iShares Trust


		SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core S&P 500 ETF | IVV | NYSE Arca

· iShares Core S&P Mid-Cap ETF | IJH | NYSE Arca

· iShares Core S&P Small-Cap ETF | IJR | NYSE Arca

· iShares Core S&P Total U.S. Stock Market ETF | ITOT | NYSE Arca

· iShares Core S&P U.S. Growth ETF | IUSG | NASDAQ

· iShares Core S&P U.S. Value ETF | IUSV | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Trust

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2021

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		9.18%		30.00%

U.S. small cap equities (Russell 2000^® Index)		(0.25)		47.68

International equities (MSCI Europe, Australasia, Far East Index)		4.70		25.73

Emerging market equities (MSCI Emerging Markets Index)		(3.45)		18.20

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.01		0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		2.92		(6.22)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		1.88		(0.90)

Tax-exempt municipal bonds (S&P Municipal Bond Index)		1.24		2.71

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		3.65		11.27

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


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

Table of Contents


	Page


The Markets in Review		2
Fund Summary		4
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		105
Statements of Operations		107
Statements of Changes in Net Assets		109
Financial Highlights		112
Notes to Financial Statements		118
Board Review and Approval of Investment Advisory Contract		130
Supplemental Information		134
General Information		135
Glossary of Terms Used in this Report		136


Fund Summary as of September 30, 2021		iShares^® Core S&P 500 ETF

Investment Objective

The iShares Core S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the S&P 500^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		9.16	%		29.96	%		16.86	%		16.58	%		29.96	%		117.91	%		363.59	%
Fund Market		9.02			30.06			16.86			16.57			30.06			117.93			363.39
Index		9.18			30.00			16.90			16.63			30.00			118.26			365.86

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
		$ 1,000.00	$ 1,091.60	$ 0.16			$ 1,000.00	$ 1,024.90	$ 0.15		0.03	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Information Technology			27.6%
Health Care			13.2
Consumer Discretionary			12.4
Financials			11.4
Communication Services			11.3
Industrials			8.0
Consumer Staples			5.8
Energy			2.7
Real Estate			2.6
Materials			2.5
Utilities			2.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Apple Inc.			6.1%
Microsoft Corp.			5.8
Amazon.com Inc.			3.9
Facebook Inc., Class A			2.2
Alphabet Inc., Class A			2.2
Alphabet Inc., Class C			2.1
Tesla Inc.			1.7
NVIDIA Corp.			1.4
Berkshire Hathaway Inc., Class B			1.4
JPMorgan Chase & Co.			1.3


4		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® Core S&P Mid-Cap ETF

Investment Objective

The iShares Core S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the S&P MidCap 400^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		1.77	%		43.59	%		12.90	%		14.63	%		43.59	%		83.46	%		291.84	%
Fund Market		1.71			43.66			12.90			14.63			43.66			83.44			291.70
Index		1.81			43.68			12.97			14.72			43.68			83.97			294.79

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
		$ 1,000.00	$ 1,017.70	$ 0.25			$ 1,000.00	$ 1,024.80	$ 0.25		0.05	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Industrials			18.2%
Consumer Discretionary			15.2
Financials			14.9
Information Technology			14.3
Health Care			10.7
Real Estate			9.8
Materials			5.9
Consumer Staples			3.5
Utilities			3.2
Energy			2.6
Communication Services			1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Signature Bank/New York NY			0.7%
Molina Healthcare Inc.			0.7
FactSet Research Systems Inc.			0.6
Camden Property Trust			0.6
Repligen Corp.			0.6
Cognex Corp.			0.6
SolarEdge Technologies Inc.			0.6
Masimo Corp.			0.6
Williams-Sonoma Inc.			0.6
Nordson Corp.			0.6


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


Fund Summary as of September 30, 2021		iShares^® Core S&P Small-Cap ETF

Investment Objective

The iShares Core S&P 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 S&P SmallCap 600^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		1.50	%		57.51	%		13.54	%		15.66	%		57.51	%		88.68	%		328.38	%
Fund Market		1.29			57.35			13.54			15.66			57.35			88.71			328.54
Index		1.54			57.64			13.57			15.69			57.64			88.92			329.59

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
		$ 1,000.00	$ 1,015.00	$ 0.30			$ 1,000.00	$ 1,024.80	$ 0.30		0.06	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Financials			18.1%
Industrials			16.9
Consumer Discretionary			13.7
Information Technology			13.1
Health Care			12.3
Real Estate			8.0
Materials			5.2
Energy			4.9
Consumer Staples			4.4
Communication Services			1.7
Utilities			1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Chart Industries Inc.			0.7%
Macy’s Inc.			0.7
Omnicell Inc.			0.6
Stamps.com Inc.			0.6
Power Integrations Inc.			0.6
NeoGenomics Inc.			0.6
Exponent Inc.			0.6
Range Resources Corp.			0.6
SPS Commerce Inc.			0.6
Innovative Industrial Properties Inc.			0.5


6		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® Core S&P Total U.S. Stock Market ETF

Investment Objective

The iShares Core S&P Total U.S. Stock Market ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the S&P Total Market Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		8.16	%		32.08	%		16.80	%		16.55	%		32.08	%		117.41	%		362.51	%
Fund Market		8.05			32.08			16.80			16.55			32.08			117.41			362.57
Index		8.16			32.13			16.82			16.61			32.13			117.54			364.84

Index performance through December 20, 2015 reflects the performance of the S&P Composite 1500^®. Index performance beginning on December 21, 2015 reflects the performance of the S&P Total Market Index^TM.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
		$ 1,000.00	$ 1,081.60	$ 0.16			$ 1,000.00	$ 1,024.90	$ 0.15		0.03	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Information Technology			26.9%
Health Care			13.5
Consumer Discretionary			12.3
Financials			11.9
Communication Services			10.2
Industrials			9.0
Consumer Staples			5.2
Real Estate			3.3
Energy			2.7
Materials			2.7
Utilities			2.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Apple Inc.			5.0%
Microsoft Corp.			4.8
Amazon.com Inc.			3.2
Facebook Inc., Class A			1.8
Alphabet Inc., Class A			1.8
Alphabet Inc., Class C			1.7
Tesla Inc.			1.4
NVIDIA Corp.			1.2
Berkshire Hathaway Inc., Class B			1.1
JPMorgan Chase & Co.			1.1


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


Fund Summary as of September 30, 2021		iShares^® Core S&P U.S. Growth ETF

Investment Objective

The iShares Core S&P U.S. Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 900 Growth Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		13.24	%		29.07	%		20.74	%		18.55	%		29.07	%		156.59	%		448.38	%
Fund Market		13.17			29.04			20.74			18.55			29.04			156.62			448.17
Index		13.29			29.14			20.82			18.67			29.14			157.40			453.76

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Growth Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Growth Index^TM.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
		$ 1,000.00	$ 1,132.40	$ 0.21			$ 1,000.00	$ 1,024.90	$ 0.20		0.04	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Information Technology			40.6%
Consumer Discretionary			16.5
Communication Services			14.8
Health Care			12.1
Industrials			6.0
Financials			3.1
Consumer Staples			3.1
Materials			1.9
Real Estate			1.3
Other (each representing less than 1%)			0.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Apple Inc.			10.7%
Microsoft Corp.			10.2
Amazon.com Inc.			6.9
Facebook Inc., Class A			3.9
Alphabet Inc., Class A			3.9
Alphabet Inc., Class C			3.6
Tesla Inc.			3.0
NVIDIA Corp.			2.5
PayPal Holdings Inc.			1.5
Adobe Inc.			1.3


8		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® Core S&P U.S. Value ETF

Investment Objective

The iShares Core S&P U.S. Value 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 S&P 900 Value Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		3.97	%		33.42	%		11.62	%		13.74	%		33.42	%		73.23	%		262.30	%
Fund Market		3.87			33.36			11.60			13.74			33.36			73.09			262.41
Index		3.97			33.46			11.61			13.83			33.46			73.22			265.21

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Value Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Value Index^TM.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
		$ 1,000.00	$ 1,039.70	$ 0.20			$ 1,000.00	$ 1,024.90	$ 0.20		0.04	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR




Sector			Percent of Total Investments^(a)


Financials			21.3%
Health Care			14.2
Industrials			11.7
Information Technology			11.1
Consumer Staples			8.6
Consumer Discretionary			8.0
Communication Services			6.0
Energy			5.7
Real Estate			5.0
Utilities			4.8
Materials			3.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS




Security			Percent of Total Investments^(a)


Berkshire Hathaway Inc., Class B			2.8%
JPMorgan Chase & Co.			2.7
Bank of America Corp.			1.7
Walt Disney Co. (The)			1.7
Johnson & Johnson			1.4
Exxon Mobil Corp.			1.4
Pfizer Inc.			1.3
Cisco Systems Inc.			1.3
Verizon Communications Inc.			1.2
Intel Corp.			1.2


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

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by 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.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


10		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.5%
Boeing Co. (The)^(a)		4,313,770	$	948,770,574
General Dynamics Corp.		1,808,120		354,445,764
Howmet Aerospace Inc.		3,033,351		94,640,551
Huntington Ingalls Industries Inc.		307,581		59,381,588
L3Harris Technologies Inc.		1,565,827		344,857,738
Lockheed Martin Corp.		1,928,065		665,375,231
Northrop Grumman Corp.		1,176,409		423,683,701
Raytheon Technologies Corp.		11,805,460		1,014,797,342
Textron Inc.		1,754,177		122,459,096
TransDigm Group Inc.^(a)		411,396		256,945,600


				4,285,357,185

Air Freight & Logistics — 0.6%
CH Robinson Worldwide Inc.		1,024,377		89,120,799
Expeditors International of Washington Inc.		1,322,560		157,556,573
FedEx Corp.		1,920,094		421,057,413
United Parcel Service Inc., Class B		5,702,005		1,038,335,111


				1,706,069,896

Airlines — 0.3%
Alaska Air Group Inc.^(a)		961,185		56,325,441
American Airlines Group Inc.^(a)		5,049,618		103,618,161
Delta Air Lines Inc.^(a)		4,975,320		211,998,385
Southwest Airlines Co.^(a)		4,648,742		239,084,801
United Airlines Holdings Inc.^(a)		2,490,287		118,462,953


				729,489,741

Auto Components — 0.1%
Aptiv PLC^(a)		2,106,726		313,838,972
BorgWarner Inc.		1,907,897		82,440,230


				396,279,202

Automobiles — 2.1%
Ford Motor Co.^(a)		30,615,655		433,517,675
General Motors Co.^(a)		11,350,208		598,269,463
Tesla Inc.^(a)		6,352,914		4,926,557,749


				5,958,344,887

Banks — 4.4%
Bank of America Corp.		57,976,039		2,461,082,856
Citigroup Inc.		15,868,130		1,113,625,363
Citizens Financial Group Inc.		3,359,977		157,851,719
Comerica Inc.		1,028,273		82,775,976
Fifth Third Bancorp		5,427,652		230,349,551
First Republic Bank/CA		1,385,734		267,280,374
Huntington Bancshares Inc./OH		11,611,811		179,518,598
JPMorgan Chase & Co.		23,394,777		3,829,491,047
KeyCorp		7,515,119		162,476,873
M&T Bank Corp.		1,007,376		150,441,532
People’s United Financial Inc.		3,311,793		57,857,024
PNC Financial Services Group Inc. (The)		3,325,940		650,686,902
Regions Financial Corp.		7,432,446		158,385,424
SVB Financial Group^(a)		461,036		298,234,968
Truist Financial Corp.		10,435,875		612,064,069
U.S. Bancorp		10,551,453		627,178,366
Wells Fargo & Co.		32,149,772		1,492,070,919
Zions Bancorp. NA		1,297,143		80,280,180


				12,611,651,741

Beverages — 1.4%
Brown-Forman Corp., Class B, NVS		1,430,624		95,866,114
Coca-Cola Co. (The)		30,415,908		1,595,922,693
Constellation Brands Inc., Class A		1,322,561		278,650,377


Security	Shares		Value

Beverages (continued)
Molson Coors Beverage Co., Class B		1,497,223	$	69,441,203
Monster Beverage Corp.^(a)		2,950,693		262,110,059
PepsiCo Inc.		10,820,840		1,627,562,544


				3,929,552,990

Biotechnology — 1.9%
AbbVie Inc.		13,835,451		1,492,430,099
Amgen Inc.		4,445,828		945,405,324
Biogen Inc.^(a)(b)		1,171,108		331,411,853
Gilead Sciences Inc.		9,816,210		685,662,269
Incyte Corp.^(a)		1,453,626		99,980,396
Moderna Inc.^(a)		2,749,304		1,058,097,137
Regeneron Pharmaceuticals Inc.^(a)(b)		821,362		497,071,855
Vertex Pharmaceuticals Inc.^(a)(b)		2,031,027		368,407,988


				5,478,466,921

Building Products — 0.5%
A O Smith Corp.		1,063,246		64,932,433
Allegion PLC		701,606		92,738,281
Carrier Global Corp.		6,762,980		350,051,845
Fortune Brands Home & Security Inc.		1,097,460		98,134,873
Johnson Controls International PLC		5,591,027		380,637,118
Masco Corp.		1,940,730		107,807,552
Trane Technologies PLC		1,851,174		319,605,191


				1,413,907,293

Capital Markets — 3.0%
Ameriprise Financial Inc.		893,866		236,087,888
Bank of New York Mellon Corp. (The)		6,240,206		323,492,279
BlackRock Inc.^(c)		1,120,111		939,392,291
Cboe Global Markets Inc.		826,957		102,426,894
Charles Schwab Corp. (The)		11,753,412		856,118,530
CME Group Inc.		2,815,395		544,441,085
Franklin Resources Inc.		2,212,887		65,767,002
Goldman Sachs Group Inc. (The)		2,639,257		997,718,324
Intercontinental Exchange Inc.		4,403,207		505,576,228
Invesco Ltd.		2,682,865		64,683,875
MarketAxess Holdings Inc.		296,505		124,736,688
Moody’s Corp.		1,265,171		449,274,874
Morgan Stanley		11,427,787		1,112,037,953
MSCI Inc.		647,770		394,064,402
Nasdaq Inc.		919,758		177,531,689
Northern Trust Corp.		1,621,750		174,840,867
Raymond James Financial Inc.		1,438,650		132,758,622
S&P Global Inc.		1,890,259		803,152,147
State Street Corp.		2,862,608		242,520,150
T Rowe Price Group Inc.		1,773,340		348,815,978


				8,595,437,766

Chemicals — 1.7%
Air Products & Chemicals Inc.		1,736,007		444,608,753
Albemarle Corp.		913,484		200,025,592
Celanese Corp.		860,944		129,692,604
CF Industries Holdings Inc.		1,663,998		92,884,368
Corteva Inc.		5,748,036		241,877,355
Dow Inc.		5,833,463		335,774,130
DuPont de Nemours Inc.		4,110,165		279,450,118
Eastman Chemical Co.		1,045,100		105,283,374
Ecolab Inc.		1,952,899		407,413,789
FMC Corp.		1,020,699		93,455,201
International Flavors & Fragrances Inc.		1,960,040		262,096,549
Linde PLC		4,043,032		1,186,144,728
LyondellBasell Industries NV, Class A		2,076,632		194,891,913


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Mosaic Co. (The)		2,723,342	$	97,277,776
PPG Industries Inc.		1,856,545		265,504,501
Sherwin-Williams Co. (The)		1,893,578		529,690,574


				4,866,071,325

Commercial Services & Supplies — 0.4%
Cintas Corp.		687,664		261,766,178
Copart Inc.^(a)		1,673,061		232,087,022
Republic Services Inc.		1,652,721		198,425,683
Rollins Inc.		1,727,341		61,026,958
Waste Management Inc.		3,033,089		453,022,173


				1,206,328,014

Communications Equipment — 0.8%
Arista Networks Inc.^(a)(b)		436,541		150,012,949
Cisco Systems Inc.		32,993,797		1,795,852,371
F5 Networks Inc.^(a)		481,018		95,616,758
Juniper Networks Inc.		2,589,288		71,257,206
Motorola Solutions Inc.		1,326,439		308,158,308


				2,420,897,592

Construction & Engineering — 0.0%
Quanta Services Inc.		1,075,291		122,389,622


Construction Materials — 0.1%
Martin Marietta Materials Inc.		490,147		167,473,427
Vulcan Materials Co.		1,042,628		176,370,952


				343,844,379

Consumer Finance — 0.7%
American Express Co.		5,037,912		844,001,397
Capital One Financial Corp.		3,487,329		564,842,678
Discover Financial Services		2,353,186		289,088,900
Synchrony Financial		4,476,827		218,827,304


				1,916,760,279

Containers & Packaging — 0.3%
Amcor PLC		12,001,193		139,093,827
Avery Dennison Corp.		655,029		135,728,559
Ball Corp.		2,548,279		229,268,661
International Paper Co.		3,027,771		169,312,954
Packaging Corp. of America		735,688		101,112,959
Sealed Air Corp.		1,160,287		63,572,125
Westrock Co.		2,085,953		103,943,038


				942,032,123

Distributors — 0.1%
Genuine Parts Co.		1,125,255		136,414,664
LKQ Corp.^(a)(b)		2,124,443		106,901,972
Pool Corp.		314,457		136,603,265


				379,919,901

Diversified Financial Services — 1.4%
Berkshire Hathaway Inc., Class B^(a)		14,512,599		3,961,068,771


Diversified Telecommunication Services — 1.2%
AT&T Inc.		55,900,204		1,509,864,510
Lumen Technologies Inc.		7,731,829		95,797,362
Verizon Communications Inc.		32,413,618		1,750,659,508


				3,356,321,380

Electric Utilities — 1.6%
Alliant Energy Corp.		1,959,353		109,684,581
American Electric Power Co. Inc.		3,916,610		317,950,400
Duke Energy Corp.		6,023,657		587,848,687
Edison International		2,972,849		164,903,934
Entergy Corp.		1,567,012		155,619,962


Security	Shares		Value

Electric Utilities (continued)
Evergy Inc.		1,783,418	$	110,928,599
Eversource Energy		2,675,941		218,784,936
Exelon Corp.		7,668,927		370,715,931
FirstEnergy Corp.		4,296,448		153,039,478
NextEra Energy Inc.		15,358,956		1,205,985,225
NRG Energy Inc.		1,905,340		77,795,032
Pinnacle West Capital Corp.		864,544		62,558,404
PPL Corp.		6,057,433		168,881,232
Southern Co. (The)		8,289,708		513,713,205
Xcel Energy Inc.		4,238,337		264,896,062


				4,483,305,668

Electrical Equipment — 0.6%
AMETEK Inc.		1,808,599		224,284,362
Eaton Corp. PLC		3,126,793		466,861,463
Emerson Electric Co.		4,666,902		439,622,168
Generac Holdings Inc.^(a)(b)		494,212		201,969,618
Rockwell Automation Inc.		904,661		266,006,521


				1,598,744,132

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		4,684,562		343,050,475
CDW Corp./DE		1,080,493		196,671,336
Corning Inc.		6,011,257		219,350,768
IPG Photonics Corp.^(a)(b)		276,871		43,856,366
Keysight Technologies Inc.^(a)		1,440,575		236,672,067
TE Connectivity Ltd.		2,577,326		353,660,674
Teledyne Technologies Inc.^(a)		364,903		156,755,031
Trimble Inc.^(a)(b)		1,968,301		161,892,757
Zebra Technologies Corp., Class A^(a)(b)		419,516		216,226,937


				1,928,136,411

Energy Equipment & Services — 0.2%
Baker Hughes Co.		6,510,342		161,000,758
Halliburton Co.		6,921,682		149,646,765
Schlumberger NV		10,937,327		324,182,372


				634,829,895

Entertainment — 1.9%
Activision Blizzard Inc.		6,073,504		470,028,474
Electronic Arts Inc.		2,222,488		316,148,918
Live Nation Entertainment Inc.^(a)(b)		1,035,287		94,345,704
Netflix Inc.^(a)		3,465,241		2,114,975,192
Take-Two Interactive Software Inc.^(a)		912,143		140,533,872
Walt Disney Co. (The)^(a)		14,226,610		2,406,715,614


				5,542,747,774

Equity Real Estate Investment Trusts (REITs) — 2.5%
Alexandria Real Estate Equities Inc.		1,093,108		208,860,146
American Tower Corp.		3,563,328		945,742,884
AvalonBay Communities Inc.		1,090,480		241,693,987
Boston Properties Inc.		1,102,724		119,480,145
Crown Castle International Corp.		3,380,887		585,975,335
Digital Realty Trust Inc.		2,205,767		318,623,043
Duke Realty Corp.		2,974,670		142,397,453
Equinix Inc.		702,627		555,166,672
Equity Residential		2,677,731		216,681,993
Essex Property Trust Inc.		512,825		163,970,665
Extra Space Storage Inc.		1,041,059		174,887,501
Federal Realty Investment Trust		534,731		63,092,911
Healthpeak Properties Inc.		4,263,387		142,738,197
Host Hotels & Resorts Inc.^(a)		5,486,962		89,602,089
Iron Mountain Inc.		2,266,285		98,470,083
Kimco Realty Corp.		4,859,204		100,828,483


12		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Mid-America Apartment Communities Inc.		908,391	$	169,642,019
Prologis Inc.		5,803,384		727,918,455
Public Storage		1,190,417		353,672,891
Realty Income Corp.		3,059,807		198,459,082
Regency Centers Corp.		1,203,182		81,010,244
SBA Communications Corp.		860,787		284,550,359
Simon Property Group Inc.		2,577,096		334,945,167
UDR Inc.		2,192,614		116,164,690
Ventas Inc.		3,091,808		170,698,720
Vornado Realty Trust		1,207,150		50,712,372
Welltower Inc.		3,320,386		273,599,806
Weyerhaeuser Co.		5,856,316		208,309,160


				7,137,894,552

Food & Staples Retailing — 1.4%
Costco Wholesale Corp.		3,461,050		1,555,222,817
Kroger Co. (The)		5,343,232		216,026,870
Sysco Corp.		3,986,606		312,948,571
Walgreens Boots Alliance Inc.		5,623,294		264,575,983
Walmart Inc.		11,188,576		1,559,463,723


				3,908,237,964

Food Products — 0.9%
Archer-Daniels-Midland Co.		4,375,943		262,600,339
Campbell Soup Co.		1,621,274		67,785,466
Conagra Brands Inc.		3,728,283		126,276,945
General Mills Inc.		4,718,732		282,274,548
Hershey Co. (The)		1,142,729		193,406,883
Hormel Foods Corp.^(b)		2,186,469		89,645,229
JM Smucker Co. (The)		842,350		101,107,271
Kellogg Co.		2,008,971		128,413,426
Kraft Heinz Co. (The)		5,287,470		194,684,645
Lamb Weston Holdings Inc.		1,123,437		68,945,329
McCormick & Co. Inc./MD, NVS		1,956,935		158,570,443
Mondelez International Inc., Class A		10,931,775		636,010,670
Tyson Foods Inc., Class A		2,308,252		182,213,413


				2,491,934,607

Gas Utilities — 0.0%
Atmos Energy Corp.		1,002,675		88,435,935


Health Care Equipment & Supplies — 3.8%
Abbott Laboratories		13,879,685		1,639,607,189
ABIOMED Inc.^(a)		351,955		114,568,392
Align Technology Inc.^(a)		577,524		384,301,795
Baxter International Inc.		3,928,365		315,958,397
Becton Dickinson and Co.		2,245,298		551,939,154
Boston Scientific Corp.^(a)		11,147,517		483,690,763
Cooper Companies Inc. (The)^(b)		382,807		158,217,961
Danaher Corp.		4,974,386		1,514,402,074
DENTSPLY SIRONA Inc.		1,723,996		100,077,968
Dexcom Inc.^(a)(b)		757,446		414,216,920
Edwards Lifesciences Corp.^(a)(b)		4,876,442		552,061,999
Hologic Inc.^(a)		1,991,824		147,016,529
IDEXX Laboratories Inc.^(a)		668,595		415,799,231
Intuitive Surgical Inc.^(a)		930,871		925,425,405
Medtronic PLC		10,521,580		1,318,880,053
ResMed Inc.		1,143,017		301,242,130
STERIS PLC		783,885		160,132,028
Stryker Corp.		2,626,620		692,692,226
Teleflex Inc.		362,735		136,587,864
West Pharmaceutical Services Inc.		579,095		245,848,991


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings Inc.		1,629,570	$	238,503,865


				10,811,170,934

Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		1,176,439		140,525,639
Anthem Inc.		1,913,058		713,188,022
Cardinal Health Inc.		2,307,937		114,150,564
Centene Corp.^(a)		4,581,314		285,461,675
Cigna Corp.		2,658,064		532,038,090
CVS Health Corp.		10,331,247		876,709,621
DaVita Inc.^(a)		509,828		59,272,603
HCA Healthcare Inc.		1,925,687		467,402,749
Henry Schein Inc.^(a)(b)		1,082,520		82,444,723
Humana Inc.		1,007,120		391,920,748
Laboratory Corp. of America Holdings^(a)		756,600		212,937,504
McKesson Corp.		1,215,534		242,353,169
Quest Diagnostics Inc.		960,143		139,518,379
UnitedHealth Group Inc.		7,382,204		2,884,522,391
Universal Health Services Inc., Class B		596,167		82,491,628


				7,224,937,505

Health Care Technology — 0.1%
Cerner Corp.		2,322,601		163,789,823


Hotels, Restaurants & Leisure — 2.1%
Booking Holdings Inc.^(a)		321,615		763,472,200
Caesars Entertainment Inc.^(a)(b)		1,677,149		188,310,290
Carnival Corp.^(a)		6,314,543		157,926,720
Chipotle Mexican Grill Inc.^(a)(b)		220,660		401,053,963
Darden Restaurants Inc.		1,021,476		154,722,970
Domino’s Pizza Inc.		289,535		138,096,614
Expedia Group Inc.^(a)		1,141,686		187,122,335
Hilton Worldwide Holdings Inc.^(a)		2,183,966		288,523,748
Las Vegas Sands Corp.^(a)		2,701,561		98,877,133
Marriott International Inc./MD, Class A^(a)(b)		2,149,447		318,311,606
McDonald’s Corp.		5,846,890		1,409,743,648
MGM Resorts International		3,108,668		134,139,024
Norwegian Cruise Line Holdings Ltd.^(a)(b)		2,831,802		75,637,431
Penn National Gaming Inc.^(a)(b)		1,231,940		89,266,372
Royal Caribbean Cruises Ltd.^(a)		1,761,323		156,669,681
Starbucks Corp.		9,231,308		1,018,305,586
Wynn Resorts Ltd.^(a)		804,391		68,172,137
Yum! Brands Inc.		2,311,799		282,756,136


				5,931,107,594

Household Durables — 0.4%
DR Horton Inc.		2,544,563		213,666,955
Garmin Ltd.		1,193,131		185,484,145
Leggett & Platt Inc.		1,073,030		48,114,665
Lennar Corp., Class A		2,140,445		200,516,888
Mohawk Industries Inc.^(a)		439,375		77,945,125
Newell Brands Inc.		2,931,784		64,909,698
NVR Inc.^(a)(b)		26,335		126,252,097
PulteGroup Inc.		2,031,785		93,299,567
Whirlpool Corp.		497,830		101,487,624


				1,111,676,764

Household Products — 1.3%
Church & Dwight Co. Inc.		1,932,660		159,579,736
Clorox Co. (The)		966,508		160,063,390
Colgate-Palmolive Co.		6,610,040		499,586,823
Kimberly-Clark Corp.		2,640,216		349,670,207


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products (continued)
Procter & Gamble Co. (The)		19,004,749	$	2,656,863,910


				3,825,764,066

Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		5,203,017		118,784,878


Industrial Conglomerates — 1.1%
3M Co.		4,528,638		794,413,678
General Electric Co.		8,603,792		886,448,690
Honeywell International Inc.		5,405,288		1,147,434,536
Roper Technologies Inc.		823,836		367,537,955


				3,195,834,859

Insurance — 1.9%
Aflac Inc.		4,849,157		252,786,554
Allstate Corp. (The)		2,323,363		295,787,344
American International Group Inc.		6,674,540		366,365,501
Aon PLC, Class A		1,769,597		505,697,735
Arthur J Gallagher & Co.		1,609,443		239,243,702
Assurant Inc.		457,936		72,239,404
Brown & Brown Inc.		1,836,694		101,844,682
Chubb Ltd.		3,431,105		595,228,095
Cincinnati Financial Corp.		1,180,371		134,821,976
Everest Re Group Ltd.		307,430		77,097,295
Globe Life Inc.		726,867		64,712,969
Hartford Financial Services Group Inc. (The)		2,728,204		191,656,331
Lincoln National Corp.		1,389,822		95,550,262
Loews Corp.		1,597,117		86,132,520
Marsh & McLennan Companies Inc.		3,962,461		600,035,469
MetLife Inc.		5,674,482		350,285,774
Principal Financial Group Inc.		1,951,144		125,653,674
Progressive Corp. (The)		4,579,806		413,968,664
Prudential Financial Inc.		3,039,600		319,765,920
Travelers Companies Inc. (The)		1,946,439		295,878,192
W R Berkley Corp.		1,082,785		79,238,206
Willis Towers Watson PLC		1,015,623		236,091,723


				5,500,081,992

Interactive Media & Services — 6.7%
Alphabet Inc., Class A^(a)		2,357,274		6,302,219,184
Alphabet Inc., Class C, NVS^(a)		2,205,810		5,879,167,451
Facebook Inc., Class A^(a)		18,663,365		6,334,159,447
Match Group Inc.^(a)(b)		2,175,316		341,502,859
Twitter Inc.^(a)(b)		6,258,525		377,952,325


				19,235,001,266

Internet & Direct Marketing Retail — 4.1%
Amazon.com Inc.^(a)		3,409,961		11,201,858,284
eBay Inc.		5,089,487		354,584,559
Etsy Inc.^(a)(b)		988,221		205,510,439


				11,761,953,282

IT Services — 4.9%
Accenture PLC, Class A		4,964,784		1,588,333,697
Akamai Technologies Inc.^(a)(b)		1,281,305		134,011,690
Automatic Data Processing Inc.		3,308,977		661,530,682
Broadridge Financial Solutions Inc.		902,973		150,471,421
Cognizant Technology Solutions Corp., Class A		4,096,609		304,009,354
DXC Technology Co.^(a)		2,026,344		68,105,422
Fidelity National Information Services Inc.		4,849,613		590,100,910
Fiserv Inc.^(a)(b)		4,674,805		507,216,342
FleetCor Technologies Inc.^(a)(b)		649,045		169,575,987
Gartner Inc.^(a)		657,425		199,778,309
Global Payments Inc.		2,307,214		363,570,782


Security	Shares		Value

IT Services (continued)
International Business Machines Corp.		7,017,511	$	974,942,803
Jack Henry & Associates Inc.		581,414		95,386,781
Mastercard Inc., Class A		6,820,346		2,371,297,897
Paychex Inc.		2,502,045		281,354,960
PayPal Holdings Inc.^(a)		9,199,586		2,393,824,273
VeriSign Inc.^(a)		764,955		156,823,425
Visa Inc., Class A^(b)		13,212,819		2,943,155,432
Western Union Co. (The)		3,157,575		63,846,167


				14,017,336,334

Leisure Products — 0.0%
Hasbro Inc.		999,345		89,161,561


Life Sciences Tools & Services — 1.4%
Agilent Technologies Inc.		2,385,080		375,721,653
Bio-Rad Laboratories Inc., Class A^(a)		165,759		123,647,926
Bio-Techne Corp.		304,467		147,535,574
Charles River Laboratories International Inc.^(a)(b)		391,578		161,592,493
Illumina Inc.^(a)		1,148,602		465,884,457
IQVIA Holdings Inc.^(a)		1,495,588		358,253,150
Mettler-Toledo International Inc.^(a)(b)		180,334		248,384,838
PerkinElmer Inc.		884,716		153,312,436
Thermo Fisher Scientific Inc.^(b)		3,080,240		1,759,833,519
Waters Corp.^(a)(b)		477,627		170,656,127


				3,964,822,173

Machinery — 1.5%
Caterpillar Inc.		4,290,411		823,630,200
Cummins Inc.		1,128,415		253,396,872
Deere & Co.		2,222,044		744,540,283
Dover Corp.		1,131,287		175,915,128
Fortive Corp.		2,816,149		198,735,635
IDEX Corp.		592,630		122,644,778
Illinois Tool Works Inc.		2,243,924		463,662,016
Ingersoll Rand Inc.^(a)(b)		3,183,926		160,501,710
Otis Worldwide Corp.		3,353,649		275,938,240
PACCAR Inc.		2,705,239		213,497,462
Parker-Hannifin Corp.		1,010,385		282,523,854
Pentair PLC		1,312,003		95,290,778
Snap-on Inc.		424,953		88,793,929
Stanley Black & Decker Inc.		1,280,528		224,489,364
Westinghouse Air Brake Technologies Corp.		1,485,334		128,050,644
Xylem Inc./NY		1,416,451		175,186,660


				4,426,797,553

Media — 1.2%
Charter Communications Inc., Class A^(a)(b)		992,717		722,261,180
Comcast Corp., Class A		35,859,834		2,005,640,516
Discovery Inc., Class A^(a)(b)		1,278,743		32,454,497
Discovery Inc., Class C, NVS^(a)(b)		2,375,576		57,655,230
DISH Network Corp., Class A^(a)(b)		1,949,003		84,703,670
Fox Corp., Class A, NVS		2,526,765		101,348,544
Fox Corp., Class B		1,159,372		43,035,889
Interpublic Group of Companies Inc. (The)		3,045,936		111,694,473
News Corp., Class A, NVS		3,140,205		73,889,024
News Corp., Class B		871,796		20,251,821
Omnicom Group Inc.		1,699,043		123,112,656
ViacomCBS Inc., Class B, NVS		4,759,180		188,035,202


				3,564,082,702

Metals & Mining — 0.3%
Freeport-McMoRan Inc.		11,493,650		373,888,434
Newmont Corp.		6,246,076		339,161,927


14		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Metals & Mining (continued)
Nucor Corp.		2,307,983	$	227,313,246


				940,363,607

Multi-Utilities — 0.7%
Ameren Corp.		1,993,479		161,471,799
CenterPoint Energy Inc.		4,680,961		115,151,641
CMS Energy Corp.		2,281,667		136,283,970
Consolidated Edison Inc.		2,776,799		201,567,839
Dominion Energy Inc.		6,329,705		462,195,059
DTE Energy Co.		1,516,912		169,454,240
NiSource Inc.		3,109,161		75,334,971
Public Service Enterprise Group Inc.		3,936,350		239,723,715
Sempra Energy		2,491,752		315,206,628
WEC Energy Group Inc.		2,485,667		219,235,829


				2,095,625,691

Multiline Retail — 0.5%
Dollar General Corp.		1,856,290		393,793,361
Dollar Tree Inc.^(a)(b)		1,822,881		174,486,169
Target Corp.		3,873,291		886,092,782


				1,454,372,312

Oil, Gas & Consumable Fuels — 2.5%
APA Corp.		2,971,019		63,668,937
Cabot Oil & Gas Corp.		3,164,603		68,861,761
Chevron Corp.		15,140,875		1,536,041,769
ConocoPhillips		10,475,689		709,937,444
Devon Energy Corp.		4,947,440		175,683,594
Diamondback Energy Inc.		1,337,500		126,621,125
EOG Resources Inc.		4,566,231		366,531,362
Exxon Mobil Corp.		33,145,226		1,949,602,193
Hess Corp.		2,129,801		166,358,756
Kinder Morgan Inc.		15,182,008		253,994,994
Marathon Oil Corp.		6,246,749		85,393,059
Marathon Petroleum Corp.		4,996,684		308,845,038
Occidental Petroleum Corp.		6,970,404		206,184,550
ONEOK Inc.		3,488,760		202,313,192
Phillips 66		3,429,017		240,134,061
Pioneer Natural Resources Co.		1,782,839		296,860,522
Valero Energy Corp.		3,196,928		225,607,209
Williams Companies Inc. (The)		9,569,175		248,224,400


				7,230,863,966

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		1,813,317		543,868,168


Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		17,397,377		1,029,402,797
Catalent Inc.^(a)		1,338,777		178,151,055
Eli Lilly & Co.		6,216,088		1,436,227,133
Johnson & Johnson		20,610,100		3,328,531,150
Merck & Co. Inc.		19,817,375		1,488,483,036
Organon & Co.		2,000,633		65,600,756
Pfizer Inc.		43,895,839		1,887,960,036
Viatris Inc.		9,423,806		127,692,571
Zoetis Inc.		3,709,714		720,203,876


				10,262,252,410

Professional Services — 0.4%
Equifax Inc.		953,814		241,715,544
IHS Markit Ltd.		3,132,412		365,301,887
Jacobs Engineering Group Inc.		1,026,236		136,007,057
Leidos Holdings Inc.		1,112,312		106,926,553
Nielsen Holdings PLC		2,870,300		55,081,057


Security	Shares		Value

Professional Services (continued)
Robert Half International Inc.		879,897	$	88,280,066
Verisk Analytics Inc.		1,267,970		253,936,352


				1,247,248,516

Real Estate Management & Development — 0.1%
CBRE Group Inc., Class A^(a)		2,626,034		255,670,670


Road & Rail — 0.9%
CSX Corp.		17,613,052		523,812,166
JB Hunt Transport Services Inc.		661,224		110,569,877
Kansas City Southern		716,367		193,877,565
Norfolk Southern Corp.		1,928,499		461,393,386
Old Dominion Freight Line Inc.^(b)		735,523		210,344,868
Union Pacific Corp.		5,105,512		1,000,731,407


				2,500,729,269

Semiconductors & Semiconductor Equipment — 5.6%
Advanced Micro Devices Inc.^(a)		9,492,579		976,786,379
Analog Devices Inc.		4,222,413		707,169,729
Applied Materials Inc.		7,155,654		921,147,339
Broadcom Inc.		3,212,080		1,557,633,954
Enphase Energy Inc.^(a)(b)		1,047,110		157,035,087
Intel Corp.		31,762,910		1,692,327,845
KLA Corp.		1,195,773		399,998,026
Lam Research Corp.		1,115,686		634,992,687
Microchip Technology Inc.		2,145,550		329,320,470
Micron Technology Inc.		8,813,784		625,602,388
Monolithic Power Systems Inc.		335,025		162,379,917
NVIDIA Corp.		19,510,316		4,041,757,063
NXP Semiconductors NV^(b)		2,083,321		408,060,084
Qorvo Inc.^(a)		866,812		144,922,298
QUALCOMM Inc.		8,831,228		1,139,051,788
Skyworks Solutions Inc.		1,292,558		212,987,707
Teradyne Inc.		1,291,246		140,965,326
Texas Instruments Inc.		7,227,710		1,389,238,139
Xilinx Inc.		1,932,229		291,747,257


				15,933,123,483

Software — 9.3%
Adobe Inc.^(a)		3,729,875		2,147,363,635
ANSYS Inc.^(a)(b)		679,432		231,312,624
Autodesk Inc.^(a)(b)		1,721,124		490,812,931
Cadence Design Systems Inc.^(a)		2,166,921		328,158,516
Ceridian HCM Holding Inc.^(a)(b)		1,059,762		119,350,397
Citrix Systems Inc.		970,685		104,222,449
Fortinet Inc.^(a)		1,060,733		309,776,465
Intuit Inc.		2,139,343		1,154,196,942
Microsoft Corp.		58,835,405		16,586,877,378
NortonLifeLock Inc.		4,590,533		116,140,485
Oracle Corp.		12,896,864		1,123,703,760
Paycom Software Inc.^(a)(b)		377,850		187,319,138
PTC Inc.^(a)		820,875		98,332,616
salesforce.com Inc.^(a)		7,606,177		2,062,947,326
ServiceNow Inc.^(a)(b)		1,550,864		965,056,141
Synopsys Inc.^(a)		1,191,998		356,896,121
Tyler Technologies Inc.^(a)		315,592		144,746,271


				26,527,213,195

Specialty Retail — 2.2%
Advance Auto Parts Inc.		514,125		107,395,571
AutoZone Inc.^(a)(b)		167,998		285,258,924
Bath & Body Works Inc.		2,080,099		131,108,640
Best Buy Co. Inc.		1,779,235		188,082,932


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P 500 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
CarMax Inc.^(a)(b)		1,277,004	$	163,405,432
Gap Inc. (The)		1,579,944		35,864,729
Home Depot Inc. (The)		8,324,332		2,732,545,222
Lowe’s Companies Inc.		5,534,338		1,122,695,807
O’Reilly Automotive Inc.^(a)		537,177		328,247,378
Ross Stores Inc.		2,795,978		304,342,205
TJX Companies Inc. (The)		9,445,747		623,230,387
Tractor Supply Co.		886,900		179,694,809
Ulta Beauty Inc.^(a)(b)		430,333		155,315,786


				6,357,187,822

Technology Hardware, Storage & Peripherals — 6.4%
Apple Inc.		122,946,583		17,396,941,495
Hewlett Packard Enterprise Co.		10,086,280		143,729,490
HP Inc.		9,440,428		258,290,110
NetApp Inc.		1,739,482		156,135,904
Seagate Technology Holdings PLC		1,645,336		135,773,127
Western Digital Corp.^(a)		2,379,173		134,280,524


				18,225,150,650

Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands Inc.		2,708,231		46,473,244
Nike Inc., Class B		10,006,346		1,453,221,630
PVH Corp.^(a)		569,381		58,526,673
Ralph Lauren Corp.		369,955		41,079,803
Tapestry Inc.		2,174,252		80,490,809
Under Armour Inc., Class A^(a)(b)		1,508,777		30,447,120
Under Armour Inc., Class C, NVS^(a)		1,690,965		29,625,707
VF Corp.		2,570,768		172,215,748


				1,912,080,734

Tobacco — 0.6%
Altria Group Inc.		14,418,593		656,334,353
Philip Morris International Inc.		12,202,069		1,156,634,121


				1,812,968,474

Trading Companies & Distributors — 0.2%
Fastenal Co.		4,482,089		231,320,613


Security	Shares		Value

Trading Companies & Distributors (continued)
United Rentals Inc.^(a)		566,668	$	198,860,801
WW Grainger Inc.		345,162		135,669,376


				565,850,790

Water Utilities — 0.1%
American Water Works Co. Inc.		1,415,641		239,299,955


Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.^(a)(b)		4,592,166		586,695,128


Total Common Stocks — 99.8% (Cost: $217,325,103,508)				286,067,326,072


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		959,330,208		959,809,873
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		441,020,000		441,020,000


				1,400,829,873


Total Short-Term Investments — 0.5% (Cost: $1,400,047,751)				1,400,829,873


Total Investments in Securities — 100.3% (Cost: $218,725,151,259)				287,468,155,945

Other Assets, Less Liabilities — (0.3)%				(758,653,767	)


Net Assets — 100.0%			$	286,709,502,178

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,546,440,574	$	—		$	(586,532,139	)^(a)	$	96,814	$	(195,376	)	$	959,809,873		959,330,208	$	880,678	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		211,170,000		229,850,000	^(a)		—			—		—			441,020,000		441,020,000		17,494			—
BlackRock Inc.		834,197,931		110,765,483			(98,503,774	)		46,111,201		46,821,450			939,392,291		1,120,111		9,270,859			—


									$	46,208,015	$	46,626,074		$	2,340,222,164			$	10,169,031		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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


16		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P 500 ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P 500 E-Mini Index		2,964		12/17/21	$	636,927	$	(23,928,279	)

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:




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	23,928,279

^(a)

Net cumulative appreciation (depreciation) on futures contracts 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 September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	67,692,260


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(28,082,829	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	558,429,763

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


Investments
Assets
Common Stocks	$	286,067,326,072		$	—	$	—	$	286,067,326,072
Money Market Funds		1,400,829,873			—		—		1,400,829,873


	$	287,468,155,945		$	—	$	—	$	287,468,155,945


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(23,928,279	)	$	—	$	—	$	(23,928,279	)

^(a)

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		17

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
Axon Enterprise Inc.^(a)(b)		1,757,708	$	307,634,054
Curtiss-Wright Corp.		1,094,190		138,064,894
Hexcel Corp.^(a)		2,244,076		133,275,674
Mercury Systems Inc.^(a)(b)		1,503,055		71,274,868


				650,249,490

Air Freight & Logistics — 0.3%
GXO Logistics Inc.^(a)(b)		2,638,285		206,947,075


Airlines — 0.2%
JetBlue Airways Corp.^(a)(b)		8,511,323		130,138,129


Auto Components — 1.7%
Adient PLC^(a)(b)		2,535,558		105,098,879
Dana Inc.		3,928,212		87,363,435
Fox Factory Holding Corp.^(a)(b)		1,126,815		162,869,840
Gentex Corp.		6,417,230		211,640,246
Goodyear Tire & Rubber Co. (The)^(a)		7,567,839		133,950,750
Lear Corp.		1,604,365		251,051,035
Visteon Corp.^(a)(b)		757,834		71,531,951


				1,023,506,136

Automobiles — 0.5%
Harley-Davidson Inc.		4,135,665		151,406,696
Thor Industries Inc.		1,481,774		181,902,576


				333,309,272

Banks — 7.1%
Associated Banc-Corp.		4,128,081		88,423,495
BancorpSouth Bank		2,588,376		77,081,837
Bank of Hawaii Corp.		1,094,208		89,911,071
Bank OZK		3,282,147		141,066,678
Cathay General Bancorp		2,111,789		87,406,947
CIT Group Inc.		2,668,475		138,627,276
Commerce Bancshares Inc.^(b)		2,858,842		199,204,111
Cullen/Frost Bankers Inc.		1,524,512		180,837,614
East West Bancorp. Inc.		3,797,128		294,429,305
First Financial Bankshares Inc.		3,447,888		158,430,454
First Horizon Corp.		14,701,975		239,495,173
FNB Corp.		8,610,376		100,052,569
Fulton Financial Corp.		4,410,254		67,388,681
Glacier Bancorp. Inc.		2,903,460		160,706,511
Hancock Whitney Corp.		2,342,776		110,391,605
Home BancShares Inc./AR		4,078,689		95,971,552
International Bancshares Corp.		1,441,870		60,039,467
PacWest Bancorp		3,155,125		142,990,265
Pinnacle Financial Partners Inc.		2,046,645		192,548,362
Prosperity Bancshares Inc.		2,502,177		177,979,850
Signature Bank/New York NY		1,622,844		441,867,964
Sterling Bancorp./DE		5,186,348		129,451,246
Synovus Financial Corp.		3,942,060		173,017,013
Texas Capital Bancshares Inc.^(a)		1,367,693		82,088,934
UMB Financial Corp.		1,158,682		112,056,136
Umpqua Holdings Corp.		5,931,686		120,116,642
United Bankshares Inc./WV		3,484,968		126,783,136
Valley National Bancorp		10,941,913		145,636,862
Webster Financial Corp.		2,442,781		133,033,853
Wintrust Financial Corp.		1,538,976		123,687,501


				4,390,722,110

Beverages — 0.2%
Boston Beer Co. Inc. (The), Class A, NVS^(a)(b)		252,517		128,720,541


Security	Shares		Value

Biotechnology — 1.7%
Arrowhead Pharmaceuticals Inc.^(a)(b)		2,790,316	$	174,199,428
Emergent BioSolutions Inc.^(a)(b)		1,294,599		64,820,572
Exelixis Inc.^(a)		8,431,754		178,247,279
Halozyme Therapeutics Inc.^(a)(b)		3,809,354		154,964,521
Neurocrine Biosciences Inc^.(a)(b)		2,533,045		242,944,346
United Therapeutics Corp.^(a)		1,201,459		221,765,302


				1,036,941,448

Building Products — 2.4%
Builders FirstSource Inc.^(a)(b)		5,545,575		286,928,050
Carlisle Companies Inc.		1,395,064		277,324,773
Lennox International Inc.		915,133		269,204,675
Owens Corning		2,760,104		235,988,892
Simpson Manufacturing Co. Inc.		1,172,484		125,420,613
Trex Co. Inc.^(a)(b)		3,087,014		314,659,337


				1,509,526,340

Capital Markets — 2.7%
Affiliated Managers Group Inc.^(b)		1,109,613		167,651,428
Evercore Inc., Class A		1,064,012		142,226,484
FactSet Research Systems Inc.		1,011,122		399,170,743
Federated Hermes Inc.		2,636,268		85,678,710
Interactive Brokers Group Inc., Class A		2,351,594		146,598,370
Janus Henderson Group PLC		4,582,223		189,383,277
Jefferies Financial Group Inc.		5,317,764		197,448,577
SEI Investments Co.		2,883,554		170,994,752
Stifel Financial Corp.		2,818,754		191,562,522


				1,690,714,863

Chemicals — 2.5%
Ashland Global Holdings Inc.		1,523,671		135,789,559
Avient Corp.		2,443,415		113,252,285
Cabot Corp.		1,518,121		76,088,225
Chemours Co. (The)		4,439,674		129,016,926
Ingevity Corp.^(a)(b)		1,069,862		76,356,051
Minerals Technologies Inc.^(b)		910,750		63,606,780
NewMarket Corp.		193,030		65,392,773
Olin Corp.		3,878,356		187,130,677
RPM International Inc.		3,485,152		270,622,053
Scotts Miracle-Gro Co. (The)		1,095,396		160,322,159
Sensient Technologies Corp.		1,128,231		102,759,279
Valvoline Inc.		4,861,031		151,566,947


				1,531,903,714

Commercial Services & Supplies — 1.7%
Brink’s Co. (The)^(b)		1,332,601		84,353,643
Clean Harbors Inc.^(a)		1,339,522		139,136,150
Herman Miller Inc.		2,015,602		75,907,571
IAA Inc.^(a)(b)		3,619,634		197,523,427
KAR Auction Services Inc.^(a)		3,239,182		53,090,193
MSA Safety Inc.		975,435		142,120,880
Stericycle Inc.^(a)(b)		2,458,321		167,092,078
Tetra Tech Inc.		1,447,119		216,112,752


				1,075,336,694

Communications Equipment — 0.9%
Ciena Corp.^(a)(b)		4,142,079		212,695,757
Lumentum Holdings Inc.^(a)(b)		2,040,035		170,424,524
NetScout Systems Inc.^(a)(b)		2,007,985		54,115,196
Viasat Inc.^(a)(b)		1,977,023		108,874,656


				546,110,133

Construction & Engineering — 1.3%
AECOM^(a)(b)		3,855,576		243,479,624


18		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
Dycom Industries Inc.^(a)(b)		826,577	$	58,885,345
EMCOR Group Inc.		1,438,633		165,989,476
Fluor Corp.^(a)(b)		3,836,710		61,272,259
MasTec Inc.^(a)(b)		1,536,737		132,589,668
Valmont Industries Inc.		572,207		134,537,310


				796,753,682

Construction Materials — 0.2%
Eagle Materials Inc.		1,120,903		147,017,637


Consumer Finance — 0.7%
FirstCash Inc.		1,091,451		95,501,962
LendingTree Inc.^(a)(b)		306,464		42,852,861
Navient Corp.		4,522,198		89,222,967
PROG Holdings Inc.		1,793,621		75,350,018
SLM Corp.		8,242,443		145,066,997


				447,994,805

Containers & Packaging — 0.8%
AptarGroup Inc.		1,765,285		210,686,765
Greif Inc., Class A, NVS		713,034		46,061,996
Silgan Holdings Inc.		2,245,716		86,145,666
Sonoco Products Co.		2,631,499		156,784,710


				499,679,137

Diversified Consumer Services — 0.9%
Graham Holdings Co., Class B		108,776		64,086,468
Grand Canyon Education Inc.^(a)(b)		1,215,895		106,950,124
H&R Block Inc.		4,807,251		120,181,275
Service Corp. International		4,500,415		271,195,008


				562,412,875

Diversified Telecommunication Services — 0.2%
Iridium Communications Inc.^(a)(b)		3,551,249		141,517,273


Electric Utilities — 1.0%
ALLETE Inc.		1,413,878		84,154,019
Hawaiian Electric Industries Inc.		2,950,764		120,479,694
IDACORP Inc.		1,362,745		140,880,578
OGE Energy Corp.		5,375,775		177,185,544
PNM Resources Inc.		2,297,234		113,667,138


				636,366,973

Electrical Equipment — 1.7%
Acuity Brands Inc.		955,666		165,683,815
EnerSys		1,137,732		84,692,770
Hubbell Inc.		1,455,391		262,945,492
nVent Electric PLC		4,499,104		145,456,032
Regal Beloit Corp.		1,089,186		163,748,223
Sunrun Inc.^(a)(b)		5,511,454		242,503,976


				1,065,030,308

Electronic Equipment, Instruments & Components — 3.2%
Arrow Electronics Inc.^(a)		1,928,729		216,576,979
Avnet Inc.		2,681,035		99,117,864
Belden Inc.^(b)		1,213,905		70,722,105
Cognex Corp.		4,729,269		379,381,959
Coherent Inc.^(a)		660,699		165,234,213
II-VI Inc.^(a)(b)		2,818,377		167,298,859
Jabil Inc.		3,916,334		228,596,416
Littelfuse Inc.		662,446		181,026,619
National Instruments Corp.		3,574,243		140,217,553
SYNNEX Corp.		1,119,071		116,495,291
Vishay Intertechnology Inc.		3,585,804		72,038,802


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Vontier Corp.^(b)		4,544,318	$	152,689,085


				1,989,395,745

Energy Equipment & Services — 0.4%
ChampionX Corp.^(a)(b)		5,428,507		121,381,417
NOV Inc.^(a)		10,507,750		137,756,602


				259,138,019

Entertainment — 0.1%
World Wrestling Entertainment Inc., Class A^(b)		1,223,879		68,855,433


Equity Real Estate Investment Trusts (REITs) — 9.2%
American Campus Communities Inc.		3,735,791		180,999,074
Apartment Income REIT Corp.		4,200,856		205,043,781
Brixmor Property Group Inc.		7,975,499		176,338,283
Camden Property Trust		2,691,719		396,947,801
CoreSite Realty Corp.		1,183,072		163,902,795
Corporate Office Properties Trust		3,006,457		81,114,210
Cousins Properties Inc.		3,979,389		148,391,416
CyrusOne Inc.		3,319,157		256,935,943
Douglas Emmett Inc.		4,696,217		148,447,419
EastGroup Properties Inc.		1,085,091		180,808,713
EPR Properties		2,002,005		98,859,007
First Industrial Realty Trust Inc.		3,467,878		180,607,086
Healthcare Realty Trust Inc.		3,928,891		117,002,374
Highwoods Properties Inc.		2,812,723		123,366,031
Hudson Pacific Properties Inc.		4,080,817		107,203,063
JBG SMITH Properties		3,107,434		92,011,121
Kilroy Realty Corp.		2,814,680		186,359,963
Lamar Advertising Co., Class A		2,322,068		263,438,615
Life Storage Inc.		2,100,579		241,020,434
Macerich Co. (The)		5,720,462		95,588,920
Medical Properties Trust Inc.		15,942,907		319,974,143
National Retail Properties Inc.		4,699,609		202,976,113
National Storage Affiliates Trust		2,201,240		116,203,460
Omega Healthcare Investors Inc.		6,415,098		192,196,336
Park Hotels & Resorts Inc.^(a)		6,383,838		122,186,659
Pebblebrook Hotel Trust^(b)		3,516,244		78,799,028
Physicians Realty Trust		5,838,545		102,875,163
PotlatchDeltic Corp.		1,794,349		92,552,521
PS Business Parks Inc.		538,112		84,343,675
Rayonier Inc.		3,795,344		135,417,874
Rexford Industrial Realty Inc.		3,686,377		209,201,895
Sabra Health Care REIT Inc.		5,952,307		87,617,959
SL Green Realty Corp.		1,812,826		128,420,594
Spirit Realty Capital Inc.		3,187,614		146,757,749
STORE Capital Corp.		6,544,148		209,609,060
Urban Edge Properties		2,946,873		53,957,245


				5,727,475,523

Food & Staples Retailing — 1.1%
BJ’s Wholesale Club Holdings Inc.^(a)(b)		3,682,810		202,259,925
Casey’s General Stores Inc.		990,883		186,731,901
Grocery Outlet Holding Corp.^(a)(b)		2,369,830		51,117,233
Performance Food Group Co.^(a)(b)		4,127,101		191,745,113
Sprouts Farmers Market Inc.^(a)(b)		3,094,656		71,703,180


				703,557,352

Food Products — 1.8%
Darling Ingredients Inc.^(a)		4,350,372		312,791,747
Flowers Foods Inc.		5,372,851		126,960,469
Hain Celestial Group Inc. (The)^(a)(b)		2,262,490		96,789,322
Ingredion Inc.		1,793,280		159,619,853


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Lancaster Colony Corp.		532,608	$	89,909,556
Pilgrim’s Pride Corp.^(a)(b)		1,308,813		38,060,282
Post Holdings Inc.^(a)(b)		1,568,611		172,798,188
Sanderson Farms Inc.		567,739		106,848,480
Tootsie Roll Industries Inc.		469,120		14,275,322


				1,118,053,219

Gas Utilities — 1.2%
National Fuel Gas Co.		2,452,730		128,817,380
New Jersey Resources Corp.		2,607,218		90,757,259
ONE Gas Inc.		1,431,866		90,737,348
Southwest Gas Holdings Inc.		1,589,731		106,321,209
Spire Inc.		1,398,221		85,543,161
UGI Corp.		5,596,134		238,507,231


				740,683,588

Health Care Equipment & Supplies — 3.9%
Envista Holdings Corp.^(a)(b)		4,330,662		181,064,978
Globus Medical Inc., Class A^(a)		2,095,651		160,568,780
Haemonetics Corp.^(a)		1,363,962		96,282,078
Hill-Rom Holdings Inc.		1,767,546		265,131,900
ICU Medical Inc.^(a)		537,974		125,552,372
Integra LifeSciences Holdings Corp.^(a)(b)		1,956,716		133,995,912
LivaNova PLC^(a)(b)		1,428,869		113,152,136
Masimo Corp.^(a)(b)		1,355,630		366,982,597
Neogen Corp.^(a)(b)		2,876,438		124,923,702
NuVasive Inc.^(a)(b)		1,382,723		82,755,972
Penumbra Inc.^(a)(b)		920,285		245,255,952
Quidel Corp.^(a)(b)		1,013,954		143,119,607
STAAR Surgical Co.^(a)(b)		1,268,473		163,036,835
Tandem Diabetes Care Inc.^(a)(b)		1,687,161		201,413,280


				2,403,236,101

Health Care Providers & Services — 3.1%
Acadia Healthcare Co. Inc.^(a)(b)		2,415,132		154,037,119
Amedisys Inc.^(a)		873,338		130,214,696
Chemed Corp.		422,470		196,499,246
Encompass Health Corp.		2,663,056		199,835,722
HealthEquity Inc.^(a)(b)		2,231,770		144,529,425
LHC Group Inc.^(a)(b)		854,260		134,041,937
Molina Healthcare Inc.^(a)(b)		1,565,779		424,811,500
Option Care Health Inc.^(a)(b)		3,715,700		90,142,882
Patterson Companies Inc.		2,335,765		70,399,957
Progyny Inc.^(a)(b)		1,842,210		103,163,760
R1 RCM Inc.^(a)(b)		3,582,472		78,850,209
Tenet Healthcare Corp.^(a)(b)		2,865,120		190,358,573


				1,916,885,026

Hotels, Restaurants & Leisure — 3.1%
Boyd Gaming Corp.^(a)		2,200,098		139,178,199
Choice Hotels International Inc.		878,430		111,007,199
Churchill Downs Inc.		931,034		223,522,643
Cracker Barrel Old Country Store Inc.		638,752		89,323,080
Jack in the Box Inc.		580,014		56,452,763
Marriott Vacations Worldwide Corp.		1,142,985		179,825,830
Papa John’s International Inc.		870,932		110,599,655
Scientific Games Corp./DE, Class A^(a)(b)		2,391,657		198,674,947
Six Flags Entertainment Corp.^(a)		2,075,537		88,210,322
Texas Roadhouse Inc.		1,868,886		170,685,358
Travel + Leisure Co.		2,323,772		126,715,287
Wendy’s Co. (The)		4,770,035		103,414,359
Wingstop Inc.^(b)		801,742		131,429,566


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Wyndham Hotels & Resorts Inc.		2,511,606	$	193,870,867


				1,922,910,075

Household Durables — 1.6%
Helen of Troy Ltd.^(a)(b)		648,052		145,604,323
KB Home		2,420,832		94,218,782
Taylor Morrison Home Corp.^(a)(b)		3,353,153		86,444,284
Tempur Sealy International Inc.		5,258,912		244,066,106
Toll Brothers Inc.		3,114,525		172,202,087
TopBuild Corp.^(a)(b)		885,441		181,347,171
TRI Pointe Homes Inc.^(a)		3,084,587		64,838,019


				988,720,772

Household Products — 0.1%
Energizer Holdings Inc.		1,705,744		66,609,303


Insurance — 3.6%
Alleghany Corp.^(a)		372,485		232,583,359
American Financial Group Inc./OH		1,776,860		223,582,294
Brighthouse Financial Inc.^(a)(b)		2,242,749		101,439,537
CNO Financial Group Inc.		3,449,399		81,198,852
First American Financial Corp.		2,947,435		197,625,517
Hanover Insurance Group Inc. (The)		962,600		124,772,212
Kemper Corp.		1,611,153		107,608,909
Kinsale Capital Group Inc.^(b)		578,549		93,551,373
Mercury General Corp.		717,448		39,940,330
Old Republic International Corp.		7,652,653		177,005,864
Primerica Inc.		1,060,728		162,959,643
Reinsurance Group of America Inc.		1,827,961		203,378,941
RenaissanceRe Holdings Ltd.		1,264,080		176,212,752
RLI Corp.		1,072,586		107,548,198
Selective Insurance Group Inc.		1,620,245		122,377,105
Unum Group		2,228,128		55,836,888


				2,207,621,774

Interactive Media & Services — 0.3%
TripAdvisor Inc.^(a)		2,661,299		90,084,971
Yelp Inc.^(a)(b)		1,874,561		69,808,652


				159,893,623

IT Services — 1.8%
Alliance Data Systems Corp.		1,334,920		134,680,079
Concentrix Corp.^(a)(b)		1,150,620		203,659,740
Genpact Ltd.		4,622,509		219,615,403
LiveRamp Holdings Inc.^(a)(b)		1,835,369		86,684,478
Maximus Inc.		1,657,019		137,863,981
Sabre Corp.^(a)		8,707,230		103,093,603
WEX Inc.^(a)(b)		1,203,066		211,908,045


				1,097,505,329

Leisure Products — 1.4%
Brunswick Corp./DE		2,081,280		198,283,546
Callaway Golf Co.^(a)		3,135,061		86,621,735
Mattel Inc.^(a)(b)		9,371,764		173,939,940
Polaris Inc.		1,529,552		183,026,192
YETI Holdings Inc.^(a)(b)		2,348,265		201,222,828


				843,094,241

Life Sciences Tools & Services — 1.3%
Medpace Holdings Inc.^(a)(b)		766,911		145,160,914
Repligen Corp.^(a)(b)		1,368,368		395,444,668
Syneos Health Inc.^(a)(b)		2,769,551		242,280,322


				782,885,904


20		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery — 5.0%
AGCO Corp.		1,654,415	$	202,715,470
Colfax Corp.^(a)(b)		3,466,678		159,120,520
Crane Co.		1,345,044		127,523,622
Donaldson Co. Inc.		3,372,652		193,623,951
Flowserve Corp.		3,515,892		121,895,976
Graco Inc.		4,542,859		317,863,844
ITT Inc.		2,312,264		198,484,742
Kennametal Inc.		2,237,816		76,600,442
Lincoln Electric Holdings Inc.		1,589,391		204,697,667
Middleby Corp. (The)^(a)(b)		1,488,764		253,849,150
Nordson Corp.		1,446,824		344,561,135
Oshkosh Corp.		1,836,929		188,046,422
Terex Corp.		1,868,076		78,646,000
Timken Co. (The)		1,863,665		121,920,964
Toro Co. (The)		2,865,361		279,114,815
Trinity Industries Inc.		2,252,996		61,213,901
Woodward Inc.		1,708,180		193,365,976


				3,123,244,597

Marine — 0.1%
Kirby Corp.^(a)(b)		1,608,713		77,153,875


Media — 1.0%
Cable One Inc.		132,508		240,254,230
John Wiley & Sons Inc., Class A		1,179,880		61,601,535
New York Times Co. (The), Class A		4,486,929		221,070,992
TEGNA Inc.		5,916,972		116,682,688


				639,609,445

Metals & Mining — 2.1%
Cleveland-Cliffs Inc.^(a)(b)		12,170,858		241,104,697
Commercial Metals Co.		3,227,310		98,303,863
Compass Minerals International Inc.		923,377		59,465,479
Reliance Steel & Aluminum Co.		1,699,020		241,974,428
Royal Gold Inc.		1,761,910		168,244,786
Steel Dynamics Inc.		5,189,627		303,489,387
United States Steel Corp.^(b)		7,254,457		159,380,420
Worthington Industries Inc.		900,843		47,474,426


				1,319,437,486

Multi-Utilities — 0.6%
Black Hills Corp.		1,698,940		106,625,474
MDU Resources Group Inc.		5,417,728		160,743,990
NorthWestern Corp.		1,389,673		79,628,263


				346,997,727

Multiline Retail — 0.6%
Kohl’s Corp.		4,195,707		197,575,843
Nordstrom Inc.^(a)(b)		2,976,868		78,738,158
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		1,624,938		97,951,263


				374,265,264

Oil, Gas & Consumable Fuels — 2.2%
Antero Midstream Corp.		8,779,615		91,483,588
Cimarex Energy Co.		2,761,095		240,767,484
CNX Resources Corp.^(a)(b)		5,903,055		74,496,554
DTE Midstream LLC^(a)		2,592,401		119,872,622
EQT Corp.^(a)		8,103,653		165,800,741
Equitrans Midstream Corp.		10,881,180		110,335,165
HollyFrontier Corp.		4,021,456		133,230,837
Murphy Oil Corp.		3,927,178		98,061,635
Targa Resources Corp.		6,140,139		302,156,240


				1,336,204,866


Security	Shares		Value

Paper & Forest Products — 0.3%
Louisiana-Pacific Corp.		2,560,813	$	157,157,094


Personal Products — 0.2%
Coty Inc., Class A^(a)		8,976,852		70,558,057
Nu Skin Enterprises Inc., Class A		1,361,402		55,095,939


				125,653,996

Pharmaceuticals — 0.8%
Jazz Pharmaceuticals PLC^(a)(b)		1,636,548		213,094,915
Nektar Therapeutics^(a)(b)		4,936,076		88,651,925
Perrigo Co. PLC		3,578,653		169,377,647


				471,124,487

Professional Services — 1.6%
ASGN Inc.^(a)(b)		1,415,776		160,180,897
CACI International Inc., Class A^(a)(b)		630,305		165,202,940
FTI Consulting Inc.^(a)(b)		925,224		124,627,673
Insperity Inc.		960,825		106,401,761
KBR Inc.		3,767,851		148,453,329
ManpowerGroup Inc.		1,451,455		157,163,547
Science Applications International Corp.		1,563,901		133,807,370


				995,837,517

Real Estate Management & Development — 0.5%
Jones Lang LaSalle Inc.^(a)		1,356,954		336,646,718


Road & Rail — 1.8%
Avis Budget Group Inc.^(a)(b)		1,264,444		147,320,370
Knight-Swift Transportation Holdings Inc.		4,442,072		227,211,983
Landstar System Inc.		1,024,389		161,669,072
Ryder System Inc.		1,439,167		119,033,503
Saia Inc.^(a)(b)		704,816		167,767,353
Werner Enterprises Inc.		1,654,457		73,242,811
XPO Logistics Inc.^(a)(b)		2,638,285		209,954,720


				1,106,199,812

Semiconductors & Semiconductor Equipment — 3.6%
Amkor Technology Inc.		2,707,180		67,544,141
Brooks Automation Inc.		1,996,247		204,315,881
Cirrus Logic Inc.^(a)(b)		1,550,024		127,644,476
CMC Materials Inc.		788,468		97,162,912
First Solar Inc.^(a)(b)		2,655,391		253,483,625
Lattice Semiconductor Corp.^(a)(b)		3,650,119		235,980,193
MKS Instruments Inc.		1,484,080		223,962,513
Semtech Corp.^(a)(b)		1,747,523		136,254,368
Silicon Laboratories Inc.^(a)(b)		1,087,022		152,357,004
SolarEdge Technologies Inc.^(a)(b)		1,398,920		371,021,562
Synaptics Inc.^(a)(b)		946,810		170,170,161
Universal Display Corp.		1,160,199		198,347,621


				2,238,244,457

Software — 4.6%
ACI Worldwide Inc.^(a)(b)		3,172,142		97,479,924
Aspen Technology Inc.^(a)(b)		1,823,491		223,924,695
Blackbaud Inc.^(a)		1,135,221		79,862,797
CDK Global Inc.		3,276,442		139,412,607
Cerence Inc.^(a)(b)		1,023,613		98,379,446
CommVault Systems Inc.^(a)(b)		1,235,501		93,045,580
Digital Turbine Inc.^(a)(b)		2,350,500		161,596,875
Envestnet Inc.^(a)(b)		904,255		72,557,421
Fair Isaac Corp.^(a)(b)		759,728		302,318,563
J2 Global Inc.^(a)(b)		1,294,956		176,916,889
Manhattan Associates Inc.^(a)(b)		1,702,632		260,553,775
Mimecast Ltd.^(a)(b)		1,636,234		104,064,482


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
NCR Corp.^(a)(b)		3,536,404	$	137,071,019
Paylocity Holding Corp.^(a)(b)		1,052,136		295,018,934
Qualys Inc.^(a)(b)		903,830		100,587,241
SailPoint Technologies Holdings Inc.^(a)(b)		2,506,535		107,480,221
Teradata Corp.^(a)(b)		2,935,552		168,353,907
Wolfspeed Inc.		3,101,029		250,346,071


				2,868,970,447

Specialty Retail — 3.7%
American Eagle Outfitters Inc.		4,098,755		105,747,879
AutoNation Inc.^(a)(b)		1,176,648		143,268,660
Dick’s Sporting Goods Inc.		1,759,958		210,790,170
Five Below Inc.^(a)(b)		1,498,558		264,960,040
Foot Locker Inc.		2,424,505		110,702,898
GameStop Corp., Class A^(a)(b)		1,664,215		292,019,806
Lithia Motors Inc.		812,398		257,562,662
Murphy USA Inc.		636,362		106,437,908
RH^(a)(b)		455,897		304,042,268
Urban Outfitters Inc.^(a)(b)		1,788,868		53,111,491
Victoria’s Secret & Co.^(a)		2,020,825		111,670,790
Williams-Sonoma Inc.		2,010,437		356,510,793


				2,316,825,365

Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		3,716,353		74,958,840


Textiles, Apparel & Luxury Goods — 1.7%
Capri Holdings Ltd.^(a)(b)		4,082,404		197,629,178
Carter’s Inc.		1,184,072		115,139,161
Columbia Sportswear Co.		945,192		90,587,201
Crocs Inc.^(a)(b)		1,675,057		240,337,178
Deckers Outdoor Corp.^(a)(b)		740,353		266,675,151
Skechers U.S.A. Inc., Class A^(a)(b)		3,610,210		152,062,045


				1,062,429,914

Thrifts & Mortgage Finance — 0.8%
Essent Group Ltd.		3,014,282		132,658,551
MGIC Investment Corp.		9,145,605		136,818,251
New York Community Bancorp. Inc.		12,513,718		161,051,550
Washington Federal Inc.		1,841,838		63,193,462


				493,721,814



Security	Shares		Value


Trading Companies & Distributors — 0.9%
GATX Corp.		950,101	$	85,091,045
MSC Industrial Direct Co. Inc., Class A		1,257,690		100,854,161
Univar Solutions Inc.^(a)		4,574,068		108,954,300
Watsco Inc.		882,411		233,503,599


				528,403,105

Water Utilities — 0.5%
Essential Utilities Inc.		5,985,317		275,803,407


Wireless Telecommunication Services — 0.1%
Telephone and Data Systems Inc.		2,686,920		52,394,940


Total Common Stocks — 99.8% (Cost: $48,383,038,638)				61,868,704,835


Short-Term Investments

Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		2,242,451,468		2,243,572,693
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		110,470,000		110,470,000


				2,354,042,693


Total Short-Term Investments — 3.8% (Cost: $2,352,698,667)				2,354,042,693


Total Investments in Securities — 103.6% (Cost: $50,735,737,305)				64,222,747,528

Other Assets, Less Liabilities — (3.6)%				(2,238,081,900	)


Net Assets — 100.0%			$	61,984,665,628

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,198,632,023	$	45,190,258	^(a)	$	—	$	(48,923	)	$	(200,665	)	$	2,243,572,693		2,242,451,468	$	1,890,550	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		53,880,000		56,590,000	^(a)		—		—			—			110,470,000		110,470,000		3,597			—


								$	(48,923	)	$	(200,665	)	$	2,354,042,693			$	1,894,147		$	—

^(a)

Represents net amount purchased (sold).

