
		APRIL 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares iBonds Dec 2023 Term Treasury ETF | IBTD | NASDAQ

· iShares iBonds Dec 2024 Term Treasury ETF | IBTE | NASDAQ

· iShares iBonds Dec 2025 Term Treasury ETF | IBTF | NASDAQ

· iShares iBonds Dec 2026 Term Treasury ETF | IBTG | NASDAQ

· iShares iBonds Dec 2027 Term Treasury ETF | IBTH | NASDAQ

· iShares iBonds Dec 2028 Term Treasury ETF | IBTI | NASDAQ

· iShares iBonds Dec 2029 Term Treasury ETF | IBTJ | NASDAQ

· iShares iBonds Dec 2030 Term Treasury ETF | IBTK | NASDAQ

· iShares iBonds Dec 2031 Term Treasury ETF | IBTL | NASDAQ

· iShares iBonds Dec 2032 Term Treasury ETF | IBTM | NASDAQ

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

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 also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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 April 30, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	8.63%	2.66%

U.S. small cap equities (Russell 2000^® Index)	(3.45)	(3.65)

International equities (MSCI Europe, Australasia, Far East Index)	24.19	8.42

Emerging market equities (MSCI Emerging Markets Index)	16.36	(6.51)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.09	2.83

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	7.14	(1.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	6.91	(0.43)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.65	2.87

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.21	1.21

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


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

Table of Contents


		Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		14
Disclosure of Expenses		14
Schedules of Investments		15
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		28
Statements of Changes in Net Assets		31
Financial Highlights		36
Notes to Financial Statements		46
Statement Regarding Liquidity Risk Management Program		53
Supplemental Information		54
General Information		55


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2023 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2023 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2023, as represented by the ICE 2023 Maturity US 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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		2.17	%		1.80	%		0.83	%		1.80	%		2.67	%
Fund Market		2.12			1.76			0.85			1.76			2.72
Index		2.17			1.83			0.89			1.83			2.85

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2023 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2023 Maturity US Treasury Index.

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

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,021.70		$ 0.30		$ 1,000.00	$ 1,024.50		$ 0.30		0.06	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		86.8%
Not Rated		2.1
Short-Term and Other Assets		11.1


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 0.13%, 06/30/23		9.0%
U.S. Treasury Note/Bond, 2.88%, 11/30/23		8.4
U.S. Treasury Note/Bond, 0.25%, 09/30/23		7.7
U.S. Treasury Note/Bond, 2.50%, 08/15/23		7.5
U.S. Treasury Note/Bond, 2.75%, 05/31/23		6.9

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.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2024 Term Treasury ETF

Investment Objective

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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		2.24	%		0.66	%		(0.13	)%		0.66	%		(0.41	)%
Fund Market		2.26			0.66			(0.11	)		0.66			(0.36	)
Index		2.26			0.71			(0.09	)		0.71			(0.27	)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2024 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2024 Maturity US Treasury Index.

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,022.40		$ 0.35		$ 1,000.00	$ 1,024.40		$ 0.35		0.07	%

^(a)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		96.2%
Not Rated		2.3
Short-Term and Other Assets		1.5


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 0.38%, 09/15/24		10.9%
U.S. Treasury Note/Bond, 1.50%, 09/30/24		7.7
U.S. Treasury Note/Bond, 2.25%, 04/30/24		6.9
U.S. Treasury Note/Bond, 0.25%, 03/15/24		6.0
U.S. Treasury Note/Bond, 0.75%, 11/15/24		6.0

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2025 Term Treasury ETF

Investment Objective

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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		3.16	%		0.66	%		(0.75	)%		0.66	%		(2.36	)%
Fund Market		3.23			0.69			(0.72	)		0.69			(2.27	)
Index		3.17			0.69			(0.71	)		0.69			(2.24	)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2025 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2025 Maturity US Treasury Index.

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,031.60		$ 0.35		$ 1,000.00	$ 1,024.40		$ 0.35		0.07	%

^(a)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		98.2%
Short-Term and Other Assets		1.8


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 0.25%, 08/31/25		7.6%
U.S. Treasury Note/Bond, 2.88%, 06/15/25		7.0
U.S. Treasury Note/Bond, 1.50%, 02/15/25		7.0
U.S. Treasury Note/Bond, 0.25%, 05/31/25		6.9
U.S. Treasury Note/Bond, 0.38%, 11/30/25		6.5

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2026 Term Treasury ETF

Investment Objective

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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		4.31	%		0.64	%		(1.19	)%		0.64	%		(3.72	)%
Fund Market		4.30			0.63			(1.18	)		0.63			(3.70	)
Index		4.30			0.69			(1.17	)		0.69			(3.66	)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2026 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2026 Maturity US Treasury Index.

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,043.10		$ 0.35		$ 1,000.00	$ 1,024.40		$ 0.35		0.07	%

^(a)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		85.1%
Not Rated		14.1
Short-Term and Other Assets		0.8


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 0.88%, 06/30/26		8.0%
U.S. Treasury Note/Bond, 4.00%, 02/15/26		7.5
U.S. Treasury Note/Bond, 0.75%, 03/31/26		7.5
U.S. Treasury Note/Bond, 0.75%, 05/31/26		7.4
U.S. Treasury Note/Bond, 1.50%, 08/15/26		6.7

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2027 Term Treasury ETF

Investment Objective

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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		4.93	%		0.45	%		(1.75	)%		0.45	%		(5.45	)%
Fund Market		4.90			0.41			(1.75	)		0.41			(5.46	)
Index		4.95			0.45			(1.70	)		0.45			(5.31	)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2027 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2027 Maturity US Treasury Index.

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,049.30		$ 0.36		$ 1,000.00	$ 1,024.40		$ 0.35		0.07	%

^(a)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		92.6%
Not Rated		6.3
Short-Term and Other Assets		1.1


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 1.50%, 01/31/27		8.6%
U.S. Treasury Note/Bond, 0.50%, 10/31/27		7.6
U.S. Treasury Note/Bond, 3.25%, 06/30/27		7.5
U.S. Treasury Note/Bond, 2.75%, 07/31/27		7.3
U.S. Treasury Note/Bond, 0.50%, 08/31/27		6.3

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2028 Term Treasury ETF

Investment Objective

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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		5.75	%		0.21	%		(2.14	)%		0.21	%		(6.65	)%
Fund Market		5.74			0.22			(2.14	)		0.22			(6.65	)
Index		5.78			0.27			(2.09	)		0.27			(6.50	)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2028 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2028 Maturity US Treasury Index.

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,057.50		$ 0.36		$ 1,000.00	$ 1,024.40		$ 0.35		0.07	%

^(a)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		98.7%
Short-Term and Other Assets		1.3


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 2.88%, 05/15/28		10.4%
U.S. Treasury Note/Bond, 2.88%, 08/15/28		8.8
U.S. Treasury Note/Bond, 1.25%, 06/30/28		8.1
U.S. Treasury Note/Bond, 1.00%, 07/31/28		7.6
U.S. Treasury Note/Bond, 2.75%, 02/15/28		7.2

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2029 Term Treasury ETF

Investment Objective

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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		6.02	%		(0.17	)%		(2.45	)%		(0.17	)%		(7.57	)%
Fund Market		6.04			(0.18	)		(2.43	)		(0.18	)		(7.54	)
Index		6.03			(0.17	)		(2.41	)		(0.17	)		(7.47	)

The inception date of the Fund was February 25, 2020. The first day of secondary market trading was February 27, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2029 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2029 Maturity US Treasury Index.

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,060.20		$ 0.36		$ 1,000.00	$ 1,024.40		$ 0.35		0.07	%

^(a)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		94.4%
Not Rated		4.4
Short-Term and Other Assets		1.2


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 1.75%, 01/31/29		10.5%
U.S. Treasury Note/Bond, 2.63%, 02/15/29		10.5
U.S. Treasury Note/Bond, 3.88%, 11/30/29		8.5
U.S. Treasury Note/Bond, 2.38%, 05/15/29		8.3
U.S. Treasury Note/Bond, 1.88%, 02/28/29		8.1

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2030 Term Treasury ETF

Investment Objective

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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		6.46	%		(0.66	)%		(6.00	)%		(0.66	)%		(15.91	)%
Fund Market		6.43			(0.69	)		(5.99	)		(0.69	)		(15.88	)
Index		6.53			(0.57	)		(5.96	)		(0.57	)		(15.79	)

The inception date of the Fund was July 14, 2020. The first day of secondary market trading was July 16, 2020.

