
		OCTOBER 31, 2022

2022 Annual Report

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

iShares iBonds Dec 2032 Term Treasury ETF | IBTM | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(5.50)%	(14.61)%

U.S. small cap equities (Russell 2000^® Index)	(0.20)	(18.54)

International equities (MSCI Europe, Australasia, Far East Index)	(12.70)	(23.00)

Emerging market equities (MSCI Emerging Markets Index)	(19.66)	(31.03)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.72	0.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(8.24)	(17.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.86)	(15.68)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.43)	(11.98)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.71)	(11.76)

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


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

Table of Contents


	Page

The Markets in Review		2

Annual Report:

Market Overview		4

Fund Summary		5

About Fund Performance		26

Disclosure of Expenses		26

Schedules of Investments		27

Financial Statements:

Statements of Assets and Liabilities		38

Statements of Operations		41

Statements of Changes in Net Assets		44

Financial Highlights		50

Notes to Financial Statements		61

Report of Independent Registered Public Accounting Firm		70

Important Tax Information		71

Board Review and Approval of Investment Advisory Contract		72

Supplemental Information		76

Trustee and Officer Information		77

General Information		80

Market Overview

iShares Trust

U. S. Treasury Bond Market Overview

U. S. Treasuries experienced sizable price declines in the 12 months ended October 31, 2022 (“reporting period”). The ICE BofA 1 – 10 Year U.S. Treasury Index, which tracks short- and intermediate-maturity U.S. Treasuries, returned -8.96%%.

The U.S. Federal Reserve’s (Fed’s) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year’s fourth calendar quarter. The inflation picture soon grew even more challenging following Russia’s invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.

The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed’s rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.

These circumstances weighed heavily on the U.S. Treasury market. The yield on the two-year note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. At its peak on October 24, the 10-year note traded with its highest yield in nearly 15 years. These movements caused the yield curve to invert significantly over the last four months of the reporting period, a relatively rare scenario in which short-term yields trade above those on longer-term debt. The curve moved to its largest inversion since 1982 in late September, with the two-year trading with a yield more than half a percentage point above the 10-year. In the past, inversions have often—but not always—been a precursor to a recession. The past year was also notable for the extraordinarily high level of volatility. In fact, U.S. Treasuries suffered their highest volatility since the 2008 financial crisis based on the ICE BofA MOVE Index. Another unusual development was the extent of the market’s decline: as of the end of October, Treasuries were on pace for one of their worst showings in a calendar year in history. Together, these factors help illustrate the atypical and difficult nature of market environment over the past 12 months.


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

Fund Summary as of October 31, 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

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		0.48	%		1.10	%		0.48	%		2.99	%
Fund Market		0.40			1.10			0.40			2.99
Index		0.54			1.19			0.54			3.21

LOGO

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

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

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,007.40	$ 0.20			$ 1,000.00	$ 1,025.00	$ 0.20		0.04	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.


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

Fund Summary as of October 31, 2022 (continued)

iShares^® iBonds^® Dec 2022 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets
Aaa		22.4	%
Short-Term and Other Assets		77.6

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets
U.S. Treasury Note/Bond, 2.00%, 11/30/22		7.2	%
U.S. Treasury Note/Bond, 1.63%, 11/15/22		6.7
U.S. Treasury Note/Bond, 1.63%, 12/15/22		4.5
U.S. Treasury Note/Bond, 0.13%, 11/30/22		4.0

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.


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

Fund Summary as of October 31, 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

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(2.39	)%		0.18	%		(2.39	)%		0.49	%
Fund Market		(2.37	)		0.22			(2.37	)		0.59
Index		(2.34	)		0.25			(2.34	)		0.67

LOGO

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

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 996.40	$ 0.35			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)


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

Fund Summary as of October 31, 2022 (continued)

iShares^® iBonds^® Dec 2023 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		96.6	%
Short-Term and Other Assets		3.4

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

U.S. Treasury Note/Bond, 0.13%, 06/30/23		8.8	%
U.S. Treasury Note/Bond, 2.88%, 11/30/23		8.4
U.S. Treasury Note/Bond, 0.25%, 09/30/23		7.6
U.S. Treasury Note/Bond, 2.50%, 08/15/23		7.4
U.S. Treasury Note/Bond, 2.75%, 05/31/23		6.9

^(a)

Excludes money market funds.


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

Fund Summary as of October 31, 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

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(5.43	)%		(0.97	)%		(5.43	)%		(2.59	)%
Fund Market		(5.44	)		(0.96	)		(5.44	)		(2.56	)
Index		(5.41	)		(0.93	)		(5.41	)		(2.48	)

LOGO

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

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 984.60	$ 0.35			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)


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

Fund Summary as of October 31, 2022 (continued)

iShares^® iBonds^® Dec 2024 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		97.1	%
Not Rated		2.3
Short-Term and Other Assets		0.6

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

U.S. Treasury Note/Bond, 2.25%, 04/30/24		10.8	%
U.S. Treasury Note/Bond, 0.38%, 09/15/24		10.7
U.S. Treasury Note/Bond, 1.50%, 09/30/24		7.6
U.S. Treasury Note/Bond, 0.25%, 03/15/24		7.5
U.S. Treasury Note/Bond, 0.75%, 11/15/24		5.9

^(a)

Excludes money market funds.


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

Fund Summary as of October 31, 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

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(7.64	)%		(2.03	)%		(7.64	)%		(5.35	)%
Fund Market		(7.66	)		(2.02	)		(7.66	)		(5.33	)
Index		(7.62	)		(1.99	)		(7.62	)		(5.25	)

LOGO

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

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 975.80	$ 0.35			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)


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

Fund Summary as of October 31, 2022 (continued)

iShares^® iBonds^® Dec 2025 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		99.1	%
Short-Term and Other Assets		0.9

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

U.S. Treasury Note/Bond, 2.75%, 05/15/25		10.8	%
U.S. Treasury Note/Bond, 0.25%, 08/31/25		7.8
U.S. Treasury Note/Bond, 3.00%, 10/31/25		7.6
U.S. Treasury Note/Bond, 2.88%, 06/15/25		7.0
U.S. Treasury Note/Bond, 1.50%, 02/15/25		6.9

^(a)

Excludes money market funds.


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

Fund Summary as of October 31, 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

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(9.70	)%		(2.94	)%		(9.70	)%		(7.70	)%
Fund Market		(9.75	)		(2.93	)		(9.75	)		(7.67	)
Index		(9.69	)		(2.92	)		(9.69	)		(7.64	)

LOGO

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

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 964.90	$ 0.35			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)


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

Fund Summary as of October 31, 2022 (continued)

iShares^® iBonds^® Dec 2026 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		99.0	%
Short-Term and Other Assets		1.0

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

U.S. Treasury Note/Bond, 0.88%, 06/30/26		21.9	%
U.S. Treasury Note/Bond, 0.75%, 05/31/26		13.7
U.S. Treasury Note/Bond, 0.75%, 08/31/26		8.8
U.S. Treasury Note/Bond, 0.75%, 03/31/26		7.4
U.S. Treasury Note/Bond, 1.50%, 08/15/26		6.7

^(a)

Excludes money market funds.


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

Fund Summary as of October 31, 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

	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(11.18	)%		(3.81	)%		(11.18	)%		(9.90	)%
Fund Market		(11.22	)		(3.80	)		(11.22	)		(9.87	)
Index		(11.20	)		(3.77	)		(11.20	)		(9.77	)

LOGO

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

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 957.30	$ 0.35			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)


F U N D S U M M A R Y		15

Fund Summary as of October 31, 2022 (continued)

iShares^® iBonds^® Dec 2027 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

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, 2.38%, 05/15/27

10.1

U.S. Treasury Note/Bond, 1.50%, 01/31/27

9.0

U.S. Treasury Note/Bond, 2.25%, 08/15/27

8.7

U.S. Treasury Note/Bond, 0.50%, 10/31/27

7.7

U.S. Treasury Note/Bond, 3.25%, 06/30/27

7.5

^(a)

Excludes money market funds.


