# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-23-000433
**Filing Date:** 2023-1
**Character Count:** 707536
**Document Hash:** 908b34fcab76c4fe03efb0ec1e29c82c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000433.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000433

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSHARES TRUST
- **CENTRAL INDEX KEY:** 0001100663
- **IRS NUMBER:** 943351276
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 23500867

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES TRUST
- **DATE OF NAME CHANGE:** 19991213

## Series and Classes Contracts Data

### iShares Select Dividend ETF (Series ID: S000004334)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000012064 | iShares Select Dividend ETF | DVY             |

### iShares Morningstar U.S. Equity ETF (Series ID: S000004367)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000012097 | iShares Morningstar U.S. Equity ETF | ILCB            |

### iShares Morningstar Value ETF (Series ID: S000004369)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000012099 | iShares Morningstar Value ETF | ILCV            |

### iShares Morningstar Mid-Cap Value ETF (Series ID: S000004432)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000012195 | iShares Morningstar Mid-Cap Value ETF | IMCV            |

### iShares Morningstar Small-Cap ETF (Series ID: S000004433)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000012196 | iShares Morningstar Small-Cap ETF | ISCB            |

### iShares Core U.S. REIT ETF (Series ID: S000015627)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000042588 | iShares Core U.S. REIT ETF | USRT            |

### iShares Core High Dividend ETF (Series ID: S000031844)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000099165 | iShares Core High Dividend ETF | HDV             |

### iShares Core Dividend Growth ETF (Series ID: S000045648)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000141931 | iShares Core Dividend Growth ETF | DGRO            |

### iShares Core Dividend ETF (Series ID: S000059298)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000194634 | iShares Core Dividend ETF | DIVB            |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT** 

**OF REGISTERED MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-09729** 

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## iShares Trust
**(Exact name of registrant as specified in charter)** 

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**c/o: BNY Mellon Investment Servicing (US) Inc.** 

**301 Bellevue Parkway, Wilmington, DE 19809** 

**(Address of principal executive offices) (Zip code)** 

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**The Corporation Trust Company** 

**1209 Orange Street, Wilmington, DE 19801** 

**(Name and address of agent for service)** 

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**Registrant's telephone number, including area code: (415) 670-2000** 

**Date of fiscal year end: April 30, 2023** 

**Date of reporting period: October 31, 2022** 

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**Item 1.** **Reports to Stockholders.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

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---

| | |
|:---|:---|
| ![LOGO](g238651g24u50.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Semi-Annual Report**<br> **(Unaudited)**<br>

**iShares Trust** 

· iShares Core Dividend ETF \| DIVB \| Cboe BZX

· iShares Core Dividend Growth ETF \| DGRO \| NYSE Arca

· iShares Core High Dividend ETF \| HDV \| NYSE Arca

· iShares Select Dividend ETF \| DVY \| NASDAQ

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period as of October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort 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, and the outlook for Europe and the U.K. is also troubling. 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.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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.

Sincerely,

![LOGO](g238651sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g238651photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities (MSCI Emerging Markets Index) | (19.66) | (13.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | 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

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**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx238651_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx238651_2) | 4 |
|  [About Fund Performance](#tx238651_3) | 8 |
|  [Disclosure of Expenses](#tx238651_4) | 8 |
|  [Schedules of Investments](#tx238651_5) | 9 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx238651_6) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx238651_7) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx238651_8) | 30 |
|  [Financial Highlights](#tx238651_9) | 32 |
|  [Notes to Financial Statements](#tx238651_10) | 36 |
|  [Board Review and Approval of Investment Advisory Contract](#tx238651_11) | 43 |
|  [Supplemental Information](#tx238651_12) | 47 |
|  [General Information](#tx238651_13) | 48 |
|  [Glossary of Terms Used in this Report](#tx238651_14) | 49 |

---

3.0 ------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend ETF** |

---

**Investment Objective** 

The **iShares Core Dividend ETF (the "Fund")** (formerly the iShares U.S. Dividend and Buyback ETF) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar<sup>®</sup> US Dividend and Buyback Index<sup>SM</sup> (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 | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *6-Month Total<br>Returns* | *1 Year* | *Since*<br> *Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | (4.20)% | (8.51)% | 10.61% | (8.51)% | 65.27% |
|  Fund Market | (4.14) | (8.50) | 10.62 | (8.50) | 65.33 |
|  Index | (4.08) | (8.28) | 10.91 | (8.28) | 67.46 |

---

The inception date of the Fund was November 7, 2017. The first day of secondary market trading was November 9, 2017.

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 | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value*<br> *(10/31/22)* | ** <br>| *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value*<br> *(05/01/22)* | ** <br>| *Ending<br>Account Value*<br> *(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $958.00 |  | $1.20 | $1000.00 |  | $1023.98 | $1.22 | 0.24% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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** 

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Information Technology | 22.9% |
|  Financials | 19.4 |
|  Health Care | 12.6 |
|  Consumer Discretionary | 8.9 |
|  Communication Services | 8.7 |
|  Industrials | 8.1 |
|  Consumer Staples | 7.4 |
|  Energy | 6.3 |
|  Materials | 3.0 |
|  Utilities | 1.6 |
|  Real Estate | 1.1 |

---

<sup>(a)</sup> Excludes money market funds.

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Apple Inc. | 4.9% |
|  Microsoft Corp. | 3.6 |
|  JPMorgan Chase & Co. | 2.1 |
|  Berkshire Hathaway, Inc., Class B | 1.8 |
|  Exxon Mobil Corp. | 1.8 |
|  Bank of America Corp. | 1.7 |
|  Alphabet, Inc., Class A | 1.7 |
|  Procter & Gamble Co. | 1.6 |
|  Meta Platforms, Inc., Class A | 1.6 |
|  Alphabet, Inc., Class C, NVS | 1.6 |

---

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

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend Growth ETF** |

---

**Investment Objective** 

The **iShares Core Dividend Growth ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar<sup>®</sup> U.S. Dividend Growth Index<sup>SM</sup> (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 | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *6-Month Total<br>Returns* | *1 Year* | *5 Years* | *Since*<br> *Inception* | *1 Year* | *5 Years* | *Since*<br> *Inception* |
|  Fund NAV | (1.97)% | (5.68)% | 10.71% | 10.90% | (5.68)% | 66.34% | 138.22% |
|  Fund Market | (1.93) | (5.64) | 10.72 | 10.90 | (5.64) | 66.38 | 138.35 |
|  Index | (1.91) | (5.56) | 10.81 | 10.97 | (5.56) | 67.07 | 139.50 |

---

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

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 | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value*<br> *(10/31/22)* | ** <br>| *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value*<br> *(05/01/22)* | ** <br>| *Ending<br>Account Value*<br> *(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $980.30 |  | $0.40 | $1000.00 |  | $1024.80 | $0.41 | 0.08% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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** 

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Financials | 20.7% |
|  Information Technology | 19.3 |
|  Health Care | 17.7 |
|  Industrials | 13.4 |
|  Consumer Staples | 11.3 |
|  Consumer Discretionary | 7.5 |
|  Utilities | 4.2 |
|  Materials | 2.9 |
|  Communication Services | 1.6 |
|  Energy | 1.4 |

---

<sup>(a)</sup> Excludes money market funds.

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | |
| *Security* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  JPMorgan Chase & Co. | 2.9% |
|  Johnson & Johnson | 2.9 |
|  Apple Inc. | 2.8 |
|  Microsoft Corp. | 2.7 |
|  Pfizer, Inc. | 2.6 |
|  Procter & Gamble Co. | 2.5 |
|  Merck & Co., Inc. | 2.3 |
|  Home Depot, Inc. | 2.3 |
|  PepsiCo, Inc. | 1.9 |
|  Coca-Cola Co. | 1.9 |

---

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

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Core High Dividend ETF** |

---

**Investment Objective** 

The **iShares Core High Dividend ETF (the "Fund")** seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar<sup>®</sup> Dividend Yield Focus Index<sup>SM</sup> (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 | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *6-Month Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | 1.18% | 8.56% | 7.66% | 9.33% | 8.56% | 44.65% | 144.01% |
|  Fund Market | 1.24 | 8.60 | 7.67 | 9.33 | 8.60 | 44.72 | 143.98 |
|  Index | 1.22 | 8.65 | 7.75 | 9.48 | 8.65 | 45.24 | 147.41 |

---

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 | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value*<br> *(05/01/22)* | ** <br>| *Ending<br>Account Value*<br> *(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value*<br> *(05/01/22)* | ** <br>| *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 |  | $1011.80 | $0.41 | $1000.00 |  | $1024.80 | $0.41 | 0.08% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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** 

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Energy | 28.1% |
|  Health Care | 21.5 |
|  Information Technology | 11.9 |
|  Consumer Staples | 10.8 |
|  Utilities | 7.4 |
|  Financials | 7.2 |
|  Communication Services | 5.9 |
|  Industrials | 5.2 |
|  Consumer Discretionary | 1.4 |
|  Materials | 0.6 |

---

<sup>(a)</sup> Excludes money market funds.

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Exxon Mobil Corp. | 10.3% |
|  Chevron Corp. | 7.7 |
|  AbbVie, Inc. | 6.2 |
|  Verizon Communications, Inc. | 5.7 |
|  Merck & Co., Inc. | 4.8 |
|  Philip Morris International, Inc. | 4.4 |
|  Pioneer Natural Resources Co. | 4.3 |
|  Coca-Cola Co. | 3.9 |
|  International Business Machines Corp. | 3.8 |
|  Cisco Systems, Inc. | 3.7 |

---

6 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Select Dividend ETF** |

---

**Investment Objective** 

The **iShares Select Dividend ETF (the "Fund")** seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend Index<sup>™</sup> (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 | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *6-Month Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (2.52)% | 3.47% | 8.32% | 11.14% | 3.47% | 49.14% | 187.53% |
|  Fund Market | (2.51) | 3.48 | 8.33 | 11.14 | 3.48 | 49.18 | 187.64 |
|  Index | (2.34) | 3.87 | 8.75 | 11.57 | 3.87 | 52.09 | 198.89 |

---

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 | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $974.80 | $1.90 | $1000.00 | $1023.28 | $1.94 | 0.38% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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** 

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Utilities | 25.6% |
|  Financials | 21.9 |
|  Consumer Staples | 10.5 |
|  Energy | 9.7 |
|  Materials | 6.5 |
|  Consumer Discretionary | 5.5 |
|  Communication Services | 5.5 |
|  Health Care | 5.2 |
|  Industrials | 4.8 |
|  Information Technology | 4.8 |

---

<sup>(a)</sup> Excludes money market funds.

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Valero Energy Corp. | 2.5% |
|  Gilead Sciences, Inc. | 2.3 |
|  Altria Group, Inc. | 2.3 |
|  Exxon Mobil Corp. | 2.2 |
|  International Business Machines Corp. | 2.1 |
|  ONEOK, Inc. | 1.9 |
|  Philip Morris International, Inc. | 1.8 |
|  Principal Financial Group, Inc. | 1.8 |
|  Merck & Co., Inc. | 1.7 |
|  Marathon Petroleum Corp. | 1.6 |

---

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

------

About Fund Performance

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

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

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

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.

8 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 2.0%** |  |  |
|  General Dynamics Corp. | 2116 | $528577 |
|  L3Harris Technologies, Inc. | 3331 | 820992 |
|  Lockheed Martin Corp. | 2688 | 1308196 |
|  Northrop Grumman Corp. | 1251 | 686811 |
|  Raytheon Technologies Corp. | 12081 | 1145520 |
|  Textron, Inc. | 2420 | 165625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655721 |
|  **Air Freight & Logistics — 0.5%** |  |  |
|  CH Robinson Worldwide, Inc. | 1572 | 153616 |
|  FedEx Corp. | 1686 | 270232 |
|  United Parcel Service, Inc., Class B | 4859 | 815194 |
|  |  | 1239042 |
|  **Automobiles — 0.1%** |  |  |
|  Ford Motor Co. | 23227 | 310545 |
|  **Banks — 7.4%** |  |  |
|  Bank of America Corp. | 113551 | 4092378 |
|  Citigroup, Inc. | 39091 | 1792713 |
|  Citizens Financial Group, Inc. | 5198 | 212598 |
|  Comerica, Inc. | 1767 | 124574 |
|  Fifth Third Bancorp | 9076 | 323923 |
|  Huntington Bancshares, Inc. | 18183 | 276018 |
|  JPMorgan Chase & Co. | 39493 | 4971379 |
|  KeyCorp | 14774 | 264011 |
|  M&T Bank Corp. | 1292 | 217534 |
|  PNC Financial Services Group, Inc. | 4881 | 789892 |
|  Regions Financial Corp. | 8505 | 186685 |
|  Truist Financial Corp. | 15260 | 683495 |
|  U.S. Bancorp | 14129 | 599776 |
|  Wells Fargo & Co. | 64491 | 2965941 |
|  Zions Bancorp N.A. | 2415 | 125435 |
|  |  | 17626352 |
|  **Beverages — 1.3%** |  |  |
|  Coca-Cola Co. | 21580 | 1291563 |
|  Constellation Brands, Inc., Class A | 1766 | 436343 |
|  PepsiCo, Inc. | 8068 | 1464988 |
|  |  | 3192894 |
|  **Biotechnology — 2.8%** |  |  |
|  AbbVie, Inc. | 16292 | 2385149 |
|  Amgen, Inc. | 8872 | 2398545 |
|  Biogen, Inc.<sup>(a)</sup>  | 1998 | 566313 |
|  Gilead Sciences, Inc. | 12676 | 994559 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup>  | 207 | 154991 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 705 | 219960 |
|  |  | 6719517 |
|  **Building Products — 0.8%** |  |  |
|  Builders FirstSource, Inc.<sup>(a)</sup>  | 5219 | 321804 |
|  Carrier Global Corp. | 5829 | 231761 |
|  Fortune Brands Home & Security, Inc. | 2086 | 125827 |
|  Johnson Controls International PLC | 9445 | 546299 |
|  Masco Corp. | 5144 | 238013 |
|  Owens Corning | 1686 | 144338 |
|  Trane Technologies PLC | 2005 | 320058 |
|  |  | 1928100 |
|  **Capital Markets — 4.0%** |  |  |
|  Ameriprise Financial, Inc. | 1757 | 543124 |
|  Bank of New York Mellon Corp. | 15218 | 640830 |
|  BlackRock, Inc.<sup>(b)</sup>  | 1188 | 767341 |
|  Blackstone, Inc., NVS | 9289 | 846599 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Capital Markets (continued)** |  |  |
|  Charles Schwab Corp. | 3420 | $272471 |
|  CME Group, Inc., Class A | 1383 | 239674 |
|  Evercore, Inc., Class A | 1507 | 158386 |
|  Goldman Sachs Group, Inc. | 3701 | 1275031 |
|  Intercontinental Exchange, Inc. | 2722 | 260142 |
|  Jefferies Financial Group, Inc. | 4216 | 145073 |
|  KKR & Co., Inc. | 2654 | 129064 |
|  Moody's Corp. | 864 | 228848 |
|  Morgan Stanley | 26855 | 2206675 |
|  MSCI, Inc., Class A | 523 | 245214 |
|  Nasdaq, Inc. | 2874 | 178878 |
|  Northern Trust Corp. | 1549 | 130658 |
|  S&P Global, Inc. | 3006 | 965677 |
|  T Rowe Price Group, Inc. | 3249 | 344914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9578599 |
|  **Chemicals — 2.0%** |  |  |
|  Air Products and Chemicals, Inc. | 1106 | 276942 |
|  Celanese Corp. | 1926 | 185127 |
|  CF Industries Holdings, Inc. | 1716 | 182342 |
|  Corteva, Inc. | 4011 | 262079 |
|  Dow, Inc. | 12402 | 579669 |
|  DuPont de Nemours, Inc. | 7425 | 424710 |
|  Eastman Chemical Co. | 2797 | 214838 |
|  Ecolab, Inc. | 880 | 138222 |
|  International Flavors & Fragrances, Inc. | 1449 | 141437 |
|  Linde PLC | 4608 | 1370189 |
|  LyondellBasell Industries NV, Class A | 3710 | 283630 |
|  PPG Industries, Inc. | 1117 | 127539 |
|  Sherwin-Williams Co. | 2372 | 533771 |
|  |  | 4720495 |
|  **Commercial Services & Supplies — 0.3%** |  |  |
|  Cintas Corp. | 701 | 299712 |
|  Waste Management, Inc. | 2091 | 331152 |
|  |  | 630864 |
|  **Communications Equipment — 1.1%** |  |  |
|  Cisco Systems, Inc. | 48632 | 2209352 |
|  Juniper Networks, Inc. | 4577 | 140056 |
|  Motorola Solutions, Inc. | 921 | 229983 |
|  |  | 2579391 |
|  **Construction & Engineering — 0.1%** |  |  |
|  AECOM | 2059 | 155002 |
|  **Consumer Finance — 1.8%** |  |  |
|  Ally Financial, Inc. | 12069 | 332622 |
|  American Express Co. | 6832 | 1014210 |
|  Capital One Financial Corp. | 13027 | 1381123 |
|  Credit Acceptance Corp.<sup>(a)</sup>  | 260 | 121061 |
|  Discover Financial Services | 5109 | 533686 |
|  SLM Corp. | 15250 | 252997 |
|  Synchrony Financial | 17287 | 614726 |
|  |  | 4250425 |
|  **Containers & Packaging — 0.2%** |  |  |
|  Ball Corp. | 3103 | 153257 |
|  Crown Holdings, Inc. | 1876 | 128675 |
|  International Paper Co. | 7446 | 250260 |
|  |  | 532192 |
|  **Distributors — 0.2%** |  |  |
|  Genuine Parts Co. | 894 | 159007 |
|  LKQ Corp. | 3521 | 195908 |
|  |  | 354915 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Diversified Consumer Services — 0.1%** |  |  |
|  Grand Canyon Education, Inc.<sup>(a)</sup>  | 1748 | $175901 |
|  Service Corp. International | 2466 | 149465 |
|  |  | 325366 |
|  **Diversified Financial Services — 2.0%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 14579 | 4302117 |
|  Equitable Holdings, Inc. | 9302 | 284827 |
|  Voya Financial, Inc. | 3566 | 243772 |
|  |  | 4830716 |
|  **Diversified Telecommunication Services — 2.0%** |  |  |
|  AT&T Inc. | 143078 | 2608312 |
|  Lumen Technologies, Inc. | 19335 | 142305 |
|  Verizon Communications, Inc. | 53113 | 1984833 |
|  |  | 4735450 |
|  **Electric Utilities — 1.0%** |  |  |
|  American Electric Power Co., Inc. | 1694 | 148936 |
|  Duke Energy Corp. | 3115 | 290256 |
|  Edison International | 3075 | 184623 |
|  Entergy Corp. | 1204 | 128997 |
|  Eversource Energy | 1756 | 133948 |
|  Exelon Corp. | 6115 | 235978 |
|  NextEra Energy, Inc. | 7367 | 570942 |
|  PPL Corp. | 6348 | 168158 |
|  Southern Co. | 7075 | 463271 |
|  |  | 2325109 |
|  **Electrical Equipment — 0.4%** |  |  |
|  Eaton Corp. PLC | 2270 | 340659 |
|  Emerson Electric Co. | 4161 | 360342 |
|  Rockwell Automation, Inc. | 653 | 166711 |
|  |  | 867712 |
|  **Electronic Equipment, Instruments & Components — 0.6%** |  |  |
|  Amphenol Corp., Class A | 3177 | 240912 |
|  Arrow Electronics, Inc.<sup>(a)</sup>  | 1655 | 167585 |
|  CDW Corp. | 1317 | 227591 |
|  Corning, Inc. | 6241 | 200773 |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 962 | 167532 |
|  TE Connectivity Ltd. | 2637 | 322321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326714 |
|  **Energy Equipment & Services — 0.2%** |  |  |
|  Baker Hughes Co. | 9168 | 253587 |
|  Schlumberger Ltd. | 4264 | 221856 |
|  |  | 475443 |
|  **Entertainment — 0.1%** |  |  |
|  Electronic Arts, Inc. | 2038 | 256707 |
|  **Equity Real Estate Investment Trusts (REITs) — 1.1%** |  |  |
|  American Tower Corp. | 189 | 39159 |
|  AvalonBay Communities, Inc. | 934 | 163562 |
|  Crown Castle, Inc. | 2975 | 396448 |
|  Equity Residential | 2242 | 141291 |
|  Essex Property Trust, Inc. | 466 | 103564 |
|  Healthpeak Properties, Inc. | 4983 | 118247 |
|  Iron Mountain, Inc. | 2767 | 138544 |
|  Prologis, Inc. | 3376 | 373892 |
|  Public Storage | 691 | 214037 |
|  Realty Income Corp. | 1510 | 94028 |
|  SBA Communications Corp., Class A | 695 | 187580 |
|  Simon Property Group, Inc. | 2489 | 271251 |
|  SL Green Realty Corp. | 2651 | 105192 |
|  Weyerhaeuser Co. | 5685 | 175837 |
|  |  | 2522632 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Food & Staples Retailing — 1.2%** |  |  |
|  Costco Wholesale Corp. | 745 | $373617 |
|  Kroger Co. | 7793 | 368531 |
|  Sysco Corp. | 2990 | 258814 |
|  Walgreens Boots Alliance, Inc. | 8375 | 305688 |
|  Walmart, Inc. | 10966 | 1560791 |
|  |  | 2867441 |
|  **Food Products — 1.1%** |  |  |
|  Archer-Daniels-Midland Co. | 2321 | 225091 |
|  Conagra Brands, Inc. | 4735 | 173774 |
|  General Mills, Inc. | 5099 | 415976 |
|  Hershey Co. | 844 | 201522 |
|  JM Smucker Co. | 1313 | 197817 |
|  Kellogg Co. | 1901 | 146035 |
|  Kraft Heinz Co. | 6188 | 238052 |
|  Mondelez International, Inc., Class A | 13480 | 828750 |
|  Tyson Foods, Inc., Class A | 2530 | 172926 |
|  |  | 2599943 |
|  **Health Care Equipment & Supplies — 1.2%** |  |  |
|  Abbott Laboratories | 10938 | 1082206 |
|  Baxter International, Inc. | 3881 | 210932 |
|  Becton Dickinson and Co. | 1448 | 341685 |
|  Medtronic PLC | 10968 | 957945 |
|  Stryker Corp. | 877 | 201043 |
|  |  | 2793811 |
|  **Health Care Providers & Services — 3.7%** |  |  |
|  Cardinal Health, Inc. | 3253 | 246903 |
|  Cigna Corp. | 5196 | 1678620 |
|  CVS Health Corp. | 5691 | 538938 |
|  DaVita, Inc.<sup>(a)</sup>  | 2419 | 176611 |
|  Elevance Health, Inc. | 1571 | 858975 |
|  HCA Healthcare, Inc. | 5242 | 1139978 |
|  Humana, Inc. | 772 | 430838 |
|  Laboratory Corp. of America Holdings | 978 | 216979 |
|  McKesson Corp. | 1513 | 589117 |
|  Quest Diagnostics, Inc. | 2878 | 413425 |
|  UnitedHealth Group, Inc. | 4122 | 2288328 |
|  Universal Health Services, Inc., Class B | 1887 | 218646 |
|  |  | 8797358 |
|  **Hotels, Restaurants & Leisure — 1.4%** |  |  |
|  Booking Holdings, Inc.<sup>(a)</sup>  | 134 | 250510 |
|  Darden Restaurants, Inc. | 1846 | 264237 |
|  Domino's Pizza, Inc. | 538 | 178745 |
|  McDonald's Corp. | 4541 | 1238149 |
|  MGM Resorts International | 7748 | 275596 |
|  Starbucks Corp. | 9179 | 794810 |
|  Yum! Brands, Inc. | 3201 | 378518 |
|  |  | 3380565 |
|  **Household Durables — 0.6%** |  |  |
|  DR Horton, Inc. | 3181 | 244555 |
|  Lennar Corp., Class A | 3970 | 320379 |
|  NVR, Inc.<sup>(a)</sup>  | 67 | 283929 |
|  PulteGroup, Inc. | 5126 | 204989 |
|  Tempur Sealy International, Inc. | 6332 | 170268 |
|  Whirlpool Corp. | 1647 | 227681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451801 |
|  **Household Products — 2.1%** |  |  |
|  Church & Dwight Co., Inc. | 628 | 46554 |
|  Clorox Co. | 1445 | 211028 |
|  Colgate-Palmolive Co. | 8322 | 614497 |

---

10 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Household Products (continued)** |  |  |
|  Kimberly-Clark Corp. | 3181 | $395907 |
|  Procter & Gamble Co. | 28135 | 3788940 |
|  |  | 5056926 |
|  **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |  |
|  Vistra Corp. | 8464 | 194418 |
|  **Industrial Conglomerates — 1.0%** |  |  |
|  3M Co. | 8202 | 1031729 |
|  Honeywell International, Inc. | 6594 | 1345308 |
|  |  | 2377037 |
|  **Insurance — 3.9%** |  |  |
|  Aflac, Inc. | 9622 | 626488 |
|  Allstate Corp. | 5980 | 754975 |
|  American International Group, Inc. | 14599 | 832143 |
|  Aon PLC, Class A | 2495 | 702318 |
|  Arch Capital Group Ltd.<sup>(a)</sup>  | 3977 | 228678 |
|  Assurant, Inc. | 1135 | 154201 |
|  Chubb Ltd. | 5199 | 1117213 |
|  Fidelity National Financial, Inc. | 4674 | 184062 |
|  Hartford Financial Services Group, Inc. | 5506 | 398690 |
|  Lincoln National Corp. | 4537 | 244408 |
|  Loews Corp. | 2959 | 168722 |
|  Marsh & McLennan Cos., Inc. | 2732 | 441191 |
|  MetLife, Inc. | 13304 | 973986 |
|  Principal Financial Group, Inc. | 3937 | 346968 |
|  Progressive Corp. | 1956 | 251150 |
|  Prudential Financial, Inc. | 7207 | 758104 |
|  Travelers Cos., Inc. | 3204 | 591010 |
|  Willis Towers Watson PLC | 2430 | 530250 |
|  |  | 9304557 |
|  **Interactive Media & Services — 4.8%** |  |  |
|  Alphabet, Inc., Class A<sup>(a)</sup>  | 42773 | 4042476 |
|  Alphabet, Inc., Class C, NVS<sup>(a)</sup>  | 39187 | 3709442 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup>  | 39833 | 3710842 |
|  |  | 11462760 |
|  **Internet & Direct Marketing Retail — 0.4%** |  |  |
|  eBay, Inc. | 26039 | 1037394 |
|  **IT Services — 4.4%** |  |  |
|  Accenture PLC, Class A | 3778 | 1072574 |
|  Automatic Data Processing, Inc. | 2827 | 683286 |
|  Cognizant Technology Solutions Corp., Class A | 5894 | 366902 |
|  Fidelity National Information Services, Inc. | 5181 | 429971 |
|  Fiserv, Inc.<sup>(a)</sup>  | 3338 | 342946 |
|  FleetCor Technologies, Inc.<sup>(a)</sup>  | 1115 | 207524 |
|  Gartner, Inc.<sup>(a)</sup>  | 914 | 275955 |
|  Global Payments, Inc. | 3567 | 407565 |
|  GoDaddy, Inc., Class A<sup>(a)</sup>  | 2027 | 162971 |
|  International Business Machines Corp. | 9981 | 1380272 |
|  Mastercard, Inc., Class A | 4805 | 1576905 |
|  Paychex, Inc. | 1732 | 204913 |
|  PayPal Holdings, Inc.<sup>(a)</sup>  | 6362 | 531736 |
|  VeriSign, Inc.<sup>(a)</sup>  | 772 | 154755 |
|  Visa, Inc., Class A | 12466 | 2582457 |
|  Western Union Co. | 9200 | 124292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10505024 |
|  **Life Sciences Tools & Services — 0.4%** |  |  |
|  Agilent Technologies, Inc. | 1964 | 271719 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup>  | 173 | 218833 |
|  Thermo Fisher Scientific, Inc. | 903 | 464115 |
|  |  | 954667 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Machinery — 1.4%** |  |  |
|  Caterpillar, Inc. | 5075 | $1098534 |
|  Cummins, Inc. | 1583 | 387059 |
|  Deere & Co. | 1811 | 716830 |
|  Illinois Tool Works, Inc. | 2132 | 455246 |
|  Otis Worldwide Corp. | 2104 | 148627 |
|  Parker-Hannifin Corp. | 701 | 203725 |
|  Stanley Black & Decker, Inc. | 3573 | 280445 |
|  |  | 3290466 |
|  **Media — 1.8%** |  |  |
|  Altice U.S.A., Inc., Class A<sup>(a)</sup>  | 36257 | 239659 |
|  Charter Communications, Inc., Class A<sup>(a)</sup>  | 5249 | 1929637 |
|  Comcast Corp., Class A | 26953 | 855488 |
|  Fox Corp., Class A, NVS | 4415 | 127461 |
|  Liberty Broadband Corp., Class C, NVS<sup>(a)</sup>  | 5726 | 483446 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C, NVS<sup>(a)</sup>  | 4995 | 210739 |
|  Nexstar Media Group, Inc. | 785 | 134471 |
|  Omnicom Group, Inc. | 3174 | 230909 |
|  |  | 4211810 |
|  **Metals & Mining — 0.7%** |  |  |
|  Freeport-McMoRan, Inc. | 11429 | 362185 |
|  Newmont Corp. | 10070 | 426162 |
|  Nucor Corp. | 4480 | 588582 |
|  Steel Dynamics, Inc. | 2929 | 275473 |
|  |  | 1652402 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |  |  |
|  AGNC Investment Corp. | 17232 | 141647 |
|  Annaly Capital Management, Inc. | 5705 | 105828 |
|  |  | 247475 |
|  **Multiline Retail — 1.0%** |  |  |
|  Dollar General Corp. | 2610 | 665681 |
|  Dollar Tree, Inc.<sup>(a)</sup>  | 1136 | 180056 |
|  Kohl's Corp. | 6692 | 200425 |
|  Target Corp. | 8153 | 1339130 |
|  |  | 2385292 |
|  **Multi-Utilities — 0.5%** |  |  |
|  Dominion Energy, Inc. | 6565 | 459353 |
|  DTE Energy Co. | 1100 | 123321 |
|  Public Service Enterprise Group, Inc. | 3138 | 175947 |
|  Sempra Energy | 2422 | 365577 |
|  WEC Energy Group, Inc. | 1854 | 169326 |
|  |  | 1293524 |
|  **Oil, Gas & Consumable Fuels — 6.1%** |  |  |
|  APA Corp. | 4699 | 213617 |
|  Chevron Corp. | 14391 | 2603332 |
|  ConocoPhillips | 11393 | 1436543 |
|  Devon Energy Corp. | 8122 | 628237 |
|  Diamondback Energy, Inc. | 1356 | 213041 |
|  EOG Resources, Inc. | 2792 | 381164 |
|  Exxon Mobil Corp. | 38691 | 4287350 |
|  Kinder Morgan, Inc., Class P | 25186 | 456370 |
|  Marathon Oil Corp. | 4752 | 144698 |
|  Marathon Petroleum Corp. | 13483 | 1531938 |
|  ONEOK, Inc. | 5578 | 330887 |
|  Phillips 66 | 4248 | 443024 |
|  Pioneer Natural Resources Co. | 2824 | 724102 |
|  Valero Energy Corp. | 4608 | 578534 |
|  Williams Cos., Inc. | 12179 | 398619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14371456 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Paper & Forest Products — 0.1%** |  |  |
|  Louisiana-Pacific Corp. | 4210 | $238497 |
|  **Personal Products — 0.2%** |  |  |
|  Estee Lauder Cos., Inc., Class A | 1693 | 339430 |
|  Herbalife Nutrition Ltd.<sup>(a)</sup>  | 7378 | 156856 |
|  |  | 496286 |
|  **Pharmaceuticals — 4.5%** |  |  |
|  Bristol-Myers Squibb Co. | 32093 | 2486245 |
|  Eli Lilly & Co. | 2694 | 975470 |
|  Johnson & Johnson | 18452 | 3210094 |
|  Merck & Co., Inc. | 17076 | 1728091 |
|  Pfizer, Inc. | 43721 | 2035213 |
|  Zoetis, Inc., Class A | 1701 | 256477 |
|  |  | 10691590 |
|  **Professional Services — 0.1%** |  |  |
|  Leidos Holdings, Inc. | 1258 | 127800 |
|  Verisk Analytics, Inc. | 980 | 179174 |
|  |  | 306974 |
|  **Road & Rail — 1.4%** |  |  |
|  Avis Budget Group, Inc.<sup>(a)</sup>  | 1475 | 348778 |
|  CSX Corp. | 23426 | 680760 |
|  Norfolk Southern Corp. | 3282 | 748526 |
|  Union Pacific Corp. | 7874 | 1552280 |
|  |  | 3330344 |
|  **Semiconductors & Semiconductor Equipment — 4.9%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 6326 | 379939 |
|  Analog Devices, Inc. | 5376 | 766725 |
|  Applied Materials, Inc. | 10833 | 956445 |
|  Broadcom, Inc. | 4197 | 1973094 |
|  Intel Corp. | 80204 | 2280200 |
|  KLA Corp. | 1815 | 574357 |
|  Lam Research Corp. | 1927 | 780011 |
|  Microchip Technology, Inc. | 2615 | 161450 |
|  Micron Technology, Inc. | 9253 | 500587 |
|  NXP Semiconductors NV | 3926 | 573510 |
|  Qorvo, Inc. <sup>(a)</sup>  | 2107 | 181370 |
|  QUALCOMM, Inc. | 9242 | 1087414 |
|  Silicon Laboratories, Inc.<sup>(a)</sup>  | 1440 | 165485 |
|  Skyworks Solutions, Inc. | 2167 | 186384 |
|  Texas Instruments, Inc. | 6166 | 990445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11557416 |
|  **Software — 5.9%** |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 2359 | 751341 |
|  Autodesk, Inc.<sup>(a)</sup>  | 936 | 200585 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 884 | 133829 |
|  Dropbox, Inc., Class A<sup>(a)</sup>  | 7634 | 166039 |
|  Fair Isaac Corp.<sup>(a)</sup>  | 438 | 209732 |
|  Fortinet, Inc.<sup>(a)</sup>  | 3712 | 212178 |
|  Intuit, Inc. | 1013 | 433057 |
|  Microsoft Corp. | 36859 | 8556080 |
|  Oracle Corp. | 38058 | 2971188 |
|  Palo Alto Networks, Inc.<sup>(a)</sup>  | 1162 | 199388 |
|  VMware, Inc., Class A<sup>(a)</sup>  | 1052 | 118382 |
|  |  | 13951799 |
|  **Specialty Retail — 4.6%** |  |  |
|  Advance Auto Parts, Inc. | 1372 | 260570 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Specialty Retail (continued)** |  |  |
|  AutoNation, Inc.<sup>(a)</sup>  | 1758 | $186893 |
|  AutoZone, Inc.<sup>(a)</sup>  | 337 | 853580 |
|  Bath & Body Works, Inc. | 12084 | 403364 |
|  Best Buy Co., Inc. | 7417 | 507397 |
|  Dick's Sporting Goods, Inc. | 1604 | 182471 |
|  Home Depot, Inc. | 11375 | 3368479 |
|  Lowe's Cos., Inc. | 14986 | 2921521 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup>  | 828 | 693177 |
|  Ross Stores, Inc. | 2211 | 211571 |
|  TJX Cos., Inc. | 8726 | 629145 |
|  Tractor Supply Co. | 1034 | 227242 |
|  Ulta Beauty, Inc.<sup>(a)</sup>  | 457 | 191652 |
|  Williams-Sonoma, Inc. | 1444 | 178810 |
|  |  | 10815872 |
|  **Technology Hardware, Storage & Peripherals — 6.0%** | **Technology Hardware, Storage & Peripherals — 6.0%** |  |
|  Apple Inc. | 75377 | 11558309 |
|  Dell Technologies, Inc., Class C | 13057 | 501389 |
|  Hewlett Packard Enterprise Co. | 14122 | 201521 |
|  HP, Inc. | 50277 | 1388651 |
|  NetApp, Inc. | 2823 | 195549 |
|  Seagate Technology Holdings PLC | 7141 | 354622 |
|  Xerox Holdings Corp. | 7880 | 115284 |
|  |  | 14315325 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** |  |  |
|  Crocs, Inc.<sup>(a)</sup>  | 1540 | 108955 |
|  Nike, Inc., Class B | 7861 | 728558 |
|  Tapestry, Inc. | 6130 | 194198 |
|  VF Corp. | 3569 | 100824 |
|  |  | 1132535 |
|  **Tobacco — 1.4%** |  |  |
|  Altria Group, Inc. | 35676 | 1650728 |
|  Philip Morris International, Inc. | 17702 | 1625929 |
|  |  | 3276657 |
|  **Trading Companies & Distributors — 0.1%** |  |  |
|  Fastenal Co. | 2825 | 136532 |
|  WW Grainger, Inc. | 307 | 179396 |
|  |  | 315928 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $257,619,362)** | **Total Long-Term Investments — 99.7%<br>(Cost: $257,619,362)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236805253 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** |  |  |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(b)(c)</sup>  | 768866 | 768866 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $768,866)** | **Total Short-Term Securities — 0.3%<br>(Cost: $768,866)** | 768866 |
|  **Total Investments — 100.0%<br>(Cost: $258,388,228)** | **Total Investments — 100.0%<br>(Cost: $258,388,228)** | 237574119 |
|  **Liabilities in Excess of Other Assets — (0.0)%** | **Liabilities in Excess of Other Assets — (0.0)%** | (107747) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;237466372 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Affiliate of the Fund.

<sup>(c)</sup> Annualized 7-day yield as of period end.

12 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend ETF** |

---

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | <br> **<br>**<br>|
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares | $490000 | $278866 <sup>(a)</sup> | $— | $— | $— | $768866 | 768866 | $5463 | $– |
|  BlackRock, Inc. | 922028 | 146781 | (317583) | (71576) | 87691 | 767341 | 1188 | 14713 | – |
|  |  |  |  | $(71576) | $87691 | $&nbsp;&nbsp;&nbsp;&nbsp;1536207 |  | $&nbsp;&nbsp;&nbsp;&nbsp;20176 | $– |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micro E-Mini S&P 500 Index | 33 | 12/16/22 | $641 | $7092 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;7092 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;7092 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(146312) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(146312) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $66540 | $— | $— | $— | $66540 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $785366 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend ETF** |

---

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $236805253 | $— | $— | $236805253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 768866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 768866 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237574119 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237574119 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $7092 | $— | $— | $7092 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

14 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 3.0%** |  |  |
|  BWX Technologies, Inc. | 101371 | $5776120 |
|  Curtiss-Wright Corp. | 13371 | 2244055 |
|  General Dynamics Corp. | 347194 | 86729061 |
|  HEICO Corp. | 4716 | 767010 |
|  HEICO Corp., Class A | 8911 | 1134370 |
|  Huntington Ingalls Industries, Inc. | 55587 | 14289750 |
|  L3Harris Technologies, Inc. | 252470 | 62226281 |
|  Lockheed Martin Corp. | 429191 | 208878676 |
|  Northrop Grumman Corp. | 140790 | 77295118 |
|  Raytheon Technologies Corp. | 2543556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241179980 |
|  |  | 700520421 |
|  **Air Freight & Logistics — 1.2%** |  |  |
|  CH Robinson Worldwide, Inc. | 167611 | 16378947 |
|  Expeditors International of Washington, Inc. | 150772 | 14753040 |
|  Forward Air Corp. | 19652 | 2080557 |
|  United Parcel Service, Inc., Class B | 1546562 | 259466707 |
|  |  | 292679251 |
|  **Auto Components — 0.1%** |  |  |
|  Gentex Corp. | 285654 | 7566974 |
|  LCI Industries | 61990 | 6577759 |
|  |  | 14144733 |
|  **Automobiles — 0.0%** |  |  |
|  Thor Industries, Inc. | 81667 | 6653411 |
|  **Banks — 10.2%** |  |  |
|  Associated Banc-Corp. | 408999 | 9959126 |
|  Atlantic Union Bankshares Corp. | 183967 | 6354220 |
|  BancFirst Corp. | 18943 | 1815118 |
|  Bank of America Corp. | 12060907 | 434675088 |
|  Bank of Hawaii Corp. | 99239 | 7537202 |
|  Bank OZK | 247257 | 10627106 |
|  BOK Financial Corp. | 49380 | 5441182 |
|  Cadence Bank | 119539 | 3305253 |
|  Cathay General Bancorp | 168797 | 7697143 |
|  Citigroup, Inc. | 5538079 | 253976303 |
|  Comerica, Inc. | 295822 | 20855451 |
|  Commerce Bancshares, Inc. | 114675 | 8123577 |
|  Community Bank System, Inc. | 53253 | 3324585 |
|  Cullen/Frost Bankers, Inc. | 100669 | 15608728 |
|  CVB Financial Corp. | 267710 | 7688631 |
|  Fifth Third Bancorp | 1653385 | 59009311 |
|  First Financial Bankshares, Inc. | 145182 | 5588055 |
|  First Horizon Corp. | 952919 | 23356045 |
|  First Merchants Corp. | 128543 | 5771581 |
|  First Republic Bank | 87373 | 10493497 |
|  Fulton Financial Corp. | 426369 | 7772707 |
|  Glacier Bancorp, Inc. | 197011 | 11284790 |
|  Hilltop Holdings, Inc. | 80025 | 2316724 |
|  Home BancShares, Inc. | 374586 | 9548197 |
|  Independent Bank Corp. | 34694 | 3018725 |
|  Independent Bank Group, Inc. | 56786 | 3582629 |
|  JPMorgan Chase & Co. | 5513566 | 694047688 |
|  KeyCorp | 2797919 | 49998813 |
|  M&T Bank Corp. | 320896 | 54029260 |
|  PNC Financial Services Group, Inc. | 1056937 | 171044115 |
|  Popular, Inc. | 150690 | 10656797 |
|  Prosperity Bancshares, Inc. | 186475 | 13346016 |
|  Regions Financial Corp. | 2015698 | 44244571 |
|  ServisFirst Bancshares, Inc. | 37094 | 2794291 |
|  Simmons First National Corp., Class A | 177423 | 4235087 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Banks (continued)** |  |  |
|  SouthState Corp. | 131018 | $11847958 |
|  Synovus Financial Corp. | 340577 | 13571993 |
|  Towne Bank | 150416 | 4954703 |
|  Truist Financial Corp. | 3997221 | 179035529 |
|  U.S. Bancorp | 3683836 | 156378838 |
|  UMB Financial Corp. | 48788 | 4060137 |
|  United Community Banks, Inc. | 94831 | 3650993 |
|  Washington Federal, Inc. | 137504 | 5321405 |
|  Webster Financial Corp. | 422370 | 22917796 |
|  Wintrust Financial Corp. | 67369 | 6307086 |
|  Zions Bancorp N.A. | 301109 | 15639601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406813651 |
|  **Beverages — 4.0%** |  |  |
|  Brown-Forman Corp., Class A | 40161 | 2761872 |
|  Brown-Forman Corp., Class B, NVS | 129429 | 8801172 |
|  Coca-Cola Co. | 7491900 | 448390215 |
|  Constellation Brands, Inc., Class A | 142387 | 35180980 |
|  PepsiCo, Inc. | 2495810 | 453189180 |
|  |  | 948323419 |
|  **Biotechnology — 1.3%** |  |  |
|  Amgen, Inc. | 1151267 | 311245033 |
|  **Building Products — 0.5%** |  |  |
|  A O Smith Corp. | 176434 | 9665055 |
|  AAON, Inc. | 21123 | 1362222 |
|  Advanced Drainage Systems, Inc. | 13655 | 1582341 |
|  Allegion PLC | 100378 | 10516603 |
|  Carlisle Cos., Inc. | 35082 | 8377582 |
|  Fortune Brands Home & Security, Inc. | 160984 | 9710555 |
|  Lennox International, Inc. | 37157 | 8678761 |
|  Masco Corp. | 355294 | 16439453 |
|  Owens Corning | 111920 | 9581471 |
|  Simpson Manufacturing Co., Inc. | 33789 | 2888284 |
|  Trane Technologies PLC | 263975 | 42138329 |
|  UFP Industries, Inc. | 59101 | 4209764 |
|  |  | 125150420 |
|  **Capital Markets — 5.8%** |  |  |
|  Ameriprise Financial, Inc. | 135677 | 41940474 |
|  Bank of New York Mellon Corp. | 1759698 | 74100883 |
|  BlackRock, Inc.<sup>(a)</sup>  | 280307 | 181053094 |
|  CME Group, Inc., Class A | 488239 | 84611819 |
|  Cohen & Steers, Inc. | 52333 | 3148353 |
|  Evercore, Inc., Class A | 83689 | 8795714 |
|  FactSet Research Systems, Inc. | 20710 | 8811898 |
|  Franklin Resources, Inc. | 852182 | 19983668 |
|  Goldman Sachs Group, Inc. | 706339 | 243340849 |
|  Hamilton Lane, Inc., Class A | 56228 | 3363559 |
|  Houlihan Lokey, Inc., Class A | 92717 | 8281482 |
|  Intercontinental Exchange, Inc. | 563038 | 53809542 |
|  Jefferies Financial Group, Inc. | 482889 | 16616211 |
|  MarketAxess Holdings, Inc. | 29160 | 7116206 |
|  Moody's Corp. | 104388 | 27649250 |
|  Morgan Stanley | 3395442 | 279003469 |
|  MSCI, Inc., Class A | 58452 | 27405805 |
|  Nasdaq, Inc. | 302927 | 18854176 |
|  Northern Trust Corp. | 413326 | 34864048 |
|  Raymond James Financial, Inc. | 170994 | 20201231 |
|  S&P Global, Inc. | 220404 | 70804785 |
|  SEI Investments Co. | 107340 | 5828562 |
|  State Street Corp. | 820487 | 60716038 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Capital Markets (continued)** |  |  |
|  Stifel Financial Corp. | 145632 | $9010252 |
|  T Rowe Price Group, Inc. | 610691 | 64830957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374142325 |
|  **Chemicals — 2.2%** |  |  |
|  Air Products and Chemicals, Inc. | 385315 | 96482876 |
|  Albemarle Corp. | 45362 | 12695463 |
|  Ashland, Inc. | 46658 | 4895357 |
|  Avient Corp. | 142165 | 4903271 |
|  Balchem Corp. | 11753 | 1643069 |
|  Cabot Corp. | 81818 | 6011987 |
|  Celanese Corp. | 182718 | 17562854 |
|  Eastman Chemical Co. | 292856 | 22494269 |
|  Ecolab, Inc. | 201297 | 31617720 |
|  HB Fuller Co. | 41938 | 2923498 |
|  Innospec, Inc. | 25980 | 2597740 |
|  International Flavors & Fragrances, Inc. | 482832 | 47129232 |
|  Linde PLC | 559406 | 166339374 |
|  NewMarket Corp. | 12989 | 3953072 |
|  PPG Industries, Inc. | 311010 | 35511122 |
|  Quaker Chemical Corp. | 8835 | 1436924 |
|  RPM International, Inc. | 148312 | 14025866 |
|  Scotts Miracle-Gro Co., Class A | 126653 | 5814639 |
|  Sensient Technologies Corp. | 60926 | 4353772 |
|  Sherwin-Williams Co. | 163393 | 36768327 |
|  Stepan Co. | 21035 | 2196896 |
|  Valvoline, Inc. | 210577 | 6182541 |
|  Westlake Corp. | 33328 | 3221151 |
|  |  | 530761020 |
|  **Commercial Services & Supplies — 0.5%** |  |  |
|  ABM Industries, Inc. | 81640 | 3633796 |
|  Brady Corp., Class A, NVS | 69652 | 3186579 |
|  Cintas Corp. | 63945 | 27339685 |
|  MSA Safety, Inc. | 39445 | 5295097 |
|  Republic Services, Inc. | 177769 | 23575725 |
|  Tetra Tech, Inc. | 24584 | 3473227 |
|  Waste Management, Inc. | 389343 | 61660251 |
|  |  | 128164360 |
|  **Communications Equipment — 2.0%** |  |  |
|  Cisco Systems, Inc. | 9535083 | 433178821 |
|  Motorola Solutions, Inc. | 143827 | 35915040 |
|  |  | 469093861 |
|  **Construction & Engineering — 0.1%** |  |  |
|  Comfort Systems U.S.A., Inc. | 15554 | 1917497 |
|  MDU Resources Group, Inc. | 399738 | 11384538 |
|  |  | 13302035 |
|  **Construction Materials — 0.1%** |  |  |
|  Martin Marietta Materials, Inc. | 31953 | 10735569 |
|  Vulcan Materials Co. | 85517 | 13999133 |
|  |  | 24734702 |
|  **Consumer Finance — 0.8%** |  |  |
|  Ally Financial, Inc. | 806625 | 22230585 |
|  American Express Co. | 567139 | 84191785 |
|  Discover Financial Services | 461293 | 48186667 |
|  FirstCash Holdings, Inc. | 44993 | 4429561 |
|  Nelnet, Inc., Class A | 16780 | 1494930 |
|  Synchrony Financial | 987129 | 35102307 |
|  |  | 195635835 |
|  **Containers & Packaging — 0.2%** |  |  |
|  AptarGroup, Inc. | 67337 | 6676464 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Containers & Packaging (continued)** |  |  |
|  Avery Dennison Corp. | 88788 | $15054005 |
|  Ball Corp. | 298265 | 14731308 |
|  Silgan Holdings, Inc. | 79261 | 3753801 |
|  Sonoco Products Co. | 203399 | 12627010 |
|  |  | 52842588 |
|  **Distributors — 0.2%** |  |  |
|  Genuine Parts Co. | 212480 | 37791693 |
|  Pool Corp. | 31662 | 9632530 |
|  |  | 47424223 |
|  **Diversified Consumer Services — 0.1%** |  |  |
|  Graham Holdings Co., Class B | 3140 | 1958952 |
|  Service Corp. International | 172302 | 10443224 |
|  |  | 12402176 |
|  **Electric Utilities — 2.1%** |  |  |
|  Alliant Energy Corp. | 465047 | 24261502 |
|  American Electric Power Co., Inc. | 1040876 | 91513818 |
|  Evergy, Inc. | 508800 | 31102944 |
|  Eversource Energy | 650130 | 49591916 |
|  IDACORP, Inc. | 93737 | 9814264 |
|  MGE Energy, Inc. | 53133 | 3617826 |
|  NextEra Energy, Inc. | 2515970 | 194987675 |
|  Otter Tail Corp. | 61383 | 4138442 |
|  PNM Resources, Inc. | 170588 | 7927224 |
|  Portland General Electric Co. | 210329 | 9452185 |
|  Xcel Energy, Inc. | 940034 | 61205614 |
|  |  | 487613410 |
|  **Electrical Equipment — 1.1%** |  |  |
|  Eaton Corp. PLC | 621152 | 93216281 |
|  Emerson Electric Co. | 1012585 | 87689861 |
|  Hubbell, Inc. | 71730 | 17034440 |
|  nVent Electric PLC | 236503 | 8632360 |
|  Regal Rexnord Corp. | 45384 | 5742891 |
|  Rockwell Automation, Inc. | 145494 | 37144618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249460451 |
|  **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |  |
|  Amphenol Corp., Class A | 436557 | 33104117 |
|  Avnet, Inc. | 167484 | 6731182 |
|  Badger Meter, Inc. | 18661 | 2098989 |
|  CDW Corp. | 106731 | 18444184 |
|  Cognex Corp. | 74050 | 3423332 |
|  Corning, Inc. | 1689321 | 54345457 |
|  Littelfuse, Inc. | 17885 | 3939171 |
|  TD SYNNEX Corp. | 37599 | 3440685 |
|  TE Connectivity Ltd. | 387345 | 47345179 |
|  |  | 172872296 |
|  **Entertainment — 0.1%** |  |  |
|  Activision Blizzard, Inc. | 323151 | 23525393 |
|  **Food & Staples Retailing — 1.9%** |  |  |
|  Casey's General Stores, Inc. | 17452 | 4061255 |
|  Costco Wholesale Corp. | 204909 | 102761864 |
|  Kroger Co. | 929643 | 43962817 |
|  Sysco Corp. | 820394 | 71013305 |
|  Walmart, Inc. | 1575031 | 224174162 |
|  |  | 445973403 |
|  **Food Products — 1.8%** |  |  |
|  Archer-Daniels-Midland Co. | 702952 | 68172285 |
|  Flowers Foods, Inc. | 444891 | 12772821 |
|  Hershey Co. | 179991 | 42976451 |
|  Hormel Foods Corp. | 426930 | 19830899 |