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index. Historical index data prior to March 1, 2021 is for the 3pm pricing variant of the ICE 2030 Maturity US Treasury Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE 2030 Maturity US Treasury Index.

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,064.60		$ 0.36		$ 1,000.00	$ 1,024.40		$ 0.35		0.07	%

^(a)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		94.5%
Not Rated		4.5
Short-Term and Other Assets		1.0


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 0.88%, 11/15/30		21.9%
U.S. Treasury Note/Bond, 0.63%, 08/15/30		20.8
U.S. Treasury Note/Bond, 0.63%, 05/15/30		17.6
U.S. Treasury Note/Bond, 1.50%, 02/15/30		17.3
U.S. Treasury Note/Bond, 4.00%, 02/28/30		10.7

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2031 Term Treasury ETF

Investment Objective

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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		7.06	%		(0.78	)%		(6.60	)%		(0.78	)%		(11.57	)%
Fund Market		7.12			(0.68	)		(6.57	)		(0.68	)		(11.51	)
Index		7.12			(0.71	)		(6.54	)		(0.71	)		(11.45	)

The inception date of the Fund was July 13, 2021. The first day of secondary market trading was July 15, 2021.

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,070.60		$ 0.36		$ 1,000.00	$ 1,024.40		$ 0.35		0.07	%

^(a)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		99.1%
Short-Term and Other Assets		0.9


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 1.38%, 11/15/31		25.8%
U.S. Treasury Note/Bond, 1.25%, 08/15/31		25.1
U.S. Treasury Note/Bond, 1.63%, 05/15/31		24.6
U.S. Treasury Note/Bond, 1.13%, 02/15/31		23.5
U.S. Treasury Note/Bond, 5.38%, 02/15/31		0.2

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		iShares^® iBonds^® Dec 2032 Term Treasury ETF

Investment Objective

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

	6-Month Total Returns			Since Inception

Fund NAV		7.21	%		(1.54	)%
Fund Market		7.34			(1.49	)
Index		7.22			(1.52	)

The inception date of the Fund was July 6, 2022. The first day of secondary market trading was July 8, 2022.

Expense Example


Actual					Hypothetical 5% Return


Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,072.10		$ 0.36		$ 1,000.00	$ 1,024.40		$ 0.35		0.07	%

^(a)

Portfolio Information


CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*		Percent of Net Assets

Aaa		98.6%
Short-Term and Other Assets		1.4


FIVE LARGEST HOLDINGS

Security		Percent of Net Assets^(a)

U.S. Treasury Note/Bond, 4.13%, 11/15/32		26.6%
U.S. Treasury Note/Bond, 2.88%, 05/15/32		24.8
U.S. Treasury Note/Bond, 2.75%, 08/15/32		23.8
U.S. Treasury Note/Bond, 1.88%, 02/15/32		23.4

^(a)

Excludes money market funds.


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

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.


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

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2023 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 88.9%
U.S. Treasury Bill
0.00%, 06/20/23^(a)	$	40,000	$	39,732,222
0.00%, 10/19/23^(a)		20,000		19,541,308
U.S. Treasury Note/Bond
0.13%, 05/31/23		84,895		84,585,406
0.13%, 06/30/23		268,048		265,927,030
0.13%, 07/31/23		98,927		97,721,525
0.13%, 08/15/23		26,874		26,489,983
0.13%, 08/31/23		165,927		163,236,774
0.13%, 10/15/23		716		700,617
0.13%, 12/15/23		156,731		152,200,300
0.25%, 09/30/23		231,158		226,805,337
0.25%, 11/15/23		2,622		2,556,860
0.50%, 11/30/23		104,170		101,533,197
0.75%, 12/31/23		35,865		34,885,717
1.38%, 06/30/23		165,065		164,092,956
1.38%, 09/30/23		53,837		53,043,772
1.63%, 10/31/23		138,805		136,576,922
1.75%, 05/15/23		83,250		83,157,823
2.25%, 12/31/23		115,109		113,112,775
2.50%, 08/15/23		222,589		220,841,131
2.75%, 05/31/23^(b)		204,754		204,447,529
2.75%, 07/31/23		140,317		139,489,349
2.88%, 10/31/23		43,313		42,886,242


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
2.88%, 11/30/23	$	250,879	$	248,047,306


				2,621,612,081


Total Long-Term Investments — 88.9% (Cost: $2,625,384,178)				2,621,612,081


Short-Term Securities

Money Market Funds — 9.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(c)(d)(e)		285,831		285,830,523


Total Short-Term Securities — 9.7% (Cost: $285,830,523)				285,830,523


Total Investments — 98.6% (Cost: $2,911,214,701)				2,907,442,604

Other Assets Less Liabilities — 1.4%				39,978,198


Net Assets — 100.0%			$	2,947,420,802

^(a)	Zero-coupon bond.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	81,560,100	$	204,270,423	^(a)	$	—	$	—	$	—	$	285,830,523		285,831	$	3,574,882	^(b)	$	47

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

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

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	2,621,612,081	$	—	$	2,621,612,081
Short-Term Securities
Money Market Funds		285,830,523		—		—		285,830,523


	$	285,830,523	$	2,621,612,081	$	—	$	2,907,442,604

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2024 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.5%
U.S. Treasury Note/Bond
0.13%, 01/15/24	$	46,033	$	44,519,139
0.25%, 03/15/24		145,116		139,452,786
0.25%, 06/15/24		52,582		50,045,424
0.38%, 04/15/24		102,658		98,415,817
0.38%, 07/15/24		13,483		12,819,859
0.38%, 09/15/24		265,027		250,730,131
0.75%, 11/15/24		146,380		138,597,845
1.00%, 12/15/24		45,839		43,493,522
1.50%, 09/30/24		185,481		178,105,713
1.50%, 11/30/24		70,704		67,696,414
1.75%, 07/31/24		14,446		13,955,900
2.00%, 04/30/24		120,375		117,050,581
2.13%, 07/31/24		51,427		49,897,864
2.25%, 03/31/24		67,425		65,865,797
2.25%, 04/30/24		163,356		159,214,281
2.25%, 11/15/24		74,943		72,607,080
2.38%, 02/29/24		41,228		40,385,333
2.38%, 08/15/24		136,975		133,272,103
2.50%, 01/31/24		53,585		52,634,507
2.50%, 04/30/24		118,072		115,387,609
2.50%, 05/31/24		92,073		89,871,489
2.75%, 02/15/24		90,531		88,992,680


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
3.00%, 06/30/24	$	113,299	$	111,178,873
3.00%, 07/31/24		54,908		53,859,662
3.25%, 08/31/24		85,227		83,845,784


				2,271,896,193


Total Long-Term Investments — 98.5% (Cost: $2,278,806,452)				2,271,896,193


Short-Term Securities

Money Market Funds — 1.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(a)(b)		22,288		22,288,000


Total Short-Term Securities — 1.0% (Cost: $22,288,000)				22,288,000


Total Investments — 99.5% (Cost: $2,301,094,452)				2,294,184,193

Other Assets Less Liabilities — 0.5%				11,963,250


Net Assets — 100.0%			$	2,306,147,443

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	6,958,000	$	15,330,000	^(a)	$	—	$	—	$	—	$	22,288,000		22,288	$	223,167	^(b)	$	9

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

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	2,271,896,193	$	—	$	2,271,896,193
Short-Term Securities
Money Market Funds		22,288,000		—		—		22,288,000


