iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of March 31, 2022

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		5.92	%		15.65	%

U.S. small cap equities (Russell 2000^® Index)		(5.55	)		(5.79	)

International equities (MSCI Europe, Australasia, Far East Index)		(3.38	)		1.16

Emerging market equities (MSCI Emerging Markets Index)		(8.20	)		(11.37	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.05			0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.04	)		(3.31	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(5.92	)		(4.15	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.55	)		(4.47	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.16	)		(0.66	)

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

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

The iShares ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Sustainability Screened 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.

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies continued to grow during the reporting period as ESG investments reached a record level in 2021. The impact of the COVID-19 pandemic on public health was a motivating factor for many businesses to reexamine their ESG policies. In August 2021, the Securities and Exchange Commission approved a stock exchange’s rule change requiring disclosures designed to encourage diversity on the boards of public companies. A rule proposed by the Department of Labor in October 2021 would expand the ability of retirement plan sponsors to offer ESG products, reversing the stance of the prior administration.

In this environment, the stocks of large-capitalization U.S. companies, screened to exclude companies engaged in controversial activities, posted a strong advance for the reporting period. The information technology sector contributed the most to the Index’s relative return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers.

Stocks in the healthcare sector advanced, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated. The financials sector also contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the S&P 500 Index. Relative to the broader market, the controversial activities exclusion process leads to overweight positions in stocks with a lower environmental impact and fewer potentially socially harmful activities. Consequently, the Index achieved an MSCI ESG quality score of 7.8 and an MSCI ESG fund rating of AA. The Index held relatively overweight positions in the information technology and consumer discretionary sectors and underweight positions in the energy and industrials sectors. The underweight in energy was the largest detractor from relative performance, while the overweight to information technology contributed slightly.

The iShares ESG Screened S&P Mid Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability Screened 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.

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

In this environment, the stocks of mid-capitalization U.S. companies, screened to exclude companies engaged in controversial activities, advanced for the reporting period. The real estate sector was the top contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices. Despite rising interest rates, borrowing costs were historically low for much of the reporting period, benefiting the sector, which relies heavily on debt financing.

The financials sector was another source of strength, as premiums and income grew in the insurance industry, and many insurers were able to increase insurance rates in an environment of higher inflation. On the downside, stocks in the consumer discretionary sector declined amid slowing revenue growth and supply chain constraints.

In terms of relative performance, the Index underperformed the broader market, as represented by the S&P MidCap 400 Index. Relative to the broader market, the controversial activities exclusion process leads to overweight positions in stocks with a lower environmental impact and fewer potentially socially harmful activities. Consequently, the Index achieved an MSCI ESG quality score of 6.3 and an MSCI ESG fund rating of A. The Index held relatively overweight positions in the industrials and financials sectors and underweight positions in the utilities and energy sectors. The underweight position in energy and stock selection in consumer discretionary were the largest detractors from relative performance, while stock selection in information technology contributed.

The iShares ESG Screened S&P Small Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability Screened 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.

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

In this environment, the stocks of small-capitalization U.S. companies, screened to exclude companies engaged in controversial activities, posted a slightly negative return for the reporting period. The consumer discretionary sector was the largest detractor from the Index’s return, as the Omicron COVID-19 variant led to reduced operating hours and temporary closures at restaurants. The healthcare sector also declined, as the stocks of many smaller companies in the sector weakened. Rising interest rates worked against companies early in the product development process, with investors seeking more predictable cash flows as the cost of borrowing increased. On the upside, the real estate sector benefited from a nationwide rise in both residential and commercial property prices, and increased production helped equipment manufacturers in the energy sector.

In terms of relative performance, the Index underperformed the broader market, as represented by the S&P SmallCap 600 Index. Relative to the broader market, the controversial activities exclusion process leads to overweight positions in stocks with a lower environmental impact and fewer potentially socially harmful activities. Consequently, the Index achieved an MSCI ESG quality score of 5.3 and an MSCI ESG fund rating of BBB. The Index held a relatively overweight position in the information technology sector and underweight positions in the energy and financials sectors. The underweight position and stock selection in energy detracted the most from relative performance, while stock selection in healthcare and financials contributed.

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.

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

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

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

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.1%
Howmet Aerospace Inc.		2,507	$	90,101
TransDigm Group Inc.^(a)		348		226,736


				316,837

Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		857		92,307
Expeditors International of Washington Inc.		1,118		115,333
FedEx Corp.		1,615		373,695
United Parcel Service Inc., Class B		4,800		1,029,408


				1,610,743

Airlines — 0.2%
Alaska Air Group Inc.^(a)		820		47,568
American Airlines Group Inc.^(a)		4,303		78,530
Delta Air Lines Inc.^(a)		4,194		165,957
Southwest Airlines Co.^(a)		3,935		180,223
United Airlines Holdings Inc.^(a)		2,148		99,581


				571,859

Auto Components — 0.1%
Aptiv PLC^(a)		1,785		213,682
BorgWarner Inc.		1,542		59,984


				273,666

Automobiles — 3.0%
Ford Motor Co.		25,874		437,529
General Motors Co.^(a)		9,578		418,942
Tesla Inc.^(a)		5,511		5,938,654


				6,795,125

Banks — 3.7%
Bank of America Corp.		46,760		1,927,447
Citigroup Inc.		13,079		698,419
Citizens Financial Group Inc.		2,838		128,646
Comerica Inc.		862		77,951
Fifth Third Bancorp.		4,493		193,379
First Republic Bank/CA		1,173		190,143
Huntington Bancshares Inc./OH		9,491		138,758
JPMorgan Chase & Co.		19,380		2,641,882
KeyCorp		6,190		138,532
M&T Bank Corp.		849		143,905
People’s United Financial Inc.		2,711		54,193
PNC Financial Services Group Inc. (The)		2,778		512,402
Regions Financial Corp.		6,223		138,524
Signature Bank/New York NY		414		121,505
SVB Financial Group^(a)		388		217,067
Truist Financial Corp.		8,819		500,037
U.S. Bancorp.		8,920		474,098
Zions Bancorp. N.A.		1,014		66,478


				8,363,366

Beverages — 1.6%
Brown-Forman Corp., Class B, NVS		1,214		81,362
Coca-Cola Co. (The)		25,594		1,586,828
Constellation Brands Inc., Class A		1,085		249,897
Molson Coors Beverage Co., Class B		1,238		66,084
Monster Beverage Corp.^(a)		2,483		198,392
PepsiCo Inc.		9,099		1,522,991


				3,705,554

Biotechnology — 2.1%
AbbVie Inc.		11,629		1,885,177
Amgen Inc.		3,706		896,185
Biogen Inc.^(a)		969		204,071


Security	Shares		Value

Biotechnology (continued)

Gilead Sciences Inc.		8,265	$	491,354
Incyte Corp.^(a)		1,229		97,607
Moderna Inc.^(a)		2,221		382,590
Regeneron Pharmaceuticals Inc.^(a)		704		491,688
Vertex Pharmaceuticals Inc.^(a)		1,677		437,647


