The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2022

	6-Month		12-Month
U.S. large cap equities (S&P 500^® Index)		(9.65)%		0.21%
U.S. small cap equities (Russell 2000^® Index)		(18.38)		(16.87)
International equities (MSCI Europe, Australasia, Far East Index)		(11.80)		(8.15)
Emerging market equities (MSCI Emerging Markets Index)		(14.15)		(18.33)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07		0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29)		(8.86)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47)		(8.51)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90)		(7.88)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40)		(5.22)

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

The iShares U.S. Fixed Income Balanced Risk Factor ETF (the “Fund”) seeks to track the investment results of an index, composed of taxable U.S. dollar-denominated bonds and U.S. Treasury futures, which targets an equal allocation between interest rate and credit spread risk, as represented by the Bloomberg U.S. Fixed Income Balanced Risk Index (the “Index”) (formerly Bloomberg Barclays U.S. Fixed Income Balanced Risk Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 2/24/15. The first day of secondary market trading was 2/26/15.

Index performance through February 4, 2018 reflects the performance of the Bloomberg Barclays U.S. Aggregate Bond Index. Index performance beginning on February 5, 2018 reflects the performance of the Bloomberg U.S. Fixed Income Balanced Risk Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 5 for more information.

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

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

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

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

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

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

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


Security	Par (000)		Value

Corporate Bonds & Notes

Advertising — 0.0%
Interpublic Group of Companies Inc. (The), 2.40%, 03/01/31 (Call 12/01/30)^(a)	$	5	$	4,237


Aerospace & Defense — 1.3%
Boeing Co. (The) 2.20%, 02/04/26 (Call 02/04/23)		110		100,497
4.88%, 05/01/25 (Call 04/01/25)		80		80,974
General Dynamics Corp., 1.15%, 06/01/26 (Call 05/01/26)		120		109,225
Howmet Aerospace Inc. 5.13%, 10/01/24 (Call 07/01/24)		100		101,739
5.90%, 02/01/27		100		102,714
Lockheed Martin Corp., 3.90%, 06/15/32		45		44,681
Teledyne Technologies Inc., 0.95%, 04/01/24 (Call 05/31/22)		500		476,770
TransDigm Inc. 6.25%, 03/15/26 (Call 05/31/22)^(b)		100		100,128
6.38%, 06/15/26 (Call 05/31/22)		50		49,408
7.50%, 03/15/27 (Call 05/31/22)		50		50,373

				1,216,509

Agriculture — 1.5%
Altria Group Inc. 2.35%, 05/06/25 (Call 04/06/25)		200		191,500
2.45%, 02/04/32 (Call 11/04/31)		140		112,181
4.40%, 02/14/26 (Call 12/14/25)^(a)		155		156,815
BAT Capital Corp. 2.26%, 03/25/28 (Call 01/25/28)		99		84,773
4.91%, 04/02/30 (Call 01/02/30)^(a)		89		86,050
BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)		400		359,324
Bunge Ltd. Finance Corp. 1.63%, 08/17/25 (Call 07/17/25)		240		223,320
2.75%, 05/14/31 (Call 02/14/31)		90		77,805
Philip Morris International Inc., 1.75%, 11/01/30 (Call 08/01/30)		230		188,133

				1,479,901

Airlines — 0.7%
American Airlines Inc., 11.75%, 07/15/25^(b)		85		97,948
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29^(b)		158		152,600
United Airlines Inc. 4.38%, 04/15/26 (Call 10/15/25)^(b)		75		72,270
4.63%, 04/15/29 (Call 10/15/28)^(b)		385		353,730

				676,548

Apparel — 0.1%
NIKE Inc., 2.85%, 03/27/30 (Call 12/27/29)^(a)		90		83,951


Auto Manufacturers — 1.4%
American Honda Finance Corp. 0.75%, 08/09/24		50		47,256
1.20%, 07/08/25		150		139,541
Ford Motor Co., 4.35%, 12/08/26 (Call 09/08/26)^(a)		120		115,190
General Motors Co., 5.40%, 10/02/23		35		35,977
General Motors Financial Co. Inc. 1.70%, 08/18/23		250		245,082
3.80%, 04/07/25		95		93,875
Jaguar Land Rover Automotive PLC, 5.50%, 07/15/29 (Call 07/15/24)^(b)		285		237,958
PACCAR Financial Corp., 0.35%, 02/02/24		100		95,379


Security	Par (000)		Value

Auto Manufacturers (continued)
Toyota Motor Credit Corp. 1.45%, 01/13/25	$	115	$	109,525
2.50%, 03/22/24		200		197,956

				1,317,739

Auto Parts & Equipment — 0.2%
Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)^(a)		33		31,854
Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24)^(a)		200		196,102

				227,956

Banks — 13.6%
Banco Santander SA 0.70%, 06/30/24 (Call 06/30/23)^(c)		200		193,342
1.72%, 09/14/27 (Call 09/14/26)^(c)		200		176,142
1.85%, 03/25/26		210		191,008
Bank of America Corp. 0.52%, 06/14/24 (Call 06/14/23), (SOFR + 0.410%)^(c)		210		203,110
0.81%, 10/24/24 (Call 10/24/23), (SOFR + 0.740%)^(c)		200		192,054
0.98%, 04/22/25 (Call 04/22/24), (SOFR + 0.690%)^(c)		230		217,428
0.98%, 09/25/25 (Call 09/25/24), (SOFR + 0.910%)^(c)		170		158,357
1.32%, 06/19/26 (Call 06/19/25), (SOFR + 1.150%)^(c)		100		91,641
2.09%, 06/14/29 (Call 06/14/28), (SOFR + 1.060%)^(c)		260		226,359
2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)^(c)		75		64,478
2.57%, 10/20/32 (Call 10/20/31), (SOFR + 1.210%)^(c)		10		8,448
2.82%, 07/21/23 (Call 07/21/22), (3 mo. LIBOR US + 0.930%)^(c)		350		349,947
3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)^(c)		150		145,734
3.84%, 04/25/25 (Call 04/25/24)^(c)		100		99,904
4.25%, 10/22/26		120		119,956
Series N, 2.65%, 03/11/32 (Call 03/11/31), (SOFR + 1.220%)^(c)		80		68,699
Bank of Montreal 0.63%, 07/09/24		110		103,621
1.25%, 09/15/26		60		53,595
Bank of Nova Scotia (The) 0.65%, 07/31/24		115		107,936
1.05%, 03/02/26		230		206,487
Canadian Imperial Bank of Commerce 0.45%, 06/22/23		120		116,903
2.25%, 01/28/25		170		163,736
Citigroup Inc. 0.78%, 10/30/24 (Call 10/30/23), (SOFR + 0.686%)^(c)		530		507,676
0.98%, 05/01/25 (Call 05/01/24), (SOFR + 0.669%)^(c)		90		84,854
1.46%, 06/09/27 (Call 06/09/26), (SOFR + 0.770%)^(c)		240		213,559
3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)^(c)		365		359,711
4.60%, 03/09/26		100		100,755
Cooperatieve Rabobank U.A./New York, 1.38%, 01/10/25		250		237,335
Credit Suisse AG/New York NY, 0.52%, 08/09/23		250		242,347
Deutsche Bank AG, 4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)^(c)		200		196,256
Deutsche Bank AG/New York NY, 2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)^(c)		150		133,523
Fifth Third Bancorp., 1.71%, 11/01/27 (Call 11/01/26), (SOFR + 0.685%)^(c)		60		54,110
First Republic Bank/CA, 1.91%, 02/12/24 (Call 02/12/23), (SOFR + 0.620%)^(c)		250		247,320
Goldman Sachs Group Inc. (The) 0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)^(c)		105		95,852