^(b)


22		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Mid-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P 400 E-Mini Index		427		12/17/21	$	112,438	$	(1,225,746	)

OTC Total Return Swaps




Reference Entity	Payment Frequency		Counterparty^(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)		Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long		Monthly		HSBC Bank PLC^(b)		02/10/23	$	8,582	$	244	$	8,826		0.0%	^(c)

		Monthly		JPMorgan Chase Bank NA^(d)		02/08/23		9,105		33		9,138		0.0	^(c)


									$	277	$	17,964

^(a)

The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)

Rounds to less than 0.1%.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)
Range:	20 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Mid-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of September 30, 2021 expiration 2/10/2023.


	Shares		Value		% of Basket Value


Reference Entity — Long

Software
Envestnet Inc.^(a)		110	$	8,826		100.0%


Net Value of Reference Entity — HSBC Bank PLC			$	8,826

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of September 30, 2021 expiration 2/8/2023.


	Shares		Value		% of Basket Value


Reference Entity — Long

Hotels, Restaurants & Leisure
Scientific Games Corp./DE^(a)		110	$	9,138		100.0%


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	9,138

^(a)	Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps



	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation

Total Return Swaps		$—		$—		$277		$—

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:




	Equity Contracts


Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	277


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,225,746

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(412,720	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(952,784	)
Swaps		277


	$	(952,507	)


24		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Mid-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	121,930,650
Total return swaps:
Average notional value	$	5,896

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Futures contracts	$	—	$	1,225,746
Swaps - OTC^(a)		277		—


Total derivative assets and liabilities in the Statement of Assets and Liabilities		277		1,225,746
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,225,746	)


Total derivative assets and liabilities subject to an MNA		277		—

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:




Counterparty	Derivative Assets Subject to an MNA by			Derivatives Available			Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
	Counterparty			for Offset^(a)			Received			Received					Assets	^(b)


HSBC Bank PLC		$	244		$	—		$	—		$	—		$	244
JPMorgan Chase Bank NA			33			—			—			—			33


		$	277		$	—		$	—		$	—		$	277

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	61,868,704,835		$	—	$	—	$	61,868,704,835
Money Market Funds		2,354,042,693			—		—		2,354,042,693


	$	64,222,747,528		$	—	$	—	$	64,222,747,528


Derivative financial instruments^(a)
Assets
Swaps	$	—		$	277	$	—	$	277
Liabilities
Futures Contracts		(1,225,746	)		—		—		(1,225,746	)


	$	(1,225,746	)	$	277	$	—	$	(1,225,469	)

^(a)

Derivative financial instruments are swaps and futures contracts. Swaps and 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		25

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
AAR Corp.^(a)(b)		2,215,446	$	71,846,914
Aerojet Rocketdyne Holdings Inc.^(a)		4,957,922		215,917,503
Aerovironment Inc.^(a)(b)(c)		1,533,984		132,413,499
Kaman Corp.^(a)		1,853,045		66,098,115
Moog Inc., Class A^(a)		1,948,873		148,562,589
National Presto Industries Inc.		338,879		27,815,188
Park Aerospace Corp.^(a)		1,286,361		17,597,418
Triumph Group Inc.^(a)(b)		3,349,403		62,399,378


				742,650,604

Air Freight & Logistics — 0.8%
Atlas Air Worldwide Holdings Inc.^(a)(b)(c)		1,796,922		146,772,589
Echo Global Logistics Inc.^(a)(b)		1,772,667		84,573,943
Forward Air Corp.^(a)		1,803,973		149,765,838
Hub Group Inc., Class A^(a)(b)(c)		2,243,928		154,270,050


				535,382,420

Airlines — 0.6%
Allegiant Travel Co.^(a)(b)		1,005,796		196,613,002
Hawaiian Holdings Inc.^(a)(b)		3,408,754		73,833,612
SkyWest Inc.^(a)(b)		3,353,670		165,470,078


				435,916,692

Auto Components — 1.3%
American Axle & Manufacturing Holdings Inc.^(a)(b)		7,591,811		66,883,855
Cooper-Standard Holdings Inc.^(a)(b)(c)		1,136,076		24,891,425
Dorman Products Inc.^(a)(b)(c)		1,906,875		180,523,856
Gentherm Inc.^(a)(b)(c)		2,207,041		178,615,828
LCI Industries^(a)		1,682,250		226,481,317
Motorcar Parts of America Inc.^(a)(b)(c)		1,278,477		24,930,302
Patrick Industries Inc.^(a)		1,496,960		124,696,768
Standard Motor Products Inc.^(a)		1,286,897		56,250,268


				883,273,619

Automobiles — 0.2%
Winnebago Industries Inc.^(a)		2,236,560		162,038,772


Banks — 9.8%
Allegiance Bancshares Inc.^(a)		1,230,943		46,960,475
Ameris Bancorp.^(a)		4,377,259		227,092,197
Banc of California Inc.^(a)		2,980,875		55,116,379
BancFirst Corp		1,265,761		76,097,551
Bancorp. Inc. (The)^(a)(b)(c)		3,432,478		87,356,565
BankUnited Inc.^(a)		5,964,822		249,448,856
Banner Corp.^(a)		2,134,451		117,843,040
Berkshire Hills Bancorp. Inc.^(a)		3,205,139		86,474,650
Brookline Bancorp. Inc.^(a)		4,873,841		74,374,814
Cadence BanCorp.^(a)		8,061,095		177,021,646
Central Pacific Financial Corp.^(a)		1,578,223		40,528,767
City Holding Co.^(a)		990,496		77,169,543
Columbia Banking System Inc.^(a)		4,543,546		172,609,313
Community Bank System Inc.^(a)		3,466,101		237,150,630
Customers Bancorp. Inc.^(a)(b)(c)		1,969,434		84,725,051
CVB Financial Corp.^(a)		8,429,949		171,718,061
Dime Community Bancshares Inc.^(a)		2,236,376		73,040,040
Eagle Bancorp. Inc.^(a)		2,042,287		117,431,502
FB Financial Corp.		2,364,672		101,397,135
First BanCorp./Puerto Rico^(a)		13,297,533		174,862,559
First Bancorp./Southern Pines NC^(a)		1,765,492		75,933,811
First Commonwealth Financial Corp.^(a)		5,918,082		80,663,458
First Financial Bancorp.^(a)		6,099,638		142,792,526
First Hawaiian Inc.^(a)		8,626,131		253,176,945


Security	Shares		Value

Banks (continued)
First Midwest Bancorp. Inc.^(a)		7,273,440	$	138,268,094
Great Western Bancorp. Inc.^(a)		3,538,485		115,849,999
Hanmi Financial Corp.^(a)		1,899,259		38,099,136
Heritage Financial Corp./WA^(a)		2,253,700		57,469,350
Hilltop Holdings Inc		3,945,048		128,884,718
Hope Bancorp Inc.^(a)		7,866,694		113,595,061
Independent Bank Corp.^(a)		2,117,569		161,252,879
Independent Bank Group Inc.^(a)		2,471,284		175,560,015
Investors Bancorp. Inc.^(a)		14,999,725		226,645,845
Lakeland Financial Corp.^(a)		1,619,457		115,370,117
National Bank Holdings Corp., Class A^(a)		2,018,150		81,694,712
NBT Bancorp. Inc.^(a)		2,781,815		100,479,158
OFG Bancorp.^(a)		3,272,857		82,541,454
Old National Bancorp./IN^(a)		10,498,936		177,956,965
Pacific Premier Bancorp. Inc.^(a)		6,246,131		258,839,669
Park National Corp.^(a)		967,910		118,036,624
Preferred Bank/Los Angeles CA^(a)		870,925		58,073,279
Renasant Corp.^(a)		3,644,699		131,391,399
S&T Bancorp. Inc.^(a)		2,452,451		72,273,731
Seacoast Banking Corp. of Florida^(a)(c)		3,577,174		120,944,253
ServisFirst Bancshares Inc.^(a)		3,247,271		252,637,684
Simmons First National Corp., Class A^(a)		6,814,852		201,447,025
Southside Bancshares Inc.^(a)		2,075,330		79,464,386
Tompkins Financial Corp.^(a)		794,610		64,291,895
Triumph Bancorp. Inc.^(a)(b)(c)		1,571,444		157,348,688
Trustmark Corp.^(a)		3,583,953		115,474,966
United Community Banks Inc./GA^(a)		5,453,966		178,999,164
Veritex Holdings Inc.^(a)		3,210,004		126,345,757
Westamerica Bancorp.^(a)		1,734,895		97,605,193


				6,747,826,730

Beverages — 0.7%
Celsius Holdings Inc.^(b)(c)		2,528,294		227,774,007
Coca-Cola Consolidated Inc.^(c)		309,036		121,815,811
MGP Ingredients Inc.^(c)		833,303		54,248,025
National Beverage Corp.		1,552,805		81,506,734


				485,344,577

Biotechnology — 2.0%
Anika Therapeutics Inc.^(a)(b)(c)		964,555		41,051,461
Coherus Biosciences Inc.^(a)(b)(c)		4,225,585		67,905,151
Cytokinetics Inc.^(a)(b)(c)		5,565,289		198,903,429
Eagle Pharmaceuticals Inc./DE^(a)(b)(c)		770,709		42,990,148
Enanta Pharmaceuticals Inc.^(a)(b)(c)		1,197,638		68,037,815
Ligand Pharmaceuticals Inc.^(a)(b)(c)		1,110,138		154,664,426
Myriad Genetics Inc.^(a)(b)(c)		5,195,915		167,776,095
Organogenesis Holdings Inc., Class A^(b)(c)		4,206,451		59,899,862
REGENXBIO Inc.^(a)(b)(c)		2,495,549		104,613,414
Spectrum Pharmaceuticals Inc.^(a)(b)(c)		10,997,425		23,974,386
uniQure NV^(a)(b)(c)		2,392,262		76,576,307
Vanda Pharmaceuticals Inc.^(a)(b)(c)		3,703,708		63,481,555
Vericel Corp.^(a)(b)(c)		3,104,087		151,479,446
Xencor Inc.^(a)(b)(c)		3,882,488		126,802,058


				1,348,155,553

Building Products — 1.8%
AAON Inc.^(a)(c)		2,755,885		180,069,526
American Woodmark Corp.^(a)(b)(c)		1,118,430		73,111,769
Apogee Enterprises Inc.^(a)		1,699,289		64,165,153
Gibraltar Industries Inc.^(a)(b)(c)		2,172,465		151,312,187
Griffon Corp.^(a)		3,169,157		77,961,262
Insteel Industries Inc.^(a)(c)		1,294,548		49,257,551


26		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
PGT Innovations Inc.^(a)(b)(c)		3,966,599	$	75,762,041
Quanex Building Products Corp.^(a)(c)		2,246,609		48,099,899
Resideo Technologies Inc.^(a)(b)(c)		9,597,879		237,931,420
UFP Industries Inc.^(a)		4,117,312		279,894,870


				1,237,565,678

Capital Markets — 1.0%
B. Riley Financial Inc.		1,064,794		62,865,438
Blucora Inc.^(a)(b)		3,254,710		50,740,929
BrightSphere Investment Group Inc.^(c)		3,963,559		103,567,797
Donnelley Financial Solutions Inc.^(a)(b)(c)		1,968,664		68,155,148
Greenhill & Co. Inc.^(a)		959,733		14,031,296
Piper Sandler Cos.^(a)		951,403		131,731,259
StoneX Group Inc.^(a)(b)(c)		1,121,298		73,893,538
Virtus Investment Partners Inc.^(a)		474,672		147,300,215
WisdomTree Investments Inc.^(a)		7,271,225		41,227,846


				693,513,466

Chemicals — 2.9%
AdvanSix Inc.^(a)(b)		1,871,763		74,402,579
American Vanguard Corp.^(a)		1,796,502		27,037,355
Balchem Corp.^(a)		2,154,868		312,606,701
Ferro Corp.^(a)(b)(c)		5,505,437		111,980,589
FutureFuel Corp.		1,726,653		12,311,036
GCP Applied Technologies Inc.^(b)(c)		3,570,882		78,273,733
Hawkins Inc.^(a)		1,262,440		44,033,907
HB Fuller Co.^(a)		3,497,088		225,772,001
Innospec Inc.(a)		1,640,348		138,150,109
Koppers Holdings Inc.^(a)(b)(c)		1,426,960		44,606,770
Kraton Corp.^(a)(b)		2,140,043		97,671,563
Livent Corp.^(a)(b)(c)		10,753,460		248,512,461
Quaker Chemical Corp.^(c)		892,591		212,186,732
Rayonier Advanced Materials Inc.^(a)(b)(c)		4,262,215		31,966,612
Stepan Co.^(a)		1,420,762		160,460,860
Tredegar Corp.^(a)		1,714,104		20,877,787
Trinseo SA^(a)(c)		2,584,683		139,521,188


				1,980,371,983

Commercial Services & Supplies — 2.0%
ABM Industries Inc.^(a)		4,468,801		201,140,733
Brady Corp., Class A, NVS		3,230,100		163,766,070
CoreCivic Inc.^(a)(b)		8,007,065		71,262,878
Deluxe Corp.^(a)		2,832,155		101,646,043
Harsco Corp.^(a)(b)(c)		5,271,470		89,351,416
Healthcare Services Group Inc.^(a)		4,969,779		124,194,777
HNI Corp.^(a)		2,920,687		107,247,627
Interface Inc.^(a)(c)		3,931,164		59,557,135
Matthews International Corp., Class A^(a)		2,104,410		73,001,983
Pitney Bowes Inc.^(a)		10,693,304		77,098,722
U.S. Ecology Inc.^(a)(b)		2,097,636		67,858,525
UniFirst Corp./MA^(a)		1,014,640		215,732,757
Viad Corp.^(a)(b)(c)		1,364,149		61,946,006


				1,413,804,672

Communications Equipment — 1.0%
ADTRAN Inc.^(a)		3,232,613		60,643,820
Applied Optoelectronics Inc.^(a)(b)(c)		1,695,639		12,174,688
CalAmp Corp.^(a)(b)(c)		2,359,561		23,477,632
Comtech Telecommunications Corp.^(a)		1,743,254		44,644,735
Digi International Inc.^(a)(b)(c)		2,281,081		47,948,323
Extreme Networks Inc.^(b)(c)		5,838,562		57,509,836
Harmonic Inc.^(a)(b)(c)		6,777,022		59,298,942
NETGEAR Inc.^(a)(b)(c)		2,033,211		64,879,763


Security	Shares		Value

Communications Equipment (continued)
Plantronics Inc.^(a)(b)		2,817,330	$	72,433,554
Viavi Solutions Inc.^(a)(b)(c)		15,219,914		239,561,446


				682,572,739

Construction & Engineering — 0.8%
Arcosa Inc.^(a)		3,221,983		161,646,887
Comfort Systems USA Inc.^(a)		2,416,769		172,363,965
Granite Construction Inc.^(a)		3,050,198		120,635,331
Matrix Service Co.^(a)(b)(c)		1,773,752		18,553,446
MYR Group Inc.^(a)(b)(c)		1,122,786		111,717,207


				584,916,836

Consumer Finance — 0.8%
Encore Capital Group Inc.^(a)(b)(c)		2,015,020		99,280,035
Enova International Inc.^(a)(b)(c)		2,454,645		84,807,985
EZCORP Inc., Class A, NVS^(b)(c)		3,550,020		26,873,651
Green Dot Corp., Class A^(a)(b)(c)		3,605,796		181,479,713
PRA Group Inc.^(a)(b)(c)		3,051,253		128,579,802
World Acceptance Corp.^(b)(c)		280,659		53,207,333


				574,228,519

Containers & Packaging — 0.3%
Myers Industries Inc.^(a)		2,419,045		47,340,710
O-I Glass Inc.^(a)(b)		10,470,062		149,407,785


				196,748,495

Diversified Consumer Services — 0.6%
Adtalem Global Education Inc.^(a)(b)(c)		3,290,037		124,396,299
American Public Education Inc.^(a)(b)(c)		1,250,087		32,014,728
Perdoceo Education Corp.^(a)(b)(c)		4,686,560		49,490,074
Regis Corp.^(b)(c)		1,627,468		5,663,589
Strategic Education Inc.^(a)		1,507,397		106,271,488
WW International Inc.^(a)(b)(c)		3,534,930		64,512,472


				382,348,650

Diversified Telecommunication Services — 0.4%
ATN International Inc.		731,985		34,293,497
Cogent Communications Holdings Inc.^(a)		2,823,978		200,050,602
Consolidated Communications Holdings Inc.^(b)(c)		4,820,788		44,303,042


				278,647,141

Electrical Equipment — 0.6%
AZZ Inc.^(a)		1,668,942		88,787,714
Encore Wire Corp.^(a)		1,374,553		130,348,861
Powell Industries Inc.^(a)		602,068		14,792,811
Vicor Corp.^(b)(c)		1,420,108		190,521,689


				424,451,075

Electronic Equipment, Instruments & Components — 3.7%
Advanced Energy Industries Inc.^(a)		2,554,439		224,152,022
Arlo Technologies Inc.^(a)(b)(c)		5,525,587		35,419,013
Badger Meter Inc.^(a)		1,942,171		196,431,175
Benchmark Electronics Inc.^(a)(c)		2,368,621		63,265,867
CTS Corp.^(a)		2,158,563		66,721,182
Daktronics Inc.^(a)(b)		2,527,406		13,723,815
ePlus Inc.^(a)(b)(c)		898,965		92,242,799
Fabrinet^(a)(b)(c)		2,455,305		251,693,316
FARO Technologies Inc.^(a)(b)(c)		1,209,866		79,621,282
Insight Enterprises Inc.^(a)(b)(c)		2,320,275		209,010,372
Itron Inc.^(a)(b)(c)		3,011,265		227,741,972
Knowles Corp.^(a)(b)(c)		6,123,314		114,750,904
Methode Electronics Inc.^(a)		2,542,518		106,912,882
OSI Systems Inc.^(a)(b)(c)		1,113,074		105,519,415
PC Connection Inc.		735,593		32,388,160
Plexus Corp.^(a)(b)(c)		1,880,517		168,137,025


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Rogers Corp.^(a)(b)(c)		1,246,753	$	232,494,499
Sanmina Corp.^(a)(b)(c)		4,333,243		167,003,185
ScanSource Inc.^(a)(b)(c)		1,695,161		58,974,651
TTM Technologies Inc.^(a)(b)(c)		7,175,567		90,196,877


				2,536,400,413

Energy Equipment & Services — 1.4%
Archrock Inc.^(a)		8,921,135		73,599,364
Bristow Group Inc.^(a)(b)(c)		1,549,595		49,323,609
Core Laboratories NV^(a)(c)		3,084,180		85,585,995
DMC Global Inc.^(a)(b)(c)		1,252,141		46,216,524
Dril-Quip Inc.^(a)(b)(c)		2,358,547		59,388,213
Helix Energy Solutions Group Inc.^(a)(b)(c)		9,478,950		36,778,326
Helmerich & Payne Inc.^(a)		7,182,599		196,875,039
Nabors Industries Ltd.^(a)(b)(c)		518,079		49,984,262
Oceaneering International Inc.^(a)(b)(c)		6,643,114		88,486,279
Oil States International Inc.^(a)(b)(c)		4,104,260		26,226,221
Patterson-UTI Energy Inc.^(a)		12,583,189		113,248,701
ProPetro Holding Corp.^(a)(b)(c)		5,662,256		48,978,514
RPC Inc.^(b)(c)		4,760,619		23,136,608
U.S. Silica Holdings Inc.^(a)(b)		4,999,012		39,942,106


				937,769,761

Entertainment — 0.2%
Cinemark Holdings Inc.^(a)(b)		7,087,300		136,147,033
Marcus Corp. (The)^(a)(b)		1,462,014		25,512,144


				161,659,177

Equity Real Estate Investment Trusts (REITs) — 7.4%
Acadia Realty Trust^(a)		5,885,846		120,130,117
Agree Realty Corp.^(a)		4,587,980		303,861,915
Alexander & Baldwin Inc.^(a)		4,827,291		113,151,701
American Assets Trust Inc.^(a)		3,502,183		131,051,688
Armada Hoffler Properties Inc.^(a)		4,060,020		54,282,467
Brandywine Realty Trust^(a)		11,376,462		152,672,120
CareTrust REIT Inc.^(a)		6,297,460		127,964,387
Centerspace^(a)		934,928		88,350,696
Chatham Lodging Trust^(a)(b)		3,260,526		39,941,443
Community Healthcare Trust Inc.^(a)		1,545,854		69,857,142
DiamondRock Hospitality Co.^(a)(b)		14,020,446		132,493,215
Diversified Healthcare Trust^(a)		15,868,079		53,792,788
Easterly Government Properties Inc.^(a)		5,407,677		111,722,607
Essential Properties Realty Trust Inc.^(a)		7,872,072		219,788,250
Four Corners Property Trust Inc.^(a)		5,072,543		136,248,505
Franklin Street Properties Corp., Class C^(a)		6,463,590		29,991,058
GEO Group Inc. (The)^(a)(c)		7,658,536		57,209,264
Getty Realty Corp.^(a)		2,575,524		75,488,608
Global Net Lease Inc.^(a)		6,676,239		106,953,349
Hersha Hospitality Trust, Class A^(a)(b)		2,202,950		20,553,523
Independence Realty Trust Inc.^(a)		6,997,116		142,391,311
Industrial Logistics Properties Trust^(a)		4,347,810		110,477,852
Innovative Industrial Properties Inc.^(a)		1,592,793		368,205,958
iStar Inc.^(a)(c)		4,734,783		118,748,358
Kite Realty Group Trust^(a)		5,203,009		105,933,263
Lexington Realty Trust^(a)		18,483,865		235,669,279
LTC Properties Inc.^(a)		2,621,042		83,060,821
Mack-Cali Realty Corp.^(a)(b)		5,327,612		91,208,717
NexPoint Residential Trust Inc.^(a)		1,351,111		83,606,749
Office Properties Income Trust^(a)		3,217,452		81,498,059
Retail Opportunity Investments Corp.^(a)		8,087,129		140,877,787
Retail Properties of America Inc., Class A^(a)		14,298,564		184,165,504
RPT Realty^(a)		5,403,531		68,949,056


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Safehold Inc.^(c)		887,456	$	63,799,212
Saul Centers Inc.		868,017		38,244,829
Service Properties Trust^(a)		10,974,251		123,021,354
SITE Centers Corp.		9,273,175		143,177,822
Summit Hotel Properties Inc.^(a)(b)		7,085,847		68,236,707
Tanger Factory Outlet Centers Inc.^(a)		6,920,176		112,798,869
Uniti Group Inc.^(a)		15,537,392		192,197,539
Universal Health Realty Income Trust^(a)		857,180		47,376,339
Urstadt Biddle Properties Inc., Class A^(a)		1,947,702		36,869,999
Washington REIT^(a)		5,632,175		139,396,331
Whitestone REIT^(a)		2,911,046		28,470,030
Xenia Hotels & Resorts Inc.^(a)(b)		7,602,611		134,870,319


				5,088,756,907

Food & Staples Retailing — 0.7%
Andersons Inc. (The)^(a)		2,060,432		63,523,119
Chefs’ Warehouse Inc. (The)^(a)(b)(c)		2,173,041		70,775,945
PriceSmart Inc.^(a)		1,598,357		123,952,585
SpartanNash Co.^(a)		2,423,416		53,072,810
United Natural Foods Inc.^(a)(b)(c)		3,751,130		181,629,715


				492,954,174

Food Products — 1.3%
B&G Foods Inc.^(a)(c)		4,315,213		128,981,717
Calavo Growers Inc.^(a)		1,182,589		45,222,203
Cal-Maine Foods Inc.^(a)(c)		2,492,937		90,144,602
Fresh Del Monte Produce Inc.		2,214,569		71,353,413
J&J Snack Foods Corp.^(a)		989,905		151,277,282
John B Sanfilippo & Son Inc.^(a)		593,216		48,477,611
Seneca Foods Corp., Class A^(a)(b)(c)		432,392		20,849,942
Simply Good Foods Co. (The)^(a)(b)(c)		5,610,734		193,514,216
TreeHouse Foods Inc.^(a)(b)(c)		3,710,511		147,975,179


				897,796,165

Gas Utilities — 0.6%
Chesapeake Utilities Corp.^(a)		1,160,005		139,258,600
Northwest Natural Holding Co.^(a)		2,041,833		93,903,900
South Jersey Industries Inc.^(a)		7,485,352		159,138,584


				392,301,084

Health Care Equipment & Supplies — 3.3%
AngioDynamics Inc.^(a)(b)		2,559,124		66,383,676
Avanos Medical Inc.^(a)(b)(c)		3,203,419		99,946,673
BioLife Solutions Inc.^(b)(c)		1,935,882		81,926,526
Cardiovascular Systems Inc.^(a)(b)(c)		2,673,480		87,770,348
CONMED Corp.^(a)		1,941,313		253,981,980
CryoLife Inc.^(a)(b)(c)		2,616,554		58,322,989
Cutera Inc.^(a)(b)(c)		1,086,844		50,646,930
Glaukos Corp.^(a)(b)(c)		3,099,467		149,301,325
Heska Corp.^(a)(b)(c)		708,587		183,198,083
Inogen Inc.^(a)(b)(c)		1,347,887		58,080,451
Integer Holdings Corp.^(a)(b)(c)		2,196,704		196,253,535
Invacare Corp.^(a)(b)		2,340,829		11,142,346
Lantheus Holdings Inc.^(a)(b)(c)		4,500,239		115,566,137
LeMaitre Vascular Inc.^(a)		1,277,642		67,830,014
Meridian Bioscience Inc.^(a)(b)(c)		2,885,979		55,526,236
Merit Medical Systems Inc.^(a)(b)(c)		3,371,201		242,052,232
Mesa Laboratories Inc.^(a)(c)		346,305		104,708,780
Natus Medical Inc.^(a)(b)(c)		2,271,995		56,981,635
OraSure Technologies Inc.^(a)(b)(c)		4,793,441		54,213,818
Orthofix Medical Inc.^(a)(b)		1,316,989		50,203,621
Surmodics Inc.^(a)(b)		927,699		51,580,064
Tactile Systems Technology Inc.^(a)(b)(c)		1,316,793		58,531,449


28		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Varex Imaging Corp.^(a)(b)(c)		2,622,758	$	73,961,776
Zynex Inc.^(b)(c)		1,337,544		15,234,626


				2,243,345,250

Health Care Providers & Services — 4.0%
Addus HomeCare Corp.^(a)(b)(c)		1,059,549		84,499,033
AMN Healthcare Services Inc.^(a)(b)		3,146,230		361,029,892
Apollo Medical Holdings Inc.^(b)(c)		2,505,050		228,084,802
Community Health Systems Inc.^(a)(b)(c)		8,264,632		96,696,194
CorVel Corp.^(b)(c)		628,507		117,040,574
Covetrus Inc.^(b)		6,870,625		124,633,138
Cross Country Healthcare Inc.^(a)(b)		2,363,571		50,202,248
Ensign Group Inc. (The)^(a)		3,486,926		261,135,888
Fulgent Genetics Inc.^(b)(c)		1,277,310		114,894,035
Hanger Inc.^(a)(b)(c)		2,446,716		53,729,883
Joint Corp. (The)^(a)(b)(c)		956,983		93,803,474
Magellan Health Inc.^(a)(b)(c)		1,549,445		146,500,025
MEDNAX Inc.^(a)(b)(c)		5,745,276		163,338,197
ModivCare Inc.^(a)(b)		853,031		154,927,490
Owens & Minor Inc.^(a)(c)		5,023,376		157,181,435
Pennant Group Inc. (The)^(a)(b)(c)		1,793,562		50,381,157
RadNet Inc.^(b)(c)		2,484,582		72,823,098
Select Medical Holdings Corp.^(a)		7,077,095		255,978,526
Tivity Health Inc.^(a)(b)(c)		2,941,015		67,819,806
U.S. Physical Therapy Inc.^(a)		859,169		95,024,091


				2,749,722,986

Health Care Technology — 1.1%
Allscripts Healthcare Solutions Inc.^(a)(b)(c)		8,321,668		111,260,701
Computer Programs & Systems Inc.^(a)(c)		979,578		34,735,836
HealthStream Inc.^(a)(b)		1,688,077		48,245,241
NextGen Healthcare Inc.^(a)(b)		3,761,268		53,033,879
Omnicell Inc.^(a)(b)(c)		2,894,007		429,557,459
Simulations Plus Inc.^(a)(c)		1,041,848		41,152,996
Tabula Rasa HealthCare Inc.^(a)(b)(c)		1,536,967		40,283,905


				758,270,017

Hotels, Restaurants & Leisure — 1.6%
BJ’s Restaurants Inc.^(a)(b)(c)		1,550,760		64,759,738
Bloomin’ Brands Inc.^(a)(b)		5,404,906		135,122,650
Brinker International Inc.^(a)(b)		3,045,578		149,385,601
Cheesecake Factory Inc. (The)^(a)(b)		3,230,263		151,822,361
Chuy’s Holdings Inc.^(a)(b)(c)		1,337,232		42,162,925
Dave & Buster’s Entertainment Inc.^(a)(b)		2,564,562		98,299,661
Dine Brands Global Inc.^(a)(b)		1,143,395		92,855,108
El Pollo Loco Holdings Inc.^(b)(c)		1,291,425		21,825,083
Fiesta Restaurant Group Inc.^(b)(c)		1,167,871		12,799,866
Monarch Casino & Resort Inc.^(b)(c)		866,735		58,062,578
Red Robin Gourmet Burgers Inc.^(a)(b)(c)		1,048,666		24,182,238
Ruth’s Hospitality Group Inc.^(a)(b)		2,150,172		44,530,062
Shake Shack Inc., Class A^(a)(b)(c)		2,605,227		204,406,110


				1,100,213,981

Household Durables — 2.3%
Cavco Industries Inc.^(a)(b)(c)		568,734		134,642,087
Century Communities Inc.^(a)		1,977,716		121,530,648
Ethan Allen Interiors Inc.^(a)		1,465,895		34,741,712
Installed Building Products Inc.^(a)		1,561,935		167,361,335
iRobot Corp.^(a)(b)(c)		1,867,276		146,581,166
La-Z-Boy Inc.^(a)		3,011,265		97,053,071
LGI Homes Inc.^(a)(b)(c)		1,442,011		204,635,781
M/I Homes Inc.^(a)(b)(c)		1,951,651		112,805,428
MDC Holdings Inc.^(a)		3,760,765		175,702,941


Security	Shares		Value

Household Durables (continued)
Meritage Homes Corp.^(a)(b)(c)		2,506,093	$	243,091,021
Tupperware Brands Corp.^(a)(b)(c)		3,321,145		70,142,582
Universal Electronics Inc.^(a)(b)(c)		901,760		44,411,680


				1,552,699,452

Household Products — 0.5%
Central Garden & Pet Co.^(a)(b)(c)		651,968		31,294,464
Central Garden & Pet Co., Class A, NVS^(b)(c)		2,673,509		114,960,887
WD-40 Co.^(a)(c)		912,471		211,218,787


				357,474,138

Industrial Conglomerates — 0.2%
Raven Industries Inc.^(a)(b)		2,391,012		137,746,201


Insurance — 2.5%
Ambac Financial Group Inc.^(b)(c)		2,217,455		31,753,956
American Equity Investment Life Holding Co.^(a)		5,480,971		162,072,312
AMERISAFE Inc.^(a)		1,288,991		72,389,735
Assured Guaranty Ltd.^(a)		3,725,780		174,403,762
eHealth Inc.^(a)(b)(c)		1,568,779		63,535,550
Employers Holdings Inc.^(a)		1,739,258		68,683,298
Genworth Financial Inc., Class A^(a)(b)(c)		28,456,419		106,711,571
HCI Group Inc.^(a)		440,965		48,845,693
Horace Mann Educators Corp.^(a)		2,602,421		103,550,332
James River Group Holdings Ltd.^(a)		2,459,913		92,812,517
Palomar Holdings Inc.^(a)(b)(c)		1,604,666		129,705,153
ProAssurance Corp.^(a)(c)		3,405,081		80,972,826
Safety Insurance Group Inc.^(a)		932,322		73,886,519
Selectquote Inc.^(a)(b)(c)		8,266,155		106,881,384
SiriusPoint Ltd.^(b)(c)		5,827,686		53,964,372
Stewart Information Services Corp.^(a)		1,677,247		106,102,645
Trupanion Inc.^(a)(b)(c)		2,276,640		176,826,629
United Fire Group Inc.^(a)		1,444,529		33,368,620
Universal Insurance Holdings Inc.^(a)		1,881,887		24,539,806


				1,711,006,680

Interactive Media & Services — 0.1%
QuinStreet Inc.^(a)(b)(c)		3,283,800		57,663,528


Internet & Direct Marketing Retail — 0.9%
Liquidity Services Inc.^(a)(b)(c)		1,777,461		38,410,932
PetMed Express Inc.^(a)		1,360,787		36,564,347
Shutterstock Inc.		1,560,281		176,811,043
Stamps.com Inc.^(a)(b)		1,218,508		401,851,753


				653,638,075

IT Services — 1.5%
CSG Systems International Inc.^(a)		2,179,635		105,058,407
EVERTEC Inc.^(a)		3,976,378		181,800,002
ExlService Holdings Inc.^(a)(b)(c)		2,208,361		271,893,406
Perficient Inc.^(a)(b)(c)		2,192,150		253,631,755
TTEC Holdings Inc.		1,219,818		114,089,578
Unisys Corp.^(a)(b)(c)		4,467,708		112,318,179


				1,038,791,327

Leisure Products — 0.3%
Sturm Ruger & Co. Inc.^(a)		1,171,396		86,425,597
Vista Outdoor Inc.^(a)(b)(c)		3,819,383		153,959,329


				240,384,926

Life Sciences Tools & Services — 0.6%
NeoGenomics Inc.^(a)(b)(c)		8,175,617		394,391,764


Machinery — 5.4%
Alamo Group Inc.^(a)		659,009		91,951,526


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Albany International Corp., Class A^(a)		2,155,462	$	165,690,364
Astec Industries Inc.^(a)		1,514,929		81,518,330
Barnes Group Inc.^(a)		3,097,356		129,252,666
Chart Industries Inc.^(a)(b)(c)		2,370,798		453,083,206
CIRCOR International Inc.^(a)(b)(c)		1,354,309		44,705,740
Enerpac Tool Group Corp.^(a)		4,007,577		83,077,071
EnPro Industries Inc.^(a)		1,371,446		119,480,376
ESCO Technologies Inc.^(a)		1,734,856		133,583,912
Federal Signal Corp.^(a)		4,069,428		157,161,309
Franklin Electric Co. Inc.^(a)		2,596,333		207,317,190
Greenbrier Companies Inc. (The)^(a)		2,155,264		92,654,799
Hillenbrand Inc.^(a)		4,861,994		207,364,044
John Bean Technologies Corp.^(a)(c)		2,114,682		297,218,555
Lindsay Corp.^(a)		726,095		110,213,960
Lydall Inc.^(a)(b)(c)		1,198,519		74,416,045
Meritor Inc.^(a)(b)(c)		4,669,210		99,500,865
Mueller Industries Inc.^(a)		3,804,623		156,370,005
Proto Labs Inc.^(a)(b)(c)		1,848,023		123,078,332
SPX Corp.^(a)(b)(c)		3,016,611		161,237,858
SPX FLOW Inc.^(a)		2,771,228		202,576,767
Standex International Corp.^(a)		812,875		80,401,466
Tennant Co.^(a)		1,242,793		91,904,542
Titan International Inc.^(a)(b)		3,403,252		24,367,284
Wabash National Corp.^(a)		3,344,173		50,597,338
Watts Water Technologies Inc., Class A^(a)		1,835,046		308,452,882


				3,747,176,432

Marine — 0.3%
Matson Inc.^(a)		2,893,083		233,500,729


Media — 0.8%
AMC Networks Inc., Class A^(a)(b)(c)		1,943,388		90,542,447
EW Scripps Co. (The), Class A		3,803,261		68,686,894
Gannett Co. Inc.^(a)(b)		9,493,664		63,417,675
Meredith Corp.^(a)(b)		2,702,074		150,505,522
Scholastic Corp.		2,026,889		72,258,593
TechTarget Inc.^(a)(b)(c)		1,687,045		139,046,249


				584,457,380

Metals & Mining — 1.3%
Allegheny Technologies Inc.^(a)(b)(c)		8,470,468		140,863,883
Arconic Corp.^(a)(b)(c)		7,281,007		229,642,961
Carpenter Technology Corp.^(a)		3,197,414		104,683,334
Century Aluminum Co.^(b)(c)		3,375,216		45,396,655
Haynes International Inc.^(a)		848,503		31,606,737
Kaiser Aluminum Corp.^(a)		1,055,787		115,038,552
Materion Corp.^(a)		1,360,514		93,385,681
Olympic Steel Inc.^(a)		622,557		15,165,489
SunCoke Energy Inc.^(a)		5,552,855		34,871,929
TimkenSteel Corp.^(a)(b)(c)		2,748,277		35,947,463
Warrior Met Coal Inc.		2,470,246		57,482,624


				904,085,308

Mortgage Real Estate Investment — 1.4%
Apollo Commercial Real Estate Finance Inc.^(a)		8,762,260		129,944,316
ARMOUR Residential REIT Inc.^(a)		5,547,852		59,805,845
Capstead Mortgage Corp.^(a)		6,478,315		43,339,927
Ellington Financial Inc.^(a)		3,178,922		58,142,483
Granite Point Mortgage Trust Inc.^(a)		3,660,896		48,214,000
Invesco Mortgage Capital Inc.^(a)		19,340,302		60,921,951
KKR Real Estate Finance Trust Inc.		2,687,827		56,713,150
New York Mortgage Trust Inc.^(a)		25,255,674		107,589,171


Security	Shares		Value

Mortgage Real Estate Investment (continued)
PennyMac Mortgage Investment Trust		6,515,121	$	128,282,733
Ready Capital Corp.^(a)		3,793,349		54,738,026
Redwood Trust Inc.^(a)		7,525,802		97,007,588
Two Harbors Investment Corp.^(a)		20,894,490		132,471,067


				977,170,257

Multi-Utilities — 0.3%
Avista Corp.^(a)		4,578,084		179,094,646
Unitil Corp.^(a)		1,059,715		45,334,608


				224,429,254

Multiline Retail — 0.8%
Big Lots Inc.^(a)		2,305,845		99,981,439
Macy’s Inc.^(a)		19,903,825		449,826,445


				549,807,884

Oil, Gas & Consumable Fuels — 3.5%
Bonanza Creek Energy Inc.		1,493,125		71,520,687
Callon Petroleum Co.^(a)(b)(c)		2,619,283		128,554,410
CONSOL Energy Inc.^(a)(b)(c)		2,121,257		55,195,107
Dorian LPG Ltd.		1,846,304		22,912,633
Green Plains Inc.^(a)(b)(c)		2,744,526		89,608,774
Laredo Petroleum Inc.^(a)(b)(c)		898,611		72,850,394
Matador Resources Co.^(a)(c)		7,320,072		278,455,539
Par Pacific Holdings Inc.^(b)(c)		2,473,995		38,891,201
PBF Energy Inc., Class A^(a)(b)		6,323,688		82,018,233
PDC Energy Inc.^(a)(c)		6,567,559		311,236,621
Penn Virginia Corp.^(a)(b)(c)		1,023,919		27,307,920
Range Resources Corp.^(a)(b)		17,292,820		391,336,516
Renewable Energy Group Inc.^(a)(b)(c)		3,343,999		167,868,750
REX American Resources Corp.^(a)(b)(c)		352,617		28,163,520
SM Energy Co.^(a)		8,069,379		212,870,218
Southwestern Energy Co.^(b)(c)		45,067,593		249,674,465
Talos Energy Inc.^(b)(c)		2,737,491		37,695,251
World Fuel Services Corp.^(a)		4,227,143		142,116,548


				2,408,276,787

Paper & Forest Products — 0.6%
Clearwater Paper Corp.^(a)(b)(c)		1,115,953		42,774,478
Domtar Corp.^(a)(b)		3,323,285		181,251,964
Glatfelter Corp.^(a)		2,977,458		41,982,158
Mercer International Inc.		2,695,823		31,244,589
Neenah Inc.^(a)		1,127,610		52,557,902
Schweitzer-Mauduit International Inc.^(a)		2,094,072		72,580,535


				422,391,626

Personal Products — 0.8%
Edgewell Personal Care Co.^(a)		3,618,805		131,362,621
elf Beauty Inc.^(a)(b)(c)		3,173,961		92,203,567
Inter Parfums Inc.		1,180,071		88,233,909
Medifast Inc.^(a)		780,843		150,421,596
USANA Health Sciences Inc.^(b)(c)		799,251		73,690,942


				535,912,635

Pharmaceuticals — 1.3%
Amphastar Pharmaceuticals Inc.^(a)(b)(c)		2,473,218		47,015,874
ANI Pharmaceuticals Inc.^(a)(b)(c)		648,043		21,268,771
Cara Therapeutics Inc.^(a)(b)(c)		2,813,660		43,471,047
Collegium Pharmaceutical Inc.^(a)(b)(c)		2,378,281		46,947,267
Corcept Therapeutics Inc.^(a)(b)(c)		6,945,293		136,683,366
Endo International PLC^(a)(b)(c)		15,499,453		50,218,228
Innoviva Inc.^(a)(b)(c)		4,163,477		69,571,701
Pacira BioSciences Inc.^(a)(b)(c)		2,959,290		165,720,240
Phibro Animal Health Corp., Class A^(a)		1,360,059		29,295,671


30		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Prestige Consumer Healthcare Inc.^(a)(b)(c)		3,332,341	$	186,977,654
Supernus Pharmaceuticals Inc.^(a)(b)(c)		3,537,839		94,354,166


				891,523,985

Professional Services — 1.5%
Exponent Inc.^(a)		3,465,452		392,115,894
Forrester Research Inc.^(b)(c)		743,450		36,622,347
Heidrick & Struggles International Inc.^(a)		1,299,988		58,018,464
Kelly Services Inc., Class A, NVS		2,409,254		45,486,715
Korn Ferry^(a)		3,704,302		268,043,293
ManTech International Corp./VA, Class A^(a)		1,831,247		139,028,272
Resources Connection Inc.^(a)		2,067,333		32,622,515
TrueBlue Inc.^(a)(b)		2,363,298		63,998,110


				1,035,935,610

Real Estate Management & Development — 0.5%
Marcus & Millichap Inc.^(b)		1,659,880		67,424,326
RE/MAX Holdings Inc., Class A^(a)		1,263,256		39,363,057
Realogy Holdings Corp.^(a)(b)(c)		7,760,758		136,123,695
St Joe Co. (The)^(c)		2,195,020		92,410,342


				335,321,420

Road & Rail — 0.4%
ArcBest Corp.^(a)		1,701,341		139,118,654
Heartland Express Inc.		3,136,267		50,242,997
Marten Transport Ltd.		3,972,367		62,326,438


				251,688,089

Semiconductors & Semiconductor Equipment — 3.6%
Axcelis Technologies Inc.^(a)(b)(c)		2,234,976		105,110,921
CEVA Inc.^(a)(b)(c)		1,527,378		65,173,219
Cohu Inc.^(a)(b)		3,235,026		103,326,731
Diodes Inc.^(a)(b)(c)		2,993,037		271,139,222
DSP Group Inc.^(a)(b)(c)		1,514,696		33,186,989
FormFactor Inc.^(a)(b)(c)		5,170,621		193,019,282
Ichor Holdings Ltd.^(a)(b)(c)		1,887,813		77,570,236
Kulicke & Soffa Industries Inc.^(a)		4,125,105		240,411,120
MaxLinear Inc.^(a)(b)(c)		4,683,240		230,649,570
Onto Innovation Inc.^(a)(b)(c)		3,279,633		236,953,484
PDF Solutions Inc.^(a)(b)(c)		1,991,719		45,889,206
Photronics Inc.^(a)(b)(c)		4,125,765		56,234,177
Power Integrations Inc.^(a)		4,013,390		397,285,476
Rambus Inc.^(a)(b)(c)		7,249,010		160,928,022
SMART Global Holdings Inc.^(a)(b)(c)		1,534,275		68,275,238
Ultra Clean Holdings Inc.^(a)(b)(c)		2,975,567		126,759,154
Veeco Instruments Inc.^(a)(b)(c)		3,351,625		74,439,591


				2,486,351,638

Software — 2.8%
8x8 Inc.^(a)(b)(c)		7,457,807		174,438,106
Agilysys Inc.^(a)(b)(c)		1,292,566		67,678,756
Alarm.com Holdings Inc.^(a)(b)(c)		3,056,127		238,958,570
Bottomline Technologies DE Inc.^(a)(b)(c)		2,618,204		102,843,053
Ebix Inc.^(a)(c)		1,586,070		42,712,865
InterDigital Inc.^(a)		2,044,076		138,629,234
LivePerson Inc.^(a)(b)(c)		4,319,041		254,607,467
OneSpan Inc.^(a)(b)(c)		2,305,045		43,288,745
Progress Software Corp.^(a)		2,912,659		143,273,696
SPS Commerce Inc.^(a)(b)(c)		2,385,228		384,761,129
Vonage Holdings Corp.^(b)(c)		11,837,165		190,815,100
Xperi Holding Corp.^(a)		6,654,498		125,370,742


				1,907,377,463


Security	Shares		Value

Specialty Retail — 4.3%
Aaron’s Co. Inc. (The)^(a)		2,175,009	$	59,899,748
Abercrombie & Fitch Co., Class A^(a)(b)		4,096,373		154,146,516
America’s Car-Mart Inc./TX^(a)(b)(c)		419,652		49,006,961
Asbury Automotive Group Inc.^(a)(b)(c)		1,287,473		253,297,438
Barnes & Noble Education Inc.^(b)(c)		2,405,333		24,029,277
Bed Bath & Beyond Inc.^(a)(b)(c)		6,957,188		120,185,423
Boot Barn Holdings Inc.^(a)(b)(c)		1,965,816		174,702,068
Buckle Inc. (The)^(c)		1,955,212		77,406,843
Caleres Inc.^(a)		2,548,325		56,623,781
Cato Corp. (The), Class A^(a)		1,309,385		21,657,228
Chico’s FAS Inc.^(a)(b)		8,198,610		36,811,759
Children’s Place Inc. (The)^(a)(b)		927,574		69,809,219
Conn’s Inc.^(b)(c)		1,276,159		29,134,710
Designer Brands Inc. , Class A^(a)(b)		4,075,697		56,774,459
Genesco Inc.^(a)(b)(c)		935,828		54,025,350
Group 1 Automotive Inc.^(a)		1,203,098		226,038,052
Guess? Inc.		2,593,134		54,481,745
Haverty Furniture Companies Inc.^(a)		1,024,435		34,533,704
Hibbett Inc.^(a)		1,001,879		70,872,920
Lumber Liquidators Holdings Inc.^(a)(b)(c)		1,944,742		36,327,781
MarineMax Inc.^(a)(b)(c)		1,447,528		70,234,059
Monro Inc.^(a)		2,230,423		128,271,627
ODP Corp. (The)^(a)(b)		3,159,466		126,884,154
Rent-A-Center Inc./TX^(a)(c)		4,025,999		226,301,404
Sally Beauty Holdings Inc.^(a)(b)(c)		7,524,350		126,785,297
Shoe Carnival Inc		1,169,912		37,928,547
Signet Jewelers Ltd.^(a)		3,505,902		276,826,022
Sleep Number Corp.^(a)(b)(c)		1,572,485		146,995,898
Sonic Automotive Inc., Class A^(c)		1,403,066		73,717,088
Zumiez Inc.^(a)(b)(c)		1,458,780		58,001,093


				2,931,710,171

Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.^(a)(b)(c)		8,336,625		229,840,751
Diebold Nixdorf Inc.^(a)(b)(c)		4,872,973		49,265,757


				279,106,508

Textiles, Apparel & Luxury Goods — 1.2%
Fossil Group Inc.^(a)(b)(c)		3,173,186		37,602,254
G-III Apparel Group Ltd.^(a)(b)(c)		2,898,316		82,022,343
Kontoor Brands Inc.^(a)		3,186,028		159,142,099
Movado Group Inc.^(a)		1,124,762		35,418,755
Oxford Industries Inc.^(a)		1,057,069		95,315,912
Steven Madden Ltd.^(a)		5,127,679		205,927,589
Unifi Inc.^(a)(b)(c)		927,401		20,337,904
Vera Bradley Inc.^(a)(b)(c)		1,704,759		16,041,782
Wolverine World Wide Inc.^(a)		5,472,774		163,307,576


				815,116,214

Thrifts & Mortgage Finance — 2.3%
Axos Financial Inc.^(a)(b)(c)		3,524,753		181,665,770
Capitol Federal Financial Inc.^(a)		8,594,876		98,755,125
Flagstar Bancorp. Inc.^(a)		3,300,435		167,596,089
HomeStreet Inc.^(a)		1,348,778		55,502,215
Meta Financial Group Inc.^(a)		2,083,684		109,351,736
Mr Cooper Group Inc.^(b)(c)		4,187,001		172,378,831
NMI Holdings Inc., Class A^(a)(b)(c)		5,705,090		128,992,085
Northfield Bancorp. Inc.^(a)		2,989,014		51,291,480
Northwest Bancshares Inc.^(a)		8,083,014		107,342,426
Provident Financial Services Inc.^(a)		4,957,598		116,354,825
TrustCo Bank Corp. NY^(a)		1,208,110		38,623,277
Walker & Dunlop Inc.^(a)		1,948,889		221,198,901


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Thrifts & Mortgage Finance (continued)
WSFS Financial Corp.^(a)		2,937,215	$	150,708,502


				1,599,761,262

Tobacco — 0.3%
Universal Corp./VA^(a)		1,636,118		79,073,583
Vector Group Ltd.^(a)		8,713,778		111,100,669


				190,174,252

Trading Companies & Distributors — 1.0%
Applied Industrial Technologies Inc.^(a)		2,586,729		233,141,885
Boise Cascade Co.^(a)		2,618,204		141,330,652
DXP Enterprises Inc./TX^(a)(b)(c)		1,181,691		34,942,603
GMS Inc.^(a)(b)(c)		2,867,487		125,595,930
NOW Inc.^(a)(b)(c)		7,359,669		56,301,468
Veritiv Corp.^(a)(b)(c)		943,732		84,520,638


				675,833,176

Water Utilities — 0.8%
American States Water Co.^(a)		2,458,473		210,248,611
California Water Service Group^(a)		3,430,545		202,162,017
Middlesex Water Co.^(a)		1,154,264		118,635,254


				531,045,882

Wireless Telecommunication Services — 0.1%
Shenandoah Telecommunications Co.^(a)		3,326,066		105,037,164


Total Common Stocks — 98.6% (Cost: $53,089,559,245)				67,915,935,353


Security	Shares		Value


Short-Term Investments

Money Market Funds — 5.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(a)(d)(e)		2,708,213,278	$	2,709,567,384
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(d)		787,950,000		787,950,000


				3,497,517,384


Total Short-Term Investments — 5.1% (Cost: $3,496,033,702)				3,497,517,384


Total Investments in Securities — 103.7% (Cost: $56,585,592,947)				71,413,452,737

Other Assets, Less Liabilities — (3.7)%				(2,580,489,025	)


Net Assets — 100.0%			$	68,832,963,712

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

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

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

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds


3D Systems Corp.	$	227,056,862	$	22,579,274	$	(21,213,579	)	$	7,818,912		$	(6,400,718	)	$	229,840,751		8,336,625	$	—	$	—
8x8 Inc.		232,414,012		21,380,943		(14,501,104	)		5,046,313			(69,902,058	)		174,438,106		7,457,807		—		—
AAON Inc.		190,318,614		17,076,939		(14,500,065	)		5,443,766			(18,269,728	)		180,069,526		2,755,885		520,489		—
AAR Corp.		92,277,366		7,597,909		(7,515,884	)		795,612			(21,308,089	)		71,846,914		2,215,446		—		—
Aaron’s Co. Inc. (The)		58,232,867		6,792,418		(9,104,929	)		1,021,037			2,958,355			59,899,748		2,175,009		461,646		—
Abercrombie & Fitch Co., Class A		142,627,013		15,608,480		(18,169,252	)		5,632,674			8,447,601			154,146,516		4,096,373		—		—
ABM Industries Inc.		228,069,485		21,381,804		(20,878,296	)		3,479,653			(30,911,913	)		201,140,733		4,468,801		860,105		—
Acadia Realty Trust		104,233,586		10,429,833		(2,874,893	)		(865,323	)		9,206,914			120,130,117		5,885,846		1,071,982		—
Addus HomeCare Corp.		104,758,808		12,022,113		(6,894,498	)		497,938			(25,885,328	)		84,499,033		1,059,549		—		—
Adtalem Global Education Inc.		—		134,075,555		(7,122,804	)		(22,076	)		(2,534,376	)		124,396,299		3,290,037		—		—
ADTRAN Inc.		53,742,460		6,010,943		(5,644,091	)		1,298,623			5,235,885			60,643,820		3,232,613		578,323		—
Advanced Energy Industries Inc.		278,699,438		24,467,015		(24,751,815	)		9,216,839			(63,479,455	)		224,152,022		2,554,439		511,249		—
AdvanSix Inc.		50,090,400		5,745,761		(5,455,973	)		1,782,631			22,239,760			74,402,579		1,871,763		—		—
Aegion Corp.^(a)		58,714,544		868,974		(62,132,617	)		17,761,221			(15,212,122	)		—		—		—		—
Aerojet Rocketdyne Holdings Inc.		225,691,873		28,862,430		(21,472,549	)		6,456,240			(23,620,491	)		215,917,503		4,957,922		—		—
Aerovironment Inc.		173,727,081		16,006,576		(12,472,479	)		5,528,268			(50,375,947	)		132,413,499		1,533,984		—		—
Agilysys Inc.		64,951,988		6,662,313		(10,037,687	)		3,145,620			2,956,522			67,678,756		1,292,566		—		—
Agree Realty Corp.		284,765,321		51,611,695		(26,326,039	)		5,883,368			(12,072,430	)		303,861,915		4,587,980		4,948,959		—


32		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds

	Alamo Group Inc.	$	102,876,929	$	9,608,578	$	(9,515,472	)	$	3,216,539		$	(14,235,048	)	$	91,951,526		659,009	$	184,107	$	—
	Alarm.com Holdings Inc.		259,809,704		24,733,812		(21,120,384	)		6,841,897			(31,306,459	)		238,958,570		3,056,127		—		—
	Albany International Corp., Class A		170,803,325		22,303,667		(13,856,908	)		5,207,918			(18,767,638	)		165,690,364		2,155,462		823,684		—
	Alexander & Baldwin Inc.		81,112,742		8,990,490		(8,939,428	)		1,336,834			30,651,063			113,151,701		4,827,291		1,661,612		—
	Allegheny Technologies Inc.		178,034,775		17,543,201		(16,703,292	)		4,148,798			(42,159,599	)		140,863,883		8,470,468		—		—
	Allegiance Bancshares Inc.		50,138,291		—		(208,301	)		(5,568	)		(2,963,947	)		46,960,475		1,230,943		296,124		—
	Allegiant Travel Co.		213,636,213		44,569,122		(15,903,539	)		3,531,955			(49,220,749	)		196,613,002		1,005,796		—		—
	Allscripts Healthcare Solutions Inc.		140,073,043		14,475,601		(28,783,071	)		7,414,449			(21,919,321	)		111,260,701		8,321,668		—		—
	AMC Networks Inc., Class A		106,156,533		12,786,123		(15,072,480	)		809,063			(14,136,792	)		90,542,447		1,943,388		—		—
	American Assets Trust Inc.		108,473,164		16,423,431		(9,970,313	)		767,721			15,357,685			131,051,688		3,502,183		1,111,775		—
	American Axle & Manufacturing Holdings Inc.		73,028,576		7,004,080		(6,509,937	)		(1,295,322	)		(5,343,542	)		66,883,855		7,591,811		—		—
	American Equity Investment Life Holding Co.		179,893,753		7,861,292		(14,543,653	)		311,999			(11,451,079	)		162,072,312		5,480,971		—		—
	American Public Education Inc.		44,164,667		3,281,418		(3,031,471	)		7,768			(12,407,654	)		32,014,728		1,250,087		—		—
	American States Water Co.		185,981,265		19,570,283		(19,656,428	)		5,822,555			18,530,936			210,248,611		2,458,473		1,719,880		—
	American Vanguard Corp.		36,329,922		3,176,732		(2,868,066	)		(8,772	)		(9,592,461	)		27,037,355		1,796,502		72,593		—
	American Woodmark Corp.		111,651,511		9,152,548		(9,801,048	)		(504,905	)		(37,386,337	)		73,111,769		1,118,430		—		—
	America’s Car- Mart Inc./TX		62,431,322		5,481,318		(4,125,841	)		982,976			(15,762,814	)		49,006,961		419,652		—		—
	Ameris Bancorp		231,575,664		7,888,469		(8,762,697	)		(692,986	)		(2,916,253	)		227,092,197		4,377,259		1,329,935		—
	AMERISAFE Inc.		82,552,640		7,125,359		(7,052,034	)		1,538,021			(11,774,251	)		72,389,735		1,288,991		756,514		—
	AMN Healthcare Services Inc.		231,770,949		29,996,382		(29,864,550	)		13,445,667			115,681,444			361,029,892		3,146,230		—		—
	Amphastar Pharmaceuticals Inc.		44,863,701		4,185,315		(3,756,625	)		124,033			1,599,450			47,015,874		2,473,218		—		—
	Andersons Inc. (The)		56,402,554		6,392,150		(6,254,460	)		343,807			6,639,068			63,523,119		2,060,432		730,774		—
	AngioDynamics Inc.		59,182,765		5,984,637		(5,373,721	)		1,949,682			4,640,313			66,383,676		2,559,124		—		—
	ANI Pharmaceuticals Inc.		23,513,371		1,774,853		(1,845,027	)		(724,031	)		(1,450,395	)		21,268,771		648,043		—		—
	Anika Therapeutics Inc.		39,165,049		3,541,925		(3,292,392	)		80,763			1,556,116			41,051,461		964,555		—		—
	Apogee Enterprises Inc.		70,944,910		6,159,397		(7,527,065	)		595,420			(6,007,509	)		64,165,153		1,699,289		688,876		—
	Apollo Commercial Real Estate Finance Inc.		119,741,871		15,180,780		(9,839,797	)		1,861,240			3,000,222			129,944,316		8,762,260		1,162,510		—
	Applied Industrial Technologies Inc.		235,541,068		23,287,582		(22,244,849	)		5,614,027			(9,055,943	)		233,141,885		2,586,729		1,704,628		—
	Applied Optoelectronics Inc.		13,771,018		1,100,936		(746,184	)		(5,252	)		(1,945,830	)		12,174,688		1,695,639		—		—
	ArcBest Corp.		119,067,236		11,499,521		(10,165,122	)		3,071,327			15,645,692			139,118,654		1,701,341		270,463		—
	Archrock Inc.		81,271,297		7,812,042		(5,150,187	)		399,269			(10,733,057	)		73,599,364		8,921,135		2,485,230		—
	Arconic Corp.		165,672,060		43,376,223		(18,269,322	)		8,964,898			29,899,102			229,642,961		7,281,007		—		—
	Arcosa Inc.		209,019,091		17,351,779		(16,475,153	)		4,167,170			(52,416,000	)		161,646,887		3,221,983		320,487		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds

	Arlo Technologies Inc.	$	33,527,469	$	3,372,362	$	(2,158,876	)	$	680,155		$	(2,097	)	$	35,419,013		5,525,587	$	—		$	—
	Armada Hoffler Properties Inc.		49,562,770		5,697,078		(4,207,655	)		253,653			2,976,621			54,282,467		4,060,020		502,029			—
	ARMOUR Residential REIT Inc.		53,066,279		16,939,258		(3,135,821	)		(1,285,853	)		(5,778,018	)		59,805,845		5,547,852		(536,930	)		—
	Asbury Automotive Group Inc.		253,162,543		24,463,557		(24,080,130	)		9,374,704			(9,623,236	)		253,297,438		1,287,473		—			—
	Assured Guaranty Ltd.^(b)		N/A		118,709,585		(2,649,122	)		21,521			58,321,778			174,403,762		3,725,780		1,443,457			—
	Astec Industries Inc.		113,618,646		9,452,091		(8,740,981	)		1,697,276			(34,508,702	)		81,518,330		1,514,929		331,354			—
	Atlas Air Worldwide Holdings Inc.		110,157,340		12,777,024		(14,400,488	)		3,217,964			35,020,749			146,772,589		1,796,922		—			—
	Avanos Medical Inc.		—		136,802,457		(8,625,674	)		(843,059	)		(27,387,051	)		99,946,673		3,203,419		—			—
	Avista Corp.		220,450,147		427,086		(2,251,676	)		177,362			(39,708,273	)		179,094,646		4,578,084		3,868,481			—
	Axcelis Technologies Inc.		92,487,714		8,985,953		(9,524,725	)		2,979,622			10,182,357			105,110,921		2,234,976		—			—
	Axos Financial Inc.		160,687,184		11,623,624		(6,588,331	)		624,071			15,319,222			181,665,770		3,524,753		—			—
	AZZ Inc.		85,214,857		8,278,829		(9,396,897	)		1,160,734			3,530,191			88,787,714		1,668,942		568,627			—
	B&G Foods Inc.		134,036,728		12,314,168		(12,768,958	)		1,495,756			(6,095,977	)		128,981,717		4,315,213		3,366,582			—
	Badger Meter Inc.		180,801,970		18,370,396		(18,461,496	)		6,977,253			8,743,052			196,431,175		1,942,171		742,022			—
	Balchem Corp.		270,776,744		28,010,893		(28,512,329	)		10,480,872			31,850,521			312,606,701		2,154,868		—			—
	Banc of California Inc.		53,563,266		4,509,738		(4,143,643	)		749,828			437,190			55,116,379		2,980,875		359,409			—
	Bancorp. Inc. (The)		—		83,902,090		(1,056,723	)		(154,000	)		4,665,198			87,356,565		3,432,478		—			—
	BankUnited Inc.		252,353,165		9,986,112		—			—			(12,890,421	)		249,448,856		5,964,822		2,676,010			—
	Banner Corp.		111,680,273		2,244,413		—			—			3,918,354			117,843,040		2,134,451		1,728,668			—
	Barnes Group Inc.		153,866,088		14,774,396		(14,899,491	)		570,595			(25,058,922	)		129,252,666		3,097,356		994,203			—
	Bed Bath & Beyond Inc.		235,518,766		19,995,391		(50,483,520	)		12,551,418			(97,396,632	)		120,185,423		6,957,188		—			—
	Benchmark Electronics Inc.		74,949,214		6,370,325		(7,816,549	)		556,109			(10,793,232	)		63,265,867		2,368,621		787,262			—
	Berkshire Hills Bancorp. Inc.		70,113,749		5,739,087		(3,649,084	)		(2,621,604	)		16,892,502			86,474,650		3,205,139		804,228			—
	Big Lots Inc.		153,740,090		19,244,604		(18,479,688	)		3,429,572			(57,953,139	)		99,981,439		2,305,845		1,326,049			—
	BJ’s Restaurants Inc.		89,865,442		6,917,937		(6,701,019	)		1,679,387			(27,002,009	)		64,759,738		1,550,760		—			—
	BlackRock Cash Funds: Institutional, SL Agency Shares		2,960,673,133		—		(250,787,661	)^(c)		(53,659	)		(264,429	)		2,709,567,384		2,708,213,278		3,201,502^(d	⁾		—
	BlackRock Cash Funds: Treasury, SL Agency Shares		849,990,000		—		(62,040,000	)^(c)		—			—			787,950,000		787,950,000		37,100			—
	Bloomin’ Brands Inc.		144,746,471		13,989,585		(12,393,659	)		2,950,430			(14,170,177	)		135,122,650		5,404,906		—			—
	Blucora Inc.		53,626,743		4,181,944		(3,657,485	)		(41,987	)		(3,368,286	)		50,740,929		3,254,710		—			—
	Boise Cascade Co.		156,338,781		15,331,055		(14,489,605	)		3,702,060			(19,551,639	)		141,330,652		2,618,204		5,756,446			—
	Boot Barn Holdings Inc.		120,596,643		14,976,685		(12,491,142	)		5,505,448			46,114,434			174,702,068		1,965,816		—			—
	Boston Private Financial Holdings Inc.^(a)		67,642,583		1,239,445		(75,612,364	)		5,863,057			867,279			—		—		304,696			—
	Bottomline Technologies DE Inc.		117,211,347		11,047,057		(10,035,973	)		1,073,449			(16,452,827	)		102,843,053		2,618,204		—			—
	Brandywine Realty Trust		146,834,970		13,757,864		(14,900,397	)		1,364,775			5,614,908			152,672,120		11,376,462		3,029,530			—


34		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds

	BrightSphere Investment Group Inc.^(e)	$	80,981,540	$	—	$	(9,112,004	)	$	3,228,838		$	(31,699,734	)	$	N/A		N/A	$	80,077		$	—
	Brinker International Inc.		214,629,411		16,631,690		(15,284,818	)		3,312,876			(69,903,558	)		149,385,601		3,045,578		—			—
	Bristow Group Inc.		40,152,484		3,929,532		(3,962,609	)		106,595			9,097,607			49,323,609		1,549,595		—			—
	Brookline Bancorp. Inc.		73,107,615		—		—			—			1,267,199			74,374,814		4,873,841		1,169,722			—
	Cadence Bancorp		160,203,119		6,849,611		—			—			9,968,916			177,021,646		8,061,095		2,344,932			—
	CalAmp Corp.		25,666,055		2,515,754		(2,520,441	)		(181,499	)		(2,002,237	)		23,477,632		2,359,561		—			—
	Calavo Growers Inc.		86,195,384		8,146,559		(5,135,329	)		124,237			(44,108,648	)		45,222,203		1,182,589		—			—
	Caleres Inc.		55,052,652		5,869,651		(5,164,933	)		1,421,631			(555,220	)		56,623,781		2,548,325		358,594			—
	California Water Service Group		188,973,938		20,518,821		(16,012,848	)		5,989,336			2,692,770			202,162,017		3,430,545		1,547,566			—
	Callon Petroleum Co.		118,532,653		11,998,608		(29,912,235	)		(22,222,490	)		50,157,874			128,554,410		2,619,283		—			—
	Cal-Maine Foods Inc.		95,893,054		8,623,962		(8,720,229	)		(882,512	)		(4,769,673	)		90,144,602		2,492,937		84,264			—
	Capitol Federal Financial Inc.		110,890,425		6,011,366		(3,156,139	)		(522,703	)		(14,467,824	)		98,755,125		8,594,876		4,856,580			—
	Capstead Mortgage Corp.		40,358,862		4,937,611		(3,212,500	)		(864,284	)		2,120,238			43,339,927		6,478,315		(37,719	)		—
	Cara Therapeutics Inc.		—		79,593,746		(4,663,808	)		(1,593,616	)		(29,865,275	)		43,471,047		2,813,660		—			—
	Cardiovascular Systems Inc.		102,661,676		9,875,493		(10,279,028	)		(258,112	)		(14,229,681	)		87,770,348		2,673,480		—			—
	Cardtronics PLC, Class A^(a)		93,625,525		3,724,989		(97,834,896	)		17,929,485			(17,445,103	)		—		—		—			—
	CareTrust REIT Inc.		142,840,994		3,845,462		—			—			(18,722,069	)		127,964,387		6,297,460		2,868,754			—
	Carpenter Technology Corp.		131,657,656		12,002,688		(11,731,205	)		2,034,825			(29,280,630	)		104,683,334		3,197,414		1,279,828			—
	Cato Corp. (The), Class A		15,959,136		1,656,578		(1,987,485	)		9,994			6,019,005			21,657,228		1,309,385		367,507			—
	Cavco Industries Inc.		128,482,639		12,892,640		(13,000,972	)		3,949,550			2,318,230			134,642,087		568,734		—			—
	Centerspace		58,783,824		11,327,612		(4,719,572	)		698,851			22,259,981			88,350,696		934,928		275,719			—
	Central Garden & Pet Co.		37,770,079		3,034,257		(2,994,352	)		1,187,664			(7,703,184	)		31,294,464		651,968		—			—
	Central Pacific Financial Corp.		40,653,703		1,516,989		—			—			(1,641,925	)		40,528,767		1,578,223		757,547			—
	Century Communities Inc.		116,608,875		13,833,129		(10,326,205	)		4,017,863			(2,603,014	)		121,530,648		1,977,716		586,615			—
	CEVA Inc.		85,448,059		6,575,510		(6,409,163	)		1,218,318			(21,659,505	)		65,173,219		1,527,378		—			—
	Chart Industries Inc.		337,280,531		38,170,547		(37,555,981	)		18,501,734			96,686,375			453,083,206		2,370,798		—			—
	Chatham Lodging Trust		41,422,561		5,154,782		(3,329,922	)		(102,012	)		(3,203,966	)		39,941,443		3,260,526		—			—
	Cheesecake Factory Inc. (The)		164,425,914		32,540,036		(11,131,582	)		4,685,384			(38,697,391	)		151,822,361		3,230,263		—			—
	Chefs’ Warehouse Inc. (The)		65,162,408		7,027,352		(5,996,007	)		1,439,293			3,142,899			70,775,945		2,173,041		—			—
	Chesapeake Utilities Corp.		135,123,620		10,286,706		(10,797,601	)		2,272,821			2,373,054			139,258,600		1,160,005		1,131,189			—
	Chico’s FAS Inc.		26,485,809		4,541,395		(3,639,462	)		922,325			8,501,692			36,811,759		8,198,610		—			—
	Children’s Place Inc. (The)		67,841,798		7,855,598		(11,583,698	)		819,146			4,876,375			69,809,219		927,574		—			—
	Chuy’s Holdings Inc.		58,152,050		4,532,364		(3,611,455	)		1,084,793			(17,994,827	)		42,162,925		1,337,232		—			—
	Cincinnati Bell Inc.^(a)		46,894,465		1,761,680		(49,127,219	)		(879,914	)		1,350,988			—		—		—			—
	Cinemark Holdings Inc.		—		128,273,680		(6,075,976	)		211,217			13,738,112			136,147,033		7,087,300		—			—