---

16 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Food Products (continued)** |  |  |
|  Ingredion, Inc. | 138362 | $12330821 |
|  J & J Snack Foods Corp. | 18048 | 2664065 |
|  JM Smucker Co. | 213070 | 32101126 |
|  Kellogg Co. | 554757 | 42616433 |
|  Lamb Weston Holdings, Inc. | 120707 | 10407358 |
|  Lancaster Colony Corp. | 25088 | 4522865 |
|  McCormick & Co., Inc., NVS | 298510 | 23474826 |
|  Mondelez International, Inc., Class A | 2144862 | 131866116 |
|  Tyson Foods, Inc., Class A | 492890 | 33689031 |
|  |  | 437425097 |
|  **Gas Utilities — 0.3%** |  |  |
|  Atmos Energy Corp. | 219774 | 23416920 |
|  National Fuel Gas Co. | 167367 | 11295599 |
|  New Jersey Resources Corp. | 207161 | 9247667 |
|  ONE Gas, Inc. | 115474 | 8946925 |
|  Southwest Gas Holdings, Inc. | 138561 | 10124652 |
|  UGI Corp. | 522915 | 18474587 |
|  |  | 81506350 |
|  **Health Care Equipment & Supplies — 2.8%** |  |  |
|  Abbott Laboratories | 2137408 | 211475148 |
|  Baxter International, Inc. | 675149 | 36694348 |
|  Becton Dickinson and Co. | 260959 | 61578495 |
|  Dentsply Sirona, Inc. | 230732 | 7111160 |
|  Medtronic PLC | 2847770 | 248724232 |
|  ResMed, Inc. | 76119 | 17027059 |
|  STERIS PLC | 57735 | 9963906 |
|  Stryker Corp. | 301652 | 69150705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661725053 |
|  **Health Care Providers & Services — 2.8%** |  |  |
|  AmerisourceBergen Corp. | 128265 | 20165823 |
|  Chemed Corp. | 3314 | 1547207 |
|  Elevance Health, Inc. | 173211 | 94706579 |
|  Encompass Health Corp. | 151936 | 8271396 |
|  Ensign Group, Inc. | 9117 | 818524 |
|  Humana, Inc. | 56130 | 31325030 |
|  McKesson Corp. | 58483 | 22771526 |
|  Quest Diagnostics, Inc. | 167024 | 23992998 |
|  UnitedHealth Group, Inc. | 806886 | 447942763 |
|  |  | 651541846 |
|  **Hotels, Restaurants & Leisure — 2.1%** |  |  |
|  Domino's Pizza, Inc. | 30326 | 10075510 |
|  McDonald's Corp. | 1073947 | 292822389 |
|  Starbucks Corp. | 1730526 | 149846246 |
|  Texas Roadhouse, Inc. | 96252 | 9524136 |
|  Wingstop, Inc. | 11084 | 1755595 |
|  Yum! Brands, Inc. | 382791 | 45265036 |
|  |  | 509288912 |
|  **Household Durables — 0.2%** |  |  |
|  DR Horton, Inc. | 277300 | 21318824 |
|  Whirlpool Corp. | 174492 | 24121774 |
|  |  | 45440598 |
|  **Household Products — 3.4%** |  |  |
|  Church & Dwight Co., Inc. | 213689 | 15840766 |
|  Colgate-Palmolive Co. | 1364322 | 100741536 |
|  Energizer Holdings, Inc. | 193266 | 5583455 |
|  Kimberly-Clark Corp. | 834482 | 103859630 |
|  Procter & Gamble Co. | 4328009 | 582852972 |
|  WD-40 Co. | 16165 | 2588986 |
|  |  | 811467345 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |  |
|  AES Corp. | 1060994 | $27755603 |
|  **Industrial Conglomerates — 1.8%** |  |  |
|  3M Co. | 1912689 | 240597149 |
|  Honeywell International, Inc. | 959386 | 195733932 |
|  |  | 436331081 |
|  **Insurance — 3.9%** |  |  |
|  Aflac, Inc. | 1057562 | 68857861 |
|  Allstate Corp. | 507168 | 64029960 |
|  American Equity Investment Life Holding Co. | 51245 | 2207635 |
|  American Financial Group, Inc. | 78696 | 11419577 |
|  Aon PLC, Class A | 112761 | 31741094 |
|  Arthur J. Gallagher & Co. | 156968 | 29365573 |
|  Assurant, Inc. | 62285 | 8462040 |
|  Assured Guaranty Ltd. | 85622 | 5067966 |
|  Axis Capital Holdings Ltd. | 172568 | 9434293 |
|  Brown & Brown, Inc. | 100548 | 5911217 |
|  Chubb Ltd. | 493041 | 105949581 |
|  Cincinnati Financial Corp. | 284057 | 29348769 |
|  CNO Financial Group, Inc. | 244816 | 5400641 |
|  Erie Indemnity Co., Class A, NVS | 33540 | 8620115 |
|  Everest Re Group Ltd. | 63310 | 20427605 |
|  Fidelity National Financial, Inc. | 844257 | 33246841 |
|  First American Financial Corp. | 286027 | 14415761 |
|  Globe Life, Inc. | 51512 | 5950666 |
|  Hanover Insurance Group, Inc. | 55790 | 8172677 |
|  Hartford Financial Services Group, Inc. | 526475 | 38122055 |
|  Kinsale Capital Group, Inc. | 3652 | 1151001 |
|  Lincoln National Corp. | 417353 | 22482806 |
|  Marsh & McLennan Cos., Inc. | 485636 | 78425358 |
|  MetLife, Inc. | 1418284 | 103832572 |
|  Old Republic International Corp. | 817719 | 18979258 |
|  Primerica, Inc. | 46891 | 6785128 |
|  Principal Financial Group, Inc. | 545988 | 48117922 |
|  Reinsurance Group of America, Inc. | 115597 | 17012410 |
|  RenaissanceRe Holdings Ltd. | 33121 | 5123156 |
|  RLI Corp. | 26821 | 3488607 |
|  Selective Insurance Group, Inc. | 56763 | 5567315 |
|  Travelers Cos., Inc. | 369407 | 68140815 |
| W. R. Berkley Corp. | 85706 | 6374812 |
|  Willis Towers Watson PLC | 118844 | 25932949 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917566036 |
|  **IT Services — 2.9%** |  |  |
|  Accenture PLC, Class A | 582620 | 165405818 |
|  Automatic Data Processing, Inc. | 488914 | 118170514 |
|  Broadridge Financial Solutions, Inc. | 120898 | 18141954 |
|  Fidelity National Information Services, Inc. | 860257 | 71392729 |
|  Genpact Ltd. | 125084 | 6066574 |
|  Jack Henry & Associates, Inc. | 49588 | 9870987 |
|  Mastercard, Inc., Class A | 348411 | 114341522 |
|  SS&C Technologies Holdings, Inc. | 216778 | 11146725 |
|  TTEC Holdings, Inc. | 24088 | 1071193 |
|  Visa, Inc., Class A | 837382 | 173472055 |
|  |  | 689080071 |
|  **Leisure Products — 0.1%** |  |  |
|  Acushnet Holdings Corp. | 34126 | 1589248 |
|  Brunswick Corp. | 102434 | 7239010 |
|  Polaris, Inc. | 87688 | 8909101 |
|  |  | 17737359 |
|  **Life Sciences Tools & Services — 0.3%** |  |  |
|  Agilent Technologies, Inc. | 131200 | 18151520 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Life Sciences Tools & Services (continued)** |  |  |
|  Danaher Corp. | 158250 | $39826778 |
|  West Pharmaceutical Services, Inc. | 12850 | 2956785 |
|  |  | 60935083 |
|  **Machinery — 2.9%** |  |  |
|  AGCO Corp. | 36843 | 4574795 |
|  Caterpillar, Inc. | 962323 | 208304437 |
|  Cummins, Inc. | 278507 | 68097747 |
|  Donaldson Co., Inc. | 151539 | 8705915 |
|  Dover Corp. | 154389 | 20177098 |
|  Franklin Electric Co., Inc. | 23586 | 1932637 |
|  Graco, Inc. | 149259 | 10385441 |
|  Hillenbrand, Inc. | 111702 | 4934994 |
|  IDEX Corp. | 60131 | 13367723 |
|  Illinois Tool Works, Inc. | 464070 | 99092867 |
|  ITT, Inc. | 81847 | 6252292 |
|  Kadant, Inc. | 5198 | 924984 |
|  Lincoln Electric Holdings, Inc. | 64474 | 9155308 |
|  Mueller Water Products, Inc., Class A | 234001 | 2737812 |
|  Nordson Corp. | 41179 | 9265275 |
|  Oshkosh Corp. | 84146 | 7404848 |
|  Otis Worldwide Corp. | 453290 | 32020406 |
|  PACCAR, Inc. | 362235 | 35075215 |
|  Parker-Hannifin Corp. | 169882 | 49371107 |
|  Pentair PLC | 210220 | 9028949 |
|  Snap-on, Inc. | 92812 | 20608905 |
|  Stanley Black & Decker, Inc. | 369966 | 29038631 |
|  Terex Corp. | 74138 | 3005554 |
|  Timken Co. | 86893 | 6194602 |
|  Toro Co. | 98069 | 10339415 |
|  Trinity Industries, Inc. | 182413 | 5204243 |
|  Watts Water Technologies, Inc., Class A | 17696 | 2589986 |
|  Xylem, Inc. | 154220 | 15796755 |
|  |  | 693587941 |
|  **Marine — 0.0%** |  |  |
|  Matson, Inc. | 47150 | 3469297 |
|  **Media — 1.5%** |  |  |
|  Cable One, Inc. | 3706 | 3185047 |
|  Comcast Corp., Class A | 9383570 | 297834512 |
|  Interpublic Group of Cos., Inc. | 1115897 | 33242572 |
|  John Wiley & Sons, Inc., Class A | 99141 | 4182759 |
|  Nexstar Media Group, Inc. | 52767 | 9038987 |
|  Sirius XM Holdings, Inc. | 916589 | 5536197 |
|  |  | 353020074 |
|  **Metals & Mining — 0.3%** |  |  |
|  Nucor Corp. | 267832 | 35187768 |
|  Reliance Steel & Aluminum Co. | 78672 | 15850835 |
|  Royal Gold, Inc. | 66664 | 6330414 |
|  Steel Dynamics, Inc. | 209168 | 19672250 |
|  Worthington Industries, Inc. | 49047 | 2332675 |
|  |  | 79373942 |
|  **Multiline Retail — 0.7%** |  |  |
|  Dillard's, Inc., Class A | 880 | 289335 |
|  Dollar General Corp. | 139734 | 35639157 |
|  Target Corp. | 795268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130622769 |
|  |  | 166551261 |
|  **Multi-Utilities — 1.4%** |  |  |
|  Ameren Corp. | 432724 | 35275660 |
|  Black Hills Corp. | 135954 | 8887313 |
|  CMS Energy Corp. | 519809 | 29655103 |
|  DTE Energy Co. | 344190 | 38587141 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Multi-Utilities (continued)** |  |  |
|  NiSource, Inc. | 856942 | $22014840 |
|  Public Service Enterprise Group, Inc. | 1092568 | 61260288 |
|  Sempra Energy | 564630 | 85225252 |
|  WEC Energy Group, Inc. | 589105 | 53802960 |
|  |  | 334708557 |
|  **Oil, Gas & Consumable Fuels — 1.5%** |  |  |
|  ConocoPhillips | 1515545 | 191095069 |
|  Coterra Energy, Inc. | 4894572 | 152368026 |
|  |  | 343463095 |
|  **Personal Products — 0.2%** |  |  |
|  Estee Lauder Cos., Inc., Class A | 152327 | 30540040 |
|  Medifast, Inc. | 43210 | 5055138 |
|  |  | 35595178 |
|  **Pharmaceuticals — 10.5%** |  |  |
|  Bristol-Myers Squibb Co. | 4546850 | 352244469 |
|  Eli Lilly & Co. | 674496 | 244228257 |
|  Johnson & Johnson | 3903980 | 679175401 |
|  Merck & Co., Inc. | 5462049 | 552759359 |
|  Perrigo Co. PLC | 251714 | 10139040 |
|  Pfizer, Inc. | 13230357 | 615873118 |
|  Zoetis, Inc., Class A | 258963 | 39046441 |
|  |  | 2493466085 |
|  **Professional Services — 0.2%** |  |  |
|  Booz Allen Hamilton Holding Corp., Class A | 161992 | 17632829 |
|  Exponent, Inc. | 35885 | 3418405 |
|  Insperity, Inc. | 47113 | 5560276 |
|  ManpowerGroup, Inc. | 135723 | 10632540 |
|  Robert Half International, Inc. | 167925 | 12839546 |
|  |  | 50083596 |
|  **Road & Rail — 1.5%** |  |  |
|  CSX Corp. | 1851218 | 53796395 |
|  JB Hunt Transport Services, Inc. | 53884 | 9217936 |
|  Landstar System, Inc. | 21070 | 3291555 |
|  Norfolk Southern Corp. | 330859 | 75459012 |
|  Old Dominion Freight Line, Inc. | 28541 | 7837359 |
|  Ryder System, Inc. | 116239 | 9358402 |
|  Schneider National, Inc., Class B | 35299 | 785050 |
|  Union Pacific Corp. | 970373 | 191299333 |
|  Werner Enterprises, Inc. | 57267 | 2244866 |
|  |  | 353289908 |
|  **Semiconductors & Semiconductor Equipment — 6.6%** |  |  |
|  Analog Devices, Inc. | 718034 | 102406009 |
|  Broadcom, Inc. | 901155 | 423650989 |
|  Intel Corp. | 13241646 | 376459996 |
|  KLA Corp. | 156643 | 49569677 |
|  Lam Research Corp. | 130861 | 52969916 |
|  Microchip Technology, Inc. | 698734 | 43139837 |
|  Power Integrations, Inc. | 42689 | 2847783 |
|  QUALCOMM, Inc. | 1776205 | 208988280 |
|  Skyworks Solutions, Inc. | 274672 | 23624539 |
|  Texas Instruments, Inc. | 1739091 | 279350187 |
|  Universal Display Corp. | 33073 | 3149211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566156424 |
|  **Software — 3.6%** |  |  |
|  Dolby Laboratories, Inc., Class A | 60672 | 4055316 |
|  Intuit, Inc. | 120412 | 51476130 |
|  Microsoft Corp. | 2748892 | 638100300 |

---

18 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend Growth ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Software (continued)** |  |  |
|  Oracle Corp. | 1839410 | $143602739 |
|  Roper Technologies, Inc. | 44213 | 18328057 |
|  |  | 855562542 |
|  **Specialty Retail — 3.5%** |  |  |
|  Best Buy Co., Inc. | 660514 | 45185763 |
|  Dick's Sporting Goods, Inc. | 69457 | 7901428 |
|  Group 1 Automotive, Inc. | 11188 | 1935524 |
|  Home Depot, Inc. | 1794819 | 531499751 |
|  Lithia Motors, Inc. | 13246 | 2624695 |
|  Lowe's Cos., Inc. | 937762 | 182816702 |
|  Penske Automotive Group, Inc. | 38566 | 4304737 |
|  Tractor Supply Co. | 143251 | 31482272 |
|  Williams-Sonoma, Inc. | 102023 | 12633508 |
|  |  | 820384380 |
|  **Technology Hardware, Storage & Peripherals — 3.4%** |  |  |
|  Apple Inc. | 4256604 | 652707657 |
|  Hewlett Packard Enterprise Co. | 3187488 | 45485454 |
|  HP, Inc. | 2611158 | 72120184 |
|  NetApp, Inc. | 430024 | 29787763 |
|  |  | 800101058 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** |  |  |
|  Carter's, Inc. | 111064 | 7537914 |
|  Columbia Sportswear Co. | 40752 | 3036024 |
|  Nike, Inc., Class B | 970839 | 89977358 |
|  VF Corp. | 1034069 | 29212449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129763745 |
|  **Thrifts & Mortgage Finance — 0.0%** |  |  |
|  WSFS Financial Corp. | 31138 | 1449785 |
|  **Trading Companies & Distributors — 0.5%** |  |  |
|  Air Lease Corp., Class A | 142822 | 5040188 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Trading Companies & Distributors (continued)** |  |  |
|  Applied Industrial Technologies, Inc. | 33559 | $4174068 |
|  Fastenal Co. | 948157 | 45824428 |
|  GATX Corp. | 53681 | 5620938 |
|  MSC Industrial Direct Co., Inc., Class A | 122175 | 10138082 |
|  Watsco, Inc. | 70079 | 18988606 |
|  WW Grainger, Inc. | 35250 | 20598337 |
|  |  | 110384647 |
|  **Water Utilities — 0.2%** |  |  |
|  American States Water Co. | 48847 | 4418699 |
|  American Water Works Co., Inc. | 210752 | 30630696 |
|  California Water Service Group | 62432 | 3874530 |
|  Essential Utilities, Inc. | 370136 | 16367414 |
|  |  | 55291339 |
| **Total Long-Term Investments — 99.7%<br>(Cost: $21,098,333,396)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23626981705 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | 49382273 | 49382273 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $49,382,273)** | **Total Short-Term Securities — 0.2%<br>(Cost: $49,382,273)** | 49382273 |
|  **Total Investments — 99.9%<br>(Cost: $21,147,715,669)** | **Total Investments — 99.9%<br>(Cost: $21,147,715,669)** | 23676363978 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 30302851 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;23706666829 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> 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 October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | <br> *<br>*<br>|
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup>  | $— | $— | $(23634)<sup>(b)</sup> | $23634 | $— | $— |  | $267190 <sup>(c)</sup> | $– |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 48180000 | 1202273 <sup>(b)</sup> |  |  |  | 49382273 | 49382273 | 437769 | – |
|  BlackRock, Inc. | 146773563 | 42229607 | (15422290) | (5009400) | 12481614 | 181053094 | 280307 | 2601235 | – |
|  |  |  |  | $(4985766) | $12481614 | $230435367 |  | $3306194 | $– |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

<sup>(c)</sup> 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.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend Growth ETF** |

---

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 392 | 12/16/22 | $76107 | $436115 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;436115 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;436115 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(10422890) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(10422890) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $2492552 | $— | $— | $— | $2492552 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $83108550 |

---

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

20 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core Dividend Growth ETF** |

---

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $23626981705 | $— | $— | $23626981705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 49382273 |  |  | 49382273 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23676363978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23676363978 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $436115 | $— | $— | $436115 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core High Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Air Freight & Logistics — 2.2%** |  |  |
|  United Parcel Service, Inc., Class B | 1602066 | $268778613 |
|  **Banks — 3.6%** |  |  |
|  Huntington Bancshares, Inc. | 4640692 | 70445704 |
|  PNC Financial Services Group, Inc. | 1094894 | 177186696 |
|  Truist Financial Corp. | 4140715 | 185462625 |
|  |  | 433095025 |
|  **Beverages — 3.9%** |  |  |
|  Coca-Cola Co. | 7760847 | 464486693 |
|  **Biotechnology — 11.5%** |  |  |
|  AbbVie, Inc. | 5060048 | 740791027 |
|  Amgen, Inc. | 1192591 | 322416977 |
|  Gilead Sciences, Inc. | 3981076 | 312355223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375563227 |
|  **Capital Markets — 3.4%** |  |  |
|  Artisan Partners Asset Management, Inc., Class A | 343820 | 9802308 |
|  Blackstone, Inc., NVS | 2602099 | 237155303 |
|  Carlyle Group, Inc. | 397629 | 11244948 |
|  Cohen & Steers, Inc. | 54156 | 3258025 |
|  Evercore, Inc., Class A | 86378 | 9078328 |
|  Franklin Resources, Inc. | 879014 | 20612878 |
|  Invesco Ltd. | 1068526 | 16369818 |
|  Janus Henderson Group PLC | 774970 | 17646067 |
|  Moelis & Co., Class A | 262855 | 11160823 |
|  T Rowe Price Group, Inc. | 634084 | 67314358 |
|  |  | 403642856 |
|  **Communications Equipment — 3.7%** |  |  |
|  Cisco Systems, Inc. | 9877383 | 448729510 |
|  **Containers & Packaging — 0.6%** |  |  |
|  Amcor PLC | 4199690 | 48632410 |
|  Packaging Corp. of America | 236821 | 28468253 |
|  |  | 77100663 |
|  **Diversified Telecommunication Services — 5.8%** | **Diversified Telecommunication Services — 5.8%** |  |
|  Cogent Communications Holdings, Inc. | 218085 | 11451643 |
|  Verizon Communications, Inc. | 18430694 | 688755035 |
|  |  | 700206678 |
|  **Electric Utilities — 4.4%** |  |  |
|  Alliant Energy Corp. | 478689 | 24973205 |
|  American Electric Power Co., Inc. | 1077307 | 94716831 |
|  Avangrid, Inc. | 174843 | 7112613 |
|  Duke Energy Corp. | 1976977 | 184214717 |
|  Evergy, Inc. | 527302 | 32233971 |
|  IDACORP, Inc. | 96108 | 10062508 |
|  PNM Resources, Inc. | 176093 | 8183042 |
|  Southern Co. | 2552095 | 167111181 |
|  |  | 528608068 |
|  **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |  |
|  Corning, Inc. | 1752513 | 56378343 |
|  National Instruments Corp. | 264647 | 10104223 |
|  |  | 66482566 |
|  **Food Products — 1.5%** |  |  |
|  Campbell Soup Co. | 427625 | 22625639 |
|  Flowers Foods, Inc. | 456209 | 13097760 |
|  General Mills, Inc. | 1200915 | 97970646 |
|  Kellogg Co. | 576214 | 44264759 |
|  |  | 177958804 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Health Care Equipment & Supplies — 2.1%** |  |  |
|  Medtronic PLC | 2950013 | $257654135 |
|  **Hotels, Restaurants & Leisure — 0.4%** |  |  |
|  Darden Restaurants, Inc. | 332249 | 47558122 |
|  **Household Durables — 0.4%** |  |  |
|  Garmin Ltd. | 345638 | 30429970 |
|  Leggett & Platt, Inc. | 439550 | 14834812 |
|  |  | 45264782 |
|  **Household Products — 0.9%** |  |  |
|  Kimberly-Clark Corp. | 863902 | 107521243 |
|  Reynolds Consumer Products, Inc. | 125120 | 3821165 |
|  |  | 111342408 |
|  **Industrial Conglomerates — 2.1%** |  |  |
|  3M Co. | 1981327 | 249231123 |
|  **Insurance — 0.1%** |  |  |
|  CNA Financial Corp. | 76991 | 3210525 |
|  First American Financial Corp. | 292945 | 14764428 |
|  |  | 17974953 |
|  **IT Services — 4.0%** |  |  |
|  International Business Machines Corp. | 3273472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452688443 |
|  Western Union Co. | 1747806 | 23612859 |
|  |  | 476301302 |
|  **Leisure Products — 0.2%** |  |  |
|  Hasbro, Inc. | 326434 | 21299818 |
|  **Machinery — 0.6%** |  |  |
|  Cummins, Inc. | 288900 | 70638939 |
|  **Media — 0.0%** |  |  |
|  John Wiley & Sons, Inc., Class A | 102435 | 4321733 |
|  **Multi-Utilities — 3.0%** |  |  |
|  Dominion Energy, Inc. | 1829288 | 127995281 |
|  NiSource, Inc. | 883181 | 22688920 |
|  Public Service Enterprise Group, Inc. | 1128478 | 63273761 |
|  Sempra Energy | 584336 | 88199676 |
|  WEC Energy Group, Inc. | 608578 | 55581429 |
|  |  | 357739067 |
|  **Oil, Gas & Consumable Fuels — 28.0%** |  |  |
|  Antero Midstream Corp. | 2101357 | 22379452 |
|  Chevron Corp. | 5066984 | 916617406 |
|  Devon Energy Corp. | 3212240 | 248466764 |
|  DT Midstream, Inc. | 313948 | 18742696 |
|  Exxon Mobil Corp. | 11092579 | 1229168679 |
|  Kinder Morgan, Inc., Class P | 8539748 | 154740234 |
|  ONEOK, Inc. | 1948194 | 115566868 |
|  Pioneer Natural Resources Co. | 1994544 | 511421027 |
|  Williams Cos., Inc. | 4380324 | 143368004 |
|  |  | 3360471130 |
|  **Personal Products — 0.0%** |  |  |
|  Medifast, Inc. | 44740 | 5234133 |
|  **Pharmaceuticals — 7.8%** |  |  |
|  Bristol-Myers Squibb Co. | 4710059 | 364888271 |
|  Merck & Co., Inc. | 5658147 | 572604476 |
|  |  | 937492747 |
|  **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** |  |
|  Broadcom, Inc. | 933511 | 438862191 |
|  **Specialty Retail — 0.2%** |  |  |
|  Advance Auto Parts, Inc. | 144799 | 27500226 |

---

22 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core High Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
|  VF Corp. | 1071581 | $30272163 |
|  **Thrifts & Mortgage Finance — 0.1%** |  |  |
|  Radian Group, Inc. | 476998 | 9954948 |
|  **Tobacco — 4.4%** |  |  |
|  Philip Morris International, Inc. | 5769195 | 529900561 |
|  **Trading Companies & Distributors — 0.2%** |  |  |
|  MSC Industrial Direct Co., Inc., Class A | 124886 | 10363040 |
|  Watsco, Inc. | 72340 | 19601247 |
|  |  | 29964287 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $11,702,052,033)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973631471 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 0.2%** |  |  |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | 17951620 | $17951620 |
|  **Total Short-Term Securities — 0.2%<br>(Cost: $17,951,620)** | **Total Short-Term Securities — 0.2%<br>(Cost: $17,951,620)** | 17951620 |
|  **Total Investments — 99.9%<br>(Cost: $11,720,003,653)** | **Total Investments — 99.9%<br>(Cost: $11,720,003,653)** | 11991583091 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 14165187 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;12005748278 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> 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 October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares*<br> *Held at<br>10/31/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash |  |  |  |  |  |  |  |  |  |
|  Funds: Institutional, SL Agency Shares<sup>(a)</sup>  | $— | $— | $(22951)<sup>(b)</sup> | $22951 | $— | $— |  | $210968 <sup>(c)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 14010000 | 3941620 <sup>(b)</sup> |  |  |  | 17951620 | 17951620 | 170209 |  |
|  |  |  |  | $22951 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;17951620 |  | $&nbsp;&nbsp;&nbsp;&nbsp;381177 | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold). 

<sup>(c)</sup> 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.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Consumer Staples Index | 109 | 12/16/22 | $8001 | $336839 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Dow Jones Industrial Average Index | 78 | 12/16/22 | 12782 | 1134567 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Energy Select Sector Index | 84 | 12/16/22 | 7911 | 1236955 |
|  |  |  |  | $2708361 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core High Dividend ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;2708361 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;2708361 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(963156) | $— | $— | $— | $(963156) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;2328040 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;2328040 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $30283153 |

---

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

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $11973631471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11973631471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 17951620 |  |  | 17951620 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11991583091 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11991583091 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $2708361 | $— | $— | $2708361 |

---

<sup>(a)</sup> Derivative financial instruments futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

24 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **Select Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 1.0%** |  |  |
|  Lockheed Martin Corp. | 451168 | $219574442 |
|  **Banks — 10.4%** |  |  |
|  Citizens Financial Group, Inc. | 4876756 | 199459321 |
|  Comerica, Inc. | 2531560 | 178474980 |
|  Fifth Third Bancorp | 4398790 | 156992815 |
|  First Horizon Corp. | 8537397 | 209251601 |
|  FNB Corp. | 8772732 | 126765977 |
|  Huntington Bancshares, Inc. | 21294757 | 323254411 |
|  KeyCorp | 10461997 | 186955886 |
|  Regions Financial Corp. | 9818428 | 215514495 |
|  Truist Financial Corp. | 4134782 | 185196886 |
|  U.S. Bancorp | 4681354 | 198723477 |
|  United Bankshares, Inc. | 3536983 | 149791230 |
|  Valley National Bancorp | 10393201 | 123367296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253748375 |
|  **Beverages — 1.0%** |  |  |
|  Coca-Cola Co. | 3760724 | 225079331 |
|  **Biotechnology — 2.3%** |  |  |
|  Gilead Sciences, Inc. | 6425091 | 504112640 |
|  **Capital Markets — 2.8%** |  |  |
|  Federated Hermes, Inc., Class B | 2516096 | 87434336 |
|  Franklin Resources, Inc. | 7193776 | 168694047 |
|  Invesco Ltd. | 8864313 | 135801275 |
|  Janus Henderson Group PLC | 4412164 | 100464974 |
|  Lazard Ltd., Class A | 2867687 | 108140477 |
|  |  | 600535109 |
|  **Chemicals — 2.4%** |  |  |
|  Chemours Co. | 4340703 | 124274327 |
|  Huntsman Corp. | 4459238 | 119329209 |
|  LyondellBasell Industries NV, Class A | 3705619 | 283294572 |
|  |  | 526898108 |
|  **Containers & Packaging — 3.4%** |  |  |
|  International Paper Co. | 7902506 | 265603227 |
|  Packaging Corp. of America | 1443506 | 173523856 |
|  Sonoco Products Co. | 2559527 | 158895436 |
|  Westrock Co. | 4080803 | 138992150 |
|  |  | 737014669 |
|  **Distributors — 1.6%** |  |  |
|  Genuine Parts Co. | 1891157 | 336361184 |
|  **Diversified Consumer Services — 0.8%** |  |  |
|  H&R Block, Inc. | 4338470 | 178528041 |
|  **Diversified Telecommunication Services — 3.3%** |  |  |
|  AT&T Inc. | 15795506 | 287952075 |
|  Lumen Technologies, Inc. | 22096006 | 162626604 |
|  Verizon Communications, Inc. | 7046327 | 263321240 |
|  |  | 713899919 |
|  **Electric Utilities — 14.4%** |  |  |
|  Alliant Energy Corp. | 3842650 | 200471050 |
|  American Electric Power Co., Inc. | 2840553 | 249741420 |
|  Edison International | 5287800 | 317479512 |
|  Entergy Corp. | 2788470 | 298756676 |
|  Eversource Energy | 2903435 | 221474022 |
|  Exelon Corp. | 5711224 | 220396134 |
|  FirstEnergy Corp. | 6630906 | 250051465 |
|  IDACORP, Inc. | 1184082 | 123973385 |
|  NextEra Energy, Inc. | 2120928 | 164371920 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Electric Utilities (continued)** |  |  |
|  NRG Energy, Inc. | 6006203 | $266675413 |
|  OGE Energy Corp. | 4761868 | 174427225 |
|  Pinnacle West Capital Corp. | 2680742 | 180172670 |
|  PPL Corp. | 8980967 | 237905816 |
|  Xcel Energy, Inc. | 3251678 | 211716755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117613463 |
|  **Electrical Equipment — 1.5%** |  |  |
|  Eaton Corp. PLC | 1104221 | 165710445 |
|  Emerson Electric Co. | 1840491 | 159386521 |
|  |  | 325096966 |
|  **Food & Staples Retailing — 1.1%** |  |  |
|  Walgreens Boots Alliance, Inc. | 6752839 | 246478624 |
|  **Food Products — 2.9%** |  |  |
|  Conagra Brands, Inc. | 8989253 | 329905585 |
|  General Mills, Inc. | 3700297 | 301870229 |
|  |  | 631775814 |
|  **Gas Utilities — 1.9%** |  |  |
|  New Jersey Resources Corp. | 2350298 | 104917303 |
|  Southwest Gas Holdings, Inc. | 1488006 | 108728598 |
|  UGI Corp. | 5684714 | 200840946 |
|  |  | 414486847 |
|  **Hotels, Restaurants & Leisure — 1.0%** |  |  |
|  McDonald's Corp. | 794869 | 216728982 |
|  **Household Durables — 1.8%** |  |  |
|  Garmin Ltd. | 1718965 | 151337679 |
|  Leggett & Platt, Inc. | 3287312 | 110946780 |
|  Newell Brands, Inc. | 9788730 | 135182361 |
|  |  | 397466820 |
|  **Household Products — 1.3%** |  |  |
|  Kimberly-Clark Corp. | 2262463 | 281586145 |
|  **Insurance — 8.1%** |  |  |
|  Cincinnati Financial Corp. | 1452297 | 150051326 |
|  Fidelity National Financial, Inc. | 6237838 | 245646060 |
|  MetLife, Inc. | 3458642 | 253207181 |
|  Old Republic International Corp. | 7217381 | 167515413 |
|  Principal Financial Group, Inc. | 4294508 | 378474990 |
|  Prudential Financial, Inc. | 3153494 | 331716034 |
|  Unum Group | 5092750 | 232178473 |
|  |  | 1758789477 |
|  **IT Services — 2.8%** |  |  |
|  International Business Machines Corp. | 3326514 | 460023621 |
|  Western Union Co. | 10093687 | 136365711 |
|  |  | 596389332 |
|  **Machinery — 0.9%** |  |  |
|  Caterpillar, Inc. | 885001 | 191567317 |
|  **Media — 2.2%** |  |  |
|  Interpublic Group of Cos., Inc. | 7317048 | 217974860 |
|  Omnicom Group, Inc. | 3403793 | 247625941 |
|  |  | 465600801 |
|  **Metals & Mining — 0.7%** |  |  |
|  Newmont Corp. | 3431979 | 145241351 |
|  **Multi-Utilities — 9.3%** |  |  |
|  Avista Corp. | 1678453 | 68866927 |
|  Black Hills Corp. | 1560941 | 102038713 |
|  CenterPoint Energy, Inc. | 6869489 | 196536080 |
|  CMS Energy Corp. | 3456003 | 197164971 |
|  Dominion Energy, Inc. | 3249978 | 227400961 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Select Dividend ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Multi-Utilities (continued)** |  |  |
|  DTE Energy Co. | 1825897 | $204701313 |
|  NiSource, Inc. | 8592907 | 220751781 |
|  NorthWestern Corp. | 1290556 | 68180073 |
|  Public Service Enterprise Group, Inc. | 3969220 | 222554165 |
|  Sempra Energy | 1635029 | 246791277 |
|  WEC Energy Group, Inc. | 2711432 | 247635085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002621346 |
|  **Oil, Gas & Consumable Fuels — 9.7%** |  |  |
|  Chevron Corp. | 1860189 | 336508190 |
|  Exxon Mobil Corp. | 4251315 | 471088215 |
|  Marathon Petroleum Corp. | 3097131 | 351896024 |
|  ONEOK, Inc. | 6742246 | 399950033 |
|  Valero Energy Corp. | 4223917 | 530312780 |
|  |  | 2089755242 |
|  **Pharmaceuticals — 2.9%** |  |  |
|  Merck & Co., Inc. | 3632918 | 367651301 |
|  Pfizer, Inc. | 5482614 | 255215682 |
|  |  | 622866983 |
|  **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |  |
|  Intel Corp. | 5038937 | 143256979 |
|  **Technology Hardware, Storage & Peripherals — 1.3%** | **Technology Hardware, Storage & Peripherals — 1.3%** |  |
|  HP, Inc. | 6331296 | 174870395 |
|  Seagate Technology Holdings PLC | 2353522 | 116875903 |
|  |  | 291746298 |
|  **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
|  Hanesbrands, Inc. | 8736218 | 59581007 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Thrifts & Mortgage Finance — 0.5%** |  |  |
|  New York Community Bancorp, Inc. | 11663229 | $108584662 |
|  **Tobacco — 4.1%** |  |  |
|  Altria Group, Inc. | 10791581 | 499326453 |
|  Philip Morris International, Inc. | 4135083 | 379807373 |
|  |  | 879133826 |
|  **Trading Companies & Distributors — 1.4%** |  |  |
|  MSC Industrial Direct Co., Inc., Class A | 1133897 | 94090773 |
|  Watsco, Inc. | 773441 | 209571573 |
|  |  | 303662346 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $20,079,560,831)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21585782446 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 0.1%** |  |  |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(a)(b)</sup>  | 24169069 | 24169069 |
|  **Total Short-Term Securities — 0.1%<br>(Cost: $24,169,069)** | **Total Short-Term Securities — 0.1%<br>(Cost: $24,169,069)** | 24169069 |
|  **Total Investments — 99.9%<br>(Cost: $20,103,729,900)** | **Total Investments — 99.9%<br>(Cost: $20,103,729,900)** | 21609951515 |
|  **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 23436130 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $21633387645 |

---

<sup>(a)</sup> Affiliate of the Fund.

<sup>(b)</sup> 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 October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Net<br>Realized<br>Gain (Loss)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | *Capital* <br> *Gain<br>Distributions<br>from Underlying<br>Funds*  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $&nbsp;&nbsp;&nbsp;&nbsp;24690000 | $– $(520931)<sup>(a)</sup> | $– $– $| &nbsp;&nbsp;&nbsp;&nbsp;24169069 | 24169069 | $&nbsp;&nbsp;&nbsp;&nbsp;280922 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Energy Select Sector Index | 79 | 12/16/22 | $7440 | $498490 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Financial Select Sector Index | 211 | 12/16/22 | 22105 | 568772 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Utilities Select Sector Index | 240 | 12/16/22 | 16210 | (915324) |
|  |  |  |  | $151938 |

---

26 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Select Dividend ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067262 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067262 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $915324 | $— | $— | $— | $915324 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(9580319) | $— | $— | $— | $(9580319) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1016341 | $— | $— | $— | $1016341 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $40792579 |

---

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

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $21585782446 | $— | $— | $21585782446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 24169069 |  |  | 24169069 |
|  | $21609951515 | $— | $— | $21609951515 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $1067262 | $— | $— | $1067262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (915324) |  |  | (915324) |
|  | $151938 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $151938 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

Statements of Assets and Liabilities (unaudited)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Core Dividend<br>ETF | iShares<br>Core Dividend<br>Growth ETF | iShares<br>Core High<br>Dividend ETF | iShares<br>Select Dividend ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $236037912 | $23445928611 | $11973631471 | $21585782446 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 1536207 | 230435367 | 17951620 | 24169069 |
|  Cash | 432450 | 5440977 |  |  |
|  Cash pledged for futures contracts | 55000 | 3959400 | 1625600 | 2062200 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 19738 | 10268795 | 17699321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated |  | 23315 | 22951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold |  | 44111335 | 25762859 | 35435652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 305167 | 22497427 | 33975996 | 28041583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 2898 | 222081 | 89402 | 144982 |
|  Total assets | 238369634 | 23752638251 | 12063328694 | 21693335253 |
|  **LIABILITIES** |  |  |  |  |
|  Bank overdraft |  |  | 38369 | 4876 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 855686 | 43910034 | 46392754 | 35243225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  |  | 10296525 | 17790239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 39949 | 1507688 | 808198 | 6625898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 7627 | 553700 | 44570 | 283370 |
|  Total liabilities | 903262 | 45971422 | 57580416 | 59947608 |
|  NET ASSETS | $237466372 | $23706666829 | $12005748278 | $21633387645 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $262339189 | $21798776732 | $12513530743 | $20478223615 |
|  Accumulated earnings (loss) | (24872817) | 1907890097 | (507782465) | 1155164030 |
|  NET ASSETS | $237466372 | $23706666829 | $12005748278 | $21633387645 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 6400000 | 484000000 | 116600000 | 183150000 |
|  Net asset value | $37.10 | $48.98 | $102.97 | $118.12 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $256690756 | $20931040410 | $11702052033 | $20079560831 |
|  <sup>(b) </sup>Investments, at cost — affiliated | $1697472 | $216675259 | $17951620 | $24169069 |

---

*See notes to financial statements.* 

28 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Operations (unaudited)

Six Months Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Core Dividend<br>ETF | iShares<br>Core Dividend<br>Growth ETF | iShares<br>Core High<br>Dividend ETF | iShares<br>Select Dividend ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $2910346 | $281846626 | $246896285 | $448141954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 20176 | 3039004 | 170209 | 280922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net |  | 267190 | 210968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (1082) | (15025) |  |  |
|  Total investment income | 2929440 | 285137795 | 247277462 | 448422876 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 308388 | 9166668 | 4915255 | 41603356 |
|  Total expenses | 308388 | 9166668 | 4915255 | 41603356 |
|  Net investment income | 2621052 | 275971127 | 242362207 | 406819520 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (9058673) | (227362363) | (469493144) | (133422781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (74225) | (5723286) | 22951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (146312) | (10422890) | (963156) | (9580319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 8663914 | 137458652 | 617059523 | 349183675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup>  | 2649 | 737520 |  |  |
|  | (612647) | (105312367) | 146626174 | 206180575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (14797004) | (637456236) | (386587006) | (1216140239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 87691 | 12481614 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 66540 | 2492552 | 2328040 | 1016341 |
|  | (14642773) | (622482070) | (384258966) | (1215123898) |
|  Net realized and unrealized loss | (15255420) | (727794437) | (237632792) | (1008943323) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(12634368) | $(451823310) | $4729415 | $(602123803) |

---

<sup>(a)</sup> 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 29

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF |
|  | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $2621052 | $2926970 | $275971127 | $445718048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (612647) | 9208877 | (105312367) | 971722516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (14642773) | (19291256) | (622482070) | (933077494) |
|  Net increase (decrease) in net assets resulting from operations | (12634368) | (7155409) | (451823310) | 484363070 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (2573065) | (2605463) | (269888458) | (433784061) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (7589621) | 202844254 | 1685580589 | 4289062601 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (22797054) | 193083382 | 963868821 | 4339641610 |
|  Beginning of period | 260263426 | 67180044 | 22742798008 | 18403156398 |
|  End of period | $237466372 | $260263426 | $23706666829 | $22742798008 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

30 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF |
|  | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $242362207 | $282262323 | $406819520 | $627979818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 146626174 | 479090410 | 206180575 | 1169713678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (384258966) | 55124197 | (1215123898) | (420759814) |
|  Net increase (decrease) in net assets resulting from operations | 4729415 | 816476930 | (602123803) | 1376933682 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (224345200) | (262993551) | (402071131) | (605570050) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase in net assets derived from capital share transactions | 2594462392 | 2238090827 | 975646309 | 2395005483 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 2374846607 | 2791574206 | (28548625) | 3166369115 |
|  Beginning of period | 9630901671 | 6839327465 | 21661936270 | 18495567155 |
|  End of period | $12005748278 | $9630901671 | $21633387645 | $21661936270 |

---

<sup>(a)</sup> 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 31

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF | iShares Core Dividend ETF |
|  | Six Months Ended<br> 10/31/22(unaudited)  | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Year Ended<br>04/30/20 | Year Ended<br>04/30/19 | Period from<br> 11/07/17to 04/30/18<br><sup>(a)</sup>  |
|  **Net asset value, beginning of period** | $39.14 | $38.39 | $25.94 | $27.96 | $25.30 | $24.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.39 | 0.77 | 0.70 | 0.64 | 0.61 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.05) | 0.68 | 12.43 | (2.02) | 2.67 | 0.28 |
|  Net increase (decrease) from investment operations | (1.66) | 1.45 | 13.13 | (1.38) | 3.28 | 0.54 |
|  **Distributions<sup>(d)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.38) | (0.70) | (0.68) | (0.64) | (0.58) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  |  | (0.04) |  |
|  Total distributions | (0.38) | (0.70) | (0.68) | (0.64) | (0.62) | (0.23) |
|  **Net asset value, end of period** | $37.10 | $39.14 | $38.39 | $25.94 | $27.96 | $25.30 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (4.20)%<sup>(f)</sup> | 3.71% | 51.33% | (4.95)% | 13.21% | 2.16 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.24 %<sup>(h)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25 %<sup>(h)</sup> |
|  Net investment income | 2.06 %<sup>(h)</sup> | 1.87% | 2.20% | 2.31% | 2.34% | 2.07 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $237466 | $260263 | $67180 | $24645 | $8389 | $7591 |
|  Portfolio turnover rate<sup>(i)</sup>  | 14% | 25% | 30% | 33% | 31% | 14% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

32 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF | iShares Core Dividend Growth ETF |
|  | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Year Ended<br>04/30/20 | Year Ended<br>04/30/19 | Year Ended<br>04/30/18 |
|  **Net asset value, beginning of period** | $50.58 | $49.87 | $36.39 | $38.13 | $33.86 | $30.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.59 | 1.10 | 1.08 | 0.99 | 0.91 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (1.61) | 0.68 | 13.44 | (1.77) | 4.20 | 3.07 |
|  Net increase (decrease) from investment operations | (1.02) | 1.78 | 14.52 | (0.78) | 5.11 | 3.85 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.58) | (1.07) | (1.04) | (0.96) | (0.84) | (0.74) |
|  **Net asset value, end of period** | $48.98 | $50.58 | $49.87 | $36.39 | $38.13 | $33.86 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (1.97)%<sup>(e)</sup> | 3.51% | 40.52% | (2.05)% | 15.30% | 12.59% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.08 %<sup>(g)</sup> | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 2.41 %<sup>(g)</sup> | 2.10% | 2.53% | 2.55% | 2.55% | 2.32% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;23706667 | $&nbsp;&nbsp;&nbsp;&nbsp;22742798 | $&nbsp;&nbsp;&nbsp;&nbsp;18403156 | $&nbsp;&nbsp;&nbsp;&nbsp;9355727 | $&nbsp;&nbsp;&nbsp;&nbsp;7084809 | $&nbsp;&nbsp;&nbsp;&nbsp;3343410 |
|  Portfolio turnover rate<sup>(h)</sup>  | 9% | 22% | 31% | 24% | 26% | 24% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

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

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF | iShares Core High Dividend ETF |
|  | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Year Ended<br>04/30/20 | Year Ended<br>04/30/19 | Year Ended<br>04/30/18 |
|  **Net asset value, beginning of period** | $103.67 | $95.59 | $81.85 | $95.42 | $84.44 | $83.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 2.02 | 3.68 | 3.56 | 3.24 | 3.09 | 2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (0.92) | 7.80 | 13.72 | (13.51) | 11.01 | 1.20 |
|  Net increase (decrease) from investment operations | 1.10 | 11.48 | 17.28 | (10.27) | 14.10 | 4.19 |
|  Distributions from net investment income<sup>(c)</sup>  | (1.80) | (3.40) | (3.54) | (3.30) | (3.12) | (3.02) |
|  **Net asset value, end of period** | $102.97 | $103.67 | $95.59 | $81.85 | $95.42 | $84.44 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 1.18 %<sup>(e)</sup> | 12.21% | 21.70% | (10.86)% | 17.05% | 5.03% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.08 %<sup>(g)</sup> | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 3.94 %<sup>(g)</sup> | 3.68% | 4.13% | 3.53% | 3.48% | 3.47% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;12005748 | $&nbsp;&nbsp;&nbsp;&nbsp;9630902 | $&nbsp;&nbsp;&nbsp;&nbsp;6839327 | $&nbsp;&nbsp;&nbsp;&nbsp;6036798 | $&nbsp;&nbsp;&nbsp;&nbsp;7175741 | $&nbsp;&nbsp;&nbsp;&nbsp;6007744 |
|  Portfolio turnover rate<sup>(h)</sup>  | 39% | 74% | 75% | 62% | 57% | 46% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

34 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF | iShares Select Dividend ETF |
|  | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Year Ended<br>04/30/20 | Year Ended<br>04/30/19 | Year Ended<br>04/30/18 |
|  **Net asset value, beginning of period** | $123.50 | $118.37 | $80.66 | $101.13 | $96.31 | $91.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 2.26 | 3.91 | 3.51 | 3.51 | 3.31 | 3.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (5.43) | 4.97 | 37.74 | (20.30) | 4.80 | 4.76 |
|  Net increase (decrease) from investment operations | (3.17) | 8.88 | 41.25 | (16.79) | 8.11 | 7.84 |
|  Distributions from net investment income<sup>(c)</sup>  | (2.21) | (3.75) | (3.54) | (3.68) | (3.29) | (3.04) |
|  **Net asset value, end of period** | $118.12 | $123.50 | $118.37 | $80.66 | $101.13 | $96.31 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (2.52)%<sup>(e)</sup> | 7.63% | 52.54% | (16.96)% | 8.63% | 8.65% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.38 %<sup>(g)</sup> | 0.38% | 0.38% | 0.39% | 0.39% | 0.39% |
|  Net investment income | 3.73 %<sup>(g)</sup> | 3.23% | 3.78% | 3.60% | 3.40% | 3.24% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $&nbsp;&nbsp;&nbsp;&nbsp;21633388 | $&nbsp;&nbsp;&nbsp;&nbsp;21666936 | $&nbsp;&nbsp;&nbsp;&nbsp;18495567 | $&nbsp;&nbsp;&nbsp;&nbsp;13257023 | $&nbsp;&nbsp;&nbsp;&nbsp;17585695 | $&nbsp;&nbsp;&nbsp;&nbsp;16714032 |
|  Portfolio turnover rate<sup>(h)</sup>  | 1% | 15% | 55% | 6% | 21% | 28% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> 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 35

------

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<br>Classification* |
|  Core Dividend<sup>(a)</sup>  | Diversified |
|  Core Dividend Growth | Diversified |
|  Core High Dividend | Non-Diversified |
|  Select Dividend | Diversified |

---

<sup>(a)</sup> Formerly the iShares U.S. Dividend and Buyback ETF.

***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. 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. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

**ForeignTaxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Fund's 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

36 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing
price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds)
are valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange
where the contract is traded.

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:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• 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*** 

**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.

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

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

------

Notes to Financial Statements (unaudited) (continued)

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

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.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

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

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

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

***6.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Core Dividend | 0.05% |
|  Core Dividend Growth | 0.08 |
|  Core High Dividend | 0.08 |

---

Prior to October 25, 2022, BFA was entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the iShares Core Dividend ETF, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares Select Dividend 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 $46 billion | 0.4000% |
|  Over $46 billion, up to and including $81 billion | 0.3800 |
|  Over $81 billion, up to and including $111 billion | 0.3610 |
|  Over $111 billion, up to and including $141 billion | 0.3430 |
|  Over $141 billion, up to and including $171 billion | 0.3259 |
|  Over $171 billion | 0.3096 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), 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.

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. Each Fund does not pay BRIL for ETF Services.

38 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

**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 81% 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 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Core Dividend Growth | $66442 |
|  Core High Dividend | 52652 |

---

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

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

For the six months ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Core Dividend | $20511694 | $17259273 | $(3411696) |
|  Core Dividend Growth | &nbsp;&nbsp;&nbsp;&nbsp;731365112 | &nbsp;&nbsp;&nbsp;&nbsp;475196228 | &nbsp;&nbsp;&nbsp;&nbsp;(52379340) |
|  Core High Dividend | 719219795 | 368656815 | (40852129) |

---

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.

***7.***  ***PURCHASES AND SALES*** 

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Core Dividend | $37288875 | $34367531 |
|  Core Dividend Growth | &nbsp;&nbsp;&nbsp;&nbsp;2006353414 | &nbsp;&nbsp;&nbsp;&nbsp;1961958679 |
|  Core High Dividend | 4651745845 | 4628537540 |
|  Select Dividend | 354428821 | 260676160 |

---

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

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Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind*<br> *Sales* |
|  Core Dividend | $37939725 | $48328823 |
|  Core Dividend Growth | &nbsp;&nbsp;&nbsp;&nbsp;1942383196 | 309689891 |
|  Core High Dividend | 5355554162 | &nbsp;&nbsp;&nbsp;&nbsp;2771503352 |
|  Select Dividend | 2090124598 | 1208881751 |

---

***8.***  ***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 October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

As of April 30, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Core Dividend | $3581767 |
|  Core Dividend Growth | 500795997 |
|  Core High Dividend | 940170854 |
|  Select Dividend | 448427573 |

---

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Core Dividend | $258758635 | $12476128 | $(33653552) | $(21177424) |
|  Core Dividend Growth | &nbsp;&nbsp;&nbsp;&nbsp;21207493675 | &nbsp;&nbsp;&nbsp;&nbsp;3414075353 | &nbsp;&nbsp;&nbsp;&nbsp;(944768935) | &nbsp;&nbsp;&nbsp;&nbsp;2469306418 |
|  Core High Dividend | 11753842852 | 963249746 | (722801146) | 240448600 |
|  Select Dividend | 20240416912 | 2752996499 | (1383309958) | 1369686541 |

---

***9.***  ***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.

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

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

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company,

40 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

**Counterparty Credit Risk:** The 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.

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the 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 within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

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

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

***10.***  ***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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Six Months Ended<br> 10/31/22 | <br> Six Months Ended<br> 10/31/22 | <br> Year Ended<br> 04/30/22 | <br> Year Ended<br> 04/30/22 |
| *iShares ETF* | <br> *Shares* | <br> *Amount* | <br> *Shares* | <br> *Amount* |
|  Core Dividend |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1000000 | $38111268 | 5700000 | $235671266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1250000) | (45700889) | (800000) | (32827012) |
|  | (250000) | $(7589621) | 4900000 | $202844254 |
|  Core Dividend Growth |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 39750000 | $1952371567 | 121400000 | $6428227610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5400000) | (266790978) | (40750000) | (2139165009) |
|  | 34350000 | $&nbsp;&nbsp;&nbsp;&nbsp;1685580589 | 80650000 | $&nbsp;&nbsp;&nbsp;&nbsp;4289062601 |

---

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

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Six Months Ended<br>10/31/22 | <br> Six Months Ended<br>10/31/22 | <br> Year Ended<br>04/30/22 | <br> Year Ended<br>04/30/22 |
| *iShares ETF* | <br> *Shares* | <br> *Amount* | <br> *Shares* | <br> *Amount* |
|  Core High Dividend |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 51700000 | $5371035343 | 39450000 | $4102347570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (28000000) | (2776572951) | (18100000) | (1864256743) |
|  | 23700000 | $&nbsp;&nbsp;&nbsp;&nbsp;2594462392 | 21350000 | $&nbsp;&nbsp;&nbsp;&nbsp;2238090827 |
|  Select Dividend |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 17600000 | $2131338601 | 48950000 | $6044186342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9850000) | (1155692292) | (29800000) | (3649180859) |
|  | 7750000 | $975646309 | 19150000 | $2395005483 |

---

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 BRIL, 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.

***11.*** **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.

42 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract

**iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the

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Board Review and Approval of Investment Advisory Contract (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares Select Dividend ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in

44 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 45

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Board Review and Approval of Investment Advisory Contract (continued)

impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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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.

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  Select Dividend<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;2.126192 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;0.086620 | $&nbsp;&nbsp;&nbsp;&nbsp;2.212812 | 96% | —% | 4% | 100% |

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

S U P P L E M E N T A L I N F O R M A T I O N 47

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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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com.** 

&nbsp;&nbsp;&nbsp;&nbsp;• 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.**

48 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Glossary of Terms Used in this Report

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| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| NVS | Non-Voting Shares |
| S&P | Standard & Poor's |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 49

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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 Morningstar, Inc. or S&P Dow Jones 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.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-409-1022

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|:---|:---|
| ![LOGO](g238651g89s42.jpg)  | ![LOGO](g238651g48v93.jpg) |

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|:---|:---|
| ![LOGO](g390172g24u50.jpg)  | **OCTOBER 31, 2022** |

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**2022 Semi-Annual Report<br>(Unaudited)**<br>

**iShares Trust** 

· iShares Morningstar Mid-Cap Value ETF \| IMCV \| NASDAQ

· iShares Morningstar Small-Cap ETF \| ISCB \| NYSE Arca

· iShares Morningstar U.S. Equity ETF \| ILCB \| NYSE Arca

· iShares Morningstar Value ETF \| ILCV \| NYSE Arca

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large-and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort 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, and the outlook for Europe and the U.K. is also troubling. 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.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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.

Sincerely,

![LOGO](g390172g72a35.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g390172g88g83.jpg)

Rob Kapito

President, BlackRock, Inc.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns as of October 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns as of October 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia,<br>Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (13.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S.<br>Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S.<br>Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade<br>bonds (Bloomberg U.S.<br>Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S.<br>Corporate High Yield 2%<br>Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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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

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**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
|  [The Markets in Review](#tx390172_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx390172_2) | 4 |
|  [About Fund Performance](#tx390172_3) | 8 |
|  [Disclosure of Expenses](#tx390172_4) | 8 |
|  [Schedules of Investments](#tx390172_5) | 9 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx390172_6) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx390172_7) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx390172_8) | 53 |
|  [Financial Highlights](#tx390172_9) | 55 |
|  [Notes to Financial Statements](#tx390172_10) | 59 |
|  [Board Review and Approval of Investment Advisory Contract](#tx390172_11) | 67 |
|  [Supplemental Information](#tx390172_12) | 69 |
|  [General Information](#tx390172_13) | 70 |
|  [Glossary of Terms Used in this Report](#tx390172_14) | 71 |

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3.0 ------

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF** |

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**Investment Objective** 

The **iShares Morningstar Mid-Cap Value ETF (the "Fund")** seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar<sup>®</sup> US Mid Cap Broad Value Index<sup>SM</sup> (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  | Average Annual Total Returns  | Average Annual Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  |
|  | *6-Month Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (4.80)% | (4.66)% | 6.61% | 11.32% | (4.66)% | 37.75% | 192.27% |
|  Fund Market | (4.80) | (4.70) | 6.63 | 11.34 | (4.70) | 37.87 | 192.77 |
|  Index | (4.81) | (4.65) | 6.81 | 11.59 | (4.65) | 38.98 | 199.33 |

---

Index performance through March 21, 2021 reflects the performance of the Morningstar<sup>®</sup> US Mid Value Index<sup>SM</sup>. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar<sup>®</sup> US Mid Cap Broad Value Index<sup>SM</sup>.

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 of sale of fund shares. See "About Fund Performance" for more information.

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period<sup>(</sup>* *<br><sup>a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $952.00 | $0.30 | $1000.00 | $1024.90 | $0.31 | 0.06% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
|  *Sector* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Financials | 19.7% |
|  Industrials | 12.4 |
|  Utilities | 12.2 |
|  Consumer Discretionary | 9.2 |
|  Energy | 8.5 |
|  Real Estate | 8.3 |
|  Materials | 7.1 |
|  Health Care | 6.9 |
|  Information Technology | 6.4 |
|  Consumer Staples | 6.3 |
|  Communication Services | 3.0 |

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**TEN LARGEST HOLDINGS** 

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| | |
|:---|:---|
|  *Security* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Devon Energy Corp. | 1.3% |
|  Phillips 66 | 1.3 |
|  Biogen, Inc. | 1.1 |
|  Aflac, Inc. | 1 |
|  Kinder Morgan, Inc., Class P | 0.9 |
|  Xcel Energy, Inc. | 0.9 |
|  Cummins, Inc. | 0.9 |
|  Allstate Corp. | 0.9 |
|  Ameriprise Financial, Inc. | 0.9 |
|  Consolidated Edison, Inc. | 0.8 |

---

<sup>(a)</sup> Excludes money market funds.

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

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF** |

---

**Investment Objective** 

The **iShares Morningstar Small-Cap ETF (the "Fund")** seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Morningstar<sup>®</sup> US Small Cap Extended Index<sup>SM</sup> (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  | Average Annual Total Returns  | Average Annual Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  |
|  | *6-Month Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (2.44)% | (17.95)% | 4.00% | 8.96% | (17.95)% | 21.66% | 135.83% |
|  Fund Market | (2.26) | (17.98) | 4.00 | 8.97 | (17.98) | 21.69 | 136.03 |
|  Index | (2.53) | (18.07) | 4.07 | 9.04 | (18.07) | 22.05 | 137.71 |

---

Index performance through March 21, 2021 reflects the performance of the Morningstar<sup>®</sup> US Small Core Index<sup>SM</sup>. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar<sup>®</sup> US Small Cap Extended Index<sup>SM</sup>.

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 of sale of fund shares. See "About Fund Performance" for more information.

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $975.60 | $0.20 | $1000.00 | $1025.00 | $0.20 | 0.04% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
|  *Sector* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Financials | 17.1% |
|  Industrials | 17.0 |
|  Health Care | 15.4 |
|  Information Technology | 13.0 |
|  Consumer Discretionary | 11.8 |
|  Real Estate | 6.2 |
|  Energy | 5.8 |
|  Materials | 4.7 |
|  Consumer Staples | 3.6 |
|  Communication Services | 2.8 |
|  Utilities | 2.6 |

---

**TEN LARGEST HOLDINGS** 

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| | |
|:---|:---|
|  *Security* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Shockwave Medical, Inc. | 0.3% |
|  Sarepta Therapeutics, Inc. | 0.3 |
|  HF Sinclair Corp. | 0.3 |
|  NOV, Inc. | 0.3 |
|  Casey's General Stores, Inc. | 0.3 |
|  Unum Group | 0.3 |
|  Interactive Brokers Group, Inc., Class A | 0.2 |
|  Chart Industries, Inc. | 0.2 |
|  Healthcare Realty Trust, Inc. | 0.2 |
|  Omega Healthcare Investors, Inc. | 0.2 |

---

<sup>(a)</sup> Excludes money market funds.

