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: 10/31/2025

Date of reporting period: 10/31/2025

Item 1 – Reports to Stockholders

(a)    The Reports to Shareholders are attached herewith.

iShares^® iBonds^® 1-5 Year Corporate Ladder ETF

LDRC |NYSE Arca  

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about iShares iBonds 1-5 Year Corporate Ladder ETF (the “Fund”) for the period of November 7, 2024 to October 31, 2025. 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 period?

(based on a hypothetical $10,000 investment)

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)Footnote Reference(b)Footnote Reference(c)	0.00%Footnote Reference(b)Footnote Reference(d)Footnote Reference(e)

Footnote	Description
Footnote(a)	The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
Footnote(b)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(c)	Rounds to less than $1.
Footnote(d)	Annualized.
Footnote(e)	Rounds to less than 0.01%.

How did the Fund perform during the period?

• For the reporting period ended October 31, 2025, the Fund returned 5.55%.

• For the same period, the Bloomberg U.S. Universal Index returned 6.33% and the BlackRock iBonds 1-5 Year Corporate Ladder Index returned 5.50%.

What contributed to performance?

Anticipation of rate cuts caused spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) on corporate debt to significantly narrow during the reporting period and pushed bond prices higher. Mixed economic signals and ongoing global trade tensions also influenced bond returns, while the late-period U.S. government shutdown added to market volatility. After cutting rates in December of 2024, the Federal Reserve held policy rates steady through the first part of the year, before cutting rates by 25 basis points in both September and October 2025 as evidence of a cooling labor market outweighed persistent, though elevated, inflation concerns.

In this landscape, consumer non-cyclical issues in the industrial sector, particularly technology bonds, were the largest contributor to the Fund’s return.

What detracted from performance?

There were no significant detractors to the Fund’s performance during the reporting period.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: November 7, 2024 through October 31, 2025

Initial investment of $10,000 

	Fund	Bloomberg U.S. Universal Index	BlackRock iBonds 1-5 Year Corporate Ladder Index
Oct 24	$10,000	$10,000	$10,000
Nov 24	$10,033	$10,088	$10,032
Dec 24	$10,026	$9,936	$10,025
Jan 25	$10,080	$9,996	$10,078
Feb 25	$10,159	$10,203	$10,157
Mar 25	$10,198	$10,200	$10,195
Apr 25	$10,259	$10,236	$10,255
May 25	$10,288	$10,184	$10,283
Jun 25	$10,359	$10,343	$10,353
Jul 25	$10,369	$10,328	$10,364
Aug 25	$10,474	$10,452	$10,469
Sep 25	$10,522	$10,563	$10,517
Oct 25	$10,555	$10,633	$10,550

See “Average annual total returns” for additional information on fund performance. 

Average annual total returns

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,129,666
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25%

As of the date of this report, the Fund does not have a full fiscal year of performance information to report. The inception date of the Fund was November 7, 2024.

Past performance is not an indication of future results.Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2025) 

Portfolio composition 

Asset class

Percent of Total InvestmentsFootnote Reference(a)

Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

Footnote	Description
Footnote(a)	Excludes money market funds.

All holdings

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares iBonds Dec 2030 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0%
iShares iBonds Dec 2029 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Dec 2028 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Dec 2027 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Dec 2026 Term Corporate ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0

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.

Householding 

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited but is affiliated with BlackRock Index Services, LLC. 

©2025 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

Annual Shareholder Report — October 31, 2025

LDRC-10/25-AR

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

LDRH |NYSE Arca  

Annual Shareholder Report — October 31, 2025

This 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 7, 2024 to October 31, 2025. 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 period?

(based on a hypothetical $10,000 investment)

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)Footnote Reference(b)Footnote Reference(c)	0.00%Footnote Reference(b)Footnote Reference(d)Footnote Reference(e)

Footnote	Description
Footnote(a)	The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
Footnote(b)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(c)	Rounds to less than $1.
Footnote(d)	Annualized.
Footnote(e)	Rounds to less than 0.01%.

How did the Fund perform during the period?

• For the reporting period ended October 31, 2025, the Fund returned 6.30%.

• For the same period, the Bloomberg U.S. Universal Index returned 6.33% and the BlackRock iBonds 1-5 Year High Yield and Income Ladder Index returned 6.29%.

What contributed to performance?

Anticipation of rate cuts caused spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) on corporate debt to significantly narrow during the reporting period and pushed bond prices higher. Mixed economic signals and ongoing global trade tensions also influenced bond returns, while the late-period U.S. government shutdown added to market volatility. After cutting rates in December of 2024, the Federal Reserve held policy rates steady through the first part of the year, before cutting rates by 25 basis points in both September and October 2025 as evidence of a cooling labor market outweighed persistent, though elevated, inflation concerns.

During the reporting period, an allocation to bonds in the communication sector, especially cable and satellite, contributed the most to the Fund’s return, followed by bonds in the consumer cyclicals sector.

What detracted from performance?

There were no significant detractors to the Fund’s performance during the reporting period.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: November 7, 2024 through October 31, 2025

Initial investment of $10,000 

	Fund	Bloomberg U.S. Universal Index	BlackRock iBonds 1-5 Year High Yield and Income Ladder Index
Oct 24	$10,000	$10,000	$10,000
Nov 24	$10,032	$10,088	$10,032
Dec 24	$10,031	$9,936	$10,031
Jan 25	$10,124	$9,996	$10,124
Feb 25	$10,204	$10,203	$10,204
Mar 25	$10,135	$10,200	$10,135
Apr 25	$10,164	$10,236	$10,163
May 25	$10,283	$10,184	$10,283
Jun 25	$10,397	$10,343	$10,397
Jul 25	$10,431	$10,328	$10,432
Aug 25	$10,537	$10,452	$10,538
Sep 25	$10,620	$10,563	$10,619
Oct 25	$10,630	$10,633	$10,629

See “Average annual total returns” for additional information on fund performance. 

