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	)		—		—		—


Tot