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

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF** |

---

**Investment Objective** 

The **iShares Morningstar U.S. Equity ETF (the "Fund")** seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Morningstar<sup>®</sup> US Large-Mid Cap Index<sup>SM</sup> (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 re included in the Index.

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns  | Average Annual Total Returns  | Average Annual Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  |
|  | *6-Month Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (5.94)% | (16.75)% | 8.61% | 12.32% | (16.75)% | 51.10% | 219.45% |
|  Fund Market | (5.82) | (16.67) | 8.62 | 12.32 | (16.67) | 51.21 | 219.57 |
|  Index | (5.93) | (16.74) | 8.76 | 12.52 | (16.74) | 52.18 | 225.26 |

---

Index performance through March 21, 2021 reflects the performance of the Morningstar<sup>®</sup> US Large Core Index<sup>SM</sup>. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar<sup>®</sup> US Large-Mid Cap Index<sup>SM</sup>.

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 of sale of fund shares. See "About Fund Performance" for more information.

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $940.60 | $0.15 | $1000.00 | $1025.05 | $0.15 | 0.03% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
|  *Sector* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Information Technology | 26.3% |
|  Health Care | 14.9 |
|  Financials | 11.6 |
|  Consumer Discretionary | 11.0 |
|  Industrials | 8.6 |
|  Communication Services | 7.2 |
|  Consumer Staples | 6.6 |
|  Energy | 5.3 |
|  Real Estate | 3.0 |
|  Utilities | 2.9 |
|  Materials | 2.6 |

---

**TEN LARGEST HOLDINGS** 

---

| | |
|:---|:---|
|  *Security* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Apple Inc. | 6.6% |
|  Microsoft Corp. | 4.9 |
|  Amazon.com, Inc. | 2.6 |
|  Tesla, Inc. | 1.7 |
|  Alphabet, Inc., Class A | 1.6 |
|  Berkshire Hathaway, Inc., Class B | 1.5 |
|  UnitedHealth Group, Inc. | 1.5 |
|  Alphabet, Inc., Class C, NVS | 1.5 |
|  Exxon Mobil Corp. | 1.3 |
|  Johnson & Johnson | 1.3 |

---

<sup>(a)</sup> Excludes money market funds.

6 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Value ETF** |

---

**Investment Objective** 

The **iShares MorningstarValue ETF (the "Fund")** seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value 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  | Average Annual Total Returns  | Average Annual Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns  |
|  | *6-Month Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
|  Fund NAV | (2.37)% | (4.40)% | 7.23% | 9.74% | (4.40)% | 41.75% | 153.28% |
|  Fund Market | (2.33) | (4.40) | 7.24 | 9.74 | (4.40) | 41.85 | 153.35 |
|  Index | (2.36) | (4.35) | 7.42 | 9.97 | (4.35) | 43.03 | 158.78 |

---

Index performance through March 21, 2021 reflects the performance of the Morningstar<sup>®</sup> US Large Value Index<sup>SM</sup>. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value Index<sup>SM</sup>.

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 of sale of fund shares. See "About Fund Performance" for more information.

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $976.30 | $0.20 | $1000.00 | $1025.00 | $0.20 | 0.04% |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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** 

**SECTOR ALLOCATION** 

---

| | |
|:---|:---|
|  *Sector* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Health Care | 18.2% |
|  Financials | 17.7 |
|  Information Technology | 12.3 |
|  Industrials | 10.9 |
|  Consumer Staples | 9.6 |
|  Energy | 8.3 |
|  Communication Services | 6.7 |
|  Consumer Discretionary | 5.8 |
|  Utilities | 5.0 |
|  Materials | 2.9 |
|  Real Estate | 2.6 |

---

**TEN LARGEST HOLDINGS** 

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| | |
|:---|:---|
|  *Security* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Apple Inc. | 3.8% |
|  Berkshire Hathaway, Inc., Class B | 2.8 |
|  Exxon Mobil Corp. | 2.4 |
|  Johnson & Johnson | 2.4 |
|  JPMorgan Chase & Co. | 2.0 |
|  Chevron Corp. | 1.7 |
|  Procter & Gamble Co. | 1.7 |
|  UnitedHealth Group, Inc. | 1.5 |
|  Pfizer, Inc. | 1.4 |
|  AbbVie, Inc. | 1.4 |

---

<sup>(a)</sup> Excludes money market funds.

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

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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 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. 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.

8 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Common Stocks** |  |  |
| **Aerospace & Defense — 0.3%** |  |  |
|  Huntington Ingalls Industries, Inc. | 2621 | $673781 |
|  Textron, Inc. | 13553 | 927567 |
|  |  | 1601348 |
| **Air Freight & Logistics — 0.4%** |  |  |
|  CH Robinson Worldwide, Inc. | 10005 | 977689 |
|  Expeditors International of Washington, Inc. | 8863 | 867244 |
|  GXO Logistics, Inc.<sup>(a)</sup>  | 5650 | 206451 |
|  |  | 2051384 |
| **Airlines — 1.4%** |  |  |
|  American Airlines Group, Inc.<sup>(a)</sup>  | 79002 | 1120248 |
|  Delta Air Lines, Inc.<sup>(a)</sup>  | 30344 | 1029572 |
|  Southwest Airlines Co.<sup>(a)</sup>  | 71998 | 2617127 |
|  United Airlines Holdings, Inc.<sup>(a)</sup>  | 39581 | 1705150 |
|  |  | 6472097 |
| **Auto Components — 0.8%** |  |  |
|  Aptiv PLC<sup>(a)</sup>  | 13605 | 1239007 |
|  BorgWarner, Inc. | 28669 | 1075948 |
|  Gentex Corp. | 13860 | 367151 |
|  Lear Corp. | 7214 | 1000654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3682760 |
| **Banks — 6.1%** |  |  |
|  Citizens Financial Group, Inc. | 60143 | 2459849 |
|  Comerica, Inc. | 15874 | 1119117 |
|  Commerce Bancshares, Inc. | 13254 | 938913 |
|  Cullen/Frost Bankers, Inc. | 7795 | 1208615 |
|  East West Bancorp, Inc. | 17099 | 1223775 |
|  Fifth Third Bancorp | 83264 | 2971692 |
|  First Citizens BancShares, Inc., Class A | 1603 | 1317858 |
|  First Horizon Corp. | 65145 | 1596704 |
|  First Republic Bank | 7804 | 937260 |
|  Huntington Bancshares, Inc. | 175000 | 2656500 |
|  KeyCorp | 113172 | 2022384 |
|  M&T Bank Corp. | 21310 | 3587965 |
|  Regions Financial Corp. | 113382 | 2488735 |
|  Signature Bank | 3408 | 540270 |
|  SVB Financial Group<sup>(a)</sup>  | 4806 | 1109994 |
|  Webster Financial Corp. | 21377 | 1159916 |
|  Western Alliance Bancorp | 7958 | 534539 |
|  Zions Bancorp N.A. | 18215 | 946087 |
|  |  | 28820173 |
| **Beverages — 0.2%** |  |  |
|  Molson Coors Beverage Co., Class B | 22873 | 1153485 |
| **Biotechnology — 1.3%** |  |  |
|  Biogen, Inc.<sup>(a)</sup>  | 17609 | 4991095 |
|  United Therapeutics Corp.<sup>(a)</sup>  | 5519 | 1272295 |
|  |  | 6263390 |
| **Building Products — 2.1%** |  |  |
|  A O Smith Corp. | 9288 | 508797 |
|  Allegion PLC | 5273 | 552452 |
|  Builders FirstSource, Inc.<sup>(a)</sup>  | 10793 | 665496 |
|  Carrier Global Corp. | 65801 | 2616248 |
|  Fortune Brands Home & Security, Inc. | 15719 | 948170 |
|  Lennox International, Inc. | 2413 | 563605 |
|  Masco Corp. | 27323 | 1264235 |
|  Owens Corning | 7636 | 653718 |
|  Trane Technologies PLC | 12873 | 2054917 |
|  |  | 9827638 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets — 5.2%** |  |  |
|  Ameriprise Financial, Inc. | 13126 | $4057509 |
|  Bank of New York Mellon Corp. | 89233 | 3757602 |
|  Carlyle Group, Inc. | 26256 | 742520 |
|  Coinbase Global, Inc., Class A<sup>(a)</sup>  | 19071 | 1263454 |
|  Franklin Resources, Inc. | 34388 | 806399 |
|  Invesco Ltd. | 55069 | 843657 |
|  Jefferies Financial Group, Inc. | 22518 | 774844 |
|  KKR & Co., Inc. | 28637 | 1392617 |
|  Nasdaq, Inc. | 20472 | 1274177 |
|  Northern Trust Corp. | 25286 | 2132874 |
|  Raymond James Financial, Inc. | 9548 | 1128001 |
|  SEI Investments Co. | 5634 | 305926 |
|  State Street Corp. | 44608 | 3300992 |
|  T Rowe Price Group, Inc. | 27387 | 2907404 |
|  |  | 24687976 |
| **Chemicals — 4.0%** |  |  |
|  Celanese Corp. | 12096 | 1162667 |
|  CF Industries Holdings, Inc. | 24179 | 2569261 |
|  DuPont de Nemours, Inc. | 36003 | 2059372 |
|  Eastman Chemical Co. | 14902 | 1144623 |
|  FMC Corp. | 8817 | 1048341 |
|  International Flavors & Fragrances, Inc. | 30936 | 3019663 |
|  LyondellBasell Industries NV, Class A | 30874 | 2360317 |
|  Mosaic Co. | 41896 | 2251910 |
|  Olin Corp. | 6504 | 344387 |
|  PPG Industries, Inc. | 15715 | 1794339 |
|  RPM International, Inc. | 7823 | 739821 |
|  Westlake Corp. | 1654 | 159859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18654560 |
| **Communications Equipment — 0.9%** |  |  |
|  Ciena Corp.<sup>(a)(b)</sup>  | 7605 | 364280 |
|  F5, Inc.<sup>(a)</sup>  | 3009 | 430016 |
|  Juniper Networks, Inc. | 39220 | 1200132 |
|  Motorola Solutions, Inc. | 9844 | 2458145 |
|  |  | 4452573 |
| **Construction & Engineering — 0.4%** |  |  |
|  AECOM | 7661 | 576720 |
|  Quanta Services, Inc.<sup>(b)</sup>  | 9586 | 1361596 |
|  |  | 1938316 |
| **Consumer Finance — 1.0%** |  |  |
|  Ally Financial, Inc. | 37438 | 1031791 |
|  Credit Acceptance Corp.<sup>(a)(b)</sup>  | 251 | 116871 |
|  Discover Financial Services | 12251 | 1279739 |
|  Synchrony Financial | 58458 | 2078767 |
|  |  | 4507168 |
| **Containers & Packaging — 2.0%** |  |  |
|  Amcor PLC | 182350 | 2111613 |
|  AptarGroup, Inc. | 4335 | 429815 |
|  Avery Dennison Corp. | 3424 | 580539 |
|  Ball Corp. | 14726 | 727317 |
|  Berry Global Group, Inc.<sup>(a)</sup>  | 15150 | 716898 |
|  Crown Holdings, Inc. | 6540 | 448579 |
|  International Paper Co. | 43974 | 1477966 |
|  Packaging Corp. of America | 11357 | 1365225 |
|  Sealed Air Corp. | 6485 | 308816 |
|  Westrock Co. | 30921 | 1053169 |
|  |  | 9219937 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Distributors — 0.8%** |  |  |  |
|  Genuine Parts Co. | 17162 | $| 3052433 |
|  LKQ Corp. | 15612 |  | 868652 |
|  |  |  | 3921085 |
| **Diversified Consumer Services — 0.1%** |  |  |  |
|  Service Corp. International | 9909 |  | 600585 |
| **Diversified Financial Services — 0.7%** |  |  |  |
|  Apollo Global Management, Inc. | 25402 |  | 1406255 |
|  Equitable Holdings, Inc. | 42388 |  | 1297921 |
|  Voya Financial, Inc. | 8059 |  | 550913 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3255089 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |  |  |
|  Lumen Technologies, Inc. | 115950 |  | 853392 |
| **Electric Utilities — 6.2%** |  |  |  |
|  Alliant Energy Corp. | 30466 |  | 1589411 |
|  Avangrid, Inc. | 8476 |  | 344804 |
|  Constellation Energy Corp. | 24364 |  | 2303373 |
|  Edison International | 46284 |  | 2778891 |
|  Entergy Corp. | 24683 |  | 2644537 |
|  Evergy, Inc. | 27863 |  | 1703265 |
|  Eversource Energy | 42038 |  | 3206659 |
|  FirstEnergy Corp. | 65868 |  | 2483882 |
|  NRG Energy, Inc. | 13206 |  | 586346 |
|  OGE Energy Corp. | 24336 |  | 891428 |
|  PG&E Corp.<sup>(a)</sup>  | 195364 |  | 2916784 |
|  Pinnacle West Capital Corp. | 13755 |  | 924474 |
|  PPL Corp. | 89330 |  | 2366352 |
|  Xcel Energy, Inc. | 66374 |  | 4321611 |
|  |  |  | 29061817 |
| **Electrical Equipment — 1.2%** |  |  |  |
|  AMETEK, Inc. | 9212 |  | 1194428 |
|  Hubbell, Inc. | 3723 |  | 884138 |
|  Regal Rexnord Corp. | 8078 |  | 1022190 |
|  Rockwell Automation, Inc. | 6227 |  | 1589753 |
|  Sensata Technologies Holding PLC | 18795 |  | 755747 |
|  |  |  | 5446256 |
| **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** | **Electronic Equipment, Instruments & Components — 1.3%** |
|  Arrow Electronics, Inc.<sup>(a)</sup>  | 7771 |  | 786891 |
|  CDW Corp. | 7395 |  | 1277930 |
|  Corning, Inc. | 50658 |  | 1629668 |
|  Flex Ltd.<sup>(a)</sup>  | 55213 |  | 1081071 |
|  Jabil, Inc. | 16725 |  | 1074581 |
|  TD SYNNEX Corp. | 5107 |  | 467342 |
|  |  |  | 6317483 |
| **Energy Equipment & Services — 0.6%** |  |  |  |
|  Baker Hughes Co. | 53816 |  | 1488550 |
|  Halliburton Co. | 41028 |  | 1494240 |
|  |  |  | 2982790 |
| **Entertainment — 0.8%** |  |  |  |
|  AMC Entertainment Holdings, Inc., Class A<sup>(a)(b)</sup>  | 62886 |  | 418821 |
|  Electronic Arts, Inc. | 12345 |  | 1554976 |
|  Liberty Media Corp. - Liberty Formula One, Class A<sup>(a)</sup>  | 1132 |  | 58887 |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(a)</sup>  | 9760 |  | 563445 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup>  | 5708 |  | 454414 |
|  Playtika Holding Corp.<sup>(a)</sup>  | 7794 |  | 73653 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup>  | 6246 |  | 740026 |
|  |  |  | 3864222 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Equity Real Estate Investment Trusts (REITs) — 7.8%** | **Equity Real Estate Investment Trusts (REITs) — 7.8%** |  |
|  Alexandria Real Estate Equities, Inc. | 10002 | $1453291 |
|  Americold Realty Trust, Inc. | 32608 | 790744 |
|  Apartment Income REIT Corp. | 9232 | 354786 |
|  AvalonBay Communities, Inc. | 8756 | 1533351 |
|  Boston Properties, Inc. | 17286 | 1256692 |
|  Brixmor Property Group, Inc. | 22590 | 481393 |
|  CubeSmart | 9826 | 411415 |
|  Equity LifeStyle Properties, Inc. | 6678 | 427125 |
|  Equity Residential | 23532 | 1482987 |
|  Essex Property Trust, Inc. | 4128 | 917407 |
|  Extra Space Storage, Inc. | 5132 | 910622 |
|  Federal Realty Investment Trust | 4496 | 445014 |
|  Gaming and Leisure Properties, Inc. | 31032 | 1555324 |
|  Healthpeak Properties, Inc. | 26805 | 636083 |
|  Iron Mountain, Inc. | 35286 | 1766770 |
|  Kilroy Realty Corp. | 7137 | 305035 |
|  Kimco Realty Corp. | 74904 | 1601447 |
|  Lamar Advertising Co., Class A | 6509 | 600325 |
|  Life Storage, Inc. | 3984 | 440670 |
|  Medical Properties Trust, Inc. | 72513 | 830274 |
|  Mid-America Apartment Communities, Inc. | 5865 | 923444 |
|  National Retail Properties, Inc. | 21552 | 905830 |
|  Realty Income Corp. | 45526 | 2834904 |
|  Regency Centers Corp. | 8084 | 489163 |
|  STORE Capital Corp. | 32168 | 1022942 |
|  UDR, Inc. | 13635 | 542128 |
|  Ventas, Inc. | 48506 | 1898040 |
|  VICI Properties, Inc. | 116864 | 3741985 |
|  Vornado Realty Trust | 19511 | 460264 |
|  Welltower, Inc. | 33055 | 2017677 |
|  Weyerhaeuser Co. | 50477 | 1561254 |
|  WP Carey, Inc. | 25188 | 1921844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36520230 |
| **Food & Staples Retailing — 1.8%** |  |  |
|  Albertsons Cos., Inc., Class A | 19329 | 396438 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup>  | 10286 | 796136 |
|  Kroger Co. | 79013 | 3736525 |
|  U.S. Foods Holding Corp.<sup>(a)</sup>  | 14637 | 435597 |
|  Walgreens Boots Alliance, Inc. | 87044 | 3177106 |
|  |  | 8541802 |
| **Food Products — 3.6%** |  |  |
|  Bunge Ltd. | 18439 | 1819929 |
|  Campbell Soup Co. | 24422 | 1292168 |
|  Conagra Brands, Inc. | 58256 | 2137995 |
|  Darling Ingredients, Inc.<sup>(a)(b)</sup>  | 12424 | 975036 |
|  Hershey Co. | 6280 | 1499476 |
|  Hormel Foods Corp. | 18964 | 880878 |
|  JM Smucker Co. | 12931 | 1948184 |
|  Kellogg Co. | 30953 | 2377809 |
|  Lamb Weston Holdings, Inc. | 6169 | 531891 |
|  McCormick & Co., Inc., NVS | 14401 | 1132495 |
|  Tyson Foods, Inc., Class A | 35143 | 2402024 |
|  |  | 16997885 |
| **Gas Utilities — 0.6%** |  |  |
|  Atmos Energy Corp. | 16981 | 1809325 |
|  UGI Corp. | 25348 | 895545 |
|  |  | 2704870 |
| **Health Care Equipment & Supplies — 1.3%** |  |  |
|  Baxter International, Inc. | 32716 | 1778114 |
|  Dentsply Sirona, Inc. | 16380 | 504832 |

---

10 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Health Care Equipment & Supplies (continued)** |  |  |  |
|  Hologic, Inc.<sup>(a)</sup>  | 13920 | $| 943776 |
|  Zimmer Biomet Holdings, Inc. | 25460 |  | 2885891 |
|  |  |  | 6112613 |
| **Health Care Providers & Services — 3.1%** |  |  |  |
|  AmerisourceBergen Corp. | 18862 |  | 2965484 |
|  Cardinal Health, Inc. | 33058 |  | 2509102 |
|  Chemed Corp. | 889 |  | 415047 |
|  DaVita, Inc.<sup>(a)(b)</sup>  | 3999 |  | 291967 |
|  Henry Schein, Inc.<sup>(a)</sup>  | 16516 |  | 1130685 |
|  Laboratory Corp. of America Holdings | 10970 |  | 2433804 |
|  Molina Healthcare, Inc.<sup>(a)</sup>  | 3486 |  | 1250986 |
|  Quest Diagnostics, Inc. | 14150 |  | 2032648 |
|  Tenet Healthcare Corp.<sup>(a)</sup>  | 13065 |  | 579563 |
|  Universal Health Services, Inc., Class B | 7956 |  | 921862 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14531148 |
| **Hotels, Restaurants & Leisure — 1.7%** |  |  |  |
|  Aramark | 31329 |  | 1143508 |
|  Carnival Corp.<sup>(a)(b)</sup>  | 119843 |  | 1085778 |
|  Darden Restaurants, Inc. | 8180 |  | 1170885 |
|  Expedia Group, Inc.<sup>(a)</sup>  | 9987 |  | 933485 |
|  Las Vegas Sands Corp.<sup>(a)</sup>  | 39902 |  | 1516675 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup>  | 51080 |  | 862741 |
|  Royal Caribbean Cruises Ltd.<sup>(a)</sup>  | 11647 |  | 621717 |
|  Wynn Resorts Ltd.<sup>(a)</sup>  | 12529 |  | 800603 |
|  |  |  | 8135392 |
| **Household Durables — 2.0%** |  |  |  |
|  DR Horton, Inc. | 20715 |  | 1592569 |
|  Garmin Ltd. | 11788 |  | 1037816 |
|  Lennar Corp., Class A | 30941 |  | 2496939 |
|  Lennar Corp., Class B | 1763 |  | 114983 |
|  Mohawk Industries, Inc.<sup>(a)</sup>  | 6388 |  | 605263 |
|  Newell Brands, Inc. | 45595 |  | 629667 |
|  NVR, Inc.<sup>(a)</sup>  | 159 |  | 673802 |
|  PulteGroup, Inc. | 28090 |  | 1123319 |
|  Whirlpool Corp. | 6622 |  | 915425 |
|  |  |  | 9189783 |
| **Household Products — 0.6%** |  |  |  |
|  Church & Dwight Co., Inc. | 10080 |  | 747230 |
|  Clorox Co. | 14945 |  | 2182568 |
|  |  |  | 2929798 |
| **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** | **Independent Power and Renewable Electricity Producers — 0.7%** |
|  AES Corp. | 81049 |  | 2120242 |
|  Vistra Corp. | 47378 |  | 1088273 |
|  |  |  | 3208515 |
| **Insurance — 6.4%** |  |  |  |
|  Aflac, Inc. | 69778 |  | 4543246 |
|  Allstate Corp. | 32799 |  | 4140874 |
|  American Financial Group, Inc. | 8487 |  | 1231549 |
|  Arch Capital Group Ltd.<sup>(a)</sup>  | 26647 |  | 1532202 |
|  Arthur J. Gallagher & Co. | 9313 |  | 1742276 |
|  Assurant, Inc. | 3746 |  | 508932 |
|  Cincinnati Financial Corp. | 7887 |  | 814885 |
|  CNA Financial Corp. | 3246 |  | 135358 |
|  Erie Indemnity Co., Class A, NVS | 1544 |  | 396823 |
|  Everest Re Group Ltd. | 2493 |  | 804391 |
|  Fidelity National Financial, Inc. | 33490 |  | 1318836 |
|  Globe Life, Inc. | 11010 |  | 1271875 |
|  Hartford Financial Services Group, Inc. | 39211 |  | 2839269 |
|  Lincoln National Corp. | 18844 |  | 1015126 |
|  Loews Corp. | 13542 |  | 772165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** |  |  |
|  Markel Corp.<sup>(a)</sup>  | 652 | $786377 |
|  Old Republic International Corp. | 34780 | 807244 |
|  Principal Financial Group, Inc. | 28126 | 2478744 |
|  Reinsurance Group of America, Inc. | 8145 | 1198700 |
| W. R. Berkley Corp. | 8993 | 668899 |
|  Willis Towers Watson PLC | 5177 | 1129673 |
|  |  | 30137444 |
| **Interactive Media & Services — 0.1%** |  |  |
|  IAC, Inc.<sup>(a)</sup>  | 5843 | 284437 |
| **Internet & Direct Marketing Retail — 0.6%** |  |  |
|  eBay, Inc. | 66662 | &nbsp;&nbsp;&nbsp;&nbsp;2655814 |
| **IT Services — 0.8%** |  |  |
|  Akamai Technologies, Inc.<sup>(a)</sup>  | 7928 | 700280 |
|  Concentrix Corp. | 1941 | 237248 |
|  DXC Technology Co.<sup>(a)</sup>  | 27828 | 800055 |
|  FleetCor Technologies, Inc.<sup>(a)</sup>  | 3438 | 639881 |
|  Genpact Ltd. | 11701 | 567499 |
|  SS&C Technologies Holdings, Inc. | 16559 | 851464 |
|  |  | 3796427 |
| **Leisure Products — 0.2%** |  |  |
|  Hasbro, Inc. | 7889 | 514757 |
|  Mattel, Inc.<sup>(a)</sup>  | 21979 | 416722 |
|  |  | 931479 |
| **Life Sciences Tools & Services — 0.1%** |  |  |
|  Syneos Health, Inc.<sup>(a)</sup>  | 8015 | 403796 |
| **Machinery — 4.3%** |  |  |
|  AGCO Corp. | 4913 | 610047 |
|  Cummins, Inc. | 17109 | 4183322 |
|  Dover Corp. | 8623 | 1126940 |
|  Fortive Corp. | 21947 | 1402413 |
|  Lincoln Electric Holdings, Inc. | 2304 | 327168 |
|  Middleby Corp.<sup>(a)</sup>  | 3341 | 467272 |
|  Otis Worldwide Corp. | 24136 | 1704967 |
|  PACCAR, Inc. | 27733 | 2685386 |
|  Parker-Hannifin Corp. | 9411 | 2735025 |
|  Pentair PLC | 13136 | 564191 |
|  Snap-on, Inc. | 6452 | 1432667 |
|  Stanley Black & Decker, Inc. | 17902 | 1405128 |
|  Toro Co. | 5376 | 566792 |
|  Westinghouse Air Brake Technologies Corp. | 13033 | 1215718 |
|  |  | 20427036 |
| **Media — 1.9%** |  |  |
|  Cable One, Inc. | 274 | 235484 |
|  DISH Network Corp., Class A<sup>(a)(b)</sup>  | 30428 | 453681 |
|  Fox Corp., Class A, NVS | 37100 | 1071077 |
|  Fox Corp., Class B | 17048 | 463706 |
|  Interpublic Group of Cos., Inc. | 47392 | 1411808 |
|  Liberty Media Corp. - Liberty SiriusXM, Class A<sup>(a)(b)</sup>  | 9030 | 383233 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C, NVS<sup>(a)</sup>  | 18545 | 782413 |
|  News Corp., Class A, NVS | 46687 | 787610 |
|  News Corp., Class B | 14466 | 247803 |
|  Omnicom Group, Inc. | 24864 | 1808856 |
|  Paramount Global, Class A<sup>(b)</sup>  | 1107 | 23335 |
|  Paramount Global, Class B, NVS | 61228 | 1121697 |
|  Sirius XM Holdings, Inc.<sup>(b)</sup>  | 31850 | 192374 |
|  |  | 8983077 |
| **Metals & Mining — 1.2%** |  |  |
|  Alcoa Corp. | 21892 | 854445 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Metals & Mining (continued)** |  |  |  |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup>  | 62865 | $| 816616 |
|  Reliance Steel & Aluminum Co. | 7307 |  | 1472214 |
|  Steel Dynamics, Inc. | 21057 |  | 1980411 |
|  United States Steel Corp. | 28742 |  | 585187 |
|  |  |  | 5708873 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** |
|  Annaly Capital Management, Inc. | 53249 |  | 987769 |
| **Multiline Retail — 0.6%** |  |  |  |
|  Dollar Tree, Inc.<sup>(a)(b)</sup>  | 10662 |  | 1689927 |
|  Kohl's Corp. | 15615 |  | 467669 |
|  Macy's, Inc. | 32652 |  | 680794 |
|  |  |  | 2838390 |
| **Multi-Utilities — 4.3%** |  |  |  |
|  Ameren Corp. | 31351 |  | 2555734 |
|  CenterPoint Energy, Inc. | 76386 |  | 2185403 |
|  CMS Energy Corp. | 19990 |  | 1140430 |
|  Consolidated Edison, Inc. | 43026 |  | 3784567 |
|  DTE Energy Co. | 23509 |  | 2635594 |
|  NiSource, Inc. | 49196 |  | 1263845 |
|  Public Service Enterprise Group, Inc. | 60533 |  | 3394085 |
|  WEC Energy Group, Inc. | 38276 |  | 3495747 |
|  |  |  | 20455405 |
| **Oil, Gas & Consumable Fuels — 7.8%** |  |  |  |
|  Antero Resources Corp.<sup>(a)(b)</sup>  | 34224 |  | 1254652 |
|  APA Corp. | 17546 |  | 797641 |
|  Chesapeake Energy Corp. | 11728 |  | 1199422 |
|  Continental Resources, Inc. | 6595 |  | 487832 |
|  Coterra Energy, Inc. | 35491 |  | 1104835 |
|  Devon Energy Corp. | 79455 |  | 6145843 |
|  Diamondback Energy, Inc. | 21569 |  | 3388706 |
|  EQT Corp. | 18093 |  | 757011 |
|  Hess Corp. | 22059 |  | 3112084 |
|  Kinder Morgan, Inc., Class P | 240580 |  | 4359310 |
|  Marathon Oil Corp. | 82220 |  | 2503599 |
|  ONEOK, Inc. | 31527 |  | 1870182 |
|  Ovintiv, Inc. | 30872 |  | 1563667 |
|  Phillips 66 | 58373 |  | 6087720 |
|  Southwestern Energy Co.<sup>(a)</sup>  | 135555 |  | 939396 |
|  Targa Resources Corp. | 17669 |  | 1208029 |
|  |  |  | 36779929 |
| **Pharmaceuticals — 1.1%** |  |  |  |
|  Jazz Pharmaceuticals PLC<sup>(a)</sup>  | 7622 |  | 1095967 |
|  Organon & Co. | 30792 |  | 806135 |
|  Royalty Pharma PLC, Class A | 44559 |  | 1885737 |
|  Viatris, Inc. | 146929 |  | 1488391 |
|  |  |  | 5276230 |
| **Professional Services — 0.9%** |  |  |  |
|  Booz Allen Hamilton Holding Corp., Class A | 8088 |  | 880379 |
|  Dun & Bradstreet Holdings, Inc. | 18001 |  | 231313 |
|  Jacobs Solutions, Inc. | 8050 |  | 927521 |
|  Leidos Holdings, Inc. | 16579 |  | 1684261 |
|  Robert Half International, Inc. | 6651 |  | 508535 |
|  |  |  | 4232009 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
|  CBRE Group, Inc., Class A<sup>(a)</sup>  | 25095 |  | 1780239 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup>  | 5823 |  | 926381 |
|  |  |  | 2706620 |
| **Road & Rail — 0.4%** |  |  |  |
|  AMERCO | 567 |  | 326133 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Road & Rail (continued)** |  |  |  |
|  Avis Budget Group, Inc.<sup>(a)</sup>  | 1584 | $| 374552 |
|  Hertz Global Holdings, Inc.<sup>(a)(b)</sup>  | 21821 |  | 401506 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 9726 |  | 467140 |
|  Lyft, Inc., Class A<sup>(a)(b)</sup>  | 17562 |  | 257108 |
|  |  |  | 1826439 |
| **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** | **Semiconductors & Semiconductor Equipment — 0.7%** |
|  First Solar, Inc.<sup>(a)</sup>  | 6653 |  | 968477 |
|  Qorvo, Inc. <sup>(a)</sup>  | 7289 |  | 627437 |
|  Skyworks Solutions, Inc. | 13172 |  | 1132924 |
|  Wolfspeed, Inc.<sup>(a)</sup>  | 9240 |  | 727650 |
|  |  |  | 3456488 |
| **Software — 0.4%** |  |  |  |
|  Gen Digital, Inc. | 71883 |  | 1619524 |
|  Guidewire Software, Inc.<sup>(a)</sup>  | 6038 |  | 358718 |
|  |  |  | 1978242 |
| **Specialty Retail — 2.1%** |  |  |  |
|  Advance Auto Parts, Inc. | 3919 |  | 744296 |
|  AutoNation, Inc.<sup>(a)(b)</sup>  | 4677 |  | 497212 |
|  AutoZone, Inc.<sup>(a)</sup>  | 938 |  | 2375841 |
|  Bath & Body Works, Inc. | 18862 |  | 629614 |
|  Best Buy Co., Inc. | 24329 |  | 1664347 |
|  CarMax, Inc.<sup>(a)(b)</sup>  | 10234 |  | 644844 |
|  GameStop Corp., Class A<sup>(a)(b)</sup>  | 16905 |  | 478580 |
|  Lithia Motors, Inc.<sup>(b)</sup>  | 1686 |  | 334081 |
|  Penske Automotive Group, Inc.<sup>(b)</sup>  | 3145 |  | 351045 |
|  RH<sup>(a)(b)</sup>  | 1191 |  | 302431 |
|  Tractor Supply Co. | 5484 |  | 1205219 |
|  Williams-Sonoma, Inc. | 4640 |  | 574571 |
|  |  |  | 9802081 |
| **Technology Hardware, Storage & Peripherals — 2.2%** | **Technology Hardware, Storage & Peripherals — 2.2%** | **Technology Hardware, Storage & Peripherals — 2.2%** | **Technology Hardware, Storage & Peripherals — 2.2%** |
|  Dell Technologies, Inc., Class C | 32239 |  | 1237978 |
|  Hewlett Packard Enterprise Co. | 157664 |  | 2249865 |
|  HP, Inc. | 110427 |  | 3049994 |
|  NetApp, Inc. | 17170 |  | 1189366 |
|  Seagate Technology Holdings PLC | 23664 |  | 1175154 |
|  Western Digital Corp.<sup>(a)</sup>  | 37949 |  | 1304307 |
|  |  |  | 10206664 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |  |
|  Capri Holdings Ltd.<sup>(a)(b)</sup>  | 10904 |  | 498095 |
|  Tapestry, Inc. | 30591 |  | 969123 |
|  |  |  | 1467218 |
| **Trading Companies & Distributors — 0.9%** |  |  |  |
|  Fastenal Co. | 28224 |  | 1364066 |
|  United Rentals, Inc.<sup>(a)</sup>  | 4133 |  | 1304829 |
|  Watsco, Inc. | 1536 |  | 416195 |
|  WW Grainger, Inc. | 2217 |  | 1295504 |
|  |  |  | 4380594 |
| **Water Utilities — 0.4%** |  |  |  |
|  American Water Works Co., Inc. | 8521 |  | 1238442 |
|  Essential Utilities, Inc. | 11670 |  | 516048 |
|  |  |  | 1754490 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $446,353,636)** |  |  | 469984511 |

---

12 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 2.2%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  | 9403921 | $9402040 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(c)(d)</sup>  | 719799 | 719799 |
|  **Total Short-Term Securities — 2.2%<br>(Cost: $10,121,241)** |  | 10121839 |
|  **Total Investments — 101.9%<br>(Cost: $456,474,877)** |  | 480106350 |
|  **Liabilities in Excess of Other Assets — (1.9)%** | **Liabilities in Excess of Other Assets — (1.9)%** | (8858829) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;471247521 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares | $10213576 | $— | $(808845)<sup>(a)</sup> | $(766) | $(1925) | $9402040 | 9403921 | $66919 <sup>(b)</sup> | $– |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares | 865000 |  | (145201)<sup>(a)</sup> |  |  | 719799 | 719799 | 6524 | – |
|  |  |  |  | $(766) | $(1925) | $&nbsp;&nbsp;&nbsp;&nbsp;10121839 |  | $73443 | $– |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Utilities Select Sector Index | 7 | 12/16/22 | $473 | $3395 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Mid 400 E-Mini Index | 3 | 12/16/22 | 732 | 39103 |
|  |  |  |  | $42498 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Mid-Cap Value ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $42498 | $— | $— | $— | $42498 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(120383) | $— | $— | $— | $(120383) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $76354 | $— | $— | $— | $76354 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1343025 |

---

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

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $469984511 | $— | $— | $469984511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 10121839 |  |  | 10121839 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480106350 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480106350 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $42498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $42498 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

14 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |  |
|  AAR Corp.<sup>(a)</sup> | 2017 | $89393 |
|  Aerojet Rocketdyne Holdings, Inc.<sup>(a)</sup> | 4477 | 216911 |
|  AeroVironment, Inc.<sup>(a)</sup> | 1493 | 136609 |
|  AerSale Corp.<sup>(a)</sup> | 884 | 18741 |
|  Archer Aviation, Inc., Class A<sup>(a)(b)</sup> | 8216 | 23416 |
|  Astra Space, Inc.<sup>(a)</sup> | 7719 | 4866 |
|  BWX Technologies, Inc. | 5419 | 308775 |
|  Cadre Holdings, Inc.<sup>(b)</sup> | 893 | 26227 |
|  Curtiss-Wright Corp. | 2272 | 381310 |
|  Ducommun, Inc.<sup>(a)</sup> | 671 | 31678 |
|  Hexcel Corp. | 4984 | 277609 |
|  Kaman Corp. | 1649 | 52933 |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 7527 | 83399 |
|  Maxar Technologies, Inc. | 4417 | 98676 |
|  Mercury Systems, Inc.<sup>(a)</sup> | 3430 | 166012 |
|  Moog, Inc., Class A | 1721 | 145855 |
|  National Presto Industries, Inc. | 298 | 21006 |
|  Parsons Corp.<sup>(a)(b)</sup> | 1988 | 93197 |
|  Redwire Corp.<sup>(a)</sup> | 985 | 2699 |
|  Rocket Lab U.S.A., Inc.<sup>(a)</sup> | 12648 | 64378 |
|  Spirit AeroSystems Holdings, Inc., Class A | 6263 | 145051 |
|  Terran Orbital Corp.<sup>(a)(b)</sup> | 3187 | 8350 |
|  Triumph Group, Inc.<sup>(a)</sup> | 3826 | 34625 |
|  V2X, Inc.<sup>(a)</sup> | 643 | 26356 |
|  Virgin Galactic Holdings, Inc.<sup>(a)</sup> | 13222 | 61086 |
|  Woodward, Inc. | 3560 | 326452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2845610 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  Air Transport Services Group, Inc.<sup>(a)</sup> | 3474 | 101441 |
|  Atlas Air Worldwide Holdings, Inc.<sup>(a)</sup> | 1533 | 155048 |
|  Forward Air Corp. | 1601 | 169498 |
|  Hub Group, Inc., Class A<sup>(a)</sup> | 1999 | 155122 |
|  |  | 581109 |
| **Airlines — 0.5%** |  |  |
|  Alaska Air Group, Inc.<sup>(a)</sup> | 7500 | 333450 |
|  Allegiant Travel Co.<sup>(a)</sup> | 912 | 68446 |
|  Blade Air Mobility, Inc.<sup>(a)</sup> | 3147 | 14161 |
|  Frontier Group Holdings, Inc.<sup>(a)</sup> | 2189 | 28698 |
|  Hawaiian Holdings, Inc.<sup>(a)</sup> | 3022 | 43607 |
|  JetBlue Airways Corp.<sup>(a)</sup> | 19195 | 154328 |
|  Joby Aviation, Inc.<sup>(a)(b)</sup> | 16767 | 80817 |
|  SkyWest, Inc.<sup>(a)</sup> | 2998 | 53005 |
|  Spirit Airlines, Inc.<sup>(a)</sup> | 6506 | 143132 |
|  Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 1902 | 30964 |
|  Wheels Up Experience, Inc.<sup>(a)(b)</sup> | 9987 | 17677 |
|  |  | 968285 |
| **Auto Components — 1.2%** |  |  |
|  Adient PLC<sup>(a)</sup> | 5635 | 197112 |
|  American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 6804 | 65931 |
|  Autoliv, Inc. | 4636 | 372502 |
|  Dana, Inc. | 7510 | 119860 |
|  Dorman Products, Inc.<sup>(a)</sup> | 1681 | 137203 |
|  Fox Factory Holding Corp.<sup>(a)</sup> | 2504 | 219976 |
|  Garrett Motion, Inc.<sup>(a)(b)</sup> | 3430 | 22775 |
|  Gentherm, Inc.<sup>(a)</sup> | 1981 | 115730 |
|  Goodyear Tire & Rubber Co.<sup>(a)</sup> | 16794 | 213284 |
|  Holley, Inc.<sup>(a)(b)</sup> | 2941 | 11705 |
|  LCI Industries | 1498 | 158953 |
|  Luminar Technologies, Inc.<sup>(a)(b)</sup> | 13714 | 110946 |
|  Modine Manufacturing Co.<sup>(a)</sup> | 3065 | 54925 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Auto Components (continued)** |  |  |
|  Patrick Industries, Inc. | 1294 | $59149 |
|  QuantumScape Corp.<sup>(a)(b)</sup> | 16236 | 135246 |
|  Solid Power, Inc.<sup>(a)</sup> | 6616 | 37116 |
|  Standard Motor Products, Inc. | 1123 | 42595 |
|  Stoneridge, Inc.<sup>(a)</sup> | 1614 | 33684 |
|  Tenneco, Inc., Class A<sup>(a)(b)</sup> | 4918 | 96885 |
|  Visteon Corp.<sup>(a)</sup> | 1668 | 217624 |
|  XPEL, Inc.<sup>(a)(b)</sup> | 1151 | 79638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2502839 |
| **Automobiles — 0.4%** |  |  |
|  Canoo, Inc.<sup>(a)(b)</sup> | 8879 | 12164 |
|  Faraday Future Intelligent Electric, Inc.<sup>(a)(b)</sup> | 6920 | 3738 |
|  Fisker, Inc.<sup>(a)(b)</sup> | 8599 | 70082 |
|  Harley-Davidson, Inc. | 7872 | 338496 |
|  Lordstown Motors Corp., Class A<sup>(a)(b)</sup> | 9731 | 17613 |
|  Mullen Automotive, Inc.<sup>(a)(b)</sup> | 23697 | 11289 |
|  Thor Industries, Inc. | 3231 | 263230 |
|  Winnebago Industries, Inc. | 1870 | 111620 |
|  Workhorse Group, Inc.<sup>(a)(b)</sup> | 9592 | 25898 |
|  |  | 854130 |
| **Banks — 8.4%** |  |  |
|  1st Source Corp. | 1224 | 71188 |
|  Amerant Bancorp, Inc. | 1552 | 46715 |
|  Ameris Bancorp | 4027 | 207431 |
|  Associated Banc-Corp. | 9121 | 222096 |
|  Atlantic Union Bankshares Corp. | 4527 | 156363 |
|  Banc of California, Inc. | 3601 | 60065 |
|  BancFirst Corp. | 1043 | 99940 |
|  Bancorp, Inc.<sup>(a)</sup> | 2833 | 78134 |
|  Bank of Hawaii Corp. | 2551 | 193748 |
|  Bank of Marin Bancorp | 971 | 35053 |
|  Bank OZK | 6813 | 292823 |
|  BankUnited, Inc. | 4384 | 157605 |
|  Banner Corp. | 1557 | 116386 |
|  Berkshire Hills Bancorp, Inc. | 2458 | 71897 |
|  BOK Financial Corp. | 1753 | 193163 |
|  Brookline Bancorp, Inc. | 3486 | 47933 |
|  Byline Bancorp, Inc. | 1481 | 34241 |
|  Cadence Bank | 9893 | 273541 |
|  Cambridge Bancorp | 465 | 40850 |
|  Camden National Corp. | 963 | 41910 |
|  Carter Bankshares, Inc.<sup>(a)</sup> | 1570 | 28103 |
|  Cathay General Bancorp | 4622 | 210763 |
|  Central Pacific Financial Corp. | 531 | 10896 |
|  City Holding Co. | 657 | 66258 |
|  Coastal Financial Corp.<sup>(a)</sup> | 642 | 29930 |
|  Columbia Banking System, Inc. | 4143 | 138666 |
|  Community Bank System, Inc. | 3105 | 193845 |
|  Community Trust Bancorp, Inc. | 1105 | 52255 |
|  ConnectOne Bancorp, Inc. | 2200 | 55110 |
|  CrossFirst Bankshares, Inc.<sup>(a)</sup> | 2702 | 37585 |
|  Customers Bancorp, Inc.<sup>(a)</sup> | 1896 | 63876 |
|  CVB Financial Corp. | 7816 | 224476 |
|  Dime Community Bancshares, Inc. | 1960 | 67679 |
|  Eagle Bancorp, Inc. | 1806 | 81776 |
|  Eastern Bankshares, Inc. | 9678 | 185527 |
|  Enterprise Financial Services Corp. | 2296 | 122767 |
|  Equity Bancshares, Inc., Class A | 911 | 32541 |
|  Farmers National Banc Corp. | 2004 | 27535 |
|  FB Financial Corp. | 2167 | 90927 |
|  Financial Institutions, Inc. | 1131 | 26952 |
|  First Bancorp | 2074 | 92438 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  First BanCorp | 10188 | $&nbsp;&nbsp;&nbsp;&nbsp;160869 |
|  First Bancshares, Inc. | 1482 | 48521 |
|  First Busey Corp. | 3339 | 88183 |
|  First Commonwealth Financial Corp. | 4054 | 58134 |
|  First Financial Bancorp | 4193 | 109312 |
|  First Financial Bankshares, Inc. | 7680 | 295603 |
|  First Financial Corp. | 776 | 37628 |
|  First Foundation, Inc. | 3195 | 50992 |
|  First Hawaiian, Inc. | 7621 | 194945 |
|  First Internet Bancorp | 559 | 14361 |
|  First Interstate BancSystem, Inc., Class A | 5390 | 245838 |
|  First Merchants Corp. | 3565 | 160068 |
|  First Mid Bancshares, Inc. | 1275 | 45658 |
|  First of Long Island Corp. | 1556 | 27354 |
|  Flushing Financial Corp. | 1921 | 37844 |
|  FNB Corp. | 21883 | 316209 |
|  Fulton Financial Corp. | 10282 | 187441 |
|  German American Bancorp, Inc. | 1784 | 70093 |
|  Glacier Bancorp, Inc. | 6577 | 376731 |
|  Great Southern Bancorp, Inc. | 658 | 40783 |
|  Hancock Whitney Corp. | 5166 | 288624 |
|  Hanmi Financial Corp. | 1167 | 31252 |
|  HarborOne Bancorp, Inc. | 2929 | 44609 |
|  Heartland Financial U.S.A., Inc. | 2360 | 116395 |
|  Heritage Commerce Corp. | 3959 | 56614 |
|  Heritage Financial Corp. | 1430 | 48177 |
|  Hilltop Holdings, Inc. | 2801 | 81089 |
|  Home BancShares, Inc. | 11391 | 290357 |
|  HomeStreet, Inc. | 1070 | 27777 |
|  HomeTrust Bancshares, Inc. | 897 | 21555 |
|  Hope Bancorp, Inc. | 5422 | 73577 |
|  Horizon Bancorp, Inc. | 2502 | 37305 |
|  Independent Bank Corp./MA | 2673 | 232578 |
|  Independent Bank Corp./MI | 1660 | 38396 |
|  Independent Bank Group, Inc. | 2159 | 136211 |
|  International Bancshares Corp. | 3192 | 158323 |
|  Lakeland Bancorp, Inc. | 4241 | 79095 |
|  Lakeland Financial Corp. | 1569 | 129678 |
|  Live Oak Bancshares, Inc. | 1939 | 62959 |
|  Mercantile Bank Corp. | 1017 | 35544 |
|  Metropolitan Bank Holding Corp.<sup>(a)</sup> | 654 | 43164 |
|  Midland States Bancorp, Inc. | 1462 | 40994 |
|  MVB Financial Corp. | 657 | 16267 |
|  National Bank Holdings Corp., Class A | 1816 | 79577 |
|  NBT Bancorp, Inc. | 2022 | 95823 |
|  Nicolet Bankshares, Inc.<sup>(a)(b)</sup> | 750 | 57218 |
|  Northwest Bancshares, Inc. | 6509 | 98026 |
|  OceanFirst Financial Corp. | 3824 | 86346 |
|  OFG Bancorp | 2383 | 66438 |
|  Old National Bancorp | 17388 | 340109 |
|  Old Second Bancorp, Inc. | 2492 | 39872 |
|  Origin Bancorp, Inc. | 1802 | 74477 |
|  Pacific Premier Bancorp, Inc. | 5451 | 198471 |
|  PacWest Bancorp | 7062 | 175561 |
|  Park National Corp. | 921 | 135848 |
|  Pathward Financial, Inc. | 1755 | 73763 |
|  Peapack-Gladstone Financial Corp. | 1118 | 44239 |
|  Peoples Bancorp, Inc. | 1827 | 55303 |
|  Pinnacle Financial Partners, Inc. | 4525 | 375530 |
|  Popular, Inc. | 4463 | 315623 |
|  Premier Financial Corp. | 2307 | 66557 |
|  Prosperity Bancshares, Inc. | 5501 | 393707 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  QCR Holdings, Inc.<sup>(b)</sup> | 1083 | $54919 |
|  Renasant Corp. | 3180 | 128377 |
|  S&T Bancorp, Inc. | 2069 | 78229 |
|  Sandy Spring Bancorp, Inc. | 2778 | 98452 |
|  Seacoast Banking Corp. of Florida | 3749 | 115844 |
|  ServisFirst Bancshares, Inc. | 2894 | 218005 |
|  Silvergate Capital Corp., Class A<sup>(a)</sup> | 1893 | 107447 |
|  Simmons First National Corp., Class A | 6638 | 158449 |
|  Southern First Bancshares, Inc.<sup>(a)</sup> | 494 | 22072 |
|  Southside Bancshares, Inc. | 1959 | 67076 |
|  SouthState Corp. | 4494 | 406392 |
|  Stellar Bancorp, Inc. | 2719 | 89292 |
|  Stock Yards Bancorp, Inc. | 1753 | 137067 |
|  Synovus Financial Corp. | 8711 | 347133 |
|  Texas Capital Bancshares, Inc.<sup>(a)</sup> | 2978 | 178680 |
|  Tompkins Financial Corp. | 816 | 67597 |
|  Towne Bank | 4245 | 139830 |
|  TriCo Bancshares | 2034 | 117789 |
|  Triumph Bancorp, Inc.<sup>(a)</sup> | 1427 | 73491 |
|  Trustmark Corp. | 3772 | 137942 |
|  UMB Financial Corp. | 2655 | 220949 |
|  Umpqua Holdings Corp. | 13085 | 260130 |
|  United Bankshares, Inc. | 8027 | 339943 |
|  United Community Banks, Inc. | 5926 | 228151 |
|  Univest Financial Corp. | 1912 | 53804 |
|  Valley National Bancorp | 25035 | 297165 |
|  Veritex Holdings, Inc. | 3247 | 102540 |
|  Washington Federal, Inc. | 4028 | 155884 |
|  Washington Trust Bancorp, Inc. | 1148 | 55678 |
|  WesBanco, Inc. | 3671 | 148455 |
|  Westamerica BanCorp | 1491 | 93530 |
|  Wintrust Financial Corp. | 3625 | 339372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16750266 |
| **Beverages — 0.4%** |  |  |
|  Boston Beer Co., Inc., Class A, NVS<sup>(a)</sup> | 565 | 210909 |
|  Celsius Holdings, Inc.<sup>(a)(b)</sup> | 2378 | 216588 |
|  Coca-Cola Consolidated, Inc. | 276 | 134415 |
|  Duckhorn Portfolio, Inc.<sup>(a)</sup> | 2489 | 36389 |
|  MGP Ingredients, Inc.<sup>(b)</sup> | 922 | 103310 |
|  National Beverage Corp. | 1365 | 64728 |
|  Vintage Wine Estates, Inc.<sup>(a)(b)</sup> | 2448 | 6781 |
|  Vita Coco Co., Inc.<sup>(a)</sup> | 1406 | 14426 |
|  |  | 787546 |
| **Biotechnology — 5.8%** |  |  |
|  4D Molecular Therapeutics, Inc.<sup>(a)(b)</sup> | 1698 | 14705 |
|  Absci Corp.<sup>(a)(b)</sup> | 2675 | 8453 |
|  ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 7139 | 114438 |
|  Adicet Bio, Inc.<sup>(a)</sup> | 1823 | 30061 |
|  ADMA Biologics, Inc.<sup>(a)</sup> | 10524 | 29678 |
|  Agenus, Inc.<sup>(a)(b)</sup> | 15449 | 38777 |
|  Agios Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 3291 | 90634 |
|  Akero Therapeutics, Inc.<sup>(a)</sup> | 1752 | 74040 |
|  Albireo Pharma, Inc.<sup>(a)(b)</sup> | 1009 | 20705 |
|  Alector, Inc.<sup>(a)</sup> | 3573 | 32872 |
|  Alkermes PLC<sup>(a)</sup> | 9730 | 220871 |
|  Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 5324 | 54837 |
|  ALX Oncology Holdings, Inc.<sup>(a)(b)</sup> | 1285 | 15600 |
|  Amicus Therapeutics, Inc.<sup>(a)</sup> | 14835 | 148350 |
|  AnaptysBio, Inc.<sup>(a)(b)</sup> | 1207 | 34822 |
|  Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 4680 | 56956 |
|  Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 5522 | 334026 |
|  Arcellx, Inc.<sup>(a)</sup> | 1586 | 37239 |

