iShares Trust


		APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares CMBS ETF | CMBS | NYSE Arca

iShares GNMA Bond ETF | GNMA | NASDAQ

iShares Treasury Floating Rate Bond ETF | TFLO | NYSE Arca

iShares U.S. Treasury Bond ETF | GOVT | Cboe BZX

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.


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

Table of Contents


	Page

The Markets in Review		2
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		35
Statement Regarding Liquidity Risk Management Program		42
Supplemental Information		43
General Information		44


Fund Summary as of April 30, 2022		iShares^® CMBS ETF

Investment Objective

The iShares CMBS ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities, as represented by the Bloomberg U.S. CMBS (ERISA Only) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(8.16	)%		(7.84	)%		1.53	%		2.14	%		(7.84	)%		7.88	%		23.54	%
Fund Market		(7.87	)		(7.69	)		1.61			2.14			(7.69	)		8.31			23.57
Index		(8.00	)		(7.54	)		1.80			2.45			(7.54	)		9.33			27.33

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 8 for more information.

Expense Example


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	$	918.40	$	1.19		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY CREDIT QUALITY


Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	70.6	%
Aa	4.0
A	0.7
Baa	0.1
Not Rated	24.6

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
1-5 Years	12.6	%
5-10 Years	30.7
10-15 Years	2.0
20-25 Years	5.0
25-30 Years	30.9
30-35 Years	12.4
35-40 Years	4.4
More than 40 Years	2.0

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		iShares^® GNMA Bond ETF

Investment Objective

The iShares GNMA Bond ETF (the “Fund”) seeks to track the investment results of an index composed of mortgage-backed pass-through securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), as represented by the Bloomberg U.S. GNMA Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(7.34	)%		(8.15	)%		0.32	%		0.84	%		(8.15	)%		1.60	%		8.71	%
Fund Market		(7.31	)		(8.18	)		0.32			0.79			(8.18	)		1.59			8.22
Index		(7.37	)		(8.01	)		0.48			1.11			(8.01	)		2.44			11.71

Expense Example


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	$	926.60	$	0.43		$	1,000.00	$	1,024.30	$	0.45		0.09	%

^(a)

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
5-10 Years	0.2	%
10-15 Years	0.5
15-20 Years	0.2
20-25 Years	14.4
25-30 Years	78.4
30-35 Years	6.3

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Government National Mortgage Association, 2.00%, 12/20/51	17.3	%
Government National Mortgage Association, 2.50%, 08/20/51	6.3
Government National Mortgage Association, 2.50%, 07/20/51	5.5
Government National Mortgage Association, 2.00%, 02/20/51	4.6
Government National Mortgage Association, 3.00%, 07/20/50	3.5

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2022		iShares^® Treasury Floating Rate Bond ETF

Investment Objective

The iShares Treasury Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury floating rate bonds, as represented by the Bloomberg U.S. Treasury Floating Rate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.24	%		0.20	%		1.05	%		0.74	%		0.20	%		5.38	%		6.25	%
Fund Market		0.39			0.35			1.08			0.76			0.35			5.53			6.41
Index		0.32			0.36			1.19			0.85			0.36			6.08			7.19

The inception date of the Fund was 2/3/14. The first day of secondary market trading was 2/4/14.

Expense Example


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	$	1,002.40	$	0.74		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	68.1	%
1-2 Years	31.9

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
U.S. Treasury Floating Rate Note, 0.95%, 10/31/22	42.5	%
U.S. Treasury Floating Rate Note, 0.92%, 07/31/23	21.1
U.S. Treasury Floating Rate Note, 0.94%, 01/31/23	16.5
U.S. Treasury Floating Rate Note, 0.93%, 04/30/23	9.1
U.S. Treasury Floating Rate Note, 0.82%, 04/30/24	8.2

^(a)

Excludes money market funds.


6		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


Fund Summary as of April 30, 2022		iShares^® U.S. Treasury Bond ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(8.33	)%		(7.47	)%		0.86	%		1.11	%		(7.47	)%		4.38	%		11.70	%
Fund Market		(8.35	)		(7.44	)		0.87			1.12			(7.44	)		4.44			11.80
Index		(8.24	)		(7.33	)		0.99			1.22			(7.33	)		5.03			12.85

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data from 7/1/2016 through 2/28/2021 is for the 3pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data prior to 7/1/2016 is for the Barclays U.S. Treasury Bond Index.

Expense Example


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	$	916.70	$	0.24		$	1,000.00	$	1,024.50	$	0.25		0.05	%

^(a)

Portfolio Information

ALLOCATION BY MATURITY


Maturity	Percent of Total Investments	^(a)
0-1 Year	1.4	%
1-5 Years	51.8
5-10 Years	26.8
10-15 Years	0.2
15-20 Years	1.4
More than 20 Years	18.4

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
U.S. Treasury Note/Bond, 0.25%, 05/15/24	6.3	%
U.S. Treasury Note/Bond, 3.75%, 11/15/43	5.6
U.S. Treasury Note/Bond, 3.13%, 11/15/28	5.3
U.S. Treasury Note/Bond, 1.88%, 02/15/51	4.4
U.S. Treasury Note/Bond, 2.38%, 08/15/24	3.5

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


8		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

Schedule of Investments (unaudited)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collaterized Mortgage Obligations

Mortgage-Backed Securities — 69.3%
Banc of America Commercial Mortgage Trust
Series 2016-UB10, Class A4, 3.17%, 07/15/49 (Call 04/15/26)	$	800	$	780,002
Series 2016-UB10, Class B, 3.79%, 07/15/49 (Call 05/15/26)		250		240,614
Series 2017-BNK3, Class A3, 3.31%, 02/15/50 (Call 11/15/26)		1,351		1,318,043
Series 2017-BNK3, Class A4, 3.57%, 02/15/50 (Call 01/15/27)		1,000		986,045
Series 2017-BNK3, Class B, 3.88%, 02/15/50 (Call 01/15/27)^(a)		830		805,202
Bank
Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 09/15/29)		1,500		1,393,433
Series 2020, Class A5, 2.65%, 01/15/63 (Call 01/15/30)		1,000		912,634
BANK
BANK 2018-BN15, Class A3, 4.14%, 11/15/61 (Call 09/15/28)		2,500		2,511,730
BANK 2020-BN30, Class ABS, 1.67%, 12/15/53		240		210,594
BANK 2021-BN31, Class ASB, 1.74%, 02/15/54 (Call 03/15/30)		1,000		893,668
BANK 2022-BNK40, Class A4, 3.51%, 03/15/64 (Call 02/15/32)^(a)		1,000		957,778
BANK 2022-BNK40, Class AS, 3.51%, 03/15/64 (Call 03/15/32)^(a)		1,000		935,919
Series 2017, Class A5, 3.44%, 09/15/60 (Call 09/15/27)		220		214,725
Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 03/15/27)		1,500		1,463,541
Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 10/15/26)		290		287,050
Series 2017-BNK4, Class C, 4.37%, 05/15/50 (Call 03/15/27)^(a)		485		462,120
Series 2017-BNK5, Class A4, 3.13%, 06/15/60 (Call 05/15/27)		1,960		1,887,916
Series 2017-BNK7, Class B, 3.95%, 09/15/60 (Call 09/15/27)		550		530,523
Series 2017-BNK8, Class A3, 3.23%, 11/15/50 (Call 10/15/27)		1,000		963,782
Series 2017-BNK8, Class AS, 3.73%, 11/15/50 (Call 11/15/27)		1,000		974,981
Series 2018-BN10, Class A5, 3.69%, 02/15/61 (Call 01/15/28)		1,500		1,479,757
Series 2018-BN10, Class C, 4.16%, 02/15/61 (Call 02/15/28)^(a)		800		758,249
Series 2018-BN14, Class A3, 3.97%, 09/15/60 (Call 07/15/28)		600		596,355
Series 2018-BN14, Class AS, 4.48%, 09/15/60 (Call 09/15/28)^(a)		500		501,695
Series 2018-BN14, Class B, 4.58%, 09/15/60 (Call 09/15/28)^(a)		750		748,798
Series 2019-BN16, Class AS, 4.27%, 02/15/52 (Call 01/15/29)		262		261,124
Series 2019-BN18, Class A2, 3.47%, 05/15/62 (Call 05/15/24)		830		823,317
Series 2019-BN19, Class A3, 2.93%, 08/15/61 (Call 05/15/29)		3,000		2,817,006
Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/15/29)		497		472,088


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2019-BN20, Class A2, 2.76%, 09/15/62 (Call 08/15/29)	$	500	$	461,594
Series 2019-BN20, Class A3, 3.01%, 09/15/62 (Call 08/15/29)		1,000		938,225
Series 2019-BN20, Class B, 3.40%, 09/15/62 (Call 09/15/29)^(a)		1,000		923,065
Series 2019-BN21, Class A4, 2.60%, 10/17/52 (Call 08/15/29)		2,000		1,821,608
Series 2019-BN21, Class B, 3.21%, 10/17/52 (Call 10/15/29)^(a)		1,000		912,964
Series 2019-BN22, Class A3, 2.73%, 11/15/62 (Call 09/15/29)		1,000		917,691
Series 2019-BN22, Class A4, 2.98%, 11/15/62 (Call 10/15/29)		820		766,814
Series 2019-BN24, Class ASB, 2.93%, 11/15/62 (Call 03/15/29)		1,000		956,012
Series 2019-BNK16, Class A4, 4.01%, 02/15/52 (Call 01/15/29)		2,100		2,101,860
Series 2020-BN25, Class A3, 2.39%, 01/15/63 (Call 01/15/27)		1,000		933,184
Series 2020-BN26, Class B, 2.91%, 03/15/63 (Call 03/15/30)^(a)		250		221,412
Series 2020-BN27, Class AS, 2.55%, 04/15/63 (Call 03/15/30)		1,000		880,437
Series 2020-BN28, Class A4, 1.84%, 03/15/63 (Call 09/15/30)		500		424,794
Series 2020-BN29, Class C, 3.03%, 11/15/53 (Call 12/15/30)^(a)		520		450,876
Series 2021-BN32, Class AS, 2.64%, 04/15/54		2,075		1,871,951
Series 2021-BN34, Class A5, 2.44%, 06/15/63 (Call 06/15/31)		244		215,834
Series 2021-BN35, Class B, 2.53%, 06/15/64 (Call 07/15/31)		1,000		838,286
Series2017-BNK4, Class A4, 3.63%, 05/15/50 (Call 03/15/27)		1,000		987,227
Serise BN23, Class C, 3.51%, 12/15/52 (Call 12/15/29)^(a)		500		441,808
BANK 2021-BNK34, BANK 2021-BN34, Class AS, 2.57%, 06/15/63 (Call 06/15/31)		500		441,161
Barclays Commercial Mortgage Trust
Series 2019-C3, Class A4, 3.58%, 05/15/52 (Call 04/15/29)		2,746		2,670,432
Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 07/15/29)		2,000		1,861,718
Series 2019-C5, Class A2, 3.04%, 11/15/52 (Call 10/15/24)		678		667,077
Series 2019-C5, Class A4, 3.06%, 11/15/52 (Call 10/15/29)		1,000		937,976
BBCMS Mortgage Trust
BBCMS 2020-C7, Class AS, 2.44%, 04/15/53 (Call 03/15/30)		300		262,997
BBCMS 2021-C11, Class A5, 2.32%, 09/15/54		2,500		2,188,759
BBCMS 2021-C11, Class AS, 2.54%, 09/15/54		1,000		870,366
BBCMS 2021-C12, Class A4, 2.42%, 11/15/54		2,000		1,771,349
BBCMS 2021-C12, Class C, 3.21%, 11/15/54^(a)		1,500		1,278,521
BBCMS 2022-C14, Class AS, 3.35%, 02/15/55		250		232,657
BBCMS 2022-C15, Class A5, 3.66%, 04/15/55 (Call 03/15/32)^(a)		640		623,864
Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27)		2,000		1,975,601
Series 2018-C2, Class A5, 4.31%, 12/15/51 (Call 12/15/28)		2,250		2,285,330
Series 2018-C2, Class C, 4.97%, 12/15/51 (Call 12/15/28)^(a)		250		240,017
Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 01/15/30)		1,500		1,368,187
Series 2020-C8, Class A5, 2.04%, 10/15/53 (Call 10/15/30)		1,000		863,424


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
BBCMS Trust
BBCMS 2021-C10, Class C, 2.84%, 07/15/54 (Call 06/15/31)	$	500	$	415,045
Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 06/15/31)		3,000		2,673,429
Series 2021-C10, Class AS, 2.68%, 07/15/54 (Call 06/15/31)		1,000		886,151
Series 2021-C10, Class B, 2.49%, 07/15/54 (Call 06/15/31)		1,000		845,371
Benchmark Mortgage Trust
BMARK 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 07/11/30)		430		371,677
BMARK 2021-B27, Class A2, 2.02%, 07/15/54 (Call 07/15/26)		1,000		933,313
BMARK 2021-B27, Class A5, 2.39%, 07/15/54 (Call 06/15/31)		1,000		878,611
BMARK 2021-B27, Class AS, 2.51%, 07/15/54 (Call 06/15/31)		500		435,166
BMARK 2021-B29, Class A2, 2.02%, 09/15/54 (Call 09/15/26)		1,740		1,614,383
BMARK 2022-B32, Class A5, 3.00%, 01/15/55^(a)		2,000		1,844,916
BMARK 2022-B34, Class A5, 3.79%, 04/15/55 (Call 03/15/32)		1,500		1,477,641
Series 2018-B1, Class A5, 3.67%, 01/15/51 (Call 12/15/27)^(a)		1,000		986,941
Series 2018-B1, Class AM, 3.88%, 01/15/51 (Call 12/15/27)^(a)		500		491,436
Series 2018-B2, Class A4, 3.61%, 02/15/51 (Call 11/15/27)		1,350		1,325,565
Series 2018-B2, Class A5, 3.88%, 02/15/51 (Call 01/15/28)^(a)		1,750		1,744,977
Series 2018-B2, Class AS, 4.08%, 02/15/51 (Call 01/15/28)^(a)		1,000		988,314
Series 2018-B2, Class C, 4.20%, 02/15/51 (Call 02/15/28)^(a)		500		480,419
Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 02/10/28)		1,000		1,004,204
Series 2018-B4, Class A2, 3.98%, 07/15/51		430		431,905
Series 2018-B4, Class A5, 4.12%, 07/15/51^(a)		2,023		2,040,969
Series 2018-B4, Class ASB, 4.06%, 07/15/51^(a)		464		464,650
Series 2018-B4, Class C, 4.55%, 07/15/51^(a)		400		374,958
Series 2018-B5, Class AS, 4.42%, 07/15/51 (Call 07/15/28)		1,000		1,009,077
Series 2018-B5, Class B, 4.57%, 07/15/51 (Call 07/15/28)		500		493,160
Series 2018-B7, Class A4, 4.51%, 05/15/53 (Call 10/15/28)^(a)		1,000		1,030,542
Series 2018-B7, Class B, 4.86%, 05/15/53 (Call 11/15/28)^(a)		400		407,318
Series 2018-B8, Class A4, 3.96%, 01/15/52 (Call 07/15/28)		2,000		1,990,565
Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28)		1,000		1,014,913
Series 2018-B8, Class AS, 4.53%, 01/15/52 (Call 12/15/28)^(a)		1,563		1,585,996
Series 2019-B10, Class AM, 3.98%, 03/15/62		600		587,555
Series 2019-B11, Class A5, 3.54%, 05/15/52 (Call 05/15/29)		1,000		974,433
Series 2019-B11, Class AS, 3.78%, 05/15/52 (Call 05/15/29)		500		480,747
Series 2019-B11, Class B, 3.96%, 05/15/52 (Call 05/15/29)^(a)		500		474,811
Series 2019-B13, Class AM, 3.18%, 08/15/57 (Call 10/15/29)		1,000		932,473
Series 2019-B13, Class C, 3.84%, 08/15/57 (Call 10/15/29)^(a)		500		459,960
Series 2019-B14, Class A5, 3.05%, 12/15/62 (Call 11/15/29)		500		470,189


