iShares Trust


		AUGUST 31, 2022

2022 Semi-Annual Report (Unaudited)

iShares Trust

· iShares 0-3 Month Treasury Bond ETF | SGOV | NYSE Arca

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

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

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

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

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

· iShares 25+ Year Treasury STRIPS Bond ETF | GOVZ | Cboe BZX

· iShares Short Treasury Bond ETF | SHV | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(8.84)%	(11.23)%

U.S. small cap equities (Russell 2000^® Index)	(9.31)	(17.88)

International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)

Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


		Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		12
Disclosure of Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		27
Statements of Changes in Net Assets		29
Financial Highlights		33
Notes to Financial Statements		41
Board Review and Approval of Investment Advisory Contract		49
Supplemental Information		55
General Information		56
Glossary of Terms Used in this Report		57


Fund Summary as of August 31, 2022		iShares^® 0-3 Month Treasury Bond ETF

Investment Objective

The iShares 0-3 Month Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities less than or equal to three months, as represented by the ICE 0-3 Month US Treasury Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		0.44	%		0.47	%		0.24	%		0.47	%		0.54	%
Fund Market		0.45			0.48			0.24			0.48			0.55
Index		0.32			0.35			0.19			0.35			0.43

The inception date of the Fund was May 26, 2020. The first day of secondary market trading was May 28, 2020.

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE 0-3 Month US Treasury Securities Index. Historical index data prior to March 01, 2021 is for the 3pm pricing variant of the ICE 0-3 Month US Treasury Securities Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE 0-3 Month US Treasury Securities Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,004.40	$ 0.15			$ 1,000.00	$ 1,025.10	$ 0.15		0.03	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information


MATURITY ALLOCATION


Maturity	Percent of Total Investments^(a)


0-1 Year		100.0%


FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)


U.S. Treasury Bill, 0.00%, 10/04/22		13.6%
U.S. Treasury Bill, 0.00%, 09/27/22		13.4
U.S. Treasury Bill, 0.00%, 09/06/22		13.4
U.S. Treasury Bill, 0.00%, 09/13/22		13.2
U.S. Treasury Bill, 0.00%, 10/18/22		11.7

^(a)

Excludes money market funds.


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


Fund Summary as of August 31, 2022		iShares^® 1-3 Year Treasury Bond ETF

Investment Objective

The iShares 1-3 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between one and three years, as represented by the ICE U.S. Treasury 1-3 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities 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 hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(2.32	)%		(4.09	)%		0.62	%		0.58	%		(4.09	)%		3.14	%		5.94	%
Fund Market		(2.29	)		(4.06	)		0.62			0.58			(4.06	)		3.16			5.96
Index		(2.29	)		(4.03	)		0.74			0.71			(4.03	)		3.78			7.31

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Historical index data from February 28, 2020 through April 01, 2016 is for the 3pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 1-3 Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 976.80	$ 0.75			$ 1,000.00	$ 1,024.40	$ 0.77		0.15	%

^(a)

Portfolio Information


MATURITY ALLOCATION


Maturity	Percent of Total Investments^(a)


0-1 Year		1.9%
1-2 Years		47.8
2-3 Years		47.0
3-4 Years		3.3


FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)


U.S. Treasury Note/Bond, 0.38%, 10/31/23		9.1%
U.S. Treasury Note/Bond, 0.63%, 10/15/24		6.8
U.S. Treasury Note/Bond, 1.50%, 11/30/24		6.6
U.S. Treasury Note/Bond, 0.25%, 06/15/24		4.7
U.S. Treasury Note/Bond, 0.88%, 01/31/24		3.8

^(a)

Excludes money market funds.


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


Fund Summary as of August 31, 2022		iShares^® 3-7 Year Treasury Bond ETF

Investment Objective

The iShares 3-7 Year Treasury Bond ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between three and seven years, as represented by the ICE U.S. Treasury 3-7 Year Bond Index (the “Index”). The Fund invests in a representative sample of 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 hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(6.02	)%		(9.44	)%		0.31	%		0.80	%		(9.44	)%		1.55	%		8.32	%
Fund Market		(6.07	)		(9.43	)		0.30			0.80			(9.43	)		1.53			8.29
Index		(5.93	)		(9.32	)		0.44			0.92			(9.32	)		2.19			9.55

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Historical index data prior from April 01, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 3-7 Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 939.80	$ 0.73			$ 1,000.00	$ 1,024.40	$ 0.77		0.15	%

^(a)

Portfolio Information


MATURITY ALLOCATION


Maturity	Percent of Total Investments^(a)


2-3 Years		2.8%
3-4 Years		29.0
4-5 Years		22.3
5-6 Years		25.5
6-7 Years		20.4


FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)


U.S. Treasury Note/Bond, 2.38%, 05/15/27		7.8%
U.S. Treasury Note/Bond, 2.25%, 02/15/27		7.0
U.S. Treasury Note/Bond, 2.88%, 08/15/28		6.2
U.S. Treasury Note/Bond, 2.63%, 02/15/29		5.3
U.S. Treasury Note/Bond, 2.25%, 11/15/25		3.9

^(a)

Excludes money market funds.


6		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of August 31, 2022		iShares^® 7-10 Year Treasury Bond ETF

Investment Objective

The iShares 7-10 Year Treasury Bond ETF (the “Fund”)seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between seven and ten years, as represented by the ICE U.S. Treasury 7-10 Year Bond Index (the “Index”). The Fund invests in a representative sample of 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 hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(9.23	)%		(12.83	)%		0.19	%		0.95	%		(12.83	)%		0.93	%		9.92	%
Fund Market		(9.27	)		(12.77	)		0.19			0.95			(12.77	)		0.95			9.87
Index		(9.10	)		(12.68	)		0.31			1.04			(12.68	)		1.54			10.95

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Historical index data from April 01, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 7-10 Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 907.70	$ 0.72			$ 1,000.00	$ 1,024.40	$ 0.77		0.15	%

^(a)

Portfolio Information


MATURITY ALLOCATION


Maturity	Percent of Total Investments^(a)


6-7 Years		7.2%
7-8 Years		33.5
8-9 Years		15.8
9-10 Years		43.5


FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)


U.S. Treasury Note/Bond, 1.38%, 11/15/31		21.5%
U.S. Treasury Note/Bond, 0.63%, 08/15/30		20.3
U.S. Treasury Note/Bond, 1.88%, 02/15/32		15.6
U.S. Treasury Note/Bond, 1.25%, 08/15/31		14.7
U.S. Treasury Note/Bond, 0.63%, 05/15/30		10.1

^(a)

Excludes money market funds.


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


Fund Summary as of August 31, 2022		iShares^® 10-20 Year Treasury Bond ETF

Investment Objective

The iShares 10-20 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between ten and twenty years, as represented by the ICE U.S. Treasury 10-20 Year Bond Index (the “Index”). The Fund invests in a representative sample of 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 hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(16.26	)%		(20.79	)%		(1.22	)%		0.47	%		(20.79	)%		(5.94	)%		4.83	%
Fund Market		(16.32	)		(20.73	)		(1.21	)		0.47			(20.73	)		(5.90	)		4.77
Index		(16.04	)		(20.68	)		(1.14	)		0.56			(20.68	)		(5.55	)		5.77

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Historical index data from July 01, 2016 through March 01, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Historical index data prior to July 01, 2016 is for the Barclays U.S. 10-20 Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 837.40	$ 0.69			$ 1,000.00	$ 1,024.40	$ 0.77		0.15	%

^(a)

Portfolio Information


MATURITY ALLOCATION


Maturity	Percent of Total Investments^(a)


6-7 Years		1.8%
7-8 Years		0.1
9-10 Years		2.3
17-18 Years		25.5
18-19 Years		58.0
19-20 Years		12.3


FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)


U.S. Treasury Note/Bond, 1.88%, 02/15/41		19.1%
U.S. Treasury Note/Bond, 2.25%, 05/15/41		18.2
U.S. Treasury Note/Bond, 1.38%, 11/15/40		16.5
U.S. Treasury Note/Bond, 1.13%, 08/15/40		10.4
U.S. Treasury Note/Bond, 2.75%, 08/15/42		8.7

^(a)

Excludes money market funds.


8		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of August 31, 2022		iShares^® 20+ Year Treasury Bond ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(19.24	)%		(23.54	)%		(0.65	)%		1.07	%		(23.54	)%		(3.21	)%		11.19	%
Fund Market		(19.20	)		(23.49	)		(0.65	)		1.04			(23.49	)		(3.21	)		10.92
Index		(19.18	)		(23.52	)		(0.56	)		1.15			(23.52	)		(2.75	)		12.12

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Historical index data from April 01, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 20+ Year Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 807.60	$ 0.68			$ 1,000.00	$ 1,024.40	$ 0.77		0.15	%

^(a)

Portfolio Information


MATURITY ALLOCATION


Maturity	Percent of Total Investments^(a)


15-20 Years		0.4%
20-25 Years		30.0
25-30 Years		69.6


FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)


U.S. Treasury Note/Bond, 1.88%, 02/15/51		12.9%
U.S. Treasury Note/Bond, 2.00%, 08/15/51		7.4
U.S. Treasury Note/Bond, 3.00%, 02/15/49		7.3
U.S. Treasury Note/Bond, 1.63%, 11/15/50		7.0
U.S. Treasury Note/Bond, 3.00%, 08/15/48		6.1

^(a)

Excludes money market funds.