	$	22,288,000	$	2,271,896,193	$	—	$	2,294,184,193

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2025 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.2%
U.S. Treasury Note/Bond
0.25%, 05/31/25	$	88,638	$	82,013,925
0.25%, 06/30/25		37,281		34,454,158
0.25%, 08/31/25		98,093		90,142,102
0.25%, 09/30/25		1		1,102
0.25%, 10/31/25		6,281		5,745,826
0.38%, 04/30/25		35,460		32,977,800
0.38%, 11/30/25		84,184		77,093,579
1.13%, 01/15/25		62,198		59,032,599
1.13%, 02/28/25		11,853		11,227,203
1.50%, 02/15/25		87,127		83,100,207
1.75%, 03/15/25		66,356		63,525,502
2.63%, 03/31/25		26,646		25,933,011
2.63%, 04/15/25		43,364		42,171,490
2.75%, 05/15/25		73,245		71,385,556
2.75%, 06/30/25		54,512		53,113,196
2.88%, 05/31/25		17,730		17,324,149
2.88%, 06/15/25		85,824		83,855,692
2.88%, 07/31/25		58,251		56,913,340
3.00%, 07/15/25		48,728		47,717,275
3.00%, 09/30/25		77,089		75,490,299
3.00%, 10/31/25		55,292		54,145,123
3.50%, 09/15/25		24,232		24,012,298


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
4.00%, 12/15/25	$	27,102	$	27,226,065
4.13%, 01/31/25		20,000		19,968,750
4.25%, 10/15/25		30,853		31,108,300


				1,169,678,547


Total Long-Term Investments — 98.2% (Cost: $1,166,428,148)				1,169,678,547


Short-Term Securities

Money Market Funds — 1.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(a)(b)		15,560		15,560,000


Total Short-Term Securities — 1.3% (Cost: $15,560,000)				15,560,000


Total Investments — 99.5% (Cost: $1,181,988,148)				1,185,238,547

Other Assets Less Liabilities — 0.5%				6,098,888


Net Assets — 100.0%			$	1,191,337,435

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,600,000	$	13,960,000	^(a)	$	—	$	—	$	—	$	15,560,000		15,560	$	129,199	$	2

^(a)	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	$	—	$	1,169,678,547	$	—	$	1,169,678,547
Short-Term Securities
Money Market Funds		15,560,000		—		—		15,560,000


	$	15,560,000	$	1,169,678,547	$	—	$	1,185,238,547

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2026 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.2%
U.S. Treasury Note/Bond
0.38%, 01/31/26	$	19,225	$	17,523,673
0.50%, 02/28/26		21,495		19,622,584
0.63%, 07/31/26		4,102		3,719,868
0.75%, 03/31/26		25,145		23,111,975
0.75%, 04/30/26		17,501		16,033,015
0.75%, 05/31/26		25,113		22,954,053
0.75%, 08/31/26		9,618		8,740,370
0.88%, 06/30/26		26,984		24,741,047
0.88%, 09/30/26		5,576		5,082,219
1.13%, 10/31/26		17,960		16,472,504
1.25%, 11/30/26		16,892		15,542,052
1.38%, 08/31/26		4,369		4,054,715
1.50%, 08/15/26		22,327		20,824,475
1.63%, 05/15/26		20,438		19,216,134
1.63%, 11/30/26		8,710		8,126,191
1.88%, 07/31/26		9,492		8,965,396
2.00%, 11/15/26		17,851		16,875,565
2.25%, 03/31/26		8,879		8,517,944
2.38%, 04/30/26		754		725,283
3.88%, 01/15/26		3,140		3,145,429


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
4.00%, 02/15/26	$	23,105	$	23,236,770
4.63%, 03/15/26		19,702		20,173,001


				307,404,263


Total Long-Term Investments — 99.2% (Cost: $306,630,805)				307,404,263


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(a)(b)		1,080		1,080,000


Total Short-Term Securities — 0.3% (Cost: $1,080,000)				1,080,000


Total Investments — 99.5% (Cost: $307,710,805)				308,484,263

Other Assets Less Liabilities — 0.5%				1,538,923


Net Assets — 100.0%			$	310,023,186

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	870,000		$210,000	^(a)	$	—	$	—	$	—	$	1,080,000		1,080	$	33,960	^(b)	$	1

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

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	307,404,263	$	—	$	307,404,263
Short-Term Securities
Money Market Funds		1,080,000		—		—		1,080,000


	$	1,080,000	$	307,404,263	$	—	$	308,484,263

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2027 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.9%
U.S. Treasury Note/Bond
0.38%, 09/30/27	$	9,416	$	8,198,908
0.50%, 04/30/27		9,800		8,681,805
0.50%, 05/31/27		12,761		11,275,451
0.50%, 08/31/27		16,012		14,054,107
0.50%, 10/31/27		19,443		16,990,425
0.63%, 03/31/27		9,016		8,045,371
0.63%, 11/30/27		6,880		6,035,862
1.50%, 01/31/27		20,789		19,249,130
1.88%, 02/28/27		12,514		11,737,366
2.25%, 02/15/27		9,551		9,093,589
2.25%, 08/15/27		9,185		8,708,907
2.25%, 11/15/27		13,622		12,882,900
2.38%, 05/15/27		9,134		8,718,498
2.50%, 03/31/27		9,271		8,896,539
2.75%, 04/30/27		11,138		10,784,234
2.75%, 07/31/27		16,896		16,345,833
3.25%, 06/30/27		16,895		16,673,185
4.13%, 09/30/27		13,192		13,490,366
4.13%, 10/31/27		10,420		10,662,288


				220,524,764


Total Long-Term Investments — 98.9% (Cost: $217,953,395)				220,524,764


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(a)(b)		600	$	600,000


Total Short-Term Securities — 0.3% (Cost: $600,000)				600,000


Total Investments — 99.2% (Cost: $218,553,395)				221,124,764

Other Assets Less Liabilities — 0.8%				1,758,778


Net Assets — 100.0%			$	222,883,542

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	190,000		$410,000	^(a)	$	—	$	—	$	—	$	600,000		600	$	9,730	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	220,524,764	$	—	$	220,524,764
Short-Term Securities
Money Market Funds		600,000		—		—		600,000


	$	600,000	$	220,524,764	$	—	$	221,124,764

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2028 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.7%
U.S. Treasury Note/Bond
0.75%, 01/31/28	$	7,388	$	6,495,003
1.00%, 07/31/28		8,292		7,293,985
1.13%, 02/29/28		7,005		6,261,545
1.13%, 08/31/28		4,238		3,744,747
1.25%, 03/31/28		6,894		6,189,699
1.25%, 04/30/28		3,962		3,550,788
1.25%, 06/30/28		8,722		7,789,244
1.25%, 09/30/28		6,956		6,176,355
1.38%, 10/31/28		6,231		5,564,332
1.50%, 11/30/28		6,809		6,113,209
2.75%, 02/15/28		7,123		6,879,453
2.88%, 05/15/28		10,320		10,006,756
2.88%, 08/15/28		8,696		8,424,444
3.13%, 11/15/28		6,716		6,577,713
4.00%, 02/29/28		3,591		3,669,910


				94,737,183


Total Long-Term Investments — 98.7% (Cost: $95,520,140)				94,737,183


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(a)(b)		700	$	700,000


Total Short-Term Securities — 0.7% (Cost: $700,000)				700,000


Total Investments — 99.4% (Cost: $96,220,140)				95,437,183

Other Assets Less Liabilities — 0.6%				579,472


Net Assets — 100.0%			$	96,016,655

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	150,000		$550,000	^(a)	$	—	$	—	$	—	$	700,000		700	$	7,481	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	94,737,183	$	—	$	94,737,183
Short-Term Securities
Money Market Funds		700,000		—		—		700,000


	$	700,000	$	94,737,183	$	—	$	95,437,183

See notes to financial statements


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

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2029 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.8%
U.S. Treasury Note/Bond
1.63%, 08/15/29	$	4,922	$	4,415,162
1.75%, 01/31/29		7,742		7,029,797
1.75%, 11/15/29		5,502		4,970,430
1.88%, 02/28/29		5,896		5,388,757
2.38%, 03/31/29		4,364		4,095,895
2.38%, 05/15/29		5,877		5,513,444
2.63%, 02/15/29		7,320		6,975,636
2.75%, 05/31/29		5,454		5,224,740
2.88%, 04/30/29		2,599		2,507,654
3.13%, 08/31/29		5,454		5,334,037
3.25%, 06/30/29		3,461		3,408,212
3.88%, 09/30/29		2,427		2,477,166
3.88%, 11/30/29		5,533		5,652,545
4.00%, 10/31/29		2,857		2,937,705