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 01/15/29)	$	1,000	$	1,002,760
Series 2019-B9, Class C, 4.97%, 03/15/52 (Call 01/15/29)^(a)		250		246,865
Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 01/15/30)		1,990		1,828,801
Series 2020-B16, Class AM, 2.94%, 02/15/53 (Call 01/15/30)^(a)		1,000		907,665
Series 2020-B17, Class C, 3.37%, 03/15/53 (Call 03/15/30)^(a)		250		220,891
Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 09/15/30)		450		378,381
Series 2020-B20, Class B, 2.53%, 10/15/53 (Call 10/15/30)		500		429,370
Series 2020-B21, Class A5, 2.25%, 12/17/53 (Call 12/15/30)		500		429,331
Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 12/15/30)		1,000		855,276
Series 2020-IG1, Class A3, 2.69%, 09/15/43 (Call 01/15/30)		1,750		1,600,751
Series 2021-B23, Class AS, 2.27%, 02/15/54 (Call 02/15/31)		500		432,052
Series 2021-B24, Class A4, 2.26%, 03/15/54 (Call 01/15/31)		3,000		2,653,400
Series 2021-B25, Class A5, 2.58%, 04/15/54 (Call 04/15/31)		2,000		1,790,867
Series 2021-B25, Class ASB, 2.27%, 04/15/54 (Call 03/15/31)		650		589,584
Series 2021-B26, Class A5, 2.61%, 06/15/54		2,500		2,245,105
Series 2021-B26, Class AM, 2.83%, 06/15/54		500		450,592
Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 08/15/31)		830		727,414
Serise 2020-B17, Class A2, 2.21%, 03/15/53 (Call 03/15/25)		1,000		954,769
Serise 2020-B17, Class A5, 2.29%, 03/15/53 (Call 02/15/30)		1,000		888,421
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50 (Call 11/15/27)^(a)		1,510		1,475,733
CD Mortgage Trust
Series 2017-CD3, Class A4, 3.63%, 02/10/50 (Call 01/10/27)		230		226,498
Series 2017-CD3, Class AS, 3.83%, 02/10/50 (Call 01/10/27)		750		731,789
Series 2017-CD3, Class C, 4.55%, 02/10/50 (Call 01/10/27)^(a)		300		277,170
Series 2017-CD4, Class A4, 3.51%, 05/10/50 (Call 04/10/27)^(a)		1,000		980,557
Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27)		750		732,079
Series 2017-CD6, Class C, 4.26%, 11/13/50 (Call 11/13/27)^(a)		500		464,201
Series 2018-CD7, Class ASB, 4.21%, 08/15/51 (Call 03/15/28)		550		554,686
Series 2019-CD8, Class A4, 2.91%, 08/15/57 (Call 08/15/29)		1,000		929,729
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class A3, 3.87%, 01/10/48 (Call 12/10/25)		500		499,718
Series 2016-C4, Class A4, 3.28%, 05/10/58		1,650		1,609,050
Series 2017-C8, Class ASB, 3.37%, 06/15/50 (Call 07/15/26)		1,000		990,734
Series 2017-C8, Class B, 4.20%, 06/15/50 (Call 05/15/27)^(a)		750		734,333


10		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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Citigroup Commercial Mortgage Trust
CGCMT 2015-GC33, Class AS, 4.11%, 09/10/58 (Call 09/10/25)	$	850	$	846,012
CGCMT 2016-C3, Class AAB, 2.98%, 11/15/49 (Call 12/15/25)		1,002		991,922
Series 20116-P4, Class A4, 2.90%, 07/10/49 (Call 07/10/26)		1,729		1,670,399
Series 2013-GC11, Class AS, 3.42%, 04/10/46 (Call 04/10/23)		100		100,043
Series 2013-GC15, Class A4, 4.37%, 09/10/46 (Call 09/10/23)^(a)		750		757,324
Series 2014-GC19, Class A4, 4.02%, 03/10/47 (Call 01/10/24)		500		502,832
Series 2014-GC21, Class A5, 3.86%, 05/10/47 (Call 04/10/24)		2,085		2,088,476
Series 2014-GC23, Class A4, 3.62%, 07/10/47 (Call 07/10/24)		750		743,669
Series 2014-GC23, Class AS, 3.86%, 07/10/47 (Call 07/10/24)		250		247,703
Series 2014-GC23, Class C, 4.43%, 07/10/47 (Call 07/10/24)^(a)		250		246,634
Series 2014-GC25, Class A4, 3.64%, 10/10/47 (Call 09/10/24)		1,000		999,165
Series 2014-GC25, Class AS, 4.02%, 10/10/47 (Call 09/10/24)		953		951,220
Series 2014-GC25, Class B, 4.35%, 10/10/47 (Call 10/10/24)^(a)		100		99,733
Series 2015-GC27, Class A5, 3.14%, 02/10/48 (Call 12/10/24)		2,180		2,146,652
Series 2015-GC29, Class C, 4.14%, 04/10/48 (Call 04/10/25)^(a)		250		239,568
Series 2015-GC31, Class A4, 3.76%, 06/10/48 (Call 06/10/25)		750		748,459
Series 2015-GC33, Class A4, 3.78%, 09/10/58 (Call 09/10/25)		1,500		1,498,080
Series 2015-GC35, Class AAB, 3.61%, 11/10/48 (Call 04/10/25)		375		374,941
Series 2015-P1, Class A5, 3.72%, 09/15/48 (Call 07/15/25)		356		355,355
Series 2016-C1, Class A4, 3.21%, 05/10/49 (Call 05/10/26)		874		852,374
Series 2016-C2, Class A4, 2.83%, 08/10/49 (Call 08/10/26)		1,000		957,347
Series 2016-C3, Class A4, 3.15%, 11/15/49 (Call 10/15/26)		1,466		1,420,852
Series 2016-GC36, Class A4, 3.35%, 02/10/49 (Call 11/10/25)		1,000		978,234
Series 2016-P3, Class A3, 3.06%, 04/15/49 (Call 01/15/26)		1,500		1,472,604
Series 2016-P3, Class A4, 3.33%, 04/15/49 (Call 02/15/26)		75		73,245
Series 2016-P6, Class AS, 4.03%, 12/10/49 (Call 11/10/26)^(a)		1,000		984,622
Series 2017-C4, Class A3, 3.21%, 10/12/50 (Call 08/12/27)		1,000		969,594
Series 2017-P8, Class A3, 3.20%, 09/15/50 (Call 07/15/27)		885		853,699
Series 2017-P8, Class AS, 3.79%, 09/15/50 (Call 09/15/27)^(a)		750		730,754
Series 2018-B2, Class A2, 3.79%, 03/10/51 (Call 10/10/27)		1,000		1,004,571
Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 02/10/28)		600		602,937
Series 2018-C5, Class A4, 4.23%, 06/10/51 (Call 05/10/28)^(a)		1,000		1,013,210
Series 2018-C6, Class A4, 4.41%, 11/10/51 (Call 11/10/28)		1,199		1,225,806
Series 2019-C7, Class A4, 3.10%, 12/15/72 (Call 12/15/29)		2,000		1,885,296
Series 2019-GC41, Class A5, 2.87%, 08/10/56 (Call 08/10/29)		2,500		2,327,481


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2019-GC41, Class AS, 3.02%, 08/10/56 (Call 08/10/29)	$	750	$	693,677
Series 2019-GC43, Class A2, 2.98%, 11/10/52 (Call 10/10/24)		863		845,080
Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 10/10/29)		750		702,997
Series 2020-GC46, Class A5, 2.72%, 02/15/53 (Call 02/15/30)		2,000		1,835,052
Series 2020-GC46, Class AS, 2.92%, 02/15/53 (Call 02/15/30)^(a)		500		452,543
Series 2020-GC46, Class B, 3.15%, 02/15/53 (Call 02/15/30)^(a)		234		211,468
COMM Mortgage Trust
Series 2013-CR11, Class A4, 4.26%, 08/10/50 (Call 09/10/23)		150		151,586
Series 2013-CR11, Class AM, 4.72%, 08/10/50 (Call 09/10/23)^(a)		250		253,320
Series 2013-CR6, Class ASB, 2.62%, 03/10/46 (Call 12/10/22)		106		106,024
Series 2013-CR9, Class A4, 4.41%, 07/10/45^(a)		1,184		1,184,164
Series 2013-LC13, Class A5, 4.21%, 08/10/46 (Call 08/10/23)		778		784,242
Series 2013-LC6, Class ASB, 2.48%, 01/10/46 (Call 09/10/22)		24		23,531
Series 2013-LC6, Class B, 3.74%, 01/10/46 (Call 01/10/23)		430		430,967
Series 2014-CR14, Class C, 4.60%, 02/10/47 (Call 01/10/24)^(a)		200		198,036
Series 2014-CR16, Class A4, 4.05%, 04/10/47 (Call 03/10/24)		500		502,489
Series 2014-CR16, Class ASB, 3.65%, 04/10/47 (Call 12/10/23)		71		71,791
Series 2014-CR17, Class A5, 3.98%, 05/10/47 (Call 04/10/24)		500		501,846
Series 2014-CR17, Class B, 4.38%, 05/10/47 (Call 05/10/24)		292		289,537
Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 06/15/24)		300		301,530
Series 2014-CR19, Class A5, 3.80%, 08/10/47 (Call 08/10/24)		438		438,546
Series 2014-CR19, Class B, 4.70%, 08/10/47 (Call 08/10/24)^(a)		850		853,817
Series 2014-CR20, Class AM, 3.94%, 11/10/47 (Call 10/10/24)		250		247,852
Series 2014-LC15, Class A4, 4.01%, 04/10/47 (Call 03/10/24)		1,945		1,953,486
Series 2014-LC17, Class A5, 3.92%, 10/10/47 (Call 09/10/24)		675		676,561
Series 2014-UBS2, Class A5, 3.96%, 03/10/47 (Call 02/10/24)		1,521		1,524,747
Series 2014-UBS2, Class AM, 4.20%, 03/10/47 (Call 02/10/24)		425		425,901
Series 2014-UBS3, Class C, 4.74%, 06/10/47 (Call 05/10/24)^(a)		150		147,103
Series 2014-UBS4, Class A4, 3.42%, 08/10/47 (Call 06/10/24)		250		248,568
Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/24)		500		498,763
Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/24)		500		498,373


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-UBS4, Class B, 4.35%, 08/10/47 (Call 07/10/24)	$	250	$	246,080
Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/10/24)		730		729,708
Series 2014-UBS6, Class A4, 3.38%, 12/10/47 (Call 10/10/24)		943		934,343
Series 2014-UBS6, Class A5, 3.64%, 12/10/47 (Call 11/10/24)		500		497,771
Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 02/10/25)		500		493,226
Series 2015-CR22, Class AM, 3.60%, 03/10/48 (Call 03/10/25)^(a)		200		197,726
Series 2015-CR22, Class ASB, 3.14%, 03/10/48 (Call 10/10/24)		566		564,320
Series 2015-CR22, Class C, 4.11%, 03/10/48 (Call 03/10/25)^(a)		300		291,697
Series 2015-CR23, Class A4, 3.50%, 05/10/48 (Call 04/10/25)		500		495,273
Series 2015-CR24, Class B, 4.38%, 08/12/48 (Call 07/10/25)^(a)		750		736,293
Series 2015-CR24, Class D, 3.46%, 08/10/48 (Call 08/10/25)^(a)		200		182,522
Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)		750		747,044
Series 2015-CR25, Class ASB, 3.54%, 08/10/48 (Call 04/10/25)		674		674,262
Series 2015-CR25, Class B, 4.53%, 08/12/48 (Call 08/10/25)^(a)		300		296,698
Series 2015-CR26, Class A4, 3.63%, 10/10/48 (Call 08/10/25)		2,398		2,378,334
Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 01/10/25)		750		740,342
Series 2015-DC1, Class B, 4.04%, 02/10/48 (Call 01/10/25)^(a)		1,000		970,519
Series 2015-DC1, Class C, 4.33%, 02/10/48 (Call 01/10/25)^(a)		250		239,308
Series 2015-LC19, Class A4, 3.18%, 02/10/48 (Call 01/10/25)		1,000		984,143
Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 05/10/25)		500		497,809
Series 2015-LC23, Class A4, 3.77%, 10/10/48 (Call 10/10/25)		1,000		995,756
Series 2015-PC1, Class A5, 3.90%, 07/10/50 (Call 05/10/25)		1,533		1,531,144
Series 2015-PC1, Class ASB, 3.61%, 07/10/50 (Call 11/10/24)		118		118,275
Series 2016-CR28, Class A4, 3.76%, 02/10/49		2,000		1,991,458
Series 2016-CR28, Class C, 4.64%, 02/10/49^(a)		604		587,437
Series 2016-DC2, Class A4, 3.50%, 02/10/49 (Call 12/10/25)		388		384,399
Series 2016-DC2, Class AM, 4.24%, 02/10/49 (Call 02/10/26)		750		738,233
Series 2016-DC2, Class ASB, 3.55%, 02/10/49 (Call 08/10/25)		759		760,451
Series 2016-DC2, Class C, 4.67%, 02/10/49 (Call 02/10/26)^(a)		250		240,878
Series 2017-COR2, Class C, 4.59%, 09/10/50 (Call 08/10/27)^(a)		750		718,384
Series 2018-COR3, Class A3, 4.23%, 05/10/51 (Call 04/10/28)		750		760,177