F U N D S U M M A R Y		9


Fund Summary as of August 31, 2022		iShares^® 25+ Year Treasury STRIPS Bond ETF

Investment Objective

The iShares 25+ Year Treasury STRIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of the principal payments of U.S. Treasury bonds (specifically principal “STRIPS”, also known as “Separate Trading of Registered Interest and Principal Securities”) with remaining maturities of at least 25 years, as represented by the ICE BofA Long US Treasury Principal STRIPS Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(25.45	)%		(29.50	)%		(21.48	)%		(29.50	)%		(37.48	)%
Fund Market		(25.24	)		(29.46	)		(21.36	)		(29.46	)		(37.30	)
Index		(25.64	)		(29.74	)		(21.67	)		(29.74	)		(37.72	)

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. Historical index data prior to March 01, 2021 is for the 3pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 745.50	$ 0.18			$ 1,000.00	$ 1,025.00	$ 0.20		0.04	%

^(a)

Portfolio Information


MATURITY ALLOCATION


Maturity	Percent of Total Investments^(a)


20-25 Years		9.4%
25-30 Years		90.6


FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)


U.S. Treasury STRIPS Principal, 0.00%, 11/15/50		25.9%
U.S. Treasury STRIPS Principal, 0.00%, 02/15/51		16.1
U.S. Treasury STRIPS Principal, 0.00%, 08/15/49		12.9
U.S. Treasury STRIPS Principal, 0.00%, 11/15/47		12.9
U.S. Treasury STRIPS Principal, 0.00%, 08/15/47		8.9

^(a)

Excludes money market funds.


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


Fund Summary as of August 31, 2022		iShares^® Short Treasury Bond ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		0.11	%		(0.05	)%		1.01	%		0.59	%		(0.05	)%		5.14	%		6.06	%
Fund Market		0.14			(0.02	)		1.01			0.59			(0.02	)		5.14			6.07
Index		0.17			0.11			1.15			0.72			0.11			5.90			7.46

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE Short US Treasury Securities Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE Short US Treasury Securities Index. Historical index data from April 01, 2020 through February 28, 2021 is for the 3pm pricing variant of the ICE Short US Treasury Securities Index. Historical index data from July 01, 2016 through April 30, 2020 is for the ICE U.S. Treasury Short Bond Index. Historical index data prior to July 01, 2016 is for the Bloomberg Barclays U.S. Short Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,001.10	$ 0.71			$ 1,000.00	$ 1,024.50	$ 0.71		0.14	%

^(a)

Portfolio Information


PORTFOLIO COMPOSITION


Investment Type	Percent of Total Investments^(a)


U. S. Government Obligations		100.0%


FIVE LARGEST HOLDINGS


Security	Percent of Total Investments^(a)


U.S. Treasury Bill, 0.00%, 09/27/22		13.6%
U.S. Treasury Bill, 0.00%, 10/18/22		10.6
U.S. Treasury Bill, 0.00%, 09/20/22		10.2
U.S. Treasury Note/Bond, 0.13%, 08/31/23		6.6
U.S. Treasury Bill, 0.00%, 09/13/22		6.5

^(a)

Excludes money market funds.


F U N D S U M M A R Y		11

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


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

Schedule of Investments (unaudited)

August 31, 2022

iShares^® 0-3 Month Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 106.9%
U.S. Cash Management Bill
0.00%, 10/25/22^(a)	$	100,605	$	100,214,904
0.00%, 11/01/22^(a)		219,541		218,552,969
0.00%, 11/08/22^(a)(b)		18,569		18,479,910
U.S. Treasury Bill
0.00%, 09/06/22^(a)(b)		479,131		478,997,160
0.00%, 09/13/22^(a)		472,472		472,131,584
0.00%, 09/20/22^(a)		312,874		312,515,052
0.00%, 09/27/22^(a)		479,921		479,130,728
0.00%, 09/29/22^(a)(b)		23,635		23,595,937
0.00%, 10/04/22^(a)		486,682		485,653,013
0.00%, 10/11/22^(a)		345,892		344,975,386
0.00%, 10/18/22^(a)		419,354		418,003,068
U.S. Treasury Note/Bond
1.63%, 11/15/22		5,000		4,988,567
1.88%, 09/30/22		207,107		207,044,644
7.63%, 11/15/22		4,000		4,039,101


				3,568,322,023


Total Long-Term Investments — 106.9% (Cost: $3,568,565,601)				3,568,322,023


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 9.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(c)(d)(e)		315,626	$	315,626,258


Total Short-Term Securities — 9.5% (Cost: $315,626,258)				315,626,258


Total Investments in Securities — 116.4% (Cost: $3,884,191,859)				3,883,948,281

Liabilities in Excess of Other Assets — (16.4)%				(547,637,938	)


Net Assets — 100.0%			$	3,336,310,343

^(a)	Zero-coupon bond.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 02/28/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	211,520,000	$	104,106,258	^(a)	$	—	$	—	$	—	$	315,626,258		315,626	$	1,899,528	^(b)	$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	3,568,322,023	$	—	$	3,568,322,023
Money Market Funds		315,626,258		—		—		315,626,258


	$	315,626,258	$	3,568,322,023	$	—	$	3,883,948,281

See notes to financial statements.


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

Schedule of Investments (unaudited)

August 31, 2022

iShares^® 1-3 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.5%
U.S. Treasury Bonds, 3.13%, 08/15/25	$	266,980	$	264,289,344
U.S. Treasury Note/Bond
0.13%, 05/31/23		156		152,289
0.13%, 07/15/23		765		742,976
0.13%, 07/31/23		342		331,740
0.13%, 08/15/23		174		168,542
0.13%, 08/31/23		491,247		474,936,067
0.13%, 10/15/23		827,418		797,068,950
0.13%, 12/15/23		230,231		220,644,038
0.13%, 01/15/24		337,513		322,404,021
0.25%, 06/15/23		128		124,860
0.25%, 11/15/23		568,205		546,941,797
0.25%, 03/15/24		307,198		292,390,098
0.25%, 05/15/24		60,771		57,547,288
0.25%, 06/15/24		1,253,977		1,184,273,510
0.25%, 07/31/25		121,954		111,073,417
0.25%, 08/31/25		743,601		675,195,516
0.25%, 10/31/25		253,107		228,686,128
0.38%, 10/31/23		2,393,286		2,309,707,954
0.38%, 04/15/24		249,884		237,643,587
0.38%, 07/15/24		100		94,453
0.38%, 08/15/24		256,314		241,425,760
0.38%, 09/15/24		172,322		161,874,979
0.50%, 03/31/25		135,056		125,174,755
0.63%, 10/15/24		1,832,688		1,726,593,026
0.75%, 12/31/23		405,758		391,429,671
0.75%, 11/15/24		596,338		561,885,502
0.88%, 01/31/24		1,002,463		966,241,195
1.00%, 12/15/24		815,992		771,749,934
1.13%, 01/15/25		604,072		571,744,712
1.13%, 02/28/25		200,000		188,804,688
1.38%, 06/30/23		25		24,582
1.50%, 11/30/24		1,752,305		1,677,969,215
1.50%, 02/15/25		828,431		789,760,098
1.63%, 04/30/23		1		989
1.63%, 05/31/23		5		4,936
1.75%, 05/15/23		206		203,699
1.75%, 03/15/25		8,304		7,956,919
2.00%, 04/30/24		35,187		34,358,181
2.00%, 05/31/24		12,746		12,430,835
2.00%, 02/15/25		652,014		629,397,264
2.00%, 08/15/25		150,000		143,724,609
2.13%, 11/30/23		400,628		394,164,745
2.13%, 02/29/24		522,587		512,359,810
2.13%, 03/31/24		1,616		1,582,243
2.13%, 07/31/24		103,770		101,224,392
2.13%, 09/30/24		1		974
2.13%, 05/15/25		473,409		456,673,253
2.25%, 12/31/23		210,542		207,170,039
2.25%, 03/31/24		524,320		514,263,705
2.25%, 04/30/24		97,765		95,844,070
2.25%, 10/31/24		176,981		172,514,994
2.25%, 11/15/24		710,947		692,701,214
2.25%, 11/15/25		444,782		427,963,681


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
2.38%, 02/29/24	$	239,324	$	235,472,379
2.38%, 08/15/24		146,783		143,767,067
2.50%, 08/15/23		26		25,756
2.50%, 04/30/24		874,063		860,200,903
2.50%, 01/31/25		28,221		27,578,311
2.63%, 06/30/23		2		1,989
2.63%, 12/31/23		2,694		2,665,061
2.63%, 03/31/25		652		637,732
2.63%, 04/15/25		453,684		443,830,551
2.75%, 04/30/23		2		1,494
2.75%, 05/31/23		5		4,979
2.75%, 07/31/23		1		994
2.75%, 08/31/23		693		687,884
2.75%, 11/15/23		133,811		132,666,288
2.75%, 02/15/24		5,190		5,136,275
2.75%, 02/28/25		43,221		42,452,814
2.75%, 05/15/25		702,731		689,197,940
2.75%, 06/30/25		64,452		63,180,584
2.75%, 08/31/25		24,000		23,492,813
2.88%, 09/30/23		96,042		95,449,240
2.88%, 10/31/23		619,899		615,830,714
2.88%, 11/30/23		86,836		86,208,474
2.88%, 04/30/25		24,000		23,614,687
2.88%, 05/31/25		24,021		23,625,967
2.88%, 06/15/25		644,694		634,016,256
2.88%, 07/31/25		52,051		51,170,606
3.00%, 06/30/24		301,192		298,580,099
3.00%, 07/31/24^(a)		175,081		173,549,041
3.00%, 07/15/25		130,848		129,099,952
3.00%, 09/30/25		42,713		42,104,006
3.00%, 10/31/25		133,601		131,654,392


				25,279,540,492


Total Long-Term Investments — 99.5% (Cost: $26,068,402,275)				25,279,540,492


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(b)(c)(d)		129,165		129,165,000


Total Short-Term Securities — 0.5% (Cost: $129,165,000)				129,165,000


Total Investments in Securities — 100.0% (Cost: $26,197,567,275)				25,408,705,492

Liabilities in Excess of Other Assets — (0.0)%				(7,221,764	)


Net Assets — 100.0%			$	25,401,483,728

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

^(b)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

August 31, 2022

iShares^® 1-3 Year Treasury Bond ETF

Affiliates




Affiliated Issuer	Value at 02/28/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,442,791,352	$	—	$	(1,313,626,352	)^(a)	$	—	$	—	$	129,165,000		129,165	$	820,474	^(b)	$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	25,279,540,492	$	—	$	25,279,540,492
Money Market Funds		129,165,000		—		—		129,165,000


	$	129,165,000	$	25,279,540,492	$	—	$	25,408,705,492

See notes to financial statements.