Security	Par (000)		Value

Banks (continued)
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)^(c)	$	190	$	169,907
2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)^(c)		175		144,956
2.60%, 02/07/30 (Call 11/07/29)		90		78,152
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)^(c)		45		38,101
3.27%, 09/29/25 (Call 09/29/24), (3 mo. LIBOR US + 1.201%)^(c)		115		113,183
3.50%, 01/23/25 (Call 10/23/24)		335		332,176
3.75%, 02/25/26 (Call 11/25/25)		194		192,648
3.85%, 01/26/27 (Call 01/26/26)		120		117,422
HSBC Holdings PLC 3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)^(c)		200		192,796
4.25%, 03/14/24		200		201,250
4.76%, 03/29/33 (Call 03/29/32)^(c)		200		189,760
JPMorgan Chase & Co. 1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)^(c)		315		282,908
1.56%, 12/10/25 (Call 12/10/24), (SOFR + 0.605%)^(c)		120		112,987
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)^(c)		117		105,805
2.95%, 10/01/26 (Call 07/01/26)^(a)		200		191,720
3.13%, 01/23/25 (Call 10/23/24)^(a)		40		39,614
3.22%, 03/01/25 (Call 03/01/24), (3 mo. LIBOR US + 1.155%)^(c)		132		130,681
3.88%, 09/10/24		200		201,004
Lloyds Banking Group PLC, 0.70%, 05/11/24 (Call 05/11/23), (1 year CMT + 0.550%)^(c)		200		194,210
Mitsubishi UFJ Financial Group Inc. 0.95%, 07/19/25 (Call 07/19/24)^(c)		260		244,143
1.64%, 10/13/27 (Call 10/13/26)^(c)		360		321,289
2.34%, 01/19/28 (Call 01/19/27)^(c)		200		183,436
Mizuho Financial Group Inc. 1.24%, 07/10/24 (Call 07/10/23), (SOFR + 1.252%)^(c)		280		272,922
2.84%, 07/16/25 (Call 07/16/24), (SOFR + 1.242%)^(c)		300		293,628
Morgan Stanley 0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)^(c)		245		239,977
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)^(c)		170		153,364
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)^(c)		110		103,870
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)^(c)		185		153,169
3.13%, 07/27/26^(a)		85		81,478
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)^(c)		30		28,117
3.88%, 01/27/26		100		99,286
Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)^(c)		195		181,036
Royal Bank of Canada 0.75%, 10/07/24		50		46,927
1.20%, 04/27/26		75		67,721
2.05%, 01/21/27^(a)		100		92,133
Santander Holdings USA Inc., 3.45%, 06/02/25 (Call 05/02/25)		150		147,210
Santander UK Group Holdings PLC, 1.09%, 03/15/25 (Call 03/15/24), (SOFR + 0.787%)^(c)		330		311,659
Sumitomo Mitsui Financial Group Inc., 1.47%, 07/08/25		500		463,690
SVB Financial Group, 1.80%, 02/02/31 (Call 11/02/30)		95		76,140
Toronto-Dominion Bank (The), 1.25%, 09/10/26		300		268,983
Wells Fargo & Co. 3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)^(c)		255		245,494
3.91%, 04/25/26 (Call 04/25/25), (SOFR + 1.320%)^(c)		250		248,305

				13,085,440

Beverages — 0.3%
Constellation Brands Inc., 3.70%, 12/06/26 (Call 09/06/26)		150		148,352


Security	Par (000)		Value

Beverages (continued)
Keurig Dr Pepper Inc. 0.75%, 03/15/24 (Call 05/31/22)	$	100	$	95,491
3.95%, 04/15/29 (Call 02/15/29)		20		19,524

				263,367

Biotechnology — 0.5%
Amgen Inc., 1.90%, 02/21/25 (Call 01/21/25)		150		143,891
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		200		201,260
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		210		170,675

				515,826

Building Materials — 0.3%
Carrier Global Corp., 2.24%, 02/15/25 (Call 01/15/25)		7		6,706
Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)^(b)		300		258,681
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 07/15/22)		55		53,607

				318,994

Chemicals — 0.6%
Celanese U.S. Holdings LLC, 1.40%, 08/05/26 (Call 07/05/26)		30		26,625
Chemours Co. (The), 5.38%, 05/15/27 (Call 02/15/27)^(a)		25		24,355
EI du Pont de Nemours and Co., 1.70%, 07/15/25 (Call 06/15/25)		100		94,385
Minerals Technologies Inc., 5.00%, 07/01/28 (Call 07/01/23)^(b)		200		186,316
PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26)		100		90,949
Sherwin-Williams Co. (The), 3.13%, 06/01/24 (Call 04/01/24)		100		99,449
Valvoline Inc., 4.25%, 02/15/30 (Call 02/15/25)^(b)		100		86,917

				608,996

Commercial Services — 1.7%
Automatic Data Processing Inc., 1.70%, 05/15/28 (Call 03/15/28)		40		36,045
Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28)		41		36,296
Cintas Corp. No. 2 3.45%, 05/01/25 (Call 04/01/25)		30		29,906
3.70%, 04/01/27 (Call 01/01/27)		14		13,917
CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24)		200		204,814
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		10		8,359
Gartner Inc. 3.75%, 10/01/30 (Call 10/01/25)^(a)(b)		200		178,918
4.50%, 07/01/28 (Call 07/01/23)^(b)		200		191,876
Quanta Services Inc. 0.95%, 10/01/24 (Call 10/01/22)		80		74,848
2.35%, 01/15/32 (Call 10/15/31)		35		28,442
S&P Global Inc. 2.45%, 03/01/27 (Call 02/01/27)^(b)		65		61,261
2.90%, 03/01/32 (Call 12/01/31)^(b)		370		334,561
2.95%, 01/22/27 (Call 10/22/26)^(a)		105		101,341
Service Corp. International/U.S., 5.13%, 06/01/29 (Call 06/01/24)^(a)		40		39,453
United Rentals North America Inc., 3.88%, 11/15/27 (Call 11/15/22)		100		95,771
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)		208		209,063

				1,644,871

Computers — 1.2%
Apple Inc., 1.40%, 08/05/28 (Call 06/05/28)		50		43,909
Dell International LLC/EMC Corp., 6.20%, 07/15/30 (Call 04/15/30)		180		194,229
Fortinet Inc., 2.20%, 03/15/31 (Call 12/15/30)		100		82,587


Security	Par (000)		Value

Computers (continued)
HP Inc. 1.45%, 06/17/26 (Call 05/17/26)	$	710	$	638,361
4.00%, 04/15/29 (Call 02/15/29)		200		190,050
Kyndryl Holdings Inc. 2.05%, 10/15/26 (Call 09/15/26)^(a)(b)		10		8,740
2.70%, 10/15/28 (Call 08/15/28)^(b)		10		8,263
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)		30		28,293

				1,194,432

Cosmetics & Personal Care — 0.1%
Procter & Gamble Co. (The), 2.30%, 02/01/32		50		44,706


Diversified Financial Services — 1.2%
Air Lease Corp., 3.38%, 07/01/25 (Call 06/01/25)		105		101,431
Ally Financial Inc., 1.45%, 10/02/23 (Call 09/02/23)		60		58,319
American Express Co., 3.38%, 05/03/24		30		29,957
Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31)		30		24,930
Charles Schwab Corp. (The), 1.15%, 05/13/26 (Call 04/13/26)		195		176,922
CME Group Inc., 2.65%, 03/15/32 (Call 12/15/31)		20		17,822
Credit Acceptance Corp., 6.63%, 03/15/26 (Call 05/10/22)		75		75,797
Intercontinental Exchange Inc., 3.75%, 09/21/28 (Call 06/21/28)		28		27,589
LPL Holdings Inc., 4.00%, 03/15/29 (Call 03/15/24)^(a)(b)		125		113,864
Mastercard Inc., 2.95%, 11/21/26 (Call 08/21/26)		35		34,473
Nomura Holdings Inc., 2.65%, 01/16/25		350		338,586
ORIX Corp., 2.90%, 07/18/22		55		55,071
StoneX Group Inc., 8.63%, 06/15/25 (Call 06/15/22)^(b)		100		104,505