---

16 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Arcturus Therapeutics Holdings, Inc.<sup>(a)(b)</sup> | 1448 | $25630 |
|  Arcus Biosciences, Inc.<sup>(a)</sup> | 3120 | 79498 |
|  Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 2340 | 41371 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 6283 | 218711 |
|  Atara Biotherapeutics, Inc.<sup>(a)(b)</sup> | 5707 | 26595 |
|  Avid Bioservices, Inc.<sup>(a)</sup> | 3631 | 61509 |
|  Avidity Biosciences, Inc.<sup>(a)</sup> | 3061 | 43711 |
|  Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 3518 | 155003 |
|  BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 11063 | 147691 |
|  Bioxcel Therapeutics, Inc.<sup>(a)(b)</sup> | 1211 | 15246 |
|  Blueprint Medicines Corp.<sup>(a)</sup> | 3547 | 183876 |
|  Bridgebio Pharma, Inc.<sup>(a)(b)</sup> | 6280 | 65500 |
|  C4 Therapeutics, Inc.<sup>(a)</sup> | 2521 | 24252 |
|  CareDx, Inc.<sup>(a)</sup> | 3150 | 62717 |
|  Caribou Biosciences, Inc.<sup>(a)</sup> | 3163 | 30808 |
|  Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 5684 | 78837 |
|  Celldex Therapeutics, Inc.<sup>(a)</sup> | 2756 | 96818 |
|  Century Therapeutics, Inc.<sup>(a)</sup> | 1190 | 12495 |
|  Cerevel Therapeutics Holdings, Inc.<sup>(a)</sup> | 3826 | 106975 |
|  Chimerix, Inc.<sup>(a)</sup> | 5154 | 9123 |
|  Chinook Therapeutics, Inc.<sup>(a)</sup> | 2593 | 56398 |
|  Coherus Biosciences, Inc.<sup>(a)</sup> | 3902 | 33947 |
|  Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 2592 | 47848 |
|  CRISPR Therapeutics AG<sup>(a)(b)</sup> | 4617 | 241654 |
|  CTI BioPharma Corp.<sup>(a)</sup> | 5642 | 27646 |
|  Cullinan Oncology, Inc.<sup>(a)</sup> | 1695 | 22272 |
|  Cytokinetics, Inc.<sup>(a)</sup> | 5572 | &nbsp;&nbsp;&nbsp;&nbsp;243274 |
|  Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 1596 | 33739 |
|  Deciphera Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 2889 | 46860 |
|  Denali Therapeutics, Inc.<sup>(a)</sup> | 6419 | 184097 |
|  Design Therapeutics, Inc.<sup>(a)(b)</sup> | 1741 | 27194 |
|  Dynavax Technologies Corp.<sup>(a)(b)</sup> | 6920 | 79234 |
|  Dyne Therapeutics, Inc.<sup>(a)</sup> | 1501 | 17111 |
|  Eagle Pharmaceuticals, Inc.<sup>(a)</sup> | 660 | 20770 |
|  Editas Medicine, Inc.<sup>(a)</sup> | 4046 | 50777 |
|  Emergent BioSolutions, Inc.<sup>(a)</sup> | 2610 | 54445 |
|  Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 1147 | 51741 |
|  Enochian Biosciences, Inc.<sup>(a)(b)</sup> | 1022 | 2075 |
|  EQRx, Inc.<sup>(a)</sup> | 13622 | 70017 |
|  Erasca, Inc.<sup>(a)(b)</sup> | 3507 | 28652 |
|  Exelixis, Inc.<sup>(a)</sup> | 19037 | 315633 |
|  Fate Therapeutics, Inc.<sup>(a)(b)</sup> | 4918 | 102885 |
|  FibroGen, Inc.<sup>(a)</sup> | 5137 | 83630 |
|  Foghorn Therapeutics, Inc.<sup>(a)</sup> | 1170 | 10226 |
|  Gelesis Holdings, Inc.<sup>(a)</sup> | 1646 | 613 |
|  Generation Bio Co.<sup>(a)(b)</sup> | 2673 | 13686 |
|  Geron Corp.<sup>(a)</sup> | 19132 | 42473 |
|  Gossamer Bio, Inc.<sup>(a)(b)</sup> | 4528 | 50261 |
|  GreenLight Biosciences Holdings PBC<sup>(a)</sup> | 4624 | 8231 |
|  Halozyme Therapeutics, Inc.<sup>(a)</sup> | 8148 | 389556 |
|  Heron Therapeutics, Inc.<sup>(a)</sup> | 5971 | 22988 |
|  HilleVax, Inc.<sup>(a)</sup> | 777 | 16612 |
|  Humacyte, Inc.<sup>(a)(b)</sup> | 2975 | 10249 |
|  Ideaya Biosciences, Inc.<sup>(a)</sup> | 1998 | 33746 |
|  IGM Biosciences, Inc.<sup>(a)(b)</sup> | 520 | 10400 |
|  Imago Biosciences, Inc.<sup>(a)</sup> | 1420 | 24140 |
|  ImmunityBio, Inc.<sup>(a)(b)</sup> | 6059 | 33325 |
|  ImmunoGen, Inc.<sup>(a)</sup> | 11702 | 69510 |
|  Immunovant, Inc.<sup>(a)</sup> | 2642 | 29590 |
|  Inhibrx, Inc.<sup>(a)(b)</sup> | 1588 | 51102 |
|  Inovio Pharmaceuticals, Inc.<sup>(a)</sup> | 14641 | 31625 |
|  Insmed, Inc.<sup>(a)(b)</sup> | 7925 | 137261 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Instil Bio, Inc.<sup>(a)(b)</sup> | 3625 | $11963 |
|  Intellia Therapeutics, Inc.<sup>(a)</sup> | 4504 | &nbsp;&nbsp;&nbsp;&nbsp;237721 |
|  Intercept Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 1497 | 20763 |
|  Ionis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 8430 | 372606 |
|  Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | 8079 | 75458 |
|  Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 7984 | 87345 |
|  iTeos Therapeutics, Inc.<sup>(a)</sup> | 1441 | 28071 |
|  IVERIC bio, Inc.<sup>(a)</sup> | 6570 | 157154 |
|  Janux Therapeutics, Inc.<sup>(a)(b)</sup> | 1005 | 18170 |
|  Karuna Therapeutics, Inc.<sup>(a)</sup> | 1583 | 347215 |
|  Karyopharm Therapeutics, Inc.<sup>(a)</sup> | 4283 | 20387 |
|  Keros Therapeutics, Inc.<sup>(a)</sup> | 954 | 48024 |
|  Kezar Life Sciences, Inc.<sup>(a)</sup> | 3053 | 22943 |
|  Krystal Biotech, Inc.<sup>(a)</sup> | 1283 | 98149 |
|  Kura Oncology, Inc.<sup>(a)</sup> | 3625 | 56260 |
|  Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | 2156 | 65413 |
|  Lyell Immunopharma, Inc.<sup>(a)</sup> | 8406 | 49427 |
|  MacroGenics, Inc.<sup>(a)</sup> | 3411 | 17464 |
|  Madrigal Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 727 | 51486 |
|  MannKind Corp.<sup>(a)(b)</sup> | 15507 | 52414 |
|  MeiraGTx Holdings PLC<sup>(a)</sup> | 1539 | 11189 |
|  MiMedx Group, Inc.<sup>(a)</sup> | 6607 | 19557 |
|  Mirati Therapeutics, Inc.<sup>(a)(b)</sup> | 2971 | 200008 |
|  Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 1403 | 31638 |
|  Monte Rosa Therapeutics, Inc.<sup>(a)(b)</sup> | 1708 | 15714 |
|  Morphic Holding, Inc.<sup>(a)(b)</sup> | 1743 | 48821 |
|  Myovant Sciences Ltd.<sup>(a)</sup> | 2534 | 67759 |
|  Myriad Genetics, Inc.<sup>(a)</sup> | 4765 | 98826 |
|  Natera, Inc.<sup>(a)</sup> | 5747 | 269879 |
|  Nkarta, Inc.<sup>(a)(b)</sup> | 1910 | 24085 |
|  Novavax, Inc.<sup>(a)(b)</sup> | 4598 | 102397 |
|  Nurix Therapeutics, Inc.<sup>(a)(b)</sup> | 2570 | 32716 |
|  Nuvalent, Inc., Class A<sup>(a)</sup> | 1078 | 38495 |
|  Ocugen, Inc.<sup>(a)(b)</sup> | 12418 | 21359 |
|  Organogenesis Holdings, Inc.<sup>(a)</sup> | 4443 | 14573 |
|  Pardes Biosciences, Inc.<sup>(a)</sup> | 930 | 1116 |
|  PMV Pharmaceuticals, Inc.<sup>(a)</sup> | 1909 | 23500 |
|  Point Biopharma Global, Inc.<sup>(a)</sup> | 3869 | 36098 |
|  Praxis Precision Medicines, Inc.<sup>(a)</sup> | 2186 | 4306 |
|  Prometheus Biosciences, Inc.<sup>(a)</sup> | 1745 | 91647 |
|  Protagonist Therapeutics, Inc.<sup>(a)</sup> | 2746 | 22243 |
|  Prothena Corp. PLC<sup>(a)(b)</sup> | 2107 | 129454 |
|  PTC Therapeutics, Inc.<sup>(a)</sup> | 4243 | 160470 |
|  RAPT Therapeutics, Inc.<sup>(a)</sup> | 1273 | 27777 |
|  Recursion Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 7140 | 75327 |
|  REGENXBIO, Inc.<sup>(a)</sup> | 2216 | 52453 |
|  Relay Therapeutics, Inc.<sup>(a)</sup> | 5307 | 117922 |
|  Replimune Group, Inc.<sup>(a)</sup> | 1881 | 34535 |
|  REVOLUTION Medicines, Inc.<sup>(a)(b)</sup> | 4484 | 90846 |
|  Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 10813 | 7878 |
|  Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 2913 | 54357 |
|  Roivant Sciences Ltd.<sup>(a)(b)</sup> | 6188 | 31806 |
|  Sage Therapeutics, Inc.<sup>(a)</sup> | 3086 | 116219 |
|  Sana Biotechnology, Inc.<sup>(a)(b)</sup> | 5262 | 30520 |
|  Sangamo Therapeutics, Inc.<sup>(a)(b)</sup> | 7546 | 33127 |
|  Sarepta Therapeutics, Inc.<sup>(a)</sup> | 5183 | 590966 |
|  Seres Therapeutics, Inc.<sup>(a)(b)</sup> | 5367 | 47552 |
|  Sorrento Therapeutics, Inc.<sup>(a)</sup> | 22934 | 36006 |
|  SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 1859 | 44635 |
|  Stoke Therapeutics, Inc.<sup>(a)</sup> | 1335 | 19825 |
|  Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 3124 | 71727 |
|  Tango Therapeutics, Inc.<sup>(a)</sup> | 2600 | 20904 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Tenaya Therapeutics, Inc.<sup>(a)</sup> | 1255 | $3363 |
|  TG Therapeutics, Inc.<sup>(a)(b)</sup> | 8059 | 46903 |
|  Travere Therapeutics, Inc.<sup>(a)</sup> | 3242 | 70287 |
|  Twist Bioscience Corp.<sup>(a)(b)</sup> | 3381 | 110998 |
|  Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 4164 | 168475 |
|  uniQure NV<sup>(a)</sup> | 2413 | 44930 |
|  Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 3295 | 34499 |
|  Vaxart, Inc.<sup>(a)</sup> | 7795 | 13018 |
|  Vaxcyte, Inc.<sup>(a)</sup> | 3523 | 153638 |
|  Vera Therapeutics, Inc.<sup>(a)</sup> | 784 | 14614 |
|  Veracyte, Inc.<sup>(a)</sup> | 4220 | 84864 |
|  Vericel Corp.<sup>(a)</sup> | 2787 | 74915 |
|  Verve Therapeutics, Inc.<sup>(a)(b)</sup> | 2395 | 90291 |
|  Vir Biotechnology, Inc.<sup>(a)</sup> | 4527 | 99503 |
|  Xencor, Inc.<sup>(a)</sup> | 3582 | 100296 |
|  Y-mAbs Therapeutics, Inc.<sup>(a)</sup> | 1961 | 7079 |
|  Zentalis Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 2586 | 64883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11662144 |
| **Building Products — 1.0%** |  |  |
|  AAON, Inc. | 2491 | 160645 |
|  American Woodmark Corp.<sup>(a)</sup> | 981 | 44488 |
|  Apogee Enterprises, Inc. | 1335 | 61250 |
|  Armstrong World Industries, Inc. | 2751 | 207893 |
|  AZEK Co., Inc.<sup>(a)(b)</sup> | 6531 | 114358 |
|  Gibraltar Industries, Inc.<sup>(a)</sup> | 1872 | 95622 |
|  Griffon Corp. | 2850 | 91599 |
|  Hayward Holdings, Inc.<sup>(a)(b)</sup> | 5938 | 54926 |
|  Insteel Industries, Inc. | 1136 | 29934 |
|  Janus International Group, Inc.<sup>(a)(b)</sup> | 4605 | 44346 |
|  JELD-WEN Holding, Inc.<sup>(a)</sup> | 4975 | 52785 |
|  Masonite International Corp.<sup>(a)</sup> | 1315 | 94062 |
|  PGT Innovations, Inc.<sup>(a)</sup> | 3527 | 75160 |
|  Quanex Building Products Corp. | 1972 | 43699 |
|  Resideo Technologies, Inc.<sup>(a)</sup> | 8654 | 204407 |
|  Simpson Manufacturing Co., Inc. | 2562 | 219000 |
|  Tecnoglass, Inc. | 1192 | 24472 |
|  UFP Industries, Inc. | 3648 | 259847 |
|  Zurn Elkay Water Solutions Corp. | 8631 | 202742 |
|  |  | 2081235 |
| **Capital Markets — 2.1%** |  |  |
|  Affiliated Managers Group, Inc. | 2272 | 282092 |
|  Artisan Partners Asset Management, Inc., Class A | 4046 | 115352 |
|  AssetMark Financial Holdings, Inc.<sup>(a)</sup> | 1287 | 26654 |
|  B Riley Financial, Inc. | 963 | 39175 |
|  BGC Partners, Inc., Class A | 19285 | 76369 |
|  Blucora, Inc.<sup>(a)</sup> | 2846 | 62697 |
|  Blue Owl Capital, Inc. | 20060 | 201001 |
|  Bridge Investment Group Holdings, Inc., Class A | 1626 | 25463 |
|  Brightsphere Investment Group, Inc. | 1965 | 36981 |
|  Cohen & Steers, Inc. | 1494 | 89879 |
|  Cowen, Inc., Class A | 1547 | 59745 |
|  Diamond Hill Investment Group, Inc. | 185 | 33291 |
|  Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 1510 | 61049 |
|  Evercore, Inc., Class A | 2140 | 224914 |
|  Federated Hermes, Inc., Class B | 5045 | 175314 |
|  Focus Financial Partners, Inc., Class A<sup>(a)</sup> | 3431 | 119365 |
|  Forge Global Holdings, Inc.<sup>(a)(b)</sup> | 6151 | 9534 |
|  Freedom Holding Corp.<sup>(a)(b)</sup> | 1013 | 56181 |
|  GCM Grosvenor, Inc., Class A | 2674 | 22114 |
|  Hamilton Lane, Inc., Class A | 2097 | 125443 |
|  Houlihan Lokey, Inc., Class A | 2954 | 263851 |
|  Interactive Brokers Group, Inc., Class A | 6102 | 489075 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Janus Henderson Group PLC | 7891 | $179678 |
|  Moelis & Co., Class A | 3827 | 162494 |
|  Open Lending Corp., Class A<sup>(a)</sup> | 6269 | 44949 |
|  Oppenheimer Holdings, Inc., Class A, NVS | 461 | 15868 |
|  P10, Inc., Class A | 2106 | 21881 |
|  Piper Sandler Cos | 819 | 104807 |
|  PJT Partners, Inc., Class A | 1450 | 107880 |
|  StepStone Group, Inc., Class A | 2887 | 85224 |
|  Stifel Financial Corp. | 6298 | 389657 |
|  StoneX Group, Inc.<sup>(a)</sup> | 1039 | 96960 |
|  TPG, Inc.<sup>(b)</sup> | 3051 | 93818 |
|  Victory Capital Holdings, Inc., Class A | 1609 | 46532 |
|  Virtu Financial, Inc., Class A | 5714 | 127879 |
|  Virtus Investment Partners, Inc. | 405 | 69453 |
|  WisdomTree, Inc. | 6941 | 37690 |
|  |  | 4180309 |
| **Chemicals — 2.5%** |  |  |
|  AdvanSix, Inc. | 1668 | 60682 |
|  American Vanguard Corp. | 1706 | 39699 |
|  Amyris, Inc.<sup>(a)(b)</sup> | 13391 | 37629 |
|  Ashland, Inc. | 2949 | 309409 |
|  Aspen Aerogels, Inc.<sup>(a)</sup> | 1802 | 22849 |
|  Avient Corp. | 5043 | 173933 |
|  Axalta Coating Systems Ltd.<sup>(a)</sup> | 13054 | 304419 |
|  Balchem Corp. | 1902 | 265900 |
|  Cabot Corp. | 3343 | 245644 |
|  Chase Corp. | 450 | 42394 |
|  Chemours Co. | 9195 | 263253 |
|  Danimer Scientific, Inc.<sup>(a)(b)</sup> | 5186 | 13587 |
|  Diversey Holdings Ltd.<sup>(a)(b)</sup> | 4525 | 24435 |
|  Ecovyst, Inc.<sup>(a)</sup> | 4087 | 40666 |
|  Element Solutions, Inc. | 13529 | 232699 |
|  FutureFuel Corp. | 1850 | 12654 |
|  Ginkgo Bioworks Holdings, Inc.<sup>(a)(b)</sup> | 48669 | 132866 |
|  Hawkins, Inc. | 1119 | 50389 |
|  HB Fuller Co. | 3159 | 220214 |
|  Huntsman Corp. | 11239 | 300756 |
|  Ingevity Corp.<sup>(a)(b)</sup> | 2125 | 142949 |
|  Innospec, Inc. | 1482 | 148185 |
|  Intrepid Potash, Inc.<sup>(a)</sup> | 604 | 27331 |
|  Koppers Holdings, Inc. | 1218 | 30401 |
|  Kronos Worldwide, Inc. | 1360 | 12920 |
|  Livent Corp.<sup>(a)</sup> | 10600 | 334642 |
|  LSB Industries, Inc.<sup>(a)</sup> | 2307 | 40672 |
|  Mativ Holdings, Inc. | 3212 | 76253 |
|  Minerals Technologies, Inc. | 1954 | 107490 |
|  NewMarket Corp. | 410 | 124779 |
|  Origin Materials, Inc.<sup>(a)(b)</sup> | 7281 | 41356 |
|  Perimeter Solutions SA<sup>(a)</sup> | 9014 | 72022 |
|  PureCycle Technologies, Inc.<sup>(a)</sup> | 7782 | 64357 |
|  Quaker Chemical Corp. | 805 | 130925 |
|  Scotts Miracle-Gro Co., Class A | 2424 | 111286 |
|  Sensient Technologies Corp. | 2479 | 177149 |
|  Stepan Co. | 1266 | 132221 |
|  Tredegar Corp. | 1585 | 17261 |
|  Trinseo PLC | 2064 | 38844 |
|  Tronox Holdings PLC | 6743 | 80916 |
|  Valvoline, Inc. | 10481 | 307722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5013758 |
| **Commercial Services & Supplies — 1.7%** |  |  |
|  ABM Industries, Inc. | 3976 | 176972 |
|  ACCO Brands Corp. | 5696 | 26202 |

---

18 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Commercial Services & Supplies (continued)** |  |  |
|  ACV Auctions, Inc., Class A<sup>(a)(b)</sup> | 6875 | $62700 |
|  Aris Water Solution, Inc., Class A | 1499 | 25528 |
|  Aurora Innovation, Inc.<sup>(a)(b)</sup> | 21242 | 43758 |
|  Brady Corp., Class A, NVS | 2757 | 126133 |
|  BrightView Holdings, Inc.<sup>(a)</sup> | 2264 | 20195 |
|  Brink's Co. | 2801 | 167024 |
|  Casella Waste Systems, Inc., Class A<sup>(a)</sup> | 2998 | 245266 |
|  Cimpress PLC<sup>(a)</sup> | 1149 | 26749 |
|  Clean Harbors, Inc.<sup>(a)</sup> | 2975 | 364318 |
|  CoreCivic, Inc.<sup>(a)</sup> | 6921 | 72463 |
|  Deluxe Corp. | 2548 | 46832 |
|  Driven Brands Holdings, Inc.<sup>(a)(b)</sup> | 3286 | 105086 |
|  Ennis, Inc. | 1531 | 34539 |
|  GEO Group, Inc.<sup>(a)</sup> | 6579 | 55658 |
|  Harsco Corp.<sup>(a)</sup> | 4677 | 24741 |
|  Healthcare Services Group, Inc. | 4403 | 61466 |
|  Heritage-Crystal Clean, Inc.<sup>(a)</sup> | 980 | 26921 |
|  HNI Corp. | 2462 | 71373 |
|  IAA, Inc.<sup>(a)(b)</sup> | 7917 | 300292 |
|  Interface, Inc. | 3528 | 39902 |
|  KAR Auction Services, Inc.<sup>(a)</sup> | 6831 | 99254 |
|  Matthews International Corp., Class A | 1815 | 48787 |
|  MillerKnoll, Inc. | 4474 | 94759 |
|  Montrose Environmental Group, Inc.<sup>(a)</sup> | 1628 | 71274 |
|  MSA Safety, Inc. | 2178 | 292375 |
|  SP Plus Corp.<sup>(a)</sup> | 1395 | 51657 |
|  Steelcase, Inc., Class A | 5558 | 43186 |
|  Stericycle, Inc.<sup>(a)</sup> | 5465 | 243630 |
|  UniFirst Corp. | 900 | 165609 |
|  Viad Corp.<sup>(a)</sup> | 1231 | 45892 |
|  VSE Corp. | 620 | 28700 |
|  |  | 3309241 |
| **Communications Equipment — 0.9%** |  |  |
|  ADTRAN Holdings, Inc. | 4173 | 93726 |
|  Calix, Inc.<sup>(a)</sup> | 3352 | 246841 |
|  Cambium Networks Corp.<sup>(a)</sup> | 688 | 13313 |
|  Casa Systems, Inc.<sup>(a)</sup> | 1985 | 6253 |
|  Clearfield, Inc.<sup>(a)</sup> | 680 | 82600 |
|  CommScope Holding Co., Inc.<sup>(a)</sup> | 12400 | 164176 |
|  Comtech Telecommunications Corp. | 1661 | 18354 |
|  Digi International, Inc.<sup>(a)</sup> | 2081 | 83927 |
|  Extreme Networks, Inc.<sup>(a)</sup> | 7626 | 136810 |
|  Harmonic, Inc.<sup>(a)</sup> | 6186 | 95574 |
|  Infinera Corp.<sup>(a)(b)</sup> | 11112 | 62338 |
|  Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 4084 | 304054 |
|  NETGEAR, Inc.<sup>(a)</sup> | 1703 | 33464 |
|  NetScout Systems, Inc.<sup>(a)</sup> | 4051 | 145512 |
|  Ribbon Communications, Inc.<sup>(a)</sup> | 4211 | 11159 |
|  Viasat, Inc.<sup>(a)</sup> | 4487 | 183787 |
|  Viavi Solutions, Inc.<sup>(a)</sup> | 13533 | 204348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1886236 |
| **Construction & Engineering — 1.6%** |  |  |
|  Ameresco, Inc., Class A<sup>(a)</sup> | 2016 | 121928 |
|  API Group Corp.<sup>(a)</sup> | 11948 | 197022 |
|  Arcosa, Inc. | 2876 | 184639 |
|  Argan, Inc. | 865 | 29990 |
|  Comfort Systems U.S.A., Inc. | 2114 | 260614 |
|  Construction Partners, Inc., Class A<sup>(a)</sup> | 2427 | 75577 |
|  Dycom Industries, Inc.<sup>(a)</sup> | 1755 | 207406 |
|  EMCOR Group, Inc. | 2926 | 412859 |
|  Fluor Corp.<sup>(a)</sup> | 8421 | 254819 |
|  Granite Construction, Inc. | 2622 | 88440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Construction & Engineering (continued)** |  |  |
|  Great Lakes Dredge & Dock Corp.<sup>(a)</sup> | 3892 | $29423 |
|  IES Holdings, Inc.<sup>(a)</sup> | 494 | 16322 |
|  MasTec, Inc.<sup>(a)(b)</sup> | 3485 | 268624 |
|  MDU Resources Group, Inc. | 12063 | 343554 |
|  MYR Group, Inc.<sup>(a)</sup> | 989 | 86547 |
|  NV5 Global, Inc.<sup>(a)</sup> | 738 | 106973 |
|  Primoris Services Corp. | 3154 | 63679 |
|  Sterling Infrastructure, Inc.<sup>(a)(b)</sup> | 1835 | 49527 |
|  Tutor Perini Corp.<sup>(a)</sup> | 2490 | 18476 |
|  Valmont Industries, Inc. | 1269 | 405090 |
|  |  | 3221509 |
| **Construction Materials — 0.2%** |  |  |
|  Eagle Materials, Inc. | 2240 | 273974 |
|  Summit Materials, Inc., Class A<sup>(a)</sup> | 7047 | 185689 |
|  |  | 459663 |
| **Consumer Finance — 1.0%** |  |  |
|  Atlanticus Holdings Corp.<sup>(a)(b)</sup> | 334 | 9539 |
|  Bread Financial Holdings, Inc. | 3026 | 109269 |
|  Curo Group Holdings Corp. | 1349 | 6974 |
|  Encore Capital Group, Inc.<sup>(a)</sup> | 1407 | 71645 |
|  Enova International, Inc.<sup>(a)</sup> | 1896 | 71081 |
|  EZCORP, Inc., Class A, NVS<sup>(a)</sup> | 3323 | 32100 |
|  FirstCash Holdings, Inc. | 2262 | 222694 |
|  Green Dot Corp., Class A<sup>(a)</sup> | 2922 | 55606 |
|  LendingClub Corp.<sup>(a)</sup> | 6199 | 65957 |
|  LendingTree, Inc.<sup>(a)</sup> | 653 | 16475 |
|  Moneylion, Inc.<sup>(a)</sup> | 7270 | 8142 |
|  Navient Corp. | 6553 | 99212 |
|  Nelnet, Inc., Class A | 1083 | 96485 |
|  OneMain Holdings, Inc. | 7325 | 282452 |
|  PRA Group, Inc.<sup>(a)</sup> | 2294 | 76849 |
|  PROG Holdings, Inc.<sup>(a)</sup> | 2962 | 48932 |
|  Regional Management Corp. | 550 | 18678 |
|  SLM Corp. | 14900 | 247191 |
|  SoFi Technologies, Inc.<sup>(a)(b)</sup> | 48094 | 261631 |
|  Upstart Holdings, Inc.<sup>(a)(b)</sup> | 4194 | 97217 |
|  World Acceptance Corp.<sup>(a)</sup> | 216 | 17544 |
|  |  | 1915673 |
| **Containers & Packaging — 0.7%** |  |  |
|  Graphic Packaging Holding Co. | 18281 | 419732 |
|  Greif, Inc., Class A, NVS | 1568 | 103817 |
|  Myers Industries, Inc. | 2168 | 43989 |
|  O-I Glass, Inc.<sup>(a)</sup> | 9283 | 151406 |
|  Pactiv Evergreen, Inc. | 2339 | 25518 |
|  Ranpak Holdings Corp.<sup>(a)</sup> | 2532 | 9621 |
|  Silgan Holdings, Inc.<sup>(b)</sup> | 4945 | 234195 |
|  Sonoco Products Co. | 5783 | 359009 |
|  TriMas Corp. | 2515 | 57468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1404755 |
| **Distributors — 0.0%** |  |  |
|  Funko, Inc., Class A<sup>(a)</sup> | 1981 | 40908 |
| **Diversified Consumer Services — 1.0%** |  |  |
|  2U, Inc.<sup>(a)</sup> | 4618 | 28585 |
|  ADT, Inc. | 12725 | 107654 |
|  Adtalem Global Education, Inc.<sup>(a)</sup> | 2704 | 112757 |
|  American Public Education, Inc.<sup>(a)(b)</sup> | 1118 | 14322 |
|  Carriage Services, Inc. | 808 | 19723 |
|  Chegg, Inc.<sup>(a)</sup> | 7503 | 161840 |
|  Coursera, Inc.<sup>(a)</sup> | 4960 | 63934 |
|  Duolingo, Inc.<sup>(a)</sup> | 1479 | 121041 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Diversified Consumer Services (continued)** |  |  |
|  European Wax Center, Inc., Class A | 1485 | $21354 |
|  Frontdoor, Inc.<sup>(a)(b)</sup> | 4867 | 107366 |
|  Graham Holdings Co., Class B | 232 | 144738 |
|  Grand Canyon Education, Inc.<sup>(a)</sup> | 1895 | 190694 |
|  H&R Block, Inc. | 9477 | 389979 |
|  Laureate Education, Inc. | 6471 | 81793 |
|  Mister Car Wash, Inc.<sup>(a)(b)</sup> | 4706 | 41554 |
|  OneSpaWorld Holdings Ltd.<sup>(a)</sup> | 3493 | 31682 |
|  Perdoceo Education Corp.<sup>(a)</sup> | 3977 | 45457 |
|  Rover Group, Inc.<sup>(a)(b)</sup> | 5618 | 24663 |
|  Strategic Education, Inc. | 1322 | 91218 |
|  Stride, Inc.<sup>(a)</sup> | 2427 | 81329 |
|  Udemy, Inc.<sup>(a)</sup> | 3797 | 55246 |
|  Vivint Smart Home, Inc.<sup>(a)</sup> | 2593 | 19836 |
|  WW International, Inc.<sup>(a)</sup> | 3304 | 14934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1971699 |
| **Diversified Financial Services — 0.2%** |  |  |
|  A-Mark Precious Metals, Inc. | 1056 | 32113 |
|  Cannae Holdings, Inc.<sup>(a)(b)</sup> | 4491 | 104012 |
|  Compass Diversified Holdings | 3714 | 79034 |
|  Jackson Financial, Inc., Class A | 3607 | 138364 |
|  |  | 353523 |
| **Diversified Telecommunication Services — 0.6%** |  |  |
|  Anterix, Inc.<sup>(a)</sup> | 1141 | 43757 |
|  AST SpaceMobile, Inc.<sup>(a)(b)</sup> | 2637 | 19066 |
|  ATN International, Inc. | 634 | 27338 |
|  Bandwidth, Inc., Class A<sup>(a)</sup> | 1287 | 15277 |
|  Cogent Communications Holdings, Inc. | 2525 | 132588 |
|  Consolidated Communications Holdings, Inc.<sup>(a)</sup> | 4444 | 22975 |
|  EchoStar Corp., Class A<sup>(a)(b)</sup> | 2103 | 39684 |
|  Frontier Communications Parent, Inc.<sup>(a)</sup> | 13186 | 308816 |
|  Globalstar, Inc.<sup>(a)</sup> | 41409 | 89858 |
|  IDT Corp., Class B<sup>(a)</sup> | 1239 | 32288 |
|  Iridium Communications, Inc.<sup>(a)</sup> | 7531 | 388072 |
|  Liberty Latin America Ltd., Class A<sup>(a)</sup> | 2291 | 17824 |
|  Liberty Latin America Ltd., Class C, NVS<sup>(a)</sup> | 8792 | 68490 |
|  Radius Global Infrastructure, Inc., Class A<sup>(a)</sup> | 4469 | 41785 |
|  |  | 1247818 |
| **Electric Utilities — 0.8%** |  |  |
|  ALLETE, Inc. | 3390 | 190755 |
|  Hawaiian Electric Industries, Inc. | 6492 | 246956 |
|  IDACORP, Inc. | 2992 | 313262 |
|  MGE Energy, Inc. | 2147 | 146189 |
|  Otter Tail Corp. | 2456 | 165584 |
|  PNM Resources, Inc. | 5107 | 237322 |
|  Portland General Electric Co. | 5266 | 236654 |
|  |  | 1536722 |
| **Electrical Equipment — 1.7%** |  |  |
|  Acuity Brands, Inc. | 1937 | 355575 |
|  Allied Motion Technologies, Inc. | 812 | 27462 |
|  Array Technologies, Inc.<sup>(a)</sup> | 8344 | 151026 |
|  Atkore, Inc.<sup>(a)</sup> | 2450 | 233485 |
|  AZZ, Inc. | 1450 | 58290 |
|  Babcock & Wilcox Enterprises, Inc.<sup>(a)(b)</sup> | 4265 | 19448 |
|  Blink Charging Co.<sup>(a)(b)</sup> | 2395 | 35446 |
|  Bloom Energy Corp., Class A<sup>(a)</sup> | 10488 | 196231 |
|  ChargePoint Holdings, Inc.<sup>(a)(b)</sup> | 15391 | 215166 |
|  Encore Wire Corp. | 1141 | 156990 |
|  Energy Vault Holdings, Inc.<sup>(a)</sup> | 3926 | 12642 |
|  EnerSys | 2415 | 160090 |
|  Enovix Corp.<sup>(a)</sup> | 6549 | 123580 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electrical Equipment (continued)** |  |  |  |
|  ESS Tech, Inc.<sup>(a)(b)</sup> | 3221 | $| 13625 |
|  Fluence Energy, Inc.<sup>(a)(b)</sup> | 2154 |  | 32159 |
|  FREYR Battery SA<sup>(a)(b)</sup> | 4677 |  | 62251 |
|  FuelCell Energy, Inc.<sup>(a)(b)</sup> | 22729 |  | 70915 |
|  GrafTech International Ltd. | 11327 |  | 57654 |
|  Heliogen, Inc.<sup>(a)(b)</sup> | 5414 |  | 9745 |
|  nVent Electric PLC | 9847 |  | 359416 |
|  SES AI Corp.<sup>(a)(b)</sup> | 8372 |  | 50316 |
|  Shoals Technologies Group, Inc., Class A<sup>(a)</sup> | 6293 |  | 145431 |
|  Stem, Inc.<sup>(a)</sup> | 8649 |  | 117626 |
|  SunPower Corp.<sup>(a)</sup> | 5082 |  | 93966 |
|  Sunrun, Inc.<sup>(a)</sup> | 12539 |  | 282253 |
|  Thermon Group Holdings, Inc.<sup>(a)</sup> | 2015 |  | 35786 |
|  TPI Composites, Inc.<sup>(a)(b)</sup> | 2281 |  | 22719 |
|  Tritium DCFC Ltd.<sup>(a)</sup> | 6671 |  | 13609 |
|  Vertiv Holdings Co.<sup>(b)</sup> | 17882 |  | 255891 |
|  Vicor Corp.<sup>(a)</sup> | 1306 |  | 62388 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3431181 |
| **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** | **Electronic Equipment, Instruments & Components — 2.2%** |
|  908 Devices, Inc.<sup>(a)(b)</sup> | 1278 |  | 20435 |
|  Advanced Energy Industries, Inc. | 2215 |  | 174210 |
|  Aeva Technologies, Inc.<sup>(a)</sup> | 6396 |  | 12792 |
|  AEye, Inc.<sup>(a)(b)</sup> | 6644 |  | 5784 |
|  Arlo Technologies, Inc.<sup>(a)</sup> | 5296 |  | 27274 |
|  Avnet, Inc. | 5617 |  | 225747 |
|  Badger Meter, Inc. | 1737 |  | 195378 |
|  Belden, Inc. | 2588 |  | 180202 |
|  Benchmark Electronics, Inc. | 2113 |  | 59988 |
|  Cepton, Inc.<sup>(a)</sup> | 1391 |  | 3060 |
|  Coherent Corp.<sup>(a)</sup> | 7674 |  | 257923 |
|  CTS Corp. | 1905 |  | 75286 |
|  ePlus, Inc.<sup>(a)(b)</sup> | 1600 |  | 77952 |
|  Fabrinet<sup>(a)</sup> | 2178 |  | 249163 |
|  FARO Technologies, Inc.<sup>(a)</sup> | 1074 |  | 31372 |
|  Insight Enterprises, Inc.<sup>(a)(b)</sup> | 1808 |  | 170874 |
|  IPG Photonics Corp.<sup>(a)</sup> | 1970 |  | 168750 |
|  Itron, Inc.<sup>(a)</sup> | 2702 |  | 132101 |
|  Kimball Electronics, Inc.<sup>(a)</sup> | 1476 |  | 30509 |
|  Knowles Corp.<sup>(a)</sup> | 5523 |  | 75941 |
|  Lightwave Logic, Inc.<sup>(a)(b)</sup> | 6603 |  | 55927 |
|  Littelfuse, Inc. | 1466 |  | 322886 |
|  Methode Electronics, Inc. | 2177 |  | 89758 |
|  MicroVision, Inc.<sup>(a)(b)</sup> | 10033 |  | 36721 |
|  Mirion Technologies, Inc.<sup>(a)</sup> | 7120 |  | 57530 |
|  Napco Security Technologies, Inc.<sup>(a)</sup> | 1705 |  | 48456 |
|  National Instruments Corp. | 7829 |  | 298911 |
|  nLight, Inc.<sup>(a)</sup> | 2673 |  | 28788 |
|  Novanta, Inc.<sup>(a)</sup> | 2113 |  | 298778 |
|  OSI Systems, Inc.<sup>(a)</sup> | 974 |  | 80043 |
|  Ouster, Inc.<sup>(a)(b)</sup> | 6462 |  | 8078 |
|  PAR Technology Corp.<sup>(a)</sup> | 1606 |  | 46221 |
|  PC Connection, Inc.<sup>(a)</sup> | 682 |  | 36241 |
|  Plexus Corp.<sup>(a)</sup> | 1647 |  | 162065 |
|  Sanmina Corp.<sup>(a)</sup> | 3431 |  | 192308 |
|  ScanSource, Inc.<sup>(a)</sup> | 1541 |  | 47740 |
|  SmartRent, Inc.<sup>(a)(b)</sup> | 7257 |  | 19957 |
|  TTM Technologies, Inc.<sup>(a)</sup> | 6131 |  | 93866 |
|  Velodyne Lidar, Inc.<sup>(a)(b)</sup> | 11019 |  | 10881 |
|  Vishay Intertechnology, Inc. | 7765 |  | 162366 |
|  Vishay Precision Group, Inc.<sup>(a)</sup> | 745 |  | 25144 |
|  Vontier Corp. | 9337 |  | 178337 |
|  |  |  | 4475743 |

---

20 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Energy Equipment & Services — 1.7%** |  |  |  |
|  Archrock, Inc. | 8052 | $| 60470 |
|  Bristow Group, Inc.<sup>(a)</sup> | 1373 |  | 41108 |
|  Cactus, Inc., Class A | 3600 |  | 186192 |
|  ChampionX Corp. | 12022 |  | 344070 |
|  Core Laboratories NV<sup>(b)</sup> | 2741 |  | 53340 |
|  DMC Global, Inc.<sup>(a)</sup> | 1089 |  | 23566 |
|  Dril-Quip, Inc.<sup>(a)</sup> | 2048 |  | 50954 |
|  Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 8639 |  | 60473 |
|  Helmerich & Payne, Inc. | 6240 |  | 308942 |
|  Liberty Energy, Inc.<sup>(a)(b)</sup> | 9456 |  | 159901 |
|  Nabors Industries Ltd.<sup>(a)</sup> | 526 |  | 91540 |
|  NexTier Oilfield Solutions, Inc.<sup>(a)</sup> | 9511 |  | 95871 |
|  Noble Corp. PLC<sup>(a)</sup> | 5954 |  | 214582 |
|  NOV, Inc. | 23298 |  | 521875 |
|  Oceaneering International, Inc.<sup>(a)</sup> | 5970 |  | 83520 |
|  Oil States International, Inc.<sup>(a)</sup> | 3675 |  | 23777 |
|  Patterson-UTI Energy, Inc. | 12880 |  | 227332 |
|  ProPetro Holding Corp.<sup>(a)</sup> | 5276 |  | 62468 |
|  RPC, Inc. | 4885 |  | 54370 |
|  Select Energy Services, Inc., Class A | 4403 |  | 42489 |
|  Solaris Oilfield Infrastructure, Inc., Class A | 1919 |  | 26137 |
|  TETRA Technologies, Inc.<sup>(a)</sup> | 6740 |  | 33296 |
|  Tidewater, Inc.<sup>(a)</sup> | 2781 |  | 94276 |
|  Transocean Ltd.<sup>(a)</sup> | 38816 |  | 142843 |
|  U.S. Silica Holdings, Inc.<sup>(a)</sup> | 4431 |  | 63762 |
|  Valaris Ltd.<sup>(a)</sup> | 3571 |  | 239007 |
|  Weatherford International PLC<sup>(a)</sup> | 3863 |  | 161010 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3467171 |
| **Entertainment — 0.5%** |  |  |  |
|  Cinemark Holdings, Inc.<sup>(a)(b)</sup> | 6332 |  | 67182 |
|  IMAX Corp.<sup>(a)</sup> | 2762 |  | 35160 |
|  Liberty Media Corp.-Liberty Braves, Class A<sup>(a)</sup> | 623 |  | 19867 |
|  Liberty Media Corp.-Liberty Braves, Class C, NVS<sup>(a)</sup> | 2174 |  | 67742 |
|  Lions Gate Entertainment Corp., Class A<sup>(a)</sup> | 3683 |  | 29685 |
|  Lions Gate Entertainment Corp., Class B, NVS<sup>(a)</sup> | 7428 |  | 56378 |
|  Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 1530 |  | 75016 |
|  Madison Square Garden Sports Corp. | 1077 |  | 168669 |
|  Marcus Corp.<sup>(b)</sup> | 1417 |  | 21312 |
|  Playstudios, Inc.<sup>(a)</sup> | 5255 |  | 23700 |
|  Skillz, Inc.<sup>(a)(b)</sup> | 17552 |  | 18079 |
|  Warner Music Group Corp., Class A<sup>(b)</sup> | 6894 |  | 179382 |
|  World Wrestling Entertainment, Inc., Class A | 2566 |  | 202432 |
|  |  |  | 964604 |
| **Equity Real Estate Investment Trusts (REITs) — 5.7%** | **Equity Real Estate Investment Trusts (REITs) — 5.7%** | **Equity Real Estate Investment Trusts (REITs) — 5.7%** | **Equity Real Estate Investment Trusts (REITs) — 5.7%** |
|  Acadia Realty Trust | 5700 |  | 79629 |
|  Agree Realty Corp. | 4731 |  | 325020 |
|  Alexander & Baldwin, Inc. | 4289 |  | 83550 |
|  Alexander's, Inc. | 126 |  | 29596 |
|  American Assets Trust, Inc. | 3069 |  | 84336 |
|  Apartment Investment and Management Co., Class A | 8981 |  | 71309 |
|  Apple Hospitality REIT, Inc. | 12633 |  | 216277 |
|  Armada Hoffler Properties, Inc. | 3972 |  | 46433 |
|  Braemar Hotels & Resorts, Inc. | 3436 |  | 16939 |
|  Brandywine Realty Trust | 10122 |  | 66400 |
|  Broadstone Net Lease, Inc. | 10225 |  | 175257 |
|  CareTrust REIT, Inc. | 5730 |  | 107036 |
|  CBL & Associates Properties, Inc. | 1446 |  | 41544 |
|  Centerspace | 912 |  | 63202 |
|  Chatham Lodging Trust<sup>(a)</sup> | 2917 |  | 37833 |
|  City Office REIT, Inc. | 2381 |  | 25286 |
|  Community Healthcare Trust, Inc. | 1403 |  | 48544 |
|  Corporate Office Properties Trust | 6684 |  | 178129 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
|  Cousins Properties, Inc. | 8986 | $&nbsp;&nbsp;&nbsp;&nbsp;213507 |
|  CTO Realty Growth, Inc. | 987 | 19839 |
|  DiamondRock Hospitality Co. | 12431 | 116106 |
|  Diversified Healthcare Trust | 14025 | 19074 |
|  Douglas Emmett, Inc. | 10392 | 182795 |
|  Easterly Government Properties, Inc. | 5414 | 94149 |
|  Elme Communities | 5143 | 98180 |
|  Empire State Realty Trust, Inc., Class A<sup>(b)</sup> | 7847 | 57832 |
|  EPR Properties | 4428 | 170921 |
|  Equity Commonwealth | 6583 | 172211 |
|  Essential Properties Realty Trust, Inc. | 8566 | 184340 |
|  Farmland Partners, Inc. | 2814 | 39424 |
|  First Industrial Realty Trust, Inc. | 7848 | 373800 |
|  Four Corners Property Trust, Inc. | 4817 | 123412 |
|  Franklin Street Properties Corp. | 5466 | 15742 |
|  Getty Realty Corp. | 2462 | 77528 |
|  Gladstone Commercial Corp. | 2409 | 42374 |
|  Gladstone Land Corp. | 1845 | 37546 |
|  Global Medical REIT, Inc. | 3700 | 33818 |
|  Global Net Lease, Inc. | 6094 | 74652 |
|  Healthcare Realty Trust, Inc. | 22552 | 458482 |
|  Hersha Hospitality Trust, Class A | 1988 | 18190 |
|  Highwoods Properties, Inc. | 6258 | 176663 |
|  Hudson Pacific Properties, Inc. | 7579 | 83672 |
|  Independence Realty Trust, Inc. | 13158 | 220528 |
|  Indus Realty Trust, Inc. | 306 | 15848 |
|  Industrial Logistics Properties Trust | 3867 | 18098 |
|  Innovative Industrial Properties, Inc. | 1666 | 180095 |
|  InvenTrust Properties Corp. | 4044 | 101909 |
|  iStar, Inc. | 5059 | 53018 |
|  JBG SMITH Properties | 5919 | 116486 |
|  Kite Realty Group Trust | 12996 | 255241 |
|  LTC Properties, Inc. | 2389 | 92383 |
|  LXP Industrial Trust | 16630 | 160978 |
|  Macerich Co. | 12661 | 140917 |
|  National Health Investors, Inc. | 2663 | 150992 |
|  National Storage Affiliates Trust | 5039 | 214964 |
|  Necessity Retail REIT, Inc. | 7793 | 53304 |
|  NETSTREIT Corp. | 2955 | 55613 |
|  NexPoint Residential Trust, Inc. | 1337 | 60967 |
|  Office Properties Income Trust | 2914 | 44584 |
|  Omega Healthcare Investors, Inc. | 13892 | 441488 |
|  One Liberty Properties, Inc. | 937 | 21120 |
|  Orion Office REIT, Inc. | 3333 | 31230 |
|  Outfront Media, Inc. | 8861 | 159941 |
|  Paramount Group, Inc. | 10055 | 65056 |
|  Park Hotels & Resorts, Inc. | 13372 | 174906 |
|  Pebblebrook Hotel Trust | 7848 | 125882 |
|  Phillips Edison & Co., Inc. | 6951 | 209503 |
|  Physicians Realty Trust<sup>(b)</sup> | 13431 | 202271 |
|  Piedmont Office Realty Trust, Inc., Class A | 7385 | 77173 |
|  Plymouth Industrial REIT, Inc. | 2168 | 39978 |
|  PotlatchDeltic Corp. | 4781 | 212707 |
|  Rayonier, Inc. | 8677 | 292415 |
|  Retail Opportunity Investments Corp. | 7423 | 107485 |
|  RLJ Lodging Trust | 9741 | 118548 |
|  RPT Realty | 5115 | 47570 |
|  Ryman Hospitality Properties, Inc. | 3268 | 290591 |
|  Sabra Health Care REIT, Inc. | 13741 | 187702 |
|  Safehold, Inc. | 1008 | 29484 |
|  Saul Centers, Inc. | 781 | 31982 |
|  Service Properties Trust | 9860 | 79965 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
|  SITE Centers Corp. | 11003 | $136217 |
|  SL Green Realty Corp. | 3833 | 152093 |
|  Spirit Realty Capital, Inc. | 8067 | 313242 |
|  STAG Industrial, Inc. | 10601 | 334886 |
|  Summit Hotel Properties, Inc. | 6255 | 54043 |
|  Sunstone Hotel Investors, Inc. | 12664 | 141204 |
|  Tanger Factory Outlet Centers, Inc. | 6192 | 111518 |
|  Terreno Realty Corp. | 3945 | 225417 |
|  UMH Properties, Inc. | 3012 | 52830 |
|  Uniti Group, Inc. | 13970 | 108407 |
|  Universal Health Realty Income Trust | 760 | 36989 |
|  Urban Edge Properties | 6922 | 97739 |
|  Urstadt Biddle Properties, Inc., Class A | 1831 | 34313 |
|  Veris Residential, Inc.<sup>(a)</sup> | 4640 | 73451 |
|  Whitestone REIT | 2762 | 25990 |
|  Xenia Hotels & Resorts, Inc. | 6850 | 116998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11478836 |
| **Food & Staples Retailing — 0.8%** |  |  |
|  Andersons, Inc. | 1873 | 66061 |
|  Casey's General Stores, Inc. | 2208 | 513824 |
|  Chefs' Warehouse, Inc.<sup>(a)</sup> | 2032 | 74432 |
|  Fresh Market, Inc. Escrow<sup>(a)(c)</sup> | 16033 |  |
|  Grocery Outlet Holding Corp.<sup>(a)(b)</sup> | 5249 | 181458 |
|  Ingles Markets, Inc., Class A | 867 | 81819 |
|  Natural Grocers by Vitamin Cottage, Inc. | 552 | 6348 |
|  PriceSmart, Inc. | 1504 | 96211 |
|  SpartanNash Co. | 2138 | 76348 |
|  Sprouts Farmers Market, Inc.<sup>(a)</sup> | 6390 | 188505 |
|  United Natural Foods, Inc.<sup>(a)</sup> | 3438 | 145805 |
|  Weis Markets, Inc.<sup>(b)</sup> | 980 | 91797 |
|  |  | 1522608 |
| **Food Products — 1.5%** |  |  |
|  AppHarvest, Inc.<sup>(a)(b)</sup> | 4445 | 9468 |
|  B&G Foods, Inc. | 4242 | 69484 |
|  Benson Hill, Inc.<sup>(a)</sup> | 7479 | 25354 |
|  Beyond Meat, Inc.<sup>(a)(b)</sup> | 3521 | 55280 |
|  BRC, Inc., Class A<sup>(a)(b)</sup> | 2102 | 15239 |
|  Calavo Growers, Inc. | 1054 | 36458 |
|  Cal-Maine Foods, Inc. | 2252 | 127261 |
|  Flowers Foods, Inc. | 11411 | 327610 |
|  Fresh Del Monte Produce, Inc. | 1814 | 47309 |
|  Freshpet, Inc.<sup>(a)</sup> | 2837 | 167241 |
|  Hain Celestial Group, Inc.<sup>(a)</sup> | 5280 | 98789 |
|  Hostess Brands, Inc.<sup>(a)</sup> | 8067 | 213614 |
|  Ingredion, Inc. | 3888 | 346499 |
|  J & J Snack Foods Corp. | 882 | 130192 |
|  John B. Sanfilippo & Son, Inc. | 531 | 44291 |
|  Lancaster Colony Corp. | 1175 | 211829 |
|  Local Bounti Corp.<sup>(a)(b)</sup> | 2489 | 7367 |
|  Mission Produce, Inc.<sup>(a)</sup> | 2339 | 38921 |
|  Pilgrim's Pride Corp.<sup>(a)</sup> | 2671 | 61567 |
|  Post Holdings, Inc.<sup>(a)(b)</sup> | 3220 | 291152 |
|  Seaboard Corp. | 16 | 59942 |
|  Seneca Foods Corp., Class A<sup>(a)</sup> | 346 | 21836 |
|  Simply Good Foods Co.<sup>(a)</sup> | 5061 | 193836 |
|  Sovos Brands, Inc.<sup>(a)</sup> | 2234 | 30963 |
|  Tattooed Chef, Inc.<sup>(a)(b)</sup> | 2781 | 13210 |
|  Tootsie Roll Industries, Inc. | 1047 | 42288 |
|  TreeHouse Foods, Inc.<sup>(a)</sup> | 3009 | 151172 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Food Products (continued)** |  |  |
|  Utz Brands, Inc. | 3960 | $64192 |
|  Vital Farms, Inc.<sup>(a)</sup> | 1659 | 21965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2924329 |
| **Gas Utilities — 0.9%** |  |  |
|  Chesapeake Utilities Corp. | 1060 | 131843 |
|  National Fuel Gas Co. | 5412 | 365256 |
|  New Jersey Resources Corp. | 5686 | 253823 |
|  Northwest Natural Holding Co. | 2082 | 100123 |
|  ONE Gas, Inc. | 3216 | 249176 |
|  South Jersey Industries, Inc. | 7256 | 251566 |
|  Southwest Gas Holdings, Inc. | 3664 | 267728 |
|  Spire, Inc. | 3111 | 217179 |
|  |  | 1836694 |
| **Health Care Equipment & Supplies — 4.0%** |  |  |
|  Alphatec Holdings, Inc.<sup>(a)</sup> | 4237 | 43387 |
|  AngioDynamics, Inc.<sup>(a)</sup> | 2307 | 32506 |
|  Artivion, Inc.<sup>(a)</sup> | 2333 | 26036 |
|  AtriCure, Inc.<sup>(a)</sup> | 2781 | 117136 |
|  Atrion Corp. | 83 | 49826 |
|  Avanos Medical, Inc.<sup>(a)</sup> | 2729 | 60447 |
|  Axonics, Inc.<sup>(a)</sup> | 2916 | 213276 |
|  Bioventus, Inc., Class A<sup>(a)</sup> | 1805 | 14693 |
|  Butterfly Network, Inc.<sup>(a)(b)</sup> | 8464 | 41474 |
|  Cardiovascular Systems, Inc.<sup>(a)</sup> | 2483 | 35854 |
|  Cerus Corp.<sup>(a)</sup> | 10669 | 39049 |
|  CONMED Corp. | 1804 | 143833 |
|  Cutera, Inc.<sup>(a)</sup> | 1052 | 48360 |
|  Embecta Corp. | 3460 | 106983 |
|  Enovis Corp.<sup>(a)</sup> | 2833 | 140092 |
|  Envista Holdings Corp.<sup>(a)</sup> | 9664 | 319009 |
|  Establishment Labs Holdings, Inc.<sup>(a)(b)</sup> | 1302 | 73420 |
|  Figs, Inc., Class A<sup>(a)(b)</sup> | 7455 | 55018 |
|  Glaukos Corp.<sup>(a)</sup> | 2829 | 158622 |
|  Globus Medical, Inc., Class A<sup>(a)</sup> | 4561 | 305587 |
|  Haemonetics Corp.<sup>(a)</sup> | 3039 | 258163 |
|  Heska Corp.<sup>(a)</sup> | 598 | 42912 |
|  ICU Medical, Inc.<sup>(a)</sup> | 1189 | 176459 |
|  Inari Medical, Inc.<sup>(a)(b)</sup> | 2851 | 219327 |
|  Inogen, Inc.<sup>(a)</sup> | 1342 | 30410 |
|  Inspire Medical Systems, Inc.<sup>(a)(b)</sup> | 1637 | 319133 |
|  Integer Holdings Corp.<sup>(a)</sup> | 1982 | 123538 |
|  Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 4326 | 217381 |
|  iRadimed Corp. | 451 | 13102 |
|  iRhythm Technologies, Inc.<sup>(a)</sup> | 1781 | 227060 |
|  Lantheus Holdings, Inc.<sup>(a)</sup> | 4067 | 300917 |
|  LeMaitre Vascular, Inc. | 1140 | 49476 |
|  LivaNova PLC<sup>(a)(b)</sup> | 3189 | 150202 |
|  Masimo Corp.<sup>(a)</sup> | 2869 | 377560 |
|  Meridian Bioscience, Inc.<sup>(a)</sup> | 2580 | 82483 |
|  Merit Medical Systems, Inc.<sup>(a)</sup> | 3356 | 230792 |
|  Mesa Laboratories, Inc. | 297 | 39266 |
|  Neogen Corp.<sup>(a)</sup> | 12879 | 170003 |
|  Nevro Corp.<sup>(a)</sup> | 2081 | 79786 |
|  NuVasive, Inc.<sup>(a)</sup> | 3102 | 136891 |
|  Omnicell, Inc.<sup>(a)(b)</sup> | 2628 | 203197 |
|  OraSure Technologies, Inc.<sup>(a)</sup> | 4372 | 19062 |
|  Orthofix Medical, Inc.<sup>(a)(b)</sup> | 1170 | 18790 |
|  OrthoPediatrics Corp.<sup>(a)</sup> | 836 | 35522 |
|  Outset Medical, Inc.<sup>(a)</sup> | 2825 | 43900 |
|  Paragon 28, Inc.<sup>(a)</sup> | 1485 | 29655 |
|  Penumbra, Inc.<sup>(a)(b)</sup> | 2249 | 385636 |
|  PROCEPT BioRobotics Corp.<sup>(a)</sup> | 1956 | 88861 |