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2018-COR3, Class B, 4.51%, 05/10/51 (Call 04/10/28)^(a)	$	500	$	494,183
Series 2018-COR3, Class C, 4.56%, 05/10/51 (Call 04/10/28)^(a)		500		475,868
Series 2019-GC44, Class A5, 2.95%, 08/15/57 (Call 11/15/29)		1,000		932,448
Commission Mortgage Trust, COMM 2015-CR24, Class A4, 3.43%, 08/10/48 (Call 07/10/25)		1,350		1,335,983
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 01/15/25)		500		495,760
Series 2015-C1, Class AS, 3.79%, 04/15/50 (Call 01/15/25)^(a)		435		426,840
Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 04/15/25)		500		494,934
Series 2015-C2, Class AS, 3.85%, 06/15/57 (Call 04/15/25)^(a)		700		679,350
Series 2015-C3, Class A4, 3.72%, 08/15/48 (Call 07/15/25)		650		646,497
Series 2015-C4, Class A3, 3.54%, 11/15/48		1,489		1,474,731
Series 2015-C4, Class A4, 3.81%, 11/15/48		1,464		1,460,195
Series 2015-C4, Class D, 3.56%, 11/15/48^(a)		250		229,417
Series 2016-C5, Class C, 4.65%, 11/15/48 (Call 11/15/25)^(a)		750		711,712
Series 2016-C6, Class C, 4.92%, 01/15/49 (Call 04/15/26)^(a)		350		340,128
Series 2016-C7, Class A4, 3.21%, 11/15/49 (Call 07/15/26)		193		189,501
Series 2016-C7, Class AS, 3.96%, 11/15/49 (Call 10/15/26)^(a)		1,000		976,742
Series 2017-CX9, Class A5, 3.45%, 09/15/50		1,000		973,056
Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 02/15/28)^(a)		1,000		1,001,591
Series 2019-C15, Class A2, 3.45%, 03/15/52		1,076		1,071,639
Series 2019-C15, Class A3, 3.78%, 03/15/52		1,400		1,372,585
Series 2019-C15, Class B, 4.48%, 03/15/52		1,000		985,404
Series 2019-C17, Class A5, 3.02%, 09/15/52 (Call 09/15/29)		2,000		1,862,921
Series 2019-C18, Class ASB, 2.87%, 12/15/52		500		476,788
Series 2020-C19, Class A3, 2.56%, 03/15/53 (Call 03/15/30)		500		445,816
DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51		1,400		1,434,272
DBJPM Mortgage Trust
Series 2016-C1, Class A4, 3.28%, 05/10/49 (Call 02/10/26)		1,000		975,728
Series 2016-C1, Class ASB, 3.04%, 05/10/49 (Call 12/10/25)		440		434,033
Series 2016-C1, Class B, 4.20%, 05/10/49 (Call 03/10/26)^(a)		1,160		1,120,566
Series 2016-C1, Class C, 3.33%, 05/10/49 (Call 03/10/26)^(a)		468		413,918
Series 2017-C6, Class A3, 3.27%, 06/10/50 (Call 06/10/24)		750		745,406
Fannie Mae-Aces, FNA 2019-M25, Class A2, 2.33%, 11/25/29^(a)		1,690		1,575,892
Federal National Mortgage Association
FNA 2017-M15, Class ATS2, 3.16%, 11/25/27^(a)		481		478,903
FNA 2018-M14, Class A2, 3.58%, 08/25/28^(a)		421		426,943
FNA 2019-M12, Class A2, 2.89%, 06/25/29^(a)		1,175		1,139,622
FNA 2021-M19, Class A2, 1.74%, 10/25/31^(a)		2,000		1,725,175
FNA 2022-M3, Class A2, 1.76%, 11/25/31^(a)		2,000		1,712,960
FNA 2022-M4, Class A2, 2.29%, 05/25/30^(a)		1,800		1,666,842
Series 2016-M1, Class A2, 2.94%, 01/25/26^(a)		900		884,194
Series 2016-M10, Class AV2, 3.00%, 11/25/45		500		447,811
Series 2016-M12, Class AV2, 2.31%, 10/25/23		373		371,234
Series 2016-M5, Class A2, 2.47%, 04/25/26		1,000		965,727


12		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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2017-M1, Class A2, 2.42%, 10/25/26^(a)	$	822	$	790,576
Series 2017-M14, Class A2, 2.87%, 11/25/27^(a)		1,816		1,776,547
Series 2019-M1, Class A1, 3.36%, 09/25/28		319		318,634
Series 2020-M1, Class A1, 2.15%, 10/25/29		1,590		1,523,763
Series 2020-M1, Class A2, 2.44%, 10/25/29		4,530		4,256,953
Series 2020-M14, Class A2, 1.78%, 05/25/30		1,000		889,498
Series 2020-M20, Class A2, 1.44%, 10/25/29		250		217,938
Series 2020-M5, Class A3, 2.19%, 01/25/30		1,000		919,623
Series 2020-M8, Class A2, 1.82%, 02/25/30		100		89,425
Series 2021-M4, Class A2, 1.47%, 02/25/31^(a)		2,500		2,129,031
Series2019-M6, Class A2, 3.45%, 01/01/29		796		798,939
Serise 2015-M15, Class A2, 2.92%, 10/25/25^(a)		769		759,612
Freddie Mac Multifamily Structured Pass Through Certificates
FHMS K097, Class A1, 2.16%, 05/25/29 (Call 05/25/29)		976		925,831
FHMS K097, Class A2, 2.51%, 07/25/29 (Call 07/25/29)		2,250		2,126,644
FHMS K133, Class A2, 2.10%, 09/25/31 (Call 09/25/31)		1,000		891,359
FHMS K135, Class A1, 1.61%, 10/25/30 (Call 10/25/30)		1,218		1,095,850
FHMS K136, Class A2, 2.13%, 11/25/31 (Call 11/25/31)		2,000		1,783,884
FHMS K139, Class A2, 2.59%, 01/25/32 (Call 01/25/32)^(a)		2,000		1,856,006
FHMS K141, Class A1, 2.55%, 05/25/31		2,250		2,138,376
FHMS K141, Class A2, 2.25%, 02/25/32		2,500		2,250,355
FHMS K142, Class A2, 2.40%, 03/25/32		4,000		3,645,000
Series K039, Class A2, 3.30%, 07/25/24 (Call 07/25/24)		263		262,702
Series K056, Class A1, 2.20%, 07/25/25 (Call 05/25/25)		1,007		981,524
Series K057, Class A2, 2.57%, 07/25/26 (Call 07/25/26)		1,725		1,676,277
Series K070, Class A1, 3.03%, 04/25/27 (Call 04/25/27)		1,618		1,605,227
Series K089, Class A1, 3.34%, 10/25/28 (Call 10/25/28)		3,204		3,203,176
Series K095, Class A2, 2.79%, 06/25/29 (Call 06/25/29)		2,175		2,095,156
Series K098, Class A2, 2.43%, 08/25/29 (Call 08/25/29)		500		469,906
Series K099, Class A2, 2.60%, 09/25/29 (Call 09/25/29)		2,461		2,338,325
Series K104, Class A2, 2.25%, 01/25/30 (Call 01/25/30)		2,005		1,855,349
Series K106, Class A1, 1.78%, 10/25/29 (Call 10/25/29)		4,399		4,055,270
Series K107, Class A2, 1.64%, 01/25/30 (Call 01/25/30)		3,250		2,870,376
Series K109, Class A2, 1.56%, 04/25/30 (Call 04/25/30)		2,000		1,747,279
Series K110, Class A1, 1.02%, 09/25/29 (Call 09/25/29)		983		868,583
Series K114, Class A2, 1.37%, 06/25/30 (Call 06/25/30)		4,010		3,433,252
Series K118, Class A1, 0.79%, 03/25/30 (Call 03/25/30)		1,932		1,697,337
Series K118, Class A2, 1.49%, 09/25/30 (Call 09/25/30)		2,500		2,154,138
Series K119, Class A2, 1.57%, 09/25/30 (Call 09/25/30)		3,000		2,597,406
Series K120, Class A2, 1.50%, 10/25/30 (Call 10/25/30)		4,450		3,825,634
Series K121, Class A2, 1.55%, 10/25/30 (Call 10/25/30)		1,500		1,294,425
Series K123, Class A2, 1.62%, 12/25/30 (Call 12/25/30)		600		520,357
Series K124, Class A2, 1.66%, 12/25/30 (Call 12/25/30)		2,300		1,999,013
Series K127, Class A2, 2.11%, 01/25/31 (Call 01/25/31)		4,000		3,600,746
Series K128, Class A2, 2.02%, 03/25/31 (Call 03/25/31)		4,000		3,573,773
Series K132, Class A2, 2.02%, 08/25/31 (Call 08/25/31)		1,000		886,187
Series K-1511, Class A2, 3.47%, 03/25/31 (Call 03/25/31)		1,000		985,709
Series K-1516, Class A2, 1.72%, 05/25/35 (Call 05/25/35)		1,825		1,437,090
Series K-1517, Class A2, 1.72%, 07/25/35 (Call 07/25/35)		500		394,778
Series K-1518, Class A2, 1.86%, 10/25/35 (Call 10/25/35)		2,500		1,994,546
Series K152, Class A1, 2.83%, 05/25/30 (Call 04/25/30)		1,173		1,143,439
Series K-1520, Class A2, 2.44%, 02/25/36 (Call 02/25/36)		2,000		1,704,809
Series K-1521, Class A2, 2.18%, 08/25/36 (Call 08/25/36)		1,000		820,731
Series K155, Class A1, 3.75%, 11/25/29 (Call 11/25/29)		481		489,968
Series K156, Class A3, 3.70%, 06/25/33 (Call 06/25/33)^(a)		500		498,758
Series K727, Class A2, 2.95%, 07/25/24 (Call 07/25/24)		1,000		990,448
Series K737, Class AM, 2.10%, 10/25/26 (Call 10/25/26)		300		283,193
Series K740, Class A2, 1.47%, 09/25/27 (Call 09/25/27)		2,000		1,814,582
Series K741, Class A2, 1.60%, 12/25/27 (Call 12/25/27)		1,120		1,019,472
Series K742, Class A2, 1.76%, 03/25/28 (Call 03/25/28)		3,950		3,617,668


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K742, Class AM, 1.37%, 04/25/28 (Call 04/25/28)	$	1,400	$	1,245,025
Series K745, Class A2, 1.66%, 08/25/28 (Call 08/25/28)		3,000		2,704,777
GS Mortgage Securities Trust
GSMS 2017-GS6, Class B, 3.87%, 05/10/50 (Call 05/10/27)		1,000		968,117
Series 2012-GCJ9, Class AS, 3.12%, 11/10/45 (Call 11/10/22)		200		200,478
Series 2013-GC12, Class AS, 3.38%, 06/10/46 (Call 05/10/23)		300		298,626
Series 2013-GC12, Class B, 3.78%, 06/10/46 (Call 05/10/23)^(a)		115		114,500
Series 2013-GC14, Class A5, 4.24%, 08/10/46 (Call 08/10/23)		550		554,320
Series 2013-GC16, Class A4, 4.27%, 11/10/46 (Call 10/10/23)		1,500		1,514,842
Series 2013-GC16, Class AS, 4.65%, 11/10/46 (Call 11/10/23)		150		151,898
Series 2013-GC16, Class C, 5.31%, 11/10/46 (Call 11/10/23)^(a)		100		98,955
Series 2014-GC18, Class AS, 4.38%, 01/10/47 (Call 01/10/24)		650		650,064
Series 2014-GC20, Class A5, 4.00%, 04/10/47 (Call 03/10/24)		400		401,747
Series 2014-GC20, Class B, 4.53%, 04/10/47 (Call 04/10/24)^(a)		250		244,754
Series 2014-GC22, Class A5, 3.86%, 06/10/47 (Call 05/10/24)		2,640		2,643,609
Series 2014-GC22, Class AS, 4.11%, 06/10/47 (Call 05/10/24)		250		250,035
Series 2014-GC24, Class AAB, 3.65%, 09/10/47 (Call 06/10/24)		278		279,571
Series 2014-GC26, Class A5, 3.63%, 11/10/47 (Call 11/10/24)		1,485		1,478,787
Series 2015-GC30, Class AAB, 3.12%, 05/10/50 (Call 10/10/24)		268		267,273
Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/10/25)^(a)		500		491,989
Series 2015-GC32, Class A3, 3.50%, 07/10/48 (Call 06/10/25)		600		593,434
Series 2015-GC32, Class C, 4.42%, 07/10/48 (Call 07/10/25)^(a)		804		773,666
Series 2015-GC34, Class A4, 3.51%, 10/10/48 (Call 09/10/25)		1,500		1,491,156
Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25)		1,500		1,493,975
Series 2016-GS2, Class A4, 3.05%, 05/10/49 (Call 02/10/26)		1,170		1,135,819
Series 2016-GS3, Class A3, 2.59%, 10/10/49 (Call 08/10/26)		1,291		1,229,010
Series 2016-GS3, Class A4, 2.85%, 10/10/49 (Call 09/10/26)		780		747,383
Series 2016-GS4, Class A4, 3.44%, 11/10/49 (Call 11/10/26)^(a)		39		38,303
Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 05/10/27)		1,000		964,005
Series 2017-GS7, Class B, 3.88%, 08/10/50 (Call 07/10/27)		500		484,358
Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 02/10/28)^(a)		1,000		999,722
Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 01/10/29)		750		747,689


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2019-GC40, Class A4, 3.16%, 07/10/52 (Call 06/10/29)	$	1,131	$	1,072,448
Series 2019-GSA1, Class C, 3.80%, 11/10/52 (Call 10/10/29)^(a)		500		450,914
Series 2020-GC45, Class A4, 2.66%, 02/13/53 (Call 11/13/29)		775		706,395
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class A4, 3.65%, 01/15/49 (Call 11/15/25)		1,000		992,528
Series 2015-JP1, Class AS, 4.12%, 01/15/49 (Call 12/15/25)^(a)		750		741,190
Series 2016-JP3, Class AS, 3.14%, 08/15/49 (Call 09/15/26)		1,000		955,608
Series 2016-JP3, Class B, 3.40%, 08/15/49 (Call 09/15/26)^(a)		108		101,077
JPMBB Commercial Mortgage Securities Trust
Series 2013-C12, Class AS, 4.03%, 07/15/45 (Call 05/15/23)^(a)		500		501,794
Series 2013-C14, Class A4, 4.13%, 08/15/46 (Call 07/15/23)^(a)		513		513,061
Series 2013-C14, Class AS, 4.41%, 08/15/46 (Call 07/15/23)^(a)		150		149,901
Series 2013-C14, Class B, 4.55%, 08/15/46 (Call 07/15/23)^(a)		500		493,365
Series 2013-C15, Class B, 4.93%, 11/15/45 (Call 10/15/23)^(a)		200		202,211
Series 2013-C15, Class C, 5.19%, 11/15/45 (Call 10/15/23)^(a)		110		111,539
Series 2013-C17, Class A4, 4.20%, 01/15/47 (Call 12/15/23)		490		493,043
Series 2013-C17, Class C, 4.89%, 01/15/47 (Call 12/15/23)^(a)		100		99,289
Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 02/15/24)		1,400		1,405,388
Series 2014-C18, Class AS, 4.44%, 02/15/47 (Call 02/15/24)^(a)		1,200		1,195,491
Series 2014-C18, Class B, 4.79%, 02/15/47 (Call 02/15/24)^(a)		225		224,710
Series 2014-C19, Class C, 4.65%, 04/15/47 (Call 04/15/24)^(a)		200		200,247
Series 2014-C21, Class A4, 3.49%, 08/15/47 (Call 05/15/24)		610		606,246
Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 06/15/24)		500		499,472
Series 2014-C21, Class ASB, 3.43%, 08/15/47 (Call 02/15/24)		163		162,933
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 08/15/24)		2,506		2,510,624
Series 2014-C22, Class C, 4.55%, 09/17/47 (Call 08/15/24)^(a)		200		184,858
Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 09/15/24)		1,144		1,146,509
Series 2014-C23, Class ASB, 3.66%, 09/15/47 (Call 07/15/24)		171		171,251
Series 2014-C25, Class AS, 4.07%, 11/15/47 (Call 10/15/24)		232		230,751
Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)^(a)		185		181,424
Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 01/15/25)		500		489,155


