UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-09729
 
Name of Fund:  iShares Trust
 
Fund Address:   c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105
 
Name and address of agent for service:  The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801
 
Registrant’s telephone number, including area code: (415) 670-2000
 
Date of fiscal year end: 10/31/2026
 
Date of reporting period: 04/30/2026
 
Item 1 – Reports to Stockholders
(a)    The Reports to Shareholders are attached herewith.
0001100663falseN-CSRSiShares TrustN-1A2026-04-300001100663blk:C000254885Member2025-11-012026-04-3000011006632025-11-012026-04-300001100663blk:C000254885Member2026-04-300001100663blk:C000254885Memberblk:DomesticFixedIncomeSectorMember2026-04-300001100663blk:C000254885Memberblk:ISharesiBondsDec2026TermCorporateETFCTIMember2026-04-300001100663blk:C000254885Memberblk:ISharesiBondsDec2027TermCorporateETFCTIMember2026-04-300001100663blk:C000254885Memberblk:ISharesiBondsDec2029TermCorporateETFCTIMember2026-04-300001100663blk:C000254885Memberblk:ISharesiBondsDec2030TermCorporateETFCTIMember2026-04-300001100663blk:C000254885Memberblk:ISharesiBondsDec2028TermCorporateETFCTIMember2026-04-300001100663blk:C000254886Member2025-11-012026-04-300001100663blk:C000254886Member2026-04-300001100663blk:C000254886Memberblk:DomesticFixedIncomeSectorMember2026-04-300001100663blk:C000254886Memberblk:ISharesiBonds2030TermHighYieldandIncomeETFCTIMember2026-04-300001100663blk:C000254886Memberblk:ISharesiBonds2028TermHighYieldandIncomeETFCTIMember2026-04-300001100663blk:C000254886Memberblk:ISharesiBonds2029TermHighYieldandIncomeETFCTIMember2026-04-300001100663blk:C000254886Memberblk:ISharesiBonds2026TermHighYieldandIncomeETFCTIMember2026-04-300001100663blk:C000254886Memberblk:ISharesiBonds2027TermHighYieldandIncomeETFCTIMember2026-04-300001100663blk:C000254887Member2025-11-012026-04-300001100663blk:C000254887Member2026-04-300001100663blk:C000254887Memberblk:DomesticFixedIncomeSectorMember2026-04-300001100663blk:C000254887Memberblk:ISharesiBondsOct2028TermTIPSETFCTIMember2026-04-300001100663blk:C000254887Memberblk:ISharesiBondsOct2029TermTIPSETFCTIMember2026-04-300001100663blk:C000254887Memberblk:ISharesiBondsOct2026TermTIPSETFCTIMember2026-04-300001100663blk:C000254887Memberblk:ISharesiBondsOct2030TermTIPSETFCTIMember2026-04-300001100663blk:C000254887Memberblk:ISharesiBondsOct2027TermTIPSETFCTIMember2026-04-300001100663blk:C000254888Member2025-11-012026-04-300001100663blk:C000254888Member2026-04-300001100663blk:C000254888Memberblk:DomesticFixedIncomeSectorMember2026-04-300001100663blk:C000254888Memberblk:ISharesiBondsDec2026TermTreasuryETFCTIMember2026-04-300001100663blk:C000254888Memberblk:ISharesiBondsDec2027TermTreasuryETFCTIMember2026-04-300001100663blk:C000254888Memberblk:ISharesiBondsDec2028TermTreasuryETFCTIMember2026-04-300001100663blk:C000254888Memberblk:ISharesiBondsDec2029TermTreasuryETFCTIMember2026-04-300001100663blk:C000254888Memberblk:ISharesiBondsDec2030TermTreasuryETFCTIMember2026-04-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dblk:Holding

iShares® iBonds® 1-5 Year Corporate Ladder ETF

LDRC |NYSE Arca  

Semi-Annual Shareholder Report — April 30, 2026

Image

This semi-annual shareholder report contains important information about iShares iBonds 1-5 Year Corporate Ladder ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares iBonds 1-5 Year Corporate Ladder ETF
$0Footnote Reference(a)
0.00%Footnote Reference(a)Footnote Reference(b)
FootnoteDescription
Footnote(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$76,682,316
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0%

What did the Fund invest in?

(as of April 30, 2026) 

Portfolio composition 

All holdings

Table Summary
Asset class
Percent of Total InvestmentsFootnote Reference(a)
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
100.0%
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
iShares iBonds Dec 2026 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0%
iShares iBonds Dec 2027 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds Dec 2029 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds Dec 2030 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds Dec 2028 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
FootnoteDescription
Footnote(a)
Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

Image

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

 

iShares iBonds 1-5 Year Corporate Ladder ETF

Semi-Annual Shareholder Report — April 30, 2026

LDRC-04/26-SAR

 

iShares® iBonds® 1-5 Year High Yield and Income Ladder ETF

LDRH |NYSE Arca  

Semi-Annual Shareholder Report — April 30, 2026

Image

This semi-annual shareholder report contains important information about iShares iBonds 1-5 Year High Yield and Income Ladder ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares iBonds 1-5 Year High Yield and Income Ladder ETF
$0Footnote Reference(a)
0.00%Footnote Reference(a)Footnote Reference(b)
FootnoteDescription
Footnote(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$7,929,933
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0%

What did the Fund invest in?