				1,159,266

Electric — 2.7%
AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25)		50		44,979
Alabama Power Co., 3.05%, 03/15/32 (Call 12/15/31)		50		45,702
Appalachian Power Co., 3.40%, 06/01/25 (Call 03/01/25)		70		69,635
Arizona Public Service Co., 2.20%, 12/15/31 (Call 09/15/31)^(a)		45		37,335
Berkshire Hathaway Energy Co. 1.65%, 05/15/31 (Call 02/15/31)		35		28,716
4.05%, 04/15/25 (Call 03/15/25)		60		60,881
Black Hills Corp., 3.95%, 01/15/26 (Call 07/15/25)^(a)		50		49,752
Consolidated Edison Co. of New York Inc., 2.40%, 06/15/31 (Call 03/15/31)		85		73,686
Dominion Energy Inc.
Series C, 2.25%, 08/15/31 (Call 05/15/31)		35		29,474
Series D, 2.85%, 08/15/26 (Call 05/15/26)		50		48,022
DTE Electric Co., Series A, 1.90%, 04/01/28 (Call 02/01/28)		80		71,950
DTE Energy Co., Series H, 0.55%, 11/01/22^(a)		25		24,786
Duke Energy Carolinas LLC, 2.95%, 12/01/26 (Call 09/01/26)^(a)		130		126,299
Duke Energy Florida LLC, 2.40%, 12/15/31 (Call 09/15/31)		130		112,997
Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31)		40		33,452
Entergy Louisiana LLC, 5.40%, 11/01/24		131		136,655
Eversource Energy, 2.90%, 03/01/27 (Call 02/01/27)		70		66,608
Exelon Corp., 3.40%, 04/15/26 (Call 01/15/26)		70		68,438
FirstEnergy Corp., Series C, 7.38%, 11/15/31		270		310,411
Florida Power & Light Co., 2.45%, 02/03/32 (Call 11/03/31)		10		8,808
Interstate Power & Light Co., 3.60%, 04/01/29 (Call 01/01/29)		35		33,697
National Rural Utilities Cooperative Finance Corp. 1.00%, 06/15/26 (Call 05/15/26)		25		22,442
3.70%, 03/15/29 (Call 12/15/28)		40		39,110


Security	Par (000)		Value

Electric (continued)
NextEra Energy Capital Holdings Inc. 0.65%, 03/01/23	$	30	$	29,530
1.88%, 01/15/27 (Call 12/15/26)		150		137,163
3.55%, 05/01/27 (Call 02/01/27)		84		82,299
Pacific Gas and Electric Co. 1.75%, 06/16/22 (Call 05/10/22)		20		19,986
2.50%, 02/01/31 (Call 11/01/30)		20		15,843
3.00%, 06/15/28 (Call 04/15/28)		5		4,467
3.15%, 01/01/26		20		18,822
3.25%, 06/01/31 (Call 03/01/31)		20		16,710
4.55%, 07/01/30 (Call 01/01/30)		40		37,026
PG&E Corp., 5.25%, 07/01/30 (Call 07/01/25)		330		300,613
Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31 (Call 03/15/31)		20		17,199
Public Service Co. of Oklahoma, Series J, 2.20%, 08/15/31 (Call 05/15/31)		60		50,557
Public Service Enterprise Group Inc., 1.60%, 08/15/30 (Call 05/15/30)		20		16,200
Puget Energy Inc., 2.38%, 06/15/28 (Call 04/15/28)		10		8,898
San Diego Gas & Electric Co., 2.50%, 05/15/26 (Call 02/15/26)		50		47,771
Southern California Edison Co., 2.85%, 08/01/29 (Call 05/01/29)		25		22,582
Southern Power Co., 4.15%, 12/01/25 (Call 09/01/25)^(a)		75		75,864
Union Electric Co., 2.95%, 06/15/27 (Call 03/15/27)		40		38,490
Vistra Operations Co. LLC, 5.00%, 07/31/27 (Call 07/31/22)^(a)(b)		20		19,192
WEC Energy Group Inc., 0.55%, 09/15/23		40		38,675
Xcel Energy Inc., 1.75%, 03/15/27 (Call 02/15/27)		80		72,408

				2,614,130

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.00%, 12/21/28 (Call 10/21/28)		140		125,289


Electronics — 0.4%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		45		37,785
Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)		160		156,605
Arrow Electronics Inc., 2.95%, 02/15/32 (Call 11/15/31)		46		39,427
Flex Ltd., 3.75%, 02/01/26 (Call 01/01/26)		20		19,537
Jabil Inc., 1.70%, 04/15/26 (Call 03/15/26)		75		67,741
Keysight Technologies Inc., 4.60%, 04/06/27 (Call 01/06/27)		65		66,609
Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)		15		15,181

				402,885

Engineering & Construction — 0.1%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)		100		98,894


Entertainment — 0.0%
Scientific Games International Inc., 7.25%, 11/15/29 (Call 11/15/24)^(a)(b)		25		26,239


Environmental Control — 0.6%
GFL Environmental Inc., 5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		45		44,243
Republic Services Inc., 0.88%, 11/15/25 (Call 10/15/25)		510		461,652
Waste Connections Inc., 3.50%, 05/01/29 (Call 02/01/29)		50		47,719

				553,614

Food — 1.0%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
4.63%, 01/15/27 (Call 01/15/23)^(b)		40		37,467
4.88%, 02/15/30 (Call 02/15/25)^(b)		330		298,887


Security	Par (000)		Value

Food (continued)
7.50%, 03/15/26 (Call 05/31/22)^(b)	$	173	$	182,046
Kraft Heinz Foods Co. 3.00%, 06/01/26 (Call 03/01/26)		100		95,554
3.88%, 05/15/27 (Call 02/15/27)		75		73,438
McCormick & Co. Inc./MD, 3.15%, 08/15/24 (Call 06/15/24)^(a)		300		298,533

				985,925

Forest Products & Paper — 0.3%
Resolute Forest Products Inc., 4.88%, 03/01/26 (Call 03/01/23)^(a)(b)		250		238,038


Gas — 0.2%
NiSource Inc., 0.95%, 08/15/25 (Call 07/15/25)		140		126,958
Southern California Gas Co., 2.95%, 04/15/27 (Call 03/15/27)		70		66,956
Southwest Gas Corp., 4.05%, 03/15/32 (Call 12/15/31)		35		33,057

				226,971

Health Care - Products — 0.4%
DH Europe Finance II Sarl, 2.05%, 11/15/22		145		144,930
PerkinElmer Inc. 0.85%, 09/15/24 (Call 09/15/22)		240		224,693
1.90%, 09/15/28 (Call 07/15/28)		50		43,387

				413,010

Health Care - Services — 2.5%
Acadia Healthcare Co. Inc., 5.00%, 04/15/29 (Call 10/15/23)^(b)		200		189,630
Anthem Inc., 1.50%, 03/15/26 (Call 02/15/26)		110		101,219
Charles River Laboratories International Inc. 4.00%, 03/15/31 (Call 03/15/26)^(b)		100		89,368
4.25%, 05/01/28 (Call 05/01/23)^(a)(b)		200		190,886
DaVita Inc. 3.75%, 02/15/31 (Call 02/15/26)^(b)		200		162,952
4.63%, 06/01/30 (Call 06/01/25)^(b)		210		183,076
HCA Inc. 4.13%, 06/15/29 (Call 03/15/29)		80		76,725
5.25%, 04/15/25		230		237,295
5.88%, 02/15/26 (Call 08/15/25)		170		176,117
Humana Inc., 3.70%, 03/23/29 (Call 02/23/29)		40		38,437
IQVIA Inc., 5.00%, 05/15/27 (Call 05/31/22)^(b)		300		297,648
Laboratory Corp. of America Holdings, 1.55%, 06/01/26 (Call 05/01/26)		70		63,883
Molina Healthcare Inc., 3.88%, 05/15/32 (Call 02/15/32)^(b)		220		193,866
Tenet Healthcare Corp. 4.63%, 07/15/24 (Call 05/31/22)		21		20,950
5.13%, 11/01/27 (Call 11/01/22)^(b)		150		146,319
UnitedHealth Group Inc. 1.15%, 05/15/26 (Call 04/15/26)		50		45,637
2.30%, 05/15/31 (Call 02/15/31)		80		70,043
3.10%, 03/15/26		135		133,198