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-C28, Class A3, 2.91%, 10/15/48 (Call 01/15/25)	$	968	$	948,543
Series 2015-C28, Class ASB, 3.04%, 10/15/48 (Call 11/15/24)		263		262,426
Series 2015-C29, Class A4, 3.61%, 05/15/48 (Call 04/15/25)		1,000		992,920
Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 01/15/25)		302		301,769
Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 05/15/25)^(a)		250		239,679
Series 2015-C30, Class AS, 4.23%, 07/15/48 (Call 07/15/25)^(a)		635		625,081
Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25)		1,003		1,001,454
Series 2015-C33, Class A4, 3.77%, 12/15/48 (Call 11/15/25)		1,000		999,450
Series 2016-C1, Class A5, 3.58%, 03/17/49 (Call 01/15/26)		822		812,560
Series 2016-C1, Class B, 4.73%, 03/15/49 (Call 02/15/26)^(a)		450		445,767
Series 2016-C1, Class C, 4.73%, 03/15/49 (Call 02/15/26)^(a)		400		388,853
JPMCC Commercial Mortgage Securities Trust
JPMCC 2017-JP5, Class ASB, 3.55%, 03/15/50 (Call 11/15/26)		124		123,068
Series 2017-JP5, Class A5, 3.72%, 03/15/50 (Call 01/15/27)		1,300		1,291,547
Series 2017-JP5, Class AS, 3.88%, 03/15/50 (Call 01/15/27)^(a)		650		630,009
Series 2017-JP6, Class A5, 3.49%, 07/15/50 (Call 04/15/27)		300		294,568
Series 2017-JP6, Class AS, 3.74%, 07/15/50 (Call 05/15/27)		400		387,100
Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 07/15/27)		1,000		978,682
Series 2019-COR4, Class ASB, 3.94%, 03/10/52 (Call 03/10/28)		1,000		996,678
Series 2019-COR5, Class A2, 3.15%, 06/13/52 (Call 05/13/24)		360		356,309
Series 2019-COR5, Class A4, 3.39%, 06/13/52 (Call 04/13/29)		1,200		1,156,464
JPMDB Commercial Mortgage Securities Trust
JPMDB 2018-C8, Class A3, 3.94%, 06/15/51 (Call 04/15/28)		561		559,386
Series 2016-C2, Class A4, 3.14%, 06/15/49 (Call 04/15/26)		1,000		973,066
Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/15/26)^(a)		750		696,542
Series 2017-C5, Class A5, 3.69%, 03/15/50 (Call 01/15/27)		2,100		2,082,730
Series 2017-C7, Class A3, 3.05%, 10/15/50 (Call 07/15/24)		1,200		1,184,502
Series 2017-C7, Class A5, 3.41%, 10/15/50 (Call 08/15/27)		1,050		1,024,949
Series 2019-COR6, Class A4, 3.06%, 11/13/52 (Call 10/13/29)		955		897,669
Series 2020-COR7, Class A5, 2.18%, 05/13/53 (Call 03/13/30)		539		473,890
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-C8, Class ASB, 2.38%, 10/15/45 (Call 05/15/22)		1		1,420
Series 2013-C10, Class C, 4.10%, 12/15/47 (Call 02/15/23)^(a)		200		198,830
Series 2013-C13, Class A4, 3.99%, 01/15/46 (Call 06/15/23)^(a)		205		206,792


14		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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2013-C13, Class ASB, 3.41%, 01/15/46 (Call 03/15/23)	$	12	$	11,896
Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 05/15/24)		500		499,860
Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/15/24)^(a)		100		99,060
Series 2015-JP1, Class A5, 3.91%, 01/15/49 (Call 12/15/25)		2,462		2,471,757
Series 2016-JP2, Class A4, 2.82%, 08/15/49 (Call 07/15/26)		1,023		983,819
Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/15/26)		700		662,581
Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 11/15/26)^(a)		1,090		1,077,602
Morgan Stanley Bank of America Merrill Lynch Trust
MSBAM 2017-C33, Class ASB, 3.40%, 05/15/50 (Call 10/15/26)		1,000		993,108
Series 2013-C10, Class A4, 4.21%, 07/15/46 (Call 06/15/23)^(a)		1,000		1,001,295
Series 2013-C10, Class ASB, 3.91%, 07/15/46 (Call 01/15/23)^(a)		45		45,480
Series 2013-C11, Class A3, 3.96%, 08/15/46 (Call 05/15/23)		479		477,138
Series 2013-C11, Class A4, 4.30%, 08/15/46 (Call 07/15/23)^(a)		800		799,303
Series 2013-C13, Class A4, 4.04%, 11/15/46 (Call 11/15/23)		1,100		1,103,689
Series 2013-C13, Class C, 4.90%, 11/15/46 (Call 11/15/23)^(a)		230		222,418
Series 2013-C7, Class AAB, 2.47%, 02/15/46 (Call 10/15/22)		18		18,119
Series 2013-C7, Class B, 3.77%, 02/15/46 (Call 01/15/23)		200		198,491
Series 2013-C8, Class B, 3.52%, 12/15/48 (Call 02/15/23)^(a)		200		199,442
Series 2014-C14, Class A5, 4.06%, 02/15/47 (Call 12/15/23)		985		990,544
Series 2014-C14, Class AS, 4.38%, 02/15/47 (Call 01/15/24)^(a)		200		201,245
Series 2014-C14, Class B, 4.86%, 02/15/47 (Call 01/15/24)^(a)		200		202,301
Series 2014-C15, Class ASB, 3.65%, 04/15/47 (Call 12/15/23)		87		87,802
Series 2014-C16, Class A5, 3.89%, 06/15/47 (Call 05/15/24)		500		501,433
Series 2014-C17, Class A5, 3.74%, 08/15/47 (Call 07/15/24)		2,220		2,216,554
Series 2014-C18, Class A3, 3.65%, 10/15/47		329		325,195
Series 2014-C18, Class A4, 3.92%, 10/15/47		1,150		1,152,307
Series 2014-C19, Class A4, 3.53%, 12/15/47 (Call 11/15/24)		1,275		1,265,735
Series 2015-C20, Class A4, 3.25%, 02/15/48 (Call 12/15/24)		2,000		1,970,759
Series 2015-C20, Class AS, 3.61%, 02/15/48 (Call 01/15/25)		500		492,701
Series 2015-C21, Class A4, 3.34%, 03/15/48 (Call 02/15/25)		901		883,694
Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)		1,000		982,415
Series 2015-C22, Class C, 4.21%, 04/15/48 (Call 04/15/25)^(a)		250		236,826


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-C23, Class A3, 3.45%, 07/15/50 (Call 05/15/25)	$	730	$	721,030
Series 2015-C24, Class A3, 3.48%, 05/15/48 (Call 05/15/25)		363		359,965
Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 07/15/25)		950		945,313
Series 2015-C25, Class ASB, 3.38%, 10/15/48 (Call 06/15/25)		460		459,478
Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 10/15/25)		1,373		1,365,473
Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 01/15/26)		1,000		987,007
Series 2016-C30, Class A5, 2.86%, 09/15/49 (Call 08/15/26)		500		479,254
Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 10/15/26)		1,250		1,207,646
Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 12/15/26)		1,000		994,718
Series 2016-C32, Class ASB, 3.51%, 12/15/49 (Call 07/15/26)		288		285,785
Series 2017-C33, Class A5, 3.60%, 05/15/50 (Call 04/15/27)		1,100		1,083,960
Series 2017-C34, Class A4, 3.54%, 11/15/52 (Call 09/15/27)		1,000		978,524
Series 2017-C34, Class AS, 3.86%, 11/15/52 (Call 10/15/27)		500		490,939
Morgan Stanley Capital I, Series 2017-HR2, Class A4, 3.59%, 12/15/50 (Call 12/15/27)		2,010		1,967,966
Morgan Stanley Capital I Trust
MSC 2016-UB12, Class A3, 3.34%, 12/15/49 (Call 11/15/26)		983		960,122
MSC 2016-UB12, Class A4, 3.60%, 12/15/49 (Call 11/15/26)		1,500		1,475,050
MSC 2017-H1, Class AS, 3.77%, 06/15/50 (Call 05/15/27)		1,000		969,665
MSC 2021-L5, Class ASB, 2.43%, 05/15/54 (Call 12/15/30)		145		131,919
Series 2015-MS1, Class A4, 3.78%, 05/15/48 (Call 05/15/25)^(a)		500		498,490
Series 2015-UBS8, Class AS, 4.11%, 12/15/48 (Call 12/15/25)		250		242,820
Series 2016-BNK2, Class A4, 3.05%, 11/15/49 (Call 10/15/26)		1,250		1,206,811
Series 2016-UB11, Class A4, 2.78%, 08/15/49 (Call 08/15/26)		1,000		954,181
Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 05/15/27)		1,000		980,160
Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 05/15/28)		500		493,451
Series 2019-H7, Class A4, 3.26%, 07/15/52 (Call 07/15/29)		1,000		948,604
Series 2020-HR8, Class A4, 2.04%, 07/15/53 (Call 07/15/30)		1,120		970,915
Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30)		1,500		1,365,868
Series 2021-L6, Class A2, 2.13%, 06/15/54 (Call 07/15/26)^(a)		1,500		1,396,949
Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 09/15/31)		3,000		2,658,572
SG Commercial Mortgage Securities Trust
Series 2016-C5, Class A4, 3.06%, 10/10/48 (Call 06/10/26)		1,000		960,254
Series 2016-C5, Class C5, 2.90%, 10/10/48 (Call 10/10/25)		1,670		1,642,620
UBS Commercial Mortgage Trust
Series 2017-C2, Class A4, 3.49%, 08/15/50 (Call 07/15/27)		1,000		977,678
Series 2017-C6, Class AS, 3.93%, 12/15/50 (Call 11/15/27)^(a)		500		489,461
Series 2017-C7, Class A4, 3.68%, 12/15/50 (Call 12/15/27)		1,000		977,122


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)	$	1,325	$	1,323,988
Series 2018-C15, Class B, 4.92%, 12/15/51 (Call 12/15/28)^(a)		750		755,199
Series 2019-C16, Class AS, 3.89%, 04/15/52 (Call 03/15/29)		1,334		1,303,585
Series 2019-C17, Class A4, 2.92%, 10/15/52 (Call 09/15/29)		1,000		922,100
UBS-Barclays Commercial Mortgage Trust, Series 2012-C4, Class AAB, 2.46%, 12/10/45 (Call 05/10/22)		6		5,784
Wells Fargo Commercial Mortgage Trust
Series 2013-LC12, Class A4, 4.22%, 07/15/46 (Call 06/15/23)^(a)		1,975		1,984,396
Series 2013-LC12, Class AS, 4.31%, 07/15/46 (Call 07/15/23)^(a)		473		474,687
Series 2014-LC16, Class ASB, 3.48%, 08/15/50 (Call 03/15/24)		566		566,014
Series 2015-C26, Class AS, 3.58%, 02/15/48 (Call 01/15/25)		820		808,645
Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 02/15/25)		1,000		989,106
Series 2015-C27, Class B, 4.14%, 02/15/48 (Call 03/15/25)^(a)		330		317,326
Series 2015-C28, Class A4, 3.54%, 05/15/48 (Call 04/15/25)		500		496,947
Series 2015-C28, Class AS, 3.87%, 05/15/48 (Call 04/15/25)^(a)		250		248,341
Series 2015-C30, Class A4, 3.66%, 09/15/58 (Call 07/15/25)		817		813,021
Series 2015-C30, Class ASB, 3.41%, 09/15/58 (Call 03/15/25)		321		321,048
Series 2015-C31, Class A4, 3.70%, 11/15/48 (Call 10/15/25)		500		497,009
Series 2015-C31, Class B, 4.48%, 11/15/48 (Call 10/15/25)^(a)		1,000		981,863
Series 2015-C31, Class C, 4.60%, 11/15/48 (Call 11/15/25)^(a)		450		432,694
Series 2015-LC20, Class A3, 3.09%, 04/15/50 (Call 05/15/22)		600		593,660
Series 2015-LC20, Class B, 3.72%, 04/15/50 (Call 03/15/25)		750		727,828
Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25)		1,000		999,825
Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (Call 06/15/25)^(a)		750		747,013
Series 2016-C32, Class ASB, 3.32%, 01/15/59 (Call 06/15/25)		831		828,196
Series 2016-C34, Class A4, 3.10%, 06/15/49 (Call 04/15/26)		1,000		969,425
Series 2016-C35, Class A4, 2.93%, 07/15/48 (Call 06/15/26)		1,000		961,515
Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/15/26)		500		470,471
Series 2016-LC24, Class A4, 2.94%, 10/15/49 (Call 08/15/26)		1,680		1,617,625
Series 2016-LC25, Class B, 4.34%, 12/17/59 (Call 11/15/26)^(a)		198		195,644
Series 2016-NXS4, Class A4, 3.72%, 12/15/48		1,000		995,448
Series 2016-NXS6, Class B, 3.81%, 11/15/49 (Call 09/15/26)		500		470,361


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2017-C38, Class A4, 3.19%, 07/15/50 (Call 05/15/27)	$	500	$	484,752
Series 2017-C38, Class A5, 3.45%, 07/15/50 (Call 06/15/27)		2,000		1,954,221
Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 07/15/27)		2,500		2,438,399
Series 2017-C39, Class ASB, 3.21%, 09/15/50 (Call 12/15/26)		1,000		984,474
Series 2017-C39, Class C, 4.12%, 09/15/50 (Call 08/15/27) .		500		461,037
Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27)		1,250		1,226,173
Series 2017-C42, Class B, 4.00%, 12/15/50 (Call 12/15/27)^(a)		500		480,322
Series 2018-C44, Class A5, 4.21%, 05/15/51 (Call 04/15/28)		1,000		1,011,521
Series 2018-C45, Class AS, 4.41%, 06/15/51 (Call 06/15/28)^(a)		350		351,125
Series 2018-C46, Class AS, 4.38%, 08/15/51 (Call 08/15/28)		500		496,971
Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 09/15/28)		2,250		2,306,592
Series 2018-C48, Class A5, 4.30%, 01/15/52 (Call 12/15/28)		1,000		1,016,151
Series 2019-C49, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		1,625		1,623,514
Series 2019-C49, Class C, 4.87%, 03/15/52 (Call 02/15/29)^(a)		665		645,808
Series 2019-C50, Class A5, 3.73%, 05/15/52 (Call 04/15/29)		750		736,384
Series 2019-C50, Class AS, 4.02%, 05/15/52 (Call 04/15/29)		1,000		977,778
Series 2019-C51, Class AS, 3.58%, 06/15/52 (Call 06/15/29)		492		470,420
Series 2019-C53, Class A4, 3.04%, 10/15/52 (Call 10/15/29)		1,400		1,311,425
Series 2020-C55, Class A5, 2.73%, 02/15/53 (Call 01/15/30)		1,000		914,269
Series 2020-C56, Class ASB, 2.42%, 06/15/53 (Call 11/15/29)		2,000		1,859,099
Series 2020-C56, Class B, 3.75%, 06/15/53 (Call 03/15/30)^(a)		345		327,357
Series 2020-C56, Class C, 3.75%, 06/15/53 (Call 04/15/30)^(a)		800		714,393
Series 2020-C57, Class A4, 2.12%, 08/15/53 (Call 08/15/30)		2,919		2,537,220
Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 11/15/30)		1,000		861,694
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		1,000		896,172
Series 2021-C59, Class ASB, 2.30%, 04/15/54 (Call 01/15/30)		354		321,495
WFCM 2016-C33, Class A4, 3.43%, 03/15/59 (Call 02/15/26)		1,000		984,764
WFCM 2018-C44, Class A4, 3.95%, 05/15/51 (Call 04/15/28)		1,250		1,245,472
WFCM 2018-C47, Class ASB, 4.37%, 09/15/61 (Call 05/15/28)		1,625		1,650,474
WFRBS Commercial Mortgage Trust
Series 2012-C10, Class AS, 3.24%, 12/15/45 (Call 12/15/22)		250		249,028


