
		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