				4,886,319

Building Products — 0.5%
A O Smith Corp.		844		53,923
Allegion PLC		591		64,880
Carrier Global Corp.		5,602		256,964
Fortune Brands Home & Security Inc.		883		65,589
Johnson Controls International PLC		4,613		302,474
Masco Corp.		1,545		78,795
Trane Technologies PLC		1,541		235,311


				1,057,936

Capital Markets — 3.3%
Ameriprise Financial Inc.		741		222,567
Bank of New York Mellon Corp. (The)		4,887		242,542
BlackRock Inc.^(b)		942		719,848
Cboe Global Markets Inc.		719		82,268
Charles Schwab Corp. (The)		9,902		834,838
CME Group Inc.		2,372		564,204
FactSet Research Systems Inc.		250		108,537
Franklin Resources Inc.		1,886		52,657
Goldman Sachs Group Inc. (The)		2,240		739,424
Intercontinental Exchange Inc.		3,712		490,429
Invesco Ltd.		2,288		52,761
MarketAxess Holdings Inc.		252		85,730
Moody’s Corp.		1,070		361,029
Morgan Stanley		9,330		815,442
MSCI Inc.		537		270,047
Nasdaq Inc.		764		136,145
Northern Trust Corp.		1,367		159,187
Raymond James Financial Inc.		1,215		133,541
S&P Global Inc.		2,341		960,231
State Street Corp.		2,432		211,876
T Rowe Price Group Inc.		1,513		228,750


				7,472,053

Chemicals — 1.8%
Air Products and Chemicals Inc.		1,459		364,619
Albemarle Corp.		775		171,391
Celanese Corp.		712		101,723
CF Industries Holdings Inc.		1,419		146,242
Corteva Inc.		4,805		276,191
Dow Inc.		4,838		308,277
Eastman Chemical Co.		847		94,915
Ecolab Inc.		1,646		290,618
FMC Corp.		825		108,545
International Flavors & Fragrances Inc.		1,679		220,503
Linde PLC		3,373		1,077,437
LyondellBasell Industries NV, Class A		1,740		178,907
Mosaic Co. (The)		2,431		161,662
PPG Industries Inc.		1,569		205,649
Sherwin-Williams Co. (The)		1,585		395,648


				4,102,327

Commercial Services & Supplies — 0.5%
Cintas Corp.		577		245,450
Copart Inc.^(a)		1,411		177,038
Republic Services Inc.		1,378		182,585


Security	Shares		Value

Commercial Services & Supplies (continued)
Rollins Inc.		1,494	$	52,365
Waste Management Inc.		2,537		402,114


				1,059,552

Communications Equipment — 1.0%
Arista Networks Inc.^(a)		1,490		207,080
Cisco Systems Inc.		27,737		1,546,615
F5 Inc.^(a)		401		83,789
Juniper Networks Inc.		2,066		76,773
Motorola Solutions Inc.		1,114		269,811


				2,184,068

Construction & Engineering — 0.1%
Quanta Services Inc.		940		123,713


Construction Materials — 0.1%
Martin Marietta Materials Inc.		410		157,805
Vulcan Materials Co.		878		161,288


				319,093

Consumer Finance — 0.6%
American Express Co.		4,049		757,163
Capital One Financial Corp.		2,735		359,078
Discover Financial Services		1,901		209,471
Synchrony Financial		3,443		119,851


				1,445,563

Containers & Packaging — 0.3%
Amcor PLC		9,799		111,023
Avery Dennison Corp.		546		94,988
Ball Corp.		2,108		189,720
International Paper Co.		2,547		117,544
Packaging Corp. of America		611		95,383
Sealed Air Corp.		970		64,951
Westrock Co.		1,769		83,196


				756,805

Distributors — 0.1%
Genuine Parts Co.		929		117,073
LKQ Corp.		1,777		80,693
Pool Corp.		262		110,787


				308,553

Diversified Financial Services — 1.9%
Berkshire Hathaway Inc., Class B^(a)		12,053		4,253,624


Diversified Telecommunication Services — 1.1%
AT&T Inc.		47,168		1,114,580
Lumen Technologies Inc.		6,036		68,026
Verizon Communications Inc.		27,727		1,412,413


				2,595,019

Electric Utilities — 1.0%
Constellation Energy Corp.		2,156		121,275
Edison International		2,489		174,479
Entergy Corp.		1,334		155,745
Eversource Energy		2,255		198,868
Exelon Corp.		6,396		304,642
FirstEnergy Corp.		3,714		170,324
NextEra Energy Inc.		12,958		1,097,672


			2,223,005

Electrical Equipment — 0.6%
AMETEK Inc.		1,526		203,232
Eaton Corp. PLC		2,612		396,397
Emerson Electric Co.		3,915		383,866
Generac Holdings Inc.^(a)		423		125,741


Security	Shares		Value

Electrical Equipment (continued)
Rockwell Automation Inc.		767	$	214,783


				1,324,019

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		3,950		297,633
CDW Corp./DE		897		160,464
Corning Inc.		4,934		182,114
IPG Photonics Corp.^(a)		221		24,257
Keysight Technologies Inc.^(a)		1,220		192,723
TE Connectivity Ltd.		2,150		281,607
Trimble Inc.^(a)		1,639		118,237
Zebra Technologies Corp., Class A^(a)		355		146,864


				1,403,899

Energy Equipment & Services — 0.4%
Baker Hughes Co.		5,921		215,584
Halliburton Co.		5,950		225,326
Schlumberger NV		9,263		382,655


				823,565

Entertainment — 1.6%
Activision Blizzard Inc.		5,159		413,288
Electronic Arts Inc.		1,862		235,562
Live Nation Entertainment Inc.^(a)		877		103,170
Netflix Inc.^(a)		2,880		1,078,819
Take-Two Interactive Software Inc.^(a)		763		117,304
Walt Disney Co. (The)^(a)		11,878		1,629,186


				3,577,329

Equity Real Estate Investment Trusts (REITs) — 2.9%
Alexandria Real Estate Equities Inc.		961		193,401
American Tower Corp.		3,013		756,926
AvalonBay Communities Inc.		912		226,513
Boston Properties Inc.		945		121,716
Crown Castle International Corp.		2,853		526,664
Digital Realty Trust Inc.		1,866		264,599
Duke Realty Corp.		2,488		144,453
Equinix Inc.		594		440,522
Equity Residential		2,236		201,061
Essex Property Trust Inc.		430		148,556
Extra Space Storage Inc.		870		178,872
Federal Realty Investment Trust		469		57,251
Healthpeak Properties Inc.		3,519		120,807
Host Hotels & Resorts Inc.		4,683		90,991
Iron Mountain Inc.		1,906		105,611
Kimco Realty Corp.		4,038		99,739
Mid-America Apartment Communities Inc.		744		155,831
Prologis Inc.		4,889		789,476
Public Storage		999		389,890
Realty Income Corp.		3,726		258,212
Regency Centers Corp.		1,027		73,266
SBA Communications Corp.		717		246,720
Simon Property Group Inc.		2,172		285,748
UDR Inc.		1,984		113,822
Ventas Inc.		2,613		161,379
Vornado Realty Trust		1,065		48,266
Welltower Inc.		2,876		276,499
Weyerhaeuser Co.		4,909		186,051