(as of April 30, 2026) 

Portfolio composition 

All holdings

Table Summary
Asset class
Percent of Total InvestmentsFootnote Reference(a)
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
100.0%
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
iShares iBonds 2030 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.1%
iShares iBonds 2028 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.1
iShares iBonds 2029 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds 2026 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.9
iShares iBonds 2027 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.9
FootnoteDescription
Footnote(a)
Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

Image

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

 

iShares iBonds 1-5 Year High Yield and Income Ladder ETF

Semi-Annual Shareholder Report — April 30, 2026

LDRH-04/26-SAR

 

iShares® iBonds® 1-5 Year TIPS Ladder ETF

LDRI |NYSE Arca  

Semi-Annual Shareholder Report — April 30, 2026

Image

This semi-annual shareholder report contains important information about iShares iBonds 1-5 Year TIPS Ladder ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares iBonds 1-5 Year TIPS Ladder ETF
$0Footnote Reference(a)
0.00%Footnote Reference(a)Footnote Reference(b)
FootnoteDescription
Footnote(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$18,933,965
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0%

What did the Fund invest in?

(as of April 30, 2026) 

Portfolio composition 

All holdings

Table Summary
Asset class
Percent of Total InvestmentsFootnote Reference(a)
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
100.0%
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
iShares iBonds Oct 2028 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0%
iShares iBonds Oct 2029 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds Oct 2026 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds Oct 2030 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds Oct 2027 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
FootnoteDescription
Footnote(a)
Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

Image

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

 

iShares iBonds 1-5 Year TIPS Ladder ETF

Semi-Annual Shareholder Report — April 30, 2026

LDRI-04/26-SAR

 

iShares® iBonds® 1-5 Year Treasury Ladder ETF

LDRT |NYSE Arca  

Semi-Annual Shareholder Report — April 30, 2026

Image

This semi-annual shareholder report contains important information about iShares iBonds 1-5 Year Treasury Ladder ETF (the “Fund”) for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares iBonds 1-5 Year Treasury Ladder ETF
$0Footnote Reference(a)
0.00%Footnote Reference(a)Footnote Reference(b)
FootnoteDescription
Footnote(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$105,197,281
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0%

What did the Fund invest in?

(as of April 30, 2026) 

Portfolio composition 

All holdings

Table Summary
Asset class
Percent of Total InvestmentsFootnote Reference(a)
Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
100.0%
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
iShares iBonds Dec 2026 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.1%
iShares iBonds Dec 2027 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds Dec 2028 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds Dec 2029 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.0
iShares iBonds Dec 2030 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.9
FootnoteDescription
Footnote(a)
Excludes money market funds.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

Image

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

 

iShares iBonds 1-5 Year Treasury Ladder ETF

Semi-Annual Shareholder Report — April 30, 2026

LDRT-04/26-SAR

 

(b)     Not Applicable
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments
              (a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
 
