iShares Trust


		APRIL 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

iShares 0-5 Year TIPS Bond ETF | STIP | NYSE Arca

iShares CMBS ETF | CMBS | NYSE Arca

iShares GNMA Bond ETF | GNMA | NASDAQ

iShares TIPS Bond ETF | TIP | NYSE Arca

iShares Treasury Floating Rate Bond ETF | TFLO | NYSE Arca

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

The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bonds posted a positive return as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of April 30, 2023

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		8.63%		2.66%

U.S. small cap equities (Russell 2000^® Index)		(3.45)		(3.65)

International equities (MSCI Europe, Australasia, Far East Index)		24.19		8.42

Emerging market equities (MSCI Emerging Markets Index)		16.36		(6.51)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09		2.83

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14		(1.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91		(0.43)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65		2.87

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21		1.21

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

Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		43
Statement Regarding Liquidity Risk Management Program		51
Supplemental Information		52
General Information		53
Glossary of Terms Used in this Report		54


Fund Summary as of April 30, 2023		iShares^® 0-5 Year TIPS Bond ETF

Investment Objective

The iShares 0-5Year TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds with remaining maturities of less than or equal to five years, as represented by the ICE US Treasury 0-5 Year Inflation Linked 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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		2.62	%		(0.08	)%		3.06	%		1.59	%		(0.08	)%		16.25	%		17.10	%
Fund Market		2.64			(0.08	)		3.06			1.59			(0.08	)		16.26			17.12
Index^(a)		2.68			(0.10	)		3.02			1.61			(0.10	)		16.03			17.37
Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L)		2.69			(0.08	)		3.02			1.62			(0.08	)		16.05			17.39
ICE US Treasury 0-5 Year Inflation Linked Bond Index^(b)		2.73			(0.19	)		3.04			N/A			(0.19	)		16.13			N/A

^(a)

Index performance through January 31, 2023 reflects the performance of the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series L). Index performance beginning on February 1, 2023 reflects the performance of the ICE US Treasury 0-5 Year Inflation Linked Bond Index, which effective as of February 1, 2023, replaced the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) as the underlying index of the fund.

^(b)

The inception date of the ICE US Treasury 0-5 Year Inflation Linked Bond Index was February 28, 2017. The cumulative total return for this index for the period February 28, 2017 through April 30, 2023 was 16.73%.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,026.20	$	0.15		$	1,000.00	$	1,024.60	$	0.15		0.03	%

^(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 “Disclosure of Expenses” for more information.

Portfolio Information

MATURITY ALLOCATION



Maturity	Percent of Total Investments	^(a)
0-1 Year	14.2	%
1-2 Years	23.7
2-3 Years	16.8
3-4 Years	23.6
4-5 Years	21.7

FIVE LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
U.S. Treasury Inflation-Indexed Bonds, 1.63%, 10/15/27	10.2	%
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/27	6.6
U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/24	6.5
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 07/15/24	6.1
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 10/15/26	6.1

^(a)

Excludes money market funds.


4		2 0 2 3 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, 2023		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-Month Total Returns			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	5.24	%		(1.17	)%	1.41	%	1.41	%		(1.17	)%	7.26	%	15.00	%
Fund Market	5.77			(1.29	)	1.48		1.40			(1.29	)	7.62		14.87
Index	5.43			(0.81	)	1.71		1.71			(0.81	)	8.85		18.53

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,052.40	$	1.27		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(a)

Portfolio Information

CREDIT QUALITY ALLOCATION



Moody’s Credit Rating^*	Percent of Total Investments	^(a)
Aaa	59.4	%
Aa	4.0
A	0.8
Baa	0.2
Ba	0.1
Not Rated	35.5

MATURITY ALLOCATION



Maturity	Percent of Total Investments	^(a)
0-1 Year	0.1	%
1-5 Years	14.1
5-10 Years	30.9
10-15 Years	2.0
15-20 Years	0.1
20-25 Years	5.9
25-30 Years	32.3
30-35 Years	9.8
35-40 Years	3.9
More than 40 Years	0.9

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.


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


Fund Summary as of April 30, 2023		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-Month Total Returns			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	6.10	%		(0.87	)%	0.33	%	0.64	%		(0.87	)%	1.65	%	6.62	%
Fund Market	5.83			(1.03	)	0.29		0.62			(1.03	)	1.47		6.39
Index	6.24			(0.72	)	0.46		0.86			(0.72	)	2.33		8.91

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,061.00	$	0.46		$	1,000.00	$	1,024.30	$	0.45		0.09	%

^(a)

Portfolio Information

MATURITY ALLOCATION



Maturity	Percent of Total Investments	^(a)
5-10 Years	1.2	%
10-15 Years	0.4
15-20 Years	2.4
20-25 Years	18.0
25-30 Years	75.3
30-35 Years	2.7

FIVE LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Government National Mortgage Association, 2.00%, 12/20/51	8.6	%
Government National Mortgage Association, 2.50%, 07/20/51	4.2
Government National Mortgage Association, 2.00%, 02/20/51	4.1
Government National Mortgage Association, 3.00%, 07/20/50	3.3
Government National Mortgage Association, 2.50%, 08/20/51	3.1

^(a)

Excludes money market funds.


6		2 0 2 3 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, 2023		iShares^® TIPS Bond ETF

The iShares TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds, as represented by the ICE US Treasury Inflation Linked 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-Month Total Returns			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	4.13	%		(4.13	)%	2.78	%	1.27	%		(4.13	)%	14.70	%	13.42	%
Fund Market	4.14			(4.08	)	2.82		1.27			(4.08	)	14.93		13.47
Index^(a)	4.24			(4.02	)	2.97		1.41			(4.02	)	15.77		15.06
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)	4.27			(4.00	)	2.98		1.42			(4.00	)	15.80		15.09
ICE US Treasury Inflation Linked Bond Index^(b)	4.37			(4.19	)	2.99		N/A			(4.19	)	15.88		N/A

^(a)

Index performance through January 31, 2023 reflects the performance of the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series L). Index performance beginning on February 1, 2023 reflects the performance of the ICE US Treasury Inflation Linked Bond Index, which effective as of February 1, 2023, replaced the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L) as the underlying index of the fund.

^(b)

The inception date of the ICE US Treasury Inflation Linked Bond Index was June 30, 2016. The cumulative total return for this index for the period June 30, 2016 through April 30, 2023 was 16.61%.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,041.30	$	0.96		$	1,000.00	$	1,023.90	$	0.95		0.19	%

^(a)

Portfolio Information

MATURITY ALLOCATION



Maturity	Percent of Total Investments	^(a)
0-1 Year	0.6	%
1-5 Years	52.5
5-10 Years	32.4
15-20 Years	3.5
20-25 Years	7.1
25-30 Years	3.9

FIVE LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/25	4.3	%
U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/26	3.9
U.S. Treasury Inflation-Indexed Bonds, 0.63%, 07/15/32	3.9
U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/32	3.8
U.S. Treasury Inflation-Indexed Bonds, 1.63%, 10/15/27	3.7

^(a)

Excludes money market funds.


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


Fund Summary as of April 30, 2023		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-Month Total Returns			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	2.24	%		3.24	%	1.45	%	1.01	%		3.24	%	7.45	%	9.70	%
Fund Market	2.25			3.15		1.46		1.01			3.15		7.51		9.76
Index	2.34			3.41		1.60		1.12			3.41		8.27		10.85

The inception date of the Fund was February 3, 2014. The first day of secondary market trading was February 4, 2014.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,022.40	$ 0.75			$ 1,000.00	$ 1,024.10	$ 0.75		0.15	%

^(a)

Portfolio Information

MATURITY ALLOCATION


Maturity	Percent of Total Investments	^(a)
0-1 Year	40.5	%
1-2 Years	59.5

FIVE LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
U.S. Treasury Floating Rate Note, 5.27%, 10/31/24	21.5	%
U.S. Treasury Floating Rate Note, 5.16%, 07/31/23	18.9
U.S. Treasury Floating Rate Note, 5.17%, 07/31/24	16.2
U.S. Treasury Floating Rate Note, 5.17%, 10/31/23	12.8
U.S. Treasury Floating Rate Note, 5.06%, 04/30/24	11.4

^(a)

Excludes money market funds.


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Fund Summary as of April 30, 2023		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-Month Total Returns			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	5.84	%		(0.94	)%	0.92	%	0.77	%		(0.94	)%	4.66	%	7.98	%
Fund Market	5.75			(1.02	)	0.91		0.76			(1.02	)	4.64		7.91
Index	5.78			(0.94	)	1.01		0.86			(0.94	)	5.17		8.99

On March 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 March 1, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data from July 1, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data prior to July 1, 2016 is for the Barclays U.S. Treasury Bond Index.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,058.40	$ 0.26			$ 1,000.00	$ 1,024.50	$ 0.25		0.05	%

^(a)

Portfolio Information


MATURITY ALLOCATION
Maturity	Percent of Total Investments⁽	^a)
1-5 Years	50.4	%
5-10 Years	29.5
10-15 Years	1.0
15-20 Years	4.2
More than 20 Years	14.9


FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
U.S. Treasury Note/Bond, 0.25%, 05/15/24	6.5	%
U.S. Treasury Note/Bond, 3.13%, 11/15/28	5.3
U.S. Treasury Note/Bond, 1.38%, 11/15/31	5.1
U.S. Treasury Note/Bond, 2.63%, 02/15/29	4.2
U.S. Treasury Note/Bond, 1.88%, 02/15/51	4.0

^(a)

Excludes money market funds.


F U N D S U M M A R Y		9

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.

Disclosure of 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 the 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 the 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.


10		2 0 2 3 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, 2023

iShares^® 0-5 Year TIPS Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

U.S. Government Obligations

U.S. Government Obligations — 97.7%
U.S. Treasury Floating Rate Note, 1.25%, 04/15/28	$	566,631		$	566,099,234
U.S. Treasury Inflation-Indexed Bonds 0.13%, 07/15/24		772,512			753,206,333
0.13%, 10/15/24		617,681			600,550,174
0.13%, 04/15/25		776,594			749,496,796
0.13%, 10/15/25		612,664			591,914,839
0.13%, 04/15/26		581,477			557,030,719
0.13%, 07/15/26		715,078			687,438,155
0.13%, 10/15/26		786,203			752,927,722
0.13%, 04/15/27		852,411			810,148,361
0.25%, 01/15/25		700,879			680,299,828
0.38%, 07/15/23		545,479			545,180,935
0.38%, 07/15/25		569,902			554,675,231
0.38%, 01/15/27		598,019			575,430,007
0.38%, 07/15/27		494,377			476,678,214
0.50%, 04/15/24		419,215			410,306,645
0.50%, 01/15/28		306,177			294,978,681
0.63%, 04/15/23		0	^(a)		14
0.63%, 01/15/24		806,963			795,709,161
0.63%, 01/15/26		287,799			280,539,622
1.63%, 10/15/27		1,230,229			1,250,004,114
1.75%, 01/15/28		22,800			23,259,119
2.00%, 01/15/26		81,752			82,586,144


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
2.38%, 01/15/25	$	112,729	$	113,399,727
2.38%, 01/15/27		79,025		81,673,130
3.63%, 04/15/28		55,801		61,994,794

				12,295,527,699


Total Long-Term Investments — 97.7% (Cost: $12,876,384,172)				12,295,527,699


Short-Term Securities

Money Market Funds — 6.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(b)(c)		821,830		821,830,000


Total Short-Term Securities — 6.5% (Cost: $821,830,000)				821,830,000


Total Investments — 104.2% (Cost: $13,698,214,172)				13,117,357,699

Liabilities in Excess of Other Assets — (4.2)%				(530,095,882	)


Net Assets — 100.0%			$	12,587,261,817

^(a)	Rounds to less than 1,000.

^(b)	Affiliate of the Fund.

^(c)	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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	29,880,000	$	791,950,000	^(a)	$	—	$	—	$	—	$	821,830,000		821,830	$	4,502,014	^(b)	$	74

^(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

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
Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	12,295,527,699	$	—	$	12,295,527,699
Short-Term Securities
Money Market Funds		821,830,000		—		—		821,830,000

	$	821,830,000	$	12,295,527,699	$	—	$	13,117,357,699

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		11

Schedule of Investments (unaudited)

April 30, 2023

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collaterized Mortgage Obligations

Mortgage-Backed Securities — 58.6%
Bank 2.92%, 12/15/52 (Call 12/15/29)	$	1,000	$	886,026
3.30%, 05/15/64 (Call 05/15/31)		500		330,456
3.39%, 06/15/60 (Call 07/15/27)		1,000		936,102
3.74%, 02/15/52 (Call 02/15/29)		600		560,308
3.92%, 04/15/65^(a)		1,500		1,389,008
4.26%, 05/15/61 (Call 05/15/28)^(a)		1,010		977,144
5.20%, 02/15/56 (Call 02/15/33)		1,250		1,274,576
5.94%, 11/15/55 (Call 11/15/32)^(a)		1,000		1,062,232
Series 2017, Class A5, 3.44%, 09/15/60 (Call 09/15/27)		220		206,029
Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 04/15/27)		500		463,446
Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 04/15/27)		230		221,763
Series 2017-BNK4, Class C, 4.37%, 05/15/50 (Call 04/15/27)^(a)		485		400,845
Series 2017-BNK7, Class B, 3.95%, 09/15/60 (Call 09/15/27)		550		478,616
Series 2017-BNK8, Class A3, 3.23%, 11/15/50 (Call 11/15/27)		683		630,914
Series 2017-BNK8, Class AS, 3.73%, 11/15/50 (Call 11/15/27)		1,000		918,828
Series 2018-BN10, Class C, 4.16%, 02/15/61 (Call 02/15/28)^(a)		800		664,588
Series 2018-BN14, Class A3, 3.97%, 09/15/60 (Call 09/15/28)		600		568,379
Series 2018-BN14, Class AS, 4.48%, 09/15/60 (Call 09/15/28)^(a)		500		467,784
Series 2018-BN15, Class A3, 4.14%, 11/15/61 (Call 11/15/28)		499		476,977
Series 2018-BN15, Class A4, 4.41%, 11/15/61 (Call 11/15/28)^(a)		1,015		987,755
Series 2019-BN16, Class AS, 4.27%, 02/15/52 (Call 02/15/29)		262		242,020
Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/15/29)		497		444,200
Series 2019-BN20, Class A2, 2.76%, 09/15/62 (Call 10/15/29)		420		369,517
Series 2019-BN20, Class B, 3.40%, 09/15/62 (Call 10/15/29)^(a)		1,000		806,564
Series 2019-BN21, Class A4, 2.60%, 10/17/52 (Call 10/15/29)		1,000		880,006
Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 10/15/29)		500		439,222
Series 2019-BN22, Class A3, 2.73%, 11/15/62 (Call 11/15/29)		1,000		873,155
Series 2019-BNK16, Class A4, 4.01%, 02/15/52 (Call 02/15/29)		2,110		2,006,700
Series 2020-BN25, Class A3, 2.39%, 01/15/63 (Call 02/15/30)		537		499,637
Series 2020-BN26, Class B, 2.91%, 03/15/63 (Call 03/15/30)^(a)		250		185,698
Series 2020-BN28, Class A4, 1.84%, 03/15/63 (Call 10/15/30)		500		407,113
Series 2020-BN29, Class C, 3.13%, 11/15/53 (Call 12/15/30)^(a)		520		346,937
Series 2020-BN30, Class ABS, 1.67%, 12/15/53		240		207,920