				6,662,842

Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		2,922		1,682,634
Kroger Co. (The)		4,379		251,223
Sysco Corp.		3,351		273,609


Security	Shares		Value

Food & Staples Retailing (continued)
Walgreens Boots Alliance Inc.		4,756	$	212,926


				2,420,392

Food Products — 1.1%
Archer-Daniels-Midland Co.		3,667		330,984
Campbell Soup Co.		1,347		60,036
Conagra Brands Inc.		3,113		104,503
General Mills Inc.		3,951		267,562
Hershey Co. (The)		956		207,098
Hormel Foods Corp.		1,885		97,153
JM Smucker Co. (The)		678		91,808
Kellogg Co.		1,637		105,570
Kraft Heinz Co. (The)		4,678		184,266
Lamb Weston Holdings Inc.		956		57,274
McCormick & Co. Inc./MD, NVS		1,638		163,472
Mondelez International Inc., Class A		9,188		576,823
Tyson Foods Inc., Class A		1,908		171,014


				2,417,563

Gas Utilities — 0.0%
Atmos Energy Corp.		876		104,673


Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		11,640		1,377,710
ABIOMED Inc.^(a)		300		99,372
Align Technology Inc.^(a)		486		211,896
Baxter International Inc.		3,308		256,502
Becton Dickinson and Co.		1,865		496,090
Boston Scientific Corp.^(a)		9,403		416,459
Cooper Companies Inc. (The)		324		135,299
DENTSPLY SIRONA Inc.		1,410		69,400
Dexcom Inc.^(a)		641		327,936
Edwards Lifesciences Corp.^(a)		4,125		485,595
Hologic Inc.^(a)		1,646		126,446
IDEXX Laboratories Inc.^(a)		559		305,806
Intuitive Surgical Inc.^(a)		2,364		713,171
Medtronic PLC		8,866		983,683
ResMed Inc.		964		233,780
STERIS PLC		661		159,810
Stryker Corp.		2,219		593,250
Teleflex Inc.		308		109,288
Zimmer Biomet Holdings Inc.		1,379		176,374


				7,277,867

Health Care Providers & Services — 3.3%
AmerisourceBergen Corp.		969		149,914
Anthem Inc.		1,592		782,022
Cardinal Health Inc.		1,840		104,328
Centene Corp.^(a)		3,835		322,869
Cigna Corp.		2,134		511,328
CVS Health Corp.		8,623		872,734
DaVita Inc.^(a)		393		44,452
HCA Healthcare Inc.		1,582		396,481
Henry Schein Inc.^(a)		894		77,948
Humana Inc.		845		367,719
Laboratory Corp. of America Holdings^(a)		614		161,887
McKesson Corp.		981		300,313
Quest Diagnostics Inc.		786		107,572
UnitedHealth Group Inc.		6,199		3,161,304
Universal Health Services Inc., Class B		484		70,156


				7,431,027


Security	Shares		Value

Health Care Technology — 0.1%
Cerner Corp.		1,936	$	181,132


Hotels, Restaurants & Leisure — 2.1%
Booking Holdings Inc.^(a)		271		636,430
Caesars Entertainment Inc.^(a)		1,413		109,310
Carnival Corp.^(a)		5,377		108,723
Chipotle Mexican Grill Inc.^(a)		185		292,675
Darden Restaurants Inc.		843		112,077
Domino’s Pizza Inc.		241		98,089
Expedia Group Inc.^(a)		991		193,909
Hilton Worldwide Holdings Inc.^(a)		1,836		278,595
Las Vegas Sands Corp.^(a)		2,295		89,207
Marriott International Inc./MD, Class A^(a)		1,808		317,756
McDonald’s Corp.		4,910		1,214,145
MGM Resorts International		2,489		104,389
Norwegian Cruise Line Holdings Ltd.^(a)(c)		2,755		60,279
Penn National Gaming Inc.^(a)(c)		1,065		45,177
Royal Caribbean Cruises Ltd.^(a)		1,490		124,832
Starbucks Corp.		7,598		691,190
Wynn Resorts Ltd.^(a)		689		54,941
Yum! Brands Inc.		1,887		223,666


				4,755,390

Household Durables — 0.3%
DR Horton Inc.		2,130		158,706
Garmin Ltd.		1,005		119,203
Lennar Corp., Class A		1,726		140,099
Mohawk Industries Inc.^(a)		363		45,085
Newell Brands Inc.		2,553		54,660
NVR Inc.^(a)		21		93,813
PulteGroup Inc.		1,643		68,842
Whirlpool Corp.		390		67,384


				747,792

Household Products — 1.5%
Church & Dwight Co. Inc.		1,598		158,809
Clorox Co. (The)		813		113,031
Colgate-Palmolive Co.		5,494		416,610
Kimberly-Clark Corp.		2,225		274,031
Procter & Gamble Co. (The)		15,778		2,410,879


				3,373,360

Industrial Conglomerates — 0.4%
General Electric Co.		7,261		664,382
Roper Technologies Inc.		693		327,255


				991,637

Insurance — 2.3%
Aflac Inc.		3,963		255,178
Allstate Corp. (The)		1,834		254,027
American International Group Inc.		5,474		343,603
Aon PLC, Class A		1,413		460,115
Arthur J Gallagher & Co.		1,378		240,599
Assurant Inc.		365		66,368
Brown & Brown Inc.		1,550		112,018
Chubb Ltd.		2,844		608,332
Cincinnati Financial Corp.		989		134,464
Everest Re Group Ltd.		254		76,550
Globe Life Inc.		615		61,869
Hartford Financial Services Group Inc. (The)		2,201		158,054
Lincoln National Corp.		1,099		71,831
Loews Corp.		1,159		75,126
Marsh & McLennan Companies Inc.		3,338		568,862


Security	Shares		Value

Insurance (continued)
MetLife Inc.		4,566	$	320,898
Principal Financial Group Inc.		1,604		117,750
Progressive Corp. (The)		3,845		438,292
Prudential Financial Inc.		2,492		294,480
Travelers Companies Inc. (The)		1,581		288,896
W R Berkley Corp.		1,356		90,296
Willis Towers Watson PLC		806		190,393


				5,228,001

Interactive Media & Services — 6.3%
Alphabet Inc., Class A^(a)		1,984		5,518,198
Alphabet Inc., Class C, NVS^(a)		1,830		5,111,172
Match Group Inc.^(a)		1,865		202,800
Meta Platforms Inc, Class A^(a)		15,158		3,370,533
Twitter Inc.^(a)		5,282		204,361


				14,407,064

Internet & Direct Marketing Retail — 4.3%
Amazon.com Inc.^(a)		2,885		9,404,956
eBay Inc.		4,121		235,968
Etsy Inc.^(a)		852		105,887