              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.
April
30,
2026
2026
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
iShares
Trust
iShares®
iBonds®
1-5
Year
Corporate
Ladder
ETF
|
LDRC
|
NYSE
Arca
iShares®
iBonds®
1-5
Year
High
Yield
and
Income
Ladder
ETF
|
LDRH
|
NYSE
Arca
iShares®
iBonds®
1-5
Year
TIPS
Ladder
ETF
|
LDRI
|
NYSE
Arca
iShares®
iBonds®
1-5
Year
Treasury
Ladder
ETF
|
LDRT
|
NYSE
Arca
Page
2
Table
of
Contents
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
10
Statements
of
Operations
.................................................................................................
11
Statements
of
Changes
in
Net
Assets
..........................................................................................
12
Financial
Highlights
.....................................................................................................
14
Notes
to
Financial
Statements
...............................................................................................
18
Additional
Information
...................................................................................................
24
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
25
iShares
®
iBonds
®
1-5
Year
Corporate
Ladder
ETF
Schedule
of
Investments
(unaudited)
April
30,
2026
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Fixed
Income
 — 
99
.9
%
iShares
iBonds
Dec
2026
Term
Corporate
ETF
.....
633,204
$
15,361,529
iShares
iBonds
Dec
2027
Term
Corporate
ETF
.....
632,645
15,347,968
iShares
iBonds
Dec
2028
Term
Corporate
ETF
.....
604,045
15,288,379
iShares
iBonds
Dec
2029
Term
Corporate
ETF
.....
658,151
15,302,011
iShares
iBonds
Dec
2030
Term
Corporate
ETF
.....
698,581
15,291,938
76,591,825
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
76,716,313
)
.................................
76,591,825
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.1
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.61
%
(a)
(b)
............................
90,638
$
90,638
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
90,638
)
....................................
90,638
Total
Investments
—
100.0%
(Cost:
$
76,806,951
)
.................................
76,682,463
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
147
)
Net
Assets
—
100.0%
.................................
$
76,682,316
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/31/25
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/26
  Shares
Held
at
04/30/26
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
$
—
$
181
(b)
$
—
$
(
181
)
$
—
$
—
—
$
923
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
9,677
80,961
(b)
—
—
—
90,638
90,638
1,063
—
iShares
iBonds
Dec
2026
Term
Corporate
ETF
...
2,019,373
13,315,051
—
—
27,105
15,361,529
633,204
150,808
—
iShares
iBonds
Dec
2027
Term
Corporate
ETF
...
2,021,263
13,327,942
—
—
(
1,237
)
15,347,968
632,645
157,282
—
iShares
iBonds
Dec
2028
Term
Corporate
ETF
...
2,023,094
13,334,142
—
—
(
68,857
)
15,288,379
604,045
164,842
—
iShares
iBonds
Dec
2029
Term
Corporate
ETF
...
2,026,381
13,364,886
—
—
(
89,256
)
15,302,011
658,151
169,424
—
iShares
iBonds
Dec
2030
Term
Corporate
ETF
...
2,029,808
13,377,604
—
—
(
115,474
)
15,291,938
698,581
166,494
—
$
—
$
(
181
)
$
(
247,719
)
$
76,682,463
$
810,836
$
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
iBonds
®
1-5
Year
Corporate
Ladder
ETF
4
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
76,591,825
‌
$
—
‌
$
—
‌
$
76,591,825
‌
Short-Term
Securities
Money
Market
Funds
......................................
90,638
‌
—
‌
—
‌
90,638
‌
$
76,682,463
‌
$
—
‌
$
—
‌
$
76,682,463
‌
iShares
®
iBonds
®
1-5
Year
High
Yield
and
Income
Ladder
ETF
Schedule
of
Investments
(unaudited)
April
30,
2026
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Fixed
Income
 — 
99
.9
%
iShares
iBonds
2026
Term
High
Yield
and
Income
ETF
68,881
$
1,574,619
iShares
iBonds
2027
Term
High
Yield
and
Income
ETF
70,995
1,574,314
iShares
iBonds
2028
Term
High
Yield
and
Income
ETF
67,441
1,593,631
iShares
iBonds
2029
Term
High
Yield
and
Income
ETF
67,554
1,587,519
iShares
iBonds
2030
Term
High
Yield
and
Income
ETF
60,076
1,594,117
7,924,200
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
7,979,331
)
..................................
7,924,200
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.1
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.61
%
(a)
(b)
............................
5,611
$
5,611
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
5,611
)
.....................................
5,611
Total
Investments
—
100.0%
(Cost:
$
7,984,942
)
..................................
7,929,811
Other
Assets
Less
Liabilities
—
0
.0
%
.....................
122
Net
Assets
—
100.0%
.................................
$
7,929,933
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/31/25
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/26
  Shares
Held
at
04/30/26
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
$
—
$
—
$
(
65
)
(b)
$
65
$
—
$
—
—
$
359
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
3,323
2,288
(b)
—
—
—
5,611
5,611
147
—
iShares
iBonds
2026
Term
High
Yield
and
Income
ETF
905,107
894,084
(
197,686
)
(
367
)
(
26,519
)
1,574,619
68,881
38,347
1,425
iShares
iBonds
2027
Term
High
Yield
and
Income
ETF
895,764
889,624
(
196,249
)
(
532
)
(
14,293
)
1,574,314
70,995
36,542
—
iShares
iBonds
2028
Term
High
Yield
and
Income
ETF
899,956
897,976
(
198,590
)
1,834
(
7,545
)
1,593,631
67,441
38,566
—
iShares
iBonds
2029
Term
High
Yield
and
Income
ETF
900,600
897,399
(
197,463
)
169
(
13,186
)
1,587,519
67,554
41,914
—
iShares
iBonds
2030
Term
High
Yield
and
Income
ETF
900,361
898,834
(
198,377
)
(
225
)
(
6,476
)
1,594,117
60,076
41,528
—
$
—
$
944
$
(
68,019
)
$
7,929,811
$
197,403
$
1,425
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
iShares
®
iBonds
®
1-5
Year
High
Yield
and
Income
Ladder
ETF
6
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
7,924,200
$
—
$
—
$
7,924,200
Short-Term
Securities
Money
Market
Funds
......................................
5,611