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

Fund Summary as of October 31, 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

	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(12.70	)%		(4.54	)%		(12.70	)%		(11.73	)%
Fund Market		(12.73	)		(4.54	)		(12.73	)		(11.72	)
Index		(12.69	)		(4.51	)		(12.69	)		(11.61	)

LOGO

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

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 947.60	$ 0.34			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)


F U N D S U M M A R Y		17

Fund Summary as of October 31, 2022 (continued)

iShares^® iBonds^® Dec 2028 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION


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, 2.88%, 05/15/28

10.4

U.S. Treasury Note/Bond, 2.88%, 08/15/28

8.8

U.S. Treasury Note/Bond, 1.13%, 08/31/28

8.4

U.S. Treasury Note/Bond, 1.25%, 06/30/28

8.1

U.S. Treasury Note/Bond, 1.00%, 07/31/28

7.8

^(a)

Excludes money market funds.


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

Fund Summary as of October 31, 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

	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(13.72	)%		(4.98	)%		(13.72	)%		(12.82	)%
Fund Market		(13.78	)		(4.98	)		(13.78	)		(12.81	)
Index		(13.74	)		(4.96	)		(13.74	)		(12.73	)

LOGO

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

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 941.60	$ 0.34			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)


F U N D S U M M A R Y		19


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2029 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*

Percent of
Net Assets

Aaa

98.7

Short-Term and Other Assets

1.3

FIVE LARGEST HOLDINGS

Security^(a)

Percent of
Net Assets

U.S. Treasury Note/Bond, 2.38%, 05/15/29

18.2

U.S. Treasury Note/Bond, 1.63%, 08/15/29

14.6

U.S. Treasury Note/Bond, 2.63%, 02/15/29

14.5

U.S. Treasury Note/Bond, 1.88%, 02/28/29

14.0

U.S. Treasury Note/Bond, 1.75%, 01/31/29

10.5

^(a)

Excludes money market funds.


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


Fund Summary as of October 31, 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

	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(15.69	)%		(9.74	)%		(15.69	)%		(21.01	)%
Fund Market		(15.71	)		(9.72	)		(15.71	)		(20.96	)
Index		(15.66	)		(9.74	)		(15.66	)		(20.95	)

LOGO

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

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 933.20	$ 0.34			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)


F U N D S U M M A R Y		21


Fund Summary as of October 31, 2022 (continued)		iShares^® iBonds^® Dec 2030 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Ratings^*

Percent of
Net Assets

Aaa

98.8

Short-Term and Other Assets

1.2

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

28.3

U.S. Treasury Note/Bond, 0.63%, 05/15/30

22.7

U.S. Treasury Note/Bond, 1.50%, 02/15/30

17.2

^(a)

Excludes money market funds.


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


		iShares^® iBonds^® Dec 2031 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2031 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2031, as represented by the ICE 2031 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(16.73	)%		(13.63	)%		(16.73	)%		(17.40	)%
Fund Market		(16.79	)		(13.63	)		(16.79	)		(17.39	)
Index		(16.68	)		(13.64	)		(16.68	)		(17.33	)

LOGO

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

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 926.80	$ 0.34			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)


F U N D S U M M A R Y		23


(continued)		iShares^® iBonds^® Dec 2031 Term Treasury ETF

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		98.6	%
Short-Term and Other Assets		1.4

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

U.S. Treasury Note/Bond, 1.38%, 11/15/31		25.2	%
U.S. Treasury Note/Bond, 1.25%, 08/15/31		25.1
U.S. Treasury Note/Bond, 1.63%, 05/15/31		24.7
U.S. Treasury Note/Bond, 1.13%, 02/15/31		23.5

^(a)

Excludes money market funds.


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


Fund Summary as of October 31, 2022		iShares^® iBonds^® Dec 2032 Term Treasury ETF

Investment Objective

The iShares iBonds Dec 2032 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2032, as represented by the ICE 2032 Maturity US Treasury Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Cumulative Total Returns

	Since Inception
Fund NAV		(8.16	)%

Fund Market		(8.22	)
Index		(8.15	)

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

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

Expense Example


Actual						Hypothetical 5% Return


	Beginning Account Value (07/06/22)	^(a)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(b)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio
	$ 1,000.00		$ 918.40	$ 0.22			$ 1,000.00	$ 1,024.90	$ 0.36		0.07	%

^(a)

Commencement of operations.

^(b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 117/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Ratings^*	Percent of Net Assets

Aaa		98.7	%
Short-Term and Other Assets		1.3

FIVE LARGEST HOLDINGS



Security^(a)	Percent of Net Assets

U.S. Treasury Note/Bond, 2.88%, 05/15/32		34.2	%
U.S. Treasury Note/Bond, 1.88%, 02/15/32		32.4
U.S. Treasury Note/Bond, 2.75%, 08/15/32		32.1

^(a)

Excludes money market funds.


F U N D S U M M A R Y		25

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


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

Schedule of Investments

October 31, 2022

iShares^® iBonds^® Dec 2022 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 22.4%
U.S. Treasury Note/Bond
0.13%, 11/30/22	$	8,205	$	8,181,887
1.63%, 11/15/22		13,470		13,461,862
1.63%, 12/15/22		9,050		9,028,314
2.00%, 11/30/22		14,535		14,515,965


				45,188,028


Total Long-Term Investments — 22.4% (Cost: $45,234,969)				45,188,028


Short-Term Securities

Money Market Funds — 76.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		155,220		155,220,000


Total Short-Term Securities — 76.8% (Cost: $155,220,000)				155,220,000


Total Investments — 99.2% (Cost: $200,454,969)				200,408,028

Other Assets Less Liabilities — 0.8%				1,523,147


Net Assets — 100.0%			$	201,931,175

^(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 year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	8,459,814	$	146,760,186	^(a)	$	—	$	—	$	—	$	155,220,000		155,220	$	455,465	^(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	$	—	$	45,188,028	$	—	$	45,188,028
Money Market Funds		155,220,000		—		—		155,220,000

	$	155,220,000	$	45,188,028	$	—	$	200,408,028

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments

October 31, 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 — 96.6%
U.S. Treasury Note/Bond
0.13%, 03/31/23	$	25,099	$	24,660,748
0.13%, 04/30/23		50,285		49,216,444
0.13%, 05/31/23		32,345		31,518,686
0.13%, 06/30/23		102,153		99,172,401
0.13%, 07/31/23		37,692		36,443,453
0.13%, 08/15/23		10,241		9,884,179
0.13%, 08/31/23		25,152		24,210,957
0.13%, 10/15/23		274		262,802
0.13%, 12/15/23		59,726		56,812,025
0.25%, 04/15/23		50,285		49,357,870
0.25%, 09/30/23		88,079		84,638,606
0.25%, 11/15/23		1,003		958,340
0.50%, 11/30/23		39,696		37,982,942
1.38%, 06/30/23		62,908		61,601,085
1.50%, 01/15/23^(a)		54,905		54,620,043
1.75%, 05/15/23		31,730		31,265,205
2.25%, 12/31/23		43,864		42,678,691
2.38%, 01/31/23		76,559		76,226,952
2.50%, 08/15/23		84,810		83,375,125
2.75%, 05/31/23		78,015		77,237,501
2.75%, 07/31/23		53,469		52,773,485
2.88%, 10/31/23		3,192		3,140,130


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
2.88%, 11/30/23	$	95,584	$	93,802,511

				1,081,840,181


Total Long-Term Investments — 96.6% (Cost: $1,087,227,447)				1,081,840,181


Short-Term Securities

Money Market Funds — 7.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(b)(c)(d)		81,560		81,560,100


Total Short-Term Securities — 7.3% (Cost: $81,560,100)				81,560,100


Total Investments — 103.9% (Cost: $1,168,787,547)				1,163,400,281

Liabilities in Excess of Other Assets — (3.9)%				(43,786,873	)


Net Assets — 100.0%			$	1,119,613,408

^(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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	397,000	$	81,163,100	^(a)	$	—	$	—	$	—	$	81,560,100		81,560	$	104,923	^(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	$	—	$	1,081,840,181	$	—	$	1,081,840,181
Money Market Funds		81,560,100		—		—		81,560,100

	$	81,560,100	$	1,081,840,181	$	—	$	1,163,400,281

See notes to financial statements.