				9,746,811

IT Services — 4.7%
Accenture PLC, Class A		4,173		1,407,261
Akamai Technologies Inc.^(a)		1,083		129,299
Automatic Data Processing Inc.		2,777		631,879
Broadridge Financial Solutions Inc.		759		118,184
Cognizant Technology Solutions Corp., Class A		3,458		310,079
DXC Technology Co.^(a)		1,614		52,665
EPAM Systems Inc.^(a)		375		111,229
Fidelity National Information Services Inc.		4,018		403,487
Fiserv Inc.^(a)		3,946		400,124
FleetCor Technologies Inc.^(a)		544		135,489
Gartner Inc.^(a)		548		163,008
Global Payments Inc.		1,880		257,259
International Business Machines Corp.		5,937		771,929
Jack Henry & Associates Inc.		482		94,978
Mastercard Inc., Class A		5,694		2,034,922
Paychex Inc.		2,106		287,406
PayPal Holdings Inc.^(a)		7,522		869,919
VeriSign Inc.^(a)		639		142,152
Visa Inc., Class A		10,941		2,426,385


				10,747,654

Leisure Products — 0.0%
Hasbro Inc.		855		70,042


Life Sciences Tools & Services — 2.0%
Agilent Technologies Inc.		1,992		263,601
Bio-Rad Laboratories Inc., Class A^(a)		143		80,542
Bio-Techne Corp.		261		113,023
Charles River Laboratories International Inc.^(a)		337		95,698
Danaher Corp.		4,196		1,230,813
Illumina Inc.^(a)		1,033		360,930
IQVIA Holdings Inc.^(a)		1,260		291,325
Mettler-Toledo International Inc.^(a)		152		208,725
PerkinElmer Inc.		833		145,325
Thermo Fisher Scientific Inc.		2,599		1,535,099
Waters Corp.^(a)		399		123,846
West Pharmaceutical Services Inc.		491		201,659


				4,650,586


Security	Shares		Value

Machinery — 1.7%
Caterpillar Inc.		3,562	$	793,685
Cummins Inc.		951		195,060
Deere & Co.		1,845		766,524
Dover Corp.		954		149,682
Fortive Corp.		2,363		143,977
IDEX Corp.		503		96,440
Illinois Tool Works Inc.		1,857		388,856
Ingersoll Rand Inc.		2,702		136,046
Nordson Corp.		358		81,295
Otis Worldwide Corp.		2,799		215,383
PACCAR Inc.		2,275		200,359
Parker-Hannifin Corp.		847		240,345
Pentair PLC		1,095		59,360
Snap-on Inc.		354		72,740
Stanley Black & Decker Inc.		1,080		150,973
Westinghouse Air Brake Technologies Corp.		1,236		118,866
Xylem Inc./NY		1,181		100,692


				3,910,283

Media — 1.1%
Charter Communications Inc., Class A^(a)		788		429,870
Comcast Corp., Class A		29,445		1,378,615
Discovery Inc., Class A^(a)		1,088		27,113
Discovery Inc., Class C, NVS^(a)		2,033		50,764
DISH Network Corp., Class A^(a)		1,639		51,874
Fox Corp., Class A, NVS		2,087		82,332
Fox Corp., Class B		968		35,119
Interpublic Group of Companies Inc. (The)		2,587		91,709
News Corp., Class A, NVS		2,585		57,258
News Corp., Class B		822		18,511
Omnicom Group Inc.		1,362		115,607
Paramount Global, Class B, NVS		4,049		153,093


				2,491,865

Metals & Mining — 0.5%
Freeport-McMoRan Inc.		9,673		481,135
Newmont Corp.		5,215		414,332
Nucor Corp.		1,798		267,272


				1,162,739

Multi-Utilities — 0.4%
CenterPoint Energy Inc.		4,149		127,126
Consolidated Edison Inc.		2,249		212,935
Public Service Enterprise Group Inc.		3,321		232,470
Sempra Energy		2,110		354,733


				927,264

Multiline Retail — 0.5%
Dollar General Corp.		1,517		337,730
Dollar Tree Inc.^(a)		1,481		237,182
Target Corp.		3,155		669,554


				1,244,466

Oil, Gas & Consumable Fuels — 0.7%
Kinder Morgan Inc.		12,698		240,119
Marathon Petroleum Corp.		3,825		327,037
ONEOK Inc.		2,946		208,076
Phillips 66		3,085		266,513
Valero Energy Corp.		2,651		269,183
Williams Companies Inc. (The)		7,970		266,278


				1,577,206

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		1,537		418,556


Security	Shares		Value

Pharmaceuticals — 2.9%
Bristol-Myers Squibb Co.		14,351	$	1,048,054
Catalent Inc.^(a)		1,186		131,528
Eli Lilly & Co.		5,223		1,495,711
Merck & Co. Inc.		16,626		1,364,163
Organon & Co.		1,640		57,285
Pfizer Inc.		36,942		1,912,487
Viatris Inc.		8,022		87,279
Zoetis Inc.		3,127		589,721


				6,686,228

Professional Services — 0.2%
Equifax Inc.		811		192,288
Nielsen Holdings PLC		2,332		63,524
Robert Half International Inc.		722		82,438
Verisk Analytics Inc.		1,060		227,508


				565,758

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(a)		2,212		202,442


Road & Rail — 1.1%
CSX Corp.		14,592		546,470
JB Hunt Transport Services Inc.		546		109,631
Norfolk Southern Corp.		1,584		451,789
Old Dominion Freight Line Inc.		617		184,286
Union Pacific Corp.		4,186		1,143,657


				2,435,833

Semiconductors & Semiconductor Equipment — 6.6%
Advanced Micro Devices Inc.^(a)		10,782		1,178,904
Analog Devices Inc.		3,470		573,175
Applied Materials Inc.		5,845		770,371
Broadcom Inc.		2,714		1,708,952
Enphase Energy Inc.^(a)		886		178,777
Intel Corp.		26,820		1,329,199
KLA Corp.		991		362,765
Lam Research Corp.		920		494,601
Microchip Technology Inc.		3,690		277,267
Micron Technology Inc.		7,397		576,152
Monolithic Power Systems Inc.		281		136,476
NVIDIA Corp.		16,436		4,484,727
NXP Semiconductors NV		1,750		323,890
Qorvo Inc.^(a)		715		88,732
QUALCOMM Inc.		7,417		1,133,466
Skyworks Solutions Inc.		1,091		145,408
SolarEdge Technologies Inc.^(a)		348		112,185
Teradyne Inc.		1,071		126,624
Texas Instruments Inc.		6,068		1,113,357


				15,115,028

Software — 9.8%
Adobe Inc.^(a)		3,071		1,399,209
ANSYS Inc.^(a)		575		182,649
Autodesk Inc.^(a)		1,446		309,950
Cadence Design Systems Inc.^(a)		1,831		301,126
Ceridian HCM Holding Inc.^(a)		881		60,225
Citrix Systems Inc.		817		82,435
Fortinet Inc.^(a)		896		306,199
Intuit Inc.		1,824		877,052
Microsoft Corp.		49,370		15,221,265
NortonLifeLock Inc.		3,901		103,455
Oracle Corp.		10,406		860,888
Paycom Software Inc.^(a)		314		108,763


Security	Shares		Value

Software (continued)
PTC Inc.^(a)		683	$	73,573
salesforce.com Inc.^(a)		6,411		1,361,184
ServiceNow Inc.^(a)		1,321		735,652
Synopsys Inc.^(a)		1,009		336,269
Tyler Technologies Inc.^(a)		270		120,120