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

Schedule of Investments (unaudited)

August 31, 2022

iShares^® 3-7 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.4%
U.S. Treasury Bonds, 3.13%, 08/31/29	$	72,420	$	71,707,116
U.S. Treasury Note/Bond
0.25%, 08/31/25		376,421		341,793,208
0.25%, 10/31/25		191		172,571
0.38%, 11/30/25		255,688		231,317,737
0.38%, 12/31/25		5,865		5,293,850
0.38%, 01/31/26		33,157		29,847,776
0.50%, 02/28/26		341,623		308,234,688
0.50%, 05/31/27		3,273		2,864,514
0.50%, 08/31/27		70,948		61,716,446
0.50%, 10/31/27		139,276		120,577,109
0.63%, 07/31/26		216,644		194,387,213
0.63%, 12/31/27		185,474		160,847,632
0.75%, 03/31/26		212,516		193,099,010
0.75%, 04/30/26		300,463		272,541,067
0.75%, 05/31/26		241,325		218,446,258
0.75%, 08/31/26		523,752		471,417,716
0.75%, 01/31/28		143,229		124,827,431
0.88%, 09/30/26		158,844		143,499,422
1.00%, 07/31/28		393,520		344,006,842
1.13%, 10/31/26		109,408		99,689,493
1.13%, 02/29/28		20,057		17,821,741
1.13%, 08/31/28		433,335		381,114,748
1.25%, 11/30/26		5		4,575
1.25%, 12/31/26		58,976		53,891,624
1.25%, 03/31/28		258,316		230,567,210
1.25%, 04/30/28		149,335		133,112,319
1.25%, 05/31/28		133,606		118,971,968
1.25%, 06/30/28		55,350		49,183,664
1.25%, 09/30/28		454,127		401,671,785
1.38%, 10/31/28		480,633		427,876,021
1.50%, 08/15/26		127,348		118,214,761
1.50%, 11/30/28		43,036		38,559,247
1.63%, 02/15/26		404,328		379,768,232
1.63%, 05/15/26		435,680		408,092,326
1.63%, 09/30/26		61,035		56,934,304
1.75%, 01/31/29		6,736		6,124,498
2.00%, 11/15/26		3,206		3,026,915
2.13%, 05/31/26		161,160		153,706,827
2.25%, 11/15/25		490,875		472,313,789
2.25%, 02/15/27		890,282		847,750,166
2.25%, 08/15/27		406,061		385,599,334
2.25%, 11/15/27		106,061		100,476,225


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
2.38%, 05/15/27	$	989,814	$	946,471,167
2.38%, 03/31/29		60,203		56,767,196
2.38%, 05/15/29		323,984		305,519,442
2.50%, 03/31/27		2,280		2,195,391
2.63%, 05/31/27		2		1,937
2.63%, 02/15/29		672,532		645,000,221
2.63%, 07/31/29		57,165		54,798,012
2.75%, 04/30/27		7,952		7,739,843
2.75%, 07/31/27		85,581		83,287,696
2.75%, 02/15/28		310,972		301,254,125
2.88%, 11/30/25		39,595		38,857,234
2.88%, 05/15/28		234,529		228,482,549
2.88%, 08/15/28		771,601		751,135,487
2.88%, 04/30/29		7,376		7,172,584
3.00%, 10/31/25		816		804,209
3.13%, 11/15/28		358,131		353,584,416
3.25%, 06/30/27		2		1,990
3.25%, 06/30/29		52,400		52,187,125
5.50%, 08/15/28		11,894		13,246,013
U.S. Treasury STRIPS
0.00%, 11/15/27^(a)		235		197,055
0.00%, 11/15/28^(a)		27,204		22,072,955
0.00%, 02/15/29^(a)		31,515		25,406,067


				12,077,252,092


Total Long-Term Investments — 99.4% (Cost: $13,019,090,182)				12,077,252,092


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(b)(c)		8,020		8,020,000


Total Short-Term Securities — 0.1% (Cost: $8,020,000)				8,020,000


Total Investments in Securities — 99.5% (Cost: $13,027,110,182)				12,085,272,092

Other Assets Less Liabilities — 0.5%				65,576,973


Net Assets — 100.0%			$	12,150,849,065

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 02/28/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	17,828,269	$	—	$	(9,808,269	)^(a)	$	—	$	—	$	8,020,000		8,020	$	119,399	^(b)	$	—

^(a)	Represents net amount purchased (sold).

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


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

Schedule of Investments (unaudited) (continued)

August 31, 2022

iShares^® 3-7 Year Treasury Bond ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	12,077,252,092	$	—	$	12,077,252,092
Money Market Funds		8,020,000		—		—		8,020,000


	$	8,020,000	$	12,077,252,092	$	—	$	12,085,272,092

See notes to financial statements.


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

Schedule of Investments (unaudited)

August 31, 2022

iShares^® 7-10 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.5%
U.S. Treasury Bonds
2.75%, 08/15/32	$	196,120	$	189,194,513
3.13%, 08/31/29		140,000		138,621,875
U.S. Treasury Note/Bond
0.63%, 05/15/30		2,792,110		2,301,527,891
0.63%, 08/15/30		5,676,003		4,656,317,587
1.25%, 08/15/31		3,949,504		3,361,552,438
1.38%, 11/15/31		5,743,705		4,920,066,406
1.50%, 02/15/30		811,851		720,137,207
1.63%, 05/15/31		296,363		261,806,612
1.88%, 02/15/32		3,999,195		3,575,530,280
2.38%, 03/31/29		131		123,524
2.38%, 05/15/29		867,329		817,898,304
2.63%, 02/15/29		531,875		510,101,751
2.63%, 07/31/29		190,808		182,907,356
2.88%, 04/30/29		109		105,994
2.88%, 05/15/32		1,295,592		1,262,797,327


				22,898,689,065


Total Long-Term Investments — 99.5% (Cost: $24,638,986,924)				22,898,689,065


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(a)(b)		61,140	$	61,140,000


Total Short-Term Securities — 0.3% (Cost: $61,140,000)				61,140,000


Total Investments in Securities — 99.8% (Cost: $24,700,126,924)				22,959,829,065

Other Assets Less Liabilities — 0.2%				56,755,378


Net Assets — 100.0%			$	23,016,584,443

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 02/28/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	16,339,000	$	44,801,000	^(a)	$	—	$	—	$	—	$	61,140,000		61,140	$	294,164	^(b)	$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	22,898,689,065	$	—	$	22,898,689,065
Money Market Funds		61,140,000		—		—		61,140,000


	$	61,140,000	$	22,898,689,065	$	—	$	22,959,829,065

See notes to financial statements.


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

Schedule of Investments (unaudited)

August 31, 2022

iShares^® 10-20 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.1%
U.S. Treasury Bonds, 3.13%, 08/31/29	$	76,156	$	75,406,339
U.S. Treasury Note/Bond
0.63%, 08/15/30		8,000		6,562,813
1.13%, 08/15/40		702,306		473,672,203
1.38%, 11/15/31		101,245		86,726,968
1.38%, 11/15/40		1,069,720		752,564,729
1.75%, 08/15/41		255,434		189,779,480
1.88%, 02/15/32		463		413,951
1.88%, 02/15/41		1,139,838		873,267,290
2.00%, 11/15/41		175,284		136,160,064
2.25%, 05/15/41		1,019,560		831,419,319
2.38%, 02/15/42		13,432		11,133,869
2.75%, 08/15/42		451,605		396,742,047
2.88%, 04/30/29		6,408		6,231,279
2.88%, 05/15/32		12,898		12,571,519
3.25%, 05/15/42		20,304		19,422,045
3.38%, 08/15/42		1		976
3.88%, 08/15/40		269,316		285,064,673
4.38%, 11/15/39		295,424		335,859,705
4.63%, 02/15/40		60,640		71,031,706


				4,564,030,975


Total Long-Term Investments — 98.1% (Cost: $4,976,936,390)				4,564,030,975


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 2.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(a)(b)		95,080	$	95,080,000


Total Short-Term Securities — 2.0% (Cost: $95,080,000)				95,080,000


Total Investments in Securities — 100.1% (Cost: $5,072,016,390)				4,659,110,975

Liabilities in Excess of Other Assets — (0.1)%				(5,875,231	)


Net Assets — 100.0%			$	4,653,235,744

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 02/28/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	24,350,000	$	70,730,000	^(a)	$	—	$	—	$	—	$	95,080,000		95,080	$	360,154	^(b)	$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	4,564,030,975	$	—	$	4,564,030,975
Money Market Funds		95,080,000		—		—		95,080,000


	$	95,080,000	$	4,564,030,975	$	—	$	4,659,110,975

See notes to financial statements.