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2021-BN32, Class AS, 2.64%, 04/15/54 (Call 04/15/31)	$	2,075	$	1,774,711
Series 2021-BN34, Class A5, 2.44%, 06/15/63 (Call 07/15/31)		244		201,037
Series 2021-BN34, Class AS, 2.57%, 06/15/63 (Call 07/15/31)		500		398,288
Series 2021-BN35, Class B, 2.53%, 06/15/64 (Call 08/15/31)		1,000		674,905
Series 2022-BNK40, Class AS, 3.51%, 03/15/64 (Call 03/15/32)^(a)		1,000		840,202
Series2017-BNK4, Class A4, 3.63%, 05/15/50 (Call 04/15/27)		1,000		943,037
Serise BN23, Class C, 3.62%, 12/15/52 (Call 12/15/29)^(a)		500		356,721
Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2016-UB10, Class A4, 3.17%, 07/15/49 (Call 02/15/31)		800		753,340
Series 2016-UB10, Class B, 3.79%, 07/15/49 (Call 02/15/31)		250		227,124
Series 2017-BNK3, Class A4, 3.57%, 02/15/50 (Call 02/15/27)		1,000		944,530
Barclays Commercial Mortgage Trust
Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 08/15/29)		1,000		891,679
Series 2019-C5, 2.81%, 11/15/52 (Call 11/15/29)		1,000		879,930
Series 2019-C5, Class A2, 3.04%, 11/15/52 (Call 11/15/29)		678		653,476
Series 2019-C5, Class A4, 3.06%, 11/15/52 (Call 11/15/29)		1,000		895,790
BBCMS Mortgage Trust 2.95%, 02/15/55 (Call 02/15/32)^(a)		1,500		1,292,364
5.45%, 09/15/55 (Call 09/15/32)^(a)		847		626,094
6.33%, 04/15/56		250		252,037
Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27)		1,000		946,482
Series 2018-C2, Class C, 5.13%, 12/15/51 (Call 12/15/28)^(a)		250		202,938
Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 02/15/30)		1,500		1,303,281
Series 2020-C7, Class AS, 2.44%, 04/15/53 (Call 04/15/30)		300		248,165
Series 2020-C8, Class A5, 2.04%, 10/15/53 (Call 10/15/30)		1,000		829,586
Series 2021-C11, Class A5, 2.32%, 09/15/54		1,500		1,238,525
Series 2021-C12, Class A4, 2.42%, 11/15/54		1,000		840,274
Series 2021-C12, Class C, 3.21%, 11/15/54^(a)		500		348,054
Series 2022-C14, Class AS, 3.35%, 02/15/55 (Call 02/15/32)^(a)		250		211,951
Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)^(a)		1,640		1,493,083
Series 2022-C17, Class A4, 4.17%, 09/15/55 (Call 09/15/32)		1,000		935,550
BBCMS Mortgage Trust 2022-C18, 5.71%, 12/15/55 (Call 12/15/32)^(a)		1,000		1,060,038
BBCMS Trust
Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31)		1,750		1,476,499
Series 2021-C10, Class AS, 2.68%, 07/15/54 (Call 07/15/31)		1,000		821,972
Series 2021-C10, Class B, 2.49%, 07/15/54 (Call 07/15/31)		1,000		753,751
Series 2021-C10, Class C, 2.84%, 07/15/54 (Call 07/15/31)		500		315,955
Benchmark Mortgage Trust 2.58%, 03/15/54 (Call 03/15/31)		1,000		839,567
3.20%, 01/15/55^(a)		500		344,908
3.46%, 03/15/55 (Call 03/15/32)		1,000		891,714
4.59%, 05/15/55 (Call 05/15/32)^(a)		750		714,183
Series 2018-B1, Class A5, 3.67%, 01/15/51 (Call 01/15/28)^(a)		1,000		940,409


12		2 0 2 3 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, 2023

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2018-B1, Class AM, 3.88%, 01/15/51 (Call 01/15/28)^(a)	$	500	$	454,987
Series 2018-B2, Class A4, 3.61%, 02/15/51 (Call 02/15/28)		1,350		1,264,137
Series 2018-B2, Class AS, 4.08%, 02/15/51 (Call 02/15/28)^(a)		1,000		921,610
Series 2018-B2, Class C, 4.44%, 02/15/51 (Call 02/15/28)^(a)		500		403,895
Series 2018-B3, Class A4, 3.76%, 04/10/51 (Call 04/10/28)		700		658,627
Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 04/10/28)		1,000		949,374
Series 2018-B4, Class A5, 4.12%, 07/15/51 (Call 07/15/28)^(a)		1,023		982,661
Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)^(a)		464		450,427
Series 2018-B4, Class C, 4.70%, 07/15/51 (Call 07/15/28)^(a)		400		326,258
Series 2018-B5, Class B, 4.57%, 07/15/51 (Call 08/15/28)		500		435,388
Series 2018-B7, Class B, 5.01%, 05/15/53 (Call 11/15/28)^(a)		400		353,086
Series 2018-B8, Class A4, 3.96%, 01/15/52 (Call 12/15/28)		1,000		952,984
Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28)		1,000		957,229
Series 2018-B8, Class AS, 4.53%, 01/15/52 (Call 12/15/28)^(a)		1,563		1,465,472
Series 2019-B10, Class A3, 3.46%, 03/15/62 (Call 03/15/29)		800		735,443
Series 2019-B10, Class AM, 3.98%, 03/15/62 (Call 03/15/29)		600		540,179
Series 2019-B11, Class AS, 3.78%, 05/15/52 (Call 06/15/29)		500		444,125
Series 2019-B11, Class B, 3.96%, 05/15/52 (Call 06/15/29)^(a)		500		401,305
Series 2019-B13, Class C, 3.84%, 08/15/57 (Call 10/15/29)^(a)		500		385,132
Series 2019-B14, Class A5, 3.05%, 12/15/62 (Call 11/15/29)		500		442,882
Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		1,000		940,389
Series 2019-B9, Class C, 4.97%, 03/15/52 (Call 02/15/29)^(a)		250		203,270
Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		990		860,051
Series 2020-B16, Class AM, 2.94%, 02/15/53 (Call 02/15/30)^(a)		1,000		834,479
Series 2020-B17, Class C, 3.37%, 03/15/53 (Call 03/15/30)^(a)		250		178,971
Series 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 08/15/30)		430		338,970
Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 10/15/30)		450		313,181
Series 2020-B20, Class B, 2.53%, 10/15/53 (Call 10/15/30)		500		360,978
Series 2020-B21, Class A5, 2.25%, 12/17/53 (Call 12/15/30)		500		397,035
Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 01/15/31)		1,000		806,030
Series 2020-IG1, Class A3, 2.69%, 09/15/43 (Call 01/15/30).		1,750		1,512,625
Series 2021-B23, Class AS, 2.27%, 02/15/54 (Call 02/15/31)		500		391,980
Series 2021-B24, Class A4, 2.26%, 03/15/54 (Call 03/15/31)		1,000		836,475
Series 2021-B25, Class A5, 2.58%, 04/15/54 (Call 04/15/31)		1,000		829,248
Series 2021-B25, Class ASB, 2.27%, 04/15/54 (Call 04/15/31)		650		566,727


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2021-B26, Class A5, 2.61%, 06/15/54 (Call 06/15/31)	$	1,500	$	1,260,859
Series 2021-B26, Class AM, 2.83%, 06/15/54 (Call 06/15/31)		500		401,071
Series 2021-B27, Class A2, 2.02%, 07/15/54 (Call 07/15/31)		1,000		900,635
Series 2021-B27, Class A5, 2.39%, 07/15/54 (Call 07/15/31)		1,000		822,484
Series 2021-B27, Class AS, 2.51%, 07/15/54 (Call 07/15/31)		500		394,419
Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 10/15/31)		830		685,549
Series 2022-B32, Class A5, 3.00%, 01/15/55^(a)		1,000		855,675
Series 2022-B34, Class A5, 3.79%, 04/15/55 (Call 04/15/32)^(a)		1,500		1,348,427
Series 2023-B38, Class A2, 5.63%, 04/15/56		2,000		2,029,079
Serise 2020-B17, Class A2, 2.21%, 03/15/53 (Call 03/15/30)		1,000		920,893
Serise 2020-B17, Class A5, 2.29%, 03/15/53 (Call 03/15/30)		1,000		836,778
BMO Mortgage Trust, 5.31%, 09/15/54 (Call 10/15/32)		1,000		1,024,440
Cantor Commercial Real Estate Lending, 3.01%, 01/15/53 (Call 12/15/29)		1,000		880,980
CCUBS Commercial Mortgage Trust, Series 2017-C1,
Class A4, 3.54%, 11/15/50 (Call 12/15/27)^(a)		1,510		1,410,091
CD Mortgage Trust
Series 2017-CD3, Class A4, 3.63%, 02/10/50 (Call 02/10/27)		230		215,334
Series 2017-CD3, Class AS, 3.83%, 02/10/50 (Call 02/10/27)		750		657,231
Series 2017-CD3, Class C, 4.70%, 02/10/50 (Call 02/10/27)^(a)		300		229,290
Series 2017-CD4, Class A4, 3.51%, 05/10/50 (Call 05/10/27)^(a)		1,000		940,053
Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27)		750		699,802
Series 2017-CD6, Class C, 4.37%, 11/13/50 (Call 11/13/27)^(a)		500		412,743
Series 2018-CD7, Class ASB, 4.21%, 08/15/51 (Call 08/15/28)		550		534,777
Series 2019-CD8, Class A4, 2.91%, 08/15/57 (Call 08/15/29)		1,000		874,954
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class A3, 3.87%, 01/10/48 (Call 01/10/26)		500		474,713
Series 2016-C4, Class A4, 3.28%, 05/10/58 (Call 05/10/26)		1,650		1,538,680
Series 2017-C8, Class ASB, 3.37%, 06/15/50 (Call 05/15/27)		795		765,983
Series 2017-C8, Class B, 4.20%, 06/15/50 (Call 05/15/27)^(a)		750		650,935
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A4, 4.02%, 03/11/47 (Call 03/10/24)		500		494,082
Series 2014-GC23, Class A4, 3.62%, 07/10/47 (Call 07/10/24)		750		726,150
Series 2014-GC23, Class AS, 3.86%, 07/10/47 (Call 07/10/24)		250		243,559
Series 2014-GC23, Class C, 4.58%, 07/10/47 (Call 07/10/24)^(a)		250		230,701
Series 2014-GC25, Class B, 4.35%, 10/10/47 (Call 10/10/24)^(a)		100		91,174


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, 2023

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-GC29, Class C, 4.28%, 04/10/48 (Call 04/10/25)^(a)	$	250	$	232,858
Series 2015-GC31, Class A4, 3.76%, 06/10/48 (Call 06/10/25)		750		722,356
Series 2015-GC35, Class AAB, 3.61%, 11/10/48 (Call 11/10/25)		270		262,692
Series 2015-P1, Class A5, 3.72%, 09/15/48 (Call 05/15/26)		356		342,063
Series 2016-C1, Class A4, 3.21%, 05/10/49 (Call 06/10/26)		874		822,571
Series 2016-GC36, Class A4, 3.35%, 02/10/49 (Call 02/10/26)		1,000		953,685
Series 2016-P3, Class A4, 3.33%, 04/15/49 (Call 04/15/26)		75		70,981
Series 2017-C4, Class A3, 3.21%, 10/12/50 (Call 11/12/27)		1,000		934,483
Series 2017-P8, Class A3, 3.20%, 09/15/50 (Call 09/15/27)		885		819,599
Series 2017-P8, Class AS, 3.79%, 09/15/50 (Call 09/15/27)^(a)		750		680,759
Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 03/10/28)		600		571,088
Series 2018-C5, Class A4, 4.23%, 06/10/51 (Call 06/10/28)^(a)		1,000		962,650
Series 2018-C6, Class A4, 4.41%, 11/10/51 (Call 11/10/28)		1,199		1,160,386
Series 2019-C7, Class A4, 3.10%, 12/15/72 (Call 12/15/29)		1,000		889,745
Series 2019-GC41, Class AS, 3.02%, 08/10/56 (Call 08/10/29)		750		642,692
Series 2019-GC43, Class A2, 2.98%, 11/10/52 (Call 11/10/29)		863		825,702
Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 11/10/29)		750		658,874
Series 2020-GC46, Class A5, 2.72%, 02/15/53 (Call 02/15/30)		1,000		865,976
Series 2020-GC46, Class AS, 2.92%, 02/15/53 (Call 02/15/30)^(a)		500		414,913
Series 2020-GC46, Class B, 3.15%, 02/15/53 (Call 02/15/30)^(a)		234		173,675
Commission Mortgage Trust
Series 2014-CR14, Class C, 4.73%, 02/10/47 (Call 01/10/24)^(a)		200		175,357
Series 2014-CR16, Class ASB, 3.65%, 04/10/47 (Call 04/10/24)		26		26,169
Series 2014-CR17, Class B, 4.38%, 05/10/47 (Call 05/10/24)		292		269,137
Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 07/15/24)		300		288,803
Series 2014-CR19, Class A5, 3.80%, 08/10/47 (Call 08/10/24)		438		427,469
Series 2014-CR19, Class B, 4.70%, 08/10/47 (Call 08/10/24)^(a)		850		789,872
Series 2014-CR20, Class AM, 3.94%, 11/10/47 (Call 01/10/29)		250		240,287
Series 2014-LC17, Class A5, 3.92%, 10/10/47 (Call 12/10/24)		675		655,888
Series 2014-UBS2, Class AM, 4.20%, 03/10/47 (Call 03/10/24)		425		413,977
Series 2014-UBS3, Class C, 4.89%, 06/10/47 (Call 06/10/24)^(a)		150		140,111
Series 2014-UBS4, Class A4, 3.42%, 08/10/47 (Call 07/10/29)		250		243,577
Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/29)		500		484,201
Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/29)		500		476,785


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-UBS4, Class B, 4.35%, 08/10/47 (Call 07/10/29)	$	250	$	235,490
Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/10/24)		730		706,728
Series 2014-UBS6, Class A5, 3.64%, 12/10/47 (Call 10/10/28)		500		482,500
Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25)		500		479,454
Series 2015-CR22, Class AM, 3.60%, 03/10/48 (Call 03/10/25)^(a)		200		189,232
Series 2015-CR22, Class C, 4.20%, 03/10/48 (Call 03/10/25)^(a)		300		266,714
Series 2015-CR23, Class A4, 3.50%, 05/10/48 (Call 05/10/25)		500		480,497
Series 2015-CR24, Class A4, 3.43%, 08/10/48 (Call 06/10/26)		925		887,973
Series 2015-CR24, Class B, 4.49%, 08/10/48 (Call 06/10/26)^(a)		750		690,309
Series 2015-CR24, Class D, 3.46%, 08/10/48 (Call 06/10/26)^(a)		200		158,562
Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)		750		721,803
Series 2015-CR25, Class B, 4.67%, 08/10/48 (Call 08/10/25)^(a)		300		273,090
Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 02/10/25)		750		720,279
Series 2015-DC1, Class C, 4.44%, 02/10/48 (Call 02/10/25)^(a)		250		211,764
Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26)		500		481,595
Series 2015-LC23, Class A4, 3.77%, 10/10/48 (Call 11/10/25)		1,000		960,983
Series 2016-CR28, Class C, 4.76%, 02/10/49 (Call 01/10/26)^(a)		604		536,890
Series 2016-DC2, Class A4, 3.50%, 02/10/49 (Call 02/10/26)		337		322,649
Series 2016-DC2, Class AM, 4.24%, 02/10/49 (Call 02/10/26)		750		707,510
Series 2016-DC2, Class C, 4.81%, 02/10/49 (Call 02/10/26)^(a)		250		219,540
Series 2017-COR2, Class C, 4.74%, 09/10/50 (Call 09/10/27)^(a)		750		600,287
Series 2018-COR3, Class A3, 4.23%, 05/10/51 (Call 05/10/28)		750		720,524
Series 2018-COR3, Class B, 4.66%, 05/10/51 (Call 05/10/28)^(a)		500		429,176
Series 2018-COR3, Class C, 4.71%, 05/10/51 (Call 05/10/28)^(a)		500		413,677
Series 2019-GC44, Class A5, 2.95%, 08/15/57 (Call 11/15/29)		1,000		883,971
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 03/15/25)		500		479,270
Series 2015-C1, Class AS, 3.79%, 04/15/50 (Call 03/15/25)^(a)		435		411,481
Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 05/15/25)		500		479,994
Series 2015-C3, Class A4, 3.72%, 08/15/48 (Call 08/15/25)		1,900		1,826,639
Series 2015-C4, Class A4, 3.81%, 11/15/48 (Call 11/15/25)		1,464		1,407,907
Series 2015-C4, Class D, 3.71%, 11/15/48 (Call 11/15/25)^(a)		250		204,625
Series 2016-C5, Class C, 4.80%, 11/15/48 (Call 11/15/25)^(a)		750		672,632