				22,440,014

Specialty Retail — 2.2%
Advance Auto Parts Inc.		421		87,130
AutoZone Inc.^(a)		136		278,063
Bath & Body Works Inc.		1,703		81,403
Best Buy Co. Inc.		1,429		129,896
CarMax Inc.^(a)		1,082		104,391
Home Depot Inc. (The)		6,834		2,045,621
Lowe’s Companies Inc.		4,437		897,117
O’Reilly Automotive Inc.^(a)		440		301,383
Ross Stores Inc.		2,335		211,224
TJX Companies Inc. (The)		7,881		477,431
Tractor Supply Co.		753		175,728
Ulta Salon Cosmetics & Fragrance Inc.^(a)		358		142,563


				4,931,950

Technology Hardware, Storage & Peripherals — 8.1%
Apple Inc.		102,057		17,820,173
Hewlett Packard Enterprise Co.		8,594		143,606
HP Inc.		7,152		259,617
NetApp Inc.		1,486		123,338
Seagate Technology Holdings PLC		1,330		119,567
Western Digital Corp.^(a)		2,032		100,889


				18,567,190

Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		8,429		1,134,206
PVH Corp.		461		35,317
Ralph Lauren Corp.		305		34,599
Tapestry Inc.		1,780		66,127
Under Armour Inc., Class A^(a)		1,222		20,799
Under Armour Inc., Class C, NVS^(a)		1,355		21,084
VF Corp.		2,156		122,590


				1,434,722

Trading Companies & Distributors — 0.2%
Fastenal Co.		3,767		223,760
United Rentals Inc.^(a)		478		169,790


				393,550

Water Utilities — 0.1%
American Water Works Co. Inc.		1,194		197,643


Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.^(a)		3,869		496,586


Total Common Stocks — 99.8% (Cost: $239,951,218)				227,966,748


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(b)(d)(e)		12,356		12,354


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(b)(d)		320,000	$	320,000


				332,354


Total Short-Term Investments — 0.1% (Cost: $332,356)				332,354


Total Investments in Securities — 99.9% (Cost: $240,283,574)				228,299,102

Other Assets, Less Liabilities — 0.1%				114,902


Net Assets — 100.0%			$	228,414,004

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

For the period ended March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Axon Enterprise Inc.^(a)		2,401	$	330,690
Curtiss-Wright Corp.		1,377		206,770
Hexcel Corp.		2,943		175,020
Mercury Systems Inc.^(a)		1,989		128,191
Woodward Inc.		2,213		276,426


				1,117,097

Air Freight & Logistics — 0.3%
GXO Logistics Inc.^(a)		3,458		246,694


Airlines — 0.2%
JetBlue Airways Corp.^(a)		11,157		166,797


Auto Components — 1.5%
Adient PLC^(a)		3,325		135,560
Dana Inc.		5,058		88,869
Fox Factory Holding Corp.^(a)		1,477		144,672
Gentex Corp.		8,298		242,053
Goodyear Tire & Rubber Co. (The)^(a)		9,857		140,856
Lear Corp.		2,095		298,726
Visteon Corp.^(a)		982		107,166


				1,157,902

Automobiles — 0.5%
Harley-Davidson Inc.		5,399		212,720
Thor Industries Inc.		1,951		153,544


				366,264

Banks — 7.1%
Associated Banc-Corp.		5,248		119,444
Bank of Hawaii Corp.		1,464		122,859
Bank OZK		4,303		183,738
Cadence Bank		4,744		138,809
Cathay General Bancorp.		2,725		121,944
Commerce Bancshares Inc.		3,876		277,483
Cullen/Frost Bankers Inc.		2,004		277,374
East West Bancorp. Inc.		4,993		394,547
First Financial Bankshares Inc.		4,567		201,496
First Horizon Corp.		18,732		440,015
FNB Corp.		11,919		148,391
Fulton Financial Corp.		5,791		96,246
Glacier Bancorp. Inc.		3,806		191,366
Hancock Whitney Corp.		3,074		160,309
Home BancShares Inc./AR		5,301		119,803
International Bancshares Corp.		1,962		82,816
Old National Bancorp./IN		10,518		172,285
PacWest Bancorp.		4,226		182,267
Pinnacle Financial Partners Inc.		2,677		246,498
Prosperity Bancshares Inc.		3,269		226,803
Synovus Financial Corp.		5,189		254,261
Texas Capital Bancshares Inc.^(a)		1,786		102,356
UMB Financial Corp.		1,512		146,906
Umpqua Holdings Corp.		7,599		143,317
United Bankshares Inc./WV		4,817		168,017
Valley National Bancorp.		14,783		192,475
Webster Financial Corp.		6,340		355,801
Wintrust Financial Corp.		2,028		188,462


				5,456,088

Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		331		128,584


Security	Shares		Value

Biotechnology — 1.6%
Arrowhead Pharmaceuticals Inc.^(a)		3,718	$	170,991
Exelixis Inc.^(a)		11,098		251,592
Halozyme Therapeutics Inc.^(a)		4,939		196,967
Neurocrine Biosciences Inc.^(a)		3,327		311,906
United Therapeutics Corp.^(a)		1,581		283,647


				1,215,103

Building Products — 2.5%
Builders FirstSource Inc.^(a)		6,718		433,580
Carlisle Companies Inc.		1,835		451,263
Lennox International Inc.		1,181		304,533
Owens Corning		3,525		322,537
Simpson Manufacturing Co. Inc.		1,523		166,068
Trex Co. Inc.^(a)		4,038		263,803


				1,941,784

Capital Markets — 2.1%
Affiliated Managers Group Inc.		1,435		202,263
Evercore Inc., Class A		1,363		151,729
Federated Hermes Inc.		3,489		118,835
Interactive Brokers Group Inc., Class A		3,107		204,783
Janus Henderson Group PLC		6,007		210,365
Jefferies Financial Group Inc.		6,865		225,515
SEI Investments Co.		3,736		224,945
Stifel Financial Corp.		3,702		251,366


				1,589,801

Chemicals — 2.3%
Ashland Global Holdings Inc.		1,857		182,747
Avient Corp.		3,208		153,984
Cabot Corp.		1,984		135,725
Chemours Co. (The)		5,614		176,729
Ingevity Corp.^(a)		1,381		88,481
Minerals Technologies Inc.		1,178		77,925
NewMarket Corp.		244		79,149
RPM International Inc.		4,548		370,389
Scotts Miracle-Gro Co. (The)		1,424		175,095
Sensient Technologies Corp.		1,484		124,582
Valvoline Inc.		6,292		198,575


				1,763,381

Commercial Services & Supplies — 1.6%
Brink’s Co. (The)		1,724		117,232
Clean Harbors Inc.^(a)		1,756		196,040
IAA Inc.^(a)		4,731		180,961
MillerKnoll Inc.		2,656		91,791
MSA Safety Inc.		1,279		169,723
Stericycle Inc.^(a)		3,226		190,076
Tetra Tech Inc.		1,894		312,397