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

Schedule of Investments (unaudited)

August 31, 2022

iShares^® 20+ Year Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.0%
U.S. Treasury Note/Bond
1.25%, 05/15/50	$	320,282	$	198,036,865
1.38%, 08/15/50		757,821		484,591,003
1.63%, 11/15/50		2,560,180		1,751,622,885
1.88%, 02/15/51		4,454,515		3,250,229,921
1.88%, 11/15/51		1,431,539		1,042,451,457
2.00%, 02/15/50		1,542,290		1,166,597,493
2.00%, 08/15/51		2,468,862		1,854,732,728
2.25%, 08/15/49		1,074,937		860,873,139
2.25%, 02/15/52		224,195		179,075,756
2.38%, 11/15/49		10,360		8,537,692
2.50%, 02/15/45		80,350		66,420,574
2.50%, 02/15/46		1,339,931		1,104,553,693
2.50%, 05/15/46		1,225,090		1,009,502,546
2.75%, 08/15/42		100,995		88,725,773
2.75%, 11/15/42		304,551		266,993,764
2.75%, 08/15/47		1,956		1,699,831
2.75%, 11/15/47		494,446		430,399,966
2.88%, 05/15/43		1,502,621		1,339,211,412
2.88%, 08/15/45		609,457		538,869,324
2.88%, 11/15/46		454,806		403,107,701
2.88%, 05/15/49		2,806		2,551,562
2.88%, 05/15/52		162,336		149,602,770
3.00%, 11/15/44		9,096		8,225,937
3.00%, 02/15/47		409,245		371,198,095
3.00%, 02/15/48		1,476,167		1,352,018,778
3.00%, 08/15/48		1,661,398		1,530,368,208


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
3.00%, 02/15/49	$	1,985,114	$	1,845,535,765
3.00%, 08/15/52		277,000		262,587,344
3.13%, 02/15/43		666,105		619,113,556
3.13%, 08/15/44		1,208,675		1,117,693,782
3.13%, 05/15/48		1,216,459		1,144,659,311
3.63%, 08/15/43		523,391		525,925,773
3.75%, 11/15/43		175,056		179,240,523


				25,154,954,927


Total Long-Term Investments — 99.0% (Cost: $30,926,767,153)				25,154,954,927


Short-Term Securities

Money Market Funds — 1.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(a)(b)		319,500		319,500,000


Total Short-Term Securities — 1.3% (Cost: $319,500,000)				319,500,000


Total Investments in Securities — 100.3% (Cost: $31,246,267,153)				25,474,454,927

Liabilities in Excess of Other Assets — (0.3)%				(78,331,404	)


Net Assets — 100.0%			$	25,396,123,523

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 02/28/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	277,966,875	$	41,533,125	^(a)	$	—	$	—	$	—	$	319,500,000		319,500	$	402,039	^(b)	$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	25,154,954,927	$	—	$	25,154,954,927
Money Market Funds		319,500,000		—		—		319,500,000


	$	319,500,000	$	25,154,954,927	$	—	$	25,474,454,927


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

Schedule of Investments (unaudited) (continued)

August 31, 2022

iShares^® 20+ Year Treasury Bond ETF

Fair Value Hierarchy as of Period End (continued)

See notes to financial statements.


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

Schedule of Investments (unaudited)

August 31, 2022

iShares^® 25+ Year Treasury STRIPS Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.9%
U.S. Treasury STRIPS Coupon, 0.00%, 05/15/52^(a)	$	1	$	389
U.S. Treasury STRIPS Principal
0.00%, 11/15/46^(a)		1,632		685,958
0.00%, 02/15/47^(a)		2,465		1,030,814
0.00%, 08/15/47^(a)		69,061		28,633,903
0.00%, 11/15/47^(a)		100,918		41,720,689
0.00%, 11/15/48^(a)		84		34,943
0.00%, 02/15/49^(a)		49,125		20,435,743
0.00%, 05/15/49^(a)		19		7,875
0.00%, 08/15/49^(a)		101,522		41,781,586
0.00%, 11/15/49^(a)		259		106,257
0.00%, 02/15/50^(a)		29,524		11,986,928
0.00%, 08/15/50^(a)		37,745		14,947,171
0.00%, 11/15/50^(a)		212,522		83,892,773
0.00%, 02/15/51^(a)		132,758		52,270,215
0.00%, 08/15/51^(a)		52,950		20,589,496
0.00%, 11/15/51^(a)		15,034		5,812,642
0.00%, 05/15/52^(a)		19		7,440


				323,944,822


Total Long-Term Investments — 99.9% (Cost: $401,100,041)				323,944,822


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(b)(c)		420	$	420,000


Total Short-Term Securities — 0.1% (Cost: $420,000)				420,000


Total Investments in Securities — 100.0% (Cost: $401,520,041)				324,364,822

Liabilities in Excess of Other Assets — (0.0)%				(10,150	)


Net Assets — 100.0%			$	324,354,672

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 02/28/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	240,000		$180,000	^(a)	$	—	$	—	$	—	$	420,000		420	$	1,454	^(b)	$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Investments
Assets
U.S. Government Obligations	$	—	$	323,944,822	$	—	$	323,944,822
Money Market Funds		420,000		—		—		420,000

	$	420,000	$	323,944,822	$	—	$	324,364,822

See notes to financial statements.


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

Schedule of Investments (unaudited)

August 31, 2022

iShares^® Short Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 94.5%
U.S. Cash Management Bill
0.00%, 10/25/22^(a)	$	5,100	$	5,080,225
0.00%, 11/01/22^(a)		118,518		117,984,617
0.00%, 11/08/22^(a)(b)		705,946		702,559,026
U.S. Treasury Bill
0.00%, 09/01/22^(a)		100		100,000
0.00%, 09/06/22^(a)(b)		566,236		566,077,828
0.00%, 09/08/22^(a)		100		99,960
0.00%, 09/13/22^(a)		1,270,886		1,269,970,327
0.00%, 09/15/22^(a)		100		99,916
0.00%, 09/20/22^(a)		2,004,188		2,001,888,675
0.00%, 09/22/22^(a)		100		99,879
0.00%, 09/27/22^(a)		2,676,088		2,671,681,366
0.00%, 09/29/22^(a)(b)		2,930		2,925,157
0.00%, 10/04/22^(a)		105,650		105,426,625
0.00%, 10/06/22^(a)		100		99,784
0.00%, 10/11/22^(a)		100		99,735
0.00%, 10/13/22^(a)		100		99,729
0.00%, 10/18/22^(a)		2,083,530		2,076,817,991
0.00%, 10/20/22^(a)		5,100		5,082,906
0.00%, 10/27/22^(a)		100		99,605
0.00%, 11/03/22^(a)		100		99,540
0.00%, 11/10/22^(a)		100		99,499
0.00%, 11/17/22^(a)		100		99,432
0.00%, 11/25/22^(a)		100		99,338
0.00%, 12/01/22^(a)		100		99,275
0.00%, 12/08/22^(a)		100		99,239
0.00%, 12/15/22^(a)		100		99,190
0.00%, 12/22/22^(a)		100		99,074
0.00%, 12/29/22^(a)		100		99,013
0.00%, 01/19/23^(a)		1,000		988,255
0.00%, 01/26/23^(a)		100		98,759
0.00%, 02/23/23^(a)		1,100		1,082,861
0.00%, 03/23/23^(a)		1,010		993,519
0.00%, 04/20/23^(a)		10		9,805
0.00%, 05/18/23^(a)		1,010		987,865
0.00%, 06/15/23^(a)		100		97,457
0.00%, 07/13/23^(a)		1,000		971,285
U.S. Treasury Note/Bond
0.13%, 09/30/22		120,055		119,769,991
0.13%, 10/31/22		10		9,959
0.13%, 11/30/22		100		99,342
0.13%, 12/31/22		204,576		202,274,223
0.13%, 01/31/23		483,216		477,295,600
0.13%, 02/28/23		247,282		243,503,728
0.13%, 03/31/23		322,771		317,090,771
0.13%, 04/30/23		952,925		933,211,779
0.13%, 05/15/23		100		97,793
0.13%, 05/31/23		9,100		8,884,230
0.13%, 06/30/23		10		9,734
0.13%, 07/15/23		559,593		543,624,733
0.13%, 07/31/23		5,855		5,679,350
0.13%, 08/15/23		298,992		289,717,083
0.13%, 08/31/23		1,344,398		1,301,098,058
0.13%, 10/15/23		26,403		24,093,750
0.25%, 04/15/23		1,062,915		1,041,208,677
0.25%, 06/15/23		1,610		1,571,071