				2,417,249

Holding Companies - Diversified — 1.7%
Ares Capital Corp. 2.15%, 07/15/26 (Call 06/15/26)		293		259,894
2.88%, 06/15/28 (Call 04/15/28)		125		107,939
3.88%, 01/15/26 (Call 12/15/25)		47		45,161
Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)^(b)		61		54,786
Blackstone Private Credit Fund, 2.70%, 01/15/25 (Call 11/15/24)^(b)		60		56,557
FS KKR Capital Corp. 1.65%, 10/12/24^(a)		210		196,262
2.63%, 01/15/27 (Call 12/15/26)^(a)		40		35,984


Security	Par (000)		Value

Holding Companies - Diversified (continued)
3.25%, 07/15/27 (Call 06/15/27)	$	10	$	9,063
3.40%, 01/15/26 (Call 12/15/25)		150		141,447
4.63%, 07/15/24 (Call 06/15/24)		110		109,999
Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25)^(a)		37		34,983
Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26)		75		66,898
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.38%, 02/01/29 (Call 08/01/28)		400		346,052
6.38%, 12/15/25 (Call 05/31/22)		100		99,752
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)^(b)		50		46,625
Owl Rock Capital Corp., 3.40%, 07/15/26 (Call 06/15/26)		10		9,236

				1,620,638

Home Builders — 0.3%
LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)^(b)		100		82,774
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		75		66,886
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)^(b)		95		90,056

				239,716

Insurance — 1.9%
Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30)^(a)		102		99,115
AXA SA, 8.60%, 12/15/30		155		195,190
Brown & Brown Inc., 4.20%, 03/17/32 (Call 12/17/31)		35		33,532
Chubb INA Holdings Inc., 3.35%, 05/15/24		25		25,088
Enstar Group Ltd., 3.10%, 09/01/31 (Call 03/01/31)		115		96,242
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30)^(a)		30		26,754
Marsh & McLennan Companies Inc. 2.38%, 12/15/31 (Call 09/15/31)		360		310,064
3.75%, 03/14/26 (Call 12/14/25)		490		492,127
4.38%, 03/15/29 (Call 12/15/28)		60		60,700
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)^(b)		300		313,737
Progressive Corp. (The) 2.50%, 03/15/27 (Call 02/15/27)		50		47,390
3.00%, 03/15/32 (Call 12/15/31)		60		54,598
Willis North America Inc., 2.95%, 09/15/29 (Call 06/15/29)		65		58,033

				1,812,570

Internet — 0.2%
Amazon.com Inc., 2.10%, 05/12/31 (Call 02/12/31)		30		26,136
Uber Technologies Inc., 7.50%, 05/15/25 (Call 05/31/22)^(b)		70		72,261
VeriSign Inc. 2.70%, 06/15/31 (Call 03/15/31)		35		30,043
5.25%, 04/01/25 (Call 01/01/25)		50		51,475

				179,915

Iron & Steel — 0.6%
Nucor Corp., 3.13%, 04/01/32 (Call 01/01/32)		40		35,987
United States Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)^(a)		300		305,121
Vale Overseas Ltd., 6.25%, 08/10/26		185		194,809

				535,917

Lodging — 0.1%
Choice Hotels International Inc. 3.70%, 12/01/29 (Call 09/01/29)		45		41,973
3.70%, 01/15/31 (Call 10/15/30)		100		91,560

				133,533

Machinery — 0.8%
Caterpillar Financial Services Corp. 0.80%, 11/13/25		90		82,305
0.95%, 01/10/24		120		116,160
IDEX Corp., 3.00%, 05/01/30 (Call 02/01/30)		100		89,358


Security	Par (000)		Value

Machinery (continued)
John Deere Capital Corp., 1.25%, 01/10/25	$	200	$	190,082
Rockwell Automation Inc., 1.75%, 08/15/31 (Call 05/15/31)		5		4,168
Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)^(b)		100		91,932
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25 (Call 05/15/25)		235		227,913

				801,918

Media — 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, 04/01/31 (Call 01/01/31)		55		45,758
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)^(b)		110		103,726
DISH DBS Corp. 5.88%, 11/15/24^(a)		100		97,423
7.75%, 07/01/26		100		95,476
FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)		225		212,794
GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)^(a)(b)		400		369,300
Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 09/15/23)^(b)		25		23,068
Sirius XM Radio Inc., 5.50%, 07/01/29 (Call 07/01/24)^(b)		150		144,574

				1,092,119

Mining — 0.4%
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27 (Call 06/15/27)^(a)(b)		45		43,073
Freeport-McMoRan Inc. 4.13%, 03/01/28 (Call 03/01/23)		105		101,487
4.55%, 11/14/24 (Call 08/14/24)^(a)		61		61,819
5.45%, 03/15/43 (Call 09/15/42)		2		1,993
IAMGOLD Corp., 5.75%, 10/15/28 (Call 10/15/23)^(b)		165		140,339
Southern Copper Corp., 3.88%, 04/23/25		5		4,968

				353,679

Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp., 4.25%, 04/01/28 (Call 10/01/22)		25		23,411


Oil & Gas — 4.0%
Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)^(a)		160		149,274
Canadian Natural Resources Ltd., 2.95%, 07/15/30 (Call 04/15/30)^(a)		243		216,647
Cenovus Energy Inc., 5.38%, 07/15/25 (Call 04/15/25)		17		17,651
Chevron USA Inc., 3.85%, 01/15/28 (Call 10/15/27)		90		90,827
Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)^(b)		250		238,267
CNX Resources Corp., 7.25%, 03/14/27 (Call 05/31/22)^(b)		100		102,171
Comstock Resources Inc., 7.50%, 05/15/25 (Call 05/15/22)^(b)		14		14,290
Conoco Funding Co., 7.25%, 10/15/31		11		13,690
ConocoPhillips Co., 6.95%, 04/15/29^(a)		34		40,041
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)		75		73,466
Devon Energy Corp. 4.50%, 01/15/30 (Call 01/15/25)		35		34,554
5.25%, 09/15/24 (Call 06/15/24)		400		412,540
7.95%, 04/15/32		12		14,719
Diamondback Energy Inc., 3.13%, 03/24/31 (Call 12/24/30)		25		22,311
Earthstone Energy Holdings LLC, 8.00%, 04/15/27		155		154,535
EQT Corp. 3.90%, 10/01/27 (Call 07/01/27)		20		19,185
6.63%, 02/01/25 (Call 01/01/25)		25		26,037
7.50%, 02/01/30 (Call 11/01/29)		10		11,077


Security	Par (000)		Value

Oil & Gas (continued)
Exxon Mobil Corp. 2.61%, 10/15/30 (Call 07/15/30)	$	70	$	63,840
2.99%, 03/19/25 (Call 02/19/25)		150		148,682
Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)		55		54,774
Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25)		100		101,486
Matador Resources Co., 5.88%, 09/15/26 (Call 05/16/22)		80		78,498
Murphy Oil Corp. 5.75%, 08/15/25 (Call 05/31/22)		25		25,075
5.88%, 12/01/27 (Call 12/01/22)		15		14,865
Northern Oil and Gas Inc., 8.13%, 03/01/28 (Call 03/01/24)^(b)		295		295,189
Occidental Petroleum Corp. 3.40%, 04/15/26 (Call 01/15/26)		75		71,408
6.13%, 01/01/31 (Call 07/01/30)		150		157,882
6.45%, 09/15/36		50		54,219
8.50%, 07/15/27 (Call 01/15/27)		65		73,330
8.88%, 07/15/30 (Call 01/15/30)		70		84,088
PDC Energy Inc., 5.75%, 05/15/26 (Call 05/31/22)^(a)		300		292,029
Shell International Finance BV, 2.75%, 04/06/30 (Call 01/06/30)		30		27,568
SM Energy Co., 10.00%, 01/15/25 (Call 06/17/22)^(b)		38		41,146
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/29 (Call 05/15/24)		100		90,104
6.00%, 04/15/27 (Call 05/31/22)		350		352,831
Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23)		185		199,138