Average annual total returns

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,505,212
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23%

As of the date of this report, the Fund does not have a full fiscal year of performance information to report. The inception date of the Fund was November 7, 2024.

Past performance is not an indication of future results.Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2025) 

Portfolio composition 

Asset class

Percent of Total InvestmentsFootnote Reference(a)

Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

Footnote	Description
Footnote(a)	Excludes money market funds.

All holdings

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares iBonds 2026 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1%
iShares iBonds 2029 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds 2030 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds 2028 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds 2027 Term High Yield and Income ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.9

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.

Householding 

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited but is affiliated with BlackRock Index Services, LLC. 

©2025 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

Annual Shareholder Report — October 31, 2025

LDRH-10/25-AR

iShares^® iBonds^® 1-5 Year TIPS Ladder ETF

LDRI |NYSE Arca  

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about iShares iBonds 1-5 Year TIPS Ladder ETF (the “Fund”) for the period of November 7, 2024 to October 31, 2025. 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 period?

(based on a hypothetical $10,000 investment)

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)Footnote Reference(b)Footnote Reference(c)	0.00%Footnote Reference(b)Footnote Reference(d)Footnote Reference(e)

Footnote	Description
Footnote(a)	The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
Footnote(b)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(c)	Rounds to less than $1.
Footnote(d)	Annualized.
Footnote(e)	Rounds to less than 0.01%.

How did the Fund perform during the period?

• For the reporting period ended October 31, 2025, the Fund returned 5.64%.

• For the same period, the Bloomberg U.S. Universal Index returned 6.33% and the BlackRock iBonds 1-5 Year TIPS Ladder Index returned 5.64%.

What contributed to performance?

Mixed economic signals, shifting monetary policies, and ongoing global trade tensions influenced Treasury Inflation Protected Securities (“TIPS”) returns during the reporting period, while the late-period U.S. government shutdown added to market volatility. After cutting rates in December of 2024, the Federal Reserve held policy rates steady through the first part of the year, before cutting rates by 25 basis points in both September and October 2025 as evidence of a cooling labor market outweighed persistent, though elevated, inflation concerns. This environment led the Fund’s allocation to issues between seven-to-ten years to contribute to the Fund’s return.

What detracted from performance?

There were no significant detractors to the Fund’s performance during the reporting period.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: November 7, 2024 through October 31, 2025

Initial investment of $10,000 

	Fund	Bloomberg U.S. Universal Index	BlackRock iBonds 1-5 Year TIPS Ladder Index
Oct 24	$10,000	$10,000	$10,000
Nov 24	$10,018	$10,088	$10,017
Dec 24	$10,019	$9,936	$10,017
Jan 25	$10,097	$9,996	$10,096
Feb 25	$10,215	$10,203	$10,214
Mar 25	$10,297	$10,200	$10,296
Apr 25	$10,378	$10,236	$10,377
May 25	$10,347	$10,184	$10,346
Jun 25	$10,389	$10,343	$10,388
Jul 25	$10,424	$10,328	$10,424
Aug 25	$10,566	$10,452	$10,566
Sep 25	$10,556	$10,563	$10,556
Oct 25	$10,564	$10,633	$10,564

See “Average annual total returns” for additional information on fund performance. 

Average annual total returns

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$9,152,911
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29%

As of the date of this report, the Fund does not have a full fiscal year of performance information to report. The inception date of the Fund was November 7, 2024.

Past performance is not an indication of future results.Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2025) 

Portfolio composition 

Asset class

Percent of Total InvestmentsFootnote Reference(a)

Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

Footnote	Description
Footnote(a)	Excludes money market funds.

All holdings

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares iBonds Oct 2030 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.1%
iShares iBonds Oct 2028 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Oct 2029 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Oct 2027 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Oct 2026 Term TIPS ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.9

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.

Householding 

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited but is affiliated with BlackRock Index Services, LLC. 

©2025 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

Annual Shareholder Report — October 31, 2025

LDRI-10/25-AR

iShares^® iBonds^® 1-5 Year Treasury Ladder ETF

LDRT |NYSE Arca  

Annual Shareholder Report — October 31, 2025

This annual shareholder report contains important information about iShares iBonds 1-5 Year Treasury Ladder ETF (the “Fund”) for the period of November 7, 2024 to October 31, 2025. 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 period?

(based on a hypothetical $10,000 investment)

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)Footnote Reference(b)Footnote Reference(c)	0.00%Footnote Reference(b)Footnote Reference(d)Footnote Reference(e)

Footnote	Description
Footnote(a)	The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
Footnote(b)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(c)	Rounds to less than $1.
Footnote(d)	Annualized.
Footnote(e)	Rounds to less than 0.01%.

How did the Fund perform during the period?

• For the reporting period ended October 31, 2025, the Fund returned 5.08%.

• For the same period, the Bloomberg U.S. Universal Index returned 6.33% and the BlackRock iBonds 1-5 Year Treasury Ladder Index returned 5.06%.

What contributed to performance?

Anticipation of rate cuts caused spreads (the difference in the yield between two bonds with similar maturities but different credit qualities) on corporate debt to significantly narrow during the reporting period and pushed bond prices higher. Mixed economic signals and ongoing global trade tensions also influenced bond returns, while the late-period U.S. government shutdown added to market volatility. After cutting rates in December of 2024, the Federal Reserve held policy rates steady through the first part of the year, before cutting rates by 25 basis points in both September and October 2025 as evidence of a cooling labor market outweighed persistent, though elevated, inflation concerns.

