
		OCTOBER 31, 2023

2023 Annual Report

iShares Trust

iShares iBonds Oct 2024 Term TIPS ETF | IBIA | NYSE Arca

iShares iBonds Oct 2025 Term TIPS ETF | IBIB | NYSE Arca

iShares iBonds Oct 2026 Term TIPS ETF | IBIC | NYSE Arca

iShares iBonds Oct 2027 Term TIPS ETF | IBID | NYSE Arca

iShares iBonds Oct 2028 Term TIPS ETF | IBIE | NYSE Arca

iShares iBonds Oct 2029 Term TIPS ETF | IBIF | NYSE Arca

iShares iBonds Oct 2030 Term TIPS ETF | IBIG | NYSE Arca

iShares iBonds Oct 2031 Term TIPS ETF | IBIH | NYSE Arca

iShares iBonds Oct 2032 Term TIPS ETF | IBII | NYSE Arca

iShares iBonds Oct 2033 Term TIPS ETF | IBIJ | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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 October 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	1.39%	10.14%

U.S. small cap equities (Russell 2000^® Index)	(5.29)	(8.56)

International equities (MSCI Europe, Australasia, Far East Index)	(7.88)	14.40

Emerging market equities (MSCI Emerging Markets Index)	(4.78)	10.80

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.63	4.77

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.70)	(3.25)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.13)	0.36

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.65)	2.64

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	0.02	6.23



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

Annual Report:

Market Overview		4

Fund Summary		5

About Fund Performance		15
Disclosure of Expenses		15

Schedules of Investments		16

Financial Statements

Statements of Assets and Liabilities		29

Statements of Operations		32

Statements of Changes in Net Assets		35

Financial Highlights		40

Notes to Financial Statements		50

Report of Independent Registered Public Accounting Firm		56

Important Tax Information		57

Board Review and Approval of Investment Advisory Contract		58

Supplemental Information		60

Trustee and Officer Information		61

General Information		64

Market Overview

iShares Trust

U.S. Bond Market Overview

The U.S. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, posted a return of 0.36% for the 12 months ended October 31, 2023 (the “reporting period”). The benefit of income outweighed the effect of falling prices, leading to a narrow gain.

Several factors played a role in the weak showing for bonds. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October.

In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note climbed 4.48% to 5.09% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%. Both issues finished October 2023 near their highest levels since 2007. The government bond market, in addition to being affected by rising interest rates, was further pressured by worries that the need for increased Treasury issuance would create an imbalance of supply and demand in the market.

The volatility in U.S. Treasuries, together with lower mortgage pre-payments and the Fed’s efforts to reduce the fixed-income holdings on its balance sheet, caused mortgage-backed securities to finish with a negative return. Conversely, the other major segments of the securitized category—asset-backed securities and commercial mortgage-backed securities—posted gains. Investment-grade corporate bonds also produced positive returns and outpaced Treasuries. The asset class benefited from a larger contribution from income and a decline in its yield spreads versus government issues.

Bonds with maturities of ten years and above, which are most sensitive to rate movements, trailed the broader market. On the other hand, issues in the three- to- seven-year maturity range outperformed. Higher-rated investment-grade bonds, whose performance is dictated more by interest-rate trends than credit developments, generally lagged lower-rated securities.


4		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2024 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2024 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2024, as represented by the ICE 2024 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		0.65%
Fund Market		0.76
Index		0.67

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 13, 2023. The first day of secondary market trading was September 15, 2023.

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 (09/13/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 1,006.50	$ 0.13			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 48/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month 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


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.8	%
Short-Term and Other Assets	0.2


ALL HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/24	30.8	%
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 07/15/24	27.5
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 10/15/24	24.4
U.S. Treasury Inflation-Indexed Bonds, 0.50%, 04/15/24	17.1

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

^(a)

Excludes money market funds.


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


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2025 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2025 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2025, as represented by the ICE 2025 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		0.33%
Fund Market		0.44
Index		0.35

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 13, 2023. The first day of secondary market trading was September 15, 2023.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (09/13/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 1,003.30	$ 0.13			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.8	%
Short-Term and Other Assets	0.2


FIVE LARGEST HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 0.38%, 07/15/25	23.9	%
U.S. Treasury Inflation-Indexed Bonds, 0.25%, 01/15/25	22.0
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 10/15/25	21.1
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/25	17.4
U.S. Treasury Inflation-Indexed Bonds, 2.38%, 01/15/25	15.4

^(a)

Excludes money market funds.


6		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2026 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2026 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2026, as represented by the ICE 2026 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		0.03%
Fund Market		0.12
Index		0.05

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 13, 2023. The first day of secondary market trading was September 15, 2023.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (09/13/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 1,000.30	$ 0.13			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.8	%
Short-Term and Other Assets	0.2


FIVE LARGEST HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 10/15/26	25.1	%
U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/26	22.9
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 07/15/26	22.4
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/26	18.2
U.S. Treasury Inflation-Indexed Bonds, 2.00%, 01/15/26	11.2

^(a)

Excludes money market funds.


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


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2027 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2027 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2027, as represented by the ICE 2027 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		(0.44)%
Fund Market		(0.32)
Index		(0.42)

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 13, 2023. The first day of secondary market trading was September 15, 2023.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (09/13/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 995.60	$ 0.13			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.6	%
Short-Term and Other Assets	0.4


FIVE LARGEST HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 1.63%, 10/15/27	25.1	%
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/27	23.7
U.S. Treasury Inflation-Indexed Bonds, 0.38%, 07/15/27	21.3
U.S. Treasury Inflation-Indexed Bonds, 0.38%, 01/15/27	19.3
U.S. Treasury Inflation-Indexed Bonds, 2.38%, 01/15/27	10.2

^(a)

Excludes money market funds.


