
		APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares iBonds Dec 2022 Term Treasury ETF | IBTB | NASDAQ

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2022
	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(9.65)%	0.21%

U.S. small cap equities (Russell 2000^® Index)	(18.38)	(16.87)

International equities (MSCI Europe, Australasia, Far East Index)	(11.80)	(8.15)

Emerging market equities (MSCI Emerging Markets Index)	(14.15)	(18.33)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.07	0.08

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.29)	(8.86)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.47)	(8.51)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(7.90)	(7.88)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.40)	(5.22)

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
Fund Summary		4
About Fund Performance		14
Shareholder 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, 2022		iShares^® iBonds^® Dec 2022 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2022 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2022, as represented by the ICE 2022 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(0.26	)%		(0.29	)%		1.02	%		(0.29	)%		2.24	%
Fund Market		(0.31	)		(0.27	)		1.03			(0.27	)		2.26
Index		(0.22	)		(0.20	)		1.11			(0.20	)		2.43

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE 2022 Maturity US Treasury Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE 2022 Maturity US Treasury Index.

Past performance is no guarantee 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” on page 14 for more information.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	997.40	$	0.35		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(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 “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa	97.5	%
Short-Term and Other Assets	2.5

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 0.13%, 05/31/22	18.6	%
U.S. Treasury Note/Bond, 1.75%, 09/30/22	17.8
U.S. Treasury Note/Bond, 1.75%, 06/30/22	12.3
U.S. Treasury Note/Bond, 2.00%, 10/31/22	8.6
U.S. Treasury Note/Bond, 0.13%, 10/31/22	7.3

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


Fund Summary as of April 30, 2022		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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(2.04	)%		(2.34	)%		0.39	%		(2.34	)%		0.85	%
Fund Market		(2.02	)		(2.24	)		0.43			(2.24	)		0.94
Index		(2.01	)		(2.26	)		0.46			(2.26	)		1.00

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	979.60	$	0.34		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa	97.7	%
Short-Term and Other Assets	2.3

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 2.50%, 08/15/23	18.6	%
U.S. Treasury Note/Bond, 2.75%, 05/31/23	18.1
U.S. Treasury Note/Bond, 2.75%, 07/31/23	12.1
U.S. Treasury Note/Bond, 2.88%, 11/30/23	8.5
U.S. Treasury Note/Bond, 2.38%, 01/31/23	6.8

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(3.96	)%		(4.54	)%		(0.49	)%		(4.54	)%		(1.07	)%
Fund Market		(3.94	)		(4.48	)		(0.46	)		(4.48	)		(1.01	)
Index		(3.94	)		(4.53	)		(0.45	)		(4.53	)		(0.97	)

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	960.40	$	0.34		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa	99.3	%
Short-Term and Other Assets	0.7

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 0.38%, 09/15/24	19.6	%
U.S. Treasury Note/Bond, 1.50%, 09/30/24	17.8
U.S. Treasury Note/Bond, 2.25%, 04/30/24	12.1
U.S. Treasury Note/Bond, 2.50%, 01/31/24	8.2
U.S. Treasury Note/Bond, 0.25%, 03/15/24	7.4

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(5.35	)%		(6.09	)%		(1.39	)%		(6.09	)%		(3.00	)%
Fund Market		(5.33	)		(6.04	)		(1.36	)		(6.04	)		(2.94	)
Index		(5.34	)		(6.10	)		(1.35	)		(6.10	)		(2.91	)

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,000.00	$	0.35		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa	99.1	%
Short-Term and Other Assets	0.9

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 2.75%, 06/30/25	19.0	%
U.S. Treasury Note/Bond, 2.88%, 07/31/25	15.7
U.S. Treasury Note/Bond, 2.63%, 03/31/25	15.1
U.S. Treasury Note/Bond, 3.00%, 10/31/25	11.8
U.S. Treasury Note/Bond, 0.25%, 05/31/25	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, 2022		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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(6.42	)%		(7.12	)%		(2.01	)%		(7.12	)%		(4.34	)%
Fund Market		(6.46	)		(7.12	)		(2.00	)		(7.12	)		(4.31	)
Index		(6.45	)		(7.16	)		(2.01	)		(7.16	)		(4.32	)

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	935.80	$	0.34		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		99.4	%
Short-Term and Other Assets		0.6

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 0.88%, 06/30/26	22.2	%
U.S. Treasury Note/Bond, 2.38%, 04/30/26	16.0
U.S. Treasury Note/Bond, 1.88%, 07/31/26	14.6
U.S. Treasury Note/Bond, 2.25%, 03/31/26	13.7
U.S. Treasury Note/Bond, 1.63%, 11/30/26	9.3

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(7.21	)%		(7.52	)%		(2.74	)%		(7.52	)%		(5.87	)%
Fund Market		(7.26	)		(7.52	)		(2.72	)		(7.52	)		(5.85	)
Index		(7.23	)		(7.51	)		(2.68	)		(7.51	)		(5.74	)

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	927.90	$	0.33		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


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

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 2.25%, 08/15/27		23.3	%
U.S. Treasury Note/Bond, 0.50%, 08/31/27		18.8
U.S. Treasury Note/Bond, 2.25%, 02/15/27		9.2
U.S. Treasury Note/Bond, 1.50%, 01/31/27		9.0
U.S. Treasury Note/Bond, 1.88%, 02/28/27		6.6

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(7.87	)%		(7.92	)%		(3.20	)%		(7.92	)%		(6.85	)%
Fund Market		(7.92	)		(7.93	)		(3.21	)		(7.93	)		(6.86	)
Index		(7.88	)		(7.92	)		(3.16	)		(7.92	)		(6.75	)

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	921.30	$	0.33		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		99.4	%
Short-Term and Other Assets		0.6

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 2.88%, 05/15/28		10.5	%
U.S. Treasury Note/Bond, 1.13%, 02/29/28		9.5
U.S. Treasury Note/Bond, 2.75%, 02/15/28		8.9
U.S. Treasury Note/Bond, 2.88%, 08/15/28		8.8
U.S. Treasury Note/Bond, 1.13%, 08/31/28		8.4

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(8.37	)%		(7.89	)%		(3.47	)%		(7.89	)%		(7.41	)%
Fund Market		(8.40	)		(7.88	)		(3.45	)		(7.88	)		(7.37	)
Index		(8.38	)		(7.89	)		(3.42	)		(7.89	)		(7.31	)

The inception date of the Fund was 2/25/20. The first day of secondary market trading was 2/27/20.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	916.30	$	0.33		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		99.1	%
Short-Term and Other Assets		0.9

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 2.63%, 02/15/29		23.4	%
U.S. Treasury Note/Bond, 2.38%, 05/15/29		18.3
U.S. Treasury Note/Bond, 1.75%, 01/31/29		17.9
U.S. Treasury Note/Bond, 1.63%, 08/15/29		14.7
U.S. Treasury Note/Bond, 1.88%, 02/28/29		14.1

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(9.65	)%		(8.45	)%		(8.86	)%		(8.45	)%		(15.35	)%
Fund Market		(9.67	)		(8.39	)		(8.82	)		(8.39	)		(15.30	)
Index		(9.64	)		(8.41	)		(8.84	)		(8.41	)		(15.31	)

The inception date of the Fund was 7/14/20. The first day of secondary market trading was 7/16/20.