				3,877,434

Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. 2.06%, 12/15/26 (Call 11/15/26)		100		92,697
3.14%, 11/07/29 (Call 08/07/29)		60		55,486
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 04/01/26 (Call 05/31/22)		55		53,992
6.88%, 09/01/27 (Call 09/01/22)		210		205,575

				407,750

Packaging & Containers — 0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 08/15/27 (Call 08/15/22)^(b)		200		171,424
Berry Global Inc., 4.88%, 07/15/26 (Call 07/15/22)^(b)		100		99,460
Sealed Air Corp., 5.50%, 09/15/25 (Call 06/15/25)^(a)(b)		50		51,411

				322,295

Pharmaceuticals — 1.8%
AbbVie Inc. 3.20%, 11/21/29 (Call 08/21/29)		60		55,933
3.80%, 03/15/25 (Call 12/15/24)		400		400,580
AmerisourceBergen Corp. 3.25%, 03/01/25 (Call 12/01/24)		100		98,791
3.45%, 12/15/27 (Call 09/15/27)		168		163,555
Bausch Health Americas Inc., 8.50%, 01/31/27 (Call 07/31/22)^(a)(b)		150		142,014
Bausch Health Companies Inc., 6.13%, 04/15/25 (Call 05/16/22)^(b)		41		41,108
Bristol-Myers Squibb Co. 0.75%, 11/13/25 (Call 10/13/25)		100		91,217
1.45%, 11/13/30 (Call 08/13/30)		80		65,554
CVS Health Corp. 1.30%, 08/21/27 (Call 06/21/27)		90		78,806
3.00%, 08/15/26 (Call 06/15/26)		150		145,039
Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 08/01/22)^(a)(b)		200		199,898


Security	Par (000)		Value

Pharmaceuticals (continued)
McKesson Corp., 0.90%, 12/03/25 (Call 11/03/25)	$	55	$	49,833
Merck & Co. Inc., 0.75%, 02/24/26 (Call 01/24/26)^(a)		120		109,219
Zoetis Inc., 2.00%, 05/15/30 (Call 02/15/30)^(a)		110		94,706

				1,736,253
Pipelines — 3.8%
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/29 (Call 05/18/29)		50		47,060
5.13%, 06/30/27 (Call 01/01/27)		80		82,318
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)^(a)		250		242,960
Cheniere Energy Partners LP, 4.50%, 10/01/29 (Call 10/01/24)		50		47,889
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.63%, 05/01/27 (Call 05/16/22)^(a)(b)		100		97,287
5.75%, 04/01/25 (Call 05/31/22)		100		98,751
6.00%, 02/01/29 (Call 02/01/24)^(b)		100		97,366
Enbridge Inc., 0.55%, 10/04/23		25		24,090
Energy Transfer LP 3.75%, 05/15/30 (Call 02/15/30)		40		36,923
5.88%, 01/15/24 (Call 10/15/23)		140		144,243
Global Partners LP/GLP Finance Corp. 6.88%, 01/15/29 (Call 01/15/24)		150		145,269
7.00%, 08/01/27 (Call 08/01/22)		250		245,360
Hess Midstream Operations LP, 5.13%, 06/15/28 (Call 06/15/23)^(b)		50		48,524
MPLX LP 1.75%, 03/01/26 (Call 02/01/26)		200		182,528
2.65%, 08/15/30 (Call 05/15/30)		330		283,846
4.88%, 12/01/24 (Call 09/01/24)		185		188,695
New Fortress Energy Inc., 6.50%, 09/30/26 (Call 03/31/23)^(b)		175		169,253
ONEOK Inc. 2.75%, 09/01/24 (Call 08/01/24)		190		185,144
6.35%, 01/15/31 (Call 10/15/30)		135		147,402
7.50%, 09/01/23 (Call 06/01/23)^(a)		210		219,217
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 (Call 02/15/24)		140		144,803
Targa Resources Corp., 4.20%, 02/01/33 (Call 11/01/32)		30		28,408
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/32 (Call 07/15/26)		50		45,431
4.88%, 02/01/31 (Call 02/01/26)		50		48,070
6.50%, 07/15/27 (Call 07/15/22)^(a)		13		13,420
6.88%, 01/15/29 (Call 01/15/24)		121		127,426
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30 (Call 02/15/30)		145		133,455
Western Midstream Operating LP, 4.55%, 02/01/30 (Call 11/01/29)		220		202,686
Williams Companies Inc. (The), 2.60%, 03/15/31 (Call 12/15/30)		150		129,437

				3,607,261
Real Estate — 0.6%
CBRE Services Inc., 2.50%, 04/01/31 (Call 01/01/31)		90		76,211
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 05/31/22)^(b)		225		223,706
Howard Hughes Corp. (The), 5.38%, 08/01/28 (Call 08/01/23)^(b)		300		291,045

				590,962


Security	Par (000)		Value

Real Estate Investment Trusts — 4.4%
American Tower Corp. 0.60%, 01/15/24	$	300	$	286,332
1.45%, 09/15/26 (Call 08/15/26)		60		53,534
3.00%, 06/15/23		50		49,945
3.38%, 05/15/24 (Call 04/15/24)		50		49,752
3.65%, 03/15/27 (Call 02/15/27)		70		67,537
4.00%, 06/01/25 (Call 03/01/25)		146		145,914
Brixmor Operating Partnership LP 2.25%, 04/01/28 (Call 02/01/28)		50		43,874
4.05%, 07/01/30 (Call 04/01/30)^(a)		15		14,183
Camden Property Trust, 2.80%, 05/15/30 (Call 02/15/30)		20		18,147
Crown Castle International Corp. 1.35%, 07/15/25 (Call 06/15/25)		450		414,887
2.50%, 07/15/31 (Call 04/15/31)		40		33,473
Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)		135		131,351
Essex Portfolio LP, 1.70%, 03/01/28 (Call 01/01/28)		50		43,830
Extra Space Storage LP Co., 3.90%, 04/01/29 (Call 02/01/29)		200		192,186
GLP Capital LP/GLP Financing II Inc., 5.25%, 06/01/25 (Call 03/01/25)		175		178,010
Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 (Call 09/15/28)		20		17,422
Iron Mountain Inc. 4.50%, 02/15/31 (Call 02/15/26)^(b)		185		159,322
5.63%, 07/15/32 (Call 07/15/26)^(b)		415		379,273
Life Storage LP, 2.40%, 10/15/31 (Call 07/15/31)		100		82,657
Mid-America Apartments LP, 1.10%, 09/15/26 (Call 08/15/26)		110		98,200
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27 (Call 10/15/22)^(a)		185		177,500
Office Properties Income Trust, 3.45%, 10/15/31 (Call 07/15/31)		51		39,529
Public Storage 1.95%, 11/09/28 (Call 09/09/28)		215		190,638
3.39%, 05/01/29 (Call 02/01/29)		190		182,643
Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)		90		78,032
Simon Property Group LP, 3.50%, 09/01/25 (Call 06/01/25)		145		143,934
Starwood Property Trust Inc., 4.75%, 03/15/25 (Call 09/15/24)		200		197,482
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 6.50%, 02/15/29 (Call 02/15/24)^(b)		250		215,540
VICI Properties LP, 4.38%, 05/15/25		100		99,878
VICI Properties LP/VICI Note Co. Inc. 3.75%, 02/15/27 (Call 02/15/23)^(a)(b)		20		18,446
4.25%, 12/01/26 (Call 12/01/22)^(a)(b)		50		47,502
5.63%, 05/01/24^(b)		50		50,394
5.75%, 02/01/27^(b)		80		80,002
Welltower Inc., 2.05%, 01/15/29 (Call 11/15/28)		40		34,774
Weyerhaeuser Co., 7.38%, 03/15/32		20		24,015
XHR LP, 6.38%, 08/15/25 (Call 08/15/22)^(a)(b)		200		202,652