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds

	CIRCOR International Inc.	$	46,626,034	$	4,085,424	$	(3,420,275	)	$	(572,761	)	$	(2,012,682	)	$	44,705,740		1,354,309	$	—	$	—
	City Holding Co.		80,745,483		249,094		—			—			(3,825,034	)		77,169,543		990,496		1,147,151		—
	Clearwater Paper Corp.		41,718,586		3,179,714		(2,964,425	)		135,543			705,060			42,774,478		1,115,953		—		—
	Cogent Communications Holdings Inc.		194,072,143		20,726,495		(20,684,272	)		5,824,824			111,412			200,050,602		2,823,978		1,804,269		—
	Coherus Biosciences Inc.		62,569,677		7,906,758		(9,586,984	)		(536,759	)		7,552,459			67,905,151		4,225,585		—		—
	Cohu Inc.		131,608,431		13,568,392		(10,704,037	)		3,052,054			(34,198,109	)		103,326,731		3,235,026		—		—
	Collegium Pharmaceutical Inc.		55,011,184		4,685,457		(3,486,435	)		(93,115	)		(9,169,824	)		46,947,267		2,378,281		—		—
	Columbia Banking System Inc.		193,475,694		2,035,775		—			—			(22,902,156	)		172,609,313		4,543,546		2,525,170		—
	Comfort Systems USA Inc.		180,336,567		18,262,379		(17,468,034	)		5,947,365			(14,714,312	)		172,363,965		2,416,769		566,658		—
	Community Bank System Inc.		256,597,789		9,532,871		—			—			(28,980,030	)		237,150,630		3,466,101		2,936,625		—
	Community Health Systems Inc.		109,739,393		12,332,153		(10,131,835	)		4,165,384			(19,408,901	)		96,696,194		8,264,632		—		—
	Community Healthcare Trust Inc.		69,458,011		7,822,424		(5,985,592	)		1,716,647			(3,154,348	)		69,857,142		1,545,854		1,045,918		—
	Computer Programs & Systems Inc.		26,097,210		6,113,978		(1,554,364	)		275,906			3,803,106			34,735,836		979,578		—		—
	Comtech Telecommunications Corp.		43,114,192		3,990,926		(3,851,973	)		580,744			810,846			44,644,735		1,743,254		346,449		—
	CONMED Corp.		251,932,139		25,739,305		(23,911,545	)		9,757,804			(9,535,723	)		253,981,980		1,941,313		780,663		—
	CONSOL Energy Inc.		19,630,706		4,722,131		(2,080,165	)		806,344			32,116,091			55,195,107		2,121,257		—		—
	Consolidated Communications Holdings Inc.^(e)		35,129,052		3,741,151		(4,211,633	)		(1,886,375	)		27,324,743			N/A		N/A		—		—
	Cooper Tire & Rubber Co.^(a)		188,197,706		7,804,915		(210,583,669	)		103,597,803			(89,016,755	)		—		—		354,251		—
	Cooper-Standard Holdings Inc.		41,087,581		2,677,661		(2,538,290	)		(2,578,276	)		(13,757,251	)		24,891,425		1,136,076		—		—
	Corcept Therapeutics Inc.		167,332,532		14,524,122		(16,510,659	)		1,146,861			(29,809,490	)		136,683,366		6,945,293		—		—
	Core Laboratories NV		85,629,665		13,801,351		(9,026,169	)		1,217,347			(6,036,199	)		85,585,995		3,084,180		60,283		—
	CoreCivic Inc.		72,246,648		6,709,016		(6,667,243	)		784,533			(1,810,076	)		71,262,878		8,007,065		—		—
	Core-Mark Holding Co. Inc.^(a)		116,595,449		9,629,917		(147,130,340	)		41,377,533			(20,472,559	)		—		—		781,596		—
	Crocs Inc.^(a)		350,913,246		12,850,371		(461,974,665	)		354,207,564			(255,996,516	)		—		—		—		—
	Cross Country Healthcare Inc.		29,471,891		3,678,347		(3,354,163	)		1,109,459			19,296,714			50,202,248		2,363,571		—		—
	CryoLife Inc.		58,602,326		6,604,598		(5,844,488	)		1,049,554			(2,089,001	)		58,322,989		2,616,554		—		—
	CSG Systems International Inc.		97,620,847		9,919,605		(9,754,160	)		1,337,885			5,934,230			105,058,407		2,179,635		1,102,310		—
	CTS Corp.		66,969,802		7,019,288		(6,846,080	)		1,674,854			(2,096,682	)		66,721,182		2,158,563		174,056		—
	Cubic Corp.^(a)		157,826,659		3,867,017		(162,604,947	)		36,715,655			(35,804,384	)		—		—		—		—
	Customers Bancorp. Inc.		59,848,106		3,141,763		(123,958	)		25,262			21,833,878			84,725,051		1,969,434		—		—
	Cutera Inc.		35,300,396		4,731,684		(9,072,624	)		4,363,709			15,323,765			50,646,930		1,086,844		—		—
	CVB Financial Corp.		183,400,966		5,162,010		(2,255,076	)		(558,028	)		(14,031,811	)		171,718,061		8,429,949		1,523,373		—
	Cytokinetics Inc.		110,368,584		33,068,048		(7,799,032	)		4,199,776			59,066,053			198,903,429		5,565,289		—		—
	Daktronics Inc.		15,616,363		1,198,780		(1,011,030	)		154,640			(2,234,938	)		13,723,815		2,527,406		—		—


36		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds

	Dave & Buster’s Entertainment Inc.	$	152,109,563	$	11,904,311	$	(33,968,138	)	$	(3,356,883	)	$	(28,389,192	)	$	98,299,661		2,564,562	$	—	$	—
	Deluxe Corp.		117,486,489		11,536,921		(10,125,168	)		2,033,771			(19,285,970	)		101,646,043		2,832,155		1,683,346		—
	Designer Brands Inc., Class A		68,207,635		6,746,468		(4,470,812	)		1,959,347			(15,668,179	)		56,774,459		4,075,697		—		—
	DiamondRock Hospitality Co.		142,100,747		10,323,238		(7,829,460	)		(1,907,037	)		(10,194,273	)		132,493,215		14,020,446		—		—
	Diebold Nixdorf Inc.		73,710,332		5,857,563		(9,323,492	)		456,632			(21,435,278	)		49,265,757		4,872,973		—		—
	Digi International Inc.		42,013,666		5,066,835		(3,724,402	)		1,032,192			3,560,032			47,948,323		2,281,081		—		—
	Dime Community Bancshares Inc.		70,475,156		7,674,698		(10,670,276	)		1,342,260			4,218,202			73,040,040		2,236,376		1,123,363		—
	Dine Brands Global Inc.		99,848,312		12,081,974		(9,069,277	)		1,584,797			(11,590,698	)		92,855,108		1,143,395		—		—
	Diodes Inc.		223,876,550		34,371,794		(16,924,268	)		8,569,380			21,245,766			271,139,222		2,993,037		—		—
	Diversified Healthcare Trust		75,996,790		5,620,832		(5,771,601	)		(1,324,177	)		(20,729,056	)		53,792,788		15,868,079		—		—
	DMC Global Inc.		55,716,447		17,115,531		(4,915,647	)		103,645			(21,803,452	)		46,216,524		1,252,141		—		—
	Domtar Corp.		—		148,897,791		(24,028,472	)		4,985,628			51,397,017			181,251,964		3,323,285		—		—
	Donnelley Financial Solutions Inc.		54,976,940		5,792,247		(6,149,361	)		3,158,092			10,377,230			68,155,148		1,968,664		—		—
	Dorman Products Inc.		195,919,848		18,499,493		(18,877,235	)		5,218,767			(20,237,017	)		180,523,856		1,906,875		—		—
	Dril-Quip Inc.		78,472,412		6,827,055		(6,815,976	)		(1,245,781	)		(17,849,497	)		59,388,213		2,358,547		—		—
	DSP Group Inc.		21,123,901		2,238,084		(1,472,832	)		344,107			10,953,729			33,186,989		1,514,696		—		—
	DXP Enterprises Inc./TX		32,979,219		5,575,403		(3,010,811	)		99,137			(700,345	)		34,942,603		1,181,691		—		—
	Eagle Bancorp. Inc.		107,742,162		990,072		—			—			8,699,268			117,431,502		2,042,287		1,217,563		—
	Eagle Pharmaceuticals Inc./DE		32,325,501		3,195,581		(3,430,225	)		(297,169	)		11,196,460			42,990,148		770,709		—		—
	Easterly Government Properties Inc.		109,680,067		9,533,027		(6,488,925	)		650,911			(1,652,473	)		111,722,607		5,407,677		1,523,755		—
	Ebix Inc.		50,462,144		4,059,072		(3,928,605	)		(610,740	)		(7,269,006	)		42,712,865		1,586,070		236,085		—
	Echo Global Logistics Inc.		55,528,357		2,907,734		(2,438,706	)		372,833			28,203,725			84,573,943		1,772,667		—		—
	Edgewell Personal Care Co.		143,193,323		14,510,848		(14,042,229	)		(97,840	)		(12,201,481	)		131,362,621		3,618,805		1,094,743		—
	eHealth Inc.		125,650,603		9,018,984		(14,677,483	)		(18,075,755	)		(38,380,799	)		63,535,550		1,568,779		—		—
	elf Beauty Inc.		68,727,165		23,462,310		(5,045,406	)		500,627			4,558,871			92,203,567		3,173,961		—		—
	Ellington Financial Inc.		—		60,146,748		(894,447	)		(11,372	)		(1,098,446	)		58,142,483		3,178,922		2,024,375		—
	Employers Holdings Inc.		72,831,899		1,999,151		—			—			(6,147,752	)		68,683,298		1,739,258		857,666		—
	Enanta Pharmaceuticals Inc.		59,133,299		5,457,575		(5,500,049	)		(1,049,062	)		9,996,052			68,037,815		1,197,638		—		—
	Encore Capital Group Inc.		84,146,154		8,712,965		(12,355,811	)		2,059,114			16,717,613			99,280,035		2,015,020		—		—
	Encore Wire Corp.		92,492,184		10,509,062		(10,250,568	)		2,731,824			34,866,359			130,348,861		1,374,553		55,305		—
	Endo International PLC		113,398,112		5,248,562		(3,753,701	)		(1,612,144	)		(63,062,601	)		50,218,228		15,499,453		—		—
	Enerpac Tool Group Corp.		104,181,448		9,350,515		(8,853,161	)		849,212			(22,450,943	)		83,077,071		4,007,577		160,176		—
	Enova International Inc.		85,912,975		8,556,936		(7,226,999	)		2,538,855			(4,973,782	)		84,807,985		2,454,645		—		—
	EnPro Industries Inc.		116,862,535		12,152,512		(11,992,495	)		2,433,796			24,028			119,480,376		1,371,446		744,955		—
	Ensign Group Inc. (The)		321,590,055		28,504,947		(24,174,872	)		12,669,603			(77,453,845	)		261,135,888		3,486,926		364,640		—
	ePlus Inc.		89,775,142		8,057,679		(8,081,612	)		2,799,377			(307,787	)		92,242,799		898,965		—		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds

	ESCO Technologies Inc.	$	188,986,000	$	15,510,378	$	(15,518,850	)	$	4,320,994		$	(59,714,610	)	$	133,583,912		1,734,856	$	279,141	$	—
	Essential Properties Realty Trust Inc.^(b).		N/A		206,520,057		(16,979,226	)		2,559,723			27,687,696			219,788,250		7,872,072		2,264,332		—
	Ethan Allen Interiors Inc.		40,348,205		3,566,852		(3,386,947	)		674,753			(6,461,151	)		34,741,712		1,465,895		3,280,766		—
	EVERTEC Inc.		148,584,548		16,887,265		(17,448,256	)		6,547,169			27,229,276			181,800,002		3,976,378		397,132		—
	ExlService Holdings Inc.		201,170,762		24,012,775		(26,770,372	)		10,200,086			63,280,155			271,893,406		2,208,361		—		—
	Exponent Inc.		336,492,998		34,464,397		(33,234,016	)		16,399,603			37,992,912			392,115,894		3,465,452		1,395,597		—
	Fabrinet		222,144,724		22,864,785		(23,213,544	)		10,437,041			19,460,310			251,693,316		2,455,305		—		—
	FARO Technologies Inc.		103,973,860		8,596,788		(8,133,740	)		1,959,075			(26,774,701	)		79,621,282		1,209,866		—		—
	Federal Signal Corp.		154,545,670		15,782,934		(14,165,538	)		5,650,333			(4,652,090	)		157,161,309		4,069,428		725,052		—
	Ferro Corp.		92,683,163		10,663,748		(10,407,889	)		1,968,277			17,073,290			111,980,589		5,505,437		—		—
	First Bancorp./Puerto Rico		150,964,318		—		(1,379,924	)		290,989			24,987,176			174,862,559		13,297,533		1,876,999		—
	First Bancorp./Southern Pines NC		76,798,902		—		—			—			(865,091	)		75,933,811		1,765,492		706,197		—
	First Commonwealth Financial Corp.		85,042,838		—		—			—			(4,379,380	)		80,663,458		5,918,082		1,361,159		—
	First Financial Bancorp.		144,280,584		2,236,317		—			—			(3,724,375	)		142,792,526		6,099,638		2,805,833		—
	First Hawaiian Inc.		238,840,200		24,042,492		(26,596,729	)		4,398,469			12,492,513			253,176,945		8,626,131		4,524,098		—
	First Midwest Bancorp. Inc.		153,647,885		5,418,630		—			—			(20,798,421	)		138,268,094		7,273,440		2,023,941		—
	Flagstar Bancorp. Inc.		140,902,638		13,213,515		(4,187,076	)		75,332			17,591,680			167,596,089		3,300,435		380,834		—
	FormFactor Inc.		233,777,793		18,781,856		(19,393,990	)		4,701,576			(44,847,953	)		193,019,282		5,170,621		—		—
	Forward Air Corp.		162,962,353		15,868,538		(18,216,770	)		3,885,675			(14,733,958	)		149,765,838		1,803,973		767,517		—
	Fossil Group Inc.		38,886,983		3,639,761		(3,061,862	)		730,340			(2,592,968	)		37,602,254		3,173,186		—		—
	Four Corners Property Trust Inc.		138,556,484		12,543,844		(11,710,717	)		575,176			(3,716,282	)		136,248,505		5,072,543		1,298,234		—
	Franklin Electric Co. Inc.		201,910,285		20,931,661		(17,572,211	)		6,254,444			(4,206,989	)		207,317,190		2,596,333		893,467		—
	Franklin Street Properties Corp., Class C		35,158,005		1,500,347		(2,566,670	)		(822,044	)		(3,278,580	)		29,991,058		6,463,590		966,920		—
	GameStop Corp., Class A^(a)		692,011,588		54,841,753		(607,214,810	)		504,253,766			(643,892,297	)		—		—		—		—
	Gannett Co. Inc.		47,340,465		7,683,977		(3,440,783	)		343,698			11,490,318			63,417,675		9,493,664		—		—
	Genesco Inc.		45,293,862		4,836,745		(5,810,658	)		1,476,954			8,228,447			54,025,350		935,828		—		—
	Gentherm Inc.		162,735,333		16,091,328		(15,056,955	)		4,620,596			10,225,526			178,615,828		2,207,041		—		—
	Genworth Financial Inc., Class A		—		122,099,323		—			—			(15,387,752	)		106,711,571		28,456,419		—		—
	GEO Group Inc. (The)		57,084,834		2,676,696		—			—			(2,552,266	)		57,209,264		7,658,536		—		—
	Getty Realty Corp.		69,450,580		8,665,654		(4,769,538	)		482,378			1,659,534			75,488,608		2,575,524		1,715,783		—
	Gibraltar Industries Inc.		198,668,118		15,983,240		(15,726,577	)		4,368,068			(51,980,662	)		151,312,187		2,172,465		—		—
	G-III Apparel Group Ltd.		87,531,081		8,483,915		(8,531,063	)		1,166,628			(6,628,218	)		82,022,343		2,898,316		—		—
	Glatfelter Corp.		50,692,210		4,143,333		(3,752,755	)		(630,286	)		(8,470,344	)		41,982,158		2,977,458		836,113		—
	Glaukos Corp.		256,141,435		22,025,256		(18,953,700	)		2,871,726			(112,783,392	)		149,301,325		3,099,467		—		—
	Global Net Lease Inc.		109,161,268		22,060,759		(8,788,574	)		349,868			(15,829,972	)		106,953,349		6,676,239		1,000,684		—
	Glu Mobile Inc.^(a)		125,000,504		1,481,285		(126,679,997	)		53,344,406			(53,146,198	)		—		—		—		—


38		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds

	GMS Inc.	$	119,173,079	$	12,752,240	$	(11,947,962	)	$	3,908,946		$	1,709,627		$	125,595,930		2,867,487	$	—	$	—
	Granite Construction Inc.		122,479,905		11,973,886		(11,601,243	)		2,879,648			(5,096,865	)		120,635,331		3,050,198		795,274		—
	Granite Point Mortgage Trust Inc.		43,827,162		3,189,244		(3,208,063	)		(671,376	)		5,077,033			48,214,000		3,660,896		1,841,485		—
	Great Western Bancorp. Inc.		102,117,283		5,533,454		—			—			8,199,262			115,849,999		3,538,485		207,909		—
	Green Dot Corp., Class A		153,000,004		11,925,625		(467,997	)		(124,692	)		17,146,773			181,479,713		3,605,796		—		—
	Green Plains Inc.^(b)		N/A		57,494,644		—			—			32,114,130			89,608,774		2,744,526		—		—
	Greenbrier Companies Inc. (The)		103,512,379		9,031,833		(10,391,378	)		1,107,927			(10,605,962	)		92,654,799		2,155,264		1,177,199		—
	Greenhill & Co. Inc.^(b)		N/A		19,968,429		(1,583,602	)		(297,902	)		(4,055,629	)		14,031,296		959,733		97,598		—
	Griffon Corp.		82,001,397		9,386,432		(5,746,968	)		1,854,315			(9,533,914	)		77,961,262		3,169,157		481,555		—
	Group 1 Automotive Inc.		178,904,511		26,754,700		(14,311,862	)		6,706,755			27,983,948			226,038,052		1,203,098		764,252		—
	Hanger Inc.		57,995,592		5,671,115		(7,624,399	)		61,626			(2,374,051	)		53,729,883		2,446,716		—		—
	Hanmi Financial Corp.		36,077,883		1,494,719		—			—			526,534			38,099,136		1,899,259		447,341		—
	Harmonic Inc.		52,699,782		4,607,858		(4,098,937	)		1,240,144			4,850,095			59,298,942		6,777,022		—		—
	Harsco Corp.		90,318,160		9,879,395		(9,339,949	)		790,828			(2,297,018	)		89,351,416		5,271,470		—		—
	Haverty Furniture Companies Inc.		41,581,358		3,903,624		(6,974,685	)		776,265			(4,752,858	)		34,533,704		1,024,435		559,448		—
	Hawaiian Holdings Inc.		86,224,377		11,613,904		(6,829,509	)		(1,258,413	)		(15,916,747	)		73,833,612		3,408,754		—		—
	Hawkins Inc.		42,429,515		3,418,416		(3,421,908	)		898,771			709,113			44,033,907		1,262,440		318,497		—
	Haynes International Inc.		25,297,235		2,538,969		(2,621,852	)		288,496			6,103,889			31,606,737		848,503		375,097		—
	HB Fuller Co.		218,435,976		22,732,960		(20,585,565	)		4,039,999			1,148,631			225,772,001		3,497,088		1,159,326		—
	HCI Group Inc.^(b)		N/A		23,719,450		(3,041,133	)		1,219,185			26,948,191			48,845,693		440,965		339,802		—
	Healthcare Services Group Inc.		—		126,229,913		(607,629	)		(11,117	)		(1,416,390	)		124,194,777		4,969,779		—		—
	HealthStream Inc.		37,721,805		3,670,692		(3,639,475	)		448,372			10,043,847			48,245,241		1,688,077		—		—
	Heidrick & Struggles International Inc.		46,298,907		4,894,785		(4,614,562	)		1,395,509			10,043,825			58,018,464		1,299,988		387,879		—
	Helix Energy Solutions Group Inc.		47,739,564		4,016,675		(3,922,813	)		(873,053	)		(10,182,047	)		36,778,326		9,478,950		—		—
	Helmerich & Payne Inc.		193,816,114		19,996,531		(20,389,669	)		3,618,286			(166,223	)		196,875,039		7,182,599		3,591,480		—
	Heritage Financial Corp./WA		61,686,411		1,944,723		—			—			(6,161,784	)		57,469,350		2,253,700		884,794		—
	Hersha Hospitality Trust, Class A		25,703,682		2,273,982		(4,411,799	)		(2,533,695	)		(478,647	)		20,553,523		2,202,950		—		—
	Heska Corp.		111,058,940		24,389,843		(11,985,762	)		5,038,724			54,696,338			183,198,083		708,587		—		—
	Hibbett Inc.^(f)		76,298,155		8,418,952		(16,395,017	)		7,192,928			(4,642,098	)		70,872,920		1,001,879		544,012		—
	Hillenbrand Inc.		238,675,859		22,257,273		(27,812,803	)		3,146,214			(28,902,499	)		207,364,044		4,861,994		2,178,256		—
	HMS Holdings Corp.^(a)		218,134,160		—		(218,281,648	)		73,782,058			(73,634,570	)		—		—		—		—
	HNI Corp.		113,338,174		12,400,247		(10,031,797	)		292,373			(8,751,370	)		107,247,627		2,920,687		1,785,724		—
	HomeStreet Inc.		60,877,328		—		(1,323,589	)		340,618			(4,392,142	)		55,502,215		1,348,778		679,639		—
	Hope Bancorp Inc.		117,392,308		1,106,496		—			—			(4,903,743	)		113,595,061		7,866,694		2,192,634		—
	Horace Mann Educators Corp.		109,561,159		2,559,650		—			—			(8,570,477	)		103,550,332		2,602,421		1,613,501		—
	Hub Group Inc., Class A		151,452,595		14,846,336		(15,162,116	)		3,511,732			(378,497	)		154,270,050		2,243,928		—		—
	Ichor Holdings Ltd.		100,730,117		8,979,018		(8,306,961	)		2,567,006			(26,398,944	)		77,570,236		1,887,813		—		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds

	Independence Realty Trust Inc.	$	103,142,321	$	14,280,641	$	(9,832,691	)	$	3,393,799		$	31,407,241		$	142,391,311		6,997,116	$	583,229		$	—
	Independent Bank Corp.		173,702,997		4,227,684		—			—			(16,677,802	)		161,252,879		2,117,569		2,020,217			—
	Independent Bank Group Inc.		176,778,504		17,111,861		(15,153,339	)		3,301,484			(6,478,495	)		175,560,015		2,471,284		1,607,664			—
	Industrial Logistics Properties Trust		100,624,266		10,134,542		(11,165,725	)		1,114,182			9,770,587			110,477,852		4,347,810		2,195,751			—
	Innospec Inc.		168,374,118		14,793,242		(14,312,188	)		3,280,752			(33,985,815	)		138,150,109		1,640,348		936,407			—
	Innovative Industrial Properties Inc.		287,319,168		32,423,967		(33,161,342	)		11,131,471			70,492,694			368,205,958		1,592,793		4,630,069			—
	Innoviva Inc.^(b)		N/A		55,611,316		(5,785,550	)		634,424			19,111,511			69,571,701		4,163,477		—			—
	Inogen Inc.		64,391,411		8,225,692		(2,340,992	)		238,557			(12,434,217	)		58,080,451		1,347,887		—			—
	Insight Enterprises Inc.		223,263,239		22,854,267		(24,239,659	)		8,807,818			(21,675,293	)		209,010,372		2,320,275		—			—
	Installed Building Products Inc.		166,389,411		21,108,528		(13,564,236	)		6,970,141			(13,542,509	)		167,361,335		1,561,935		911,507			—
	Insteel Industries Inc.		39,879,389		3,719,652		(3,472,655	)		897,399			8,233,766			49,257,551		1,294,548		77,648			—
	Integer Holdings Corp.		202,318,465		19,526,736		(19,437,341	)		6,991,568			(13,145,893	)		196,253,535		2,196,704		—			—
	InterDigital Inc.		—		159,637,540		(13,736,798	)		(335,363	)		(6,936,145	)		138,629,234		2,044,076		1,433,096			—
	Interface Inc.		48,998,040		5,083,797		(4,914,875	)		330,906			10,059,267			59,557,135		3,931,164		79,132			—
	Invacare Corp.		18,392,883		1,615,912		(1,271,788	)		(237,660	)		(7,357,001	)		11,142,346		2,340,829		—			—
	Invesco Mortgage Capital Inc.		61,695,382		17,411,199		(4,267,349	)		(2,467,365	)		(11,449,916	)		60,921,951		19,340,302		(465,314	)		—
	Investors Bancorp. Inc.^(b)		N/A		201,069,543		(4,832,313	)		(220,426	)		30,629,041			226,645,845		14,999,725		3,516,170			—
	iRobot Corp.		229,648,306		16,566,723		(17,668,245	)		3,739,584			(85,705,202	)		146,581,166		1,867,276		—			—
	iStar Inc.		87,266,231		3,261,499		(6,892,143	)		2,589,169			32,523,602			118,748,358		4,734,783		(215,345	)		—
	Itron Inc.		262,027,858		29,579,418		(24,637,036	)		7,796,519			(47,024,787	)		227,741,972		3,011,265		—			—
	J&J Snack Foods Corp.		156,939,080		16,007,193		(17,282,518	)		2,373,748			(6,760,221	)		151,277,282		989,905		1,285,143			—
	James River Group Holdings Ltd.		88,942,485		20,460,677		(2,869,381	)		(849,130	)		(12,872,134	)		92,812,517		2,459,913		11,192			—
	John B Sanfilippo & Son Inc.		53,481,056		4,437,471		(4,305,178	)		593,867			(5,729,605	)		48,477,611		593,216		1,766,580			—
	John Bean Technologies Corp.		282,009,033		30,148,077		(29,916,234	)		9,420,140			5,557,539			297,218,555		2,114,682		423,007			—
	Joint Corp. (The)		—		73,868,713		(4,505,069	)		521,448			23,918,382			93,803,474		956,983		—			—
	Kaiser Aluminum Corp.		116,400,700		12,539,966		(11,834,219	)		2,538,555			(4,606,450	)		115,038,552		1,055,787		1,507,924			—
	Kaman Corp.		94,907,375		8,033,227		(7,726,468	)		(609,423	)		(28,506,596	)		66,098,115		1,853,045		745,658			—
	Kite Realty Group Trust		100,366,044		607,623		(725,342	)		—			5,684,938			105,933,263		5,203,009		3,365,218			—
	Knowles Corp.		127,836,869		12,863,230		(12,482,702	)		2,121,270			(15,587,763	)		114,750,904		6,123,314		—			—
	Kontoor Brands Inc.		152,179,452		18,045,245		(14,754,907	)		3,984,163			(311,854	)		159,142,099		3,186,028		2,537,149			—
	Koppers Holdings Inc.		49,101,211		4,081,871		(3,501,505	)		226,421			(5,301,228	)		44,606,770		1,426,960		—			—
	Korn Ferry		224,480,358		28,004,598		(20,315,359	)		7,982,678			27,891,018			268,043,293		3,704,302		879,960			—
	Kraton Corp.		77,819,319		7,612,685		(7,101,876	)		1,559,991			17,781,444			97,671,563		2,140,043		—			—
	Kulicke & Soffa Industries Inc.		203,202,987		23,543,036		(24,350,409	)		11,655,933			26,359,573			240,411,120		4,125,105		1,161,797			—
	Lakeland Financial Corp.		—		109,194,935		—			—			6,175,182			115,370,117		1,619,457		—			—
	Lannett Co. Inc.^(a)		12,192,924		311,979		(10,659,699	)		(2,283,315	)		438,111			—		—		—			—
	Lantheus Holdings Inc.		95,493,683		10,023,099		(9,515,151	)		2,883,357			16,681,149			115,566,137		4,500,239		—			—


40		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds

	Laredo Petroleum Inc.^(b)	$	N/A	$	78,303,370	$	(3,139,812	)	$	(350,353	)	$	(1,962,811	)	$	72,850,394		898,611	$	—	$	—
	La-Z-Boy Inc.		131,020,172		11,342,245		(13,380,778	)		540,994			(32,469,562	)		97,053,071		3,011,265		930,758		—
	LCI Industries		221,828,666		23,230,691		(21,939,513	)		6,415,663			(3,054,190	)		226,481,317		1,682,250		3,048,293		—
	LeMaitre Vascular Inc.		54,868,378		12,402,676		(3,914,438	)		1,539,143			2,934,255			67,830,014		1,277,642		248,282		—
	Lexington Realty Trust		205,538,877		22,080,927		(22,971,197	)		3,383,047			27,637,625			235,669,279		18,483,865		4,297,021		—
	LGI Homes Inc.		218,806,787		23,538,389		(26,911,457	)		9,605,674			(20,403,612	)		204,635,781		1,442,011		—		—
	Ligand Pharmaceuticals Inc.		—		156,583,400		(3,270,086	)		106,010			1,245,102			154,664,426		1,110,138		—		—
	Lindsay Corp.		120,605,054		11,617,259		(11,127,910	)		3,281,128			(14,161,571	)		110,213,960		726,095		477,574		—
	Liquidity Services Inc.		32,901,074		4,233,623		(4,133,965	)		1,827,817			3,582,383			38,410,932		1,777,461		—		—
	Livent Corp.		169,250,417		36,081,161		(17,467,542	)		5,899,247			54,749,178			248,512,461		10,753,460		—		—
	LivePerson Inc.		221,604,883		27,985,281		(21,303,031	)		11,218,757			15,101,577			254,607,467		4,319,041		—		—
	LTC Properties Inc.		109,067,970		7,845,809		(9,420,047	)		(881,161	)		(23,551,750	)		83,060,821		2,621,042		1,250,010		—
	Lumber Liquidators Holdings Inc.		48,622,800		3,589,814		(3,378,583	)		709,086			(13,215,336	)		36,327,781		1,944,742		—		—
	Luminex Corp.^(a)		92,423,168		6,456,228		(113,680,460	)		40,048,361			(25,247,297	)		—		—		294,503		—
	Lydall Inc.		38,392,476		7,297,192		(3,867,224	)		1,976,977			30,616,624			74,416,045		1,198,519		—		—
	M/I Homes Inc.		114,696,514		11,834,686		(10,701,850	)		3,736,576			(6,760,498	)		112,805,428		1,951,651		—		—
	Mack-Cali Realty Corp.		89,030,991		9,138,664		(16,045,475	)		1,754,140			7,330,397			91,208,717		5,327,612		—		—
	Macy’s Inc.		311,179,571		12,179,786		—			—			126,467,088			449,826,445		19,903,825		2,985,574		—
	Magellan Health Inc.		142,339,065		4,573,749		(2,412,057	)		20,414			1,978,854			146,500,025		1,549,445		—		—
	ManTech International Corp./VA, Class A		158,367,339		14,640,228		(13,849,364	)		4,558,988			(24,688,919	)		139,028,272		1,831,247		1,399,208		—
	Marcus Corp. (The)		31,243,790		2,779,637		(4,304,341	)		(3,001,035	)		(1,205,907	)		25,512,144		1,462,014		—		—
	MarineMax Inc.		72,828,952		7,150,699		(8,394,712	)		2,559,291			(3,910,171	)		70,234,059		1,447,528		—		—
	Matador Resources Co.		171,558,770		22,099,807		(22,066,833	)		8,194,484			98,669,311			278,455,539		7,320,072		365,369		—
	Materion Corp.		89,936,963		9,025,273		(8,693,199	)		2,744,522			372,122			93,385,681		1,360,514		325,984		—
	Matrix Service Co.		23,439,657		1,588,970		(1,727,958	)		(487,321	)		(4,259,902	)		18,553,446		1,773,752		—		—
	Matson Inc.		193,107,105		19,521,684		(19,729,335	)		7,151,664			33,449,611			233,500,729		2,893,083		1,527,314		—
	Matthews International Corp., Class A		83,592,643		6,557,975		(6,811,374	)		(320,710	)		(10,016,551	)		73,001,983		2,104,410		905,502		—
	MaxLinear Inc.		154,093,913		22,119,437		(14,549,259	)		5,485,814			63,499,665			230,649,570		4,683,240		—		—
	MDC Holdings Inc.		219,124,640		19,732,221		(15,683,998	)		7,057,371			(54,527,293	)		175,702,941		3,760,765		2,949,331		—
	Medifast Inc.		166,232,311		20,253,762		(20,772,228	)		8,204,550			(23,496,799	)		150,421,596		780,843		2,233,805		—
	MEDNAX Inc.		145,300,772		16,747,061		(15,150,114	)		3,041,040			13,399,438			163,338,197		5,745,276		—		—
	Meredith Corp		80,610,202		10,177,990		(10,422,017	)		3,787,842			66,351,505			150,505,522		2,702,074		—		—
	Meridian Bioscience Inc.		75,571,387		5,352,755		(5,361,287	)		1,022,966			(21,059,585	)		55,526,236		2,885,979		—		—
	Merit Medical Systems Inc.		195,604,667		23,563,358		(16,072,606	)		7,482,665			31,474,148			242,052,232		3,371,201		—		—
	Meritage Homes Corp.		229,830,701		26,634,519		(25,442,444	)		8,210,395			3,857,850			243,091,021		2,506,093		—		—
	Meritor Inc.		142,164,413		11,733,267		(15,084,978	)		(2,290,026	)		(37,021,811	)		99,500,865		4,669,210		—		—
	Mesa Laboratories Inc.		79,217,611		12,466,675		(6,090,269	)		486,750			18,628,013			104,708,780		346,305		104,419		—
	Meta Financial Group Inc.		94,232,974		207,354		—			—			14,911,408			109,351,736		2,083,684		207,974		—
	Methode Electronics Inc.		107,524,717		11,611,891		(12,348,689	)		2,228,571			(2,103,608	)		106,912,882		2,542,518		639,260		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds

	MicroStrategy Inc., Class A^(a)	$	344,894,886	$	32,704,875	$	(344,781,128	)	$	204,851,318		$	(237,669,951	)	$	—		—	$	—	$	—
	Middlesex Water Co.		—		107,600,470		(2,947,428	)		219,128			13,763,084			118,635,254		1,154,264		316,149		—
	ModivCare Inc.		123,461,279		11,291,253		(7,634,890	)		5,499,080			22,310,768			154,927,490		853,031		—		—
	Monro Inc.		146,529,428		13,284,056		(13,085,242	)		432,836			(18,889,451	)		128,271,627		2,230,423		1,121,072		—
	Moog Inc., Class A		162,716,568		15,391,827		(15,863,546	)		2,249,390			(15,931,650	)		148,562,589		1,948,873		975,414		—
	Motorcar Parts of America Inc.		28,952,145		2,154,008		(2,362,779	)		(227,844	)		(3,585,228	)		24,930,302		1,278,477		—		—
	Movado Group Inc.		31,485,131		3,191,145		(2,602,982	)		1,090,255			2,255,206			35,418,755		1,124,762		670,580		—
	MTS Systems Corp.^(a)		75,509,262		227,963		(76,126,475	)		10,162,998			(9,773,748	)		—		—		—		—
	Mueller Industries Inc.		157,421,393		16,171,413		(15,731,367	)		2,809,585			(4,301,019	)		156,370,005		3,804,623		997,821		—
	Myers Industries Inc.		47,393,826		4,034,383		(3,515,733	)		736,222			(1,307,988	)		47,340,710		2,419,045		650,430		—
	MYR Group Inc.		80,199,303		9,483,610		(9,102,377	)		4,030,055			27,106,616			111,717,207		1,122,786		—		—
	Myriad Genetics Inc.		152,649,199		17,934,834		(12,817,406	)		4,060,260			5,949,208			167,776,095		5,195,915		—		—
	Nabors Industries Ltd.		40,512,818		9,721,098		(2,661,961	)		746,984			1,665,323			49,984,262		518,079		—		—
	National Bank Holdings Corp., Class A		77,243,112		2,893,384		—			—			1,558,216			81,694,712		2,018,150		887,986		—
	National Storage Affiliates Trust^(a)		170,931,785		—		(185,372,369	)		62,336,381			(47,895,797	)		—		—		—		—
	Natus Medical Inc.		57,823,666		5,536,364		(5,095,968	)		(167,868	)		(1,114,559	)		56,981,635		2,271,995		—		—
	NBT Bancorp. Inc.		110,425,165		530,059		—			—			(10,476,066	)		100,479,158		2,781,815		1,524,053		—
	Neenah Inc.		57,631,250		5,310,056		(4,955,438	)		(1,054,368	)		(4,373,598	)		52,557,902		1,127,610		1,052,188		—
	NeoGenomics Inc.		375,932,642		45,891,274		(28,418,984	)		11,777,304			(10,790,472	)		394,391,764		8,175,617		—		—
	NETGEAR Inc.		83,787,405		6,990,619		(7,203,523	)		1,105,695			(19,800,433	)		64,879,763		2,033,211		—		—
	New York Mortgage Trust Inc.		112,617,153		10,278,912		(9,950,934	)		195,970			(5,551,930	)		107,589,171		25,255,674		4,051,900		—
	NexPoint Residential Trust Inc.		62,272,706		653,700		—			—			20,680,343			83,606,749		1,351,111		190,734		—
	NextGen Healthcare Inc.		67,093,605		5,849,681		(5,024,261	)		412,377			(15,297,523	)		53,033,879		3,761,268		—		—
	NIC Inc.^(a)		151,962,766		610,653		(152,893,500	)		63,276,535			(62,956,454	)		—		—		—		—
	NMI Holdings Inc., Class A		134,559,235		12,456,544		(11,784,393	)		2,151,153			(8,390,454	)		128,992,085		5,705,090		—		—
	Northfield Bancorp. Inc.		49,776,905		498,522		(2,748,317	)		(70,943	)		3,835,313			51,291,480		2,989,014		805,037		—
	Northwest Bancshares Inc.		112,987,382		3,607,962		—			—			(9,252,918	)		107,342,426		8,083,014		3,146,340		—
	Northwest Natural Holding Co.		110,005,183		10,375,504		(10,200,447	)		(728,333	)		(15,548,007	)		93,903,900		2,041,833		1,949,927		—
	NOW Inc.		74,091,738		6,314,898		(6,008,396	)		262,437			(18,359,209	)		56,301,468		7,359,669		—		—
	Oceaneering International Inc.		75,674,915		8,535,730		(8,160,887	)		2,003,512			10,433,009			88,486,279		6,643,114		—		—
	ODP Corp. (The)		154,361,837		15,036,646		(32,700,957	)		6,823,067			(16,636,439	)		126,884,154		3,159,466		—		—
	Office Properties Income Trust		88,803,930		8,257,909		(8,537,900	)		(4,218,311	)		(2,807,569	)		81,498,059		3,217,452		3,524,828		—
	OFG Bancorp		71,750,572		2,517,263		—			—			8,273,619			82,541,454		3,272,857		654,571		—
	O-I Glass Inc.		154,497,089		17,158,218		(16,584,608	)		(611,939	)		(5,050,975	)		149,407,785		10,470,062		—		—
	Oil States International Inc.		24,561,571		2,376,018		(2,179,533	)		(1,788,066	)		3,256,231			26,226,221		4,104,260		—		—
	Old National Bancorp./IN		198,693,145		4,367,089		—			—			(25,103,269	)		177,956,965		10,498,936		2,939,702		—
	Olympic Steel Inc.		18,066,574		1,610,790		(1,327,906	)		533,594			(3,717,563	)		15,165,489		622,557		24,354		—
	Omnicell Inc.		372,592,744		41,141,332		(38,075,338	)		19,081,982			34,816,739			429,557,459		2,894,007		—		—
	OneSpan Inc.		55,467,069		4,838,680		(4,091,143	)		1,349,813			(14,275,674	)		43,288,745		2,305,045		—		—


42		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds


	Onto Innovation Inc.	$	213,873,237	$	22,784,375	$	(21,097,029	)	$	10,405,998		$	10,986,903		$	236,953,484		3,279,633	$	—	$	—
	OraSure Technologies Inc.		56,072,494		4,238,913		(4,596,428	)		(671,896	)		(829,265	)		54,213,818		4,793,441		—		—
	Orthofix Medical Inc.		56,350,752		4,960,633		(4,258,245	)		(235,188	)		(6,614,331	)		50,203,621		1,316,989		—		—
	OSI Systems Inc.		106,643,515		7,614,770		(7,288,047	)		588,809			(2,039,632	)		105,519,415		1,113,074		—		—
	Owens & Minor Inc.		184,155,891		22,513,323		(17,574,945	)		9,063,296			(40,976,130	)		157,181,435		5,023,376		25,023		—
	Oxford Industries Inc.		98,571,120		9,957,071		(16,054,515	)		2,771,441			70,795			95,315,912		1,057,069		887,502		—
	Pacific Premier Bancorp. Inc.		269,062,234		5,901,491		(3,090,715	)		(463,231	)		(12,570,110	)		258,839,669		6,246,131		4,114,616		—
	Pacira BioSciences Inc.		204,811,531		16,875,107		(14,475,378	)		2,062,147			(43,553,167	)		165,720,240		2,959,290		—		—
	Palomar Holdings Inc.		97,143,239		22,000,689		(8,610,683	)		(380,017	)		19,551,925			129,705,153		1,604,666		—		—
	Park Aerospace Corp.		16,743,024		1,436,079		(1,182,066	)		77,859			522,522			17,597,418		1,286,361		255,723		—
	Park National Corp.		122,257,934		10,695,636		(7,961,676	)		1,757,435			(8,712,705	)		118,036,624		967,910		1,949,072		—
	Patrick Industries Inc.		125,321,705		12,052,348		(9,789,976	)		2,858,823			(5,746,132	)		124,696,768		1,496,960		834,889		—
	Patterson-UTI Energy Inc.		89,317,738		9,914,400		(9,547,256	)		3,138,263			20,425,556			113,248,701		12,583,189		505,068		—
	PBF Energy Inc., Class A		90,719,838		7,830,101		(8,459,860	)		810,786			(8,882,632	)		82,018,233		6,323,688		—		—
	PDC Energy Inc.		228,790,444		27,585,251		(31,217,150	)		5,094,714			80,983,362			311,236,621		6,567,559		1,604,834		—
	PDF Solutions Inc.		34,795,816		3,419,012		(2,663,797	)		668,275			9,669,900			45,889,206		1,991,719		—		—
	Penn Virginia Corp.		13,757,338		1,798,075		(1,793,056	)		(1,499,301	)		15,044,864			27,307,920		1,023,919		—		—
	Pennant Group Inc. (The)		77,734,691		6,912,824		(4,137,353	)		3,012,287			(33,141,292	)		50,381,157		1,793,562		—		—
	Perdoceo Education Corp.		55,974,032		4,934,495		(4,829,280	)		445,429			(7,034,602	)		49,490,074		4,686,560		—		—
	Perficient Inc.		129,214,182		18,864,585		(20,004,915	)		10,070,444			115,487,459			253,631,755		2,192,150		—		—
	PetMed Express Inc.		47,738,173		3,565,411		(3,513,548	)		806,567			(12,032,256	)		36,564,347		1,360,787		811,012		—
	PGT Innovations Inc.		100,106,125		8,709,380		(8,560,967	)		2,197,054			(26,689,551	)		75,762,041		3,966,599		—		—
	Phibro Animal Health
	Corp., Class A		33,060,487		3,105,015		(2,955,791	)		(142,583	)		(3,771,457	)		29,295,671		1,360,059		326,568		—
	Photronics Inc.		54,358,680		5,199,479		(6,583,363	)		1,565,757			1,693,624			56,234,177		4,125,765		—		—
	Piper Sandler Cos		100,793,570		16,655,656		(12,643,769	)		5,068,039			21,857,763			131,731,259		951,403		946,138		—
	Pitney Bowes Inc.		88,112,825		—		—			—			(11,014,103	)		77,098,722		10,693,304		1,069,330		—
	Plantronics Inc.		97,572,545		15,568,524		(6,521,582	)		2,803,347			(36,989,280	)		72,433,554		2,817,330		—		—
	Plexus Corp.		176,415,823		17,098,848		(20,303,331	)		6,005,879			(11,080,194	)		168,137,025		1,880,517		—		—
	Powell Industries Inc.		20,194,412		1,508,396		(1,322,989	)		(26,399	)		(5,560,609	)		14,792,811		602,068		309,005		—
	Power Integrations Inc.		326,156,129		37,877,069		(37,482,488	)		17,172,122			53,562,644			397,285,476		4,013,390		1,049,624		—
	PRA Group Inc.		112,598,939		11,631,165		(10,924,184	)		1,371,509			13,902,373			128,579,802		3,051,253		—		—
	Preferred Bank/Los Angeles CA		55,460,504		—		—			—			2,612,775			58,073,279		870,925		661,903		—
	Prestige Consumer Healthcare Inc.		146,432,967		16,539,557		(15,892,988	)		1,681,130			38,216,988			186,977,654		3,332,341		—		—
	PriceSmart Inc.		150,652,521		14,185,484		(10,815,338	)		1,298,585			(31,368,667	)		123,952,585		1,598,357		542,287		—
	ProAssurance Corp.		89,093,540		1,920,260		—			—			(10,040,974	)		80,972,826		3,405,081		340,508		—
	Progress Software Corp.		129,785,075		12,971,746		(14,532,919	)		3,328,814			11,720,980			143,273,696		2,912,659		1,034,488		—
	ProPetro Holding Corp.		58,130,526		5,111,449		(3,353,288	)		426,941			(11,337,114	)		48,978,514		5,662,256		—		—
	Proto Labs Inc.		224,020,365		15,089,423		(14,785,649	)		(4,505,469	)		(96,740,338	)		123,078,332		1,848,023		—		—
	Provident Financial Services Inc.		107,090,491		5,965,939		(2,376,568	)		(386,009	)		6,060,972			116,354,825		4,957,598		2,207,648		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


	Quanex Building Products Corp.	$	58,878,219	$	5,084,750	$	(4,942,165	)	$	728,209		$	(11,649,114	)	$	48,099,899		2,246,609	$	362,507		$	—
	QuinStreet Inc.		66,418,697		5,494,017		(5,302,837	)		1,960,152			(10,906,501	)		57,663,528		3,283,800		—			—
	Rambus Inc.		144,699,890		15,524,531		(20,692,270	)		7,790,865			13,605,006			160,928,022		7,249,010		—			—
	Range Resources Corp.		178,037,488		25,321,638		(24,791,084	)		11,526,625			201,241,849			391,336,516		17,292,820		—			—
	Raven Industries Inc.		91,702,149		11,297,997		(11,919,067	)		4,176,060			42,489,062			137,746,201		2,391,012		—			—
	Rayonier Advanced Materials Inc.		38,379,152		2,852,921		(2,623,642	)		(446,876	)		(6,194,943	)		31,966,612		4,262,215		—			—
	RE/MAX Holdings Inc., Class A		48,781,285		4,281,774		(3,473,257	)		(540,580	)		(9,686,165	)		39,363,057		1,263,256		573,913			—
	Ready Capital Corp.		52,226,909		4,752,529		(6,842,600	)		1,314,640			3,286,548			54,738,026		3,793,349		2,454,065			—
	Realogy Holdings Corp.		116,415,788		12,981,248		(11,772,574	)		4,343,011			14,156,222			136,123,695		7,760,758		—			—
	Red Robin Gourmet Burgers Inc.		41,455,842		2,758,912		(2,483,693	)		164,522			(17,713,345	)		24,182,238		1,048,666		—			—
	Redwood Trust Inc.		77,909,585		9,341,960		(7,725,071	)		631,964			16,849,150			97,007,588		7,525,802		(1,598,653	)		—
	REGENXBIO Inc.		79,317,416		13,930,211		(6,506,383	)		(813,039	)		18,685,209			104,613,414		2,495,549		—			—
	Renasant Corp.		146,346,660		4,576,896		—			—			(19,532,157	)		131,391,399		3,644,699		1,592,873			—
	Renewable Energy Group Inc.		159,798,771		66,250,916		(12,232,089	)		6,769,101			(52,717,949	)		167,868,750		3,343,999		—			—
	Rent-A-Center Inc./TX		188,216,886		59,296,986		(17,007,916	)		8,970,105			(13,174,657	)		226,301,404		4,025,999		3,502,024			—
	Resideo Technologies Inc.		269,530,029		27,703,235		(25,677,853	)		8,973,759			(42,597,750	)		237,931,420		9,597,879		—			—
	Resources Connection Inc.		27,882,489		2,480,547		(2,253,572	)		169,587			4,343,464			32,622,515		2,067,333		569,058			—
	Retail Opportunity Investments Corp.		124,886,950		13,574,287		(9,589,267	)		2,037,956			9,967,861			140,877,787		8,087,129		2,351,488			—
	Retail Properties of America Inc., Class A		149,916,023		16,968,409		(16,766,130	)		3,838,762			30,208,440			184,165,504		14,298,564		2,158,580			—
	REX American Resources Corp.		29,976,809		2,317,300		(2,581,295	)		156,729			(1,706,023	)		28,163,520		352,617		—			—
	Rogers Corp.		234,593,790		23,353,493		(23,343,816	)		9,131,468			(11,240,436	)		232,494,499		1,246,753		—			—
	RPT Realty		61,741,735		6,263,155		(6,024,641	)		1,364,503			5,604,304			68,949,056		5,403,531		1,633,499			—
	Ruth’s Hospitality
	Group Inc.		52,674,064		4,419,382		(3,767,101	)		1,521,295			(10,317,578	)		44,530,062		2,150,172		—			—
	S&T Bancorp. Inc.		80,889,971		1,234,146		—			—			(9,850,386	)		72,273,731		2,452,451		1,360,209			—
	Safety Insurance Group Inc.		76,384,673		2,187,735		—			—			(4,685,889	)		73,886,519		932,322		1,675,307			—
	Saia Inc.^(a)		404,669,514		30,383,724		(451,402,669	)		279,029,228			(262,679,797	)		—		—		—			—
	Sally Beauty Holdings Inc.		151,369,528		14,541,341		(14,224,192	)		3,884,389			(28,785,769	)		126,785,297		7,524,350		—			—
	Sanmina Corp.		179,079,109		16,614,757		(16,068,805	)		3,842,854			(16,464,730	)		167,003,185		4,333,243		—			—
	ScanSource Inc.		50,908,920		4,236,598		(4,244,965	)		22,502			8,051,596			58,974,651		1,695,161		—			—
	Schweitzer-Mauduit International Inc.		102,654,734		8,177,516		(8,146,885	)		124,891			(30,229,721	)		72,580,535		2,094,072		1,839,336			—
	Seacoast Banking Corp. of Florida		126,008,111		3,756,640		—			—			(8,820,498	)		120,944,253		3,577,174		930,065			—
	SEACOR Holdings Inc.^(a)		52,804,380		—		(53,776,240	)		(2,541,659	)		3,513,519			—		—		—			—
	Select Medical Holdings Corp.		245,183,911		26,744,310		(30,922,485	)		8,835,769			6,137,021			255,978,526		7,077,095		1,793,372			—
	Selectquote Inc.		—		144,294,759		(2,944,079	)		(541,629	)		(33,927,667	)		106,881,384		8,266,155		—			—
	Seneca Foods Corp., Class A		21,038,588		1,766,533		(2,476,866	)		467,231			54,456			20,849,942		432,392		—			—


44		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds


	Service Properties Trust	$	—	$	138,210,597	$	(647,808	)	$	(65,445	)	$	(14,475,990	)	$	123,021,354		10,974,251	$	108,344	$	—
	ServisFirst Bancshares Inc.		192,353,756		25,733,639		(17,240,280	)		7,664,098			44,126,471			252,637,684		3,247,271		1,284,245		—
	Shake Shack Inc., Class A		272,783,074		34,541,762		(19,414,570	)		6,671,918			(90,176,074	)		204,406,110		2,605,227		—		—
	Shenandoah Telecommunications Co.		162,449,393		13,923,352		(14,118,933	)		89,020			(57,305,668	)		105,037,164		3,326,066		62,394,525		—
	Signet Jewelers Ltd.		202,271,869		23,796,646		(23,091,065	)		10,775,809			63,072,763			276,826,022		3,505,902		624,770		—
	Simmons First National Corp., Class A		198,779,921		3,503,241		—			—			(836,137	)		201,447,025		6,814,852		2,453,347		—
	Simply Good Foods Co. (The)		170,796,223		19,072,690		(19,317,683	)		1,557,961			21,405,025			193,514,216		5,610,734		—		—
	Simulations Plus Inc.		63,927,103		4,731,900		(3,369,553	)		65,142			(24,201,596	)		41,152,996		1,041,848		121,181		—
	SkyWest Inc.		182,815,975		15,058,022		(14,697,532	)		3,520,226			(21,226,613	)		165,470,078		3,353,670		—		—
	Sleep Number Corp.		242,692,385		16,900,706		(28,662,047	)		10,006,782			(93,941,928	)		146,995,898		1,572,485		—		—
	SM Energy Co.		116,373,773		32,224,981		(11,386,565	)		6,445,585			69,212,444			212,870,218		8,069,379		70,418		—
	SMART Global Holdings Inc.^(b)		N/A		63,417,076		(5,156,753	)		977,132			9,037,783			68,275,238		1,534,275		—		—
	Sonic Automotive Inc., Class A^(e)		77,354,183		—		(15,680,619	)		8,218,901			(40,118,306	)		N/A		N/A		377,853		—
	South Jersey Industries Inc.		151,353,605		37,306,725		(16,742,764	)		(684,346	)		(12,094,636	)		159,138,584		7,485,352		4,334,875		—
	Southside Bancshares Inc.		78,478,220		1,371,633		—			—			(385,467	)		79,464,386		2,075,330		1,344,992		—
	Southwestern Energy Co.^(e)		200,682,305		—		(16,664,426	)		5,927,594			(91,327,061	)		N/A		N/A		—		—
	SpartanNash Co.		47,256,948		4,612,884		(4,186,631	)		7,456			5,382,153			53,072,810		2,423,416		974,676		—
	Spectrum Pharmaceuticals Inc.		31,732,618		7,114,932		(2,154,290	)		(1,786,959	)		(10,931,915	)		23,974,386		10,997,425		—		—
	Spok Holdings Inc.^(a)		12,435,916		749,864		(10,341,126	)		(6,988,937	)		4,144,283			—		—		148,595		—
	SPS Commerce Inc.		235,546,735		27,182,797		(26,078,911	)		12,225,213			135,885,295			384,761,129		2,385,228		—		—
	SPX Corp.		175,072,798		17,151,405		(16,391,353	)		7,523,915			(22,118,907	)		161,237,858		3,016,611		—		—
	SPX FLOW Inc.		177,921,392		19,528,120		(22,288,154	)		6,202,256			21,213,153			202,576,767		2,771,228		503,935		—
	Stamps.com Inc.		244,301,392		30,323,517		(33,749,095	)		16,616,967			144,358,972			401,851,753		1,218,508		—		—
	Standard Motor Products Inc.		55,827,470		5,326,401		(7,672,215	)		(338,422	)		3,107,034			56,250,268		1,286,897		667,386		—
	Standex International Corp.		78,800,237		6,689,727		(7,730,185	)		1,208,580			1,433,107			80,401,466		812,875		392,203		—
	Stepan Co.		180,914,519		17,166,405		(16,998,432	)		3,974,864			(24,596,496	)		160,460,860		1,420,762		872,035		—
	Steven Madden Ltd.		192,148,702		21,042,984		(22,155,317	)		5,176,601			9,714,619			205,927,589		5,127,679		1,562,122		—
	Stewart Information Services Corp.		84,460,455		3,303,281		—			—			18,338,909			106,102,645		1,677,247		1,098,449		—
	StoneX Group Inc.		71,846,867		7,272,075		(5,741,082	)		2,092,156			(1,576,478	)		73,893,538		1,121,298		—		—
	Strategic Education Inc.		—		133,707,043		(13,540,709	)		(1,365,888	)		(12,528,958	)		106,271,488		1,507,397		989,418		—
	Sturm Ruger & Co. Inc.		77,266,619		8,407,542		(8,340,457	)		1,757,872			7,334,021			86,425,597		1,171,396		2,174,836		—
	Summit Hotel Properties Inc.		71,665,064		6,780,707		(5,923,134	)		(611,535	)		(3,674,395	)		68,236,707		7,085,847		—		—
	SunCoke Energy Inc.		38,766,134		3,564,507		(3,269,976	)		33,111			(4,221,847	)		34,871,929		5,552,855		662,108		—
	Supernus Pharmaceuticals Inc.		92,451,398		9,691,686		(9,562,968	)		(401,387	)		2,175,437			94,354,166		3,537,839		—		—
	Surmodics Inc.		51,794,270		4,007,973		(3,808,040	)		1,592,610			(2,006,749	)		51,580,064		927,699		—		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds

	Sykes Enterprises Inc.^(a)	$	116,330,161	$	8,506,983	$	(151,379,084	)	$	63,075,809		$	(36,533,869	)	$	—		—	$	—	$	—
	Tabula Rasa Health-Care Inc.		69,016,885		5,533,543		(4,473,879	)		97,611			(29,890,255	)		40,283,905		1,536,967		—		—
	Tactile Systems Technology Inc.		70,989,899		5,962,028		(5,278,689	)		1,251,194			(14,392,983	)		58,531,449		1,316,793		—		—
	Tanger Factory Outlet Centers Inc.		94,547,718		20,708,196		(9,016,526	)		3,147,169			3,412,312			112,798,869		6,920,176		2,341,048		—
	Team Inc.^(a)		23,853,460		972,427		(8,444,504	)		(35,714,110	)		19,332,727			—		—		—		—
	TechTarget Inc.		109,352,637		19,247,216		(9,446,258	)		4,478,107			15,414,547			139,046,249		1,687,045		—		—
	Tennant Co.		98,704,814		9,450,530		(8,716,943	)		968,384			(8,502,243	)		91,904,542		1,242,793		571,812		—
	TimkenSteel Corp.		29,752,222		4,895,545		(1,932,914	)		1,284,176			1,948,434			35,947,463		2,748,277		—		—
	Titan International Inc.		31,208,028		2,707,875		(2,279,986	)		913,340			(8,181,973	)		24,367,284		3,403,252		—		—
	Tivity Health Inc.		56,443,441		14,198,747		(4,778,151	)		1,312,920			642,849			67,819,806		2,941,015		—		—
	Tompkins Financial Corp.		66,885,031		5,187,532		(6,245,894	)		659,041			(2,193,815	)		64,291,895		794,610		872,163		—
	Tredegar Corp.		26,151,143		1,873,653		(2,212,211	)		(723,072	)		(4,211,726	)		20,877,787		1,714,104		421,615		—
	TreeHouse Foods Inc.		—		147,658,655		(4,287,064	)		9,014			4,594,574			147,975,179		3,710,511		—		—
	Trinseo SA		163,134,892		14,382,467		(12,631,622	)		2,668,137			(28,032,686	)		139,521,188		2,584,683		1,240,079		—
	Triumph Bancorp. Inc.		116,581,689		14,372,681		(8,490,366	)		3,084,258			31,800,426			157,348,688		1,571,444		—		—
	Triumph Group Inc.		60,192,680		4,875,153		(3,552,884	)		960,012			(75,583	)		62,399,378		3,349,403		—		—
	TrueBlue Inc.		52,315,688		6,157,891		(6,376,998	)		1,113,777			10,787,752			63,998,110		2,363,298		—		—
	Trupanion Inc.		168,434,160		17,110,454		(11,891,449	)		167,028			3,006,436			176,826,629		2,276,640		—		—
	TrustCo Bank Corp. NY		43,967,747		576,389		—			(9	)		(5,920,850	)		38,623,277		1,208,110		823,025		—
	Trustmark Corp.		—		115,396,116		—			—			78,850			115,474,966		3,583,953		818,836		—
	TTM Technologies Inc.		96,156,533		14,674,916		(7,394,314	)		989,553			(14,229,811	)		90,196,877		7,175,567		—		—
	Tupperware Brands Corp.		86,658,763		7,341,620		(6,193,064	)		981,676			(18,646,413	)		70,142,582		3,321,145		—		—
	Two Harbors Investment Corp.		—		172,522,112		(8,681,168	)		(1,093,318	)		(30,276,559	)		132,471,067		20,894,490		6,680,225		—
	U.S. Concrete Inc.^(a)		77,938,060		4,194,672		(83,167,724	)		26,772,323			(25,737,331	)		—		—		—		—
	U.S. Ecology Inc.		87,523,657		7,255,252		(7,382,558	)		(1,508,618	)		(18,029,208	)		67,858,525		2,097,636		—		—
	U.S. Physical Therapy Inc.		89,350,175		9,256,730		(9,106,810	)		2,548,088			2,975,908			95,024,091		859,169		625,078		—
	U.S. Silica Holdings Inc.		60,980,792		4,578,057		(4,401,757	)		(451,314	)		(20,763,672	)		39,942,106		4,999,012		—		—
	UFP Industries Inc.		309,413,018		32,726,780		(29,284,984	)		10,772,274			(43,732,218	)		279,894,870		4,117,312		1,235,395		—
	Ultra Clean Holdings Inc.		157,117,530		25,688,482		(11,332,150	)		5,918,680			(50,633,388	)		126,759,154		2,975,567		—		—
	Unifi Inc.		27,826,368		1,939,062		(3,741,422	)		(467,134	)		(5,218,970	)		20,337,904		927,401		—		—
	UniFirst Corp./MA		226,871,246		21,909,234		(21,780,377	)		5,707,644			(16,974,990	)		215,732,757		1,014,640		510,878		—
	uniQure NV		—		88,409,521		(397,006	)		(34,840	)		(11,401,368	)		76,576,307		2,392,262		—		—
	Unisys Corp.		106,761,356		16,466,901		(9,909,453	)		3,137,525			(4,138,150	)		112,318,179		4,467,708		—		—
	United Community Banks Inc./GA		183,178,031		2,956,535		—			—			(7,135,402	)		178,999,164		5,453,966		2,127,047		—
	United Fire Group Inc.		50,020,789		3,238,318		(2,956,192	)		(660,738	)		(16,273,557	)		33,368,620		1,444,529		433,079		—
	United Natural Foods Inc.		123,184,993		13,416,946		(12,393,048	)		4,763,394			52,657,430			181,629,715		3,751,130		—		—
	Uniti Group Inc.		171,226,312		16,810,361		(17,088,169	)		2,119,222			19,129,813			192,197,539		15,537,392		4,145,397		—
	Unitil Corp.		—		63,362,774		(2,903,734	)		(111,037	)		(15,013,395	)		45,334,608		1,059,715		761,845		—
	Universal Corp./VA		96,580,197		8,171,465		(8,132,033	)		112,474			(17,658,520	)		79,073,583		1,636,118		2,546,234		—


46		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds

	Universal Electronics Inc.	$	51,056,576	$	4,029,198	$	(5,384,252	)	$	120,843		$	(5,410,685	)	$	44,411,680		901,760	$	—	$	—
	Universal Health Realty Income Trust		57,861,075		4,316,596		(4,112,879	)		(524,708	)		(10,163,745	)		47,376,339		857,180		953,945		—
	Universal Insurance Holdings Inc.		27,164,162		495,048		(651,025	)		(822,132	)		(1,646,247	)		24,539,806		1,881,887		604,639		—
	Urstadt Biddle Properties Inc., Class A		32,429,238		157,179		—			—			4,283,582			36,869,999		1,947,702		596,574		—
	Vanda Pharmaceuticals Inc.		55,053,197		5,950,013		(5,402,615	)		798,363			7,082,597			63,481,555		3,703,708		—		—
	Varex Imaging Corp.		53,641,980		6,280,864		(6,177,764	)		983,130			19,233,566			73,961,776		2,622,758		—		—
	Vector Group Ltd.		119,130,838		11,419,440		(9,040,659	)		1,338,617			(11,747,567	)		111,100,669		8,713,778		3,450,817		—
	Veeco Instruments Inc.		68,739,391		7,136,197		(6,183,693	)		2,200,315			2,547,381			74,439,591		3,351,625		—		—
	Vera Bradley Inc.^(b)		N/A		20,364,790		(1,108,020	)		249,238			(3,464,226	)		16,041,782		1,704,759		—		—
	Vericel Corp.		170,156,038		16,643,094		(14,247,770	)		(635,816	)		(20,436,100	)		151,479,446		3,104,087		—		—
	Veritex Holdings Inc.		104,118,999		1,062,634		—			—			21,164,124			126,345,757		3,210,004		1,179,469		—
	Veritiv Corp.		35,329,598		15,061,585		(4,769,395	)		1,747,500			37,151,350			84,520,638		943,732		—		—
	Viad Corp.		56,921,449		5,620,902		(5,682,996	)		719,795			4,366,856			61,946,006		1,364,149		—		—
	Viavi Solutions Inc.		239,361,305		25,055,072		(25,400,312	)		8,518,530			(7,973,149	)		239,561,446		15,219,914		—		—
	Virtus Investment Partners Inc.		111,848,134		9,659,582		(9,775,697	)		5,142,530			30,425,666			147,300,215		474,672		778,374		—
	Vista Outdoor Inc.		124,606,414		14,847,526		(17,654,534	)		8,401,232			23,758,691			153,959,329		3,819,383		—		—
	Wabash National Corp.		65,304,094		4,981,230		(6,814,957	)		(468,032	)		(12,404,997	)		50,597,338		3,344,173		557,268		—
	Waddell & Reed Financial Inc., Class A^(a)		103,763,613		1,229,180		(104,784,964	)		27,640,785			(27,848,614	)		—		—		1,035,137		—
	Walker & Dunlop Inc.		200,743,583		19,659,243		(20,447,369	)		11,569,494			9,673,950			221,198,901		1,948,889		1,959,883		—
	Washington REIT		124,495,598		15,689,821		(13,131,399	)		(513,561	)		12,855,872			139,396,331		5,632,175		524,308		—
	Watts Water Technologies Inc., Class A		217,548,120		26,517,960		(25,805,614	)		10,283,263			79,909,153			308,452,882		1,835,046		957,479		—
	WD-40 Co.		279,344,242		21,683,273		(21,930,502	)		5,432,709			(73,310,935	)		211,218,787		912,471		1,311,988		—
	Westamerica Bancorp		105,435,620		3,295,681		—			—			(11,126,108	)		97,605,193		1,734,895		1,397,586		—
	Whitestone REIT		26,085,211		3,919,378		(1,623,298	)		8,459			80,280			28,470,030		2,911,046		263,528		—
	Winnebago Industries Inc.		172,588,602		15,558,395		(15,950,926	)		5,207,545			(15,364,844	)		162,038,772		2,236,560		949,860		—
	WisdomTree Investments Inc.		46,809,031		2,935,483		(4,079,116	)		(43,386	)		(4,394,166	)		41,227,846		7,271,225		294,694		—
	Wolverine World Wide Inc.		210,668,185		19,243,279		(19,426,606	)		2,641,987			(49,819,269	)		163,307,576		5,472,774		1,105,715		—
	World Fuel Services Corp.		—		146,770,226		(3,656,465	)		(82,944	)		(914,269	)		142,116,548		4,227,143		512,212		—
	WSFS Financial Corp.		127,264,286		18,777,193		—			—			4,667,023			150,708,502		2,937,215		699,210		—
	WW International Inc.		—		75,355,873		(334,136	)		(32,114	)		(10,477,151	)		64,512,472		3,534,930		—		—
	Xencor Inc.		166,310,078		13,388,938		(12,557,608	)		(1,789,374	)		(38,549,976	)		126,802,058		3,882,488		—		—
	Xenia Hotels & Resorts Inc.		147,419,259		14,659,171		(10,408,806	)		582,788			(17,382,093	)		134,870,319		7,602,611		—		—
	Xperi Holding Corp.		144,868,422		—		—			—			(19,497,680	)		125,370,742		6,654,498		665,450		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


Affiliates (continued)


	Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds


	Zumiez Inc.	$	59,725,337	$	6,805,140	$	(4,077,949	)	$	1,993,230	$	(6,444,665	)	$	58,001,093		1,458,780	$	—	$	—


									$	3,082,229,881	$	(2,947,814,762	)	$	65,720,576,425			$	401,843,302	$	—

^(a)

As of period end, the entity is no longer held.

^(b)

As of the beginning of the period, the entity was not considered an affiliate.

^(c)

Represents net amount purchased (sold).

^(d)

^(e)

As of period end, the entity was not considered an affiliate.

^(f)

Formerly the Hibbett Sports Inc.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
Russell 2000 E-Mini Index		1,831		12/17/21	$	201,483	$	(2,033,277	)

OTC Total Return Swaps




Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long	Monthly	Goldman Sachs Bank USA^(b)		02/27/23	$	274,604,609	$	7,830,137	^(c)	$	280,670,018		0.4	%
	Monthly	HSBC Bank PLC^(d)		02/10/23		181,207,209		3,245,825	^(e)		186,089,313		0.3
	Monthly	JPMorgan Chase Bank NA^(f)		02/08/23		221,925,294		7,725,604	^(g)		228,737,883		0.3


							$	18,801,566		$	695,497,214

^(a)

^(c)

Amount includes $1,764,728 of net dividends and financing fees.