What detracted from performance?

There were no significant detractors to the Fund’s performance during the reporting period.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: November 7, 2024 through October 31, 2025

Initial investment of $10,000 

	Fund	Bloomberg U.S. Universal Index	BlackRock iBonds 1-5 Year Treasury Ladder Index
Oct 24	$10,000	$10,000	$10,000
Nov 24	$10,037	$10,088	$10,036
Dec 24	$10,041	$9,936	$10,040
Jan 25	$10,077	$9,996	$10,075
Feb 25	$10,172	$10,203	$10,169
Mar 25	$10,218	$10,200	$10,215
Apr 25	$10,308	$10,236	$10,305
May 25	$10,287	$10,184	$10,286
Jun 25	$10,353	$10,343	$10,353
Jul 25	$10,333	$10,328	$10,331
Aug 25	$10,444	$10,452	$10,442
Sep 25	$10,468	$10,563	$10,466
Oct 25	$10,508	$10,633	$10,506

See “Average annual total returns” for additional information on fund performance. 

Average annual total returns

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$19,247,645
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$0
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30%

As of the date of this report, the Fund does not have a full fiscal year of performance information to report. The inception date of the Fund was November 7, 2024.

Past performance is not an indication of future results.Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2025) 

Portfolio composition 

Asset class

Percent of Total InvestmentsFootnote Reference(a)

Domestic Fixed Income........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

100.0%

Footnote	Description
Footnote(a)	Excludes money market funds.

All holdings

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares iBonds Dec 2030 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0%
iShares iBonds Dec 2029 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Dec 2028 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Dec 2027 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
iShares iBonds Dec 2026 Term Treasury ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0

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.

Householding 

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, BlackRock Index Services, LLC and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with Bloomberg Index Services Limited but is affiliated with BlackRock Index Services, LLC. 

©2025 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

Annual Shareholder Report — October 31, 2025

LDRT-10/25-AR

(b)     Not Applicable

Item 2 – Code of Ethics – The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3 –  Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Richard L. Fagnani
Laura F. Fergerson

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification.  The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the four series of the registrant for which the fiscal year-end is October 31, 2025 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $0 for the fiscal year ended October 31, 2024 and $49,000 for the fiscal year ended October 31, 2025.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2024 and October 31, 2025 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Funds’ financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $0 for the fiscal year ended October 31, 2024 and $38,800 for the fiscal year ended October 31, 2025. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended October 31, 2024 and October 31, 2025 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $0 for the fiscal year ended October 31, 2024 and $38,800 for the fiscal year ended October 31, 2025.

              (h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

               (i)    Not Applicable

               (j)    Not Applicable

Item 5 –  Audit Committee of Listed Registrant

(a)    The following individuals are members of the registrant’s separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

John E. Martinez

Cecilia H. Herbert served as an independent trustee through December 31, 2025.

(b)    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.

October

31,

2025

2025

Annual

Financial

Statements

and

Additional

Information

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

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

11

Statements

of

Operations

.................................................................................................

12

Statements

of

Changes

in

Net

Assets

..........................................................................................

13

Financial

Highlights

.....................................................................................................

15

Notes

to

Financial

Statements

...............................................................................................

19

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

25

Important

Tax

Information

(unaudited)

.................................................................................................

26

Additional

Information

...................................................................................................

27

Board

Review

and

Approval

of

Investment

Advisory

Contract

...........................................................................

28

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

31

iShares

®

iBonds

®

1-5

Year

Corporate

Ladder

ETF

Schedule

of

Investments

October

31,

2025

(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

.....

83,136

$

2,019,373

iShares

iBonds

Dec

2027

Term

Corporate

ETF

.....

83,077

2,021,263

iShares

iBonds

Dec

2028

Term

Corporate

ETF

.....

79,337

2,023,094

iShares

iBonds

Dec

2029

Term

Corporate

ETF

.....

86,376

2,026,381

iShares

iBonds

Dec

2030

Term

Corporate

ETF

.....

91,722

2,029,808

10,119,919

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

9,996,688

)

..................................

10,119,919

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(a)

(b)

............................

9,677

$

9,677

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

9,677

)

.....................................

9,677

Total

Investments

—

100.0%

(Cost:

$

10,006,365

)

.................................

10,129,596

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

70

Net

Assets

—

100.0%

.................................

$

10,129,666

(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

period

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

11/07/24

(a)

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

  Shares

Held

at

10/31/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(b)

..

$

—

$

113

(c)

$

—

$

(

113

)

$

—

$

—

—

$

4,163

(d)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

—

9,677

(c)

—

—

—

9,677

9,677

356

—

iShares

iBonds

Dec

2025

Term

Corporate

ETF

(b)

..........

—

1,791,357

(

1,798,288

)

6,931

—

—

—

29,256

—

iShares

iBonds

Dec

2026

Term

Corporate

ETF

...........

—

2,006,224

(

1,449

)

(

7

)

14,605

2,019,373

83,136

56,404

—

iShares

iBonds

Dec

2027

Term

Corporate

ETF

...........

—

2,000,873

(

1,769

)

10

22,149

2,021,263

83,077

58,557

—

iShares

iBonds

Dec

2028

Term

Corporate

ETF

...........

—

1,997,337

(

7,395

)

73

33,079

2,023,094

79,337

61,335

—

iShares

iBonds

Dec

2029

Term

Corporate

ETF

...........

—

1,997,800

(

13,947

)

164

42,364

2,026,381

86,376

63,285

—

iShares

iBonds

Dec

2030

Term

Corporate

ETF

...........