8		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2028 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2028 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2028, as represented by the ICE 2028 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		(0.91)%
Fund Market		(0.84)
Index		(0.89)

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 13, 2023. The first day of secondary market trading was September 15, 2023.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (09/13/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 990.90	$ 0.13			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.6	%
Short-Term and Other Assets	0.4


FIVE LARGEST HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 1.25%, 04/15/28	25.8	%
U.S. Treasury Inflation-Indexed Bonds, 0.50%, 01/15/28	22.3
U.S. Treasury Inflation-Indexed Bonds, 0.75%, 07/15/28	20.2
U.S. Treasury Inflation-Indexed Bonds, 3.63%, 04/15/28	11.1
U.S. Treasury Inflation-Indexed Bonds, 1.75%, 01/15/28	11.0

^(a)

Excludes money market funds.


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


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2029 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2029 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2029, as represented by the ICE 2029 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		(1.06)%
Fund Market		(0.96)
Index		(1.05)

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 19, 2023. The first day of secondary market trading was September 21, 2023.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (09/19/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 989.40	$ 0.11			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 42/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month 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


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.5	%
Short-Term and Other Assets	0.5


ALL HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 0.25%, 07/15/29	32.5	%
U.S. Treasury Inflation-Indexed Bonds, 0.88%, 01/15/29	28.7
U.S. Treasury Inflation-Indexed Bonds, 3.88%, 04/15/29	22.2
U.S. Treasury Inflation-Indexed Bonds, 2.50%, 01/15/29	16.1

^(a)

Excludes money market funds.


10		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2030 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2030 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2030, as represented by the ICE 2030 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		(1.99)%
Fund Market		(1.88)
Index		(1.99)

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 19, 2023. The first day of secondary market trading was September 21, 2023.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (09/19/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 980.10	$ 0.11			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.8	%
Short-Term and Other Assets	0.2


ALL HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 07/15/30	52.3	%
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/30	47.5

^(a)

Excludes money market funds.


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


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2031 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2031 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2031, as represented by the ICE 2031 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		(2.54)%
Fund Market		(2.40)
Index		(2.54)

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 19, 2023. The first day of secondary market trading was September 21, 2023.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (09/19/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 974.60	$ 0.11			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.8	%
Short-Term and Other Assets	0.2


ALL HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 07/15/31	50.3	%
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/31	49.5

^(a)

Excludes money market funds.


12		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2032 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2032 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2032, as represented by the ICE 2032 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		(2.92)%
Fund Market		(2.80)
Index		(2.91)

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 19, 2023. The first day of secondary market trading was September 21, 2023.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (09/19/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 970.80	$ 0.11			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.7	%
Short-Term and Other Assets	0.3


ALL HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 0.63%, 07/15/32	47.7	%
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/32	44.1
U.S. Treasury Inflation-Indexed Bonds, 3.38%, 04/15/32	7.9

^(a)

Excludes money market funds.


F U N D S U M M A R Y		13


Fund Summary as of October 31, 2023		iShares^® iBonds^® Oct 2033 Term TIPS ETF

Investment Objective

The iShares iBonds Oct 2033 Term TIPS ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds maturing in 2033, as represented by the ICE 2033 Maturity US Inflation-Linked Treasury 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


		Cumulative Total Returns

		Since Inception
Fund NAV		(3.35)%
Fund Market		(3.24)
Index		(3.38)

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was September 19, 2023. The first day of secondary market trading was September 21, 2023.

Expense Example


Actual						Hypothetical 5% Return
	Beginning Account Value (09/19/23)	^(a)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 966.50	$ 0.11			$ 1,000.00	$ 1,024.70	$ 0.51		0.10	%

^(a)

Commencement of operations.

^(b)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings*	Percent of Net Assets	^(a)
Aaa	99.5	%
Short-Term and Other Assets	0.5


ALL HOLDINGS

Security	Percent of Net Assets	^(a)
U.S. Treasury Inflation-Indexed Bonds, 1.13%, 01/15/33	60.0	%
U.S. Treasury Inflation-Indexed Bonds, 1.38%, 07/15/33	39.5

^(a)

Excludes money market funds.


14		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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.


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		15

Schedule of Investments

October 31, 2023

iShares^® iBonds^® Oct 2024 Term TIPS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.8%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 07/15/24	$	1,063	$	1,038,133
0.13%, 10/15/24		948		919,429
0.50%, 04/15/24		657		646,199
0.63%, 01/15/24		1,172		1,161,721

				3,765,482

Total Investments — 99.8% (Cost: $3,774,083)				3,765,482

Other Assets Less Liabilities — 0.2%				8,817


Net Assets — 100.0%			$	3,774,299

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

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	3,765,482	$	—	$	3,765,482

See notes to financial statements.


16		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2023

iShares^® iBonds^® Oct 2025 Term TIPS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.8%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 04/15/25	$	915	$	873,715
0.13%, 10/15/25		1,114		1,057,381
0.25%, 01/15/25		1,146		1,103,083
0.38%, 07/15/25		1,253		1,200,385
2.38%, 01/15/25		780		769,885

				5,004,449

Total Investments — 99.8% (Cost: $5,020,538)				5,004,449

Other Assets Less Liabilities — 0.2%				11,945


Net Assets — 100.0%			$	5,016,394

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	5,004,449	$	—	$	5,004,449

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

October 31, 2023

iShares^® iBonds^® Oct 2026 Term TIPS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.8%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 04/15/26	$	732	$	684,378
0.13%, 07/15/26		897		838,907
0.13%, 10/15/26		1,015		943,186
0.63%, 01/15/26		901		857,205
2.00%, 01/15/26		428		419,668

				3,743,344

Total Investments — 99.8% (Cost: $3,765,907)				3,743,344

Other Assets Less Liabilities — 0.2%				7,792


Net Assets — 100.0%			$	3,751,136

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	3,743,344	$	—	$	3,743,344

See notes to financial statements.