—
—
5,611
$
7,929,811
$
—
$
—
$
7,929,811
iShares
®
iBonds
®
1-5
Year
TIPS
Ladder
ETF
Schedule
of
Investments
(unaudited)
April
30,
2026
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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.
See
notes
to
financial
statements.
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Fixed
Income
 — 
99
.8
%
iShares
iBonds
Oct
2026
Term
TIPS
ETF
.........
145,408
$
3,779,154
iShares
iBonds
Oct
2027
Term
TIPS
ETF
.........
144,012
3,771,674
iShares
iBonds
Oct
2028
Term
TIPS
ETF
.........
143,635
3,790,528
iShares
iBonds
Oct
2029
Term
TIPS
ETF
.........
142,930
3,780,499
iShares
iBonds
Oct
2030
Term
TIPS
ETF
.........
142,665
3,777,769
18,899,624
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
18,740,367
)
.................................
18,899,624
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.2
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.61
%
(a)
(b)
............................
34,323
$
34,323
a
Total
Short-Term
Securities — 0.2%
(Cost:
$
34,323
)
....................................
34,323
Total
Investments
—
100.0%
(Cost:
$
18,774,690
)
.................................
18,933,947
Other
Assets
Less
Liabilities
—
0
.0
%
.....................
18
Net
Assets
—
100.0%
.................................
$
18,933,965
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/31/25
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/26
  Shares
Held
at
04/30/26
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
$
10,887
$
23,436
(a)
$
—
$
—
$
—
$
34,323
34,323
$
417
$
—
iShares
iBonds
Oct
2026
Term
TIPS
ETF
1,821,967
1,926,343
(
2,066
)
(
37
)
32,947
3,779,154
145,408
28,612
—
iShares
iBonds
Oct
2027
Term
TIPS
ETF
1,823,162
1,923,587
(
1,829
)
(
37
)
26,791
3,771,674
144,012
29,980
—
iShares
iBonds
Oct
2028
Term
TIPS
ETF
1,832,507
1,932,155
(
1,919
)
(
42
)
27,827
3,790,528
143,635
28,259
—
iShares
iBonds
Oct
2029
Term
TIPS
ETF
1,828,387
1,926,841
(
1,923
)
(
48
)
27,242
3,780,499
142,930
30,252
—
iShares
iBonds
Oct
2030
Term
TIPS
ETF
1,835,953
1,926,492
(
1,949
)
(
61
)
17,334
3,777,769
142,665
30,115
6,867
$
—
$
(
225
)
$
132,141
$
18,933,947
$
147,635
$
6,867
(a)
Represents
net
amount
purchased
(sold).
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
18,899,624
‌
$
—
‌
$
—
‌
$
18,899,624
‌
Short-Term
Securities
Money
Market
Funds
......................................
34,323
‌
—
‌
—
‌
34,323
‌
$
18,933,947
‌
$
—
‌
$
—
‌
$
18,933,947
‌
Schedule
of
Investments
(unaudited)
April
30,
2026
iShares
®
iBonds
®
1-5
Year
Treasury
Ladder
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Fixed
Income
 — 
99
.9
%
iShares
iBonds
Dec
2026
Term
Treasury
ETF
......
920,452
$
21,082,953
iShares
iBonds
Dec
2027
Term
Treasury
ETF
......
938,428
21,044,248
iShares
iBonds
Dec
2028
Term
Treasury
ETF
......
944,038
21,000,125
iShares
iBonds
Dec
2029
Term
Treasury
ETF
......
962,876
20,976,254
iShares
iBonds
Dec
2030
Term
Treasury
ETF
......
1,063,824
20,920,099
105,023,679
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
105,209,076
)
................................
105,023,679
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.1
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.61
%
(a)
(b)
............................
140,883
$
140,883
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
140,883
)
...................................
140,883
Total
Investments
—
100.0%
(Cost:
$
105,349,959
)
................................
105,164,562
Other
Assets
Less
Liabilities
—
0
.0
%
.....................
32,719
Net
Assets
—
100.0%
.................................
$
105,197,281
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/31/25
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/26
  Shares
Held
at
04/30/26
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
......
$
—
$
—
$
—
(b)
$
—
$
—
$
—
—
$
772
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
21,202
119,681
(b)
—
—
—
140,883
140,883
1,458
—
iShares
iBonds
Dec
2026
Term
Treasury
ETF
...
3,839,422
17,241,330
—
—
2,201
21,082,953
920,452
163,653
—
iShares
iBonds
Dec
2027
Term
Treasury
ETF
...
3,841,914
17,236,749
—
—
(
34,415
)
21,044,248
938,428
155,912
—
iShares
iBonds
Dec
2028
Term
Treasury
ETF
...
3,845,392
17,238,037
—
—
(
83,304
)
21,000,125
944,038
153,322
—
iShares
iBonds
Dec
2029
Term
Treasury
ETF
...
3,849,112
17,242,102
—
—
(
114,960
)
20,976,254
962,876
153,860
—
iShares
iBonds
Dec
2030
Term
Treasury
ETF
...
3,850,304
17,221,288
—
—
(
151,493
)
20,920,099
1,063,824
153,669
—
$
—
$
—
$
(
381,971
)
$
105,164,562
$
782,646
$
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
iBonds
®
1-5
Year
Treasury
Ladder
ETF
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
9
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.........................................
$
105,023,679
$
—
$
—
$
105,023,679
Short-Term
Securities
Money
Market
Funds
..........................................
140,883
—
—
140,883
$
105,164,562
$
—
$
—
$
105,164,562
10
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Assets
and
Liabilities
(unaudited)
April
30,
2026
See
notes
to
financial
statements.
iShares
iBonds
1-5
Year
Corporate
Ladder
ETF
iShares
iBonds
1-5
Year
High
Yield
and
Income
Ladder
ETF
iShares
iBonds
1-5
Year
TIPS
Ladder
ETF
iShares
iBonds
1-5
Year
Treasury
Ladder
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
........................................
$
76,682,463
‌
$
7,929,811
‌
$
18,933,947
‌
$
105,164,562
‌
Cash
............................................................
—
‌
38
‌
—
‌
—
‌
Receivables:
Securities
lending
income
—
affiliated
....................................
10
‌
64
‌
—
‌
83
‌
Capital
shares
sold
.................................................
—
‌
—
‌
—
‌
32,581
‌
Dividends
—
affiliated
...............................................
285
‌
20
‌
87
‌
414
‌
Total
assets
.......................................................
76,682,758
‌
7,929,933
‌
18,934,034
‌
105,197,640
‌
LIABILITIES
Bank
overdraft
......................................................
331
‌
—
‌
69
‌
359
‌
Other
liabilities