—

2,019,610

(

830

)

(

6

)

11,034

2,029,808

91,722

28,163

—

$

7,052

$

123,231

$

10,129,596

$

301,519

$

—

(a)

Commencement

of

operations.

(b)

As

of

period

end,

the

entity

is

no

longer

held.

(c)

Represents

net

amount

purchased

(sold).

(d)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

October

31,

2025

iShares

®

iBonds

®

1-5

Year

Corporate

Ladder

ETF

4

2025

iShares

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

.....................................

$

10,119,919

‌

$

—

‌

$

—

‌

$

10,119,919

‌

Short-Term

Securities

Money

Market

Funds

......................................

9,677

‌

—

‌

—

‌

9,677

‌

$

10,129,596

‌

$

—

‌

$

—

‌

$

10,129,596

‌

iShares

®

iBonds

®

1-5

Year

High

Yield

and

Income

Ladder

ETF

Schedule

of

Investments

October

31,

2025

(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

38,746

$

905,107

iShares

iBonds

2027

Term

High

Yield

and

Income

ETF

39,936

895,764

iShares

iBonds

2028

Term

High

Yield

and

Income

ETF

37,936

899,956

iShares

iBonds

2029

Term

High

Yield

and

Income

ETF

38,000

900,600

iShares

iBonds

2030

Term

High

Yield

and

Income

ETF

33,791

900,361

4,501,788

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

4,488,900

)

..................................

4,501,788

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(a)

(b)

............................

3,323

$

3,323

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

3,323

)

.....................................

3,323

Total

Investments

—

100.0%

(Cost:

$

4,492,223

)

..................................

4,505,111

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

101

Net

Assets

—

100.0%

.................................

$

4,505,212

(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

period

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

11/07/24

(a)

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

  Shares

Held

at

10/31/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(b)

..

$

—

$

79

(c)

$

—

$

(

79

)

$

—

$

—

—

$

1,074

(d)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

—

3,323

(c)

—

—

—

3,323

3,323

194

—

iShares

iBonds

2025

Term

High

Yield

and

Income

ETF

(b)

....

—

784,900

(

785,516

)

616

—

—

—

20,614

—

iShares

iBonds

2026

Term

High

Yield

and

Income

ETF

.....

—

901,883

—

—

3,224

905,107

38,746

43,228

64

iShares

iBonds

2027

Term

High

Yield

and

Income

ETF

.....

—

899,037

(

4,452

)

(

4

)

1,183

895,764

39,936

41,938

—

iShares

iBonds

2028

Term

High

Yield

and

Income

ETF

.....

—

901,472

(

6,974

)

9

5,449

899,956

37,936

42,762

—

iShares

iBonds

2029

Term

High

Yield

and

Income

ETF

.....

—

902,799

(

5,092

)

(

23

)

2,916

900,600

38,000

44,632

—

iShares

iBonds

2030

Term

High

Yield

and

Income

ETF

.....

—

900,752

(

502

)

(

5

)

116

900,361

33,791

17,742

—

$

514

$

12,888

$

4,505,111

$

212,184

$

64

(a)

Commencement

of

operations.

(b)

As

of

period

end,

the

entity

is

no

longer

held.

(c)

Represents

net

amount

purchased

(sold).

(d)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

October

31,

2025

iShares

®

iBonds

®

1-5

Year

High

Yield

and

Income

Ladder

ETF

6

2025

iShares

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

.....................................

$

4,501,788

$

—

$

—

$

4,501,788

Short-Term

Securities

Money

Market

Funds

......................................

3,323

—

—

3,323

$

4,505,111

$

—

$

—

$

4,505,111

iShares

®

iBonds

®

1-5

Year

TIPS

Ladder

ETF

Schedule

of

Investments

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Investment

Companies

(a)

Domestic

Fixed

Income

 — 

99

.9

%

iShares

iBonds

Oct

2026

Term

TIPS

ETF

.........

70,811

$

1,821,967

iShares

iBonds

Oct

2027

Term

TIPS

ETF

.........

70,127

1,823,162

iShares

iBonds

Oct

2028

Term

TIPS

ETF

.........

69,943

1,832,507

iShares

iBonds

Oct

2029

Term

TIPS

ETF

.........

69,599

1,828,387

iShares

iBonds

Oct

2030

Term

TIPS

ETF

.........

69,470

1,835,953

9,141,976

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

9,114,860

)

..................................

9,141,976

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(a)

(b)

............................

10,887

$

10,887

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

10,887

)

....................................

10,887

Total

Investments

—

100.0%

(Cost:

$

9,125,747

)

..................................

9,152,863

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

48

Net

Assets

—

100.0%

.................................

$

9,152,911

(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

period

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

11/07/24

(a)

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

  Shares

Held

at

10/31/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

$

—

$

10,887

(b)

$

—

$

—

$

—

$

10,887

10,887

$

361

$

—

iShares

iBonds

Oct

2025

Term

TIPS

ETF

(c)

..

—

1,595,345

(

1,601,178

)

5,833

—

—

—

13,359

—

iShares

iBonds

Oct

2026

Term

TIPS

ETF

...

—

1,925,585

(

100,907

)

445

(

3,156

)

1,821,967

70,811

51,684

—

iShares

iBonds

Oct

2027

Term

TIPS

ETF

...

—

1,927,037

(

106,500

)

1,055

1,570

1,823,162

70,127

51,499

—

iShares

iBonds

Oct

2028

Term

TIPS

ETF

...

—

1,928,072

(

111,977

)

1,485

14,927

1,832,507

69,943

46,249

158

iShares

iBonds

Oct

2029

Term

TIPS

ETF

...