18		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2023

iShares^® iBonds^® Oct 2027 Term TIPS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.6%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 04/15/27	$	1,286	$	1,178,266
0.38%, 01/15/27		1,037		963,534
0.38%, 07/15/27		1,145		1,058,441
1.63%, 10/15/27		1,291		1,248,017
2.38%, 01/15/27		513		507,432

				4,955,690


Total Long-Term Investments — 99.6% (Cost: $4,989,979)				4,955,690


	Shares


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(a)(b)		10,000		10,000


Total Short-Term Securities — 0.2% (Cost: $10,000)				10,000


Total Investments — 99.8% (Cost: $4,999,979)				4,965,690

Other Assets Less Liabilities — 0.2%				12,151


Net Assets — 100.0%			$	4,977,841

^(a) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 09/13/23^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	10,000	^(b)	$	—	$	—	$	—	$	10,000		10,000	$	9	$	—

^(a)

Commencement of operations.

^(b)

Represents net amount purchased (sold).


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 (continued)

October 31, 2023

iShares^® iBonds^® Oct 2027 Term TIPS ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	4,955,690	$	—	$	4,955,690
Short-Term Securities
Money Market Funds		10,000		—		—		10,000

	$	10,000	$	4,955,690	$	—	$	4,965,690

See notes to financial statements.


20		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2023

iShares^® iBonds^® Oct 2028 Term TIPS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.6%
U.S. Treasury Inflation-Indexed Bonds
0.50%, 01/15/28	$	902	$	828,023
0.75%, 07/15/28		811		749,641
1.25%, 04/15/28		1,015		959,785
1.75%, 01/15/28		423		409,184
2.38%, 10/15/28		341		339,712
3.63%, 04/15/28		397		413,782

				3,700,127


Total Long-Term Investments — 99.6% (Cost: $3,738,329)				3,700,127


	Shares


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(a)(b)		10,000		10,000


Total Short-Term Securities — 0.2% (Cost: $10,000)				10,000


Total Investments — 99.8% (Cost: $3,748,329)				3,710,127

Other Assets Less Liabilities — 0.2%				5,576


Net Assets — 100.0%			$	3,715,703

^(a) Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 09/13/23^(a)	Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$ —		$10,000	^(b)	$	—	$	—	$	—	$	10,000		10,000	$	23	$	—

^(a)

Commencement of operations.

^(b⁾

Represents net amount purchased (sold).


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 (continued)

October 31, 2023

iShares^® iBonds^® Oct 2028 Term TIPS ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	3,700,127	$	—	$	3,700,127
Short-Term Securities
Money Market Funds		10,000		—		—		10,000

	$	10,000	$	3,700,127	$	—	$	3,710,127

See notes to financial statements.


22		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2023

iShares^® iBonds^® Oct 2029 Term TIPS 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 Inflation-Indexed Bonds
0.25%, 07/15/29	$	1,365	$	1,208,239
0.88%, 01/15/29		1,156		1,063,857
2.50%, 01/15/29		599		597,877
3.88%, 04/15/29		771		822,469

				3,692,442


Total Long-Term Investments — 99.5% (Cost: $3,736,828)				3,692,442


	Shares


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(a)(b)		20,000		20,000


Total Short-Term Securities — 0.6% (Cost: $20,000)				20,000


Total Investments — 100.1% (Cost: $3,756,828)				3,712,442

Liabilities in Excess of Other Assets — (0.1)%				(2,211	)


Net Assets — 100.0%			$	3,710,231

^(a)

Affiliate of the Fund.

^(b)

Annualized 7-day yield as of period end.

Affiliates



Affiliated Issuer		Value at 09/19/23	^(a)	Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$20,000	^(b)	$	—	$	—	$	—	$	20,000	20,000	$	227	$	—

^(a)

Commencement of operations.

^(b)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	3,692,442	$	—	$	3,692,442
Short-Term Securities
Money Market Funds		20,000		—		—		20,000

	$	20,000	$	3,692,442	$	—	$	3,712,442


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 (continued)

October 31, 2023

iShares^® iBonds^® Oct 2029 Term TIPS ETF

Fair Value Hierarchy as of Period End (continued)

See notes to financial statements.


24		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2023

iShares^® iBonds^® Oct 2030 Term TIPS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.8%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 01/15/30	$	1,349	$	1,163,999
0.13%, 07/15/30		1,494		1,280,055

				2,444,054

Total Investments — 99.8% (Cost: $2,514,503)				2,444,054

Other Assets Less Liabilities — 0.2%				6,105


Net Assets — 100.0%			$	2,450,159

Affiliates



Affiliated Issuer		Value at 09/19/23	^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares^(b)	$	—		$	0	^(c)	$	—	$	—	$	—	$	—	—	$	184	$	—

^(a)

Commencement of operations.

^(b)

As of period end, the entity is no longer held.

^(c)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	2,444,054	$	—	$	2,444,054

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		25

Schedule of Investments

October 31, 2023

iShares^® iBonds^® Oct 2031 Term TIPS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.8%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 01/15/31	$	1,431	$	1,206,981
0.13%, 07/15/31		1,463		1,224,293

				2,431,274

Total Investments — 99.8% (Cost: $2,515,765)				2,431,274

Other Assets Less Liabilities — 0.2%				5,174


Net Assets — 100.0%			$	2,436,448

Affiliates



Affiliated Issuer		Value at 09/19/23	^(a)	Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares^(b)	$	—		$0	^(c)	$	—	$	—	$	—	$	—	—	$	184	$	—

^(a)

Commencement of operations.

^(b)

As of period end, the entity is no longer held.

^(c)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	2,431,274	$	—	$	2,431,274

See notes to financial statements.