16		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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2013-C13, Class C, 3.91%, 05/15/45 (Call 05/15/23)^(a)	$	110	$	108,132
Series 2013-C14, Class B, 3.84%, 06/15/46 (Call 05/15/23)^(a)		500		495,993
Series 2013-C15, Class A4, 4.15%, 08/15/46 (Call 07/15/23)^(a)		2,000		2,010,794
Series 2013-C17, Class A3, 3.75%, 12/15/46 (Call 10/15/23)		756		754,393
Series 2013-C18, Class A4, 3.90%, 12/15/46 (Call 12/15/23)		515		512,329
Series 2013-C18, Class A5, 4.16%, 12/15/46 (Call 12/15/23)^(a)		2,000		2,013,136
Series 2013-UBS1, Class A4, 4.08%, 03/15/46 (Call 11/15/23)^(a)		739		743,322
Series 2014-C19, Class A4, 3.83%, 03/15/47 (Call 02/15/24)		300		299,665
Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/15/24)^(a)		300		298,425
Series 2014-C20, Class ASB, 3.64%, 05/15/47 (Call 01/15/24)		144		144,049
Series 2014-C22, Class A4, 3.49%, 09/15/57		1,063		1,054,474
Series 2014-C22, Class A5, 3.75%, 09/15/57		400		399,124
Series 2014-C22, Class AS, 4.07%, 09/15/57^(a)		480		475,882
Series 2014-C24, Class A5, 3.61%, 11/15/47 (Call 10/15/24)		100		99,307
Series 2014-C25, Class A5, 3.63%, 11/15/47 (Call 11/15/24)		1,050		1,044,608
Series 2014-LC14, Class A5, 4.05%, 03/15/47 (Call 01/15/24)		950		954,760

				518,408,319


Total Collaterized Mortgage Obligations — 69.3% (Cost: $566,403,107)				518,408,319


U.S. Government & Agency Obligations

Mortgage-Backed Securities — 29.5%
Federal National Mortgage Association
Series 2013-M6, Class 1A2, 3.35%, 02/25/43^(a)		328		328,372
Series 2014-M11, Class 1A, 3.12%, 08/25/24^(a)		615		612,346
Series 2014-M11, Class 2A, 3.29%, 08/25/26^(a)		565		564,784
Series 2014-M13, Class A2, 3.02%, 08/25/24^(a)		129		128,078
Series 2014-M3, Class A2, 3.50%, 01/25/24^(a)		348		350,011
Series 2014-M4, Class A2, 3.35%, 03/25/24^(a)		446		446,688
Series 2015-M1, Class A2, 2.53%, 09/25/24		594		581,339
Series 2015-M10, Class A2, 3.09%, 04/25/27^(a)		2,446		2,420,689
Series 2015-M11, Class A2, 2.82%, 04/25/25^(a)		764		755,088
Series 2015-M13, Class A2, 2.71%, 06/25/25^(a)		815		801,121
Series 2015-M2, Class A, 2.62%, 12/25/24		330		323,959
Series 2015-M8, Class A2, 2.90%, 01/25/25^(a)		1,224		1,209,703
Series 2016-M6, Class A2, 2.49%, 05/25/26		309		299,067
Series 2016-M9, Class A2, 2.29%, 06/25/26		2,000		1,915,218
Series 2017, Class A2, 2.96%, 09/25/27^(a)		1,000		983,780
Series 2017-M15, Class AV2, 2.58%, 11/25/24^(a)		715		701,231
Series 2017-M2, Class A2, 2.80%, 02/25/27^(a)		2,694		2,637,952
Series 2017-M3, Class A2, 2.49%, 12/25/26^(a)		686		661,013
Series 2017-M4, Class A2, 2.57%, 12/25/26^(a)		812		785,529
Series 2017-M7, Class A2, 2.96%, 02/25/27^(a)		1,022		997,522
Series 2017-M8, Class A2, 3.06%, 05/25/27^(a)		2,315		2,286,949
Series 2018-M1, Class A2, 2.99%, 12/25/27^(a)		815		797,127


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2018-M10, Class A2, 3.48%, 07/25/28^(a)	$	2,382	$	2,388,092
Series 2018-M13, Class A2, 3.71%, 09/25/30^(a)(b)		90		91,027
Series 2018-M7, Class A2, 3.05%, 03/25/28^(a)		782		771,667
Series 2019-M1, Class A2, 3.55%, 09/25/28^(a)		3,000		3,036,042
Series 2019-M2, Class A2, 3.75%, 11/25/28^(a)		1,864		1,893,541
Series 2019-M5, Class A2, 3.27%, 02/25/29		2,450		2,438,446
Series 2019-M7, Class A2, 3.14%, 04/25/29		2,898		2,857,984
Series 2019-M9, Class A2, 2.94%, 06/25/29		1,954		1,907,631
Series 2020-M5, Class A2, 2.21%, 01/25/30		2,600		2,404,967
Series 2021-M17, Class A2, 1.71%, 07/25/31^(a)		2,000		1,725,187
Series 2022-M1, Class A2, 1.67%, 10/25/31^(a)		3,000		2,565,622
FHLMC Multifamily Structured Pass Through Certificates, Series K055, Class A2, 2.67%, 03/25/26 (Call 03/25/26)		1,500		1,465,466
Freddie Mac Multifamily Structured Pass Through Certificates
FHMS K135, Class A2, 2.15%, 10/25/31 (Call 10/25/31)^(a)		2,800		2,507,837
Series K032, Class A2, 3.31%, 05/25/23 (Call 05/25/23)^(a)		180		180,483
Series K033, Class A2, 3.06%, 07/25/23 (Call 07/25/23)^(a)		2,000		1,999,572
Series K034, Class A2, 3.53%, 07/25/23 (Call 07/25/23)^(a)		2,271		2,282,179
Series K035, Class A2, 3.46%, 08/25/23 (Call 08/25/23)^(a)		375		376,447
Series K036, Class A2, 3.53%, 10/25/23 (Call 10/25/23)^(a)		3,150		3,165,183
Series K037, Class A2, 3.49%, 01/25/24 (Call 01/25/24)		4,000		4,015,151
Series K038, Class A2, 3.39%, 03/25/24 (Call 03/25/24)		500		500,818
Series K040, Class A2, 3.24%, 09/25/24 (Call 09/25/24)		1,120		1,117,495
Series K041, Class A2, 3.17%, 10/25/24 (Call 10/25/24)		1,250		1,245,480
Series K043, Class A2, 3.06%, 12/25/24 (Call 12/25/24)		1,000		995,138
Series K044, Class A2, 2.81%, 01/25/25 (Call 01/25/25)		2,371		2,344,769
Series K046, Class A2, 3.21%, 03/25/25 (Call 03/25/25)		1,785		1,780,948
Series K048, Class A1, 2.69%, 12/25/24 (Call 10/25/24)		215		213,381
Series K049, Class A2, 3.01%, 07/25/25 (Call 07/25/25)		3,800		3,765,910
Series K050, Class A2, 3.33%, 08/25/25 (Call 08/25/25)^(a)		2,000		2,000,351
Series K051, Class A2, 3.31%, 09/25/25 (Call 09/25/25)		2,630		2,627,939
Series K052, Class A2, 3.15%, 11/25/25 (Call 11/25/25)		800		795,298
Series K053, Class A2, 3.00%, 12/25/25 (Call 12/25/25)		2,200		2,175,231
Series K054, Class A2, 2.75%, 01/25/26 (Call 01/25/26)		700		686,167
Series K056, Class A2, 2.53%, 05/25/26 (Call 05/25/26)		1,725		1,674,474
Series K057, Class A1, 2.21%, 06/25/25 (Call 04/25/25)		508		499,108
Series K058, Class A1, 2.34%, 07/25/26 (Call 06/25/26)		1,072		1,045,220
Series K058, Class A2, 2.65%, 08/25/26 (Call 08/25/26)		1,527		1,486,427
Series K059, Class A2, 3.12%, 09/25/26 (Call 09/25/26)^(a)		1,780		1,764,503
Series K060, Class A2, 3.30%, 10/25/26 (Call 10/25/26)		2,796		2,791,430
Series K061, Class A1, 3.01%, 08/25/26 (Call 12/25/25)		598		597,641
Series K061, Class A2, 3.35%, 11/25/26 (Call 11/25/26)^(a)		1,300		1,300,179
Series K062, Class A2, 3.41%, 12/25/26 (Call 12/25/26)		1,000		1,002,660
Series K063, Class A2, 3.43%, 01/25/27 (Call 01/25/27)^(a)		1,345		1,349,527
Series K064, Class A1, 2.89%, 10/25/26 (Call 10/25/26)		734		726,655
Series K064, Class A2, 3.22%, 03/25/27 (Call 03/25/27)		325		323,187
Series K065, Class A1, 2.86%, 10/25/26 (Call 10/25/26)		1,751		1,731,137
Series K065, Class A2, 3.24%, 04/25/27 (Call 04/25/27)		2,570		2,558,105
Series K066, Class A2, 3.12%, 06/25/27 (Call 06/25/27)		1,610		1,596,005
Series K067, Class A1, 2.90%, 03/25/27 (Call 03/25/27)		840		829,828
Series K067, Class A2, 3.19%, 07/25/27 (Call 07/25/27)		1,600		1,588,469
Series K068, Class A2, 3.24%, 08/25/27 (Call 08/25/27)		1,000		995,163
Series K069, Class A2, 3.19%, 09/25/27 (Call 09/25/27)^(a)		3,960		3,928,281
Series K070, Class A2, 3.30%, 11/25/27 (Call 11/25/27)^(a)		1,541		1,537,401
Series K071, Class A2, 3.29%, 11/25/27 (Call 11/25/27)		1,500		1,495,336
Series K072, Class A2, 3.44%, 12/25/27 (Call 12/25/27)		2,450		2,460,650
Series K073, Class A2, 3.35%, 01/25/28 (Call 01/25/28)		2,397		2,403,125
Series K074, Class A1, 3.60%, 09/25/27 (Call 09/25/27)		900		907,633
Series K074, Class A2, 3.60%, 01/25/28 (Call 01/25/28)		3,000		3,036,284
Series K075, Class A2, 3.65%, 02/25/28 (Call 02/25/28)^(a)		1,000		1,014,936


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K076, Class A1, 3.73%, 12/25/27 (Call 12/25/27)	$	1,003	$	1,015,661
Series K076, Class A2, 3.90%, 04/25/28 (Call 04/25/28)		3,525		3,623,543
Series K077, Class A2, 3.85%, 05/25/28 (Call 05/25/28)^(a)		1,000		1,025,267
Series K078, Class A2, 3.85%, 06/25/28 (Call 06/25/28)		1,000		1,024,574
Series K079, Class A2, 3.93%, 06/25/28 (Call 06/25/28)		2,100		2,161,009
Series K080, Class A2, 3.93%, 07/25/28 (Call 07/25/28)^(a)		1,700		1,750,164
Series K081, Class A2, 3.90%, 08/25/28 (Call 08/25/28)^(a)		1,500		1,541,778
Series K082, Class A2, 3.92%, 09/25/28 (Call 09/25/28)^(a)		2,000		2,059,508
Series K083, Class A2, 4.05%, 09/25/28 (Call 09/25/28)^(a)		1,195		1,239,012
Series K084, Class A2, 3.78%, 10/25/28 (Call 10/25/28)^(a)		1,000		1,014,276
Series K085, Class A2, 4.06%, 10/25/28 (Call 10/25/28)^(a)		1,000		1,030,266
Series K086, Class A2, 3.86%, 11/25/28 (Call 11/25/28)^(a)		1,725		1,770,010
Series K087, Class A2, 3.77%, 12/25/28 (Call 12/25/28)		1,571		1,605,194
Series K088, Class A1, 3.48%, 09/25/28 (Call 09/25/28)		337		338,090
Series K088, Class A2, 3.69%, 01/25/29 (Call 01/25/29)		2,010		2,044,934
Series K089, Class A2, 3.56%, 01/25/29 (Call 01/25/29)		2,400		2,422,589
Series K090, Class A2, 3.42%, 02/25/29 (Call 02/25/29)		2,500		2,501,402
Series K091, Class A2, 3.51%, 03/25/29 (Call 03/25/29)		2,017		2,028,220
Series K092, Class A2, 3.30%, 04/25/29 (Call 04/25/29)		2,010		1,996,313
Series K094, Class A2, 2.90%, 06/25/29 (Call 06/25/29)		2,420		2,348,627
Series K096, Class A2, 2.52%, 07/25/29 (Call 07/25/29)		1,215		1,149,656
Series K100, Class A2, 2.67%, 09/25/29 (Call 09/25/29)		1,000		951,483
Series K101, Class A2, 2.52%, 10/25/29 (Call 10/25/29)		250		236,073
Series K102, Class A1, 2.18%, 05/25/29 (Call 04/25/29)		959		910,554
Series K102, Class A2, 2.54%, 10/25/29 (Call 10/25/29)		2,000		1,890,645
Series K103, Class A2, 2.65%, 11/25/29 (Call 11/25/29)		2,720		2,589,959
Series K105, Class A2, 1.87%, 01/25/30 (Call 01/25/30)		3,485		3,131,627
Series K106, Class A2, 2.07%, 01/25/30 (Call 01/25/30)		3,500		3,190,188
Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30)		4,153		3,624,648
Series K110, Class A2, 1.48%, 04/25/30 (Call 04/25/30)		1,640		1,423,872
Series K111, Class A2, 1.35%, 05/25/30 (Call 05/25/30)		1,500		1,286,297
Series K115, Class A2, 1.38%, 06/25/30 (Call 06/25/30)		1,000		857,615
Series K116, Class A2, 1.38%, 07/25/30 (Call 07/25/30)		2,000		1,712,875
Series K117, Class A2, 1.41%, 08/25/30 (Call 08/25/30)		1,500		1,284,737
Series K125, Class A2, 1.85%, 01/25/31 (Call 01/25/31)		4,000		3,526,645
Series K126, Class A2, 2.07%, 01/25/31 (Call 01/25/31)		3,866		3,475,180
Series K130, Class A2, 1.72%, 06/25/31 (Call 06/25/31)		2,500		2,167,905
Series K131, Class A2, 1.85%, 07/25/31 (Call 07/25/31)		3,000		2,629,052
Series K1510, Class A2, 3.72%, 01/25/31 (Call 01/25/31)		250		250,805
Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34)		500		497,348
Series K-1512, Class A2, 2.99%, 05/25/31 (Call 05/25/31)		730		703,614
Series K-1512, Class A3, 3.06%, 04/25/34 (Call 04/25/34)		1,450		1,350,407
Series K-1513, Class A3, 2.80%, 08/25/34 (Call 08/25/34)		1,015		916,557
Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)		1,000		907,022
Series K152, Class A2, 3.08%, 01/25/31 (Call 01/25/31)		250		242,920
Series K153, Class A3, 3.12%, 10/25/31 (Call 10/25/31)^(a)		500		484,031
Series K154, Class A2, 3.42%, 04/25/32 (Call 11/25/31)		1,500		1,497,069