				4,242,790
Retail — 1.8%
1011778 BC ULC/New Red Finance Inc. 3.88%, 01/15/28 (Call 09/15/22)^(b)		35		32,200
4.00%, 10/15/30 (Call 10/15/25)^(b)		253		216,414
Bath & Body Works Inc. 7.50%, 06/15/29 (Call 06/15/24)^(a)		75		77,474
9.38%, 07/01/25^(b)		116		130,536
Costco Wholesale Corp., 1.60%, 04/20/30 (Call 01/20/30)		80		68,026
FirstCash Inc., 5.63%, 01/01/30 (Call 01/01/25)^(b)		300		279,096
Genuine Parts Co., 1.75%, 02/01/25 (Call 02/01/23)		355		337,413


Security	Par (000)		Value

Retail (continued)
Home Depot Inc. (The), 2.70%, 04/15/25 (Call 03/15/25)	$	100	$	98,756
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/22)^(b)		107		106,748
Lowe’s Companies Inc., 3.35%, 04/01/27 (Call 03/01/27)		30		29,289
McDonald’s Corp., 1.45%, 09/01/25 (Call 08/01/25)		100		93,765
Murphy Oil USA Inc., 4.75%, 09/15/29 (Call 09/15/24)		100		95,187
Yum! Brands Inc., 4.75%, 01/15/30 (Call 10/15/29)^(b)		210		199,626

				1,764,530
Semiconductors — 0.9%
Analog Devices Inc., 1.70%, 10/01/28 (Call 08/01/28)		40		35,079
Broadcom Inc. 3.15%, 11/15/25 (Call 10/15/25)		350		341,166
3.46%, 09/15/26 (Call 07/15/26)		110		107,127
4.00%, 04/15/29 (Call 02/15/29)^(b)		95		90,674
4.15%, 04/15/32 (Call 01/15/32)^(b)		100		92,808
Qorvo Inc., 1.75%, 12/15/24 (Call 12/15/22)^(b)		20		18,861
Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 06/01/22)		100		97,550
Texas Instruments Inc., 1.90%, 09/15/31 (Call 06/15/31)		65		55,542

				838,807
Software — 0.8%
CDK Global Inc., 5.25%, 05/15/29 (Call 05/15/24)^(b)		10		10,075
MSCI Inc. 3.25%, 08/15/33 (Call 08/15/27)^(a)(b)		55		46,444
3.63%, 09/01/30 (Call 03/01/25)^(a)(b)		40		35,373
3.63%, 11/01/31 (Call 11/01/26)^(b)		200		175,836
4.00%, 11/15/29 (Call 11/15/24)^(b)		100		92,038
Oracle Corp., 1.65%, 03/25/26 (Call 02/25/26)		180		162,832
Roper Technologies Inc., 3.85%, 12/15/25 (Call 09/15/25)		35		35,121
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 05/31/22)^(b)		80		78,488
Take-Two Interactive Software Inc., 3.30%, 03/28/24		50		49,730
VMware Inc., 4.50%, 05/15/25 (Call 04/15/25)		30		30,417
Ziff Davis Inc., 4.63%, 10/15/30 (Call 10/15/25)^(b)		87		77,703

				794,057
Telecommunications — 2.5%
America Movil SAB de CV, 2.88%, 05/07/30 (Call 02/07/30)		200		179,674
AT&T Inc. 0.90%, 03/25/24 (Call 05/10/22)		200		192,316
4.30%, 02/15/30 (Call 11/15/29)		30		30,117
Embarq Corp., 8.00%, 06/01/36		50		45,022
Hughes Satellite Systems Corp., 6.63%, 08/01/26^(a)		50		50,052
Lumen Technologies Inc. 5.13%, 12/15/26 (Call 12/15/22)^(a)(b)		65		58,898
5.38%, 06/15/29 (Call 06/15/24)^(b)		300		244,866
5.63%, 04/01/25 (Call 01/01/25)		100		97,465
Motorola Solutions Inc. 2.75%, 05/24/31 (Call 02/24/31)		160		134,341
4.60%, 02/23/28 (Call 11/23/27)		99		98,639
Rogers Communications Inc. 2.95%, 03/15/25 (Call 03/15/23)^(b)		100		97,613
3.20%, 03/15/27 (Call 02/15/27)^(b)		55		52,445
3.80%, 03/15/32 (Call 12/15/31)^(b)		50		46,120
Sprint Capital Corp., 8.75%, 03/15/32		290		368,587
Sprint Corp. 7.63%, 02/15/25 (Call 11/15/24)		75		79,858
7.63%, 03/01/26 (Call 11/01/25)		50		54,432
T-Mobile USA Inc., 3.50%, 04/15/25 (Call 03/15/25)		100		98,780
Verizon Communications Inc. 1.75%, 01/20/31 (Call 10/20/30)		50		40,739
3.00%, 03/22/27 (Call 01/22/27)		55		52,655


Security	Par (000)		Value

Telecommunications (continued)
ViaSat Inc. 5.63%, 09/15/25 (Call 05/10/22)^(b)	$	100	$	92,908
5.63%, 04/15/27 (Call 05/10/22)^(b)		100		92,849
Vmed O2 UK Financing I PLC, 4.75%, 07/15/31 (Call 07/15/26)^(b)		200		172,554

				2,380,930
Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)		50		49,413


Transportation — 0.7%
Altera Infrastructure LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23 (Call 05/16/22)^(b)		100		55,000
United Parcel Service Inc. 3.90%, 04/01/25 (Call 03/01/25)		300		303,774
4.45%, 04/01/30 (Call 01/01/30)		220		228,571
Walmart Inc., 1.50%, 09/22/28 (Call 07/22/28)		75		66,338

				653,683

Total Corporate Bonds & Notes — 62.2% (Cost: $62,704,468)				60,004,564


U.S. Government & Agency Obligations

Mortgage-Backed Securities — 65.5%
Federal Home Loan Mortgage Corp. 2.50%, 01/01/33		43		42,223
3.00%, 03/01/46		241		230,756
3.00%, 07/01/46		20		19,607
3.00%, 08/01/46		117		112,432
3.00%, 10/01/46		35		33,539
3.00%, 12/01/46		326		312,441
3.00%, 01/01/47		67		64,279
3.00%, 06/01/47		182		174,158
3.00%, 10/01/47		50		48,294
3.50%, 07/01/33		14		13,563
3.50%, 06/01/34		32		32,569
3.50%, 07/01/43		11		10,413
3.50%, 09/01/44		9		9,077
3.50%, 01/01/46		7		7,359
3.50%, 03/01/46		7		6,757
3.50%, 09/01/46		6		5,593
3.50%, 08/01/47		6		5,450
3.50%, 05/01/49		25		24,341
3.50%, 06/01/49		28		27,549
4.00%, 04/01/46		84		85,495
4.00%, 07/01/46		31		31,737
4.00%, 06/01/48		33		33,751
4.00%, 01/01/49		0		99
4.50%, 07/01/48		8		8,369
5.00%, 07/01/48		7		7,406
5.00%, 04/01/49		6		5,941
Federal National Mortgage Association 1.50%, 01/01/51		497		420,072
2.50%, 03/01/52		984		898,224
3.50%, 11/01/51		844		836,852
4.00%, 01/01/57		61		61,696
4.00%, 02/01/57		61		62,323
Government National Mortgage Association 2.00%, 09/20/50		786		716,928
2.00%, 02/20/51		957		871,801