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	903.50	$	0.33		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		99.3	%
Short-Term and Other Assets		0.7

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 0.88%, 11/15/30		30.6	%
U.S. Treasury Note/Bond, 0.63%, 08/15/30		28.2
U.S. Treasury Note/Bond, 0.63%, 05/15/30		23.0
U.S. Treasury Note/Bond, 1.50%, 02/15/30		17.4

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		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


				Cumulative Total Returns
	6 Months			Since Inception
Fund NAV		(10.15	)%		(10.87	)%
Fund Market		(10.25	)		(10.91	)
Index		(10.11	)		(10.82	)

The inception date of the Fund was 7/13/21. The first day of secondary market trading was 7/15/21.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	898.50	$	0.33		$	1,000.00	$	1,024.40	$	0.35		0.07	%

^(a)

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Ratings^*	Percent of Net Assets
Aaa	99.4	%
Short-Term and Other Assets	0.6

FIVE LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 1.63%, 05/15/31	27.6	%
U.S. Treasury Note/Bond, 1.25%, 08/15/31	25.0
U.S. Treasury Note/Bond, 1.38%, 11/15/31	23.5
U.S. Treasury Note/Bond, 1.13%, 02/15/31	23.3

^(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.

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

Schedule of Investments (unaudited)

April 30, 2022

iShares^® iBonds^® Dec 2022 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 97.5%
U.S. Treasury Note/Bond
0.13%, 05/31/22	$	9,644	$	9,641,710
0.13%, 06/30/22		2,412		2,409,479
0.13%, 07/31/22		2,091		2,086,834
0.13%, 08/31/22		205		204,319
0.13%, 09/30/22		668		665,136
0.13%, 10/31/22		3,816		3,790,361
0.13%, 11/30/22		2,116		2,097,700
1.38%, 10/15/22		1,500		1,499,883
1.63%, 12/15/22		2,000		2,000,000
1.75%, 06/30/22		6,367		6,378,607
1.75%, 07/15/22		615		616,129
1.75%, 09/30/22		9,225		9,241,216
1.88%, 09/30/22		1,809		1,812,798
2.00%, 10/31/22		4,434		4,446,325
2.00%, 11/30/22		3,750		3,758,442

				50,648,939


Total U.S. Government Obligations — 97.5% (Cost: $50,791,649)				50,648,939


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 8.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(b)		4,145	$	4,145,000


Total Short-Term Investments — 8.0% (Cost: $4,145,000)				4,145,000


Total Investments in Securities — 105.5% (Cost: $54,936,649)				54,793,939

Other Assets, Less Liabilities — (5.5)%				(2,858,066	)


Net Assets — 100.0%			$	51,935,873

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	8,459,814		$ —	$	(4,314,814	)^(a)	$	—	$	—	$	4,145,000		4,145	$	2,021	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	50,648,939	$	—	$	50,648,939
Money Market Funds		4,145,000		—		—		4,145,000

	$	4,145,000	$	50,648,939	$	—	$	54,793,939

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, 2022

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 — 97.7%
U.S. Treasury Note/Bond
0.13%, 03/31/23	$	2,108	$	2,071,192
0.13%, 04/30/23		4,220		4,135,930
0.13%, 05/31/23		2,714		2,653,677
0.13%, 06/30/23		4,220		4,114,500
0.13%, 07/31/23		3,164		3,076,125
0.13%, 08/15/23		862		836,594
0.13%, 10/15/23		540		521,905
0.13%, 12/15/23		2,349		2,257,426
0.25%, 04/15/23^(a)		4,220		4,145,820
0.25%, 11/15/23		1,954		1,886,160
2.38%, 01/31/23		6,424		6,447,889
2.50%, 08/15/23		17,670		17,691,397
2.75%, 05/31/23		17,100		17,193,516
2.75%, 07/31/23		11,400		11,450,320
2.88%, 10/31/23		6,226		6,256,157
2.88%, 11/30/23		8,018		8,054,834

				92,793,442


Total U.S. Government Obligations — 97.7% (Cost: $93,947,951)				92,793,442


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 5.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(b)(c)(d)		4,967	$	4,967,393


Total Short-Term Investments — 5.2% (Cost: $4,967,393)				4,967,393


Total Investments in Securities — 102.9% (Cost: $98,915,344)				97,760,835

Other Assets, Less Liabilities — (2.9)%				(2,768,873	)


Net Assets — 100.0%			$	94,991,962

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

^(b)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	397,000	$	4,570,393	^(a)	$	—	$	—	$	—	$	4,967,393		4,967	$	710	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	92,793,442	$	—	$	92,793,442
Money Market Funds		4,967,393		—		—		4,967,393

	$ 4,967,393		$92,793,442		$ —		$97,760,835

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2022

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 — 99.3%
U.S. Treasury Note/Bond
0.13%, 01/15/24	$	9,908	$	9,497,452
0.25%, 03/15/24		13,581		12,981,282
0.25%, 06/15/24		3,933		3,730,525
0.38%, 04/15/24		7,678		7,337,793
0.38%, 07/15/24^(a)		1,010		957,881
0.38%, 09/15/24		36,665		34,603,932
1.00%, 12/15/24		3,428		3,267,735
1.50%, 09/30/24		32,400		31,398,891
1.50%, 11/30/24		7,648		7,391,365
1.75%, 07/31/24		1,081		1,056,469
2.00%, 04/30/24		9,000		8,875,898
2.13%, 07/31/24		3,847		3,791,746
2.25%, 04/30/24		21,600		21,406,781
2.25%, 11/15/24		1,800		1,772,789
2.38%, 02/29/24		9,979		9,927,844
2.38%, 08/15/24		2,592		2,565,473
2.50%, 01/31/24		14,434		14,394,697

				174,958,553


Total U.S. Government Obligations — 99.3% (Cost: $178,139,697)				174,958,553


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(b)(c)(d)		1,017	$	1,016,988


Total Short-Term Investments — 0.6% (Cost: $1,016,988)				1,016,988


Total Investments in Securities — 99.9% (Cost: $179,156,685)				175,975,541

Other Assets, Less Liabilities — 0.1%				184,569


Net Assets — 100.0%			$	176,160,110

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

^(b)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	58,000	$	958,988	^(a)	$	—	$	—	$	—	$	1,016,988		1,017	$	443	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	174,958,553	$	—	$	174,958,553
Money Market Funds		1,016,988		—		—		1,016,988