26		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

October 31, 2023

iShares^® iBonds^® Oct 2032 Term TIPS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.7%
U.S. Treasury Inflation-Indexed Bonds
0.13%, 01/15/32	$	1,950	$	1,606,983
0.63%, 07/15/32		2,028		1,735,976
3.38%, 04/15/32		270		286,364

				3,629,323

Total Investments — 99.7% (Cost: $3,742,490)				3,629,323

Other Assets Less Liabilities — 0.3%				11,180


Net Assets — 100.0%			$	3,640,503

Affiliates



Affiliated Issuer		Value at 09/19/23	^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares^(b)	$	—		$	0	^(c)	$	—	$	—	$	—	$	—	—	$	184	$	—

^(a)

Commencement of operations.

^(b)

As of period end, the entity is no longer held.

^(c)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	3,629,323	$	—	$3,629,323

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		27

Schedule of Investments

October 31, 2023

iShares^® iBonds^® Oct 2033 Term TIPS 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 Inflation-Indexed Bonds
1.13%, 01/15/33	$	2,454	$	2,173,802
1.38%, 07/15/33		1,584		1,433,214

				3,607,016

Total Investments — 99.5% (Cost: $3,707,599)				3,607,016

Other Assets Less Liabilities — 0.5%				17,318


Net Assets — 100.0%			$	3,624,334

Affiliates



Affiliated Issuer		Value at 09/19/23	^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23	Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares^(b)	$	—		$	0	^(c)	$	—	$	—	$	—	$	—	—	$	184	$	—

^(a)

Commencement of operations.

^(b)

As of period end, the entity is no longer held.

^(c)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	3,607,016	$	—	$	3,607,016

See notes to financial statements.


28		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities

October 31, 2023


	iShares iBonds Oct 2024 Term TIPS ETF		iShares iBonds Oct 2025 Term TIPS ETF		iShares iBonds Oct 2026 Term TIPS ETF		iShares iBonds Oct 2027 Term TIPS ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	3,765,482	$	5,004,449	$	3,743,344	$	4,955,690
Investments, at value — affiliated^(b)		—		—		—		10,000
Cash		5,581		4,077		3,067		2,538
Receivables:
Dividends — affiliated		—		—		—		9
Interest — unaffiliated		3,515		8,159		5,002		9,897

Total assets		3,774,578		5,016,685		3,751,413		4,978,134


LIABILITIES
Payables:
Investment advisory fees		279		291		277		293

Total liabilities		279		291		277		293

Commitments and contingent liabilities

NET ASSETS	$	3,774,299	$	5,016,394	$	3,751,136	$	4,977,841


NET ASSETS CONSIST OF
Paid-in capital	$	3,753,140	$	5,003,502	$	3,747,031	$	4,984,866
Accumulated earnings (loss)		21,159		12,892		4,105		(7,025	)

NET ASSETS	$	3,774,299	$	5,016,394	$	3,751,136	$	4,977,841


NET ASSET VALUE
Shares outstanding		150,000		200,000		150,000		200,000

Net asset value	$	25.16	$	25.08	$	25.01	$	24.89

Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited

Par value		None		None		None		None


^(a) Investments, at cost — unaffiliated	$	3,774,083	$	5,020,538	$	3,765,907	$	4,989,979
^(b) Investments, at cost — affiliated	$	—	$	—	$	—	$	10,000

See notes to financial statements.


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

Statements of Assets and Liabilities (continued)

October 31, 2023


	iShares iBonds Oct 2028 Term TIPS ETF			iShares iBonds Oct 2029 Term TIPS ETF			iShares iBonds Oct 2030 Term TIPS ETF			iShares iBonds Oct 2031 Term TIPS ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	3,700,127		$	3,692,442		$	2,444,054		$	2,431,274
Investments, at value — affiliated^(b)		10,000			20,000			—			—
Cash		2,609			5,347			5,261			4,310
Receivables:
Investments sold		330,351			—			—			—
Capital shares sold		6,037			—			—			—
Dividends — affiliated		23			42			—			—
Interest — unaffiliated		6,965			9,827			1,052			1,071

Total assets		4,056,112			3,727,658			2,450,367			2,436,655


LIABILITIES
Payables:
Investments purchased		340,199			17,177			—			—
Investment advisory fees		210			250			208			207

Total liabilities		340,409			17,427			208			207

Commitments and contingent liabilities

NET ASSETS	$	3,715,703		$	3,710,231		$	2,450,159		$	2,436,448


NET ASSETS CONSIST OF
Paid-in capital	$	3,739,814		$	3,732,944		$	2,501,215		$	2,501,352
Accumulated loss		(24,111	)		(22,713	)		(51,056	)		(64,904	)

NET ASSETS	$	3,715,703		$	3,710,231		$	2,450,159		$	2,436,448


NET ASSET VALUE
Shares outstanding		150,000			150,000			100,000			100,000

Net asset value	$	24.77		$	24.73		$	24.50		$	24.36

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a) Investments, at cost — unaffiliated	$	3,738,329		$	3,736,828		$	2,514,503		$	2,515,765
^(b) Investments, at cost — affiliated	$	10,000		$	20,000		$	—		$	—

See notes to financial statements.


30		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (continued)

October 31, 2023


	iShares iBonds Oct 2032 Term TIPS ETF			iShares iBonds Oct 2033 Term TIPS ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	3,629,323		$	3,607,016
Cash		9,606			2,921
Receivables:
Interest — unaffiliated		6,417			14,630

Total assets		3,645,346			3,624,567


LIABILITIES
Payables:
Investments purchased		4,533			—
Investment advisory fees		310			233

Total liabilities		4,843			233

Commitments and contingent liabilities

NET ASSETS	$	3,640,503		$	3,624,334


NET ASSETS CONSIST OF
Paid-in capital	$	3,725,636		$	3,710,777
Accumulated loss		(85,133	)		(86,443	)

NET ASSETS	$	3,640,503		$	3,624,334


NET ASSETVALUE
Shares outstanding		150,000			150,000

Net asset value	$	24.27		$	24.16

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Investments, at cost — unaffiliated	$	3,742,490		$	3,707,599