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
2.00%, 06/20/51	$	960	$	872,678
2.00%, 05/19/52^(d)		1,350		1,224,545
2.50%, 12/20/46		101		94,447
2.50%, 06/20/50		960		896,967
2.50%, 08/20/50		288		269,160
2.50%, 09/20/50		434		405,253
2.50%, 05/19/52^(d)		2,365		2,194,354
3.00%, 01/15/44		26		25,527
3.00%, 05/20/45		133		128,989
3.00%, 11/20/45		1,126		1,093,897
3.00%, 12/20/45		12		11,184
3.00%, 01/20/46		6		5,957
3.00%, 03/20/46		8		7,596
3.00%, 04/20/46		74		71,803
3.00%, 05/20/46		7		7,111
3.00%, 08/20/46		31		30,389
3.00%, 09/20/46		71		68,613
3.00%, 12/15/46		69		66,548
3.00%, 02/15/47		242		234,472
3.00%, 04/20/49		618		596,880
3.00%, 01/20/50		154		147,699
3.00%, 02/20/50		84		80,388
3.00%, 07/20/50		1,417		1,359,914
3.50%, 10/20/42		92		91,339
3.50%, 03/15/43		68		68,280
3.50%, 06/15/43		57		57,781
3.50%, 04/20/45		28		27,883
3.50%, 04/20/46		43		42,767
3.50%, 12/20/46		52		51,322
3.50%, 03/20/47		86		85,204
3.50%, 08/20/47		94		93,435
3.50%, 09/20/47		83		81,786
3.50%, 11/20/47		75		74,005
3.50%, 02/20/48		51		50,281
3.50%, 04/20/48		558		552,171
3.50%, 08/20/48		75		73,989
3.50%, 01/20/49		34		33,413
4.00%, 09/20/45		14		14,259
4.00%, 09/20/46		5		4,971
4.00%, 04/20/47		39		39,199
4.00%, 06/20/47		145		146,121
4.00%, 07/20/47		218		220,429
4.00%, 11/20/47		40		40,585
4.00%, 05/15/48		33		33,609
4.00%, 05/20/48		29		29,010
4.00%, 08/20/48		33		32,784
4.00%, 02/20/50		64		64,549
4.00%, 05/20/51		196		197,416
4.00%, 05/19/52^(d)		131		131,189
4.50%, 10/20/46		6		6,764
4.50%, 06/20/48		24		24,709
4.50%, 07/20/48		18		18,596
4.50%, 08/20/48		34		34,378
4.50%, 10/20/48		51		52,626
4.50%, 05/20/51		200		206,297
5.00%, 11/20/48		18		19,418
5.00%, 12/20/48		34		35,890
5.00%, 01/20/49		32		34,131
5.00%, 05/20/49		4		4,271
5.00%, 05/19/52^(d)		460		474,878


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities 1.50%, 05/17/37^(d)	$	2,775	$	2,537,841
1.50%, 05/01/51		980		828,682
1.50%, 05/12/52^(d)		875		737,803
1.50%, 06/13/52		200		168,280
2.00%, 12/01/35		85		79,506
2.00%, 02/01/36		803		755,726
2.00%, 05/17/37^(d)		3,385		3,171,475
2.00%, 09/01/50		256		227,333
2.00%, 12/01/50		397		351,336
2.00%, 01/01/51		541		479,910
2.00%, 02/01/51		333		294,750
2.00%, 03/01/51		992		877,427
2.00%, 04/01/51		206		182,177
2.00%, 11/01/51		403		355,758
2.00%, 02/01/52		993		876,840
2.00%, 03/01/52		996		878,768
2.00%, 05/12/52^(d)		4,982		4,394,764
2.00%, 06/13/52^(d)		1,000		880,422
2.50%, 04/01/32		323		314,110
2.50%, 10/01/32		11		10,246
2.50%, 01/01/33		246		242,007
2.50%, 07/01/35		406		390,236
2.50%, 05/17/37^(d)		322		308,101
2.50%, 04/01/47		48		44,411
2.50%, 06/01/50		113		103,476
2.50%, 07/01/50		178		163,298
2.50%, 08/01/50		58		53,572
2.50%, 09/01/50		660		606,256
2.50%, 10/01/50		1,202		1,101,956
2.50%, 11/01/50		1,738		1,593,912
2.50%, 01/01/51		222		203,300
2.50%, 02/01/51		81		74,364
2.50%, 11/01/51		32		29,396
2.50%, 12/01/51		582		531,123
2.50%, 01/01/52		123		112,085
2.50%, 03/01/52		997		910,308
2.50%, 05/12/52^(d)		1,662		1,516,110
2.50%, 06/13/52^(d)		1,300		1,183,470
3.00%, 01/01/31		155		153,662
3.00%, 02/01/31		292		290,683
3.00%, 02/01/32		65		64,038
3.00%, 02/01/33		54		53,429
3.00%, 07/01/34		22		21,715
3.00%, 09/01/34		249		245,032
3.00%, 12/01/34		237		234,015
3.00%, 05/17/37^(d)		380		372,445
3.00%, 10/01/44		273		263,266
3.00%, 07/01/46		527		505,958
3.00%, 10/01/46		338		323,782
3.00%, 11/01/46		438		420,872
3.00%, 12/01/46		272		260,104
3.00%, 12/01/47		85		81,517
3.00%, 11/01/48		131		125,711
3.00%, 09/01/49		309		293,526
3.00%, 04/01/50		257		244,545
3.00%, 07/01/50		187		177,158
3.00%, 08/01/50		238		225,307
3.50%, 03/01/33		57		57,415
3.50%, 04/01/33		66		66,235


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 05/01/33	$	32	$	32,042
3.50%, 07/01/34		69		69,679
3.50%, 08/01/34		47		47,368
3.50%, 05/17/37^(d)		267		267,120
3.50%, 11/01/45		27		26,250
3.50%, 01/01/46		39		38,468
3.50%, 02/01/46		91		89,904
3.50%, 07/01/46		19		18,575
3.50%, 01/01/47		32		31,148
3.50%, 02/01/47		42		41,466
3.50%, 08/01/47		43		42,308
3.50%, 09/01/47		65		63,262
3.50%, 04/01/48		38		37,044
3.50%, 05/01/48		55		54,087
3.50%, 11/01/48		26		25,531
3.50%, 01/01/49		95		92,986
3.50%, 04/01/49		24		23,508
3.50%, 06/01/49		170		166,779
3.50%, 07/01/49		136		132,916
3.50%, 05/12/52^(d)		2,800		2,715,344
3.50%, 06/13/52^(d)		925		894,726
4.00%, 06/01/33		27		27,868
4.00%, 07/01/33		11		11,246
4.00%, 12/01/33		50		50,795
4.00%, 05/17/37		80		81,322
4.00%, 03/01/45		16		16,685
4.00%, 01/01/46		22		22,299
4.00%, 02/01/46		15		14,708
4.00%, 03/01/46		6		6,300
4.00%, 04/01/46		23		22,852
4.00%, 02/01/47		12		12,221
4.00%, 03/01/47		16		16,264
4.00%, 06/01/47		6		6,238
4.00%, 09/01/47		27		27,294
4.00%, 11/01/47		7		7,396
4.00%, 06/01/48		971		978,968
4.00%, 05/01/49		81		81,954
4.00%, 07/01/49		32		32,117
4.00%, 12/01/49		31		31,131
4.00%, 04/01/50		534		532,823
4.00%, 05/01/50		60		60,143
4.00%, 05/12/52^(d)		1,828		1,817,575
4.00%, 06/13/52^(d)		425		421,198
4.50%, 10/01/47		6		6,166
4.50%, 03/01/48		21		21,134
4.50%, 06/01/48		32		33,197
4.50%, 07/01/48		3		3,565
4.50%, 08/01/48		53		54,264
4.50%, 10/01/48		26		26,313
4.50%, 12/01/48		36		36,693
4.50%, 01/01/49		47		47,816
4.50%, 04/01/49		150		153,740
4.50%, 05/12/52^(d)		2,033		2,066,751
5.00%, 08/01/48		232		241,907
5.00%, 09/01/48		11		10,979
5.00%, 04/01/49		14		14,808
5.00%, 05/13/51^(d)		217		224,429


Security	Par/ Shares (000)			Value

Mortgage-Backed Securities (continued)
5.50%, 05/12/52	$	525		$	547,559
6.00%, 02/01/49		68			74,031

					63,169,410
U.S. Government Obligations — 0.5%
U.S. Treasury Note/Bond 2.25%, 02/15/52		300			257,578
2.75%, 11/15/47		300			280,312

					537,890

Total U.S. Government & Agency Obligations — 66.0%
(Cost: $67,126,202)					63,707,300


Short-Term Investments

Money Market Funds — 7.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%^(e)(f)(g)		6,981			6,981,057
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(e)(f)		100			100,000

					7,081,057


Total Short-Term Investments — 7.4%
(Cost: $7,079,292)					7,081,057


Total Investments Before TBA Sales Commitments — 135.6%
(Cost: $136,909,962)					130,792,921


TBA Sales Commitments^(d)

Mortgage-Backed Securities — (2.7)%
Uniform Mortgage-Backed Securities 1.50%, 05/12/52		(200	)		(168,641	)
2.00%, 05/12/52		(1,000	)		(882,070	)
2.50%, 05/12/52		(300	)		(273,666	)
3.50%, 05/12/52		(925	)		(897,033	)
4.00%, 05/12/52		(425	)		(422,576	)

					(2,643,986	)


Total TBA Sales Commitments — (2.7)%
(Proceeds: $(2,657,183))					(2,643,986	)


Total Investments, Net of TBA Sales Commitments — 132.9%
(Cost: $134,252,779)					128,148,935

Other Assets, Less Liabilities — (32.9)%					(31,678,133	)


Net Assets — 100.0%				$	96,470,802

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

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(d)	Represents or includes a TBA transaction.