	$ 1,016,988		$174,958,553		$ —		$175,975,541

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, 2022

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 — 99.1%
U.S. Treasury Note/Bond
0.25%, 05/31/25	$	5,250	$	4,840,254
0.25%, 06/30/25		2,211		2,033,223
0.25%, 08/31/25		468		428,696
0.25%, 09/30/25		1		1,096
0.25%, 10/31/25		373		339,430
0.38%, 04/30/25		2,105		1,953,703
0.38%, 11/30/25		4,989		4,554,308
1.13%, 01/15/25		3,684		3,516,684
1.13%, 02/28/25		703		669,840
1.50%, 02/15/25		3,158		3,040,122
2.63%, 03/31/25		10,926		10,843,926
2.75%, 06/30/25		13,734		13,666,602
2.88%, 05/31/25		1,053		1,051,349
2.88%, 07/31/25		11,323		11,306,677
3.00%, 09/30/25		4,566		4,575,810
3.00%, 10/31/25		8,467		8,487,606

				71,309,326


Total U.S. Government Obligations — 99.1% (Cost: $74,814,532)				71,309,326


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(b)		230	$	230,000


Total Short-Term Investments — 0.3% (Cost: $230,000)				230,000


Total Investments in Securities — 99.4% (Cost: $75,044,532)				71,539,326

Other Assets, Less Liabilities — 0.6%				423,678


Net Assets — 100.0%			$	71,963,004

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	140,000		$90,000^(a)	$	—	$	—	$	—	$	230,000		230	$	205	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	71,309,326	$	—	$	71,309,326
Money Market Funds		230,000		—		—		230,000

	$ 230,000		$71,309,326		$ —		$71,539,326

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2022

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 — 99.4%
U.S. Treasury Note/Bond
0.38%, 01/31/26	$	2,262	$	2,055,860
0.50%, 02/28/26		1,856		1,691,369
0.63%, 07/31/26		1,240		1,125,081
0.75%, 04/30/26		5,290		4,852,702
0.75%, 05/31/26		1,686		1,543,583
0.88%, 06/30/26		23,094		21,217,429
0.88%, 09/30/26		1,686		1,541,607
1.13%, 10/31/26		634		585,212
1.25%, 11/30/26		6,910		6,410,746
1.38%, 08/31/26		1,321		1,236,444
1.63%, 11/30/26		9,383		8,850,075
1.88%, 07/31/26		14,524		13,906,723
2.00%, 11/15/26		1,540		1,476,127
2.25%, 03/31/26		13,471		13,121,498
2.38%, 04/30/26		15,659		15,323,090

				94,937,546


Total U.S. Government Obligations — 99.4% (Cost: $98,758,753)				94,937,546


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(b)		110	$	110,000


Total Short-Term Investments — 0.1% (Cost: $110,000)				110,000


Total Investments in Securities — 99.5% (Cost: $98,868,753)				95,047,546

Other Assets, Less Liabilities — 0.5%				506,299


Net Assets — 100.0%			$	95,553,845

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000	$	80,000	^(a)	$	—	$	—	$	—	$	110,000		110	$	252	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	94,937,546	$	—	$	94,937,546
Money Market Funds		110,000		—		—		110,000

	$ 110,000		$94,937,546		$ —		$95,047,546

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, 2022

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 — 99.6%
U.S. Treasury Note/Bond
0.38%, 09/30/27	$	1,200	$	1,045,781
0.50%, 04/30/27		1,500		1,330,195
0.50%, 05/31/27		1,954		1,728,869
0.50%, 08/31/27		7,437		6,538,459
0.63%, 03/31/27		1,380		1,234,561
0.63%, 11/30/27		1,053		926,975
1.50%, 01/31/27		3,340		3,125,787
1.88%, 02/28/27		2,400		2,285,438
2.25%, 02/15/27		3,315		3,210,046
2.25%, 08/15/27		8,400		8,107,641
2.25%, 11/15/27		2,152		2,073,268
2.38%, 05/15/27		1,735		1,688,867
2.50%, 03/31/27		1,419		1,390,705

				34,686,592


Total U.S. Government Obligations — 99.6% (Cost: $37,201,790)				34,686,592


Security	Shares (000)		Value

Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(b)		10	$	10,000


Total Short-Term Investments — 0.0% (Cost: $10,000)				10,000


Total Investments in Securities — 99.6% (Cost: $37,211,790)				34,696,592

Other Assets, Less Liabilities — 0.4%				138,615


Net Assets — 100.0%			$	34,835,207

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	70,000	$	—	$	(60,000	)^(a)	$	—	$	—	$	10,000		10	$	231	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	34,686,592	$	—	$	34,686,592
Money Market Funds		10,000		—		—		10,000

	$ 10,000		$34,686,592		$ —		$34,696,592

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2022

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 — 99.4%
U.S. Treasury Note/Bond
0.75%, 01/31/28	$	1,000	$	883,086
1.00%, 07/31/28		1,520		1,349,741
1.13%, 02/29/28		1,812		1,635,059
1.13%, 08/31/28		1,629		1,455,599
1.25%, 03/31/28		889		805,758
1.25%, 04/30/28		700		634,129
1.25%, 06/30/28		1,540		1,391,083
1.25%, 09/30/28		560		503,803
1.38%, 10/31/28		1,100		996,531
1.50%, 11/30/28		1,565		1,427,757
2.75%, 02/15/28		1,561		1,543,210
2.88%, 05/15/28		1,822		1,812,434


Security	Par (000)		Value

U.S. Government Obligations (continued)
2.88%, 08/15/28	$	1,535	$	1,526,505
3.13%, 11/15/28		1,186		1,196,631

				17,161,326


Total U.S. Government Obligations — 99.4% (Cost: $18,987,081)				17,161,326


Total Investments in Securities — 99.4% (Cost: $18,987,081)				17,161,326

Other Assets, Less Liabilities — 0.6%				106,532


Net Assets — 100.0%			$	17,267,858

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)	$	40,000	$	—	$	(40,000	)^(b)	$	—	$	—	$	—		—	$	9	$	—

^(a)	As of period end, the entity is no longer held.

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	17,161,326	$	—	$	17,161,326

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, 2022

iShares^® iBonds^® Dec 2029 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
1.63%, 08/15/29	$	2,745	$	2,512,685
1.75%, 01/31/29		3,300		3,056,883
1.75%, 11/15/29		1,996		1,839,970
1.88%, 02/28/29		2,593		2,421,432
2.38%, 05/15/29		3,256		3,136,883
2.63%, 02/15/29		4,095		4,011,500

				16,979,353


Total U.S. Government Obligations — 99.1% (Cost: $18,729,726)				16,979,353


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(b)		30		30,000


Total Short-Term Investments — 0.2% (Cost: $30,000)				30,000


Total Investments in Securities — 99.3% (Cost: $18,759,726)				17,009,353

Other Assets, Less Liabilities — 0.7%				113,366


Net Assets — 100.0%			$	17,122,719

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	180,000	$	—	$	(150,000	)^(a)	$	—	$	—	$	30,000		30	$	125	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	16,979,353	$	—	$	16,979,353
Money Market Funds		30,000		—		—		30,000

	$ 30,000		$16,979,353		$ —		$17,009,353

See notes to financial statements.