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

Schedule of Investments

October 31, 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 — 99.4%
U.S. Treasury Note/Bond
0.13%, 01/15/24	$	14,557	$	13,786,408
0.25%, 03/15/24		57,431		54,101,608
0.25%, 06/15/24		16,628		15,499,764
0.38%, 04/15/24		32,462		30,518,460
0.38%, 07/15/24		4,265		3,971,649
0.38%, 09/15/24		83,808		77,597,604
0.75%, 11/15/24		46,288		42,914,039
1.00%, 12/15/24		14,495		13,485,640
1.50%, 09/30/24		58,654		55,426,117
1.50%, 11/30/24		22,370		21,041,096
1.75%, 07/31/24		4,568		4,350,318
2.00%, 04/30/24		38,062		36,603,933
2.13%, 07/31/24		16,263		15,587,417
2.25%, 03/31/24		21,330		20,629,276
2.25%, 04/30/24		81,350		78,531,349
2.25%, 11/15/24		23,712		22,676,357
2.38%, 02/29/24		13,044		12,666,243
2.38%, 08/15/24		43,336		41,673,658
2.50%, 01/31/24		16,972		16,531,983
2.50%, 04/30/24		37,340		36,187,517
2.50%, 05/31/24		29,120		28,177,013


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
2.75%, 02/15/24	$	28,632	$	27,948,635
3.00%, 06/30/24		35,859		34,924,900
3.00%, 07/31/24		17,374		16,910,467

				721,741,451


Total Long-Term Investments — 99.4% (Cost: $732,079,002)				721,741,451


Short-Term Securities

Money Market Funds — 0.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		6,958		6,958,000


Total Short-Term Securities — 0.9% (Cost: $6,958,000)				6,958,000


Total Investments — 100.3% (Cost: $739,037,002)				728,699,451


Liabilities in Excess of Other Assets — (0.3)%				(2,407,470	)


Net Assets — 100.0%			$	726,291,981

^(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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	58,000	$	6,900,000	^(a)	$	—	$	—	$	—	$	6,958,000		6,958	$	15,540	^(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	$	—	$	721,741,451	$	—	$	721,741,451
Money Market Funds		6,958,000		—		—		6,958,000

	$	6,958,000	$	721,741,451	$	—	$	728,699,451

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		29

Schedule of Investments

October 31, 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	$	25,550	$	22,947,094
0.25%, 06/30/25		10,748		9,641,292
0.25%, 08/31/25		29,553		26,287,518
0.25%, 09/30/25		1		1,065
0.25%, 10/31/25		1,811		1,600,401
0.38%, 04/30/25		10,225		9,258,418
0.38%, 11/30/25		24,268		21,457,538
1.13%, 01/15/25		17,929		16,667,667
1.13%, 02/28/25		3,418		3,166,260
1.50%, 02/15/25		25,120		23,488,555
1.75%, 03/15/25		19,131		17,971,461
2.63%, 03/31/25		7,684		7,368,548
2.63%, 04/15/25		12,505		11,974,217
2.75%, 05/15/25		38,284		36,713,854
2.75%, 06/30/25		15,722		15,061,568
2.88%, 05/31/25		5,113		4,912,793
2.88%, 06/15/25		24,755		23,795,648
2.88%, 07/31/25		16,794		16,112,864
3.00%, 07/15/25		14,048		13,529,884
3.00%, 09/30/25		22,221		21,352,316


Security	Par/ Shares (000)		Value


U.S. Government Obligations (continued)
3.00%, 10/31/25	$	26,837	$	25,756,278
3.50%, 09/15/25		7,000		6,823,906

				335,889,145


Total Long-Term Investments — 99.1% (Cost: $342,169,406)				335,889,145


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		1,600		1,600,000


Total Short-Term Securities — 0.5% (Cost: $1,600,000)				1,600,000


Total Investments — 99.6% (Cost: $343,769,406)				337,489,145

Other Assets Less Liabilities — 0.4%.				1,320,604


Net Assets — 100.0%.			$	338,809,749

^(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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	140,000	$	1,460,000	^(a)	$	—	$	—	$	—	$	1,600,000		1,600	$	6,510	^(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	$	—	$	335,889,145	$	—	$	335,889,145
Money Market Funds		1,600,000		—		—		1,600,000

	$	1,600,000	$	335,889,145	$	—	$	337,489,145

See notes to financial statements.


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

Schedule of Investments

October 31, 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 — 99.0%
U.S. Treasury Note/Bond
0.38%, 01/31/26	$	7,753	$	6,810,174
0.50%, 02/28/26		8,663		7,619,041
0.63%, 07/31/26		1,654		1,440,547
0.75%, 03/31/26		10,137		8,969,838
0.75%, 04/30/26		7,053		6,223,336
0.75%, 05/31/26		18,961		16,686,245
0.75%, 08/31/26		12,316		10,753,407
0.88%, 06/30/26		30,223		26,654,353
0.88%, 09/30/26		2,248		1,968,229
1.13%, 10/31/26		845		745,096
1.25%, 11/30/26		6,812		6,030,305
1.38%, 08/31/26		1,761		1,576,487
1.50%, 08/15/26		8,999		8,098,577
1.63%, 11/30/26		3,510		3,157,989
1.88%, 07/31/26		3,828		3,499,538
2.00%, 11/15/26		7,195		6,571,150
2.25%, 03/31/26		3,583		3,340,308
2.38%, 04/30/26		306		286,170


				120,430,790


Total Long-Term Investments — 99.0% (Cost: $126,252,600)			120,430,790


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		870	$	870,000


Total Short-Term Securities — 0.7% (Cost: $870,000)				870,000


Total Investments — 99.7% (Cost: $127,122,600)				121,300,790

Other Assets Less Liabilities — 0.3%				380,142


Net Assets — 100.0%			$	121,680,932

^(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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000		$840,000	^(a)	$	—	$	—	$	—	$	870,000		870		$3,044	^(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	$	—	$	120,430,790	$	—	$	120,430,790
Money Market Funds		870,000		—		—		870,000

	$	870,000	$	120,430,790	$	—	$	121,300,790

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		31

Schedule of Investments

October 31, 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 — 99.3%
U.S. Treasury Note/Bond
0.38%, 09/30/27	$	5,960	$ 4,940,747
0.50%, 04/30/27		6,200	5,247,719
0.50%, 05/31/27		8,074	6,812,184
0.50%, 08/31/27		10,590	8,865,067
0.50%, 10/31/27		12,620	10,497,609
0.63%, 03/31/27		5,704	4,868,676
0.63%, 11/30/27		4,353	3,635,018
1.50%, 01/31/27		13,802	12,299,776
1.88%, 02/28/27		7,920	7,165,125
2.25%, 02/15/27		6,044	5,554,998
2.25%, 08/15/27		12,938	11,808,220
2.25%, 11/15/27		8,618	7,831,271
2.38%, 05/15/27		14,919	13,737,258
2.50%, 03/31/27		5,865	5,441,991
2.75%, 04/30/27		7,049	6,605,497
2.75%, 07/31/27		10,689	9,991,897
3.25%, 06/30/27		10,689	10,227,393


			135,530,446


Total Long-Term Investments — 99.3% (Cost: $138,280,721)			135,530,446


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		190	$	190,000


Total Short-Term Securities — 0.1% (Cost: $190,000)				190,000


Total Investments — 99.4% (Cost: $138,470,721)				135,720,446

Other Assets Less Liabilities — 0.6%				827,934


Net Assets — 100.0%			$	136,548,380

^(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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	70,000		$120,000	^(a)	$	—	$	—	$	—	$	190,000		190		$1,463	^(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	$	—	$	135,530,446	$	—	$	135,530,446
Money Market Funds		190,000		—		—		190,000

	$	190,000	$	135,530,446	$	—	$	135,720,446

See notes to financial statements.


