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.

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.

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. The 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 (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., dollar rolls, TBA sale commitments and futures contracts) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

Investment Valuation Policies: The 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 Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

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

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

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

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

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet

specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

Mortgage Dollar Roll Transactions: The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Securities Lending: The 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 the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the 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 Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund 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 Fund, 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 Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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

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, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The 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 the Fund.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, 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 the Fund, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended April 30, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The 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 the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the 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 the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended April 30, 2022, the Fund paid BTC $2,078 for securities lending agent services.

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

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

For the six months ended April 30, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

The 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 Statement of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

For the six months ended April 30, 2022, purchases and sales of investments, including mortgage dollar rolls and excluding short-term investments and in-kind transactions, were as follows:

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the 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 Fund as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of October 31, 2021, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $1,876,384.

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

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

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

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 a 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.

Counterparty Credit Risk: The Fund 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 Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

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

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

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a Fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in

economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

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

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

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

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

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

Management has evaluated the impact of all subsequent events on the Fund 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.

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares U.S. Fixed Income Balanced Risk Factor ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

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.

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

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

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

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

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

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 Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


				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	%			0.24	%			0.25	%			0.24	%			0.24	%

Net investment income			2.03	%^(g)			1.79	%			2.65	%			3.55	%			3.22	%			2.66	%


Supplemental Data
Net assets, end of period (000)		$	96,471			$	114,999			$	131,792			$	142,173			$	110,203			$	130,741

Portfolio turnover rate^(h)(i)			299	%^(e)			546	%			703	%			504	%			633	%			683	%


iShares ETF	Diversification Classification
U.S. Fixed Income Balanced Risk Factor		Diversified



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

U.S. Fixed Income Balanced Risk Factor
Barclays Bank PLC	$	140,594	$	140,594		$	—	$	—
Barclays Capital, Inc.		14,554		14,554			—		—
BMO Capital Markets Corp.		91,212		91,212			—		—
BNP Paribas SA		2,037,362		2,037,362			—		—
BofA Securities, Inc.		571,488		571,488			—		—
Citadel Clearing LLC		166,117		166,117			—		—
Citigroup Global Markets, Inc.		42,304		42,304			—		—
Credit Suisse Securities (USA) LLC		382,105		382,105			—		—
J.P. Morgan Securities LLC		1,179,781		1,179,781			—		—
Nomura Securities International, Inc.		162,962		162,962			—		—
Wells Fargo Securities LLC		333,753		333,753			—		—

	$	5,122,232	$	5,122,232		$	—	$	—


iShares ETF	Amounts waived
U.S. Fixed Income Balanced Risk Factor	$	4,325


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
U.S. Fixed Income Balanced Risk Factor	$	—	$	55,624	$	3,600


	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
U.S. Fixed Income Balanced Risk Factor	$	380,073,446	$	398,710,522	$	26,729,568	$	17,604,055


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
U.S. Fixed Income Balanced Risk Factor	$	137,025,004	$	159,084	$	(6,414,322	)	$	(6,255,238	)


	Six Months Ended 04/30/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount
U.S. Fixed Income Balanced Risk Factor
Shares sold		50,000		$	4,967,504			100,000		$	10,005,380
Shares redeemed		(100,000	)		(9,725,657	)		(250,000	)		(25,244,712	)

Net decrease		(50,000	)	$	(4,758,153	)		(150,000	)	$	(15,239,332	)


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
U.S. Fixed Income Balanced Risk Factor^(a)	$	0.812338	$	—	$	0.030151	$	0.842489		96	%		—	%		4	%		100	%


Portfolio Abbreviations - Fixed Income

CMT		Constant Maturity Treasury

LIBOR		London Interbank Offered Rate

SOFR		Secured Overnight Financing Rate

TBA		To-Be-Announced


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		31