				65,931,180


Total Long-Term Investments — 98.8% (Cost: $65,440,310)				65,931,180


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(a)(b)		270	$	270,000


Total Short-Term Securities — 0.4% (Cost: $270,000)				270,000


Total Investments — 99.2% (Cost: $65,710,310)				66,201,180

Other Assets Less Liabilities — 0.8%				563,922


Net Assets — 100.0%			$	66,765,102

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	220,000		$ 50,000	^(a)	$	—	$	—	$	—	$	270,000		270	$	7,172	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	65,931,180	$	—	$	65,931,180
Short-Term Securities
Money Market Funds		270,000		—		—		270,000


	$	270,000	$	65,931,180	$	—	$	66,201,180

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2030 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.0%
U.S. Treasury Note/Bond
0.63%, 05/15/30	$	16,846	$	13,895,646
0.63%, 08/15/30		19,981		16,398,141
0.88%, 11/15/30		20,776		17,341,718
1.50%, 02/15/30		15,512		13,688,216
3.50%, 01/31/30		4,875		4,877,476
3.63%, 03/31/30		3,500		3,532,266
4.00%, 02/28/30		8,210		8,463,126


				78,196,589


Total Long-Term Investments — 99.0% (Cost: $82,167,647)				78,196,589


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(a)(b)		290		290,000


Total Short-Term Securities — 0.4% (Cost: $290,000)				290,000


Total Investments — 99.4% (Cost: $82,457,647)				78,486,589

Other Assets Less Liabilities — 0.6%				509,199


Net Assets — 100.0%			$	78,995,788

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	330,000	$	—		$(40,000	)^(a)	$	—	$	—	$	290,000		290	$	8,710	$	—

^(a)	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	$	—	$	78,196,589	$	—	$	78,196,589
Short-Term Securities
Money Market Funds		290,000		—		—		290,000


	$	290,000	$	78,196,589	$	—	$	78,486,589

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2031 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.1%
U.S. Treasury Note/Bond
1.13%, 02/15/31	$	19,659	$	16,698,376
1.25%, 08/15/31		21,093		17,836,599
1.38%, 11/15/31		21,555		18,326,547
1.63%, 05/15/31		20,013		17,542,821
5.38%, 02/15/31		154		174,547


				70,578,890


Total Long-Term Investments — 99.1% (Cost: $71,442,494)				70,578,890


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(a)(b)		190		190,000


Total Short-Term Securities — 0.3% (Cost: $190,000)				190,000


Total Investments — 99.4% (Cost: $71,632,494)				70,768,890

Other Assets Less Liabilities — 0.6%				413,438


Net Assets — 100.0%			$	71,182,328

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000		$160,000	^(a)	$	—	$	—	$	—	$	190,000		190	$	2,541	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	70,578,890	$	—	$	70,578,890
Short-Term Securities
Money Market Funds		190,000		—		—		190,000


	$	190,000	$	70,578,890	$	—	$	70,768,890

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		23

Schedule of Investments (unaudited)

April 30, 2023

iShares^® iBonds^® Dec 2032 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.6%
U.S. Treasury Note/Bond
1.88%, 02/15/32	$	20,651	$	18,251,216
2.75%, 08/15/32		19,608		18,557,134
2.88%, 05/15/32		20,185		19,319,157
4.13%, 11/15/32		19,691		20,782,708


				76,910,215


Total Long-Term Investments — 98.6% (Cost: $75,944,903)				76,910,215


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(a)(b)		40		40,000


Total Short-Term Securities — 0.1% (Cost: $40,000)				40,000


Total Investments — 98.7% (Cost: $75,984,903)				76,950,215

Other Assets Less Liabilities — 1.3%				1,022,214


Net Assets — 100.0%			$	77,972,429

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$ 40,000^(a	⁾	$	—	$	—	$	—	$	40,000		40	$	1,787	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	76,910,215	$	—	$	76,910,215
Short-Term Securities
Money Market Funds		40,000		—		—		40,000


	$	40,000	$	76,910,215	$	—	$	76,950,215

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

April 30, 2023


	iShares iBonds Dec 2023 Term Treasury ETF			iShares iBonds Dec 2024 Term Treasury ETF				iShares iBonds Dec 2025 Term Treasury ETF			iShares iBonds Dec 2026 Term Treasury ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)		$	2,621,612,081		$	2,271,896,193			$	1,169,678,547		$	307,404,263
Investments, at value — affiliated^(c)			285,830,523			22,288,000				15,560,000			1,080,000
Cash			16,567			7,914				6,931			1,380
Receivables:
Investments sold			131,148,500			—				19,585,972			9,362,286
Securities lending income — affiliated			77,653			1,327				—			—
Capital shares sold			—			28,104				33,340			10,429
Dividends — affiliated			866,656			83,792				57,466			4,802
Interest — unaffiliated			12,545,026			11,967,447				6,654,923			1,365,598


Total assets			3,052,097,006			2,306,272,777				1,211,577,179			319,228,758


LIABILITIES
Collateral on securities loaned, at value			6,103,523			—				—			—
Payables:
Investments purchased			98,423,572			—				20,173,894			9,188,321
Investment advisory fees			149,109			125,334				65,850			17,251


Total liabilities			104,676,204			125,334				20,239,744			9,205,572


NET ASSETS		$	2,947,420,802		$	2,306,147,443			$	1,191,337,435		$	310,023,186


NET ASSETS CONSIST OF
Paid-in capital		$	2,942,989,681		$	2,310,196,067			$	1,188,117,582		$	314,217,431
Accumulated earnings (loss)			4,431,121			(4,048,624	)			3,219,853			(4,194,245	)


NET ASSETS		$	2,947,420,802		$	2,306,147,443			$	1,191,337,435		$	310,023,186


NET ASSET VALUE
Shares outstanding			118,900,000			96,300,000				50,650,000			13,400,000


Net asset value		$	24.79		$	23.95			$	23.52		$	23.14


Shares authorized			Unlimited			Unlimited				Unlimited			Unlimited


Par value			None			None				None			None


^(a)Investments, at cost — unaffiliated		$	2,625,384,178		$	2,278,806,452			$	1,166,428,148		$	306,630,805
^(b)Securities loaned, at value		$	5,925,750		$	—			$	—		$	—
^(c)Investments, at cost — affiliated		$	285,830,523		$	22,288,000			$	15,560,000		$	1,080,000

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2023


	iShares iBonds Dec 2027 Term Treasury ETF		iShares iBonds Dec 2028 Term Treasury ETF			iShares iBonds Dec 2029 Term Treasury ETF			iShares iBonds Dec 2030 Term Treasury ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	220,524,764	$	94,737,183		$	65,931,180		$	78,196,589
Investments, at value — affiliated^(b)		600,000		700,000			270,000			290,000
Cash		7,167		9,003			1,125			8,024
Receivables:
Investments sold		436,803		—			—			3,732,939
Securities lending income — affiliated		—		—			3			—
Capital shares sold		5,604		—			—			—
Dividends — affiliated		2,537		2,733			1,158			1,255
Interest — unaffiliated		1,319,132		572,941			565,399			315,014


Total assets		222,896,007		96,021,860			66,768,865			82,543,821


LIABILITIES
Payables:
Investments purchased		—		—			—			3,543,622
Investment advisory fees		12,465		5,205			3,763			4,411


Total liabilities		12,465		5,205			3,763			3,548,033


NET ASSETS	$	222,883,542	$	96,016,655		$	66,765,102		$	78,995,788


NET ASSETS CONSIST OF
Paid-in capital	$	222,098,788	$	97,755,444		$	68,858,506		$	85,682,403
Accumulated earnings (loss)		784,754		(1,738,789	)		(2,093,404	)		(6,686,615	)


NET ASSETS	$	222,883,542	$	96,016,655		$	66,765,102		$	78,995,788


NET ASSET VALUE
Shares outstanding		9,800,000		4,250,000			3,000,000			3,900,000


Net asset value	$	22.74	$	22.59		$	22.26		$	20.26


Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited


Par value		None		None			None			None


^(a)Investments, at cost — unaffiliated	$	217,953,395	$	95,520,140		$	65,440,310		$	82,167,647
^(b)Investments, at cost — affiliated	$	600,000	$	700,000		$	270,000		$	290,000