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

Schedule of Investments

October 31, 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 — 99.3%
U.S. Treasury Note/Bond
0.75%, 01/31/28	$	2,782	$	2,326,506
1.00%, 07/31/28		3,243		2,707,531
1.13%, 02/29/28		2,638		2,244,760
1.13%, 08/31/28		3,473		2,913,928
1.25%, 03/31/28		2,595		2,218,576
1.25%, 04/30/28		1,492		1,272,858
1.25%, 06/30/28		3,284		2,790,116
1.25%, 09/30/28		2,620		2,210,998
1.38%, 10/31/28		2,346		1,991,069
1.50%, 11/30/28		2,564		2,189,115
2.75%, 02/15/28		2,682		2,488,941
2.88%, 05/15/28		3,886		3,617,354
2.88%, 08/15/28		3,274		3,041,134
3.13%, 11/15/28		2,529		2,376,583


				34,389,469


Total Long-Term Investments — 99.3% (Cost: $37,717,911)				34,389,469


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		150	$	150,000


Total Short-Term Securities — 0.4% (Cost: $150,000)				150,000


Total Investments — 99.7% (Cost: $37,867,911)				34,539,469
Other Assets Less Liabilities — 0.3%				97,981


Net Assets — 100.0%			$	34,637,450

^(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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	40,000		$110,000	^(a)	$	—	$	—	$	—	$	150,000		150	$	957	^(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	$	—	$	34,389,469	$	—	$34,389,469
Money Market Funds		150,000		—		—	150,000

	$	150,000	$	34,389,469	$	—	$34,539,469

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		33

Schedule of Investments

October 31, 2022

iShares^® iBonds^® Dec 2029 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.7%
U.S. Treasury Note/Bond
1.63%, 08/15/29	$	6,588	$	5,615,324
1.75%, 01/31/29		4,646		4,015,160
1.75%, 11/15/29		3,302		2,834,862
1.88%, 02/28/29		6,156		5,356,790
2.38%, 05/15/29		7,812		6,993,319
2.63%, 02/15/29		6,107		5,561,777
2.75%, 05/31/29		3,273		2,996,602
2.88%, 04/30/29		1,559		1,439,977
3.13%, 08/31/29		3,273		3,066,528


				37,880,339


Total Long-Term Investments — 98.7% (Cost: $40,897,179)				37,880,339


Security	Shares (000)		Value


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		220	$	220,000


Total Short-Term Securities — 0.6% (Cost: $ 220,000)				220,000


Total Investments — 99.3% (Cost: $ 41,117,179)				38,100,339

Other Assets Less Liabilities — 0.7%				269,876


Net Assets — 100.0%			$	38,370,215

^(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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	180,000	$	40,000^(a)	$	—	$	—	$	—	$	220,000		220	$	1,285	^(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	$	—	$	37,880,339	$	—	$	37,880,339
Money Market Funds		220,000		—		—		220,000

	$	220,000	$	37,880,339	$	—	$	38,100,339

See notes to financial statements.


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

Schedule of Investments

October 31, 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 — 98.8%
U.S. Treasury Note/Bond
0.63%, 05/15/30	$	21,696	$	16,858,081
0.63%, 08/15/30		27,258		21,054,830
0.88%, 11/15/30		28,901		22,727,770
1.50%, 02/15/30		15,313		12,829,076

				73,469,757


Total Long-Term Investments — 98.8% (Cost: $84,054,257)				73,469,757


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		330		330,000


Total Short-Term Securities — 0.4% (Cost: $330,000)				330,000


Total Investments — 99.2% (Cost: $84,384,257)				73,799,757

Other Assets Less Liabilities — 0.8%				578,297


Net Assets — 100.0%			$	74,378,054

^(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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	625,040	$	—	$	(295,040	)^(a)	$	—	$	—	$	330,000		330	$	5,339	^(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	$	—	$	73,469,757	$	—	$	73,469,757
Money Market Funds		330,000		—		—		330,000

	$	330,000	$	73,469,757	$	—	$	73,799,757

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		35

Schedule of Investments

October 31, 2022

iShares^® iBonds^® Dec 2031 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.6%
U.S. Treasury Note/Bond
1.13%, 02/15/31	$	4,147	$	3,315,738
1.25%, 08/15/31		4,452		3,538,470
1.38%, 11/15/31		4,461		3,559,231
1.63%, 05/15/31		4,226		3,492,310

				13,905,749


Total Long-Term Investments — 98.6% (Cost: $15,681,444)				13,905,749


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%^(a)(b)		30		30,000


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


Total Investments — 98.8% (Cost: $15,711,444)				13,935,749

Other Assets Less Liabilities — 1.2%				175,174


Net Assets — 100.0%			$	14,110,923

^(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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$30,000	^(a)	$	—	$	—	$	—	$	30,000		30	$	895	^(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	$	—	$	13,905,749	$	—	$	13,905,749
Money Market Funds		30,000		—		—		30,000

	$	30,000	$	13,905,749	$	—	$	13,935,749

See notes to financial statements.


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

Schedule of Investments

October 31, 2022

iShares^® iBonds^® Dec 2032 Term Treasury ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 98.7%
U.S. Treasury Note/Bond 1.88%, 02/15/32	$	1,771	$	1,472,531
2.75%, 08/15/32		1,631		1,459,938
2.88%, 05/15/32		1,715		1,553,588

				4,486,057

Total Investments — 98.7% (Cost: $4,837,134)				4,486,057

Other Assets Less Liabilities — 1.3%				57,268


Net Assets — 100.0%			$	4,543,325

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 07/06/22^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22 (000)		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares^(b)	$	—	$	0	^(c)	$	—	$	—	$	—	$	—		—	$	62	^(d)	$	—

^(a)	Commencement of operations.

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

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

^(d)	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	$	—	$	4,486,057	$	—	$4,486,057

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		37

Statements of Assets and Liabilities

October 31, 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, at value — unaffiliated^(a)(b)	$	45,188,028	$	1,081,840,181		$	721,741,451		$	335,889,145
Investments, at value — affiliated^(c)		155,220,000		81,560,100			6,958,000			1,600,000
Cash		4,143		9,684			1,913			9,525
Receivables:
Investments sold		—		—			9,655,289			6,569,431
Securities lending income — affiliated		1,025		3,582			—			—
Capital shares sold		983,863		14,439,466			193,341			4,626,175
Dividends — affiliated		253,743		63,897			6,553			2,570
Interest — unaffiliated		283,601		4,685,898			2,277,167			1,613,383

Total assets		201,934,403		1,182,602,808			740,833,714			350,310,229


LIABILITIES
Collateral on securities loaned, at value		—		48,863,100			—			—
Payables:
Investments purchased		—		14,071,521			14,506,004			11,482,996
Investment advisory fees		3,228		54,779			35,729			17,484

Total liabilities		3,228		62,989,400			14,541,733			11,500,480


NET ASSETS	$	201,931,175	$	1,119,613,408		$	726,291,981		$	338,809,749


NET ASSETS CONSIST OF
Paid-in capital	$	201,609,889	$	1,124,596,405		$	738,265,901		$	347,215,301
Accumulated earnings (loss)		321,286		(4,982,997	)		(11,973,920	)		(8,405,552	)

NET ASSETS	$	201,931,175	$	1,119,613,408		$	726,291,981		$	338,809,749


NET ASSETVALUE
Shares outstanding		7,950,000		45,300,000			30,450,000			14,600,000

Net asset value	$	25.40	$	24.72		$	23.85		$	23.21

Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited

Par value		None		None			None			None


^(a)Investments, at cost — unaffiliated	$	45,234,969	$	1,087,227,447		$	732,079,002		$	342,169,406
^(b)Securities loaned, at value	$	—	$	47,656,720		$	—		$	—
^(c)Investments, at cost — affiliated	$	155,220,000	$	81,560,100		$	6,958,000		$	1,600,000

See notes to financial statements.