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 Operations

Year Ended October 31, 2023


		iShares iBonds Oct 2024 Term TIPS ETF	^(a)		iShares iBonds Oct 2025 Term TIPS ETF	^(a)		iShares iBonds Oct 2026 Term TIPS ETF	^(a)		iShares iBonds Oct 2027 Term TIPS ETF	^(a)


INVESTMENT INCOME
Dividends — affiliated	$	—		$	—		$	—		$	9
Interest — unaffiliated		30,155			29,390			27,061			27,664

Total investment income		30,155			29,390			27,061			27,673


EXPENSES
Investment advisory		395			408			393			409

Total expenses		395			408			393			409

Net investment income		29,760			28,982			26,668			27,264


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(1	)		—			—

		—			(1	)		—			—

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(8,601	)		(16,089	)		(22,563	)		(34,289	)

		(8,601	)		(16,089	)		(22,563	)		(34,289	)

Net realized and unrealized loss		(8,601	)		(16,090	)		(22,563	)		(34,289	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21,159		$	12,892		$	4,105		$	(7,025	)

^(a)	For the period from September 13, 2023 (commencement of operations) to October 31, 2023.

See notes to financial statements.


32		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (continued)

Year Ended October 31, 2023


		iShares iBonds Oct 2028 Term TIPS ETF	^(a)		iShares iBonds Oct 2029 Term TIPS ETF	^(b)		iShares iBonds Oct 2030 Term TIPS ETF	^(b)		iShares iBonds Oct 2031 Term TIPS ETF	^(b)


INVESTMENT INCOME
Dividends — affiliated	$	23		$	227		$	184		$	184
Interest — unaffiliated		20,424			21,768			19,489			19,682

Total investment income		20,447			21,995			19,673			19,866


EXPENSES
Investment advisory		326			326			283			282

Total expenses		326			326			283			282

Less:
Investment advisory fees waived		—			(4	)		(3	)		(3	)

Total expenses after fees waived		326			322			280			279

Net investment income		20,121			21,673			19,393			19,587


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,030	)		—			—			—

		(6,030	)		—			—			—

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(38,202	)		(44,386	)		(70,449	)		(84,491	)

		(38,202	)		(44,386	)		(70,449	)		(84,491	)

Net realized and unrealized loss		(44,232	)		(44,386	)		(70,449	)		(84,491	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(24,111)		$	(22,713)		$	(51,056)		$	(64,904)

^(a)	For the period from September 13, 2023 (commencement of operations) to October 31, 2023.

^(b)	For the period from September 19, 2023 (commencement of operations) to October 31, 2023.

See notes to financial statements.


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

Statements of Operations (continued)

Year Ended October 31, 2023


		iShares iBonds Oct 2032 Term TIPS ETF	^(a)		iShares iBonds Oct 2033 Term TIPS ETF	^(a)


INVESTMENT INCOME
Dividends — affiliated	$	184		$	184
Interest — unaffiliated		28,238			21,030

Total investment income		28,422			21,214


EXPENSES
Investment advisory		391			307

Total expenses		391			307

Less:
Investment advisory fees waived		(3	)		(3	)

Total expenses after fees waived		388			304

Net investment income		28,034			20,910


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(6,770	)

		—			(6,770	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(113,167	)		(100,583	)

		(113,167	)		(100,583	)

Net realized and unrealized loss		(113,167	)		(107,353	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(85,133)		$	(86,443)

^(a)	For the period from September 19, 2023 (commencement of operations) to October 31, 2023.

See notes to financial statements.


34		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares iBonds Oct 2024 Term TIPS ETF			iShares iBonds Oct 2025 Term TIPS ETF

		Period From 09/13/23 to 10/31/23	^(a)		Period From 09/13/23 to 10/31/23	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	29,760		$	28,982
Net realized loss		—			(1	)
Net change in unrealized appreciation (depreciation)		(8,601	)		(16,089	)

Net increase in net assets resulting from operations		21,159			12,892


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		—			—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,753,140			5,003,502


NET ASSETS
Total increase in net assets		3,774,299			5,016,394
Beginning of period		—			—

End of period	$	3,774,299		$	5,016,394

^(a)	Commencement of operations.

^(b)	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		35

Statements of Changes in Net Assets (continued)


	iShares iBonds Oct 2026 Term TIPS ETF			iShares iBonds Oct 2027 Term TIPS ETF

		Period From 09/13/23 to 10/31/23	^(a)		Period From 09/13/23 to 10/31/23	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	26,668		$	27,264
Net change in unrealized appreciation (depreciation)		(22,563	)		(34,289	)

Net increase (decrease) in net assets resulting from operations		4,105			(7,025	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		—			—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,747,031			4,984,866


NET ASSETS
Total increase in net assets		3,751,136			4,977,841
Beginning of period		—			—

End of period	$	3,751,136		$	4,977,841

^(a)	Commencement of operations.

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

See notes to financial statements.


36		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares iBonds Oct 2028 Term TIPS ETF			iShares iBonds Oct 2029 Term TIPS ETF

		Period From 09/13/23 to 10/31/23	^(a)		Period From 09/19/23 to 10/31/23	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	20,121		$	21,673
Net realized loss		(6,030	)		—
Net change in unrealized appreciation (depreciation)		(38,202	)		(44,386	)

Net decrease in net assets resulting from operations		(24,111	)		(22,713	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		—			—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,739,814			3,732,944


NET ASSETS
Total increase in net assets		3,715,703			3,710,231
Beginning of period		—			—

End of period	$	3,715,703		$	3,710,231

^(a)	Commencement of operations.