---

22 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
|  Pulmonx Corp.<sup>(a)</sup> | 2250 | $30060 |
|  QuidelOrtho Corp.<sup>(a)</sup> | 3210 | 288322 |
|  Senseonics Holdings, Inc.<sup>(a)(b)</sup> | 27350 | 32273 |
|  Shockwave Medical, Inc.<sup>(a)</sup> | 2133 | 625289 |
|  SI-BONE, Inc.<sup>(a)</sup> | 1788 | 34759 |
|  Silk Road Medical, Inc.<sup>(a)</sup> | 2075 | 91466 |
|  STAAR Surgical Co.<sup>(a)</sup> | 2852 | 202121 |
|  Surmodics, Inc.<sup>(a)</sup> | 822 | 28063 |
|  Tandem Diabetes Care, Inc.<sup>(a)(b)</sup> | 3809 | 213875 |
|  TransMedics Group, Inc.<sup>(a)</sup> | 1885 | 90895 |
|  Treace Medical Concepts, Inc.<sup>(a)</sup> | 1844 | 45141 |
|  UFP Technologies, Inc.<sup>(a)</sup> | 400 | 37540 |
|  Varex Imaging Corp.<sup>(a)</sup> | 2342 | 51782 |
|  Vicarious Surgical, Inc.<sup>(a)</sup> | 2157 | 8348 |
|  ViewRay, Inc.<sup>(a)</sup> | 8558 | 36714 |
|  Zimvie, Inc.<sup>(a)</sup> | 1228 | 10770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7921510 |
| **Health Care Providers & Services — 2.8%** |  |  |
|  1Life Healthcare, Inc.<sup>(a)</sup> | 9970 | 170487 |
|  23andMe Holding Co., Class A<sup>(a)(b)</sup> | 15279 | 47976 |
|  Acadia Healthcare Co., Inc.<sup>(a)</sup> | 5388 | 438044 |
|  Accolade, Inc.<sup>(a)(b)</sup> | 3715 | 40048 |
|  AdaptHealth Corp.<sup>(a)(b)</sup> | 4595 | 104766 |
|  Addus HomeCare Corp.<sup>(a)</sup> | 955 | 97811 |
|  Agiliti, Inc.<sup>(a)(b)</sup> | 1940 | 33892 |
|  AirSculpt Technologies, Inc. | 600 | 4068 |
|  Alignment Healthcare, Inc.<sup>(a)</sup> | 4968 | 65776 |
|  Amedisys, Inc.<sup>(a)</sup> | 1928 | 188154 |
|  AMN Healthcare Services, Inc.<sup>(a)</sup> | 2561 | 321405 |
|  Apollo Medical Holdings, Inc.<sup>(a)</sup> | 2336 | 82835 |
|  Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 2639 | 3668 |
|  Brookdale Senior Living, Inc.<sup>(a)</sup> | 10989 | 49121 |
|  Cano Health, Inc.<sup>(a)</sup> | 10215 | 36570 |
|  CareMax, Inc.<sup>(a)(b)</sup> | 4062 | 28596 |
|  Castle Biosciences, Inc.<sup>(a)</sup> | 1448 | 36953 |
|  Clover Health Investments Corp.<sup>(a)(b)</sup> | 19220 | 30368 |
|  Community Health Systems, Inc.<sup>(a)</sup> | 7499 | 21522 |
|  CorVel Corp.<sup>(a)</sup> | 544 | 89330 |
|  Cross Country Healthcare, Inc.<sup>(a)</sup> | 2164 | 80263 |
|  DocGo, Inc.<sup>(a)</sup> | 4749 | 47015 |
|  Encompass Health Corp. | 5907 | 321577 |
|  Ensign Group, Inc. | 3273 | 293850 |
|  Fulgent Genetics, Inc.<sup>(a)</sup> | 1210 | 47952 |
|  Guardant Health, Inc.<sup>(a)(b)</sup> | 6044 | 299178 |
|  HealthEquity, Inc.<sup>(a)</sup> | 4990 | 388771 |
|  Hims & Hers Health, Inc.<sup>(a)</sup> | 7175 | 32575 |
|  Innovage Holding Corp.<sup>(a)</sup> | 1179 | 7298 |
|  Invitae Corp.<sup>(a)(b)</sup> | 13218 | 34102 |
|  Joint Corp.<sup>(a)</sup> | 869 | 14356 |
|  LifeStance Health Group, Inc.<sup>(a)(b)</sup> | 5491 | 41457 |
|  ModivCare, Inc.<sup>(a)</sup> | 760 | 73902 |
|  National HealthCare Corp. | 806 | 49102 |
|  National Research Corp. | 839 | 34172 |
|  Oak Street Health, Inc.<sup>(a)(b)</sup> | 6905 | 139688 |
|  OPKO Health, Inc.<sup>(a)</sup> | 24225 | 46028 |
|  Option Care Health, Inc.<sup>(a)</sup> | 9147 | 276788 |
|  Owens & Minor, Inc. | 4543 | 77231 |
|  Patterson Cos., Inc. | 5116 | 132863 |
|  Pediatrix Medical Group, Inc.<sup>(a)(b)</sup> | 4973 | 96476 |
|  Pennant Group, Inc.<sup>(a)</sup> | 1662 | 20459 |
|  PetIQ, Inc.<sup>(a)</sup> | 1486 | 12215 |
|  Premier, Inc., Class A | 6993 | 243916 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Privia Health Group, Inc.<sup>(a)</sup> | 2928 | $98029 |
|  Progyny, Inc.<sup>(a)(b)</sup> | 4424 | 196735 |
|  R1 RCM, Inc.<sup>(a)</sup> | 8109 | 143205 |
|  RadNet, Inc.<sup>(a)</sup> | 2848 | 54454 |
|  Select Medical Holdings Corp. | 6133 | 157495 |
|  Sema4 Holdings Corp.<sup>(a)(b)</sup> | 15324 | 15784 |
|  Signify Health, Inc., Class A<sup>(a)(b)</sup> | 4112 | 120194 |
|  Surgery Partners, Inc.<sup>(a)(b)</sup> | 2272 | 61776 |
|  U.S. Physical Therapy, Inc. | 772 | 68554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5618850 |
| **Health Care Technology — 0.7%** |  |  |
|  Allscripts Healthcare Solutions, Inc.<sup>(a)</sup> | 6542 | 96167 |
|  American Well Corp., Class A<sup>(a)(b)</sup> | 14129 | 57788 |
|  Certara, Inc.<sup>(a)</sup> | 6207 | 75911 |
|  Computer Programs and Systems, Inc.<sup>(a)</sup> | 859 | 27746 |
|  Definitive Healthcare Corp.<sup>(a)(b)</sup> | 2124 | 33517 |
|  Doximity, Inc., Class A<sup>(a)(b)</sup> | 6554 | 173484 |
|  Evolent Health, Inc., Class A<sup>(a)</sup> | 4949 | 157428 |
|  GoodRx Holdings, Inc., Class A<sup>(a)(b)</sup> | 4495 | 24138 |
|  Health Catalyst, Inc.<sup>(a)</sup> | 3254 | 28700 |
|  HealthStream, Inc.<sup>(a)</sup> | 1466 | 36210 |
|  Multiplan Corp.<sup>(a)</sup> | 14264 | 40938 |
|  NextGen Healthcare, Inc.<sup>(a)(b)</sup> | 3277 | 65671 |
|  Nutex Health, Inc.<sup>(a)(b)</sup> | 1494 | 1203 |
|  OptimizeRx Corp.<sup>(a)</sup> | 1089 | 16787 |
|  Pear Therapeutics, Inc.<sup>(a)</sup> | 3017 | 8297 |
|  Phreesia, Inc.<sup>(a)</sup> | 3091 | 84446 |
|  Schrodinger, Inc.<sup>(a)</sup> | 3142 | 75314 |
|  Sharecare, Inc.<sup>(a)</sup> | 18589 | 35691 |
|  Simulations Plus, Inc. | 935 | 38802 |
|  Teladoc Health, Inc.<sup>(a)</sup> | 9580 | 283951 |
|  |  | 1362189 |
| **Hotels, Restaurants & Leisure — 2.9%** |  |  |
|  Accel Entertainment, Inc.<sup>(a)</sup> | 3235 | 31768 |
|  Bally's Corp.<sup>(a)</sup> | 1616 | 36425 |
|  BJ's Restaurants, Inc.<sup>(a)</sup> | 1379 | 45300 |
|  Bloomin' Brands, Inc. | 5334 | 128069 |
|  Bluegreen Vacations Holding Corp. | 644 | 11148 |
|  Bowlero Corp.<sup>(a)</sup> | 2017 | 29368 |
|  Boyd Gaming Corp. | 4807 | 277652 |
|  Brinker International, Inc.<sup>(a)(b)</sup> | 2607 | 87048 |
|  Cheesecake Factory, Inc. | 2908 | 104135 |
|  Chuy's Holdings, Inc.<sup>(a)</sup> | 1127 | 33021 |
|  Cracker Barrel Old Country Store, Inc. | 1359 | 155225 |
|  Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 2507 | 99904 |
|  Denny's Corp.<sup>(a)</sup> | 3376 | 38250 |
|  Dine Brands Global, Inc. | 928 | 66899 |
|  DraftKings, Inc., Class A<sup>(a)(b)</sup> | 26634 | 420817 |
|  Dutch Bros, Inc., Class A<sup>(a)(b)</sup> | 1515 | 55919 |
|  El Pollo Loco Holdings, Inc. | 1091 | 10954 |
|  Everi Holdings, Inc.<sup>(a)</sup> | 5300 | 100594 |
|  F45 Training Holdings, Inc.<sup>(a)</sup> | 2124 | 7094 |
|  First Watch Restaurant Group, Inc.<sup>(a)</sup> | 659 | 11236 |
|  Golden Entertainment, Inc.<sup>(a)</sup> | 1299 | 54844 |
|  Hilton Grand Vacations, Inc.<sup>(a)</sup> | 4826 | 189372 |
|  Hyatt Hotels Corp., Class A<sup>(a)(b)</sup> | 2965 | 279333 |
|  Jack in the Box, Inc. | 1260 | 111170 |
|  Krispy Kreme, Inc. | 3915 | 56180 |
|  Kura Sushi U.S.A., Inc., Class A<sup>(a)</sup> | 219 | 17308 |
|  Life Time Group Holdings, Inc.<sup>(a)</sup> | 3286 | 34470 |
|  Light & Wonder, Inc.<sup>(a)</sup> | 5587 | 313654 |
|  Lindblad Expeditions Holdings, Inc.<sup>(a)(b)</sup> | 1923 | 16134 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |
|  Marriott Vacations Worldwide Corp. | 2325 | $343542 |
|  Membership Collective Group, Inc., Class A<sup>(a)(b)</sup> | 2476 | 11340 |
|  Monarch Casino & Resort, Inc.<sup>(a)</sup> | 783 | 62178 |
|  Papa John's International, Inc. | 1902 | 138142 |
|  Penn Entertainment, Inc.<sup>(a)</sup> | 9389 | 310776 |
|  Planet Fitness, Inc., Class A<sup>(a)(b)</sup> | 4985 | 326418 |
|  Portillo's, Inc., Class A<sup>(a)</sup> | 1668 | 35762 |
|  RCI Hospitality Holdings, Inc. | 500 | 42215 |
|  Red Rock Resorts, Inc., Class A | 2934 | 122201 |
|  Rush Street Interactive, Inc.<sup>(a)</sup> | 3282 | 13620 |
|  Ruth's Hospitality Group, Inc. | 1868 | 38817 |
|  SeaWorld Entertainment, Inc.<sup>(a)</sup> | 2501 | 145458 |
|  Shake Shack, Inc., Class A<sup>(a)</sup> | 2197 | 122087 |
|  Six Flags Entertainment Corp.<sup>(a)</sup> | 4354 | 97094 |
|  Sonder Holdings, Inc.<sup>(a)(b)</sup> | 8235 | 18035 |
|  Sweetgreen, Inc., Class A<sup>(a)(b)</sup> | 4474 | 83216 |
|  Texas Roadhouse, Inc. | 3964 | 392238 |
|  Travel + Leisure Co. | 4980 | 189140 |
|  Vacasa, Inc., Class A<sup>(a)</sup> | 4852 | 17710 |
|  Wendy's Co. | 10106 | 210003 |
|  Wingstop, Inc. | 1771 | 280509 |
|  Xponential Fitness, Inc., Class A<sup>(a)</sup> | 1062 | 20550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5844342 |
| **Household Durables — 1.6%** |  |  |
|  Beazer Homes U.S.A., Inc.<sup>(a)</sup> | 1821 | 20596 |
|  Cavco Industries, Inc.<sup>(a)</sup> | 487 | 110388 |
|  Century Communities, Inc. | 1691 | 75266 |
|  Cricut, Inc., Class A<sup>(a)(b)</sup> | 2387 | 21220 |
|  Dream Finders Homes, Inc., Class A<sup>(a)(b)</sup> | 1285 | 14264 |
|  Ethan Allen Interiors, Inc. | 1371 | 35084 |
|  GoPro, Inc., Class A<sup>(a)(b)</sup> | 7738 | 42172 |
|  Green Brick Partners, Inc.<sup>(a)(b)</sup> | 1616 | 37378 |
|  Helen of Troy Ltd.<sup>(a)</sup> | 1425 | 134833 |
|  Installed Building Products, Inc. | 1410 | 121260 |
|  iRobot Corp.<sup>(a)</sup> | 1635 | 92378 |
|  KB Home | 5014 | 144503 |
|  La-Z-Boy, Inc. | 2558 | 63362 |
|  Leggett & Platt, Inc. | 7856 | 265140 |
|  LGI Homes, Inc.<sup>(a)(b)</sup> | 1205 | 110920 |
|  Lovesac Co.<sup>(a)</sup> | 912 | 22198 |
|  M/I Homes, Inc.<sup>(a)</sup> | 1645 | 68251 |
|  MDC Holdings, Inc. | 3355 | 102193 |
|  Meritage Homes Corp.<sup>(a)</sup> | 2161 | 164582 |
|  Skyline Champion Corp.<sup>(a)</sup> | 3141 | 182838 |
|  Snap One Holdings Corp.<sup>(a)</sup> | 1000 | 11920 |
|  Sonos, Inc.<sup>(a)(b)</sup> | 7611 | 122689 |
|  Taylor Morrison Home Corp.<sup>(a)</sup> | 6761 | 178085 |
|  Tempur Sealy International, Inc. | 10197 | 274197 |
|  Toll Brothers, Inc. | 6332 | 272783 |
|  TopBuild Corp.<sup>(a)</sup> | 1915 | 325818 |
|  Traeger, Inc.<sup>(a)(b)</sup> | 3275 | 13591 |
|  Tri Pointe Homes, Inc.<sup>(a)</sup> | 5990 | 100332 |
|  Tupperware Brands Corp.<sup>(a)</sup> | 2286 | 17671 |
|  Universal Electronics, Inc.<sup>(a)</sup> | 737 | 15042 |
|  Vizio Holding Corp., Class A<sup>(a)</sup> | 3283 | 36770 |
|  Weber, Inc., Class A | 1095 | 7293 |
|  |  | 3205017 |
| **Household Products — 0.3%** |  |  |
|  Central Garden & Pet Co.<sup>(a)(b)</sup> | 601 | 24803 |
|  Central Garden & Pet Co., Class A, NVS<sup>(a)</sup> | 2482 | 97146 |
|  Energizer Holdings, Inc. | 3968 | 114636 |
|  Reynolds Consumer Products, Inc. | 3238 | 98889 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Household Products (continued)** |  |  |  |
|  Spectrum Brands Holdings, Inc. | 2403 | $| 110874 |
|  WD-40 Co. | 815 |  | 130530 |
|  |  |  | 576878 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
|  Altus Power, Inc.<sup>(a)</sup> | 2079 |  | 20707 |
|  Clearway Energy, Inc., Class A | 2020 |  | 65307 |
|  Clearway Energy, Inc., Class C | 4858 |  | 168767 |
|  Ormat Technologies, Inc. | 2663 |  | 240868 |
|  Sunnova Energy International, Inc.<sup>(a)(b)</sup> | 5874 |  | 108904 |
|  |  |  | 604553 |
| **Insurance — 3.0%** |  |  |  |
|  American Equity Investment Life Holding Co. | 4217 |  | 181668 |
|  AMERISAFE, Inc. | 1263 |  | 73772 |
|  Argo Group International Holdings Ltd. | 2093 |  | 52053 |
|  Assured Guaranty Ltd. | 3706 |  | 219358 |
|  Axis Capital Holdings Ltd. | 4571 |  | 249897 |
|  Brighthouse Financial, Inc.<sup>(a)</sup> | 4260 |  | 243118 |
|  BRP Group, Inc., Class A<sup>(a)(b)</sup> | 3571 |  | 101238 |
|  CNO Financial Group, Inc. | 6828 |  | 150626 |
|  Employers Holdings, Inc. | 1020 |  | 44482 |
|  Enstar Group Ltd.<sup>(a)</sup> | 808 |  | 162020 |
|  First American Financial Corp. | 6161 |  | 310514 |
|  Genworth Financial, Inc., Class A<sup>(a)</sup> | 27811 |  | 129877 |
|  Goosehead Insurance, Inc., Class A<sup>(a)</sup> | 1203 |  | 49937 |
|  Hagerty, Inc., Class A<sup>(a)(b)</sup> | 1877 |  | 17062 |
|  Hanover Insurance Group, Inc. | 2145 |  | 314221 |
|  HCI Group, Inc. | 443 |  | 16232 |
|  Hippo Holdings, Inc.<sup>(a)(b)</sup> | 890 |  | 15379 |
|  Horace Mann Educators Corp. | 1984 |  | 78289 |
|  James River Group Holdings Ltd. | 2320 |  | 58626 |
|  Kemper Corp. | 3808 |  | 181527 |
|  Kinsale Capital Group, Inc. | 1276 |  | 402157 |
|  Lemonade, Inc.<sup>(a)</sup> | 2675 |  | 64735 |
|  MBIA, Inc.<sup>(a)</sup> | 2833 |  | 30483 |
|  Mercury General Corp. | 1590 |  | 46110 |
|  National Western Life Group, Inc., Class A | 148 |  | 29307 |
|  Oscar Health, Inc., Class A<sup>(a)</sup> | 6455 |  | 24077 |
|  Palomar Holdings, Inc.<sup>(a)</sup> | 1516 |  | 134863 |
|  Primerica, Inc. | 2224 |  | 321813 |
|  ProAssurance Corp. | 2298 |  | 51039 |
|  RenaissanceRe Holdings Ltd. | 2599 |  | 402013 |
|  RLI Corp. | 2422 |  | 315030 |
|  Ryan Specialty Holdings, Inc.<sup>(a)</sup> | 4918 |  | 220572 |
|  Safety Insurance Group, Inc. | 676 |  | 58778 |
|  Selective Insurance Group, Inc. | 3589 |  | 352009 |
|  SiriusPoint Ltd.<sup>(a)</sup> | 5018 |  | 32216 |
|  Stewart Information Services Corp. | 1375 |  | 53570 |
|  Trupanion, Inc.<sup>(a)(b)</sup> | 2075 |  | 104725 |
|  United Fire Group, Inc. | 1321 |  | 35799 |
|  Universal Insurance Holdings, Inc. | 1768 |  | 17751 |
|  Unum Group | 11152 |  | 508420 |
|  White Mountains Insurance Group Ltd. | 152 |  | 215255 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6070618 |
| **Interactive Media & Services — 0.6%** |  |  |  |
|  Bumble, Inc., Class A<sup>(a)</sup> | 4726 |  | 120040 |
|  BuzzFeed, Inc.<sup>(a)</sup> | 2557 |  | 4679 |
|  Cargurus, Inc.<sup>(a)</sup> | 5482 |  | 79818 |
|  Cars.com, Inc.<sup>(a)</sup> | 3823 |  | 53063 |
|  Eventbrite, Inc., Class A<sup>(a)</sup> | 4924 |  | 32351 |
|  fuboTV, Inc.<sup>(a)(b)</sup> | 10925 |  | 39986 |
|  Leafly Holdings, Inc.<sup>(a)(b)</sup> | 3038 |  | 2693 |

---

24 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Interactive Media & Services (continued)** |  |  |
|  MediaAlpha, Inc., Class A<sup>(a)</sup> | 1321 | $14505 |
|  Nextdoor Holdings, Inc.<sup>(a)(b)</sup> | 7579 | 20539 |
|  Outbrain, Inc.<sup>(a)</sup> | 1929 | 8256 |
|  QuinStreet, Inc.<sup>(a)</sup> | 2976 | 33956 |
|  Shutterstock, Inc. | 1440 | 72043 |
|  System1, Inc.<sup>(a)</sup> | 1217 | 6304 |
|  TripAdvisor, Inc.<sup>(a)</sup> | 6205 | 146562 |
|  Vimeo, Inc.<sup>(a)</sup> | 9300 | 35340 |
|  Yelp, Inc.<sup>(a)</sup> | 4187 | 160823 |
|  Ziff Davis, Inc.<sup>(a)</sup> | 2805 | 217079 |
|  ZipRecruiter, Inc., Class A<sup>(a)</sup> | 3338 | 55978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1104015 |
| **Internet & Direct Marketing Retail — 0.4%** |  |  |
|  1-800-Flowers.com, Inc., Class A<sup>(a)</sup> | 1664 | 12131 |
|  BARK, Inc.<sup>(a)</sup> | 6031 | 11037 |
|  Boxed, Inc.<sup>(a)</sup> | 2896 | 1448 |
|  Chewy, Inc., Class A<sup>(a)(b)</sup> | 5395 | 208948 |
|  ContextLogic, Inc., Class A<sup>(a)(b)</sup> | 29784 | 23321 |
|  Duluth Holdings, Inc., Class B<sup>(a)</sup> | 770 | 6699 |
|  Groupon, Inc.<sup>(a)</sup> | 1331 | 9809 |
|  Lands' End, Inc.<sup>(a)</sup> | 790 | 8279 |
|  Liquidity Services, Inc.<sup>(a)</sup> | 1636 | 28106 |
|  Lulu's Fashion Lounge Holdings, Inc.<sup>(a)</sup> | 525 | 3287 |
|  Overstock.com, Inc.<sup>(a)</sup> | 2688 | 62496 |
|  PetMed Express, Inc. | 1225 | 26117 |
|  Porch Group, Inc.<sup>(a)</sup> | 4644 | 6316 |
|  Poshmark, Inc., Class A<sup>(a)(b)</sup> | 2620 | 46793 |
|  Quotient Technology, Inc.<sup>(a)</sup> | 5046 | 12413 |
|  Qurate Retail, Inc., Series A<sup>(a)</sup> | 20330 | 47572 |
|  RealReal, Inc.<sup>(a)</sup> | 5003 | 8455 |
|  Rent the Runway, Inc., Class A<sup>(a)(b)</sup> | 2510 | 4895 |
|  Revolve Group, Inc.<sup>(a)</sup> | 2407 | 57768 |
|  Stitch Fix, Inc., Class A<sup>(a)(b)</sup> | 4335 | 17340 |
|  Vivid Seats, Inc., Class A<sup>(a)</sup> | 1352 | 11086 |
|  Wayfair, Inc., Class A<sup>(a)(b)</sup> | 4506 | 170868 |
|  Xometry, Inc., Class A<sup>(a)(b)</sup> | 1765 | 106006 |
|  |  | 891190 |
| **IT Services — 2.4%** |  |  |
|  Affirm Holdings, Inc.<sup>(a)(b)</sup> | 12206 | 244974 |
|  AvidXchange Holdings, Inc.<sup>(a)(b)</sup> | 7793 | 70916 |
|  BigCommerce Holdings, Inc., Series 1<sup>(a)</sup> | 3581 | 53214 |
|  Cantaloupe, Inc.<sup>(a)</sup> | 3098 | 10378 |
|  Cass Information Systems, Inc. | 728 | 31144 |
|  Conduent, Inc.<sup>(a)</sup> | 9980 | 41118 |
|  Core Scientific, Inc.<sup>(a)</sup> | 15128 | 3026 |
|  CSG Systems International, Inc. | 1904 | 123132 |
|  Cyxtera Technologies, Inc.<sup>(a)(b)</sup> | 3259 | 7887 |
|  DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | 3643 | 130857 |
|  Edgio, Inc.<sup>(a)</sup> | 7642 | 20557 |
|  Euronet Worldwide, Inc.<sup>(a)</sup> | 2796 | 234892 |
|  EVERTEC, Inc. | 3940 | 141091 |
|  Evo Payments, Inc., Class A<sup>(a)</sup> | 2869 | 96657 |
|  ExlService Holdings, Inc.<sup>(a)</sup> | 1958 | 356062 |
|  Fastly, Inc., Class A<sup>(a)</sup> | 6663 | 56569 |
|  Flywire Corp.<sup>(a)</sup> | 3603 | 79086 |
|  Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 2774 | 37754 |
|  Hackett Group, Inc. | 1691 | 36931 |
|  I3 Verticals, Inc., Class A<sup>(a)</sup> | 1313 | 28571 |
|  International Money Express, Inc.<sup>(a)</sup> | 2033 | 54952 |
|  Kyndryl Holdings, Inc.<sup>(a)</sup> | 12193 | 117906 |
|  Marqeta, Inc., Class A<sup>(a)(b)</sup> | 23833 | 187804 |
|  Maximus, Inc. | 3576 | 220532 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **IT Services (continued)** |  |  |
|  MoneyGram International, Inc.<sup>(a)(b)</sup> | 5633 | $59653 |
|  Paya Holdings, Inc.<sup>(a)</sup> | 5285 | 42491 |
|  Payoneer Global, Inc.<sup>(a)</sup> | 11831 | 91690 |
|  Perficient, Inc.<sup>(a)(b)</sup> | 2067 | 138427 |
|  Rackspace Technology, Inc.<sup>(a)(b)</sup> | 3335 | 17175 |
|  Repay Holdings Corp.<sup>(a)</sup> | 4644 | 28282 |
|  Sabre Corp.<sup>(a)</sup> | 19333 | 112325 |
|  Shift4 Payments, Inc., Class A<sup>(a)</sup> | 3045 | 139979 |
|  Squarespace, Inc., Class A<sup>(a)</sup> | 2457 | 54570 |
|  Switch, Inc., Class A | 8377 | 285237 |
|  TaskUS, Inc., Class A<sup>(a)(b)</sup> | 1552 | 31335 |
|  Thoughtworks Holding, Inc.<sup>(a)</sup> | 3782 | 36345 |
|  Toast, Inc., Class A<sup>(a)(b)</sup> | 17815 | 393533 |
|  TTEC Holdings, Inc. | 1105 | 49139 |
|  Tucows, Inc., Class A<sup>(a)(b)</sup> | 589 | 26476 |
|  Unisys Corp.<sup>(a)</sup> | 4001 | 34009 |
|  Verra Mobility Corp.<sup>(a)</sup> | 8442 | 144105 |
|  Western Union Co. | 22816 | 308244 |
|  WEX, Inc.<sup>(a)</sup> | 2625 | 430867 |
|  |  | 4809892 |
| **Leisure Products — 0.8%** |  |  |
|  Acushnet Holdings Corp. | 1960 | 91277 |
|  AMMO, Inc.<sup>(a)(b)</sup> | 5442 | 17687 |
|  Brunswick Corp. | 4401 | 311019 |
|  Clarus Corp. | 1669 | 20212 |
|  Johnson Outdoors, Inc., Class A | 341 | 17943 |
|  Latham Group, Inc.<sup>(a)</sup> | 2486 | 10988 |
|  Malibu Boats, Inc., Class A<sup>(a)</sup> | 1205 | 63744 |
|  MasterCraft Boat Holdings, Inc.<sup>(a)</sup> | 1046 | 22761 |
|  Peloton Interactive, Inc., Class A<sup>(a)(b)</sup> | 18311 | 153812 |
|  Polaris, Inc. | 3311 | 336398 |
|  Smith & Wesson Brands, Inc. | 2672 | 30167 |
|  Solo Brands, Inc., Class A<sup>(a)</sup> | 1230 | 5080 |
|  Sturm Ruger & Co., Inc. | 1039 | 58319 |
|  Topgolf Callaway Brands Corp.<sup>(a)(b)</sup> | 8200 | 153504 |
|  Vista Outdoor, Inc.<sup>(a)(b)</sup> | 3366 | 97749 |
|  YETI Holdings, Inc.<sup>(a)</sup> | 5130 | 164570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1555230 |
| **Life Sciences Tools & Services — 0.8%** |  |  |
|  10X Genomics, Inc., Class A<sup>(a)</sup> | 5628 | 152969 |
|  AbCellera Biologics, Inc.<sup>(a)(b)</sup> | 12394 | 146621 |
|  Adaptive Biotechnologies Corp.<sup>(a)(b)</sup> | 6510 | 50648 |
|  Azenta, Inc. | 4457 | 197891 |
|  BioLife Solutions, Inc.<sup>(a)(b)</sup> | 2000 | 47040 |
|  Bionano Genomics, Inc.<sup>(a)(b)</sup> | 17166 | 40168 |
|  Codexis, Inc.<sup>(a)</sup> | 3868 | 21738 |
|  CryoPort, Inc.<sup>(a)</sup> | 2860 | 79394 |
|  Cytek Biosciences, Inc.<sup>(a)</sup> | 4652 | 72199 |
|  Maravai LifeSciences Holdings, Inc., Class A<sup>(a)</sup> | 6513 | 108116 |
|  Medpace Holdings, Inc.<sup>(a)</sup> | 1490 | 330750 |
|  NanoString Technologies, Inc.<sup>(a)</sup> | 2519 | 26349 |
|  Nautilus Biotechnology, Inc.<sup>(a)(b)</sup> | 2966 | 7326 |
|  NeoGenomics, Inc.<sup>(a)</sup> | 7337 | 55798 |
|  Pacific Biosciences of California, Inc.<sup>(a)</sup> | 12184 | 102833 |
|  Quanterix Corp.<sup>(a)</sup> | 1973 | 21841 |
|  Quantum-Si, Inc.<sup>(a)(b)</sup> | 4919 | 14905 |
|  Science 37 Holdings, Inc.<sup>(a)</sup> | 4153 | 6022 |
|  Seer, Inc.<sup>(a)(b)</sup> | 2171 | 16999 |
|  SomaLogic, Inc.<sup>(a)</sup> | 8892 | 30855 |
|  Sotera Health Co.<sup>(a)</sup> | 5789 | 39828 |
|  |  | 1570290 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Machinery — 3.9%** |  |  |
|  3D Systems Corp.<sup>(a)</sup> | 7657 | $67611 |
|  Alamo Group, Inc. | 618 | 93985 |
|  Albany International Corp., Class A | 1851 | &nbsp;&nbsp;&nbsp;&nbsp;169589 |
|  Allison Transmission Holdings, Inc. | 5690 | 240402 |
|  Altra Industrial Motion Corp. | 3876 | 233103 |
|  Astec Industries, Inc. | 1350 | 58927 |
|  Barnes Group, Inc. | 3026 | 107030 |
|  Berkshire Grey, Inc.<sup>(a)(b)</sup> | 3505 | 4697 |
|  Blue Bird Corp.<sup>(a)(b)</sup> | 1018 | 9335 |
|  Chart Industries, Inc.<sup>(a)(b)</sup> | 2129 | 474512 |
|  CIRCOR International, Inc.<sup>(a)</sup> | 1160 | 23977 |
|  Columbus McKinnon Corp. | 1692 | 48256 |
|  Crane Holdings Co. | 2824 | 283360 |
|  Desktop Metal, Inc., Class A<sup>(a)(b)</sup> | 13671 | 34588 |
|  Donaldson Co., Inc. | 7325 | 420821 |
|  Douglas Dynamics, Inc. | 1367 | 46410 |
|  Energy Recovery, Inc.<sup>(a)(b)</sup> | 3271 | 84163 |
|  Enerpac Tool Group Corp. | 3443 | 87487 |
|  EnPro Industries, Inc. | 1229 | 130888 |
|  ESCO Technologies, Inc. | 1544 | 133046 |
|  Evoqua Water Technologies Corp.<sup>(a)</sup> | 7198 | 282018 |
|  Federal Signal Corp. | 3601 | 167987 |
|  Flowserve Corp. | 7764 | 222672 |
|  Franklin Electric Co., Inc. | 2308 | 189118 |
|  Gates Industrial Corp. PLC<sup>(a)(b)</sup> | 6090 | 67903 |
|  Gorman-Rupp Co. | 1341 | 36395 |
|  Greenbrier Cos., Inc. | 1930 | 68148 |
|  Helios Technologies, Inc. | 1925 | 109128 |
|  Hillenbrand, Inc. | 4133 | 182596 |
|  Hillman Solutions Corp.<sup>(a)(b)</sup> | 7053 | 55084 |
|  Hydrofarm Holdings Group, Inc.<sup>(a)</sup> | 3076 | 7936 |
|  Hyliion Holdings Corp.<sup>(a)</sup> | 7222 | 20583 |
|  Hyster-Yale Materials Handling, Inc. | 592 | 17263 |
|  Hyzon Motors, Inc.<sup>(a)(b)</sup> | 5354 | 10226 |
|  Ideanomics, Inc.<sup>(a)(b)</sup> | 30404 | 9273 |
|  ITT, Inc. | 4890 | 373547 |
|  John Bean Technologies Corp. | 1894 | 172733 |
|  Kadant, Inc. | 696 | 123853 |
|  Kennametal, Inc. | 4817 | 128662 |
|  Lindsay Corp. | 658 | 111399 |
|  Luxfer Holdings PLC | 1586 | 22949 |
|  Manitowoc Co., Inc.<sup>(a)(b)</sup> | 2193 | 20000 |
|  Markforged Holding Corp.<sup>(a)</sup> | 5109 | 11138 |
|  Microvast Holdings, Inc.<sup>(a)(b)</sup> | 11091 | 27173 |
|  Mueller Industries, Inc. | 3367 | 210909 |
|  Mueller Water Products, Inc., Class A | 9380 | 109746 |
|  Nikola Corp.<sup>(a)(b)</sup> | 19116 | 72450 |
|  Omega Flex, Inc. | 176 | 16614 |
|  Oshkosh Corp. | 3870 | 340560 |
|  Proterra, Inc.<sup>(a)</sup> | 11414 | 71223 |
|  Proto Labs, Inc.<sup>(a)</sup> | 1657 | 63281 |
|  RBC Bearings, Inc.<sup>(a)</sup> | 1719 | 435818 |
|  REV Group, Inc. | 1889 | 25955 |
|  Sarcos Technology and Robotics Corp.<sup>(a)(b)</sup> | 4584 | 9260 |
|  Shyft Group, Inc. | 1881 | 43225 |
|  SPX Technologies, Inc.<sup>(a)</sup> | 2688 | 176978 |
|  Standex International Corp. | 717 | 71019 |
|  Tennant Co. | 1100 | 64075 |
|  Terex Corp. | 4045 | 163984 |
|  Timken Co. | 3949 | 281524 |
|  Titan International, Inc.<sup>(a)</sup> | 3045 | 45553 |
|  Trinity Industries, Inc. | 4903 | 139883 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Machinery (continued)** |  |  |
|  Velo3D, Inc.<sup>(a)(b)</sup> | 3671 | $14464 |
|  Wabash National Corp. | 2928 | 63391 |
|  Watts Water Technologies, Inc., Class A | 1620 | 237103 |
|  Xos, Inc.<sup>(a)</sup> | 3045 | 3441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7850427 |
| **Marine — 0.2%** |  |  |
|  Eagle Bulk Shipping, Inc. | 567 | 27431 |
|  Genco Shipping & Trading Ltd. | 2257 | 30244 |
|  Kirby Corp.<sup>(a)</sup> | 3551 | 247682 |
|  Matson, Inc. | 2320 | 170706 |
|  |  | 476063 |
| **Media — 1.0%** |  |  |
|  AdTheorent Holding Co., Inc.<sup>(a)(b)</sup> | 1936 | 4104 |
|  Advantage Solutions, Inc.<sup>(a)(b)</sup> | 5679 | 19195 |
|  Altice U.S.A., Inc., Class A<sup>(a)</sup> | 12730 | 84145 |
|  AMC Networks, Inc., Class A<sup>(a)(b)</sup> | 1653 | 37209 |
|  Boston Omaha Corp., Class A<sup>(a)(b)</sup> | 1133 | 31577 |
|  Cardlytics, Inc.<sup>(a)(b)</sup> | 1873 | 17662 |
|  Clear Channel Outdoor Holdings, Inc.<sup>(a)</sup> | 27795 | 39747 |
|  EW Scripps Co., Class A, NVS<sup>(a)</sup> | 3414 | 48445 |
|  Gannett Co., Inc.<sup>(a)</sup> | 7994 | 11591 |
|  Gray Television, Inc. | 5035 | 71245 |
|  iHeartMedia, Inc., Class A<sup>(a)(b)</sup> | 6148 | 50905 |
|  Integral Ad Science Holding Corp.<sup>(a)</sup> | 2180 | 18356 |
|  John Wiley & Sons, Inc., Class A | 2538 | 107078 |
|  Magnite, Inc.<sup>(a)(b)</sup> | 7043 | 51344 |
|  New York Times Co., Class A | 9792 | 283576 |
|  Nexstar Media Group, Inc. | 2304 | 394675 |
|  PubMatic, Inc., Class A<sup>(a)</sup> | 2495 | 43413 |
|  Scholastic Corp., NVS | 1782 | 67966 |
|  Sinclair Broadcast Group, Inc., Class A | 2560 | 45594 |
|  Stagwell, Inc.<sup>(a)</sup> | 6024 | 45722 |
|  TechTarget, Inc.<sup>(a)</sup> | 1627 | 105023 |
|  TEGNA, Inc. | 13206 | 275741 |
|  Thryv Holdings, Inc.<sup>(a)</sup> | 1807 | 36971 |
|  WideOpenWest, Inc.<sup>(a)</sup> | 3105 | 42570 |
|  |  | 1933854 |
| **Metals & Mining — 1.0%** |  |  |
|  Alpha Metallurgical Resources, Inc. | 929 | 156862 |
|  Arconic Corp.<sup>(a)</sup> | 6025 | 125079 |
|  ATI, Inc.<sup>(a)</sup> | 7688 | 228795 |
|  Carpenter Technology Corp. | 2893 | 108198 |
|  Century Aluminum Co.<sup>(a)</sup> | 2913 | 21003 |
|  Coeur Mining, Inc.<sup>(a)(b)</sup> | 16425 | 62087 |
|  Commercial Metals Co. | 7134 | 324597 |
|  Compass Minerals International, Inc. | 2008 | 79396 |
|  Haynes International, Inc. | 721 | 35264 |
|  Hecla Mining Co. | 33304 | 152199 |
|  Kaiser Aluminum Corp. | 935 | 75539 |
|  Materion Corp. | 1224 | 104909 |
|  MP Materials Corp.<sup>(a)</sup> | 5482 | 164679 |
|  Olympic Steel, Inc. | 563 | 15319 |
|  Piedmont Lithium, Inc.<sup>(a)(b)</sup> | 965 | 60042 |
|  Ramaco Resources, Inc. | 1422 | 16054 |
|  Ryerson Holding Corp. | 1220 | 40931 |
|  Schnitzer Steel Industries, Inc., Class A | 1550 | 41835 |
|  SunCoke Energy, Inc. | 4862 | 35298 |
|  TimkenSteel Corp.<sup>(a)</sup> | 2471 | 43094 |
|  Warrior Met Coal, Inc. | 3044 | 113054 |
|  Worthington Industries, Inc. | 1810 | 86084 |
|  |  | 2090318 |

---

26 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.3%** |
|  AGNC Investment Corp. | 30960 | $254491 |
|  Apollo Commercial Real Estate Finance, Inc. | 7669 | 86353 |
|  Arbor Realty Trust, Inc. | 10213 | 140633 |
|  Ares Commercial Real Estate Corp. | 3351 | 41351 |
|  ARMOUR Residential REIT, Inc. | 6704 | 35665 |
|  Blackstone Mortgage Trust, Inc., Class A | 10095 | 251971 |
|  BrightSpire Capital, Inc. | 5816 | 44667 |
|  Broadmark Realty Capital, Inc. | 7932 | 46164 |
|  Chimera Investment Corp. | 14010 | 94567 |
|  Dynex Capital, Inc. | 2719 | 32465 |
|  Ellington Financial, Inc. | 3436 | 45974 |
|  Franklin BSP Realty Trust, Inc. | 5064 | 71352 |
|  Granite Point Mortgage Trust, Inc. | 3042 | 23910 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 5226 | 142043 |
|  Invesco Mortgage Capital, Inc. | 2039 | 23877 |
|  KKR Real Estate Finance Trust, Inc. | 3456 | 60203 |
|  Ladder Capital Corp. | 6673 | 71201 |
|  MFA Financial, Inc. | 5362 | 53406 |
|  New York Mortgage Trust, Inc. | 22873 | 61528 |
|  Orchid Island Capital, Inc. | 2185 | 22003 |
|  PennyMac Mortgage Investment Trust | 5357 | 74302 |
|  Ready Capital Corp. | 6099 | 73920 |
|  Redwood Trust, Inc. | 6902 | 49211 |
|  Rithm Capital Corp. | 27650 | 233089 |
|  Starwood Property Trust, Inc. | 18339 | 378884 |
|  TPG RE Finance Trust, Inc. | 3670 | 31085 |
|  Two Harbors Investment Corp. | 20828 | 74148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2518463 |
| **Multiline Retail — 0.2%** |  |  |
|  Big Lots, Inc. | 1677 | 31645 |
|  Dillard's, Inc., Class A<sup>(b)</sup> | 208 | 68388 |
|  Franchise Group, Inc. | 1674 | 50806 |
|  Nordstrom, Inc.<sup>(b)</sup> | 6660 | 135465 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 3455 | 193480 |
|  |  | 479784 |
| **Multi-Utilities — 0.3%** |  |  |
|  Avista Corp. | 4204 | 172490 |
|  Black Hills Corp. | 3843 | 251217 |
|  NorthWestern Corp. | 3342 | 176558 |
|  Unitil Corp. | 968 | 51023 |
|  |  | 651288 |
| **Oil, Gas & Consumable Fuels — 4.0%** |  |  |
|  Alto Ingredients, Inc.<sup>(a)</sup> | 4436 | 18321 |
|  Antero Midstream Corp. | 19924 | 212191 |
|  Arch Resources, Inc. | 1105 | 168280 |
|  Archaea Energy, Inc.<sup>(a)</sup> | 4373 | 112867 |
|  Berry Corp. | 3898 | 34575 |
|  Brigham Minerals, Inc., Class A | 3223 | 99913 |
|  California Resources Corp. | 4481 | 202138 |
|  Callon Petroleum Co.<sup>(a)</sup> | 3057 | 134386 |
|  Centrus Energy Corp., Class A<sup>(a)(b)</sup> | 620 | 29332 |
|  Chord Energy Corp. | 2458 | 376295 |
|  Civitas Resources, Inc. | 3080 | 215323 |
|  Clean Energy Fuels Corp.<sup>(a)(b)</sup> | 10386 | 69690 |
|  CNX Resources Corp.<sup>(a)(b)</sup> | 11254 | 189180 |
|  Comstock Resources, Inc.<sup>(a)</sup> | 5450 | 102351 |
|  CONSOL Energy, Inc. | 1946 | 122637 |
|  Crescent Energy Co., Class A | 1889 | 26030 |
|  CVR Energy, Inc. | 1795 | 70113 |
|  Delek U.S. Holdings, Inc. | 4319 | 128102 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  Denbury, Inc.<sup>(a)</sup> | 2944 | $269111 |
|  Dorian LPG Ltd. | 1904 | 34405 |
|  DT Midstream, Inc. | 5745 | 342977 |
|  Earthstone Energy, Inc., Class A<sup>(a)(b)</sup> | 2224 | 35940 |
|  Enviva, Inc. | 1826 | 109268 |
|  Equitrans Midstream Corp. | 25713 | 216503 |
|  Excelerate Energy, Inc., Class A | 1041 | 28752 |
|  Gevo, Inc.<sup>(a)(b)</sup> | 14503 | 32632 |
|  Gran Tierra Energy, Inc.<sup>(a)</sup> | 22066 | 29789 |
|  Green Plains, Inc.<sup>(a)</sup> | 1656 | 47842 |
|  Gulfport Energy Corp.<sup>(a)(b)</sup> | 688 | 61583 |
|  HF Sinclair Corp. | 8640 | 528509 |
|  International Seaways, Inc. | 2415 | 102420 |
|  Kosmos Energy Ltd.<sup>(a)</sup> | 27111 | 175950 |
|  Laredo Petroleum, Inc.<sup>(a)</sup> | 1005 | 64973 |
|  Magnolia Oil & Gas Corp., Class A | 9969 | 256004 |
|  Matador Resources Co. | 6639 | 441162 |
|  Murphy Oil Corp. | 8642 | 419223 |
|  NextDecade Corp.<sup>(a)</sup> | 2528 | 17696 |
|  Northern Oil and Gas, Inc. | 4090 | 139633 |
|  Par Pacific Holdings, Inc.<sup>(a)</sup> | 3492 | 79897 |
|  PBF Energy, Inc., Class A<sup>(a)</sup> | 6357 | 281297 |
|  PDC Energy, Inc. | 5722 | 412785 |
|  Peabody Energy Corp.<sup>(a)(b)</sup> | 6936 | 165770 |
|  Permian Resources Corp.<sup>(a)</sup> | 12118 | 118393 |
|  Range Resources Corp. | 14710 | 418941 |
|  Ranger Oil Corp., Class A | 1171 | 47894 |
|  REX American Resources Corp.<sup>(a)</sup> | 1112 | 33349 |
|  Riley Exploration Permian, Inc. | 276 | 8023 |
|  Ring Energy, Inc.<sup>(a)(b)</sup> | 4732 | 15095 |
|  SandRidge Energy, Inc.<sup>(a)</sup> | 1942 | 36684 |
|  SilverBow Resources, Inc.<sup>(a)(b)</sup> | 792 | 28092 |
|  SM Energy Co. | 7276 | 327275 |
|  Talos Energy, Inc.<sup>(a)</sup> | 3931 | 83652 |
|  Tellurian, Inc.<sup>(a)</sup> | 30780 | 83106 |
|  Uranium Energy Corp.<sup>(a)(b)</sup> | 20149 | 84827 |
|  VAALCO Energy, Inc. | 6209 | 31976 |
|  Vertex Energy, Inc.<sup>(a)(b)</sup> | 3608 | 30776 |
|  W&T Offshore, Inc.<sup>(a)</sup> | 5672 | 43051 |
|  World Fuel Services Corp. | 3733 | 95154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8092133 |
| **Paper & Forest Products — 0.2%** |  |  |
|  Clearwater Paper Corp.<sup>(a)</sup> | 977 | 43457 |
|  Glatfelter Corp. | 2750 | 7783 |
|  Louisiana-Pacific Corp. | 4375 | 247844 |
|  Mercer International, Inc. | 2401 | 32221 |
|  Resolute Forest Products, Inc.<sup>(a)</sup> | 2719 | 56582 |
|  Sylvamo Corp. | 1948 | 93835 |
|  |  | 481722 |
| **Personal Products — 0.6%** |  |  |
|  Beauty Health Co.<sup>(a)(b)</sup> | 6209 | 70969 |
|  BellRing Brands, Inc.<sup>(a)</sup> | 8026 | 194390 |
|  Coty, Inc., Class A<sup>(a)</sup> | 21468 | 144050 |
|  Edgewell Personal Care Co. | 3060 | 119921 |
|  elf Beauty, Inc.<sup>(a)</sup> | 2936 | 127011 |
|  Herbalife Nutrition Ltd.<sup>(a)(b)</sup> | 5792 | 123138 |
|  Honest Co., Inc.<sup>(a)</sup> | 3334 | 11036 |
|  Inter Parfums, Inc. | 1054 | 85248 |
|  Medifast, Inc. | 649 | 75927 |
|  Nu Skin Enterprises, Inc., Class A | 3013 | 115066 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Personal Products (continued)** |  |  |
|  USANA Health Sciences, Inc.<sup>(a)</sup> | 658 | $34552 |
|  Veru, Inc.<sup>(a)(b)</sup> | 3077 | 37662 |
|  |  | 1138970 |
| **Pharmaceuticals — 1.3%** |  |  |
|  Aclaris Therapeutics, Inc.<sup>(a)</sup> | 3037 | 47408 |
|  Amneal Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 5691 | 12520 |
|  Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 2293 | 70854 |
|  Amylyx Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 2309 | 82362 |
|  ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 715 | 27592 |
|  Arvinas, Inc.<sup>(a)(b)</sup> | 2884 | 143364 |
|  Atea Pharmaceuticals, Inc.<sup>(a)</sup> | 4432 | 26592 |
|  Athira Pharma, Inc.<sup>(a)</sup> | 1911 | 6325 |
|  Axsome Therapeutics, Inc.<sup>(a)(b)</sup> | 1910 | 86236 |
|  Cara Therapeutics, Inc.<sup>(a)</sup> | 2639 | 24807 |
|  Cassava Sciences, Inc.<sup>(a)(b)</sup> | 2236 | 81480 |
|  CinCor Pharma, Inc.<sup>(a)</sup> | 1125 | 37845 |
|  Collegium Pharmaceutical, Inc.<sup>(a)(b)</sup> | 1984 | 35593 |
|  Corcept Therapeutics, Inc.<sup>(a)(b)</sup> | 5672 | 162219 |
|  DICE Therapeutics, Inc.<sup>(a)</sup> | 1948 | 69173 |
|  Edgewise Therapeutics, Inc.<sup>(a)</sup> | 1565 | 14883 |
|  Evolus, Inc.<sup>(a)(b)</sup> | 2246 | 19226 |
|  EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | 1469 | 7933 |
|  Fulcrum Therapeutics, Inc.<sup>(a)(b)</sup> | 2005 | 11148 |
|  Harmony Biosciences Holdings, Inc.<sup>(a)(b)</sup> | 1777 | 92404 |
|  Innoviva, Inc.<sup>(a)</sup> | 3696 | 50118 |
|  Intra-Cellular Therapies, Inc.<sup>(a)</sup> | 5201 | 237530 |
|  Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 948 | 83092 |
|  Nektar Therapeutics<sup>(a)</sup> | 11336 | 42623 |
|  NGM Biopharmaceuticals, Inc.<sup>(a)</sup> | 2166 | 11566 |
|  Pacira BioSciences, Inc.<sup>(a)</sup> | 2707 | 140114 |
|  Perrigo Co. PLC | 7964 | 320790 |
|  Phathom Pharmaceuticals, Inc.<sup>(a)</sup> | 1230 | 13038 |
|  Phibro Animal Health Corp., Class A | 1184 | 17393 |
|  Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 2962 | 161370 |
|  Reata Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 1677 | 53999 |
|  Relmada Therapeutics, Inc.<sup>(a)</sup> | 1502 | 9598 |
|  Revance Therapeutics, Inc.<sup>(a)</sup> | 4826 | 107668 |
|  SIGA Technologies, Inc. | 2343 | 21532 |
|  Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 3194 | 109458 |
|  Theravance Biopharma, Inc.<sup>(a)</sup> | 3369 | 33589 |
|  Tilray Brands, Inc.<sup>(a)(b)</sup> | 34652 | 141034 |
|  Tricida, Inc.<sup>(a)(b)</sup> | 1619 | 538 |
|  Ventyx Biosciences, Inc.<sup>(a)</sup> | 1279 | 41401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2656415 |
| **Professional Services — 2.0%** |  |  |
|  Alight, Inc., Class A<sup>(a)(b)</sup> | 16100 | 133469 |
|  ASGN, Inc.<sup>(a)</sup> | 2972 | 251966 |
|  Atlas Technical Consultants, Inc.<sup>(a)(b)</sup> | 1815 | 13758 |
|  Barrett Business Services, Inc. | 437 | 38115 |
|  CACI International, Inc., Class A<sup>(a)</sup> | 1392 | 423210 |
|  CBIZ, Inc.<sup>(a)</sup> | 3035 | 150657 |
|  CRA International, Inc. | 422 | 43356 |
|  Exponent, Inc. | 3027 | 288352 |
|  First Advantage Corp.<sup>(a)</sup> | 3522 | 49484 |
|  Forrester Research, Inc.<sup>(a)</sup> | 658 | 27847 |
|  Franklin Covey Co.<sup>(a)</sup> | 715 | 36179 |
|  FTI Consulting, Inc.<sup>(a)(b)</sup> | 2043 | 317952 |
|  Heidrick & Struggles International, Inc. | 1148 | 32328 |
|  HireRight Holdings Corp.<sup>(a)</sup> | 1125 | 15142 |
|  Huron Consulting Group, Inc.<sup>(a)</sup> | 1231 | 90639 |
|  ICF International, Inc. | 1012 | 121066 |
|  Insperity, Inc. | 2120 | 250202 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Professional Services (continued)** |  |  |  |
|  KBR, Inc. | 8224 | $| 409308 |
|  Kelly Services, Inc., Class A, NVS | 2052 |  | 33530 |
|  Kforce, Inc. | 1170 |  | 74026 |
|  Korn Ferry | 3226 |  | 179333 |
|  Legalzoom.com, Inc.<sup>(a)</sup> | 5699 |  | 52716 |
|  ManpowerGroup, Inc. | 3070 |  | 240504 |
|  Planet Labs PBC<sup>(a)(b)</sup> | 11228 |  | 58947 |
|  Resources Connection, Inc. | 1913 |  | 34951 |
|  Science Applications International Corp. | 3295 |  | 356980 |
|  Sterling Check Corp.<sup>(a)</sup> | 1338 |  | 26131 |
|  TriNet Group, Inc.<sup>(a)(b)</sup> | 2185 |  | 141981 |
|  TrueBlue, Inc.<sup>(a)</sup> | 1902 |  | 37393 |
|  Upwork, Inc.<sup>(a)</sup> | 7131 |  | 95912 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4025434 |
| **Real Estate Management & Development — 0.5%** |  |  |  |
|  Anywhere Real Estate, Inc.<sup>(a)</sup> | 6758 |  | 50212 |
|  Cushman & Wakefield PLC<sup>(a)</sup> | 9638 |  | 111319 |
|  DigitalBridge Group, Inc. | 8826 |  | 112973 |
|  Doma Holdings, Inc.<sup>(a)</sup> | 7092 |  | 3848 |
|  Douglas Elliman, Inc. | 3989 |  | 18429 |
|  eXp World Holdings, Inc. | 4285 |  | 56605 |
|  Forestar Group, Inc.<sup>(a)</sup> | 1112 |  | 12877 |
|  Howard Hughes Corp.<sup>(a)</sup> | 2137 |  | 131105 |
|  Kennedy-Wilson Holdings, Inc. | 7008 |  | 116403 |
|  Marcus & Millichap, Inc. | 1515 |  | 55812 |
|  Newmark Group, Inc., Class A | 7630 |  | 62490 |
|  Offerpad Solutions, Inc.<sup>(a)(b)</sup> | 4353 |  | 4242 |
|  Opendoor Technologies, Inc.<sup>(a)</sup> | 29537 |  | 76501 |
|  RE/MAX Holdings, Inc., Class A | 1109 |  | 21581 |
|  Redfin Corp.<sup>(a)</sup> | 6504 |  | 31284 |
|  RMR Group, Inc., Class A | 848 |  | 23210 |
|  Seritage Growth Properties, Class A<sup>(a)</sup> | 2117 |  | 22715 |
|  St. Joe Co. | 2047 |  | 72730 |
|  WeWork, Inc., Class A<sup>(a)(b)</sup> | 13752 |  | 35343 |
|  |  |  | 1019679 |
| **Road & Rail — 0.9%** |  |  |  |
|  ArcBest Corp. | 1473 |  | 117000 |
|  Bird Global, Inc., Class A<sup>(a)(b)</sup> | 8121 |  | 3526 |
|  Daseke, Inc.<sup>(a)(b)</sup> | 3654 |  | 21778 |
|  Heartland Express, Inc. | 2782 |  | 41396 |
|  Landstar System, Inc. | 2162 |  | 337748 |
|  Marten Transport Ltd. | 3429 |  | 64362 |
|  PAM Transportation Services, Inc.<sup>(a)</sup> | 407 |  | 11335 |
|  Ryder System, Inc. | 3035 |  | 244348 |
|  Saia, Inc.<sup>(a)(b)</sup> | 1568 |  | 311812 |
|  Schneider National, Inc., Class B | 2169 |  | 48239 |
|  TuSimple Holdings, Inc., Class A<sup>(a)(b)</sup> | 8031 |  | 27546 |
|  Werner Enterprises, Inc. | 3508 |  | 137514 |
|  XPO Logistics, Inc.<sup>(a)</sup> | 6804 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352039 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1718643 |
| **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** |
|  ACM Research, Inc., Class A<sup>(a)</sup> | 2423 |  | 15507 |
|  Allegro MicroSystems, Inc.<sup>(a)</sup> | 3867 |  | 98260 |
|  Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 1338 |  | 43820 |
|  Ambarella, Inc.<sup>(a)</sup> | 2167 |  | 118600 |
|  Amkor Technology, Inc. | 6001 |  | 124761 |
|  Axcelis Technologies, Inc.<sup>(a)</sup> | 1950 |  | 113100 |
|  CEVA, Inc.<sup>(a)</sup> | 1367 |  | 37811 |
|  Cirrus Logic, Inc.<sup>(a)</sup> | 3321 |  | 222906 |
|  Cohu, Inc.<sup>(a)</sup> | 2883 |  | 94908 |
|  Credo Technology Group Holding Ltd.<sup>(a)(b)</sup> | 5305 |  | 72891 |