				1,258,220

Communications Equipment — 1.0%
Calix Inc.^(a)		1,924		82,559
Ciena Corp.^(a)		5,442		329,949
Lumentum Holdings Inc.^(a)		2,554		249,270
Viasat Inc.^(a)		2,609		127,319


				789,097

Construction & Engineering — 1.6%
AECOM		4,958		380,824
Dycom Industries Inc.^(a)		1,058		100,785
EMCOR Group Inc.		1,873		210,956
MasTec Inc.^(a)		2,064		179,774
MDU Resources Group Inc.		7,133		190,094


Security	Shares		Value

Construction & Engineering (continued)
Valmont Industries Inc.		746	$	177,996


				1,240,429

Construction Materials — 0.2%
Eagle Materials Inc.		1,395		179,062


Consumer Finance — 0.4%
Navient Corp.		5,609		95,577
PROG Holdings Inc.^(a)		1,989		57,224
SLM Corp.		9,941		182,517


				335,318

Containers & Packaging — 0.9%
AptarGroup Inc.		2,309		271,308
Greif Inc., Class A, NVS		932		60,636
Silgan Holdings Inc.		2,990		138,228
Sonoco Products Co.		3,449		215,769


				685,941

Diversified Consumer Services — 1.0%
Graham Holdings Co., Class B		142		86,829
Grand Canyon Education Inc.^(a)		1,390		134,983
H&R Block Inc.		5,771		150,277
Service Corp. International		5,785		380,768


				752,857

Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.^(a)		4,637		186,964


Electric Utilities — 0.2%
Hawaiian Electric Industries Inc.		3,846		162,724


Electrical Equipment — 2.0%
Acuity Brands Inc.		1,228		232,460
EnerSys		1,446		107,828
Hubbell Inc.		1,908		350,633
nVent Electric PLC		5,902		205,271
Regal Rexnord Corp.		2,378		353,799
Sunrun Inc.^(a)		7,261		220,517
Vicor Corp.^(a)		752		53,054


				1,523,562

Electronic Equipment, Instruments & Components — 3.4%
Arrow Electronics Inc.^(a)		2,388		283,288
Avnet Inc.		3,497		141,943
Belden Inc.		1,576		87,310
Cognex Corp.		6,202		478,484
Coherent Inc.^(a)		870		237,823
II-VI Inc.^(a)		3,730		270,388
Jabil Inc.		5,035		310,811
Littelfuse Inc.		865		215,740
National Instruments Corp.		4,679		189,921
TD SYNNEX Corp.		1,458		150,480
Vishay Intertechnology Inc.		4,656		91,258
Vontier Corp.^(b)		5,950		151,070


				2,608,516

Energy Equipment & Services — 0.6%
ChampionX Corp.^(a)		7,089		173,539
NOV Inc.		13,774		270,108


				443,647

Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A		1,537		95,970


Equity Real Estate Investment Trusts (REITs) — 10.2%
American Campus Communities Inc.		4,881		273,190


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Income REIT Corp.		5,506	$	294,351
Brixmor Property Group Inc.		10,448		269,663
Camden Property Trust		3,584		595,661
Corporate Office Properties Trust		3,940		112,448
Cousins Properties Inc.		5,215		210,112
Douglas Emmett Inc.		6,157		205,767
EastGroup Properties Inc.		1,427		290,080
EPR Properties		2,623		143,504
First Industrial Realty Trust Inc.		4,571		282,991
Healthcare Realty Trust Inc.		5,175		142,209
Highwoods Properties Inc.		3,702		169,329
Hudson Pacific Properties Inc.		5,348		148,407
JBG SMITH Properties		4,004		116,997
Kilroy Realty Corp.		3,692		282,143
Kite Realty Group Trust		7,683		174,942
Lamar Advertising Co., Class A		3,047		354,000
Life Storage Inc.		2,878		404,157
Macerich Co. (The)		7,473		116,878
Medical Properties Trust Inc.		20,934		442,545
National Retail Properties Inc.		6,161		276,875
National Storage Affiliates Trust		2,874		180,372
Omega Healthcare Investors Inc.		8,383		261,214
Park Hotels & Resorts Inc.		8,296		162,021
Pebblebrook Hotel Trust		4,609		112,828
Physicians Realty Trust		7,727		135,532
PotlatchDeltic Corp.		2,423		127,765
PS Business Parks Inc.		706		118,664
Rayonier Inc.		5,099		209,671
Rexford Industrial Realty Inc.		5,622		419,345
Sabra Health Care REIT Inc.		8,022		119,448
SL Green Realty Corp.		2,257		183,223
Spirit Realty Capital Inc.		4,480		206,170
STORE Capital Corp.		8,608		251,612


				7,794,114

Food & Staples Retailing — 0.7%
BJ’s Wholesale Club Holdings Inc.^(a)		4,770		322,500
Grocery Outlet Holding Corp.^(a)		3,065		100,471
Sprouts Farmers Market Inc.^(a)		3,938		125,937


				548,908

Food Products — 1.8%
Darling Ingredients Inc.^(a)		5,676		456,237
Flowers Foods Inc.		7,006		180,124
Hain Celestial Group Inc. (The)^(a)		3,209		110,389
Ingredion Inc.		2,345		204,367
Lancaster Colony Corp.		712		106,195
Pilgrim’s Pride Corp.^(a)		1,710		42,921
Post Holdings Inc.^(a)		2,018		139,767
Sanderson Farms Inc.		745		139,680


				1,379,680

Gas Utilities — 1.2%
New Jersey Resources Corp.		3,369		154,502
ONE Gas Inc.		1,880		165,891
Southwest Gas Holdings Inc.		2,295		179,676
Spire Inc.		1,815		130,244
UGI Corp.		7,359		266,543


				896,856

Health Care Equipment & Supplies — 3.1%
Envista Holdings Corp.^(a)		5,661		275,747
Globus Medical Inc., Class A^(a)		2,777		204,887


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Haemonetics Corp.^(a)		1,794	$	113,417
ICU Medical Inc.^(a)		701		156,071
Integra LifeSciences Holdings Corp.^(a)		2,555		164,184
LivaNova PLC^(a)		1,866		152,695
Masimo Corp.^(a)		1,781		259,207
Neogen Corp.^(a)(b)		3,799		117,161
NuVasive Inc.^(a)		1,814		102,854
Penumbra Inc.^(a)		1,231		273,442
Quidel Corp.^(a)		1,331		149,684
STAAR Surgical Co.^(a)		1,670		133,450
Tandem Diabetes Care Inc.^(a)		2,228		259,094


				2,361,893
Health Care Providers & Services — 2.8%
Acadia Healthcare Co. Inc.^(a)		3,155		206,748
Amedisys Inc.^(a)		1,143		196,927
Chemed Corp.		540		273,537
Encompass Health Corp.		3,490		248,174
HealthEquity Inc.^(a)		2,935		197,936
LHC Group Inc.^(a)		1,110		187,146
Option Care Health Inc.^(a)		4,859		138,773
Patterson Companies Inc.		3,043		98,502
Progyny Inc.^(a)		2,442		125,519
R1 RCM Inc.^(a)		4,685		125,371
Tenet Healthcare Corp.^(a)		3,757		322,952