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2023


	iShares iBonds Dec 2031 Term Treasury ETF			iShares iBonds Dec 2032 Term Treasury ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	70,578,890		$	76,910,215
Investments, at value — affiliated^(b)		190,000			40,000
Cash		3,642			1,498
Receivables:
Investments sold		—			182,585
Capital shares sold		22,736			—
Dividends — affiliated		527			186
Interest — unaffiliated		388,920			841,751


Total assets		71,184,715			77,976,235


LIABILITIES
Payables:
Investment advisory fees		2,387			3,806


Total liabilities		2,387			3,806


NET ASSETS	$	71,182,328		$	77,972,429


NET ASSETS CONSIST OF
Paid-in capital	$	72,100,556		$	77,129,064
Accumulated earnings (loss)		(918,228	)		843,365


NET ASSETS	$	71,182,328		$	77,972,429


NET ASSET VALUE
Shares outstanding		3,350,000			3,250,000


Net asset value	$	21.25		$	23.99


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Investments, at cost — unaffiliated	$	71,442,494		$	75,944,903
^(b)Investments, at cost — affiliated	$	190,000		$	40,000

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended April 30, 2023


	iShares iBonds Dec 2023 Term Treasury ETF			iShares iBonds Dec 2024 Term Treasury ETF			iShares iBonds Dec 2025 Term Treasury ETF			iShares iBonds Dec 2026 Term Treasury ETF


INVESTMENT INCOME
Dividends — affiliated	$	3,372,557		$	220,034		$	129,199		$	33,920
Interest — unaffiliated		45,077,733			36,368,465			18,394,432			3,934,884
Securities lending income — affiliated — net		202,325			3,133			—			40


Total investment income		48,652,615			36,591,632			18,523,631			3,968,844


EXPENSES
Investment advisory		790,406			600,124			316,629			75,377


Total expenses		790,406			600,124			316,629			75,377

Less:
Investment advisory fees waived		(67,986	)		(4,433	)		(2,546	)		(704	)


Total expenses after fees waived		722,420			595,691			314,083			74,673


Net investment income		47,930,195			35,995,941			18,209,548			3,894,171


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(16	)		(1,478,551	)		(990,845	)		(2,184,987	)
Capital gain distributions from underlying funds — affiliated		47			9			2			1
In-kind redemptions — unaffiliated^(a)		21,863			37,362			73,297			—


		21,894			(1,441,180	)		(917,546	)		(2,184,986	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,615,169			3,427,292			9,530,660			6,595,268


		1,615,169			3,427,292			9,530,660			6,595,268


Net realized and unrealized gain		1,637,063			1,986,112			8,613,114			4,410,282


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	49,567,258		$	37,982,053		$	26,822,662		$	8,304,453

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

See notes to financial statements.


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

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2023


	iShares iBonds Dec 2027 Term Treasury ETF				iShares iBonds Dec 2028 Term Treasury ETF				iShares iBonds Dec 2029 Term Treasury ETF			iShares iBonds Dec 2030 Term Treasury ETF


INVESTMENT INCOME
Dividends — affiliated		$	9,597			$	7,215		$	7,145		$	8,710
Interest — unaffiliated			3,452,062				1,017,252			923,278			1,046,091
Securities lending income — affiliated — net			133				266			27			—


Total investment income			3,461,792				1,024,733			930,450			1,054,801


EXPENSES
Investment advisory			62,864				22,311			18,632			27,957


Total expenses			62,864				22,311			18,632			27,957

Less:
Investment advisory fees waived			(200	)			(143	)		(150	)		(185	)


Total expenses after fees waived			62,664				22,168			18,482			27,772


Net investment income			3,399,128				1,002,565			911,968			1,027,029


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			(509,056	)			(358,873	)		(1,500,453	)		(2,602,766	)
In-kind redemptions — unaffiliated^(a)			762,371				—			—			23,766


			253,315				(358,873	)		(1,500,453	)		(2,579,000	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			5,321,644				2,545,485			3,507,710			6,613,442


			5,321,644				2,545,485			3,507,710			6,613,442


Net realized and unrealized gain			5,574,959				2,186,612			2,007,257			4,034,442


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	8,974,087			$	3,189,177		$	2,919,225		$	5,061,471

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

See notes to financial statements.


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

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2023


	iShares iBonds Dec 2031 Term Treasury				iShares iBonds Dec 2032 Term Treasury
	ETF						ETF	^(a)



INVESTMENT INCOME
Dividends — affiliated		$	2,524			$	1,615
Interest — unaffiliated			442,940				706,842
Securities lending income — affiliated — net			17				172


Total investment income			445,481				708,629


EXPENSES
Investment advisory			9,959				13,673


Total expenses			9,959				13,673

Less:
Investment advisory fees waived			(52	)			(33	)


Total expenses after fees waived			9,907				13,640


Net investment income			435,574				694,989


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			(31,697	)			(241,262	)
In-kind redemptions — unaffiliated^(b)			(65,745	)			25,763


			(97,442	)			(215,499	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			912,091				1,316,389


			912,091				1,316,389


Net realized and unrealized gain			814,649				1,100,890


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,250,223			$	1,795,879

^(a)	For the period from July 6, 2022 (commencement of operations) to October 31, 2022.

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

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares iBonds Dec 2023 Term Treasury ETF						iShares iBonds Dec 2024 Term Treasury ETF


	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	47,930,195		$	5,731,117		$	35,995,941		$	4,964,637
Net realized gain (loss)		21,894			(2,581,389	)		(1,441,180	)		(3,283,265	)
Net change in unrealized appreciation (depreciation)		1,615,169			(5,264,971	)		3,427,292			(10,193,140	)


Net increase (decrease) in net assets resulting from operations		49,567,258			(2,115,243	)		37,982,053			(8,511,768	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(40,153,140	)		(2,873,254	)		(30,056,757	)		(3,252,740	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,818,393,276			1,055,605,379			1,571,930,166			690,799,667


NET ASSETS
Total increase in net assets		1,827,807,394			1,050,616,882			1,579,855,462			679,035,159
Beginning of period		1,119,613,408			68,996,526			726,291,981			47,256,822


End of period	$	2,947,420,802		$	1,119,613,408		$	2,306,147,443		$	726,291,981

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2025 Term Treasury ETF							iShares iBonds Dec 2026 Term Treasury ETF


		Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	18,209,548		$	2,143,739			$	3,894,171		$	1,611,396
Net realized loss			(917,546	)		(3,146,147	)			(2,184,986	)		(3,820,872	)
Net change in unrealized appreciation (depreciation)			9,530,660			(6,017,310	)			6,595,268			(5,559,470	)


Net increase (decrease) in net assets resulting from operations			26,822,662			(7,019,718	)			8,304,453			(7,768,946	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(15,197,257	)		(1,262,837	)			(3,275,300	)		(1,311,849	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			840,902,281			325,469,098				183,313,101			114,300,076


NET ASSETS
Total increase in net assets			852,527,686			317,186,543				188,342,254			105,219,281
Beginning of period			338,809,749			21,623,206				121,680,932			16,461,651


End of period		$	1,191,337,435		$	338,809,749			$	310,023,186		$	121,680,932

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2027 Term Treasury ETF							iShares iBonds Dec 2028 Term Treasury ETF


		Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	3,399,128		$	798,957			$	1,002,565			$	326,234
Net realized gain (loss)			253,315			(2,558,637	)			(358,873	)			(620,076	)
Net change in unrealized appreciation (depreciation)			5,321,644			(2,213,309	)			2,545,485				(2,780,154	)


Net increase (decrease) in net assets resulting from operations			8,974,087			(3,972,989	)			3,189,177				(3,073,996	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(2,934,757	)		(605,669	)			(819,491	)			(284,375	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			80,295,832			109,683,926				59,009,519				19,144,177


NET ASSETS
Total increase in net assets			86,335,162			105,105,268				61,379,205				15,785,806
Beginning of period			136,548,380			31,443,112				34,637,450				18,851,644


End of period		$	222,883,542		$	136,548,380			$	96,016,655			$	34,637,450

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2029 Term Treasury ETF									iShares iBonds Dec 2030 Term Treasury ETF


		Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22				Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	911,968			$	345,253			$	1,027,029			$	1,778,609
Net realized loss			(1,500,453	)			(1,371,265	)			(2,579,000	)			(7,191,029	)
Net change in unrealized appreciation (depreciation)			3,507,710				(2,134,090	)			6,613,442				(10,440,330	)


Net increase (decrease) in net assets resulting from operations			2,919,225				(3,160,102	)			5,061,471				(15,852,750	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(816,422	)			(257,403	)			(1,167,385	)			(1,460,782	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			26,292,084				24,275,915				723,648				88,198,943


NET ASSETS
Total increase in net assets			28,394,887				20,858,410				4,617,734				70,885,411
Beginning of period			38,370,215				17,511,805				74,378,054				3,492,643


End of period		$	66,765,102			$	38,370,215			$	78,995,788			$	74,378,054

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2031 Term Treasury ETF								iShares iBonds Dec 2032 Term Treasury ETF


		Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)				Period From 07/06/22 to 10/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	435,574		$	276,465			$	694,989		$	40,162
Net realized loss			(97,442	)		(1,356,335	)			(215,499	)		(100,405	)
Net change in unrealized appreciation (depreciation)			912,091			(1,744,029	)			1,316,389			(351,077	)


Net increase (decrease) in net assets resulting from operations			1,250,223			(2,823,899	)			1,795,879			(411,320	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(388,197	)		(218,224	)			(513,365	)		(27,829	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			56,209,379			14,687,889				72,146,590			4,982,474


NET ASSETS
Total increase in net assets			57,071,405			11,645,766				73,429,104			4,543,325
Beginning of period			14,110,923			2,465,157				4,543,325			—


End of period		$	71,182,328		$	14,110,923			$	77,972,429		$	4,543,325

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		35

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds Dec 2023 Term Treasury ETF


	Six Months Ended													Period From
		04/30/23					Year Ended			Year Ended						02/25/20	^(a)
	(unaudited)					10/31/22			10/31/21					to 10/31/20


Net asset value, beginning of period			$	24.72		$	25.55				$	25.71			$	24.99


Net investment income^(b)				0.52			0.64					0.07				0.11
Net realized and unrealized gain (loss)^(c)				0.01			(1.24	)				(0.15	)			0.70


Net increase (decrease) from investment operations				0.53			(0.60	)				(0.08	)			0.81


Distributions from net investment income^(d)				(0.46	)		(0.23	)				(0.08	)			(0.09	)


Net asset value, end of period			$	24.79		$	24.72				$	25.55			$	25.71


Total Return^(e)
Based on net asset value				2.17	%^(f)		(2.39	)%				(0.30	)%			3.25	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.07	%^(h)		0.07	%				0.07	%			0.07	%^(h)


Total expenses after fees waived				0.06	%^(h)		0.07	%				0.07	%			0.07	%^(h)


Net investment income				4.24	%^(h)		2.55	%				0.28	%			0.63	%^(h)


Supplemental Data
Net assets, end of period (000)			$	2,947,421		$	1,119,613				$	68,997			$	17,996


Portfolio turnover rate⁽ⁱ⁾				0	%^(j)		29	%				10	%			1	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

^(j)	Rounds to less than 1%.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2024 Term Treasury ETF


	Six Months Ended															Period From
		04/30/23					Year Ended					Year Ended						02/25/20	^(a)
	(unaudited)					10/31/22					10/31/21					to 10/31/20


Net asset value, beginning of period			$	23.85				$	25.54				$	25.93			$	25.04


Net investment income^(b)				0.50					0.59					0.12				0.12
Net realized and unrealized gain (loss)^(c)				0.03					(1.97	)				(0.35	)			0.87


Net increase (decrease) from investment operations				0.53					(1.38	)				(0.23	)			0.99


Distributions^(d)
From net investment income				(0.43	)				(0.31	)				(0.14	)			(0.10	)
From net realized gain				—					—					(0.02	)			—


Total distributions				(0.43	)				(0.31	)				(0.16	)			(0.10	)


Net asset value, end of period			$	23.95				$	23.85				$	25.54			$	25.93


Total Return^(e)
Based on net asset value				2.24	%^(f)				(5.43	)%				(0.90	)%			3.95	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.07	%^(h)				0.07	%				0.07	%			0.07	%^(h)


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


Net investment income				4.20	%^(h)				2.45	%				0.46	%			0.69	%^(h)


Supplemental Data
Net assets, end of period (000)			$	2,306,147				$	726,292				$	47,257			$	12,964


Portfolio turnover rate⁽ⁱ⁾				3	%				63	%				112	%			7	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2025 Term Treasury ETF


	Six Months Ended															Period From
		04/30/23					Year Ended					Year Ended						02/25/20	^(a)
	(unaudited)					10/31/22					10/31/21					to 10/31/20


Net asset value, beginning of period			$	23.21				$	25.44				$	26.07			$	25.07


Net investment income^(b)				0.47					0.55					0.15				0.13
Net realized and unrealized gain (loss)^(c)				0.25					(2.48	)				(0.62	)			0.97


Net increase (decrease) from investment operations				0.72					(1.93	)				(0.47	)			1.10


Distributions from net investment income^(d)				(0.41	)				(0.30	)				(0.16	)			(0.10	)


Net asset value, end of period			$	23.52				$	23.21				$	25.44			$	26.07


Total Return^(e)
Based on net asset value				3.16	%^(f)				(7.64	)%				(1.83	)%			4.39	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.07	%^(h)				0.07	%				0.07	%			0.07	%^(h)


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


Net investment income				4.03	%^(h)				2.30	%				0.58	%			0.71	%^(h)


Supplemental Data
Net assets, end of period (000)			$	1,191,337				$	338,810				$	21,623			$	15,642


Portfolio turnover rate⁽ⁱ⁾				7	%				63	%				15	%			2	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2026 Term Treasury ETF


	Six Months Ended															Period From
		04/30/23					Year Ended					Year Ended						02/25/20	^(a)
	(unaudited)					10/31/22					10/31/21					to 10/31/20


Net asset value, beginning of period			$	22.53				$	25.33				$	26.15			$	25.02


Net investment income^(b)				0.41					0.50					0.16				0.12
Net realized and unrealized gain (loss)^(c)				0.56					(2.95	)				(0.82	)			1.11


Net increase (decrease) from investment operations				0.97					(2.45	)				(0.66	)			1.23


Distributions from net investment income^(d)				(0.36	)				(0.35	)				(0.16	)			(0.10	)


Net asset value, end of period			$	23.14				$	22.53				$	25.33			$	26.15


Total Return^(e)
Based on net asset value				4.31	%^(f)				(9.70	)%				(2.55	)%			4.90	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.07	%^(h)				0.07	%				0.07	%			0.07	%^(h)


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


Net investment income				3.62	%^(h)				2.11	%				0.62	%			0.69	%^(h)


Supplemental Data
Net assets, end of period (000)			$	310,023				$	121,681				$	16,462			$	22,230


Portfolio turnover rate⁽ⁱ⁾				30	%				76	%				41	%			5	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2027 Term Treasury ETF


	Six Months Ended															Period From
		04/30/23					Year Ended					Year Ended						02/25/20	^(a)
	(unaudited)					10/31/22					10/31/21					to 10/31/20


Net asset value, beginning of period			$	22.02				$	25.15				$	26.19			$	25.05


Net investment income^(b)				0.42					0.45					0.20				0.12
Net realized and unrealized gain (loss)^(c)				0.66					(3.24	)				(1.06	)			1.11


Net increase (decrease) from investment operations				1.08					(2.79	)				(0.86	)			1.23


Distributions from net investment income^(d)				(0.36	)				(0.34	)				(0.18	)			(0.09	)


Net asset value, end of period			$	22.74				$	22.02				$	25.15			$	26.19


Total Return^(e)
Based on net asset value				4.93	%^(f)				(11.18	)%				(3.31	)%			4.92	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.07	%^(h)				0.07	%				0.07	%			0.07	%^(h)


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


Net investment income				3.79	%^(h)				1.92	%				0.78	%			0.66	%^(h)


Supplemental Data
Net assets, end of period (000)			$	222,884				$	136,548				$	31,443			$	14,405