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

Statements of Assets and Liabilities (continued)

October 31, 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, at value — unaffiliated^(a)	$	120,430,790		$	135,530,446		$	34,389,469		$	37,880,339
Investments, at value — affiliated^(b)		870,000			190,000			150,000			220,000
Cash		291			8,243			9,742			5,416
Receivables:
Investments sold		—			1,816,888			1,290,675			—
Securities lending income — affiliated		—			—			—			3
Capital shares sold		8,645			—			5,390			2,130,778
Dividends — affiliated		1,591			256			332			495
Interest — unaffiliated		376,924			669,166			184,832			266,142

Total assets		121,688,241			138,214,999			36,030,440			40,503,173


LIABILITIES
Payables:
Investments purchased		—			1,661,675			1,391,077			2,130,778
Investment advisory fees		7,309			4,944			1,913			2,180

Total liabilities		7,309			1,666,619			1,392,990			2,132,958


NET ASSETS	$	121,680,932		$	136,548,380		$	34,637,450		$	38,370,215


NET ASSETS CONSIST OF
Paid-in capital	$	130,904,330		$	141,802,956		$	38,745,925		$	42,566,422
Accumulated loss		(9,223,398	)		(5,254,576	)		(4,108,475	)		(4,196,207	)

NET ASSETS	$	121,680,932		$	136,548,380		$	34,637,450		$	38,370,215


NET ASSETVALUE
Shares outstanding		5,400,000			6,200,000			1,600,000			1,800,000

Net asset value	$	22.53		$	22.02		$	21.65		$	21.32

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Investments, at cost — unaffiliated	$	126,252,600		$	138,280,721		$	37,717,911		$	40,897,179
^(b)Investments, at cost — affiliated	$	870,000		$	190,000		$	150,000		$	220,000

See notes to financial statements.


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

Statements of Assets and Liabilities (continued)

October 31, 2022


	iShares iBonds Dec 2030 Term Treasury ETF			iShares iBonds Dec 2031 Term Treasury ETF			iShares iBonds Dec 2032 Term Treasury ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	73,469,757		$	13,905,749			$	4,486,057
Investments, at value — affiliated^(b)		330,000			30,000				—
Cash		8,022			4,955				828
Receivables:
Investments sold		312,229			89,788				352,217
Dividends — affiliated		1,568			170				3
Interest — unaffiliated		264,257			81,741				46,711

Total assets		74,385,833			14,112,403				4,885,816


LIABILITIES
Payables:
Investments purchased		—			—				342,219
Investment advisory fees		7,779			1,480				272

Total liabilities		7,779			1,480				342,491


NET ASSETS	$	74,378,054		$	14,110,923			$	4,543,325


NET ASSETS CONSIST OF
Paid-in capital	$	84,958,755		$	15,891,177			$	4,982,474
Accumulated loss		(10,580,701	)		(1,780,254	)			(439,149	)

NET ASSETS	$	74,378,054		$	14,110,923			$	4,543,325


NET ASSETVALUE
Shares outstanding		3,850,000			700,000				200,000

Net asset value	$	19.32		$	20.16			$	22.72

Shares authorized		Unlimited			Unlimited				Unlimited

Par value		None			None				None


^(a)Investments, at cost — unaffiliated	$	84,054,257		$	15,681,444			$	4,837,134
^(b)Investments, at cost — affiliated	$	330,000		$	30,000			$	—

See notes to financial statements.


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

Statement of Operations

Year Ended October 31, 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	$	451,450		$	96,906		$	12,939		$	6,127
Interest — unaffiliated		620,854			5,779,683			5,090,566			2,202,156
Securities lending income — affiliated — net		4,015			8,017			2,601			383

Total investment income		1,076,319			5,884,606			5,106,106			2,208,666


EXPENSES
Investment advisory		64,506			157,057			142,032			65,254

Total expenses		64,506			157,057			142,032			65,254

Less:
Investment advisory fees waived		(16,853	)		(3,568	)		(563	)		(327	)

Total expenses after fees waived		47,653			153,489			141,469			64,927

Net investment income		1,028,666			5,731,117			4,964,637			2,143,739


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(41	)		(2,451,760	)		(3,283,265	)		(3,012,386	)
In-kind redemptions — unaffiliated^(a)		(53,599	)		(129,629	)		—			(133,761	)

		(53,640	)		(2,581,389	)		(3,283,265	)		(3,146,147	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(50,890	)		(5,264,971	)		(10,193,140	)		(6,017,310	)

		(50,890	)		(5,264,971	)		(10,193,140	)		(6,017,310	)

Net realized and unrealized loss		(104,530	)		(7,846,360	)		(13,476,405	)		(9,163,457	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	924,136		$	(2,115,243	)	$	(8,511,768	)	$	(7,019,718	)

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

See notes to financial statements.


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

Statement of Operations (continued)

Year Ended October 31, 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	$	2,762		$	1,151		$	953		$	1,174
Interest — unaffiliated		1,661,741			826,539			340,088			358,240
Securities lending income — affiliated — net		282			312			4			111

Total investment income		1,664,785			828,002			341,045			359,525


EXPENSES
Investment advisory		53,519			29,111			14,857			14,352

Total expenses		53,519			29,111			14,857			14,352

Less:
Investment advisory fees waived		(130	)		(66	)		(46	)		(80	)

Total expenses after fees waived		53,389			29,045			14,811			14,272

Net investment income		1,611,396			798,957			326,234			345,253


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,599,576	)		(2,685,649	)		(620,076	)		(1,269,062	)
In-kind redemptions — unaffiliated^(a)		(221,296	)		127,012			—			(102,203	)

		(3,820,872	)		(2,558,637	)		(620,076	)		(1,371,265	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(5,559,470	)		(2,213,309	)		(2,780,154	)		(2,134,090	)

		(5,559,470	)		(2,213,309	)		(2,780,154	)		(2,134,090	)

Net realized and unrealized loss		(9,380,342	)		(4,771,946	)		(3,400,230	)		(3,505,355	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,768,946	)	$	(3,972,989	)	$	(3,073,996	)	$	(3,160,102	)

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

See notes to financial statements.


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

Statement of Operations (continued)

Year Ended October 31, 2022


		iShares iBonds Dec 2030 Term Treasury ETF			iShares iBonds Dec 2031 Term Treasury ETF			iShares iBonds Dec 2032 Term Treasury ETF	^(a)


INVESTMENT INCOME
Dividends — affiliated	$	5,320		$	850		$	16
Interest — unaffiliated		1,825,768			283,142			41,046
Securities lending income — affiliated — net		19			45			46

Total investment income		1,831,107			284,037			41,108


EXPENSES
Investment advisory		52,758			7,607			947

Total expenses		52,758			7,607			947

Less:
Investment advisory fees waived		(260	)		(35	)		(1	)

Total expenses after fees waived		52,498			7,572			946

Net investment income		1,778,609			276,465			40,162


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(272,542	)		(77,649	)		(100,405	)
In-kind redemptions — unaffiliated^(b)		(6,918,487	)		(1,278,686	)		—

		(7,191,029	)		(1,356,335	)		(100,405	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(10,440,330	)		(1,744,029	)		(351,077	)

		(10,440,330	)		(1,744,029	)		(351,077	)

Net realized and unrealized loss		(17,631,359	)		(3,100,364	)		(451,482	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,852,750	)	$	(2,823,899	)	$	(411,320	)

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

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

See notes to financial statements.


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

Statements of Changes in Net Assets


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


	Year Ended 10/31/22				Year Ended 10/31/21				Year Ended 10/31/22				Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	1,028,666			$	43,067			$	5,731,117			$	118,413
Net realized gain (loss)			(53,640	)			1,788				(2,581,389	)			(13,574	)
Net change in unrealized appreciation (depreciation)			(50,890	)			(34,822	)			(5,264,971	)			(316,548	)

Net increase (decrease) in net assets resulting from operations			924,136				10,033				(2,115,243	)			(211,709	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(668,348	)			(51,622	)			(2,873,254	)			(114,767	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			120,342,500				77,542,926				1,055,605,379				51,326,943


NET ASSETS
Total increase in net assets			120,598,288				77,501,337				1,050,616,882				51,000,467
Beginning of period			81,332,887				3,831,550				68,996,526				17,996,059

End of period		$	201,931,175			$	81,332,887			$	1,119,613,408			$	68,996,526

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


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


	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,964,637		$	101,861		$	2,143,739		$	115,175
Net realized gain (loss)		(3,283,265	)		(75,949	)		(3,146,147	)		40,840
Net change in unrealized appreciation (depreciation)		(10,193,140	)		(350,886	)		(6,017,310	)		(555,962	)

Net decrease in net assets resulting from operations		(8,511,768	)		(324,974	)		(7,019,718	)		(399,947	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,252,740	)		(110,304	)		(1,262,837	)		(114,346	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		690,799,667			34,727,789			325,469,098			6,495,478


NET ASSETS
Total increase in net assets		679,035,159			34,292,511			317,186,543			5,981,185
Beginning of period		47,256,822			12,964,311			21,623,206			15,642,021