				2,121,585
Hotels, Restaurants & Leisure — 3.0%
Boyd Gaming Corp.		2,878		189,315
Choice Hotels International Inc.		1,150		163,024
Churchill Downs Inc.		1,208		267,910
Cracker Barrel Old Country Store Inc.		841		99,852
Marriott Vacations Worldwide Corp.		1,495		235,761
Papa John’s International Inc.		1,135		119,493
Scientific Games Corp./DE, Class A^(a)		3,386		198,928
Six Flags Entertainment Corp.^(a)		2,715		118,103
Texas Roadhouse Inc.		2,443		204,552
Travel + Leisure Co.		3,027		175,384
Wendy’s Co. (The)		6,191		136,016
Wingstop Inc.		1,046		122,748
Wyndham Hotels & Resorts Inc.		3,269		276,852


				2,307,938
Household Durables — 1.6%
Helen of Troy Ltd.^(a)		846		165,680
KB Home		3,007		97,367
Leggett & Platt Inc.		4,689		163,177
Taylor Morrison Home Corp.^(a)		4,311		117,345
Tempur Sealy International Inc.		6,753		188,544
Toll Brothers Inc.		3,942		185,353
TopBuild Corp.^(a)		1,156		209,687
Tri Pointe Homes Inc.^(a)		3,921		78,734


				1,205,887
Household Products — 0.1%
Energizer Holdings Inc.		2,300		70,748


Insurance — 4.3%
Alleghany Corp.^(a)		480		406,560
American Financial Group Inc./OH		2,334		339,877
Brighthouse Financial Inc.^(a)		2,731		141,084
CNO Financial Group Inc.		4,356		109,292
First American Financial Corp.		3,855		249,881


Security	Shares		Value

Insurance (continued)
Hanover Insurance Group Inc. (The)		1,270	$	189,891
Kemper Corp.		2,108		119,186
Kinsale Capital Group Inc.		753		171,699
Mercury General Corp.		938		51,590
Old Republic International Corp.		10,202		263,926
Primerica Inc.		1,405		192,232
Reinsurance Group of America Inc.		2,356		257,888
RenaissanceRe Holdings Ltd.		1,543		244,581
RLI Corp.		1,413		156,320
Selective Insurance Group Inc.		2,115		188,996
Unum Group		7,330		230,968


				3,313,971
Interactive Media & Services — 0.4%
TripAdvisor Inc.^(a)		3,475		94,242
Yelp Inc.^(a)		2,407		82,103
Ziff Davis Inc.^(a)		1,691		163,655


				340,000
IT Services — 2.4%
Alliance Data Systems Corp.		1,767		99,217
Concentrix Corp.		1,505		250,673
Euronet Worldwide Inc.^(a)		1,856		241,559
Genpact Ltd.		5,980		260,190
Kyndryl Holdings Inc.^(a)		6,290		82,525
LiveRamp Holdings Inc.^(a)		2,421		90,521
Maximus Inc.		2,173		162,866
Sabre Corp.^(a)		11,377		130,039
Western Union Co. (The)		13,814		258,874
WEX Inc.^(a)		1,566		279,453


				1,855,917
Leisure Products — 0.9%
Brunswick Corp./DE		2,711		219,293
Callaway Golf Co.^(a)		4,111		96,280
Polaris Inc.		2,002		210,851
YETI Holdings Inc.^(a)		3,074		184,378


				710,802
Life Sciences Tools & Services — 1.6%
Azenta Inc.		2,629		217,892
Bruker Corp.		3,573		229,744
Medpace Holdings Inc.^(a)		1,011		165,389
Repligen Corp.^(a)		1,804		339,314
Syneos Health Inc.^(a)		3,638		294,496


				1,246,835
Machinery — 4.5%
AGCO Corp.		2,152		314,257
Colfax Corp.^(a)		4,769		189,758
Crane Co.		1,753		189,815
Donaldson Co. Inc.		4,357		226,259
Flowserve Corp.		4,570		164,063
Graco Inc.		5,962		415,671
ITT Inc.		3,025		227,510
Kennametal Inc.		2,914		83,370
Lincoln Electric Holdings Inc.		2,071		285,404
Middleby Corp. (The)^(a)		1,950		319,683
Oshkosh Corp.		2,342		235,722
Terex Corp.		2,448		87,296
Timken Co. (The)		2,435		147,804
Toro Co. (The)		3,681		314,689
Trinity Industries Inc.		2,868		98,544


Security	Shares		Value

Machinery (continued)
Watts Water Technologies Inc., Class A		967	$	134,984


				3,434,829
Marine — 0.2%
Kirby Corp.^(a)		2,108		152,176


Media — 1.0%
Cable One Inc.		174		254,778
John Wiley & Sons Inc., Class A		1,535		81,401
New York Times Co. (The), Class A		5,863		268,760
TEGNA Inc.		7,762		173,869


				778,808
Metals & Mining — 3.9%
Alcoa Corp.		6,458		581,414
Cleveland-Cliffs Inc.^(a)		16,771		540,194
Commercial Metals Co.		4,260		177,301
Reliance Steel & Aluminum Co.		2,197		402,820
Royal Gold Inc.		2,303		325,368
Steel Dynamics Inc.		6,612		551,639
United States Steel Corp.		9,153		345,434
Worthington Industries Inc.		1,143		58,762


				2,982,932
Multiline Retail — 1.0%
Kohl’s Corp.		4,881		295,105
Macy’s Inc.		10,498		255,731
Nordstrom Inc.		3,912		106,054
Ollie’s Bargain Outlet Holdings Inc.^(a)		2,059		88,455


				745,345
Oil, Gas & Consumable Fuels — 1.5%
DTE Midstream LLC^(a)		3,394		184,159
Equitrans Midstream Corp.		14,262		120,371
HF Sinclair Corp.		5,244		208,973
Targa Resources Corp.		8,031		606,100


				1,119,603
Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		3,085		191,640


Personal Products — 0.3%
Coty Inc., Class A^(a)		12,063		108,447
Nu Skin Enterprises Inc., Class A		1,748		83,694


				192,141
Pharmaceuticals — 0.7%
Jazz Pharmaceuticals PLC^(a)		2,156		335,624
Perrigo Co. PLC		4,693		180,352


				515,976
Professional Services — 1.5%
ASGN Inc.^(a)		1,829		213,463
FTI Consulting Inc.^(a)		1,203		189,136
Insperity Inc.		1,251		125,625
KBR Inc.		4,924		269,490
ManpowerGroup Inc.		1,902		178,636
Science Applications International Corp.		1,998		184,156


				1,160,506
Real Estate Management & Development — 0.6%
Jones Lang LaSalle Inc.^(a)		1,770		423,844


Road & Rail — 2.1%
Avis Budget Group Inc.^(a)		1,405		369,937
Knight-Swift Transportation Holdings Inc.		5,822		293,778
Landstar System Inc.		1,321		199,246


Security	Shares		Value

Road & Rail (continued)
Ryder System Inc.		1,889	$	149,854
Saia Inc.^(a)		924		225,290
Werner Enterprises Inc.		2,100		86,100
XPO Logistics Inc.^(a)		3,460		251,888