14		2 0 2 3 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, 2023

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2016-C6, Class C, 5.08%, 01/15/49 (Call 05/15/26)^(a)	$	350	$	311,335
Series 2016-C7, Class A4, 3.21%, 11/15/49 (Call 11/15/26)		193		183,397
Series 2016-C7, Class A5, 3.50%, 11/15/49 (Call 11/15/26)		115		106,898
Series 2016-C7, Class AS, 3.96%, 11/15/49 (Call 11/15/26)^(a)		1,000		913,513
Series 2017-CX9, Class A5, 3.45%, 09/15/50 (Call 09/15/27)		1,000		934,277
Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)^(a)		1,000		952,160
Series 2019-C15, Class A2, 3.45%, 03/15/52 (Call 02/15/29)		1,001		973,779
Series 2019-C15, Class A3, 3.78%, 03/15/52 (Call 02/15/29)		1,400		1,314,544
Series 2019-C15, Class B, 4.48%, 03/15/52 (Call 02/15/29)		1,000		831,536
Series 2019-C17, Class A5, 3.02%, 09/15/52 (Call 09/15/29)		2,000		1,775,376
Series 2019-C18, Class ASB, 2.87%, 12/15/52 (Call 12/15/29)		500		460,490
Series 2020-C19, Class A3, 2.56%, 03/15/53 (Call 03/15/30)		1,500		1,283,038
DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51 (Call 10/15/28)		1,400		1,338,082
DBJPM Mortgage Trust
Series 2016-C1, Class A4, 3.28%, 05/10/49 (Call 04/10/26)		1,000		945,305
Series 2016-C1, Class ASB, 3.04%, 05/10/49 (Call 04/10/26)		328		316,087
Series 2016-C1, Class C, 3.47%, 05/10/49 (Call 04/10/26)^(a)		468		386,600
Series 2017-C6, Class A3, 3.27%, 06/10/50 (Call 06/10/27)		560		545,162
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, 4.35%, 01/25/33		4,000		4,043,755
Federal National Mortgage Association 1.76%, 11/25/31^(a)		969		857,180
2.00%, 12/25/31^(a)		1,000		835,896
2.35%, 02/25/31		1,000		891,616
Series 2016-M1, Class A2, 2.94%, 01/25/26^(a)		595		574,570
Series 2016-M10, Class AV2, 3.00%, 11/25/45		500		418,274
Series 2016-M12, Class AV2, 2.31%, 10/25/23		90		89,571
Series 2016-M5, Class A2, 2.47%, 04/25/26		2,000		1,902,640
Series 2017-M1, Class A2, 2.50%, 10/25/26^(a)		760		718,317
Series 2017-M14, Class A2, 2.96%, 11/25/27^(a)		1,708		1,623,023
Series 2017-M15, Class ATS2, 3.20%, 11/25/27^(a)		427		411,282
Series 2018-M14, Class A2, 3.70%, 08/25/28^(a)		409		398,495
Series 2019-M12, Class A2, 2.89%, 06/25/29^(a)		1,175		1,095,009
Series 2019-M25, Class A2, 2.33%, 11/25/29^(a)		1,690		1,518,582
Series 2020-M1, Class A1, 2.15%, 10/25/29		1,455		1,372,362
Series 2020-M1, Class A2, 2.44%, 10/25/29		2,530		2,281,371
Series 2020-M14, Class A2, 1.78%, 05/25/30		1,000		853,174
Series 2020-M20, Class A2, 1.44%, 10/25/29		250		211,768
Series 2020-M5, Class A3, 2.19%, 01/25/30		1,000		880,626
Series 2020-M8, Class A2, 1.82%, 02/25/30		100		86,788
Series 2021-M19, Class A2, 1.80%, 10/25/31^(a)		2,000		1,652,078
Series 2021-M4, Class A2, 1.51%, 02/25/31^(a)		2,500		2,045,903
Series 2022-M3, Class A2, 1.76%, 11/25/31^(a)		2,000		1,639,995
Series 2022-M4, Class A2, 2.29%, 05/25/30^(a)		1,800		1,594,397
Series2019-M6, Class A2, 3.45%, 01/01/29		477		463,431
Freddie Mac Multifamily Structured Pass Through Certificates 2.05%, 11/25/28 (Call 12/25/28)^(a)		1,000		895,409
3.53%, 08/25/32 (Call 09/25/32)		1,000		948,374


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.80%, 10/25/32 (Call 11/25/32)^(a)	$	1,000	$	968,218
GS Mortgage Securities Trust
Series 2013-GC16, Class AS, 4.65%, 11/10/46 (Call 11/10/23)		150		148,126
Series 2013-GC16, Class C, 5.48%, 11/10/46 (Call 11/10/23)^(a)		100		96,441
Series 2014-GC18, Class AS, 4.38%, 01/10/47 (Call 01/10/24)		650		633,505
Series 2014-GC20, Class B, 4.53%, 04/10/47 (Call 04/10/24)^(a)		250		239,954
Series 2014-GC22, Class AS, 4.11%, 06/10/47 (Call 06/10/24)		250		242,409
Series 2014-GC24, Class AAB, 3.65%, 09/10/47 (Call 09/10/24)		149		147,041
Series 2014-GC26, Class A5, 3.63%, 11/10/47 (Call 12/10/24)		1,485		1,429,015
Series 2015-GC30, Class AAB, 3.12%, 05/10/50 (Call 05/10/25)		161		157,272
Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/10/25)^(a)		500		473,010
Series 2015-GC32, Class A3, 3.50%, 07/10/48 (Call 07/10/25)		543		521,142
Series 2015-GC32, Class C, 4.56%, 07/10/48 (Call 07/10/25)^(a)		804		716,726
Series 2015-GC34, Class A4, 3.51%, 10/10/48 (Call 10/10/25)		1,500		1,425,183
Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25)		1,500		1,437,686
Series 2016-GS2, Class A4, 3.05%, 05/10/49 (Call 05/10/26)		1,170		1,098,673
Series 2016-GS3, Class A3, 2.59%, 10/10/49 (Call 10/10/26)		1,291		1,192,802
Series 2016-GS3, Class A4, 2.85%, 10/10/49 (Call 10/10/26)		780		721,891
Series 2016-GS4, Class A4, 3.44%, 11/10/49 (Call 11/10/26)^(a)		39		36,730
Series 2017-GS6, Class B, 3.87%, 05/10/50 (Call 05/10/27)		1,000		861,572
Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 08/10/27)		1,000		920,085
Series 2017-GS7, Class B, 3.88%, 08/10/50 (Call 08/10/27)		500		440,731
Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 03/10/28)^(a)		1,000		951,306
Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 02/10/29)		750		708,020
Series 2019-GC40, Class A4, 3.16%, 07/10/52 (Call 07/10/29)		1,131		1,017,096
Series 2019-GSA1, Class C, 3.93%, 11/10/52 (Call 11/10/29)^(a)		500		388,344
Series 2020-GC45, Class A4, 2.66%, 02/13/53 (Call 01/13/30)		775		671,413
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class A4, 3.65%, 01/15/49 (Call 12/15/25)		1,000		958,466
Series 2015-JP1, Class AS, 4.12%, 01/15/49 (Call 12/15/25)^(a)		750		703,082
Series 2016-JP3, Class AS, 3.14%, 08/15/49 (Call 09/15/26)		1,000		887,153
Series 2016-JP3, Class B, 3.40%, 08/15/49 (Call 09/15/26)^(a)		108		91,575


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, 2023

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class B, 4.70%, 08/15/46 (Call 08/15/23)^(a)	$	500	$	480,872
Series 2013-C15, Class C, 5.34%, 11/15/45 (Call 10/15/23)^(a)		110		106,946
Series 2013-C17, Class C, 5.05%, 01/15/47 (Call 01/15/24)^(a)		100		96,298
Series 2014-C18, Class B, 4.89%, 02/15/47 (Call 01/15/29)^(a)		225		204,157
Series 2014-C19, Class C, 4.80%, 04/15/47 (Call 01/15/25)^(a)		200		187,816
Series 2014-C21, Class ASB, 3.43%, 08/15/47 (Call 07/15/24)		82		80,887
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26)		1,006		976,051
Series 2014-C22, Class C, 4.70%, 09/15/47 (Call 03/15/26)^(a)		200		176,515
Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 02/15/26)		1,144		1,111,882
Series 2014-C25, Class AS, 4.07%, 11/15/47 (Call 11/15/24)		232		222,318
Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)^(a)		185		164,935
Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 09/15/26)		500		468,055
Series 2015-C28, Class A3, 2.91%, 10/15/48 (Call 04/15/25)		666		635,907
Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 03/15/26)		191		186,386
Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 03/15/26)^(a)		250		229,390
Series 2015-C30, Class AS, 4.23%, 07/15/48 (Call 07/15/25)^(a)		635		597,895
Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25)		946		912,728
Series 2015-C33, Class A4, 3.77%, 12/15/48 (Call 11/15/25)		1,000		966,011
Series 2016-C1, Class A5, 3.58%, 03/17/49 (Call 02/15/26)		822		783,458
Series 2016-C1, Class B, 4.89%, 03/17/49 (Call 02/15/26)^(a)		450		411,676
Series 2016-C1, Class C, 4.89%, 03/17/49 (Call 02/15/26)^(a)		400		352,512
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5, Class AS, 3.88%, 03/15/50 (Call 04/15/27)^(a)		650		603,104
Series 2017-JP5, Class ASB, 3.55%, 03/15/50 (Call 04/15/27)		100		96,547
Series 2017-JP6, Class A5, 3.49%, 07/15/50 (Call 06/15/27)		300		279,815
Series 2017-JP6, Class AS, 3.74%, 07/15/50 (Call 06/15/27)		400		368,369
Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 08/15/27)		1,000		933,766
Series 2019-COR5, Class A2, 3.15%, 06/13/52 (Call 06/13/29)		313		305,277
Series 2019-COR5, Class A4, 3.39%, 06/13/52 (Call 06/13/29)		1,200		1,094,899
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class A4, 3.14%, 06/15/49 (Call 05/15/26)		1,000		941,028


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/15/26)^(a)	$	750	$	640,440
Series 2017-C5, Class A5, 3.69%, 03/15/50 (Call 04/15/27)		1,100		1,038,733
Series 2017-C7, Class A5, 3.41%, 10/15/50 (Call 11/15/27)		1,050		977,110
Series 2018-C8, Class A3, 3.94%, 06/15/51 (Call 06/15/28)		561		536,046
Series 2019-COR6, Class A4, 3.06%, 11/13/52 (Call 11/13/29)		955		836,716
Series 2020-COR7, Class A5, 2.18%, 05/13/53 (Call 04/13/30)		539		449,913
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-C13, Class A4, 3.99%, 01/15/46 (Call 07/15/23)^(a)		57		56,825
Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/15/24)^(a)		100		91,862
Series 2015-JP1, Class A5, 3.91%, 01/15/49 (Call 12/15/25)		1,462		1,405,809
Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/15/26)		700		635,787
Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 04/15/27)^(a)		1,090		1,032,931
Morgan Stanley Bank of America Merrill Lynch Trust 2.60%, 09/15/49 (Call 10/15/26)		737		681,195
Series 2013-C11, Class A3, 3.96%, 08/15/46 (Call 08/15/23)		196		195,578
Series 2013-C13, Class C, 5.05%, 11/15/46 (Call 11/15/28)^(a)		230		223,987
Series 2014-C14, Class B, 5.04%, 02/15/47 (Call 02/15/24)^(a)		200		196,391
Series 2014-C15, Class ASB, 3.65%, 04/15/47 (Call 04/15/24)		40		39,209
Series 2014-C18, Class A3, 3.65%, 10/15/47 (Call 07/15/26)		329		319,865
Series 2014-C18, Class A4, 3.92%, 10/15/47 (Call 07/15/26)		1,150		1,117,555
Series 2015-C20, Class AS, 3.61%, 02/15/48 (Call 11/15/26)		500		474,408
Series 2015-C21, Class A4, 3.34%, 03/15/48 (Call 03/15/31)		901		863,620
Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)		1,000		956,429
Series 2015-C22, Class C, 4.34%, 04/15/48 (Call 04/15/25)^(a)		250		218,631
Series 2015-C23, Class A3, 3.45%, 07/15/50 (Call 06/15/25)		717		687,679
Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25)		1,000		962,285
Series 2015-C24, Class A3, 3.48%, 05/15/48 (Call 08/15/25)		308		295,476
Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 08/15/25)		950		914,543
Series 2015-C25, Class ASB, 3.38%, 10/15/48 (Call 09/15/25)		260		251,917
Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 02/15/28)		1,000		952,453
Series 2016-C30, Class A5, 2.86%, 09/15/49 (Call 10/15/26)		500		462,780
Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 11/15/26)		1,250		1,164,081
Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 01/15/27)		1,000		948,532