^(e)

Amount includes $(1,636,279) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $913,015 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)


48		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of September 30, 2021 expiration 2/27/2023.


	Shares		Value		% of Basket Value

Reference Entity — Long

Aerospace & Defense
Triumph Group Inc.^(a)		648,143	$	12,074,904		4.3	%


Banks
BankUnited Inc.		94,902		3,968,802		1.4
Banner Corp.		67,129		3,706,192		1.3
Berkshire Hills Bancorp. Inc.		35,700		963,186		0.4
Brookline Bancorp. Inc.		250,113		3,816,724		1.4
Cadence BanCorp.		74,615		1,638,545		0.6
Central Pacific Financial Corp.		55,517		1,425,677		0.5
City Holding Co.		24,723		1,926,169		0.7
Columbia Banking System Inc.		518,222		19,687,254		7.0
Community Bank System Inc.		37,895		2,592,776		0.9
Eagle Bancorp. Inc.		38,721		2,226,458		0.8
First Bancorp./Southern Pines NC		106,677		4,588,178		1.6
First Commonwealth Financial Corp.		148,094		2,018,521		0.7
First Financial Bancorp		215,916		5,054,594		1.8
First Midwest Bancorp. Inc.		58,066		1,103,835		0.4
Great Western Bancorp. Inc.		67,785		2,219,281		0.8
Hanmi Financial Corp.		105,097		2,108,246		0.8
Heritage Financial Corp./WA		91,050		2,321,775		0.8
Hope Bancorp Inc.		237,944		3,435,911		1.2
Independent Bank Corp.		17,706		1,348,312		0.5
NBT Bancorp. Inc.		49,622		1,792,347		0.6
OFG Bancorp		114,854		2,896,618		1.0
Old National Bancorp./IN		102,742		1,741,477		0.6
Preferred Bank/Los Angeles CA		19,926		1,328,666		0.5
Renasant Corp.		33,823		1,219,319		0.4
S&T Bancorp. Inc.		103,109		3,038,622		1.1
Seacoast Banking Corp. of Florida		19,944		674,307		0.3
Simmons First National Corp.		9,813		290,072		0.1
United Community Banks Inc./GA		127,598		4,187,766		1.5
Veritex Holdings Inc.		30,122		1,185,602		0.4
Westamerica Bancorp		22,529		1,267,482		0.5


				85,772,714


Commercial Services & Supplies
Pitney Bowes Inc.		219,118		1,579,841		0.6


Communications Equipment
Extreme Networks Inc.^(a)		1,995,585		19,656,512		7.0


Equity Real Estate Investment Trusts (REITs)
GEO Group Inc. (The)		229,537		1,714,641		0.6
Kite Realty Group Trust		309,956		6,310,704		2.2
NexPoint Residential Trust Inc.		127,045		7,861,545		2.8
SITE Centers Corp.		882,960		13,632,902		4.9
Urstadt Biddle Properties Inc.		38,719		732,951		0.3


				30,252,743


Health Care Providers & Services
RadNet Inc.^(a)		204,358		5,989,733		2.1


Insurance
Ambac Financial Group Inc.^(a)		95,534		1,368,047		0.5
Assured Guaranty Ltd.		1,138,002		53,269,874		19.0
Employers Holdings Inc.		74,691		2,949,548		1.0
Genworth Financial Inc.^(a)		4,698,104		17,617,890		6.3


	Shares		Value		% of Basket Value

Horace Mann Educators Corp.		88,820	$	3,534,148		1.2
ProAssurance Corp.		101,466		2,412,861		0.9
Safety Insurance Group Inc.		5,680		450,140		0.2
Stewart Information Services Corp.		42,168		2,667,548		0.9


				84,270,056


Metals & Mining
Warrior Met Coal Inc.		92,441		2,151,102		0.8


Multiline Retail
Macy’s Inc.		65,981		1,491,171		0.5


Oil, Gas & Consumable Fuels
Bonanza Creek Energy Inc.		1,328		63,611		0.0
Green Plains Inc.^(a)		83,801		2,736,103		1.0
Par Pacific Holdings Inc.^(a)		150,853		2,371,409		0.8


				5,171,123


Software
Vonage Holdings Corp.^(a)		1,547,083		24,938,978		8.9
Xperi Holding Corp.		88,244		1,662,517		0.6


				26,601,495


Thrifts & Mortgage Finance
HomeStreet Inc.		28,590		1,176,479		0.4
Mr Cooper Group Inc.^(a)		23,716		976,388		0.4
Northwest Bancshares Inc.		193,023		2,563,345		0.9
TrustCo Bank Corp. NY		29,478		942,412		0.3


				5,658,624


Total Reference Entity — Long				280,670,018


Net Value of Reference Entity — Goldman Sachs Bank USA			$	280,670,018

^(a)	Non-income producing security.


	Shares		Value		% of Basket Value

Reference Entity — Long

Aerospace & Defense
Triumph Group Inc.		170,048	$	3,167,994		1.7	%


Banks
Bancorp. Inc. (The)		330,709		8,416,544		4.5
BankUnited Inc.		47,261		1,976,455		1.1
Community Bank System Inc.		27,311		1,868,619		1.0
First BanCorp./Puerto Rico		109,600		1,441,240		0.8
Lakeland Financial Corp.		50,137		3,571,760		1.9
Preferred Bank/Los Angeles CA		12,145		809,829		0.4
Southside Bancshares Inc.		73,069		2,797,812		1.5
Trustmark Corp.		537,591		17,321,182		9.3


				38,203,441


Equity Real Estate Investment Trusts (REITs)
SITE Centers Corp.		689,778		10,650,172		5.7


Multiline Retail
Macy’s Inc.		329,796		7,453,390		4.0


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF


	Shares		Value		% of Basket Value

Multi-Utilities
Avista Corp.		19,438	$	760,415		0.4


Oil, Gas & Consumable Fuels
Bonanza Creek Energy Inc.		559,103		26,781,034		14.4
Green Plains Inc.		712,203		23,253,428		12.5
Par Pacific Holdings Inc.		79,404		1,248,231		0.7


				51,282,693


Software
Vonage Holdings Corp.		720,225		11,610,027		6.3


Thrifts & Mortgage Finance
Flagstar Bancorp. Inc.		188,027		9,548,011		5.1
Mr Cooper Group Inc.		1,195,143		49,204,037		26.4
Provident Financial Services Inc.		179,341		4,209,133		2.3


				62,961,181


Total Reference Entity — Long				186,089,313


Net Value of Reference Entity — HSBC Bank PLC			$	186,089,313


	Shares		Value		% of Basket Value

Reference Entity — Long

Aerospace & Defense
Triumph Group Inc.^(a)		125,892	$	2,345,368		1.0%


Banks
Banner Corp.		78,571		4,337,905		1.9
Brookline Bancorp. Inc.		36,148		551,618		0.2
Cadence BanCorp.		98,624		2,165,783		0.9
Central Pacific Financial Corp.		228,485		5,867,495		2.6
Columbia Banking System Inc.		66,089		2,510,721		1.1
Community Bank System Inc.		18,500		1,265,770		0.6
Eagle Bancorp. Inc.		26,490		1,523,175		0.7
First BanCorp./Puerto Rico		403,044		5,300,029		2.3
First Bancorp./Southern Pines NC		7,873		338,618		0.1
First Commonwealth Financial Corp.		264,952		3,611,296		1.6
First Midwest Bancorp. Inc.		202,659		3,852,548		1.7
Great Western Bancorp. Inc.		32,309		1,057,797		0.5
Hanmi Financial Corp.		21,396		429,204		0.2
Heritage Financial Corp./WA		29,054		740,877		0.3
Hilltop Holdings Inc.		178,741		5,839,468		2.6
Hope Bancorp Inc.		5,631		81,312		0.0
Independent Bank Corp.		43,696		3,327,450		1.5
National Bank Holdings Corp.		14,466		585,584		0.3
NBT Bancorp. Inc.		27,650		998,718		0.4
OFG Bancorp		21,561		543,768		0.2
Old National Bancorp./IN		334,495		5,669,690		2.5
Preferred Bank/Los Angeles CA		4,778		318,597		0.1
Renasant Corp.		39,238		1,414,530		0.6
S&T Bancorp. Inc.		37,755		1,112,640		0.5


	Shares		Value		% of Basket Value

Seacoast Banking Corp. of Florida		61,207	$	2,069,409		0.9
Simmons First National Corp.		321,199		9,494,642		4.1
Southside Bancshares Inc.		6,500		248,885		0.1
United Community Banks Inc./GA		135,180		4,436,608		1.9
Veritex Holdings Inc.		16,763		659,792		0.3
Westamerica Bancorp		14,743		829,441		0.4


				71,183,370


Communications Equipment
Extreme Networks Inc.^(a)		522,686		5,148,457		2.3


Equity Real Estate Investment Trusts (REITs)
CareTrust REIT Inc.		91,251		1,854,220		0.8
Easterly Government Properties Inc.		178,772		3,693,430		1.6
GEO Group Inc. (The)		175,084		1,307,877		0.6
Kite Realty Group Trust		66,450		1,352,922		0.6
NexPoint Residential Trust Inc.		15,570		963,472		0.4
SITE Centers Corp.		991,973		15,316,063		6.7


				24,487,984


Health Care Providers & Services
RadNet Inc.^(a)		210,760		6,177,376		2.7


Insurance
Ambac Financial Group Inc.^(a)		736,957		10,553,224		4.6
Employers Holdings Inc.		53,093		2,096,643		0.9
Genworth Financial Inc.^(a)		329,118		1,234,193		0.6
Horace Mann Educators Corp.		46,564		1,852,782		0.8
ProAssurance Corp.		55,826		1,327,542		0.6
Stewart Information Services Corp.		54,166		3,426,541		1.5


				20,490,925


Metals & Mining
Warrior Met Coal Inc.		829,955		19,313,053		8.4


Multiline Retail
Macy’s Inc.		281,151		6,354,013		2.8


Oil, Gas & Consumable Fuels
Par Pacific Holdings Inc.^(a)		316,412		4,973,997		2.2


Software
Vonage Holdings Corp.^(a)		2,515,910		40,556,469		17.7
Xperi Holding Corp.		171,160		3,224,654		1.4


				43,781,123


Thrifts & Mortgage Finance
Meta Financial Group Inc.		13,866		727,688		0.3
Mr Cooper Group Inc.^(a)		279,274		11,497,711		5.0
Northwest Bancshares Inc.		70,424		935,231		0.4
TrustCo Bank Corp. NY		33,745		1,078,828		0.5
WSFS Financial Corp.		199,625		10,242,759		4.5


				24,482,217


Total Reference Entity — Long				228,737,883


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	228,737,883

^(a)	Non-income producing security.


50		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps



	Premiums Paid		Premiums Received		Unrealized Appreciation		Unrealized Depreciation

Total Return Swaps		$—		$—		$18,801,566		$—

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:




	Equity Contracts


Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	18,801,566


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	2,033,277

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	7,599,879
Swaps		(41,719,725	)


	$	(34,119,846	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(6,156,992	)
Swaps		66,955,963


	$	60,798,971

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	257,441,078
Total return swaps:
Average notional value	$	813,597,301

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities

Derivative Financial Instruments:
Futures contracts	$	—	$	2,033,277

Swaps - OTC^(a)		18,801,566		—


Total derivative assets and liabilities in the Statement of Assets and Liabilities		18,801,566		2,033,277
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(2,033,277	)


Total derivative assets and liabilities subject to an MNA		18,801,566		—

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Small-Cap ETF

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:




Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets


Goldman Sachs Bank USA	$	7,830,137	$	—		$	—	$	(7,830,137	)	$	—
HSBC Bank PLC		3,245,825		—			—		(3,245,825	)		—
JPMorgan Chase Bank NA		7,725,604		—			—		(7,725,604	)		—

	$	18,801,566	$	—		$	—	$	(18,801,566	)	$	—

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	67,915,935,353		$	—	$	—	$	67,915,935,353
Money Market Funds		3,497,517,384			—		—		3,497,517,384


	$	71,413,452,737		$	—	$	—	$	71,413,452,737

Derivative financial instruments^(a)
Assets
Swaps	$	—		$	18,801,566	$	—	$	18,801,566
Liabilities
Futures Contracts		(2,033,277	)		—		—		(2,033,277	)


	$	(2,033,277	)	$	18,801,566	$	—	$	16,768,289

^(a)

Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


52		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
AAR Corp.^(a)		32,918	$	1,067,531
Aerojet Rocketdyne Holdings Inc.		68,036		2,962,968
Aerovironment Inc.^(a)(b)		19,747		1,704,561
Air Industries Group^(a)		8,278		8,857
Astra Space Inc.^(a)		115,785		1,006,172
Astronics Corp.^(a)(b)		24,199		340,238
Astrotech Corp.^(a)		1,452		1,525
Axon Enterprise Inc.^(a)		62,230		10,891,495
Boeing Co. (The)^(a)		511,827		112,571,230
BWX Technologies Inc.		93,300		5,025,138
Byrna Technologies Inc.^(a)		32,211		704,132
CPI Aerostructures Inc.^(a)(b)		8,141		22,388
Curtiss-Wright Corp.		34,510		4,354,472
Ducommun Inc.^(a)(b)		8,608		433,413
General Dynamics Corp.		214,352		42,019,422
HEICO Corp.^(b)		39,077		5,153,084
HEICO Corp., Class A		68,364		8,096,348
Hexcel Corp.^(a)		84,567		5,022,434
Howmet Aerospace Inc.		370,023		11,544,718
Huntington Ingalls Industries Inc.		36,218		6,992,247
Innovative Solutions & Support Inc.		16,238		116,102
Kaman Corp.		25,204		899,027
Kratos Defense & Security Solutions Inc.^(a)		116,745		2,604,581
L3Harris Technologies Inc.		181,115		39,888,768
Lockheed Martin Corp.		225,608		77,857,321
Maxar Technologies Inc.		63,710		1,804,267
Mercury Systems Inc.^(a)		51,310		2,433,120
Momentus Inc.^(a)		86,526		917,176
Moog Inc., Class A		24,076		1,835,313
National Presto Industries Inc.		7,559		620,443
Northrop Grumman Corp.		136,527		49,170,199
PAE Inc.^(a)		55,637		332,709
Park Aerospace Corp.		17,138		234,448
Parsons Corp.^(a)(b)		17,681		596,910
Raytheon Technologies Corp.		1,401,612		120,482,567
SIFCO Industries Inc.^(a)		614		5,280
Spirit AeroSystems Holdings Inc., Class A^(b)		99,368		4,391,072
Textron Inc.		213,835		14,927,821
TransDigm Group Inc.^(a)		48,682		30,405,317
Triumph Group Inc.^(a)		79,282		1,477,024
Vectrus Inc.^(a)		8,625		433,665
Virgin Galactic Holdings Inc.^(a)(b)		172,093		4,353,953
Virtra Inc.^(a)(b)		7,235		73,363


				575,782,819

Air Freight & Logistics — 0.5%
Air T Inc.^(a)(b)		379		10,468
Air Transport Services Group Inc.^(a)		53,104		1,370,614
Atlas Air Worldwide Holdings Inc.^(a)(b)		24,839		2,028,850
CH Robinson Worldwide Inc.		126,865		11,037,255
Echo Global Logistics Inc.^(a)		21,969		1,048,141
Expeditors International of Washington Inc.		155,418		18,514,946
FedEx Corp.		229,225		50,266,750
Forward Air Corp.		25,988		2,157,524
GXO Logistics Inc.^(a)		95,943		7,525,769
Hub Group Inc., Class A^(a)		33,242		2,285,388
Radiant Logistics Inc.^(a)		26,206		167,456
United Parcel Service Inc., Class B		672,794		122,515,787


				218,928,948


Security	Shares		Value

Airlines — 0.3%
Alaska Air Group Inc.^(a)		118,021	$	6,916,031
Allegiant Travel Co.^(a)		15,196		2,970,514
American Airlines Group Inc.^(a)		606,235		12,439,942
Blade Air Mobility Inc.^(a)(b)		72,976		758,950
Delta Air Lines Inc.^(a)		584,063		24,886,925
Frontier Group Holdings Inc.^(a)(b)		43,848		692,360
Hawaiian Holdings Inc.^(a)		50,829		1,100,956
JetBlue Airways Corp.^(a)		284,414		4,348,690
Joby Aviation Inc.^(a)(b)		246,969		2,484,508
SkyWest Inc.^(a)		51,167		2,524,580
Southwest Airlines Co.^(a)		541,742		27,861,791
Spirit Airlines Inc.^(a)(b)		102,545		2,660,017
Sun Country Airlines Holdings Inc.^(a)(b)		20,726		695,150
United Airlines Holdings Inc.^(a)(b)		299,767		14,259,916
Wheels Up Experience Inc.^(a)		164,332		1,082,948


				105,683,278

Auto Components — 0.3%
Adient PLC^(a)		79,874		3,310,777
American Axle & Manufacturing Holdings Inc.^(a)		100,109		881,960
Aptiv PLC^(a)		253,971		37,834,060
Autoliv Inc.		76,668		6,571,981
BorgWarner Inc.		213,082		9,207,273
Cooper-Standard Holdings Inc.^(a)		14,600		319,886
Dana Inc.		141,096		3,137,975
Dorman Products Inc.^(a)(b)		25,714		2,434,344
Fox Factory Holding Corp.^(a)		41,889		6,054,636
Garrett Motion Inc.^(a)(b)		120,871		890,819
Gentex Corp.		209,822		6,919,930
Gentherm Inc.^(a)		27,579		2,231,969
Goodyear Tire & Rubber Co. (The)^(a)		274,971		4,866,987
Horizon Global Corp.^(a)		43,482		305,679
LCI Industries		24,897		3,351,883
Lear Corp.		56,862		8,897,766
Luminar Technologies Inc.^(a)(b)		178,688		2,787,533
Modine Manufacturing Co.^(a)(b)		66,528		753,762
Motorcar Parts of America Inc.^(a)		32,608		635,856
Patrick Industries Inc.		24,090		2,006,697
QuantumScape Corp.^(a)(b)		215,523		5,288,934
Standard Motor Products Inc.		23,276		1,017,394
Stoneridge Inc.^(a)(b)		25,116		512,115
Superior Industries International Inc.^(a)		66,456		468,515
Sypris Solutions Inc.^(a)(b)		16,991		60,658
Tenneco Inc., Class A^(a)		78,416		1,118,996
Unique Fabricating Inc.^(a)(b)		714		2,356
Veoneer Inc.^(a)		98,852		3,366,899
Visteon Corp.^(a)		24,454		2,308,213
XL Fleet Corp.^(a)(b)		87,484		538,902
XPEL Inc.^(a)		13,814		1,047,930


				119,132,685

Automobiles — 1.8%
Arcimoto Inc.^(a)(b)		21,716		248,214
Canoo Inc.^(a)(b)		133,097		1,023,516
Fisker Inc.^(a)(b)		144,408		2,115,577
Ford Motor Co.^(a)		3,656,526		51,776,408
General Motors Co.^(a)		1,328,713		70,036,462
Harley-Davidson Inc.		143,351		5,248,080
Lordstown Motors Corp., Class A^(a)(b)		93,170		743,497
Lucid Group Inc.^(a)(b)		511,574		12,983,748
Tesla Inc.^(a)		750,982		582,371,521


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Automobiles (continued)
Thor Industries Inc.		52,517	$	6,446,987
Winnebago Industries Inc.		35,570		2,577,047
Workhorse Group Inc.^(a)(b)		88,959		680,536


				736,251,593

Banks — 4.4%
1st Constitution Bancorp		9,023		213,574
1st Source Corp.		16,272		768,689
ACNB Corp.		7,766		217,448
Affinity Bancshares Inc.^(a)		2,365		33,276
Allegiance Bancshares Inc.		15,975		609,446
Altabancorp		21,278		939,636
Amalgamated Financial Corp.		32,648		516,491
Amerant Bancorp Inc.^(a)		27,467		679,534
American National Bankshares Inc.		17,839		589,401
Ameris Bancorp		45,590		2,365,209
AmeriServ Financial Inc.		16,695		65,277
Ames National Corp.		9,687		225,320
Arrow Financial Corp.		11,123		382,186
Associated Banc-Corp.		142,197		3,045,860
Atlantic Capital Bancshares Inc.^(a)		9,460		250,595
Atlantic Union Bankshares Corp.		71,455		2,633,117
Auburn National Bancorp. Inc.		595		20,230
Banc of California Inc.		49,121		908,247
BancFirst Corp.		16,522		993,303
Bancorp. Inc. (The)^(a)		33,768		859,396
BancorpSouth Bank		91,997		2,739,671
Bank First Corp.		8,438		598,001
Bank of America Corp.		6,883,299		292,196,043
Bank of Commerce Holdings		11,842		179,643
Bank of Hawaii Corp.		37,596		3,089,263
Bank of Marin Bancorp., Class A		19,834		748,733
Bank of Princeton (The)		16,752		503,230
Bank of South Carolina Corp.		960		19,306
Bank of the James Financial Group Inc.		852		12,439
Bank OZK		109,725		4,715,980
Bank7 Corp.		2,920		62,576
BankFinancial Corp.		7,593		87,168
BankUnited Inc.		65,208		2,726,999
Bankwell Financial Group Inc.		8,703		256,129
Banner Corp.		19,279		1,064,394
Bar Harbor Bankshares		16,162		453,344
Baycom Corp.^(a)		24,393		453,710
BCB Bancorp. Inc.		10,899		160,869
Berkshire Hills Bancorp. Inc.		42,958		1,159,007
BOK Financial Corp.		27,815		2,490,833
Brookline Bancorp. Inc.		34,474		526,073
Bryn Mawr Bank Corp.		17,137		787,445
Business First Bancshares Inc.		22,941		536,590
Byline Bancorp Inc.		27,000		663,120
C&F Financial Corp.		704		37,389
Cadence BanCorp.		101,829		2,236,165
Cambridge Bancorp		7,376		649,088
Camden National Corp.		9,007		431,435
Capital City Bank Group Inc.		8,639		213,729
Capstar Financial Holdings Inc.		33,892		719,866
Carter Bankshares Inc.^(a)		12,069		171,621
Cathay General Bancorp		72,678		3,008,142
CB Financial Services Inc.		829		19,092
CBTX Inc.		16,864		444,872
Central Pacific Financial Corp.		9,084		233,277


Security	Shares		Value

Banks (continued)
Central Valley Community Bancorp		8,432	$	181,288
Century Bancorp. Inc./MA, Class A, NVS		1,519		175,050
Chemung Financial Corp.		1,353		61,291
CIT Group Inc.		92,071		4,783,088
Citigroup Inc.		1,883,941		132,214,979
Citizens & Northern Corp.		10,432		263,512
Citizens Community Bancorp. Inc./WI		799		11,106
Citizens Financial Group Inc.		391,066		18,372,281
Citizens Holding Co.		828		15,475
City Holding Co.		12,074		940,685
Civista Bancshares Inc.		10,494		243,776
CNB Financial Corp./PA		10,624		258,588
Coastal Financial Corp./WA^(a)		29,130		928,082
Codorus Valley Bancorp. Inc.		10,965		247,151
Colony Bankcorp Inc.		7,779		145,701
Columbia Banking System Inc.		49,769		1,890,724
Comerica Inc.		123,434		9,936,437
Commerce Bancshares Inc.		100,350		6,992,388
Community Bank System Inc.		43,616		2,984,207
Community Bankers Trust Corp.		20,811		236,621
Community Financial Corp. (The)		1,709		63,011
Community Trust Bancorp. Inc.		16,611		699,323
Community West Bancshares		7,785		103,151
ConnectOne Bancorp. Inc.		31,779		953,688
County Bancorp. Inc.^(b)		2,026		73,848
CrossFirst Bankshares Inc.^(a)		65,666		853,658
Cullen/Frost Bankers Inc.		58,046		6,885,417
Customers Bancorp. Inc.^(a)		20,203		869,133
CVB Financial Corp.		108,076		2,201,508
Dime Community Bancshares Inc.		39,264		1,282,362
Eagle Bancorp. Inc.		22,012		1,265,690
Eagle Bancorp. Montana Inc.		1,904		42,592
East West Bancorp. Inc.		134,417		10,422,694
Eastern Bankshares Inc.		176,057		3,573,957
Emclaire Financial Corp.		214		5,669
Enterprise Bancorp. Inc./MA		7,888		283,574
Enterprise Financial Services Corp.		39,339		1,781,270
Equity Bancshares Inc., Class A		9,673		322,885
Evans Bancorp. Inc.		1,835		70,280
Farmers & Merchants Bancorp. Inc./Archbold OH		18,714		419,194
Farmers National Banc Corp.		19,316		303,454
FB Financial Corp.		32,224		1,381,765
Fidelity D&D Bancorp. Inc.		7,902		398,498
Fifth Third Bancorp		634,164		26,913,920
Financial Institutions Inc.		11,887		364,337
First Bancorp. Inc. (The)		8,549		249,118
First BanCorp./Puerto Rico		143,825		1,891,299
First Bancorp./Southern Pines NC		15,784		678,870
First Bancshares Inc. (The)		28,569		1,107,906
First Bank/Hamilton NJ		8,207		115,637
First Busey Corp.		40,463		996,604
First Business Financial Services Inc.		9,308		267,233
First Capital Inc.		978		39,883
First Citizens BancShares Inc./NC, Class A^(b)		7,143		6,022,763
First Commonwealth Financial Corp.		43,678		595,331
First Community Bankshares Inc.		16,241		515,165
First Community Corp./SC		7,814		155,889
First Financial Bancorp		66,509		1,556,976
First Financial Bankshares Inc.		119,088		5,472,094
First Financial Corp./IN		9,720		408,726


54		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
First Financial Northwest Inc.		8,543	$	139,849
First Foundation Inc.		59,527		1,565,560
First Guaranty Bancshares Inc.		22,616		453,903
First Hawaiian Inc.		124,623		3,657,685
First Horizon Corp.		503,528		8,202,471
First Internet Bancorp		1,999		62,329
First Interstate BancSystem Inc., Class A		32,200		1,296,372
First Merchants Corp.		49,301		2,062,754
First Mid Bancshares Inc.		23,003		944,503
First Midwest Bancorp. Inc.		82,119		1,561,082
First National Corp./VA^(b)		3,235		74,567
First Northwest Bancorp		10,930		191,931
First of Long Island Corp. (The)		24,351		501,631
First Republic Bank/CA		162,577		31,357,852
First Savings Financial Group Inc.		642		18,053
First U.S. Bancshares Inc.		7,703		82,730
First United Corp.		7,935		147,591
Flushing Financial Corp.		25,236		570,334
FNB Corp.		347,590		4,038,996
Franklin Financial Services Corp.		883		28,565
Fulton Financial Corp.		151,586		2,316,234
FVCBankcorp Inc.^(a)(b)		30,539		610,475
German American Bancorp. Inc.		17,636		681,279
Glacier Bancorp. Inc.		85,820		4,750,137
Glen Burnie Bancorp		598		7,385
Great Southern Bancorp. Inc.		8,496		465,666
Great Western Bancorp. Inc.		30,365		994,150
Guaranty Bancshares Inc./TX		18,944		679,142
Hancock Whitney Corp.		92,812		4,373,301
Hanmi Financial Corp.		14,565		292,174
Harborone Bancorp. Inc.		61,554		864,218
Hawthorn Bancshares Inc.		8,614		199,500
HBT Financial Inc.		8,417		130,884
Heartland Financial USA Inc.		42,519		2,044,314
Heritage Commerce Corp.		68,415		795,666
Heritage Financial Corp./WA		22,267		567,808
Hilltop Holdings Inc.		67,112		2,192,549
Home BancShares Inc./AR		143,799		3,383,590
HomeTrust Bancshares Inc.		16,598		464,412
Hope Bancorp Inc.		85,049		1,228,108
Horizon Bancorp Inc./IN		24,667		448,199
Howard Bancorp. Inc.^(a)		2,396		48,591
Huntington Bancshares Inc./OH		1,383,100		21,382,726
Independent Bank Corp.		24,726		1,882,885
Independent Bank Corp./MI		17,712		380,454
Independent Bank Group Inc.		35,818		2,544,511
International Bancshares Corp.		49,490		2,060,764
Investar Holding Corp.		9,898		217,954
Investors Bancorp. Inc.		163,794		2,474,927
JPMorgan Chase & Co.		2,777,571		454,660,597
KeyCorp.		875,669		18,931,964
Lakeland Bancorp. Inc.		34,482		607,918
Lakeland Financial Corp.		24,660		1,756,778
Landmark Bancorp. Inc./Manhattan KS		820		22,706
LCNB Corp.		10,070		177,635
Limestone Bancorp. Inc.^(a)		457		8,212
Live Oak Bancshares Inc.^(b)		33,601		2,138,032
M&T Bank Corp.		118,321		17,670,058
Macatawa Bank Corp.		28,245		226,807
MainStreet Bancshares Inc.^(a)(b)		3,013		72,282


Security	Shares		Value

Banks (continued)
Malvern Bancorp. Inc.^(a)(b)		7,752	$	131,706
Mercantile Bank Corp.		16,308		522,345
Meridian Corp.		1,164		33,372
Metrocity Bankshares Inc.		17,982		377,083
Metropolitan Bank Holding Corp.^(a)		7,323		617,329
Mid Penn Bancorp. Inc.		2,541		70,005
Middlefield Banc Corp.		538		12,950
Midland States Bancorp. Inc.		22,977		568,221
MidWestOne Financial Group Inc.		9,331		281,423
MVB Financial Corp.		9,539		408,555
National Bank Holdings Corp., Class A		23,140		936,707
National Bankshares Inc.		9,073		329,441
NBT Bancorp. Inc.		36,179		1,306,785
Nicolet Bankshares Inc.^(a)(b)		9,791		726,296
Northeast Bank		1,049		35,372
Northrim Bancorp. Inc.		7,786		330,983
Norwood Financial Corp.		2,275		58,490
Oak Valley Bancorp		7,755		137,806
OceanFirst Financial Corp.		51,842		1,109,937
OFG Bancorp		36,448		919,219
Ohio Valley Banc Corp.		781		21,306
Old National Bancorp./IN		126,939		2,151,616
Old Point Financial Corp.		766		16,423
Old Second Bancorp. Inc.		28,128		367,352
Origin Bancorp Inc.		15,988		677,092
Orrstown Financial Services Inc.		9,908		231,847
Pacific Mercantile Bancorp.^(a)		9,205		84,778
Pacific Premier Bancorp. Inc.		80,724		3,345,203
PacWest Bancorp		100,093		4,536,215
Park National Corp.		16,621		2,026,931
Parke Bancorp. Inc.		8,979		196,909
Pathfinder Bancorp. Inc.		713		11,622
Patriot National Bancorp Inc.^(a)		59		619
Peapack Gladstone Financial Corp.		11,907		397,218
Penns Woods Bancorp. Inc.		10,515		249,836
Peoples Bancorp. Inc./OH		24,730		781,715
Peoples Bancorp. of North Carolina Inc.		893		25,352
Peoples Financial Services Corp.		7,804		355,628
People’s United Financial Inc.		406,726		7,105,503
Pinnacle Financial Partners Inc.		74,998		7,055,812
Plumas Bancorp		7,592		237,857
PNC Financial Services Group Inc. (The)		395,002		77,278,191
Popular Inc.		74,162		5,760,163
Preferred Bank/Los Angeles CA		7,979		532,040
Primis Financial Corp.		18,785		271,631
Prosperity Bancshares Inc.		87,442		6,219,749
QCR Holdings Inc.		9,032		464,606
RBB Bancorp		25,580		644,872
Regions Financial Corp.		882,743		18,811,253
Reliant Bancorp Inc.		24,199		764,446
Renasant Corp.		43,757		1,577,440
Republic Bancorp. Inc./KY, Class A		9,074		459,598
Republic First Bancorp. Inc.^(a)(b)		31,080		95,726
Riverview Financial Corp.^(a)		7,648		100,801
S&T Bancorp. Inc.		20,399		601,159
Salisbury Bancorp. Inc.		207		10,868
Sandy Spring Bancorp. Inc.		57,574		2,638,041
SB Financial Group Inc.		2,194		39,711
Seacoast Banking Corp. of Florida		39,119		1,322,613
Select Bancorp. Inc.^(a)		8,348		144,003


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
ServisFirst Bancshares Inc.		45,319	$	3,525,818
Shore Bancshares Inc.		14,330		254,071
Sierra Bancorp		9,971		242,096
Signature Bank/New York NY		57,722		15,716,546
Silvergate Capital Corp., Class A^(a)		18,109		2,091,589
Simmons First National Corp., Class A		85,337		2,522,562
SmartFinancial Inc.		9,174		237,148
Sound Financial Bancorp. Inc.^(b)		260		11,700
South Plains Financial Inc.		2,685		65,460
South State Corp.		66,993		5,002,367
Southern First Bancshares Inc.^(a)		7,701		412,003
Southside Bancshares Inc.		22,706		869,413
Spirit of Texas Bancshares Inc.		25,028		605,678
Sterling Bancorp./DE		194,786		4,861,859
Stock Yards Bancorp. Inc.		32,998		1,935,333
Summit Financial Group Inc.		8,423		206,448
Summit State Bank		868		17,186
SVB Financial Group^(a)		54,495		35,251,726
Synovus Financial Corp.		143,900		6,315,771
Texas Capital Bancshares Inc.^(a)		51,590		3,096,432
Tompkins Financial Corp.		9,114		737,414
Towne Bank/Portsmouth VA		58,632		1,824,042
TriCo Bancshares		33,493		1,453,596
TriState Capital Holdings Inc.^(a)(b)		19,876		420,377
Triumph Bancorp. Inc.^(a)		19,593		1,961,847
Truist Financial Corp.		1,240,764		72,770,809
Trustmark Corp.		60,524		1,950,083
U.S. Bancorp		1,254,135		74,545,784
UMB Financial Corp.		41,477		4,011,241
Umpqua Holdings Corp.		204,604		4,143,231
Union Bankshares Inc./Morrisville VT		808		25,824
United Bancorp. Inc./OH		7,608		109,175
United Bancshares Inc./OH		679		20,710
United Bankshares Inc./WV		110,531		4,021,118
United Community Banks Inc./GA		68,926		2,262,151
United Security Bancshares/Fresno CA		9,274		74,192
Unity Bancorp. Inc.		7,763		181,654
Univest Financial Corp.		49,561		1,357,476
Valley National Bancorp		402,112		5,352,111
Veritex Holdings Inc.		31,763		1,250,192
Village Bank and Trust Financial Corp.^(a)		113		5,836
Virginia National Bankshares Corp.^(b)		883		31,912
Washington Trust Bancorp. Inc.		16,037		849,640
Webster Financial Corp.		84,238		4,587,601
Wells Fargo & Co.		3,817,077		177,150,544
WesBanco Inc.		59,374		2,023,466
West Bancorp. Inc.		16,264		488,408
Westamerica Bancorp		18,425		1,036,590
Western Alliance Bancorp		99,649		10,843,804
Wintrust Financial Corp.		60,343		4,849,767
Zions Bancorp. NA		145,372		8,997,073


				1,844,022,673

Beverages — 1.2%
Alkaline Water Co. Inc. (The)^(a)(b)		178,938		284,512
Boston Beer Co. Inc. (The), Class A, NVS^(a)		8,617		4,392,516
Brown-Forman Corp., Class A		51,490		3,226,878
Brown-Forman Corp., Class B, NVS		175,024		11,728,358
Celsius Holdings Inc.^(a)(b)		39,335		3,543,690
Coca-Cola Co. (The)		3,582,475		187,972,463
Coca-Cola Consolidated Inc.		3,700		1,458,466


Security	Shares		Value

Beverages (continued)
Constellation Brands Inc., Class A		155,360	$	32,732,799
Duckhorn Portfolio Inc. (The)^(a)		34,030		778,947
Eastside Distilling Inc.^(a)(b)		7,824		20,342
Keurig Dr Pepper Inc.		685,133		23,404,143
MGP Ingredients Inc.		9,858		641,756
Molson Coors Beverage Co., Class B		176,823		8,201,051
Monster Beverage Corp.^(a)		349,023		31,003,713
National Beverage Corp.		15,490		813,070
NewAge Inc.^(a)(b)		99,552		138,377
PepsiCo Inc.		1,268,171		190,745,600
Reed’s Inc.^(a)(b)		8,618		5,171
Willamette Valley Vineyards Inc.^(a)(b)		794		10,100


				501,101,952

Biotechnology — 2.7%
4D Molecular Therapeutics Inc.^(a)		17,082		460,702
89bio Inc.^(a)		5,703		111,722
Aadi Bioscience Inc.^(a)		8,939		262,537
AbbVie Inc.		1,642,666		177,194,381
Abeona Therapeutics Inc.^(a)(b)		24,744		27,713
ACADIA Pharmaceuticals Inc.^(a)(b)		111,332		1,849,225
Acceleron Pharma Inc.^(a)(b)		51,905		8,932,850
Achieve Life Sciences Inc.^(a)		94		799
Acorda Therapeutics Inc.^(a)		7,060		32,476
Actinium Pharmaceuticals Inc.^(a)(b)		6,025		53,381
Adagio Therapeutics Inc.^(a)(b)		17,147		724,289
Adamas Pharmaceuticals Inc.^(a)		33,348		163,739
Adicet Bio Inc.^(a)		10,030		78,635
ADMA Biologics Inc.^(a)(b)		53,362		60,299
Advaxis Inc.^(a)(b)		156,937		81,843
Adverum Biotechnologies Inc.^(a)		103,018		223,549
Aeglea BioTherapeutics Inc.^(a)(b)		14,330		113,923
Agenus Inc.^(a)(b)		194,933		1,023,398
AgeX Therapeutics Inc.^(a)(b)		6,846		6,435
Agios Pharmaceuticals Inc.^(a)(b)		51,289		2,366,987
AIkido Pharma Inc.^(a)(b)		39,264		32,350
AIM ImmunoTech Inc.^(a)(b)		8,502		17,174
Akebia Therapeutics Inc.^(a)(b)		161,088		463,933
Akero Therapeutics Inc.^(a)(b)		17,519		391,550
Albireo Pharma Inc.^(a)		13,758		429,250
Aldeyra Therapeutics Inc.^(a)(b)		73,552		645,787
Alector Inc.^(a)(b)		45,381		1,035,594
Alkermes PLC^(a)		145,959		4,501,376
Allakos Inc.^(a)(b)		32,554		3,446,492
Allena Pharmaceuticals Inc.^(a)(b)		74,046		66,804
Allogene Therapeutics Inc.^(a)		58,437		1,501,831
Allovir Inc.^(a)		50,037		1,253,927
Alnylam Pharmaceuticals Inc.^(a)		110,271		20,820,267
Alpine Immune Sciences Inc.^(a)(b)		718		7,661
Altimmune Inc.^(a)		47,162		533,402
ALX Oncology Holdings Inc.^(a)(b)		8,623		636,895
Amgen Inc.		527,865		112,250,492
Amicus Therapeutics Inc.^(a)(b)		256,471		2,449,298
AnaptysBio Inc.^(a)		22,910		621,319
Anavex Life Sciences Corp.^(a)(b)		56,912		1,021,570
Anika Therapeutics Inc.^(a)(b)		16,077		684,237
Anixa Biosciences Inc.^(a)(b)		8,467		40,388
Annexon Inc.^(a)		26,169		487,005
Annovis Bio Inc.^(a)(b)		8,563		271,875
Apellis Pharmaceuticals Inc.^(a)(b)		62,209		2,050,409
Applied Genetic Technologies Corp./DE^(a)(b)		30,899		93,006


56		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Applied Molecular Transport Inc.^(a)(b)		12,429	$	321,538
Applied Therapeutics Inc.^(a)		9,070		150,562
Aprea Therapeutics Inc.^(a)(b)		13,350		68,218
Aptevo Therapeutics Inc.^(a)		1,033		15,950
Aptinyx Inc., Class A^(a)		14,896		34,857
AquaBounty Technologies Inc.^(a)(b)		97,632		397,362
Aravive Inc.^(a)(b)		1,635		6,082
ARCA biopharma Inc.^(a)(b)		48		142
Arcturus Therapeutics Holdings Inc.^(a)		17,944		857,364
Arcus Biosciences Inc.^(a)		43,489		1,516,461
Arcutis Biotherapeutics Inc.^(a)(b)		25,050		598,444
Ardelyx Inc.^(a)(b)		92,621		122,260
Arena Pharmaceuticals Inc.^(a)		53,185		3,167,167
Aridis Pharmaceuticals Inc.^(a)		5,998		22,073
Armata Pharmaceuticals Inc.^(a)		5		18
Arrowhead Pharmaceuticals Inc.^(a)		95,943		5,989,721
Assembly Biosciences Inc.^(a)		48,710		169,511
Astria Therapeutics Inc.^(a)		76		672
Atara Biotherapeutics Inc.^(a)(b)		87,276		1,562,240
Athenex Inc.^(a)		66,078		198,895
Athersys Inc.^(a)(b)		276,235		367,393
Atreca Inc., Class A^(a)(b)		44,509		277,291
aTyr Pharma Inc.^(a)		406		3,686
AVEO Pharmaceuticals Inc.^(a)(b)		19,916		123,081
Avid Bioservices Inc.^(a)(b)		43,948		947,958
Avidity Biosciences Inc.^(a)		56,116		1,382,137
Avita Medical Inc.^(a)(b)		23,151		410,236
Avrobio Inc.^(a)		43,272		241,458
Beam Therapeutics Inc.^(a)(b)		41,416		3,603,606
Bellicum Pharmaceuticals Inc.^(a)(b)		6,125		17,885
BioAtla Inc.^(a)(b)		11,417		336,116
Biocept Inc.^(a)		189		758
BioCryst Pharmaceuticals Inc.^(a)(b)		157,136		2,258,044
Biogen Inc.^(a)		138,444		39,178,268
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		56,378		7,831,468
BioMarin Pharmaceutical Inc.^(a)		174,193		13,463,377
Bio-Path Holdings Inc.^(a)		260		1,334
Bioxcel Therapeutics Inc.^(a)(b)		14,856		450,880
Black Diamond Therapeutics Inc.^(a)(b)		18,931		160,156
Bluebird Bio Inc.^(a)(b)		60,804		1,161,964
Blueprint Medicines Corp.^(a)		52,215		5,368,224
Bolt Biotherapeutics Inc.^(a)(b)		19,327		244,487
BrainStorm Cell Therapeutics Inc.^(a)(b)		16,987		56,057
Brickell Biotech Inc.^(a)		983		708
Bridgebio Pharma Inc.^(a)(b)		104,956		4,919,288
Brooklyn ImmunoTherapeutics Inc.^(a)(b)		9,583		89,122
C4 Therapeutics Inc.^(a)		35,407		1,581,985
Cabaletta Bio Inc.^(a)		6,903		83,940
Caladrius Biosciences Inc.^(a)		7,526		9,182
Calithera Biosciences Inc.^(a)(b)		38,958		84,928
Calyxt Inc.^(a)(b)		32,572		109,768
Capricor Therapeutics Inc.^(a)(b)		603		2,424
Cardiff Oncology Inc.^(a)(b)		35,326		235,271
CareDx Inc.^(a)(b)		45,008		2,852,157
Caribou Biosciences Inc.^(a)(b)		31,306		747,274
CASI Pharmaceuticals Inc.^(a)(b)		25,216		30,007
Catalyst Biosciences Inc.^(a)(b)		7,029		28,889
Catalyst Pharmaceuticals Inc.^(a)		93,781		497,039
Celldex Therapeutics Inc.^(a)		38,688		2,088,765
Cellectar Biosciences Inc.^(a)		59		55


Security	Shares		Value

Biotechnology (continued)
CEL-SCI Corp.^(a)(b)		55,593	$	610,967
Celsion Corp.^(a)(b)		32,808		30,328
Cerevel Therapeutics Holdings Inc.^(a)		47,848		1,411,516
Checkpoint Therapeutics Inc.^(a)(b)		41,198		135,953
ChemoCentryx Inc.^(a)(b)		51,826		886,225
Chimerix Inc.^(a)		68,551		424,331
Chinook Therapeutics Inc.^(a)		42,134		537,630
Cidara Therapeutics Inc.^(a)(b)		8,997		20,153
Clovis Oncology Inc.^(a)(b)		84,277		375,875
Cohbar Inc.^(a)(b)		176,925		169,848
Coherus Biosciences Inc.^(a)(b)		50,790		816,195
Concert Pharmaceuticals Inc.^(a)(b)		16,099		52,644
ContraFect Corp.^(a)(b)		16,015		64,861
Corbus Pharmaceuticals Holdings Inc.^(a)(b)		66,879		68,217
Cortexyme Inc.^(a)		13,347		1,223,386
Corvus Pharmaceuticals Inc.^(a)		901		4,361
Crinetics Pharmaceuticals Inc.^(a)		23,038		484,950
CTI BioPharma Corp.^(a)(b)		28,514		84,116
Cue Biopharma Inc.^(a)		28,133		409,898
Cullinan Oncology Inc.^(a)(b)		17,872		403,371
Curis Inc.^(a)(b)		90,718		710,322
Cyclacel Pharmaceuticals Inc.^(a)(b)		39		206
Cyclerion Therapeutics Inc.^(a)(b)		15,260		46,848
Cytokinetics Inc.^(a)(b)		75,989		2,715,847
CytomX Therapeutics Inc.^(a)(b)		50,874		258,949
Deciphera Pharmaceuticals Inc.^(a)		36,908		1,254,134
Denali Therapeutics Inc.^(a)(b)		90,265		4,553,869
Dermtech Inc.^(a)(b)		28,025		899,883
DiaMedica Therapeutics Inc.^(a)		8,212		32,930
Dicerna Pharmaceuticals Inc.^(a)		74,561		1,503,150
Dyadic International Inc.^(a)(b)		2,880		16,013
Dynavax Technologies Corp.^(a)(b)		80,307		1,542,697
Dyne Therapeutics Inc.^(a)(b)		39,057		634,286
Eagle Pharmaceuticals Inc./DE^(a)		7,766		433,187
Editas Medicine Inc.^(a)(b)		65,242		2,680,141
Eiger BioPharmaceuticals Inc.^(a)		18,140		121,175
Eledon Pharmaceuticals Inc.^(a)(b)		17		105
Emergent BioSolutions Inc.^(a)		41,826		2,094,228
Enanta Pharmaceuticals Inc.^(a)(b)		14,745		837,663
Epizyme Inc.^(a)(b)		72,284		370,094
Equillium Inc.^(a)(b)		5,204		35,491
Erasca Inc.^(a)(b)		40,977		869,532
Exact Sciences Corp.^(a)		159,270		15,202,321
Exelixis Inc.^(a)		298,155		6,302,997
Exicure Inc.^(a)(b)		201,583		241,900
Fate Therapeutics Inc.^(a)		78,664		4,662,415
FibroGen Inc.^(a)(b)		84,008		858,562
First Wave BioPharma Inc.^(a)		6,167		17,329
Flexion Therapeutics Inc.^(a)(b)		67,310		410,591
Forma Therapeutics Holdings Inc.^(a)		16,058		372,385
Forte Biosciences Inc.^(a)(b)		6,493		19,219
Fortress Biotech Inc.^(a)		93,107		299,805
Frequency Therapeutics Inc.^(a)(b)		35,561		251,061
F-Star^(c)		11,084		4,434
F-Star Therapeutics Inc.^(a)(b)		13,294		97,312
F-Star Therapeutics Inc. New^(c)		11,084		4,434
G1 Therapeutics Inc.^(a)(b)		24,530		329,193
Galectin Therapeutics Inc.^(a)		32,933		127,780
Galera Therapeutics Inc.^(a)		5,537		44,850
Gemini Therapeutics Inc.^(a)(b)		43,690		176,508


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Generation Bio Co.^(a)(b)		54,431	$	1,364,585
Genocea Biosciences Inc.^(a)		1,549		2,974
Geron Corp.^(a)(b)		348,236		477,083
Gilead Sciences Inc.		1,165,446		81,406,403
Global Blood Therapeutics Inc.^(a)(b)		52,776		1,344,732
GlycoMimetics Inc.^(a)(b)		40,234		88,112
Gossamer Bio Inc.^(a)(b)		66,897		840,895
Gritstone bio Inc.^(a)		67,394		727,855
Halozyme Therapeutics Inc.^(a)(b)		134,773		5,482,566
Harpoon Therapeutics Inc.^(a)		12,805		101,159
Heat Biologics Inc.^(a)(b)		11,609		69,074
Heron Therapeutics Inc.^(a)		79,289		847,599
Histogen Inc.^(a)		1,358		1,029
Homology Medicines Inc.^(a)(b)		38,765		305,081
Hookipa Pharma Inc.^(a)		10,800		63,612
Horizon Therapeutics PLC^(a)		208,246		22,811,267
Humanigen Inc.^(a)(b)		100,394		595,336
iBio Inc.^(a)(b)		447,515		474,366
Icosavax Inc.^(a)(b)		21,621		639,765
Ideaya Biosciences Inc.^(a)		31,528		803,649
Idera Pharmaceuticals Inc.^(a)(b)		10,093		10,396
IGM Biosciences Inc.^(a)(b)		7,600		499,776
Immucell Corp.^(a)		736		6,801
Immunic Inc.^(a)		3,877		34,311
ImmunityBio Inc.^(a)		53,311		519,249
ImmunoGen Inc.^(a)		166,130		941,957
Immunovant Inc.^(a)		47,450		412,340
Incyte Corp.^(a)		178,859		12,301,922
Infinity Pharmaceuticals Inc.^(a)(b)		51,544		176,280
Inhibrx Inc.^(a)		23,823		793,544
Inmune Bio Inc.^(a)		2,627		51,016
Inovio Pharmaceuticals Inc.^(a)(b)		228,038		1,632,752
Insmed Inc.^(a)		120,691		3,323,830
Intellia Therapeutics Inc.^(a)(b)		65,129		8,737,055
Intercept Pharmaceuticals Inc.^(a)(b)		28,115		417,508
Invitae Corp.^(a)(b)		198,736		5,650,064
Ionis Pharmaceuticals Inc.^(a)(b)		135,094		4,531,053
Iovance Biotherapeutics Inc.^(a)(b)		130,059		3,207,255
Ironwood Pharmaceuticals Inc.^(a)(b)		144,785		1,890,892
IsoRay Inc.^(a)(b)		58,494		36,904
iTeos Therapeutics Inc.^(a)		30,710		829,170
IVERIC bio Inc.^(a)		103,194		1,675,871
Janux Therapeutics Inc.^(a)(b)		27,706		599,281
Jounce Therapeutics Inc.^(a)		18,357		136,393
Kadmon Holdings Inc.^(a)		185,846		1,618,719
KalVista Pharmaceuticals Inc.^(a)		15,685		273,703
Karuna Therapeutics Inc.^(a)(b)		18,242		2,231,544
Karyopharm Therapeutics Inc.^(a)(b)		68,378		397,960
Keros Therapeutics Inc.^(a)		13,290		525,752
Kezar Life Sciences Inc.^(a)		31,297		270,406
Kiniksa Pharmaceuticals Ltd., Class A^(a)(b)		26,898		306,368
Kinnate Biopharma Inc.^(a)		20,768		478,079
Kodiak Sciences Inc.^(a)(b)		28,784		2,762,688
Kronos Bio Inc.^(a)(b)		58,535		1,226,894
Krystal Biotech Inc.^(a)		20,623		1,076,727
Kura Oncology Inc.^(a)		61,366		1,149,385
Kymera Therapeutics Inc.^(a)		32,743		1,923,324
La Jolla Pharmaceutical Co.^(a)(b)		16,428		65,548
Larimar Therapeutics Inc.^(a)(b)		1,212		13,974
Lexicon Pharmaceuticals Inc.^(a)(b)		47,232		227,186


Security	Shares		Value

Biotechnology (continued)
Ligand Pharmaceuticals Inc.^(a)(b)		17,369	$	2,419,849
Lineage Cell Therapeutics Inc.^(a)(b)		100,503		253,268
LogicBio Therapeutics Inc.^(a)(b)		6,559		30,040
Lumos Pharma Inc.^(a)		2,356		22,406
MacroGenics Inc.^(a)(b)		61,638		1,290,700
Madrigal Pharmaceuticals Inc.^(a)		8,269		659,784
Magenta Therapeutics Inc.^(a)		18,448		134,301
MannKind Corp.^(a)(b)		269,875		1,173,956
Marker Therapeutics Inc.^(a)		98,818		167,002
Matinas BioPharma Holdings Inc.^(a)(b)		226,556		294,523
MediciNova Inc.^(a)		27,932		105,862
MEI Pharma Inc.^(a)(b)		45,949		126,819
Merrimack Pharmaceuticals Inc.^(a)		9,296		44,900
Mersana Therapeutics Inc.^(a)		65,281		615,600
MiMedx Group Inc.^(a)(b)		81,121		491,593
Minerva Neurosciences Inc.^(a)(b)		16,204		28,195
Miragen Therapeutics Inc.^(c)		119		—
Mirati Therapeutics Inc.^(a)		42,211		7,467,548
Mirum Pharmaceuticals Inc.^(a)		5,492		109,401
Moderna Inc.^(a)		326,446		125,636,008
Molecular Templates Inc.^(a)		56,494		379,075
Moleculin Biotech Inc.^(a)		6,575		19,725
Monte Rosa Therapeutics Inc.^(a)(b)		26,610		592,871
Morphic Holding Inc.^(a)		24,648		1,396,063
Mustang Bio Inc.^(a)(b)		92,709		249,387
Myovant Sciences Ltd.^(a)(b)		37,234		835,531
Myriad Genetics Inc.^(a)		69,069		2,230,238
NanoViricides Inc.^(a)(b)		1,651		7,661
Natera Inc.^(a)		81,097		9,037,450
Navidea Biopharmaceuticals Inc.^(a)		6,849		11,986
Neoleukin Therapeutics Inc.^(a)		47,229		341,466
NeuBase Therapeutics Inc.^(a)(b)		6,413		23,151
Neurocrine Biosciences Inc.^(a)		84,612		8,115,137
NextCure Inc.^(a)(b)		18,489		124,616
Nkarta Inc.^(a)		19,415		539,931
Novavax Inc.^(a)(b)		69,222		14,350,413
Nurix Therapeutics Inc.^(a)		41,407		1,240,554
Nuvalent Inc., Class A^(a)(b)		22,704		511,975
Ocugen Inc.^(a)(b)		161,652		1,160,661
Olema Pharmaceuticals Inc.^(a)(b)		15,758		434,290
OncoSec Medical Inc.^(a)(b)		1,207		2,571
Oncternal Therapeutics Inc.^(a)(b)		87,283		363,970
Oncternal Therapeutics Inc. New^(b)(c)		722		740
OpGen Inc.^(a)		1		3
OPKO Health Inc.^(a)(b)		394,253		1,439,023
Oragenics Inc.^(a)		43,978		27,913
Organogenesis Holdings Inc., Class A^(a)		57,492		818,686
Organovo Holdings Inc.^(a)(b)		3,278		22,290
Orgenesis Inc.^(a)(b)		11,160		55,242
ORIC Pharmaceuticals Inc.^(a)(b)		50,470		1,055,328
Ovid therapeutics Inc.^(a)(b)		33,286		111,841
Oyster Point Pharma Inc.^(a)(b)		5,546		65,720
Palatin Technologies Inc.^(a)(b)		127,980		56,682
Passage Bio Inc.^(a)(b)		22,927		228,353
PDL BioPharma Inc.^(a)(c)		136,030		285,595
PDS Biotechnology Corp.^(a)(b)		5,148		76,705
PhaseBio Pharmaceuticals Inc.^(a)		43,378		134,906
Phio Pharmaceuticals Corp.^(a)		7		14
Pieris Pharmaceuticals Inc.^(a)(b)		102,376		529,284
Plus Therapeutics Inc.^(a)		9		17


58		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Biotechnology (continued)
PMV Pharmaceuticals Inc.^(a)(b)		16,062	$	478,648
Point Biopharma Global Inc.^(a)(b)		89,533		688,509
PolarityTE Inc.^(a)(b)		18,797		12,162
Praxis Precision Medicines Inc.^(a)(b)		60,104		1,111,323
Precigen Inc.^(a)(b)		100,242		500,208
Precision BioSciences Inc.^(a)(b)		75,381		869,897
Prelude Therapeutics Inc.^(a)(b)		10,906		340,812
Progenics Pharmaceuticals Inc.^(a)(b)(c)		10,240		0	^(d)
Protagonist Therapeutics Inc.^(a)		39,364		697,530
Protara Therapeutics Inc.^(a)(b)		3,853		26,663
Proteostasis Therapeutics Inc.^(b)(c)		6,635		717
Prothena Corp. PLC^(a)		38,014		2,707,737
PTC Therapeutics Inc.^(a)		69,741		2,595,063
Puma Biotechnology Inc.^(a)		28,684		201,075
Qualigen Therapeutics Inc.^(a)		578		751
Radius Health Inc.^(a)(b)		41,293		512,446
RAPT Therapeutics Inc.^(a)(b)		28,902		897,407
Recursion Pharmaceuticals Inc., Class A^(a)(b)		24,229		557,509
Regeneron Pharmaceuticals Inc.^(a)		98,050		59,337,899
REGENXBIO Inc.^(a)		31,987		1,340,895
Regulus Therapeutics Inc.^(a)		1,182		816
Relay Therapeutics Inc.^(a)(b)		57,739		1,820,511
Replimune Group Inc.^(a)(b)		27,170		805,319
REVOLUTION Medicines Inc.^(a)		72,057		1,982,288
Rexahn Pharmaceuticals Inc.^(c)		266		59
Rhythm Pharmaceuticals Inc.^(a)(b)		35,813		467,718
Rigel Pharmaceuticals Inc.^(a)(b)		194,582		706,333
Rocket Pharmaceuticals Inc.^(a)(b)		37,699		1,126,823
Rubius Therapeutics Inc.^(a)(b)		41,586		743,558
Sage Therapeutics Inc.^(a)(b)		48,571		2,152,181
Salarius Pharmaceuticals Inc.^(a)(b)		802		818
Sana Biotechnology Inc.^(a)(b)		76,839		1,730,414
Sangamo Therapeutics Inc.^(a)(b)		105,917		954,312
Sarepta Therapeutics Inc.^(a)(b)		74,739		6,911,863
Savara Inc.^(a)(b)		17,934		24,749
Scholar Rock Holding Corp.^(a)(b)		16,662		550,179
Seagen Inc.^(a)		124,880		21,204,624
Selecta Biosciences Inc.^(a)		201,869		839,775
SELLAS Life Sciences Group Inc.^(a)		2		18
Seres Therapeutics Inc.^(a)		51,297		357,027
Sesen Bio Inc.^(a)(b)		120,416		95,514
Shattuck Labs Inc.^(a)		19,204		391,378
Silverback Therapeutics Inc.^(a)(b)		13,157		131,307
Soleno Therapeutics Inc.^(a)		600		555
Solid Biosciences Inc.^(a)(b)		32,157		76,855
Soligenix Inc.^(a)(b)		15,524		16,455
Sonnet BioTherapeutics Holdings Inc.^(a)		39		24
Sorrento Therapeutics Inc.^(a)(b)		324,858		2,478,667
Spectrum Pharmaceuticals Inc.^(a)(b)		134,524		293,262
Spero Therapeutics Inc.^(a)		11,107		204,480
SpringWorks Therapeutics Inc.^(a)		22,700		1,440,088
Statera Biopharma Inc.^(a)(b)		741		1,712
Stoke Therapeutics Inc.^(a)		18,548		471,861
Sutro Biopharma Inc.^(a)		24,669		465,997
Syndax Pharmaceuticals Inc.^(a)(b)		44,615		852,593
Synlogic Inc.^(a)(b)		3,734		11,389
Synthetic Biologics Inc.^(a)		1,090		501
Syros Pharmaceuticals Inc.^(a)(b)		64,074		286,411
T2 Biosystems Inc.^(a)(b)		67,360		61,648
Tango Therapeutics Inc.^(a)		59,354		767,447


Security	Shares		Value

Biotechnology (continued)
Taysha Gene Therapies Inc.^(a)(b)		41,289	$	768,801
TCR2 Therapeutics Inc.^(a)		33,366		283,945
Tempest Therapeutics Inc.^(a)(b)		88		1,273
Tenax Therapeutics Inc.^(a)		627		1,110
TG Therapeutics Inc.^(a)		137,549		4,577,631
Tonix Pharmaceuticals Holding Corp.^(a)(b)		519,416		312,221
Tracon Pharmaceuticals Inc.^(a)		632		2,446
Travere Therapeutics Inc.^(a)		58,876		1,427,743
Trevena Inc.^(a)(b)		94,802		116,606
Turning Point Therapeutics Inc.^(a)		52,433		3,483,124
Twist Bioscience Corp.^(a)(b)		48,792		5,219,280
Tyme Technologies Inc.^(a)(b)		235,024		242,075
Ultragenyx Pharmaceutical Inc.^(a)		59,990		5,410,498
uniQure NV^(a)(b)		35,190		1,126,432
United Therapeutics Corp.^(a)		41,611		7,680,558
Vaccinex Inc.^(a)(b)		2,566		5,543
Vanda Pharmaceuticals Inc.^(a)		60,040		1,029,086
Vaxart Inc.^(a)(b)		110,734		880,335
Vaxcyte Inc.^(a)		16,914		429,108
VBI Vaccines Inc.^(a)(b)		279,076		867,926
Veracyte Inc.^(a)(b)		70,561		3,277,558
Verastem Inc.^(a)		114,095		351,413
Vericel Corp.^(a)		42,291		2,063,801
Vertex Pharmaceuticals Inc.^(a)		239,877		43,511,289
Verve Therapeutics Inc.^(a)(b)		13,410		630,270
Viking Therapeutics Inc.^(a)		76,161		478,291
Vir Biotechnology Inc.^(a)		77,628		3,378,371
Viracta Therapeutics Inc.^(a)(b)		3,227		25,881
Viridian Therapeutics Inc.^(a)		7		115
VistaGen Therapeutics Inc.^(a)(b)		168,299		461,139
Vor BioPharma Inc.^(a)(b)		20,266		317,771
Voyager Therapeutics Inc.^(a)(b)		26,379		69,377
vTv Therapeutics Inc., Class A^(a)(b)		8,174		12,506
Vyant Bio Inc.^(a)		257		599
X4 Pharmaceuticals Inc.^(a)		4,715		24,942
XBiotech Inc.		8,133		105,322
Xencor Inc.^(a)		53,324		1,741,562
XOMA Corp.^(a)		8,434		208,741
Yield10 Bioscience Inc.^(a)		7		42
Y-mAbs Therapeutics Inc.^(a)		28,026		799,862
Yumanity Therapeutics Inc.^(a)(b)		330		3,406
Zentalis Pharmaceuticals Inc.^(a)		33,853		2,255,964
ZIOPHARM Oncology Inc.^(a)(b)		170,391		310,112


				1,101,776,342

Building Products — 0.6%
A O Smith Corp.		123,529		7,543,916
AAON Inc.		35,616		2,327,149
Advanced Drainage Systems Inc.		50,956		5,511,911
Allegion PLC		85,796		11,340,515
Alpha Pro Tech Ltd.^(a)(b)		16,129		108,548
American Woodmark Corp.^(a)		16,428		1,073,898
Apogee Enterprises Inc.		25,471		961,785
Armstrong Flooring Inc.^(a)		24,516		76,735
Armstrong World Industries Inc.		41,286		3,941,574
AZEK Co. Inc. (The)^(a)		103,543		3,782,426
Builders FirstSource Inc.^(a)(b)		188,864		9,771,823
Carlisle Companies Inc.		49,234		9,787,227
Carrier Global Corp.		806,582		41,748,684
Cornerstone Building Brands Inc.^(a)		33,659		491,758
CSW Industrials Inc.		16,827		2,148,808


S C H E D U L E O F I N V E S T M E N T S		59

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
Fortune Brands Home & Security Inc.		125,737	$	11,243,403
Gibraltar Industries Inc.^(a)		27,989		1,949,434
Griffon Corp.		41,527		1,021,564
Insteel Industries Inc.		25,790		981,310
Janus International Group Inc.^(a)(b)		61,725		755,514
JELD-WEN Holding Inc.^(a)		75,749		1,895,997
Jewett-Cameron Trading Co. Ltd.^(a)		566		6,667
Johnson Controls International PLC		658,325		44,818,766
Lennox International Inc.		32,158		9,459,919
Masco Corp.		227,849		12,657,012
Masonite International Corp.^(a)(b)		25,547		2,711,303
Owens Corning		91,747		7,844,369
PGT Innovations Inc.^(a)		69,119		1,320,173
Quanex Building Products Corp.		33,051		707,622
Resideo Technologies Inc.^(a)		133,142		3,300,590
Simpson Manufacturing Co. Inc.		42,113		4,504,828
Tecnoglass Inc.		35,332		767,764
Trane Technologies PLC		219,960		37,976,094
Trex Co. Inc.^(a)		103,532		10,553,017
UFP Industries Inc.		60,472		4,110,887
View Inc.^(a)(b)		86,228		467,356


				259,670,346

Capital Markets — 3.1%
Affiliated Managers Group Inc.		40,221		6,076,991
Ameriprise Financial Inc.		102,059		26,955,823
Apollo Global Management Inc.		189,086		11,645,807
Ares Management Corp., Class A		151,940		11,217,730
Artisan Partners Asset Management Inc., Class A		62,139		3,039,840
Ashford Inc.^(a)		329		4,787
Assetmark Financial Holdings Inc.^(a)		20,123		500,459
Associated Capital Group Inc., Class A		1,422		53,197
B. Riley Financial Inc.		15,713		927,696
Bank of New York Mellon Corp. (The)		738,193		38,267,925
BGC Partners Inc., Class A		388,441		2,023,778
BlackRock Inc.^(e)		132,737		111,321,212
Blackstone Inc., NVS		636,514		74,052,039
Blucora Inc.^(a)		49,669		774,340
Blue Owl Capital Inc.^(b)		249,887		3,888,242
Bridge Investment Group Holdings Inc., Class A^(a)(b)		48,334		854,062
BrightSphere Investment Group Inc.		66,946		1,749,299
Carlyle Group Inc. (The)		128,484		6,074,723
Cboe Global Markets Inc.		100,839		12,489,919
Charles Schwab Corp. (The)		1,395,414		101,641,956
CME Group Inc.		331,951		64,192,684
Cohen & Co. Inc.		735		14,200
Cohen & Steers Inc.		28,463		2,384,345
Coinbase Global Inc., Class A^(a)(b)		28,717		6,532,543
Cowen Inc., Class A		24,733		848,589
Diamond Hill Investment Group Inc.		2,611		458,648
Donnelley Financial Solutions Inc.^(a)		24,985		864,981
Evercore Inc., Class A		34,882		4,662,677
FactSet Research Systems Inc.		35,547		14,033,245
Federated Hermes Inc.		85,239		2,770,267
Focus Financial Partners Inc., Class A^(a)		44,646		2,338,111
Franklin Resources Inc.		261,780		7,780,102
GAMCO Investors Inc., Class A		7,432		196,056
GCM Grosvenor Inc., Class A^(b)		59,932		690,417
Goldman Sachs Group Inc. (The)		308,303		116,547,783
Greenhill & Co. Inc.		25,519		373,088
Hamilton Lane Inc., Class A		37,055		3,143,005


Security	Shares		Value

Capital Markets (continued)
Hennessy Advisors Inc.		5,053	$	48,610
Houlihan Lokey Inc.		49,201		4,531,412
Interactive Brokers Group Inc., Class A^(b)		89,012		5,549,008
Intercontinental Exchange Inc.		525,962		60,390,957
Invesco Ltd.		309,877		7,471,134
Janus Henderson Group PLC		135,010		5,579,963
Jefferies Financial Group Inc.		183,027		6,795,792
KKR & Co. Inc.		536,016		32,632,654
Lazard Ltd., Class A		107,755		4,935,179
LPL Financial Holdings Inc.		74,132		11,620,932
Manning & Napier Inc.		16,203		147,933
MarketAxess Holdings Inc.		35,191		14,804,502
Moelis & Co., Class A		57,040		3,529,065
Moody’s Corp.		150,165		53,325,093
Morgan Stanley		1,340,732		130,466,631
Morningstar Inc.		23,603		6,113,885
MSCI Inc.		76,092		46,289,807
Nasdaq Inc.		103,433		19,964,638
Northern Trust Corp.		197,530		21,295,709
Open Lending Corp., Class A^(a)		91,182		3,288,935
Oppenheimer Holdings Inc., Class A, NVS		8,565		387,909
Perella Weinberg Partners^(b)		61,769		818,439
Piper Sandler Cos		16,149		2,235,991
PJT Partners Inc., Class A		17,991		1,423,268
Pzena Investment Management Inc., Class A		16,146		158,877
Raymond James Financial Inc.		176,584		16,295,171
S&P Global Inc.		221,428		94,082,543
Safeguard Scientifics Inc.^(a)		10,471		92,982
Sculptor Capital Management Inc.		24,566		685,146
SEI Investments Co.		104,571		6,201,060
Siebert Financial Corp.^(a)		42,036		140,821
Silvercrest Asset Management Group Inc., Class A		7,858		122,428
State Street Corp.		338,800		28,703,136
StepStone Group Inc., Class A		41,115		1,753,144
Stifel Financial Corp.		100,908		6,857,708
StoneX Group Inc.^(a)		16,184		1,066,526
T Rowe Price Group Inc.		212,757		41,849,302
Tradeweb Markets Inc., Class A		96,191		7,770,309
U.S. Global Investors Inc., Class A, NVS		17,183		97,771
Value Line Inc.		194		6,646
Victory Capital Holdings Inc., Class A		25,059		877,316
Virtu Financial Inc., Class A		85,065		2,078,138
Virtus Investment Partners Inc.		7,657		2,376,120
Westwood Holdings Group Inc.		8,203		155,857
WisdomTree Investments Inc.		77,694		440,525


				1,296,849,538

Chemicals — 1.7%
Advanced Emissions Solutions Inc.^(a)		47,649		304,477
AdvanSix Inc.^(a)		25,955		1,031,711
AgroFresh Solutions Inc.^(a)(b)		24,760		53,482
Air Products & Chemicals Inc.		204,304		52,324,297
Albemarle Corp.		109,950		24,075,751
American Vanguard Corp.		24,731		372,202
Amyris Inc.^(a)(b)		158,934		2,182,164
Ashland Global Holdings Inc.		51,510		4,590,571
Avient Corp.		86,859		4,025,915
Axalta Coating Systems Ltd.^(a)		200,705		5,858,579
Balchem Corp.		27,058		3,925,304
Cabot Corp.		58,657		2,939,889
Celanese Corp.		101,909		15,351,572