—

1,926,048

(

115,508

)

1,362

16,485

1,828,387

69,599

52,706

—

iShares

iBonds

Oct

2030

Term

TIPS

ETF

...

—

1,939,499

(

100,778

)

(

58

)

(

2,710

)

1,835,953

69,470

37,186

—

$

10,122

$

27,116

$

9,152,863

$

253,044

$

158

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Schedule

of

Investments

(continued)

October

31,

2025

iShares

®

iBonds

®

1-5

Year

TIPS

Ladder

ETF

8

2025

iShares

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

.....................................

$

9,141,976

‌

$

—

‌

$

—

‌

$

9,141,976

‌

Short-Term

Securities

Money

Market

Funds

......................................

10,887

‌

—

‌

—

‌

10,887

‌

$

9,152,863

‌

$

—

‌

$

—

‌

$

9,152,863

‌

iShares

®

iBonds

®

1-5

Year

Treasury

Ladder

ETF

Schedule

of

Investments

October

31,

2025

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Investment

Companies

(a)

Domestic

Fixed

Income

 — 

99

.9

%

iShares

iBonds

Dec

2026

Term

Treasury

ETF

......

167,368

$

3,839,422

iShares

iBonds

Dec

2027

Term

Treasury

ETF

......

170,638

3,841,914

iShares

iBonds

Dec

2028

Term

Treasury

ETF

......

171,631

3,845,392

iShares

iBonds

Dec

2029

Term

Treasury

ETF

......

175,079

3,849,112

iShares

iBonds

Dec

2030

Term

Treasury

ETF

......

193,434

3,850,304

19,226,144

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

19,029,570

)

.................................

19,226,144

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.05

%

(a)

(b)

............................

21,202

$

21,202

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

21,202

)

....................................

21,202

Total

Investments

—

100.0%

(Cost:

$

19,050,772

)

.................................

19,247,346

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

299

Net

Assets

—

100.0%

.................................

$

19,247,645

(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

period

ended

October

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

11/07/24

(a)

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/25

  Shares

Held

at

10/31/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(b)

$

—

$

—

$

(

4

)

(c)

$

4

$

—

$

—

—

$

3,261

(d)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

—

21,202

(c)

—

—

—

21,202

21,202

766

—

iShares

iBonds

Dec

2025

Term

Treasury

ETF

(b)

.........

—

4,289,569

(

4,293,686

)

4,117

—

—

—

58,789

—

iShares

iBonds

Dec

2026

Term

Treasury

ETF

..........

—

4,428,935

(

607,896

)

2,803

15,580

3,839,422

167,368

111,293

—

iShares

iBonds

Dec

2027

Term

Treasury

ETF

..........

—

4,408,916

(

611,892

)

8,074

36,816

3,841,914

170,638

108,984

—

iShares

iBonds

Dec

2028

Term

Treasury

ETF

..........

—

4,409,240

(

635,292

)

13,397

58,047

3,845,392

171,631

108,143

—

iShares

iBonds

Dec

2029

Term

Treasury

ETF

..........

—

4,397,658

(

641,837

)

17,590

75,701

3,849,112

175,079

107,084

—

iShares

iBonds

Dec

2030

Term

Treasury

ETF

..........

—

4,453,336

(

612,366

)

(

1,096

)

10,430

3,850,304

193,434

51,617

—

$

44,889

$

196,574

$

19,247,346

$

549,937

$

—

(a)

Commencement

of

operations.

(b)

As

of

period

end,

the

entity

is

no

longer

held.

(c)

Represents

net

amount

purchased

(sold).

(d)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

October

31,

2025

iShares

®

iBonds

®

1-5

Year

Treasury

Ladder

ETF

10

2025

iShares

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

.........................................

$

19,226,144

$

—

$

—

$

19,226,144

Short-Term

Securities

Money

Market

Funds

..........................................

21,202

—

—

21,202

$

19,247,346

$

—

$

—

$

19,247,346

11

Statements

of

Assets

and

Liabilities

Statements

of

Assets

and

Liabilities

October

31,

2025

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)

.........................................

$

10,129,596

‌

$

4,505,111

‌

$

9,152,863

‌

$

19,247,346

‌

Receivables:

Securities

lending

income

—

affiliated

.....................................

34

‌

168

‌

—

‌

221

‌

Dividends

—

affiliated

................................................

36

‌

13

‌

48

‌

78

‌

Total

assets

........................................................

10,129,666

‌

4,505,292

‌

9,152,911

‌

19,247,645

‌

LIABILITIES

Other

liabilities

......................................................

—

‌

80

‌

—

‌

—

‌

Total

liabilities

.......................................................

—

‌

80

‌

—

‌

—

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.......................................................

$

10,129,666

‌

$

4,505,212

‌

$

9,152,911

‌

$

19,247,645

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.......................................................

$

9,998,726

‌

$

4,490,930

‌

$

9,119,953

‌

$

19,045,774

‌

Accumulated

earnings

.................................................

130,940

‌

14,282

‌

32,958

‌

201,871

‌

NET

ASSETS

.......................................................

$

10,129,666

‌

$

4,505,212

‌

$

9,152,911

‌

$

19,247,645

‌

NET

ASSET

VALUE

Shares

outstanding

...................................................

400,000

‌

180,000

‌

360,000

‌

760,000

‌

Net

asset

value

......................................................

$

25.32

‌

$

25.03

‌

$

25.42

‌

$

25.33

‌

Shares

authorized

....................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

..........................................................

None

None

None

None

(a)

Investments,

at

cost

—

affiliated

.........................................