16		2 0 2 3 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, 2023

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2016-C32, Class ASB, 3.51%, 12/15/49 (Call 01/15/27)	$	233	$	224,477
Series 2017-C33, Class A5, 3.60%, 05/15/50 (Call 05/15/27)		1,100		1,035,970
Series 2017-C34, Class A4, 3.54%, 11/15/52 (Call 10/15/27)		1,000		934,926
Series 2017-C34, Class AS, 3.86%, 11/15/52 (Call 10/15/27)		500		455,147
Morgan Stanley Capital I Trust
Series 2015-MS1, Class A4, 3.78%, 05/15/48 (Call 07/15/25)^(a)		500		482,006
Series 2015-UBS8, Class AS, 4.11%, 12/15/48 (Call 12/15/25)		250		229,767
Series 2016-UB11, Class A4, 2.78%, 08/15/49 (Call 08/15/26)		1,275		1,177,199
Series 2016-UB12, Class A3, 3.34%, 12/15/49 (Call 12/15/26)		983		925,541
Series 2016-UB12, Class A4, 3.60%, 12/15/49 (Call 12/15/26)		1,500		1,417,030
Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 06/15/27)		1,000		934,607
Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 07/15/28)		500		474,513
Series 2019-H7, Class A4, 3.26%, 07/15/52 (Call 07/15/29)		1,000		902,699
Series 2020-HR8, Class A4, 2.04%, 07/15/53 (Call 08/15/30)		1,120		920,661
Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30)		1,500		1,296,735
Series 2021-L5, Class ASB, 2.43%, 05/15/54 (Call 05/15/31)		145		127,058
Series 2021-L6, Class A2, 2.13%, 06/15/54 (Call 07/15/31)^(a)		1,500		1,349,668
Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31)		2,000		1,665,359
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48 (Call 07/10/26)		1,000		923,402
UBS Commercial Mortgage Trust
Series 2017-C2, Class A4, 3.49%, 08/15/50 (Call 08/15/27)		1,000		935,459
Series 2017-C6, Class AS, 3.93%, 12/15/50 (Call 12/15/27)^(a)		500		459,633
Series 2017-C7, Class A4, 3.68%, 12/15/50 (Call 01/15/33)		1,000		934,856
Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)		1,325		1,259,262
Series 2018-C15, Class B, 4.92%, 12/15/51 (Call 01/15/29)^(a)		750		686,909
Series 2019-C16, Class AS, 3.89%, 04/15/52 (Call 04/15/29)		1,592		1,396,418
Series 2019-C17, Class A4, 2.92%, 10/15/52 (Call 10/15/29)		1,000		882,577
Wells Fargo Commercial Mortgage Trust 2.65%, 08/15/49 (Call 08/15/26)		1,000		921,416
2.96%, 10/15/52 (Call 10/15/29)		900		836,483
4.00%, 04/15/55 (Call 04/15/32)^(a)		500		463,442
4.15%, 08/15/51 (Call 08/15/28)		623		596,399
Series 2013-LC12, Class AS, 4.43%, 07/15/46 (Call 07/15/23)^(a)		473		457,803
Series 2015-C26, Class AS, 3.58%, 02/15/48 (Call 02/15/25)		820		779,511
Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 03/15/25)		1,000		960,178
Series 2015-C27, Class B, 4.14%, 02/15/48 (Call 03/15/25)^(a)		330		272,313
Series 2015-C28, Class A4, 3.54%, 05/15/48 (Call 05/15/25)		500		479,901


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2015-C28, Class AS, 3.87%, 05/15/48 (Call 05/15/25)^(a)	$	250	$	238,004
Series 2015-C30, Class A4, 3.66%, 09/15/58 (Call 08/15/25)		1,817		1,745,410
Series 2015-C30, Class ASB, 3.41%, 09/15/58 (Call 08/15/25)		215		209,832
Series 2015-C31, Class A4, 3.70%, 11/15/48 (Call 11/15/25)		500		479,189
Series 2015-C31, Class B, 4.48%, 11/15/48 (Call 11/15/25)^(a)		1,000		904,193
Series 2015-C31, Class C, 4.75%, 11/15/48 (Call 11/15/25)^(a)		450		400,105
Series 2015-LC20, Class B, 3.72%, 04/15/50 (Call 04/15/25)		750		693,428
Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25)		1,000		962,674
Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (Call 07/15/25)^(a)		750		722,626
Series 2016-C32, Class ASB, 3.32%, 01/15/59 (Call 01/15/26)		587		569,567
Series 2016-C33, Class A4, 3.43%, 03/15/59 (Call 04/15/26)		1,000		948,792
Series 2016-C34, Class A4, 3.10%, 06/15/49 (Call 05/15/26)		1,000		939,358
Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/15/26)		500		447,929
Series 2016-LC24, Class A4, 2.94%, 10/15/49 (Call 09/15/26)		1,680		1,561,290
Series 2016-LC25, Class B, 4.49%, 12/15/59 (Call 11/15/26)^(a)		198		177,391
Series 2016-NXS4, Class A4, 3.72%, 12/15/48 (Call 11/15/25)		1,920		1,841,322
Series 2016-NXS6, Class B, 3.81%, 11/15/49 (Call 10/15/26)		500		437,392
Series 2017-C38, Class A4, 3.19%, 07/15/50 (Call 06/15/27)		483		449,691
Series 2017-C38, Class A5, 3.45%, 07/15/50 (Call 06/15/27)		1,000		933,917
Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 08/15/27)		2,500		2,330,740
Series 2017-C39, Class ASB, 3.21%, 09/15/50 (Call 08/15/27)		842		807,900
Series 2017-C39, Class C, 4.12%, 09/15/50 (Call 08/15/27)		500		423,143
Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27)		1,250		1,159,278
Series 2017-C42, Class B, 4.00%, 12/15/50 (Call 12/15/27)^(a)		500		441,501
Series 2018-C44, Class A4, 3.95%, 05/15/51 (Call 05/15/28)		1,250		1,186,688
Series 2018-C45, Class AS, 4.41%, 06/15/51 (Call 07/15/28)^(a)		350		327,945
Series 2018-C46, Class AS, 4.38%, 08/15/51 (Call 08/15/28)		500		466,398
Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 10/15/28)		1,250		1,213,073
Series 2018-C48, Class A5, 4.30%, 01/15/52 (Call 12/15/28)		1,010		972,031
Series 2019-C49, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		1,625		1,539,660


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, 2023

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2019-C49, Class C, 4.87%, 03/15/52 (Call 02/15/29)^(a)	$	665	$	560,989
Series 2019-C50, Class A5, 3.73%, 05/15/52 (Call 05/15/29)		750		697,436
Series 2019-C50, Class AS, 4.02%, 05/15/52 (Call 05/15/29)		1,000		899,318
Series 2019-C51, Class AS, 3.58%, 06/15/52 (Call 06/15/29)		492		433,470
Series 2019-C53, Class A4, 3.04%, 10/15/52 (Call 10/15/29)		1,400		1,242,508
Series 2020-C55, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		1,000		866,549
Series 2020-C56, Class ASB, 2.42%, 06/15/53 (Call 04/15/30)		500		446,658
Series 2020-C56, Class B, 3.86%, 06/15/53 (Call 04/15/30)^(a)		345		275,014
Series 2020-C56, Class C, 3.86%, 06/15/53 (Call 04/15/30)^(a)		800		570,741
Series 2020-C57, Class A4, 2.12%, 08/15/53 (Call 08/15/30)		919		763,012
Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30)		1,000		815,301
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		2,000		1,682,680
Series 2021-C59, Class ASB, 2.30%, 04/15/54 (Call 04/15/31)		459		409,222
WFRBS Commercial Mortgage Trust
Series 2012-C10, Class AS, 3.24%, 12/15/45 (Call 05/15/23)		70		66,339
Series 2013-C13, Class C, 3.91%, 05/15/45 (Call 05/15/23)^(a)		110		106,828
Series 2013-C14, Class B, 3.84%, 06/15/46 (Call 06/15/23)^(a)		500		431,155
Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/15/24)^(a)		300		289,438
Series 2014-C22, Class A4, 3.49%, 09/15/57 (Call 09/15/24)		909		880,694
Series 2014-C22, Class A5, 3.75%, 09/15/57 (Call 09/15/24)		400		386,557
Series 2014-C22, Class AS, 4.07%, 09/15/57 (Call 09/15/24)^(a)		480		456,208
Series 2014-C24, Class A5, 3.61%, 11/15/47 (Call 11/15/24)		100		96,474
Series 2014-C25, Class A5, 3.63%, 11/15/47 (Call 12/15/24)		1,050		1,014,227
Series 2014-LC14, Class A5, 4.05%, 03/15/47 (Call 02/15/24)		950		938,165

				298,746,085


Total Collaterized Mortgage Obligations — 58.6% (Cost: $336,720,839)				298,746,085


U.S. Government Agency Obligations

Mortgage-Backed Securities — 41.0%
Federal National Mortgage Association
Series 2013-M6, Class 1A2, 3.45%, 02/25/43^(a)		292		281,306
Series 2014-M11, Class 1A, 3.19%, 08/25/24^(a)		437		428,406
Series 2014-M11, Class 2A, 3.40%, 08/25/26^(a)		554		538,660
Series 2014-M13, Class A2, 3.02%, 08/25/24^(a)		95		92,884


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series 2014-M3, Class A2, 3.50%, 01/25/24^(a)	$	195	$	192,459
Series 2014-M4, Class A2, 3.35%, 03/25/24^(a)		286		283,863
Series 2015-M1, Class A2, 2.53%, 09/25/24		499		486,211
Series 2015-M11, Class A2, 2.95%, 04/25/25^(a)		714		693,344
Series 2015-M13, Class A2, 2.79%, 06/25/25^(a)		676		652,766
Series 2015-M2, Class A, 2.62%, 12/25/24		320		310,556
Series 2015-M8, Class A2, 2.90%, 01/25/25^(a)		1,080		1,052,041
Series 2016-M6, Class A2, 2.49%, 05/25/26		272		258,209
Series 2016-M9, Class A2, 2.29%, 06/25/26		1,960		1,852,615
Series 2017, Class A2, 3.06%, 09/25/27^(a)		928		888,653
Series 2017-M11, Class A2, 2.98%, 08/25/29		999		936,921
Series 2017-M15, Class AV2, 2.65%, 11/25/24^(a)		594		580,303
Series 2017-M3, Class A2, 2.55%, 12/25/26^(a)		641		605,766
Series 2017-M4, Class A2, 2.64%, 12/25/26^(a)		707		669,627
Series 2017-M7, Class A2, 2.96%, 02/25/27^(a)		889		852,173
Series 2017-M8, Class A2, 3.06%, 05/25/27^(a)		2,018		1,938,118
Series 2018-M1, Class A2, 3.09%, 12/25/27^(a)		705		673,777
Series 2018-M10, Class A2, 3.47%, 07/25/28^(a)		2,382		2,308,118
Series 2018-M13, Class A2, 3.87%, 09/25/30^(a)		79		77,434
Series 2018-M7, Class A2, 3.13%, 03/25/28^(a)		735		702,990
Series 2019-M1, Class A2, 3.67%, 09/25/28^(a)		2,645		2,577,337
Series 2019-M2, Class A2, 3.75%, 11/25/28^(a)		1,824		1,782,501
Series 2019-M4, Class A2, 3.61%, 02/25/31		1,223		1,176,481
Series 2019-M5, Class A2, 3.27%, 02/25/29		2,412		2,307,679
Series 2019-M7, Class A2, 3.14%, 04/25/29		2,489		2,357,850
Series 2019-M9, Class A2, 2.94%, 06/25/29		3,179		2,988,564
Series 2020-M5, Class A2, 2.21%, 01/25/30		2,312		2,059,261
Series 2021-M17, Class A2, 1.71%, 07/25/31^(a)		2,000		1,654,420
Series 2022-M1, Class A2, 1.72%, 10/25/31^(a)		2,000		1,638,393
Freddie Mac Multifamily Structured Pass Through Certificates
1.31%, 05/25/30 (Call 06/25/30)		1,000		826,924
2.03%, 09/25/28 (Call 10/25/28)		1,150		1,032,177
2.12%, 03/25/29 (Call 09/25/29)^(a)		1,000		895,682
2.25%, 01/25/32 (Call 02/25/32)		165		141,614
2.45%, 04/25/32 (Call 05/25/32)		1,000		870,055
2.92%, 06/25/32 (Call 07/25/32)		2,650		2,394,354
3.00%, 06/25/32 (Call 06/25/32)^(a)		2,500		2,273,069
3.50%, 07/25/32 (Call 08/25/32)^(a)		2,000		1,892,642
Class A1, 2.55%, 05/25/31 (Call 02/25/32)		2,245		2,060,596
Class A2, 2.25%, 02/25/32 (Call 02/25/32)		2,500		2,145,281
Series K039, Class A2, 3.30%, 07/25/24 (Call 08/25/24)		263		257,428
Series K040, Class A2, 3.24%, 09/25/24 (Call 10/25/24)		620		605,226
Series K041, Class A2, 3.17%, 10/25/24 (Call 11/25/24)		1,250		1,220,792
Series K043, Class A2, 3.06%, 12/25/24 (Call 01/25/25)		1,000		974,234
Series K044, Class A2, 2.81%, 01/25/25 (Call 01/25/25)		823		798,186
Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25)		1,785		1,738,640
Series K047, Class A2, 3.33%, 05/25/25 (Call 05/25/25)^(a)		2,000		1,952,175
Series K048, Class A1, 2.69%, 12/25/24 (Call 08/25/25)		131		127,768
Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)^(a)		1,000		975,367
Series K049, Class A2, 3.01%, 07/25/25 (Call 08/25/25)		1,800		1,745,171
Series K050, Class A2, 3.33%, 08/25/25 (Call 10/25/25)^(a)		2,000		1,950,818
Series K051, Class A2, 3.31%, 09/25/25 (Call 10/25/25)		630		613,965
Series K052, Class A2, 3.15%, 11/25/25 (Call 01/25/26)		1,800		1,747,171
Series K054, Class A2, 2.75%, 01/25/26 (Call 02/25/26)		700		671,925
Series K055, Class A2, 2.67%, 03/25/26 (Call 04/25/26)		500		478,394
Series K056, Class A1, 2.20%, 07/25/25 (Call 06/25/26)		119		115,196
Series K057, Class A2, 2.57%, 07/25/26 (Call 08/25/26)		725		690,261
Series K058, Class A2, 2.65%, 08/25/26 (Call 09/25/26)		1,527		1,453,272
Series K059, Class A2, 3.12%, 09/25/26 (Call 10/25/26)^(a)		1,780		1,718,574
Series K060, Class A2, 3.30%, 10/25/26 (Call 12/25/26)		1,046		1,015,075