Portfolio turnover rate⁽ⁱ⁾				10	%				58	%				18	%			45	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


40		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2028 Term Treasury ETF

	Six Months Ended														Period From
	04/30/23					Year Ended					Year Ended						02/25/20	^(a)
	(unaudited)				10/31/22					10/31/21					to 10/31/20


Net asset value, beginning of period		$	21.65				$	25.14				$	26.30			$	25.14


Net investment income^(b)			0.35					0.36					0.21				0.13
Net realized and unrealized gain (loss)^(c)			0.89					(3.54	)				(1.17	)			1.13


Net increase (decrease) from investment operations			1.24					(3.18	)				(0.96	)			1.26


Distributions from net investment income^(d)			(0.30	)				(0.31	)				(0.20	)			(0.10	)


Net asset value, end of period		$	22.59				$	21.65				$	25.14			$	26.30


Total Return^(e)
Based on net asset value			5.75	%^(f)				(12.70	)%				(3.71	)%			5.01	%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.07	%^(h)				0.07	%				0.07	%			0.07	%^(h)


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


Net investment income			3.15	%^(h)				1.54	%				0.83	%			0.71	%^(h)


Supplemental Data
Net assets, end of period (000)		$	96,017				$	34,637				$	18,852			$	14,467


Portfolio turnover rate⁽ⁱ⁾			5	%				34	%				73	%			10	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		41

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2029 Term Treasury ETF

	Six Months Ended															Period From
		04/30/23					Year Ended					Year Ended						02/25/20	^(a)
	(unaudited)					10/31/22					10/31/21					to 10/31/20


Net asset value, beginning of period			$	21.32				$	25.02				$	26.27			$	25.04


Net investment income^(b)				0.37					0.39					0.19				0.14
Net realized and unrealized gain (loss)^(c)				0.91					(3.81	)				(1.25	)			1.20


Net increase (decrease) from investment operations				1.28					(3.42	)				(1.06	)			1.34


Distributions from net investment income^(d)				(0.34	)				(0.28	)				(0.19	)			(0.11	)


Net asset value, end of period			$	22.26				$	21.32				$	25.02			$	26.27


Total Return^(e)
Based on net asset value				6.02	%^(f)				(13.72	)%				(4.08	)%			5.35	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.07	%^(h)				0.07	%				0.07	%			0.07	%^(h)


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


Net investment income				3.43	%^(h)				1.68	%				0.74	%			0.78	%^(h)


Supplemental Data
Net assets, end of period (000)			$	66,765				$	38,370				$	17,512			$	23,645


Portfolio turnover rate⁽ⁱ⁾				27	%				51	%				0	%^(j)			19	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

^(j)	Rounds to less than 1%.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2030 Term Treasury ETF

	Six Months Ended														Period From
		04/30/23				Year Ended					Year Ended						07/14/20	^(a)
	(unaudited)					10/31/22				10/31/21					to 10/31/20


Net asset value, beginning of period			$	19.32			$	23.28				$	24.58			$	25.06


Net investment income^(b)				0.25				0.49					0.20				0.04
Net realized and unrealized gain (loss)^(c)				0.99				(4.11	)				(1.32	)			(0.49	)


Net increase (decrease) from investment operations				1.24				(3.62	)				(1.12	)			(0.45	)


Distributions from net investment income^(d)				(0.30	)			(0.34	)				(0.18	)			(0.03	)


Net asset value, end of period			$	20.26			$	19.32				$	23.28			$	24.58


Total Return^(e)
Based on net asset value				6.46	%^(f)			(15.69	)%				(4.58	)%			(1.81	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.07	%^(h)			0.07	%				0.07	%			0.07	%^(h)


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


Net investment income				2.57	%^(h)			2.36	%				0.83	%			0.53	%^(h)


Supplemental Data
Net assets, end of period (000)			$	78,996			$	74,378				$	3,493			$	2,458


Portfolio turnover rate⁽ⁱ⁾				21	%			0	%^(j)				37	%			36	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

^(j)	Rounds to less than 1%.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		43

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2031 Term Treasury ETF

	Six Months Ended									Period From
		04/30/23				Year Ended						07/13/21	^(a)
	(unaudited)					10/31/22				to 10/31/21


Net asset value, beginning of period			$	20.16			$	24.65			$	24.91


Net investment income^(b)				0.32				0.55				0.10
Net realized and unrealized gain (loss)^(c)				1.09				(4.63	)			(0.30	)


Net increase (decrease) from investment operations				1.41				(4.08	)			(0.20	)


Distributions^(d)
From net investment income				(0.32	)			(0.39	)			(0.06	)
From net realized gain				—				(0.02	)			—


Total distributions				(0.32	)			(0.41	)			(0.06	)


Net asset value, end of period			$	21.25			$	20.16			$	24.65


Total Return^(e)
Based on net asset value				7.06	%^(f)			(16.73	)%			(0.81	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.07	%^(h)			0.07	%			0.07	%^(h)


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


Net investment income				3.06	%^(h)			2.54	%			1.29	%^(h)


Supplemental Data
Net assets, end of period (000)			$	71,182			$	14,111			$	2,465


Portfolio turnover rate⁽ⁱ⁾				0	%^(j)			10	%			26	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

^(j)	Rounds to less than 1%.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2032 Term Treasury ETF

	Six Months Ended					Period From
		04/30/23						07/06/22	^(a)
	(unaudited)					to 10/31/22


Net asset value, beginning of period			$	22.72			$	24.88


Net investment income^(b)				0.42				0.23
Net realized and unrealized gain (loss)^(c)				1.21				(2.25	)


Net increase (decrease) from investment operations				1.63				(2.02	)


Distributions from net investment income^(d)				(0.36	)			(0.14	)


Net asset value, end of period			$	23.99			$	22.72


Total Return^(e)
Based on net asset value				7.21	%^(f)			(8.16	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.07	%^(h)			0.07	%^(h)


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


Net investment income				3.56	%^(h)			2.97	%^(h)


Supplemental Data
Net assets, end of period (000)			$	77,972			$	4,543


Portfolio turnover rate⁽ⁱ⁾				20	%			47	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

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



iShares ETF	Diversification Classification

iBonds Dec 2023 Term Treasury		Diversified	^(a)
iBonds Dec 2024 Term Treasury		Diversified	^(a)
iBonds Dec 2025 Term Treasury		Diversified	^(a)
iBonds Dec 2026 Term Treasury		Diversified	^(a)
iBonds Dec 2027 Term Treasury		Diversified	^(a)
iBonds Dec 2028 Term Treasury		Diversified	^(a)
iBonds Dec 2029 Term Treasury		Diversified	^(a)
iBonds Dec 2030 Term Treasury		Diversified
iBonds Dec 2031 Term Treasury		Diversified
iBonds Dec 2032 Term Treasury		Diversified

^(a)

The Fund’s classification changed from non-diversified to diversified during the reporting period.

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.

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:

•

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.,


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

Notes to Financial Statements (unaudited) (continued)

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.	*SECURITIES AND OTHER INVESTMENTS*

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

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Notes to Financial Statements (unaudited) (continued)

bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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




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


iBonds Dec 2023 Term Treasury
Morgan Stanley	$	5,925,750	$	(6,103,523	)	$	—			$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

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

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

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.07%, 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.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:



iShares ETF	Amounts Waived

iBonds Dec 2023 Term Treasury	$	67,986
iBonds Dec 2024 Term Treasury		4,433
iBonds Dec 2025 Term Treasury		2,546
iBonds Dec 2026 Term Treasury		704
iBonds Dec 2027 Term Treasury		200
iBonds Dec 2028 Term Treasury		143
iBonds Dec 2029 Term Treasury		150
iBonds Dec 2030 Term Treasury		185
iBonds Dec 2031 Term Treasury		52
iBonds Dec 2032 Term Treasury		33

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution


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

Notes to Financial Statements (unaudited) (continued)

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts

iBonds Dec 2023 Term Treasury	$	54,955
iBonds Dec 2024 Term Treasury		1,293
iBonds Dec 2026 Term Treasury		10
iBonds Dec 2027 Term Treasury		57
iBonds Dec 2028 Term Treasury		86
iBonds Dec 2029 Term Treasury		12
iBonds Dec 2031 Term Treasury		7
iBonds Dec 2032 Term Treasury		42

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.