$

10,006,365

‌

$

4,492,223

‌

$

9,125,747

‌

$

19,050,772

‌

12

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Statements

of

Operations

Period

Ended

October

31,

2025

See

notes

to

financial

statements.

iShares

iBonds

1-5

Year

Corporate

Ladder

ETF

(a)

iShares

iBonds

1-5

Year

High

Yield

and

Income

Ladder

ETF

(a)

iShares

iBonds

1-5

Year

TIPS

Ladder

ETF

(a)

iShares

iBonds

1-5

Year

Treasury

Ladder

ETF

(a)

INVESTMENT

INCOME

Dividends

—

affiliated

................................................

$

297,356

‌

$

211,110

‌

$

253,044

‌

$

546,676

‌

Interest

—

unaffiliated

................................................

13

‌

1

‌

5

‌

2

‌

Securities

lending

income

—

affiliated

—

net

.................................

4,163

‌

1,074

‌

—

‌

3,261

‌

Total

investment

income

................................................

301,532

‌

212,185

‌

253,049

‌

549,939

‌

EXPENSES

Interest

expense

...................................................

7

‌

7

‌

7

‌

7

‌

Total

expenses

......................................................

7

‌

7

‌

7

‌

7

‌

Net

investment

income

.................................................

301,525

‌

212,178

‌

253,042

‌

549,932

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

.............................................

7,052

‌

514

‌

5,830

‌

4,017

‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

.....................

—

‌

64

‌

158

‌

—

‌

In-kind

redemptions

—

affiliated

(b)

......................................

—

‌

—

‌

4,292

‌

40,872

‌

7,052

‌

578

‌

10,280

‌

44,889

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.............................................

123,231

‌

12,888

‌

27,116

‌

196,574

‌

123,231

‌

12,888

‌

27,116

‌

196,574

‌

Net

realized

and

unrealized

gain

..........................................

130,283

‌

13,466

‌

37,396

‌

241,463

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................

$

431,808

‌

$

225,644

‌

$

290,438

‌

$

791,395

‌

(a)

For

the

period

from

November

7,

2024

(commencement

of

operations)

to

October

31,

2025.

(b)

See

Note

2

of

the

Notes

to

Financial

Statements.

13

Statements

of

Changes

in

Net

Assets

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

Period

From

11/07/24

(a)

to

10/31/25

Period

From

11/07/24

(a)

to

10/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

301,525

‌

$

212,178

‌

Net

realized

gain

................................................................................

7,052

‌

578

‌

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

123,231

‌

12,888

‌

Net

increase

in

net

assets

resulting

from

operations

...........................................................

431,808

‌

225,644

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

300,868

)

(

211,362

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................................................

9,998,726

‌

4,490,930

‌

NET

ASSETS

Total

increase

in

net

assets

...........................................................................

10,129,666

‌

4,505,212

‌

Beginning

of

period

................................................................................

—

‌

—

‌

End

of

period

....................................................................................

$

10,129,666

‌

$

4,505,212

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

14

2025

iShares

Annual

Financial

Statements

and

Additional

Information

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

Period

From

11/07/24

(a)

to

10/31/25

Period

From

11/07/24

(a)

to

10/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................................................

$

253,042

‌

$

549,932

‌

Net

realized

gain

................................................................................

10,280

‌

44,889

‌

Net

change

in

unrealized

appreciation

(depreciation)

........................................................

27,116

‌

196,574

‌

Net

increase

in

net

assets

resulting

from

operations

...........................................................

290,438

‌

791,395

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................................................

(

252,918

)

(

547,921

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................................................

9,115,391

‌

19,004,171

‌

NET

ASSETS

Total

increase

in

net

assets

...........................................................................

9,152,911

‌

19,247,645

‌

Beginning

of

period

................................................................................

—

‌

—

‌

End

of

period

....................................................................................

$

9,152,911

‌

$

19,247,645

‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

15

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

iBonds

1-5

Year

Corporate

Ladder

ETF

Period

From

11/07/24

(a)

to

10/31/25

Net

asset

value,

beginning

of

period

.....................................................................................

$

25.00

‌

Net

investment

income

(b)

.............................................................................................

1

.03

‌

Net

realized

and

unrealized

gain

(c)

.......................................................................................

0

.32

‌

Net

increase

from

investment

operations

....................................................................................

1

.35

‌

Distributions

from

net

investment

income

(d)

...................................................................................

(

1

.03

)

Net

asset

value,

end

of

period

..........................................................................................

$

25.32

‌

Total

Return

(e)

–

Based

on

net

asset

value

..............................................................................................

5

.55

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

Total

expenses

.....................................................................................................

0

.00

%

(h)

(i)

Net

investment

income

................................................................................................

4

.20

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

10,130

‌

Portfolio

turnover

rate

(j)

................................................................................................

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Amount

is

less

than

0.005%.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

16

2025

iShares

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

High

Yield

and

Income

Ladder

ETF

Period

From

11/07/24

(a)

to

10/31/25

Net

asset

value,

beginning

of

period

.....................................................................................

$

25.00

‌

Net

investment

income

(b)

.............................................................................................

1

.50

‌

Net

realized

and

unrealized

gain

(c)

.......................................................................................

0

.02

‌

Net

increase

from

investment

operations

....................................................................................

1

.52

‌

Distributions

from

net

investment

income

(d)

...................................................................................

(

1

.49

)

Net

asset

value,

end

of

period

..........................................................................................

$

25.03

‌

Total

Return

(e)

–

Based

on

net

asset

value

..............................................................................................

6

.30

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

Total

expenses

.....................................................................................................

0

.00

%

(h)

(i)

Net

investment

income

................................................................................................

6

.13

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

4,505

‌

Portfolio

turnover

rate

(j)

................................................................................................

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Amount

is

less

than

0.005%.