.....................................................
111
‌
—
‌
—
‌
—
‌
Total
liabilities
......................................................
442
‌
—
‌
69
‌
359
‌
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................
$
76,682,316
‌
$
7,929,933
‌
$
18,933,965
‌
$
105,197,281
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
76,804,305
‌
$
7,981,550
‌
$
18,771,901
‌
$
105,382,180
‌
Accumulated
earnings
(loss)
............................................
(
121,989
)
(
51,617
)
162,064
‌
(
184,899
)
NET
ASSETS
......................................................
$
76,682,316
‌
$
7,929,933
‌
$
18,933,965
‌
$
105,197,281
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
3,040,000
‌
320,000
‌
740,000
‌
4,180,000
‌
Net
asset
value
.....................................................
$
25.22
‌
$
24.78
‌
$
25.59
‌
$
25.17
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Investments,
at
cost
—
affiliated
........................................
$
76,806,951
‌
$
7,984,942
‌
$
18,774,690
‌
$
105,349,959
‌
11
Statements
of
Operations
Statements
of
Operations
(unaudited)
Six
Months
Ended
April
30,
2026
See
notes
to
financial
statements.
iShares
iBonds
1-5
Year
Corporate
Ladder
ETF
iShares
iBonds
1-5
Year
High
Yield
and
Income
Ladder
ETF
iShares
iBonds
1-5
Year
TIPS
Ladder
ETF
iShares
iBonds
1-5
Year
Treasury
Ladder
ETF
INVESTMENT
INCOME
Dividends
—
affiliated
..............................................
$
809,913
‌
$
197,044
‌
$
147,635
‌
$
781,874
‌
Securities
lending
income
—
affiliated
—
net
...............................
923
‌
359
‌
—
‌
772
‌
Total
investment
income
..............................................
810,836
‌
197,403
‌
147,635
‌
782,646
‌
EXPENSES
Total
expenses
....................................................
—
‌
—
‌
—
‌
—
‌
Net
investment
income
...............................................
810,836
‌
197,403
‌
147,635
‌
782,646
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...........................................
(
181
)
65
‌
(
225
)
—
‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................
—
‌
1,425
‌
6,867
‌
—
‌
In-kind
redemptions
—
affiliated
(a)
....................................
—
‌
879
‌
—
‌
—
‌
(
181
)
2,369
‌
6,642
‌
—
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...........................................
(
247,719
)
(
68,019
)
132,141
‌
(
381,971
)
(
247,719
)
(
68,019
)
132,141
‌
(
381,971
)
Net
realized
and
unrealized
gain
(loss)
....................................
(
247,900
)
(
65,650
)
138,783
‌
(
381,971
)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............
$
562,936
‌
$
131,753
‌
$
286,418
‌
$
400,675
‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
12
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
iBonds
1-5
Year
Corporate
Ladder
ETF
iShares
iBonds
1-5
Year
High
Yield
and
Income
Ladder
ETF
Six
Months
Ended
04/30/26
(unaudited)
Period
From
11/07/24
(a)
to
10/31/25
Six
Months
Ended
04/30/26
(unaudited)
Period
From
11/07/24
(a)
to
10/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.......................................
$
810,836
‌
$
301,525
‌
$
197,403
‌
$
212,178
‌
Net
realized
gain
(loss)
.......................................
(
181
)
7,052
‌
2,369
‌
578
‌
Net
change
in
unrealized
appreciation
(depreciation)
...................
(
247,719
)
123,231
‌
(
68,019
)
12,888
‌
Net
increase
in
net
assets
resulting
from
operations
......................
562,936
‌
431,808
‌
131,753
‌
225,644
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
............
(
815,865
)
(c)
(
300,868
)
(
197,652
)
(c)
(
211,362
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
............
66,805,579
‌
9,998,726
‌
3,490,620
‌
4,490,930
‌
NET
ASSETS
Total
increase
in
net
assets
......................................
66,552,650
‌
10,129,666
‌
3,424,721
‌
4,505,212
‌
Beginning
of
period
...........................................
10,129,666
‌
—
‌
4,505,212
‌
—
‌
End
of
period
...............................................
$
76,682,316
‌
$
10,129,666
‌
$
7,929,933
‌
$
4,505,212
‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
13
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
iBonds
1-5
Year
TIPS
Ladder
ETF
iShares
iBonds
1-5
Year
Treasury
Ladder
ETF
Six
Months
Ended
04/30/26
(unaudited)
Period
From
11/07/24
(a)
to
10/31/25
Six
Months
Ended
04/30/26
(unaudited)
Period
From
11/07/24
(a)
to
10/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.......................................
$
147,635
‌
$
253,042
‌
$
782,646
‌
$
549,932
‌
Net
realized
gain
...........................................
6,642
‌
10,280
‌
—
‌
44,889
‌
Net
change
in
unrealized
appreciation
(depreciation)
...................
132,141
‌
27,116
‌
(
381,971
)
196,574
‌
Net
increase
in
net
assets
resulting
from
operations
......................
286,418
‌
290,438
‌
400,675
‌
791,395
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
............
(
157,312
)
(c)
(
252,918
)
(
787,445
)
(c)
(
547,921
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
............
9,651,948
‌
9,115,391
‌
86,336,406
‌
19,004,171
‌
NET
ASSETS
Total
increase
in
net
assets
......................................
9,781,054
‌
9,152,911
‌
85,949,636
‌
19,247,645
‌
Beginning
of
period
...........................................
9,152,911
‌
—
‌
19,247,645
‌
—
‌
End
of
period
...............................................
$
18,933,965
‌
$
9,152,911
‌
$
105,197,281
‌
$
19,247,645
‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
14
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
iBonds
1-5
Year
Corporate
Ladder
ETF
Six
Months
Ended
04/30/26
(unaudited)
Period
From
11/07/24
(a)
to
10/31/25
Net
asset
value,
beginning
of
period
.....................................................................
$
25.32
‌
$
25.00
‌
Net
investment
income
(b)
.............................................................................
0
.44
‌
1
.03
‌
Net
realized
and
unrealized
gain
(loss)
(c)
...................................................................
(
0
.04
)
0
.32
‌
Net
increase
from
investment