6.	*PURCHASES AND SALES*

For the six months ended April 30, 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 Dec 2023 Term Treasury	$	—	$	11,417,500
iBonds Dec 2024 Term Treasury		49,013,756		81,900,086
iBonds Dec 2025 Term Treasury		59,937,601		77,531,155
iBonds Dec 2026 Term Treasury		64,243,100		65,656,815
iBonds Dec 2027 Term Treasury		18,171,476		20,076,475
iBonds Dec 2028 Term Treasury		2,977,649		3,680,847
iBonds Dec 2029 Term Treasury		14,553,544		14,666,763
iBonds Dec 2030 Term Treasury		15,986,737		16,560,842
iBonds Dec 2031 Term Treasury		74,300		166,875
iBonds Dec 2032 Term Treasury		8,122,669		8,320,515


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		49

Notes to Financial Statements (unaudited) (continued)

For the six months ended April 30, 2023, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

iBonds Dec 2023 Term Treasury	$	1,806,661,455	$	85,298,678
iBonds Dec 2024 Term Treasury		1,569,904,723		10,642,761
iBonds Dec 2025 Term Treasury		840,475,248		6,945,738
iBonds Dec 2026 Term Treasury		181,424,283		—
iBonds Dec 2027 Term Treasury		106,489,629		26,823,063
iBonds Dec 2028 Term Treasury		58,468,795		—
iBonds Dec 2029 Term Treasury		25,934,243		—
iBonds Dec 2030 Term Treasury		46,451,143		45,749,510
iBonds Dec 2031 Term Treasury		65,971,422		10,234,351
iBonds Dec 2032 Term Treasury		73,679,145		2,273,649

7.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Company’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 April 30, 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.

As of October 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards

iBonds Dec 2023 Term Treasury	$	2,465,334
iBonds Dec 2024 Term Treasury		3,359,772
iBonds Dec 2025 Term Treasury		3,020,179
iBonds Dec 2026 Term Treasury		3,710,490
iBonds Dec 2027 Term Treasury		2,719,932
iBonds Dec 2028 Term Treasury		847,789
iBonds Dec 2029 Term Treasury		1,277,102
iBonds Dec 2030 Term Treasury		316,247
iBonds Dec 2031 Term Treasury		66,828
iBonds Dec 2032 Term Treasury		100,311

As of April 30, 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 Dec 2023 Term Treasury	$	2,911,214,701	$	26,736	$	(3,798,833	)	$	(3,772,097	)
iBonds Dec 2024 Term Treasury		2,301,094,452		—		(6,910,259	)		(6,910,259	)
iBonds Dec 2025 Term Treasury		1,181,988,148		3,404,840		(154,441	)		3,250,399
iBonds Dec 2026 Term Treasury		307,710,805		1,552,371		(778,913	)		773,458
iBonds Dec 2027 Term Treasury		218,553,395		2,571,835		(466	)		2,571,369
iBonds Dec 2028 Term Treasury		96,220,140		185,440		(968,397	)		(782,957	)
iBonds Dec 2029 Term Treasury		65,710,310		713,522		(222,652	)		490,870
iBonds Dec 2030 Term Treasury		82,458,545		288,602		(4,260,558	)		(3,971,956	)
iBonds Dec 2031 Term Treasury		71,634,394		868		(866,372	)		(865,504	)
iBonds Dec 2032 Term Treasury		75,984,997		965,312		(94	)		965,218

8.	*PRINCIPAL RISKS*

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to 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


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

Notes to Financial Statements (unaudited) (continued)

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

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.

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

The Funds invest a significant portion of their assets in 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 current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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

9.	*CAPITAL SHARE TRANSACTIONS*

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

Transactions in capital shares were as follows:




	Six Months Ended 04/30/23						Year Ended 10/31/22


iShares ETF	Shares			Amount			Shares			Amount


iBonds Dec 2023 Term Treasury
Shares sold		77,550,000		$	1,915,994,766			43,750,000		$	1,084,812,929
Shares redeemed		(3,950,000	)		(97,601,490	)		(1,150,000	)		(29,207,550	)


		73,600,000		$	1,818,393,276			42,600,000		$	1,055,605,379


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 (unaudited) (continued)




	Six Months Ended 04/30/23						Year Ended 10/31/22


iShares ETF	Shares			Amount			Shares			Amount


iBonds Dec 2024 Term Treasury
Shares sold		66,300,000		$	1,582,662,862			28,600,000		$	690,799,667
Shares redeemed		(450,000	)		(10,732,696	)		—			—


		65,850,000		$	1,571,930,166			28,600,000		$	690,799,667

iBonds Dec 2025 Term Treasury
Shares sold		36,350,000		$	847,913,666			16,900,000		$	400,527,356
Shares redeemed		(300,000	)		(7,011,385	)		(3,150,000	)		(75,058,258	)


		36,050,000		$	840,902,281			13,750,000		$	325,469,098

iBonds Dec 2026 Term Treasury
Shares sold		8,000,000		$	183,313,101			6,050,000		$	143,475,143
Shares redeemed		—			—			(1,300,000	)		(29,175,067	)


		8,000,000		$	183,313,101			4,750,000		$	114,300,076

iBonds Dec 2027 Term Treasury
Shares sold		4,800,000		$	107,300,995			6,500,000		$	145,216,995
Shares redeemed		(1,200,000	)		(27,005,163	)		(1,550,000	)		(35,533,069	)


		3,600,000		$	80,295,832			4,950,000		$	109,683,926

iBonds Dec 2028 Term Treasury
Shares sold		2,650,000		$	59,009,519			850,000		$	19,144,177


iBonds Dec 2029 Term Treasury
Shares sold		1,200,000		$	26,292,084			1,550,000		$	33,986,141
Shares redeemed		—			—			(450,000	)		(9,710,226	)


		1,200,000		$	26,292,084			1,100,000		$	24,275,915

iBonds Dec 2030 Term Treasury
Shares sold		2,350,000		$	46,801,645			8,850,000		$	187,513,182
Shares redeemed		(2,300,000	)		(46,077,997	)		(5,150,000	)		(99,314,239	)


		50,000		$	723,648			3,700,000		$	88,198,943

iBonds Dec 2031 Term Treasury
Shares sold		3,150,000		$	66,526,612			1,500,000		$	32,943,636
Shares redeemed		(500,000	)		(10,317,233	)		(900,000	)		(18,255,747	)


		2,650,000		$	56,209,379			600,000		$	14,687,889




	Six Months Ended 04/30/23						Period Ended 10/31/22


iShares ETF	Shares			Amount			Shares		Amount


iBonds Dec 2032 Term Treasury
Shares sold		3,150,000		$	74,450,018			200,000	$	4,982,474
Shares redeemed		(100,000	)		(2,303,428	)		—		—


		3,050,000		$	72,146,590			200,000	$	4,982,474

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

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

10.

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.


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

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025 Term Treasury ETF, iShares iBonds Dec 2026 Term Treasury ETF, iShares iBonds Dec 2027 Term Treasury ETF, iShares iBonds Dec 2028 Term Treasury ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Dec 2030 Term Treasury ETF, iShares iBonds Dec 2031 Term Treasury ETF and iShares iBonds Dec 2032 Term Treasury ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		53

Supplemental Information (unaudited)

Section 19(a) Notices

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

April 30, 2023



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


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

iBonds Dec 2023 Term Treasury	$	0.458847	$	—	$	—	$	0.458847		100	%		—	%		—	%		100	%
iBonds Dec 2024 Term Treasury		0.433581		—		—		0.433581		100			—			—			100
iBonds Dec 2025 Term Treasury		0.413333		—		—		0.413333		100			—			—			100
iBonds Dec 2026 Term Treasury		0.362052		—		—		0.362052		100			—			—			100
iBonds Dec 2028 Term Treasury		0.296234		—		—		0.296234		100			—			—			100
iBonds Dec 2029 Term Treasury		0.340156		—		—		0.340156		100			—			—			100
iBonds Dec 2030 Term Treasury		0.303234		—		—		0.303234		100			—			—			100


54		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

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