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

Schedule of Investments (unaudited)

April 30, 2022

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 — 99.3%
U.S. Treasury Note/Bond
0.63%, 05/15/30	$	20,988	$	17,562,275
0.63%, 08/15/30		25,842		21,510,603
0.88%, 11/15/30		27,616		23,400,245
1.50%, 02/15/30		14,746		13,301,443

				75,774,566


Total U.S. Government Obligations — 99.3% (Cost: $80,426,205)				75,774,566


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(a)(b)		320		320,000


Total Short-Term Investments — 0.4% (Cost: $320,000)				320,000


Total Investments in Securities — 99.7% (Cost: $80,746,205)				76,094,566

Other Assets, Less Liabilities — 0.3%				253,029


Net Assets — 100.0%			$	76,347,595

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	625,040	$	—	$	(305,040	)^(a)	$	—	$	—	$	320,000		320	$	131	^(b)	$	—

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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	75,774,566	$	—	$	75,774,566
Money Market Funds		320,000		—		—		320,000

	$ 320,000		$75,774,566		$ —		$76,094,566

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, 2022

iShares^® iBonds^® Dec 2031 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations

U.S. Government Obligations — 99.4%
U.S. Treasury Note/Bond
1.13%, 02/15/31	$	1,185	$	1,022,624
1.25%, 08/15/31		1,272		1,101,671
1.38%, 11/15/31		1,182		1,031,957
1.63%, 05/15/31		1,348		1,211,568

				4,367,820


Total U.S. Government Obligations — 99.4% (Cost: $4,797,389)				4,367,820


Total Investments in Securities — 99.4% (Cost: $4,797,389)				4,367,820

Other Assets, Less Liabilities — 0.6%				28,029


Net Assets — 100.0%			$	4,395,849

Affiliates


Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)	$	—	$	—	$	0	^(b)	$	—	$	—	$	—		—	$	45	^(c)	$	—

^(a)	As of period end, the entity is no longer held.

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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	4,367,820	$	—	$	4,367,820

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

April 30, 2022


	iShares iBonds Dec 2022 Term Treasury ETF			iShares iBonds Dec 2023 Term Treasury ETF			iShares iBonds Dec 2024 Term Treasury ETF			iShares iBonds Dec 2025 Term Treasury ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	50,648,939		$	92,793,442		$	174,958,553		$	71,309,326
Affiliated^(c)		4,145,000			4,967,393			1,016,988			230,000
Cash		6,371			4,051			6,685			1,365
Receivables:
Investments sold		2,424,200			—			—			—
Securities lending income — Affiliated		516			224			112			66
Capital shares sold		114,601			—			—			—
Dividends		512			367			123			73
Interest		156,840			601,125			654,480			426,461

Total assets		57,496,979			98,366,602			176,636,941			71,967,291


LIABILITIES
Collateral on securities loaned, at value		2,045,000			3,370,393			468,988			—
Payables:
Investments purchased		3,513,578			—			—			—
Investment advisory fees		2,528			4,247			7,843			4,287

Total liabilities		5,561,106			3,374,640			476,831			4,287


NET ASSETS	$	51,935,873		$	94,991,962		$	176,160,110		$	71,963,004


NET ASSETS CONSIST OF:
Paid-in capital	$	52,122,600		$	96,367,799		$	179,430,516		$	75,804,312
Accumulated loss		(186,727	)		(1,375,837	)		(3,270,406	)		(3,841,308	)

NET ASSETS	$	51,935,873		$	94,991,962		$	176,160,110		$	71,963,004


Shares outstanding		2,050,000			3,800,000			7,200,000			3,000,000

Net asset value	$	25.33		$	25.00		$	24.47		$	23.99

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a) Securities loaned, at value	$	1,998,240		$	3,294,675		$	457,591		$	—
^(b) Investments, at cost — Unaffiliated	$	50,791,649		$	93,947,951		$	178,139,697		$	74,814,532
^(c) Investments, at cost — Affiliated	$	4,145,000		$	4,967,393		$	1,016,988		$	230,000

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, 2022


	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

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	94,937,546		$	34,686,592		$	17,161,326		$	16,979,353
Affiliated^(b)		110,000			10,000			—			30,000
Cash		9,671			3,437			6,291			8,443
Receivables:
Securities lending income — Affiliated		125			73			—			54
Dividends		26			3			—			10
Interest		500,548			136,974			101,243			105,843

Total assets		95,557,916			34,837,079			17,268,860			17,123,703


LIABILITIES
Payables:
Investment advisory fees		4,071			1,872			1,002			984

Total liabilities		4,071			1,872			1,002			984


NET ASSETS	$	95,553,845		$	34,835,207		$	17,267,858		$	17,122,719


NET ASSETS CONSIST OF:
Paid-in capital	$	99,618,552		$	37,867,284		$	19,601,748		$	19,532,330
Accumulated loss		(4,064,707	)		(3,032,077	)		(2,333,890	)		(2,409,611	)

NET ASSETS	$	95,553,845		$	34,835,207		$	17,267,858		$	17,122,719


Shares outstanding		4,050,000			1,500,000			750,000			750,000

Net asset value	$	23.59		$	23.22		$	23.02		$	22.83

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a) Investments, at cost — Unaffiliated	$	98,758,753		$	37,201,790		$	18,987,081		$	18,729,726
^(b) Investments, at cost — Affiliated	$	110,000		$	10,000		$	—		$	30,000

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2022


	iShares iBonds Dec 2030 Term Treasury ETF			iShares iBonds Dec 2031 Term Treasury ETF

ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	75,774,566		$	4,367,820
Affiliated^(b)		320,000			—
Cash		4,718			4,611
Receivables:
Dividends		59			—
Interest		251,278			23,657

Total assets		76,350,621			4,396,088


LIABILITIES
Payables:
Investment advisory fees		3,026			239

Total liabilities		3,026			239


NET ASSETS	$	76,347,595		$	4,395,849


NET ASSETS CONSIST OF:
Paid-in capital	$	80,970,835		$	4,834,536
Accumulated loss		(4,623,240	)		(438,687	)

NET ASSETS	$	76,347,595		$	4,395,849


Shares outstanding		3,650,000			200,000

Net asset value	$	20.92		$	21.98

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Investments, at cost — Unaffiliated	$	80,426,205		$	4,797,389
^(b) Investments, at cost — Affiliated	$	320,000		$	—