operations
....................................................................
0
.40
‌
1
.35
‌
Distributions
(d)
–
–
From
net
investment
income
..........................................................................
(
0
.48
)
(e)
(
1
.03
)
From
net
realized
gains
..............................................................................
(
0
.02
)
—
‌
Total
distributions
...................................................................................
(
0
.50
)
(
1
.03
)
Net
asset
value,
end
of
period
..........................................................................
$
25.22
‌
$
25.32
‌
Total
Return
(f)
–
–
Based
on
net
asset
value
..............................................................................
1
.59
%
(g)
5
.55
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
Total
expenses
.....................................................................................
0
.00
%
(i)
0
.00
%
(i)
(j)
Net
investment
income
................................................................................
3
.52
%
(i)
4
.20
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................
$
76,682
‌
$
10,130
‌
Portfolio
turnover
rate
(k)
................................................................................
0
%
25
%
(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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Amount
is
less
than
0.005%.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
15
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
iBonds
1-5
Year
High
Yield
and
Income
Ladder
ETF
Six
Months
Ended
04/30/26
(unaudited)
Period
From
11/07/24
(a)
to
10/31/25
Net
asset
value,
beginning
of
period
.....................................................................
$
25.03
‌
$
25.00
‌
Net
investment
income
(b)
.............................................................................
0
.74
‌
1
.50
‌
Net
realized
and
unrealized
gain
(loss)
(c)
...................................................................
(
0
.20
)
0
.02
‌
Net
increase
from
investment
operations
....................................................................
0
.54
‌
1
.52
‌
Distributions
from
net
investment
income
(d)
...................................................................
(
0
.79
)
(e)
(
1
.49
)
Net
asset
value,
end
of
period
..........................................................................
$
24.78
‌
$
25.03
‌
Total
Return
(f)
–
–
Based
on
net
asset
value
..............................................................................
2
.20
%
(g)
6
.30
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
Total
expenses
.....................................................................................
0
.00
%
(i)
0
.00
%
(i)
(j)
Net
investment
income
................................................................................
6
.06
%
(i)
6
.13
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................
$
7,930
‌
$
4,505
‌
Portfolio
turnover
rate
(k)
................................................................................
0
%
23
%
(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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Amount
is
less
than
0.005%.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
16
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
iBonds
1-5
Year
TIPS
Ladder
ETF
Six
Months
Ended
04/30/26
(unaudited)
Period
From
11/07/24
(a)
to
10/31/25
Net
asset
value,
beginning
of
period
.....................................................................
$
25.42
‌
$
25.00
‌
Net
investment
income
(b)
.............................................................................
0
.31
‌
1
.11
‌
Net
realized
and
unrealized
gain
(c)
.......................................................................
0
.23
‌
0
.27
‌
Net
increase
from
investment
operations
....................................................................
0
.54
‌
1
.38
‌
Distributions
(d)
–
–
From
net
investment
income
..........................................................................
(
0
.36
)
(e)
(
0
.96
)
From
net
realized
gains
..............................................................................
(
0
.01
)
—
‌
Total
distributions
...................................................................................
(
0
.37
)
(
0
.96
)
Net
asset
value,
end
of
period
..........................................................................
$
25.59
‌
$
25.42
‌
Total
Return
(f)
–
–
Based
on
net
asset
value
..............................................................................
2
.13
%
(g)
5
.64
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
Total
expenses
.....................................................................................
0
.00
%
(i)
0
.00
%
(i)
(j)
Net
investment
income
................................................................................
2
.46
%
(i)
4
.47
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................
$
18,934
‌
$
9,153
‌
Portfolio
turnover
rate
(k)
................................................................................
0
%
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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Amount
is
less
than
0.005%.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
17
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
iBonds
1-5
Year
Treasury
Ladder
ETF
Six
Months
Ended
04/30/26
(unaudited)
Period
From
11/07/24
(a)
to
10/31/25
Net
asset
value,
beginning
of
period
.....................................................................
$
25.33
‌
$
25.00
‌
Net
investment
income
(b)
.............................................................................
0
.41
‌
0
.93
‌
Net
realized
and
unrealized
gain
(loss)
(c)
...................................................................
(
0
.11
)
0
.32
‌
Net
increase
from
investment
operations
....................................................................
0
.30
‌
1
.25
‌
Distributions
from
net
investment
income
(d)
...................................................................
(
0
.46
)
(e)
(
0
.92