^(e)	Affiliate of the Fund.

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

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

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

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

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


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(11.44	)%		(10.96	)%		0.15	%		1.01	%		(10.96	)%		0.77	%		7.46	%
Fund Market		(11.56	)		(10.99	)		0.08			0.99			(10.99	)		0.39			7.30
Index		(11.13	)		(10.57	)		0.36			1.18			(10.57	)		1.79			8.81


Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 885.60	$ 1.12			$ 1,000.00	$ 1,023.60	$ 1.20		0.24	%


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	27.9	%
Aa	4.7
A	24.6
Baa	19.1
Ba	14.5
B	5.6
Caa	0.6
Not Rated	3.0


Maturity	Percent of Total Investments	^(a)
0-1 Year	0.2	%
1-5 Years	28.3
5-10 Years	21.9
10-15 Years	3.0
15-20 Years	5.4
More than 20 Years	41.2


Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Shares Held at 04/30/22 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,921,087	$	2,205,581	^(a)	$	(9,135,715	)	$	(9,462	)	$	(434	)	$	6,981,057		6,981	$	11,113	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		0	^(a)		—			—			—			100,000		100		44			—

									$	(9,462	)	$	(434	)	$	7,081,057			$	11,157		$	—


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


	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		5
Shareholder Expenses		5
Schedule of Investments		6
Financial Statements
Statement of Assets and Liabilities		17
Statement of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		20
Notes to Financial Statements		21
Statement Regarding Liquidity Risk Management Program		28
Supplemental Information		29
General Information		30
Glossary of Terms Used in this Report		31


Fund Summary as of April 30, 2022		iShares^® U.S. Fixed Income Balanced Risk Factor ETF


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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		5


Description	Number of Contracts			Expiration Date		Notional Amount (000)			Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year U.S. Treasury Note		5			06/21/22	$	595		$	(33	)
U.S. Long Bond		7			06/21/22		984			(67,604	)
U.S. Ultra Bond		3			06/21/22		479			(52,495	)

										(120,132	)

Short Contracts
U.S. 5 Year Treasury Note		(16	)		06/30/22		(1,801	)		83,780

									$	(36,352	)


	Interest Rate Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	83,780


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	120,132


	Interest Rate Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,969,374	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(57,980	)


Futures contracts:
Average notional value of contracts — long	$	9,974,995
Average notional value of contracts — short	$	5,036,062



	Level 1			Level 2			Level 3		Total

Investments
Assets
Corporate Bonds & Notes	$	—		$	60,004,564		$	—	$	60,004,564
U.S. Government & Agency Obligations		—			63,707,300			—		63,707,300
Money Market Funds		7,081,057			—			—		7,081,057

		7,081,057			123,711,864			—		130,792,921

Liabilities
TBA Sales Commitments		—			(2,643,986	)		—		(2,643,986	)

	$	7,081,057		$	121,067,878		$	—	$	128,148,935

Derivative financial instruments^(a)
Assets
Futures Contracts	$	83,780		$	—		$	—	$	83,780
Liabilities
Futures Contracts		(120,132	)		—			—		(120,132	)

	$	(36,352	)	$	—		$	—	$	(36,352	)


	iShares U.S. Fixed Income Balanced Risk Factor ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	123,711,864
Affiliated^(c)		7,081,057
Cash pledged:
Futures contracts		424,000
Receivables:
Investments sold		19,649,449
Securities lending income — Affiliated		1,669
TBA sales commitments		2,657,183
Dividends		219
Interest		701,695

Total assets		154,227,136


LIABILITIES
Bank overdraft		18,601
Collateral on securities loaned, at value		5,361,979
TBA sales commitments, at value^(d)		2,643,986
Payables:
Investments purchased		49,619,132
Variation margin on futures contracts		92,451
Investment advisory fees		20,185

Total liabilities		57,756,334


NET ASSETS	$	96,470,802


NET ASSETS CONSIST OF:
Paid-in capital	$	110,941,180
Accumulated loss		(14,470,378	)

NET ASSETS	$	96,470,802


Shares outstanding		1,100,000

Net asset value	$	87.70

Shares authorized		Unlimited

Par value		None


^(a)Securities loaned, at value	$	5,122,232
^(b)Investments, at cost — Unaffiliated	$	129,830,670
^(c)Investments, at cost — Affiliated	$	7,079,292
^(d)Proceeds from TBA sales commitments	$	2,657,183


	iShares U.S. Fixed Income Balanced Risk Factor ETF


INVESTMENT INCOME
Dividends — Affiliated	$	5,510
Interest — Unaffiliated		1,218,913
Securities lending income — Affiliated — net		5,647
Other income — Unaffiliated		700

Total investment income		1,230,770


EXPENSES
Investment advisory fees		135,153
Professional fees		217

Total expenses		135,370

Less:
Investment advisory fees waived		(4,325	)

Total expenses after fees waived		131,045

Net investment income		1,099,725


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(4,469,695	)
Investments — Affiliated		(9,462	)
In-kind redemptions — Unaffiliated		(2,694	)
Futures contracts		(1,969,374	)

Net realized loss		(6,451,225	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(7,401,103	)
Investments — Affiliated		(434	)
Futures contracts		(57,980	)

Net change in unrealized appreciation (depreciation)		(7,459,517	)

Net realized and unrealized loss		(13,910,742	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,811,017	)


	iShares U.S. Fixed Income Balanced Risk Factor ETF
	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,099,725		$	2,153,472
Net realized gain (loss)		(6,451,225	)		295,619
Net change in unrealized appreciation (depreciation)		(7,459,517	)		(1,664,661	)

Net increase (decrease) in net assets resulting from operations		(12,811,017	)		784,430


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(958,595	)		(2,338,575	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(4,758,153	)		(15,239,332	)


NET ASSETS
Total decrease in net assets		(18,527,765	)		(16,793,477	)
Beginning of period		114,998,567			131,792,044

End of period	$	96,470,802		$	114,998,567


	iShares U.S. Fixed Income Balanced Risk Factor ETF
	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18				Year Ended 10/31/17


Net asset value, beginning of period		$	100.00			$	101.38			$	101.55			$	95.83			$	100.57			$	100.60


Net investment income^(a)			0.97				1.81				2.67				3.51				3.15				2.66
Net realized and unrealized gain (loss)^(b)			(12.43	)			(1.22	)			0.11				5.73				(4.88	)			0.09


Net increase (decrease) from investment operations			(11.46	)			0.59				2.78				9.24				(1.73	)			2.75


Distributions^(c)
From net investment income			(0.84	)			(1.97	)			(2.87	)			(3.52	)			(3.01	)			(2.70	)
From net realized gain			—				—				—				—				—				(0.05	)
Return of capital			—				—				(0.08	)			—				—				(0.03	)


Total distributions			(0.84	)			(1.97	)			(2.95	)			(3.52	)			(3.01	)			(2.78	)


Net asset value, end of period		$	87.70			$	100.00			$	101.38			$	101.55			$	95.83			$	100.57


Total Return^(d)
Based on net asset value			(11.44	)%^(e)			0.57	%			2.79	%			9.82	%			(1.73	)%			2.79	%


Ratios to Average Net Assets^(f)
Total expenses			0.25	%^(g)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%

Total expenses after fees waived			0.24	%^(g)			0.25	%