End of period	$	726,291,981		$	47,256,822		$	338,809,749		$	21,623,206

^(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 :		45

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2026 Term Treasury ETF							iShares iBonds Dec 2027 Term Treasury ETF


		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	1,611,396		$	117,766		$	798,957		$	153,841
Net realized gain (loss)			(3,820,872	)		(43,584	)		(2,558,637	)		147,844
Net change in unrealized appreciation (depreciation)			(5,559,470	)		(577,405	)		(2,213,309	)		(629,663	)

Net decrease in net assets resulting from operations			(7,768,946	)		(503,223	)		(3,972,989	)		(327,978	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(1,311,849	)		(121,486	)		(605,669	)		(138,686	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			114,300,076			(5,143,801	)		109,683,926			17,505,219


NET ASSETS
Total increase (decrease) in net assets			105,219,281			(5,768,510	)		105,105,268			17,038,555
Beginning of period			16,461,651			22,230,161			31,443,112			14,404,557

End of period		$	121,680,932		$	16,461,651		$	136,548,380		$	31,443,112

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


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


	Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	326,234		$	199,337		$	345,253		$	146,864
Net realized gain (loss)		(620,076	)		55,690			(1,371,265	)		(6,037	)
Net change in unrealized appreciation (depreciation)		(2,780,154	)		(627,887	)		(2,134,090	)		(1,040,934	)

Net decrease in net assets resulting from operations		(3,073,996	)		(372,860	)		(3,160,102	)		(900,107	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(284,375	)		(181,730	)		(257,403	)		(151,665	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		19,144,177			4,938,936			24,275,915			(5,081,745	)


NET ASSETS
Total increase (decrease) in net assets		15,785,806			4,384,346			20,858,410			(6,133,517	)
Beginning of period		18,851,644			14,467,298			17,511,805			23,645,322

End of period	$	34,637,450		$	18,851,644		$	38,370,215		$	17,511,805

^(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 :		47

Statements of Changes in Net Assets (continued)


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


		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Period From 07/13/21 to 10/31/21	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,778,609		$	22,877		$	276,465		$	9,743
Net realized gain (loss)		(7,191,029	)		(32,495	)		(1,356,335	)		2,149
Net change in unrealized appreciation (depreciation)		(10,440,330	)		(106,668	)		(1,744,029	)		(31,666	)

Net decrease in net assets resulting from operations		(15,852,750	)		(116,286	)		(2,823,899	)		(19,774	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(1,460,782	)		(21,081	)		(218,224	)		(5,964	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		88,198,943			1,171,868			14,687,889			2,490,895


NET ASSETS
Total increase in net assets		70,885,411			1,034,501			11,645,766			2,465,157
Beginning of period		3,492,643			2,458,142			2,465,157			—

End of period	$	74,378,054		$	3,492,643		$	14,110,923		$	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.


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

Statements of Changes in Net Assets (continued)


	iShares iBonds Dec 2032 Term Treasury ETF
		Period From 07/06/22 to 10/31/22	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	40,162
Net realized loss		(100,405	)
Net change in unrealized appreciation (depreciation)		(351,077	)

Net decrease in net assets resulting from operations		(411,320	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(27,829	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,982,474


NET ASSETS
Total increase in net assets		4,543,325
Beginning of period		—

End of period	$	4,543,325

^(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 :		49

Financial Highlights

(For a share outstanding throughout each period)


	iShares iBonds Dec 2022 Term Treasury ETF


		Year Ended 10/31/22			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)		0.28			0.02			0.13
Net realized and unrealized gain (loss)^(c)		(0.17	)		0.01			0.47

Net increase from investment operations		0.11			0.03			0.60


Distributions^(d)
From net investment income		(0.13	)		(0.06	)		(0.11	)
From net realized gain		—			(0.09	)		—

Total distributions		(0.13	)		(0.15	)		(0.11	)


Net asset value, end of period	$	25.40		$	25.42		$	25.54


Total Return^(e)
Based on net asset value		0.48	%		0.09	%		2.41	%^(f)


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

Total expenses after fees waived		0.05	%		0.07	%		0.07	%^(h)

Net investment income		1.12	%		0.09	%		0.76	%^(h)


Supplemental Data
Net assets, end of period (000)	$	201,931		$	81,333		$	3,832

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

^(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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares iBonds Dec 2023 Term Treasury ETF


	Year Ended 10/31/22					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)			0.64			0.07			0.11
Net realized and unrealized gain (loss)^(c)			(1.24	)		(0.15	)		0.70

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

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


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


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


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

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

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


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

Portfolio turnover rate⁽ⁱ⁾			29	%		10	%		1	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S :		51

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2024 Term Treasury ETF


		Year Ended 10/31/22			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)		0.59			0.12			0.12
Net realized and unrealized gain (loss)^(c)		(1.97	)		(0.35	)		0.87

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


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

Total distributions		(0.31	)		(0.16	)		(0.10	)


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


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


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

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

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


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

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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2025 Term Treasury ETF


		Year Ended 10/31/22			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)		0.55			0.15			0.13
Net realized and unrealized gain (loss)^(c)		(2.48	)		(0.62	)		0.97

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

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


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


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


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

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

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


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

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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S :		53

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2026 Term Treasury ETF


		Year Ended 10/31/22			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)		0.50			0.16			0.12
Net realized and unrealized gain (loss)^(c)		(2.95	)		(0.82	)		1.11

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

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


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


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


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

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

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


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

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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2027 Term Treasury ETF


		Year Ended 10/31/22			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)		0.45			0.20			0.12
Net realized and unrealized gain (loss)^(c)		(3.24	)		(1.06	)		1.11

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

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


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


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


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

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

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


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

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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S :		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2028 Term Treasury ETF


		Year Ended 10/31/22			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)		0.36			0.21			0.13
Net realized and unrealized gain (loss)^(c)		(3.54	)		(1.17	)		1.13

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

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


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


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


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

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

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


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

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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


56		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2029 Term Treasury ETF


		Year Ended 10/31/22			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)		0.39			0.19			0.14
Net realized and unrealized gain (loss)^(c)		(3.81	)		(1.25	)		1.20

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

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


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


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


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

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

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


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

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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

^(j)	Rounds to less than 1%.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S :		57

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2030 Term Treasury ETF


		Year Ended 10/31/22			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)		0.49			0.20			0.04
Net realized and unrealized loss^(c)		(4.11	)		(1.32	)		(0.49	)

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

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


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


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


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

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

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


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

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

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

^(j)	Rounds to less than 1%.

See notes to financial statements.


58		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares iBonds Dec 2031 Term Treasury ETF


		Year Ended 10/31/22			Period From 07/13/21 to 10/31/21	^(a)


Net asset value, beginning of period	$	24.65		$	24.91

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

Net decrease from investment operations		(4.08	)		(0.20	)


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

Total distributions		(0.41	)		(0.06	)


Net asset value, end of period	$	20.16		$	24.65


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


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

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

Net investment income		2.54	%		1.29	%^(h)


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

Portfolio turnover rate⁽ⁱ⁾		10	%		26	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S :		59

Financial Highlights (continued)

(For a share outstanding throughout the period)


	iShares iBonds Dec 2032 Term Treasury ETF


		Period From 07/06/22 to 10/31/22	^(a)


Net asset value, beginning of period		$ 24.88

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

Net decrease from investment operations		(2.02	)

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


Net asset value, end of period		$ 22.72


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


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

Total expenses after fees waived		0.07	%^(h)

Net investment income		2.97	%^(h)


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

Portfolio turnover rate⁽ⁱ⁾		47	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


60		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

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
iBonds Dec 2032 Term Treasury^(a)		Diversified

^(a)

The Fund commenced operations on July 6, 2022.

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. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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


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		61

Notes to Financial Statements (continued)

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*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 BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.


62		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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.