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
0.50%, 03/15/23	$	100	$	98,582
0.75%, 12/31/23		50,000		48,234,375
1.38%, 10/15/22		122,447		121,651,687
1.38%, 02/15/23		1,600		1,586,750
1.38%, 06/30/23		324,488		319,215,633
1.50%, 09/15/22		100		99,974
1.50%, 01/15/23		100		99,438
1.50%, 02/28/23		300		297,527
1.50%, 03/31/23		100		99,039
1.63%, 11/15/22		205		5,193,120
1.63%, 12/15/22^(b)		100		99,657
1.63%, 04/30/23		15,170		14,997,275
1.63%, 05/31/23		8,597		8,488,120
1.75%, 09/30/22		377		376,850
1.75%, 01/31/23		239,112		237,718,321
1.75%, 05/15/23		406,274		401,823,473
1.88%, 09/30/22		179,508		179,453,602
1.88%, 10/31/22		47		46,939
2.00%, 10/31/22		125		124,864
2.00%, 11/30/22		184,844		184,467,131
2.00%, 02/15/23		4,867		4,841,524
2.13%, 12/31/22		876,286		873,731,910
2.38%, 01/31/23		340,462		339,382,785
2.50%, 03/31/23		147,812		147,230,773
2.50%, 08/15/23		5,000		4,955,469
2.63%, 02/28/23		516,322		514,941,642
2.75%, 04/30/23		440,442		438,687,116
2.75%, 05/31/23		373,103		371,568,530
2.75%, 07/31/23		73,588		68,988,743
2.75%, 08/31/23		57,256		52,698,879
2.88%, 09/30/23		166,112		165,080,727
7.13%, 02/15/23		82,440		78,250,519
7.63%, 11/15/22		100		4,140,095


				19,630,327,698


Total Long-Term Investments — 94.5% (Cost: $19,688,706,077)				19,630,327,698


Short-Term Securities

Money Market Funds — 10.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(c)(d)(e)		2,181,981		2,181,980,879


Total Short-Term Securities — 10.5% (Cost: $2,181,980,879)				2,181,980,879


Total Investments in Securities — 105.0% (Cost: $21,870,686,956)				21,812,308,577

Liabilities in Excess of Other Assets — (5.0)%				(1,032,981,165	)


Net Assets — 100.0%			$	20,779,327,412

^(a)	Zero-coupon bond.

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

^(c)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

August 31, 2022

iShares^® Short Treasury Bond ETF

Affiliates




Affiliated Issuer	Value at 02/28/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	890,548,750	$	1,291,432,129	^(a)	$	—	$	—	$	—	$	2,181,980,879		2,181,981	$	10,512,218	^(b)	$	—

^(a)	Represents net amount purchased (sold).

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	19,630,327,698	$	—	$	19,630,327,698
Money Market Funds		2,181,980,879		—		—		2,181,980,879


	$	2,181,980,879	$	19,630,327,698	$	—	$	21,812,308,577

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

August 31, 2022


	iShares 0-3 Month Treasury Bond ETF		iShares 1-3 Year Treasury Bond ETF			iShares 3-7 Year Treasury Bond ETF			iShares 7-10 Year Treasury Bond ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	3,568,322,023	$	25,279,540,492		$	12,077,252,092		$	22,898,689,065
Investments, at value — affiliated^(c)		315,626,258		129,165,000			8,020,000			61,140,000
Cash		207,211,789		4,376			8,988			2,661
Receivables:
Investments sold		—		1,525,531,338			387,777,089			752,803,070
Securities lending income — affiliated		40,077		30,976			—			—
Capital shares sold		11,046,232		580,050			114,102			—
Dividends — affiliated		585,634		109,005			40,690			148,232
Interest — unaffiliated		3,688,162		81,533,133			39,279,047			56,651,161


Total assets		4,106,520,175		27,016,494,370			12,512,492,008			23,769,434,189


LIABILITIES
Collateral on securities loaned, at value		124,406,258		112,665,000			—			—
Payables:
Investments purchased		642,525,499		1,497,914,446			360,088,528			749,941,788
Capital shares redeemed		3,161,756		1,134,115			—			—
Investment advisory fees		116,319		3,297,081			1,554,415			2,907,958


Total liabilities		770,209,832		1,615,010,642			361,642,943			752,849,746


NET ASSETS	$	3,336,310,343	$	25,401,483,728		$	12,150,849,065		$	23,016,584,443


NET ASSETS CONSIST OF
Paid-in capital	$	3,330,983,285	$	26,392,809,075		$	13,286,036,731		$	26,082,483,792
Accumulated earnings (loss)		5,327,058		(991,325,347	)		(1,135,187,666	)		(3,065,899,349	)


NET ASSETS	$	3,336,310,343	$	25,401,483,728		$	12,150,849,065		$	23,016,584,443


NET ASSET VALUE
Shares outstanding		33,300,000		308,800,000			103,100,000			228,200,000


Net asset value	$	100.19	$	82.26		$	117.85		$	100.86


Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited


Par value		None		None			None			None


^(a)Investments, at cost — unaffiliated	$	3,568,565,601	$	26,068,402,275		$	13,019,090,182		$	24,638,986,924
^(b)Securities loaned, at value	$	121,902,994	$	110,028,750		$	—		$	—
^(c)Investments, at cost — affiliated	$	315,626,258	$	129,165,000		$	8,020,000		$	61,140,000

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

August 31, 2022


	iShares 10-20 Year Treasury Bond ETF			iShares 20+ Year Treasury Bond ETF			iShares 25+ Year Treasury STRIPS Bond ETF			iShares Short Treasury Bond ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	4,564,030,975		$	25,154,954,927		$	323,944,822		$	19,630,327,698
Investments, at value — affiliated^(c)		95,080,000			319,500,000			420,000			2,181,980,879
Cash		6,643			773			213			3,476
Receivables:
Investments sold		195,623,577			261,141,049			—			693,139,124
Securities lending income — affiliated		—			—			—			155,994
Capital shares sold		6,979,539			1,946,598			15,945,606			—
Dividends — affiliated		193,502			306,166			670			3,256,572
Interest — unaffiliated		19,672,966			93,127,963			—			22,615,209


Total assets		4,881,587,202			25,830,977,476			340,311,311			22,531,478,952


LIABILITIES
Collateral on securities loaned, at value		—			—			—			394,120,879
Payables:
Investments purchased		227,750,001			431,051,904			15,945,606			110,441,654
Capital shares redeemed		—			598,558			—			1,245,267,358
Investment advisory fees		601,457			3,203,491			11,033			2,321,649


Total liabilities		228,351,458			434,853,953			15,956,639			1,752,151,540


NET ASSETS	$	4,653,235,744		$	25,396,123,523		$	324,354,672		$	20,779,327,412


NET ASSETS CONSIST OF
Paid-in capital	$	5,311,752,008		$	32,416,439,855		$	411,133,052		$	20,829,852,596
Accumulated loss		(658,516,264	)		(7,020,316,332	)		(86,778,380	)		(50,525,184	)


NET ASSETS	$	4,653,235,744		$	25,396,123,523		$	324,354,672		$	20,779,327,412


NET ASSET VALUE
Shares outstanding		39,600,000			227,100,000			21,500,000			188,730,000


Net asset value	$	117.51		$	111.83		$	15.09		$	110.10


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Investments, at cost — unaffiliated	$	4,976,936,390		$	30,926,767,153		$	401,100,041		$	19,688,706,077
^(b)Securities loaned, at value	$	—		$	—		$	—		$	386,416,727
^(c)Investments, at cost — affiliated	$	95,080,000		$	319,500,000		$	420,000		$	2,181,980,879

See notes to financial statements.


26		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended August 31, 2022


	iShares 0-3 Month Treasury Bond ETF			iShares 1-3 Year Treasury Bond ETF			iShares 3-7 Year Treasury Bond ETF			iShares 7-10 Year Treasury Bond ETF


INVESTMENT INCOME
Dividends — affiliated.	$	1,664,237		$	422,820		$	99,038		$	241,542
Interest — unaffiliated		12,999,724			142,982,289			75,176,552			183,971,672
Securities lending income — affiliated — net		235,291			397,654			20,361			52,622


Total investment income		14,899,252			143,802,763			75,295,951			184,265,836


EXPENSES
Investment advisory fees		1,701,988			18,331,044			8,271,393			14,506,926
Commitment fees		21,969			—			—			—


Total expenses		1,723,957			18,331,044			8,271,393			14,506,926

Less:
Investment advisory fees waived		(1,282,607	)		—			—			—


Total expenses after fees waived		441,350			18,331,044			8,271,393			14,506,926


Net investment income		14,457,902			125,471,719			67,024,558			169,758,910


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(151,792	)		(192,483,042	)		(139,543,336	)		(924,215,889	)
In-kind redemptions — unaffiliated^(a)		(9,739	)		729,217			(26,588,375	)		(26,032,486	)


		(161,531	)		(191,753,825	)		(166,131,711	)		(950,248,375	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(195,527	)		(466,763,827	)		(568,730,599	)		(1,058,529,905	)


		(195,527	)		(466,763,827	)		(568,730,599	)		(1,058,529,905	)


Net realized and unrealized loss		(357,058	)		(658,517,652	)		(734,862,310	)		(2,008,778,280	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	14,100,844		$	(533,045,933	)	$	(667,837,752	)	$	(1,839,019,370	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		27

Statements of Operations (unaudited) (continued)

Six Months Ended August 31, 2022


	iShares 10-20 Year Treasury Bond ETF			iShares 20+ Year Treasury Bond ETF			iShares 25+ Year Treasury STRIPS Bond ETF			iShares Short Treasury Bond ETF