				1,576,093
Semiconductors & Semiconductor Equipment — 4.0%
Amkor Technology Inc.		3,517		76,389
Cirrus Logic Inc.^(a)		2,010		170,428
CMC Materials Inc.		1,003		185,956
First Solar Inc.^(a)		3,469		290,494
Lattice Semiconductor Corp.^(a)		4,803		292,743
MKS Instruments Inc.		1,945		291,750
Power Integrations Inc.		2,074		192,218
Semtech Corp.^(a)		2,261		156,778
Silicon Laboratories Inc.^(a)		1,343		201,719
SiTime Corp.^(a)		527		130,601
SunPower Corp.^(a)		2,910		62,507
Synaptics Inc.^(a)		1,386		276,507
Universal Display Corp.		1,520		253,764
Wolfspeed Inc.^(a)		4,334		493,469


				3,075,323
Software — 4.0%
ACI Worldwide Inc.^(a)		4,124		129,865
Aspen Technology Inc.^(a)		2,339		386,800
Blackbaud Inc.^(a)		1,568		93,876
CDK Global Inc.		4,084		198,809
CommVault Systems Inc.^(a)		1,563		103,705
Digital Turbine Inc.^(a)		3,096		135,636
Envestnet Inc.^(a)		1,258		93,646
Fair Isaac Corp.^(a)		922		430,076
Manhattan Associates Inc.^(a)		2,216		307,381
Mimecast Ltd.^(a)		2,184		173,759
NCR Corp.^(a)(b)		4,630		186,080
Paylocity Holding Corp.^(a)		1,392		286,432
Qualys Inc.^(a)		1,185		168,756
SailPoint Technologies Holdings Inc.^(a)		3,272		167,461
Teradata Corp.^(a)		3,807		187,647


				3,049,929
Specialty Retail — 3.0%
American Eagle Outfitters Inc.		5,382		90,418
AutoNation Inc.^(a)		1,402		139,611
Five Below Inc.^(a)		1,966		311,355
Foot Locker Inc.		3,064		90,878
GameStop Corp., Class A^(a)(b)		2,170		361,479
Gap Inc. (The)		7,466		105,121
Lithia Motors Inc.		1,062		318,727
Murphy USA Inc.		804		160,768
RH^(a)(b)		611		199,241
Urban Outfitters Inc.^(a)		2,301		57,778
Victoria’s Secret & Co.^(a)		2,549		130,917
Williams-Sonoma Inc.		2,559		371,055


				2,337,348

Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		4,306		86,852


Textiles, Apparel & Luxury Goods — 1.7%
Capri Holdings Ltd.^(a)		5,177		266,046
Carter’s Inc.		1,497		137,709
Columbia Sportswear Co.		1,228		111,171


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
Crocs Inc.^(a)		2,064	$	157,690
Deckers Outdoor Corp.^(a)		956		261,724
Hanesbrands Inc.		12,250		182,402
Skechers U.S.A. Inc., Class A^(a)		4,733		192,917


				1,309,659
Thrifts & Mortgage Finance — 0.7%
Essent Group Ltd.		3,881		159,936
MGIC Investment Corp.		11,242		152,329
New York Community Bancorp. Inc.		16,311		174,854
Washington Federal Inc.		2,287		75,059


				562,178
Trading Companies & Distributors — 1.1%
GATX Corp.		1,246		153,669
MSC Industrial Direct Co. Inc., Class A		1,656		141,108
Univar Solutions Inc.^(a)		5,997		192,743
Watsco Inc.		1,159		353,078


				840,598
Water Utilities — 0.5%
Essential Utilities Inc.		8,068		412,517


Total Common Stocks — 99.8% (Cost: $77,255,015)				76,515,233


Security	Shares		Value

Short-Term Investments

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.34%^(c)(d)(e)		815,435	$	815,271
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.25%^(c)(d)		90,000		90,000


				905,271


Total Short-Term Investments — 1.2% (Cost: $905,160)				905,271


Total Investments in Securities — 101.0% (Cost: $78,160,175)				77,420,504

Other Assets, Less Liabilities — (1.0)%				(754,324	)


Net Assets — 100.0%			$	76,666,180

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		14.74	%		23.54	%		14.74	%		38.00	%

Fund Market		14.47			23.59			14.47			38.08

Index		14.81			23.69			14.81			38.21


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,046.80	$ 0.41			$ 1,000.00	$ 1,024.50	$ 0.40		0.08	%



Sector	Percent of Total Investments	^(a)

Information Technology	30.9	%
Health Care	13.7
Consumer Discretionary	13.3
Financials	11.7
Communication Services	10.3
Industrials	6.3
Consumer Staples	5.4
Real Estate	3.0
Materials	2.8
Utilities	1.5
Energy	1.1


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		2.88	%		29.02	%		2.88	%		47.42	%

Fund Market		2.77			29.16			2.77			47.67

Index		3.01			29.29			3.01			47.86


Actual					Hypothetical 5% Return


	Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (10/01/21)	Ending Account Value (03/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,018.00	$ 0.60			$ 1,000.00	$ 1,024.30	$ 0.61		0.12	%


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


		Page

The Markets in Review		2
Market Overview		4
Fund Summary		5
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Financial Highlights		40
Notes to Financial Statements		43
Report of Independent Registered Public Accounting Firm		51
Important Tax Information (Unaudited)		52
Statement Regarding Liquidity Risk Management Program		53
Supplemental Information		54
Trustee and Officer Information		55
General Information		58
Glossary of Terms Used in this Report		59


4		2 0 2 2 I S H A R E S 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 March 31, 2022		iShares^® ESG Screened S&P 500 ETF


Fund Summary as of March 31, 2022 (continued)		iShares^® ESG Screened S&P 500 ETF



Security	Percent of Total Investments	^(a)

Apple Inc.	7.8	%
Microsoft Corp.	6.7
Amazon.com Inc.	4.1
Tesla Inc.	2.6
Alphabet Inc., Class A	2.4
Alphabet Inc., Class C	2.2
NVIDIA Corp.	2.0
Berkshire Hathaway Inc., Class B	1.9
Meta Platforms Inc, Class A	1.5
UnitedHealth Group Inc.	1.4


Fund Summary as of March 31, 2022		iShares^® ESG Screened S&P Mid-Cap ETF


Fund Summary as of March 31, 2022		iShares^® ESG Screened S&P Small-Cap ETF


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		11



Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	12,532	^(a)	$	—		$	(176	)	$	(2	)	$	12,354		12,356	$	428	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		260,000	^(a)		—			—			—			320,000		320,000		80			—
BlackRock Inc.		106,308		1,891,184			(1,166,362	)		15,977			(127,259	)		719,848		942		13,110			—


									$	15,801		$	(127,261	)	$	1,052,202			$	13,618		$	—



		2022 Annual Report



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	22,998



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(8,950	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	22,244



Futures contracts:
Average notional value of contracts — long	$	283,110



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	227,966,748	$	—	$	—	$	227,966,748
Money Market Funds		332,354		—		—		332,354


	$	228,299,102	$	—	$	—	$	228,299,102

Derivative financial instruments^(a)
Assets
Futures Contracts	$	22,998	$	—	$	—	$	22,998