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




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

iBonds Dec 2023 Term Treasury
Goldman Sachs & Co. LLC	$	47,656,720	$	(47,656,720	)	$	—	$	—

^(a)

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

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

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

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.07%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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

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

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:


iShares ETF	Amounts Waived
iBonds Dec 2022 Term Treasury	$	16,853
iBonds Dec 2023 Term Treasury		3,568
iBonds Dec 2024 Term Treasury		563
iBonds Dec 2025 Term Treasury		327
iBonds Dec 2026 Term Treasury		130
iBonds Dec 2027 Term Treasury		66
iBonds Dec 2028 Term Treasury		46
iBonds Dec 2029 Term Treasury		80
iBonds Dec 2030 Term Treasury		260
iBonds Dec 2031 Term Treasury		35
iBonds Dec 2032 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


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		63

Notes to Financial Statements (continued)

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 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 year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
iBonds Dec 2022 Term Treasury	$	1,487
iBonds Dec 2023 Term Treasury		3,199
iBonds Dec 2024 Term Treasury		920
iBonds Dec 2025 Term Treasury		156
iBonds Dec 2026 Term Treasury		112
iBonds Dec 2027 Term Treasury		117
iBonds Dec 2028 Term Treasury		1
iBonds Dec 2029 Term Treasury		45
iBonds Dec 2030 Term Treasury		1
iBonds Dec 2031 Term Treasury		19
iBonds Dec 2032 Term Treasury		18

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

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
iBonds Dec 2023 Term Treasury	$	7,698,159	$	24,894,477	$	(180,813	)

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.


64		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

6.	*PURCHASES AND SALES*

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


	U.S. Government Securities
iShares ETF	Purchases		Sales
iBonds Dec 2022 Term Treasury	$	—	$	28,294,200
iBonds Dec 2023 Term Treasury		38,232,822		140,421,674
iBonds Dec 2024 Term Treasury		139,781,063		139,190,580
iBonds Dec 2025 Term Treasury		66,906,175		65,647,874
iBonds Dec 2026 Term Treasury		58,599,901		59,342,094
iBonds Dec 2027 Term Treasury		26,968,726		27,046,442
iBonds Dec 2028 Term Treasury		7,437,323		7,225,346
iBonds Dec 2029 Term Treasury		10,985,807		10,747,264
iBonds Dec 2030 Term Treasury		—		1,248,649
iBonds Dec 2031 Term Treasury		1,041,028		1,178,598
iBonds Dec 2032 Term Treasury		3,130,598		1,907,279

For the year ended October 31, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBonds Dec 2022 Term Treasury	$	117,837,095	$	38,407,198
iBonds Dec 2023 Term Treasury		1,060,490,574		28,763,853
iBonds Dec 2024 Term Treasury		685,648,455		—
iBonds Dec 2025 Term Treasury		396,492,266		74,380,316
iBonds Dec 2026 Term Treasury		142,525,844		28,869,001
iBonds Dec 2027 Term Treasury		144,286,744		35,278,177
iBonds Dec 2028 Term Treasury		18,970,300		—
iBonds Dec 2029 Term Treasury		33,614,218		9,585,349
iBonds Dec 2030 Term Treasury		186,330,744		98,523,335
iBonds Dec 2031 Term Treasury		32,691,287		18,111,445
iBonds Dec 2032 Term Treasury		3,707,884		—

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 October 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to undistributed capital gains, certain deemed distributions, and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
iBonds Dec 2022 Term Treasury	$	(52,350	)	$	52,350
iBonds Dec 2023 Term Treasury		(129,629	)		129,629
iBonds Dec 2025 Term Treasury		(133,761	)		133,761
iBonds Dec 2026 Term Treasury		(221,296	)		221,296
iBonds Dec 2027 Term Treasury		127,012			(127,012	)
iBonds Dec 2029 Term Treasury		(102,203	)		102,203
iBonds Dec 2030 Term Treasury		(6,918,487	)		6,918,487
iBonds Dec 2031 Term Treasury		(1,287,607	)		1,287,607


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		65

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:




iShares ETF	Year Ended 10/31/22		Year Ended 10/31/21

iBonds Dec 2022 Term Treasury
Ordinary income	$	668,348	$	51,622

iBonds Dec 2023 Term Treasury
Ordinary income	$	2,873,254	$	114,767

iBonds Dec 2024 Term Treasury
Ordinary income	$	3,252,740	$	110,304

iBonds Dec 2025 Term Treasury
Ordinary income	$	1,262,837	$	114,346

iBonds Dec 2026 Term Treasury
Ordinary income	$	1,311,849	$	121,486

iBonds Dec 2027 Term Treasury
Ordinary income	$	605,669	$	138,686

iBonds Dec 2028 Term Treasury
Ordinary income	$	284,375	$	181,730

iBonds Dec 2029 Term Treasury
Ordinary income	$	257,403	$	151,665

iBonds Dec 2030 Term Treasury
Ordinary income	$	1,460,782	$	21,081




iShares ETF	Year Ended 10/31/22		Period Ended 10/31/21

iBonds Dec 2031 Term Treasury
Ordinary income	$	218,224	$	5,964




iShares ETF	Period Ended 10/31/22

iBonds Dec 2032 Term Treasury
Ordinary income	$	27,829

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
iBonds Dec 2022 Term Treasury	$	368,268	$	(41	)	$	(46,941	)	$	321,286
iBonds Dec 2023 Term Treasury		2,869,603		(2,465,334	)		(5,387,266	)		(4,982,997	)
iBonds Dec 2024 Term Treasury		1,723,403		(3,359,772	)		(10,337,551	)		(11,973,920	)
iBonds Dec 2025 Term Treasury		894,888		(3,020,179	)		(6,280,261	)		(8,405,552	)
iBonds Dec 2026 Term Treasury		308,902		(3,710,490	)		(5,821,810	)		(9,223,398	)
iBonds Dec 2027 Term Treasury		215,631		(2,719,932	)		(2,750,275	)		(5,254,576	)
iBonds Dec 2028 Term Treasury		67,756		(847,789	)		(3,328,442	)		(4,108,475	)
iBonds Dec 2029 Term Treasury		97,735		(1,277,102	)		(3,016,840	)		(4,196,207	)
iBonds Dec 2030 Term Treasury		320,944		(316,247	)		(10,585,398	)		(10,580,701	)
iBonds Dec 2031 Term Treasury		64,169		(66,828	)		(1,777,595	)		(1,780,254	)
iBonds Dec 2032 Term Treasury		12,333		(100,311	)		(351,171	)		(439,149	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.


66		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

As of October 31, 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	$	200,454,969	$	—	$	(46,941	)	$	(46,941	)
iBonds Dec 2023 Term Treasury		1,168,787,547		—		(5,387,266	)		(5,387,266	)
iBonds Dec 2024 Term Treasury		739,037,002		—		(10,337,551	)		(10,337,551	)
iBonds Dec 2025 Term Treasury		343,769,406		—		(6,280,261	)		(6,280,261	)
iBonds Dec 2026 Term Treasury		127,122,600		—		(5,821,810	)		(5,821,810	)
iBonds Dec 2027 Term Treasury		138,470,721		14,498		(2,764,773	)		(2,750,275	)
iBonds Dec 2028 Term Treasury		37,867,911		—		(3,328,442	)		(3,328,442	)
iBonds Dec 2029 Term Treasury		41,117,179		—		(3,016,840	)		(3,016,840	)
iBonds Dec 2030 Term Treasury		84,385,155		—		(10,585,398	)		(10,585,398	)
iBonds Dec 2031 Term Treasury		15,713,344		—		(1,777,595	)		(1,777,595	)
iBonds Dec 2032 Term Treasury		4,837,228		—		(351,171	)		(351,171	)

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.

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 BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.