INVESTMENT INCOME
Dividends — affiliated.	$	357,584		$	390,822		$	1,433		$	9,451,945
Interest — unaffiliated		38,412,115			250,675,311			4,094,676			91,114,400
Securities lending income — affiliated — net		2,570			11,217			21			1,060,273


Total investment income		38,772,269			251,077,350			4,096,130			101,626,618


EXPENSES
Investment advisory fees		2,170,794			15,451,389			217,921			14,207,641
Commitment fees		—			—			—			23,967


Total expenses		2,170,794			15,451,389			217,921			14,231,608

Less:
Investment advisory fees waived		—			—			(159,809	)		(615,967	)


Total expenses after fees waived		2,170,794			15,451,389			58,112			13,615,641


Net investment income		36,601,475			235,625,961			4,038,018			88,010,977


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(147,045,188	)		(549,301,007	)		(9,692,845	)		(13,061,856	)
In-kind redemptions — unaffiliated^(a)		(11,832,774	)		(63,088,451	)		(121,388	)		(1,392,090	)


		(158,877,962	)		(612,389,458	)		(9,814,233	)		(14,453,946	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(326,970,421	)		(3,852,273,402	)		(85,169,890	)		(45,086,053	)


		(326,970,421	)		(3,852,273,402	)		(85,169,890	)		(45,086,053	)


Net realized and unrealized loss		(485,848,383	)		(4,464,662,860	)		(94,984,123	)		(59,539,999	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(449,246,908	)	$	(4,229,036,899	)	$	(90,946,105	)	$	28,470,978


^(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


28		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares 0-3 Month Treasury Bond ETF						iShares 1-3 Year Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)			Year Ended 02/28/22			Six Months Ended 08/31/22 (unaudited)			Year Ended 02/28/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,457,902		$	355,720		$	125,471,719		$	47,493,456
Net realized gain (loss)		(161,531	)		399			(191,753,825	)		(24,311,431	)
Net change in unrealized appreciation (depreciation)		(195,527	)		(25,314	)		(466,763,827	)		(395,725,148	)


Net increase (decrease) in net assets resulting from operations		14,100,844			330,805			(533,045,933	)		(372,543,123	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(8,873,248	)		(219,773	)		(100,870,239	)		(50,332,045	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,465,655,168			1,130,208,097			4,602,175,649			2,283,702,955


NET ASSETS
Total increase in net assets		1,470,882,764			1,130,319,129			3,968,259,477			1,860,827,787
Beginning of period		1,865,427,579			735,108,450			21,433,224,251			19,572,396,464


End of period	$	3,336,310,343		$	1,865,427,579		$	25,401,483,728		$	21,433,224,251

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares 3-7 Year Treasury Bond ETF						iShares 7-10 Year Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)			Year Ended 02/28/22			Six Months Ended 08/31/22 (unaudited)			Year Ended 02/28/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	67,024,558		$	78,386,652		$	169,758,910		$	138,745,954
Net realized gain (loss)		(166,131,711	)		44,438,538			(950,248,375	)		(401,557,956	)
Net change in unrealized appreciation (depreciation)		(568,730,599	)		(446,726,548	)		(1,058,529,905	)		(172,158,184	)


Net decrease in net assets resulting from operations		(667,837,752	)		(323,901,358	)		(1,839,019,370	)		(434,970,186	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(57,469,391	)		(78,273,861	)		(146,229,069	)		(127,547,995	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,400,596,713			(349,391,364	)		7,588,082,926			3,766,705,112


NET ASSETS
Total increase (decrease) in net assets		1,675,289,570			(751,566,583	)		5,602,834,487			3,204,186,931
Beginning of period		10,475,559,495			11,227,126,078			17,413,749,956			14,209,563,025


End of period	$	12,150,849,065		$	10,475,559,495		$	23,016,584,443		$	17,413,749,956

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

See notes to financial statements.


30		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares 10-20 Year Treasury Bond ETF						iShares 20+ Year Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)			Year Ended 02/28/22			Six Months Ended 08/31/22 (unaudited)			Year Ended 02/28/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	36,601,475		$	22,564,851		$	235,625,961		$	245,076,049
Net realized loss		(158,877,962	)		(67,927,213	)		(612,389,458	)		(572,839,363	)
Net change in unrealized appreciation (depreciation)		(326,970,421	)		(16,420,097	)		(3,852,273,402	)		(89,798,284	)


Net decrease in net assets resulting from operations		(449,246,908	)		(61,782,459	)		(4,229,036,899	)		(417,561,598	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(27,772,735	)		(21,118,312	)		(205,184,351	)		(239,203,157	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,804,824,994			1,221,395,373			13,716,978,273			1,986,170,721


NET ASSETS
Total increase in net assets		2,327,805,351			1,138,494,602			9,282,757,023			1,329,405,966
Beginning of period		2,325,430,393			1,186,935,791			16,113,366,500			14,783,960,534


End of period	$	4,653,235,744		$	2,325,430,393		$	25,396,123,523		$	16,113,366,500

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


		iShares 25+ Year Treasury STRIPS Bond ETF						iShares Short Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)				Year Ended 02/28/22			Six Months Ended 08/31/22 (unaudited)			Year Ended 02/28/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	4,038,018		$	6,325,928		$	88,010,977		$	(8,840,950	)
Net realized gain (loss)			(9,814,233	)		5,122,128			(14,453,946	)		(4,134,609	)
Net change in unrealized appreciation (depreciation)			(85,169,890	)		11,248,649			(45,086,053	)		(15,399,581	)


Net increase (decrease) in net assets resulting from operations			(90,946,105	)		22,696,705			28,470,978			(28,375,140	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(3,966,925	)		(5,793,042	)		(57,641,452	)		—


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			95,071,548			278,439,034			5,029,212,981			(385,511,339	)


NET ASSETS
Total increase (decrease) in net assets			158,518			295,342,697			5,000,042,507			(413,886,479	)
Beginning of period			324,196,154			28,853,457			15,779,284,905			16,193,171,384


End of period		$	324,354,672		$	324,196,154		$	20,779,327,412		$	15,779,284,905

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

See notes to financial statements.


32		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares 0-3 Month Treasury Bond ETF


	Six Months Ended										Period From
		08/31/22					Year Ended						05/26/20	^(a)
	(unaudited)					02/28/22					to 02/28/21


Net asset value, beginning of period			$	100.02				$	100.01			$	100.01


Net investment income^(b)				0.51					0.04				0.05
Net realized and unrealized loss^(c)				(0.06	)				0.00				0.00	^(d)

Net increase from investment operations				0.45					0.04				0.05


Distributions from net investment income^(e)				(0.28	)				(0.03	)			(0.05	)


Net asset value, end of period			$	100.19				$	100.02			$	100.01


Total Return^(f)
Based on net asset value				0.44	%^(g)				0.04	%			0.05	%^(g)


Ratios to Average Net Assets^(h)
Total expenses				0.12	%⁽ⁱ⁾				0.12	%			0.12	%⁽ⁱ⁾


Total expenses after fees waived				0.03	%⁽ⁱ⁾				0.03	%			0.03	%⁽ⁱ⁾


Net investment income				1.02	%⁽ⁱ⁾				0.04	%			0.07	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)			$	3,336,310				$	1,865,428			$	735,108


Portfolio turnover rate^(j)				0	%^(g)				0	%			326	%^(g)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

^(d)	Rounds to less than $0.01.

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

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares 1-3 Year Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)				Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20			Year Ended 02/28/19			Year Ended 02/28/18


Net asset value, beginning of period		$	84.55		$	86.30		$	85.70		$	83.73		$	83.44		$	84.54

Net investment income^(a)			0.43			0.20			0.62			1.73			1.64			0.89
Net realized and unrealized gain (loss)^(b)			(2.38	)		(1.73	)		0.69			2.02			0.16			(1.13	)


Net increase (decrease) from investment operations			(1.95	)		(1.53	)		1.31			3.75			1.80			(0.24	)


Distributions^(c)
From net investment income			(0.34	)		(0.19	)		(0.71	)		(1.78	)		(1.51	)		(0.86	)
From net realized gain			—			(0.03	)		—			—			—			—


Total distributions			(0.34	)		(0.22	)		(0.71	)		(1.78	)		(1.51	)		(0.86	)


Net asset value, end of period		$	82.26		$	84.55		$	86.30		$	85.70		$	83.73		$	83.44


Total Return^(d)
Based on net asset value			(2.32	)%^(e)		(1.77	)%		1.52	%		4.53	%		2.18	%		(0.29	)%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income			1.03	%^(g)		0.24	%		0.71	%		2.05	%		1.97	%		1.06	%


Supplemental Data
Net assets, end of period (000)		$	25,401,484		$	21,433,224		$	19,572,396		$	17,465,741		$	18,972,903		$	11,281,148


Portfolio turnover rate^(h)			41	%^(e)		148	%		79	%		56	%		62	%		85	%

^(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)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares 3-7 Year Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)				Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20			Year Ended 02/28/19			Year Ended 02/28/18


Net asset value, beginning of period		$	126.06		$	131.00		$	130.24		$	121.54		$	120.03		$	123.07

Net investment income^(a)			0.74			0.94			1.29			2.44			2.47			1.93
Net realized and unrealized gain (loss)^(b)			(8.32	)		(4.94	)		0.85			8.76			1.47			(3.10	)


Net increase (decrease) from investment operations			(7.58	)		(4.00	)		2.14			11.20			3.94			(1.17	)


Distributions from net investment income^(c)			(0.63	)		(0.94	)		(1.38	)		(2.50	)		(2.43	)		(1.87	)