^(b)	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		37

Statements of Changes in Net Assets (continued)


	iShares iBonds Oct 2030 Term TIPS ETF			iShares iBonds Oct 2031 Term TIPS ETF

		Period From 09/19/23 to 10/31/23	^(a)		Period From 09/19/23 to 10/31/23	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	19,393		$	19,587
Net change in unrealized appreciation (depreciation)		(70,449	)		(84,491	)

Net decrease in net assets resulting from operations		(51,056	)		(64,904	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		—			—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,501,215			2,501,352


NET ASSETS
Total increase in net assets		2,450,159			2,436,448
Beginning of period		—			—

End of period	$	2,450,159		$	2,436,448

^(a)	Commencement of operations.

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

See notes to financial statements.


38		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares iBonds Oct 2032 Term TIPS ETF			iShares iBonds Oct 2033 Term TIPS ETF

		Period From 09/19/23 to 10/31/23	^(a)		Period From 09/19/23 to 10/31/23	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	28,034		$	20,910
Net realized loss		—			(6,770	)
Net change in unrealized appreciation (depreciation)		(113,167	)		(100,583	)

Net decrease in net assets resulting from operations		(85,133	)		(86,443	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		—			—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,725,636			3,710,777


NET ASSETS
Total increase in net assets		3,640,503			3,624,334
Beginning of period		—			—

End of period	$	3,640,503		$	3,624,334

^(a)	Commencement of operations.

^(b)	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		39

Financial Highlights

(For a share outstanding throughout the period)


	iShares iBonds Oct 2024 Term TIPS ETF

		Period From 09/13/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.25
Net realized and unrealized loss^(c)		(0.09	)

Net increase from investment operations		0.16


Net asset value, end of period	$	25.16


Total Return^(d)
Based on net asset value		0.65	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Net investment income		7.34	%^(g)


Supplemental Data
Net assets, end of period (000)	$	3,774

Portfolio turnover rate^(h)		0	%

^(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)	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 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Oct 2025 Term TIPS ETF

		Period From 09/13/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.23
Net realized and unrealized loss^(c)		(0.15	)

Net increase from investment operations		0.08


Net asset value, end of period	$	25.08


Total Return^(d)
Based on net asset value		0.33	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Net investment income		6.88	%^(g)


Supplemental Data
Net assets, end of period (000)	$	5,016

Portfolio turnover rate^(h)		0	%⁽ⁱ⁾

^(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)	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.

⁽ⁱ⁾	Rounds to less than 0.5%.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		41

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Oct 2026 Term TIPS ETF

		Period From 09/13/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.22
Net realized and unrealized loss^(c)		(0.21	)

Net increase from investment operations		0.01


Net asset value, end of period	$	25.01


Total Return^(d)
Based on net asset value		0.03	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Net investment income		6.62	%^(g)


Supplemental Data
Net assets, end of period (000)	$	3,751

Portfolio turnover rate^(h)		0	%

^(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)	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.


42		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Oct 2027 Term TIPS ETF

		Period From 09/13/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.22
Net realized and unrealized loss^(c)		(0.33	)

Net decrease from investment operations		(0.11	)


Net asset value, end of period	$	24.89


Total Return^(d)
Based on net asset value		(0.44	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Net investment income		6.46	%^(g)


Supplemental Data
Net assets, end of period (000)	$	4,978

Portfolio turnover rate^(h)		0	%

^(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)	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		43

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Oct 2028 Term TIPS ETF

		Period From 09/13/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.20
Net realized and unrealized loss^(c)		(0.43	)

Net decrease from investment operations		(0.23	)


Net asset value, end of period	$	24.77


Total Return^(d)
Based on net asset value		(0.91	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Net investment income		6.05	%^(g)


Supplemental Data
Net assets, end of period (000)	$	3,716

Portfolio turnover rate^(h)		11	%

^(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)	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.


44		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Oct 2029 Term TIPS ETF

		Period From 09/19/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.19
Net realized and unrealized loss^(c)		(0.46	)

Net decrease from investment operations		(0.27	)


Net asset value, end of period	$	24.73


Total Return^(d)
Based on net asset value		(1.06	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Total expenses after fees waived		0.10	%^(g)

Net investment income		6.46	%^(g)


Supplemental Data
Net assets, end of period (000)	$	3,710

Portfolio turnover rate^(h)		0	%

^(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)	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		45

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Oct 2030 Term TIPS ETF

		Period From 09/19/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.19
Net realized and unrealized loss^(c)		(0.69	)

Net decrease from investment operations		(0.50	)


Net asset value, end of period	$	24.50


Total Return^(d)
Based on net asset value		(1.99	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Total expenses after fees waived		0.10	%^(g)

Net investment income		6.69	%^(g)


Supplemental Data
Net assets, end of period (000)	$	2,450

Portfolio turnover rate^(h)		0	%

^(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)	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.


46		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Oct 2031 Term TIPS ETF

		Period From 09/19/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.20
Net realized and unrealized loss^(c)		(0.84	)

Net decrease from investment operations		(0.64	)


Net asset value, end of period	$	24.36


Total Return^(d)
Based on net asset value		(2.54	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Total expenses after fees waived		0.10	%^(g)

Net investment income		6.79	%^(g)


Supplemental Data
Net assets, end of period (000)	$	2,436

Portfolio turnover rate^(h)		0	%

^(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)	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		47

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Oct 2032 Term TIPS ETF

		Period From 09/19/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.20
Net realized and unrealized loss^(c)		(0.93	)

Net decrease from investment operations		(0.73	)


Net asset value, end of period	$	24.27


Total Return^(d)
Based on net asset value		(2.92	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Total expenses after fees waived		0.10	%^(g)

Net investment income		6.99	%^(g)


Supplemental Data
Net assets, end of period (000)	$	3,641

Portfolio turnover rate^(h)		0	%

^(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)	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.