18		2 0 2 3 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, 2023

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K061, Class A2, 3.35%, 11/25/26 (Call 12/25/26)^(a)	$	1,300	$	1,263,233
Series K062, Class A2, 3.41%, 12/25/26 (Call 01/25/27)		1,000		972,897
Series K063, Class A2, 3.43%, 01/25/27 (Call 02/25/27)^(a)		1,345		1,309,299
Series K064, Class A1, 2.89%, 10/25/26 (Call 05/25/27)		581		562,832
Series K064, Class A2, 3.22%, 03/25/27 (Call 05/25/27)		325		313,896
Series K065, Class A2, 3.24%, 04/25/27 (Call 07/25/27)		1,285		1,241,185
Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27)		675		656,310
Series K067, Class A2, 3.19%, 07/25/27 (Call 09/25/27)		1,600		1,540,400
Series K068, Class A2, 3.24%, 08/25/27 (Call 10/25/27)		1,397		1,346,801
Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)^(a)		1,000		961,810
Series K070, Class A2, 3.30%, 11/25/27 (Call 12/25/27)^(a)		1,541		1,487,875
Series K071, Class A2, 3.29%, 11/25/27 (Call 02/25/28)		1,500		1,447,054
Series K073, Class A2, 3.35%, 01/25/28 (Call 10/25/28)		1,000		966,750
Series K074, Class A1, 3.60%, 09/25/27 (Call 07/25/28)		430		421,204
Series K075, Class A2, 3.65%, 02/25/28 (Call 05/25/28)^(a)		1,000		978,988
Series K076, Class A1, 3.73%, 12/25/27 (Call 05/25/28)		945		929,350
Series K077, Class A2, 3.85%, 05/25/28 (Call 05/25/28)^(a)		1,000		987,690
Series K078, Class A2, 3.85%, 06/25/28 (Call 10/25/28)		1,640		1,620,212
Series K079, Class A2, 3.93%, 06/25/28 (Call 07/25/28)		2,100		2,081,319
Series K080, Class A2, 3.93%, 07/25/28 (Call 08/25/28)^(a)		1,700		1,684,836
Series K081, Class A2, 3.90%, 08/25/28 (Call 12/25/28)^(a)		1,500		1,484,708
Series K082, Class A2, 3.92%, 09/25/28 (Call 10/25/28)^(a)		2,310		2,287,597
Series K083, Class A2, 4.05%, 09/25/28 (Call 10/25/28)^(a)		1,100		1,096,104
Series K084, Class A2, 3.78%, 10/25/28 (Call 11/25/28)^(a)		1,000		979,277
Series K085, Class A2, 4.06%, 10/25/28 (Call 11/25/28)^(a)		2,000		1,985,289
Series K086, Class A2, 3.86%, 11/25/28 (Call 11/25/28)^(a)		1,725		1,702,212
Series K087, Class A2, 3.77%, 12/25/28 (Call 01/25/29)		1,571		1,543,357
Series K088, Class A1, 3.48%, 09/25/28 (Call 04/25/29)		306		299,535
Series K088, Class A2, 3.69%, 01/25/29 (Call 04/25/29)		2,010		1,965,363
Series K089, Class A1, 3.34%, 10/25/28 (Call 04/25/29)		2,213		2,152,836
Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29)		1,400		1,359,899
Series K090, Class A2, 3.42%, 02/25/29 (Call 10/25/29)		1,000		963,984
Series K091, Class A2, 3.51%, 03/25/29 (Call 10/25/29)		2,017		1,952,604
Series K092, Class A2, 3.30%, 04/25/29 (Call 07/25/29)		1,010		965,905
Series K094, Class A2, 2.90%, 06/25/29 (Call 11/25/29)		420		392,181
Series K095, Class A2, 2.79%, 06/25/29 (Call 01/25/30)		675		626,058
Series K096, Class A2, 2.52%, 07/25/29 (Call 07/25/29)		1,215		1,108,100
Series K097, Class A1, 2.16%, 05/25/29 (Call 12/25/29)		949		883,297
Series K098, Class A2, 2.43%, 08/25/29 (Call 08/25/29)		500		452,776
Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29)		1,000		917,203
Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30)		250		227,032
Series K102, Class A1, 2.18%, 05/25/29 (Call 04/25/30)		925		860,798
Series K103, Class A2, 2.65%, 11/25/29 (Call 06/25/30)		1,220		1,115,271
Series K104, Class A2, 2.25%, 01/25/30 (Call 07/25/30)		2,005		1,784,763
Series K105, Class A2, 1.87%, 01/25/30 (Call 06/25/30)		1,485		1,287,371
Series K106, Class A1, 1.78%, 10/25/29 (Call 02/25/30)		1,446		1,305,375
Series K106, Class A2, 2.07%, 01/25/30 (Call 02/25/30)		2,250		1,975,060
Series K107, Class A2, 1.64%, 01/25/30 (Call 02/25/30)		1,250		1,068,270
Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30)		2,153		1,819,287
Series K109, Class A2, 1.56%, 04/25/30 (Call 04/25/30)		3,000		2,534,281
Series K110, Class A1, 1.02%, 09/25/29 (Call 05/25/30)		971		842,321
Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30)		1,640		1,379,213
Series K111, Class A2, 1.35%, 05/25/30 (Call 07/25/30)		1,500		1,245,389
Series K114, Class A2, 1.37%, 06/25/30 (Call 06/25/30)		760		628,974
Series K115, Class A2, 1.38%, 06/25/30 (Call 07/25/30)		2,500		2,071,587
Series K116, Class A2, 1.38%, 07/25/30 (Call 09/25/30)		2,000		1,653,350
Series K117, Class A2, 1.41%, 08/25/30 (Call 10/25/30)		1,500		1,240,020
Series K118, Class A1, 0.79%, 03/25/30 (Call 09/25/30)		1,881		1,624,695
Series K118, Class A2, 1.49%, 09/25/30 (Call 09/25/30)		2,500		2,076,659
Series K119, Class A2, 1.57%, 09/25/30 (Call 10/25/30)		1,000		834,632


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
Series K120, Class A2, 1.50%, 10/25/30 (Call 10/25/30)	$	3,200	$	2,651,724
Series K121, Class A2, 1.55%, 10/25/30 (Call 03/25/31)		1,500		1,246,280
Series K123, Class A2, 1.62%, 12/25/30 (Call 01/25/31)		600		500,439
Series K124, Class A2, 1.66%, 12/25/30 (Call 01/25/31)		2,300		1,921,119
Series K125, Class A2, 1.85%, 01/25/31 (Call 01/25/31)		2,000		1,692,847
Series K126, Class A2, 2.07%, 01/25/31 (Call 05/25/31)		2,616		2,253,574
Series K127, Class A2, 2.11%, 01/25/31 (Call 02/25/31)		2,740		2,364,158
Series K128, Class A2, 2.02%, 03/25/31 (Call 03/25/31)		1,000		856,823
Series K130, Class A2, 1.72%, 06/25/31 (Call 07/25/31)		2,500		2,080,277
Series K131, Class A2, 1.85%, 07/25/31 (Call 09/25/31)		1,000		839,794
Series K132, Class A2, 2.02%, 08/25/31 (Call 12/25/31)		1,000		847,753
Series K133, Class A2, 2.10%, 09/25/31 (Call 10/25/31)		1,000		851,749
Series K135, Class A1, 1.61%, 10/25/30 (Call 11/25/31)		1,203		1,057,840
Series K135, CLASS A2, 2.15%, 10/25/31 (Call 11/25/31)^(a)		2,800		2,395,045
Series K136, Class A2, 2.13%, 11/25/31 (Call 12/25/31)		2,000		1,704,138
Series K139, Class A2, 2.59%, 01/25/32 (Call 02/25/32)^(a)		2,000		1,766,201
Series K142, Class A2, 2.40%, 03/25/32 (Call 03/25/32)		1,000		867,649
Series K150, 3.71%, 09/25/32 (Call 10/25/32)^(a)		2,000		1,923,520
Series K1510, Class A2, 3.72%, 01/25/31 (Call 01/25/34)		250		242,197
Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34)		500		479,771
Series K-1511, Class A2, 3.47%, 03/25/31 (Call 04/25/34)		1,000		950,500
Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34)		730		672,203
Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34)		450		400,418
Series K-1513, Class A3, 2.80%, 08/25/34 (Call 12/25/34)		1,015		877,945
Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)		1,000		862,758
Series K-1516, Class A2, 1.72%, 05/25/35 (Call 10/25/35)		1,825		1,386,436
Series K-1517, Class A2, 1.72%, 07/25/35 (Call 08/25/35)		500		382,229
Series K-1518, Class A2, 1.86%, 10/25/35 (Call 10/25/35)		1,500		1,150,475
Series K152, Class A1, 2.83%, 05/25/30 (Call 04/25/31)		1,100		1,041,586
Series K152, Class A2, 3.08%, 01/25/31 (Call 04/25/31)		250		232,417
Series K-1520, Class A2, 2.44%, 02/25/36 (Call 04/25/36)		1,000		813,276
Series K-1521, Class A2, 2.18%, 08/25/36 (Call 09/25/36)		1,000		782,276
Series K153, Class A3, 3.12%, 10/25/31 (Call 02/25/32)^(a)		500		462,400
Series K154, Class A3, 3.46%, 11/25/32 (Call 12/25/32)		1,345		1,266,927
Series K155, Class A1, 3.75%, 11/25/29 (Call 05/25/33)		453		445,583
Series K156, Class A3, 3.70%, 06/25/33 (Call 07/25/33)^(a)		500		479,298
Series K157, Class A2, 3.99%, 05/25/33 (Call 09/25/33)^(a)		1,826		1,809,508
Series K159, Class A1, 3.95%, 12/25/29 (Call 11/25/33)		1,468		1,452,431
Series K159, Class A2, 3.95%, 11/25/30 (Call 11/25/33)^(a)		833		821,478
Series K159, Class A3, 3.95%, 11/25/33 (Call 11/25/33)^(a)		1,000		974,621
Series K727, Class A2, 2.95%, 07/25/24 (Call 10/25/24)		858		840,767
Series K728, Class A2, 3.06%, 08/25/24 (Call 11/25/24)^(a)		970		949,499
Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24)		67		67,470
Series K729, Class A2, 3.14%, 10/25/24 (Call 11/25/24)		1,250		1,221,277
Series K730, Class A2, 3.59%, 01/25/25 (Call 02/25/25)^(a)		1,920		1,881,930
Series K731, Class A2, 3.60%, 02/25/25 (Call 05/25/25)^(a)		937		918,566
Series K734, Class A2, 3.21%, 02/25/26 (Call 07/25/26)		1,000		969,790
Series K735, Class A2, 2.86%, 05/25/26 (Call 06/25/26)		495		475,323
Series K737, Class AM, 2.10%, 10/25/26 (Call 12/25/26)		300		278,575
Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27)		2,150		1,919,496
Series K740, Class A2, 1.47%, 09/25/27 (Call 10/25/27)		2,400		2,143,309
Series K741, Class A2, 1.60%, 12/25/27 (Call 12/25/27)		1,120		1,001,563
Series K742, Class A2, 1.76%, 03/25/28 (Call 04/25/28)		1,000		896,982
Series K742, Class AM, 1.37%, 04/25/28 (Call 04/25/28)		1,400		1,219,779
Series K745, Class A2, 1.66%, 08/25/28 (Call 09/25/28)		1,000		881,670


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) (continued)

April 30, 2023

iShares^® CMBS ETF

(Percentages shown are based on Net Assets)


Security	Par/ Shares (000)		Value

Mortgage-Backed Securities (continued)
Series KS03, Class A4, 3.16%, 05/25/25 (Call 08/25/25)^(a)	$	1,000	$	974,699


				209,196,650


Total U.S. Government Agency Obligations — 41.0% (Cost: $230,119,908)				209,196,650


Total Long-Term Investments — 99.6% (Cost: $566,840,747)				507,942,735


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(b)(c)		2,380		2,380,000


Total Short-Term Securities — 0.5% (Cost: $2,380,000)				2,380,000


Total Investments — 100.1% (Cost: $569,220,747)				510,322,735

Liabilities in Excess of Other Assets — (0.1)%				(473,079	)


Net Assets — 100.0%			$	509,849,656

^(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 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,600,000	$	780,000	^(a)	$	—	$	—	$	—	$	2,380,000		2,380	$	53,810	$	1

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Collaterized Mortgage Obligations	$	—	$	298,746,085	$	—	$	298,746,085
U.S. Government Agency Obligations		—		209,196,650		—		209,196,650
Short-Term Securities
Money Market Funds		2,380,000		—		—		2,380,000

	$	2,380,000	$	507,942,735	$	—	$	510,322,735

See notes to financial statements.


20		2 0 2 3 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, 2023

iShares^® GNMA Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Agency Obligations

Mortgage-Backed Securities — 100.5%
Government National Mortgage Association
1.50%, 10/20/51	$	444	$	357,519
2.00%, 07/20/50		40		34,363
2.00%, 08/20/50		812		697,901
2.00%, 09/20/50		7,477		6,427,231
2.00%, 01/20/51		2,233		1,916,899
2.00%, 02/20/51		13,950		11,988,293
2.00%, 03/20/51		6,803		5,836,807
2.00%, 10/20/51		2,065		1,767,857
2.00%, 12/20/51		29,475		25,223,581
2.00%, 01/20/52		6,827		5,847,683
2.00%, 04/20/52		1,390		1,188,585
2.00%, 05/20/52		988		844,832
2.50%, 01/15/28		3		3,371
2.50%, 02/20/28		5		4,720
2.50%, 01/20/31		87		82,665
2.50%, 07/20/35		1,321		1,226,400
2.50%, 04/20/43		13		12,064
2.50%, 12/20/46		1,233		1,108,500
2.50%, 01/20/47		119		106,871
2.50%, 06/20/50		3,300		2,921,216
2.50%, 08/20/50		10,780		9,542,547
2.50%, 09/20/50		3,969		3,513,040
2.50%, 01/20/51		3,425		3,043,060
2.50%, 02/20/51		3,910		3,469,779
2.50%, 05/20/51		9,982		8,849,502
2.50%, 07/20/51		14,077		12,470,963
2.50%, 08/20/51		10,433		9,239,469
2.50%, 09/20/51		6,203		5,491,520
2.50%, 12/20/51		6,477		5,729,526
2.50%, 02/20/52		1,872		1,655,104
2.50%, 05/18/53^(a)		500		441,748
3.00%, 07/15/27		3		2,725
3.00%, 09/15/27		6		5,356
3.00%, 01/20/31		109		104,464
3.00%, 07/20/31		173		166,028
3.00%, 02/20/32		137		131,115
3.00%, 09/15/42		5		4,525
3.00%, 10/15/42		34		31,624
3.00%, 01/20/43		324		302,423
3.00%, 07/15/43		57		53,219
3.00%, 09/20/43		671		625,808
3.00%, 01/15/44		1,816		1,686,253
3.00%, 08/20/44		374		348,797
3.00%, 05/20/45		265		246,425
3.00%, 07/20/45		73		68,137
3.00%, 10/20/45		118		109,656
3.00%, 12/20/45		1,469		1,365,185
3.00%, 01/20/46		474		440,811
3.00%, 02/20/46		493		458,334
3.00%, 03/20/46		1,826		1,695,063
3.00%, 04/20/46		1,211		1,123,893
3.00%, 05/20/46		1,538		1,430,253
3.00%, 06/20/46		543		504,742
3.00%, 08/20/46		3,547		3,291,908
3.00%, 09/20/46		2,335		2,166,975
3.00%, 12/15/46		135		124,904
3.00%, 12/20/46		408		378,779


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.00%, 02/15/47	$	162	$	148,833
3.00%, 02/20/47		461		427,567
3.00%, 06/20/47		54		50,188
3.00%, 07/20/47		928		859,726
3.00%, 10/20/47		305		282,285
3.00%, 02/20/48		43		39,538
3.00%, 04/20/49		1,884		1,746,056
3.00%, 07/20/49		387		357,420
3.00%, 09/20/49		30		27,752
3.00%, 10/15/49		797		732,286
3.00%, 11/20/49		1,161		1,071,023
3.00%, 04/20/50		8,182		7,534,197
3.00%, 07/20/50		10,609		9,773,163
3.00%, 08/20/50		2,891		2,660,225
3.00%, 09/20/50		647		595,223
3.00%, 09/20/51		2,225		2,040,351
3.00%, 10/20/51		1,234		1,131,108
3.00%, 11/20/51		2,088		1,912,970
3.00%, 07/20/52		473		431,606
3.00%, 10/20/52		3,628		3,315,139
3.50%, 02/15/26		1		1,361
3.50%, 11/15/26		1		1,122
3.50%, 02/20/27		4		3,518
3.50%, 01/20/31		36		35,228
3.50%, 07/20/32		96		92,994
3.50%, 09/15/41		4		3,867
3.50%, 06/20/42		2,682		2,510,034
3.50%, 09/15/42		9		8,556
3.50%, 09/20/42		113		108,924
3.50%, 10/15/42		4		4,060
3.50%, 10/20/42		266		256,185
3.50%, 11/15/42		22		21,261
3.50%, 11/20/42		877		842,870
3.50%, 12/20/42		93		89,703
3.50%, 02/20/43		736		706,582
3.50%, 03/15/43		33		30,997
3.50%, 05/15/43		30		28,586
3.50%, 06/15/43		121		116,414
3.50%, 04/20/45		258		246,204
3.50%, 06/20/45		96		91,735
3.50%, 09/20/45		2,838		2,713,636
3.50%, 11/20/45		10		9,853
3.50%, 12/20/45		71		67,870
3.50%, 03/20/46		362		345,674
3.50%, 04/20/46		57		54,023
3.50%, 06/20/46		549		523,068
3.50%, 07/20/46		3,242		3,089,169
3.50%, 11/20/46		10		9,278
3.50%, 12/20/46		136		129,928
3.50%, 01/20/47		49		46,456
3.50%, 02/20/47		120		114,714
3.50%, 03/20/47		244		232,710
3.50%, 04/20/47		1,051		999,543
3.50%, 08/20/47		492		467,486
3.50%, 09/20/47		924		879,590
3.50%, 10/20/47		5,336		5,081,944
3.50%, 12/15/47		468		443,913
3.50%, 12/20/47		559		532,903
3.50%, 01/20/48		16		15,592
3.50%, 02/20/48		1,277		1,215,530