Net asset value, end of period		$	117.85		$	126.06		$	131.00		$	130.24		$	121.54		$	120.03


Total Return^(d)
Based on net asset value			(6.02	)%^(e)		(3.07	)%		1.63	%		9.31	%		3.33	%		(0.98	)%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income			1.22	%^(g)		0.72	%		0.97	%		1.95	%		2.06	%		1.57	%


Supplemental Data
Net assets, end of period (000)		$	12,150,849		$	10,475,559		$	11,227,126		$	9,923,985		$	7,122,486		$	7,069,651


Portfolio turnover rate^(h)			21	%^(e)		62	%		49	%		38	%		41	%		66	%

^(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)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares 7-10 Year Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)				Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20			Year Ended 02/28/19			Year Ended 02/28/18


Net asset value, beginning of period		$	111.99		$	115.71		$	117.31		$	104.16		$	102.13		$	105.68

Net investment income^(a)			0.92			1.08			1.15			2.19			2.45			1.97
Net realized and unrealized gain (loss)^(b)			(11.23	)		(3.81	)		(1.53	)		13.19			1.97			(3.59	)


Net increase (decrease) from investment operations			(10.31	)		(2.73	)		(0.38	)		15.38			4.42			(1.62	)


Distributions from net investment income^(c)			(0.82	)		(0.99	)		(1.22	)		(2.23	)		(2.39	)		(1.93	)


Net asset value, end of period		$	100.86		$	111.99		$	115.71		$	117.31		$	104.16		$	102.13


Total Return^(d)
Based on net asset value			(9.23	)%^(e)		(2.38	)%		(0.37	)%		14.94	%		4.40	%		(1.59	)%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income			1.76	%^(g)		0.94	%		0.95	%		1.98	%		2.40	%		1.86	%


Supplemental Data
Net assets, end of period (000)		$	23,016,584		$	17,413,750		$	14,209,563		$	21,480,308		$	13,217,782		$	8,364,365


Portfolio turnover rate^(h)			38	%^(e)		114	%		76	%		57	%		63	%		46	%

^(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)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


36		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares 10-20 Year Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)				Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20			Year Ended 02/28/19			Year Ended 02/28/18


Net asset value, beginning of period		$	141.79		$	146.54		$	158.70		$	132.80		$	130.13		$	134.79

Net investment income^(a)			1.58			2.41			2.04			3.18			3.10			2.53
Net realized and unrealized gain (loss)^(b)			(24.54	)		(4.91	)		(10.08	)		26.01			2.53			(4.68	)


Net increase (decrease) from investment operations			(22.96	)		(2.50	)		(8.04	)		29.19			5.63			(2.15	)


Distributions
From net investment income			(1.32	)		(2.25	)		(2.80	)		(3.29	)		(2.96	)		(2.51	)
From net realized gain			—			—			(1.32	)		—			—			—


Total distributions			(1.32	)		(2.25	)		(4.12	)		(3.29	)		(2.96	)		(2.51	)


Net asset value, end of period		$	117.51		$	141.79		$	146.54		$	158.70		$	132.80		$	130.13


Total Return^(c)
Based on net asset value			(16.26	)%^(d)		(1.74	)%		(5.38	)%		22.28	%		4.39	%		(1.66	)%


Ratios to Average Net Assets^(e)
Total expenses			0.15	%^(f)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income			2.53	%^(f)		1.65	%		1.25	%		2.21	%		2.38	%		1.87	%


Supplemental Data
Net assets, end of period (000)		$	4,653,236		$	2,325,430		$	1,186,936		$	1,095,034		$	929,614		$	507,490


Portfolio turnover rate^(g)			27	%^(d)		114	%		214	%		63	%		45	%		27	%

^(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)	Where applicable, assumes the reinvestment of distributions.

^(d)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares 20+ Year Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)				Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20			Year Ended 02/28/19			Year Ended 02/28/18


Net asset value, beginning of period		$	139.87		$	143.12		$	155.13		$	119.95		$	118.70		$	121.65

Net investment income^(a)			1.37			2.25			2.24			3.09			3.23			3.11
Net realized and unrealized gain (loss)^(b)			(28.17	)		(3.26	)		(11.95	)		35.13			1.24			(2.98	)


Net increase (decrease) from investment operations			(26.80	)		(1.01	)		(9.71	)		38.22			4.47			0.13


Distributions from net investment income^(c)			(1.24	)		(2.24	)		(2.30	)		(3.04	)		(3.22	)		(3.08	)


Net asset value, end of period		$	111.83		$	139.87		$	143.12		$	155.13		$	119.95		$	118.70


Total Return^(d)
Based on net asset value			(19.24	)%^(e)		(0.72	)%		(6.43	)%		32.29	%		3.82	%		0.04	%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income			2.29	%^(g)		1.56	%		1.39	%		2.27	%		2.72	%		2.51	%


Supplemental Data
Net assets, end of period (000)		$	25,396,124		$	16,113,367		$	14,783,961		$	21,237,057		$	10,951,502		$	6,718,668


Portfolio turnover rate^(h)			10	%^(e)		43	%		65	%		25	%		17	%		25	%

^(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)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares 25+ Year Treasury STRIPS Bond ETF


	Six Months Ended										Period From
		08/31/22					Year Ended						09/22/20	^(a)
	(unaudited)					02/28/22					to 02/28/21


Net asset value, beginning of period			$	20.52				$	20.61			$	25.06


Net investment income^(b)				0.23					0.45				0.17
Net realized and unrealized loss^(c)				(5.42	)				(0.14	)			(4.50	)

Net increase (decrease) from investment operations				(5.19	)				0.31				(4.33	)


Distributions from net investment income^(d)				(0.24	)				(0.40	)			(0.12	)


Net asset value, end of period			$	15.09				$	20.52			$	20.61


Total Return^(e)
Based on net asset value				(25.45	)%^(f)				1.44	%			(17.33	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.15	%^(h)				0.15	%			0.15	%^(h)


Total expenses after fees waived				0.04	%^(h)				0.04	%			0.07	%^(h)


Net investment income				2.78	%^(h)				2.10	%			1.71	%^(h)


Supplemental Data
Net assets, end of period (000)			$	324,355				$	324,196			$	28,853


Portfolio turnover rate⁽ⁱ⁾				25	%^(f)				40	%			36	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Short Treasury Bond ETF


	Six Months Ended 08/31/22 (unaudited)				Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20			Year Ended 02/28/19			Year Ended 02/28/18


Net asset value, beginning of period		$	110.29		$	110.52		$	110.68		$	110.52		$	110.29		$	110.36

Net investment income (loss)^(a)			0.52			(0.07	)		0.40			2.28			2.16			1.01
Net realized and unrealized gain (loss)^(b)			(0.39	)		(0.16	)		0.10			0.25			0.01			(0.22	)


Net increase (decrease) from investment operations			0.13			(0.23	)		0.50			2.53			2.17			0.79


Distributions^(c)
From net investment income			(0.32	)		—			(0.50	)		(2.37	)		(1.94	)		(0.86	)
From net realized gain			—			—			(0.16	)		—			—			—


Total distributions			(0.32	)		—			(0.66	)		(2.37	)		(1.94	)		(0.86	)


Net asset value, end of period		$	110.10		$	110.29		$	110.52		$	110.68		$	110.52		$	110.29


Total Return^(d)
Based on net asset value			0.11	%^(e)		(0.19	)%		0.45	%		2.31	%		1.98	%		0.71	%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Total expenses after fees waived			0.14	%^(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income (loss)			0.93	%^(g)		(0.06	)%		0.36	%		2.06	%		1.95	%		0.91	%


Supplemental Data
Net assets, end of period (000)		$	20,779,327		$	15,779,285		$	16,193,171		$	20,276,511		$	19,131,299		$	9,506,603


Portfolio turnover rate^(h)			64	%^(e)		86	%		115	%		42	%		73	%		47	%

^(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)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

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



iShares ETF	Diversification Classification

0-3 Month Treasury Bond		Diversified
1-3 Year Treasury Bond		Diversified
3-7 Year Treasury Bond		Diversified
7-10 Year Treasury Bond		Diversified
10-20 Year Treasury Bond		Diversified
20+ Year Treasury Bond		Diversified
25+ Year Treasury STRIPS Bond		Diversified
Short Treasury Bond		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain


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		41

Notes to Financial Statements (unaudited) (continued)

fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

•

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

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

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

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

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

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

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

4.	*SECURITIES AND OTHER INVESTMENTS*

Stripped Bonds: A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

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




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


0-3 Month Treasury Bond
BMO Capital Markets Corp.	$	21,930,928	$	(21,930,928	)	$	—		$	—
Morgan Stanley		99,972,066		(99,972,066	)		—			—


	$	121,902,994	$	(121,902,994	)	$	—		$	—

1-3 Year Treasury Bond
Barclays Capital, Inc.	$	100,116,250	$	(100,116,250	)	$	—		$	—
J.P. Morgan Securities LLC		9,912,500		(9,912,500	)		—			—


	$	110,028,750	$	(110,028,750	)	$	—		$	—

Short Treasury Bond
BMO Capital Markets Corp.	$	29,895,068	$	(29,895,068	)	$	—		$	—
Deutsche Bank Securities, Inc.		175,155,591		(175,155,591	)		—			—
J.P. Morgan Securities LLC		149,375,007		(149,375,007	)		—			—
Morgan Stanley		31,991,061		(31,991,061	)		—			—


	$	386,416,727	$	(386,416,727	)	$	—		$	—

^(a)

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

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

5.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

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



iShares ETF	Investment Advisory Fees

0-3 Month Treasury Bond		0.12	%
1-3 Year Treasury Bond		0.15
3-7 Year Treasury Bond		0.15
7-10 Year Treasury Bond		0.15
10-20 Year Treasury Bond		0.15
20+ Year Treasury Bond		0.15
25+ Year Treasury STRIPS Bond		0.15
Short Treasury Bond		0.15


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		43

Notes to Financial Statements (unaudited) (continued)

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

Effective June 29, 2022, for the iShares 0-3 Month Treasury Bond ETF, BFA has contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.05% through June 30, 2023. Prior to June 29, 2022, BFA had contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver would not exceed 0.03% through June 30, 2022.