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		67

Notes to Financial Statements (continued)

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:




	Year Ended 10/31/22						Year Ended 10/31/21

iShares ETF	Shares			Amount			Shares			Amount

iBonds Dec 2022 Term Treasury
Shares sold		6,400,000		$	162,214,977			3,050,000		$	77,542,926
Shares redeemed		(1,650,000	)		(41,872,477	)		—			—

		4,750,000		$	120,342,500			3,050,000		$	77,542,926

iBonds Dec 2023 Term Treasury
Shares sold		43,750,000		$	1,084,812,929			2,000,000		$	51,326,943
Shares redeemed		(1,150,000	)		(29,207,550	)		—			—

		42,600,000		$	1,055,605,379			2,000,000		$	51,326,943

iBonds Dec 2024 Term Treasury
Shares sold		28,600,000		$	690,799,667			1,350,000		$	34,727,789

iBonds Dec 2025 Term Treasury
Shares sold		16,900,000		$	400,527,356			350,000		$	9,067,515
Shares redeemed		(3,150,000	)		(75,058,258	)		(100,000	)		(2,572,037	)

		13,750,000		$	325,469,098			250,000		$	6,495,478

iBonds Dec 2026 Term Treasury
Shares sold		6,050,000		$	143,475,143			—		$	—
Shares redeemed		(1,300,000	)		(29,175,067	)		(200,000	)		(5,143,801	)

		4,750,000		$	114,300,076			(200,000	)	$	(5,143,801	)

iBonds Dec 2027 Term Treasury
Shares sold		6,500,000		$	145,216,995			1,200,000		$	30,414,180
Shares redeemed		(1,550,000	)		(35,533,069	)		(500,000	)		(12,908,961	)

		4,950,000		$	109,683,926			700,000		$	17,505,219

iBonds Dec 2028 Term Treasury
Shares sold		850,000		$	19,144,177			1,250,000		$	32,040,269
Shares redeemed		—			—			(1,050,000	)		(27,101,333	)

		850,000		$	19,144,177			200,000		$	4,938,936

iBonds Dec 2029 Term Treasury
Shares sold		1,550,000		$	33,986,141			100,000		$	2,592,414
Shares redeemed		(450,000	)		(9,710,226	)		(300,000	)		(7,674,159	)

		1,100,000		$	24,275,915			(200,000	)	$	(5,081,745	)

iBonds Dec 2030 Term Treasury
Shares sold		8,850,000		$	187,513,182			50,000		$	1,171,868
Shares redeemed		(5,150,000	)		(99,314,239	)		—			—

		3,700,000		$	88,198,943			50,000		$	1,171,868


68		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)




	Year Ended 10/31/22						Period Ended 10/31/21

iShares ETF	Shares			Amount			Shares		Amount

iBonds Dec 2031 Term Treasury
Shares sold		1,500,000		$	32,943,636			100,000	$	2,490,895
Shares redeemed		(900,000	)		(18,255,747	)		—		—

		600,000		$	14,687,889			100,000	$	2,490,895

Period Ended
10/31/22

iShares ETF

Shares

Amount

iBonds Dec 2032 Term Treasury

Shares sold

200,000

4,982,474

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

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

10.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds Dec 2022 Term Treasury ETF ceased trading after the close of business on December 15, 2022, when all of the bonds included in the Fund’s underlying index matured. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 21, 2022.


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		69

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eleven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares iBonds Dec 2022 Term Treasury ETF⁽¹⁾

iShares iBonds Dec 2023 Term Treasury ETF⁽¹⁾

iShares iBonds Dec 2024 Term Treasury ETF⁽¹⁾

iShares iBonds Dec 2025 Term Treasury ETF⁽¹⁾

iShares iBonds Dec 2026 Term Treasury ETF⁽¹⁾

iShares iBonds Dec 2027 Term Treasury ETF⁽¹⁾

iShares iBonds Dec 2028 Term Treasury ETF⁽¹⁾

iShares iBonds Dec 2029 Term Treasury ETF⁽¹⁾

iShares iBonds Dec 2030 Term Treasury ETF⁽¹⁾

iShares iBonds Dec 2031 Term Treasury ETF⁽²⁾

iShares iBonds Dec 2032 Term Treasury ETF⁽³⁾

⁽¹⁾ Statements of operations for the year ended October 31, 2022 and statements of changes in net assets for each of the two years in the period ended October 31, 2022.

⁽²⁾ Statement of operations for the year ended October 31, 2022, and statements of changes in net assets for the year ended October 31, 2022 and the period July 13, 2021 (commencement of operations) to October 31, 2021.

⁽³⁾ Statement of operations and statement of changes in net assets for the period July 6, 2022 (commencement of operations) to October 31, 2022.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

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


70		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S


Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:


iShares ETF	Federal Obligation Interest
iBonds Dec 2022 Term Treasury	$	567,763
iBonds Dec 2023 Term Treasury		4,493,482
iBonds Dec 2024 Term Treasury		4,215,931
iBonds Dec 2025 Term Treasury		1,795,870
iBonds Dec 2026 Term Treasury		1,501,670
iBonds Dec 2027 Term Treasury		665,954
iBonds Dec 2028 Term Treasury		300,722
iBonds Dec 2029 Term Treasury		307,710
iBonds Dec 2030 Term Treasury		1,718,049
iBonds Dec 2031 Term Treasury		262,218
iBonds Dec 2032 Term Treasury		35,730

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:


iShares ETF	Interest Dividends
iBonds Dec 2022 Term Treasury	$	1,029,200
iBonds Dec 2023 Term Treasury		5,731,117
iBonds Dec 2024 Term Treasury		4,965,195
iBonds Dec 2025 Term Treasury		2,143,739
iBonds Dec 2026 Term Treasury		1,611,396
iBonds Dec 2027 Term Treasury		798,957
iBonds Dec 2028 Term Treasury		326,234
iBonds Dec 2029 Term Treasury		345,253
iBonds Dec 2030 Term Treasury		1,778,609
iBonds Dec 2031 Term Treasury		276,465
iBonds Dec 2032 Term Treasury		40,162

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:


iShares ETF	Interest-Related Dividends
iBonds Dec 2022 Term Treasury	$	1,029,200
iBonds Dec 2023 Term Treasury		5,731,117
iBonds Dec 2024 Term Treasury		4,965,195
iBonds Dec 2025 Term Treasury		2,143,739
iBonds Dec 2026 Term Treasury		1,611,396
iBonds Dec 2027 Term Treasury		798,957
iBonds Dec 2028 Term Treasury		326,234
iBonds Dec 2029 Term Treasury		345,253
iBonds Dec 2030 Term Treasury		1,778,609
iBonds Dec 2031 Term Treasury		276,465
iBonds Dec 2032 Term Treasury		40,162


I M P O R T A N T T A X I N F O R M A T I O N		71

Board Review and Approval of Investment Advisory Contract

iShares iBonds Dec 2022 Term Treasury ETF, iShares iBonds Dec 2023 Term Treasury ETF, iShares iBonds Dec 2024 Term Treasury ETF, iShares iBonds Dec 2025TermTreasury ETF, iShares iBonds Dec 2026TermTreasury ETF, iShares iBonds Dec 2027TermTreasury ETF, iShares iBonds Dec 2028TermTreasury ETF, iShares iBonds Dec 2029 Term Treasury ETF, iShares iBonds Dec 2030 Term Treasury ETF, iShares iBonds Dec 2031 Term Treasury ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


72		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		73

Board Review and Approval of Investment Advisory Contract (continued)

iShares iBonds Dec 2032 Term Treasury ETF(each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on March 16-17, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

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

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

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further


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Board Review and Approval of Investment Advisory Contract (continued)

noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		75

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.

October 31, 2022




	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year


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 2022 Term Treasury^(a)	$	0.128005	$	—	$	0.003404	$	0.131409		97	%		—	%		3	%		100	%
iBonds Dec 2023 Term Treasury^(a)		0.223678		—		0.001984		0.225662		99			—			1			100
iBonds Dec 2024 Term Treasury^(a)		0.302185		—		0.004030		0.306215		99			—			1			100
iBonds Dec 2025 Term Treasury		0.301590		—		—		0.301590		100			—			—			100
iBonds Dec 2026 Term Treasury^(a)		0.344874		—		0.000808		0.345682		100			—			0	^(b)		100
iBonds Dec 2027 Term Treasury^(a)		0.326712		—		0.008548		0.335260		97			—			3			100
iBonds Dec 2028 Term Treasury		0.314129		—		—		0.314129		100			—			—			100
iBonds Dec 2029 Term Treasury		0.282377		—		—		0.282377		100			—			—			100
iBonds Dec 2030 Term Treasury		0.339688		—		—		0.339688		100			—			—			100
iBonds Dec 2031 Term Treasury		0.391884		0.021490		—		0.413374		95			5			—			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%.

Premium/Discount Information

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


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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

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

Robert S. Kapito^(a)(65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b)(52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. ^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.


Independent Trustees

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

John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		77

Trustee and Officer Information (unaudited) (continued)


Independent Trustees (continued)

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

Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (58)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years

Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (52)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth

Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		79

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-AR-1024-1022