60		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
CF Industries Holdings Inc.		192,421	$	10,740,940
Chase Corp.		8,144		831,910
Chemours Co. (The)		154,045		4,476,548
Core Molding Technologies Inc.^(a)(b)		8,149		93,795
Corteva Inc.		677,163		28,495,019
Danimer Scientific Inc.^(a)(b)		58,379		953,913
Diversey Holdings Ltd.^(a)(b)		44,190		708,808
Dow Inc.		686,453		39,512,235
DuPont de Nemours Inc.		486,222		33,058,234
Eastman Chemical Co.		123,277		12,418,925
Ecolab Inc.		232,922		48,592,188
Ecovyst Inc.		34,522		402,526
Element Solutions Inc.		194,924		4,225,952
Ferro Corp.^(a)		76,362		1,553,203
Flotek Industries Inc.^(a)(b)		50,050		63,063
FMC Corp.		119,862		10,974,565
FutureFuel Corp.		20,639		147,156
GCP Applied Technologies Inc.^(a)(b)		56,359		1,235,389
Hawkins Inc.		16,960		591,565
HB Fuller Co.		42,609		2,750,837
Huntsman Corp.		200,021		5,918,621
Ikonics Corp.^(a)		237		6,681
Ingevity Corp.^(a)		41,529		2,963,925
Innospec Inc.		24,518		2,064,906
International Flavors & Fragrances Inc.		229,592		30,701,042
Intrepid Potash Inc.^(a)		10,676		329,888
Koppers Holdings Inc.^(a)		17,135		535,640
Kraton Corp.^(a)		26,064		1,189,561
Kronos Worldwide Inc.		19,248		238,868
Linde PLC		475,638		139,542,676
Livent Corp.^(a)		150,172		3,470,475
LSB Industries Inc.^(a)		17,012		173,693
LyondellBasell Industries NV, Class A		243,623		22,864,019
Marrone Bio Innovations Inc.^(a)(b)		17,563		15,824
Minerals Technologies Inc.		33,398		2,332,516
Mosaic Co. (The)		310,371		11,086,452
NewMarket Corp.		7,455		2,525,530
Northern Technologies International Corp.		1,582		24,125
Olin Corp.		142,251		6,863,611
Origin Materials Inc.^(a)		119,540		814,067
Orion Engineered Carbons SA^(a)		57,668		1,051,288
PPG Industries Inc.		222,175		31,773,247
PureCycle Technologies Inc.^(a)(b)		69,224		919,295
Quaker Chemical Corp.		14,416		3,426,971
Rayonier Advanced Materials Inc.^(a)		47,753		358,147
RPM International Inc.		124,006		9,629,066
Scotts Miracle-Gro Co. (The)		36,793		5,385,023
Sensient Technologies Corp.		42,008		3,826,089
Sherwin-Williams Co. (The)		219,326		61,352,062
Stepan Co.		23,019		2,599,766
Trecora Resources^(a)		17,002		139,076
Tredegar Corp.		24,665		300,420
Trinseo SA		31,380		1,693,892
Tronox Holdings PLC, Class A		95,078		2,343,673
Valvoline Inc.		178,299		5,559,363
Westlake Chemical Corp.		34,350		3,130,659
Zymergen Inc.^(a)(b)		18,153		239,075


				686,251,917

Commercial Services & Supplies — 0.5%
ABM Industries Inc.		65,406		2,943,924


Security	Shares		Value

Commercial Services & Supplies (continued)
ACCO Brands Corp.		93,697	$	804,857
Acme United Corp.		740		24,228
ACV Auctions Inc., Class A^(a)		33,482		598,993
ADT Inc.		143,601		1,161,732
Aqua Metals Inc.^(a)(b)		50,207		103,929
ARC Document Solutions Inc.		34,092		100,571
Brady Corp., Class A, NVS		42,177		2,138,374
BrightView Holdings Inc.^(a)(b)		76,819		1,133,848
Brink’s Co. (The)		50,388		3,189,560
Casella Waste Systems Inc., Class A^(a)		47,657		3,619,073
CECO Environmental Corp.^(a)		25,136		176,957
Charah Solutions Inc.^(a)(b)		8,031		36,943
Cimpress PLC^(a)(b)		17,016		1,477,499
Cintas Corp.		81,378		30,977,350
Clean Harbors Inc.^(a)		50,090		5,202,848
CompX International Inc.		257		5,341
Copart Inc.^(a)		198,763		27,572,403
CoreCivic Inc.^(a)		126,217		1,123,331
Covanta Holding Corp.		118,509		2,384,401
Deluxe Corp.		42,772		1,535,087
Document Security Systems Inc.^(a)(b)		15,518		20,018
Driven Brands Holdings Inc.^(a)(b)		59,397		1,715,979
Ennis Inc.		24,754		466,613
Fuel Tech Inc.^(a)(b)		16,830		29,284
Harsco Corp.^(a)		75,841		1,285,505
Healthcare Services Group Inc.		67,952		1,698,121
Heritage-Crystal Clean Inc.^(a)		16,209		469,737
Herman Miller Inc.		64,675		2,435,661
HNI Corp.		41,864		1,537,246
IAA Inc.^(a)		126,252		6,889,572
Interface Inc.		50,409		763,696
JanOne Inc.^(a)		173		1,183
KAR Auction Services Inc.^(a)		126,252		2,069,270
Kimball International Inc., Class B		55,773		624,658
Matthews International Corp., Class A		34,128		1,183,900
Montrose Environmental Group Inc.^(a)(b)		24,459		1,510,099
MSA Safety Inc.		32,868		4,788,868
NL Industries Inc.		8,526		49,110
Odyssey Marine Exploration Inc.^(a)(b)		7,810		54,670
Performant Financial Corp.^(a)		33,953		134,454
Perma-Fix Environmental Services Inc.^(a)		9,177		61,027
Pitney Bowes Inc.		107,368		774,123
Quad/Graphics Inc.^(a)		24,524		104,227
Quest Resource Holding Corp.^(a)		8,652		52,604
Republic Services Inc.		176,699		21,214,482
Rollins Inc.		211,889		7,486,038
RR Donnelley & Sons Co.^(a)		76,097		391,139
SP Plus Corp.^(a)		16,803		515,348
Steelcase Inc., Class A		83,695		1,061,253
Stericycle Inc.^(a)(b)		82,313		5,594,815
Team Inc.^(a)		25,601		77,059
Tetra Tech Inc.		51,331		7,665,772
U.S. Ecology Inc.^(a)		31,129		1,007,023
UniFirst Corp./MA		13,218		2,810,411
Viad Corp.^(a)		17,078		775,512
Vidler Water Resouces Inc.^(a)		10,061		114,494
Virco Mfg. Corp.^(a)		8,212		28,331
VSE Corp.		8,233		396,584
Waste Management Inc.		342,579		51,167,599


S C H E D U L E O F I N V E S T M E N T S		61

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Wilhelmina International Inc.^(a)		303	$	1,630


				215,338,364

Communications Equipment — 0.8%
ADTRAN Inc.		42,884		804,504
Applied Optoelectronics Inc.^(a)(b)		19,784		142,049
Arista Networks Inc.^(a)		51,725		17,774,779
Aviat Networks Inc.^(a)		14,922		490,337
BK Technologies Corp.		15,451		43,649
Calix Inc.^(a)		59,084		2,920,522
Cambium Networks Corp.^(a)		6,149		222,532
Casa Systems Inc.^(a)(b)		25,963		176,029
Ciena Corp.^(a)		149,048		7,653,615
Cisco Systems Inc.		3,917,283		213,217,714
Clearfield Inc.^(a)		9,063		400,131
ClearOne Inc.^(a)(b)		9,008		21,259
CommScope Holding Co. Inc.^(a)(b)		183,079		2,488,044
Communications Systems Inc.^(a)		7,827		67,704
Comtech Telecommunications Corp.		23,759		608,468
Digi International Inc.^(a)		24,740		520,035
DZS Inc.^(a)		7,295		89,437
EMCORE Corp.^(a)		10,955		81,943
Extreme Networks Inc.^(a)		161,700		1,592,745
F5 Networks Inc.^(a)		57,631		11,455,890
Genasys Inc.^(a)(b)		26,229		135,866
Harmonic Inc.^(a)(b)		76,844		672,385
Infinera Corp.^(a)(b)		228,892		1,904,381
Inseego Corp.^(a)(b)		57,125		380,453
Juniper Networks Inc.		293,359		8,073,240
KVH Industries Inc.^(a)		16,132		155,351
Lantronix Inc.^(a)		8,338		48,527
Lumentum Holdings Inc.^(a)(b)		73,719		6,158,485
Motorola Solutions Inc.		155,748		36,183,375
NETGEAR Inc.^(a)		32,916		1,050,350
NetScout Systems Inc.^(a)		65,640		1,768,998
Network-1 Technologies Inc.		9,297		27,581
Optical Cable Corp.^(a)		8,303		30,887
PCTEL Inc.		11,956		74,366
Plantronics Inc.^(a)		32,990		848,173
Resonant Inc.^(a)(b)		28,521		69,021
Ribbon Communications Inc.^(a)		84,562		505,681
TESSCO Technologies Inc.^(a)		7,738		43,178
Ubiquiti Inc.		4,685		1,399,269
Viasat Inc.^(a)		76,799		4,229,321
Viavi Solutions Inc.^(a)		212,186		3,339,808
Vislink Technologies Inc.^(a)(b)		4		7


				327,870,089

Construction & Engineering — 0.2%
AECOM^(a)		129,190		8,158,348
Ameresco Inc., Class A^(a)		30,439		1,778,551
API Group Corp.^(a)(b)(f)		148,857		3,029,240
Arcosa Inc.		43,986		2,206,778
Argan Inc.		11,420		498,711
Comfort Systems USA Inc.		33,367		2,379,734
Concrete Pumping Holdings Inc.^(a)(b)		10,986		93,820
Construction Partners Inc., Class A^(a)(b)		43,269		1,443,887
Dycom Industries Inc.^(a)		27,082		1,929,322
EMCOR Group Inc.		52,619		6,071,180
Fluor Corp.^(a)		133,481		2,131,692
Granite Construction Inc.		41,233		1,630,765


Security	Shares		Value

Construction & Engineering (continued)
Great Lakes Dredge & Dock Corp.^(a)		51,004	$	769,650
Infrastructure and Energy Alternatives Inc.^(a)		9,555		109,214
INNOVATE Corp.^(a)(b)		38,548		158,047
Limbach Holdings Inc.^(a)		6,169		40,839
MasTec Inc.^(a)		49,763		4,293,552
Matrix Service Co.^(a)		25,161		263,184
MYR Group Inc.^(a)		17,177		1,709,112
Northwest Pipe Co.^(a)		9,333		221,192
NV5 Global Inc.^(a)		8,228		811,034
Orbital Energy Group Inc.^(a)(b)		25,666		79,051
Orion Group Holdings Inc.^(a)(b)		25,362		137,969
Primoris Services Corp.		55,425		1,357,358
Quanta Services Inc.		123,141		14,015,909
Sterling Construction Co. Inc.^(a)		18,793		426,037
Tutor Perini Corp.^(a)		34,491		447,693
Valmont Industries Inc.		19,646		4,619,168
WillScot Mobile Mini Holdings Corp.^(a)		209,952		6,659,677


				67,470,714

Construction Materials — 0.1%
Eagle Materials Inc.		36,377		4,771,207
Forterra Inc.^(a)		17,944		422,761
Martin Marietta Materials Inc.		58,253		19,903,885
Summit Materials Inc., Class A^(a)(b)		110,767		3,541,221
United State Lime & Minerals Inc.		502		60,642
Vulcan Materials Co.		121,033		20,473,942


				49,173,658

Consumer Finance — 0.7%
Ally Financial Inc.		328,782		16,784,321
American Express Co.		598,152		100,208,405
Atlanticus Holdings Corp.^(a)(b)		7,610		403,787
Capital One Financial Corp.		414,667		67,163,614
Consumer Portfolio Services Inc.^(a)		17,099		100,029
Credit Acceptance Corp.^(a)(b)		8,305		4,860,917
Curo Group Holdings Corp.		32,168		557,471
Discover Financial Services		278,365		34,197,140
Encore Capital Group Inc.^(a)(b)		35,229		1,735,733
Enova International Inc.^(a)		28,168		973,204
EZCORP Inc., Class A, NVS^(a)(b)		50,170		379,787
FirstCash Inc.		41,341		3,617,338
Green Dot Corp., Class A^(a)		39,318		1,978,875
Katapult Holdings Inc.^(a)(b)		132,628		720,170
LendingClub Corp.^(a)(b)		85,056		2,401,981
LendingTree Inc.^(a)(b)		10,012		1,399,978
Navient Corp.		154,279		3,043,925
Nelnet Inc., Class A		23,958		1,898,432
Nicholas Financial Inc.^(a)		9,053		111,352
OneMain Holdings Inc.		103,654		5,735,176
Oportun Financial Corp.^(a)(b)		9,799		245,269
PRA Group Inc.^(a)		42,416		1,787,410
PROG Holdings Inc.		64,605		2,714,056
Regional Management Corp.		9,457		550,208
Santander Consumer USA Holdings Inc.		65,607		2,735,812
SLM Corp.		302,985		5,332,536
SoFi Technologies Inc.^(a)(b)		546,646		8,680,738
Synchrony Financial		529,568		25,885,284
Upstart Holdings Inc.^(a)		42,885		13,570,529
World Acceptance Corp.^(a)		5,094		965,721


				310,739,198


62		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Containers & Packaging — 0.4%
Amcor PLC		1,425,286	$	16,519,065
AptarGroup Inc.		58,100		6,934,235
Avery Dennison Corp.		78,603		16,287,328
Ball Corp.		302,126		27,182,276
Berry Global Group Inc.^(a)		125,686		7,651,764
Crown Holdings Inc.		118,599		11,952,407
Graphic Packaging Holding Co.		279,838		5,328,116
Greif Inc., Class A, NVS		25,062		1,619,005
Greif Inc., Class B		8,365		542,052
International Paper Co.		369,231		20,647,397
Myers Industries Inc.		25,236		493,869
O-I Glass Inc.^(a)		152,167		2,171,423
Packaging Corp. of America		87,583		12,037,407
Pactiv Evergreen Inc.		40,325		504,869
Ranpak Holdings Corp.^(a)(b)		29,904		802,025
Sealed Air Corp.		135,943		7,448,317
Silgan Holdings Inc.		90,007		3,452,669
Sonoco Products Co.		93,973		5,598,911
TriMas Corp.^(a)		42,012		1,359,508
UFP Technologies Inc.^(a)		7,786		479,540
Westrock Co.		246,312		12,273,727


				161,285,910

Distributors — 0.1%
AMCON Distributing Co.		53		7,896
Educational Development Corp.		1,390		13,552
Funko Inc., Class A^(a)		16,409		298,808
Genuine Parts Co.		129,947		15,753,475
Greenlane Holdings Inc., Class A^(a)(b)		6,465		15,322
LKQ Corp.^(a)		250,028		12,581,409
Pool Corp.		36,671		15,930,249
Weyco Group Inc.		7,760		175,842


				44,776,553

Diversified Consumer Services — 0.2%
2U Inc.^(a)(b)		75,634		2,539,033
Adtalem Global Education Inc.^(a)		50,800		1,920,748
American Public Education Inc.^(a)		16,597		425,049
Beachbody Co. Inc. (The)^(a)(b)		137,237		760,293
Bright Horizons Family Solutions Inc.^(a)(b)		56,959		7,941,224
Carriage Services Inc.		16,638		741,888
Chegg Inc.^(a)(b)		131,421		8,939,256
Coursera Inc.^(a)(b)		74,471		2,357,007
Duolingo Inc.^(a)		5,402		898,677
frontdoor Inc.^(a)		81,818		3,428,174
Graham Holdings Co., Class B		3,232		1,904,165
Grand Canyon Education Inc.^(a)		41,138		3,618,499
H&R Block Inc.		157,708		3,942,700
Houghton Mifflin Harcourt Co.^(a)(b)		106,325		1,427,945
Laureate Education Inc., Class A^(a)		102,663		1,744,244
Lincoln Educational Services Corp.^(a)		25,083		167,805
Mister Car Wash Inc.^(a)		45,845		836,671
OneSpaWorld Holdings Ltd.^(a)		30,592		305,002
Perdoceo Education Corp.^(a)		59,435		627,634
PowerSchool Holdings Inc., Class A^(a)		36,958		909,536
Regis Corp.^(a)(b)		33,898		117,965
Rover Group Inc.^(a)(b)		70,118		952,904
Select Interior Concepts Inc., Class A^(a)		42,571		613,874
Service Corp. International		156,789		9,448,105
Strategic Education Inc.		22,388		1,578,354
Stride Inc.^(a)(b)		42,454		1,525,797


Security	Shares		Value

Diversified Consumer Services (continued)
Terminix Global Holdings Inc.^(a)		106,599	$	4,441,980
Universal Technical Institute Inc.^(a)		17,195		116,238
Vivint Smart Home Inc.^(a)(b)		37,021		349,849
WW International Inc.^(a)(b)		49,115		896,349
XpresSpa Group Inc.^(a)		63,852		93,863
Zovio Inc., Class A^(a)(b)		16,745		40,021


				65,610,849

Diversified Financial Services — 1.2%
Alerus Financial Corp.		15,674		468,339
A-Mark Precious Metals Inc.		9,694		581,834
Berkshire Hathaway Inc., Class B^(a)		1,708,555		466,333,002
Cannae Holdings Inc.^(a)		76,102		2,367,533
Equitable Holdings Inc.		364,533		10,804,758
FlexShopper Inc.^(a)		9,147		28,447
Greenidge Generation Holdings Inc.^(a)		651		16,626
GWG Holdings Inc.^(a)		186		1,860
LM Funding America Inc.^(a)		85		348
Marlin Business Services Corp.		13,173		292,836
Voya Financial Inc.		105,476		6,475,172


				487,370,755

Diversified Telecommunication Services — 1.0%
Anterix Inc.^(a)(b)		24,831		1,507,242
AST SpaceMobile Inc.^(a)(b)		74,178		802,606
AT&T Inc.		6,589,208		177,974,508
ATN International Inc.		8,617		403,706
Bandwidth Inc., Class A^(a)(b)		19,716		1,779,961
Cogent Communications Holdings Inc.		39,687		2,811,427
Consolidated Communications Holdings Inc.^(a)		68,148		626,280
EchoStar Corp., Class A^(a)(b)		42,149		1,075,221
Frontier Communications Parent Inc.^(a)(b)		193,108		5,381,920
Globalstar Inc.^(a)(b)		581,255		970,696
IDT Corp., Class B^(a)(b)		14,314		600,472
Iridium Communications Inc.^(a)		132,224		5,269,126
Liberty Global PLC, Class A^(a)		164,100		4,890,180
Liberty Global PLC, Class C, NVS^(a)(b)		317,804		9,362,506
Liberty Latin America Ltd., Class A^(a)		49,698		650,050
Liberty Latin America Ltd., Class C, NVS^(a)		141,421		1,855,444
Lumen Technologies Inc.		939,280		11,637,679
Ooma Inc.^(a)		15,986		297,499
Radius Global Infrastructure Inc., Class A^(a)(b)		57,932		946,030
Verizon Communications Inc.		3,831,445		206,936,344


				435,778,897

Electric Utilities — 1.4%
ALLETE Inc.		48,352		2,877,911
Alliant Energy Corp.		239,177		13,389,129
American Electric Power Co. Inc.		466,732		37,889,304
Avangrid Inc.		68,950		3,350,970
Duke Energy Corp.		714,278		69,706,390
Edison International		351,929		19,521,502
Entergy Corp.		183,449		18,218,320
Evergy Inc.		217,025		13,498,955
Eversource Energy		322,781		26,390,575
Exelon Corp.		907,798		43,882,955
FirstEnergy Corp.		517,099		18,419,066
Genie Energy Ltd., Class B		16,740		109,312
Hawaiian Electric Industries Inc.		100,698		4,111,499
IDACORP Inc.		48,899		5,055,179
MGE Energy Inc.		35,432		2,604,252
NextEra Energy Inc.		1,809,143		142,053,908


S C H E D U L E O F I N V E S T M E N T S		63

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electric Utilities (continued)
NRG Energy Inc.		227,512	$	9,289,315
OGE Energy Corp.		188,364		6,208,477
Otter Tail Corp.		43,084		2,411,412
PG&E Corp.^(a)(b)		1,387,869		13,323,542
Pinnacle West Capital Corp.		108,500		7,851,060
PNM Resources Inc.		75,387		3,730,149
Portland General Electric Co.		83,755		3,935,647
PPL Corp.		715,387		19,944,990
Southern Co. (The)		979,503		60,699,801
Via Renewables Inc.		15,934		162,367
Xcel Energy Inc.		502,851		31,428,188


				580,064,175

Electrical Equipment — 0.7%
Acuity Brands Inc.		30,708		5,323,846
Advent Technologies Holdings Inc.^(a)(b)		58,503		508,976
Allied Motion Technologies Inc.		11,454		358,281
American Superconductor Corp.^(a)(b)		41,731		608,438
AMETEK Inc.		213,991		26,537,024
Array Technologies Inc.^(a)(b)		102,739		1,902,726
Atkore Inc.^(a)		40,911		3,555,984
AZZ Inc.		24,982		1,329,042
Babcock & Wilcox Enterprises Inc.^(a)		50,711		325,057
Beam Global^(a)(b)		5,557		152,095
Blink Charging Co.^(a)(b)		33,778		966,389
Bloom Energy Corp., Class A^(a)(b)		154,031		2,883,460
Broadwind Inc.^(a)(b)		16,758		43,403
Capstone Green Energy Corp.^(a)		1,371		6,594
ChargePoint Holdings Inc.^(a)(b)		151,883		3,036,141
Eaton Corp. PLC		372,462		55,612,301
Emerson Electric Co.		555,683		52,345,339
Encore Wire Corp.		17,464		1,656,111
Energous Corp.^(a)(b)		34,988		72,775
Energy Focus Inc.^(a)(b)		1,425		4,432
EnerSys		41,622		3,098,342
Enovix Corp.^(a)(b)		90,475		1,709,073
Eos Energy Enterprises Inc.^(a)(b)		36,023		505,403
Espey Manufacturing & Electronics Corp.		612		8,905
FuelCell Energy Inc.^(a)(b)		301,290		2,015,630
Generac Holdings Inc.^(a)(b)		59,333		24,247,617
GrafTech International Ltd.		156,560		1,615,699
Hubbell Inc.		50,064		9,045,063
Ideal Power Inc.^(a)(b)		636		9,680
LSI Industries Inc.		24,657		191,092
nVent Electric PLC		161,423		5,218,806
Ocean Power Technologies Inc.^(a)(b)		15		35
Orion Energy Systems Inc.^(a)		25,590		99,545
Pioneer Power Solutions Inc.		7,653		25,408
Plug Power Inc.^(a)(b)		481,334		12,293,270
Powell Industries Inc.		8,370		205,651
Preformed Line Products Co.		650		42,276
Regal Beloit Corp.		36,350		5,464,859
Rockwell Automation Inc.		108,197		31,814,246
Romeo Power Inc.^(a)(b)		81,294		402,405
Sensata Technologies Holding PLC^(a)		153,054		8,375,115
Servotronics Inc.^(a)		113		1,312
Shoals Technologies Group Inc., Class A^(a)(b)		85,300		2,378,164
Stem Inc.^(a)(b)		102,500		2,448,725
Sunrun Inc.^(a)(b)		191,441		8,423,404
Sunworks Inc.^(a)(b)		21,813		133,932
Thermon Group Holdings Inc.^(a)(b)		26,214		453,764


Security	Shares		Value

Electrical Equipment (continued)
TPI Composites Inc.^(a)(b)		36,120	$	1,219,050
Ultralife Corp.^(a)(b)		8,651		61,163
Vertiv Holdings Co.		276,619		6,663,752
Vicor Corp.^(a)		22,726		3,048,920
Westwater Resources Inc.^(a)		21,668		77,571


				288,526,291

Electronic Equipment, Instruments & Components — 0.8%
908 Devices Inc.^(a)(b)		14,635		475,930
ADDvantage Technologies Group Inc.^(a)(b)		7,632		18,012
Advanced Energy Industries Inc.		34,182		2,999,470
Aeva Technologies Inc.^(a)(b)		85,178		676,313
Akoustis Technologies Inc.^(a)(b)		48,895		474,282
Amphenol Corp., Class A		556,292		40,737,263
Arlo Technologies Inc.^(a)		59,451		381,081
Arrow Electronics Inc.^(a)		70,442		7,909,932
Autoscope Technologies Corp.		7,777		57,628
Avnet Inc.		99,953		3,695,262
Badger Meter Inc.		25,526		2,581,700
Bel Fuse Inc., Class A		246		3,535
Bel Fuse Inc., Class B, NVS		8,430		104,785
Belden Inc.		41,453		2,415,052
Benchmark Electronics Inc.		43,012		1,148,851
CDW Corp./DE		127,796		23,261,428
Cemtrex Inc.^(a)		788		914
ClearSign Technologies Corp.^(a)		2,687		5,374
Coda Octopus Group Inc.^(a)(b)		41,601		372,745
Cognex Corp.		161,837		12,982,564
Coherent Inc.^(a)		24,427		6,108,948
Corning Inc.		706,098		25,765,516
CPS Technologies Corp.^(a)(b)		8,230		40,903
CTS Corp.		26,227		810,677
Daktronics Inc.^(a)		34,018		184,718
Data I/O Corp.^(a)		8,146		53,030
Digital Ally Inc.^(a)		889		1,076
Electro-Sensors Inc.^(a)		222		1,117
ePlus Inc.^(a)		15,886		1,630,062
Fabrinet^(a)		33,808		3,465,658
FARO Technologies Inc.^(a)		16,736		1,101,396
Frequency Electronics Inc.^(a)		8,146		84,718
Identiv Inc.^(a)		9,305		175,306
IEC Electronics Corp.^(a)(b)		8,604		131,899
II-VI Inc.^(a)(b)		100,897		5,989,246
Insight Enterprises Inc.^(a)(b)		33,747		3,039,930
Intellicheck Inc.^(a)(b)		11,597		94,979
IPG Photonics Corp.^(a)(b)		33,889		5,368,018
Iteris Inc.^(a)(b)		25,127		132,671
Itron Inc.^(a)		39,584		2,993,738
Jabil Inc.		135,549		7,911,995
Key Tronic Corp.^(a)		8,587		55,816
Keysight Technologies Inc.^(a)		169,490		27,845,512
Kimball Electronics Inc.^(a)(b)		18,940		488,084
Knowles Corp.^(a)		85,495		1,602,176
LGL Group Inc. (The)^(a)		449		6,192
LightPath Technologies Inc., Class A^(a)(b)		9,255		19,713
Littelfuse Inc.		23,672		6,468,847
Luna Innovations Inc.^(a)(b)		33,173		315,144
Methode Electronics Inc.		33,922		1,426,420
MicroVision Inc.^(a)(b)		137,495		1,519,320
MICT Inc.^(a)(b)		46,844		72,608
Napco Security Technologies Inc.^(a)		9,278		399,696


64		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
National Instruments Corp.		127,543	$	5,003,512
Neonode Inc.^(a)(b)		2,003		20,210
nLight Inc.^(a)		35,971		1,014,022
Novanta Inc.^(a)		33,130		5,118,585
OSI Systems Inc.^(a)(b)		15,966		1,513,577
Ouster Inc.^(a)(b)		73,477		537,852
PAR Technology Corp.^(a)(b)		19,833		1,219,928
PC Connection Inc.		14,991		660,054
Plexus Corp.^(a)		25,082		2,242,582
Powerfleet Inc.^(a)		13,962		93,545
Research Frontiers Inc.^(a)		17,021		43,574
RF Industries Ltd.^(a)		8,153		65,795
Richardson Electronics Ltd.		9,124		88,412
Rogers Corp.^(a)		17,017		3,173,330
Sanmina Corp.^(a)		70,620		2,721,695
ScanSource Inc.^(a)		25,171		875,699
Schmitt Industries Inc.^(a)		498		2,141
SigmaTron International Inc.^(a)(b)		7,617		67,639
SYNNEX Corp.		39,690		4,131,729
Taitron Components Inc., Class A		800		3,080
TE Connectivity Ltd.		307,036		42,131,480
Teledyne Technologies Inc.^(a)		43,954		18,881,759
Trimble Inc.^(a)		235,559		19,374,728
TTM Technologies Inc.^(a)		91,893		1,155,095
Universal Security Instruments Inc.^(a)		622		3,446
Velodyne Lidar Inc.^(a)(b)		42,723		252,920
Vishay Intertechnology Inc.		119,089		2,392,498
Vishay Precision Group Inc.^(a)		9,195		319,710
Vontier Corp.		159,830		5,370,288
Wayside Technology Group Inc.		830		22,385
Wireless Telecom Group Inc.^(a)		16,683		34,534
ZAGG Inc., NVS^(c)		23,161		2,084
Zebra Technologies Corp., Class A^(a)(b)		49,575		25,551,946


				349,697,084

Energy Equipment & Services — 0.3%
Archrock Inc.		126,693		1,045,217
Aspen Aerogels Inc.^(a)(b)		20,780		956,088
Baker Hughes Co.		770,087		19,044,252
Bristow Group Inc.^(a)(b)		32,170		1,023,971
Cactus Inc., Class A		60,887		2,296,658
ChampionX Corp.^(a)		206,695		4,621,700
Core Laboratories NV		41,955		1,164,251
Dawson Geophysical Co.^(a)(b)		43,638		108,659
DMC Global Inc.^(a)		14,624		539,772
Dril-Quip Inc.^(a)		32,137		809,210
ENGlobal Corp.^(a)(b)		16,226		43,323
Enservco Corp.^(a)(b)		1,439		2,058
Exterran Corp.^(a)(b)		49,158		218,262
Forum Energy Technologies Inc.^(a)(b)		5,801		130,755
Frank’s International NV^(a)		78,648		231,225
Geospace Technologies Corp.^(a)		16,057		153,344
Gulf Island Fabrication Inc.^(a)		9,339		37,076
Halliburton Co.		826,136		17,861,060
Helix Energy Solutions Group Inc.^(a)		128,176		497,323
Helmerich & Payne Inc.		100,864		2,764,682
Independence Contract Drilling Inc.^(a)		1,050		3,150
ION Geophysical Corp.^(a)(b)		8,412		11,188
KLX Energy Services Holdings Inc.^(a)(b)		4,969		23,652
Liberty Oilfield Services Inc., Class A^(a)		97,583		1,183,682
Mammoth Energy Services Inc.^(a)(b)		25,316		73,670


Security	Shares		Value

Energy Equipment & Services (continued)
MIND Technology Inc.^(a)		9,108	$	17,123
Nabors Industries Ltd.^(a)		5,529		533,438
Natural Gas Services Group Inc.^(a)		17		176
NCS Multistage Holdings Inc.^(a)(b)		5,486		161,014
Newpark Resources Inc.^(a)		83,690		276,177
NexTier Oilfield Solutions Inc.^(a)		154,332		709,927
Nine Energy Service Inc.^(a)(b)		15,612		28,570
Noble Corp.^(a)(b)		55,925		1,513,330
NOV Inc.^(a)		359,730		4,716,060
Oceaneering International Inc.^(a)		93,476		1,245,100
Oil States International Inc.^(a)(b)		65,502		418,558
Patterson-UTI Energy Inc.		208,468		1,876,212
Profire Energy Inc.^(a)(b)		26,012		29,914
ProPetro Holding Corp.^(a)		77,473		670,141
Ranger Energy Services Inc.^(a)		5,103		46,948
RPC Inc.^(a)		44,990		218,651
Schlumberger NV		1,313,881		38,943,433
SEACOR Marine Holdings Inc.^(a)(b)		42,659		197,511
Select Energy Services Inc., Class A^(a)		51,386		266,693
Smart Sand Inc.^(a)(b)		132,032		323,478
Solaris Oilfield Infrastructure Inc., Class A		33,462		279,073
Superior Drilling Products Inc.^(a)(b)		8,294		14,515
TechnipFMC PLC^(a)		397,363		2,992,143
TETRA Technologies Inc.^(a)(b)		84,107		262,414
Tidewater Inc.^(a)		30,510		367,951
Transocean Ltd.^(a)		553,590		2,098,106
U.S. Silica Holdings Inc.^(a)		60,029		479,632
U.S. Well Services Inc.^(a)(b)		59,829		43,382
Valaris Ltd.^(a)(b)		60,640		2,115,123
Weatherford International PLC^(a)		60,604		1,192,081


				116,881,102

Entertainment — 1.8%
Activision Blizzard Inc.		725,623		56,155,964
AMC Entertainment Holdings Inc., Class A^(a)(b)		470,440		17,904,946
Ballantyne Strong Inc.^(a)		9,246		28,385
Chicken Soup For The Soul Entertainment Inc.^(a)(b)		3,008		68,793
Cinedigm Corp., Class A^(a)		83,424		209,394
Cinemark Holdings Inc.^(a)		100,947		1,939,192
CuriosityStream Inc.^(a)(b)		56,444		594,920
Electronic Arts Inc.		264,133		37,572,919
Gaia Inc., Class A^(a)(b)		16,766		158,942
Liberty Media Corp.-Liberty Braves, Class A^(a)		18,369		494,310
Liberty Media Corp.-Liberty Braves, Class C, NVS^(a)		33,201		877,170
Liberty Media Corp.-Liberty Formula One, Class A^(a)(b)		16,304		767,103
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		192,159		9,878,894
Lions Gate Entertainment Corp., Class A^(a)		53,433		758,214
Lions Gate Entertainment Corp., Class B, NVS^(a)		107,476		1,397,188
Live Nation Entertainment Inc.^(a)		122,503		11,163,698
Madison Square Garden Entertainment Corp.^(a)(b)		24,041		1,747,060
Madison Square Garden Sports Corp.^(a)(b)		16,488		3,065,944
Marcus Corp. (The)^(a)		21,844		381,178
Netflix Inc.^(a)		409,667		250,036,157
Playstudios Inc.^(a)(b)		166,420		758,875
Playtika Holding Corp.^(a)(b)		96,151		2,656,652
Reading International Inc., Class A, NVS^(a)(b)		16,606		84,026
Roku Inc.^(a)(b)		108,054		33,858,721
Skillz Inc.^(a)(b)		225,969		2,219,016
Take-Two Interactive Software Inc.^(a)		108,065		16,649,575


S C H E D U L E O F I N V E S T M E N T S		65

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Walt Disney Co. (The)^(a)		1,683,334	$	284,769,613
Warner Music Group Corp., Class A		96,608		4,129,026
World Wrestling Entertainment Inc., Class A		43,100		2,424,806
Zynga Inc., Class A^(a)		943,447		7,104,156


				749,854,837

Equity Real Estate Investment Trusts (REITs) — 3.2%
Acadia Realty Trust		68,135		1,390,635
ACRE Realty Investors Inc.^(a)(c)		2,715		2,253
Agree Realty Corp.		52,418		3,471,644
Alexander & Baldwin Inc.		58,983		1,382,561
Alexander’s Inc.		1,605		418,295
Alexandria Real Estate Equities Inc.		128,502		24,552,877
American Assets Trust Inc.		41,661		1,558,955
American Campus Communities Inc.		127,234		6,164,487
American Finance Trust Inc.		101,447		815,634
American Homes 4 Rent, Class A		258,644		9,859,509
American Tower Corp.		418,782		111,148,931
Americold Realty Trust		237,243		6,891,909
Apartment Income REIT Corp.		141,619		6,912,423
Apartment Investment & Management Co., Class A		141,755		971,022
Apple Hospitality REIT Inc.		222,308		3,496,905
Armada Hoffler Properties Inc.		59,711		798,336
Ashford Hospitality Trust Inc.^(a)		19,795		291,382
AvalonBay Communities Inc.		129,248		28,646,527
Bluerock Residential Growth REIT Inc., Class A		20,526		261,501
Boston Properties Inc.		130,904		14,183,448
Braemar Hotels & Resorts Inc.^(a)		24,593		119,276
Brandywine Realty Trust		160,452		2,153,266
Brixmor Property Group Inc.		280,488		6,201,590
Broadstone Net Lease Inc.		136,609		3,389,269
BRT Apartments Corp.		8,384		161,643
Camden Property Trust		92,836		13,690,525
CareTrust REIT Inc.		78,422		1,593,535
CatchMark Timber Trust Inc., Class A		33,994		403,509
Cedar Realty Trust Inc.		8,714		189,007
Centerspace		9,970		942,165
Chatham Lodging Trust^(a)		31,225		382,506
CIM Commercial Trust Corp.		8,030		72,752
City Office REIT Inc.		59,437		1,061,545
Clipper Realty Inc.		41,024		332,294
Columbia Property Trust Inc.		117,519		2,235,211
Community Healthcare Trust Inc.		18,416		832,219
Condor Hospitality Trust Inc.^(a)		5,731		39,945
CorEnergy Infrastructure Trust Inc.		9,063		40,149
CorePoint Lodging Inc.^(a)		40,070		621,085
CoreSite Realty Corp.		40,670		5,634,422
Corporate Office Properties Trust		99,017		2,671,479
Cousins Properties Inc.		137,060		5,110,967
Crown Castle International Corp.		401,765		69,633,910
CTO Realty Growth Inc.		9,200		494,592
CubeSmart		180,828		8,761,117
CyrusOne Inc.		117,085		9,063,550
DiamondRock Hospitality Co.^(a)		186,263		1,760,185
Digital Realty Trust Inc.		263,608		38,078,176
DigitalBridge Group Inc.^(a)		463,371		2,794,127
Diversified Healthcare Trust		223,179		756,577
Douglas Emmett Inc.		158,010		4,994,696
Duke Realty Corp.		348,471		16,681,307
Easterly Government Properties Inc.		71,341		1,473,905
EastGroup Properties Inc.		39,551		6,590,383


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Empire State Realty Trust Inc., Class A		117,033	$	1,173,841
EPR Properties		76,122		3,758,904
Equinix Inc.		83,101		65,660,593
Equity Commonwealth^(a)		118,545		3,079,799
Equity LifeStyle Properties Inc.		160,746		12,554,263
Equity Residential		314,869		25,479,199
Essential Properties Realty Trust Inc.		103,534		2,890,669
Essex Property Trust Inc.		61,494		19,662,092
Extra Space Storage Inc.		125,402		21,066,282
Farmland Partners Inc.		30,031		360,072
Federal Realty Investment Trust		66,463		7,841,969
First Industrial Realty Trust Inc.		123,542		6,434,067
Four Corners Property Trust Inc.		59,766		1,605,315
Franklin Street Properties Corp., Class C		84,706		393,036
Gaming and Leisure Properties Inc.		201,882		9,351,174
GEO Group Inc. (The)		108,883		813,356
Getty Realty Corp.		42,216		1,237,351
Gladstone Commercial Corp.		48,986		1,030,176
Gladstone Land Corp.		42,455		966,700
Global Medical REIT Inc.		50,278		739,087
Global Net Lease Inc.		75,980		1,217,200
Global Self Storage Inc.		8,115		41,792
Healthcare Realty Trust Inc.		133,342		3,970,925
Healthcare Trust of America Inc., Class A		213,188		6,323,156
Healthpeak Properties Inc.		492,222		16,479,593
Hersha Hospitality Trust, Class A^(a)		40,652		379,283
Highwoods Properties Inc.		100,988		4,429,334
Host Hotels & Resorts Inc.^(a)		646,201		10,552,462
Hudson Pacific Properties Inc.		142,615		3,746,496
Independence Realty Trust Inc.		99,960		2,034,186
Indus Realty Trust Inc.		1,600		112,160
Industrial Logistics Properties Trust		79,386		2,017,198
Innovative Industrial Properties Inc.		22,619		5,228,834
Invitation Homes Inc.		543,762		20,842,397
Iron Mountain Inc.		272,758		11,851,335
iStar Inc.		58,812		1,475,005
JBG SMITH Properties		110,389		3,268,618
Kilroy Realty Corp.		101,622		6,728,393
Kimco Realty Corp.		564,646		11,716,404
Kite Realty Group Trust		92,671		1,886,782
Lamar Advertising Co., Class A		83,691		9,494,744
Lexington Realty Trust		246,981		3,149,008
Life Storage Inc.		74,436		8,540,787
LTC Properties Inc.		34,272		1,086,080
Macerich Co. (The)		157,024		2,623,871
Mack-Cali Realty Corp.^(a)		84,422		1,445,305
Medical Properties Trust Inc.		573,667		11,513,497
Mid-America Apartment Communities Inc.		109,413		20,432,878
Monmouth Real Estate Investment Corp.		111,309		2,075,913
National Health Investors Inc.		41,507		2,220,624
National Retail Properties Inc.		165,850		7,163,061
National Storage Affiliates Trust		83,716		4,419,368
NETSTREIT Corp.		34,318		811,621
NexPoint Residential Trust Inc.		17,534		1,085,004
Office Properties Income Trust		40,052		1,014,517
Omega Healthcare Investors Inc.		219,750		6,583,710
One Liberty Properties Inc.		16,229		494,822
Outfront Media Inc.		131,935		3,324,762
Paramount Group Inc.		178,113		1,601,236
Park Hotels & Resorts Inc.^(a)		226,772		4,340,416


66		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Pebblebrook Hotel Trust		124,861	$	2,798,135
Phillips Edison & Co. Inc.		28,830		885,369
Physicians Realty Trust		211,003		3,717,873
Piedmont Office Realty Trust Inc., Class A		134,927		2,351,778
Plymouth Industrial REIT Inc.		34,218		778,459
Postal Realty Trust Inc., Class A		6,354		118,439
PotlatchDeltic Corp.		59,983		3,093,923
Power REIT^(a)		239		11,942
Preferred Apartment Communities Inc.		51,286		627,228
Prologis Inc.		687,128		86,186,465
PS Business Parks Inc.		19,413		3,042,794
Public Storage		142,727		42,404,192
Rayonier Inc.		136,601		4,873,924
Realty Income Corp.		363,898		23,602,424
Regency Centers Corp.		143,265		9,646,032
Retail Opportunity Investments Corp.		115,206		2,006,888
Retail Properties of America Inc., Class A		201,334		2,593,182
Retail Value Inc.		20,559		541,318
Rexford Industrial Realty Inc.		127,895		7,258,041
RLJ Lodging Trust		160,056		2,378,432
RPT Realty		53,689		685,072
Ryman Hospitality Properties Inc.^(a)		50,174		4,199,564
Sabra Health Care REIT Inc.		184,782		2,719,991
Safehold Inc.^(b)		11,271		810,272
Saul Centers Inc.		9,747		429,453
SBA Communications Corp.		99,540		32,904,938
Seritage Growth Properties, Class A^(a)(b)		30,496		452,256
Service Properties Trust		147,259		1,650,773
Simon Property Group Inc.		308,310		40,071,051
SITE Centers Corp.		149,575		2,309,438
SL Green Realty Corp.		66,310		4,697,400
Sotherly Hotels Inc.^(a)		9,134		23,383
Spirit Realty Capital Inc.		112,632		5,185,577
STAG Industrial Inc.		142,405		5,589,396
STORE Capital Corp.		226,825		7,265,205
Summit Hotel Properties Inc.^(a)		94,483		909,871
Sun Communities Inc.		106,654		19,741,655
Sunstone Hotel Investors Inc.^(a)		204,054		2,436,405
Tanger Factory Outlet Centers Inc.		90,060		1,467,978
Terreno Realty Corp.		64,817		4,098,379
UDR Inc.		253,897		13,451,463
UMH Properties Inc.		27,913		639,208
Uniti Group Inc.		242,787		3,003,275
Universal Health Realty Income Trust		11,625		642,514
Urban Edge Properties		107,677		1,971,566
Urstadt Biddle Properties Inc., Class A		16,431		311,039
Ventas Inc.		369,818		20,417,652
VEREIT Inc.		211,964		9,587,132
VICI Properties Inc.		577,792		16,415,071
Vornado Realty Trust		149,668		6,287,553
Washington REIT		93,930		2,324,767
Welltower Inc.		389,329		32,080,710
Weyerhaeuser Co.		707,195		25,154,926
Wheeler Real Estate Investment Trust Inc.^(a)		736		2,171
Whitestone REIT		30,579		299,063
WP Carey Inc.		166,899		12,190,303
Xenia Hotels & Resorts Inc.^(a)		98,746		1,751,754


				1,309,095,902

Food & Staples Retailing — 1.2%
Albertsons Companies Inc., Class A		91,082		2,835,383


Security	Shares		Value

Food & Staples Retailing (continued)
Andersons Inc. (The)		25,069	$	772,877
BJ’s Wholesale Club Holdings Inc.^(a)(b)		124,571		6,841,439
Casey’s General Stores Inc.		35,718		6,731,057
Chefs’ Warehouse Inc. (The)^(a)(b)		24,719		805,098
Costco Wholesale Corp.		408,680		183,640,358
Grocery Outlet Holding Corp.^(a)		79,014		1,704,332
HF Foods Group Inc.^(a)(b)		31,785		192,299
Ingles Markets Inc., Class A		18,031		1,190,587
Kroger Co. (The)		632,074		25,554,752
MedAvail Holdings Inc.^(a)		25		73
Performance Food Group Co.^(a)		139,857		6,497,756
PriceSmart Inc.		18,002		1,396,055
Rite Aid Corp.^(a)(b)		48,862		693,840
SpartanNash Co.		48,876		1,070,384
Sprouts Farmers Market Inc.^(a)		110,949		2,570,688
Sysco Corp.		471,218		36,990,613
U.S. Foods Holding Corp.^(a)		203,542		7,054,766
United Natural Foods Inc.^(a)		62,654		3,033,707
Village Super Market Inc., Class A		7,857		170,340
Walmart Inc.		1,328,424		185,155,737
Walgreens Boots Alliance Inc.		670,070		31,526,794
Weis Markets Inc.		15,609		820,253


				507,249,188

Food Products — 0.9%
Alico Inc.		649		22,222
AppHarvest Inc.^(a)(b)		56,365		367,500
Arcadia Biosciences Inc.^(a)(b)		219		453
Archer-Daniels-Midland Co.		520,569		31,239,346
B&G Foods Inc.^(b)		58,038		1,734,756
Beyond Meat Inc.^(a)(b)		55,873		5,881,192
Bridgford Foods Corp.^(a)		641		7,679
Bunge Ltd.		120,085		9,765,312
Calavo Growers Inc.		18,278		698,951
Cal-Maine Foods Inc.^(b)		39,148		1,415,592
Campbell Soup Co.		192,474		8,047,338
Coffee Holding Co. Inc.^(a)(b)		8,234		37,465
Conagra Brands Inc.		440,414		14,916,822
Darling Ingredients Inc.^(a)		151,955		10,925,564
Farmer Bros. Co.^(a)		5,634		47,382
Flowers Foods Inc.		192,194		4,541,544
Fresh Del Monte Produce Inc.		30,896		995,469
Freshpet Inc.^(a)(b)		42,162		6,016,096
General Mills Inc.		559,545		33,471,982
Hain Celestial Group Inc. (The)^(a)		84,609		3,619,573
Hershey Co. (The)		137,031		23,192,497
Hormel Foods Corp.		268,736		11,018,176
Hostess Brands Inc.^(a)(b)		141,452		2,457,021
Ingredion Inc.		59,154		5,265,298
J&J Snack Foods Corp.		15,497		2,368,252
JM Smucker Co. (The)		102,544		12,308,356
John B Sanfilippo & Son Inc.		7,857		642,074
Kellogg Co.		232,247		14,845,228
Kraft Heinz Co. (The)		616,534		22,700,782
Lamb Weston Holdings Inc.		137,399		8,432,177
Lancaster Colony Corp.		19,198		3,240,814
Landec Corp.^(a)(b)		25,216		232,491
Lifeway Foods Inc.^(a)(b)		7,644		42,730
Limoneira Co.		9,112		147,341
McCormick & Co. Inc./MD, NVS		234,302		18,985,491
Mission Produce Inc.^(a)		47,750		877,645


S C H E D U L E O F I N V E S T M E N T S		67

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Mondelez International Inc., Class A		1,299,315	$	75,594,147
Pilgrim’s Pride Corp.^(a)		56,585		1,645,492
Post Holdings Inc.^(a)		58,395		6,432,793
RiceBran Technologies^(a)(b)		8,319		4,908
Rocky Mountain Chocolate Factory Inc.^(a)		7,604		56,270
S&W Seed Co.^(a)(b)		9,361		24,245
Sanderson Farms Inc.		22,070		4,153,574
Seaboard Corp.		183		750,298
Seneca Foods Corp., Class A^(a)		7,737		373,078
Seneca Foods Corp., Class B^(a)		117		5,797
Simply Good Foods Co. (The)^(a)		78,884		2,720,709
Tattooed Chef Inc.^(a)(b)		36,755		677,395
Tootsie Roll Industries Inc.		25,373		772,100
TreeHouse Foods Inc.^(a)		51,181		2,041,098
Tyson Foods Inc., Class A		268,751		21,215,204
Utz Brands Inc.		80,411		1,377,440
Vital Farms Inc.^(a)(b)		18,289		321,338
Whole Earth Brands Inc.^(a)		57,616		665,465


				379,339,962

Gas Utilities — 0.1%
Atmos Energy Corp.		124,288		10,962,202
Chesapeake Utilities Corp.		16,100		1,932,805
National Fuel Gas Co.		83,638		4,392,668
New Jersey Resources Corp.		85,053		2,960,695
Northwest Natural Holding Co.		31,151		1,432,634
ONE Gas Inc.		50,011		3,169,197
RGC Resources Inc.		2,385		54,020
South Jersey Industries Inc.		114,046		2,424,618
Southwest Gas Holdings Inc.		51,684		3,456,626
Spire Inc.		48,909		2,992,253
UGI Corp.		200,209		8,532,907


				42,310,625

Health Care Equipment & Supplies — 3.5%
Abbott Laboratories		1,637,841		193,478,157
ABIOMED Inc.^(a)(b)		42,814		13,936,813
Accelerate Diagnostics Inc.^(a)(b)		26,139		152,390
Accuray Inc.^(a)		82,219		324,765
Acutus Medical Inc.^(a)		17,929		158,492
Aethlon Medical Inc.^(a)(b)		415		1,602
Align Technology Inc.^(a)		68,481		45,569,312
Alphatec Holdings Inc.^(a)(b)		65,020		792,594
AngioDynamics Inc.^(a)		25,682		666,191
Apollo Endosurgery Inc.^(a)		72		652
Apyx Medical Corp.^(a)		25,138		348,161
Asensus Surgical Inc.^(a)(b)		211,631		391,517
Aspira Women’s Health Inc.^(a)(b)		39,406		128,070
AtriCure Inc.^(a)		44,104		3,067,433
Atrion Corp.		1,031		719,122
Avanos Medical Inc.^(a)		47,338		1,476,946
Avinger Inc.^(a)		8		6
Axogen Inc.^(a)		41,049		648,574
Axonics Inc.^(a)(b)		39,835		2,592,860
Baxter International Inc.		464,513		37,360,781
Becton Dickinson and Co.		266,976		65,628,040
Beyond Air Inc.^(a)(b)		9,537		106,051
Biolase Inc.^(a)(b)		64,478		41,221
BioLife Solutions Inc.^(a)		18,964		802,556
Biomerica Inc.^(a)(b)		7,378		33,201
Boston Scientific Corp.^(a)		1,332,676		57,824,812


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Butterfly Network Inc.^(a)(b)		120,441	$	1,257,404
Cardiovascular Systems Inc.^(a)		48,664		1,597,639
Cerus Corp.^(a)(b)		200,398		1,220,424
Chembio Diagnostics Inc.^(a)(b)		8,333		20,833
ClearPoint Neuro Inc.^(a)(b)		9,278		164,685
Co-Diagnostics Inc.^(a)(b)		32,477		316,001
Conformis Inc.^(a)		73,419		97,647
CONMED Corp.		24,996		3,270,227
Cooper Companies Inc. (The)		45,194		18,679,132
CryoLife Inc.^(a)		50,230		1,119,627
CryoPort Inc.^(a)(b)		46,658		3,103,224
Cutera Inc.^(a)		12,392		577,467
CytoSorbents Corp.^(a)(b)		24,353		197,746
Danaher Corp.		585,789		178,337,603
DENTSPLY SIRONA Inc.		202,165		11,735,678
Dexcom Inc.^(a)(b)		89,787		49,100,919
Eargo Inc.^(a)		14,437		97,161
Edwards Lifesciences Corp.^(a)		579,820		65,641,422
Ekso Bionics Holdings Inc.^(a)(b)		15,902		73,467
ElectroCore Inc.^(a)(b)		15,783		17,835
Electromed Inc.^(a)(b)		7,604		82,275
Envista Holdings Corp.^(a)(b)		151,594		6,338,145
Figs Inc., Class A^(a)		24,699		917,321
FONAR Corp.^(a)		7,779		120,263
Glaukos Corp.^(a)		39,986		1,926,126
Globus Medical Inc., Class A^(a)		68,381		5,239,352
Haemonetics Corp.^(a)		49,145		3,469,146
Helius Medical Technologies Inc.^(a)(b)		1,941		27,232
Heska Corp.^(a)		8,911		2,303,850
Hill-Rom Holdings Inc.		60,220		9,033,000
Hologic Inc.^(a)		231,996		17,123,625
ICU Medical Inc.^(a)		18,788		4,384,743
IDEXX Laboratories Inc.^(a)		77,583		48,248,868
Inari Medical Inc.^(a)		29,585		2,399,343
Inogen Inc.^(a)		17,048		734,598
Insulet Corp.^(a)		63,754		18,120,799
Integer Holdings Corp.^(a)		34,074		3,044,171
Integra LifeSciences Holdings Corp.^(a)(b)		66,700		4,567,616
Intersect ENT Inc.^(a)		26,135		710,872
IntriCon Corp.^(a)(b)		7,782		141,321
Intuitive Surgical Inc.^(a)		109,824		109,181,530
Invacare Corp.^(a)		30,448		144,932
InVivo Therapeutics Holdings Corp.^(a)		16		11
iRadimed Corp.^(a)(b)		7,550		253,605
iRhythm Technologies Inc.^(a)		27,081		1,585,863
IRIDEX Corp.^(a)		8,245		63,157
Kewaunee Scientific Corp.^(a)		262		3,464
Lantheus Holdings Inc.^(a)(b)		65,064		1,670,844
LeMaitre Vascular Inc.		23,177		1,230,467
LENSAR Inc.^(a)(b)		11,165		87,869
LivaNova PLC^(a)		51,658		4,090,797
Masimo Corp.^(a)		48,167		13,039,289
Medtronic PLC		1,240,884		155,544,809
Meridian Bioscience Inc.^(a)		36,732		706,724
Merit Medical Systems Inc.^(a)		50,596		3,632,793
Mesa Laboratories Inc.		5,671		1,714,684
Microbot Medical Inc.^(a)		17		120
Milestone Scientific Inc.^(a)(b)		9,155		17,120
Misonix Inc.^(a)		7,741		195,847
Motus GI Holdings Inc.^(a)(b)		9,476		6,534


68		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Natus Medical Inc.^(a)		32,902	$	825,182
Neogen Corp.^(a)		103,604		4,499,522
NeuroMetrix Inc.^(a)		10		101
Neuronetics Inc.^(a)(b)		32,980		216,349
Nevro Corp.^(a)		33,441		3,891,864
Novocure Ltd.^(a)		86,462		10,044,291
NuVasive Inc.^(a)(b)		49,082		2,937,558
OraSure Technologies Inc.^(a)		60,558		684,911
Ortho Clinical Diagnostics Holdings PLC^(a)		74,885		1,383,875
Orthofix Medical Inc.^(a)		16,897		644,114
OrthoPediatrics Corp.^(a)(b)		14,484		948,847
Outset Medical Inc.^(a)(b)		37,424		1,850,243
Owlet Inc.^(a)(b)		156,465		874,639
PAVmed Inc.^(a)(b)		116,902		998,343
Penumbra Inc.^(a)		32,137		8,564,510
Predictive Oncology Inc.^(a)(b)		6		8
Pro-Dex Inc.^(a)(b)		613		15,895
Pulmonx Corp.^(a)		36,790		1,323,704
Quidel Corp.^(a)(b)		36,191		5,108,360
Quotient Ltd.^(a)(b)		116,270		272,072
Repro-Med Systems Inc.^(a)		16,064		45,782
ResMed Inc.		135,773		35,782,974
Retractable Technologies Inc.^(a)(b)		9,208		101,564
Rockwell Medical Inc.^(a)(b)		58,616		34,935
SeaSpine Holdings Corp.^(a)(b)		50,120		788,388
Second Sight Medical Products Inc.^(a)(b)		22,541		71,906
Senseonics Holdings Inc.^(a)(b)		356,950		1,210,060
Sensus Healthcare Inc.^(a)(b)		69,045		248,562
Shockwave Medical Inc.^(a)(b)		32,700		6,732,276
SI-BONE Inc.^(a)		31,160		667,447
Sientra Inc.^(a)		43,800		250,974
Silk Road Medical Inc.^(a)(b)		32,240		1,774,167
SiNtx Technologies Inc.^(a)(b)		13		17
SmileDirectClub Inc.^(a)(b)		70,872		377,039
Soliton Inc.^(a)(b)		6,119		124,583
STAAR Surgical Co.^(a)		43,291		5,564,192
Stereotaxis Inc.^(a)		38,652		207,948
STERIS PLC		93,023		19,002,738
Strata Skin Sciences Inc.^(a)		1,191		2,191
Stryker Corp.		311,967		82,271,937
Surgalign Holdings Inc.^(a)		51,463		56,095
Surmodics Inc.^(a)		9,514		528,978
Tactile Systems Technology Inc.^(a)		16,562		736,181
Tandem Diabetes Care Inc.^(a)(b)		56,080		6,694,830
Tela Bio Inc.^(a)		3,109		42,469
Teleflex Inc.		43,415		16,347,918
ThermoGenesis Holdings Inc.^(a)		27		53
TransMedics Group Inc.^(a)		22,904		757,893
Treace Medical Concepts Inc.^(a)(b)		23,144		622,574
Utah Medical Products Inc.		1,035		96,089
Vapotherm Inc.^(a)(b)		26,314		586,013
Varex Imaging Corp.^(a)		34,595		975,579
Venus Concept Inc.^(a)		14,453		36,277
ViewRay Inc.^(a)		91,509		659,780
VolitionRx Ltd.^(a)(b)		9,147		28,356
West Pharmaceutical Services Inc.		67,071		28,474,322
Xtant Medical Holdings Inc.^(a)(b)		143		159
Zimmer Biomet Holdings Inc.		195,128		28,558,934
Zomedica Corp.^(a)(b)		961,535		503,364
Zosano Pharma Corp.^(a)(b)		86,798		62,469


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Zynex Inc.^(a)(b)		13,863	$	157,900


				1,471,249,886

Health Care Providers & Services — 2.4%
1Life Healthcare Inc.^(a)		107,613		2,179,163
Acadia Healthcare Co. Inc.^(a)(b)		83,685		5,337,429
Accolade Inc.^(a)		53,412		2,252,384
AdaptHealth Corp.^(a)(b)		101,012		2,352,569
Addus HomeCare Corp.^(a)		15,171		1,209,887
Agiliti Inc.^(a)(b)		33,456		637,002
agilon health Inc.^(a)(b)		43,889		1,150,331
Alignment Healthcare Inc.^(a)(b)		30,688		490,394
Amedisys Inc.^(a)		31,788		4,739,591
American Shared Hospital Services^(a)		709		1,957
AmerisourceBergen Corp.		140,424		16,773,647
AMN Healthcare Services Inc.^(a)		42,593		4,887,547
Anthem Inc.		222,343		82,889,470
Apollo Medical Holdings Inc.^(a)(b)		34,970		3,184,018
Avalon GloboCare Corp.^(a)(b)		22,342		19,840
Aveanna Healthcare Holdings Inc.^(a)		66,134		530,395
Brookdale Senior Living Inc.^(a)		210,004		1,323,025
Cano Health Inc.^(a)(b)		154,508		1,959,161
Capital Senior Living Corp.^(a)		1,488		52,407
Cardinal Health Inc.		276,214		13,661,544
CareMax Inc.^(a)		89,718		866,676
Castle Biosciences Inc.^(a)(b)		25,613		1,703,264
Centene Corp.^(a)		546,470		34,050,546
Chemed Corp.		15,431		7,177,267
Cigna Corp.		316,111		63,272,778
Clover Health Investments Corp.^(a)(b)		206,728		1,527,720
Community Health Systems Inc.^(a)		107,635		1,259,330
CorVel Corp.^(a)		8,578		1,597,395
Covetrus Inc.^(a)		89,944		1,631,584
Cross Country Healthcare Inc.^(a)		32,896		698,711
CVS Health Corp.		1,208,612		102,562,814
CynergisTek Inc./DE^(a)(b)		7,910		14,238
DaVita Inc.^(a)		64,487		7,497,259
Encompass Health Corp.		94,204		7,069,068
Ensign Group Inc. (The)		44,839		3,357,993
Enzo Biochem Inc.^(a)		34,624		122,569
Exagen Inc.^(a)		5,170		70,312
Five Star Senior Living Inc.^(a)		15,887		69,585
Fulgent Genetics Inc.^(a)		16,584		1,491,731
Great Elm Group Inc.^(a)		6,307		14,317
Guardant Health Inc.^(a)		94,150		11,769,691
Hanger Inc.^(a)		34,692		761,836
HCA Healthcare Inc.		225,428		54,715,884
HealthEquity Inc.^(a)		78,718		5,097,778
Henry Schein Inc.^(a)(b)		135,106		10,289,673
Hims & Hers Health Inc.^(a)		160,827		1,212,636
Humana Inc.		118,839		46,246,197
InfuSystem Holdings Inc.^(a)(b)		16,774		218,565
Innovage Holding Corp.^(a)		36,158		239,004
Joint Corp. (The)^(a)		17,750		1,739,855
Laboratory Corp. of America Holdings^(a)		90,331		25,422,757
LHC Group Inc.^(a)(b)		31,051		4,872,212
LifeStance Health Group Inc.^(a)(b)		56,176		814,552
Magellan Health Inc.^(a)		22,015		2,081,518
McKesson Corp.		143,773		28,665,461
MEDNAX Inc.^(a)		84,791		2,410,608
ModivCare Inc.^(a)		9,385		1,704,504


S C H E D U L E O F I N V E S T M E N T S		69

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Molina Healthcare Inc.^(a)		52,359	$	14,205,520
National HealthCare Corp.		8,852		619,463
National Research Corp.		8,888		374,807
Oak Street Health Inc.^(a)(b)		129,828		5,521,585
Ontrak Inc.^(a)(b)		10,101		101,414
Option Care Health Inc.^(a)		112,616		2,732,064
Owens & Minor Inc.		77,644		2,429,481
Patterson Companies Inc.		85,262		2,569,797
Pennant Group Inc. (The)^(a)		23,223		652,334
PetIQ Inc.^(a)		18,632		465,241
Premier Inc., Class A		113,622		4,403,989
Privia Health Group Inc.^(a)		19,147		451,103
Progyny Inc.^(a)(b)		64,010		3,584,560
Psychemedics Corp.^(a)		7,628		64,838
Quest Diagnostics Inc.		113,541		16,498,643
R1 RCM Inc.^(a)		123,773		2,724,244
RadNet Inc.^(a)		50,836		1,490,003
Regional Health Properties Inc.^(a)(b)		885		6,992
Select Medical Holdings Corp.		95,400		3,450,618
Sharps Compliance Corp.^(a)(b)		9,065		74,968
Signify Health Inc., Class A^(a)(b)		26,094		466,300
SOC Telemed Inc.^(a)		135,955		307,258
Star Equity Holdings Inc.^(a)(b)		1,268		3,449
Surgery Partners Inc.^(a)(b)		26,577		1,125,270
Talkspace Inc.^(a)(b)		182,642		666,643
Tenet Healthcare Corp.^(a)		94,424		6,273,531
Tivity Health Inc.^(a)(b)		49,808		1,148,572
Triple-S Management Corp.^(a)		25,426		899,318
U.S. Physical Therapy Inc.		10,124		1,119,714
UnitedHealth Group Inc.		873,489		341,307,092
Universal Health Services Inc., Class B		73,464		10,165,214


				1,005,853,674

Health Care Technology — 0.3%
Allscripts Healthcare Solutions Inc.^(a)		122,723		1,640,806
American Well Corp., Class A^(a)(b)		166,919		1,520,632
CareCloud Inc.^(a)		6,317		48,136
Castlight Health Inc., Class B^(a)		41,305		64,849
Cerner Corp.		270,605		19,083,065
Certara Inc.^(a)		86,225		2,854,047
Change Healthcare Inc.^(a)		250,423		5,243,858
Computer Programs & Systems Inc.		8,610		305,311
Doximity Inc., Class A^(a)(b)		45,386		3,662,650
Evolent Health Inc., Class A^(a)(b)		78,437		2,431,547
GoodRx Holdings Inc., Class A^(a)(b)		58,967		2,418,826
Health Catalyst Inc.^(a)(b)		48,901		2,445,539
HealthStream Inc.^(a)		24,553		701,725
HTG Molecular Diagnostics Inc.^(a)		438		2,501
Icad Inc.^(a)		13,657		146,813
Inovalon Holdings Inc., Class A^(a)		65,553		2,641,130
Inspire Medical Systems Inc.^(a)		25,423		5,920,508
Multiplan Corp.^(a)(b)		245,123		1,380,042
NantHealth Inc.^(a)		21,929		35,306
NextGen Healthcare Inc.^(a)		42,609		600,787
Omnicell Inc.^(a)		40,538		6,017,055
OptimizeRx Corp.^(a)		22,417		1,917,774
Phreesia Inc.^(a)		50,139		3,093,576
Schrodinger Inc.^(a)(b)		45,614		2,494,174
SCWorx Corp.^(a)(b)		5,393		11,595
Sema4 Holdings Corp.^(a)(b)		116,113		881,298
Sharecare Inc.^(a)(b)		263,778		2,170,893


Security	Shares		Value

Health Care Technology (continued)
Simulations Plus Inc.^(b)		18,195	$	718,702
Streamline Health Solutions Inc.^(a)(b)		17,805		31,159
Tabula Rasa HealthCare Inc.^(a)(b)		25,789		675,930
Teladoc Health Inc.^(a)(b)		148,056		18,774,981
Veeva Systems Inc., Class A^(a)		129,671		37,367,292
Vocera Communications Inc.^(a)(b)		27,302		1,249,340


				128,551,847

Hotels, Restaurants & Leisure — 2.2%
Accel Entertainment Inc.^(a)(b)		58,481		709,959
Airbnb Inc., Class A^(a)		312,832		52,477,568
Allied Esports Entertainment Inc.^(a)		7,160		12,673
Aramark		237,521		7,804,940
Ark Restaurants Corp.^(a)		295		4,572
Bally’s Corp.^(a)		23,643		1,185,460
BBQ Holdings Inc.^(a)		8,574		129,382
Biglari Holdings Inc., Class A^(a)(b)		19		15,580
Biglari Holdings Inc., Class B, NVS^(a)		199		34,190
BJ’s Restaurants Inc.^(a)		24,541		1,024,832
Bloomin’ Brands Inc.^(a)		82,710		2,067,750
Booking Holdings Inc.^(a)		38,198		90,677,086
Boyd Gaming Corp.^(a)		74,465		4,710,656
Brinker International Inc.^(a)		38,817		1,903,974
Caesars Entertainment Inc.^(a)		200,173		22,475,424
Canterbury Park Holding Corp.		598		9,921
Carnival Corp.^(a)		750,985		18,782,135
Carrols Restaurant Group Inc.		33,028		120,882
Century Casinos Inc.^(a)(b)		19,496		262,611
Cheesecake Factory Inc. (The)^(a)		42,017		1,974,799
Chipotle Mexican Grill Inc.^(a)		25,911		47,093,761
Choice Hotels International Inc.		33,801		4,271,432
Churchill Downs Inc.		34,030		8,169,922
Chuy’s Holdings Inc.^(a)(b)		16,617		523,934
Cracker Barrel Old Country Store Inc.		24,467		3,421,465
Darden Restaurants Inc.		123,494		18,705,636
Dave & Buster’s Entertainment Inc.^(a)		42,918		1,645,047
Del Taco Restaurants Inc.		28,764		251,110
Denny’s Corp.^(a)		75,278		1,230,043
Dine Brands Global Inc.^(a)		16,627		1,350,279
Domino’s Pizza Inc.		34,253		16,337,311
Dover Motorsports Inc.		16,652		40,298
DraftKings Inc., Class A^(a)(b)		304,704		14,674,545
Drive Shack Inc.^(a)(b)		65,173		183,136
El Pollo Loco Holdings Inc.^(a)		19,091		322,638
Everi Holdings Inc.^(a)(b)		74,270		1,795,849
Expedia Group Inc.^(a)		135,298		22,175,342
Fiesta Restaurant Group Inc.^(a)(b)		33,329		365,286
Flanigan’s Enterprises Inc.^(a)(b)		198		5,283
Full House Resorts Inc.^(a)(b)		8,023		85,124
GAN Ltd.^(a)		55,319		822,594
Golden Entertainment Inc.^(a)		18,010		884,111
Golden Nugget Online Gaming Inc.^(a)		44,703		776,491
Good Times Restaurants Inc.^(a)(b)		9,070		46,438
Hilton Grand Vacations Inc.^(a)(b)		86,667		4,122,749
Hilton Worldwide Holdings Inc.^(a)		259,427		34,272,901
Hyatt Hotels Corp., Class A^(a)		40,528		3,124,709
Jack in the Box Inc.		24,220		2,357,333
Krispy Kreme Inc.^(a)(b)		56,359		789,026
Kura Sushi USA Inc., Class A^(a)		2,417		105,575
Las Vegas Sands Corp.^(a)		311,855		11,413,893
Lindblad Expeditions Holdings Inc.^(a)(b)		22,669		330,741