48		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Oct 2033 Term TIPS ETF

		Period From 09/19/23 to 10/31/23	^(a)


Net asset value, beginning of period	$	25.00

Net investment income^(b)		0.19
Net realized and unrealized loss^(c)		(1.03	)

Net decrease from investment operations		(0.84	)


Net asset value, end of period	$	24.16


Total Return^(d)
Based on net asset value		(3.35	)%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.10	%^(g)

Total expenses after fees waived		0.10	%^(g)

Net investment income		6.60	%^(g)


Supplemental Data
Net assets, end of period (000)	$	3,624

Portfolio turnover rate^(h)		11	%

^(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)	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		49

Notes to Financial Statements

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
iBonds Oct 2024 Term TIPS^(a)		Diversified
iBonds Oct 2025 Term TIPS^(a)		Diversified
iBonds Oct 2026 Term TIPS^(a)		Diversified
iBonds Oct 2027 Term TIPS^(a)		Diversified
iBonds Oct 2028 Term TIPS^(a)		Diversified
iBonds Oct 2029 Term TIPS^(b)		Diversified
iBonds Oct 2030 Term TIPS^(b)		Diversified
iBonds Oct 2031 Term TIPS^(b)		Diversified
iBonds Oct 2032 Term TIPS^(b)		Diversified
iBonds Oct 2033 Term TIPS^(b)		Diversified

^(a)

The Funds commenced operations on September 13, 2023.

^(b)

The Funds commenced operations on September 19, 2023.

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.

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:


50		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

•

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 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.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, 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 Fund, BFA is entitled to an annual investment advisory fee of 0.10%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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

BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.


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		51

Notes to Financial Statements (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:


iShares ETF	Amounts Waived
iBonds Oct 2029 Term TIPS	$	4
iBonds Oct 2030 Term TIPS		3
iBonds Oct 2031 Term TIPS		3
iBonds Oct 2032 Term TIPS		3
iBonds Oct 2033 Term TIPS		3

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.

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

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

5.	*PURCHASES AND SALES*

For the year ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


	U.S. Government Securities
iShares ETF	Purchases		Sales
iBonds Oct 2024 Term TIPS	$	304,915	$	—
iBonds Oct 2025 Term TIPS		1,249,552		1,856
iBonds Oct 2026 Term TIPS		1,248,717		—
iBonds Oct 2027 Term TIPS		1,246,591		—
iBonds Oct 2028 Term TIPS		1,584,239		329,853
iBonds Oct 2029 Term TIPS		1,258,812		—
iBonds Oct 2030 Term TIPS		1,248,164		—
iBonds Oct 2031 Term TIPS		1,248,763		—
iBonds Oct 2032 Term TIPS		1,251,356		—
iBonds Oct 2033 Term TIPS		1,573,016		324,670

For the year ended October 31, 2023, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds Oct 2024 Term TIPS	$	2,497,235	$	—
iBonds Oct 2025 Term TIPS		3,745,798		—
iBonds Oct 2026 Term TIPS		2,491,964		—
iBonds Oct 2027 Term TIPS		3,719,282		—
iBonds Oct 2028 Term TIPS		2,473,781		—
iBonds Oct 2029 Term TIPS		2,461,309		—
iBonds Oct 2030 Term TIPS		1,247,273		—
iBonds Oct 2031 Term TIPS		1,247,745		—
iBonds Oct 2032 Term TIPS		2,465,500		—
iBonds Oct 2033 Term TIPS		2,449,087		—

6.	*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 October 31, 2023, 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.


52		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)			Total
iBonds Oct 2024 Term TIPS	$	29,760	$	—		$	(8,601	)	$	21,159
iBonds Oct 2025 Term TIPS		28,982		(1	)		(16,089	)		12,892
iBonds Oct 2026 Term TIPS		26,668		—			(22,563	)		4,105
iBonds Oct 2027 Term TIPS		27,264		—			(34,289	)		(7,025	)
iBonds Oct 2028 Term TIPS		20,121		(6,030	)		(38,202	)		(24,111	)
iBonds Oct 2029 Term TIPS		21,673		—			(44,386	)		(22,713	)
iBonds Oct 2030 Term TIPS		19,393		—			(70,449	)		(51,056	)
iBonds Oct 2031 Term TIPS		19,587		—			(84,491	)		(64,904	)
iBonds Oct 2032 Term TIPS		28,034		—			(113,167	)		(85,133	)
iBonds Oct 2033 Term TIPS		20,910		(6,770	)		(100,583	)		(86,443	)

^(a)

Amounts available to offset future realized capital gains.

As of October 31, 2023, 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)
iBonds Oct 2024 Term TIPS	$	3,774,083	$	—	$	(8,601	)	$	(8,601	)
iBonds Oct 2025 Term TIPS		5,020,538		—		(16,089	)		(16,089	)
iBonds Oct 2026 Term TIPS		3,765,907		—		(22,563	)		(22,563	)
iBonds Oct 2027 Term TIPS		4,999,979		—		(34,289	)		(34,289	)
iBonds Oct 2028 Term TIPS		3,748,329		—		(38,202	)		(38,202	)
iBonds Oct 2029 Term TIPS		3,756,828		—		(44,386	)		(44,386	)
iBonds Oct 2030 Term TIPS		2,514,503		—		(70,449	)		(70,449	)
iBonds Oct 2031 Term TIPS		2,515,765		—		(84,491	)		(84,491	)
iBonds Oct 2032 Term TIPS		3,742,490		—		(113,167	)		(113,167	)
iBonds Oct 2033 Term TIPS		3,707,599		—		(100,583	)		(100,583	)

7.	*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.

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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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 BFA 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.


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		53

Notes to Financial Statements (continued)

Geographic/Asset Class 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 securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

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 period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising 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.

8.	*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.