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, 2022


	iShares iBonds Dec 2022 Term Treasury ETF			iShares iBonds Dec 2023 Term Treasury ETF			iShares iBonds Dec 2024 Term Treasury ETF			iShares iBonds Dec 2025 Term Treasury ETF

INVESTMENT INCOME
Dividends — Affiliated	$	1,175		$	460		$	155		$	120
Interest — Unaffiliated		45,147			150,886			372,918			289,096
Securities lending income — Affiliated — net		846			250			288			85

Total investment income		47,168			151,596			373,361			289,301


EXPENSES
Investment advisory fees		21,611			21,927			25,171			16,765

Total expenses		21,611			21,927			25,171			16,765

Less:
Investment advisory fees waived		(730	)		(166	)		(53	)		(81	)

Total expenses after fees waived		20,881			21,761			25,118			16,684

Net investment income		26,287			129,835			348,243			272,617


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(35	)		(141,486	)		(190,935	)		(340,785	)
In-kind redemptions — Unaffiliated		(53,599	)		(129,629	)		—			(77,351	)

Net realized loss		(53,634	)		(271,115	)		(190,935	)		(418,136	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(146,659	)		(1,032,214	)		(3,036,733	)		(3,242,255	)

Net change in unrealized appreciation (depreciation)		(146,659	)		(1,032,214	)		(3,036,733	)		(3,242,255	)

Net realized and unrealized loss		(200,293	)		(1,303,329	)		(3,227,668	)		(3,660,391	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(174,006	)	$	(1,173,494	)	$	(2,879,425	)	$	(3,387,774	)

See notes to financial statements.


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

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2022


	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

INVESTMENT INCOME
Dividends — Affiliated	$	38		$	18		$	9		$	27
Interest — Unaffiliated		285,250			178,074			102,297			82,561
Securities lending income — Affiliated — net		214			213			—			98

Total investment income		285,502			178,305			102,306			82,686


EXPENSES
Investment advisory fees		14,319			10,845			6,378			5,913

Total expenses		14,319			10,845			6,378			5,913

Less:
Investment advisory fees waived		(21	)		(19	)		(9	)		(36	)

Total expenses after fees waived		14,298			10,826			6,369			5,877

Net investment income		271,204			167,479			95,937			76,809


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(227,686	)		(521,122	)		(298,648	)		(636,989	)
In-kind redemptions — Unaffiliated		—			—			—			(34,936	)

Net realized loss		(227,686	)		(521,122	)		(298,648	)		(671,925	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(3,558,867	)		(1,978,232	)		(1,277,467	)		(867,623	)

Net change in unrealized appreciation (depreciation)		(3,558,867	)		(1,978,232	)		(1,277,467	)		(867,623	)

Net realized and unrealized loss		(3,786,553	)		(2,499,354	)		(1,576,115	)		(1,539,548	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,515,349	)	$	(2,331,875	)	$	(1,480,178	)	$	(1,462,739	)

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, 2022


	iShares iBonds Dec 2030 Term Treasury ETF			iShares iBonds Dec 2031 Term Treasury ETF

INVESTMENT INCOME
Dividends — Affiliated	$	112		$	—
Interest — Unaffiliated		247,928			26,144
Securities lending income — Affiliated — net		19			45

Total investment income		248,059			26,189


EXPENSES
Investment advisory fees		9,913			1,139

Total expenses		9,913			1,139

Less:
Investment advisory fees waived		(39	)		(1	)

Total expenses after fees waived		9,874			1,138

Net investment income		238,185			25,051


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		—			(9,539	)
In-kind redemptions — Unaffiliated		(7,602	)		(7,269	)

Net realized loss		(7,602	)		(16,808	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(4,507,469	)		(397,903	)

Net change in unrealized appreciation (depreciation)		(4,507,469	)		(397,903	)

Net realized and unrealized loss		(4,515,071	)		(414,711	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,276,886	)	$	(389,660	)

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares iBonds Dec 2022 Term Treasury ETF						iShares iBonds Dec 2023 Term Treasury ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	26,287		$	43,067		$	129,835		$	118,413
Net realized gain (loss)		(53,634	)		1,788			(271,115	)		(13,574	)
Net change in unrealized appreciation (depreciation)		(146,659	)		(34,822	)		(1,032,214	)		(316,548	)

Net increase (decrease) in net assets resulting from operations		(174,006	)		10,033			(1,173,494	)		(211,709	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(25,869	)		(51,622	)		(78,214	)		(114,767	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(29,197,139	)		77,542,926			27,247,144			51,326,943


NET ASSETS
Total increase (decrease) in net assets		(29,397,014	)		77,501,337			25,995,436			51,000,467
Beginning of period		81,332,887			3,831,550			68,996,526			17,996,059

End of period	$	51,935,873		$	81,332,887		$	94,991,962		$	68,996,526

^(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 2024 Term Treasury ETF						iShares iBonds Dec 2025 Term Treasury ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	348,243		$	101,861		$	272,617		$	115,175
Net realized gain (loss)		(190,935	)		(75,949	)		(418,136	)		40,840
Net change in unrealized appreciation (depreciation)		(3,036,733	)		(350,886	)		(3,242,255	)		(555,962	)

Net decrease in net assets resulting from operations		(2,879,425	)		(324,974	)		(3,387,774	)		(399,947	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(181,569	)		(110,304	)		(196,776	)		(114,346	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		131,964,282			34,727,789			53,924,348			6,495,478


NET ASSETS
Total increase in net assets		128,903,288			34,292,511			50,339,798			5,981,185
Beginning of period		47,256,822			12,964,311			21,623,206			15,642,021

End of period	$	176,160,110		$	47,256,822		$	71,963,004		$	21,623,206

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2026 Term Treasury ETF						iShares iBonds Dec 2027 Term Treasury ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	271,204		$	117,766		$	167,479		$	153,841
Net realized gain (loss)		(227,686	)		(43,584	)		(521,122	)		147,844
Net change in unrealized appreciation (depreciation)		(3,558,867	)		(577,405	)		(1,978,232	)		(629,663	)

Net decrease in net assets resulting from operations		(3,515,349	)		(503,223	)		(2,331,875	)		(327,978	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(185,459	)		(121,486	)		(151,296	)		(138,686	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		82,793,002			(5,143,801	)		5,875,266			17,505,219


NET ASSETS
Total increase (decrease) in net assets		79,092,194			(5,768,510	)		3,392,095			17,038,555
Beginning of period		16,461,651			22,230,161			31,443,112			14,404,557