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, 2023

iShares^® GNMA Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
3.50%, 04/20/48	$	102	$	97,717
3.50%, 05/20/48		318		302,870
3.50%, 09/20/48		34		32,537
3.50%, 11/20/48		658		626,465
3.50%, 03/20/49		7,708		7,333,553
3.50%, 09/20/49		205		194,776
3.50%, 10/20/49		249		236,901
3.50%, 04/20/50		5,985		5,679,715
3.50%, 05/20/50		373		354,278
3.50%, 06/20/50		582		549,273
3.50%, 02/20/52		3,272		3,083,349
3.50%, 08/20/52		377		353,526
4.00%, 03/20/26		1		1,082
4.00%, 07/20/26		1		881
4.00%, 02/15/41		6		5,506
4.00%, 03/15/41		5		4,513
4.00%, 04/15/41		22		21,717
4.00%, 05/15/41		6		5,784
4.00%, 12/15/41		7		6,569
4.00%, 01/15/42		5		4,661
4.00%, 02/15/42		16		15,895
4.00%, 03/15/42		37		35,765
4.00%, 05/15/42		8		8,167
4.00%, 08/15/42		8		7,798
4.00%, 09/20/42		197		189,781
4.00%, 04/15/44		28		27,615
4.00%, 05/15/44		39		37,826
4.00%, 08/20/44		24		23,235
4.00%, 10/20/44		256		251,242
4.00%, 03/20/45		1,036		1,017,140
4.00%, 08/15/45		2,956		2,871,284
4.00%, 08/20/45		404		396,082
4.00%, 09/20/45		6,263		6,134,125
4.00%, 10/20/45		5		4,928
4.00%, 01/20/46		8		8,299
4.00%, 03/20/46		98		96,342
4.00%, 07/20/46		10		9,271
4.00%, 09/20/46		286		278,968
4.00%, 11/20/46		110		106,892
4.00%, 12/15/46		19		18,114
4.00%, 05/20/47		28		27,455
4.00%, 06/20/47		1,619		1,579,563
4.00%, 07/20/47		329		320,558
4.00%, 08/20/47		6		6,066
4.00%, 11/20/47		97		94,754
4.00%, 03/20/48		62		60,461
4.00%, 04/20/48		439		427,078
4.00%, 05/20/48		3,303		3,213,588
4.00%, 06/20/48		1,184		1,151,579
4.00%, 07/20/48		351		341,682
4.00%, 11/20/48		3,927		3,821,086
4.00%, 09/15/49		187		181,690
4.00%, 01/20/50		470		457,305
4.00%, 02/20/50		10		9,951
4.00%, 09/20/52		1,180		1,133,732
4.00%, 12/20/52		569		546,991
4.00%, 05/18/53^(a)		1,625		1,560,666
4.50%, 07/20/24		0		348
4.50%, 08/15/39		81		80,801
4.50%, 07/15/40		17		16,921


Security	Par (000)		Value

Mortgage-Backed Securities (continued)
4.50%, 08/15/40	$	31	$	30,879
4.50%, 07/20/41		1,431		1,443,517
4.50%, 11/20/45		185		185,038
4.50%, 08/20/46		313		314,515
4.50%, 09/20/46		51		51,537
4.50%, 10/20/46		52		52,278
4.50%, 11/20/46		53		52,729
4.50%, 04/20/47		5		5,188
4.50%, 06/20/47		6		6,152
4.50%, 07/20/47		2,170		2,158,126
4.50%, 02/20/48		311		308,771
4.50%, 06/20/48		20		19,718
4.50%, 07/20/48		125		124,652
4.50%, 08/20/48		109		108,572
4.50%, 09/20/48		1,237		1,228,920
4.50%, 10/20/48		876		870,785
4.50%, 12/20/48		920		913,958
4.50%, 01/20/49		614		610,505
4.50%, 03/20/49		15		15,084
4.50%, 06/20/49		600		596,045
4.50%, 08/20/49		184		182,513
4.50%, 10/20/49		133		132,506
4.50%, 01/20/50		722		717,464
4.50%, 08/20/52		2,309		2,264,031
4.50%, 10/20/52		1,281		1,256,216
4.50%, 11/20/52		2,470		2,422,159
4.50%, 05/18/53^(a)		4,363		4,280,512
5.00%, 07/15/39		18		18,936
5.00%, 07/20/42		102		104,541
5.00%, 07/20/46		41		41,797
5.00%, 04/20/48		43		43,055
5.00%, 05/20/48		226		228,235
5.00%, 11/20/48		52		52,526
5.00%, 12/20/48		50		50,560
5.00%, 01/20/49		144		145,639
5.00%, 04/20/49		9		9,233
5.00%, 09/20/50		213		215,926
5.00%, 07/20/52		4,148		4,127,210
5.00%, 08/20/52		977		971,767
5.00%, 09/20/52		2,091		2,080,677
5.00%, 12/20/52		3,498		3,481,347
5.00%, 01/20/53		970		965,386
5.00%, 05/18/53^(a)		1,778		1,776,334
5.50%, 10/15/38		13		14,088
5.50%, 07/20/40		175		182,099
5.50%, 12/20/52		3,495		3,517,162
5.50%, 01/20/53		2,550		2,566,500
5.50%, 03/20/53		801		805,912
5.50%, 04/20/53		2,553		2,569,463
5.50%, 05/18/53^(a)		2,732		2,750,356
6.00%, 09/20/38		16		17,090
6.00%, 05/18/53^(a)		200		203,937

				297,979,618


Total Long-Term Investments — 100.5% (Cost: $321,860,379)				297,979,618


22		2 0 2 3 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, 2023

iShares^® GNMA Bond ETF

(Percentages shown are based on Net Assets)



Security	Shares/ Par (000)			Value

Short-Term Securities

Money Market Funds — 3.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(b)(c)		9,050		$	9,050,000


Total Short-Term Securities — 3.1% (Cost: $9,050,000)					9,050,000


Total Investments Before TBA Sales Commitments — 103.6% (Cost: $330,910,379)					307,029,618


TBA Sales Commitments^(a)

Mortgage-Backed Securities — (1.0)%
Government National Mortgage Association 2.50%, 05/18/53		(500	)		(441,748	)



Security	Par (000)			Value

Mortgage-Backed Securities (continued)
4.00%, 05/18/53		(925	)	$	(888,379	)
4.50%, 05/18/53		(550	)		(539,602	)
5.00%, 05/18/53		(1,160	)		(1,157,009	)


Total TBA Sales Commitments — (1.0)% (Proceeds: $(3,024,496))					(3,026,738	)


Total Investments, Net of TBA Sales Commitments — 102.6% (Cost: $327,885,883)					304,002,880

Liabilities in Excess of Other Assets — (2.6)%					(7,607,084	)


Net Assets — 100.0%				$	296,395,796

^(a)	Represents or includes a TBA transaction.

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	38,794,000	$	—	$	(29,744,000	)^(a)	$	—	$	—	$	9,050,000		9,050	$	698,509	$	37

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
U.S. Government Agency Obligations	$	—	$	297,979,618		$	—	$	297,979,618
Short-Term Securities
Money Market Funds		9,050,000		—			—		9,050,000
Liabilities
Investments
TBA Sales Commitments		—		(3,026,738	)		—		(3,026,738	)

	$	9,050,000	$	294,952,880		$	—	$	304,002,880

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, 2023

iShares^® TIPS Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

U.S. Government Obligations

U.S. Government Obligations — 98.9%
U.S. Treasury Floating Rate Note, 1.25%, 04/15/28	$	393,716		$	393,346,651
U.S. Treasury Inflation-Indexed Bonds
0.13%, 07/15/24		702,785			685,222,524
0.13%, 10/15/24		836,556			813,354,281
0.13%, 04/15/25		999,408			964,535,640
0.13%, 10/15/25		371,971			359,373,274
0.13%, 04/15/26		601,068			575,798,955
0.13%, 07/15/26		720,213			692,375,418
0.13%, 10/15/26		779,090			746,116,099
0.13%, 04/15/27		870,040			826,902,935
0.13%, 01/15/30		780,954			724,782,661
0.13%, 07/15/30		819,937			759,199,825
0.13%, 01/15/31		849,104			780,467,758
0.13%, 07/15/31		682,211			624,551,943
0.13%, 01/15/32		934,721			849,671,384
0.13%, 02/15/51		456,566			311,873,637
0.13%, 02/15/52		312,101			212,749,884
0.25%, 01/15/25		662,938			643,472,831
0.25%, 07/15/29		387,676			365,960,497
0.25%, 02/15/50		132,610			94,912,989
0.38%, 07/15/25		331,823			322,957,293
0.38%, 01/15/27		670,483			645,156,860
0.38%, 07/15/27		719,213			693,465,038
0.50%, 04/15/24		129,871			127,111,173
0.50%, 01/15/28		636,026			612,762,945
0.63%, 01/15/24		0	^(a)		7
0.63%, 01/15/26		913,102			890,069,519
0.63%, 07/15/32		935,521			888,105,239
0.63%, 02/15/43		126,834			106,231,913
0.75%, 07/15/28		441,128			431,302,156
0.75%, 02/15/42		391,164			338,276,527
0.75%, 02/15/45		611,381			516,413,559
0.88%, 01/15/29		557,276			545,216,163
0.88%, 02/15/47		218,176			187,160,924
1.00%, 02/15/46		337,315			299,113,132
1.00%, 02/15/48		173,242			152,346,369


Security	Par/ Shares (000)		Value

U.S. Government Obligations (continued)
1.00%, 02/15/49	$	119,911	$	105,282,675
1.13%, 01/15/33		610,072		604,137,622
1.38%, 02/15/44		474,709		456,740,682
1.50%, 02/15/53		163,574		163,529,123
1.63%, 10/15/27		824,160		837,407,357
1.75%, 01/15/28		445,273		454,238,849
2.00%, 01/15/26		251,360		253,925,551
2.13%, 02/15/40		179,610		197,091,618
2.13%, 02/15/41		129,030		141,637,639
2.38%, 01/15/25		116,630		117,323,582
2.38%, 01/15/27		76,084		78,633,539
2.50%, 01/15/29		323,554		344,673,747
3.38%, 04/15/32		31,855		37,459,159
3.63%, 04/15/28		206,953		229,926,555
3.88%, 04/15/29		298,787		342,372,296

				22,544,737,997


Total Long-Term Investments — 98.9% (Cost: $25,483,702,238)				22,544,737,997


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(b)(c)		101,920		101,920,000


Total Short-Term Securities — 0.4% (Cost: $101,920,000)				101,920,000


Total Investments — 99.3% (Cost: $25,585,622,238)				22,646,657,997

Other Assets Less Liabilities — 0.7%				153,851,964


Net Assets — 100.0%			$	22,800,509,961

^(a)	Rounds to less than 1,000.

^(b)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	36,490,000	$	65,430,000	^(a)	$	—	$	—	$	—	$	101,920,000		101,920	$	2,814,455	^(b)	$	149

^(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.


24		2 0 2 3 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, 2023

iShares^® TIPS Bond ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	22,544,737,997	$	—	$	22,544,737,997
Short-Term Securities
Money Market Funds		101,920,000		—		—		101,920,000

	$	101,920,000	$	22,544,737,997	$	—	$	22,646,657,997

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		25

Schedule of Investments (unaudited)

April 30, 2023

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 — 90.7%
U.S. Treasury Floating Rate Note
5.06%, 04/30/24, (3-mo. Treasury money market yield - 0.075%)^(a)	$	620,234	$	619,581,262
5.12%, 01/31/24, (3-mo. Treasury money market yield - 0.015%)^(a)		477,375		477,333,593
5.16%, 07/31/23, (3-mo. Treasury money market yield + 0.029%)^(a)		1,031,164		1,030,607,939
5.17%, 10/31/23, (3-mo. Treasury money market yield + 0.035%)^(a)		699,502		699,420,123
5.17%, 07/31/24, (3-mo. Treasury money market yield + 0.037%)^(a)		879,719		879,512,228
5.27%, 10/31/24, (3-mo. Treasury money market yield + 0.140%)^(a)		1,168,369		1,169,312,526
5.30%, 04/30/25^(a)		298,741		298,954,140
5.33%, 01/31/25, (3-mo. Treasury money market yield + 0.200%)^(a)		269,235		269,666,393

				5,444,388,204


Total Long-Term Investments — 90.7% (Cost: $5,443,194,781)				5,444,388,204


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(b)(c)		14,570	$	14,570,000


Total Short-Term Securities — 0.2% (Cost: $14,570,000)				14,570,000


Total Investments — 90.9% (Cost: $5,457,764,781)				5,458,958,204

Other Assets Less Liabilities — 9.1%				543,684,528


Net Assets — 100.0%			$	6,002,642,732

(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 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	14,570,000	^(a)	$	—	$	—	$	—	$	14,570,000		14,570	$	641,163	^(b)	$	10

^(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
Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	5,444,388,204	$	—	$	5,444,388,204
Short-Term Securities
Money Market Funds		14,570,000		—		—		14,570,000

	$	14,570,000	$	5,444,388,204	$	—	$	5,458,958,204

See notes to financial statements.