)
Net
asset
value,
end
of
period
..........................................................................
$
25.17
‌
$
25.33
‌
Total
Return
(f)
–
–
Based
on
net
asset
value
..............................................................................
1
.20
%
(g)
5
.08
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
Total
expenses
.....................................................................................
0
.00
%
(i)
0
.00
%
(i)
(j)
Net
investment
income
................................................................................
3
.32
%
(i)
3
.78
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................................................................
$
105,197
‌
$
19,248
‌
Portfolio
turnover
rate
(k)
................................................................................
0
%
30
%
(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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Amount
is
less
than
0.005%.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
(unaudited)
18
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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”):
Each
Fund
is
a
fund
of
funds
and
seeks
to
achieve
its
investment
objective
by
investing
primarily
in
other
iShares
funds
(each,
an
“underlying
fund”
and
collectively,
the
“underlying
funds”).
The
financial
statements,
including
the
accounting
policies,
and
schedules
of
investments
for
the
underlying
funds
are
available
on
iShares.com
and
should
be
read
in
conjunction
with
the
Funds’
financial
statements. 
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
from
the
underlying
funds,
if
any,
are
recorded
on
the
ex-dividend
date.
Interest
income
is
recognized
daily
on
an
accrual
basis.
Cash:
 The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds. 
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Funds’
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since each
Fund
has
a
single
investment
strategy
as
disclosed
in its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within each
Fund’s
financial
statements.
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.
iShares
ETF
Diversification
Classification
iBonds
1-5
Year
Corporate
Ladder
...............................................................................................
Non-diversified
iBonds
1-5
Year
High
Yield
and
Income
Ladder
......................................................................................
Non-diversified
iBonds
1-5
Year
TIPS
Ladder
...................................................................................................
Diversified
iBonds
1-5
Year
Treasury
Ladder
................................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
19
Notes
to
Financial
Statements
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Shares
of
underlying
exchange-traded
closed-end
funds
or
other
exchange-traded
funds
(“ETFs”)
are
valued
at
their
most
recent
closing
price.
ETFs
and
closed-end
funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
trade
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
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
as
of
the
measurement
date.
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
at
the
measurement
date.
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
that each
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
–
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
– Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for
the
asset
or
liability (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
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
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.
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
Finance,
Inc.
BlackRock
Finance,
Inc.’s
indemnity
allows
for
full
replacement
of
Notes
to
Financial
Statements
(unaudited)
(continued)
20
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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,
Inc.
(“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
paid
a
management
fee
from
each
Fund
based
on
a
percentage
of
each
Fund’s
average
daily
net
assets,
at
the
annual
rate
of
0.00%.
The
Funds
may
incur
“Acquired
Fund
Fees
and
Expenses”.
Acquired
Fund
Fees
and
Expenses
reflect
the
Funds’
pro
rata
share
of
the
fees
and
expenses
incurred
indirectly
by
the
Fund
as
a
result
of
investing
in
other
investment
companies.
The
impact
of
Acquired
Fund
Fees
and
Expenses
is
included
in
the
total
returns
of
each
Fund.
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
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.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Funds
do
not
pay
BRIL
for
ETF
Services.
Index
Provider:
BlackRock
Index
Services,
LLC,
an
affiliate
of
BFA,
created,
sponsors
and
publishes
the
underlying
index
used
by
each
Fund.
Each
Fund
uses
its
underlying
index
at
no
charge
pursuant
to
a
license
agreement
between
BlackRock
Index
Services,
LLC
(or
one
or
more
of
its
affiliates)
and
the
Trust,
on
behalf
of
the
Funds. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs. Each
Fund
is responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund’s
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund’s
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities. Each
Fund
retains
a
portion
of
the
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
the
iShares
ETF
Complex
in
that
calendar
year
exceeds
a
specific
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
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the six
months
ended 
April
30,
2026
,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Trustees and
Officers:
Certain
trustees
and/or
officers
of
the
Trust
are
directors
and/or
officers
of
BlackRock
or
its
affiliates.
Other
Transactions:
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.
iShares
ETF
Amounts
iBonds
1-5
Year
Corporate
Ladder
..............................................................................................
$
213
‌
iBonds
1-5
Year
High
Yield
and
Income
Ladder