(j)

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

TIPS

Ladder

ETF

Period

From

11/07/24

(a)

to

10/31/25

Net

asset

value,

beginning

of

period

.....................................................................................

$

25.00

‌

Net

investment

income

(b)

.............................................................................................

1

.11

‌

Net

realized

and

unrealized

gain

(c)

.......................................................................................

0

.27

‌

Net

increase

from

investment

operations

....................................................................................

1

.38

‌

Distributions

from

net

investment

income

(d)

...................................................................................

(

0

.96

)

Net

asset

value,

end

of

period

..........................................................................................

$

25.42

‌

Total

Return

(e)

–

Based

on

net

asset

value

..............................................................................................

5

.64

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

Total

expenses

.....................................................................................................

0

.00

%

(h)

(i)

Net

investment

income

................................................................................................

4

.47

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

9,153

‌

Portfolio

turnover

rate

(j)

................................................................................................

29

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Amount

is

less

than

0.005%.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

18

2025

iShares

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

Treasury

Ladder

ETF

Period

From

11/07/24

(a)

to

10/31/25

Net

asset

value,

beginning

of

period

.....................................................................................

$

25.00

‌

Net

investment

income

(b)

.............................................................................................

0

.93

‌

Net

realized

and

unrealized

gain

(c)

.......................................................................................

0

.32

‌

Net

increase

from

investment

operations

....................................................................................

1

.25

‌

Distributions

from

net

investment

income

(d)

...................................................................................

(

0

.92

)

Net

asset

value,

end

of

period

..........................................................................................

$

25.33

‌

Total

Return

(e)

–

Based

on

net

asset

value

..............................................................................................

5

.08

%

(f)

Ratios

to

Average

Net

Assets

(g)

–

Total

expenses

.....................................................................................................

0

.00

%

(h)

(i)

Net

investment

income

................................................................................................

3

.78

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

19,248

‌

Portfolio

turnover

rate

(j)

................................................................................................

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)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Amount

is

less

than

0.005%.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

19

Notes

to

Financial

Statements

1.

Organization

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios.

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

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

Funds

adopted

Financial

Accounting

Standards

Board

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”)

during

the

period.

The

Funds’

adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Fund’s

financial

position

or

results

of

operations.

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

iShares

ETF

Diversification

Classification

iBonds

1-5

Year

Corporate

Ladder

(a)

........................................................................................

Non-diversified

iBonds

1-5

Year

High

Yield

and

Income

Ladder

(a)

................................................................................

Non-diversified

iBonds

1-5

Year

TIPS

Ladder

(a)

............................................................................................

Diversified

iBonds

1-5

Year

Treasury

Ladder

(a)

.........................................................................................

Diversified

(a)

The

Fund

commenced

operations

on

November

7,

2024.

Notes

to

Financial

Statements

(continued)

20

2025

iShares

Annual

Financial

Statements

and

Additional

Information

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Exchange-traded

funds

and

closed-end

funds

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

fund

is

primarily

traded.

Funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

traded

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.

Notes

to

Financial

Statements

(

continued)

21

Notes

to

Financial

Statements

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

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

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the period

ended October

31,

2025,

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.

iShares

ETF

Amounts

iBonds

1-5

Year

Corporate

Ladder

........................................................................................

$

1,032

‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

................................................................................

250

‌

iBonds

1-5

Year

Treasury

Ladder

.........................................................................................

779

‌

Notes

to

Financial

Statements

(continued)

22

2025

iShares

Annual

Financial

Statements

and

Additional

Information

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.

6.

Purchases

and

Sales

For

the period

ended

October

31,

2025,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the

period

ended

October

31,

2025,

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

October

31,

2025,

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.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

October

31,

2025,

permanent

differences

attributable

to distributions

in

connection

with

fund

share

redemptions

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

iShares

ETF

Purchases

Sales

iBonds

1-5

Year

Corporate

Ladder

......................................................................

$

3,822,673

‌

$

1,823,676

‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

..............................................................

2,802,557

‌

802,536

‌

iBonds

1-5

Year

TIPS

Ladder

..........................................................................

3,648,145

‌

1,632,290

‌

iBonds

1-5

Year

Treasury

Ladder

.......................................................................

6,375,043

‌

4,377,686

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

iBonds

1-5

Year

Corporate

Ladder

......................................................................

$

7,990,536

‌

$

—

‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

..............................................................

2,488,286

‌

—

‌

iBonds

1-5

Year

TIPS

Ladder

..........................................................................

7,593,439

‌

504,557

‌

iBonds

1-5

Year

Treasury

Ladder

.......................................................................

20,012,611

‌

3,025,283

‌

iShares

ETF

Paid-in

Capital

Accumulated

Earnings

(Loss)

iBonds

1-5

Year

Corporate

Ladder

......................................................................

$

—

‌

$

—

‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

..............................................................

—

‌

—

‌

iBonds

1-5

Year

TIPS

Ladder

..........................................................................

4,562

‌

(4,562

)

iBonds

1-5

Year

Treasury

Ladder

.......................................................................

41,603

‌

(41,603

)

iShares

ETF

Period

From

11/7/2024

to

10/31/25

iBonds

1-5

Year

Corporate

Ladder

(a)

Ordinary

income

..............................................................................................................

$

300,868‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

(a)

Ordinary

income

..............................................................................................................

$

211,362‌

iBonds

1-5

Year

TIPS

Ladder

(a)

Ordinary

income

..............................................................................................................

$

252,918‌

iBonds

1-5

Year

Treasury

Ladder

(a)

Ordinary

income

..............................................................................................................

$

547,921‌

(a)

The

Fund

commenced

operations

on

November

7,

2024.