---

28 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Diodes, Inc.<sup>(a)</sup> | 2702 | $&nbsp;&nbsp;&nbsp;&nbsp;193652 |
|  FormFactor, Inc.<sup>(a)</sup> | 4543 | 91814 |
|  Ichor Holdings Ltd.<sup>(a)</sup> | 1690 | 42994 |
|  Impinj, Inc.<sup>(a)(b)</sup> | 1256 | 143975 |
|  indie Semiconductor, Inc., Class A<sup>(a)</sup> | 3882 | 30357 |
|  Kulicke & Soffa Industries, Inc. | 3464 | 145280 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 3040 | 175925 |
|  Magnachip Semiconductor Corp.<sup>(a)</sup> | 2541 | 25283 |
|  MaxLinear, Inc.<sup>(a)</sup> | 4298 | 132722 |
|  MKS Instruments, Inc. | 3384 | 277996 |
|  Navitas Semiconductor Corp.<sup>(a)(b)</sup> | 4632 | 19501 |
|  Onto Innovation, Inc.<sup>(a)</sup> | 2951 | 197245 |
|  PDF Solutions, Inc.<sup>(a)</sup> | 1750 | 41265 |
|  Photronics, Inc.<sup>(a)</sup> | 3644 | 59106 |
|  Power Integrations, Inc.<sup>(b)</sup> | 3393 | 226347 |
|  Rambus, Inc.<sup>(a)</sup> | 6529 | 196915 |
|  Rigetti Computing, Inc.<sup>(a)(b)</sup> | 4200 | 8820 |
|  Rockley Photonics Holdings Ltd.<sup>(a)</sup> | 3784 | 1930 |
|  Semtech Corp.<sup>(a)</sup> | 3739 | 103533 |
|  Silicon Laboratories, Inc.<sup>(a)(b)</sup> | 2028 | 233058 |
|  SiTime Corp.<sup>(a)</sup> | 950 | 85320 |
|  SMART Global Holdings, Inc.<sup>(a)</sup> | 2987 | 40414 |
|  Synaptics, Inc.<sup>(a)</sup> | 2354 | 208564 |
|  Ultra Clean Holdings, Inc.<sup>(a)(b)</sup> | 2677 | 83281 |
|  Universal Display Corp. | 2575 | 245191 |
|  Veeco Instruments, Inc.<sup>(a)</sup> | 3056 | 55711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4008763 |
| **Software — 5.2%** |  |  |
|  8x8, Inc.<sup>(a)</sup> | 6902 | 29196 |
|  A10 Networks, Inc. | 3950 | 66360 |
|  ACI Worldwide, Inc.<sup>(a)</sup> | 6779 | 164933 |
|  Adeia, Inc. | 6139 | 68634 |
|  Agilysys, Inc.<sup>(a)</sup> | 1165 | 74758 |
|  Alarm.com Holdings, Inc.<sup>(a)</sup> | 2959 | 174108 |
|  Altair Engineering, Inc., Class A<sup>(a)</sup> | 3112 | 152644 |
|  Alteryx, Inc., Class A<sup>(a)(b)</sup> | 3613 | 176062 |
|  American Software, Inc., Class A | 2187 | 37463 |
|  Amplitude, Inc., Class A<sup>(a)(b)</sup> | 3043 | 51122 |
|  Appfolio, Inc., Class A<sup>(a)(b)</sup> | 1100 | 137907 |
|  Appian Corp., Class A<sup>(a)(b)</sup> | 2448 | 119511 |
|  Arteris, Inc.<sup>(a)</sup> | 931 | 5158 |
|  Asana, Inc., Class A<sup>(a)(b)</sup> | 4442 | 91505 |
|  Avaya Holdings Corp.<sup>(a)</sup> | 5060 | 7995 |
|  AvePoint, Inc.<sup>(a)(b)</sup> | 5305 | 23183 |
|  Blackbaud, Inc.<sup>(a)</sup> | 2630 | 143861 |
|  Blackline, Inc.<sup>(a)(b)</sup> | 3223 | 180488 |
|  Blend Labs, Inc., Class A<sup>(a)(b)</sup> | 9532 | 23925 |
|  Box, Inc., Class A<sup>(a)</sup> | 8566 | 248842 |
|  Braze, Inc., Class A<sup>(a)(b)</sup> | 1789 | 52972 |
|  BTRS Holdings, Inc., Class A<sup>(a)</sup> | 5111 | 48248 |
|  C3.ai, Inc., Class A<sup>(a)(b)</sup> | 4863 | 63754 |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 6309 | 58863 |
|  Cerence, Inc.<sup>(a)</sup> | 2326 | 40007 |
|  ChannelAdvisor Corp.<sup>(a)</sup> | 1691 | 38961 |
|  Cipher Mining, Inc.<sup>(a)(b)</sup> | 2554 | 2580 |
|  Clear Secure, Inc., Class A<sup>(a)(b)</sup> | 4208 | 113700 |
|  Clearwater Analytics Holdings, Inc., Class A<sup>(a)(b)</sup> | 3008 | 49000 |
|  CommVault Systems, Inc.<sup>(a)</sup> | 2662 | 162089 |
|  Confluent, Inc., Class A<sup>(a)(b)</sup> | 8382 | 225308 |
|  Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 1050 | 58947 |
|  Couchbase, Inc.<sup>(a)</sup> | 1441 | 18445 |
|  Coupa Software, Inc.<sup>(a)</sup> | 4479 | 238417 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Software (continued)** |  |  |
|  CS Disco, Inc.<sup>(a)(b)</sup> | 1010 | $10827 |
|  Cvent Holding Corp.<sup>(a)</sup> | 3876 | 22675 |
|  Dave, Inc.<sup>(a)</sup> | 9748 | 3064 |
|  Digimarc Corp.<sup>(a)(b)</sup> | 822 | 13432 |
|  Digital Turbine, Inc.<sup>(a)</sup> | 5310 | 77526 |
|  Dolby Laboratories, Inc., Class A | 3645 | 243632 |
|  Domo, Inc., Class B<sup>(a)</sup> | 1809 | 31965 |
|  DoubleVerify Holdings, Inc.<sup>(a)(b)</sup> | 3824 | 111776 |
|  Dropbox, Inc., Class A<sup>(a)</sup> | 16328 | 355134 |
|  Duck Creek Technologies, Inc.<sup>(a)</sup> | 4456 | 53205 |
|  E2open Parent Holdings, Inc.<sup>(a)</sup> | 10183 | 59367 |
|  Ebix, Inc. | 1374 | 27192 |
|  Embark Technology, Inc.<sup>(a)(b)</sup> | 824 | 4977 |
|  Enfusion, Inc., Class A<sup>(a)</sup> | 773 | 10953 |
|  Envestnet, Inc.<sup>(a)</sup> | 2878 | 141914 |
|  Everbridge, Inc.<sup>(a)</sup> | 2338 | 73250 |
|  EverCommerce, Inc.<sup>(a)</sup> | 1710 | 14894 |
|  Expensify, Inc., Class A<sup>(a)(b)</sup> | 2606 | 34113 |
|  Freshworks, Inc., Class A<sup>(a)(b)</sup> | 8686 | 118043 |
|  Gitlab, Inc., Class A<sup>(a)(b)</sup> | 3193 | 154733 |
|  HashiCorp, Inc., Class A<sup>(a)</sup> | 2322 | 71355 |
|  Informatica, Inc., Class A<sup>(a)(b)</sup> | 2229 | 43153 |
|  Intapp, Inc.<sup>(a)</sup> | 882 | 19810 |
|  InterDigital, Inc. | 1754 | 87472 |
|  Jamf Holding Corp.<sup>(a)(b)</sup> | 2639 | 62465 |
|  JFrog Ltd.<sup>(a)(b)</sup> | 3513 | 89230 |
|  KnowBe4, Inc., Class A<sup>(a)</sup> | 4762 | 117050 |
|  Latch, Inc.<sup>(a)</sup> | 5967 | 7996 |
|  LivePerson, Inc.<sup>(a)</sup> | 3956 | 41815 |
|  LiveRamp Holdings, Inc.<sup>(a)</sup> | 3956 | 72632 |
|  Marathon Digital Holdings, Inc.<sup>(a)(b)</sup> | 6576 | 86211 |
|  Matterport, Inc.<sup>(a)(b)</sup> | 13211 | 46106 |
|  MeridianLink, Inc.<sup>(a)</sup> | 1163 | 20934 |
|  MicroStrategy, Inc., Class A<sup>(a)(b)</sup> | 551 | 147398 |
|  Mitek Systems, Inc.<sup>(a)</sup> | 2582 | 29202 |
|  Model N, Inc.<sup>(a)</sup> | 1956 | 74328 |
|  Momentive Global, Inc.<sup>(a)</sup> | 7472 | 57983 |
|  N-able, Inc.<sup>(a)(b)</sup> | 3942 | 42692 |
|  nCino, Inc.<sup>(a)(b)</sup> | 4523 | 142384 |
|  NCR Corp.<sup>(a)</sup> | 8089 | 171972 |
|  New Relic, Inc.<sup>(a)</sup> | 3398 | 201298 |
|  NextNav, Inc.<sup>(a)(b)</sup> | 1097 | 3763 |
|  Nutanix, Inc., Class A<sup>(a)</sup> | 13276 | 363762 |
|  Olo, Inc., Class A<sup>(a)(b)</sup> | 6020 | 53036 |
|  ON24, Inc.<sup>(a)</sup> | 2508 | 20415 |
|  OneSpan, Inc.<sup>(a)</sup> | 2196 | 24134 |
|  PagerDuty, Inc.<sup>(a)(b)</sup> | 4779 | &nbsp;&nbsp;&nbsp;&nbsp;119188 |
|  Paycor HCM, Inc.<sup>(a)(b)</sup> | 2779 | 84676 |
|  Pegasystems, Inc. | 2452 | 91239 |
|  PowerSchool Holdings, Inc., Class A<sup>(a)</sup> | 1869 | 37380 |
|  Progress Software Corp. | 2579 | 131606 |
|  PROS Holdings, Inc.<sup>(a)</sup> | 2422 | 60429 |
|  Q2 Holdings, Inc.<sup>(a)</sup> | 3436 | 106653 |
|  Qualtrics International, Inc., Class A<sup>(a)</sup> | 6289 | 75279 |
|  Qualys, Inc.<sup>(a)</sup> | 2074 | 295670 |
|  Rapid7, Inc.<sup>(a)(b)</sup> | 3460 | 156634 |
|  Rimini Street, Inc.<sup>(a)</sup> | 2903 | 16286 |
|  Riot Blockchain, Inc.<sup>(a)(b)</sup> | 7966 | 54886 |
|  Samsara, Inc., Class A<sup>(a)(b)</sup> | 4803 | 59125 |
|  SentinelOne, Inc., Class A<sup>(a)(b)</sup> | 11817 | 269900 |
|  Smartsheet, Inc., Class A<sup>(a)</sup> | 7670 | 267836 |
|  SolarWinds Corp.<sup>(a)</sup> | 2711 | 25294 |

---

S C H E D U L E S O F I N V E S T M E N T S 29

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Software (continued)** |  |  |
|  Sprinklr, Inc., Class A<sup>(a)</sup> | 3475 | $32144 |
|  Sprout Social, Inc., Class A<sup>(a)</sup> | 2774 | 167355 |
|  SPS Commerce, Inc.<sup>(a)</sup> | 2141 | 270879 |
|  Sumo Logic, Inc.<sup>(a)</sup> | 6196 | 47771 |
|  Telos Corp.<sup>(a)</sup> | 3260 | 34556 |
|  Tenable Holdings, Inc.<sup>(a)</sup> | 6627 | 269321 |
|  Teradata Corp.<sup>(a)</sup> | 6099 | 192667 |
|  Terawulf, Inc.<sup>(a)</sup> | 1310 | 1493 |
|  Upland Software, Inc.<sup>(a)(b)</sup> | 1741 | 13998 |
|  Varonis Systems, Inc.<sup>(a)</sup> | 6543 | 175156 |
|  Verint Systems, Inc.<sup>(a)</sup> | 3811 | 135024 |
|  Veritone, Inc.<sup>(a)(b)</sup> | 1915 | 14190 |
|  Vertex, Inc., Class A<sup>(a)(b)</sup> | 2044 | 36833 |
|  WM Technology, Inc.<sup>(a)(b)</sup> | 4922 | 10090 |
|  Workiva, Inc.<sup>(a)</sup> | 2707 | 210632 |
|  Yext, Inc.<sup>(a)</sup> | 6270 | 33356 |
|  Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 7255 | 60507 |
|  Zuora, Inc., Class A<sup>(a)</sup> | 7286 | 56029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10424296 |
| **Specialty Retail — 2.1%** |  |  |
|  Aaron's Co., Inc. | 1833 | 19100 |
|  Abercrombie & Fitch Co., Class A<sup>(a)(b)</sup> | 2967 | 52160 |
|  Academy Sports & Outdoors, Inc.<sup>(b)</sup> | 5045 | 222131 |
|  American Eagle Outfitters, Inc. | 9418 | 106988 |
|  America's Car-Mart, Inc.<sup>(a)</sup> | 350 | 23926 |
|  Arhaus, Inc.<sup>(a)(b)</sup> | 1231 | 10254 |
|  Arko Corp. | 4306 | 44136 |
|  Asbury Automotive Group, Inc.<sup>(a)</sup> | 1313 | 207126 |
|  Bed Bath & Beyond, Inc.<sup>(a)(b)</sup> | 4114 | 18801 |
|  Boot Barn Holdings, Inc.<sup>(a)</sup> | 1779 | 101047 |
|  Buckle, Inc. | 1747 | 68709 |
|  Caleres, Inc. | 2169 | 59279 |
|  Camping World Holdings, Inc., Class A<sup>(b)</sup> | 2328 | 64788 |
|  Carvana Co.<sup>(a)(b)</sup> | 5974 | 80828 |
|  Chico's FAS, Inc.<sup>(a)(b)</sup> | 7574 | 44535 |
|  Children's Place, Inc.<sup>(a)</sup> | 807 | 32667 |
|  Conn's, Inc.<sup>(a)</sup> | 875 | 7184 |
|  Container Store Group, Inc.<sup>(a)</sup> | 2102 | 11414 |
|  Designer Brands, Inc., Class A | 3341 | 50883 |
|  Dick's Sporting Goods, Inc.<sup>(b)</sup> | 3381 | 384623 |
|  EVgo, Inc.<sup>(a)(b)</sup> | 4194 | 31078 |
|  Foot Locker, Inc. | 4774 | 151336 |
|  Gap, Inc. | 12617 | 142194 |
|  Genesco, Inc.<sup>(a)(b)</sup> | 765 | 35986 |
|  Group 1 Automotive, Inc. | 941 | 162793 |
|  Guess?, Inc. | 1996 | 33892 |
|  Haverty Furniture Cos., Inc. | 836 | 22221 |
|  Hibbett, Inc. | 758 | 47314 |
|  JOANN, Inc. | 771 | 4079 |
|  Leslie's, Inc.<sup>(a)</sup> | 8777 | 123229 |
|  LL Flooring Holdings, Inc.<sup>(a)</sup> | 1809 | 15051 |
|  MarineMax, Inc.<sup>(a)</sup> | 1270 | 41034 |
|  Monro, Inc. | 1902 | 90820 |
|  Murphy U.S.A., Inc. | 1277 | 401629 |
|  National Vision Holdings, Inc.<sup>(a)(b)</sup> | 4688 | 173643 |
|  ODP Corp.<sup>(a)</sup> | 2563 | 101418 |
|  OneWater Marine, Inc., Class A<sup>(a)</sup> | 634 | 20922 |
|  Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 4659 | 49059 |
|  Rent-A-Center, Inc. | 3133 | 65323 |
|  Sally Beauty Holdings, Inc.<sup>(a)</sup> | 6289 | 79933 |
|  Shoe Carnival, Inc. | 1010 | 24220 |
|  Signet Jewelers Ltd. | 2770 | 180715 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Specialty Retail (continued)** |  |  |  |
|  Sleep Number Corp.<sup>(a)(b)</sup> | 1317 | $| 36534 |
|  Sonic Automotive, Inc., Class A | 1089 |  | 50911 |
|  Sportsman's Warehouse Holdings, Inc.<sup>(a)</sup> | 2548 |  | 22881 |
|  Torrid Holdings, Inc.<sup>(a)</sup> | 606 |  | 2988 |
|  TravelCenters of America, Inc.<sup>(a)</sup> | 747 |  | 47494 |
|  Urban Outfitters, Inc.<sup>(a)</sup> | 3610 |  | 86135 |
|  Victoria's Secret & Co.<sup>(a)</sup> | 4933 |  | 185481 |
|  Warby Parker, Inc., Class A<sup>(a)</sup> | 3658 |  | 58711 |
|  Winmark Corp. | 163 |  | 41017 |
|  Zumiez, Inc.<sup>(a)</sup> | 960 |  | 21533 |
|  |  |  | 4162153 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
|  Avid Technology, Inc.<sup>(a)</sup> | 2009 |  | 55227 |
|  Corsair Gaming, Inc.<sup>(a)</sup> | 2338 |  | 32264 |
|  Eastman Kodak Co.<sup>(a)(b)</sup> | 4391 |  | 23492 |
|  IonQ, Inc.<sup>(a)(b)</sup> | 8875 |  | 52274 |
|  Super Micro Computer, Inc.<sup>(a)</sup> | 2692 |  | 187336 |
|  Xerox Holdings Corp. | 6701 |  | 98036 |
|  |  |  | 448629 |
| **Textiles, Apparel & Luxury Goods — 1.1%** |  |  |  |
|  Allbirds, Inc., Class A<sup>(a)</sup> | 5484 |  | 18865 |
|  Carter's, Inc. | 2316 |  | 157187 |
|  Columbia Sportswear Co. | 2089 |  | 155630 |
|  Crocs, Inc.<sup>(a)</sup> | 3644 |  | 257813 |
|  Fossil Group, Inc.<sup>(a)</sup> | 2931 |  | 12457 |
|  G-III Apparel Group Ltd.<sup>(a)</sup> | 2555 |  | 49822 |
|  Hanesbrands, Inc. | 20722 |  | 141324 |
|  Kontoor Brands, Inc. | 2946 |  | 105172 |
|  Levi Strauss & Co., Class A | 5833 |  | 87262 |
|  Movado Group, Inc. | 954 |  | 31549 |
|  Oxford Industries, Inc. | 888 |  | 90336 |
|  PLBY Group, Inc.<sup>(a)(b)</sup> | 1959 |  | 7092 |
|  PVH Corp. | 3980 |  | 204254 |
|  Ralph Lauren Corp. | 2542 |  | 235618 |
|  Skechers U.S.A., Inc., Class A<sup>(a)</sup> | 7972 |  | 274476 |
|  Steven Madden Ltd. | 4438 |  | 132563 |
|  Under Armour, Inc., Class A<sup>(a)</sup> | 11276 |  | 84006 |
|  Under Armour, Inc., Class C, NVS<sup>(a)</sup> | 11805 |  | 77441 |
|  Wolverine World Wide, Inc. | 4648 |  | 79620 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2202487 |
| **Thrifts & Mortgage Finance — 1.2%** |  |  |  |
|  Axos Financial, Inc.<sup>(a)</sup> | 3153 |  | 122841 |
|  Capitol Federal Financial, Inc. | 7999 |  | 65432 |
|  Columbia Financial, Inc.<sup>(a)(b)</sup> | 2033 |  | 41758 |
|  Essent Group Ltd. | 6413 |  | 253827 |
|  Federal Agricultural Mortgage Corp., Class C, NVS | 560 |  | 64512 |
|  Hingham Institution For Savings | 97 |  | 23983 |
|  Kearny Financial Corp. | 4752 |  | 48185 |
|  Merchants Bancorp | 1552 |  | 37171 |
|  MGIC Investment Corp. | 18057 |  | 246478 |
|  Mr Cooper Group, Inc.<sup>(a)</sup> | 4252 |  | 167912 |
|  New York Community Bancorp, Inc. | 27607 |  | 257021 |
|  NMI Holdings, Inc., Class A<sup>(a)</sup> | 5071 |  | 111207 |
|  Northfield Bancorp, Inc. | 2868 |  | 46003 |
|  PennyMac Financial Services, Inc. | 1876 |  | 100028 |
|  Provident Financial Services, Inc. | 4581 |  | 102706 |
|  Radian Group, Inc. | 9636 |  | 201103 |
|  Rocket Cos., Inc., Class A<sup>(b)</sup> | 6807 |  | 46968 |
|  Southern Missouri Bancorp, Inc. | 497 |  | 25471 |
|  TFS Financial Corp. | 3085 |  | 43344 |
|  TrustCo Bank Corp. | 786 |  | 29334 |

---

30 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Thrifts & Mortgage Finance (continued)** |  |  |
|  UWM Holdings Corp.<sup>(b)</sup> | 5344 | $17528 |
|  Walker & Dunlop, Inc. | 1819 | 163637 |
|  Waterstone Financial, Inc. | 1455 | 24706 |
|  WSFS Financial Corp. | 3344 | 155697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396852 |
| **Tobacco — 0.1%** |  |  |
|  Turning Point Brands, Inc. | 907 | 21369 |
|  Universal Corp. | 1464 | 74093 |
|  Vector Group Ltd. | 7772 | 82539 |
|  |  | 178001 |
| **Trading Companies & Distributors — 1.8%** |  |  |
|  Air Lease Corp., Class A | 6124 | 216116 |
|  Applied Industrial Technologies, Inc. | 2277 | 283213 |
|  Beacon Roofing Supply, Inc.<sup>(a)</sup> | 3013 | 169782 |
|  BlueLinx Holdings, Inc.<sup>(a)</sup> | 541 | 38119 |
|  Boise Cascade Co. | 2324 | 155173 |
|  Core & Main, Inc., Class A<sup>(a)(b)</sup> | 4301 | 101417 |
|  Custom Truck One Source, Inc.<sup>(a)</sup> | 3587 | 24858 |
|  DXP Enterprises, Inc.<sup>(a)</sup> | 928 | 26550 |
|  GATX Corp.<sup>(b)</sup> | 2090 | 218844 |
|  Global Industrial Co. | 984 | 31232 |
|  GMS, Inc.<sup>(a)</sup> | 2519 | 118897 |
|  H&E Equipment Services, Inc. | 1989 | 75105 |
|  Herc Holdings, Inc. | 1506 | 177121 |
|  McGrath RentCorp. | 1453 | 136655 |
|  MRC Global, Inc.<sup>(a)</sup> | 4900 | 49147 |
|  MSC Industrial Direct Co., Inc., Class A | 2803 | 232593 |
|  NOW, Inc.<sup>(a)</sup> | 6612 | 84171 |
|  Rush Enterprises, Inc., Class A | 2551 | 127269 |
|  SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 2668 | 309141 |
|  Titan Machinery, Inc.<sup>(a)(b)</sup> | 1203 | 41359 |
|  Transcat, Inc.<sup>(a)</sup> | 414 | 34263 |
|  Triton International Ltd. | 3675 | 223036 |
|  Univar Solutions, Inc.<sup>(a)</sup> | 9858 | 251182 |
|  Veritiv Corp.<sup>(a)</sup> | 824 | 95798 |
|  WESCO International, Inc.<sup>(a)</sup> | 2645 | 364402 |
|  |  | 3585443 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Water Utilities — 0.3%** |  |  |
|  American States Water Co. | 2192 | $198288 |
|  California Water Service Group | 3223 | 200019 |
|  Middlesex Water Co. | 1050 | 93944 |
|  SJW Group | 1578 | 111533 |
|  York Water Co. | 866 | 37723 |
|  |  | 641507 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  Gogo, Inc.<sup>(a)</sup> | 3859 | 54875 |
|  Shenandoah Telecommunications Co. | 2967 | 67232 |
|  Telephone and Data Systems, Inc. | 5975 | 101575 |
|  United States Cellular Corp.<sup>(a)</sup> | 839 | 26152 |
|  |  | 249834 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $227,365,850)** | **Total Long-Term Investments — 99.8%<br>(Cost: $227,365,850)** | 200241876 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 11.9%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(d)(e)(f)</sup> | 23611450 | 23606728 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(d)(e)</sup> | 251290 | 251290 |
|  **Total Short-Term Securities — 11.9%<br>(Cost: $23,857,963)** | **Total Short-Term Securities — 11.9%<br>(Cost: $23,857,963)** | 23858018 |
|  **Total Investments — 111.7%<br>(Cost: $251,223,813)** | **Total Investments — 111.7%<br>(Cost: $251,223,813)** | 224099894 |
|  **Liabilities in Excess of Other Assets — (11.7)%** | **Liabilities in Excess of Other Assets — (11.7)%** | (23486011) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $200613883 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $22100871 | $1510509 <sup>(a)</sup> | $— | $(4475) | $(177) | $23606728 | 23611450 | $195920 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 250000 | 1290 <sup>(a)</sup> |  |  |  | 251290 | 251290 | 3259 |  |
|  |  |  |  | $(4475) | $(177) | $23858018 |  | $199179 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

S C H E D U L E S O F I N V E S T M E N T S 31

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF** |

---

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Russel 2000 E-Mini Index | 1 | 12/16/22 | $93 | $4593 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Mid 400 E-Mini Index | 1 | 12/16/22 | 244 | 16850 |
|  |  |  |  | $21443 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $21443 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;21443 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(45835) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(45835) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $33462 | $— | $— | $— | $33462 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $466878 |

---

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

32 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Small-Cap ETF** |

---

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $200241876 | $— | $— | $200241876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 23858018 |  |  | 23858018 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224099894 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224099894 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $21443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $21443 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

S C H E D U L E S O F I N V E S T M E N T S 33

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| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |  |
|  Axon Enterprise, Inc.<sup>(a)(b)</sup> | 1387 | $201725 |
|  Boeing Co.<sup>(a)</sup> | 11407 | 1625612 |
|  General Dynamics Corp. | 4617 | 1153327 |
|  HEICO Corp. | 817 | 132877 |
|  HEICO Corp., Class A | 1423 | 181148 |
|  Howmet Aerospace, Inc. | 7525 | 267514 |
|  Huntington Ingalls Industries, Inc. | 833 | 214139 |
|  L3Harris Technologies, Inc. | 3933 | 969366 |
|  Lockheed Martin Corp. | 4822 | 2346771 |
|  Northrop Grumman Corp. | 2972 | 1631658 |
|  Raytheon Technologies Corp. | 30252 | 2868495 |
|  Textron, Inc. | 4318 | 295524 |
|  TransDigm Group, Inc. | 1056 | 608002 |
|  |  | 12496158 |
| **Air Freight & Logistics — 0.6%** |  |  |
|  CH Robinson Worldwide, Inc. | 2546 | 248795 |
|  Expeditors International of Washington, Inc. | 3333 | 326134 |
|  FedEx Corp. | 4910 | 786975 |
|  GXO Logistics, Inc.<sup>(a)(b)</sup> | 2436 | 89012 |
|  United Parcel Service, Inc., Class B | 14999 | 2516382 |
|  |  | 3967298 |
| **Airlines — 0.2%** |  |  |
|  American Airlines Group, Inc.<sup>(a)(b)</sup> | 13538 | 191969 |
|  Delta Air Lines, Inc.<sup>(a)</sup> | 13186 | 447401 |
|  Southwest Airlines Co.<sup>(a)</sup> | 12163 | 442125 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 6703 | 288765 |
|  |  | 1370260 |
| **Auto Components — 0.1%** |  |  |
|  Aptiv PLC<sup>(a)</sup> | 5560 | 506349 |
|  BorgWarner, Inc. | 4925 | 184835 |
|  Gentex Corp. | 4729 | 125271 |
|  Lear Corp. | 1216 | 168672 |
|  |  | 985127 |
| **Automobiles — 2.1%** |  |  |
|  Ford Motor Co. | 81017 | 1083197 |
|  General Motors Co. | 29940 | 1175145 |
|  Lucid Group, Inc.<sup>(a)(b)</sup> | 12020 | 171766 |
|  Rivian Automotive, Inc., Class A<sup>(a)</sup> | 11194 | 391454 |
|  Tesla, Inc.<sup>(a)</sup> | 54551 | 12412535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15234097 |
| **Banks — 3.8%** |  |  |
|  Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143179 | 5160171 |
|  Citigroup, Inc. | 39574 | 1814864 |
|  Citizens Financial Group, Inc. | 10187 | 416648 |
|  Comerica, Inc. | 2716 | 191478 |
|  Commerce Bancshares, Inc.<sup>(b)</sup> | 2280 | 161515 |
|  Cullen/Frost Bankers, Inc. | 1316 | 204046 |
|  East West Bancorp, Inc. | 2862 | 204833 |
|  Fifth Third Bancorp | 13990 | 499303 |
|  First Citizens BancShares, Inc., Class A | 272 | 223617 |
|  First Horizon Corp. | 11106 | 272208 |
|  First Republic Bank | 3751 | 450495 |
|  Huntington Bancshares, Inc. | 29709 | 450983 |
|  JPMorgan Chase & Co. | 60063 | 7560730 |
|  KeyCorp | 19180 | 342747 |
|  M&T Bank Corp. | 3608 | 607479 |
|  PNC Financial Services Group, Inc. | 8377 | 1355650 |
|  Regions Financial Corp. | 19026 | 417621 |
|  Signature Bank | 1268 | 201016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Banks (continued)** |  |  |
|  SVB Financial Group<sup>(a)</sup> | 1204 | $278076 |
|  Truist Financial Corp. | 27106 | 1214078 |
|  U.S. Bancorp | 27731 | 1177181 |
|  Webster Financial Corp. | 3636 | 197289 |
|  Wells Fargo & Co. | 77687 | 3572825 |
|  Western Alliance Bancorp | 2186 | 146834 |
|  Zions Bancorp N.A | 3041 | 157949 |
|  |  | 27279636 |
| **Beverages — 1.8%** |  |  |
|  Brown-Forman Corp., Class A | 1156 | 79498 |
|  Brown-Forman Corp., Class B, NVS | 3775 | 256700 |
|  Coca-Cola Co. | 79717 | 4771062 |
|  Constellation Brands, Inc., Class A | 3273 | 808693 |
|  Keurig Dr Pepper, Inc. | 17445 | 677564 |
|  Molson Coors Beverage Co., Class B | 3879 | 195618 |
|  Monster Beverage Corp.<sup>(a)(b)</sup> | 7900 | 740388 |
|  PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28266 | 5132540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12662063 |
| **Biotechnology — 2.5%** |  |  |
|  AbbVie, Inc. | 36213 | 5301583 |
|  Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 2453 | 508409 |
|  Amgen, Inc. | 10960 | 2963036 |
|  Biogen, Inc.<sup>(a)</sup> | 2961 | 839266 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 3813 | 330320 |
|  Exact Sciences Corp.<sup>(a)</sup> | 3649 | 126912 |
|  Gilead Sciences, Inc. | 25687 | 2015402 |
|  Horizon Therapeutics PLC<sup>(a)</sup> | 4691 | 292343 |
|  Incyte Corp.<sup>(a)</sup> | 3741 | 278106 |
|  Moderna, Inc.<sup>(a)</sup> | 6902 | 1037578 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup> | 1935 | 222757 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 2191 | 1640511 |
|  Seagen, Inc.<sup>(a)</sup> | 2805 | 356684 |
|  United Therapeutics Corp.<sup>(a)</sup> | 948 | 218543 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 5246 | 1636752 |
|  |  | 17768202 |
| **Building Products — 0.6%** |  |  |
|  A O Smith Corp. | 2566 | 140565 |
|  Advanced Drainage Systems, Inc. | 1317 | 152614 |
|  Allegion PLC | 1794 | 187957 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 3204 | 197559 |
|  Carlisle Cos., Inc. | 1049 | 250501 |
|  Carrier Global Corp. | 17146 | 681725 |
|  Fortune Brands Home & Security, Inc. | 2629 | 158581 |
|  Johnson Controls International PLC | 14147 | 818263 |
|  Lennox International, Inc. | 674 | 157426 |
|  Masco Corp. | 4632 | 214323 |
|  Owens Corning | 2014 | 172419 |
|  Trane Technologies PLC | 4732 | 755369 |
|  Trex Co., Inc.<sup>(a)</sup> | 2296 | 110415 |
|  |  | 3997717 |
| **Capital Markets — 3.2%** |  |  |
|  Ameriprise Financial, Inc. | 2222 | 686865 |
|  Ares Management Corp., Class A | 3177 | 240912 |
|  Bank of New York Mellon Corp. | 14985 | 631018 |
|  BlackRock, Inc.<sup>(c)</sup> | 3083 | 1991340 |
|  Blackstone, Inc., NVS | 14350 | 1307859 |
|  Carlyle Group, Inc. | 4455 | 125987 |
|  Charles Schwab Corp. | 31302 | 2493830 |
|  CME Group, Inc., Class A | 7372 | 1277568 |
|  Coinbase Global, Inc., Class A<sup>(a)(b)</sup> | 3232 | 214120 |
|  FactSet Research Systems, Inc. | 777 | 330606 |

---

34 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Capital Markets (continued)** |  |  |
|  Franklin Resources, Inc. | 5904 | $138449 |
|  Goldman Sachs Group, Inc. | 6998 | 2410881 |
|  Intercontinental Exchange, Inc. | 11459 | 1095137 |
|  Invesco Ltd. | 9338 | 143058 |
|  Jefferies Financial Group, Inc. | 3812 | 131171 |
|  KKR & Co., Inc. | 11829 | 575244 |
|  LPL Financial Holdings, Inc. | 1621 | 414409 |
|  MarketAxess Holdings, Inc. | 781 | 190595 |
|  Moody's Corp. | 3242 | 858709 |
|  Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;27455 | 2255977 |
|  Morningstar, Inc.<sup>(b)</sup> | 514 | 119340 |
|  MSCI, Inc., Class A | 1645 | 771275 |
|  Nasdaq, Inc. | 6959 | 433128 |
|  Northern Trust Corp. | 4282 | 361187 |
|  Raymond James Financial, Inc. | 4007 | 473387 |
|  S&P Global, Inc. | 6984 | 2243610 |
|  SEI Investments Co. | 2169 | 117777 |
|  State Street Corp. | 7507 | 555518 |
|  T Rowe Price Group, Inc. | 4647 | 493325 |
|  Tradeweb Markets, Inc., Class A | 2226 | 122608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23204890 |
| **Chemicals — 1.7%** |  |  |
|  Air Products and Chemicals, Inc. | 4550 | 1139320 |
|  Albemarle Corp. | 2389 | 668610 |
|  Celanese Corp. | 2044 | 196469 |
|  CF Industries Holdings, Inc. | 4093 | 434922 |
|  Corteva, Inc. | 14686 | 959583 |
|  Dow, Inc. | 14745 | 689181 |
|  DuPont de Nemours, Inc. | 10201 | 583497 |
|  Eastman Chemical Co. | 2524 | 193869 |
|  Ecolab, Inc. | 5077 | 797445 |
|  FMC Corp. | 2604 | 309616 |
|  International Flavors & Fragrances, Inc. | 5199 | 507475 |
|  Linde PLC | 10208 | 3035349 |
|  LyondellBasell Industries NV, Class A | 5227 | 399604 |
|  Mosaic Co. | 7091 | 381141 |
|  Olin Corp. | 2734 | 144765 |
|  PPG Industries, Inc. | 4791 | 547036 |
|  RPM International, Inc. | 2663 | 251840 |
|  Sherwin-Williams Co. | 4842 | 1089595 |
|  Westlake Corp. | 694 | 67075 |
|  |  | 12396392 |
| **Commercial Services & Supplies — 0.5%** |  |  |
|  Cintas Corp. | 1756 | 750778 |
|  Copart, Inc.<sup>(a)(b)</sup> | 4398 | 505858 |
|  Republic Services, Inc. | 4194 | 556208 |
|  Rollins, Inc. | 4750 | 199880 |
|  Tetra Tech, Inc. | 1090 | 153995 |
|  Waste Management, Inc. | 7682 | 1216599 |
|  |  | 3383318 |
| **Communications Equipment — 0.8%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup> | 5060 | 611552 |
|  Ciena Corp.<sup>(a)</sup> | 3008 | 144083 |
|  Cisco Systems, Inc. | 84813 | 3853055 |
|  F5, Inc.<sup>(a)</sup> | 1216 | 173778 |
|  Juniper Networks, Inc. | 6672 | 204163 |
|  Motorola Solutions, Inc. | 3428 | 856006 |
|  |  | 5842637 |
| **Construction & Engineering — 0.1%** |  |  |
|  AECOM | 2909 | 218990 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Construction & Engineering (continued)** |  |  |
|  Quanta Services, Inc. | 2929 | $416035 |
|  WillScot Mobile Mini Holdings Corp.<sup>(a)</sup> | 4368 | 185771 |
|  |  | 820796 |
| **Construction Materials — 0.1%** |  |  |
|  Martin Marietta Materials, Inc. | 1275 | 428375 |
|  Vulcan Materials Co. | 2723 | 445755 |
|  |  | 874130 |
| **Consumer Finance — 0.5%** |  |  |
|  Ally Financial, Inc. | 6338 | 174675 |
|  American Express Co. | 12258 | 1819700 |
|  Capital One Financial Corp. | 7883 | 835755 |
|  Credit Acceptance Corp.<sup>(a)(b)</sup> | 127 | 59134 |
|  Discover Financial Services | 5608 | 585812 |
|  Synchrony Financial | 9891 | 351724 |
|  |  | 3826800 |
| **Containers & Packaging — 0.3%** |  |  |
|  Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;30470 | 352843 |
|  AptarGroup, Inc. | 1337 | 132564 |
|  Avery Dennison Corp. | 1645 | 278910 |
|  Ball Corp. | 6415 | 316837 |
|  Berry Global Group, Inc.<sup>(a)(b)</sup> | 2566 | 121423 |
|  Crown Holdings, Inc. | 2477 | 169897 |
|  International Paper Co. | 7353 | 247134 |
|  Packaging Corp. of America | 1942 | 233448 |
|  Sealed Air Corp. | 2912 | 138669 |
|  Westrock Co. | 5262 | 179224 |
|  |  | 2170949 |
| **Distributors — 0.2%** |  |  |
|  Genuine Parts Co. | 2906 | 516861 |
|  LKQ Corp. | 5303 | 295059 |
|  Pool Corp. | 807 | 245514 |
|  |  | 1057434 |
| **Diversified Consumer Services — 0.0%** |  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 1234 | 80605 |
|  Service Corp. International | 3237 | 196194 |
|  |  | 276799 |
| **Diversified Financial Services — 1.6%** |  |  |
|  Apollo Global Management, Inc. | 8911 | 493313 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 36966 | 10908297 |
|  Equitable Holdings, Inc. | 7224 | 221199 |
|  Voya Financial, Inc. | 2023 | 138292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11761101 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |  |
|  AT&T Inc. | 146062 | 2662710 |
|  Lumen Technologies, Inc. | 19256 | 141724 |
|  Verizon Communications, Inc. | 86016 | 3214418 |
|  |  | 6018852 |
| **Electric Utilities — 1.8%** |  |  |
|  Alliant Energy Corp. | 5106 | 266380 |
|  American Electric Power Co., Inc. | 10554 | 927908 |
|  Avangrid, Inc. | 1417 | 57644 |
|  Constellation Energy Corp. | 6703 | 633702 |
|  Duke Energy Corp. | 15783 | 1470660 |
|  Edison International | 7804 | 468552 |
|  Entergy Corp. | 4151 | 444738 |
|  Evergy, Inc. | 4672 | 285599 |
|  Eversource Energy | 7130 | 543876 |
|  Exelon Corp. | 20382 | 786541 |
|  FirstEnergy Corp. | 11148 | 420391 |

---

S C H E D U L E S O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Electric Utilities (continued)** |  |  |  |
|  NextEra Energy, Inc. | 40242 | $| 3118755 |
|  NRG Energy, Inc. | 4838 |  | 214807 |
|  OGE Energy Corp. | 4084 |  | 149597 |
|  PG&E Corp.<sup>(a)(b)</sup> | 33063 |  | 493631 |
|  Pinnacle West Capital Corp. | 2299 |  | 154516 |
|  PPL Corp. | 15133 |  | 400873 |
|  Southern Co. | 21769 |  | 1425434 |
|  Xcel Energy, Inc. | 11249 |  | 732422 |
|  |  |  | 12996026 |
| **Electrical Equipment — 0.6%** |  |  |  |
|  AMETEK, Inc. | 4681 |  | 606938 |
|  Eaton Corp. PLC | 8139 |  | 1221420 |
|  Emerson Electric Co. | 12113 |  | 1048986 |
|  Generac Holdings, Inc.<sup>(a)</sup> | 1300 |  | 150683 |
|  Hubbell, Inc. | 1087 |  | 258141 |
|  Plug Power, Inc.<sup>(a)(b)</sup> | 10506 |  | 167886 |
|  Regal Rexnord Corp. | 1367 |  | 172980 |
|  Rockwell Automation, Inc. | 2376 |  | 606593 |
|  Sensata Technologies Holding PLC | 3238 |  | 130200 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4363827 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
|  Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;12204 |  | 925429 |
|  Arrow Electronics, Inc.<sup>(a)</sup> | 1286 |  | 130220 |
|  CDW Corp. | 2782 |  | 480757 |
|  Cognex Corp. | 3526 |  | 163007 |
|  Corning, Inc. | 15506 |  | 498828 |
|  Flex Ltd.<sup>(a)</sup> | 9316 |  | 182407 |
|  Jabil, Inc. | 2812 |  | 180671 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 3676 |  | 640175 |
|  TD SYNNEX Corp. | 844 |  | 77235 |
|  TE Connectivity Ltd. | 6569 |  | 802929 |
|  Teledyne Technologies, Inc.<sup>(a)</sup> | 963 |  | 383255 |
|  Trimble, Inc.<sup>(a)</sup> | 5037 |  | 303026 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup> | 1067 |  | 302196 |
|  |  |  | 5070135 |
| **Energy Equipment & Services — 0.4%** |  |  |  |
|  Baker Hughes Co. | 20776 |  | 574664 |
|  Halliburton Co. | 18635 |  | 678687 |
|  Schlumberger Ltd. | 28998 |  | 1508766 |
|  |  |  | 2762117 |
| **Entertainment — 1.4%** |  |  |  |
|  Activision Blizzard, Inc. | 14527 |  | 1057566 |
|  AMC Entertainment Holdings, Inc., Class A<sup>(a)(b)</sup> | 10365 |  | 69031 |
|  Electronic Arts, Inc. | 5425 |  | 683333 |
|  Liberty Media Corp. - Liberty Formula One, Class A<sup>(a)</sup> . | 527 |  | 27415 |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(a)</sup> | 4265 |  | 246218 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup> | 2916 |  | 232143 |
|  Netflix, Inc.<sup>(a)</sup> | 9114 |  | 2660194 |
|  Playtika Holding Corp.<sup>(a)</sup> | 2064 |  | 19505 |
|  Roku, Inc.<sup>(a)(b)</sup> | 2457 |  | 136462 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 3176 |  | 376292 |
|  Walt Disney Co.<sup>(a)</sup> | 37339 |  | 3978097 |
|  Warner Bros Discovery, Inc.<sup>(a)</sup> | 44963 |  | 584519 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10070775 |
| **Equity Real Estate Investment Trusts (REITs) — 2.8%** | **Equity Real Estate Investment Trusts (REITs) — 2.8%** | **Equity Real Estate Investment Trusts (REITs) — 2.8%** | **Equity Real Estate Investment Trusts (REITs) — 2.8%** |
|  Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | 3031 |  | 440404 |
|  American Homes 4 Rent, Class A | 6212 |  | 198411 |
|  American Tower Corp. | 9515 |  | 1971413 |
|  Americold Realty Trust, Inc. | 5485 |  | 133011 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
|  Apartment Income REIT Corp. | 3160 | $121439 |
|  AvalonBay Communities, Inc. | 2867 | 502069 |
|  Boston Properties, Inc. | 2937 | 213520 |
|  Brixmor Property Group, Inc. | 6105 | 130097 |
|  Camden Property Trust | 2173 | 251090 |
|  Crown Castle, Inc. | 8873 | 1182416 |
|  CubeSmart | 4679 | 195910 |
|  Digital Realty Trust, Inc. | 5901 | 591575 |
|  EastGroup Properties, Inc. | 898 | 140708 |
|  Equinix, Inc. | 1867 | 1057543 |
|  Equity LifeStyle Properties, Inc. | 3586 | 229360 |
|  Equity Residential | 6950 | 437989 |
|  Essex Property Trust, Inc. | 1328 | 295135 |
|  Extra Space Storage, Inc. | 2758 | 489379 |
|  Federal Realty Investment Trust | 1516 | 150054 |
|  Gaming and Leisure Properties, Inc. | 5249 | 263080 |
|  Healthpeak Properties, Inc. | 11110 | 263640 |
|  Host Hotels & Resorts, Inc. | 14475 | 273288 |
|  Invitation Homes, Inc. | 11907 | 377333 |
|  Iron Mountain, Inc. | 5908 | 295813 |
|  Kilroy Realty Corp. | 2144 | 91635 |
|  Kimco Realty Corp. | 12549 | 268298 |
|  Lamar Advertising Co., Class A | 1756 | 161956 |
|  Life Storage, Inc. | 1724 | 190692 |
|  Medical Properties Trust, Inc. | 12384 | 141797 |
|  Mid-America Apartment Communities, Inc. | 2383 | 375203 |
|  National Retail Properties, Inc. | 3559 | 149585 |
|  Prologis, Inc. | 18918 | 2095168 |
|  Public Storage | 3244 | 1004829 |
|  Realty Income Corp. | 12681 | 789646 |
|  Regency Centers Corp. | 3091 | 187036 |
|  Rexford Industrial Realty, Inc. | 3513 | 194199 |
|  SBA Communications Corp., Class A | 2213 | 597289 |
|  Simon Property Group, Inc. | 6713 | 731583 |
|  STORE Capital Corp. | 5442 | 173056 |
|  Sun Communities, Inc. | 2535 | 341845 |
|  UDR, Inc. | 6220 | 247307 |
|  Ventas, Inc. | 8096 | 316796 |
|  VICI Properties, Inc. | 19637 | 628777 |
|  Vornado Realty Trust | 3220 | 75960 |
|  Welltower, Inc. | 9517 | 580918 |
|  Weyerhaeuser Co. | 15173 | 469301 |
|  WP Carey, Inc.<sup>(b)</sup> | 4261 | 325114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20342667 |
| **Food & Staples Retailing — 1.6%** |  |  |
|  Albertsons Cos., Inc., Class A | 3278 | 67232 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2753 | 213082 |
|  Costco Wholesale Corp. | 9073 | 4550109 |
|  Kroger Co. | 13375 | 632504 |
|  Performance Food Group Co.<sup>(a)</sup> | 3158 | 164342 |
|  Sysco Corp. | 10394 | 899705 |
|  U.S. Foods Holding Corp.<sup>(a)</sup> | 4193 | 124784 |
|  Walgreens Boots Alliance, Inc. | 14715 | 537097 |
|  Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29194 | 4155182 |
|  |  | 11344037 |
| **Food Products — 1.2%** |  |  |
|  Archer-Daniels-Midland Co. | 11456 | 1111003 |
|  Bunge Ltd. | 3098 | 305773 |
|  Campbell Soup Co. | 4172 | 220740 |
|  Conagra Brands, Inc. | 9916 | 363917 |
|  Darling Ingredients, Inc.<sup>(a)</sup> | 3272 | 256787 |
|  General Mills, Inc. | 12146 | 990871 |

---

36 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Food Products (continued)** |  |  |
|  Hershey Co. | 3019 | $720847 |
|  Hormel Foods Corp. | 5943 | 276052 |
|  JM Smucker Co. | 2188 | 329644 |
|  Kellogg Co. | 5226 | 401461 |
|  Kraft Heinz Co. | 16354 | 629138 |
|  Lamb Weston Holdings, Inc. | 2974 | 256418 |
|  McCormick & Co., Inc., NVS | 5119 | 402558 |
|  Mondelez International, Inc., Class A | 28006 | 1721809 |
|  Tyson Foods, Inc., Class A | 5954 | 406956 |
|  |  | 8393974 |
| **Gas Utilities — 0.1%** |  |  |
|  Atmos Energy Corp. | 2836 | 302176 |
|  UGI Corp. | 4279 | 151177 |
|  |  | 453353 |
| **Health Care Equipment & Supplies — 2.6%** |  |  |
|  Abbott Laboratories | 35868 | 3548780 |
|  ABIOMED, Inc.<sup>(a)(b)</sup> | 946 | 238468 |
|  Align Technology, Inc.<sup>(a)</sup> | 1486 | 288730 |
|  Baxter International, Inc. | 10276 | 558501 |
|  Becton Dickinson and Co. | 5839 | 1377829 |
|  Boston Scientific Corp.<sup>(a)</sup> | 29332 | 1264502 |
|  Cooper Cos., Inc. | 1014 | 277217 |
|  Dentsply Sirona, Inc. | 4372 | 134745 |
|  Dexcom, Inc.<sup>(a)</sup> | 8070 | 974695 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 12655 | 916602 |
|  Hologic, Inc.<sup>(a)</sup> | 5110 | 346458 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 1714 | 616491 |
|  Insulet Corp.<sup>(a)</sup> | 1429 | 369839 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 7297 | 1798491 |
|  Medtronic PLC | 27233 | 2378530 |
|  Novocure Ltd.<sup>(a)(b)</sup> | 1857 | 131216 |
|  ResMed, Inc. | 2984 | 667491 |
|  STERIS PLC | 2057 | 354997 |
|  Stryker Corp. | 6897 | 1581068 |
|  Teleflex, Inc. | 946 | 202974 |
|  Zimmer Biomet Holdings, Inc. | 4279 | 485025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18512649 |
| **Health Care Providers & Services — 3.5%** |  |  |
|  agilon health, Inc.<sup>(a)(b)</sup> | 4050 | 80393 |
|  AmerisourceBergen Corp. | 3191 | 501689 |
|  Cardinal Health, Inc. | 5560 | 422004 |
|  Centene Corp.<sup>(a)</sup> | 11741 | 999511 |
|  Chemed Corp. | 302 | 140995 |
|  Cigna Corp. | 6236 | 2014602 |
|  CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26903 | 2547714 |
|  DaVita, Inc.<sup>(a)(b)</sup> | 1145 | 83596 |
|  Elevance Health, Inc. | 4920 | 2690108 |
|  HCA Healthcare, Inc. | 4420 | 961217 |
|  Henry Schein, Inc.<sup>(a)</sup> | 2837 | 194221 |
|  Humana, Inc. | 2591 | 1445985 |
|  Laboratory Corp. of America Holdings | 1847 | 409775 |
|  McKesson Corp. | 2950 | 1148642 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 1182 | 424173 |
|  Quest Diagnostics, Inc. | 2410 | 346197 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 2198 | 97503 |
|  UnitedHealth Group, Inc. | 19158 | 10635564 |
|  Universal Health Services, Inc., Class B | 1370 | 158742 |
|  |  | 25302631 |
| **Health Care Technology — 0.1%** |  |  |
|  Veeva Systems, Inc., Class A<sup>(a)</sup> | 2891 | 485515 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Hotels, Restaurants & Leisure — 2.1%** |  |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup> | 8199 | $| 876555 |
|  Aramark | 5229 |  | 190858 |
|  Booking Holdings, Inc.<sup>(a)</sup> | 814 |  | 1521757 |
|  Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 4316 |  | 188739 |
|  Carnival Corp.<sup>(a)(b)</sup> | 19900 |  | 180294 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 568 |  | 851051 |
|  Choice Hotels International, Inc. | 597 |  | 77514 |
|  Churchill Downs, Inc. | 691 |  | 143666 |
|  Darden Restaurants, Inc. | 2506 |  | 358709 |
|  Domino's Pizza, Inc. | 740 |  | 245858 |
|  Expedia Group, Inc.<sup>(a)</sup> | 3114 |  | 291066 |
|  Hilton Worldwide Holdings, Inc. | 5632 |  | 761784 |
|  Las Vegas Sands Corp.<sup>(a)</sup> | 6747 |  | 256453 |
|  Marriott International, Inc., Class A | 5665 |  | 907023 |
|  McDonald's Corp. | 15069 |  | 4108714 |
|  MGM Resorts International | 6699 |  | 238283 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 8450 |  | 142721 |
|  Royal Caribbean Cruises Ltd.<sup>(a)</sup> | 4509 |  | 240690 |
|  Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23523 |  | 2036857 |
|  Vail Resorts, Inc | 809 |  | 177276 |
|  Wyndham Hotels & Resorts, Inc. | 1878 |  | 142597 |
|  Wynn Resorts Ltd.<sup>(a)(b)</sup> | 2161 |  | 138088 |
|  Yum! Brands, Inc. | 5854 |  | 692235 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14768788 |
| **Household Durables — 0.3%** |  |  |  |
|  DR Horton, Inc. | 6449 |  | 495799 |
|  Garmin Ltd. | 3160 |  | 278207 |
|  Lennar Corp., Class A | 5203 |  | 419882 |
|  Lennar Corp., Class B | 323 |  | 21066 |
|  Mohawk Industries, Inc.<sup>(a)</sup> | 1049 |  | 99393 |
|  Newell Brands, Inc. | 7752 |  | 107055 |
|  NVR, Inc.<sup>(a)</sup> | 65 |  | 275454 |
|  PulteGroup, Inc. | 4668 |  | 186673 |
|  Whirlpool Corp. | 1097 |  | 151649 |
|  |  |  | 2035178 |
| **Household Products — 1.3%** |  |  |  |
|  Church & Dwight Co., Inc. | 4974 |  | 368723 |
|  Clorox Co. | 2531 |  | 369627 |
|  Colgate-Palmolive Co. | 17045 |  | 1258603 |
|  Kimberly-Clark Corp. | 6877 |  | 855911 |
|  Procter & Gamble Co. | 48942 |  | 6591019 |
|  |  |  | 9443883 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  AES Corp. | 13767 |  | 360145 |
|  Vistra Corp. | 8035 |  | 184564 |
|  |  |  | 544709 |
| **Industrial Conglomerates — 0.8%** |  |  |  |
|  3M Co. | 11313 |  | 1423062 |
|  General Electric Co. | 22407 |  | 1743489 |
|  Honeywell International, Inc. | 13805 |  | 2816496 |
|  |  |  | 5983047 |
| **Insurance — 2.4%** |  |  |  |
|  Aflac, Inc. | 11807 |  | 768754 |
|  Allstate Corp. | 5525 |  | 697531 |
|  American Financial Group, Inc. | 1436 |  | 208378 |
|  American International Group, Inc. | 15480 |  | 882360 |
|  Aon PLC, Class A | 4310 |  | 1213222 |
|  Arch Capital Group Ltd.<sup>(a)</sup> | 7580 |  | 435850 |
|  Arthur J. Gallagher & Co. | 4322 |  | 808560 |
|  Assurant, Inc. | 1064 |  | 144555 |