Security	Par/ Shares (000)		Value

Mortgage-Backed Securities (continued)
Series K154, Class A3, 3.46%, 11/25/32 (Call 11/25/32)	$	1,345	$	1,332,322
Series K157, Class A2, 3.99%, 05/25/33 (Call 05/25/33)^(a)		1,076		1,099,457
Series K159, Class A1, 3.95%, 12/25/29 (Call 12/25/29)		1,524		1,565,914
Series K159, Class A2, 3.95%, 11/25/30 (Call 11/25/30)^(a)		833		848,763
Series K159, Class A3, 3.95%, 11/25/33 (Call 11/25/33)^(a)		2,000		2,018,133
Series K723, Class A2, 2.45%, 08/25/23 (Call 08/25/23)		429		425,348
Series K724, Class A2, 3.06%, 11/25/23 (Call 11/25/23)^(a)		1,400		1,398,700
Series K725, Class A2, 3.00%, 01/25/24 (Call 01/25/24)		1,010		1,006,334
Series K728, Class A2, 3.06%, 08/25/24 (Call 08/25/24)^(a)		1,970		1,955,748
Series K729, Class A1, 2.95%, 02/25/24 (Call 02/25/24)		234		234,049
Series K730, Class A2, 3.59%, 01/25/25 (Call 01/25/25)^(a)		2,000		2,013,148
Series K731, Class A2, 3.60%, 02/25/25 (Call 02/25/25)^(a)		999		1,006,211
Series K733, Class A2, 3.75%, 08/25/25 (Call 08/25/25)		1,000		1,007,922
Series K734, Class A2, 3.21%, 02/25/26 (Call 02/25/26)		2,455		2,435,425
Series K735, Class A2, 2.86%, 05/25/26 (Call 05/25/26)		2,000		1,950,339
Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27)		2,150		1,945,954
Series KS03, Class A4, 3.16%, 05/25/25 (Call 05/25/25)^(a)		1,000		995,471
Uniform Mortgage-Backed Securities, Series 2017-M11, Class A2, 2.98%, 08/25/29		1,000		975,176

				221,196,014

U.S. Government Obligations — 0.4%
U.S. Treasury Note/Bond, 1.88%, 02/15/32		3,000		2,739,375


Total U.S. Government & Agency Obligations — 29.9% (Cost: $239,907,775)				223,935,389


Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)		4,770		4,770,000


Total Short-Term Investments — 0.6% (Cost: $4,770,000)				4,770,000


Total Investments in Securities — 99.8% (Cost: $811,080,882)				747,113,708

Other Assets, Less Liabilities — 0.2%				1,289,968


Net Assets — 100.0%			$	748,403,676

^(a)	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.

^(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)	Affiliate of the Fund.

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

Affiliates

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


Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from 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: Treasury, SL Agency Shares	$	6,210,000	$	—	$	(1,440,000	)^(a)	$	—	$	—	$	4,770,000		4,770	$	1,564	$	—


18		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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® CMBS ETF

Affiliates (continued)

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Collaterized Mortgage Obligations	$	—	$	518,408,319	$	—	$	518,408,319
U.S. Government & Agency Obligations		—		223,844,362		91,027		223,935,389
Money Market Funds		4,770,000		—		—		4,770,000

	$	4,770,000	$	742,252,681	$	91,027	$	747,113,708

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited)

April 30, 2022

iShares^® GNMA Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Agency Obligations

Mortgage-Backed Securities — 99.3%
Government National Mortgage Association
1.50%, 10/20/51	$	489	$	424,639
2.00%, 07/20/50		45		41,454
2.00%, 08/20/50		916		835,732
2.00%, 09/20/50		8,435		7,693,857
2.00%, 02/20/51		17,137		15,614,925
2.00%, 10/20/51		2,261		2,055,063
2.00%, 12/20/51		65,382		59,365,092
2.00%, 05/19/52^(a)		750		680,303
2.50%, 01/15/28		4		4,042
2.50%, 02/20/28		7		6,576
2.50%, 01/20/31		106		101,752
2.50%, 07/20/35		1,580		1,524,921
2.50%, 04/20/43		15		14,382
2.50%, 12/20/46		1,438		1,343,668
2.50%, 01/20/47		137		127,864
2.50%, 06/20/50		3,840		3,587,867
2.50%, 08/20/50		15,227		14,228,382
2.50%, 09/20/50		4,497		4,202,639
2.50%, 01/20/51		3,905		3,648,994
2.50%, 02/20/51		4,475		4,175,927
2.50%, 05/20/51		6,465		6,026,875
2.50%, 07/20/51		20,397		18,967,703
2.50%, 08/20/51		23,211		21,610,607
2.50%, 11/20/51		6,826		6,347,627
2.50%, 05/19/52^(a)		9,500		8,814,530
3.00%, 07/15/27		4		4,045
3.00%, 09/15/27		7		6,917
3.00%, 01/20/31		140		137,307
3.00%, 07/20/31		224		220,267
3.00%, 02/20/32		172		169,974
3.00%, 09/15/42		5		5,014
3.00%, 10/15/42		38		37,456
3.00%, 01/20/43		370		360,850
3.00%, 07/15/43		65		63,322
3.00%, 09/20/43		768		747,876
3.00%, 01/15/44		1,999		1,954,406
3.00%, 08/20/44		437		426,197
3.00%, 05/20/45		310		300,714
3.00%, 07/20/45		85		82,966
3.00%, 10/20/45		137		133,038
3.00%, 11/20/45		2,151		2,088,519
3.00%, 12/20/45		1,696		1,646,999
3.00%, 01/20/46		558		541,599
3.00%, 02/20/46		575		558,628
3.00%, 03/20/46		2,150		2,068,103
3.00%, 04/20/46		1,415		1,368,849
3.00%, 05/20/46		1,807		1,751,700
3.00%, 06/20/46		639		617,969
3.00%, 07/20/46		648		627,941
3.00%, 08/20/46		4,155		4,018,561
3.00%, 09/20/46		2,753		2,662,628
3.00%, 12/15/46		155		150,847
3.00%, 12/20/46		476		460,677
3.00%, 02/15/47		184		178,689
3.00%, 02/20/47		537		519,856
3.00%, 06/20/47		64		61,562
3.00%, 07/20/47		1,088		1,050,586


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.00%, 10/20/47	$	357	$	344,937
3.00%, 02/20/48		50		48,399
3.00%, 04/20/49		2,209		2,132,370
3.00%, 07/20/49		465		448,023
3.00%, 09/20/49		36		34,458
3.00%, 10/15/49		975		938,508
3.00%, 11/20/49		1,371		1,318,511
3.00%, 01/20/50		3,484		3,350,500
3.00%, 02/15/50		669		643,693
3.00%, 04/20/50		9,674		9,280,520
3.00%, 07/20/50		12,479		11,972,729
3.00%, 08/20/50		1,465		1,405,621
3.00%, 10/20/51		7,270		6,952,422
3.00%, 11/20/51		1,101		1,052,392
3.00%, 05/19/52^(a)		4,650		4,432,401
3.50%, 02/15/26		2		2,386
3.50%, 11/15/26		2		1,849
3.50%, 02/20/27		5		5,408
3.50%, 01/20/31		47		47,610
3.50%, 07/20/32		125		125,979
3.50%, 09/15/41		5		4,696
3.50%, 06/20/42		3,074		2,985,924
3.50%, 09/15/42		14		13,159
3.50%, 09/20/42		130		129,413
3.50%, 10/15/42		6		5,805
3.50%, 10/20/42		306		304,464
3.50%, 11/15/42		26		25,758
3.50%, 11/20/42		1,009		1,005,186
3.50%, 12/20/42		108		107,131
3.50%, 02/20/43		813		809,662
3.50%, 03/15/43		561		564,762
3.50%, 05/15/43		35		35,697
3.50%, 06/15/43		130		131,384
3.50%, 04/20/45		303		301,740
3.50%, 09/20/45		3,337		3,319,574
3.50%, 11/20/45		12		11,979
3.50%, 12/20/45		83		82,959
3.50%, 03/20/46		429		426,243
3.50%, 04/20/46		67		66,637
3.50%, 06/20/46		649		647,026
3.50%, 07/20/46		3,837		3,810,370
3.50%, 11/20/46		12		11,522
3.50%, 12/20/46		160		158,690
3.50%, 01/20/47		57		56,710
3.50%, 02/20/47		142		140,712
3.50%, 03/20/47		289		286,400
3.50%, 04/20/47		1,246		1,232,867
3.50%, 08/20/47		556		552,108
3.50%, 09/20/47		1,106		1,093,891
3.50%, 10/20/47		8,327		8,240,412
3.50%, 12/15/47		500		495,745
3.50%, 12/20/47		592		588,204
3.50%, 02/20/48		1,525		1,508,947
3.50%, 04/20/48		121		119,619
3.50%, 11/20/48		791		780,000
3.50%, 12/20/49		837		824,128
3.50%, 01/20/50		1,918		1,887,506
3.50%, 03/20/50		1,648		1,621,414
3.50%, 04/20/50		10,914		10,730,320
3.50%, 05/20/50		449		441,817


20		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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® GNMA Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 06/20/50	$	706	$	692,258
3.50%, 08/20/50		3,105		3,045,772
3.50%, 05/19/52^(a)		1,325		1,296,119
4.00%, 03/20/26		2		1,855
4.00%, 07/20/26		1		1,478
4.00%, 02/15/41		7		7,159
4.00%, 03/15/41		7		6,636
4.00%, 04/15/41		28		28,177
4.00%, 05/15/41		7		7,371
4.00%, 12/15/41		8		7,960
4.00%, 01/15/42		5		5,074
4.00%, 02/15/42		18		18,366
4.00%, 03/15/42		44		45,156
4.00%, 05/15/42		9		8,888
4.00%, 08/15/42		8		8,518
4.00%, 09/20/42		233		238,494
4.00%, 04/15/44		38		39,331
4.00%, 05/15/44		41		42,012
4.00%, 08/20/44		28		28,317
4.00%, 10/20/44		300		308,250
4.00%, 03/20/45		1,197		1,227,622
4.00%, 08/15/45		3,125		3,192,551
4.00%, 08/20/45		480		488,414
4.00%, 09/20/45		659		670,169
4.00%, 10/20/45		6		6,011
4.00%, 01/20/46		10		10,211
4.00%, 03/20/46		117		118,824
4.00%, 07/20/46		11		11,394
4.00%, 09/20/46		338		343,750
4.00%, 11/20/46		130		131,951
4.00%, 12/15/46		23		23,459
4.00%, 06/20/47		1,936		1,955,061
4.00%, 07/20/47		398		401,786
4.00%, 08/20/47		7		7,524
4.00%, 11/20/47		117		118,497
4.00%, 03/20/48		75		75,714
4.00%, 04/20/48		483		490,060
4.00%, 05/20/48		3,075		3,125,422
4.00%, 07/20/48		428		430,418
4.00%, 10/20/48		1,435		1,443,365
4.00%, 11/20/48		4,640		4,673,686
4.00%, 09/15/49		228		230,885
4.00%, 01/20/50		569		571,400
4.00%, 02/20/50		13		12,809
4.00%, 09/20/50		400		401,372
4.00%, 05/19/52^(a)		2,750		2,753,975
4.50%, 07/20/24		1		889
4.50%, 08/15/39		96		101,973
4.50%, 07/15/40		22		23,050
4.50%, 08/15/40		35		36,723
4.50%, 11/20/45		213		223,123
4.50%, 08/20/46		380		398,313
4.50%, 09/20/46		59		61,612
4.50%, 10/20/46		62		65,441


Security	Par/ Shares (000)		Value

Mortgage-Backed Securities (continued)
4.50%, 11/20/46	$	64	$	66,749
4.50%, 04/20/47		6		6,656
4.50%, 06/20/47		8		7,926
4.50%, 07/20/47		2,716		2,817,598
4.50%, 02/20/48		389		402,435
4.50%, 06/20/48		25		25,342
4.50%, 07/20/48		158		161,923
4.50%, 08/20/48		135		138,087
4.50%, 09/20/48		3,826		3,920,761
4.50%, 10/20/48		128		131,564
4.50%, 12/20/48		1,117		1,144,454
4.50%, 01/20/49		769		787,393
4.50%, 03/20/49		19		19,579
4.50%, 06/20/49		757		775,665
4.50%, 08/20/49		226		231,132
4.50%, 10/20/49		165		169,297
4.50%, 01/20/50		892		914,089
5.00%, 07/15/39		21		22,470
5.00%, 07/20/42		120		128,717
5.00%, 07/20/46		47		50,697
5.00%, 04/20/48		55		57,752
5.00%, 05/20/48		288		301,205
5.00%, 11/20/48		67		70,162
5.00%, 12/20/48		65		67,991
5.00%, 01/20/49		187		196,500
5.00%, 04/20/49		12		12,406
5.00%, 09/20/50		257		273,127
5.00%, 05/19/52^(a)		2,712		2,801,220
5.50%, 10/15/38		15		16,392
5.50%, 07/20/40		204		218,365
5.50%, 05/19/52^(a)		625		649,023
6.00%, 09/20/38		20		21,207
6.00%, 05/19/52^(a)		200		210,844

				343,052,153


Total U.S. Government Agency Obligations — 99.3% (Cost: $371,603,369)				343,052,153


Short-Term Investments

Money Market Funds — 6.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(b)(c)		23,484		23,484,000


Total Short-Term Investments — 6.8% (Cost: $23,484,000)				23,484,000


Total Investments in Securities — 106.1% (Cost: $395,087,369)				366,536,153

Other Assets, Less Liabilities — (6.1)%				(21,049,065	)


Net Assets — 100.0%			$	345,487,088

^(a)	Represents or includes a TBA transaction.

^(b)	Affiliate of the Fund.

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


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® GNMA Bond ETF

Affiliates


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: Treasury, SL Agency Shares	$	96,704,000	$	—	$	(73,220,000	)^(a)	$	—	$	—	$	23,484,000		23,484	$	10,134	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Agency Obligations	$	—	$	343,052,153	$	—	$	343,052,153
Money Market Funds		23,484,000		—		—		23,484,000

	$	23,484,000	$	343,052,153	$	—	$	366,536,153

See notes to financial statements.