End of period	$	95,553,845		$	16,461,651		$	34,835,207		$	31,443,112

^(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 2028 Term Treasury ETF						iShares iBonds Dec 2029 Term Treasury ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	95,937		$	199,337		$	76,809		$	146,864
Net realized gain (loss)		(298,648	)		55,690			(671,925	)		(6,037	)
Net change in unrealized appreciation (depreciation)		(1,277,467	)		(627,887	)		(867,623	)		(1,040,934	)

Net decrease in net assets resulting from operations		(1,480,178	)		(372,860	)		(1,462,739	)		(900,107	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(103,608	)		(181,730	)		(65,967	)		(151,665	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			4,938,936			1,139,620			(5,081,745	)


NET ASSETS
Total increase (decrease) in net assets		(1,583,786	)		4,384,346			(389,086	)		(6,133,517	)
Beginning of period		18,851,644			14,467,298			17,511,805			23,645,322

End of period	$	17,267,858		$	18,851,644		$	17,122,719		$	17,511,805

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2030 Term Treasury ETF						iShares iBonds Dec 2031 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited	)		Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited	)		Period From 07/13/21 to 10/31/21	^(a)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	238,185		$	22,877		$	25,051		$	9,743
Net realized gain (loss)		(7,602	)		(32,495	)		(16,808	)		2,149
Net change in unrealized appreciation (depreciation)		(4,507,469	)		(106,668	)		(397,903	)		(31,666	)

Net decrease in net assets resulting from operations		(4,276,886	)		(116,286	)		(389,660	)		(19,774	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(160,698	)		(21,081	)		(23,289	)		(5,964	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		77,292,536			1,171,868			2,343,641			2,490,895


NET ASSETS
Total increase in net assets		72,854,952			1,034,501			1,930,692			2,465,157
Beginning of period		3,492,643			2,458,142			2,465,157			—

End of period	$	76,347,595		$	3,492,643		$	4,395,849		$	2,465,157

^(a)	Commencement of operations.

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds Dec 2022 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21					Period From 02/25/20 to 10/31/20	^(a)


Net asset value, beginning of period			$	25.42			$	25.54		$	25.05

Net investment income^(b)				0.01				0.02			0.13
Net realized and unrealized gain (loss)^(c)				(0.09	)			0.01			0.47

Net increase (decrease) from investment operations				(0.08	)			0.03			0.60


Distributions^(d)
From net investment income				(0.01	)			(0.06	)		(0.11	)
From net realized gain				—				(0.09	)		—

Total distributions				(0.01	)			(0.15	)		(0.11	)


Net asset value, end of period			$	25.33			$	25.42		$	25.54


Total Return^(e)
Based on net asset value				(0.26	)%^(f)			0.09	%		2.41	%^(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				0.09	%^(h)			0.09	%		0.76	%^(h)


Supplemental Data
Net assets, end of period (000)			$	51,936			$	81,333		$	3,832

Portfolio turnover rate⁽ⁱ⁾				0	%^(f)			5	%		29	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2023 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21					Period From 02/25/20 to 10/31/20	^(a)


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

Net investment income^(b)				0.05				0.07			0.11
Net realized and unrealized gain (loss)^(c)				(0.57	)			(0.15	)		0.70

Net increase (decrease) from investment operations				(0.52	)			(0.08	)		0.81


Distributions^(d)
From net investment income				(0.03	)			(0.08	)		(0.09	)

Total distributions				(0.03	)			(0.08	)		(0.09	)


Net asset value, end of period			$	25.00			$	25.55		$	25.71


Total Return^(e)
Based on net asset value				(2.04	)%^(f)			(0.30	)%		3.25	%^(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				0.41	%^(h)			0.28	%		0.63	%^(h)


Supplemental Data
Net assets, end of period (000)			$	94,992			$	68,997		$	17,996

Portfolio turnover rate⁽ⁱ⁾				20	%^(f)			10	%		1	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2024 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21					Period From 02/25/20 to 10/31/20	^(a)


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

Net investment income^(b)				0.12				0.12			0.12
Net realized and unrealized gain (loss)^(c)				(1.12	)			(0.35	)		0.87

Net increase (decrease) from investment operations				(1.00	)			(0.23	)		0.99


Distributions^(d)
From net investment income				(0.07	)			(0.14	)		(0.10	)
From net realized gain				—				(0.02	)		—

Total distributions				(0.07	)			(0.16	)		(0.10	)


Net asset value, end of period			$	24.47			$	25.54		$	25.93


Total Return^(e)
Based on net asset value				(3.96	)%^(f)			(0.90	)%		3.95	%^(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				0.97	%^(h)			0.46	%		0.69	%^(h)


Supplemental Data
Net assets, end of period (000)			$	176,160			$	47,257		$	12,964

Portfolio turnover rate⁽ⁱ⁾				13	%^(f)			112	%		7	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2025 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21					Period From 02/25/20 to 10/31/20	^(a)


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

Net investment income^(b)				0.14				0.15			0.13
Net realized and unrealized gain (loss)^(c)				(1.49	)			(0.62	)		0.97

Net increase (decrease) from investment operations				(1.35	)			(0.47	)		1.10


Distributions^(d)
From net investment income				(0.10	)			(0.16	)		(0.10	)

Total distributions				(0.10	)			(0.16	)		(0.10	)


Net asset value, end of period			$	23.99			$	25.44		$	26.07


Total Return^(e)
Based on net asset value				(5.35	)%^(f)			(1.83	)%		4.39	%^(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				1.14	%^(h)			0.58	%		0.71	%^(h)


Supplemental Data
Net assets, end of period (000)			$	71,963			$	21,623		$	15,642

Portfolio turnover rate⁽ⁱ⁾				23	%^(f)			15	%		2	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2026 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21					Period From 02/25/20 to 10/31/20	^(a)


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

Net investment income^(b)				0.16				0.16			0.12
Net realized and unrealized gain (loss)^(c)				(1.79	)			(0.82	)		1.11

Net increase (decrease) from investment operations				(1.63	)			(0.66	)		1.23


Distributions^(d)
From net investment income				(0.11	)			(0.16	)		(0.10	)

Total distributions				(0.11	)			(0.16	)		(0.10	)


Net asset value, end of period			$	23.59			$	25.33		$	26.15


Total Return^(e)
Based on net asset value				(6.42	)%^(f)			(2.55	)%		4.90	%^(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				1.33	%^(h)			0.62	%		0.69	%^(h)


Supplemental Data
Net assets, end of period (000)			$	95,554			$	16,462		$	22,230

Portfolio turnover rate⁽ⁱ⁾				12	%^(f)			41	%		5	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2027 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21					Period From 02/25/20 to 10/31/20	^(a)


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

Net investment income^(b)				0.13				0.20			0.12
Net realized and unrealized gain (loss)^(c)				(1.94	)			(1.06	)		1.11

Net increase (decrease) from investment operations				(1.81	)			(0.86	)		1.23


Distributions^(d)

From net investment income				(0.12	)			(0.18	)		(0.09	)