26		2 0 2 3 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, 2023

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 — 99.0%
U.S. Treasury Note/Bond
0.25%, 05/15/24	$	1,779,320	$	1,697,930,006
0.25%, 05/31/25		117,130		108,377,278
0.25%, 07/31/25		16,468		15,170,686
0.25%, 08/31/25		372,888		342,663,679
0.25%, 10/31/25		363,021		332,079,130
0.38%, 04/15/24		5,907		5,662,875
0.38%, 07/15/24		5		4,754
0.38%, 08/15/24		516,595		489,776,456
0.38%, 11/30/25		606,208		555,153,737
0.38%, 07/31/27		50,896		44,532,012
0.50%, 03/31/25		585		546,861
0.50%, 02/28/26		426,387		389,244,693
0.50%, 05/31/27		136,603		120,701,557
0.50%, 08/31/27		30,448		26,725,256
0.63%, 07/31/26		250,210		226,928,740
0.63%, 12/31/27		261,310		228,819,425
0.63%, 05/15/30		13,224		10,908,250
0.63%, 08/15/30		7,506		6,160,198
0.75%, 03/31/26		150,682		138,497,947
0.75%, 04/30/26		79,747		73,055,728
0.75%, 05/31/26		79,893		73,024,075
0.75%, 08/31/26		505,211		459,130,230
0.75%, 01/31/28		12,636		11,108,821
0.88%, 06/30/26		149,055		136,664,803
1.00%, 12/15/24		44,912		42,613,769
1.00%, 07/31/28		168,330		148,064,647
1.13%, 01/15/25		5,000		4,745,508
1.13%, 02/28/25		73,950		70,044,516
1.13%, 10/31/26		92,657		84,983,842
1.13%, 08/31/28		16,139		14,260,950
1.13%, 05/15/40		20,465		13,713,149
1.13%, 08/15/40		20,465		13,601,231
1.25%, 03/31/28		236,630		212,467,857
1.25%, 06/30/28		90,278		80,622,486
1.25%, 09/30/28		257,780		228,900,584
1.25%, 08/15/31		1,986		1,679,580
1.38%, 10/31/28		170,937		152,648,076
1.38%, 12/31/28		40,672		36,247,331
1.38%, 11/15/31		1,547,849		1,316,034,180
1.38%, 11/15/40		35,450		24,536,662
1.38%, 08/15/50		64,528		38,820,145
1.50%, 02/15/25		463,180		441,776,017
1.50%, 11/30/28		459,193		412,251,279
1.50%, 02/15/30		25		21,619
1.63%, 02/15/26		203,844		192,258,335
1.63%, 05/15/26		672,640		632,439,253
1.63%, 08/15/29		50,896		45,651,326
1.63%, 11/15/50		86,346		55,494,169
1.88%, 02/15/32		235,764		208,365,644
1.88%, 02/15/41		72,824		54,706,185
1.88%, 02/15/51		1,512,510		1,035,064,953
1.88%, 11/15/51		111,888		76,232,441
2.00%, 05/31/24		4,746		4,608,626
2.00%, 02/15/25		596,789		574,409,412
2.00%, 08/15/25		296,453		283,981,035
2.00%, 11/15/26		4,117		3,892,012
2.00%, 02/15/50		3,471		2,462,770


Security	Par (000)		Value

U.S. Government Obligations (continued)
2.00%, 08/15/51	$	139,089	$	97,900,184
2.13%, 07/31/24		25,348		24,594,491
2.13%, 05/15/25		363,259		349,580,413
2.25%, 11/15/25		27,407		26,348,287
2.25%, 02/15/27		604,388		575,467,187
2.25%, 08/15/27		116,670		110,617,459
2.25%, 11/15/27		351,030		331,984,070
2.25%, 05/15/41		82,076		65,445,992
2.25%, 08/15/49		1,715		1,291,500
2.25%, 02/15/52		104,918		78,290,959
2.38%, 08/15/24		942,320		916,848,107
2.38%, 04/30/26		15,402		14,815,593
2.38%, 05/15/27		83,661		79,856,848
2.38%, 03/31/29		27,933		26,219,922
2.38%, 05/15/29		284,718		267,123,785
2.50%, 02/28/26		25,456		24,585,922
2.50%, 02/15/46		4,999		3,983,702
2.50%, 05/15/46		583,627		464,690,202
2.63%, 02/15/29		1,143,559		1,089,731,514
2.63%, 07/31/29		231,645		220,126,091
2.75%, 05/15/25		405,591		395,292,793
2.75%, 06/30/25		181,382		176,727,001
2.75%, 08/31/25		25,456		24,799,713
2.75%, 04/30/27		18,212		17,633,109
2.75%, 07/31/27		2,133		2,063,594
2.75%, 02/15/28		675,775		652,650,824
2.75%, 08/15/32		137,217		129,863,026
2.75%, 11/15/42		661,831		564,288,829
2.75%, 08/15/47		15,679		13,053,992
2.75%, 11/15/47		56,762		47,287,624
2.88%, 04/30/25		2,896		2,828,994
2.88%, 07/31/25		25,456		24,871,308
2.88%, 11/30/25		44,801		43,729,976
2.88%, 05/15/28		415,534		402,905,470
2.88%, 08/15/28		6,062		5,872,078
2.88%, 05/15/32		142,334		136,229,206
2.88%, 05/15/43		49,807		43,225,169
2.88%, 08/15/45		116,711		99,769,840
2.88%, 11/15/46		318,400		271,970,813
2.88%, 05/15/49		13,964		11,964,857
2.88%, 05/15/52		6,078		5,200,964
3.00%, 07/31/24		18,010		17,665,981
3.00%, 07/15/25		23,493		23,005,704
3.00%, 10/31/25		37,541		36,762,317
3.00%, 11/15/44		12,066		10,580,374
3.00%, 02/15/47		3,063		2,671,510
3.00%, 02/15/48		168,401		146,995,653
3.00%, 08/15/48		45,455		39,739,389
3.00%, 08/15/52		134,940		118,536,356
3.13%, 08/15/25		97,000		95,264,610
3.13%, 11/15/28		1,401,678		1,372,877,890
3.13%, 08/31/29		182,040		178,029,431
3.13%, 02/15/43		115,596		104,460,584
3.25%, 08/31/24		27,896		27,443,780
3.25%, 06/30/29		2,640		2,599,884
3.38%, 05/15/44		70,807		66,163,524
3.50%, 01/31/30		142,464		142,536,345
3.50%, 02/15/33		141,368		142,207,373
3.63%, 03/31/30		152,300		153,704,016
3.63%, 08/15/43		35		34,136


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

April 30, 2023

iShares^® U.S. Treasury Bond ETF

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

U.S. Government Obligations (continued)
3.63%, 02/15/53	$	29,000	$	28,755,313
3.75%, 11/15/43		895,620		889,077,376
3.88%, 01/15/26		179,952		180,240,204
3.88%, 09/30/29		61,210		62,470,065
3.88%, 11/30/29		82,762		84,556,255
3.88%, 12/31/29		128,364		131,242,162
4.00%, 02/29/28		248,128		253,594,570
4.00%, 02/28/30		205,132		211,446,219
4.00%, 11/15/52		183,779		195,121,610
4.13%, 11/15/32		164,724		173,861,034
4.25%, 12/31/24		100,807		100,759,747
4.25%, 05/15/39		13,279		14,393,710
4.38%, 02/15/38		144,092		158,613,772
4.38%, 11/15/39		216,799		237,928,434
4.50%, 11/15/25		164,126		166,607,124
4.50%, 05/15/38		3,048		3,396,972
5.00%, 05/15/37		42,303		49,553,999
5.50%, 08/15/28		2,500		2,731,543
6.13%, 11/15/27		338,855		375,308,384
U.S. Treasury STRIPS 0.00%, 02/15/29^(a)		46,269		37,762,268
0.00%, 08/15/35^(a)		16,781		10,711,981
0.00%, 08/15/36^(a)		70,522		43,303,482
0.00%, 05/15/43^(a)		33,665		15,275,317

				25,950,188,592


Total Long-Term Investments — 99.0% (Cost: $27,710,115,316)				25,950,188,592


Security	Shares (000)		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(b)(c)(d)		46,830	$	46,830,000


Total Short-Term Securities — 0.2% (Cost: $46,830,000)				46,830,000


Total Investments — 99.2% (Cost: $27,756,945,316)				25,997,018,592

Other Assets Less Liabilities — 0.8%				219,189,354


Net Assets — 100.0%			$	26,216,207,946

^(a)	Zero-coupon bond.

^(b)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	39,685,406	$	7,144,594	^(a)	$	—	$	—	$	—	$	46,830,000		46,830	$	1,111,207	^(b)	$	47

^(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
Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	25,950,188,592	$	—	$	25,950,188,592


28		2 0 2 3 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, 2023

iShares^® U.S. Treasury Bond ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	46,830,000	$	—	$	—	$	46,830,000

	$	46,830,000	$	25,950,188,592	$	—	$	25,997,018,592

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		29

Statements of Assets and Liabilities (unaudited)

April 30, 2023


	iShares 0-5 Year TIPS Bond ETF			iShares CMBS ETF			iShares GNMA Bond ETF			iShares TIPS Bond ETF

ASSETS
Investments, at value — unaffiliated^(a)	$	12,295,527,699		$	507,942,735		$	297,979,618		$	22,544,737,997
Investments, at value — affiliated^(b)		821,830,000			2,380,000			9,050,000			101,920,000
Cash		—			—			7,206			6,580
Receivables:
Investments sold		—			26,735,134			(439,054	)		397,155,526
Securities lending income — affiliated		—			—			—			13
TBA sales commitments		—			—			3,024,496			—
Capital shares sold		7,144,948			—			—			760,964
Dividends — affiliated		1,754,279			15,825			45,046			430,048
Interest — unaffiliated		9,459,273			1,514,551			809,820			29,727,299

Total assets		13,135,716,199			538,588,245			310,477,132			23,074,738,427


LIABILITIES
Bank overdraft		1,234,055			6,018			—			—
TBA sales commitments, at value		—			—			3,026,738			—
Payables:
Investments purchased		546,905,566			5,329,027			11,029,442			270,698,098
Capital shares redeemed		—			23,290,579			—			891
Investment advisory fees		314,761			112,965			25,156			3,529,477

Total liabilities		548,454,382			28,738,589			14,081,336			274,228,466


NET ASSETS	$	12,587,261,817		$	509,849,656		$	296,395,796		$	22,800,509,961


NET ASSETS CONSIST OF
Paid-in capital	$	13,260,438,894		$	603,300,405		$	344,198,850		$	26,790,643,599
Accumulated loss		(673,177,077	)		(93,450,749	)		(47,803,054	)		(3,990,133,638	)

NET ASSETS	$	12,587,261,817		$	509,849,656		$	296,395,796		$	22,800,509,961


NET ASSET VALUE
Shares outstanding		127,000,000			10,900,000			6,650,000			207,200,000

Net asset value	$	99.11		$	46.78		$	44.57		$	110.04

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a) Investments, at cost — unaffiliated	$	12,876,384,172		$	566,840,747		$	321,860,379		$	25,483,702,238
^(b) Investments, at cost — affiliated	$	821,830,000		$	2,380,000		$	9,050,000		$	101,920,000

See notes to financial statements.


30		2 0 2 3 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) (continued)

April 30, 2023


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

ASSETS
Investments, at value — unaffiliated^(a)	$	5,444,388,204	$	25,950,188,592
Investments, at value — affiliated^(b)		14,570,000		46,830,000
Cash		9,346		13,030
Receivables:
Investments sold		773,030,000		268,683,707
Securities lending income — affiliated		879		2,940
Capital shares sold		—		2,466,399
Dividends — affiliated		70,542		196,007
Interest — unaffiliated		72,283,343		197,818,995

Total assets		6,304,352,314		26,466,199,670


LIABILITIES
Payables:
Investments purchased		300,043,582		248,740,538
Capital shares redeemed		938,285		187,673
Investment advisory fees		727,715		1,063,513

Total liabilities		301,709,582		249,991,724


NET ASSETS	$	6,002,642,732	$	26,216,207,946


NET ASSETS CONSIST OF
Paid-in capital	$	5,977,523,045	$	28,552,471,857
Accumulated earnings (loss)		25,119,687		(2,336,263,911	)

NET ASSETS	$	6,002,642,732	$	26,216,207,946


NET ASSET VALUE
Shares outstanding		118,600,000		1,118,600,000

Net asset value	$	50.61	$	23.44

Shares authorized		Unlimited		Unlimited

Par value		None		None


^(a) Investments, at cost — unaffiliated	$	5,443,194,781	$	27,710,115,316
^(b) Investments, at cost — affiliated	$	14,570,000	$	46,830,000

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Statements of Operations (unaudited)

Six Months Ended April 30, 2023


	iShares 0-5 Year TIPS Bond ETF			iShares CMBS ETF			iShares GNMA Bond ETF			iShares TIPS Bond ETF


INVESTMENT INCOME
Dividends — affiliated	$	4,433,432		$	53,810		$	698,509		$	2,318,976
Interest — unaffiliated^(a)(b)		140,985,799			8,510,049			5,538,961			260,679,143
Securities lending income — affiliated — net		68,582			—			—			495,479

Total investment income		145,487,813			8,563,859			6,237,470			263,493,598


EXPENSES
Investment advisory		1,920,839			701,400			193,129			21,570,516

Total expenses		1,920,839			701,400			193,129			21,570,516

Less:
Investment advisory fees waived		—			—			(15,839	)		—

Total expenses after fees waived		1,920,839			701,400			177,290			21,570,516

Net investment income		143,566,974			7,862,459			6,060,180			241,923,082


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(69,002,725	)		(17,226,722	)		(12,270,672	)		(293,676,999	)
Capital gain distributions from underlying funds — affiliated		74			1			37			149
In-kind redemptions — unaffiliated^(c)		(5,460,850	)		—			—			(467,104,607	)

		(74,463,501	)		(17,226,721	)		(12,270,635	)		(760,781,457	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		265,260,858			38,175,597			27,865,793			1,476,894,826

		265,260,858			38,175,597			27,865,793			1,476,894,826

Net realized and unrealized gain		190,797,357			20,948,876			15,595,158			716,113,369

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	334,364,331		$	28,811,335		$	21,655,338		$	958,036,451

^(a)	Includes net inflationary and deflationary adjustments. See Note 4 of the Notes to Financial Statements.

^(b)	Includes net deflationary adjustments for U.S. Treasury Inflation Index Bonds which exceeded the aggregate of interest accrued to income for the period.

^(c)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


32		2 0 2 3 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 Operations (unaudited) (continued)

Six Months Ended April 30, 2023


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


INVESTMENT INCOME
Dividends — affiliated	$	598,630		$	1,027,005
Interest — unaffiliated		108,351,123			270,337,901
Securities lending income — affiliated — net		42,533			84,202

Total investment income		108,992,286			271,449,108


EXPENSES
Investment advisory		3,492,728			5,633,178

Total expenses		3,492,728			5,633,178

Net investment income		105,499,558			265,815,930


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(175,597	)		(65,616,379	)
Capital gain distributions from underlying funds — affiliated		10			47
In-kind redemptions — unaffiliated^(a)		122,899			(16,137,396	)

		(52,688	)		(81,753,728	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,852,252			1,095,261,475

		1,852,252			1,095,261,475

Net realized and unrealized gain		1,799,564			1,013,507,747

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	107,299,122		$	1,279,323,677

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		33

Statements of Changes in Net Assets


	iShares 0-5 Year TIPS Bond ETF						iShares CMBS ETF
	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	143,566,974		$	674,213,983		$	7,862,459		$	17,551,222
Net realized loss		(74,463,501	)		(79,101,976	)		(17,226,721	)		(18,661,019	)
Net change in unrealized appreciation (depreciation)		265,260,858			(946,415,284	)		38,175,597			(105,496,354	)

Net increase (decrease) in net assets resulting from operations		334,364,331			(351,303,277	)		28,811,335			(106,606,151	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(82,385,637	)		(708,599,128	)		(7,910,327	)		(19,482,690	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		211,465,200			5,688,028,105			(96,880,620	)		(108,467,807	)


NET ASSETS
Total increase (decrease) in net assets		463,443,894			4,628,125,700			(75,979,612	)		(234,556,648	)
Beginning of period		12,123,817,923			7,495,692,223			585,829,268			820,385,916

End of period	$	12,587,261,817		$	12,123,817,923		$	509,849,656		$	585,829,268

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

See notes to financial statements.


34		2 0 2 3 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 (continued)


	iShares GNMA Bond ETF						iShares TIPS Bond ETF
	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,060,180		$	5,348,068		$	241,923,082		$	2,078,474,333
Net realized loss		(12,270,635	)		(8,776,553	)		(760,781,457	)		(442,787,338	)
Net change in unrealized appreciation (depreciation)		27,865,793			(49,977,400	)		1,476,894,826			(5,520,153,272	)

Net increase (decrease) in net assets resulting from operations		21,655,338			(53,405,885	)		958,036,451			(3,884,466,277	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,686,199	)		(4,647,702	)		(132,507,170	)		(2,167,278,308	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(49,850,982	)		(95,516,056	)		(3,006,885,445	)		(4,835,024,590	)


NET ASSETS
Total decrease in net assets		(33,881,843	)		(153,569,643	)		(2,181,356,164	)		(10,886,769,175	)
Beginning of period		330,277,639			483,847,282			24,981,866,125			35,868,635,300

End of period	$	296,395,796		$	330,277,639		$	22,800,509,961		$	24,981,866,125

^(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		35

Statements of Changes in Net Assets (continued)


	iShares Treasury Floating Rate Bond ETF						iShares U.S. Treasury Bond ETF
	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	105,499,558		$	26,891,007		$	265,815,930		$	288,943,745
Net realized gain (loss)		(52,688	)		226,214			(81,753,728	)		(497,696,978	)
Net change in unrealized appreciation (depreciation)		1,852,252			(670,939	)		1,095,261,475			(2,755,101,547	)

Net increase (decrease) in net assets resulting from operations		107,299,122			26,446,282			1,279,323,677			(2,963,854,780	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(91,867,730	)		(16,475,106	)		(255,787,223	)		(256,285,822	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,204,388,823			3,511,487,208			3,950,757,281			8,796,873,416


NET ASSETS
Total increase in net assets		2,219,820,215			3,521,458,384			4,974,293,735			5,576,732,814
Beginning of period		3,782,822,517			261,364,133			21,241,914,211			15,665,181,397

End of period	$	6,002,642,732		$	3,782,822,517		$	26,216,207,946		$	21,241,914,211

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

See notes to financial statements.