.....................................................................................
95
‌
iBonds
1-5
Year
Treasury
Ladder
...............................................................................................
179
‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
21
Notes
to
Financial
Statements
6.
Purchases
and
Sales
For
the six
months
ended
April
30,
2026
,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
April
30,
2026
,
in-kind
transactions
were
as
follows:
7.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
April
30,
2026,
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.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds’
NAV.
As
of
April
30,
2026,
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:
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 each
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,
tariffs 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 each
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Funds are
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
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
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
Fund
invests. A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/
or
errors
by
pricing
services
or
other
third-party
service
providers.
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
iShares
ETF
Purchases
Sales
iBonds
1-5
Year
Corporate
Ladder
...........................................................................
$
89,216
‌
$
—
‌
iBonds
1-5
Year
TIPS
Ladder
...............................................................................
—
‌
9,686
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
iBonds
1-5
Year
Corporate
Ladder
...........................................................................
$
66,630,409
‌
$
—
‌
iBonds
1-5
Year
High
Yield
and
Income
Ladder
..................................................................
4,477,917
‌
988,365
‌
iBonds
1-5
Year
TIPS
Ladder
...............................................................................
9,635,418
‌
—
‌
iBonds
1-5
Year
Treasury
Ladder
............................................................................
86,179,506
‌
—
‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
iBonds
1-5
Year
Corporate
Ladder
....................................
$
76,806,951
‌
$
62,622
‌
$
(
187,110
)
$
(
124,488
)
iBonds
1-5
Year
High
Yield
and
Income
Ladder
...........................
7,984,942
‌
—
‌
(
55,131
)
(
55,131
)
iBonds
1-5
Year
TIPS
Ladder
........................................
18,774,692
‌
159,255
‌
—
‌
159,255
‌
iBonds
1-5
Year
Treasury
Ladder
.....................................
105,349,975
‌
20,182
‌
(
205,595
)
(
185,413
)
Notes
to
Financial
Statements
(unaudited)
(continued)
22
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
9.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
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.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
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.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at
their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
Six
Months
Ended
04/30/26
Period
Ended
10/31/25
iShares
ETF
Shares
Amount
Shares
Amount
iBonds
1-5
Year
Corporate
Ladder
(a)
Shares
sold
.........................................................
2,640,000
‌
$
66,805,579
‌
400,000
‌
$
9,998,726
‌
Shares
redeemed
.....................................................
—
‌
—
‌
—
‌
—
‌
2,640,000
‌
$
66,805,579
‌
400,000
‌
$
9,998,726
‌
iBonds
1-5
Year
High
Yield
and
Income
Ladder
(a)
Shares
sold
.........................................................
180,000
‌
$
4,482,653
‌
180,000
‌
$
4,490,930
‌
Shares
redeemed
.....................................................
(
40,000
)
(
992,033
)
—
‌
—
‌
140,000
‌
$
3,490,620
‌
180,000
‌
$
4,490,930
‌
iBonds
1-5
Year
TIPS
Ladder
(a)
Shares
sold
.........................................................
380,000
‌
$
9,651,948
‌
380,000
‌
$
9,620,545
‌
Shares
redeemed
.....................................................
—
‌
—
‌
(
20,000
)
(
505,154
)
380,000
‌
$
9,651,948
‌
360,000
‌
$
9,115,391
‌
iBonds
1-5
Year
Treasury
Ladder
(a)
Shares
sold
.........................................................
3,420,000
‌
$
86,336,406
‌
880,000
‌
$
22,032,553
‌
Shares
redeemed
.....................................................
—
‌
—
‌
(
120,000
)
(
3,028,382
)
3,420,000
‌
$
86,336,406
‌
760,000
‌
$
19,004,171
‌
(a)
The
Fund
commenced
operations
on
November
7,
2024.
Notes
to
Financial
Statements
(unaudited)
(
continued)
23
Notes
to
Financial
Statements
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
10.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Additional
Information
24
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
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.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent Trustee
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Funds’
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,
when
available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
25
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
TIPS
Treasury
Inflation
Protected
Security
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
BlackRock
Index
Services,
LLC,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
affiliated
with
the
company
listed
above.
©
2026
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
 
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
iShares Trust
 
By:     /s/ Jessica Tan____________________
Jessica Tan
President (principal executive officer) of
          iShares Trust
 
Date: June 22, 2026
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ Jessica Tan____________________
Jessica Tan
President (principal executive officer) of
          iShares Trust
 
Date: June 22, 2026
 
By:     /s/ Trent Walker___________________
          Trent Walker
Treasurer and Chief Financial Officer (principal financial officer) of
iShares Trust
 
Date: June 22, 2026
ATTACHMENTS / EXHIBITS

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