22		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

Schedule of Investments (unaudited)

April 30, 2022

iShares^® Treasury Floating Rate Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.6%
U.S. Treasury Floating Rate Note 0.82%, 04/30/24,
(3 mo.Treasury money market yield - 0.075%)^(a)	$	75,730	$	75,730,177
0.88%, 01/31/24, (3 mo.Treasury money market yield - 0.015%)^(a)		24,126		24,168,347
0.92%, 07/31/23, (3 mo.Treasury money market yield + 0.029%)^(a)		195,458		195,960,724
0.93%, 04/30/23, (3 mo.Treasury money market yield + 0.034%)^(a)		83,973		84,158,681
0.94%, 01/31/23, (3 mo.Treasury money market yield + 0.049%)^(a)		152,926		153,194,817
0.95%, 07/31/22, (3 mo.Treasury money market yield + 0.055%)^(a)		151		151,218
0.95%, 10/31/22, (3 mo.Treasury money market yield + 0.055%)^(a)		394,424		394,911,284

				928,275,248


Total U.S. Government Obligations — 99.6% (Cost: $927,524,049)				928,275,248


Security	Shares (000)		Value


Short-Term Investments

Money Market Funds — 7.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(b)(c)		72,000	$	72,000,000


Total Short-Term Investments — 7.7% (Cost: $72,000,000)				72,000,000


Total Investments in Securities — 107.3% (Cost: $999,524,049)				1,000,275,248

Other Assets, Less Liabilities — (7.3)%				(68,461,829	)


Net Assets — 100.0%			$	931,813,419

^(a)	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.

^(b)	Affiliate of the Fund.

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

Affiliates



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: Treasury, SL Agency Shares	$	200,000	$	71,800,000	^(a)	$	—	$	—	$	—	$	72,000,000		72,000	$	9,508	^(b)	$	—

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

^(b)	All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total


Investments
Assets
U.S. Government Obligations	$	—	$	928,275,248	$	—	$	928,275,248
Money Market Funds		72,000,000		—		—		72,000,000

	$	72,000,000	$	928,275,248	$	—	$	1,000,275,248

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited)

April 30, 2022

iShares^® U.S. Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


U.S. Government Obligations

U.S. Government Obligations — 99.3%
U.S. Treasury Note/Bond
0.13%, 12/31/22	$	618	$	611,361
0.13%, 01/31/23		270		266,520
0.13%, 04/30/23		83,312		81,652,268
0.13%, 08/15/23		567,260		550,796,163
0.13%, 12/15/23		349,150		335,538,604
0.13%, 01/15/24		15,966		15,303,660
0.25%, 04/15/23^(a)		157,116		154,354,196
0.25%, 09/30/23		45		43,999
0.25%, 03/15/24		621		593,564
0.25%, 05/15/24		1,098,959		1,045,084,249
0.25%, 06/15/24		299		283,571
0.25%, 05/31/25		74,340		68,537,995
0.25%, 07/31/25		11,659		10,694,855
0.25%, 08/31/25		231,681		212,042,416
0.25%, 10/31/25		226,093		205,965,423
0.38%, 04/15/24		341,666		326,531,262
0.38%, 07/15/24^(a)		19,106		18,129,057
0.38%, 08/15/24		301,443		285,228,664
0.38%, 11/30/25		375,142		342,448,777
0.38%, 07/31/27		2		1,751
0.38%, 09/30/27		73		63,618
0.50%, 02/28/26		263,785		240,425,601
0.50%, 04/30/27		50		44,340
0.50%, 05/31/27		55		48,656
0.50%, 06/30/27		61		53,859
0.50%, 08/31/27		66		58,026
0.50%, 10/31/27		76		66,551
0.63%, 07/31/26		156,072		141,562,181
0.63%, 03/31/27		2		1,789
0.63%, 11/30/27		83		73,060
0.63%, 12/31/27		162,893		143,090,968
0.63%, 05/15/30		138		115,478
0.63%, 08/15/30		5,079		4,227,672
0.75%, 12/31/23		126,577		122,710,468
0.75%, 03/31/26		95,055		87,342,921
0.75%, 04/30/26		43,718		40,101,018
0.75%, 05/31/26		49,940		45,710,706
0.75%, 08/31/26		312,656		284,736,795
0.75%, 01/31/28		8,357		7,379,949
0.88%, 06/30/26		93,428		85,836,975
0.88%, 11/15/30		171		144,896
1.00%, 12/15/24		27,796		26,499,577
1.00%, 07/31/28		104,145		92,461,233
1.13%, 01/15/25		5,000		4,772,656
1.13%, 02/28/25		84,812		80,799,995
1.13%, 10/31/26		58,425		53,929,014
1.13%, 02/28/27		50		45,916
1.13%, 02/29/28		101		91,153
1.13%, 08/31/28		11,860		10,600,802
1.13%, 02/15/31		182		157,075
1.13%, 05/15/40		68		48,995
1.13%, 08/15/40		16,299		11,686,892
1.25%, 11/30/26		293		271,815
1.25%, 12/31/26		604		559,384
1.25%, 03/31/28		146,771		133,102,951
1.25%, 04/30/28		100		90,590
1.25%, 05/31/28		100		90,453


Security	Par (000)		Value


U.S. Government Obligations (continued)
1.25%, 06/30/28	$	56,046	$	50,623,112
1.25%, 09/30/28		159,363		143,370,674
1.25%, 08/15/31		275,457		238,571,759
1.25%, 05/15/50		78		51,995
1.38%, 10/31/28		106,752		96,710,640
1.38%, 12/31/28		376		340,163
1.38%, 11/15/31		529,212		462,150,655
1.38%, 11/15/40		74,155		55,494,590
1.38%, 08/15/50		2,528		1,739,876
1.50%, 02/15/25		248,961		239,683,314
1.50%, 11/30/28		283,754		258,870,105
1.50%, 02/15/30		3,206		2,891,461
1.63%, 02/15/26		126,822		120,807,862
1.63%, 05/15/26		415,900		394,893,802
1.63%, 08/15/29		127		116,235
1.63%, 05/15/31		202		181,555
1.63%, 11/15/50		27,014		19,857,400
1.75%, 03/15/25		714		691,688
1.75%, 01/31/29		208		192,676
1.75%, 11/15/29		123		113,391
1.75%, 08/15/41		103		81,595
1.88%, 02/28/27		2		1,905
1.88%, 02/28/29		249		232,543
1.88%, 02/15/32^(a)		105,195		96,056,184
1.88%, 02/15/41		114		93,070
1.88%, 02/15/51		934,845		732,648,254
1.88%, 11/15/51		443		347,792
2.00%, 11/30/22		930		932,143
2.00%, 04/30/24		4,000		3,944,844
2.00%, 05/31/24		24,649		24,281,191
2.00%, 02/15/25		370,002		361,272,265
2.00%, 08/15/25		292,463		283,940,350
2.00%, 11/15/26		4,117		3,947,013
2.00%, 11/15/41		2		1,655
2.00%, 02/15/50		3,471		2,800,883
2.00%, 08/15/51		87,741		70,891,986
2.13%, 12/31/22		130		130,711
2.13%, 05/15/25		249,699		244,003,132
2.25%, 03/31/24^(a)		234		232,026
2.25%, 11/15/25		18,849		18,411,742
2.25%, 02/15/27		373,322		361,480,790
2.25%, 08/15/27		385,234		371,825,761
2.25%, 11/15/27		198,696		191,462,417
2.25%, 05/15/41		117		101,379
2.25%, 08/15/46		54		45,579
2.25%, 08/15/49		53,018		45,316,149
2.25%, 02/15/52^(a)		66,407		57,016,635
2.38%, 02/29/24		378,082		376,132,515
2.38%, 08/15/24		582,884		576,918,742
2.38%, 04/30/26		16,898		16,535,617
2.38%, 05/15/27		650		632,218
2.38%, 03/31/29		11,812		11,387,506
2.38%, 05/15/29		1,869		1,800,475
2.38%, 02/15/42^(a)		7		6,185
2.38%, 11/15/49		84		73,868
2.38%, 05/15/51		133		117,092
2.50%, 04/30/24		5,000		4,978,906
2.50%, 02/28/26		16,898		16,622,748
2.50%, 03/31/27^(a)		796		780,018
2.50%, 02/15/45		58		51,341


24		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

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® U.S. Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations (continued)
2.50%, 02/15/46	$	4,999	$	4,433,257
2.50%, 05/15/46		240,379		213,111,007
2.63%, 12/31/23		176,017		176,113,260
2.63%, 04/15/25		92		91,339
2.63%, 02/15/29		464,592		455,118,877
2.75%, 07/31/23		92,923		93,333,168
2.75%, 02/15/24		197,524		197,840,347
2.75%, 06/30/25		112,918		112,362,231
2.75%, 08/31/25		16,898		16,800,308
2.75%, 04/30/27		15,000		14,871,094
2.75%, 02/15/28		419,035		414,206,275
2.75%, 08/15/42		61		56,883
2.75%, 11/15/42		416,751		387,985,785
2.75%, 08/15/47		64		59,800
2.75%, 11/15/47		26,567		24,830,805
2.88%, 04/30/25		2,896		2,893,351
2.88%, 05/31/25^(a)		225,292		225,045,587
2.88%, 07/31/25		16,898		16,874,237
2.88%, 11/30/25		27,685		27,622,276
2.88%, 05/15/28		257,211		255,804,178
2.88%, 08/15/28		6,062		6,027,167
2.88%, 04/30/29		41,000		40,807,813
2.88%, 05/15/43		32,691		30,991,418
2.88%, 08/15/45		73,921		70,031,674
2.88%, 11/15/46		198,588		189,116,284
2.88%, 05/15/49		9,685		9,392,558
3.00%, 10/31/25		24,704		24,763,830
3.00%, 05/15/42		2		1,947
3.00%, 11/15/44		7,787		7,524,189
3.00%, 05/15/45		65		62,867
3.00%, 11/15/45		64		62,058
3.00%, 02/15/47		3,063		2,984,032
3.00%, 05/15/47		68		66,337
3.00%, 02/15/48		104,216		102,396,291
3.00%, 08/15/48		14,559		14,322,416
3.00%, 02/15/49		820		813,594
3.13%, 11/15/28		866,803		874,793,840
3.13%, 11/15/41		842		836,641
3.13%, 02/15/42		2		1,987
3.13%, 02/15/43		72,806		71,904,161
3.13%, 08/15/44		65		64,144
3.13%, 05/15/48		1,000		1,008,359
3.38%, 05/15/44		45,133		46,355,278
3.38%, 11/15/48		2		2,116
3.50%, 02/15/39		43		45,756
3.63%, 08/15/43		2,415		2,574,711
3.63%, 02/15/44		70		74,695
3.75%, 08/15/41		72		78,112
3.75%, 11/15/43		850,451		923,735,527
3.88%, 08/15/40		70,487		78,003,777
4.25%, 05/15/39		3,070		3,575,231


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
4.25%, 11/15/40	$	78	$	90,309
4.38%, 02/15/38		17,293		20,423,303
4.38%, 11/15/39		42,323		49,936,180
4.38%, 05/15/40		80		94,434
4.38%, 05/15/41		77		90,556
4.50%, 02/15/36^(a)		2		2,386
4.50%, 05/15/38		3,048		3,646,765
4.50%, 08/15/39		77		92,367
4.63%, 02/15/40		84		102,257
4.75%, 02/15/37		31		37,913
4.75%, 02/15/41		82		101,158
5.00%, 05/15/37		1,042		1,305,797
5.25%, 11/15/28		19		21,570
5.25%, 02/15/29		19		21,667
5.38%, 02/15/31		30		35,735
5.50%, 08/15/28		20		22,884
6.13%, 11/15/27		39		45,240
6.13%, 08/15/29		20		24,181
6.25%, 05/15/30		32		39,620
6.38%, 08/15/27		2		2,331
U.S. Treasury Strip Coupon 0.00%, 02/15/29^(b)		29,153		23,820,830
0.00%, 08/15/35^(b)		12,502		8,333,177
0.00%, 08/15/36^(b)		44,848		28,907,306
0.00%, 05/15/37^(b)		21,969		13,763,363
0.00%, 05/15/43^(b)		20,828		10,362,110

				16,541,198,875


Total U.S. Government Obligations — 99.3% (Cost: $18,067,433,390)				16,541,198,875


Short-Term Investments

Money Market Funds — 3.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%^(c)(d)(e)		533,015		533,015,372


Total Short-Term Investments — 3.2% (Cost: $533,015,372)				533,015,372


Total Investments in Securities — 102.5% (Cost: $18,600,448,762)				17,074,214,247

Other Assets, Less Liabilities — (2.5)%				(409,644,381	)


Net Assets — 100.0%			$	16,664,569,866

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

^(b)	Zero-coupon bond.

^(c)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

April 30, 2022

iShares^® U.S. Treasury Bond ETF

Affiliates



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: Treasury, SL Agency Shares	$	426,474,749	$	106,540,623	^(a)	$	—	$	—	$	—	$	533,015,372		533,015	$	267,655	^(b)	$	—

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

^(b)	All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
U.S. Government Obligations	$	—	$	16,541,198,875	$	—	$	16,541,198,875
Money Market Funds		533,015,372		—		—		533,015,372

	$	533,015,372	$	16,541,198,875	$	—	$	17,074,214,247

See notes to financial statements.


26		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

Statements of Assets and Liabilities (unaudited)

April 30, 2022


	iShares CMBS ETF			iShares GNMA Bond ETF			iShares Treasury Floating Rate Bond ETF		iShares U.S. Treasury Bond ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	742,343,708		$	343,052,153		$	928,275,248	$	16,541,198,875
Affiliated^(c)		4,770,000			23,484,000			72,000,000		533,015,372
Cash		5,056			1,816			9,597		5,816
Receivables:
Investments sold		5,832,517			—			263,800		24,654,361
Securities lending income — Affiliated		—			—			427		35,161
Capital shares sold		441,211			—			5,642,294		674,700
Dividends		539			5,444			7,030		20,622
Interest		2,017,098			821,451			1,099,593		98,646,321

Total assets		755,410,129			367,364,864			1,007,297,989		17,198,251,228


LIABILITIES
Collateral on securities loaned, at value		—			—			—		437,320,372
Payables:
Investments purchased		6,853,725			21,849,974			75,392,271		95,689,836
Investment advisory fees		152,728			27,802			92,299		671,154

Total liabilities		7,006,453			21,877,776			75,484,570		533,681,362


NET ASSETS	$	748,403,676		$	345,487,088		$	931,813,419	$	16,664,569,866


NET ASSETS CONSIST OF:
Paid-in capital	$	813,231,091		$	382,950,996		$	930,644,405	$	18,399,140,402
Accumulated earnings (loss)		(64,827,415	)		(37,463,908	)		1,169,014		(1,734,570,536	)

NET ASSETS	$	748,403,676		$	345,487,088		$	931,813,419	$	16,664,569,866


Shares outstanding		15,400,000			7,500,000			18,500,000		690,700,000

Net asset value	$	48.60		$	46.06		$	50.37	$	24.13

Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited

Par value		None			None			None		None


^(a)Securities loaned, at value	$	—		$	—		$	—	$	425,151,451
^(b)Investments, at cost — Unaffiliated	$	806,310,882		$	371,603,369		$	927,524,049	$	18,067,433,390
^(c)Investments, at cost — Affiliated	$	4,770,000		$	23,484,000		$	72,000,000	$	533,015,372

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		27

Statements of Operations (unaudited)

Six Months Ended April 30, 2022


	iShares CMBS ETF			iShares GNMA Bond ETF			iShares Treasury Floating Rate Bond ETF		iShares U.S. Treasury Bond ETF


INVESTMENT INCOME
Dividends — Affiliated	$	1,564		$	10,134		$	8,619	$	46,589
Interest — Unaffiliated		9,974,201			2,021,663			836,422		95,061,268
Securities lending income — Affiliated — net		—			—			889		221,066

Total investment income		9,975,765			2,031,797			845,930		95,328,923


EXPENSES
Investment advisory fees		982,472			210,137			325,600		4,032,985
Professional fees		217			217			217		217

Total expenses		982,689			210,354			325,817		4,033,202

Less:
Investment advisory fees waived		—			(14,116	)		—		—

Total expenses after fees waived		982,689			196,238			325,817		4,033,202

Net investment income		8,993,076			1,835,559			520,113		91,295,721


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(2,443,747	)		(5,457,963	)		19,621		(102,269,376	)
In-kind redemptions — Unaffiliated		—			—			124,994		7,317,492

Net realized gain (loss)		(2,443,747	)		(5,457,963	)		144,615		(94,951,884	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(72,389,919	)		(26,779,820	)		739,089		(1,426,147,863	)

Net change in unrealized appreciation (depreciation)		(72,389,919	)		(26,779,820	)		739,089		(1,426,147,863	)

Net realized and unrealized gain (loss)		(74,833,666	)		(32,237,783	)		883,704		(1,521,099,747	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(65,840,590	)	$	(30,402,224	)	$	1,403,817	$	(1,429,804,026	)

See notes to financial statements.