---

S C H E D U L E S O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Insurance (continued)** |  |  |
|  Brown & Brown, Inc. | 4782 | $281134 |
|  Chubb Ltd. | 8533 | 1833656 |
|  Cincinnati Financial Corp. | 3270 | 337856 |
|  CNA Financial Corp. | 554 | 23102 |
|  Erie Indemnity Co., Class A, NVS | 508 | 130561 |
|  Everest Re Group Ltd. | 800 | 258128 |
|  Fidelity National Financial, Inc. | 5698 | 224387 |
|  Globe Life, Inc. | 1834 | 211864 |
|  Hartford Financial Services Group, Inc. | 6605 | 478268 |
|  Lincoln National Corp. | 3180 | 171307 |
|  Loews Corp. | 4108 | 234238 |
|  Markel Corp.<sup>(a)</sup> | 278 | 335296 |
|  Marsh & McLennan Cos., Inc. | 10196 | 1646552 |
|  MetLife, Inc. | 13749 | 1006564 |
|  Old Republic International Corp. | 5745 | 133341 |
|  Principal Financial Group, Inc. | 4701 | 414299 |
|  Progressive Corp. | 11989 | 1539388 |
|  Prudential Financial, Inc. | 7603 | 799759 |
|  Reinsurance Group of America, Inc. | 1349 | 198532 |
|  Travelers Cos., Inc. | 4873 | 898874 |
| W. R. Berkley Corp. | 4192 | 311801 |
|  Willis Towers Watson PLC | 2242 | 489227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17117344 |
| **Interactive Media & Services — 3.8%** |  |  |
|  Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;122807 | 11606490 |
|  Alphabet, Inc., Class C, NVS<sup>(a)</sup> | 109818 | 10395372 |
|  IAC, Inc.<sup>(a)</sup> | 1668 | 81198 |
|  Match Group, Inc.<sup>(a)</sup> | 5820 | 251424 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup> | 46712 | 4351690 |
|  Pinterest, Inc., Class A<sup>(a)</sup> | 11867 | 291928 |
|  Snap, Inc., Class A, NVS<sup>(a)</sup> | 21196 | 210052 |
|  ZoomInfo Technologies, Inc.<sup>(a)</sup> | 5548 | 247053 |
|  |  | 27435207 |
| **Internet & Direct Marketing Retail — 2.8%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 181531 | 18596036 |
|  DoorDash, Inc., Class A<sup>(a)(b)</sup> | 5365 | 233539 |
|  eBay, Inc. | 11224 | 447164 |
|  Etsy, Inc.<sup>(a)</sup> | 2565 | 240879 |
|  MercadoLibre, Inc.<sup>(a)(b)</sup> | 947 | 853834 |
|  |  | 20371452 |
| **IT Services — 4.7%** |  |  |
|  Accenture PLC, Class A | 12956 | 3678208 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 3289 | 290517 |
|  Automatic Data Processing, Inc. | 8493 | 2052758 |
|  Block, Inc.<sup>(a)(b)</sup> | 10875 | 653261 |
|  Broadridge Financial Solutions, Inc. | 2389 | 358493 |
|  Cloudflare, Inc., Class A<sup>(a)(b)</sup> | 5792 | 326205 |
|  Cognizant Technology Solutions Corp., Class A | 10660 | 663585 |
|  Concentrix Corp. | 889 | 108662 |
|  DXC Technology Co.<sup>(a)</sup> | 4645 | 133544 |
|  EPAM Systems, Inc.<sup>(a)</sup> | 1171 | 409850 |
|  Fidelity National Information Services, Inc. | 12424 | 1031068 |
|  Fiserv, Inc.<sup>(a)</sup> | 13063 | 1342093 |
|  FleetCor Technologies, Inc.<sup>(a)</sup> | 1539 | 286439 |
|  Gartner, Inc.<sup>(a)</sup> | 1624 | 490318 |
|  Genpact Ltd. | 3422 | 165967 |
|  Global Payments, Inc. | 5692 | 650368 |
|  GoDaddy, Inc., Class A<sup>(a)</sup> | 3210 | 258084 |
|  International Business Machines Corp. | 18514 | 2560301 |
|  Jack Henry & Associates, Inc. | 1489 | 296400 |
|  Mastercard, Inc., Class A | 17475 | 5734946 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **IT Services (continued)** |  |  |
|  MongoDB, Inc.<sup>(a)</sup> | 1387 | $253863 |
|  Okta, Inc.<sup>(a)</sup> | 3104 | 174197 |
|  Paychex, Inc | 6555 | 775522 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 23710 | 1981682 |
|  Snowflake, Inc., Class A<sup>(a)(b)</sup> | 5814 | 931984 |
|  SS&C Technologies Holdings, Inc. | 4486 | 230670 |
|  Twilio, Inc., Class A<sup>(a)</sup> | 3514 | 261336 |
|  VeriSign, Inc.<sup>(a)</sup> | 1917 | 384282 |
|  Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;33488 | 6937374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33421977 |
| **Leisure Products — 0.0%** |  |  |
|  Hasbro, Inc. | 2614 | 170564 |
|  Mattel, Inc.<sup>(a)</sup> | 7065 | 133952 |
|  |  | 304516 |
| **Life Sciences Tools & Services — 1.8%** |  |  |
|  Agilent Technologies, Inc. | 6129 | 847947 |
|  Avantor, Inc.<sup>(a)</sup> | 13843 | 279213 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 436 | 153346 |
|  Bio-Techne Corp. | 799 | 236712 |
|  Bruker Corp.<sup>(b)</sup> | 2075 | 128318 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 1040 | 220740 |
|  Danaher Corp. | 13409 | 3374643 |
|  Illumina, Inc.<sup>(a)</sup> | 3203 | 732910 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 3831 | 803246 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 462 | 584398 |
|  PerkinElmer, Inc. | 2594 | 346507 |
|  Repligen Corp.<sup>(a)</sup> | 1056 | 192709 |
|  Syneos Health, Inc.<sup>(a)</sup> | 2146 | 108115 |
|  Thermo Fisher Scientific, Inc. | 8024 | 4124095 |
|  Waters Corp.<sup>(a)</sup> | 1216 | 363791 |
|  West Pharmaceutical Services, Inc. | 1508 | 346991 |
|  |  | 12843681 |
| **Machinery — 1.8%** |  |  |
|  AGCO Corp. | 1241 | 154095 |
|  Caterpillar, Inc. | 10825 | 2343180 |
|  Cummins, Inc. | 2896 | 708101 |
|  Deere & Co. | 5703 | 2257362 |
|  Dover Corp. | 2954 | 386058 |
|  Fortive Corp. | 7258 | 463786 |
|  Graco, Inc. | 3461 | 240816 |
|  IDEX Corp. | 1562 | 347248 |
|  Illinois Tool Works, Inc. | 5759 | 1229719 |
|  Ingersoll Rand, Inc. | 8198 | 413999 |
|  Lincoln Electric Holdings, Inc. | 1161 | 164862 |
|  Middleby Corp.<sup>(a)</sup> | 1128 | 157762 |
|  Nordson Corp. | 1113 | 250425 |
|  Otis Worldwide Corp. | 8631 | 609694 |
|  PACCAR, Inc. | 7114 | 688849 |
|  Parker-Hannifin Corp. | 2632 | 764912 |
|  Pentair PLC | 3299 | 141692 |
|  Snap-on, Inc. | 1076 | 238926 |
|  Stanley Black & Decker, Inc. | 2994 | 234999 |
|  Toro Co. | 2160 | 227729 |
|  Westinghouse Air Brake Technologies Corp. | 3723 | 347281 |
|  Xylem, Inc.<sup>(b)</sup> | 3722 | 381244 |
|  |  | 12752739 |
| **Media — 0.8%** |  |  |
|  Cable One, Inc. | 102 | 87662 |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 2279 | 837806 |
|  Comcast Corp., Class A | 90212 | 2863329 |
|  DISH Network Corp., Class A<sup>(a)</sup> | 5076 | 75683 |

---

38 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Media (continued)** |  |  |  |
|  Fox Corp., Class A, NVS | 6175 | $| 178272 |
|  Fox Corp., Class B | 2896 |  | 78771 |
|  Interpublic Group of Cos., Inc. | 8014 |  | 238737 |
|  Liberty Broadband Corp., Class A<sup>(a)</sup> | 352 |  | 30033 |
|  Liberty Broadband Corp., Class C, NVS<sup>(a)</sup> | 2547 |  | 215043 |
|  Liberty Media Corp. - Liberty SiriusXM,<br>Class A<sup>(a)(b)</sup> | 1504 |  | 63830 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C, NVS<sup>(a)</sup> | 3055 |  | 128890 |
|  News Corp., Class A, NVS | 8024 |  | 135365 |
|  News Corp., Class B | 2511 |  | 43013 |
|  Omnicom Group, Inc. | 4231 |  | 307805 |
|  Paramount Global, Class A | 309 |  | 6514 |
|  Paramount Global, Class B, NVS | 10372 |  | 190015 |
|  Sirius XM Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14396 |  | 86952 |
|  Trade Desk, Inc., Class A<sup>(a)</sup> | 9144 |  | 486827 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6054547 |
| **Metals & Mining — 0.5%** |  |  |  |
|  Alcoa Corp. | 3644 |  | 142225 |
|  Cleveland-Cliffs, Inc.<sup>(a)</sup> | 10625 |  | 138019 |
|  Freeport-McMoRan, Inc. | 29363 |  | 930513 |
|  Newmont Corp. | 16325 |  | 690874 |
|  Nucor Corp. | 5349 |  | 702752 |
|  Reliance Steel & Aluminum Co. | 1236 |  | 249029 |
|  Royal Gold, Inc. | 1338 |  | 127057 |
|  Southern Copper Corp. | 1753 |  | 82338 |
|  Steel Dynamics, Inc. | 3545 |  | 333407 |
|  United States Steel Corp. | 4872 |  | 99194 |
|  |  |  | 3495408 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
|  Annaly Capital Management, Inc. | 8983 |  | 166635 |
| **Multiline Retail — 0.5%** |  |  |  |
|  Dollar General Corp. | 4662 |  | 1189043 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 4335 |  | 687098 |
|  Kohl's Corp. | 2620 |  | 78469 |
|  Macy's, Inc. | 5366 |  | 111881 |
|  Target Corp. | 9476 |  | 1556433 |
|  |  |  | 3622924 |
| **Multi-Utilities — 0.8%** |  |  |  |
|  Ameren Corp. | 5312 |  | 433034 |
|  CenterPoint Energy, Inc. | 12919 |  | 369613 |
|  CMS Energy Corp. | 5915 |  | 337451 |
|  Consolidated Edison, Inc. | 7235 |  | 636391 |
|  Dominion Energy, Inc. | 17007 |  | 1189980 |
|  DTE Energy Co. | 3973 |  | 445413 |
|  NiSource, Inc. | 8272 |  | 212508 |
|  Public Service Enterprise Group, Inc. | 10222 |  | 573147 |
|  Sempra Energy | 6414 |  | 968129 |
|  WEC Energy Group, Inc. | 6456 |  | 589626 |
|  |  |  | 5755292 |
| **Oil, Gas & Consumable Fuels — 4.9%** |  |  |  |
|  Antero Resources Corp.<sup>(a)(b)</sup> | 5777 |  | 211785 |
|  APA Corp. | 6704 |  | 304764 |
|  Cheniere Energy, Inc. | 5126 |  | 904278 |
|  Chesapeake Energy Corp. | 1987 |  | 203210 |
|  Chevron Corp. | 36884 |  | 6672316 |
|  ConocoPhillips | 26074 |  | 3287671 |
|  Continental Resources, Inc. | 1112 |  | 82255 |
|  Coterra Energy, Inc. | 16334 |  | 508477 |
|  Devon Energy Corp. | 13445 |  | 1039971 |
|  Diamondback Energy, Inc. | 3647 |  | 572980 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |  |
|  EOG Resources, Inc. | 12013 | $| 1640015 |
|  EQT Corp. | 7598 |  | 317900 |
|  Exxon Mobil Corp. | 85359 |  | 9458631 |
|  Hess Corp. | 5728 |  | 808106 |
|  Kinder Morgan, Inc., Class P | 40711 |  | 737683 |
|  Marathon Oil Corp. | 13911 |  | 423590 |
|  Marathon Petroleum Corp. | 10230 |  | 1162333 |
|  New Fortress Energy, Inc. | 1000 |  | 55070 |
|  Occidental Petroleum Corp. | 15291 |  | 1110127 |
|  ONEOK, Inc. | 9137 |  | 542007 |
|  Ovintiv, Inc. | 5266 |  | 266723 |
|  Phillips 66 | 9814 |  | 1023502 |
|  Pioneer Natural Resources Co. | 4870 |  | 1248717 |
|  Southwestern Energy Co.<sup>(a)</sup> | 22765 |  | 157761 |
|  Targa Resources Corp. | 4633 |  | 316758 |
|  Texas Pacific Land Corp. | 128 |  | 294895 |
|  Valero Energy Corp. | 8024 |  | 1007413 |
|  Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24839 |  | 812980 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;35171918 |
| **Personal Products — 0.1%** |  |  |  |
|  Estee Lauder Cos., Inc., Class A | 4756 |  | 953530 |
|  Olaplex Holdings, Inc.<sup>(a)(b)</sup> | 1442 |  | 6345 |
|  |  |  | 959875 |
| **Pharmaceuticals — 4.4%** |  |  |  |
|  Bristol-Myers Squibb Co. | 43733 |  | 3387995 |
|  Catalent, Inc.<sup>(a)</sup> | 3634 |  | 238863 |
|  Elanco Animal Health, Inc.<sup>(a)</sup> | 9151 |  | 120702 |
|  Eli Lilly & Co. | 16153 |  | 5848840 |
|  Jazz Pharmaceuticals PLC<sup>(a)</sup> | 1286 |  | 184914 |
|  Johnson & Johnson | 53849 |  | 9368110 |
|  Merck & Co., Inc. | 51885 |  | 5250762 |
|  Organon & Co. | 5110 |  | 133780 |
|  Pfizer, Inc. | 114949 |  | 5350876 |
|  Royalty Pharma PLC, Class A | 7535 |  | 318881 |
|  Viatris, Inc. | 24877 |  | 252004 |
|  Zoetis, Inc., Class A | 9568 |  | 1442663 |
|  |  |  | 31898390 |
| **Professional Services — 0.4%** |  |  |  |
|  Booz Allen Hamilton Holding Corp., Class A | 2742 |  | 298467 |
|  Clarivate PLC<sup>(a)(b)</sup> | 8850 |  | 91420 |
|  CoStar Group, Inc.<sup>(a)</sup> | 8100 |  | 670032 |
|  Dun & Bradstreet Holdings, Inc. | 4453 |  | 57221 |
|  Equifax, Inc. | 2508 |  | 425206 |
|  Jacobs Solutions, Inc. | 2603 |  | 299918 |
|  Leidos Holdings, Inc. | 2780 |  | 282420 |
|  Robert Half International, Inc. | 2221 |  | 169818 |
|  TransUnion | 3969 |  | 235243 |
|  Verisk Analytics, Inc. | 3200 |  | 585056 |
|  |  |  | 3114801 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 6564 |  | 465650 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1001 |  | 159249 |
|  Zillow Group, Inc., Class A<sup>(a)</sup> | 1214 |  | 37549 |
|  Zillow Group, Inc., Class C, NVS<sup>(a)(b)</sup> | 3416 |  | 105418 |
|  |  |  | 767866 |
| **Road & Rail — 1.0%** |  |  |  |
|  AMERCO | 205 |  | 117914 |
|  Avis Budget Group, Inc.<sup>(a)</sup> | 593 |  | 140221 |
|  CSX Corp. | 43967 |  | 1277681 |
|  Hertz Global Holdings, Inc.<sup>(a)</sup> | 3698 |  | 68043 |

---

S C H E D U L E S O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Road & Rail (continued)** |  |  |  |
|  JB Hunt Transport Services, Inc. | 1718 | $| 293898 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 3356 |  | 161189 |
|  Lyft, Inc., Class A<sup>(a)</sup> | 6085 |  | 89084 |
|  Norfolk Southern Corp. | 4822 |  | 1099753 |
|  Old Dominion Freight Line, Inc. | 1868 |  | 512953 |
|  Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40411 |  | 1073720 |
|  Union Pacific Corp. | 12797 |  | 2522801 |
|  |  |  | 7357257 |
| **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 32988 |  | 1981259 |
|  Analog Devices, Inc. | 10623 |  | 1515052 |
|  Applied Materials, Inc. | 17776 |  | 1569443 |
|  Broadcom, Inc. | 8271 |  | 3888363 |
|  Enphase Energy, Inc.<sup>(a)</sup> | 2783 |  | 854381 |
|  Entegris, Inc.<sup>(b)</sup> | 3035 |  | 240797 |
|  First Solar, Inc.<sup>(a)</sup> | 2009 |  | 292450 |
|  Intel Corp. | 84160 |  | 2392669 |
|  KLA Corp. | 2914 |  | 922135 |
|  Lam Research Corp. | 2796 |  | 1131765 |
|  Lattice Semiconductor Corp.<sup>(a)</sup> | 2764 |  | 134082 |
|  Marvell Technology, Inc. | 17351 |  | 688488 |
|  Microchip Technology, Inc. | 11289 |  | 696983 |
|  Micron Technology, Inc. | 22641 |  | 1224878 |
|  Monolithic Power Systems, Inc. | 915 |  | 310597 |
|  NVIDIA Corp. | 51286 |  | 6922071 |
|  NXP Semiconductors NV | 5402 |  | 789124 |
|  ON Semiconductor Corp.<sup>(a)</sup> | 8859 |  | 544208 |
|  Qorvo, Inc. <sup>(a)</sup> | 2118 |  | 182318 |
|  QUALCOMM, Inc. | 23010 |  | 2707357 |
|  Skyworks Solutions, Inc. | 3291 |  | 283059 |
|  SolarEdge Technologies, Inc.<sup>(a)</sup> | 1131 |  | 260164 |
|  Teradyne, Inc. | 3203 |  | 260564 |
|  Texas Instruments, Inc. | 18718 |  | 3006672 |
|  Wolfspeed, Inc.<sup>(a)(b)</sup> | 2507 |  | 197426 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;32996305 |
| **Software — 8.6%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 9589 |  | 3054096 |
|  ANSYS, Inc.<sup>(a)</sup> | 1782 |  | 394107 |
|  AppLovin Corp., Class A<sup>(a)</sup> | 2520 |  | 42739 |
|  Aspen Technology, Inc.<sup>(a)</sup> | 595 |  | 143663 |
|  Autodesk, Inc.<sup>(a)</sup> | 4455 |  | 954707 |
|  Bentley Systems, Inc., Class B | 4119 |  | 145318 |
|  Bill.com Holdings, Inc.<sup>(a)(b)</sup> | 1928 |  | 257118 |
|  Black Knight, Inc.<sup>(a)</sup> | 3215 |  | 194411 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 5592 |  | 846573 |
|  Ceridian HCM Holding, Inc.<sup>(a)</sup> | 3141 |  | 207903 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 4352 |  | 701542 |
|  Datadog, Inc., Class A<sup>(a)</sup> | 5075 |  | 408588 |
|  DocuSign, Inc.<sup>(a)</sup> | 4123 |  | 199141 |
|  Dynatrace, Inc.<sup>(a)</sup> | 4159 |  | 146563 |
|  Elastic NV<sup>(a)</sup> | 1539 |  | 98419 |
|  Fair Isaac Corp.<sup>(a)</sup> | 515 |  | 246603 |
|  Five9, Inc.<sup>(a)</sup> | 1468 |  | 88462 |
|  Fortinet, Inc.<sup>(a)</sup> | 13438 |  | 768116 |
|  Gen Digital, Inc. | 11989 |  | 270112 |
|  Guidewire Software, Inc.<sup>(a)</sup> | 1762 |  | 104680 |
|  HubSpot, Inc.<sup>(a)</sup> | 984 |  | 291815 |
|  Intuit, Inc. | 5782 |  | 2471805 |
|  Manhattan Associates, Inc.<sup>(a)</sup> | 1282 |  | 155981 |
|  Microsoft Corp. | 152749 |  | 35457625 |
|  Oracle Corp. | 31142 |  | 2431256 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 35890 |  | 315473 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Software (continued)** |  |  |  |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 6136 | $| 1052876 |
|  Paycom Software, Inc.<sup>(a)</sup> | 990 |  | 342540 |
|  Paylocity Holding Corp.<sup>(a)</sup> | 829 |  | 192154 |
|  PTC, Inc.<sup>(a)</sup> | 2181 |  | 256987 |
|  RingCentral, Inc., Class A<sup>(a)</sup> | 1577 |  | 56015 |
|  Roper Technologies, Inc | 2179 |  | 903283 |
|  Salesforce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20380 |  | 3313584 |
|  ServiceNow, Inc.<sup>(a)</sup> | 4129 |  | 1737235 |
|  Splunk, Inc.<sup>(a)</sup> | 3041 |  | 252738 |
|  Synopsys, Inc.<sup>(a)</sup> | 3142 |  | 919192 |
|  Tyler Technologies, Inc.<sup>(a)</sup> | 847 |  | 273861 |
|  UiPath, Inc., Class A<sup>(a)(b)</sup> | 7122 |  | 90093 |
|  Unity Software, Inc.<sup>(a)(b)</sup> | 3671 |  | 108295 |
|  VMware, Inc., Class A<sup>(a)</sup> | 4239 |  | 477015 |
|  Workday, Inc., Class A<sup>(a)</sup> | 4097 |  | 638395 |
|  Zendesk, Inc.<sup>(a)</sup> | 2493 |  | 191188 |
|  Zoom Video Communications, Inc., Class A<sup>(a)</sup> | 4525 |  | 377566 |
|  Zscaler, Inc.<sup>(a)</sup> | 1721 |  | 265206 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;61845039 |
| **Specialty Retail — 2.3%** |  |  |  |
|  Advance Auto Parts, Inc. | 1262 |  | 239679 |
|  AutoNation, Inc.<sup>(a)</sup> | 793 |  | 84304 |
|  AutoZone, Inc.<sup>(a)</sup> | 399 |  | 1010619 |
|  Bath & Body Works, Inc. | 4666 |  | 155751 |
|  Best Buy Co., Inc. | 4132 |  | 282670 |
|  Burlington Stores, Inc.<sup>(a)(b)</sup> | 1342 |  | 191852 |
|  CarMax, Inc.<sup>(a)(b)</sup> | 3220 |  | 202892 |
|  Five Below, Inc.<sup>(a)</sup> | 1122 |  | 164205 |
|  Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 2142 |  | 157159 |
|  GameStop Corp., Class A<sup>(a)(b)</sup> | 5271 |  | 149222 |
|  Home Depot, Inc. | 21050 |  | 6233537 |
|  Lithia Motors, Inc. | 566 |  | 112153 |
|  Lowe's Cos., Inc. | 13098 |  | 2553455 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 1308 |  | 1095018 |
|  Penske Automotive Group, Inc. | 533 |  | 59493 |
|  RH<sup>(a)</sup> | 408 |  | 103603 |
|  Ross Stores, Inc. | 7140 |  | 683227 |
|  TJX Cos., Inc. | 24044 |  | 1733572 |
|  Tractor Supply Co. | 2258 |  | 496241 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 1065 |  | 446629 |
|  Williams-Sonoma, Inc. | 1413 |  | 174972 |
|  |  |  | 16330253 |
| **Technology Hardware, Storage & Peripherals — 6.9%** | **Technology Hardware, Storage & Peripherals — 6.9%** | **Technology Hardware, Storage & Peripherals — 6.9%** | **Technology Hardware, Storage & Peripherals — 6.9%** |
|  Apple Inc. | 309404 |  | 47444009 |
|  Dell Technologies, Inc., Class C | 5401 |  | 207398 |
|  Hewlett Packard Enterprise Co. | 26446 |  | 377385 |
|  HP, Inc. | 18689 |  | 516190 |
|  NetApp, Inc. | 4489 |  | 310953 |
|  Pure Storage, Inc., Class A<sup>(a)(b)</sup> | 5724 |  | 176643 |
|  Seagate Technology Holdings PLC | 4039 |  | 200577 |
|  Western Digital Corp.<sup>(a)</sup> | 6351 |  | 218284 |
|  |  |  | 49451439 |
| **Textiles, Apparel & Luxury Goods — 0.5%** |  |  |  |
|  Capri Holdings Ltd.<sup>(a)</sup> | 2833 |  | 129411 |
|  Deckers Outdoor Corp.<sup>(a)</sup> | 537 |  | 187912 |
|  Lululemon Athletica, Inc.<sup>(a)</sup> | 2370 |  | 779825 |
|  Nike, Inc., Class B | 25896 |  | 2400041 |
|  Tapestry, Inc. | 5122 |  | 162265 |
|  VF Corp. | 6782 |  | 191592 |
|  |  |  | 3851046 |

---

40 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Tobacco — 0.7%** |  |  |
|  Altria Group, Inc. | 36800 | $1702736 |
|  Philip Morris International, Inc. | 31758 | 2916972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619708 |
| **Trading Companies & Distributors — 0.3%** |  |  |
|  Fastenal Co. | 11767 | 568699 |
|  United Rentals, Inc.<sup>(a)</sup> | 1439 | 454307 |
|  Watsco, Inc. | 676 | 183169 |
|  WW Grainger, Inc. | 932 | 544614 |
|  |  | 1750789 |
| **Water Utilities — 0.1%** |  |  |
|  American Water Works Co., Inc. | 3716 | 540084 |
|  Essential Utilities, Inc. | 4952 | 218977 |
|  |  | 759061 |
| **Wireless Telecommunication Services — 0.3%** |  |  |
|  T-Mobile U.S., Inc.<sup>(a)</sup> | 12298 | 1863885 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $692,759,124)** |  | 716347321 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.5%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup> | 10166437 | $10164404 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup> | 1003488 | 1003488 |
|  **Total Short-Term Securities — 1.5%<br>(Cost: $11,168,614)** | **Total Short-Term Securities — 1.5%<br>(Cost: $11,168,614)** | 11167892 |
|  **Total Investments — 101.2%<br>(Cost: $703,927,738)** | **Total Investments — 101.2%<br>(Cost: $703,927,738)** | 727515213 |
|  **Liabilities in Excess of Other Assets — (1.2)%** | **Liabilities in Excess of Other Assets — (1.2)%** | (8794683) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $718720530 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares*<br> *Held at<br>10/31/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $15484927 | $— | $(5318203)<sup>(a)</sup> | $1047 | $(3367) | $10164404 | 10166437 | $36814 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 1733000 |  | (729512)<sup>(a)</sup> |  |  | 1003488 | 1003488 | 12330 |  |
|  BlackRock, Inc. | 1846554 | 162792 | (83701) | 25122 | 40573 | 1991340 | 3083 | 29124 |  |
|  |  |  |  | $26169 | $37206 | $13159232 |  | $78268 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 12 | 12/16/22 | $2330 | $61678 |

---

S C H E D U L E S O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar U.S. Equity ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;61678 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;61678 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(356842) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(356842) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $180423 | $— | $— | $— | $180423 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $1784925 |

---

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

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $716347321 | $— | $— | $716347321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 11167892 |  |  | 11167892 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727515213 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727515213 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $61678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $61678 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

42 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.8%** |  |  |
|  Boeing Co.<sup>(a)</sup> | 22111 | $3151039 |
|  General Dynamics Corp. | 8919 | 2227966 |
|  Huntington Ingalls Industries, Inc. | 868 | 223137 |
|  L3Harris Technologies, Inc. | 7596 | 1872186 |
|  Lockheed Martin Corp. | 9347 | 4548998 |
|  Northrop Grumman Corp. | 5763 | 3163945 |
|  Raytheon Technologies Corp. | 58483 | 5545358 |
|  Textron, Inc. | 4446 | 304284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21036913 |
| **Air Freight & Logistics — 0.9%** |  |  |
|  CH Robinson Worldwide, Inc. | 3249 | 317492 |
|  Expeditors International of Washington, Inc. | 2852 | 279068 |
|  FedEx Corp. | 9490 | 1521057 |
|  GXO Logistics, Inc.<sup>(a)</sup> | 1858 | 67892 |
|  United Parcel Service, Inc., Class B | 28988 | 4863317 |
|  |  | 7048826 |
| **Airlines — 0.3%** |  |  |
|  American Airlines Group, Inc.<sup>(a)(b)</sup> | 25507 | 361689 |
|  Delta Air Lines, Inc.<sup>(a)</sup> | 9795 | 332345 |
|  Southwest Airlines Co.<sup>(a)</sup> | 23486 | 853716 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 13025 | 561117 |
|  |  | 2108867 |
| **Auto Components — 0.2%** |  |  |
|  Aptiv PLC<sup>(a)</sup> | 4403 | 400981 |
|  BorgWarner, Inc. | 9409 | 353120 |
|  Gentex Corp.<sup>(b)</sup> | 4637 | 122834 |
|  Lear Corp. | 2347 | 325552 |
|  |  | 1202487 |
| **Automobiles — 0.6%** |  |  |
|  Ford Motor Co. | 156670 | 2094678 |
|  General Motors Co. | 57830 | 2269827 |
|  |  | 4364505 |
| **Banks — 6.9%** |  |  |
|  Bank of America Corp. | 276890 | 9979116 |
|  Citigroup, Inc. | 76711 | 3517966 |
|  Citizens Financial Group, Inc. | 19720 | 806548 |
|  Comerica, Inc. | 5231 | 368785 |
|  Commerce Bancshares, Inc. | 4315 | 305675 |
|  Cullen/Frost Bankers, Inc. | 2554 | 395998 |
|  East West Bancorp, Inc. | 5573 | 398860 |
|  Fifth Third Bancorp | 27159 | 969305 |
|  First Citizens BancShares, Inc., Class A | 524 | 430791 |
|  First Horizon Corp. | 21364 | 523632 |
|  First Republic Bank | 2560 | 307456 |
|  Huntington Bancshares, Inc. | 57079 | 866459 |
|  JPMorgan Chase & Co. | 116155 | 14621592 |
|  KeyCorp | 37026 | 661655 |
|  M&T Bank Corp. | 6941 | 1168656 |
|  PNC Financial Services Group, Inc. | 16255 | 2630547 |
|  Regions Financial Corp. | 37047 | 813182 |
|  Signature Bank | 1102 | 174700 |
|  SVB Financial Group<sup>(a)</sup> | 1577 | 364224 |
|  Truist Financial Corp. | 52575 | 2354834 |
|  U.S. Bancorp | 53601 | 2275362 |
|  Webster Financial Corp. | 6994 | 379494 |
|  Wells Fargo & Co. | 150238 | 6909446 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Banks (continued)** |  |  |
|  Western Alliance Bancorp | 2578 | $173164 |
|  Zions Bancorp N.A. | 5944 | 308731 |
|  |  | 51706178 |
| **Beverages — 2.0%** |  |  |
|  Coca-Cola Co. | 90685 | 5427497 |
|  Constellation Brands, Inc., Class A | 6296 | 1555616 |
|  Keurig Dr Pepper, Inc. | 33578 | 1304170 |
|  Molson Coors Beverage Co., Class B | 7396 | 372980 |
|  Monster Beverage Corp.<sup>(a)</sup> | 5097 | 477691 |
|  PepsiCo, Inc. | 31631 | 5743557 |
|  |  | 14881511 |
| **Biotechnology — 3.9%** |  |  |
|  AbbVie, Inc. | 70032 | 10252685 |
|  Amgen, Inc. | 21188 | 5728176 |
|  Biogen, Inc.<sup>(a)</sup> | 5736 | 1625812 |
|  Gilead Sciences, Inc. | 49644 | 3895068 |
|  Moderna, Inc.<sup>(a)</sup> | 13344 | 2006003 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 4247 | 3179941 |
|  United Therapeutics Corp.<sup>(a)</sup> | 1811 | 417490 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 6114 | 1907568 |
|  |  | 29012743 |
| **Building Products — 0.6%** |  |  |
|  A O Smith Corp. | 3048 | 166969 |
|  Allegion PLC | 1708 | 178947 |
|  Builders FirstSource, Inc.<sup>(a)</sup> | 3550 | 218893 |
|  Carrier Global Corp. | 21464 | 853409 |
|  Fortune Brands Home & Security, Inc. | 5137 | 309864 |
|  Johnson Controls International PLC | 27220 | 1574405 |
|  Lennox International, Inc. | 803 | 187557 |
|  Masco Corp. | 8909 | 412219 |
|  Owens Corning | 2500 | 214025 |
|  Trane Technologies PLC | 4204 | 671085 |
|  |  | 4787373 |
| **Capital Markets — 3.9%** |  |  |
|  Ameriprise Financial, Inc. | 4276 | 1321797 |
|  Bank of New York Mellon Corp. | 29061 | 1223759 |
|  BlackRock, Inc.<sup>(c)</sup> | 5960 | 3849624 |
|  Blackstone, Inc., NVS | 9036 | 823541 |
|  Carlyle Group, Inc. | 8631 | 244085 |
|  Charles Schwab Corp. | 28036 | 2233628 |
|  CME Group, Inc., Class A | 14244 | 2468485 |
|  Coinbase Global, Inc., Class A<sup>(a)(b)</sup> | 6266 | 415122 |
|  Franklin Resources, Inc. | 11309 | 265196 |
|  Goldman Sachs Group, Inc. | 13520 | 4657775 |
|  Intercontinental Exchange, Inc. | 11239 | 1074111 |
|  Invesco Ltd. | 18109 | 277430 |
|  Jefferies Financial Group, Inc. | 7316 | 251744 |
|  KKR & Co., Inc. | 9339 | 454156 |
|  Moody's Corp. | 2300 | 609201 |
|  Morgan Stanley | 53041 | 4358379 |
|  Nasdaq, Inc. | 6641 | 413336 |
|  Northern Trust Corp. | 8261 | 696815 |
|  Raymond James Financial, Inc. | 3115 | 368006 |
|  S&P Global, Inc. | 3411 | 1095784 |
|  SEI Investments Co. | 1837 | 99749 |
|  State Street Corp. | 14530 | 1075220 |
|  T Rowe Price Group, Inc. | 8919 | 946841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29223784 |
| **Chemicals — 1.9%** |  |  |
|  Air Products and Chemicals, Inc. | 4875 | 1220700 |

---

S C H E D U L E S O F I N V E S T M E N T S 43

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Chemicals (continued)** |  |  |
|  Celanese Corp. | 3970 | $381596 |
|  CF Industries Holdings, Inc. | 7864 | 835629 |
|  Corteva, Inc. | 14017 | 915871 |
|  Dow, Inc. | 28379 | 1326435 |
|  DuPont de Nemours, Inc. | 11827 | 676504 |
|  Eastman Chemical Co. | 4888 | 375447 |
|  Ecolab, Inc. | 4564 | 716868 |
|  FMC Corp. | 2847 | 338508 |
|  International Flavors & Fragrances, Inc. | 10076 | 983518 |
|  Linde PLC | 9873 | 2935737 |
|  LyondellBasell Industries NV, Class A | 10056 | 768781 |
|  Mosaic Co. | 13757 | 739439 |
|  Olin Corp. | 2137 | 113154 |
|  PPG Industries, Inc. | 5141 | 586999 |
|  RPM International, Inc. | 2547 | 240870 |
|  Sherwin-Williams Co. | 5024 | 1130551 |
|  Westlake Corp. | 539 | 52094 |
|  |  | 14338701 |
| **Commercial Services & Supplies — 0.3%** |  |  |
|  Cintas Corp. | 1239 | 529735 |
|  Republic Services, Inc. | 4689 | 621855 |
|  Waste Management, Inc. | 7938 | 1257141 |
|  |  | 2408731 |
| **Communications Equipment — 1.2%** |  |  |
|  Ciena Corp.<sup>(a)(b)</sup> | 2499 | 119702 |
|  Cisco Systems, Inc. | 164018 | 7451338 |
|  F5, Inc.<sup>(a)</sup> | 988 | 141195 |
|  Juniper Networks, Inc. | 12688 | 388253 |
|  Motorola Solutions, Inc. | 3198 | 798572 |
|  |  | 8899060 |
| **Construction & Engineering — 0.1%** |  |  |
|  AECOM | 2539 | 191136 |
|  Quanta Services, Inc. | 3120 | 443165 |
|  |  | 634301 |
| **Consumer Finance — 0.6%** |  |  |
|  Ally Financial, Inc. | 12190 | 335956 |
|  American Express Co. | 8777 | 1302946 |
|  Capital One Financial Corp. | 15239 | 1615639 |
|  Credit Acceptance Corp.<sup>(a)(b)</sup> | 81 | 37715 |
|  Discover Financial Services | 3985 | 416273 |
|  Synchrony Financial | 19157 | 681223 |
|  |  | 4389752 |
| **Containers & Packaging — 0.4%** |  |  |
|  Amcor PLC | 59829 | 692820 |
|  AptarGroup, Inc. | 1389 | 137719 |
|  Avery Dennison Corp. | 1114 | 188879 |
|  Ball Corp. | 4860 | 240035 |
|  Berry Global Group, Inc.<sup>(a)</sup> | 4945 | 233997 |
|  Crown Holdings, Inc. | 2151 | 147537 |
|  International Paper Co. | 14307 | 480858 |
|  Packaging Corp. of America | 3741 | 449706 |
|  Sealed Air Corp. | 2098 | 99907 |
|  Westrock Co. | 10090 | 343666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015124 |
| **Distributors — 0.2%** |  |  |
|  Genuine Parts Co. | 5608 | 997439 |
|  LKQ Corp. | 5027 | 279702 |
|  |  | 1277141 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Diversified Consumer Services — 0.0%** |  |  |  |
|  Service Corp. International | 3222 | $| 195285 |
| **Diversified Financial Services — 3.0%** |  |  |  |
|  Apollo Global Management, Inc. | 8346 |  | 462035 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 71487 |  | 21095099 |
|  Equitable Holdings, Inc. | 13957 |  | 427363 |
|  Voya Financial, Inc. | 2633 |  | 179992 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22164489 |
| **Diversified Telecommunication Services — 1.5%** | **Diversified Telecommunication Services — 1.5%** |  |  |
|  AT&T Inc. | 282251 |  | 5145436 |
|  Lumen Technologies, Inc. | 37922 |  | 279106 |
|  Verizon Communications, Inc. | 166345 |  | 6216312 |
|  |  |  | 11640854 |
| **Electric Utilities — 3.3%** |  |  |  |
|  Alliant Energy Corp. | 9991 |  | 521230 |
|  American Electric Power Co., Inc. | 20388 |  | 1792513 |
|  Avangrid, Inc. | 2684 |  | 109185 |
|  Constellation Energy Corp. | 7993 |  | 755658 |
|  Duke Energy Corp. | 30509 |  | 2842829 |
|  Edison International | 15081 |  | 905463 |
|  Entergy Corp. | 8032 |  | 860549 |
|  Evergy, Inc. | 9138 |  | 558606 |
|  Eversource Energy | 13692 |  | 1044426 |
|  Exelon Corp. | 39381 |  | 1519713 |
|  FirstEnergy Corp. | 21433 |  | 808238 |
|  NextEra Energy, Inc. | 77823 |  | 6031283 |
|  NRG Energy, Inc. | 4341 |  | 192740 |
|  OGE Energy Corp. | 7862 |  | 287985 |
|  PG&E Corp.<sup>(a)</sup> | 64043 |  | 956162 |
|  Pinnacle West Capital Corp. | 4443 |  | 298614 |
|  PPL Corp. | 29057 |  | 769720 |
|  Southern Co. | 42119 |  | 2757952 |
|  Xcel Energy, Inc. | 21616 |  | 1407418 |
|  |  |  | 24420284 |
| **Electrical Equipment — 0.8%** |  |  |  |
|  AMETEK, Inc. | 2994 |  | 388202 |
|  Eaton Corp. PLC | 15794 |  | 2370206 |
|  Emerson Electric Co. | 23455 |  | 2031203 |
|  Hubbell, Inc. | 1209 |  | 287113 |
|  Regal Rexnord Corp. | 2631 |  | 332927 |
|  Rockwell Automation, Inc. | 2030 |  | 518259 |
|  Sensata Technologies Holding PLC | 6162 |  | 247774 |
|  |  |  | 6175684 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  Amphenol Corp., Class A | 11368 |  | 862035 |
|  Arrow Electronics, Inc.<sup>(a)</sup> | 2513 |  | 254466 |
|  CDW Corp. | 2437 |  | 421138 |
|  Corning, Inc. | 16613 |  | 534440 |
|  Flex Ltd.<sup>(a)</sup> | 18225 |  | 356846 |
|  Jabil, Inc. | 5424 |  | 348492 |
|  TD SYNNEX Corp. | 1705 |  | 156025 |
|  TE Connectivity Ltd. | 12642 |  | 1545232 |
|  |  |  | 4478674 |
| **Energy Equipment & Services — 0.3%** |  |  |  |
|  Baker Hughes Co. | 17539 |  | 485129 |
|  Halliburton Co. | 13445 |  | 489667 |
|  Schlumberger Ltd. | 27715 |  | 1442011 |
|  |  |  | 2416807 |
| **Entertainment — 1.2%** |  |  |  |
|  Activision Blizzard, Inc. | 16063 |  | 1169386 |

---

44 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Entertainment (continued)** |  |  |  |
|  AMC Entertainment Holdings, Inc., Class A<sup>(a)(b)</sup> | 20296 | $| 135171 |
|  Electronic Arts, Inc. | 4048 |  | 509886 |
|  Liberty Media Corp. - Liberty Formula One, Class A<sup>(a)(b)</sup> | 422 |  | 21952 |
|  Liberty Media Corp. - Liberty Formula One, Class C, NVS<sup>(a)</sup> | 3141 |  | 181330 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup> | 1878 |  | 149508 |
|  Netflix, Inc.<sup>(a)</sup> | 5901 |  | 1722384 |
|  Playtika Holding Corp.<sup>(a)</sup> | 2546 |  | 24060 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2044 |  | 242173 |
|  Walt Disney Co.<sup>(a)(b)</sup> | 34996 |  | 3728474 |
|  Warner Bros Discovery, Inc.<sup>(a)</sup> | 87306 |  | 1134978 |
|  |  |  | 9019302 |
| **Equity Real Estate Investment Trusts (REITs) — 2.5%** | **Equity Real Estate Investment Trusts (REITs) — 2.5%** | **Equity Real Estate Investment Trusts (REITs) — 2.5%** | **Equity Real Estate Investment Trusts (REITs) — 2.5%** |
|  Alexandria Real Estate Equities, Inc. | 3296 |  | 478909 |
|  American Tower Corp. | 6500 |  | 1346735 |
|  Americold Realty Trust, Inc.<sup>(b)</sup> | 10575 |  | 256444 |
|  Apartment Income REIT Corp. | 3030 |  | 116443 |
|  AvalonBay Communities, Inc. | 2871 |  | 502770 |
|  Boston Properties, Inc. | 5695 |  | 414026 |
|  Brixmor Property Group, Inc. | 7308 |  | 155733 |
|  Crown Castle, Inc. | 8199 |  | 1092599 |
|  CubeSmart | 3151 |  | 131932 |
|  Digital Realty Trust, Inc. | 5606 |  | 562001 |
|  Equity LifeStyle Properties, Inc. | 2171 |  | 138857 |
|  Equity Residential | 7695 |  | 484939 |
|  Essex Property Trust, Inc. | 1339 |  | 297579 |
|  Extra Space Storage, Inc. | 1661 |  | 294728 |
|  Federal Realty Investment Trust | 1461 |  | 144610 |
|  Gaming and Leisure Properties, Inc. | 10170 |  | 509720 |
|  Healthpeak Properties, Inc. | 8698 |  | 206404 |
|  Iron Mountain, Inc. | 11572 |  | 579410 |
|  Kilroy Realty Corp. | 2299 |  | 98259 |
|  Kimco Realty Corp. | 24634 |  | 526675 |
|  Lamar Advertising Co., Class A | 2130 |  | 196450 |
|  Life Storage, Inc. | 1289 |  | 142576 |
|  Medical Properties Trust, Inc. | 23567 |  | 269842 |
|  Mid-America Apartment Communities, Inc. | 1895 |  | 298368 |
|  National Retail Properties, Inc. | 7085 |  | 297783 |
|  Prologis, Inc. | 12643 |  | 1400212 |
|  Public Storage | 2495 |  | 772826 |
|  Realty Income Corp. | 14823 |  | 923028 |
|  Regency Centers Corp. | 2630 |  | 159141 |
|  Simon Property Group, Inc. | 12968 |  | 1413253 |
|  STORE Capital Corp. | 10579 |  | 336412 |
|  UDR, Inc. | 4510 |  | 179318 |
|  Ventas, Inc. | 15755 |  | 616493 |
|  VICI Properties, Inc. | 38063 |  | 1218777 |
|  Vornado Realty Trust | 6250 |  | 147438 |
|  Welltower, Inc. | 10800 |  | 659232 |
|  Weyerhaeuser Co. | 16415 |  | 507716 |
|  WP Carey, Inc. | 8262 |  | 630391 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18508029 |
| **Food & Staples Retailing — 2.1%** |  |  |  |
|  Albertsons Cos., Inc., Class A | 6352 |  | 130280 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 3330 |  | 257742 |
|  Costco Wholesale Corp. | 5836 |  | 2926754 |
|  Kroger Co. | 25733 |  | 1216914 |
|  Sysco Corp. | 20227 |  | 1750849 |
|  U.S. Foods Holding Corp.<sup>(a)</sup> | 4773 |  | 142044 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Food & Staples Retailing (continued)** |  |  |
|  Walgreens Boots Alliance, Inc. | 28343 | $1034519 |
|  Walmart, Inc. | 56458 | 8035667 |
|  |  | 15494769 |
| **Food Products — 1.9%** |  |  |
|  Archer-Daniels-Midland Co. | 22234 | 2156253 |
|  Bunge Ltd. | 6047 | 596839 |
|  Campbell Soup Co. | 7938 | 420000 |
|  Conagra Brands, Inc. | 19066 | 699722 |
|  Darling Ingredients, Inc.<sup>(a)</sup> | 4040 | 317059 |
|  General Mills, Inc. | 23633 | 1927980 |
|  Hershey Co. | 2066 | 493299 |
|  Hormel Foods Corp. | 6211 | 288501 |
|  JM Smucker Co. | 4209 | 634128 |
|  Kellogg Co. | 10153 | 779954 |
|  Kraft Heinz Co. | 31479 | 1210997 |
|  Lamb Weston Holdings, Inc. | 2006 | 172957 |
|  McCormick & Co., Inc., NVS | 4648 | 365519 |
|  Mondelez International, Inc., Class A | 54287 | 3337565 |
|  Tyson Foods, Inc., Class A | 11446 | 782334 |
|  |  | 14183107 |
| **Gas Utilities — 0.1%** |  |  |
|  Atmos Energy Corp. | 5569 | 593377 |
|  UGI Corp. | 8247 | 291366 |
|  |  | 884743 |
| **Health Care Equipment & Supplies — 2.3%** |  |  |
|  Abbott Laboratories | 43998 | 4353162 |
|  Baxter International, Inc. | 10636 | 578067 |
|  Becton Dickinson and Co. | 11303 | 2667169 |
|  Boston Scientific Corp.<sup>(a)</sup> | 35039 | 1510531 |
|  Dentsply Sirona, Inc. | 5304 | 163469 |
|  Hologic, Inc.<sup>(a)</sup> | 4492 | 304558 |
|  Medtronic PLC | 52629 | 4596617 |
|  Stryker Corp. | 7926 | 1816956 |
|  Zimmer Biomet Holdings, Inc. | 8302 | 941032 |
|  |  | 16931561 |
| **Health Care Providers & Services — 5.0%** |  |  |
|  AmerisourceBergen Corp. | 6138 | 965016 |
|  Cardinal Health, Inc. | 10809 | 820403 |
|  Centene Corp.<sup>(a)</sup> | 22682 | 1930919 |
|  Chemed Corp. | 289 | 134926 |
|  Cigna Corp. | 12085 | 3904180 |
|  CVS Health Corp. | 51999 | 4924305 |
|  DaVita, Inc.<sup>(a)</sup> | 1301 | 94986 |
|  Elevance Health, Inc. | 9507 | 5198142 |
|  HCA Healthcare, Inc. | 8539 | 1856976 |
|  Henry Schein, Inc.<sup>(a)</sup> | 5421 | 371122 |
|  Humana, Inc. | 2926 | 1632942 |
|  Laboratory Corp. of America Holdings | 3573 | 792706 |
|  McKesson Corp. | 5702 | 2220188 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 1140 | 409100 |
|  Quest Diagnostics, Inc. | 4609 | 662083 |
|  Tenet Healthcare Corp.<sup>(a)</sup> | 4230 | 187643 |
|  UnitedHealth Group, Inc. | 19879 | 11035827 |
|  Universal Health Services, Inc., Class B | 2598 | 301030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37442494 |
| **Hotels, Restaurants & Leisure — 1.3%** |  |  |
|  Aramark | 10105 | 368832 |
|  Carnival Corp.<sup>(a)</sup> | 39299 | 356049 |
|  Darden Restaurants, Inc. | 2687 | 384617 |
|  Expedia Group, Inc.<sup>(a)</sup> | 3231 | 302002 |

---

S C H E D U L E S O F I N V E S T M E N T S 45

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  Las Vegas Sands Corp.<sup>(a)</sup> | 13083 | $| 497285 |
|  McDonald's Corp. | 18041 |  | 4919059 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup> | 16458 |  | 277976 |
|  Royal Caribbean Cruises Ltd.<sup>(a)</sup> | 3864 |  | 206260 |
|  Starbucks Corp. | 25150 |  | 2177738 |
|  Wynn Resorts Ltd.<sup>(a)(b)</sup> | 4144 |  | 264802 |
|  |  |  | 9754620 |
| **Household Durables — 0.4%** |  |  |  |
|  DR Horton, Inc. | 6787 |  | 521785 |
|  Garmin Ltd. | 3877 |  | 341331 |
|  Lennar Corp., Class A | 10066 |  | 812326 |
|  Lennar Corp., Class B | 591 |  | 38545 |
|  Mohawk Industries, Inc.<sup>(a)</sup> | 2101 |  | 199070 |
|  Newell Brands, Inc. | 14983 |  | 206915 |
|  NVR, Inc.<sup>(a)</sup> | 51 |  | 216125 |
|  PulteGroup, Inc. | 9147 |  | 365788 |
|  Whirlpool Corp. | 2153 |  | 297631 |
|  |  |  | 2999516 |
| **Household Products — 2.4%** |  |  |  |
|  Church & Dwight Co., Inc. | 3267 |  | 242183 |
|  Clorox Co. | 4886 |  | 713551 |
|  Colgate-Palmolive Co. | 33061 |  | 2441224 |
|  Kimberly-Clark Corp. | 13345 |  | 1660919 |
|  Procter & Gamble Co. | 94647 |  | 12746112 |
|  |  |  | 17803989 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  AES Corp. | 26593 |  | 695673 |
|  Vistra Corp. | 15582 |  | 357918 |
|  |  |  | 1053591 |
| **Industrial Conglomerates — 1.5%** |  |  |  |
|  3M Co. | 21940 |  | 2759832 |
|  General Electric Co. | 43441 |  | 3380144 |
|  Honeywell International, Inc. | 26684 |  | 5444070 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11584046 |
| **Insurance — 3.2%** |  |  |  |
|  Aflac, Inc. | 22728 |  | 1479820 |
|  Allstate Corp. | 10684 |  | 1348855 |
|  American Financial Group, Inc. | 2781 |  | 403551 |
|  American International Group, Inc. | 30051 |  | 1712907 |
|  Aon PLC, Class A | 4553 |  | 1281624 |
|  Arch Capital Group Ltd.<sup>(a)</sup> | 8766 |  | 504045 |
|  Arthur J. Gallagher & Co. | 3049 |  | 570407 |
|  Assurant, Inc. | 1202 |  | 163304 |
|  Chubb Ltd. | 16544 |  | 3555140 |
|  Cincinnati Financial Corp. | 2594 |  | 268012 |
|  CNA Financial Corp. | 1066 |  | 44452 |
|  Erie Indemnity Co., Class A, NVS | 498 |  | 127991 |
|  Everest Re Group Ltd. | 809 |  | 261032 |
|  Fidelity National Financial, Inc. | 11023 |  | 434086 |
|  Globe Life, Inc. | 3562 |  | 411482 |
|  Hartford Financial Services Group, Inc. | 12769 |  | 924603 |
|  Lincoln National Corp. | 6124 |  | 329900 |
|  Loews Corp. | 4453 |  | 253910 |
|  Markel Corp.<sup>(a)</sup> | 212 |  | 255693 |
|  Marsh & McLennan Cos., Inc. | 9444 |  | 1525112 |
|  MetLife, Inc. | 26583 |  | 1946141 |
|  Old Republic International Corp. | 11260 |  | 261345 |
|  Principal Financial Group, Inc. | 9158 |  | 807095 |
|  Progressive Corp. | 9911 |  | 1272572 |
|  Prudential Financial, Inc. | 14700 |  | 1546293 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Insurance (continued)** |  |  |
|  Reinsurance Group of America, Inc. | 2631 | $387204 |
|  Travelers Cos., Inc. | 9422 | 1737982 |
| W. R. Berkley Corp. | 2992 | 222545 |
|  Willis Towers Watson PLC | 1703 | 371612 |
|  |  | 24408715 |
| **Interactive Media & Services — 2.5%** |  |  |
|  Alphabet, Inc., Class A<sup>(a)</sup> | 75112 | 7098835 |
|  Alphabet, Inc., Class C, NVS<sup>(a)</sup> | 67167 | 6358028 |
|  IAC, Inc.<sup>(a)</sup> | 1905 | 92736 |
|  Meta Platforms, Inc., Class A<sup>(a)</sup> | 56225 | 5237921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18787520 |
| **Internet & Direct Marketing Retail — 0.1%** |  |  |
|  eBay, Inc. | 21707 | 864807 |
| **IT Services — 2.4%** |  |  |
|  Accenture PLC, Class A | 9349 | 2654181 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 2591 | 228863 |
|  Automatic Data Processing, Inc. | 5789 | 1399201 |
|  Cognizant Technology Solutions Corp., Class A | 20450 | 1273012 |
|  Concentrix Corp. | 634 | 77494 |
|  DXC Technology Co.<sup>(a)</sup> | 9082 | 261107 |
|  Fidelity National Information Services, Inc. | 24117 | 2001470 |
|  Fiserv, Inc.<sup>(a)</sup> | 15748 | 1617950 |
|  FleetCor Technologies, Inc.<sup>(a)</sup> | 1112 | 206965 |
|  Genpact Ltd. | 3829 | 185707 |
|  Global Payments, Inc. | 5387 | 615519 |
|  International Business Machines Corp. | 35774 | 4947186 |
|  Paychex, Inc. | 4406 | 521274 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 17120 | 1430890 |
|  SS&C Technologies Holdings, Inc. | 5338 | 274480 |
|  |  | 17695299 |
| **Leisure Products — 0.0%** |  |  |
|  Hasbro, Inc. | 2581 | 168410 |
|  Mattel, Inc.<sup>(a)</sup> | 7108 | 134768 |
|  |  | 303178 |
| **Life Sciences Tools & Services — 0.5%** |  |  |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 3338 | 699878 |
|  Syneos Health, Inc.<sup>(a)</sup> | 2594 | 130686 |
|  Thermo Fisher Scientific, Inc. | 5648 | 2902903 |
|  |  | 3733467 |
| **Machinery — 1.8%** |  |  |
|  AGCO Corp. | 1637 | 203266 |
|  Caterpillar, Inc. | 14387 | 3114210 |
|  Cummins, Inc. | 5579 | 1364121 |
|  Deere & Co. | 5440 | 2153261 |
|  Dover Corp. | 2797 | 365540 |
|  Fortive Corp. | 7168 | 458035 |
|  Illinois Tool Works, Inc. | 7701 | 1644395 |
|  Lincoln Electric Holdings, Inc. | 743 | 105506 |
|  Middleby Corp.<sup>(a)</sup> | 1093 | 152867 |
|  Otis Worldwide Corp. | 7857 | 555018 |
|  PACCAR, Inc. | 9095 | 880669 |
|  Parker-Hannifin Corp. | 3060 | 889297 |
|  Pentair PLC | 4275 | 183611 |
|  Snap-on, Inc. | 2096 | 465417 |
|  Stanley Black & Decker, Inc. | 5836 | 458068 |
|  Toro Co. | 1740 | 183448 |
|  Westinghouse Air Brake Technologies Corp. | 4228 | 394388 |
|  |  | 13571117 |