70		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Luby’s Inc.^(a)(b)		17,514	$	73,209
Marriott International Inc./MD, Class A^(a)		252,564		37,402,203
Marriott Vacations Worldwide Corp.		40,444		6,363,055
McDonald’s Corp.		685,291		165,230,513
Membership Collective Group Inc., Class A^(a)(b)		61,073		759,748
MGM Resorts International		367,286		15,848,391
Monarch Casino & Resort Inc.^(a)		8,375		561,041
Nathan’s Famous Inc.		709		43,370
Noodles & Co.^(a)(b)		17,204		203,007
Norwegian Cruise Line Holdings Ltd.^(a)(b)		342,568		9,149,991
ONE Group Hospitality Inc. (The)^(a)		16,199		173,167
Papa John’s International Inc.		31,541		4,005,392
Penn National Gaming Inc.^(a)(b)		140,217		10,160,124
Planet Fitness Inc., Class A^(a)		78,202		6,142,767
Playa Hotels & Resorts NV^(a)		68,436		567,334
PlayAGS Inc.^(a)		25,565		201,452
Potbelly Corp.^(a)(b)		24,561		166,524
Rave Restaurant Group Inc.^(a)		3,285		4,303
RCI Hospitality Holdings Inc.		8,579		587,747
Red Robin Gourmet Burgers Inc.^(a)(b)		17,494		403,412
Red Rock Resorts Inc., Class A^(a)		60,931		3,120,886
Royal Caribbean Cruises Ltd.^(a)		205,910		18,315,694
Rush Street Interactive Inc.^(a)(b)		44,487		854,595
Ruth’s Hospitality Group Inc.^(a)		33,170		686,951
Scientific Games Corp./DE, Class A^(a)(b)		78,211		6,496,988
SeaWorld Entertainment Inc.^(a)		53,776		2,974,888
Shake Shack Inc., Class A^(a)		36,705		2,879,874
Six Flags Entertainment Corp.^(a)		69,099		2,936,707
Starbucks Corp.		1,081,076		119,253,494
Target Hospitality Corp.^(a)		1,075		4,010
Texas Roadhouse Inc.		70,056		6,398,214
Travel + Leisure Co.		84,315		4,597,697
Vail Resorts Inc.^(a)		36,349		12,142,383
Wendy’s Co. (The)		178,433		3,868,427
Wingstop Inc.		26,114		4,280,868
Wyndham Hotels & Resorts Inc.		86,081		6,644,592
Wynn Resorts Ltd.^(a)		99,497		8,432,371
Yum! Brands Inc.		273,189		33,413,747


				903,427,532

Household Durables — 0.5%
Aterian Inc.^(a)(b)		8,447		91,481
Bassett Furniture Industries Inc.		17,719		320,891
Beazer Homes USA Inc.^(a)(b)		25,097		432,923
Cavco Industries Inc.^(a)		8,295		1,963,758
Century Communities Inc.		23,345		1,434,550
Comstock Holding Companies Inc.^(a)		285		1,364
Cricut Inc., Class A^(a)(b)		24,598		678,413
Dixie Group Inc. (The)^(a)		16,094		78,217
DR Horton Inc.		304,152		25,539,644
Emerson Radio Corp.^(a)(b)		16,988		19,156
Ethan Allen Interiors Inc.		16,180		383,466
Flexsteel Industries Inc.		13		401
Garmin Ltd.		135,128		21,006,999
GoPro Inc., Class A^(a)		108,038		1,011,236
Green Brick Partners Inc.^(a)		59,785		1,226,788
Hamilton Beach Brands Holding Co., Class A		28		439
Helen of Troy Ltd.^(a)		21,956		4,933,074
Hooker Furniture Corp.		9,157		247,147
Hovnanian Enterprises Inc., Class A^(a)		5,680		547,495
Installed Building Products Inc.		23,413		2,508,703


Security	Shares		Value

Household Durables (continued)
iRobot Corp.^(a)(b)		25,474	$	1,999,709
KB Home		77,098		3,000,654
La-Z-Boy Inc.		42,967		1,384,826
Leggett & Platt Inc.		126,778		5,684,726
Lennar Corp., Class A		252,410		23,645,769
Lennar Corp., Class B		14,911		1,156,945
LGI Homes Inc.^(a)(b)		18,191		2,581,485
Lifetime Brands Inc.		8,751		159,181
Live Ventures Inc.^(a)		631		23,839
Lovesac Co. (The)^(a)(b)		7,600		502,284
M/I Homes Inc.^(a)		24,576		1,420,493
MDC Holdings Inc.		51,465		2,404,445
Meritage Homes Corp.^(a)		33,710		3,269,870
Mohawk Industries Inc.^(a)		53,338		9,462,161
Nephros Inc.^(a)(b)		2,562		22,469
Newell Brands Inc.		368,851		8,166,361
Nova Lifestyle Inc.^(a)		2,790		6,333
NVR Inc.^(a)		3,103		14,876,030
PulteGroup Inc.		236,265		10,849,289
Purple Innovation Inc., Class A^(a)(b)		50,601		1,063,633
Skyline Champion Corp.^(a)		48,190		2,894,291
Sonos Inc.^(a)		115,836		3,748,453
Taylor Morrison Home Corp.^(a)		120,717		3,112,084
Tempur Sealy International Inc.		189,200		8,780,772
Toll Brothers Inc.		109,612		6,060,448
TopBuild Corp.^(a)(b)		30,466		6,239,742
Traeger Inc.^(a)		37,824		791,656
TRI Pointe Homes Inc.^(a)(b)		98,209		2,064,353
Tupperware Brands Corp.^(a)		44,774		945,627
Universal Electronics Inc.^(a)		10,107		497,770
VOXX International Corp.^(a)(b)		16,618		190,276
Vuzix Corp.^(a)(b)		56,996		596,178
Whirlpool Corp.		57,791		11,781,273
Yunhong CTI Ltd.^(a)		230		439


				201,810,009

Household Products — 1.1%
Central Garden & Pet Co.^(a)		8,600		412,800
Central Garden & Pet Co., Class A, NVS^(a)		41,532		1,785,876
Church & Dwight Co. Inc.		225,501		18,619,617
Clorox Co. (The)		115,602		19,144,847
Colgate-Palmolive Co.		765,601		57,864,124
Energizer Holdings Inc.		61,299		2,393,726
Kimberly-Clark Corp.		311,793		41,293,865
Ocean Bio-Chem Inc.		728		6,778
Oil-Dri Corp. of America		7,593		265,755
Procter & Gamble Co. (The)		2,242,484		313,499,263
Reynolds Consumer Products Inc.		45,711		1,249,739
Spectrum Brands Holdings Inc.		42,188		4,036,126
WD-40 Co.		12,046		2,788,408


				463,360,924

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		603,113		13,769,070
Clearway Energy Inc., Class A		33,120		933,984
Clearway Energy Inc., Class C		66,112		2,001,210
Montauk Renewables Inc.^(a)(b)		73,440		824,731
Ormat Technologies Inc.		47,015		3,131,669
Sunnova Energy International Inc.^(a)		86,383		2,845,456
Vistra Corp.		467,249		7,989,958


			31,496,078


S C H E D U L E O F I N V E S T M E N T S		71

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Industrial Conglomerates — 0.9%
3M Co.		537,879	$	94,354,734
General Electric Co.		1,020,317		105,123,261
Honeywell International Inc.		641,744		136,229,416
Raven Industries Inc.^(a)		33,764		1,945,144
Roper Technologies Inc.		97,723		43,597,162


				381,249,717

Insurance — 2.0%
Aflac Inc.		573,598		29,901,664
Alleghany Corp.^(a)		13,411		8,373,963
Allstate Corp. (The)		273,537		34,823,995
Ambac Financial Group Inc.^(a)		40,530		580,390
American Equity Investment Life Holding Co.		75,469		2,231,618
American Financial Group Inc./OH		62,657		7,884,130
American International Group Inc.		791,641		43,453,175
American National Group Inc.		12,972		2,452,097
AMERISAFE Inc.		22,681		1,273,765
Aon PLC, Class A		208,600		59,611,622
Arch Capital Group Ltd.^(a)		366,180		13,980,752
Argo Group International Holdings Ltd.		35,514		1,854,541
Arthur J Gallagher & Co.		194,144		28,859,506
Assurant Inc.		56,869		8,971,085
Assured Guaranty Ltd.		71,514		3,347,570
Athene Holding Ltd., Class A^(a)		118,473		8,159,236
Atlantic American Corp.^(b)		749		3,138
Axis Capital Holdings Ltd.		70,999		3,268,794
Brighthouse Financial Inc.^(a)		86,002		3,889,870
Brown & Brown Inc.		222,116		12,316,332
BRP Group Inc., Class A^(a)		42,074		1,400,643
Chubb Ltd.		407,801		70,745,318
Cincinnati Financial Corp.		138,075		15,770,927
Citizens Inc./TX^(a)(b)		42,180		261,938
CNA Financial Corp.		25,213		1,057,937
CNO Financial Group Inc.		120,130		2,827,860
Conifer Holdings Inc.^(a)		833		2,399
Crawford & Co., Class A, NVS		16,751		150,256
Crawford & Co., Class B		9,138		81,876
Donegal Group Inc., Class A		10,069		145,900
eHealth Inc.^(a)		24,014		972,567
Employers Holdings Inc.		20,755		819,615
Enstar Group Ltd.^(a)		10,132		2,378,284
Erie Indemnity Co., Class A, NVS		23,923		4,268,342
Everest Re Group Ltd.		36,605		9,179,802
FedNat Holding Co.		9,237		22,815
FG Financial Group Inc.^(a)		7,670		38,734
Fidelity National Financial Inc.		240,083		10,885,363
First American Financial Corp.		101,296		6,791,897
Genworth Financial Inc., Class A^(a)		438,516		1,644,435
Globe Life Inc.		89,196		7,941,120
GoHealth Inc., Class A^(a)		51,168		257,375
Goosehead Insurance Inc., Class A		17,312		2,636,444
Greenlight Capital Re Ltd., Class A^(a)		26,017		192,266
Hallmark Financial Services Inc.^(a)(b)		16,056		58,604
Hanover Insurance Group Inc. (The)		33,729		4,371,953
Hartford Financial Services Group Inc. (The)		322,704		22,669,956
HCI Group Inc.		7,391		818,701
Hippo Holdings Inc.^(a)		343,409		1,607,154
Horace Mann Educators Corp.		20,403		811,835
ICC Holdings Inc.^(a)(b)		1,139		19,340
Independence Holding Co.		8,182		405,745
Investors Title Co.		321		58,615


Security	Shares		Value

Insurance (continued)
James River Group Holdings Ltd.		23,359	$	881,335
Kemper Corp.		59,462		3,971,467
Kingstone Companies Inc.		7,675		50,809
Kingsway Financial Services Inc.^(a)		10,926		58,552
Kinsale Capital Group Inc.		19,309		3,122,265
Lemonade Inc.^(a)(b)		35,378		2,370,680
Lincoln National Corp.		158,198		10,876,113
Loews Corp.		188,898		10,187,269
Maiden Holdings Ltd.^(a)(b)		34,051		107,601
Markel Corp.^(a)		12,602		15,061,028
Marsh & McLennan Companies Inc.		470,937		71,313,990
MBIA Inc.^(a)		67,226		863,854
Mercury General Corp.		27,532		1,532,706
MetLife Inc.		677,020		41,792,445
MetroMile Inc.^(a)(b)		66,786		237,090
National Security Group Inc. (The)		249		2,600
National Western Life Group Inc., Class A		2,907		612,185
Old Republic International Corp.		247,781		5,731,175
Oscar Health Inc., Class A^(a)		35,451		616,493
Palomar Holdings Inc.^(a)		22,938		1,854,079
Primerica Inc.		40,430		6,211,261
Principal Financial Group Inc.		232,723		14,987,361
ProAssurance Corp.		36,192		860,646
Progressive Corp. (The)		538,079		48,636,961
Prudential Financial Inc.		359,568		37,826,554
Reinsurance Group of America Inc.		64,845		7,214,655
RenaissanceRe Holdings Ltd.		44,703		6,231,598
RLI Corp.		42,736		4,285,139
Root Inc./OH, Class A^(a)(b)		51,330		270,509
Ryan Specialty Group Holdings Inc., Class A^(a)(b)		54,117		1,832,943
Safety Insurance Group Inc.		11,576		917,398
Selective Insurance Group Inc.		57,259		4,324,772
Selectquote Inc.^(a)(b)		115,447		1,492,730
SiriusPoint Ltd.^(a)		77,409		716,807
State Auto Financial Corp.		16,137		822,180
Stewart Information Services Corp.		16,242		1,027,469
Tiptree Inc.		32,959		330,249
Travelers Companies Inc. (The)		231,094		35,128,599
Trupanion Inc.^(a)(b)		31,784		2,468,663
Unico American Corp.^(a)		619		2,111
United Fire Group Inc.		18,159		419,473
United Insurance Holdings Corp.		9,723		35,295
Universal Insurance Holdings Inc.		25,862		337,240
Unum Group		202,586		5,076,805
W R Berkley Corp.		128,185		9,380,578
White Mountains Insurance Group Ltd.^(b)		2,933		3,137,166
Willis Towers Watson PLC		120,837		28,089,769


				839,841,926

Interactive Media & Services — 5.9%
Alphabet Inc., Class A^(a)		278,321		744,096,760
Alphabet Inc., Class C, NVS^(a)		260,891		695,355,391
ANGI Inc.^(a)(b)		65,310		805,925
AutoWeb Inc.^(a)(b)		6,855		19,125
Bumble Inc., Class A^(a)(b)		64,439		3,220,661
Cargurus Inc.^(a)		82,185		2,581,431
Cars.com Inc.^(a)		67,237		850,548
DHI Group Inc.^(a)		34,693		165,139
Eventbrite Inc., Class A^(a)		75,503		1,427,762
EverQuote Inc., Class A^(a)		14,493		270,005
Facebook Inc., Class A^(a)		2,206,697		748,930,895


72		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
fuboTV Inc.^(a)(b)		131,709	$	3,155,748
IAC/InterActiveCorp.^(a)		79,352		10,338,772
IZEA Worldwide Inc.^(a)		36,786		70,629
Liberty TripAdvisor Holdings Inc., Class A^(a)		66,715		206,149
Match Group Inc.^(a)(b)		258,392		40,564,960
MediaAlpha Inc., Class A^(a)(b)		17,350		324,098
Pinterest Inc., Class A^(a)		513,067		26,140,764
QuinStreet Inc.^(a)		33,540		588,962
Snap Inc., Class A, NVS^(a)(b)		973,577		71,918,133
Super League Gaming Inc.^(a)(b)		22,391		69,636
Travelzoo^(a)		8,155		94,598
TripAdvisor Inc.^(a)		86,382		2,924,031
TrueCar Inc.^(a)(b)		76,258		317,233
Twitter Inc.^(a)		746,061		45,054,624
Vimeo Inc.^(a)		148,363		4,357,421
Yelp Inc.^(a)		68,556		2,553,025
Zedge Inc., Class B^(a)(b)		7,732		103,300
Zillow Group Inc., Class A^(a)(b)		37,288		3,302,971
Zillow Group Inc., Class C, NVS^(a)(b)		161,955		14,274,714
ZoomInfo Technologies Inc., Class A^(a)		164,061		10,038,893


				2,434,122,303

Internet & Direct Marketing Retail — 3.6%
1-800-Flowers.com Inc., Class A^(a)(b)		19,451		593,450
Amazon.com Inc.^(a)		403,250		1,324,692,380
CarParts.com Inc.^(a)(b)		27,502		429,306
Chewy Inc., Class A^(a)(b)		75,466		5,139,989
ContextLogic Inc., Class A^(a)(b)		300,856		1,642,674
DoorDash Inc., Class A^(a)(b)		142,396		29,330,728
Duluth Holdings Inc., Class B^(a)(b)		18,556		252,918
eBay Inc.		604,114		42,088,622
Etsy Inc.^(a)		118,756		24,696,498
Groupon Inc.^(a)(b)		19,152		436,857
iMedia Brands Inc.^(a)		2,509		14,427
Lands’ End Inc.^(a)(b)		16,651		391,965
Liquidity Services Inc.^(a)(b)		24,937		538,889
Overstock.com Inc.^(a)(b)		42,361		3,300,769
PetMed Express Inc.		23,506		631,606
Porch Group Inc.^(a)(b)		61,330		1,084,314
Poshmark Inc., Class A^(a)(b)		17,817		423,332
Quotient Technology Inc.^(a)(b)		64,065		372,858
Qurate Retail Inc., Series A		339,413		3,458,619
RealReal Inc. (The)^(a)		56,229		741,098
Remark Holdings Inc.^(a)(b)		48,374		50,793
Revolve Group Inc.^(a)		37,382		2,309,086
Shutterstock Inc.		18,719		2,121,237
Stamps.com Inc.(a)		16,801		5,540,802
Stitch Fix Inc., Class A^(a)		67,567		2,699,302
ThredUp Inc., Class A^(a)		30,798		668,009
Waitr Holdings Inc.^(a)(b)		67,741		59,978
Wayfair Inc., Class A^(a)(b)		71,957		18,385,733
Xometry Inc., Class A^(a)		13,060		753,170


				1,472,849,409

IT Services — 5.0%
Accenture PLC, Class A		581,738		186,109,621
Affirm Holdings Inc.^(a)(b)		86,407		10,293,666
Akamai Technologies Inc.^(a)		152,544		15,954,577
ALJ Regional Holdings Inc.^(a)(b)		9,338		9,898
Alliance Data Systems Corp.		43,328		4,371,362
Automatic Data Processing Inc.		393,292		78,626,937


Security	Shares		Value

IT Services (continued)
BigCommerce Holdings Inc., Series 1^(a)		54,894	$	2,779,832
Brightcove Inc.^(a)		33,008		380,912
Broadridge Financial Solutions Inc.		102,254		17,039,607
Cantaloupe Inc.^(a)		66,409		715,889
Cass Information Systems Inc.		9,942		416,073
Cloudflare Inc., Class A^(a)		244,870		27,584,605
Cognizant Technology Solutions Corp., Class A		491,923		36,505,606
Computer Task Group Inc.^(a)		16,086		128,366
Concentrix Corp.^(a)		39,690		7,025,130
Conduent Inc.^(a)		167,345		1,102,804
CSG Systems International Inc.		36,426		1,755,733
CSP Inc.^(a)		681		6,054
DigitalOcean Holdings Inc.^(a)(b)		17,538		1,361,475
DXC Technology Co.^(a)		222,444		7,476,343
EPAM Systems Inc.^(a)		52,569		29,989,563
ESC Srax Inc., NVS^(b)		10,943		657
Euronet Worldwide Inc.^(a)		46,800		5,956,704
EVERTEC Inc.		58,871		2,691,582
Evo Payments Inc., Class A^(a)(b)		41,330		978,694
Exela Technologies Inc.^(a)		45,594		88,452
ExlService Holdings Inc.^(a)		33,091		4,074,164
Fastly Inc., Class A^(a)(b)		98,649		3,989,366
Fidelity National Information Services Inc.		574,160		69,863,789
Fiserv Inc.^(a)		555,843		60,308,965
FleetCor Technologies Inc.^(a)		77,525		20,254,957
Flywire Corp.^(a)(b)		18,399		806,612
Gartner Inc.^(a)		77,740		23,623,631
Genpact Ltd.		168,477		8,004,342
Global Payments Inc.		271,510		42,784,546
GoDaddy Inc., Class A^(a)(b)		158,973		11,080,418
GreenSky Inc., Class A^(a)		43,539		486,766
Grid Dynamics Holdings Inc.^(a)(b)		40,428		1,181,306
Hackett Group Inc. (The)		24,647		483,574
I3 Verticals Inc., Class A^(a)(b)		31,191		755,134
Information Services Group Inc.		26,116		187,513
Innodata Inc.^(a)(b)		25,145		239,632
Inpixon^(a)		1		1
International Business Machines Corp.		830,042		115,317,735
International Money Express Inc.^(a)(b)		44,172		737,672
Jack Henry & Associates Inc.		69,418		11,388,717
Limelight Networks Inc.^(a)		149,168		355,020
LiveRamp Holdings Inc.^(a)		62,277		2,941,343
Marqeta Inc., Class A^(a)(b)		78,480		1,735,978
Mastercard Inc., Class A		805,376		280,013,128
Maximus Inc.		59,087		4,916,038
MoneyGram International Inc.^(a)(b)		51,132		410,079
MongoDB Inc.^(a)(b)		60,077		28,326,906
Okta Inc.^(a)		114,778		27,241,411
Paya Holdings Inc., Class A^(a)(b)		52,950		575,566
Paychex Inc.		297,805		33,488,172
Payoneer Global Inc.^(a)		179,254		1,532,622
PayPal Holdings Inc.^(a)		1,086,813		282,799,611
Paysign Inc.^(a)(b)		31,231		84,324
Perficient Inc.^(a)(b)		33,533		3,879,768
PFSweb Inc.^(a)		16,049		207,032
Priority Technology Holdings Inc.^(a)(b)		6,781		45,297
Rackspace Technology Inc.^(a)(b)		35,378		503,075
Repay Holdings Corp.^(a)(b)		84,311		1,941,682
Sabre Corp.^(a)		302,690		3,583,850
ServiceSource International Inc.^(a)(b)		50,955		68,789


S C H E D U L E O F I N V E S T M E N T S		73

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Shift4 Payments Inc., Class A^(a)(b)		46,417	$	3,598,246
Snowflake Inc., Class A^(a)		211,943		64,097,921
SolarWinds Corp.		30,530		510,767
Square Inc., Class A^(a)(b)		369,828		88,699,548
Squarespace Inc., Class A^(a)(b)		25,972		1,003,558
StarTek Inc.^(a)		9,107		50,180
Steel Connect Inc.^(a)(b)		42,208		85,682
Switch Inc., Class A		117,418		2,981,243
TaskUS Inc., Class A^(a)		14,132		937,941
TTEC Holdings Inc.		16,315		1,525,942
Tucows Inc., Class A^(a)(b)		9,026		712,603
Twilio Inc., Class A^(a)		155,423		49,587,708
Unisys Corp.^(a)		56,620		1,423,427
Usio Inc.^(a)		908		5,375
VeriSign Inc.^(a)		86,904		17,816,189
Verra Mobility Corp.^(a)		113,287		1,707,235
Visa Inc., Class A		1,559,638		347,409,364
Western Union Co. (The)		379,013		7,663,643
WEX Inc.^(a)		40,636		7,157,625
WidePoint Corp.^(a)(b)		6,371		33,448


				2,086,576,318

Leisure Products — 0.2%
Acushnet Holdings Corp.		40,310		1,882,477
American Outdoor Brands Inc.^(a)		11,943		293,320
AMMO Inc.^(a)(b)		109,851		675,584
Brunswick Corp./DE		73,274		6,980,814
Callaway Golf Co.^(a)		109,083		3,013,963
Clarus Corp.		17,758		455,138
Escalade Inc.		8,453		159,846
Genius Brands International Inc.^(a)(b)		423,097		575,412
Hasbro Inc.		120,116		10,716,750
Hayward Holdings Inc.^(a)(b)		39,126		870,162
JAKKS Pacific Inc.^(a)(b)		1,371		16,287
Johnson Outdoors Inc., Class A		7,755		820,479
Latham Group Inc.^(a)(b)		28,121		461,184
Malibu Boats Inc., Class A^(a)(b)		16,836		1,178,183
Marine Products Corp.		28,158		352,257
MasterCraft Boat Holdings Inc.^(a)		17,303		433,959
Mattel Inc.^(a)		329,057		6,107,298
Nautilus Inc.^(a)(b)		25,435		236,800
Peloton Interactive Inc., Class A^(a)(b)		247,522		21,546,790
Polaris Inc.		53,294		6,377,160
Smith & Wesson Brands Inc.		50,253		1,043,252
Sturm Ruger & Co. Inc.		14,719		1,085,968
Vinco Ventures Inc.^(a)(b)		105,792		678,127
Vista Outdoor Inc.^(a)		50,858		2,050,086
YETI Holdings Inc.^(a)(b)		81,303		6,966,854


				74,978,150

Life Sciences Tools & Services — 1.4%
10X Genomics Inc., Class A^(a)		84,220		12,260,748
23andMe Holding Co., Class A^(a)(b)		106,702		966,720
Adaptive Biotechnologies Corp.^(a)(b)		100,756		3,424,696
Agilent Technologies Inc.		283,963		44,732,691
Applied DNA Sciences Inc.^(a)		366		1,973
Avantor Inc.^(a)(b)		542,975		22,207,677
Berkeley Lights Inc.^(a)		42,491		831,124
BioNano Genomics Inc.^(a)(b)		232,499		1,278,744
Bio-Rad Laboratories Inc., Class A^(a)		18,728		13,970,152
Bio-Techne Corp.		35,411		17,159,108


Security	Shares		Value

Life Sciences Tools & Services (continued)
Bruker Corp.		100,453	$	7,845,379
Champions Oncology Inc.^(a)(b)		5,899		60,229
Charles River Laboratories International Inc.^(a)		47,564		19,628,236
ChromaDex Corp.^(a)(b)		79,496		498,440
Codexis Inc.^(a)		42,943		998,854
Contra Aduro Biotech I^(a)(c)		4,142		12,426
Cytek Biosciences Inc.^(a)		30,884		661,226
Fluidigm Corp.^(a)(b)		57,716		380,348
Illumina Inc.^(a)		136,688		55,442,020
Inotiv Inc.^(a)(b)		7,733		226,113
IQVIA Holdings Inc.^(a)		177,691		42,564,102
Maravai LifeSciences Holdings Inc., Class A^(a)		95,898		4,706,674
Medpace Holdings Inc.^(a)		26,156		4,950,808
Mettler-Toledo International Inc.^(a)		21,517		29,636,655
NanoString Technologies Inc.^(a)(b)		47,394		2,275,386
Nautilus Biotechnology Inc.^(a)		121,208		744,217
NeoGenomics Inc.^(a)		114,574		5,527,050
Pacific Biosciences of California Inc.^(a)(b)		179,241		4,579,608
PerkinElmer Inc.		102,163		17,703,826
Personalis Inc.^(a)		31,303		602,270
PPD Inc.^(a)		115,634		5,410,515
Quanterix Corp.^(a)		28,082		1,398,203
Quantum-Si Inc.^(a)(b)		94,706		789,848
Repligen Corp.^(a)		48,773		14,094,909
Seer Inc.^(a)(b)		35,621		1,229,993
Sotera Health Co.^(a)		102,344		2,676,296
Syneos Health Inc.^(a)		94,830		8,295,728
Thermo Fisher Scientific Inc.		362,781		207,267,669
Waters Corp.^(a)		56,512		20,191,738


				577,232,399

Machinery — 1.8%
AGCO Corp.		60,017		7,353,883
AgEagle Aerial Systems Inc.^(a)(b)		96,361		290,047
Alamo Group Inc.		7,707		1,075,358
Albany International Corp., Class A		32,552		2,502,272
Allison Transmission Holdings Inc.		103,793		3,665,969
Altra Industrial Motion Corp.		57,892		3,204,322
Art’s-Way Manufacturing Co. Inc.^(a)		304		1,104
Astec Industries Inc.		17,831		959,486
Barnes Group Inc.		43,141		1,800,274
Blue Bird Corp.^(a)(b)		30,987		646,389
Caterpillar Inc.		508,872		97,688,158
Chart Industries Inc.^(a)(b)		33,346		6,372,754
Chicago Rivet & Machine Co.		125		3,359
CIRCOR International Inc.^(a)		17,496		577,543
Colfax Corp.^(a)		113,321		5,201,434
Columbus McKinnon Corp./NY		33,806		1,634,520
Commercial Vehicle Group Inc.^(a)(b)		25,089		237,342
Crane Co.		49,942		4,735,001
Cummins Inc.		133,499		29,978,535
Deere & Co.		263,846		88,406,879
Desktop Metal Inc., Class A^(a)(b)		176,766		1,267,412
Donaldson Co. Inc.		119,314		6,849,817
Douglas Dynamics Inc.		18,063		655,687
Dover Corp.		132,362		20,582,291
Eastern Co. (The)		7,699		193,707
Enerpac Tool Group Corp.		50,851		1,054,141
EnPro Industries Inc.		17,609		1,534,096
ESCO Technologies Inc.		25,268		1,945,636
Evoqua Water Technologies Corp.^(a)(b)		103,525		3,888,399


74		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
ExOne Co. (The)^(a)		12,291	$	287,364
Federal Signal Corp.		58,401		2,255,447
Flowserve Corp.		128,412		4,452,044
Fortive Corp.		333,169		23,511,736
Franklin Electric Co. Inc.		33,920		2,708,512
FreightCar America Inc.^(a)(b)		9,174		41,558
Gates Industrial Corp. PLC^(a)		90,408		1,470,938
Gencor Industries Inc.^(a)		8,176		90,754
Gorman-Rupp Co. (The)		16,938		606,550
Graco Inc.		162,221		11,350,603
Graham Corp.		8,589		106,504
Greenbrier Companies Inc. (The)		33,269		1,430,234
Helios Technologies Inc.		25,704		2,110,555
Hillenbrand Inc.		68,085		2,903,825
Hillman Solutions Corp.^(a)		92,496		1,103,477
Hurco Companies Inc.		7,825		252,434
Hydrofarm Holdings Group Inc.^(a)(b)		33,078		1,252,002
Hyliion Holdings Corp.^(a)(b)		87,438		734,479
Hyster-Yale Materials Handling Inc.		8,483		426,356
Hyzon Motors Inc.^(a)(b)		85,168		591,066
IDEX Corp.		69,832		14,451,732
Illinois Tool Works Inc.		265,096		54,776,786
Ingersoll Rand Inc.^(a)		371,284		18,716,426
ITT Inc.		83,601		7,176,310
John Bean Technologies Corp.		31,154		4,378,695
Kadant Inc.		12,588		2,569,211
Kennametal Inc.		75,551		2,586,111
LB Foster Co., Class A^(a)		8,586		132,997
Lincoln Electric Holdings Inc.		52,352		6,742,414
Lindsay Corp.		8,710		1,322,091
LiqTech International Inc.^(a)(b)		10,921		59,847
LS Starrett Co. (The), Class A^(a)		7,777		97,135
Lydall Inc.^(a)		17,365		1,078,193
Manitex International Inc.^(a)		16,140		115,885
Manitowoc Co. Inc. (The)^(a)		41,136		881,133
Markforged Holding Corp.^(a)(b)		108,568		712,206
Mayville Engineering Co. Inc.^(a)		6,458		121,410
Meritor Inc.^(a)		78,985		1,683,170
Microvast Holdings Inc.^(a)(b)		220,668		1,813,891
Middleby Corp. (The)^(a)		52,628		8,973,600
Miller Industries Inc./TN		10,523		358,203
Mueller Industries Inc.		50,338		2,068,892
Mueller Water Products Inc., Class A		151,294		2,302,695
Nikola Corp.^(a)(b)		217,428		2,319,957
NN Inc.^(a)(b)		27,639		145,105
Nordson Corp.		50,338		11,987,995
Oshkosh Corp.		60,010		6,143,224
Otis Worldwide Corp.		396,703		32,640,723
P&F Industries Inc., Class A^(a)		689		4,568
PACCAR Inc.		322,138		25,423,131
Parker-Hannifin Corp.		120,243		33,622,348
Park-Ohio Holdings Corp.		8,371		213,628
Pentair PLC		151,456		11,000,249
Perma-Pipe International Holdings Inc.^(a)		8,145		63,205
Proterra Inc.^(a)(b)		165,788		1,676,117
Proto Labs Inc.^(a)(b)		25,128		1,673,525
RBC Bearings Inc.^(a)(b)		24,559		5,211,420
REV Group Inc.		19,810		339,940
Rexnord Corp.		117,335		7,543,467
Shyft Group Inc. (The)		33,477		1,272,461


Security	Shares		Value

Machinery (continued)
Snap-on Inc.		48,543	$	10,143,060
SPX Corp.^(a)		48,522		2,593,501
SPX FLOW Inc.		41,572		3,038,913
Standex International Corp.		8,922		882,475
Stanley Black & Decker Inc.		150,316		26,351,898
Taylor Devices Inc.^(a)		702		7,933
Tennant Co.		18,016		1,332,283
Terex Corp.		58,814		2,476,069
Timken Co. (The)		59,271		3,877,509
Titan International Inc.^(a)		41,986		300,620
Toro Co. (The)		102,174		9,952,769
Trinity Industries Inc.		69,250		1,881,522
Twin Disc Inc.^(a)		8,531		90,940
Wabash National Corp.		59,234		896,210
Watts Water Technologies Inc., Class A		25,342		4,259,737
Welbilt Inc.^(a)		126,162		2,932,005
Westinghouse Air Brake Technologies Corp.		175,724		15,149,166
Woodward Inc.		58,840		6,660,688
Xylem Inc./NY		170,030		21,029,310


			740,248,957

Marine — 0.0%
Eagle Bulk Shipping Inc.^(a)		16,811		847,611
Genco Shipping & Trading Ltd.		23,874		480,584
Kirby Corp.^(a)		57,647		2,764,750
Matson Inc.		35,344		2,852,614
Pangaea Logistics Solutions Ltd.		8,487		42,859


			6,988,418

Media — 1.3%
Advantage Solutions Inc.^(a)(b)		99,244		858,461
Altice USA Inc., Class A^(a)		205,003		4,247,662
AMC Networks Inc., Class A^(a)		30,539		1,422,812
Beasley Broadcast Group Inc., Class A^(a)		904		2,405
Boston Omaha Corp., Class A^(a)(b)		19,516		756,830
Cable One Inc.		4,632		8,398,418
Cardlytics Inc.^(a)		31,434		2,638,570
Charter Communications Inc., Class A^(a)(b)		117,901		85,780,052
Clear Channel Outdoor Holdings Inc.^(a)		392,728		1,064,293
Comcast Corp., Class A		4,237,258		236,989,840
comScore Inc.^(a)(b)		43,676		170,336
Cumulus Media Inc., Class A^(a)(b)		40,906		501,098
Daily Journal Corp.^(a)(b)		251		80,413
DallasNews Corp.		4,438		30,844
Discovery Inc., Class A^(a)(b)		150,739		3,825,756
Discovery Inc., Class C, NVS^(a)		298,542		7,245,614
DISH Network Corp., Class A^(a)		222,647		9,676,239
Emerald Holding Inc.^(a)		43,102		187,063
Entercom Communications Corp.^(a)		97,439		358,576
Entravision Communications Corp., Class A		50,778		360,524
EW Scripps Co. (The), Class A		50,009		903,163
Fluent Inc.^(a)(b)		91,846		208,490
Fox Corp., Class A, NVS		297,914		11,949,331
Fox Corp., Class B		126,104		4,680,980
Gannett Co. Inc.^(a)		111,241		743,090
Gray Television Inc.		78,109		1,782,447
Gray Television Inc., Class A		756		16,761
Hemisphere Media Group Inc.^(a)		8,611		104,882
Iheartmedia Inc., Class A^(a)		104,104		2,604,682
Insignia Systems Inc.^(a)(b)		1,165		8,516
Interpublic Group of Companies Inc. (The)		370,216		13,575,821


S C H E D U L E O F I N V E S T M E N T S		75

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
John Wiley & Sons Inc., Class A		42,147	$	2,200,495
John Wiley & Sons Inc., Class B		787		42,514
Lee Enterprises Inc.^(a)		5,300		119,992
Liberty Broadband Corp., Class A^(a)		23,561		3,966,494
Liberty Broadband Corp., Class C, NVS^(a)		134,910		23,298,957
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		81,914		3,863,883
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		148,648		7,056,321
Loral Space & Communications Inc.		17,329		745,320
Magnite Inc.^(a)(b)		104,960		2,938,880
Marchex Inc., Class B^(a)		25,428		75,903
Mediaco Holding Inc., Class A^(a)		858		10,004
Meredith Corp.^(a)		35,005		1,949,778
National CineMedia Inc.		84,276		300,023
New York Times Co. (The), Class A		158,887		7,828,362
News Corp., Class A, NVS		359,521		8,459,529
News Corp., Class B		108,719		2,525,542
Nexstar Media Group Inc., Class A		37,207		5,653,976
Omnicom Group Inc.		193,567		14,025,865
PubMatic Inc., Class A^(a)		15,366		404,894
Saga Communications Inc., Class A		7,583		172,513
Salem Media Group Inc.^(a)		9,235		34,262
Scholastic Corp.		25,144		896,384
Sinclair Broadcast Group Inc., Class A		36,577		1,158,759
Sirius XM Holdings Inc.^(b)		865,975		5,282,447
SPAR Group Inc.^(a)(b)		7,787		10,824
Stagwell Inc.^(a)(b)		105,087		806,017
TechTarget Inc.^(a)(b)		26,380		2,174,240
TEGNA Inc.		201,711		3,977,741
Thryv Holdings Inc.^(a)(b)		29,367		882,185
Townsquare Media Inc., Class A^(a)		8,619		112,650
Urban One Inc., NVS^(a)(b)		25,657		174,724
Urban One Inc., Class A^(a)		233		1,892
ViacomCBS Inc., Class A		9,702		408,163
ViacomCBS Inc., Class B, NVS		573,290		22,650,688
WideOpenWest Inc.^(a)		66,095		1,298,767


			526,682,957

Metals & Mining — 0.5%
Alcoa Corp.^(a)		179,240		8,772,006
Allegheny Technologies Inc.^(a)(b)		117,342		1,951,397
Alpha Metallurgical Resources Inc.^(a)		23,886		1,189,284
Ampco-Pittsburgh Corp.^(a)(b)		8,373		39,353
Arconic Corp.^(a)(b)		92,417		2,914,832
Carpenter Technology Corp.		48,097		1,574,696
Century Aluminum Co.^(a)(b)		51,703		695,405
Cleveland-Cliffs Inc.^(a)(b)		417,853		8,277,668
Coeur Mining Inc.^(a)(b)		278,591		1,718,906
Commercial Metals Co.		100,702		3,067,383
Compass Minerals International Inc.		34,202		2,202,609
Freeport-McMoRan Inc.		1,330,174		43,270,560
Friedman Industries Inc.		8,182		97,448
Gatos Silver Inc.^(a)		61,945		720,420
Gold Resource Corp.^(b)		64,120		100,668
Golden Minerals Co.^(a)(b)		85,284		36,834
Haynes International Inc.		9,916		369,371
Hecla Mining Co.		548,241		3,015,326
Hycroft Mining Holding Corp.^(a)(b)		50,788		75,674
Kaiser Aluminum Corp.		17,596		1,917,260
Materion Corp.		18,496		1,269,565
McEwen Mining Inc.^(a)(b)		210,478		218,897


Security	Shares		Value

Metals & Mining (continued)
MP Materials Corp.^(a)		81,830	$	2,637,381
Newmont Corp.		736,029		39,966,375
Nucor Corp.		270,857		26,676,706
Olympic Steel Inc.		8,466		206,232
Paramount Gold Nevada Corp.^(a)(b)		7,831		6,421
Ramaco Resources Inc.^(a)(b)		8,589		105,731
Reliance Steel & Aluminum Co.		58,617		8,348,233
Royal Gold Inc.		61,595		5,881,707
Ryerson Holding Corp.		16,174		360,195
Schnitzer Steel Industries Inc., Class A		25,187		1,103,442
Solitario Zinc Corp.^(a)(b)		33,580		18,637
Steel Dynamics Inc.		184,554		10,792,718
SunCoke Energy Inc.		62,150		390,302
Synalloy Corp.^(a)		8,541		92,243
TimkenSteel Corp.^(a)(b)		33,955		444,131
U.S. Antimony Corp.^(a)(b)		66,966		60,665
United States Steel Corp.^(b)		246,372		5,412,793
Universal Stainless & Alloy Products Inc.^(a)		8,180		84,745
Warrior Met Coal Inc.		41,077		955,862
Worthington Industries Inc.		33,014		1,739,838


			188,779,919

Mortgage Real Estate Investment — 0.2%
ACRES Commercial Realty Corp.^(a)		7,974		128,940
AFC Gamma Inc.		39,850		859,963
AG Mortgage Investment Trust Inc.		12,048		137,709
AGNC Investment Corp.		482,470		7,608,552
Annaly Capital Management Inc.		1,233,895		10,389,396
Apollo Commercial Real Estate Finance Inc.		120,528		1,787,430
Arbor Realty Trust Inc.		121,538		2,252,099
Ares Commercial Real Estate Corp.		29,225		440,713
Arlington Asset Investment Corp., Class A^(a)		102,523		379,335
ARMOUR Residential REIT Inc.		56,664		610,838
Blackstone Mortgage Trust Inc., Class A		149,039		4,518,862
BrightSpire Capital Inc.		77,450		727,255
Broadmark Realty Capital Inc.		119,109		1,174,415
Capstead Mortgage Corp.		66,165		442,644
Cherry Hill Mortgage Investment Corp.		15,950		141,636
Chimera Investment Corp.		239,648		3,558,773
Dynex Capital Inc.		22,388		386,865
Ellington Financial Inc.		50,602		925,511
Ellington Residential Mortgage REIT		10,551		117,749
Granite Point Mortgage Trust Inc.		56,662		746,238
Great Ajax Corp.		19,198		258,981
Hannon Armstrong Sustainable Infrastructure Capital Inc.		65,342		3,494,490
Invesco Mortgage Capital Inc.		377,498		1,189,119
KKR Real Estate Finance Trust Inc.		66,521		1,403,593
Ladder Capital Corp.		79,832		882,144
Lument Finance Trust Inc.		15,810		62,608
Manhattan Bridge Capital Inc.		879		5,977
MFA Financial Inc.		358,165		1,636,814
New Residential Investment Corp.		420,491		4,625,401
New York Mortgage Trust Inc.		434,681		1,851,741
Orchid Island Capital Inc.		133,638		653,490
PennyMac Mortgage Investment Trust		81,824		1,611,115
Ready Capital Corp.		77,877		1,123,765
Redwood Trust Inc.		103,450		1,333,470
Starwood Property Trust Inc.		261,171		6,375,184
TPG RE Finance Trust Inc.		65,546		811,459
Two Harbors Investment Corp.		245,068		1,553,731


76		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment (continued)
Western Asset Mortgage Capital Corp.		48,453	$	126,462


			66,334,467

Multi-Utilities — 0.6%
Ameren Corp.		239,281		19,381,761
Black Hills Corp.		58,561		3,675,288
CenterPoint Energy Inc.		555,262		13,659,445
CMS Energy Corp.		251,336		15,012,299
Consolidated Edison Inc.		308,272		22,377,465
Dominion Energy Inc.		747,720		54,598,514
DTE Energy Co.		176,815		19,752,004
MDU Resources Group Inc.		201,075		5,965,895
NiSource Inc.		352,634		8,544,322
NorthWestern Corp.		53,101		3,042,687
Public Service Enterprise Group Inc.		470,497		28,653,267
Sempra Energy		294,655		37,273,858
Unitil Corp.		10,738		459,372
WEC Energy Group Inc.		294,138		25,942,972


			258,339,149

Multiline Retail — 0.5%
Big Lots Inc.		35,719		1,548,776
Dillard’s Inc., Class A		5,551		957,659
Dollar General Corp.		221,326		46,952,098
Dollar Tree Inc.^(a)		211,506		20,245,354
Franchise Group Inc.		32,095		1,136,484
Kohl’s Corp.		150,781		7,100,277
Macy’s Inc.		255,818		5,781,487
Nordstrom Inc.^(a)		99,825		2,640,371
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		56,303		3,393,945
Target Corp.		459,894		105,209,950


				194,966,401

Oil, Gas & Consumable Fuels — 2.5%
Adams Resources & Energy Inc.		606		18,404
Aemetis Inc.^(a)(b)		16,801		307,122
Alto Ingredients Inc.^(a)		56,806		280,622
Altus Midstream Co., Class A		4,846		334,519
Amplify Energy Corp.^(a)		65,433		348,104
Antero Midstream Corp.		295,309		3,077,120
Antero Resources Corp.^(a)(b)		286,343		5,386,112
APA Corp.		348,493		7,468,205
Arch Resources Inc.^(a)		16,798		1,558,014
Barnwell Industries Inc.^(a)		747		2,263
Berry Corp.		38,378		276,705
Bonanza Creek Energy Inc.		31,524		1,510,000
Brigham Minerals Inc., Class A		66,011		1,264,771
Cabot Oil & Gas Corp.		371,522		8,084,319
California Resources Corp.^(a)		76,108		3,120,428
Callon Petroleum Co.^(a)		26,378		1,294,632
Camber Energy Inc.^(a)		1		4
Centennial Resource Development Inc./DE, Class A^(a)		176,782		1,184,439
Centrus Energy Corp., Class A^(a)(b)		7,828		302,630
Cheniere Energy Inc.^(a)		208,389		20,353,354
Chesapeake Energy Corp.		91,028		5,606,415
Chevron Corp.		1,775,692		180,143,953
Cimarex Energy Co.		94,370		8,229,064
Clean Energy Fuels Corp.^(a)(b)		215,157		1,753,530
CNX Resources Corp.^(a)		222,801		2,811,749
Comstock Resources Inc.^(a)		47,555		492,194
ConocoPhillips		1,244,750		84,356,707


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
CONSOL Energy Inc.^(a)		25,464	$	662,573
Contango Oil & Gas Co.^(a)(b)		90,366		412,973
Continental Resources Inc./OK		48,701		2,247,551
CVR Energy Inc.		25,203		419,882
Delek U.S. Holdings Inc.		76,856		1,381,102
Denbury Inc.^(a)(b)		47,513		3,337,788
Devon Energy Corp.		585,219		20,781,127
Diamondback Energy Inc.		158,214		14,978,119
Dorian LPG Ltd.		18,507		229,672
DTE Midstream LLC^(a)		92,099		4,258,658
Earthstone Energy Inc., Class A^(a)(b)		32,939		303,039
EOG Resources Inc.		547,046		43,911,382
EQT Corp.^(a)		260,646		5,332,817
Equitrans Midstream Corp.		390,043		3,955,036
Evolution Petroleum Corp.		28,746		163,277
Extraction Oil & Gas Inc.^(a)		16,370		924,087
Exxon Mobil Corp.		3,901,361		229,478,054
Falcon Minerals Corp.		66,868		314,280
Gevo Inc.^(a)(b)		189,287		1,256,866
Green Plains Inc.^(a)		22,860		746,379
Gulfport Energy Operating Corp.^(a)(b)		11,214		921,903
Hallador Energy Co.^(a)		16,775		49,654
Harvest Natural Resources Inc.^(a)(c)		8,626		3,019
Hess Corp.		254,918		19,911,645
HollyFrontier Corp.		141,018		4,671,926
Houston American Energy Corp.^(a)		2,346		5,349
International Seaways Inc.		51,349		935,579
Kinder Morgan Inc.		1,806,328		30,219,867
Kosmos Energy Ltd.^(a)		316,890		937,994
Laredo Petroleum Inc.^(a)(b)		7,523		609,890
Lightbridge Corp.^(a)(b)		502		2,445
Magnolia Oil & Gas Corp., Class A		152,729		2,717,049
Marathon Oil Corp.		709,457		9,698,277
Marathon Petroleum Corp.		593,113		36,660,315
Matador Resources Co.		112,269		4,270,713
Murphy Oil Corp.		144,622		3,611,211
NACCO Industries Inc., Class A		560		16,710
New Fortress Energy Inc.^(b)		46,672		1,295,148
NextDecade Corp.^(a)(b)		182,148		506,371
Northern Oil and Gas Inc.		33,015		706,521
Oasis Petroleum Inc.		18,516		1,840,861
Occidental Petroleum Corp.		825,419		24,415,894
ONEOK Inc.		420,020		24,356,960
Overseas Shipholding Group Inc., Class A^(a)		17,582		36,571
Ovintiv Inc.		250,091		8,222,992
Par Pacific Holdings Inc.^(a)		40,148		631,127
PBF Energy Inc., Class A^(a)		95,866		1,243,382
PDC Energy Inc.		99,044		4,693,695
Peabody Energy Corp.^(a)		69,213		1,023,660
PEDEVCO Corp.^(a)(b)		1,000		1,480
Penn Virginia Corp.^(a)		13,478		359,458
Phillips 66		407,418		28,531,483
PHX Minerals Inc.		50,098		153,300
Pioneer Natural Resources Co.		210,894		35,115,960
PrimeEnergy Resources Corp.^(a)		174		10,449
Range Resources Corp.^(a)		231,347		5,235,383
Renewable Energy Group Inc.^(a)(b)		48,665		2,442,983
REX American Resources Corp.^(a)		8,194		654,455
Ring Energy Inc.^(a)(b)		92,157		271,863
SandRidge Energy Inc.^(a)		17,215		223,967


S C H E D U L E O F I N V E S T M E N T S		77

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
SM Energy Co.		131,543	$	3,470,104
Southwestern Energy Co.^(a)		580,974		3,218,596
Talos Energy Inc.^(a)		23,884		328,883
Targa Resources Corp.		213,816		10,521,885
Tellurian Inc.^(a)(b)		380,289		1,486,930
Texas Pacific Land Corp.		5,785		6,996,148
U.S. Energy Corp. Wyoming^(a)		571		2,615
Uranium Energy Corp.^(a)(b)		255,323		778,735
Valero Energy Corp.		374,092		26,399,672
Vertex Energy Inc.^(a)(b)		16,601		86,989
W&T Offshore Inc.^(a)(b)		86,471		321,672
Whiting Petroleum Corp.^(a)		35,632		2,081,265
Williams Companies Inc. (The)		1,113,991		28,896,927
World Fuel Services Corp.		68,351		2,297,961


				1,018,765,932

Paper & Forest Products — 0.0%
Clearwater Paper Corp.^(a)		16,765		642,602
Domtar Corp.^(a)		42,522		2,319,150
Glatfelter Corp.		41,034		578,579
Louisiana-Pacific Corp.		89,408		5,486,969
Mercer International Inc.		41,469		480,626
Neenah Inc.		16,600		773,726
Resolute Forest Products Inc.		60,419		718,986
Schweitzer-Mauduit International Inc.		25,982		900,536
Verso Corp., Class A		32,578		675,994


				12,577,168

Personal Products — 0.2%
Beauty Health Co. (The)^(a)		75,218		1,953,411
BellRing Brands Inc., Class A^(a)		37,029		1,138,642
Coty Inc., Class A^(a)		285,174		2,241,468
Cyanotech Corp.^(a)		812		2,355
Edgewell Personal Care Co.		50,991		1,850,973
elf Beauty Inc.^(a)		53,833		1,563,849
Estee Lauder Companies Inc. (The), Class A		215,583		64,659,809
Herbalife Nutrition Ltd.^(a)(b)		101,423		4,298,307
Honest Co. Inc. (The)^(a)(b)		46,137		478,902
Inter Parfums Inc.		16,697		1,248,435
LifeMD Inc.^(a)(b)		39,009		242,246
Lifevantage Corp.^(a)		16,023		108,476
Mannatech Inc.		256		8,366
Medifast Inc.		10,611		2,044,103
Natural Alternatives International Inc.^(a)		880		11,862
Natural Health Trends Corp.		8,166		58,550
Nature’s Sunshine Products Inc.		8,404		123,119
Nu Skin Enterprises Inc., Class A		44,749		1,810,992
Revlon Inc., Class A^(a)(b)		8,697		87,927
Summer Infant Inc.^(a)(b)		887		7,664
United-Guardian Inc.		16,468		233,516
USANA Health Sciences Inc.^(a)		10,722		988,568
Veru Inc.^(a)(b)		48,376		412,647


				85,574,187

Pharmaceuticals — 3.1%
9 Meters Biopharma Inc.^(a)(b)		91,840		119,392
AcelRx Pharmaceuticals Inc.^(a)(b)		94,547		96,438
Acer Therapeutics Inc.^(a)		368		938
Aclaris Therapeutics Inc.^(a)		30,515		549,270
Adamis Pharmaceuticals Corp.^(a)(b)		51,419		49,876
Aerie Pharmaceuticals Inc.^(a)(b)		39,985		455,829
Aerpio Pharmaceuticals Inc., NVS^(b)		132,554		1


Security	Shares		Value

Pharmaceuticals (continued)
Agile Therapeutics Inc.^(a)(b)		42,020	$	40,385
Alimera Sciences Inc.^(a)(b)		10,722		45,569
Amneal Pharmaceuticals Inc.^(a)(b)		89,095		475,767
Amphastar Pharmaceuticals Inc.^(a)		45,191		859,081
Ampio Pharmaceuticals Inc.^(a)(b)		245,331		407,249
ANI Pharmaceuticals Inc.^(a)		8,620		282,908
Antares Pharma Inc.^(a)		134,641		490,093
Aquestive Therapeutics Inc.^(a)(b)		8,793		38,338
Arvinas Inc.^(a)		41,539		3,413,675
Assertio Holdings Inc.^(a)		29,229		26,482
Atea Pharmaceuticals Inc.^(a)		50,170		1,758,960
Athira Pharma Inc.^(a)		25,009		234,584
Avalo Therapeutics Inc.^(a)		41,234		89,890
Avenue Therapeutics Inc.^(a)(b)		6,443		9,600
Axsome Therapeutics Inc.^(a)(b)		25,482		839,887
Aytu BioPharma Inc.^(a)		22,898		65,946
Baudax Bio Inc.^(a)		3,060		1,726
BioDelivery Sciences International Inc.^(a)		65,965		238,134
Bristol-Myers Squibb Co.		2,065,537		122,217,824
Cara Therapeutics Inc.^(a)		50,182		775,312
Cassava Sciences Inc.^(a)(b)		32,003		1,986,746
Catalent Inc.^(a)		160,513		21,359,465
cbdMD Inc.^(a)(b)		112,308		233,601
Citius Pharmaceuticals Inc.^(a)(b)		244,712		496,765
Clearside Biomedical Inc.^(a)		34,506		207,036
Collegium Pharmaceutical Inc.^(a)		33,075		652,901
Contra Palisade Bio Inc., NVS^(b)		97		3
Contra Ritter Pharmace^(b)(c)		14,465		978
Corcept Therapeutics Inc.^(a)		100,394		1,975,754
CorMedix Inc.^(a)(b)		21,636		100,607
Cumberland Pharmaceuticals Inc.^(a)		9,254		24,986
Cymabay Therapeutics Inc.^(a)(b)		57,754		210,802
Dare Bioscience Inc.^(a)		643		1,074
Durect Corp.^(a)(b)		129,097		165,244
Elanco Animal Health Inc.^(a)(b)		447,371		14,266,661
Eli Lilly & Co.		738,047		170,525,759
Eloxx Pharmaceuticals Inc.^(a)(b)		41,858		68,229
Endo International PLC^(a)		202,440		655,906
Esperion Therapeutics Inc.^(a)(b)		23,762		286,332
Eton Pharmaceuticals Inc.^(a)(b)		10,025		50,526
Evofem Biosciences Inc.^(a)(b)		122,983		90,835
Evoke Pharma Inc.^(a)(b)		68,012		88,416
Evolus Inc.^(a)(b)		20,725		157,925
EyeGate Pharmaceuticals Inc.^(a)		42		95
Eyenovia Inc.^(a)(b)		10,245		50,201
EyePoint Pharmaceuticals Inc.^(a)(b)		3,549		36,981
Fulcrum Therapeutics Inc.^(a)		28,209		795,776
Harmony Biosciences Holdings Inc.^(a)		23,726		909,418
Harrow Health Inc.^(a)(b)		59,813		543,700
Hepion Pharmaceuticals Inc.^(a)(b)		45,138		69,061
Hoth Therapeutics Inc.^(a)		1		1
Innoviva Inc.^(a)		76,282		1,274,672
Intra-Cellular Therapies Inc.^(a)		67,142		2,503,054
Jaguar Health Inc.^(a)(b)		25,732		58,412
Jazz Pharmaceuticals PLC^(a)		55,518		7,228,999
Johnson & Johnson		2,438,317		393,788,196
Kala Pharmaceuticals Inc.^(a)(b)		53,632		140,516
Kaleido Biosciences Inc.^(a)(b)		5,769		31,499
KemPharm Inc.^(a)(b)		54,225		505,919
Lannett Co. Inc.^(a)(b)		33,718		101,154


78		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Lipocine Inc.^(a)(b)		76,006	$	82,847
Liquidia Corp.^(a)		32,453		89,570
Marinus Pharmaceuticals Inc.^(a)(b)		26,666		303,459
Merck & Co. Inc.		2,353,000		176,733,830
MyMD Pharmaceuticals Inc.^(a)		2		14
Nektar Therapeutics^(a)(b)		166,978		2,998,925
NGM Biopharmaceuticals Inc.^(a)		24,451		513,960
NovaBay Pharmaceuticals Inc.^(a)		657		422
Novan Inc.^(a)		9,355		76,150
Nuvation Bio Inc.^(a)(b)		147,365		1,464,808
Ocular Therapeutix Inc.^(a)(b)		74,918		749,180
Ocuphire Pharma Inc.^(a)(b)		266		1,370
Odonate Therapeutics Inc.^(a)(b)		18,742		54,539
Omeros Corp.^(a)(b)		52,237		720,348
Onconova Therapeutics Inc.^(a)		3		12
Opiant Pharmaceuticals Inc.^(a)		2,506		64,504
Optinose Inc.^(a)(b)		60,864		182,592
Organon & Co.		237,733		7,795,265
Osmotica Pharmaceuticals PLC^(a)(b)		7,635		22,523
Otonomy Inc.^(a)		17,549		33,694
Pacira BioSciences Inc.^(a)		42,954		2,405,424
Palisade Bio Inc.^(a)		16		42
Paratek Pharmaceuticals Inc.^(a)(b)		25,588		124,358
Perrigo Co. PLC		128,389		6,076,651
Pfizer Inc.		5,192,237		223,318,113
Phathom Pharmaceuticals Inc.^(a)(b)		10,183		326,874
Phibro Animal Health Corp., Class A		24,918		536,734
Pliant Therapeutics Inc.^(a)		19,295		325,700
PLx Pharma Inc.^(a)		10,941		211,161
Prestige Consumer Healthcare Inc.^(a)		50,501		2,833,611
ProPhase Labs Inc.		123		640
Provention Bio Inc.^(a)(b)		47,957		306,925
Pulmatrix Inc.^(a)(b)		15		12
Reata Pharmaceuticals Inc., Class A^(a)(b)		26,170		2,632,964
Recro Pharma Inc.^(a)(b)		9,162		18,874
Relmada Therapeutics Inc.^(a)		11,102		290,983
Restorbio Inc.^(b)		9,608		10,551
Revance Therapeutics Inc.^(a)		59,562		1,659,397
Royalty Pharma PLC, Class A		329,437		11,905,853
Satsuma Pharmaceuticals Inc.^(a)(b)		6,022		28,063
scPharmaceuticals Inc.^(a)		2,486		16,532
SCYNEXIS Inc.^(a)(b)		13,246		70,204
Seelos Therapeutics Inc.^(a)		56,978		137,317
Seelos Therapeutics Inc. New^(c)		43		23
Sonoma Pharmaceuticals Inc.^(a)		609		3,398
Supernus Pharmaceuticals Inc.^(a)		50,139		1,337,207
Teligent Inc.^(a)		6,372		2,542
TFF Pharmaceuticals Inc.^(a)(b)		8,452		65,249
TherapeuticsMD Inc.^(a)(b)		232,969		172,723
Theravance Biopharma Inc.^(a)		44,838		331,801
Timber Pharmaceuticals Inc.^(a)(b)		19		17
Titan Pharmaceuticals Inc.^(a)		60		112
Trevi Therapeutics Inc.^(a)		5,721		7,838
Tricida Inc.^(a)		23,611		109,555
Viatris Inc.		1,138,138		15,421,770
VYNE Therapeutics Inc.^(a)		69,143		96,109
WaVe Life Sciences Ltd.^(a)		26,725		130,953
Xeris Pharmaceuticals Inc.^(a)(b)		51,496		126,165
Zoetis Inc.		440,532		85,524,883
Zogenix Inc.^(a)		61,154		928,929


Security	Shares		Value

Pharmaceuticals (continued)
Zynerba Pharmaceuticals Inc.^(a)(b)		26,404	$	111,953


				1,304,723,581

Professional Services — 0.7%
Acacia Research Corp.^(a)		28,010		190,188
Akerna Corp.^(a)(b)		11,355		32,021
Alight Inc., Class A^(a)(b)		228,413		2,622,181
ASGN Inc.^(a)		50,913		5,760,297
Barrett Business Services Inc.		8,153		621,748
BGSF Inc.		22,679		290,064
Booz Allen Hamilton Holding Corp.		123,235		9,778,697
CACI International Inc., Class A^(a)		21,675		5,681,018
CBIZ Inc.^(a)		42,897		1,387,289
Clarivate PLC^(a)		345,827		7,573,611
CoStar Group Inc.^(a)		368,720		31,732,043
CRA International Inc.		8,399		834,357
DLH Holdings Corp.^(a)		819		10,074
Dun & Bradstreet Holdings Inc.^(a)(b)		128,159		2,154,353
Equifax Inc.		111,764		28,323,233
Exponent Inc.		49,958		5,652,748
First Advantage Corp.^(a)(b)		37,464		713,689
Forrester Research Inc.^(a)		8,544		420,878
Franklin Covey Co.^(a)		16,091		656,352
FTI Consulting Inc.^(a)(b)		34,670		4,670,049
GEE Group Inc.^(a)		802		372
GP Strategies Corp.^(a)		16,651		344,676
Heidrick & Struggles International Inc.		16,722		746,303
Hill International Inc.^(a)(b)		122,397		253,362
HireQuest Inc.^(b)		3,385		65,432
Hudson Global Inc.^(a)		1,946		30,941
Huron Consulting Group Inc.^(a)		18,175		945,100
ICF International Inc.		16,955		1,513,912
IHS Markit Ltd.		370,528		43,210,975
Insperity Inc.		35,820		3,966,707
Jacobs Engineering Group Inc.		123,361		16,349,033
KBR Inc.		127,463		5,022,042
Kelly Services Inc., Class A, NVS		25,590		483,139
Kforce Inc.		25,721		1,534,001
Korn Ferry		51,019		3,691,735
Legalzoomcom Inc.^(a)(b)		23,869		630,142
Leidos Holdings Inc.		132,694		12,755,874
ManpowerGroup Inc.		50,272		5,443,452
ManTech International Corp./VA, Class A		24,570		1,865,354
Mastech Digital Inc.^(a)		1,268		21,569
Mistras Group Inc.^(a)		16,313		165,740
Nielsen Holdings PLC		336,475		6,456,955
RCM Technologies Inc.^(a)		8,760		53,261
Red Violet Inc.^(a)		1,041		26,868
Resources Connection Inc.		33,740		532,417
Robert Half International Inc.		101,631		10,196,638
Science Applications International Corp.		50,688		4,336,865
Skillsoft Corp.^(a)(b)		83,130		971,790
TransUnion		177,964		19,987,137
TriNet Group Inc.^(a)		41,554		3,930,177
TrueBlue Inc.^(a)		34,668		938,810
Upwork Inc.^(a)		111,607		5,025,663
Verisk Analytics Inc.		149,985		30,037,496
Volt Information Sciences Inc.^(a)(b)		8,615		30,583
Willdan Group Inc.^(a)(b)		8,159		290,379


				290,959,790


S C H E D U L E O F I N V E S T M E N T S		79

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development — 0.2%
Altisource Portfolio Solutions SA^(a)		9,017	$	89,088
American Realty Investors Inc.^(a)		779		10,236
AMREP Corp.^(a)		692		10,864
CBRE Group Inc., Class A^(a)		311,963		30,372,718
CKX Lands Inc.^(a)		229		2,583
Cushman & Wakefield PLC^(a)(b)		149,169		2,776,035
Doma Holdings Inc.^(a)(b)		162,009		1,198,867
eXp World Holdings Inc.^(b)		59,037		2,347,901
Forestar Group Inc.^(a)		32,426		604,096
FRP Holdings Inc.^(a)(b)		7,743		432,988
Howard Hughes Corp. (The)^(a)		41,094		3,608,464
InterGroup Corp. (The)^(a)		126		5,776
Jones Lang LaSalle Inc.^(a)		45,631		11,320,595
JW Mays Inc.^(a)		106		4,056
Kennedy-Wilson Holdings Inc.		125,691		2,629,456
Marcus & Millichap Inc.^(a)		24,664		1,001,852
Maui Land & Pineapple Co. Inc.^(a)		8,135		84,279
Newmark Group Inc., Class A		148,689		2,127,740
Opendoor Technologies Inc.^(a)(b)		370,981		7,616,240
RE/MAX Holdings Inc., Class A		16,580		516,633
Realogy Holdings Corp.^(a)		107,359		1,883,077
Redfin Corp.^(a)(b)		99,612		4,990,561
RMR Group Inc. (The), Class A		10,447		349,452
St Joe Co. (The)		36,891		1,553,111
Stratus Properties Inc.^(a)		7,725		249,054
Tejon Ranch Co.^(a)(b)		13,008		231,022
Transcontinental Realty Investors Inc.^(a)		269		10,760
Trinity Place Holdings Inc.^(a)(b)		143,164		280,601


				76,308,105

Road & Rail — 1.0%
AMERCO		9,380		6,059,761
ArcBest Corp.		24,591		2,010,806
Avis Budget Group Inc.^(a)		45,839		5,340,702
Covenant Logistics Group Inc., Class A^(a)		9,086		251,228
CSX Corp.		2,095,665		62,325,077
Heartland Express Inc.		42,754		684,919
HyreCar Inc.^(a)(b)		14,484		123,114
JB Hunt Transport Services Inc.		78,347		13,101,185
Kansas City Southern		84,116		22,765,154
Knight-Swift Transportation Holdings Inc.		154,261		7,890,450
Landstar System Inc.		35,070		5,534,747
Lyft Inc., Class A^(a)		270,084		14,473,802
Marten Transport Ltd.		52,071		816,994
Norfolk Southern Corp.		229,555		54,921,034
Old Dominion Freight Line Inc.		85,773		24,529,363
PAM Transportation Services Inc.^(a)		1,346		60,543
Patriot Transportation Holding Inc.		681		8,083
Ryder System Inc.		49,763		4,115,898
Saia Inc.^(a)		24,663		5,870,534
Schneider National Inc., Class B		42,463		965,609
TuSimple Holdings Inc., Class A^(a)(b)		31,326		1,163,134
Uber Technologies Inc.^(a)		1,506,372		67,485,466
Union Pacific Corp.		606,179		118,817,146
Universal Logistics Holdings Inc.		8,251		165,680
USA Truck Inc.^(a)(b)		8,322		127,160
Werner Enterprises Inc.		54,164		2,397,840
XPO Logistics Inc.^(a)		95,822		7,625,515
Yellow Corp.^(a)(b)		39,591		223,689


				429,854,633


Security	Shares		Value

Semiconductors & Semiconductor Equipment — 5.1%
ACM Research Inc., Class A^(a)(b)		9,043	$	994,730
Advanced Micro Devices Inc.^(a)		1,127,513		116,021,088
Aehr Test Systems^(a)(b)		16,011		218,550
Allegro MicroSystems Inc.^(a)(b)		42,897		1,370,988
Alpha & Omega Semiconductor Ltd.^(a)		25,607		803,292
Ambarella Inc.^(a)		33,016		5,141,912
Amkor Technology Inc.		99,085		2,472,171
Amtech Systems Inc.^(a)		8,597		98,264
Analog Devices Inc.		498,095		83,420,951
Applied Materials Inc.		842,828		108,497,248
Atomera Inc.^(a)(b)		16,699		385,580
Axcelis Technologies Inc.^(a)		26,346		1,239,052
AXT Inc.^(a)(b)		33,577		279,696
Broadcom Inc.		378,428		183,511,090
Brooks Automation Inc.		67,309		6,889,076
CEVA Inc.^(a)(b)		17,929		765,030
Cirrus Logic Inc.^(a)		48,798		4,018,515
CMC Materials Inc.		27,121		3,342,121
Cohu Inc.^(a)		39,186		1,251,601
CVD Equipment Corp.^(a)(b)		7,705		35,289
CyberOptics Corp.^(a)		8,136		289,479
Diodes Inc.^(a)		44,145		3,999,096
DSP Group Inc.^(a)		33,801		740,580
eMagin Corp.^(a)(b)		17,717		40,040
Enphase Energy Inc.^(a)		127,173		19,072,135
Entegris Inc.		127,441		16,044,822
First Solar Inc.^(a)		91,916		8,774,301
FormFactor Inc.^(a)		70,008		2,613,399
GSI Technology Inc.^(a)		17,011		89,818
Ichor Holdings Ltd.^(a)		22,089		907,637
Impinj Inc.^(a)(b)		10,640		607,863
indie Semiconductor Inc., Class A^(a)(b)		84,015		1,034,225
Intel Corp.		3,754,385		200,033,633
inTEST Corp.^(a)(b)		8,234		94,526
KLA Corp.		139,850		46,781,223
Kopin Corp.^(a)(b)		58,428		299,736
Kulicke & Soffa Industries Inc.		53,630		3,125,556
Lam Research Corp.		132,479		75,400,423
Lattice Semiconductor Corp.^(a)		121,404		7,848,769
MACOM Technology Solutions Holdings Inc.^(a)		49,546		3,214,049
Marvell Technology Inc.		767,959		46,315,607
MaxLinear Inc.^(a)		66,313		3,265,915
Meta Materials Inc.^(a)(b)		219,195		1,266,947
Microchip Technology Inc.		253,351		38,886,845
Micron Technology Inc.		1,041,652		73,936,459
MKS Instruments Inc.		54,312		8,196,224
Monolithic Power Systems Inc.		39,753		19,267,484
MoSys Inc.^(a)		293		1,456
NeoPhotonics Corp.^(a)		39,803		346,684
NVE Corp.		7,564		483,869
NVIDIA Corp.		2,305,631		477,634,518
NXP Semiconductors NV		246,438		48,269,811
ON Semiconductor Corp.^(a)		407,458		18,649,353
Onto Innovation Inc.^(a)		44,861		3,241,207
PDF Solutions Inc.^(a)(b)		25,131		579,018
Photronics Inc.^(a)		56,648		772,112
Pixelworks Inc.^(a)		25,125		120,098
Power Integrations Inc.		55,768		5,520,474
Qorvo Inc.^(a)		103,203		17,254,510
QUALCOMM Inc.		1,048,494		135,234,756


80		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
QuickLogic Corp.^(a)(b)		3,444	$	18,460
Rambus Inc.^(a)(b)		106,374		2,361,503
Rubicon Technology Inc.^(a)		842		8,588
Semtech Corp.^(a)		59,038		4,603,193
Silicon Laboratories Inc.^(a)		35,452		4,968,952
SiTime Corp.^(a)(b)		12,134		2,477,399
Skyworks Solutions Inc.		154,042		25,383,041
SMART Global Holdings Inc.^(a)		15,038		669,191
SolarEdge Technologies Inc.^(a)(b)		49,411		13,104,785
SunPower Corp.^(a)(b)		70,689		1,603,227
Synaptics Inc.^(a)		33,801		6,075,054
Teradyne Inc.		154,955		16,916,437
Texas Instruments Inc.		846,847		162,772,462
Trio-Tech International^(a)		311		1,312
Ultra Clean Holdings Inc.^(a)		35,993		1,533,302
Universal Display Corp.		41,511		7,096,721
Veeco Instruments Inc.^(a)(b)		42,277		938,972
Xilinx Inc.		228,283		34,468,450