28		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

Statements of Changes in Net Assets


	iShares CMBS ETF						iShares GNMA Bond ETF


	Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21			Six Months Ended 04/30/22 (unaudited)			Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,993,076		$	14,414,419		$	1,835,559		$	385,759
Net realized gain (loss)		(2,443,747	)		2,035,608			(5,457,963	)		(1,301,515	)
Net change in unrealized appreciation (depreciation)		(72,389,919	)		(16,946,499	)		(26,779,820	)		(4,933,632	)

Net decrease in net assets resulting from operations		(65,840,590	)		(496,472	)		(30,402,224	)		(5,849,388	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income and net realized gain		(10,723,887	)		(15,800,694	)		(1,343,078	)		(590,997	)
Return of capital		—			—			—			(4,165,344	)

Decrease in net assets resulting from distributions to shareholders		(10,723,887	)		(15,800,694	)		(1,343,078	)		(4,756,341	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		4,582,237			345,487,641			(106,614,892	)		13,169,725


NET ASSETS
Total increase (decrease) in net assets		(71,982,240	)		329,190,475			(138,360,194	)		2,563,996
Beginning of period		820,385,916			491,195,441			483,847,282			481,283,286

End of period	$	748,403,676		$	820,385,916		$	345,487,088		$	483,847,282

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		29

Statements of Changes in Net Assets (continued)


	iShares Treasury Floating Rate Bond ETF								iShares U.S. Treasury Bond ETF

	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21				Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	520,113			$	(54,932	)		$	91,295,721			$	146,145,828
Net realized gain (loss)			144,615				191,601				(94,951,884	)			57,544,516
Net change in unrealized appreciation (depreciation)			739,089				(231,479	)			(1,426,147,863	)			(549,141,099	)

Net increase (decrease) in net assets resulting from operations			1,403,817				(94,810	)			(1,429,804,026	)			(345,450,755	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(161,324	)			(77,549	)			(86,864,701	)			(270,729,481	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			669,206,793				(145,814,606	)			2,516,057,196				1,243,723,778


NET ASSETS
Total increase (decrease) in net assets			670,449,286				(145,986,965	)			999,388,469				627,543,542
Beginning of period			261,364,133				407,351,098				15,665,181,397				15,037,637,855

End of period		$	931,813,419			$	261,364,133			$	16,664,569,866			$	15,665,181,397

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

See notes to financial statements.


30		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

Financial Highlights

(For a share outstanding throughout each period)


	iShares CMBS 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		$	53.62		$	54.88		$	53.42		$	49.36		$	51.60		$	52.43

Net investment income^(a)			0.59			1.23			1.39			1.45			1.37			1.28
Net realized and unrealized gain (loss)^(b)			(4.91	)		(1.06	)		1.47			4.04			(2.26	)		(0.88	)

Net increase (decrease) from investment operations			(4.32	)		0.17			2.86			5.49			(0.89	)		0.40


Distributions^(c)
From net investment income			(0.58	)		(1.22	)		(1.40	)		(1.43	)		(1.35	)		(1.23	)
From net realized gain			(0.12	)		(0.21	)		—			—			—			—

Total distributions			(0.70	)		(1.43	)		(1.40	)		(1.43	)		(1.35	)		(1.23	)


Net asset value, end of period		$	48.60		$	53.62		$	54.88		$	53.42		$	49.36		$	51.60


Total Return^(d)
Based on net asset value			(8.16	)%^(e)		0.29	%		5.42	%		11.27	%		(1.74	)%		0.80	%


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

Net investment income			2.29	%^(g)		2.26	%		2.58	%		2.81	%		2.72	%		2.49	%


Supplemental Data
Net assets, end of period (000)		$	748,404		$	820,386		$	491,195		$	422,024		$	310,990		$	250,247

Portfolio turnover rate^(h)			13	%^(e)		13	%		26	%		21	%		13	%		19	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		31

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares GNMA Bond 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			$	49.88		$	50.93		$	50.35		$	47.67		$	49.74		$	50.83

Net investment income^(a)				0.21			0.04			0.77			1.34			1.12			0.80
Net realized and unrealized gain (loss)^(b)				(3.86	)		(0.61	)		0.82			2.69			(2.05	)		(0.72	)

Net increase (decrease) from investment operations				(3.65	)		(0.57	)		1.59			4.03			(0.93	)		0.08


Distributions^(c)
From net investment income				(0.17	)		(0.06	)		(0.82	)		(1.35	)		(1.14	)		(0.79	)
From net realized gain				—			—			—			—			—			(0.26	)
Return of capital				—			(0.42	)		(0.19	)		—			(0.00	)^(d)		(0.12	)

Total distributions				(0.17	)		(0.48	)		(1.01	)		(1.35	)		(1.14	)		(1.17	)


Net asset value, end of period			$	46.06		$	49.88		$	50.93		$	50.35		$	47.67		$	49.74


Total Return^(e)
Based on net asset value				(7.34	)%^(f)		(1.14	)%		3.18	%		8.55	%		(1.90	)%		0.18	%


Ratios to Average Net Assets^(g)
Total expenses				0.10	%^(h)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Total expenses after fees waived				0.09	%^(h)		0.13	%		0.12	%		0.13	%		0.12	%		0.12	%

Net investment income				0.87	%^(h)		0.08	%		1.51	%		2.71	%		2.31	%		1.60	%


Supplemental Data
Net assets, end of period (000)			$	345,487		$	483,847		$	481,283		$	178,753		$	102,483		$	126,827

Portfolio turnover rate^(i)(j)				193	%^(f)		498	%		699	%		529	%		834	%		917	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Rounds to less than $0.01.

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

^(j)	Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.


32		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Treasury Floating Rate Bond 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			$	50.26		$	50.29		$	50.28		$	50.31		$	50.24		$	50.14

Net investment income (loss)^(a)				0.06			(0.01	)		0.31			1.08			0.92			0.39
Net realized and unrealized gain (loss)^(b)				0.06			(0.01	)		0.08			(0.04	)		(0.07	)		0.01

Net increase (decrease) from investment operations				0.12			(0.02	)		0.39			1.04			0.85			0.40


Distributions^(c)
From net investment income				(0.01	)		(0.01	)		(0.38	)		(1.07	)		(0.78	)		(0.30	)
From net realized gain				—			(0.00	)^(d)		—			—			—			—

Total distributions				(0.01	)		(0.01	)		(0.38	)		(1.07	)		(0.78	)		(0.30	)


Net asset value, end of period			$	50.37		$	50.26		$	50.29		$	50.28		$	50.31		$	50.24


Total Return^(e)
Based on net asset value				0.24	%^(f)		(0.04	)%		0.78	%		2.09	%		1.70	%		0.80	%


Ratios to Average Net Assets^(g)
Total expenses				0.15	%^(h)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income (loss)				0.24	%^(h)		(0.02	)%		0.62	%		2.15	%		1.83	%		0.77	%


Supplemental Data
Net assets, end of period (000)			$	931,813		$	261,364		$	407,351		$	507,830		$	306,913		$	25,122

Portfolio turnover rate⁽ⁱ⁾				0	%^(f)		74	%		44	%		20	%		17	%		68	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Rounds to less than $0.01.

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Treasury Bond 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			$	26.46		$	27.66		$	26.28		$	24.17		$	25.16		$	25.74

Net investment income^(a)				0.14			0.25			0.39			0.53			0.48			0.40
Net realized and unrealized gain (loss)^(b)				(2.33	)		(0.96	)		1.40			2.10			(1.00	)		(0.61	)

Net increase (decrease) from investment operations				(2..19	)		(0.71	)		1.79			2.63			(0.52	)		(0.21	)


Distributions^(c)
From net investment income				(0.14	)		(0.25	)		(0.41	)		(0.52	)		(0.47	)		(0.37	)
From net realized gain				—			(0.24	)		—			—			—			—

Total distributions				(0.14	)		(0.49	)		(0.41	)		(0.52	)		(0.47	)		(0.37	)


Net asset value, end of period			$	24.13		$	26.46		$	27.66		$	26.28		$	24.17		$	25.16


Total Return^(d)
Based on net asset value				(8.33	)%^(e)		(2.58	)%		6.84	%		10.99	%		(2.10	)%		(0.82	)%


Ratios to Average Net Assets^(f)
Total expenses				0.05	%^(g)		0.09	%		0.15	%		0.15	%		0.15	%		0.15	%

Net investment income				1 .13	%^(g)		0.95	%		1.43	%		2.09	%		1.95	%		1.58	%


Supplemental Data
Net assets, end of period (000)			$	16,664,570		$	15,665,181		$	15,037,638		$	15,219,211		$	6,747,196		$	5,211,634

Portfolio turnover rate^(h)				31	%^(e)		128	%		91	%		22	%		27	%		47	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


34		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

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF	Diversification Classification
CMBS		Diversified
GNMA Bond		Diversified
Treasury Floating Rate Bond		Diversified
U.S. Treasury Bond		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (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, is recognized daily on an accrual basis.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., dollar rolls) that would be treated as “senior securities” for 1940 Act purposes, a 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 Funds 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 Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each 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 each Fund’s assets and liabilities:

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche


N O T E S T O F I N A N C I A L S T A T E M E N T S		35

Notes to Financial Statements (unaudited) (continued)

of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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 each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the 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:

•

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

•

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

•

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the 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.

4.	SECURITIES AND OTHER INVESTMENTS

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.

Stripped Bonds: A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.


36		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

Notes to Financial Statements (unaudited) (continued)

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

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: Certain Funds 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: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ 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 each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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




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


U.S. Treasury Bond
Barclays Capital, Inc.	$	17,921,950	$	17,921,950		$	—	$	—
BofA Securities, Inc.		134,242,188		134,242,188			—		—
Goldman Sachs & Co. LLC		133,793,579		133,793,579			—		—
J.P. Morgan Securities LLC		39,303,108		39,303,108			—		—
Morgan Stanley		99,890,626		99,890,626			—		—

	$	425,151,451	$	425,151,451		$	—	$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities.

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		37

Notes to Financial Statements (unaudited) (continued)

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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



iShares ETF	Investment Advisory Fee

CMBS		0.25	%
GNMA Bond		0.10
Treasury Floating Rate Bond		0.15
U.S. Treasury Bond		0.05

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.

For the iShares GNMA Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fees 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.

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:



iShares ETF	Amounts waived
GNMA Bond	$	14,116

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

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

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

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

Treasury Floating Rate Bond	$	344
U.S. Treasury Bond		94,367

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


38		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

Notes to Financial Statements (unaudited) (continued)

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 Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
U.S. Treasury Bond	$	1,808,088,530	$	1,913,125,943	$	(42,879,177	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

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

6.	PURCHASES AND SALES

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:


	U.S. Government Securities				Other Securities
iShares ETF		Purchases		Sales		Purchases		Sales
CMBS	$	62,501,340	$	61,441,292	$	42,397,016	$	56,690,452
GNMA Bond		810,159,189		912,893,745		—		—
Treasury Floating Rate Bond		79,009,408		869,387		—		—
U.S. Treasury Bond		5,173,190,520		5,009,101,592		—		—

For the six months ended April 30, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales
CMBS	$	16,682,144	$	—
Treasury Floating Rate Bond		802,624,247		144,520,023
U.S. Treasury Bond		3,307,302,411		874,168,191

7.	INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring
GNMA Bond	$	3,701,329
U.S. Treasury Bond		122,194,650

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:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CMBS	$	811,089,564	$	84,138	$	(64,059,994	)	$	(63,975,856	)
GNMA Bond		395,128,012		29,815		(28,621,674	)		(28,591,859	)
Treasury Floating Rate Bond		999,524,049		762,450		(11,251	)		751,199
U.S. Treasury Bond		18,608,971,164		1,377,495		(1,536,134,412	)		(1,534,756,917	)


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

Notes to Financial Statements (unaudited) (continued)

8.	PRINCIPAL RISKS

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

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

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

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

Valuation Risk: The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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 Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

Certain Funds invest a significant portion of their 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 Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.


40		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

Notes to Financial Statements (unaudited) (continued)

9.	CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:



	Six Months Ended 04/30/22						Year Ended 10/31/21
iShares ETF	Shares			Amount			Shares			Amount


CMBS
Shares sold		1,400,000		$	72,775,750			6,950,000		$	378,337,893
Shares redeemed		(1,300,000	)		(68,193,513	)		(600,000	)		(32,850,252	)

Net increase		100,000		$	4,582,237			6,350,000		$	345,487,641

GNMA Bond
Shares sold		400,000		$	20,131,624			1,550,000		$	78,612,344
Shares redeemed		(2,600,000	)		(126,746,516	)		(1,300,000	)		(65,442,619	)

Net increase (decrease)		(2,200,000	)	$	(106,614,892	)		250,000		$	13,169,725

Treasury Floating Rate Bond
Shares sold		16,200,000		$	815,076,773			3,200,000		$	160,881,792
Shares redeemed		(2,900,000	)		(145,869,980	)		(6,100,000	)		(306,696,398	)

Net increase (decrease)		13,300,000		$	669,206,793			(2,900,000	)	$	(145,814,606	)

U.S. Treasury Bond
Shares sold		133,800,000		$	3,422,368,606			220,600,000		$	5,882,272,810
Shares redeemed		(35,200,000	)		(906,311,410	)		(172,200,000	)		(4,638,549,032	)

Net increase		98,600,000		$	2,516,057,196			48,400,000		$	1,243,723,778

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

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

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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

Statement Regarding Liquidity Risk Management Program (unaudited)

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 CMBS ETF, iShares GNMA Bond ETF, iShares Treasury Floating Rate Bond ETF and iShares U.S. Treasury Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each 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 each 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 each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each 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 each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

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.


42		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

Supplemental Information (unaudited)

Section 19(a) Notices

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

April 30, 2022



	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

CMBS	$	0.575844	$	0.123809	$	—	$	0.699653		82	%		18	%		—	%		100	%
GNMA Bond		0.167230		—		—		0.167230		100			—			—			100
Treasury Floating Rate Bond^(a)		0.014133		—		0.000324		0.014457		98			—			2			100
U.S. Treasury Bond^(a)		0.137606		—		0.000890		0.138496		99			—			1			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.


S U P P L E M E N T A L I N F O R M A T I O N		43

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or Interactive Data Pricing and Reference Data LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-1005-0422