Transactions in capital shares were as follows:




	Period Ended 10/31/23

iShares ETF	Shares		Amount

iBonds Oct 2024 Term TIPS^(a)
Shares sold		150,000	$	3,753,140

iBonds Oct 2025 Term TIPS^(a)
Shares sold		200,000	$	5,003,502

iBonds Oct 2026 Term TIPS^(a)
Shares sold		150,000	$	3,747,031

iBonds Oct 2027 Term TIPS^(a)
Shares sold		200,000	$	4,984,866

iBonds Oct 2028 Term TIPS^(a)
Shares sold		150,000	$	3,739,814

iBonds Oct 2029 Term TIPS^(b)
Shares sold		150,000	$	3,732,944

iBonds Oct 2030 Term TIPS^(b)
Shares sold		100,000	$	2,501,215

iBonds Oct 2031 Term TIPS^(b)
Shares sold		100,000	$	2,501,352

iBonds Oct 2032 Term TIPS^(b)
Shares sold		150,000	$	3,725,636

iBonds Oct 2033 Term TIPS^(b)
Shares sold		150,000	$	3,710,777

^(a)

The Funds commenced operations on September 13, 2023.

^(b)

The Funds commenced operations on September 19, 2023.

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company 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 Company’s administrator, to offset transfer


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Notes to Financial Statements (continued)

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.

9.	*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.


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		55

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the ten funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023 the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares iBonds Oct 2024 Term TIPS ETF⁽¹⁾

iShares iBonds Oct 2025 Term TIPS ETF⁽¹⁾

iShares iBonds Oct 2026 Term TIPS ETF⁽¹⁾

iShares iBonds Oct 2027 Term TIPS ETF⁽¹⁾

iShares iBonds Oct 2028 Term TIPS ETF⁽¹⁾

iShares iBonds Oct 2029 Term TIPS ETF⁽²⁾

iShares iBonds Oct 2030 Term TIPS ETF⁽²⁾

iShares iBonds Oct 2031 Term TIPS ETF⁽²⁾

iShares iBonds Oct 2032 Term TIPS ETF⁽²⁾

iShares iBonds Oct 2033 Term TIPS ETF⁽²⁾

⁽¹⁾ Statement of operations and statement of changes in net assets for the period September 13, 2023 (commencement of operations) to October 31, 2023.

⁽²⁾ Statement of operations and statement of changes in net assets for the period September 19, 2023 (commencement of operations) to October 31, 2023.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2023

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


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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2023:


iShares ETF	Federal Obligation Interest
iBonds Oct 2024 Term TIPS		$29,760
iBonds Oct 2025 Term TIPS		28,982
iBonds Oct 2026 Term TIPS		26,668
iBonds Oct 2027 Term TIPS		27,264
iBonds Oct 2028 Term TIPS		20,121
iBonds Oct 2029 Term TIPS		21,673
iBonds Oct 2030 Term TIPS		19,393
iBonds Oct 2031 Term TIPS		19,587
iBonds Oct 2032 Term TIPS		28,034
iBonds Oct 2033 Term TIPS		20,910

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2023:


iShares ETF	Interest Dividends
iBonds Oct 2024 Term TIPS		$29,760
iBonds Oct 2025 Term TIPS		28,982
iBonds Oct 2026 Term TIPS		26,668
iBonds Oct 2027 Term TIPS		27,264
iBonds Oct 2028 Term TIPS		20,121
iBonds Oct 2029 Term TIPS		21,673
iBonds Oct 2030 Term TIPS		19,393
iBonds Oct 2031 Term TIPS		19,587
iBonds Oct 2032 Term TIPS		28,034
iBonds Oct 2033 Term TIPS		20,910

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2023:


iShares ETF	Interest-Related Dividends
iBonds Oct 2024 Term TIPS		$29,760
iBonds Oct 2025 Term TIPS		28,982
iBonds Oct 2026 Term TIPS		26,668
iBonds Oct 2027 Term TIPS		27,264
iBonds Oct 2028 Term TIPS		20,121
iBonds Oct 2029 Term TIPS		21,673
iBonds Oct 2030 Term TIPS		19,393
iBonds Oct 2031 Term TIPS		19,587
iBonds Oct 2032 Term TIPS		28,034
iBonds Oct 2033 Term TIPS		20,910


I M P O R T A N T T A X I N F O R M A T I O N		57

Board Review and Approval of Investment Advisory Contract

For each of following funds (each the “Fund”)

iShares iBonds Oct 2024 Term TIPS ETF

iShares iBonds Oct 2025 Term TIPS ETF

iShares iBonds Oct 2026 Term TIPS ETF

iShares iBonds Oct 2027 Term TIPS ETF

iShares iBonds Oct 2028 Term TIPS ETF

iShares iBonds Oct 2029 Term TIPS ETF

iShares iBonds Oct 2030 Term TIPS ETF

iShares iBonds Oct 2031 Term TIPS ETF

iShares iBonds Oct 2032 Term TIPS ETF

iShares iBonds Oct 2033 Term TIPS ETF

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 to consider and approve the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. 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 terms of the proposed Advisory Agreements. At a meeting held on June 6-8, 2023, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. 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 Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Agreements are discussed below.

Expenses 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 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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 of the Fund supported the Board’s approval of the Advisory Agreements.

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreements. 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 and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds including related programs implemented pursuant to regulatory requirements. 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 who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds, and other matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Agreements supported the Board’s approval of the Advisory Agreements.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Agreements or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.


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Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board considered information that it had previously received regarding potential economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and 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 Agreements for the Fund did not provide for any 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.

This consideration 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 Advisory Agreements.

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 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 further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board considered the potential payment of advisory fees and/or administration 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 and/or administration services. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit 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 also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that will be provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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 Advisory Agreements.

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 Agreements does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Agreements.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		59

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.


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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. ^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Trustees

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		61

Trustee and Officer Information (unaudited) (continued)


Independent Trustees (continued)

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years

Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).

Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).

Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).


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Trustee and Officer Information (unaudited) (continued)

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		63

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’ Form 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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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 does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-AR-1026-1023

Officers (continued)

Name (Year

of Birth)

Position(s)

Principal Occupation(s)

During Past 5 Years

James Mauro
(1970)

Executive Vice President (since 2022).

Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).