36		2 0 2 3 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 0-5 Year TIPS Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of period		$	97.18		$	105.95		$	103.32		$	100.17		$	98.21		$	100.52

Net investment income^(a)			1.09			6.31			4.52			1.62			2.05			2.61
Net realized and unrealized gain (loss)^(b)			1.45			(8.83	)		2.17			2.85			2.02			(2.22	)

Net increase (decrease) from investment operations			2.54			(2.52	)		6.69			4.47			4.07			0.39

Distributions from net investment income^(c)			(0.61	)		(6.25	)		(4.06	)		(1.32	)		(2.11	)		(2.70	)


Net asset value, end of period		$	99.11		$	97.18		$	105.95		$	103.32		$	100.17		$	98.21


Total Return^(d)
Based on net asset value			2.62	%^(e)		(2.51	)%		6.55	%		4.49	%		4.17	%		0.39	%


Ratios to Average Net Assets^(f)
Total expenses			0.03	%^(g)		0.03	%		0.05	%		0.06	%		0.06	%		0.06	%

Net investment income			2.24	%^(g)		6.15	%		4.28	%		1.59	%		2.07	%		2.62	%


Supplemental Data
Net assets, end of period (000)		$	12,587,262		$	12,123,818		$	7,495,692		$	2,841,229		$	2,343,861		$	2,199,887

Portfolio turnover rate^(h)			18	%		27	%		36	%		72	%		58	%		40	%

^(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		37

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares CMBS ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of period		$	45.06		$	53.62		$	54.88		$	53.42		$	49.36		$	51.60

Net investment income^(a)			0.64			1.19			1.23			1.39			1.45			1.37
Net realized and unrealized gain (loss)^(b)			1.72			(8.45	)		(1.06	)		1.47			4.04			(2.26	)

Net increase (decrease) from investment operations			2.36			(7.26	)		0.17			2.86			5.49			(0.89	)


Distributions^(c)
From net investment income			(0.64	)		(1.18	)		(1.22	)		(1.40	)		(1.43	)		(1.35	)
From net realized gain			—			(0.12	)		(0.21	)		—			—			—

Total distributions			(0.64	)		(1.30	)		(1.43	)		(1.40	)		(1.43	)		(1.35	)


Net asset value, end of period		$	46.78		$	45.06		$	53.62		$	54.88		$	53.42		$	49.36


Total Return^(d)
Based on net asset value			5.24	%^(e)		(13.75	)%		0.29	%		5.42	%		11.27	%		(1.74	)%


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

Net investment income			2.80	%^(g)		2.39	%		2.26	%		2.58	%		2.81	%		2.72	%


Supplemental Data
Net assets, end of period (000)		$	509,850		$	585,829		$	820,386		$	491,195		$	422,024		$	310,990

Portfolio turnover rate^(h)			11	%		21	%		13	%		26	%		21	%		13	%

^(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.


38		2 0 2 3 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 GNMA Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of period		$	42.62		$	49.88		$	50.93		$	50.35		$	47.67		$	49.74

Net investment income^(a)			0.69			0.66			0.04			0.77			1.34			1.12
Net realized and unrealized gain (loss)^(b)			1.91			(7.31	)		(0.61	)		0.82			2.69			(2.05	)

Net increase (decrease) from investment operations			2.60			(6.65	)		(0.57	)		1.59			4.03			(0.93	)


Distributions^(c)
From net investment income			(0.65	)		(0.61	)		(0.06	)		(0.82	)		(1.35	)		(1.14	)
Return of capital			—			—			(0.42	)		(0.19	)		—			(0.00	)^(d)

Total distributions			(0.65	)		(0.61	)		(0.48	)		(1.01	)		(1.35	)		(1.14	)


Net asset value, end of period		$	44.57		$	42.62		$	49.88		$	50.93		$	50.35		$	47.67


Total Return^(e)
Based on net asset value			6.10	%^(f)		(13.42	)%		(1.14	)%		3.18	%		8.55	%		(1.90	)%


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

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

Net investment income			3.14	%^(h)		1.41	%		0.08	%		1.51	%		2.71	%		2.31	%


Supplemental Data
Net assets, end of period (000)		$	296,396		$	330,278		$	483,847		$	481,283		$	178,753		$	102,483

Portfolio turnover rate^(i)(j)			198	%		313	%		498	%		699	%		529	%		834	%

^(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.


F I N A N C I A L H I G H L I G H T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares TIPS Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of period		$	106.26		$	128.61		$	125.29		$	116.11		$	108.83		$	113.73

Net investment income^(a)			1.13			7.63			4.90			1.56			2.11			3.14
Net realized and unrealized gain (loss)^(b)			3.26			(21.96	)		3.33			8.87			7.41			(4.63	)

Net increase (decrease) from investment operations			4.39			(14.33	)		8.23			10.43			9.52			(1.49	)

Distributions from net investment income^(c)			(0.61	)		(8.02	)		(4.91	)		(1.25	)		(2.24	)		(3.41	)


Net asset value, end of period		$	110.04		$	106.26		$	128.61		$	125.29		$	116.11		$	108.83


Total Return^(d)
Based on net asset value			4.13	%^(e)		(11.62	)%		6.67	%		9.02	%		8.80	%		(1.36	)%


Ratios to Average Net Assets^(f)
Total expenses			0.19	%^(g)		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%

Net investment income			2.10	%^(g)		6.36	%		3.84	%		1.29	%		1.87	%		2.80	%


Supplemental Data
Net assets, end of period (000)		$	22,800,510		$	24,981,866		$	35,868,635		$	23,956,337		$	20,436,063		$	22,223,190

Portfolio turnover rate^(h)			10	%		20	%		34	%		53	%		17	%		21	%

^(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.


40		2 0 2 3 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 04/30/23 (unaudited)				Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of period		$	50.50		$	50.26		$	50.29		$	50.28		$	50.31		$	50.24

Net investment income (loss)^(a)			1.13			1.05			(0.01	)		0.31			1.08			0.92
Net realized and unrealized gain (loss)^(b)			0.00			(0.44	)		(0.01	)		0.08			(0.04	)		(0.07	)

Net increase (decrease) from investment operations			1.13			0.61			(0.02	)		0.39			1.04			0.85


Distributions^(c)
Distributions from net investment income			(1.02	)		(0.37	)		(0.01	)		(0.38	)		(1.07	)		(0.78	)
From net realized gain			—			(0.00	)^(d)		(0.00	)^(d)		—			—			—

Total distributions			(1.02	)		(0.37	)		(0.01	)		(0.38	)		(1.07	)		(0.78	)


Net asset value, end of period		$	50.61		$	50.50		$	50.26		$	50.29		$	50.28		$	50.31


Total Return^(e)
Based on net asset value			2.24	%^(f)		1.22	%		(0.04	)%		0.78	%		2.09	%		1.70	%


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)			4.53	%^(h)		2.08	%		(0.02	)%		0.62	%		2.15	%		1.83	%


Supplemental Data
Net assets, end of period (000)		$	6,002,643		$	3,782,823		$	261,364		$	407,351		$	507,830		$	306,913

Portfolio turnover rate⁽ⁱ⁾			8	%		6	%		74	%		44	%		20	%		17	%

^(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		41

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares U.S. Treasury Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18


Net asset value, beginning of period		$	22.40		$	26.46		$	27.66		$	26.28		$	24.17		$	25.16

Net investment income^(a)			0.27			0.38			0.25			0.39			0.53			0.48
Net realized and unrealized gain (loss)^(b)			1.03			(4.11	)		(0.96	)		1.40			2.10			(1.00	)

Net increase (decrease) from investment operations			1.30			(3.73	)		(0.71	)		1.79			2.63			(0.52	)


Distributions^(c)
From net investment income			(0.26	)		(0.33	)		(0.25	)		(0.41	)		(0.52	)		(0.47	)
From net realized gain			—			—			(0.24	)		—			—			—

Total distributions			(0.26	)		(0.33	)		(0.49	)		(0.41	)		(0.52	)		(0.47	)


Net asset value, end of period		$	23.44		$	22.40		$	26.46		$	27.66		$	26.28		$	24.17


Total Return^(d)
Based on net asset value			5.84	%^(e)		(14.21	)%		(2.58	)%		6.84	%		10.99	%		(2.10	)%


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

Net investment income			2.36	%^(g)		1.57	%		0.95	%		1.43	%		2.09	%		1.95	%


Supplemental Data
Net assets, end of period (000)		$	26,216,208		$	21,241,914		$	15,665,181		$	15,037,638		$	15,219,211		$	6,747,196

Portfolio turnover rate^(h)			9	%		50	%		128	%		91	%		22	%		27	%

^(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.


42		2 0 2 3 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
0-5 Year TIPS Bond		Diversified
CMBS		Diversified
GNMA Bond		Diversified
TIPS 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.

Collateralization: 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.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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


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		43

Notes to Financial Statements (unaudited) (continued)

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 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 BFA 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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

4.	*SECURITIES AND OTHER INVESTMENTS*

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.


44		2 0 2 3 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)

Inflation-Indexed Bonds: Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds.

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.

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 BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

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.

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 the iShares 0-5 Year TIPS Bond ETF, BFA is entitled to an annual investment advisory fee of 0.03%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the 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		45

Notes to Financial Statements (unaudited) (continued)

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

For its investment advisory services to the iShares TIPS Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fees
First $121 billion		0.2000	%
Over $121 billion, up to and including $181 billion		0.1900
Over $181 billion, up to and including $231 billion		0.1805
Over $231 billion, up to and including $281 billion		0.1715
Over $281 billion		0.1630

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 Statement of Operation. For the six months ended April 30, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:


iShares ETF	Amounts Waived
GNMA Bond	$	15,839

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.


46		2 0 2 3 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)

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, 2023, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
0-5 Year TIPS Bond	$	15,604
TIPS Bond		116,245
Treasury Floating Rate Bond		10,311
U.S. Treasury Bond		24,425

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

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, 2023, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:


	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
0-5 Year TIPS Bond	$	2,239,526,553	$	2,182,515,446	$	—	$	—
CMBS		32,417,451		69,356,385		26,487,105		84,051,618
GNMA Bond		747,779,314		796,311,887		—		—
TIPS Bond		2,277,474,352		2,482,390,145		—		—
Treasury Floating Rate Bond		519,973,216		246,965,323		—		—
U.S. Treasury Bond		2,042,850,789		2,035,172,483		—		—

For the six months ended April 30, 2023, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
0-5 Year TIPS Bond	$	7,757,544,717	$	7,863,207,222
CMBS		8,769		—
TIPS Bond		4,777,521,896		7,740,820,987
Treasury Floating Rate Bond		2,606,294,852		426,882,352
U.S. Treasury Bond		7,324,507,246		3,684,688,522

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, 2023, 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, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring Capital Loss Carryforwards
0-5 Year TIPS Bond	$	79,005,302
CMBS		18,311,730
GNMA Bond		12,309,603
TIPS Bond		396,779,209
U.S. Treasury Bond		538,370,420


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		47

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2023, 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)
0-5 Year TIPS Bond	$	13,698,247,310	$	9,777,586	$	(590,667,197	)	$	(580,889,611	)
CMBS		569,579,757		378,822		(59,635,844	)		(59,257,022	)
GNMA Bond		331,079,311		828,748		(24,880,683	)		(24,051,935	)
TIPS Bond		25,588,646,881		11,329,167		(2,953,318,051	)		(2,941,988,884	)
Treasury Floating Rate Bond		5,457,764,781		2,089,514		(896,091	)		1,193,423
U.S. Treasury Bond		27,768,749,242		37,965,638		(1,809,696,288	)		(1,771,730,650	)

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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

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 securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

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


48		2 0 2 3 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)

decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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.

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 04/30/23						Year Ended 10/31/22
iShares ETF	Shares			Amount			Shares			Amount

0-5 Year TIPS Bond
Shares sold		33,200,000		$	3,239,993,675			73,950,000		$	7,703,184,734
Shares redeemed		(30,950,000	)		(3,028,528,475	)		(19,950,000	)		(2,015,156,629	)

		2,250,000		$	211,465,200			54,000,000		$	5,688,028,105

CMBS
Shares sold		700,000		$	32,717,875			1,600,000		$	82,403,093
Shares redeemed		(2,800,000	)		(129,598,495	)		(3,900,000	)		(190,870,900	)

		(2,100,000	)	$	(96,880,620	)		(2,300,000	)	$	(108,467,807	)

GNMA Bond
Shares sold		3,950,000		$	173,477,166			1,150,000		$	53,550,684
Shares redeemed		(5,050,000	)		(223,328,148	)		(3,100,000	)		(149,066,740	)

		(1,100,000	)	$	(49,850,982	)		(1,950,000	)	$	(95,516,056	)

TIPS Bond
Shares sold		44,400,000		$	4,809,124,884			92,200,000		$	11,219,666,328
Shares redeemed		(72,300,000	)		(7,816,010,329	)		(136,000,000	)		(16,054,690,918	)

		(27,900,000	)	$	(3,006,885,445	)		(43,800,000	)	$	(4,835,024,590	)

Treasury Floating Rate Bond
Shares sold		52,300,000		$	2,638,353,834			75,600,000		$	3,808,560,987
Shares redeemed		(8,600,000	)		(433,965,011	)		(5,900,000	)		(297,073,779	)

		43,700,000		$	2,204,388,823			69,700,000		$	3,511,487,208

U.S. Treasury Bond
Shares sold		324,600,000		$	7,522,573,068			611,000,000		$	14,659,250,742
Shares redeemed		(154,500,000	)		(3,571,815,787	)		(254,600,000	)		(5,862,377,326	)

		170,100,000		$	3,950,757,281			356,400,000		$	8,796,873,416

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.


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		49

Notes to Financial Statements (unaudited) (continued)

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.


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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 0-5 Year TIPS Bond ETF, iShares CMBS ETF, iShares GNMA Bond ETF, iShares TIPS 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, 2022 (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 40Act 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, 2021 through September 30, 2022 (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, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

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. The Committee also considered that ETFs generally do not engage in borrowing.

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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

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.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. 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.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		51

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, 2023


	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	$	0.643033	$	—	$	—	$	0.643033		100	%		—	%		—	%		100	%
GNMA Bond		0.645083		—		—		0.645083		100			—			—			100
Treasury Floating Rate Bond		1.023049		—		—		1.023049		100			—			—			100


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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.


G E N E R A L I N F O R M A T I O N		53

Glossary of Terms Used in this Report


Portfolio Abbreviation

STRIPS		Separate Trading of Registered Interest & Principal of Securities

TBA		To-Be-Announced


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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 ICE Data Indices, 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-1005-0423