017); Robert K. Jaedicke Professor of Accounting,Stanford University Graduate School of Business (2001-2017); Professor of Law (bycourtesy), Stanford Law School (2005-2017); Senior Associate Dean for AcademicAffairs and Head of MBA Program, Stanford University Graduate School of Business(2010-2016).


Officers(a)

Name (Age) Position(s)Principal Occupation(s)During the Past 5 Years

MartinSmall (44)

President (since2016).

Managing Director, BlackRock, Inc. (since 2010); Head of BlackRock's U.S. Wealth Advisory Business (since 2019); Head of U.S. iShares(2015-2019); Co-Head of the U.S. Financial Markets Advisory Group, BlackRock, Inc. (2008-2014).

Neal J.Andrews (53)

Treasurer andChief FinancialOfficer (since2019).

Managing Director, BlackRock, Inc. (since 2006); Chief Financial Officer of the BlackRock-advised Funds in the BlackRock Multi-AssetComplex and the BlackRock Fixed-Income Complex (since 2007).

CharlesPark (51)

Chief ComplianceOfficer (since2006).

Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and theBlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

DeepaDamre (44)

Secretary (since2019).

Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

ScottRadell (50)

Executive VicePresident (since2012).

Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009).

AlanMason (58)

Executive VicePresident (since2016).

Managing Director, BlackRock, Inc. (since 2009).

(a) Effective September 13, 2019, Armando Senra has replaced Martin Small as President and Marybeth Leithead has been appointed as Executive Vice President.

Trustee and Officer Information (continued)


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 53

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 Morningstar, Inc. or S&P Dow Jones Indices LLC, nor do these companiesmake any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

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