				2,096,011,950

Software — 9.8%
8x8 Inc.^(a)		109,426		2,559,474
A10 Networks Inc.^(a)		43,909		591,893
ACI Worldwide Inc.^(a)		109,039		3,350,768
Adobe Inc.^(a)		439,011		252,747,413
Agilysys Inc.^(a)		16,243		850,483
Alarm.com Holdings Inc.^(a)		43,384		3,392,195
Altair Engineering Inc., Class A^(a)(b)		48,498		3,343,452
Alteryx Inc., Class A^(a)(b)		58,939		4,308,441
American Software Inc./GA, Class A		25,155		597,431
Anaplan Inc.^(a)		129,971		7,913,934
ANSYS Inc.^(a)		81,665		27,802,849
Appfolio Inc., Class A^(a)(b)		17,887		2,153,595
Appian Corp.^(a)(b)		36,505		3,377,078
AppLovin Corp., Class A^(a)		24,420		1,767,275
Aquamed Technologies Inc.		1,090		—
Asana Inc., Class A^(a)(b)		72,594		7,538,161
Aspen Technology Inc.^(a)		66,369		8,150,113
Asure Software Inc.^(a)(b)		6,641		59,835
AudioEye Inc.^(a)(b)		2,856		31,502
Autodesk Inc.^(a)		204,493		58,315,269
Avalara Inc.^(a)(b)		78,751		13,763,312
Avaya Holdings Corp.^(a)(b)		62,571		1,238,280
AvePoint Inc.^(a)(b)		86,959		738,282
Aware Inc./MA^(a)(b)		16,911		69,166
Benefitfocus Inc.^(a)		26,179		290,587
Bentley Systems Inc., Class B^(b)		170,690		10,350,642
Bill.com Holdings Inc.^(a)		82,064		21,906,985
Black Knight Inc.^(a)		145,106		10,447,632
Blackbaud Inc.^(a)		43,991		3,094,767
Blackline Inc.^(a)(b)		52,523		6,200,865
Bottomline Technologies DE Inc.^(a)		39,291		1,543,350
Box Inc., Class A^(a)		145,249		3,438,044
BSQUARE Corp.^(a)		8,752		21,092
BTRS Holdings Inc.^(a)		56,292		598,947
C3.ai Inc., Class A^(a)(b)		65,035		3,013,722
Cadence Design Systems Inc.^(a)		255,878		38,750,164
CCC Intelligent Solutions Holdings Inc.^(a)(b)		75,877		797,467
CDK Global Inc.		116,591		4,960,947
Cerence Inc.^(a)(b)		34,556		3,321,177
Ceridian HCM Holding Inc.^(a)		123,739		13,935,486


Security	Shares		Value

Software (continued)
ChannelAdvisor Corp.^(a)		24,477	$	617,555
Citrix Systems Inc.		117,401		12,605,345
Cleanspark Inc.^(a)(b)		42,092		487,846
Clear Secure Inc., Class A^(a)		19,416		797,027
Cloudera Inc.^(a)		225,913		3,607,831
CommVault Systems Inc.^(a)		39,207		2,952,679
Confluent Inc., Class A^(a)(b)		25,631		1,528,889
Cornerstone OnDemand Inc.^(a)		51,186		2,930,910
Coupa Software Inc.^(a)		67,846		14,870,486
Crowdstrike Holdings Inc., Class A^(a)		186,625		45,868,693
Datadog Inc., Class A^(a)		222,814		31,494,759
Datto Holding Corp.^(a)(b)		26,440		631,916
Digimarc Corp.^(a)(b)		11,366		391,445
Digital Turbine Inc.^(a)(b)		83,538		5,743,238
DocuSign Inc.^(a)		182,505		46,982,262
Dolby Laboratories Inc., Class A		60,577		5,330,776
Domo Inc., Class B^(a)		27,657		2,335,357
Dropbox Inc., Class A^(a)		278,539		8,138,910
Duck Creek Technologies Inc.^(a)(b)		69,768		3,086,536
Dynatrace Inc.^(a)		187,698		13,320,927
E2open Parent Holdings Inc.^(a)		187,417		2,117,812
Ebix Inc.		25,105		676,078
eGain Corp.^(a)(b)		16,875		172,125
Elastic NV^(a)		68,130		10,150,689
Envestnet Inc.^(a)(b)		48,705		3,908,089
Everbridge Inc.^(a)(b)		33,647		5,082,043
Evolving Systems Inc.^(a)(b)		8,542		18,365
Fair Isaac Corp.^(a)		25,503		10,148,409
Faraday Future Intelligent Electric Inc.^(a)(b)		159,801		1,508,521
Five9 Inc.^(a)		62,686		10,013,462
Fortinet Inc.^(a)		125,690		36,706,508
GSE Systems Inc.^(a)(b)		9,143		13,532
GTY Technology Holdings Inc.^(a)(b)		22,001		165,448
Guidewire Software Inc.^(a)(b)		79,175		9,411,532
HubSpot Inc.^(a)(b)		41,705		28,196,333
Intelligent Systems Corp.^(a)		7,594		308,392
InterDigital Inc.		33,271		2,256,439
Intrusion Inc.^(a)		30,531		123,956
Intuit Inc.		251,062		135,450,460
Inuvo Inc.^(a)(b)		17,813		12,467
Issuer Direct Corp.^(a)		318		8,316
J2 Global Inc.^(a)		42,754		5,841,052
Jamf Holding Corp.^(a)(b)		39,422		1,518,535
Kaspien Holdings Inc.^(a)		364		5,915
Latch Inc.^(a)(b)		84,038		947,108
LivePerson Inc.^(a)(b)		53,802		3,171,628
LivePerson Inc.		87,126		260,507
Mandiant Inc.		230,803		4,108,293
Manhattan Associates Inc.^(a)		60,718		9,291,676
Marathon Digital Holdings Inc.^(a)(b)		85,746		2,707,859
Marin Software Inc.^(a)		1,625		14,820
Matterport Inc.^(a)(b)		170,912		3,231,946
McAfee Corp., Class A		47,132		1,042,089
Medallia Inc.^(a)		108,831		3,686,106
Microsoft Corp.		6,951,698		1,959,822,700
MicroStrategy Inc., Class A^(a)(b)		6,993		4,044,751
Mimecast Ltd.^(a)		54,070		3,438,852
Mitek Systems Inc.^(a)(b)		61,114		1,130,609
Model N Inc.^(a)(b)		20,389		683,032
Momentive Global Inc.^(a)		113,018		2,215,153


S C H E D U L E O F I N V E S T M E N T S		81

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
N-Able Inc.^(a)(b)		94,114	$	1,167,955
nCino Inc.^(a)(b)		52,326		3,716,716
NCR Corp.^(a)(b)		125,546		4,866,163
Net Element Inc.^(a)		51		420
NetSol Technologies Inc.^(a)(b)		8,530		39,067
New Relic Inc.^(a)		52,335		3,756,083
NortonLifeLock Inc.		555,196		14,046,459
Nuance Communications Inc.^(a)		260,689		14,348,323
Nutanix Inc., Class A^(a)		196,940		7,424,638
NXT-ID Inc.^(a)		250		104
Oblong Inc.^(a)(b)		1,121		2,343
Olo Inc., Class A^(a)(b)		22,134		664,684
ON24 Inc.^(a)(b)		14,782		294,753
OneSpan Inc.^(a)		26,539		498,402
Oracle Corp.		1,516,589		132,140,400
Pagerduty Inc.^(a)(b)		71,290		2,952,832
Palantir Technologies Inc., Class A^(a)		1,457,005		35,026,400
Palo Alto Networks Inc.^(a)(b)		89,893		43,058,747
Park City Group Inc.^(a)(b)		15,994		87,167
Paycom Software Inc.^(a)		45,519		22,566,044
Paycor HCM Inc.^(a)(b)		27,733		975,092
Paylocity Holding Corp.^(a)(b)		36,462		10,223,945
Pegasystems Inc.		40,025		5,087,178
Phunware Inc.^(a)(b)		23,253		21,597
Ping Identity Holding Corp.^(a)		31,331		769,803
Progress Software Corp.		42,973		2,113,842
PROS Holdings Inc.^(a)		33,093		1,174,140
PTC Inc.^(a)		101,553		12,165,034
Q2 Holdings Inc.^(a)(b)		48,499		3,886,710
QAD Inc., Class A		8,445		738,009
QAD Inc., Class B		488		42,529
Qualtrics International Inc., Class A^(a)(b)		66,726		2,851,869
Qualys Inc.^(a)(b)		33,586		3,737,786
Qumu Corp.^(a)(b)		9,074		22,504
Rapid7 Inc.^(a)(b)		50,674		5,727,175
RealNetworks Inc.^(a)(b)		37,624		59,822
Rekor Systems Inc.^(a)(b)		51,433		590,965
Rimini Street Inc.^(a)		16,119		155,548
RingCentral Inc., Class A(a)		76,488		16,636,140
Riot Blockchain Inc.^(a)(b)		72,618		1,866,283
SailPoint Technologies Holdings Inc.^(a)(b)		87,138		3,736,477
salesforce.com Inc.^(a)		898,910		243,802,370
Seachange International Inc.^(a)(b)		30,076		31,881
SecureWorks Corp., Class A^(a)		8,578		170,531
SentinelOne Inc., Class A^(a)		33,861		1,813,934
ServiceNow Inc.^(a)		182,414		113,510,760
ShotSpotter Inc.^(a)(b)		7,405		269,320
Smartsheet Inc., Class A^(a)		120,769		8,311,323
Smith Micro Software Inc.^(a)(b)		14,599		70,659
Splunk Inc.^(a)(b)		153,345		22,190,555
Sprout Social Inc., Class A^(a)		41,901		5,109,827
SPS Commerce Inc.^(a)		33,556		5,412,918
SRAX Inc.^(a)(b)		10,968		58,569
SS&C Technologies Holdings Inc.		208,278		14,454,493
Sumo Logic Inc.(a)		79,395		1,279,847
Synchronoss Technologies Inc.^(a)(b)		55,070		132,168
Synopsys Inc.^(a)		141,836		42,467,117
Telos Corp.^(a)		55,440		1,575,605
Tenable Holdings Inc.^(a)		84,210		3,885,449
Teradata Corp.^(a)		93,822		5,380,692


Security	Shares		Value

Software (continued)
Trade Desk Inc. (The), Class A^(a)(b)		405,798	$	28,527,599
Tyler Technologies Inc.^(a)		37,333		17,122,780
UiPath Inc., Class A^(a)(b)		237,787		12,509,974
Unity Software Inc.^(a)(b)		147,034		18,563,043
Upland Software Inc.^(a)		19,222		642,784
Varonis Systems Inc.^(a)		105,094		6,394,970
Verb Technology Co. Inc.^(a)(b)		17,629		33,848
Verint Systems Inc.(a)(b)		59,771		2,677,143
Veritone Inc.^(a)(b)		22,072		527,300
Vertex Inc., Class A^(a)		27,765		533,643
Viant Technology Inc., Class A^(a)		16,337		199,638
VirnetX Holding Corp.^(a)(b)		47,520		186,278
VMware Inc., Class A^(a)(b)		75,296		11,196,515
Vonage Holdings Corp.^(a)		263,481		4,247,314
WM Technology Inc.^(a)(b)		60,282		874,089
Wolfspeed Inc.		107,737		8,697,608
Workday Inc., Class A^(a)		177,163		44,271,262
Workiva Inc.^(a)(b)		42,139		5,939,913
Xperi Holding Corp.		99,778		1,879,818
Yext Inc.^(a)		105,644		1,270,897
Zendesk Inc.^(a)		112,434		13,086,193
Zix Corp.^(a)		54,637		386,284
Zoom Video Communications Inc., Class A^(a)(b)		199,870		52,266,005
Zscaler Inc.^(a)		72,606		19,038,745
Zuora Inc., Class A^(a)		123,327		2,044,762


				4,076,953,640

Specialty Retail — 2.3%
Aaron’s Co. Inc. (The)		32,302		889,597
Abercrombie & Fitch Co., Class A^(a)		57,155		2,150,743
Academy Sports & Outdoors Inc.^(a)		67,631		2,706,593
Advance Auto Parts Inc.		59,675		12,465,511
American Eagle Outfitters Inc.		129,598		3,343,628
America’s Car-Mart Inc./TX^(a)		9,065		1,058,611
Arko Corp.^(a)(b)		79,530		803,253
Asbury Automotive Group Inc.^(a)		17,044		3,353,237
AutoNation Inc.^(a)		40,608		4,944,430
AutoZone Inc.^(a)		20,030		34,010,740
Barnes & Noble Education Inc.^(a)		35,192		351,568
Bath & Body Works Inc.		250,286		15,775,527
Bed Bath & Beyond Inc.^(a)		95,330		1,646,826
Best Buy Co. Inc.		208,361		22,025,841
Big 5 Sporting Goods Corp.		15,159		349,263
Boot Barn Holdings Inc.^(a)		23,436		2,082,757
Buckle Inc. (The)		23,850		944,222
Build-A-Bear Workshop Inc., Class A^(a)(b)		33,709		571,030
Burlington Stores Inc.^(a)		60,784		17,236,519
Caleres Inc.		43,166		959,149
Camping World Holdings Inc., Class A		36,833		1,431,699
CarLotz Inc.^(a)(b)		94,714		360,860
CarMax Inc.^(a)(b)		152,534		19,518,251
Carvana Co.^(a)		78,527		23,679,032
Cato Corp. (The), Class A		34,032		562,889
Chico’s FAS Inc.^(a)		124,212		557,712
Children’s Place Inc. (The)(a)		17,182		1,293,117
Citi Trends Inc.^(a)		7,814		570,109
Conn’s Inc.^(a)		25,106		573,170
Container Store Group Inc. (The)^(a)		19,193		182,717
Designer Brands Inc. , Class A^(a)		65,049		906,133
Dick’s Sporting Goods Inc.		59,352		7,108,589
EVgo Inc.^(a)(b)		110,642		901,732


82		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Express Inc.^(a)		70,057	$	330,669
Five Below Inc.^(a)		51,281		9,066,994
Floor & Decor Holdings Inc., Class A^(a)		98,893		11,945,285
Foot Locker Inc.		90,244		4,120,541
GameStop Corp., Class A^(a)(b)		57,845		10,150,062
Gap Inc. (The)		203,660		4,623,082
Genesco Inc.^(a)		18,770		1,083,592
Group 1 Automotive Inc.		17,481		3,284,330
GrowGeneration Corp.^(a)(b)		59,567		1,469,518
Guess? Inc.		44,416		933,180
Haverty Furniture Companies Inc.		17,105		576,610
Hibbett Inc.		9,793		692,757
Home Depot Inc. (The)		982,979		322,672,687
J Jill Inc.^(a)		2,727		47,395
Kirkland’s Inc.^(a)(b)		16,208		311,356
Lazydays Holdings Inc.^(a)		3,257		69,504
Leslie’s Inc.^(a)(b)		115,187		2,365,941
Lithia Motors Inc.		27,504		8,719,868
Lowe’s Companies Inc.		652,650		132,396,579
Lumber Liquidators Holdings Inc.^(a)		25,243		471,539
MarineMax Inc.^(a)(b)		18,275		886,703
Monro Inc.		32,917		1,893,057
Murphy USA Inc.		20,144		3,369,285
National Vision Holdings Inc.^(a)		75,652		4,294,764
O’Reilly Automotive Inc.^(a)		62,224		38,022,597
ODP Corp. (The)^(a)		50,156		2,014,265
OneWater Marine Inc., Class A		18,235		733,229
Party City Holdco Inc.^(a)(b)		145,046		1,029,827
Penske Automotive Group Inc.		25,023		2,517,314
Petco Health & Wellness Co. Inc.^(a)(b)		82,781		1,746,679
Recycling Asset Holdings Inc.^(b)(c)		7,042		246
Rent-A-Center Inc./TX		49,365		2,774,807
RH^(a)		16,277		10,855,294
Ross Stores Inc.		333,862		36,340,879
Sally Beauty Holdings Inc.^(a)(b)		129,539		2,182,732
Shift Technologies Inc.^(a)(b)		87,082		604,349
Shoe Carnival Inc.		16,310		528,770
Signet Jewelers Ltd.		49,597		3,916,179
Sleep Number Corp.^(a)(b)		22,580		2,110,778
Sonic Automotive Inc., Class A		25,536		1,341,661
Sportsman’s Warehouse Holdings Inc.^(a)		35,201		619,538
Tilly’s Inc., Class A		15,779		221,064
TJX Companies Inc. (The)		1,115,494		73,600,294
Tractor Supply Co.		104,172		21,106,289
TravelCenters of America Inc.^(a)		20,906		1,040,910
Ulta Beauty Inc.^(a)		50,564		18,249,559
Urban Outfitters Inc.^(a)		57,431		1,705,126
Victoria’s Secret & Co.^(a)		69,283		3,828,579
Vroom Inc.^(a)(b)		118,185		2,608,343
Williams-Sonoma Inc.		69,668		12,354,226
Winmark Corp.		3,469		745,939
Xcel Brands Inc.^(a)		315		469
Zumiez Inc.^(a)(b)		25,738		1,023,343


				954,913,638

Technology Hardware, Storage & Peripherals — 5.3%
3D Systems Corp.^(a)		115,711		3,190,152
Apple Inc.		14,533,416		2,056,478,364
AstroNova Inc.^(a)		7,666		115,373
Avid Technology Inc.^(a)		48,432		1,400,653
Corsair Gaming Inc.^(a)(b)		19,573		507,528


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Dell Technologies Inc., Class C^(a)		258,054	$	26,847,938
Diebold Nixdorf Inc.^(a)(b)		76,511		773,526
Eastman Kodak Co.^(a)		51,224		348,835
Hewlett Packard Enterprise Co.		1,245,048		17,741,934
HP Inc.		1,126,207		30,813,024
Immersion Corp.^(a)(b)		25,440		174,010
Intevac Inc.^(a)		17,612		84,185
NetApp Inc.		212,219		19,048,778
One Stop Systems Inc.^(a)(b)		9,356		47,061
Pure Storage Inc., Class A^(a)		234,171		5,891,742
Quantum Corp.^(a)		76,896		398,321
Seagate Technology Holdings PLC		198,940		16,416,529
Super Micro Computer Inc.^(a)		35,663		1,304,196
TransAct Technologies Inc.^(a)		8,304		115,426
Turtle Beach Corp.^(a)(b)		28,056		780,518
Western Digital Corp.^(a)		285,155		16,094,148
Xerox Holdings Corp.		109,994		2,218,579


				2,200,790,820

Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.^(a)		142,031		6,875,721
Carter’s Inc.		37,396		3,636,387
Charles & Colvard Ltd.^(a)		25,183		75,045
Columbia Sportswear Co.		34,585		3,314,626
Crocs Inc.^(a)		57,998		8,321,553
Crown Crafts Inc.		8,471		62,685
Culp Inc.		13		167
Deckers Outdoor Corp.^(a)		26,180		9,430,036
Delta Apparel Inc.^(a)		7,848		214,329
Forward Industries Inc.^(a)		9,082		21,706
Fossil Group Inc.^(a)(b)		52,718		624,708
G-III Apparel Group Ltd.^(a)(b)		34,409		973,775
Hanesbrands Inc.		338,488		5,808,454
Jerash Holdings U.S. Inc.^(b)		1,955		13,138
Kontoor Brands Inc.		43,197		2,157,690
Lakeland Industries Inc.^(a)(b)		7,817		164,157
Levi Strauss & Co., Class A		75,257		1,844,549
Lululemon Athletica Inc.^(a)		110,024		44,526,713
Movado Group Inc.		11,106		349,728
Nike Inc., Class B		1,180,316		171,417,293
Oxford Industries Inc.		16,238		1,464,180
PLBY Group Inc.^(a)(b)		21,854		515,099
PVH Corp.^(a)(b)		69,619		7,156,137
Ralph Lauren Corp.		43,447		4,824,355
Rocky Brands Inc.		8,222		391,449
Skechers U.S.A. Inc., Class A^(a)		128,442		5,409,977
Steven Madden Ltd.		76,023		3,053,084
Superior Group of Companies Inc.		8,281		192,865
Tapestry Inc.		254,621		9,426,069
Under Armour Inc., Class A^(a)		177,468		3,581,304
Under Armour Inc., Class C, NVS^(a)		183,386		3,212,923
Unifi Inc.^(a)		16,109		353,270
Vera Bradley Inc.^(a)		17,182		161,683
VF Corp.		302,125		20,239,354
Vince Holding Corp.^(a)		896		7,396
Wolverine World Wide Inc.		77,478		2,311,944


				322,133,549

Thrifts & Mortgage Finance — 0.1%
1895 Bancorp of Wisconsin Inc.^(a)		2,115		23,096
Axos Financial Inc.^(a)		44,062		2,270,955


S C H E D U L E O F I N V E S T M E N T S		83

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
Blue Foundry Bancorp^(a)(b)		60,859	$	839,246
Bridgewater Bancshares Inc.^(a)(b)		19,664		344,317
Broadway Financial Corp./DE^(a)		7,649		25,395
Capitol Federal Financial Inc.		133,041		1,528,641
CBM Bancorp Inc.		3,321		53,867
CF Bankshares Inc.^(b)		1,726		35,297
Columbia Financial Inc.^(a)		48,627		899,600
Elmira Savings Bank		668		8,891
ESSA Bancorp. Inc.		8,459		140,419
Essent Group Ltd.		95,867		4,219,107
Federal Agricultural Mortgage Corp., Class C, NVS		8,472		919,381
FFBW Inc.^(a)		2,417		28,666
First Seacoast Bancorp.^(a)		2,148		21,007
Flagstar Bancorp. Inc.		43,474		2,207,610
FS Bancorp. Inc.		2,608		90,263
Greene County Bancorp. Inc.		636		23,106
Guaranty Federal Bancshares Inc.		825		19,916
Hingham Institution For Savings (The)		2,978		1,002,693
HMN Financial Inc.^(a)		848		19,818
Home Bancorp. Inc.		7,679		297,024
Home Federal Bancorp. Inc./LA		506		9,609
HomeStreet Inc.		11,774		484,500
HV Bancorp Inc.^(a)		1,371		30,093
IF Bancorp. Inc.		697		15,801
Impac Mortgage Holdings Inc.^(a)		8,246		11,627
Income Opportunity Realty Investors Inc.^(a)		108		1,203
Kearny Financial Corp./MD		75,619		939,944
Kentucky First Federal Bancorp		844		6,026
Lake Shore Bancorp. Inc.		652		9,773
Magyar Bancorp Inc.^(a)(b)		871		9,851
Merchants Bancorp./IN		19,177		756,916
Meridian Bancorp. Inc.		42,948		891,600
Meta Financial Group Inc.		29,064		1,525,279
MGIC Investment Corp.		334,456		5,003,462
Mid-Southern Bancorp Inc.		2,439		37,073
Mr Cooper Group Inc.^(a)		94,286		3,881,755
New York Community Bancorp. Inc.		457,886		5,892,993
NMI Holdings Inc., Class A^(a)(b)		74,163		1,676,825
Northfield Bancorp. Inc.		30,763		527,893
Northwest Bancshares Inc.		93,733		1,244,774
Oconee Federal Financial Corp.		212		4,918
Ocwen Financial Corp.^(a)		8,227		231,426
PCSB Financial Corp.		26,486		488,402
PennyMac Financial Services Inc.		27,296		1,668,604
Premier Financial Corp.		33,021		1,051,389
Provident Bancorp. Inc.		18,785		300,936
Provident Financial Holdings Inc.		7,831		133,753
Provident Financial Services Inc.		61,828		1,451,103
Prudential Bancorp. Inc.		8,282		126,383
Radian Group Inc.		154,202		3,503,469
Rhinebeck Bancorp Inc.^(a)		3,407		37,136
Riverview Bancorp. Inc.		17,755		129,079
Rocket Companies Inc., Class A		137,372		2,203,447
Security National Financial Corp., Class A^(a)		10,965		90,242
Severn Bancorp. Inc.		8,342		104,442
Southern Missouri Bancorp. Inc.		7,671		344,351
Sterling Bancorp Inc./MI^(a)		56,587		291,989
Territorial Bancorp. Inc.		15,900		403,542
TFS Financial Corp.		59,272		1,129,724
Timberland Bancorp. Inc./WA		7,813		226,186


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
TrustCo Bank Corp. NY		10,149	$	324,464
UWM Holdings Corp.		85,935		597,248
Walker & Dunlop Inc.		25,947		2,944,984
Washington Federal Inc.		74,429		2,553,659
Waterstone Financial Inc.		25,098		514,258
Western New England Bancorp. Inc.		27,756		236,759
WSFS Financial Corp.		47,861		2,455,748
WVS Financial Corp.		222		3,543


				61,526,496

Tobacco — 0.5%
22nd Century Group Inc.^(a)(b)		102,726		304,069
Altria Group Inc.		1,710,595		77,866,284
Philip Morris International Inc.		1,439,225		136,424,138
Turning Point Brands Inc.		11,476		547,979
Universal Corp./VA		23,837		1,152,042
Vector Group Ltd.		116,092		1,480,173


				217,774,685

Trading Companies & Distributors — 0.3%
Air Lease Corp.		100,737		3,962,994
Applied Industrial Technologies Inc.		33,674		3,035,038
Beacon Roofing Supply Inc.^(a)(b)		44,585		2,129,380
BlueLinx Holdings Inc.^(a)(b)		8,135		397,639
Boise Cascade Co.		33,965		1,833,431
CAI International Inc.		16,695		933,417
Core & Main Inc., Class A^(a)(b)		33,107		867,734
Custom Truck One Source Inc.^(a)(b)		91,804		856,531
DXP Enterprises Inc./TX^(a)		9,207		272,251
EVI Industries Inc.^(a)(b)		7,536		204,979
Fastenal Co.		537,120		27,720,763
GATX Corp.		33,869		3,033,308
Global Industrial Co.		11,545		437,440
GMS Inc.^(a)		42,168		1,846,958
H&E Equipment Services Inc.		26,089		905,549
Herc Holdings Inc.^(a)		20,523		3,354,690
Hudson Technologies Inc.^(a)(b)		25,487		89,969
Huttig Building Products Inc.^(a)		16,604		88,333
India Globalization Capital Inc.^(a)(b)		32,794		48,535
Lawson Products Inc./DE^(a)(b)		7,724		386,277
McGrath RentCorp		25,838		1,859,044
MRC Global Inc.^(a)		92,635		679,941
MSC Industrial Direct Co. Inc., Class A		42,585		3,414,891
NOW Inc.^(a)		100,656		770,018
Rush Enterprises Inc., Class A		37,218		1,680,765
Rush Enterprises Inc., Class B		13,309		609,153
SiteOne Landscape Supply Inc.^(a)		42,476		8,472,688
Titan Machinery Inc.^(a)		16,710		432,956
Transcat Inc.^(a)		8,172		526,931
Triton International Ltd.		58,242		3,030,914
United Rentals Inc.^(a)		66,446		23,317,895
Univar Solutions Inc.^(a)		167,290		3,984,848
Veritiv Corp.^(a)		9,448		846,163
Watsco Inc.		31,380		8,303,776
WESCO International Inc.^(a)(b)		44,463		5,127,473
Willis Lease Finance Corp.^(a)		7,676		285,470
WW Grainger Inc.		40,824		16,046,281


				131,794,423

Water Utilities — 0.1%
American States Water Co.		34,656		2,963,781
American Water Works Co. Inc.		168,264		28,443,347


84		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

(Percentages shown are based on Net Assets)



Security	Shares/ Par		Value


Water Utilities (continued)
Artesian Resources Corp., Class A, NVS		8,234	$	314,292
Cadiz Inc.^(a)(b)		25,699		180,921
California Water Service Group		48,470		2,856,337
Essential Utilities Inc.		216,242		9,964,431
Middlesex Water Co.		16,133		1,658,150
Pure Cycle Corp.^(a)		17,442		232,153
SJW Group		26,042		1,720,334
York Water Co. (The)		10,296		449,729


				48,783,475

Wireless Telecommunication Services — 0.2%
Gogo Inc.^(a)(b)		42,416		733,797
Shenandoah Telecommunications Co.		44,772		1,413,900
Spok Holdings Inc.		15,778		161,251
T-Mobile U.S. Inc.^(a)		543,518		69,439,860
Telephone and Data Systems Inc.		99,157		1,933,561
U.S. Cellular Corp.^(a)		11,459		365,427


				74,047,796


Total Common Stocks — 99.8% (Cost: $28,420,700,582)				41,392,320,552


Rights

Real Estate Management & Development — 0.0%
Capital Senior Living Corp., (Expires 10/18/21)^(a)		1,488		4,791


Total Rights — 0.0% (Cost: $0)				4,791


Warrants

Pharmaceuticals — 0.0%
Salarius Pharmaceuticals Inc., (Expires 01/20/25)^(a)(b)		19,965		0	^(d)


Total Warrants — 0.0% (Cost: $0)				0	^(d)


Corporate Bonds & Notes

Capital Markets — 0.0%
GAMCO Investors Inc., 4.00%, 06/15/23^(g)		14,000		13,931


Total Corporate Bonds & Notes — 0.0% (Cost: $14,000)				13,931



Security	Shares		Value


Short-Term Investments

Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(e)(h)(i)		898,730,651	$	899,180,017
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(e)(h)		58,440,000		58,440,000


				957,620,017


Total Short-Term Investments — 2.3% (Cost: $957,224,802)				957,620,017


Total Investments in Securities — 102.1% (Cost: $29,377,939,384)				42,349,959,291

Other Assets, Less Liabilities — (2.1)%				(868,094,487	)


Net Assets — 100.0%			$	41,481,864,804

^(a)	Non-income producing security.

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

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

^(d)	Rounds to less than $1.

^(e)	Affiliate of the Fund.

^(f)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(g)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

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

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


S C H E D U L E O F I N V E S T M E N T S		85

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	669,664,975	$	229,580,668	^(a)	$	—		$	(21,363	)	$	(44,263	)	$	899,180,017		898,730,651	$	2,228,279	^(b)	$	—

BlackRock Cash Funds: Treasury, SL Agency Shares		31,500,000		26,940,000	^(a)		—			—			—			58,440,000		58,440,000		2,849			—
BlackRock Inc.		93,431,477		9,641,659			(2,164,118	)		1,255,896			9,156,298			111,321,212		132,737		1,067,993			—


									$	1,234,533		$	9,112,035		$	1,068,941,229			$	3,299,121		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P 400 E-Mini Index		27		12/17/21	$	7,110	$	(182,507	)
S&P 500 E-Mini Index		342		12/17/21		73,491		(2,832,800	)


							$	(3,015,307	)

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:




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	3,015,307

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	10,767,871


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,457,311	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	72,250,138

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


86		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P Total U.S. Stock Market ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	41,391,992,990		$	10,554		$	317,008	$	41,392,320,552
Rights		—			4,791			—		4,791
Warrants		—			0	^(a)		—		0	^(a)
Corporate Bonds & Notes		—			13,931			—		13,931
Money Market Funds		957,620,017			—			—		957,620,017


	$	42,349,613,007		$	29,276		$	317,008	$	42,349,959,291


Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(3,015,307	)	$	—		$	—	$	(3,015,307	)

^(a)

Rounds to less than $1.

^(b)

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		87

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.5%
Axon Enterprise Inc.^(a)		38,217	$	6,688,739
Curtiss-Wright Corp.		9,057		1,142,812
L3Harris Technologies Inc.		67,133		14,785,372
Lockheed Martin Corp.		66,228		22,855,283
Mercury Systems Inc.^(a)(b)		33,595		1,593,075
TransDigm Group Inc.^(a)		18,414		11,500,832


				58,566,113

Air Freight & Logistics — 0.7%
Expeditors International of Washington Inc.		64,879		7,729,035
FedEx Corp.		92,010		20,176,873
GXO Logistics Inc.^(a)(b)		29,703		2,329,903
United Parcel Service Inc., Class B		298,138		54,290,930


				84,526,741

Auto Components — 0.2%
Aptiv PLC^(a)		105,865		15,770,709
Fox Factory Holding Corp.^(a)(b)		24,675		3,566,524
Gentex Corp.		79,952		2,636,817
Visteon Corp.^(a)		7,876		743,416


				22,717,466

Automobiles — 3.0%
Tesla Inc.^(a)		474,770		368,174,640


Banks — 0.4%
Commerce Bancshares Inc.		29,841		2,079,321
First Financial Bankshares Inc.		48,061		2,208,403
First Republic Bank/CA		54,985		10,605,507
Glacier Bancorp. Inc.		28,065		1,553,398
PacWest Bancorp		19,282		873,860
Signature Bank/New York NY		12,438		3,386,618
SVB Financial Group^(a)		34,294		22,184,103
Umpqua Holdings Corp.		55,848		1,130,922


				44,022,132

Beverages — 1.0%
Boston Beer Co. Inc. (The), Class A, NVS^(a)		5,388		2,746,533
Brown-Forman Corp., Class B, NVS		53,820		3,606,478
Coca-Cola Co. (The)		795,587		41,744,450
Monster Beverage Corp.^(a)(b)		220,100		19,551,483
PepsiCo Inc.		339,430		51,053,666


				118,702,610

Biotechnology — 2.2%
AbbVie Inc.		765,147		82,536,407
Amgen Inc.		166,418		35,388,788
Arrowhead Pharmaceuticals Inc.^(a)		60,601		3,783,320
Biogen Inc.^(a)		46,300		13,102,437
Emergent BioSolutions Inc.^(a)(b)		26,564		1,330,059
Exelixis Inc.^(a)		182,954		3,867,648
Halozyme Therapeutics Inc.^(a)		83,427		3,393,810
Incyte Corp.^(a)		69,156		4,756,550
Moderna Inc.^(a)		119,098		45,836,056
Neurocrine Biosciences Inc.^(a)		55,233		5,297,397
Regeneron Pharmaceuticals Inc.^(a)		61,561		37,255,486
United Therapeutics Corp.^(a)		11,010		2,032,226
Vertex Pharmaceuticals Inc.^(a)		151,533		27,486,571


				266,066,755

Building Products — 0.5%
Allegion PLC		21,890		2,893,420
Builders FirstSource Inc.^(a)(b)		59,158		3,060,835


Security	Shares		Value

Building Products (continued)
Carlisle Companies Inc.		17,633	$	3,505,264
Carrier Global Corp.		325,496		16,847,673
Fortune Brands Home & Security Inc.		45,357		4,055,823
Lennox International Inc.		11,777		3,464,440
Masco Corp.		63,744		3,540,979
Simpson Manufacturing Co. Inc.		25,177		2,693,184
Trane Technologies PLC		63,802		11,015,416
Trex Co. Inc.^(a)(b)		67,097		6,839,197


				57,916,231

Capital Markets — 2.0%
BlackRock Inc.^(c)		58,552		49,105,220
Cboe Global Markets Inc.		31,483		3,899,484
Evercore Inc., Class A		14,644		1,957,464
FactSet Research Systems Inc.		22,068		8,712,005
Federated Hermes Inc.		22,825		741,813
Interactive Brokers Group Inc., Class A		51,199		3,191,746
Intercontinental Exchange Inc.		177,781		20,412,814
MarketAxess Holdings Inc.		22,384		9,416,725
Moody’s Corp.		68,184		24,212,820
MSCI Inc.		48,232		29,341,455
Nasdaq Inc.		44,018		8,496,354
S&P Global Inc.		140,975		59,898,868
SEI Investments Co.		32,053		1,900,743
Stifel Financial Corp.		25,448		1,729,446
T Rowe Price Group Inc.		79,557		15,648,862


				238,665,819

Chemicals — 1.3%
Air Products & Chemicals Inc.		59,481		15,233,679
Albemarle Corp.		68,182		14,929,813
Ashland Global Holdings Inc.		11,576		1,031,653
Chemours Co. (The)		43,649		1,268,440
Dow Inc.		214,333		12,337,008
Ecolab Inc.		66,797		13,935,190
FMC Corp.		75,595		6,921,478
Ingevity Corp.^(a)		11,928		851,301
Linde PLC		175,149		51,385,214
NewMarket Corp.		1,642		556,260
RPM International Inc.		47,508		3,688,996
Scotts Miracle-Gro Co. (The)		24,105		3,528,008
Sensient Technologies Corp.		11,989		1,091,958
Sherwin-Williams Co. (The)		97,967		27,404,309
Valvoline Inc.		65,555		2,044,005


				156,207,312

Commercial Services & Supplies — 0.5%
Brink’s Co. (The)		11,080		701,364
Cintas Corp.		33,856		12,887,625
Clean Harbors Inc.^(a)		11,690		1,214,240
Copart Inc.^(a)		124,802		17,312,534
IAA Inc.^(a)		79,292		4,326,965
MSA Safety Inc.		21,363		3,112,589
Rollins Inc.		130,463		4,609,258
Stericycle Inc.^(a)		21,057		1,431,244
Tetra Tech Inc.		31,710		4,735,571
Waste Management Inc.		88,558		13,227,023


			63,558,413

Communications Equipment — 0.3%
Arista Networks Inc.^(a)		32,826		11,280,327
Ciena Corp.^(a)		33,670		1,728,955
F5 Networks Inc.^(a)		15,372		3,055,646


88		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
Lumentum Holdings Inc.^(a)(b)		44,526	$	3,719,702
Motorola Solutions Inc.		44,464		10,329,876


				30,114,506

Construction & Engineering — 0.1%
Quanta Services Inc.		47,495		5,405,881
Valmont Industries Inc.		5,095		1,197,936


				6,603,817

Construction Materials — 0.1%
Eagle Materials Inc.		15,286		2,004,912
Vulcan Materials Co.		32,822		5,552,169


				7,557,081

Consumer Finance — 0.0%
LendingTree Inc.^(a)		6,175		863,450
PROG Holdings Inc.		18,328		769,959
SLM Corp.		179,246		3,154,730


				4,788,139

Containers & Packaging — 0.2%
AptarGroup Inc.		23,284		2,778,946
Avery Dennison Corp.		20,663		4,281,580
Ball Corp.		122,087		10,984,168
Sealed Air Corp.		57,984		3,176,943
Silgan Holdings Inc.		19,981		766,471


				21,988,108

Distributors — 0.1%
Pool Corp.		23,408		10,168,669


Diversified Consumer Services — 0.0%
Grand Canyon Education Inc.^(a)		10,221		899,039
Service Corp. International		58,974		3,553,773


				4,452,812

Diversified Telecommunication Services — 0.0%
Iridium Communications Inc.^(a)		47,173		1,879,844


Electric Utilities — 0.4%
NextEra Energy Inc.		493,905		38,781,421
NRG Energy Inc.		84,973		3,469,447
PNM Resources Inc.		20,531		1,015,874


				43,266,742

Electrical Equipment — 0.5%
AMETEK Inc.		66,479		8,244,061
Emerson Electric Co.		139,783		13,167,559
EnerSys		12,302		915,761
Generac Holdings Inc.^(a)		37,061		15,145,719
Hubbell Inc.		19,189		3,466,877
Regal Beloit Corp.		11,969		1,799,419
Rockwell Automation Inc.		37,856		11,131,178
Sunrun Inc.^(a)(b)		120,705		5,311,020


				59,181,594

Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		217,083		15,896,988
CDW Corp./DE		35,460		6,454,429
Cognex Corp.		102,980		8,261,056
Coherent Inc.^(a)		4,900		1,225,441
Corning Inc.		211,345		7,711,979
II-VI Inc.^(a)(b)		61,170		3,631,051
IPG Photonics Corp.^(a)(b)		9,477		1,501,157
Keysight Technologies Inc.^(a)		61,543		10,110,899
Littelfuse Inc.		14,374		3,927,983
National Instruments Corp.		35,864		1,406,945


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
TE Connectivity Ltd.		73,056	$	10,024,744
Teledyne Technologies Inc.^(a)		13,406		5,758,950
Trimble Inc.^(a)		147,282		12,113,945
Zebra Technologies Corp., Class A^(a)		22,955		11,831,466


				99,857,033

Energy Equipment & Services — 0.0%
ChampionX Corp.^(a)		44,934		1,004,724


Entertainment — 1.7%
Activision Blizzard Inc.		268,136		20,751,045
Electronic Arts Inc.		89,702		12,760,110
Netflix Inc.^(a)		258,963		158,055,478
Take-Two Interactive Software Inc.^(a)		67,833		10,451,030
World Wrestling Entertainment Inc., Class A		15,670		881,594


				202,899,257

Equity Real Estate Investment Trusts (REITs) — 1.3%
American Campus Communities Inc.		31,651		1,533,491
American Tower Corp.		136,053		36,109,827
Camden Property Trust		26,992		3,980,510
CoreSite Realty Corp.		16,143		2,236,451
Crown Castle International Corp.		151,728		26,297,497
CyrusOne Inc.		72,614		5,621,050
Duke Realty Corp.		89,932		4,305,045
EastGroup Properties Inc.		13,532		2,254,837
Equinix Inc.		30,442		24,053,137
Extra Space Storage Inc.		37,424		6,286,858
First Industrial Realty Trust Inc.		38,809		2,021,173
Healthcare Realty Trust Inc.		32,041		954,181
Lamar Advertising Co., Class A		25,486		2,891,387
Life Storage Inc.		23,605		2,708,438
Medical Properties Trust Inc.		135,288		2,715,230
National Storage Affiliates Trust		29,159		1,539,303
PotlatchDeltic Corp.		14,983		772,823
PS Business Parks Inc.		5,441		852,822
Public Storage		38,302		11,379,524
Rayonier Inc.		31,444		1,121,922
Rexford Industrial Realty Inc.		47,633		2,703,173
SBA Communications Corp.		41,898		13,850,222
STORE Capital Corp.		51,569		1,651,755


				157,840,656

Food & Staples Retailing — 0.5%
Casey’s General Stores Inc.		8,341		1,571,861
Costco Wholesale Corp.		137,053		61,584,766
Grocery Outlet Holding Corp.^(a)		30,034		647,833


				63,804,460

Food Products — 0.2%
Darling Ingredients Inc.^(a)		95,571		6,871,555
Flowers Foods Inc.		45,259		1,069,470
Hain Celestial Group Inc. (The)^(a)		30,174		1,290,844
Hershey Co. (The)		35,037		5,930,012
Lamb Weston Holdings Inc.		31,927		1,959,360
Lancaster Colony Corp.		6,689		1,129,170
McCormick & Co. Inc./MD, NVS		64,528		5,228,704


				23,479,115

Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		611,995		72,294,969
ABIOMED Inc.^(a)		26,647		8,674,131
Align Technology Inc.^(a)		43,069		28,659,405
Cooper Companies Inc. (The)		11,857		4,900,617


S C H E D U L E O F I N V E S T M E N T S		89

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Danaher Corp.		252,797	$	76,961,519
Dexcom Inc.^(a)		56,690		31,001,493
Edwards Lifesciences Corp.^(a)		208,348		23,587,077
Globus Medical Inc., Class A^(a)		44,961		3,444,912
Haemonetics Corp.^(a)		16,470		1,162,617
Hill-Rom Holdings Inc.		16,548		2,482,200
Hologic Inc.^(a)		106,975		7,895,825
ICU Medical Inc.^(a)		5,865		1,368,774
IDEXX Laboratories Inc.^(a)		49,866		31,011,665
Integra LifeSciences Holdings Corp.^(a)		20,874		1,429,451
Intuitive Surgical Inc.^(a)		48,694		48,409,140
Masimo Corp.^(a)		29,873		8,086,920
Neogen Corp.^(a)		36,844		1,600,135
Penumbra Inc.^(a)		19,911		5,306,281
Quidel Corp.^(a)(b)		22,105		3,120,121
ResMed Inc.		85,025		22,408,339
STAAR Surgical Co.^(a)		27,102		3,483,420
STERIS PLC		32,897		6,720,199
Stryker Corp.		96,393		25,420,762
Tandem Diabetes Care Inc.^(a)		22,907		2,734,638
Teleflex Inc.		12,903		4,858,625
West Pharmaceutical Services Inc.		43,298		18,381,733


				445,404,968

Health Care Providers & Services — 1.3%
Acadia Healthcare Co. Inc.^(a)		19,939		1,271,709
Amedisys Inc.^(a)		19,348		2,884,787
Chemed Corp.		9,354		4,350,732
DaVita Inc.^(a)		39,315		4,570,762
Encompass Health Corp.		32,838		2,464,164
HealthEquity Inc.^(a)		48,167		3,119,295
Humana Inc.		39,169		15,242,616
LHC Group Inc.^(a)(b)		18,802		2,950,222
Molina Healthcare Inc.^(a)		18,400		4,992,104
Option Care Health Inc.^(a)		40,989		994,393
Progyny Inc.^(a)(b)		20,175		1,129,800
R1 RCM Inc.^(a)		81,146		1,786,023
UnitedHealth Group Inc.		286,886		112,097,836


				157,854,443

Health Care Technology — 0.0%
Cerner Corp.		74,497		5,253,528


Hotels, Restaurants & Leisure — 1.7%
Booking Holdings Inc.^(a)		9,129		21,671,059
Boyd Gaming Corp.^(a)		25,576		1,617,938
Caesars Entertainment Inc.^(a)(b)		72,559		8,146,925
Chipotle Mexican Grill Inc.^(a)		16,468		29,930,919
Choice Hotels International Inc.		10,195		1,288,342
Churchill Downs Inc.		20,429		4,904,594
Domino’s Pizza Inc.		21,601		10,302,813
Expedia Group Inc.^(a)		30,156		4,942,568
Hilton Worldwide Holdings Inc.^(a)		60,541		7,998,072
Jack in the Box Inc.		13,403		1,304,514
McDonald’s Corp.		174,577		42,092,260
Papa John’s International Inc.		19,431		2,467,543
Penn National Gaming Inc.^(a)(b)		55,138		3,995,299
Scientific Games Corp./DE, Class A^(a)(b)		28,705		2,384,524
Six Flags Entertainment Corp.^(a)		16,947		720,248
Starbucks Corp.		399,740		44,095,319
Texas Roadhouse Inc.		40,929		3,738,046
Travel + Leisure Co.		20,096		1,095,835


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Wendy’s Co. (The)		105,718	$	2,291,966
Wingstop Inc.		17,229		2,824,350
Wyndham Hotels & Resorts Inc.		29,672		2,290,382
Yum! Brands Inc.		74,512		9,113,563


				209,217,079

Household Durables — 0.3%
DR Horton Inc.		114,417		9,607,596
Garmin Ltd.		49,262		7,658,271
Helen of Troy Ltd.^(a)(b)		14,375		3,229,775
PulteGroup Inc.		77,581		3,562,520
Tempur Sealy International Inc.		115,176		5,345,318
Toll Brothers Inc.		29,798		1,647,531
TopBuild Corp.^(a)(b)		19,245		3,941,568


				34,992,579

Household Products — 1.2%
Church & Dwight Co. Inc.		96,790		7,991,950
Clorox Co. (The)		48,228		7,987,039
Colgate-Palmolive Co.		257,010		19,424,816
Energizer Holdings Inc.		16,144		630,423
Kimberly-Clark Corp.		75,451		9,992,731
Procter & Gamble Co. (The)		681,743		95,307,671


				141,334,630

Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		149,051		3,402,834


Industrial Conglomerates — 0.1%
Roper Technologies Inc.		33,395		14,898,511


Insurance — 0.7%
Aon PLC, Class A		68,805		19,662,405
Arthur J Gallagher & Co.		51,866		7,709,881
Brighthouse Financial Inc.^(a)		50,286		2,274,436
Brown & Brown Inc.		136,713		7,580,736
Kinsale Capital Group Inc.		12,546		2,028,688
Marsh & McLennan Companies Inc.		145,504		22,033,671
Primerica Inc.		22,923		3,521,660
Progressive Corp. (The)		219,963		19,882,456
RenaissanceRe Holdings Ltd.		15,740		2,194,156
RLI Corp.		13,664		1,370,089


				88,258,178

Interactive Media & Services — 11.8%
Alphabet Inc., Class A^(a)		176,164		470,977,977
Alphabet Inc., Class C, NVS^(a)		164,854		439,387,015
Facebook Inc., Class A^(a)		1,394,780		473,374,384
Match Group Inc.^(a)(b)		115,199		18,085,091
TripAdvisor Inc.^(a)		20,983		710,275
Twitter Inc.^(a)		466,570		28,176,162
Yelp Inc.^(a)		20,921		779,098


				1,431,490,002

Internet & Direct Marketing Retail — 7.2%
Amazon.com Inc.^(a)		254,838		837,153,023
eBay Inc.		381,012		26,545,106
Etsy Inc.^(a)(b)		74,355		15,462,866


				879,160,995

IT Services — 5.1%
Accenture PLC, Class A		207,773		66,470,738
Akamai Technologies Inc.^(a)		61,442		6,426,219
Automatic Data Processing Inc.		119,031		23,796,678
Broadridge Financial Solutions Inc.		34,088		5,680,424


90		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Cognizant Technology Solutions Corp., Class A		157,115	$	11,659,504
Concentrix Corp.^(a)		11,662		2,064,174
Fiserv Inc.^(a)		236,895		25,703,107
FleetCor Technologies Inc.^(a)		20,662		5,398,361
Gartner Inc.^(a)		25,986		7,896,626
Genpact Ltd.		62,757		2,981,585
Jack Henry & Associates Inc.		20,901		3,429,018
LiveRamp Holdings Inc.^(a)		20,728		978,983
Mastercard Inc., Class A		346,607		120,508,322
Maximus Inc.		22,465		1,869,088
Paychex Inc.		100,000		11,245,000
PayPal Holdings Inc.^(a)		687,515		178,898,278
Sabre Corp.^(a)		67,352		797,448
VeriSign Inc.^(a)		23,773		4,873,703
Visa Inc., Class A		592,468		131,972,247
WEX Inc.^(a)(b)		15,091		2,658,129


				615,307,632

Leisure Products — 0.1%
Brunswick Corp./DE		25,412		2,421,001
Callaway Golf Co.^(a)		39,734		1,097,851
Mattel Inc.^(a)		205,247		3,809,384
Polaris Inc.		16,077		1,923,774
YETI Holdings Inc.^(a)		51,254		4,391,955


				13,643,965

Life Sciences Tools & Services — 2.2%
Agilent Technologies Inc.		128,229		20,199,914
Bio-Rad Laboratories Inc., Class A^(a)		12,532		9,348,245
Bio-Techne Corp.		22,771		11,034,143
Charles River Laboratories International Inc.^(a)		29,551		12,194,811
Illumina Inc.^(a)		42,798		17,359,297
IQVIA Holdings Inc.^(a)		71,740		17,184,600
Medpace Holdings Inc.^(a)		16,402		3,104,571
Mettler-Toledo International Inc.^(a)		13,551		18,664,605
PerkinElmer Inc.		65,359		11,326,061
Repligen Corp.^(a)		29,821		8,617,971
Syneos Health Inc.^(a)		59,594		5,213,283
Thermo Fisher Scientific Inc.		230,190		131,514,453
Waters Corp.^(a)		19,780		7,067,394


				272,829,348

Machinery — 1.3%
AGCO Corp.		15,209		1,863,559
Caterpillar Inc.		150,163		28,826,791
Cummins Inc.		36,193		8,127,500
Deere & Co.		124,418		41,688,739
Donaldson Co. Inc.		37,225		2,137,087
Graco Inc.		98,804		6,913,316
IDEX Corp.		20,086		4,156,798
Illinois Tool Works Inc.		73,597		15,207,348
ITT Inc.		22,931		1,968,397
Lincoln Electric Holdings Inc.		35,073		4,517,052
Middleby Corp. (The)^(a)(b)		20,002		3,410,541
Nordson Corp.		20,048		4,774,431
Otis Worldwide Corp.		130,079		10,702,900
Parker-Hannifin Corp.		39,056		10,920,839
Terex Corp.		15,533		653,939
Timken Co. (The)		40,456		2,646,631
Toro Co. (The)		63,277		6,163,813
Woodward Inc.		19,386		2,194,495


Security	Shares		Value

Machinery (continued)
Xylem Inc./NY		48,894	$	6,047,210


				162,921,386

Media — 1.1%
Cable One Inc.		2,901		5,259,890
Charter Communications Inc., Class A^(a)(b)		74,175		53,966,763
Comcast Corp., Class A		1,179,019		65,942,533
New York Times Co. (The), Class A		97,937		4,825,356
TEGNA Inc.		51,717		1,019,859


				131,014,401

Metals & Mining — 0.3%
Cleveland-Cliffs Inc.^(a)		264,658		5,242,875
Compass Minerals International Inc.		9,611		618,948
Freeport-McMoRan Inc.		530,890		17,269,852
Newmont Corp.		256,571		13,931,805
Royal Gold Inc.		22,435		2,142,318
Worthington Industries Inc.		12,274		646,840


				39,852,638

Multiline Retail — 0.6%
Dollar General Corp.		138,446		29,369,935
Ollie’s Bargain Outlet Holdings Inc.^(a)(b)		35,587		2,145,184
Target Corp.		190,868		43,664,872


				75,179,991

Oil, Gas & Consumable Fuels — 0.1%
Antero Midstream Corp.		190,301		1,982,936
Cimarex Energy Co.		28,811		2,512,319
CNX Resources Corp.^(a)(b)		132,409		1,671,002
EQT Corp.^(a)		61,759		1,263,589
Equitrans Midstream Corp.		107,883		1,093,934
Hess Corp.		85,419		6,672,078
Targa Resources Corp.		30,888		1,519,999


				16,715,857

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		30,699		1,883,998


Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		76,032		22,804,278
Nu Skin Enterprises Inc., Class A		16,552		669,859


				23,474,137

Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co.		677,281		40,074,717
Catalent Inc.^(a)		99,396		13,226,626
Eli Lilly & Co.		283,329		65,463,165
Jazz Pharmaceuticals PLC^(a)		35,361		4,604,356
Johnson & Johnson		616,110		99,501,765
Merck & Co. Inc.		710,454		53,362,200
Nektar Therapeutics^(a)(b)		40,202		722,028
Organon & Co.		71,364		2,340,025
Zoetis Inc.		202,793		39,370,233


				318,665,115

Professional Services — 0.5%
ASGN Inc.^(a)		31,195		3,529,402
CACI International Inc., Class A^(a)		5,941		1,557,136
Equifax Inc.		35,866		9,089,162
FTI Consulting Inc.^(a)(b)		20,067		2,703,025
IHS Markit Ltd.		151,866		17,710,613
Insperity Inc.		21,036		2,329,526
Jacobs Engineering Group Inc.		47,393		6,280,994
Science Applications International Corp.		13,394		1,145,991


S C H E D U L E O F I N V E S T M E N T S		91

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
Verisk Analytics Inc.		94,573	$	18,940,135


				63,285,984

Road & Rail — 0.9%
CSX Corp.		687,149		20,435,811
JB Hunt Transport Services Inc.		29,130		4,871,119
Kansas City Southern		27,331		7,396,862
Knight-Swift Transportation Holdings Inc.		97,284		4,976,077
Landstar System Inc.		14,045		2,216,582
Norfolk Southern Corp.		65,139		15,584,506
Old Dominion Freight Line Inc.		54,982		15,723,752
Saia Inc.^(a)		15,486		3,686,133
Union Pacific Corp.		182,839		35,838,272
Werner Enterprises Inc.		15,287		676,755
XPO Logistics Inc.^(a)		29,700		2,363,526


				113,769,395

Semiconductors & Semiconductor Equipment — 7.4%
Advanced Micro Devices Inc.^(a)		709,708		73,028,953
Amkor Technology Inc.		18,809		469,285
Analog Devices Inc.		135,280		22,656,694
Applied Materials Inc.		534,775		68,841,586
Broadcom Inc.		163,231		79,155,609
Brooks Automation Inc.		43,449		4,447,005
Cirrus Logic Inc.^(a)		14,697		1,210,298
CMC Materials Inc.		17,106		2,107,972
Enphase Energy Inc.^(a)(b)		78,905		11,833,383
First Solar Inc.^(a)		57,953		5,532,193
KLA Corp.		89,526		29,947,342
Lam Research Corp.		83,316		47,419,301
Lattice Semiconductor Corp.^(a)		80,313		5,192,236
Microchip Technology Inc.		115,930		17,794,096
MKS Instruments Inc.		32,517		4,907,141
Monolithic Power Systems Inc.		25,292		12,258,527
NVIDIA Corp.		1,458,077		302,055,231
NXP Semiconductors NV		7,899		1,547,177
Qorvo Inc.^(a)		65,142		10,891,091
QUALCOMM Inc.		659,995		85,126,155
Semtech Corp.^(a)		38,332		2,988,746
Silicon Laboratories Inc.^(a)		14,046		1,968,687
Skyworks Solutions Inc.		50,352		8,297,003
SolarEdge Technologies Inc.^(a)		30,656		8,130,584
Synaptics Inc.^(a)		9,770		1,755,962
Teradyne Inc.		96,698		10,556,521
Texas Instruments Inc.		286,159		55,002,621
Universal Display Corp.		25,281		4,322,040
Xilinx Inc.		144,845		21,870,147


				901,313,586

Software — 16.3%
ACI Worldwide Inc.^(a)		37,185		1,142,695
Adobe Inc.^(a)		278,745		160,479,071
ANSYS Inc.^(a)(b)		51,147		17,412,996
Aspen Technology Inc.^(a)		27,548		3,382,894
Autodesk Inc.^(a)		128,885		36,754,136
Blackbaud Inc.^(a)		11,090		780,182
Cadence Design Systems Inc.^(a)		162,228		24,567,808
CDK Global Inc.		35,881		1,526,737
Cerence Inc.^(a)(b)		22,239		2,137,390
Ceridian HCM Holding Inc.^(a)(b)		46,644		5,253,047
Citrix Systems Inc.		47,196		5,067,435
CommVault Systems Inc.^(a)		14,000		1,054,340


Security	Shares		Value

Software (continued)
Digital Turbine Inc.^(a)		51,258	$	3,523,988
Envestnet Inc.^(a)		9,685		777,124
Fair Isaac Corp.^(a)		16,639		6,621,157
Fortinet Inc.^(a)		79,456		23,204,330
Intuit Inc.		159,883		86,258,477
J2 Global Inc.^(a)		17,803		2,432,246
Manhattan Associates Inc.^(a)		36,998		5,661,804
Microsoft Corp.		4,396,989		1,239,599,139
Mimecast Ltd.^(a)(b)		34,872		2,217,859
Oracle Corp.		529,623		46,146,052
Paycom Software Inc.^(a)		28,177		13,968,748
Paylocity Holding Corp.^(a)		23,044		6,461,538
PTC Inc.^(a)		61,865		7,410,808
Qualys Inc.^(a)		19,321		2,150,234
SailPoint Technologies Holdings Inc.^(a)		53,615		2,299,011
salesforce.com Inc.^(a)		568,446		154,173,924
ServiceNow Inc.^(a)		115,910		72,127,316
Synopsys Inc.^(a)(b)		89,206		26,709,169
Teradata Corp.^(a)		23,763		1,362,808
Tyler Technologies Inc.^(a)(b)		24,042		11,026,863
Wolfspeed Inc.		67,927		5,483,747


				1,979,175,073

Specialty Retail — 2.5%
AutoZone Inc.^(a)(b)		7,051		11,972,527
Bath & Body Works Inc.		86,902		5,477,433
Best Buy Co. Inc.		65,627		6,937,430
Five Below Inc.^(a)		32,949		5,825,713
GameStop Corp., Class A^(a)(b)		17,139		3,007,380
Home Depot Inc. (The)		447,924		147,035,532
Lithia Motors Inc.		17,492		5,545,664
Lowe’s Companies Inc.		293,578		59,555,233
O’Reilly Automotive Inc.^(a)		27,484		16,794,373
RH^(a)		9,892		6,597,074
Tractor Supply Co.		67,016		13,578,112
Ulta Beauty Inc.^(a)		16,442		5,934,247
Victoria’s Secret & Co.^(a)		25,651		1,417,474
Williams-Sonoma Inc.		44,032		7,808,195


				297,486,387

Technology Hardware, Storage & Peripherals — 10.7%
Apple Inc.		9,188,268		1,300,139,922


Textiles, Apparel & Luxury Goods — 0.7%
Columbia Sportswear Co.		7,542		722,826
Crocs Inc.^(a)		36,565		5,246,346
Deckers Outdoor Corp.^(a)		16,274		5,861,895
Nike Inc., Class B		478,601		69,507,223


				81,338,290

Thrifts & Mortgage Finance — 0.0%
Essent Group Ltd.		33,149		1,458,888


Trading Companies & Distributors — 0.3%
Fastenal Co.		251,563		12,983,166
MSC Industrial Direct Co. Inc., Class A		13,496		1,082,244
United Rentals Inc.^(a)		42,179		14,801,877
Watsco Inc.		12,000		3,175,440
WW Grainger Inc.		15,524		6,101,864


			38,144,591

Water Utilities — 0.1%
American Water Works Co. Inc.		53,453		9,035,695


92		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Water Utilities (continued)
Essential Utilities Inc.		65,813	$	3,032,663


				12,068,358

Wireless Telecommunication Services — 0.3%
T-Mobile U.S. Inc.^(a)		236,982		30,276,820


Total Common Stocks — 99.8% (Cost: $7,607,516,361)				12,119,224,298


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(d)(e)		66,002,964		66,035,965
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		14,676,000		14,676,000


				80,711,965


Total Short-Term Investments — 0.7% (Cost: $80,700,747)				80,711,965


Total Investments in Securities — 100.5% (Cost: $7,688,217,108)				12,199,936,263

Other Assets, Less Liabilities — (0.5)%				(62,722,656	)


Net Assets — 100.0%			$	12,137,213,607

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,436,863	$	37,626,350	^(a)	$	—		$	4,164	$	(31,412	)	$	66,035,965		66,002,964	$	44,892	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,506,000		7,170,000	^(a)		—			—		—			14,676,000		14,676,000		462			—
BlackRock Inc.		42,849,055		4,096,198			(2,561,308	)		1,040,064		3,681,211			49,105,220		58,552		473,562			—


									$	1,044,228	$	3,649,799		$	129,817,185			$	518,916		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P 500 E-Mini Index		70		12/17/21	$	15,042		$	(649,181	)


S C H E D U L E O F I N V E S T M E N T S		93

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P U.S. Growth 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:




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	649,181

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	1,406,264


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(735,642	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	13,003,665

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




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	12,119,224,298		$	—	$	—	$	12,119,224,298
Money Market Funds		80,711,965			—		—		80,711,965


	$	12,199,936,263		$	—	$	—	$	12,199,936,263


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(649,181	)	$	—	$	—	$	(649,181	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


94		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 2.6%
Boeing Co. (The)^(a)		316,212	$	69,547,667
Curtiss-Wright Corp.		14,960		1,887,653
General Dynamics Corp.		133,155		26,102,375
Hexcel Corp.^(a)		47,809		2,839,376
Howmet Aerospace Inc.		220,594		6,882,533
Huntington Ingalls Industries Inc.		23,294		4,497,140
L3Harris Technologies Inc.		49,416		10,883,380
Lockheed Martin Corp.		76,383		26,359,773
Northrop Grumman Corp.		86,369		31,105,795
Raytheon Technologies Corp.		865,407		74,390,386
Textron Inc.^(b)		128,295		8,956,274
TransDigm Group Inc.^(a)		12,087		7,549,177


				271,001,529

Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.		75,548		6,572,676
Expeditors International of Washington Inc.		34,224		4,077,105
FedEx Corp.		51,107		11,207,254
GXO Logistics Inc.^(a)		27,143		2,129,097
United Parcel Service Inc., Class B		125,404		22,836,068


				46,822,200

Airlines — 0.5%
Alaska Air Group Inc.^(a)		72,837		4,268,248
American Airlines Group Inc.^(a)		374,096		7,676,450
Delta Air Lines Inc.^(a)		368,289		15,692,794
JetBlue Airways Corp.^(a)		180,344		2,757,460
Southwest Airlines Co.^(a)		340,666		17,520,452
United Airlines Holdings Inc.^(a)		185,980		8,847,069


				56,762,473

Auto Components — 0.3%
Adient PLC^(a)		53,744		2,227,689
Aptiv PLC^(a)		50,926		7,586,446
BorgWarner Inc.		137,818		5,955,116
Dana Inc.		82,852		1,842,628
Gentex Corp.		59,044		1,947,271
Goodyear Tire & Rubber Co. (The)^(a)		160,359		2,838,354
Lear Corp.		34,494		5,397,621
Visteon Corp.^(a)		8,394		792,310


				28,587,435

Automobiles — 0.8%
Ford Motor Co.^(a)		2,252,000		31,888,320
General Motors Co.^(a)		833,177		43,916,760
Harley-Davidson Inc.		88,037		3,223,034
Thor Industries Inc.		31,880		3,913,589


				82,941,703

Banks — 9.3%
Associated Banc-Corp.		88,185		1,888,923
BancorpSouth Bank		53,277		1,586,589
Bank of America Corp.		4,249,950		180,410,377
Bank of Hawaii Corp.		23,087		1,897,059
Bank OZK		69,597		2,991,279
Cathay General Bancorp		45,838		1,897,235
CIT Group Inc.		56,450		2,932,577
Citigroup Inc.		1,163,215		81,634,429
Citizens Financial Group Inc.		244,913		11,506,013
Comerica Inc.		77,305		6,223,052
Commerce Bancshares Inc.		31,615		2,202,933
Cullen/Frost Bankers Inc.		33,073		3,923,119


Security	Shares		Value


Banks (continued)
East West Bancorp. Inc.		81,451	$	6,315,711
Fifth Third Bancorp		396,047		16,808,235
First Financial Bankshares Inc.		26,626		1,223,465
First Horizon Corp.		318,360		5,186,084
First Republic Bank/CA		47,602		9,181,474
FNB Corp.		185,235		2,152,431
Fulton Financial Corp.		93,308		1,425,746
Glacier Bancorp. Inc.		27,236		1,507,513
Hancock Whitney Corp.		49,674		2,340,639
Home BancShares Inc./AR		87,402		2,056,569
Huntington Bancshares Inc./OH		851,862		13,169,786
International Bancshares Corp.		32,031		1,333,771
JPMorgan Chase & Co.		1,714,958		280,721,475
KeyCorp		552,081		11,935,991
M&T Bank Corp.		74,230		11,085,508
PacWest Bancorp		48,071		2,178,578
People’s United Financial Inc.		244,034		4,263,274
Pinnacle Financial Partners Inc.		43,640		4,105,651
PNC Financial Services Group Inc. (The)		243,917		47,719,922
Prosperity Bancshares Inc.		53,105		3,777,359
Regions Financial Corp.		547,830		11,674,257
Signature Bank/New York NY		22,759		6,196,820
Sterling Bancorp./DE		111,612		2,785,836
Synovus Financial Corp.		84,928		3,727,490
Texas Capital Bancshares Inc.^(a)		29,042		1,743,101
Truist Financial Corp.		766,085		44,930,885
U.S. Bancorp		774,329		46,026,116
UMB Financial Corp.		24,603		2,379,356
Umpqua Holdings Corp.		71,820		1,454,355
United Bankshares Inc./WV		73,897		2,688,373
Valley National Bancorp		231,945		3,087,188
Webster Financial Corp.		51,976		2,830,613
Wells Fargo & Co.		2,356,750		109,376,767
Wintrust Financial Corp.		32,967		2,649,558
Zions Bancorp. NA		94,152		5,827,067


				974,960,549

Beverages — 1.7%
Brown-Forman Corp., Class B, NVS		52,484		3,516,953
Coca-Cola Co. (The)		1,449,276		76,043,512
Constellation Brands Inc., Class A		96,568		20,345,912
Molson Coors Beverage Co., Class B		108,149		5,015,950
PepsiCo Inc.		460,065		69,198,377


				174,120,704

Biotechnology — 1.6%
AbbVie Inc.		263,708		28,446,182
Amgen Inc.		162,943		34,649,829
Biogen Inc.^(a)		40,209		11,378,745
Gilead Sciences Inc.		719,579		50,262,593
Incyte Corp.^(a)		39,324		2,704,705
Moderna Inc.^(a)		84,655		32,580,323
United Therapeutics Corp.^(a)		14,774		2,726,985


				162,749,362

Building Products — 0.7%
A O Smith Corp.		75,911		4,635,885
Allegion PLC		29,670		3,921,781
Builders FirstSource Inc.^(a)		59,845		3,096,380
Carlisle Companies Inc.		12,687		2,522,049
Carrier Global Corp.		178,347		9,231,241
Fortune Brands Home & Security Inc.		34,462		3,081,592


S C H E D U L E O F I N V E S T M E N T S		95

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
Johnson Controls International PLC		408,765	$	27,828,721
Lennox International Inc.		8,001		2,353,654
Masco Corp.		79,899		4,438,389
Owens Corning		59,186		5,060,403
Trane Technologies PLC		73,567		12,701,343


				78,871,438

Capital Markets — 4.1%
Affiliated Managers Group Inc.		23,819		3,598,813
Ameriprise Financial Inc.		65,255		17,235,151
Bank of New York Mellon Corp. (The)		455,768		23,627,013
BlackRock Inc.^(c)		24,624		20,651,164
Cboe Global Markets Inc.		30,230		3,744,288
Charles Schwab Corp. (The)		861,573		62,756,977
CME Group Inc.		206,115		39,858,519
Evercore Inc., Class A		8,857		1,183,915
Federated Hermes Inc.		32,035		1,041,138
Franklin Resources Inc.		162,556		4,831,164
Goldman Sachs Group Inc. (The)		193,474		73,138,976
Intercontinental Exchange Inc.		148,663		17,069,486
Invesco Ltd.		197,102		4,752,129
Janus Henderson Group PLC		95,885		3,962,927
Jefferies Financial Group Inc.		112,718		4,185,219
Moody’s Corp.		26,036		9,245,644
Morgan Stanley		837,712		81,517,755
Nasdaq Inc.		23,691		4,572,837
Northern Trust Corp.		119,584		12,892,351
Raymond James Financial Inc.		106,143		9,794,876
SEI Investments Co.		30,321		1,798,035
State Street Corp.		211,003		17,876,174
Stifel Financial Corp.		34,871		2,369,833
T Rowe Price Group Inc.		52,105		10,249,053


				431,953,437

Chemicals — 2.3%
Air Products & Chemicals Inc.		68,598		17,568,634
Ashland Global Holdings Inc.		21,271		1,895,672
Avient Corp.		52,587		2,437,407
Cabot Corp.		32,471		1,627,447
Celanese Corp.		63,780		9,607,819
CF Industries Holdings Inc.		122,928		6,861,841
Chemours Co. (The)		52,106		1,514,200
Corteva Inc.		421,362		17,730,913
Dow Inc.		218,284		12,564,427
DuPont de Nemours Inc.		300,195		20,410,258
Eastman Chemical Co.		77,623		7,819,741
Ecolab Inc.		77,271		16,120,276
Ingevity Corp.^(a)		12,033		858,795
International Flavors & Fragrances Inc.		142,955		19,115,943
Linde PLC		124,473		36,517,889
LyondellBasell Industries NV, Class A		151,398		14,208,702
Minerals Technologies Inc.		19,694		1,375,429
Mosaic Co. (The)		197,883		7,068,381
NewMarket Corp.		2,660		901,128
Olin Corp.		83,874		4,046,920
PPG Industries Inc.		136,698		19,549,181
RPM International Inc.		28,523		2,214,811
Sensient Technologies Corp.		12,499		1,138,409
Sherwin-Williams Co. (The)		43,001		12,028,670
Valvoline Inc.		42,317		1,319,444