---

46 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Media — 1.2%** |  |  |  |
|  Cable One, Inc. | 90 | $| 77349 |
|  Charter Communications, Inc., Class A<sup>(a)</sup> | 2416 |  | 888170 |
|  Comcast Corp., Class A | 174428 |  | 5536345 |
|  DISH Network Corp., Class A<sup>(a)(b)</sup> | 9847 |  | 146819 |
|  Fox Corp., Class A, NVS | 12261 |  | 353975 |
|  Fox Corp., Class B | 5697 |  | 154958 |
|  Interpublic Group of Cos., Inc. | 15460 |  | 460553 |
|  Liberty Media Corp. - Liberty SiriusXM,<br>Class A<sup>(a)(b)</sup> | 2944 |  | 124943 |
|  Liberty Media Corp. - Liberty SiriusXM, Class C, NVS<sup>(a)</sup> | 6005 |  | 253351 |
|  News Corp., Class A, NVS | 15255 |  | 257352 |
|  News Corp., Class B | 4697 |  | 80460 |
|  Omnicom Group, Inc. | 8079 |  | 587747 |
|  Paramount Global, Class A | 352 |  | 7420 |
|  Paramount Global, Class B, NVS | 20105 |  | 368323 |
|  Sirius XM Holdings, Inc.<sup>(b)</sup> | 10366 |  | 62611 |
|  |  |  | 9360376 |
| **Metals & Mining — 0.6%** |  |  |  |
|  Alcoa Corp. | 7052 |  | 275240 |
|  Cleveland-Cliffs, Inc.<sup>(a)</sup> | 20596 |  | 267542 |
|  Freeport-McMoRan, Inc. | 23759 |  | 752923 |
|  Newmont Corp. | 31367 |  | 1327451 |
|  Nucor Corp. | 5274 |  | 692898 |
|  Reliance Steel & Aluminum Co. | 2383 |  | 480127 |
|  Southern Copper Corp. | 2055 |  | 96523 |
|  Steel Dynamics, Inc. | 6856 |  | 644807 |
|  United States Steel Corp. | 9444 |  | 192280 |
|  |  |  | 4729791 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
|  Annaly Capital Management, Inc. | 17165 |  | 318411 |
| **Multiline Retail — 0.6%** |  |  |  |
|  Dollar General Corp. | 8998 |  | 2294940 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 3497 |  | 554275 |
|  Kohl's Corp. | 5216 |  | 156219 |
|  Macy's, Inc. | 10653 |  | 222115 |
|  Target Corp. | 9168 |  | 1505844 |
|  |  |  | 4733393 |
| **Multi-Utilities — 1.4%** |  |  |  |
|  Ameren Corp. | 10209 |  | 832238 |
|  CenterPoint Energy, Inc. | 24834 |  | 710501 |
|  CMS Energy Corp. | 6473 |  | 369285 |
|  Consolidated Edison, Inc. | 14011 |  | 1232407 |
|  Dominion Energy, Inc. | 33008 |  | 2309570 |
|  DTE Energy Co. | 7665 |  | 859323 |
|  NiSource, Inc. | 16218 |  | 416640 |
|  Public Service Enterprise Group, Inc. | 19714 |  | 1105364 |
|  Sempra Energy | 12472 |  | 1882524 |
|  WEC Energy Group, Inc. | 12467 |  | 1138611 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10856463 |
| **Oil, Gas & Consumable Fuels — 8.0%** |  |  |  |
|  Antero Resources Corp.<sup>(a)</sup> | 11088 |  | 406486 |
|  APA Corp. | 5770 |  | 262304 |
|  Chesapeake Energy Corp. | 3849 |  | 393637 |
|  Chevron Corp. | 71329 |  | 12903416 |
|  ConocoPhillips | 25360 |  | 3197642 |
|  Continental Resources, Inc. | 2150 |  | 159036 |
|  Coterra Energy, Inc. | 11549 |  | 359520 |
|  Devon Energy Corp. | 25979 |  | 2009476 |
|  Diamondback Energy, Inc. | 7019 |  | 1102755 |
|  EOG Resources, Inc. | 23221 |  | 3170131 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** |  |  |  |
|  EQT Corp. | 5951 | $| 248990 |
|  Exxon Mobil Corp. | 165074 |  | 18291850 |
|  Hess Corp. | 7175 |  | 1012249 |
|  Kinder Morgan, Inc., Class P | 78351 |  | 1419720 |
|  Marathon Oil Corp. | 26943 |  | 820414 |
|  Marathon Petroleum Corp. | 19772 |  | 2246495 |
|  Occidental Petroleum Corp. | 29555 |  | 2145693 |
|  ONEOK, Inc. | 10319 |  | 612123 |
|  Ovintiv, Inc. | 10049 |  | 508982 |
|  Phillips 66 | 19084 |  | 1990270 |
|  Pioneer Natural Resources Co. | 9459 |  | 2425382 |
|  Southwestern Energy Co.<sup>(a)</sup> | 43704 |  | 302869 |
|  Targa Resources Corp. | 5755 |  | 393469 |
|  Valero Energy Corp. | 15572 |  | 1955065 |
|  Williams Cos., Inc. | 48309 |  | 1581154 |
|  |  |  | 59919128 |
| **Personal Products — 0.0%** |  |  |  |
|  Estee Lauder Cos., Inc., Class A | 1854 |  | 371708 |
| **Pharmaceuticals — 6.6%** |  |  |  |
|  Bristol-Myers Squibb Co. | 84575 |  | 6552025 |
|  Eli Lilly & Co. | 6394 |  | 2315204 |
|  Jazz Pharmaceuticals PLC<sup>(a)</sup> | 2500 |  | 359475 |
|  Johnson & Johnson | 104138 |  | 18116888 |
|  Merck & Co., Inc. | 100340 |  | 10154408 |
|  Organon & Co. | 9963 |  | 260831 |
|  Pfizer, Inc. | 222297 |  | 10347925 |
|  Royalty Pharma PLC, Class A | 14619 |  | 618676 |
|  Viatris, Inc. | 48338 |  | 489664 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;49215096 |
| **Professional Services — 0.2%** |  |  |  |
|  Booz Allen Hamilton Holding Corp., Class A | 2642 |  | 287582 |
|  Dun & Bradstreet Holdings, Inc. | 5918 |  | 76046 |
|  Jacobs Solutions, Inc. | 2620 |  | 301876 |
|  Leidos Holdings, Inc. | 5444 |  | 553056 |
|  Robert Half International, Inc. | 2177 |  | 166454 |
|  |  |  | 1385014 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  CBRE Group, Inc., Class A<sup>(a)</sup> | 8167 |  | 579367 |
|  Jones Lang LaSalle, Inc.<sup>(a)</sup> | 1919 |  | 305294 |
|  |  |  | 884661 |
| **Road & Rail — 1.2%** |  |  |  |
|  AMERCO | 182 |  | 104685 |
|  Avis Budget Group, Inc.<sup>(a)</sup> | 520 |  | 122959 |
|  CSX Corp. | 53493 |  | 1554506 |
|  Hertz Global Holdings, Inc.<sup>(a)</sup> | 7173 |  | 131983 |
|  Knight-Swift Transportation Holdings, Inc., Class A | 3197 |  | 153552 |
|  Lyft, Inc., Class A<sup>(a)(b)</sup> | 5616 |  | 82218 |
|  Norfolk Southern Corp. | 6366 |  | 1451894 |
|  Uber Technologies, Inc.<sup>(a)</sup> | 32387 |  | 860523 |
|  Union Pacific Corp. | 24735 |  | 4876258 |
|  |  |  | 9338578 |
| **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** | **Semiconductors & Semiconductor Equipment — 3.0%** |
|  Analog Devices, Inc. | 12912 |  | 1841510 |
|  Applied Materials, Inc. | 15656 |  | 1382268 |
|  Broadcom, Inc. | 8827 |  | 4149749 |
|  First Solar, Inc.<sup>(a)</sup> | 2176 |  | 316760 |
|  Intel Corp. | 162633 |  | 4623656 |
|  KLA Corp. | 2307 |  | 730050 |
|  Lam Research Corp. | 2623 |  | 1061738 |
|  Microchip Technology, Inc. | 7164 |  | 442305 |

---

S C H E D U L E S O F I N V E S T M E N T S 47

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Value ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Micron Technology, Inc. | 22662 | $| 1226014 |
|  NXP Semiconductors NV | 5505 |  | 804171 |
|  Qorvo, Inc. <sup>(a)</sup> | 2379 |  | 204784 |
|  QUALCOMM, Inc. | 18743 |  | 2205301 |
|  Skyworks Solutions, Inc. | 4276 |  | 367779 |
|  Texas Instruments, Inc. | 17912 |  | 2877205 |
|  Wolfspeed, Inc.<sup>(a)(b)</sup> | 2984 |  | 234990 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22468280 |
| **Software — 0.9%** |  |  |  |
|  Gen Digital, Inc. | 23395 |  | 527089 |
|  Guidewire Software, Inc.<sup>(a)(b)</sup> | 1951 |  | 115909 |
|  Oracle Corp. | 60166 |  | 4697160 |
|  Roper Technologies, Inc. | 1571 |  | 651242 |
|  VMware, Inc., Class A<sup>(a)</sup> | 5155 |  | 580092 |
|  |  |  | 6571492 |
| **Specialty Retail — 2.3%** |  |  |  |
|  Advance Auto Parts, Inc. | 1275 |  | 242148 |
|  AutoNation, Inc.<sup>(a)</sup> | 1551 |  | 164887 |
|  AutoZone, Inc.<sup>(a)</sup> | 305 |  | 772528 |
|  Bath & Body Works, Inc. | 6152 |  | 205354 |
|  Best Buy Co., Inc. | 7918 |  | 541670 |
|  CarMax, Inc.<sup>(a)(b)</sup> | 3328 |  | 209697 |
|  GameStop Corp., Class A<sup>(a)(b)</sup> | 5407 |  | 153072 |
|  Home Depot, Inc. | 26163 |  | 7747649 |
|  Lithia Motors, Inc.<sup>(b)</sup> | 544 |  | 107794 |
|  Lowe's Cos., Inc. | 14492 |  | 2825216 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 1384 |  | 1158643 |
|  Penske Automotive Group, Inc.<sup>(b)</sup> | 1024 |  | 114299 |
|  RH<sup>(a)</sup> | 393 |  | 99795 |
|  Ross Stores, Inc. | 4326 |  | 413955 |
|  TJX Cos., Inc. | 25735 |  | 1855494 |
|  Tractor Supply Co. | 1786 |  | 392509 |
|  Williams-Sonoma, Inc. | 1533 |  | 189831 |
|  |  |  | 17194541 |
| **Technology Hardware, Storage & Peripherals — 4.3%** | **Technology Hardware, Storage & Peripherals — 4.3%** | **Technology Hardware, Storage & Peripherals — 4.3%** | **Technology Hardware, Storage & Peripherals — 4.3%** |
|  Apple Inc. | 187368 |  | 28731009 |
|  Dell Technologies, Inc., Class C | 10499 |  | 403162 |
|  Hewlett Packard Enterprise Co. | 51731 |  | 738201 |
|  HP, Inc. | 35953 |  | 993022 |
|  NetApp, Inc. | 5618 |  | 389159 |
|  Seagate Technology Holdings PLC | 7762 |  | 385461 |
|  Western Digital Corp.<sup>(a)</sup> | 12506 |  | 429831 |
|  |  |  | 32069845 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Textiles, Apparel & Luxury Goods — 0.1%** |  |  |
|  Capri Holdings Ltd.<sup>(a)</sup> | 3555 | $162392 |
|  Tapestry, Inc. | 9898 | 313569 |
|  |  | 475961 |
| **Tobacco — 1.2%** |  |  |
|  Altria Group, Inc. | 71329 | 3300393 |
|  Philip Morris International, Inc. | 61400 | 5639590 |
|  |  | 8939983 |
| **Trading Companies & Distributors — 0.2%** |  |  |
|  Fastenal Co. | 9164 | 442896 |
|  United Rentals, Inc.<sup>(a)</sup> | 1342 | 423683 |
|  Watsco, Inc. | 500 | 135480 |
|  WW Grainger, Inc.<sup>(b)</sup> | 726 | 424238 |
|  |  | 1426297 |
| **Water Utilities — 0.1%** |  |  |
|  American Water Works Co., Inc. | 2753 | 400121 |
|  Essential Utilities, Inc. | 3806 | 168301 |
|  |  | 568422 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
|  T-Mobile U.S., Inc.<sup>(a)</sup> | 6967 | 1055918 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $692,335,736)** |  | 748735302 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.5%** |  |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup> | 9736826 | 9734878 |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares, 2.97%<sup>(c)(d)</sup> | 1210460 | 1210460 |
|  **Total Short-Term Securities — 1.5%<br>(Cost: $10,945,657)** |  | 10945338 |
|  **Total Investments — 101.2%<br>(Cost: $703,281,393)** |  | 759680640 |
|  **Liabilities in Excess of Other Assets — (1.2)%** | **Liabilities in Excess of Other Assets — (1.2)%** | (8768030) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;750912610 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

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

48 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Value ETF** |

---

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *04/30/22* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sale* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $3897401 | $5840868 <sup>(a)</sup> | $— | $(2297) | $(1094) | $9734878 | 9736826 | $39564 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 2050000 |  | (839540)<sup>(a)</sup> |  |  | 1210460 | 1210460 | 11590 |  |
|  BlackRock, Inc. | 3367025 | 510511 | (167474) | (8778) | 148340 | 3849624 | 5960 | 53309 |  |
|  |  |  |  | $(11075) | $147246 | $&nbsp;&nbsp;&nbsp;&nbsp;14794962 |  | $&nbsp;&nbsp;&nbsp;&nbsp;104463 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/<br>Unrealized<br>Appreciation*<br> *(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Consumer Staples Index | 10 | 12/16/22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | $40793 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Financial Select Sector Index | 7 | 12/16/22 | 733 | 56216 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 3 | 12/16/22 | 583 | 10318 |
|  |  |  |  | $107327 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity<br>Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate<br>Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;107327 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;107327 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(161640) | $— | $— | $— | $(161640) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $161215 | $— | $— | $— | $161215 |

---

S C H E D U L E S O F I N V E S T M E N T S 49

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Morningstar Value ETF** |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $2139956 |

---

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

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748735302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748735302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 10945338 |  |  | 10945338 |
|  | $759680640 | $— | $— | $759680640 |
|  Derivative Financial Instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $107327 | $— | $— | $107327 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

50 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (unaudited)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Morningstar<br>Mid-Cap<br>Value ETF | iShares<br>Morningstar<br>Small-Cap ETF | iShares<br>Morningstar<br>U.S. Equity<br> ETF | iShares<br>Morningstar<br>Value ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $469984511 | $200241876 | $714355981 | $744885678 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 10121839 | 23858018 | 13159232 | 14794962 |
|  Cash | 20513 | 6598 | 781883 | 45095 |
|  Cash pledged for futures contracts | 62000 | 22000 | 81000 | 117000 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1327369 | 803050 | 361506 | 232972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 9825 | 41429 | 3680 | 6388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 480127 | 66278 | 537469 | 839517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 2625 | 715 | 2837 | 2723 |
|  Total assets | 482008809 | 225039964 | 729283588 | 760924335 |
|  **LIABILITIES** |  |  |  |  |
|  Collateral on securities loaned | 9407506 | 23619073 | 10172838 | 9740343 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1327369 | 800513 | 361506 | 232972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 22579 | 6425 | 17534 | 23835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 3834 | 70 | 11180 | 14575 |
|  Total liabilities | 10761288 | 24426081 | 10563058 | 10011725 |
|  NET ASSETS | $471247521 | $200613883 | $718720530 | $750912610 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
|  Paid-in capital | $469194474 | $256166976 | $753592300 | $744906816 |
|  Accumulated earnings (loss) | 2053047 | (55553093) | (34871770) | 6005794 |
|  NET ASSETS | $471247521 | $200613883 | $718720530 | $750912610 |
|  **NET ASSET VALUE** |  |  |  |  |
|  Shares outstanding | 7650000 | 4250000 | 13500000 | 12000000 |
|  Net asset value | $61.60 | $47.20 | $53.24 | $62.58 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $&nbsp;&nbsp;&nbsp;&nbsp;446353636 | $&nbsp;&nbsp;&nbsp;&nbsp;227365850 | $&nbsp;&nbsp;&nbsp;&nbsp;691310277 | $&nbsp;&nbsp;&nbsp;&nbsp;687999182 |
|  <sup>(b) </sup>Securities loaned, at value | $9186983 | $22921545 | $9879938 | $6792535 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $10121241 | $23857963 | $12617461 | $15282211 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 51

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Statements of Operations (unaudited)

Six Months Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Morningstar<br>Mid-Cap<br> Value ETF | iShares<br>Morningstar<br>Small-Cap ETF | iShares<br>Morningstar<br> U.S. Equity<br> ETF | iShares<br>Morningstar<br> Value ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $6284165 | $1079519 | $6285807 | $9177716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 6524 | 3259 | 41454 | 64899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 66919 | 195920 | 36814 | 39564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld |  | (907) | (1401) | (1289) |
|  Total investment income | 6357608 | 1277791 | 6362674 | 9280890 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 142372 | 40980 | 113285 | 150092 |
|  Total expenses | 142372 | 40980 | 113285 | 150092 |
|  Net investment income | 6215236 | 1236811 | 6249389 | 9130798 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (30089568) | (9174797) | (11797199) | (11743998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (766) | (4475) | (4094) | (15326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (120383) | (45835) | (356842) | (161640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 32235361 | 879020 | 5437395 | 7579149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup>  |  |  | 30263 | 4251 |
|  | 2024644 | (8346087) | (6690477) | (4337564) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (33401457) | 2185707 | (47076916) | (23866545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (1925) | (177) | 37206 | 147246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 76354 | 33462 | 180423 | 161215 |
|  | (33327028) | 2218992 | (46859287) | (23558084) |
|  Net realized and unrealized loss | (31302384) | (6127095) | (53549764) | (27895648) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(25087148) | $(4890284) | $(47300375) | $(18764850) |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to financial statements.* 

52 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF |
|  | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6215236 | $9049985 | $1236811 | $2981463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2024644 | 34370084 | (8346087) | 7667954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (33327028) | (29467257) | 2218992 | (46929295) |
|  Net increase (decrease) in net assets resulting from operations | (25087148) | 13952812 | (4890284) | (36279878) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (5257183) | (9487846) | (1562940) | (2987187) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 4100957 | 35331452 | 7095887 | (2562649) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (26243374) | 39796418 | 642663 | (41829714) |
|  Beginning of period | 497490895 | 457694477 | 199971220 | 241800934 |
|  End of period | $471247521 | $497490895 | $200613883 | $199971220 |

---

<sup>(a)</sup> 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 53

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF |
|  | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6249389 | $11447954 | $9130798 | $16182799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6690477) | 19341762 | (4337564) | 10355512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (46859287) | (42727180) | (23558084) | 1105337 |
|  Net increase (decrease) in net assets resulting from operations | (47300375) | (11964464) | (18764850) | 27643648 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (5834599) | (11513059) | (8745059) | (16144141) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (18458064) | (77396311) | (10020836) | 89185958 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (71593038) | (100873834) | (37530745) | 100685465 |
|  Beginning of period | 790313568 | 891187402 | 788443355 | 687757890 |
|  End of period | $718720530 | $790313568 | $750912610 | $788443355 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

54 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF | iShares Morningstar Mid-Cap Value ETF |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> | Year Ended<br>04/30/20<br><sup>(a)</sup> | Year Ended<br>04/30/19<br><sup>(a)</sup> | Year Ended<br>04/30/18<br><sup>(a)</sup> |
|  **Net asset value, beginning of period** | $65.46 | $64.01 | $40.13 | $53.28 | $52.55 | $49.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.82 | 1.24 | 1.14 | 1.50 | 1.23 | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (3.99) | 1.50 | 23.92 | (13.08) | 0.73 | 3.21 |
|  Net increase (decrease) from investment operations | (3.17) | 2.74 | 25.06 | (11.58) | 1.96 | 4.30 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.69) | (1.29) | (1.18) | (1.57) | (1.23) | (1.05) |
|  **Net asset value, end of period** | $61.60 | $65.46 | $64.01 | $40.13 | $53.28 | $52.55 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (4.80)%<sup>(f)</sup> | 4.28% | 63.45% | (22.07)% | 3.83% | 8.81% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.06 %<sup>(h)</sup> | 0.06% | 0.27% | 0.30% | 0.30% | 0.30% |
|  Net investment income | 2.62 %<sup>(h)</sup> | 1.88% | 2.32% | 2.95% | 2.36% | 2.13% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $471248 | $497491 | $457694 | $331048 | $463524 | $417801 |
|  Portfolio turnover rate<sup>(i)</sup>  | 17% | 42% | 95% | 51% | 35% | 45% |

---

<sup>(a)</sup> Per share amounts reflect a three-for-one stock split effective after the close of trading on April 16, 2021. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> 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 55

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF | iShares Morningstar Small-Cap ETF |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> | Year Ended<br>04/30/20<br><sup>(a)</sup> | Year Ended<br>04/30/19<br><sup>(a)</sup> | Year Ended<br>04/30/18<br><sup>(a)</sup> |
|  **Net asset value, beginning of period** | $48.77 | $58.27 | $35.60 | $43.90 | $42.58 | $40.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.29 | 0.72 | 0.56 | 0.57 | 0.58 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (1.50) | (9.50) | 22.71 | (8.23) | 1.34 | 2.35 |
|  Net increase (decrease) from investment operations | (1.21) | (8.78) | 23.27 | (7.66) | 1.92 | 2.84 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.36) | (0.72) | (0.60) | (0.64) | (0.60) | (0.54) |
|  **Net asset value, end of period** | $47.20 | $48.77 | $58.27 | $35.60 | $43.90 | $42.58 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (2.44)%<sup>(f)</sup> | (15.22)% | 65.95% | (17.58)% | 4.56% | 7.09% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.04 %<sup>(h)</sup> | 0.04% | 0.22% | 0.25% | 0.25% | 0.25% |
|  Net investment income | 1.21 %<sup>(h)</sup> | 1.28% | 1.24% | 1.34% | 1.33% | 1.18% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $200614 | $199971 | $241801 | $185115 | $237032 | $246938 |
|  Portfolio turnover rate<sup>(i)</sup>  | 18% | 41% | 175% | 62% | 67% | 56% |

---

<sup>(a)</sup> Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

56 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF | iShares Morningstar U.S. Equity ETF |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> | Year Ended<br>04/30/20<br><sup>(a)</sup> | Year Ended<br>04/30/19<br><sup>(a)</sup> | Year Ended<br>04/30/18<br><sup>(a)</sup> |
|  **Net asset value, beginning of period** | $57.06 | $59.02 | $40.80 | $41.90 | $38.08 | $35.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.45 | 0.79 | 0.66 | 0.81 | 0.81 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (3.85) | (1.95) | 18.21 | (0.88) | 3.82 | 2.36 |
|  Net increase (decrease) from investment operations | (3.40) | (1.16) | 18.87 | (0.07) | 4.63 | 3.09 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.42) | (0.80) | (0.65) | (1.03) | (0.81) | (0.73) |
|  **Net asset value, end of period** | $53.24 | $57.06 | $59.02 | $40.80 | $41.90 | $38.08 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (5.94)%<sup>(f)</sup> | (2.08)% | 46.58% | (0.13)% | 12.33% | 8.66% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.03 %<sup>(h)</sup> | 0.03% | 0.18% | 0.20% | 0.20% | 0.20% |
|  Net investment income | 1.65 %<sup>(h)</sup> | 1.27% | 1.32% | 1.90% | 2.05% | 1.91% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $718721 | $790314 | $891187 | $718065 | $863172 | $944382 |
|  Portfolio turnover rate<sup>(i)</sup>  | 2% | 6% | 131% | 49% | 38% | 46% |

---

<sup>(a)</sup> Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> 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 57

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF | iShares Morningstar Value ETF |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21<br><sup>(a)</sup> | Year Ended<br>04/30/20<br><sup>(a)</sup> | Year Ended<br>04/30/19<br><sup>(a)</sup> | Year Ended<br>04/30/18<br><sup>(a)</sup> |
|  **Net asset value, beginning of period** | $64.89 | $63.68 | $48.12 | $54.18 | $50.55 | $47.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.76 | 1.38 | 1.55 | 1.65 | 1.49 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (2.33) | 1.20 | 15.58 | (6.04) | 3.58 | 3.01 |
|  Net increase (decrease) from investment operations | (1.57) | 2.58 | 17.13 | (4.39) | 5.07 | 4.29 |
|  Distributions from net investment income<sup>(d)</sup>  | (0.74) | (1.37) | (1.57) | (1.67) | (1.44) | (1.28) |
|  **Net asset value, end of period** | $62.58 | $64.89 | $63.68 | $48.12 | $54.18 | $50.55 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (2.37)%<sup>(f)</sup> | 4.02% | 36.36% | (8.23)% | 10.22% | 9.07% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.04 %<sup>(h)</sup> | 0.04% | 0.22% | 0.25% | 0.25% | 0.25% |
|  Net investment income | 2.43 %<sup>(h)</sup> | 2.08% | 2.88% | 3.06% | 2.86% | 2.54% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $750913 | $788443 | $687758 | $447483 | $492996 | $374024 |
|  Portfolio turnover rate<sup>(i)</sup>  | 11% | 21% | 112% | 36% | 24% | 24% |

---

<sup>(a)</sup> Per share amounts reflect a two-for-one stock split effective after the close of trading on April 16, 2021. 

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to financial statements.* 

58 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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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<br>Classification* | *Diversification<br>Classification* |
|  Morningstar Mid-Cap Value |  | Diversified |
|  Morningstar Small-Cap |  | Diversified |
|  Morningstar U.S. Equity |  | Diversified |
|  Morningstar Value | | 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. 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. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

**ForeignTaxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market conventions. The Statements of Operations include tax reclaims recorded as well as professional fees associated with recovery of foreign withholding taxes.

**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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Fund's 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

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 59

------

Notes to Financial Statements (unaudited) (continued)

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

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:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• 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*** 

**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.

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

60 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements (unaudited) (continued)

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received <br><sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value* | *<br><sup>(a)</sup>* | *Net<br>Amount* | *<br><sup>(b)</sup>* |
|  Morningstar Mid-Cap Value |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $121414 | $(121414) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 1246267 | (1224387) |  |  | 21880 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1604416 | (1604416) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 327284 | (327284) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 545780 | (545780) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 1250360 | (1250360) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 243625 | (243625) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 720176 | (720176) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 12926 | (12926) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 7246 | (7235) |  |  | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 183337 | (183337) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 660300 | (660300) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 987083 | (987083) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 438692 | (438692) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 820832 | (820832) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 17245 | (17245) |  |  |  |  |
|  | $9186983 | $(9165092) | $— |  | $21891 |  |
|  Morningstar Small-Cap |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $1591631 | $(1591631) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 341977 | (341977) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 1537 | (1537) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 3719874 | (3719874) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 1800431 | (1800431) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 465849 | (465849) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 135205 | (135205) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc. | 51003 | (51003) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 4547500 | (4547500) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 28566 | (28566) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3199053 | (3199053) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 380956 | (380956) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 3691137 | (3691137) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 363206 | (363206) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 83062 | (83062) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 131377 | (131377) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 197107 | (197107) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 53997 | (53997) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 122980 | (122980) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Prime Services LLC | 545190 | (545190) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 439487 | (439487) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 616364 | (616364) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Americas LLC | 83524 | (83524) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 36294 | (36294) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 294238 | (294135) |  |  | 103 |  |
|  | $22921545 | $(22921442) | $— |  | $103 |  |
|  Morningstar U.S. Equity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $160477 | $(160477) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 86364 | (86364) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1161261 | (1161261) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 792952 | (792952) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 885858 | (885858) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 1882286 | (1882286) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 5373 | (5373) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 1036496 | (1036496) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 249504 | (249504) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 681592 | (681592) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 61265 | (61265) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Market LLC | 102645 | (102136) |  |  | 509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 606855 | (599898) |  |  | 6957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Prime Services LLC | 1147302 | (1147302) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 732984 | (732984) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 80769 | (80769) |  |  |  |  |

---

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 61

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities<br>Loaned at Value* | *Cash<br>Collateral Received <br><sup>(a)</sup>* | *Non-Cash<br>Collateral Received,<br>at Fair Value* | *<br><sup>(a)</sup>* | *Net<br>Amount* | *<br><sup>(b)</sup>* |
|  Morningstar U.S. Equity (continued) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | $98752 | $(98752) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 107203 | (107203) |  |  |  |  |
|  | $9879938 | $(9872472) | $— |  | $7466 |  |
|  Morningstar Value |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $235426 | $(235426) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 944512 | (944512) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 133 | (133) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 480719 | (480719) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank PLC | 3606166 | (3606166) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 105850 | (105850) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 341171 | (341171) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 357100 | (357100) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 131016 | (131016) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 117391 | (117391) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Market LLC | 248587 | (248587) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 91401 | (91401) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 119602 | (119602) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 13461 | (13461) |  |  |  |  |
|  | $6792535 | $(6792535) | $— |  | $— |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

<sup>(b)</sup> The market value of the loaned securities is determined as of October 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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 on 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 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.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

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

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

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

***6.***  ***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).

62 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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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* |
|  Morningstar Mid-Cap Value | 0.06% |
|  Morningstar Small-Cap | 0.04 |
|  Morningstar U.S. Equity | 0.03 |
|  Morningstar Value | 0.04 |

---

**Distributor:** BlackRock Investments, LLC ("BRIL"), 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.

**ETF Servicing Fees:** Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

**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 affiliated 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 laon (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 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less that 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 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Morningstar Mid-Cap Value | $18255 |
|  Morningstar Small-Cap | 51535 |
|  Morningstar U.S. Equity | 10833 |
|  Morningstar Value | 11532 |

---

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

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

For the six months ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized*<br> *Gain (Loss)*  |
|  Morningstar Mid-Cap Value | $&nbsp;&nbsp;&nbsp;&nbsp;29229555 | $&nbsp;&nbsp;&nbsp;&nbsp;39713648 | $&nbsp;&nbsp;&nbsp;&nbsp;(9900193) |
|  Morningstar Small-Cap | 13248867 | 10829849 | (1985811) |
|  Morningstar U.S. Equity | 3613858 | 4625720 | (7398541) |
|  Morningstar Value | 33708167 | 30126525 | (2862567) |

---

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.

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 63

------

Notes to Financial Statements (unaudited) (continued)

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.

***7.***  ***PURCHASES AND SALES*** 

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Morningstar Mid-Cap Value | $78548319 | $79046885 |
|  Morningstar Small-Cap | &nbsp;&nbsp;&nbsp;&nbsp;36115185 | &nbsp;&nbsp;&nbsp;&nbsp;35522780 |
|  Morningstar U.S. Equity | 18861025 | 16921935 |
|  Morningstar Value | 85524531 | 83344650 |

---

For the six months ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind Sales* |
|  Morningstar Mid-Cap Value | $&nbsp;&nbsp;&nbsp;&nbsp;63345121 | $&nbsp;&nbsp;&nbsp;&nbsp;58492301 |
|  Morningstar Small-Cap | 15437874 | 8607669 |
|  Morningstar U.S. Equity | 11033126 | 31278321 |
|  Morningstar Value | 17962970 | 30706627 |

---

***8.***  ***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 applicable to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

As of April 30, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Morningstar Mid-Cap Value | $22659568 |
|  Morningstar Small-Cap | 19390575 |
|  Morningstar U.S. Equity | 52470762 |
|  Morningstar Value | 45924606 |

---

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Morningstar Mid-Cap Value | $458452786 | $58760440 | $(37064378) | $21696062 |
|  Morningstar Small-Cap | 251623658 | 24091392 | (51593713) | (27502321) |
|  Morningstar U.S. Equity | 704387470 | 118507678 | (95318257) | 23189421 |
|  Morningstar Value | 705059166 | 116041370 | (61312569) | 54728801 |

---

***9.***  ***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.

64 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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

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

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

**Counterparty Credit Risk:** The 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.

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the 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 Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

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

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

***10.***  ***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.

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 65

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Six Months Ended<br> 10/31/22 | <br> Six Months Ended<br> 10/31/22 | <br> Year Ended<br> 04/30/22 | <br> Year Ended<br> 04/30/22 |
| *iShares ETF* | <br> *Shares* | <br> *Amount* | <br> *Shares* | <br> *Amount* |
|  Morningstar Mid-Cap Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1050000 | $63849948 | 2650000 | $174198554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59748991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138867102) |
|  | 50000 | $4100957 | 450000 | $35331452 |
|  Morningstar Small-Cap |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 350000 | $16046329 | 50000 | $2817190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | (8950442) | (100000) | (5379839) |
|  | 150000 | $7095887 | (50000) | $(2562649) |
|  Morningstar U.S. Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 200000 | $10798586 | 100000 | $6211849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (550000) | (29256650) | (1350000) | (83608160) |
|  | (350000) | $(18458064) | (1250000) | $(77396311) |
|  Morningstar Value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 300000 | $17873285 | 1600000 | $105690073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (450000) | (27894121) | (250000) | (16504115) |
|  | (150000) | $(10020836) | 1350000 | $89185958 |

---

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 BRIL, 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.

***11.*** **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.

66 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract

**iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF, iShares Morningstar Value ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 67

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Board Review and Approval of Investment Advisory Contract (continued)

calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

68 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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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.

**October 31, 2022** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  Morningstar Mid-Cap Value | $&nbsp;&nbsp;&nbsp;&nbsp;0.689885 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;0.689885 | 100% | —% | —% | 100% |
|  Morningstar Small-Cap | 0.358212 |  |  | 0.358212 | 100 |  |  | 100 |

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S U P P L E M E N T A L I N F O R M A T I O N 69

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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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com.** 

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

**Householding** 

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

**Availability of Quarterly Schedule of Investments** 

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

**Availability of Proxy Voting Policies and Proxy Voting Records** 

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

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

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Glossary of Terms Used in this Report

**Portfolio Abbreviation** 

---

| | |
|:---|:---|
| CVR | Contingent Value Rights |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 71

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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 Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-410-1022

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|:---|:---|
| ![LOGO](g390172g89s42.jpg)  | ![LOGO](g390172g48v93.jpg) |

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|:---|:---|
| ![LOGO](g391125g24u50.jpg)  | **OCTOBER 31, 2022** |

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**2022 Semi-Annual Report**<br> **(Unaudited)**<br>

**iShares Trust** 

· iShares Core U.S. REIT ETF \| USRT \| NYSE Arca

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort 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, and the outlook for Europe and the U.K. is also troubling. 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.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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.

Sincerely,

![LOGO](g391125sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g391125dsp2.jpg)

Rob Kapito

President, BlackRock, Inc.

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| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities (MSCI Emerging Markets Index) | (19.66) | (13.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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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

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**Table of Contents**

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| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx391125_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx391125_2) | 4 |
|  [About Fund Performance](#tx391125_3) | 5 |
|  [Disclosure of Expenses](#tx391125_4) | 5 |
|  [Schedule of Investments](#tx391125_5) | 6 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#tx391125_6) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#tx391125_7) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx391125_8) | 12 |
|  [Financial Highlights](#tx391125_9) | 13 |
|  [Notes to Financial Statements](#tx391125_10) | 14 |
|  [Board Review and Approval of Investment Advisory Contract](#tx391125_11) | 20 |
|  [Supplemental Information](#tx391125_12) | 22 |
|  [General Information](#tx391125_13) | 23 |
|  [Glossary of Terms Used in this Report](#tx391125_14) | 24 |

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3.0 ------

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. REIT ETF** |

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**Investment Objective** 

The **iShares Core U.S. REIT ETF (the "Fund")** seeks to track the investment results of an index composed of U.S. real estate equities, as represented by the FTSE Nareit Equity REITs 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 | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *6-Month Total<br>Returns* | *1 Year* | *5 Years* | *10 Years* | *1 Year* | *5 Years* | *10 Years* |
| &nbsp;&nbsp; Fund NAV | (17.99)% | (18.56)% | 4.08% | 6.17% | (18.56)% | 21.14% | 81.99% |
| &nbsp;&nbsp; Fund Market | (18.07) | (18.58) | 4.06 | 6.16 | (18.58) | 22.04 | 81.87 |
| &nbsp;&nbsp; Index | (17.99) | (18.51) | 4.12 | 6.38 | (18.51) | 22.36 | 85.56 |

---

Index performance through November 2, 2016 reflects the performance of the FTSE NAREIT Real Estate 50 Index. Index performance beginning on November 3, 2016 reflects the performance of the FTSE Nareit Equity REITS Index.

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** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |
| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
| $1000.00 |  | $820.10 | $0.37 |  | $1000.00 |  | $1024.80 | $0.41 |  | 0.08 | % |

---

<sup>(a)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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** 

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION** | **INDUSTRY ALLOCATION** |
| *Industry* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Specialized REITs | 25.7% |
|  Residential REITs | 18.4 |
|  Retail REITs | 16.2 |
|  Industrial REITs | 14.9 |
|  Health Care REITs | 9.6 |
|  Office REITs | 7.4 |
|  Hotel & Resort REITs | 4.0 |
|  Diversified REITs | 3.8 |

---

<sup>(a)</sup> Excludes money market funds.

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of<br>Total Investments* *<br><sup>(a)</sup>* |
|  Prologis, Inc. | 10.5% |
|  Equinix, Inc. | 5.3 |
|  Public Storage | 5.0 |
|  Realty Income Corp. | 4.0 |
|  Simon Property Group, Inc. | 3.7 |
|  VICI Properties, Inc. | 3.2 |
|  Digital Realty Trust, Inc. | 2.9 |
|  Welltower, Inc. | 2.9 |
|  AvalonBay Communities, Inc. | 2.5 |
|  Alexandria Real Estate Equities, Inc. | 2.4 |

---

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

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

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

The expense example also provides 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. REIT ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Diversified REITs — 3.7%** | **Diversified REITs — 3.7%** |  |
|  Alexander & Baldwin, Inc. | 140580 | $2738498 |
|  Alpine Income Property Trust, Inc. | 22179 | 409203 |
|  American Assets Trust, Inc. | 95861 | 2634260 |
|  Armada Hoffler Properties, Inc. | 129292 | 1511423 |
|  Broadstone Net Lease, Inc. | 323683 | 5547927 |
|  CTO Realty Growth, Inc. | 34390 | 691239 |
|  Empire State Realty Trust, Inc., Class A<sup>(a)</sup>  | 262492 | 1934566 |
|  Essential Properties Realty Trust, Inc. | 273295 | 5881308 |
|  Gladstone Commercial Corp. | 76624 | 1347816 |
|  Global Net Lease, Inc. | 202384 | 2479204 |
|  iStar, Inc. | 133545 | 1399552 |
|  One Liberty Properties, Inc. | 31818 | 717178 |
|  STORE Capital Corp. | 496235 | 15780273 |
|  WP Carey, Inc. | 373507 | 28498584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;71571031 |
| **Health Care REITs — 9.6%** |  |  |
|  CareTrust REIT, Inc. | 188095 | 3513615 |
|  Community Healthcare Trust, Inc. | 45896 | 1588002 |
|  Diversified Healthcare Trust | 469099 | 637975 |
|  Global Medical REIT, Inc. | 118397 | 1082149 |
|  Healthcare Realty Trust, Inc. | 740569 | 15055768 |
|  Healthpeak Properties, Inc. | 1053384 | 24996802 |
|  LTC Properties, Inc. | 77959 | 3014674 |
|  Medical Properties Trust, Inc. | 1160020 | 13282229 |
|  National Health Investors, Inc. | 83480 | 4733316 |
|  Omega Healthcare Investors, Inc. | 459022 | 14587719 |
|  Physicians Realty Trust | 437188 | 6584051 |
|  Sabra Health Care REIT, Inc. | 448914 | 6132165 |
|  Universal Health Realty Income Trust | 24884 | 1211104 |
|  Ventas, Inc. | 779959 | 30519796 |
|  Welltower, Inc. | 906484 | 55331783 |
|  |  | 182271148 |
| **Hotel & Resort REITs — 4.0%** |  |  |
|  Apple Hospitality REIT, Inc. | 418060 | 7157187 |
|  Ashford Hospitality Trust, Inc.<sup>(a)(b)</sup>  | 67749 | 550122 |
|  Braemar Hotels & Resorts, Inc. | 135149 | 666285 |
|  Chatham Lodging Trust<sup>(b)</sup>  | 93999 | 1219167 |
|  DiamondRock Hospitality Co. | 408565 | 3815997 |
|  Hersha Hospitality Trust, Class A | 62054 | 567794 |
|  Host Hotels & Resorts, Inc. | 1382827 | 26107774 |
|  Park Hotels & Resorts, Inc. | 435340 | 5694247 |
|  Pebblebrook Hotel Trust<sup>(a)</sup>  | 252654 | 4052570 |
|  RLJ Lodging Trust | 312311 | 3800825 |
|  Ryman Hospitality Properties, Inc.<sup>(a)</sup>  | 104585 | 9299698 |
|  Service Properties Trust<sup>(a)</sup>  | 319593 | 2591899 |
|  Summit Hotel Properties, Inc. | 204347 | 1765558 |
|  Sunstone Hotel Investors, Inc.<sup>(a)</sup>  | 412319 | 4597357 |
|  Xenia Hotels & Resorts, Inc. | 222778 | 3805049 |
|  |  | 75691529 |
| **Industrial REITs — 14.9%** |  |  |
|  Americold Realty Trust, Inc. | 524993 | 12731080 |
|  EastGroup Properties, Inc. | 80343 | 12588945 |
|  First Industrial Realty Trust, Inc. | 257303 | 12255342 |
|  Indus Realty Trust, Inc.<sup>(a)</sup>  | 10589 | 548404 |
|  Industrial Logistics Properties Trust | 128854 | 603037 |
|  LXP Industrial Trust | 536169 | 5190116 |
|  Plymouth Industrial REIT, Inc. | 73283 | 1351339 |
|  Prologis, Inc. | 1800106 | 199361739 |
|  Rexford Industrial Realty, Inc. | 334450 | 18488396 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Industrial REITs (continued)** |  |  |
|  STAG Industrial, Inc. | 350421 | $11069799 |
|  Terreno Realty Corp. | 144536 | 8258787 |
|  |  | 282446984 |
| **Office REITs — 7.4%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 316489 | 45985852 |
|  Boston Properties, Inc.<sup>(a)</sup>  | 306138 | 22256233 |
|  Brandywine Realty Trust | 326992 | 2145068 |
|  City Office REIT, Inc. | 79500 | 844290 |
|  Corporate Office Properties Trust | 218591 | 5825450 |
|  Cousins Properties, Inc. | 295024 | 7009770 |
|  Creative Media & Community Trust Corp. | 26469 | 179195 |
|  Douglas Emmett, Inc. | 330683 | 5816714 |
|  Easterly Government Properties, Inc. | 176847 | 3075369 |
|  Franklin Street Properties Corp.<sup>(a)</sup>  | 194821 | 561084 |
|  Highwoods Properties, Inc. | 203351 | 5740599 |
|  Hudson Pacific Properties, Inc. | 268324 | 2962297 |
|  JBG SMITH Properties | 208670 | 4106626 |
|  Kilroy Realty Corp. | 227142 | 9708049 |
|  Office Properties Income Trust | 93694 | 1433518 |
|  Orion Office REIT, Inc. | 112133 | 1050686 |
|  Paramount Group, Inc. | 372825 | 2412178 |
|  Piedmont Office Realty Trust, Inc., Class A | 238611 | 2493485 |
|  Postal Realty Trust, Inc., Class A | 35038 | 549396 |
|  SL Green Realty Corp. | 124967 | 4958691 |
|  Veris Residential, Inc.<sup>(b)</sup>  | 167516 | 2651778 |
|  Vornado Realty Trust | 345172 | 8142607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;139908935 |
| **Residential REITs — 18.3%** |  |  |
|  American Homes 4 Rent, Class A<sup>(a)</sup>  | 592442 | 18922598 |
|  Apartment Income REIT Corp. | 300783 | 11559091 |
|  Apartment Investment and Management Co., Class A | 290970 | 2310302 |
|  AvalonBay Communities, Inc. | 273010 | 47809511 |
|  Bluerock Homes Trust, Inc.<sup>(b)</sup>  | 6948 | 175784 |
|  BRT Apartments Corp.<sup>(a)</sup>  | 23886 | 529314 |
|  Camden Property Trust | 202500 | 23398875 |
|  Centerspace | 29846 | 2068328 |
|  Elme Communities | 170478 | 3254425 |
|  Equity LifeStyle Properties, Inc.<sup>(a)</sup>  | 346913 | 22188556 |
|  Equity Residential | 723502 | 45595096 |
|  Essex Property Trust, Inc. | 126961 | 28215813 |
|  Independence Realty Trust, Inc. | 430374 | 7213068 |
|  Invitation Homes, Inc. | 1192199 | 37780786 |
|  Mid-America Apartment Communities, Inc. | 224285 | 35313673 |
|  NexPoint Residential Trust, Inc | 44032 | 2007859 |
|  Sun Communities, Inc. | 237658 | 32048181 |
|  UDR, Inc. | 632457 | 25146490 |
|  UMH Properties, Inc. | 96493 | 1692487 |
|  |  | 347230237 |
| **Retail REITs — 16.2%** |  |  |
|  Acadia Realty Trust | 172387 | 2408246 |
|  Agree Realty Corp. | 153186 | 10523878 |
|  Alexander's, Inc. | 4173 | 980196 |
|  Brixmor Property Group, Inc. | 582738 | 12418147 |
|  CBL & Associates Properties, Inc. | 51665 | 1484335 |
|  Federal Realty Investment Trust | 156775 | 15517589 |
|  Getty Realty Corp. | 78064 | 2458235 |
|  InvenTrust Properties Corp. | 132133 | 3329752 |
|  Kimco Realty Corp. | 1179818 | 25224509 |
|  Kite Realty Group Trust | 423780 | 8323039 |
|  Macerich Co. | 417320 | 4644772 |

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6 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. REIT ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Retail REITs (continued)** |  |  |
|  National Retail Properties, Inc. | 342674 | $14402588 |
|  Necessity Retail REIT, Inc. | 260478 | 1781670 |
|  NETSTREIT Corp. | 118402 | 2228326 |
|  Phillips Edison & Co., Inc. | 227567 | 6858869 |
|  Realty Income Corp. | 1207517 | 75192084 |
|  Regency Centers Corp. | 334717 | 20253726 |
|  Retail Opportunity Investments Corp. | 234909 | 3401482 |
|  RPT Realty | 162544 | 1511659 |
|  Saul Centers, Inc. | 22982 | 941113 |
|  Simon Property Group, Inc. | 637356 | 69459057 |
|  SITE Centers Corp.<sup>(a)</sup>  | 378483 | 4685620 |
|  Spirit Realty Capital, Inc. | 265468 | 10308122 |
|  Tanger Factory Outlet Centers, Inc. | 197663 | 3559911 |
|  Urban Edge Properties | 223090 | 3150031 |
|  Urstadt Biddle Properties, Inc., Class A<sup>(a)</sup>  | 58409 | 1094585 |
|  Whitestone REIT | 90642 | 852941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306994482 |
| **Specialized REITs — 25.6%** |  |  |
|  CubeSmart | 436602 | 18280526 |
|  Digital Realty Trust, Inc. | 554975 | 55636244 |
|  EPR Properties | 144935 | 5594491 |
|  Equinix, Inc. | 177618 | 100609940 |
|  Extra Space Storage, Inc. | 258855 | 45931231 |
|  Farmland Partners, Inc.<sup>(a)</sup>  | 94704 | 1326803 |
|  Four Corners Property Trust, Inc.<sup>(a)</sup>  | 157990 | 4047704 |
|  Gaming and Leisure Properties, Inc. | 476922 | 23903330 |
|  Gladstone Land Corp.<sup>(a)</sup>  | 62960 | 1281236 |
|  Iron Mountain, Inc. | 563886 | 28233772 |
|  Lamar Advertising Co., Class A | 168887 | 15576448 |
|  Life Storage, Inc. | 164315 | 18174882 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialized REITs (continued)** |  |  |
|  National Storage Affiliates Trust | 165850 | $7075161 |
|  Outfront Media, Inc. | 270978 | 4891153 |
|  Public Storage | 305513 | 94632652 |
|  Safehold, Inc. | 42545 | 1244441 |
|  VICI Properties, Inc. | 1879257 | 60173809 |
|  |  | 486613823 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $2,154,351,999)** | **Total Long-Term Investments — 99.7%<br>(Cost: $2,154,351,999)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892728169 |
| **Short-Term Securities** |  |  |
| **Money Market Funds — 0.8%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(c)(d)(e)</sup>  | 8542242 | 8540534 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(c)(d)</sup>  | 6500445 | 6500445 |
|  **Total Short-Term Securities — 0.8%<br>(Cost: $15,042,331)** | **Total Short-Term Securities — 0.8%<br>(Cost: $15,042,331)** | 15040979 |
|  **Total Investments — 100.5%<br>(Cost: $2,169,394,330)** | **Total Investments — 100.5%<br>(Cost: $2,169,394,330)** | 1907769148 |
|  **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (10110581) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1897658567 |

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<sup>(a)</sup> All or a portion of this security is on loan.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net<br>Realized*<br> *Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | *Capital*<br> *Gain<br>Distributions<br>from Underlying<br>Funds*  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares | $3621730 | $4918545 <sup>(a)</sup> | $— | $1727 | $(1468) | $8540534 | 8542242 | $&nbsp;&nbsp;&nbsp;&nbsp;21979 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares | 7350000 |  | (849555)<sup>(a)</sup> |  |  | 6500445 | 6500445 | 45517 |  |
|  |  |  |  | $1727 | $(1468) | $15040979 |  | $67496 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> 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.

S C H E D U L E O F I N V E S T M E N T S 7

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. REIT ETF** |

---

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Jones U.S. Real Estate Index | 147 | 12/16/22 | $4801 | $168711 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $168711 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;168711 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(2059728) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(2059728) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $205608 | $— | $— | $— | $205608 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | | |
|:---|:---|:---|
| Futures contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $6787170 | |

---

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

8 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. REIT ETF** |

---

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;1892728169 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;1892728169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 15040979 |  |  | 15040979 |
|  | $1907769148 | $— | $— | $1907769148 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $168711 | $— | $— | $168711 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*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 9

------

Statement of Assets and Liabilities (unaudited)

October 31, 2022

---

| | |
|:---|:---|
|  | iShares<br> Core U.S. REIT ETF |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $1892728169 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 15040979 |
|  Cash | 1619 |
|  Cash pledged for futures contracts | 360000 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2978439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 1290411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 26775 |
|  Total assets | 1912429326 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 8542801 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 3599872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 2497759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 121773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 8554 |
|  Total liabilities | 14770759 |
|  NET ASSETS | $1897658567 |
|  **NET ASSETS CONSIST OF:** |  |
|  Paid-in capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171595832 |
|  Accumulated loss | (273937265) |
|  NET ASSETS | $1897658567 |
|  **NET ASSET VALUE** |  |
|  Shares outstanding | $38100000 |
|  Net asset value | $49.81 |
|  Shares authorized | Unlimited |
|  Par value |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $2154351999 |
|  <sup>(b) </sup>Securities loaned, at value | $8296829 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $15042331 |

---

*See notes to financial statements.* 

10 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statement of Operations (unaudited)

Six Months Ended October 31, 2022

---

| | |
|:---|:---|
|  | iShares<br> Core U.S. REIT ETF |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $28751585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 45517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 21979 |
|  Total investment income | 28819081 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 812139 |
|  Total expenses | 812139 |
|  Net investment income | 28006942 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (38754450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2059728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | 59289875 |
|  | 18477424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (454237788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (1468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 205608 |
|  | (454033648) |
|  Net realized and unrealized loss | (435556224) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407549282) |

---

<sup>(a)</sup> 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 11

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF |
| | Six Months Ended<br>10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $28006942 | $47545870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 18477424 | 188023089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (454033648) | 15691617 |
|  Net increase (decrease) in net assets resulting from operations | (407549282) | 251260576 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (33192125) | (57050953) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 19849813 | 137648377 |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (420891594) | 331858000 |
|  Beginning of period | 2318550161 | 1986692161 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897658567 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318550161 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

12 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF | iShares Core U.S. REIT ETF |
|  | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Year Ended<br>04/30/20 | Year Ended<br>04/30/19 | Year Ended<br>04/30/18 |
|  **Net asset value, beginning of period** | $61.83 | $56.60 | $42.45 | $51.60 | $45.73 | $48.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.75 | 1.24 | 1.17 | 1.62 | 1.79 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (11.87) | 5.45 | 14.39 | (8.95) | 6.59 | (3.20) |
|  Net increase (decrease) from investment operations | (11.12) | 6.69 | 15.56 | (7.33) | 8.38 | (1.50) |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.90) | (1.43) | (1.41) | (1.80) | (2.44) | (1.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.03) |  | (0.02) | (0.07) |  |
|  Total distributions | (0.90) | (1.46) | (1.41) | (1.82) | (2.51) | (1.70) |
|  **Net asset value, end of period** | $49.81 | $61.83 | $56.60 | $42.45 | $51.60 | $45.73 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (17.99)%<sup>(e)</sup> | 11.82% | 37.43% | (14.60)% | 18.82% | (3.18)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.08 %<sup>(g)</sup> | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 2.76 %<sup>(g)</sup> | 2.00% | 2.48% | 3.12% | 3.64% | 3.60% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1897659 | $2318550 | $1986692 | $1339443 | $1290051 | $514475 |
|  Portfolio turnover rate<sup>(h)</sup>  | 4% | 9% | 5% | 8% | 11% | 8% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> 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 13

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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 fund (the "Fund"):

<u>*iShares ETF*</u>   <u>*Diversification<br>Classification*</u>   <br> <u> Core U.S. REIT</u>     <u>Diversified</u>  

***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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. 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. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

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

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

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of the Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Fund's investment adviser, as the valuation designee for the Fund. The 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 the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

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

14 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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:

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• 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*** 

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by 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 the Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

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

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 15

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Notes to Financial Statements (unaudited) (continued)

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

---

| | | | |
|:---|:---|:---|:---|
| *Counterparty* | *Securities<br>Loaned at Value* | *Cash*<br> *Collateral Received* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $105864 | $(105864) | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 68015 | (68015) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1380302 | (1380302) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 2410764 | (2410764) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 17784 | (17784) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 1543123 | (1543123) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 123875 | (123875) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies LLC | 955573 | (955573) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 197541 | (197541) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; National Financial Services LLC | 288034 | (288034) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotia Capital (USA), Inc. | 256200 | (256200) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 89544 | (89544) | – |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank N.A. | 860210 | (860210) | – |
|  | $8296829 | $(8296829) | $– |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statement of Assets and Liabilities. 

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

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

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

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

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

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Core U.S. REIT | 0.08% |

---

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

16 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

**ETF Servicing Fees:** The Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units ("ETF Services"). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Fund does not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

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

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

Pursuant to the current securities lending agreement, the Fund retains 81% 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 fund (the "iShares ETF Complex") in a given calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the six months ended October 31, 2022, the Fund paid BTC $8,900 for securities lending agent services.

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

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

For the six months ended October 31, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Core U.S. REIT | $5021117 | $21618078 | $(7073756) |

---

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

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

***7.***  ***PURCHASES AND SALES*** 

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Core U.S. REIT | $107604225 | $72333106 |

---

For the six months ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind*<br> *Sales* |
|  Core U.S. REIT | $239231763 | $243338513 |

---

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 17

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Notes to Financial Statements (unaudited) (continued)

***8.***  ***INCOME TAX INFORMATION*** 

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

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements.

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Core U.S. REIT | $2195204262 | $101880672 | $(389147075) | $(287266403) |

---

***9.***  ***PRINCIPAL RISKS*** 

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

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

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

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

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into

18 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

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

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

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

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

***10.***  ***CAPITAL SHARE TRANSACTIONS*** 

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 10/31/22 | Six Months Ended<br> 10/31/22 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/22 |
| *Share Class* | *Shares* | *Amount* | *Shares* | *Amount* |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4700000 | $239039844 | 11850000 | $729451592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219190031) | (9450000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(591803215) |
|  | 600000 | $19849813 | 2400000 | $137648377 |

---

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 BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

***11.***  ***SUBSEQUENT EVENTS*** 

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

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 19

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Board Review and Approval of Investment Advisory Contract

**iShares Core U.S. REIT ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided:** Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:** The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the

20 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 21

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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.

**October 31, 2022** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | Total Cumulative Distributions<br>for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year-to-Date |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  Core U.S. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;0.896607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;0.896607 | 100% | —% | —% | 100% |

---

22 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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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:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com.** 

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

**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 23

------

Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| REIT | Real Estate Investment Trust |

---

24 2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

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

**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 FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-412-1022

---

| | |
|:---|:---|
| ![LOGO](g391125g44k74.jpg)  | ![LOGO](g391125g06m99.jpg) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**Item 2.** **Code of Ethics.** <br>

Not applicable to this semi-annual report.

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this semi-annual report.

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this semi-annual report.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this semi-annual report.

------

**Item 6.** **Investments.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to the registrant.

**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 11.** **Controls and Procedures.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The President (the registrant's Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant's Principal Financial Officer) have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

**Item 13.** **Exhibits.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable to this semi-annual report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (2) Section 302 Certifications are attached.](d238651dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached.](d238651dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

---

| | |
|:---|:---|
| By: | /s/ Armando Senra  |
|  | Armando Senra, President (Principal Executive Officer) |

---

Date: December 22, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Armando Senra  |
|  | Armando Senra, President (Principal Executive Officer) |

---

Date: December 22, 2022

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

Date: December 22, 2022

## Ex-99.Cert

---

| | |
|:---|:---|
| **N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS** | **EX-99.CERT** |

---

------

I, Armando Senra, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following nine series: iShares Core Dividend ETF (Formerly, iShares U.S. Dividend and Buyback ETF), iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares Core U.S. REIT ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF, iShares Morningstar Value ETF and iShares Select Dividend ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | <u>December 22, 2022</u> | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Armando Senra | President<br> (Principal Executive Officer) |
| | | &nbsp;&nbsp;&nbsp;&nbsp;Armando Senra<br> &nbsp;&nbsp;&nbsp;&nbsp;[Signature] | [Title] |

| | |
|:---|:---|
| **N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS** | **EX-99.CERT** |

---

------

I, Trent Walker, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following nine series: iShares Core Dividend ETF (Formerly, iShares U.S. Dividend and Buyback ETF), iShares Core Dividend Growth ETF, iShares Core High Dividend ETF, iShares Core U.S. REIT ETF, iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF, iShares Morningstar Value ETF and iShares Select Dividend ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | <u>December 22, 2022</u> | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Trent Walker | Treasurer and Chief Financial Officer<br> (Principal Financial Officer) |
| | | &nbsp;&nbsp;&nbsp;&nbsp;Trent Walker<br> &nbsp;&nbsp;&nbsp;&nbsp;[Signature] | [Title] |

---

## Exhibit 99.906

**Ex.99.906 CERT** 

**N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

------

Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the "Registrant"), each certify, to his knowledge, that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Date: | <u>December 22, 2022</u> | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Armando Senra | President<br> (Principal Executive Officer) |
| | | &nbsp;&nbsp;&nbsp;&nbsp;Armando Senra<br> &nbsp;&nbsp;&nbsp;&nbsp;[Signature] | [Title] |

---

---

| | | | |
|:---|:---|:---|:---|
| Date: | <u>December 22, 2022</u> | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Trent Walker | Treasurer and Chief Financial Officer<br> (Principal Financial Officer) |
| | | &nbsp;&nbsp;&nbsp;&nbsp;Trent Walker<br> &nbsp;&nbsp;&nbsp;&nbsp;[Signature] | [Title] |

---