For the iShares Short Treasury Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:



iShares ETF	Amounts Waived

0-3 Month Treasury Bond	$	1,282,607
Short Treasury Bond		615,967

BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA has elected to implement a voluntary fee waiver in order to limit the iShares 25+ Year Treasury STRIPS Bond ETF’s total annual operating expenses after fee waivers to 0.04% and currently intends to keep such voluntary fee waiver for the Fund in place through June 30, 2023. Any voluntary waiver or reimbursement implemented by BFA may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts Waived

25+ Year Treasury STRIPS Bond	$	159,809

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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


44		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

0-3 Month Treasury Bond	$	89,356
1-3 Year Treasury Bond		146,524
3-7 Year Treasury Bond		6,922
7-10 Year Treasury Bond		18,775
10-20 Year Treasury Bond		1,095
20+ Year Treasury Bond		4,555
25+ Year Treasury STRIPS Bond		8
Short Treasury Bond		403,587

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

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

For the six months ended August 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

0-3 Month Treasury Bond	$	2,302,508,233	$	—	$	—
1-3 Year Treasury Bond		2,199,990,747		6,531,423,619		(139,479,270	)
3-7 Year Treasury Bond		909,447,033		1,556,528,344		(114,914,564	)
7-10 Year Treasury Bond		158,667,258		1,607,395,872		(204,831,029	)
10-20 Year Treasury Bond		372,352,932		251,566,932		(52,735,258	)
20+ Year Treasury Bond		3,660,167		308,313,068		(88,103,154	)
Short Treasury Bond		6,853,849,445		2,418,554,726		(4,582,656	)

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

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6.	*PURCHASES AND SALES*

For the six months ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



	U.S. Government Securities



iShares ETF	Purchases		Sales

1-3 Year Treasury Bond	$	9,869,103,078	$	9,820,001,740
3-7 Year Treasury Bond		2,337,941,439		2,310,156,195
7-10 Year Treasury Bond		7,311,198,913		7,353,760,584
10-20 Year Treasury Bond		828,975,171		785,279,879
20+ Year Treasury Bond		2,182,021,585		2,163,044,513
25+ Year Treasury STRIPS Bond		74,146,009		77,579,960
Short Treasury Bond		4,018,436,275		1,895,243,462


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		45

Notes to Financial Statements (unaudited) (continued)

For the six months ended August 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

0-3 Month Treasury Bond	$	2,346,108,015	$	1,055,661,587
1-3 Year Treasury Bond		10,730,166,636		6,178,788,696
3-7 Year Treasury Bond		4,354,748,963		1,968,925,876
7-10 Year Treasury Bond		13,562,821,774		6,016,220,207
10-20 Year Treasury Bond		3,077,742,984		344,260,675
20+ Year Treasury Bond		18,227,594,132		4,636,784,319
25+ Year Treasury STRIPS Bond		95,443,551		807,476
Short Treasury Bond		10,600,505,410		6,757,506,297

7.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of February 28, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring

1-3 Year Treasury Bond	$	42,610,037
3-7 Year Treasury Bond		39,554,644
7-10 Year Treasury Bond		413,135,943
10-20 Year Treasury Bond		97,165,427
20+ Year Treasury Bond		664,062,295

As of August 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

0-3 Month Treasury Bond	$	3,884,193,633	$	24,265	$	(269,617	)	$	(245,352	)
1-3 Year Treasury Bond		26,197,814,021		—		(789,108,529	)		(789,108,529	)
3-7 Year Treasury Bond		13,030,746,530		74		(945,474,512	)		(945,474,438	)
7-10 Year Treasury Bond		24,703,065,388		—		(1,743,236,323	)		(1,743,236,323	)
10-20 Year Treasury Bond		5,073,111,493		—		(414,000,518	)		(414,000,518	)
20+ Year Treasury Bond		31,272,308,069		—		(5,797,853,142	)		(5,797,853,142	)
25+ Year Treasury STRIPS Bond		401,521,785		—		(77,156,963	)		(77,156,963	)
Short Treasury Bond		21,873,971,145		—		(61,662,568	)		(61,662,568	)

8.	*LINE OF CREDIT*

The iShares 0-3 Month Treasury Bond ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended August 31, 2022, the Funds did not borrow under the Credit Agreement or Syndicated Credit Agreement.


46		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

9.	*PRINCIPAL RISKS*

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

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

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

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

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

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

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

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

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


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		47

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:




	Six Months Ended 08/31/22						Year Ended 02/28/22


iShares ETF	Shares			Amount			Shares			Amount


0-3 Month Treasury Bond
Shares sold		26,150,000		$	2,616,480,356			12,750,000		$	1,275,235,864
Shares redeemed		(11,500,000	)		(1,150,825,188	)		(1,450,000	)		(145,027,767	)


		14,650,000		$	1,465,655,168			11,300,000		$	1,130,208,097

1-3 Year Treasury Bond
Shares sold		130,600,000		$	10,827,893,420			95,300,000		$	8,175,736,494
Shares redeemed		(75,300,000	)		(6,225,717,771	)		(68,600,000	)		(5,892,033,539	)


		55,300,000		$	4,602,175,649			26,700,000		$	2,283,702,955

3-7 Year Treasury Bond
Shares sold		36,400,000		$	4,382,168,006			25,300,000		$	3,269,142,901
Shares redeemed		(16,400,000	)		(1,981,571,293	)		(27,900,000	)		(3,618,534,265	)


		20,000,000		$	2,400,596,713			(2,600,000	)	$	(349,391,364	)

7-10 Year Treasury Bond
Shares sold		131,100,000		$	13,636,314,322			163,400,000		$	18,777,676,334
Shares redeemed		(58,400,000	)		(6,048,231,396	)		(130,700,000	)		(15,010,971,222	)


		72,700,000		$	7,588,082,926			32,700,000		$	3,766,705,112

10-20 Year Treasury Bond
Shares sold		26,000,000		$	3,156,812,503			11,800,000		$	1,724,670,427
Shares redeemed		(2,800,000	)		(351,987,509	)		(3,500,000	)		(503,275,054	)


		23,200,000		$	2,804,824,994			8,300,000		$	1,221,395,373

20+ Year Treasury Bond
Shares sold		151,600,000		$	18,398,165,665			239,400,000		$	34,663,997,215
Shares redeemed		(39,700,000	)		(4,681,187,392	)		(227,500,000	)		(32,677,826,494	)


		111,900,000		$	13,716,978,273			11,900,000		$	1,986,170,721

25+ Year Treasury STRIPS Bond
Shares sold		5,750,000		$	95,882,791			18,650,000		$	368,671,051
Shares redeemed		(50,000	)		(811,243	)		(4,250,000	)		(90,232,017	)


		5,700,000		$	95,071,548			14,400,000		$	278,439,034

Short Treasury Bond
Shares sold		114,320,000		$	12,588,265,104			46,050,000		$	5,082,727,211
Shares redeemed		(68,660,000	)		(7,559,052,123	)		(49,500,000	)		(5,468,238,550	)


		45,660,000		$	5,029,212,981			(3,450,000	)	$	(385,511,339	)

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

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11.

SUBSEQUENT EVENTS

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


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Board Review and Approval of Investment Advisory Contract

iShares 0-3 Month Treasury Bond ETF, iShares 25+ Year Treasury Strips Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (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 its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its 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 rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, 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 under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, 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 compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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 the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that 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 providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed 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 scale are 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 through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (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 services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included 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 Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s 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 service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement 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 the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to 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 continuance of the Advisory Agreement for the coming year.

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


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Board Review and Approval of Investment Advisory Contract (continued)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (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 its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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


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Board Review and Approval of Investment Advisory Contract (continued)

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

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


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Board Review and Approval of Investment Advisory Contract (continued)

ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (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 its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, 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 under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, 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 compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.


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Board Review and Approval of Investment Advisory Contract (continued)


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Supplemental Information (unaudited)

Section 19(a) Notices

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

August 31, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

0-3 Month Treasury Bond^(a)	$	0.275819	$	—	$	0.001665	$	0.277484		99	%		—	%		1	%		100	%
7-10 Year Treasury Bond		0.816238		—		—		0.816238		100			—			—			100
10-20 Year Treasury Bond^(a)		1.314352		—		0.000707		1.315059		100			—			0	^(b)		100
20+ Year Treasury Bond^(a)		1.235973		—		0.001027		1.237000		100			—			0	^(b)		100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)

Rounds to less than 1%.


S U P P L E M E N T A L I N F O R M A T I O N		55

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Fixed Income

STRIPS		Separate Trading of Registered Interest & Principal of Securities


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		57

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-201-0822