Total distributions				(0.12	)			(0.18	)		(0.09	)


Net asset value, end of period			$	23.22			$	25.15		$	26.19


Total Return^(e)
Based on net asset value				(7.21	)%^(f)			(3.31	)%		4.92	%^(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				1.08	%^(h)			0.78	%		0.66	%^(h)


Supplemental Data
Net assets, end of period (000)			$	34,835			$	31,443		$	14,405


Portfolio turnover rate⁽ⁱ⁾				25	%^(f)			18	%		45	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2028 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21					Period From 02/25/20 to 10/31/20	^(a)


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

Net investment income^(b)				0.13				0.21			0.13
Net realized and unrealized gain (loss)^(c)				(2.11	)			(1.17	)		1.13

Net increase (decrease) from investment operations				(1.98	)			(0.96	)		1.26


Distributions^(d)

From net investment income				(0.14	)			(0.20	)		(0.10	)

Total distributions				(0.14	)			(0.20	)		(0.10	)


Net asset value, end of period			$	23.02			$	25.14		$	26.30


Total Return^(e)
Based on net asset value				(7.87	)%^(f)			(3.71	)%		5.01	%^(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				1.05	%^(h)			0.83	%		0.71	%^(h)


Supplemental Data

Net assets, end of period (000)			$	17,268			$	18,852		$	14,467

Portfolio turnover rate⁽ⁱ⁾				28	%^(f)			73	%		10	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2029 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21					Period From 02/25/20 to 10/31/20	^(a)


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


Net investment income^(b)				0.11				0.19			0.14
Net realized and unrealized gain (loss)^(c)				(2.21	)			(1.25	)		1.20

Net increase (decrease) from investment operations				(2.10	)			(1.06	)		1.34


Distributions^(d)

From net investment income				(0.09	)			(0.19	)		(0.11	)

Total distributions				(0.09	)			(0.19	)		(0.11	)


Net asset value, end of period			$	22.83			$	25.02		$	26.27


Total Return^(e)
Based on net asset value				(8.37	)%^(f)			(4.08	)%		5.35	%^(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				0.91	%^(h)			0.74	%		0.78	%^(h)


Supplemental Data
Net assets, end of period (000)			$	17,123			$	17,512		$	23,645


Portfolio turnover rate⁽ⁱ⁾				37	%^(f)			0	%^(j)		19	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

^(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 2030 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21					Period From 07/14/20 to 10/31/20	^(a)


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


Net investment income^(b)				0.18				0.20			0.04
Net realized and unrealized loss^(c)				(2.41	)			(1.32	)		(0.49	)

Net decrease from investment operations				(2.23	)			(1.12	)		(0.45	)


Distributions^(d)
From net investment income				(0.13	)			(0.18	)		(0.03	)

Total distributions				(0.13	)			(0.18	)		(0.03	)


Net asset value, end of period			$	20.92			$	23.28		$	24.58


Total Return^(e)
Based on net asset value				(9.65	)%^(f)			(4.58	)%		(1.81	)%^(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				1.68	%^(h)			0.83	%		0.53	%^(h)


Supplemental Data
Net assets, end of period (000)			$	76,348			$	3,493		$	2,458


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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

^(j)	Rounds to less than 1%.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2031 Term Treasury ETF
		Six Months Ended 04/30/22 (unaudited)					Period From 07/13/21 to 10/31/21	^(a)


Net asset value, beginning of period			$	24.65		$	24.91


Net investment income^(b)				0.18			0.10
Net realized and unrealized loss^(c)				(2.66	)		(0.30	)

Net decrease from investment operations				(2.48	)		(0.20	)


Distributions^(d)
From net investment income				(0.17	)		(0.06	)
From net realized gain				(0.02	)		—

Total distributions				(0.19	)		(0.06	)


Net asset value, end of period			$	21.98		$	24.65


Total Return^(e)
Based on net asset value				(10.15	)%^(f)		(0.81	)%^(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				1.54	%^(h)		1.29	%^(h)


Supplemental Data
Net assets, end of period (000)			$	4,396		$	2,465

Portfolio turnover rate⁽ⁱ⁾				22	%^(f)		26	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L 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 2022 Term Treasury		Non-diversified
iBonds Dec 2023 Term Treasury		Non-diversified
iBonds Dec 2024 Term Treasury		Non-diversified
iBonds Dec 2025 Term Treasury		Non-diversified
iBonds Dec 2026 Term Treasury		Non-diversified
iBonds Dec 2027 Term Treasury		Non-diversified
iBonds Dec 2028 Term Treasury		Non-diversified
iBonds Dec 2029 Term Treasury		Non-diversified
iBonds Dec 2030 Term Treasury		Diversified
iBonds Dec 2031 Term Treasury		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value.

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

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

•

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


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

Notes to Financial Statements (unaudited) (continued)

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 the Manager 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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, 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.


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)

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		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

iBonds Dec 2022 Term Treasury Barclays Capital Inc.	$	1,998,240	$	1,998,240		$	—	$	—

iBonds Dec 2023 Term Treasury Goldman Sachs & Co. LLC	$	3,294,675	$	3,294,675		$	—	$	—

iBonds Dec 2024 Term Treasury Barclays Capital Inc.	$	457,591	$	457,591		$	—	$	—

^(a)

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

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

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each 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 Statement 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, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived
iBonds Dec 2022 Term Treasury	$	730
iBonds Dec 2023 Term Treasury		166
iBonds Dec 2024 Term Treasury		53
iBonds Dec 2025 Term Treasury		81
iBonds Dec 2026 Term Treasury		21
iBonds Dec 2027 Term Treasury		19
iBonds Dec 2028 Term Treasury		9
iBonds Dec 2029 Term Treasury		36
iBonds Dec 2030 Term Treasury		39
iBonds Dec 2031 Term Treasury		1

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

Notes to Financial Statements (unaudited) (continued)

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, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC
iBonds Dec 2022 Term Treasury	$	356
iBonds Dec 2023 Term Treasury		104
iBonds Dec 2024 Term Treasury		122
iBonds Dec 2025 Term Treasury		36
iBonds Dec 2026 Term Treasury		83
iBonds Dec 2027 Term Treasury		87
iBonds Dec 2029 Term Treasury		40
iBonds Dec 2030 Term Treasury		1
iBonds Dec 2031 Term Treasury		19

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, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


	U.S. Government Securities
iShares ETF	Purchases		Sales
iBonds Dec 2022 Term Treasury	$	—	$	8,558,100
iBonds Dec 2023 Term Treasury		12,938,417		12,866,062
iBonds Dec 2024 Term Treasury		11,183,421		11,010,216
iBonds Dec 2025 Term Treasury		12,354,088		11,563,339
iBonds Dec 2026 Term Treasury		5,505,357		5,345,172
iBonds Dec 2027 Term Treasury		8,107,230		7,953,893
iBonds Dec 2028 Term Treasury		5,241,013		5,102,208
iBonds Dec 2029 Term Treasury		6,424,445		6,155,238
iBonds Dec 2031 Term Treasury		726,657		726,643