Notes

to

Financial

Statements

(

continued)

23

Notes

to

Financial

Statements

As

of

October

31,

2025,

the

tax

components

of

accumulated earnings

(losses)

were

as

follows:

As

of

October

31,

2025,

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

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

iShares

ETF

Undistributed

Ordinary

Income

Net

Unrealized

Gains

(Losses)

(a)

Total

iBonds

1-5

Year

Corporate

Ladder

....................................................

$

7,709

‌

$

123,231

‌

$

130,940

‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

............................................

1,394

‌

12,888

‌

14,282

‌

iBonds

1-5

Year

TIPS

Ladder

........................................................

5,844

‌

27,114

‌

32,958

‌

iBonds

1-5

Year

Treasury

Ladder

.....................................................

5,313

‌

196,558

‌

201,871

‌

(a)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

iBonds

1-5

Year

Corporate

Ladder

..................................

$

10,006,365

‌

$

123,231

‌

$

—

‌

$

123,231

‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

..........................

4,492,223

‌

12,888

‌

—

‌

12,888

‌

iBonds

1-5

Year

TIPS

Ladder

......................................

9,125,749

‌

32,981

‌

(5,867

)

27,114

‌

iBonds

1-5

Year

Treasury

Ladder

...................................

19,050,788

‌

196,558

‌

—

‌

196,558

‌

Notes

to

Financial

Statements

(continued)

24

2025

iShares

Annual

Financial

Statements

and

Additional

Information

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.

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.

Period

Ended

10/31/25

iShares

ETF

Shares

Amount

iBonds

1-5

Year

Corporate

Ladder

(a)

Shares

sold

........................................................................................

400,000

‌

$

9,998,726

‌

Shares

redeemed

....................................................................................

—

‌

—

‌

400,000

‌

$

9,998,726

‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

(a)

Shares

sold

........................................................................................

180,000

‌

$

4,490,930

‌

Shares

redeemed

....................................................................................

—

‌

—

‌

180,000

‌

$

4,490,930

‌

iBonds

1-5

Year

TIPS

Ladder

(a)

Shares

sold

........................................................................................

380,000

‌

$

9,620,545

‌

Shares

redeemed

....................................................................................

(20,000

)

(505,154

)

360,000

‌

$

9,115,391

‌

iBonds

1-5

Year

Treasury

Ladder

(a)

Shares

sold

........................................................................................

880,000

‌

$

22,032,553

‌

Shares

redeemed

....................................................................................

(120,000

)

(3,028,382

)

760,000

‌

$

19,004,171

‌

(a)

The

Fund

commenced

operations

on

November

7,

2024.

Report

of

Independent

Registered

Public

Accounting

Firm

25

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the four funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(four

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2025,

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

November

7,

2024

(commencement

of

operations)

through

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

October

31,

2025,

and

the

results

of

each

of

their

operations,

changes

in

each

of

their

net

assets,

and

each

of

the

financial

highlights

for

the

period

November

7,

2024

(commencement

of

operations)

through

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian

and

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

December

22,

2025

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

  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

Important

Tax

Information

(unaudited)

26

2025

iShares

Annual

Financial

Statements

and

Additional

Information

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

of

distributions

from

direct

federal

obligation

interest

for

the

fiscal

period

ended

October

31,

2025:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

as

interest

income

eligible

to

be

treated

as

a

Section

163(j)

interest

dividend

for

the

fiscal

period

ended

October

31,

2025:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

as

interest-related

dividends

eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

period

ended

October

31,

2025:

iShares

ETF

Federal

Obligation

Interest

iBonds

1-5

Year

Corporate

Ladder

.........................................................................................

$

1,269‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

.................................................................................

1,701‌

iBonds

1-5

Year

TIPS

Ladder

.............................................................................................

247,026‌

iBonds

1-5

Year

Treasury

Ladder

..........................................................................................

537,026‌

iShares

ETF

Interest

Dividends

iBonds

1-5

Year

Corporate

Lad

der

.........................................................................................

$

297,766‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

.................................................................................

206,547‌

iBonds

1-5

Year

TIPS

Ladder

.............................................................................................

247,026‌

iBonds

1-5

Year

Treasury

Ladder

..........................................................................................

537,026‌

iShares

ETF

Interest-Related

Dividends

iBonds

1-5

Year

Corporate

Ladder

.........................................................................................

$

253,769‌

iBonds

1-5

Year

High

Yield

and

Income

Ladder

.................................................................................

170,745‌

iBonds

1-5

Year

TIPS

Ladder

.............................................................................................

247,026‌

iBonds

1-5

Year

Treasury

Ladder

..........................................................................................

537,015‌

Additional

Information

27

Additional

Information

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

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

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

28

2025

iShares

Annual

Financial

Statements

and

Additional

Information

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

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

9,

2025

and

May

23,

2025,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meetings,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

10-11,

2025,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates

if

any;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2024,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

the

investment

performance

of

iShares

funds,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

9,

2025

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(

continued)

29

Board

Review

and

Approval

of

Investment

Advisory

Contract

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

also

considered

other

indirect

and

intangible

benefits

to

BlackRock

as

a

result

of

its

advisory

relationships

with

the

Fund,

including

without

limitation,

BlackRock’s

potential

benefits

to

its

profile

and

standing

in

the

investment

community

as

a

result

of

providing

investment

advisory

services

to

the

iShares

funds.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

30

2025

iShares

Annual

Financial

Statements

and

Additional

Information

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

these

Financial

Statements

31

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.

©2025

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.

(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 – See Item 2

              (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: December 22, 2025

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: December 22, 2025

By:     /s/ Trent Walker___________________

          Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

Date: December 22, 2025