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, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds Dec 2022 Term Treasury	$	11,944,047	$	38,407,198
iBonds Dec 2023 Term Treasury		55,320,330		28,763,853
iBonds Dec 2024 Term Treasury		131,116,776		—
iBonds Dec 2025 Term Treasury		85,165,384		32,089,540
iBonds Dec 2026 Term Treasury		82,264,755		—
iBonds Dec 2027 Term Treasury		5,853,149		—
iBonds Dec 2029 Term Treasury		2,367,322		1,237,727
iBonds Dec 2030 Term Treasury		77,831,908		1,121,016
iBonds Dec 2031 Term Treasury		3,514,931		1,184,127

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, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
iBonds Dec 2023 Term Treasury	$	13,574
iBonds Dec 2024 Term Treasury		75,949
iBonds Dec 2025 Term Treasury		7,793
iBonds Dec 2026 Term Treasury		110,914
iBonds Dec 2027 Term Treasury		34,283
iBonds Dec 2028 Term Treasury		227,713
iBonds Dec 2029 Term Treasury		8,040
iBonds Dec 2030 Term Treasury		43,179

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
iBonds Dec 2022 Term Treasury	$	54,936,654	$	—	$	(142,715	)	$	(142,715	)
iBonds Dec 2023 Term Treasury		98,915,344		—		(1,154,509	)		(1,154,509	)
iBonds Dec 2024 Term Treasury		179,156,685		—		(3,181,144	)		(3,181,144	)
iBonds Dec 2025 Term Treasury		75,044,532		—		(3,505,206	)		(3,505,206	)
iBonds Dec 2026 Term Treasury		98,868,753		—		(3,821,207	)		(3,821,207	)
iBonds Dec 2027 Term Treasury		37,211,790		—		(2,515,198	)		(2,515,198	)
iBonds Dec 2028 Term Treasury		18,987,081		—		(1,825,755	)		(1,825,755	)
iBonds Dec 2029 Term Treasury		18,759,726		—		(1,750,373	)		(1,750,373	)
iBonds Dec 2030 Term Treasury		80,747,629		—		(4,653,063	)		(4,653,063	)
iBonds Dec 2031 Term Treasury		4,797,389		—		(429,569	)		(429,569	)

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 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.


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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

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

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

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 04/30/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares		Amount
iBonds Dec 2022 Term Treasury
Shares sold		500,000		$	12,675,338			3,050,000	$	77,542,926
Shares redeemed		(1,650,000	)		(41,872,477	)		—		—

Net increase (decrease)		(1,150,000	)	$	(29,197,139)			3,050,000	$	77,542,926


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 04/30/22						Year Ended 10/31/21

iShares ETF	Shares			Amount			Shares			Amount

iBonds Dec 2023 Term Treasury
Shares sold		2,250,000		$	56,454,693			2,000,000		$	51,326,943
Shares redeemed		(1,150,000	)		(29,207,549	)		—			—

Net increase		1,100,000		$	27,247,144			2,000,000		$	51,326,943

iBonds Dec 2024 Term Treasury
Shares sold		5,350,000		$	131,964,282			1,350,000		$	34,727,789


iBonds Dec 2025 Term Treasury
Shares sold		3,500,000		$	86,306,548			350,000		$	9,067,515
Shares redeemed		(1,350,000	)		(32,382,200	)		(100,000	)		(2,572,037	)

Net increase		2,150,000		$	53,924,348			250,000		$	6,495,478


iBonds Dec 2026 Term Treasury
Shares sold		3,400,000		$	82,793,002			—		$	—
Shares redeemed		—			—			(200,000	)		(5,143,801	)

Net increase (decrease)		3,400,000		$	82,793,002			(200,000	)	$	(5,143,801	)


iBonds Dec 2027 Term Treasury
Shares sold		250,000		$	5,875,266			1,200,000		$	30,414,180
Shares redeemed		—			—			(500,000	)		(12,908,961	)

Net increase		250,000		$	5,875,266			700,000		$	17,505,219


iBonds Dec 2028 Term Treasury
Shares sold		—		$	—			1,250,000		$	32,040,269
Shares redeemed		—			—			(1,050,000	)		(27,101,333	)

Net increase		—		$	—			200,000		$	4,938,936


iBonds Dec 2029 Term Treasury
Shares sold		100,000		$	2,396,739			100,000		$	2,592,414
Shares redeemed		(50,000	)		(1,257,119	)		(300,000	)		(7,674,159	)

Net increase (decrease)		50,000		$	1,139,620			(200,000	)	$	(5,081,745	)


iBonds Dec 2030 Term Treasury
Shares sold		3,550,000		$	78,421,624			50,000		$	1,171,868
Shares redeemed		(50,000	)		(1,129,088	)		—			—

Net increase		3,500,000		$	77,292,536			50,000		$	1,171,868




	Six Months Ended 04/30/22						Period Ended 10/31/21

iShares ETF	Shares			Amount			Shares		Amount

iBonds Dec 2031 Term Treasury
Shares sold		150,000		$	3,536,713			100,000	$	2,490,895
Shares redeemed		(50,000	)		(1,193,072	)		—		—

Net increase		100,000		$	2,343,641			100,000	$	2,490,895

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.


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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 2022 Term Treasury ETF, 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 and iShares iBonds Dec 2031 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, 2021 (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 40 Act 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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
iBonds Dec 2023 Term Treasury^(a)	$	0.032175	$	—	$	0.001548	$	0.033723		95	%		—	%		5	%		100	%
iBonds Dec 2024 Term Treasury^(a)		0.061177		—		0.004059		0.065236		94			—			6			100
iBonds Dec 2025 Term Treasury		0.096690		—		—		0.096690		100			—			—			100
iBonds Dec 2026 Term Treasury^(a)		0.106126		—		0.001660		0.107786		98			—			2			100
iBonds Dec 2027 Term Treasury^(a)		0.119249		—		0.000821		0.120070		99			—			1			100
iBonds Dec 2028 Term Treasury^(a)		0.138137		—		0.000007		0.138144		100			—			0	^(b)		100
iBonds Dec 2029 Term Treasury^(a)		0.094096		—		0.000143		0.094239		100			—			0	^(b)		100
iBonds Dec 2030 Term Treasury		0.126909		—		—		0.126909		100			—			—			100
iBonds Dec 2031 Term Treasury		0.167034		0.021490		—		0.188524		89			11			—			100

^(a)

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

^(b)

Rounds to less than 1%.


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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.


G E N E R A L I N F O R M A T I O N		55

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.

iS-SAR-1024-0422