				236,502,337


Security	Shares		Value

Commercial Services & Supplies — 0.5%
Brink’s Co. (The)		17,604	$	1,114,333
Cintas Corp.		16,974		6,461,323
Clean Harbors Inc.^(a)		17,774		1,846,185
Herman Miller Inc.		42,423		1,597,650
KAR Auction Services Inc.^(a)		67,200		1,101,408
Republic Services Inc.		120,594		14,478,516
Stericycle Inc.^(a)(b)		32,110		2,182,517
Waste Management Inc.		135,628		20,257,398


				49,039,330

Communications Equipment — 1.5%
Ciena Corp.^(a)		55,826		2,866,665
Cisco Systems Inc.		2,418,615		131,645,214
F5 Networks Inc.^(a)		19,215		3,819,558
Juniper Networks Inc.		185,364		5,101,217
Motorola Solutions Inc.		53,349		12,394,040
NetScout Systems Inc.^(a)		42,063		1,133,598
Viasat Inc.^(a)(b)		42,321		2,330,618


				159,290,910

Construction & Engineering — 0.2%
AECOM^(a)		83,158		5,251,428
Dycom Industries Inc.^(a)		17,191		1,224,687
EMCOR Group Inc.		30,729		3,545,512
Fluor Corp.^(a)		81,643		1,303,839
MasTec Inc.^(a)		33,397		2,881,493
Quanta Services Inc.		33,295		3,789,637
Valmont Industries Inc.		6,980		1,641,137


				19,637,733

Construction Materials — 0.2%
Eagle Materials Inc.		9,073		1,190,015
Martin Marietta Materials Inc.		35,948		12,282,713
Vulcan Materials Co.		44,122		7,463,677


				20,936,405

Consumer Finance — 1.4%
American Express Co.		369,303		61,869,332
Capital One Financial Corp.		256,036		41,470,151
Discover Financial Services		171,862		21,113,247
FirstCash Inc.		23,748		2,077,950
Navient Corp.		96,893		1,911,699
PROG Holdings Inc.		21,333		896,199
Synchrony Financial		326,713		15,969,731


				145,308,309

Containers & Packaging — 0.6%
Amcor PLC		886,229		10,271,394
AptarGroup Inc.		14,527		1,733,797
Avery Dennison Corp.		27,560		5,710,708
Ball Corp.		67,613		6,083,142
Greif Inc., Class A, NVS		15,102		975,589
International Paper Co.		223,719		12,510,367
Packaging Corp. of America		54,238		7,454,471
Sealed Air Corp.		28,299		1,550,502
Silgan Holdings Inc.		25,575		981,057
Sonoco Products Co.		56,097		3,342,259
Westrock Co.		152,968		7,622,395


				58,235,681

Distributors — 0.2%
Genuine Parts Co.		81,824		9,919,524
LKQ Corp.^(a)		156,076		7,853,744


				17,773,268


96		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		2,244	$	1,322,075
Grand Canyon Education Inc.^(a)		15,822		1,391,703
H&R Block Inc.		101,252		2,531,300
Service Corp. International		37,742		2,274,333


				7,519,411

Diversified Financial Services — 2.8%
Berkshire Hathaway Inc., Class B^(a)		1,063,854		290,368,311


Diversified Telecommunication Services — 2.4%
AT&T Inc.		4,097,787		110,681,227
Iridium Communications Inc.^(a)(b)		29,702		1,183,625
Lumen Technologies Inc.		572,165		7,089,124
Verizon Communications Inc.		2,376,105		128,333,431


				247,287,407

Electric Utilities — 2.9%
ALLETE Inc.		29,768		1,771,791
Alliant Energy Corp.		143,459		8,030,835
American Electric Power Co. Inc.		287,093		23,306,210
Duke Energy Corp.		441,541		43,089,986
Edison International		218,798		12,136,725
Entergy Corp.		115,810		11,501,091
Evergy Inc.		131,803		8,198,147
Eversource Energy		197,925		16,182,348
Exelon Corp.		561,186		27,127,731
FirstEnergy Corp.		311,665		11,101,507
Hawaiian Electric Industries Inc.		62,529		2,553,059
IDACORP Inc.		29,043		3,002,465
NextEra Energy Inc.		641,762		50,391,152
NRG Energy Inc.		57,707		2,356,177
OGE Energy Corp.		114,810		3,784,138
Pinnacle West Capital Corp.		64,652		4,678,219
PNM Resources Inc.		30,090		1,488,853
PPL Corp.		441,186		12,300,266
Southern Co. (The)		607,674		37,657,558
Xcel Energy Inc.		309,022		19,313,875


				299,972,133

Electrical Equipment — 0.8%
Acuity Brands Inc.^(b)		20,252		3,511,089
AMETEK Inc.		67,332		8,349,841
Eaton Corp. PLC		228,773		34,158,097
Emerson Electric Co.		205,837		19,389,846
EnerSys		12,350		919,334
Hubbell Inc.		12,340		2,229,468
nVent Electric PLC		97,564		3,154,244
Regal Beloit Corp.		11,671		1,754,618
Rockwell Automation Inc.		29,358		8,632,426


				82,098,963

Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A		130,330		9,544,066
Arrow Electronics Inc.^(a)		41,458		4,655,319
Avnet Inc.		56,596		2,092,354
Belden Inc.		25,753		1,500,370
CDW Corp./DE		44,447		8,090,243
Coherent Inc.^(a)		9,188		2,297,827
Corning Inc.		233,791		8,531,034
IPG Photonics Corp.^(a)(b)		11,357		1,798,949
Jabil Inc.		84,195		4,914,462
Keysight Technologies Inc.^(a)		45,498		7,474,866
National Instruments Corp.		41,397		1,624,004


Security	Shares		Value


Electronic Equipment, Instruments & Components (continued)
SYNNEX Corp.		23,649	$	2,461,861
TE Connectivity Ltd.		116,659		16,007,948
Teledyne Technologies Inc.^(a)		13,682		5,877,513
Vishay Intertechnology Inc.		76,164		1,530,135
Vontier Corp.		96,954		3,257,654
Zebra Technologies Corp., Class A^(a)		8,357		4,307,365


				85,965,970

Energy Equipment & Services — 0.5%
Baker Hughes Co.		478,259		11,827,345
ChampionX Corp.^(a)		68,725		1,536,691
Halliburton Co.		513,190		11,095,168
NOV Inc.^(a)		222,929		2,922,599
Schlumberger NV		802,578		23,788,412


				51,170,215

Entertainment — 2.0%
Activision Blizzard Inc.		182,997		14,162,138
Electronic Arts Inc.		74,720		10,628,920
Live Nation Entertainment Inc.^(a)		76,064		6,931,712
Walt Disney Co. (The)^(a)		1,042,885		176,424,856
World Wrestling Entertainment Inc., Class A		11,343		638,157


				208,785,783

Equity Real Estate Investment Trusts (REITs) — 4.7%
Alexandria Real Estate Equities Inc.		79,508		15,191,594
American Campus Communities Inc.		48,010		2,326,085
American Tower Corp.		127,984		33,968,233
Apartment Income REIT Corp.		90,174		4,401,393
AvalonBay Communities Inc.		79,995		17,730,092
Boston Properties Inc.		81,473		8,827,600
Brixmor Property Group Inc.		170,272		3,764,714
Camden Property Trust		30,761		4,536,325
CoreSite Realty Corp.		8,836		1,224,139
Corporate Office Properties Trust		65,251		1,760,472
Cousins Properties Inc.		85,291		3,180,501
Crown Castle International Corp.		99,069		17,170,639
Digital Realty Trust Inc.		162,184		23,427,479
Douglas Emmett Inc.		101,287		3,201,682
Duke Realty Corp.		128,257		6,139,663
EastGroup Properties Inc.		9,426		1,570,654
EPR Properties		43,049		2,125,760
Equinix Inc.		21,597		17,064,438
Equity Residential		195,557		15,824,472
Essex Property Trust Inc.		37,553		12,007,196
Extra Space Storage Inc.		40,146		6,744,127
Federal Realty Investment Trust		40,508		4,779,539
First Industrial Realty Trust Inc.		36,135		1,881,911
Healthcare Realty Trust Inc.		50,273		1,497,130
Healthpeak Properties Inc.		309,004		10,345,454
Highwoods Properties Inc.		59,516		2,610,372
Host Hotels & Resorts Inc.^(a)		412,163		6,730,622
Hudson Pacific Properties Inc.		87,494		2,298,467
Iron Mountain Inc.		165,218		7,178,722
JBG SMITH Properties		67,626		2,002,406
Kilroy Realty Corp.		60,059		3,976,506
Kimco Realty Corp.		354,162		7,348,861
Lamar Advertising Co., Class A		25,311		2,871,533
Life Storage Inc.		21,216		2,434,324
Macerich Co. (The)		122,971		2,054,845
Medical Properties Trust Inc.		208,990		4,194,429
Mid-America Apartment Communities Inc.		66,436		12,406,923


S C H E D U L E O F I N V E S T M E N T S		97

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
National Retail Properties Inc.		99,933	$	4,316,106
National Storage Affiliates Trust		18,370		969,752
Omega Healthcare Investors Inc.		136,303		4,083,638
Park Hotels & Resorts Inc.^(a)		135,270		2,589,068
Pebblebrook Hotel Trust		74,858		1,677,568
Physicians Realty Trust		125,262		2,207,116
PotlatchDeltic Corp.		23,757		1,225,386
Prologis Inc.		424,270		53,216,186
PS Business Parks Inc.		6,165		966,302
Public Storage		50,105		14,886,195
Rayonier Inc.		49,931		1,781,538
Realty Income Corp.		223,247		14,479,800
Regency Centers Corp.		88,259		5,942,478
Rexford Industrial Realty Inc.		32,377		1,837,395
Sabra Health Care REIT Inc.		124,555		1,833,450
SBA Communications Corp.		21,850		7,222,955
Simon Property Group Inc.		188,596		24,511,822
SL Green Realty Corp.		38,542		2,730,315
Spirit Realty Capital Inc.		68,748		3,165,158
STORE Capital Corp.		88,361		2,830,203
UDR Inc.		161,089		8,534,495
Urban Edge Properties		62,777		1,149,447
Ventas Inc.		227,131		12,539,903
Vornado Realty Trust		90,452		3,799,889
Welltower Inc.		242,510		19,982,824
Weyerhaeuser Co.		430,314		15,306,269


				490,584,560

Food & Staples Retailing — 2.3%
BJ’s Wholesale Club Holdings Inc.^(a)		78,912		4,333,847
Casey’s General Stores Inc.		12,918		2,434,397
Costco Wholesale Corp.		119,233		53,577,349
Grocery Outlet Holding Corp.^(a)		18,518		399,433
Kroger Co. (The)		389,924		15,764,627
Performance Food Group Co.^(a)		88,440		4,108,922
Sprouts Farmers Market Inc.^(a)(b)		67,704		1,568,702
Sysco Corp.		293,615		23,048,777
Walgreens Boots Alliance Inc.		411,492		19,360,699
Walmart Inc.		820,176		114,316,131


				238,912,884

Food Products — 1.8%
Archer-Daniels-Midland Co.		321,032		19,265,130
Campbell Soup Co.		116,008		4,850,294
Conagra Brands Inc.		275,899		9,344,699
Flowers Foods Inc.		68,705		1,623,499
General Mills Inc.		347,952		20,814,489
Hain Celestial Group Inc. (The)^(a)		17,944		767,644
Hershey Co. (The)		49,250		8,335,563
Hormel Foods Corp.		163,133		6,688,453
Ingredion Inc.		38,422		3,419,942
JM Smucker Co. (The)		62,140		7,458,664
Kellogg Co.		146,181		9,343,890
Kraft Heinz Co. (The)		385,536		14,195,436
Lamb Weston Holdings Inc.		52,930		3,248,314
Lancaster Colony Corp.		4,908		828,519
McCormick & Co. Inc./MD, NVS		80,787		6,546,171
Mondelez International Inc., Class A		802,227		46,673,567
Pilgrim’s Pride Corp.^(a)		27,717		806,010
Post Holdings Inc.^(a)		33,354		3,674,277
Sanderson Farms Inc.		12,242		2,303,944


Security	Shares		Value

Food Products (continued)
Tootsie Roll Industries Inc.		6,863	$	208,841
Tyson Foods Inc., Class A		168,888		13,332,019


				183,729,365

Gas Utilities — 0.2%
Atmos Energy Corp.		75,070		6,621,174
National Fuel Gas Co.		52,342		2,749,002
New Jersey Resources Corp.		55,305		1,925,167
ONE Gas Inc.		30,305		1,920,428
Southwest Gas Holdings Inc.		34,142		2,283,417
Spire Inc.		29,597		1,810,744
UGI Corp.		119,809		5,106,260


				22,416,192

Health Care Equipment & Supplies — 3.9%
Abbott Laboratories		417,166		49,279,820
Baxter International Inc.		286,899		23,075,287
Becton Dickinson and Co.		164,825		40,517,281
Boston Scientific Corp.^(a)		817,168		35,456,919
Cooper Companies Inc. (The)		16,783		6,936,582
Danaher Corp.		116,698		35,527,539
DENTSPLY SIRONA Inc.		125,638		7,293,286
Edwards Lifesciences Corp.^(a)		153,823		17,414,302
Envista Holdings Corp.^(a)		91,738		3,835,566
Haemonetics Corp.^(a)		13,652		963,695
Hill-Rom Holdings Inc.		21,834		3,275,100
Hologic Inc.^(a)(b)		41,291		3,047,689
ICU Medical Inc.^(a)		5,554		1,296,192
Integra LifeSciences Holdings Corp.^(a)		20,364		1,394,527
Intuitive Surgical Inc.^(a)		20,473		20,353,233
LivaNova PLC^(a)(b)		30,193		2,390,984
Medtronic PLC		771,297		96,682,079
Neogen Corp.^(a)		24,222		1,051,961
NuVasive Inc.^(a)		29,437		1,761,804
STERIS PLC		24,752		5,056,338
Stryker Corp.		98,226		25,904,161
Tandem Diabetes Care Inc.^(a)		13,834		1,651,503
Teleflex Inc.		14,258		5,368,850
Zimmer Biomet Holdings Inc.		120,330		17,611,499


				407,146,197

Health Care Providers & Services — 4.0%
Acadia Healthcare Co. Inc.^(a)		31,788		2,027,439
AmerisourceBergen Corp.		85,507		10,213,811
Anthem Inc.		139,919		52,161,803
Cardinal Health Inc.		166,426		8,231,430
Centene Corp.^(a)		335,581		20,910,052
Cigna Corp.		195,188		39,068,830
CVS Health Corp.		757,328		64,266,854
Encompass Health Corp.		25,341		1,901,589
HCA Healthcare Inc.		141,476		34,339,055
Henry Schein Inc.^(a)		80,614		6,139,562
Humana Inc.		35,346		13,754,896
Laboratory Corp. of America Holdings^(a)		55,468		15,610,914
McKesson Corp.		88,768		17,698,564
Molina Healthcare Inc.^(a)		15,315		4,155,113
Option Care Health Inc.^(a)		36,122		876,320
Patterson Companies Inc.		49,885		1,503,534
Progyny Inc.^(a)		19,874		1,112,944
Quest Diagnostics Inc.		69,854		10,150,485
Tenet Healthcare Corp.^(a)(b)		62,210		4,133,232
UnitedHealth Group Inc.		259,752		101,495,496


98		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Universal Health Services Inc., Class B		43,804	$	6,061,159


				415,813,082

Health Care Technology — 0.1%
Cerner Corp.		96,701		6,819,355


Hotels, Restaurants & Leisure — 2.6%
Booking Holdings Inc.^(a)		14,611		34,684,615
Boyd Gaming Corp.^(a)		21,105		1,335,102
Caesars Entertainment Inc.^(a)		51,758		5,811,388
Carnival Corp.^(a)		459,591		11,494,371
Choice Hotels International Inc.		8,905		1,125,325
Cracker Barrel Old Country Store Inc.		13,799		1,929,652
Darden Restaurants Inc.		74,757		11,323,443
Expedia Group Inc.^(a)		53,675		8,797,332
Hilton Worldwide Holdings Inc.^(a)		101,111		13,357,774
Las Vegas Sands Corp.^(a)		198,457		7,263,526
Marriott International Inc./MD, Class A^(a)		156,989		23,248,501
Marriott Vacations Worldwide Corp.		24,515		3,856,945
McDonald’s Corp.		257,155		62,002,642
MGM Resorts International		228,467		9,858,351
Norwegian Cruise Line Holdings Ltd.^(a)(b)		212,726		5,681,911
Penn National Gaming Inc.^(a)(b)		36,197		2,622,835
Royal Caribbean Cruises Ltd.^(a)		128,172		11,400,899
Scientific Games Corp./DE, Class A^(a)		20,138		1,672,864
Six Flags Entertainment Corp.^(a)		26,423		1,122,977
Starbucks Corp.		284,206		31,350,764
Travel + Leisure Co.		29,667		1,617,742
Wyndham Hotels & Resorts Inc.		24,426		1,885,443
Wynn Resorts Ltd.^(a)		60,769		5,150,173
Yum! Brands Inc.		96,683		11,825,298


				270,419,873

Household Durables — 0.6%
DR Horton Inc.		74,817		6,282,384
Garmin Ltd.		38,374		5,965,622
KB Home		50,510		1,965,849
Leggett & Platt Inc.		76,135		3,413,893
Lennar Corp., Class A		157,452		14,750,103
Mohawk Industries Inc.^(a)		32,279		5,726,295
Newell Brands Inc.		216,936		4,802,963
NVR Inc.^(a)		1,950		9,348,456
PulteGroup Inc.		72,989		3,351,655
Taylor Morrison Home Corp.^(a)		70,493		1,817,310
Toll Brothers Inc.		36,956		2,043,297
TRI Pointe Homes Inc.^(a)		67,799		1,425,135
Whirlpool Corp.		36,151		7,369,743


				68,262,705

Household Products — 1.4%
Church & Dwight Co. Inc.		47,230		3,899,781
Clorox Co. (The)		23,182		3,839,171
Colgate-Palmolive Co.		232,123		17,543,856
Energizer Holdings Inc.		17,709		691,537
Kimberly-Clark Corp.		119,838		15,871,345
Procter & Gamble Co. (The)		724,439		101,276,572


				143,122,262

Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		236,528		5,399,934


Industrial Conglomerates — 2.1%
3M Co.		332,098		58,256,631
General Electric Co^(b)		629,974		64,906,221


Security	Shares		Value

Industrial Conglomerates (continued)
Honeywell International Inc.		396,222	$	84,110,006
Roper Technologies Inc.		27,891		12,443,012


				219,715,870

Insurance — 3.5%
Aflac Inc.		354,150		18,461,839
Alleghany Corp.^(a)		8,003		4,997,153
Allstate Corp. (The)		169,707		21,605,398
American Financial Group Inc./OH		38,162		4,801,924
American International Group Inc.		490,827		26,941,494
Aon PLC, Class A		62,106		17,748,032
Arthur J Gallagher & Co.		68,028		10,112,362
Assurant Inc.		33,964		5,357,821
Chubb Ltd.		251,790		43,680,529
Cincinnati Financial Corp.		85,904		9,811,955
CNO Financial Group Inc.		75,730		1,782,684
Everest Re Group Ltd.		23,041		5,778,222
First American Financial Corp.		63,255		4,241,248
Globe Life Inc.		54,142		4,820,262
Hanover Insurance Group Inc. (The)		20,505		2,657,858
Hartford Financial Services Group Inc. (The)		198,917		13,973,919
Kemper Corp.		35,297		2,357,487
Lincoln National Corp.		101,984		7,011,400
Loews Corp.		117,333		6,327,769
Marsh & McLennan Companies Inc.		148,281		22,454,192
Mercury General Corp.		15,164		844,180
MetLife Inc.		418,024		25,804,622
Old Republic International Corp.		162,247		3,752,773
Principal Financial Group Inc.		144,094		9,279,654
Progressive Corp. (The)		120,836		10,922,366
Prudential Financial Inc.		221,984		23,352,717
Reinsurance Group of America Inc.		38,875		4,325,232
RenaissanceRe Holdings Ltd.		11,627		1,620,804
RLI Corp.		9,248		927,297
Selective Insurance Group Inc.		34,508		2,606,389
Travelers Companies Inc. (The)		143,198		21,767,528
Unum Group		115,648		2,898,139
W R Berkley Corp.		80,594		5,897,869
Willis Towers Watson PLC		74,337		17,280,379


				366,203,497

Interactive Media & Services — 0.1%
Match Group Inc.^(a)		46,348		7,276,172
TripAdvisor Inc.^(a)		34,866		1,180,214
Yelp Inc.^(a)		19,736		734,969


				9,191,355

IT Services — 4.3%
Accenture PLC, Class A		160,127		51,227,830
Akamai Technologies Inc.^(a)(b)		34,145		3,571,226
Alliance Data Systems Corp.		28,604		2,885,858
Automatic Data Processing Inc.		126,267		25,243,299
Broadridge Financial Solutions Inc.		33,682		5,612,768
Cognizant Technology Solutions Corp., Class A		147,805		10,968,609
Concentrix Corp.^(a)		12,840		2,272,680
DXC Technology Co.^(a)		146,223		4,914,555
Fidelity National Information Services Inc.		354,497		43,135,195
Fiserv Inc.^(a)		109,451		11,875,433
FleetCor Technologies Inc.^(a)		27,018		7,058,993
Gartner Inc.^(a)		22,703		6,898,988
Genpact Ltd.		39,145		1,859,779
Global Payments Inc.		168,582		26,565,152


S C H E D U L E O F I N V E S T M E N T S		99

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
International Business Machines Corp.		514,425	$	71,469,065
Jack Henry & Associates Inc.		22,239		3,648,530
LiveRamp Holdings Inc.^(a)		17,852		843,150
Mastercard Inc., Class A		159,984		55,623,237
Maximus Inc.		13,622		1,133,350
Paychex Inc.		86,312		9,705,784
Sabre Corp.^(a)		120,101		1,421,996
VeriSign Inc.^(a)		32,587		6,680,661
Visa Inc., Class A		387,440		86,302,260
Western Union Co. (The)		235,902		4,769,938
WEX Inc.^(a)		10,827		1,907,068


				447,595,404

Leisure Products — 0.1%
Brunswick Corp./DE		20,297		1,933,695
Callaway Golf Co.^(a)		28,124		777,066
Hasbro Inc.		74,298		6,628,868
Polaris Inc.		17,647		2,111,640


				11,451,269

Life Sciences Tools & Services — 0.4%
Agilent Technologies Inc.		48,705		7,672,499
Illumina Inc.^(a)		42,090		17,072,125
IQVIA Holdings Inc.^(a)		39,425		9,443,864
Waters Corp.^(a)		15,946		5,697,506


				39,885,994

Machinery — 2.2%
AGCO Corp.		20,474		2,508,679
Caterpillar Inc.		166,540		31,970,684
Colfax Corp.^(a)		74,766		3,431,759
Crane Co.		28,531		2,705,024
Cummins Inc.		46,784		10,505,815
Deere & Co.		40,665		13,625,622
Donaldson Co. Inc.		36,081		2,071,410
Dover Corp.		82,454		12,821,597
Flowserve Corp.		74,576		2,585,550
Fortive Corp.		205,468		14,499,877
IDEX Corp.		23,967		4,959,971
Illinois Tool Works Inc.		92,059		19,022,151
Ingersoll Rand Inc.^(a)		233,887		11,790,244
ITT Inc.		27,147		2,330,299
Kennametal Inc.		47,684		1,632,223
Middleby Corp. (The)^(a)		12,337		2,103,582
Nordson Corp.		11,514		2,742,059
Oshkosh Corp.		39,890		4,083,539
Otis Worldwide Corp.		117,023		9,628,652
PACCAR Inc.		199,950		15,780,054
Parker-Hannifin Corp.		35,447		9,911,690
Pentair PLC		95,270		6,919,460
Snap-on Inc.		30,814		6,438,585
Stanley Black & Decker Inc.		93,505		16,392,362
Terex Corp.		24,478		1,030,524
Trinity Industries Inc.		48,261		1,311,251
Westinghouse Air Brake Technologies Corp.		107,929		9,304,559
Woodward Inc.		17,625		1,995,150
Xylem Inc./NY		55,876		6,910,744


				231,013,116

Marine — 0.0%
Kirby Corp.^(a)		34,605		1,659,656


Security	Shares		Value


Media — 1.4%
Comcast Corp., Class A		1,472,091	$	82,334,050
Discovery Inc., Class A^(a)(b)		97,183		2,466,505
Discovery Inc., Class C, NVS^(a)(b)		172,613		4,189,318
DISH Network Corp., Class A^(a)(b)		141,868		6,165,583
Fox Corp., Class A, NVS		185,200		7,428,372
Fox Corp., Class B		85,123		3,159,766
Interpublic Group of Companies Inc. (The)		227,025		8,325,007
John Wiley & Sons Inc., Class A		25,311		1,321,487
News Corp., Class A, NVS		224,294		5,277,638
News Corp., Class B		70,023		1,626,634
Omnicom Group Inc.		123,370		8,939,390
TEGNA Inc.		75,677		1,492,350
ViacomCBS Inc., Class B, NVS		348,075		13,752,443


				146,478,543

Metals & Mining — 0.6%
Commercial Metals Co.		68,718		2,093,150
Compass Minerals International Inc.		9,919		638,784
Ferroglobe PLC^(a)(d)		5,019		0	^(e)
Freeport-McMoRan Inc.		320,310		10,419,684
Newmont Corp.		206,250		11,199,375
Nucor Corp.		168,462		16,591,822
Reliance Steel & Aluminum Co.		36,412		5,185,797
Royal Gold Inc.		15,634		1,492,891
Steel Dynamics Inc.		111,939		6,546,193
United States Steel Corp.^(b)		155,030		3,406,009
Worthington Industries Inc.		8,682		457,542


				58,031,247

Multi-Utilities — 1.5%
Ameren Corp.		147,337		11,934,297
Black Hills Corp.		35,846		2,249,695
CenterPoint Energy Inc.		342,258		8,419,547
CMS Energy Corp.		165,799		9,903,174
Consolidated Edison Inc.		202,577		14,705,064
Dominion Energy Inc.		464,018		33,882,594
DTE Energy Co.		111,111		12,412,210
MDU Resources Group Inc.		114,932		3,410,033
NiSource Inc.		225,926		5,474,187
NorthWestern Corp.		29,101		1,667,487
Public Service Enterprise Group Inc.		291,360		17,743,824
Sempra Energy		183,264		23,182,896
WEC Energy Group Inc.		180,920		15,957,144


				160,942,152

Multiline Retail — 0.4%
Dollar Tree Inc.^(a)		133,306		12,760,050
Kohl’s Corp.		90,619		4,267,249
Nordstrom Inc.^(a)(b)		62,347		1,649,078
Target Corp.		96,542		22,085,913


				40,762,290

Oil, Gas & Consumable Fuels — 5.2%
APA Corp.		215,429		4,616,643
Cabot Oil & Gas Corp.		228,921		4,981,321
Chevron Corp.		1,109,916		112,600,978
Cimarex Energy Co.		30,256		2,638,323
ConocoPhillips		768,529		52,083,210
Devon Energy Corp.		360,019		12,784,275
Diamondback Energy Inc.		98,239		9,300,286
DTE Midstream LLC^(a)		55,571		2,569,603
EOG Resources Inc.		335,094		26,897,995
EQT Corp.^(a)		97,925		2,003,546


100		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Equitrans Midstream Corp.		128,535	$	1,303,345
Escrow PetroCorp.^(a)(d)		190		—
Exxon Mobil Corp.		2,429,731		142,916,777
Hess Corp.		73,789		5,763,659
HollyFrontier Corp.		86,717		2,872,934
Kinder Morgan Inc.		1,122,495		18,779,341
Marathon Oil Corp.		453,147		6,194,520
Marathon Petroleum Corp.		366,269		22,639,087
Murphy Oil Corp.		82,801		2,067,541
Occidental Petroleum Corp.		508,151		15,031,107
ONEOK Inc.		257,095		14,908,939
Phillips 66		251,363		17,602,951
Pioneer Natural Resources Co.		130,207		21,680,768
Targa Resources Corp.		101,220		4,981,036
Valero Energy Corp.		234,412		16,542,455
Williams Companies Inc. (The)		696,205		18,059,558


				541,820,198

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		24,585		1,508,781


Personal Products — 0.2%
Coty Inc., Class A^(a)		162,536		1,277,533
Estee Lauder Companies Inc. (The), Class A		58,562		17,564,501
Nu Skin Enterprises Inc., Class A		12,948		524,005


				19,366,039

Pharmaceuticals — 4.3%
Bristol-Myers Squibb Co.		612,156		36,221,271
Eli Lilly & Co.		177,704		41,058,509
Johnson & Johnson		906,507		146,400,880
Merck & Co. Inc.		755,449		56,741,774
Nektar Therapeutics^(a)(b)		63,996		1,149,368
Organon & Co.		75,539		2,476,924
Perrigo Co. PLC		76,124		3,602,949
Pfizer Inc.		3,217,783		138,396,847
Viatris Inc.		698,340		9,462,507
Zoetis Inc.		73,443		14,258,224


				449,769,253

Professional Services — 0.5%
CACI International Inc., Class A^(a)		7,746		2,030,227
Equifax Inc.		34,980		8,864,631
IHS Markit Ltd.		79,682		9,292,515
Jacobs Engineering Group Inc.		28,466		3,772,599
KBR Inc.		81,912		3,227,333
Leidos Holdings Inc.		81,729		7,856,609
ManpowerGroup Inc.		30,790		3,333,941
Nielsen Holdings PLC		205,106		3,935,984
Robert Half International Inc.		64,266		6,447,808
Science Applications International Corp.		20,423		1,747,392


				50,509,039

Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A^(a)		192,603		18,751,828
Jones Lang LaSalle Inc.^(a)		29,016		7,198,579


				25,950,407

Road & Rail — 0.9%
Avis Budget Group Inc.^(a)		27,268		3,176,995
CSX Corp.		621,076		18,470,800
JB Hunt Transport Services Inc.		19,807		3,312,127
Kansas City Southern		25,751		6,969,251
Landstar System Inc.		8,265		1,304,382


Security	Shares		Value

Road & Rail (continued)
Norfolk Southern Corp.		77,947	$	18,648,820
Ryder System Inc.		31,203		2,580,800
Union Pacific Corp.		194,617		38,146,878
Werner Enterprises Inc.		20,228		895,494
XPO Logistics Inc.^(a)		27,144		2,160,119


				95,665,666

Semiconductors & Semiconductor Equipment — 3.2%
Amkor Technology Inc.		39,280		980,036
Analog Devices Inc.		175,971		29,471,623
Broadcom Inc.		75,356		36,542,385
Cirrus Logic Inc.^(a)		18,749		1,543,980
Intel Corp.		2,328,383		124,056,246
Microchip Technology Inc.		44,209		6,785,640
Micron Technology Inc.		646,085		45,859,113
NXP Semiconductors NV		144,254		28,255,031
Silicon Laboratories Inc.^(a)		9,607		1,346,517
Skyworks Solutions Inc.		45,448		7,488,922
Synaptics Inc.^(a)		10,339		1,858,229
Texas Instruments Inc.		249,040		47,867,978


				332,055,700

Software — 0.6%
ACI Worldwide Inc.^(a)		30,599		940,307
Aspen Technology Inc.^(a)		12,063		1,481,336
Blackbaud Inc.^(a)		13,359		939,806
CDK Global Inc.		35,220		1,498,611
Ceridian HCM Holding Inc.^(a)		31,504		3,547,981
Citrix Systems Inc.		24,679		2,649,784
CommVault Systems Inc.^(a)		13,838		1,042,140
Envestnet Inc.^(a)		5,810		466,194
J2 Global Inc.^(a)		10,284		1,405,000
NCR Corp.^(a)		76,242		2,955,140
NortonLifeLock Inc.		333,674		8,441,952
Oracle Corp.		425,423		37,067,106
Teradata Corp.^(a)		39,317		2,254,830


				64,690,187

Specialty Retail — 2.1%
Advance Auto Parts Inc.		37,820		7,900,220
American Eagle Outfitters Inc.		85,928		2,216,942
AutoNation Inc.^(a)		25,222		3,071,031
AutoZone Inc.^(a)		5,417		9,198,012
Bath & Body Works Inc.		67,081		4,228,115
Best Buy Co. Inc.		65,065		6,878,021
CarMax Inc.^(a)(b)		93,787		12,000,985
Dick’s Sporting Goods Inc.		37,820		4,529,701
Foot Locker Inc.		52,011		2,374,822
GameStop Corp., Class A^(a)(b)		19,025		3,338,317
Gap Inc. (The)		124,245		2,820,362
Home Depot Inc. (The)		170,863		56,087,488
Lowe’s Companies Inc.		117,654		23,867,290
Murphy USA Inc.		13,734		2,297,149
O’Reilly Automotive Inc.^(a)		12,645		7,726,854
Ross Stores Inc.		204,969		22,310,876
TJX Companies Inc. (The)		692,426		45,686,267
Ulta Beauty Inc.^(a)		15,404		5,559,612
Urban Outfitters Inc.^(a)		39,121		1,161,502
Victoria’s Secret & Co.^(a)		19,168		1,059,224


				224,312,790

Technology Hardware, Storage & Peripherals — 0.6%
Hewlett Packard Enterprise Co.		752,188		10,718,679


S C H E D U L E O F I N V E S T M E N T S		101

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
HP Inc.		689,423	$	18,862,613
NetApp Inc.		128,932		11,572,936
Seagate Technology Holdings PLC		120,878		9,974,853
Western Digital Corp.^(a)		176,395		9,955,734
Xerox Holdings Corp.		79,339		1,600,268


				62,685,083

Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd.^(a)		88,166		4,268,116
Carter’s Inc.		24,827		2,414,178
Columbia Sportswear Co.		11,707		1,121,999
Hanesbrands Inc.		199,976		3,431,588
Nike Inc., Class B		264,076		38,351,758
PVH Corp.^(a)		40,874		4,201,438
Ralph Lauren Corp.		27,509		3,054,599
Skechers U.S.A. Inc., Class A^(a)		77,611		3,268,975
Tapestry Inc.		159,033		5,887,402
Under Armour Inc., Class A^(a)		108,334		2,186,180
Under Armour Inc., Class C, NVS^(a)		120,312		2,107,866
VF Corp.		188,133		12,603,030


				82,897,129

Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		32,284		1,420,819
MGIC Investment Corp.		194,331		2,907,192
New York Community Bancorp. Inc.		266,057		3,424,153
Washington Federal Inc.		39,216		1,345,501


				9,097,665

Tobacco — 1.3%
Altria Group Inc.		1,058,347		48,175,955
Philip Morris International Inc.		894,486		84,788,328


				132,964,283

Trading Companies & Distributors — 0.1%
Fastenal Co.		82,390		4,252,148
GATX Corp.		20,176		1,806,963
MSC Industrial Direct Co. Inc., Class A		14,095		1,130,278
Univar Solutions Inc.^(a)		97,076		2,312,350
Watsco Inc.		7,026		1,859,220
WW Grainger Inc.		9,888		3,886,577


				15,247,536


Security	Shares		Value


Water Utilities — 0.1%
American Water Works Co. Inc.		52,049	$	8,798,363
Essential Utilities Inc.		64,174		2,957,138


				11,755,501

Wireless Telecommunication Services — 0.1%
Telephone and Data Systems Inc.		56,944		1,110,408
T-Mobile U.S. Inc.^(a)		104,276		13,322,302


				14,432,710


Total Common Stocks — 99.7% (Cost: $8,944,115,361)				10,408,947,765


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(c)(f)(g)		22,351,122		22,362,297
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(f)		17,010,000		17,010,000


				39,372,297


Total Short-Term Investments — 0.4% (Cost: $39,349,764)				39,372,297


Total Investments in Securities — 100.1% (Cost: $8,983,465,125)				10,448,320,062

Other Assets, Less Liabilities — (0.1)%				(9,725,233	)


Net Assets — 100.0%			$	10,438,594,829

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

^(e)	Rounds to less than $1.

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

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


102		2 0 2 1 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)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	27,092,339	$	—		$	(4,725,800	)^(a)	$	(2,194	)	$	(2,048	)	$	22,362,297		22,351,122	$	34,221	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,010,000		3,000,000	^(a)		—			—			—			17,010,000		17,010,000		757			—
BlackRock Inc.		16,478,550		3,157,113			(772,734	)		326,975			1,461,260			20,651,164		24,624		195,795			—


									$	324,781		$	1,459,212		$	60,023,461			$	230,773		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P 400 E-Mini Index		47		12/17/21	$	12,376	$	(295,040	)
S&P 500 E-Mini Index		69		12/17/21		14,827		(562,666	)


							$	(857,706	)

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:




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	857,706

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	2,968,821


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(967,312	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	26,892,223

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 O F I N V E S T M E N T S		103

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Core S&P U.S. Value ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3			Total


Investments
Assets
Common Stocks	$	10,408,947,765		$	—	$	0	^(a)	$	10,408,947,765
Money Market Funds		39,372,297			—		—			39,372,297


	$	10,448,320,062		$	—	$	0	^(a)	$	10,448,320,062


Derivative financial instruments^(b)
Liabilities
Futures Contracts	$	(857,706	)	$	—	$	—		$	(857,706	)

^(a)

Rounds to less than $1.

^(b)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


104		2 0 2 1 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)

September 30, 2021


	iShares Core S&P 500 ETF		iShares Core S&P Mid-Cap ETF		iShares Core S&P Small-Cap ETF		iShares Core S&P Total U.S. Stock Market ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	285,127,933,781	$	61,868,704,835	$	5,692,876,312	$	41,281,018,062
Affiliated^(c)		2,340,222,164		2,354,042,693		65,720,576,425		1,068,941,229
Cash		3,227,770		8,029		2,073,209		467,951
Cash pledged:
Futures contracts		33,346,800		9,027,100		8,847,000		4,774,790
Receivables:
Investments sold		—		—		—		258,078
Securities lending income — Affiliated		119,131		292,993		467,600		337,223
Capital shares sold		1,584,749		220,996		84,379,735		693,485
Dividends		178,037,798		69,939,669		68,456,993		26,457,952
Unrealized appreciation on:
OTC swaps		—		277		18,801,566		—


Total assets		287,684,472,193		64,302,236,592		71,596,478,840		42,382,948,770


LIABILITIES
Cash received:
Collateral — OTC derivatives		—		—		22,560,000		—
Collateral on securities loaned, at value		958,610,420		2,242,805,386		2,708,906,689		899,022,330
Payables:
Investments purchased		338,162		69,516,221		22,625,801		4,632
Variation margin on futures contracts		7,538,534		2,638,189		1,734,326		1,003,916
Capital shares redeemed		1,027,738		—		4,285,576		—
Investment advisory fees		7,455,161		2,611,168		3,402,736		1,053,088


Total liabilities		974,970,015		2,317,570,964		2,763,515,128		901,083,966


NET ASSETS	$	286,709,502,178	$	61,984,665,628	$	68,832,963,712	$	41,481,864,804


NET ASSETS CONSIST OF:
Paid-in capital	$	211,816,648,933	$	48,349,046,072	$	53,787,926,643	$	28,516,981,621
Accumulated earnings		74,892,853,245		13,635,619,556		15,045,037,069		12,964,883,183


NET ASSETS	$	286,709,502,178	$	61,984,665,628	$	68,832,963,712	$	41,481,864,804


Shares outstanding		665,400,000		235,600,000		630,250,000		421,650,000


Net asset value	$	430.88	$	263.09	$	109.22	$	98.38


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a) Securities loaned, at value	$	929,871,638	$	2,037,779,196	$	2,567,544,606	$	869,201,499
^(b) Investments, at cost — Unaffiliated	$	216,696,075,654	$	48,383,038,638	$	4,250,314,037	$	28,353,668,284
^(c) Investments, at cost — Affiliated	$	2,029,075,605	$	2,352,698,667	$	52,335,278,910	$	1,024,271,100

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		105

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021


	iShares Core S&P U.S. Growth ETF		iShares Core S&P U.S. Value ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	12,070,119,078	$	10,388,296,601
Affiliated^(c)		129,817,185		60,023,461
Cash		53,627		187,798
Cash pledged:
Futures contracts		894,620		1,587,190
Receivables:
Securities lending income — Affiliated		5,448		4,916
Capital shares sold		31,637		104,130
Dividends		2,902,987		11,454,842


Total assets		12,203,824,582		10,461,658,938


LIABILITIES
Collateral on securities loaned, at value		66,010,487		22,338,683
Payables:
Variation margin on futures contracts		181,957		379,146
Investment advisory fees		418,531		346,280


Total liabilities		66,610,975		23,064,109


NET ASSETS	$	12,137,213,607	$	10,438,594,829


NET ASSETS CONSIST OF:
Paid-in capital	$	7,710,937,463	$	9,487,226,295
Accumulated earnings		4,426,276,144		951,368,534


NET ASSETS	$	12,137,213,607	$	10,438,594,829


Shares outstanding		118,500,000		147,300,000


Net asset value	$	102.42	$	70.87


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a) Securities loaned, at value	$	64,590,997	$	21,297,252
^(b) Investments, at cost — Unaffiliated	$	7,572,098,194	$	8,930,644,443
^(c) Investments, at cost — Affiliated	$	116,118,914	$	52,820,682

See notes to financial statements.


106		2 0 2 1 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 September 30, 2021


	iShares Core S&P 500 ETF			iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P Total U.S. Stock Market ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	2,000,794,886		$	449,226,509		$	27,729,831		$	266,106,792
Dividends — Affiliated		9,288,353			3,597			398,641,800			1,070,842
Securities lending income — Affiliated — net		880,678			1,890,550			3,201,502			2,228,279
Foreign taxes withheld		(367,207	)		—			(448,211	)		(57,186	)


Total investment income		2,010,596,710			451,120,656			429,124,922			269,348,727


EXPENSES
Investment advisory fees		43,274,950			15,926,336			20,906,233			6,054,084


Total expenses		43,274,950			15,926,336			20,906,233			6,054,084


Net investment income		1,967,321,760			435,194,320			408,218,689			263,294,643


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(427,307,753	)		(209,669,513	)		178,005,115			18,555,673
Investments — Affiliated		(270,414	)		(48,923	)		546,088,736			(21,363	)
In-kind redemptions — Unaffiliated		12,088,780,390			2,397,004,699			101,904,227			412,718,716
In-kind redemptions — Affiliated		46,478,429			—			2,536,141,145			1,255,896
Futures contracts		67,692,260			(412,720	)		7,599,879			10,767,871
Swaps		—			—			(41,719,725	)		—


Net realized gain		11,775,372,912			2,186,873,543			3,328,019,377			443,276,793

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		10,382,291,292			(1,530,894,914	)		165,903,277			2,256,078,492
Investments — Affiliated		46,626,074			(200,665	)		(2,947,814,762	)		9,112,035
Futures contracts		(28,082,829	)		(952,784	)		(6,156,992	)		(3,457,311	)
Swaps		—			277			66,955,963			—


Net change in unrealized appreciation (depreciation)		10,400,834,537			(1,532,048,086	)		(2,721,112,514	)		2,261,733,216


Net realized and unrealized gain		22,176,207,449			654,825,457			606,906,863			2,705,010,009


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,143,529,209		$	1,090,019,777		$	1,015,125,552		$	2,968,304,652

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		107

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021


	iShares Core S&P U.S. Growth ETF			iShares Core S&P U.S. Value ETF


INVESTMENT INCOME
Dividends — Unaffiliated.	$	42,599,977		$	108,778,001
Dividends — Affiliated		474,024			196,552
Securities lending income — Affiliated — net		44,892			34,221
Foreign taxes withheld		(1,408	)		(24,846	)

Total investment income		43,117,485			108,983,928


EXPENSES
Investment advisory fees		2,359,323			2,046,782

Total expenses		2,359,323			2,046,782

Net investment income		40,758,162			106,937,146


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		7,253,357			(8,886,144	)
Investments — Affiliated		(5,969	)		(9,757	)
In-kind redemptions — Unaffiliated		295,533,748			103,580,790
In-kind redemptions — Affiliated		1,050,197			334,538
Futures contracts		1,406,264			2,968,821

Net realized gain		305,237,597			97,988,248

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,028,237,271			147,155,129
Investments — Affiliated		3,649,799			1,459,212
Futures contracts		(735,642	)		(967,312	)

Net change in unrealized appreciation (depreciation)		1,031,151,428			147,647,029

Net realized and unrealized gain		1,336,389,025			245,635,277

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,377,147,187		$	352,572,423

See notes to financial statements.


108		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares Core S&P 500 ETF							iShares Core S&P Mid-Cap ETF


	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	1,967,321,760		$	3,555,473,653		$	435,194,320		$	647,520,949
Net realized gain			11,775,372,912			16,374,262,618			2,186,873,543			3,764,174,399
Net change in unrealized appreciation (depreciation)			10,400,834,537			71,920,026,648			(1,532,048,086	)		23,665,510,073


Net increase in net assets resulting from operations			24,143,529,209			91,849,762,919			1,090,019,777			28,077,205,421


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(1,951,798,221	)		(3,658,069,834	)		(403,216,657	)		(660,710,123	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			2,577,756,672			11,729,365,093			159,987,475			(2,001,076,312	)


NET ASSETS
Total increase in net assets			24,769,487,660			99,921,058,178			846,790,595			25,415,418,986
Beginning of period			261,940,014,518			162,018,956,340			61,137,875,033			35,722,456,047


End of period		$	286,709,502,178		$	261,940,014,518		$	61,984,665,628		$	61,137,875,033

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		109

Statements of Changes in Net Assets (continued)


		iShares Core S&P Small-Cap ETF						iShares Core S&P Total U.S. Stock Market ETF


	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	408,218,689		$	612,828,954		$	263,294,643		$	439,718,702
Net realized gain			3,328,019,377			2,574,221,048			443,276,793			1,001,914,387
Net change in unrealized appreciation (depreciation)			(2,721,112,514	)		28,169,053,043			2,261,733,216			11,630,168,140


Net increase in net assets resulting from operations			1,015,125,552			31,356,103,045			2,968,304,652			13,071,801,229


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(472,827,487	)		(624,215,143	)		(249,632,910	)		(462,019,285	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			17,653,562			5,677,792,081			2,697,716,780			2,016,661,633


NET ASSETS
Total increase in net assets			559,951,627			36,409,679,983			5,416,388,522			14,626,443,577
Beginning of period			68,273,012,085			31,863,332,102			36,065,476,282			21,439,032,705


End of period		$	68,832,963,712		$	68,273,012,085		$	41,481,864,804		$	36,065,476,282

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

See notes to financial statements.


110		2 0 2 1 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 S&P U.S. Growth ETF							iShares Core S&P U.S. Value ETF


	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	40,758,162		$	90,622,565			$	106,937,146		$	171,728,579
Net realized gain			305,237,597			808,873,464				97,988,248			167,316,774
Net change in unrealized appreciation (depreciation)			1,031,151,428			3,250,650,598				147,647,029			2,554,127,800


Net increase in net assets resulting from operations			1,377,147,187			4,150,146,627				352,572,423			2,893,173,153


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(39,520,863	)		(94,097,632	)			(101,369,679	)		(176,376,851	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			337,840,024			(487,630,998	)			1,102,525,081			1,097,687,768


NET ASSETS
Total increase in net assets			1,675,466,348			3,568,417,997				1,353,727,825			3,814,484,070
Beginning of period			10,461,747,259			6,893,329,262				9,084,867,004			5,270,382,934


End of period		$	12,137,213,607		$	10,461,747,259			$	10,438,594,829		$	9,084,867,004

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		111

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core S&P 500 ETF


	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17


Net asset value, beginning of period		$	397.36			$	258.44			$	284.57			$	265.21			$	237.21			$	206.63


Net investment income^(a)			2.95				5.60				5.90				5.38				5.00				4.53
Net realized and unrealized gain (loss)^(b)			33.49				139.01				(25.20	)			19.43				27.90				30.49


Net increase (decrease) from investment operations			36.44				144.61				(19.30	)			24.81				32.90				35.02


Distributions^(c)
From net investment income			(2.92	)			(5.69	)			(6.83	)			(5.45	)			(4.90	)			(4.44	)


Total distributions			(2.92	)			(5.69	)			(6.83	)			(5.45	)			(4.90	)			(4.44	)


Net asset value, end of period		$	430.88			$	397.36			$	258.44			$	284.57			$	265.21			$	237.21


Total Return^(d)
Based on net asset value			9.16	%^(e)			56.31	%			(7.01	)%			9.46	%			13.95	%			17.12	%


Ratios to Average Net Assets
Total expenses			0.03	%^(f)			0.03	%			0.04	%			0.04	%			0.04	%			0.05	%


Net investment income			1.36	%^(f)			1.64	%			1.96	%			1.95	%			1.94	%			2.05	%


Supplemental Data
Net assets, end of period (000)		$	286,709,502			$	261,940,015			$	162,018,956			$	169,347,166			$	140,335,431			$	101,821,909


Portfolio turnover rate^(g)			2	%^(e)			5	%			4	%			5	%			4	%			5	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


112		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P Mid-Cap ETF


	Six Months Ended 09/30/21 (unaudited)				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18				Year Ended 03/31/17


Net asset value, beginning of period		$	260.16			$	143.87			$	189.34			$	187.51			$	171.29			$	144.16


Net investment income^(a)			1.85				2.74				3.12				2.85				2.69				2.35
Net realized and unrealized gain (loss)^(b)			2.80				116.36				(45.14	)			1.84				15.96				27.42


Net increase (decrease) from investment operations			4.65				119.10				(42.02	)			4.69				18.65				29.77


Distributions^(c)
From net investment income			(1.72	)			(2.81	)			(3.45	)			(2.86	)			(2.43	)			(2.64	)


Total distributions			(1.72	)			(2.81	)			(3.45	)			(2.86	)			(2.43	)			(2.64	)


Net asset value, end of period		$	263.09			$	260.16			$	143.87			$	189.34			$	187.51			$	171.29


Total Return^(d)
Based on net asset value			1.77	%^(e)			83.36	%			(22.53	)%			2.50	%			10.95	%			20.81	%


Ratios to Average Net Assets
Total expenses			0.05	%^(f)			0.05	%			0.07	%			0.07	%			0.07	%			0.09	%


Net investment income			1.37	%^(f)			1.36	%			1.62	%			1.50	%			1.49	%			1.49	%


Supplemental Data
Net assets, end of period (000)		$	61,984,666			$	61,137,875			$	35,722,456			$	48,206,329			$	44,663,981			$	39,234,502


Portfolio turnover rate^(g)			9	%^(e)			20	%			15	%			17	%			10	%			14	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

^(g)	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		113

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P Small-Cap ETF


	Six Months Ended
	09/30/21				Year Ended					Year Ended					Year Ended					Year Ended					Year Ended
	(unaudited)					03/31/21					03/31/20					03/31/19					03/31/18						03/31/17	^(a)


Net asset value, beginning of period		$	108.34				$	56.22				$	77.13				$	77.05				$	69.23			$	56.31


Net investment income^(b)			0.65					1.03					1.06					1.09					0.98				0.87
Net realized and unrealized gain (loss)^(c)			0.98					52.13					(20.77	)				0.11					7.78				12.90


Net increase (decrease) from investment operations			1.63					53.16					(19.71	)				1.20					8.76				13.77


Distributions^(d)
From net investment income			(0.75	)				(1.04	)				(1.20	)				(1.12	)				(0.94	)			(0.85	)


Total distributions			(0.75	)				(1.04	)				(1.20	)				(1.12	)				(0.94	)			(0.85	)


Net asset value, end of period		$	109.22				$	108.34				$	56.22				$	77.13				$	77.05			$	69.23


Total Return^(e)
Based on net asset value			1.50	%^(f)				95.23	%^(g)				(25.89	)%				1.53	%				12.71	%			24.56	%


Ratios to Average Net Assets
Total expenses			0.06	%^(h)				0.06	%				0.07	%				0.07	%				0.07	%			0.09	%


Net investment income			1.17	%^(h)				1.28	%				1.36	%				1.35	%				1.33	%			1.38	%


Supplemental Data
Net assets, end of period (000)		$	68,832,964				$	68,273,012				$	31,863,332				$	43,064,083				$	36,636,388			$	29,968,134


Portfolio turnover rate⁽ⁱ⁾			8	%^(f)				20	%				16	%				14	%				12	%			13	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on January 18, 2017.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(f)	Not annualized.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)	Annualized.

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

See notes to financial statements.


114		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P Total U.S. Stock Market ETF


	Six Months Ended
	09/30/21					Year Ended					Year Ended					Year Ended					Year Ended					Year Ended
		(unaudited)					03/31/21					03/31/20					03/31/19					03/31/18						03/31/17	^(a)


Net asset value, beginning of period			$	91.51				$	57.19				$	64.40				$	60.42				$	54.02			$	46.65


Net investment income^(b)				0.65					1.20					1.27					1.19					1.09				1.00
Net realized and unrealized gain (loss)^(c)				6.82					34.37					(7.09	)				4.00					6.37				7.33


Net increase (decrease) from investment operations				7.47					35.57					(5.82	)				5.19					7.46				8.33


Distributions^(d)
From net investment income				(0.60	)				(1.25	)				(1.39	)				(1.21	)				(1.06	)			(0.96	)


Total distributions				(0.60	)				(1.25	)				(1.39	)				(1.21	)				(1.06	)			(0.96	)


Net asset value, end of period			$	98.38				$	91.51				$	57.19				$	64.40				$	60.42			$	54.02


Total Return^(e)
Based on net asset value				8.16	%^(f)				62.58	%				(9.28	)%				8.68	%				13.88	%			18.02	%


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


Net investment income				1.30	%^(g)				1.54	%				1.88	%				1.90	%				1.85	%			1.99	%


Supplemental Data
Net assets, end of period (000)			$	41,481,865				$	36,065,476				$	21,439,033				$	18,750,686				$	12,948,631			$	8,035,118


Portfolio turnover rate^(h)				3	%^(f)				5	%				4	%				6	%				8	%			8	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		115

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Growth ETF


	Six Months Ended
	09/30/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)				03/31/21				03/31/20				03/31/19				03/31/18						03/31/17	^(a)


Net asset value, beginning of period		$	90.74			$	57.16			$	60.31			$	54.56			$	46.36			$	40.53


Net investment income^(b)			0.35				0.76				0.92				0.81				0.76				0.65
Net realized and unrealized gain (loss)^(c)			11.67				33.62				(2.97	)			5.68				8.16				5.77


Net increase (decrease) from investment operations			12.02				34.38				(2.05	)			6.49				8.92				6.42


Distributions^(d)
From net investment income			(0.34	)			(0.80	)			(1.10	)			(0.74	)			(0.72	)			(0.59	)


Total distributions			(0.34	)			(0.80	)			(1.10	)			(0.74	)			(0.72	)			(0.59	)


Net asset value, end of period		$	102.42			$	90.74			$	57.16			$	60.31			$	54.56			$	46.36


Total Return^(e)
Based on net asset value			13.24	%^(f)			60.34	%			(3.54	)%			11.95	%			19.33	%			15.98	%


Ratios to Average Net Assets
Total expenses			0.04	%^(g)			0.04	%			0.04	%			0.04	%			0.05	%			0.06	%

Total expenses after fees waived			0.04	%^(g)			0.04	%			0.04	%			0.04	%			0.05	%			0.06	%


Net investment income			0.69	%^(g)			0.96	%			1.44	%			1.41	%			1.46	%			1.51	%


Supplemental Data
Net assets, end of period (000)		$	12,137,214			$	10,461,747			$	6,893,329			$	5,985,790			$	3,693,673			$	1,657,371


Portfolio turnover rate^(h)			2	%^(f)			14	%			35	%			31	%			24	%			43	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


116		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Value ETF


	Six Months Ended
	09/30/21				Year Ended					Year Ended					Year Ended					Year Ended					Year Ended
	(unaudited)					03/31/21					03/31/20					03/31/19					03/31/18						03/31/17	^(a)


Net asset value, beginning of period		$	68.82				$	46.23				$	54.82				$	53.08				$	50.45			$	42.89


Net investment income^(b)			0.76					1.43					1.45					1.37					1.28				1.12
Net realized and unrealized gain (loss)^(c)			1.99					22.60					(8.57	)				1.68					2.51				7.45


Net increase (decrease) from investment operations			2.75					24.03					(7.12	)				3.05					3.79				8.57


Distributions^(d)
From net investment income			(0.70	)				(1.44	)				(1.47	)				(1.31	)				(1.16	)			(1.01	)


Total distributions			(0.70	)				(1.44	)				(1.47	)				(1.31	)				(1.16	)			(1.01	)


Net asset value, end of period		$	70.87				$	68.82				$	46.23				$	54.82				$	53.08			$	50.45


Total Return^(e)
Based on net asset value			3.97	%^(f)				52.59	%				(13.34	)%				5.83	%				7.55	%			20.18	%


Ratios to Average Net Assets
Total expenses			0.04	%^(g)				0.04	%				0.04	%				0.04	%				0.05	%			0.06	%

Total expenses after fees waived			0.04	%^(g)				0.04	%				0.04	%				0.04	%				0.05	%			0.06	%


Net investment income			2.09	%^(g)				2.48	%				2.52	%				2.53	%				2.42	%			2.36	%


Supplemental Data
Net assets, end of period (000)		$	10,438,595				$	9,084,867				$	5,270,383				$	5,208,349				$	3,434,150			$	1,692,709


Portfolio turnover rate^(h)			2	%^(f)				25	%				34	%				35	%				27	%			49	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on July 22, 2016.

^(b)	Based on average shares outstanding.

^(c)	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.

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		117

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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



iShares ETF	Diversification Classification

Core S&P 500		Diversified
Core S&P Mid-Cap		Diversified
Core S&P Small-Cap		Diversified
Core S&P Total U.S. Stock Market		Diversified
Core S&P U.S. Growth^(a)		Diversified
Core S&P U.S. Value		Diversified

^(a)

The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

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. 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.

Foreign Taxes: 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 jurisdictions 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 September 30, 2021, 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 includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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

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

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

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


118		2 0 2 1 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)

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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.

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

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

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

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

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

•

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

•

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

•

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

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


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		119

Notes to Financial Statements (unaudited) (continued)

4.	SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

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

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




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


Core S&P 500
Barclays Bank PLC	$	142,458,264	$	142,458,264		$	—	$	—
Barclays Capital, Inc.		6,472,489		6,472,489			—		—
BMO Capital Markets Corp.		82,017		82,017			—		—
BNP Paribas SA		50,137,142		50,137,142			—		—
BofA Securities, Inc.		54,500,772		54,500,772			—		—
Citigroup Global Markets, Inc.		120,252,103		120,252,103			—		—
Credit Suisse Securities (USA) LLC		4,685,576		4,685,576			—		—
Goldman Sachs & Co. LLC		57,162,983		57,162,983			—		—
HSBC Bank PLC		14,520,944		14,406,349			—		(114,595	)^(b)
J.P. Morgan Securities LLC		94,915,416		94,915,416			—		—
Jefferies LLC		1,223,001		1,223,001			—		—
Morgan Stanley		20,171,898		20,171,898			—		—
National Financial Services LLC		586,080		586,080			—		—
Natixis S.A.		3,623,000		3,623,000			—		—
Scotia Capital (USA), Inc.		240,461,217		240,461,217			—		—
SG Americas Securities LLC		10,678,603		10,678,603			—		—
State Street Bank & Trust Co.		17,584,142		17,584,142			—		—
Toronto Dominion Bank		27,574,524		27,574,524			—		—
UBS AG		27,775,442		27,775,442			—		—
UBS Securities LLC		31,106,971		31,106,971			—		—
Virtu Americas LLC		2,846,513		2,846,513			—		—
Wells Fargo Bank N.A.		72,756		72,756			—		—
Wells Fargo Securities LLC		979,785		979,785			—		—


	$	929,871,638	$	929,757,043		$	—	$	(114,595	)


120		2 0 2 1 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)




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


Core S&P Mid-Cap
Barclays Bank PLC	$	87,074,490	$	87,074,490		$	—	$	—
Barclays Capital, Inc.		39,598,816		39,598,816			—		—
BMO Capital Markets Corp.		45,112		45,112			—		—
BNP Paribas SA		99,425,212		99,425,212			—		—
BofA Securities, Inc.		103,629,227		103,629,227			—		—
Citigroup Global Markets, Inc.		212,228,125		212,228,125			—		—
Credit Suisse Securities (USA) LLC		13,636,233		13,636,233			—		—
Deutsche Bank Securities, Inc.		429,548		429,548			—		—
Goldman Sachs & Co. LLC		342,894,988		342,894,988			—		—
HSBC Bank PLC		35,519,702		35,519,702			—		—
ING Financial Markets LLC		11,470,852		11,470,852			—		—
J.P. Morgan Securities LLC		268,215,726		268,215,726			—		—
Jefferies LLC		193,941		193,941			—		—
Morgan Stanley		465,913,551		465,913,551			—		—
National Financial Services LLC		16,356,325		16,356,325			—		—
Natixis S.A.		707,057		707,057			—		—
Nomura Securities International, Inc.		14,115		14,115			—		—
RBC Capital Markets LLC		32,579,740		32,579,740			—		—
Scotia Capital (USA), Inc.		48,076,815		48,076,815			—		—
SG Americas Securities LLC		3,240,509		3,240,509			—		—
State Street Bank & Trust Co.		34,476,529		34,476,529			—		—
Toronto Dominion Bank		70,759,757		70,759,757			—		—
UBS AG		57,719,314		57,719,314			—		—
UBS Securities LLC		21,783,637		21,783,637			—		—
Virtu Americas LLC		3,471,204		3,471,204			—		—
Wells Fargo Bank N.A.		7,540,652		7,540,652			—		—
Wells Fargo Securities LLC		60,778,019		60,778,019			—		—


	$	2,037,779,196	$	2,037,779,196		$	—	$	—


Core S&P Small-Cap
Barclays Bank PLC	$	102,047,390	$	102,047,390		$	—	$	—
Barclays Capital, Inc.		22,888,687		22,888,687			—		—
BMO Capital Markets Corp.		2,412,562		2,412,562			—		—
BNP Paribas SA		305,401,755		305,401,755			—		—
BofA Securities, Inc.		110,435,237		110,435,237			—		—
Citadel Clearing LLC		24,016		24,016			—		—
Citigroup Global Markets, Inc.		106,397,886		106,397,886			—		—
Credit Suisse Securities (USA) LLC		54,689,456		54,689,456			—		—
Deutsche Bank Securities, Inc.		2,487,518		2,487,518			—		—
Goldman Sachs & Co. LLC		511,665,367		511,665,367			—		—
HSBC Bank PLC		6,643,239		6,643,239			—		—
ING Financial Markets LLC		53,970		53,970			—		—
J.P. Morgan Securities LLC		449,406,155		449,406,155			—		—
Jefferies LLC		6,082,820		6,082,820			—		—
Morgan Stanley		484,990,734		484,990,734			—		—
National Financial Services LLC		141,586,277		141,586,277			—		—
Nomura Securities International, Inc.		45,780		45,780			—		—
Pershing LLC		391,350		391,350			—		—
Scotia Capital (USA), Inc.		12,880,543		12,880,543			—		—
SG Americas Securities LLC		5,859,652		5,859,652			—		—
State Street Bank & Trust Co.		35,716,179		35,716,179			—		—
Toronto Dominion Bank		70,732,674		70,732,674			—		—
UBS AG		29,947,603		29,947,603			—		—
UBS Securities LLC		39,391,463		39,391,463			—		—
Virtu Americas LLC		3,967,144		3,967,144			—		—
Wells Fargo Bank N.A.		17,438,534		17,438,534			—		—
Wells Fargo Securities LLC		43,960,615		43,960,615			—		—


	$	2,567,544,606	$	2,567,544,606		$	—	$	—


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		121

Notes to Financial Statements (unaudited) (continued)




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


Core S&P Total U.S. Stock Market
Barclays Bank PLC	$	71,488,525	$	71,488,525		$	—	$	—
Barclays Capital, Inc.		5,206,216		5,206,216			—		—
BMO Capital Markets Corp.		644,145		631,888			—		(12,257	)^(b)
BNP Paribas SA		75,279,343		75,279,343			—		—
BofA Securities, Inc.		128,112,136		128,112,136			—		—
Citadel Clearing LLC		3,842,785		3,842,785			—		—
Citigroup Global Markets, Inc.		90,923,489		90,923,489			—		—
Credit Suisse Securities (USA) LLC		31,577,482		31,577,482			—		—
Deutsche Bank Securities, Inc.		11,552,585		11,552,585			—		—
Goldman Sachs & Co. LLC		82,008,539		82,008,539			—		—
HSBC Bank PLC		2,292,517		2,292,517			—		—
ING Financial Markets LLC		575		575			—		—
J.P. Morgan Securities LLC		103,308,954		103,308,954			—		—
Jefferies LLC		1,917,160		1,894,831			—		(22,329	)^(b)
Morgan Stanley		80,871,649		80,871,649			—		—
National Financial Services LLC		12,290,831		12,290,831			—		—
Natixis S.A.		5,483,105		5,483,105			—		—
Nomura Securities International, Inc.		815,124		801,569			—		(13,555	)^(b)
Pershing LLC		585,108		585,108			—		—
RBC Capital Markets LLC		1,372,531		1,372,531			—		—
Scotia Capital (USA), Inc.		26,376,040		26,376,040			—		—
SG Americas Securities LLC		2,773,155		2,773,155			—		—
State Street Bank & Trust Co.		10,131,360		10,131,360			—		—
Toronto Dominion Bank		68,736,100		68,736,100			—		—
UBS AG		17,447,181		17,447,181			—		—
UBS Securities LLC		26,569,953		26,569,953			—		—
Virtu Americas LLC		933,768		933,768			—		—
Wells Fargo Bank N.A.		2,525,701		2,525,701			—		—
Wells Fargo Securities LLC		4,135,442		4,135,442			—		—


	$	869,201,499	$	869,153,358		$	—	$	(48,141	)


Core S&P U.S. Growth
Barclays Bank PLC	$	9,347,008	$	9,347,008		$	—	$	—
Barclays Capital, Inc.		2,068,496		2,068,496			—		—
BNP Paribas SA		9,837,465		9,734,205			—		(103,260	)^(b)
Citigroup Global Markets, Inc.		18,658,600		18,658,600			—		—
Credit Suisse Securities (USA) LLC		1,696,341		1,696,341			—		—
Goldman Sachs & Co. LLC		6,542,216		6,542,216			—		—
HSBC Bank PLC		14,796		14,796			—		—
J.P. Morgan Securities LLC		5,438,620		5,438,620			—		—
Morgan Stanley		3,944,391		3,944,391			—		—
National Financial Services LLC		355,271		355,271			—		—
State Street Bank & Trust Co.		4,626,814		4,626,814			—		—
UBS AG		178,252		178,252			—		—
UBS Securities LLC		1,520,970		1,520,970			—		—
Wells Fargo Securities LLC		361,757		361,757			—		—


	$	64,590,997	$	64,487,737		$	—	$	(103,260	)


122		2 0 2 1 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)



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

Core S&P U.S. Value
Barclays Bank PLC	$	321,946	$	321,946		$	—	$	—
Barclays Capital, Inc.		586,080		586,080			—		—
BNP Paribas SA		8,977,191		8,977,191			—		—
BofA Securities, Inc.		290,528		290,528			—		—
Citadel Clearing LLC		878,574		878,574			—		—
Credit Suisse Securities (USA) LLC		305		305			—		—
Goldman Sachs & Co. LLC		1,510,900		1,510,900			—		—
J.P. Morgan Securities LLC		2,215,786		2,215,786			—		—
Morgan Stanley		4,117,539		4,117,539			—		—
National Financial Services LLC		1,328,800		1,328,800			—		—
State Street Bank & Trust Co.		948,942		948,942			—		—
Toronto Dominion Bank		17,707		17,707			—		—
UBS Securities LLC		23,764		23,764			—		—
Wells Fargo Securities LLC		79,190		79,190			—		—

	$	21,297,252	$	21,297,252		$	—	$	—

^(a)

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

^(b)

The market value of the loaned securities is determined as of September 30, 2021. 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 a 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 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 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 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.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the


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Notes to Financial Statements (unaudited) (continued)

instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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 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 each Fund as follows:



iShares ETF	Investment Advisory Fee

Core S&P 500		0.03	%
Core S&P Mid-Cap		0.05
Core S&P Small-Cap		0.06
Core S&P Total U.S. Stock Market		0.03
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04


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Notes to Financial Statements (unaudited) (continued)

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. 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 77% 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 September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Fees Paid to BTC

Core S&P 500	$	377,434
Core S&P Mid-Cap		810,236
Core S&P Small-Cap		1,372,072
Core S&P Total U.S. Stock Market		812,826
Core S&P U.S. Growth		19,240
Core S&P U.S. Value		14,666

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 September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Core S&P 500	$	1,987,409,455	$	751,852,535	$	(223,071,935)
Core S&P Mid-Cap		1,048,125,572		1,214,639,926		(225,799,494)
Core S&P Small-Cap		1,078,346,208		782,642,908		254,420,358
Core S&P Total U.S. Stock Market		132,596,418		192,915,819		(11,947,049)
Core S&P U.S. Growth		50,298,351		13,923,526		(577,490)
Core S&P U.S. Value		41,128,390		25,896,918		(2,990,454)

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.


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Notes to Financial Statements (unaudited) (continued)

7.	PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Core S&P 500	$	5,024,412,784	$	5,249,534,172
Core S&P Mid-Cap		5,458,293,120		5,444,962,596
Core S&P Small-Cap		5,688,567,745		5,466,884,694
Core S&P Total U.S. Stock Market		1,249,819,304		1,246,791,773
Core S&P U.S. Growth		178,041,600		183,281,048
Core S&P U.S. Value		210,658,301		203,316,930

For the six months ended September 30, 2021, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Core S&P 500	$	29,821,616,016	$	27,199,658,415
Core S&P Mid-Cap		5,531,296,208		5,360,804,201
Core S&P Small-Cap		4,590,192,721		4,674,788,597
Core S&P Total U.S. Stock Market		3,428,475,779		747,454,959
Core S&P U.S. Growth		894,165,903		556,713,925
Core S&P U.S. Value		1,434,031,504		335,452,241

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 September 30, 2021, 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 March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring

Core S&P 500	$	4,128,046,808
Core S&P Mid-Cap		1,737,798,510
Core S&P Small-Cap		2,388,028,988
Core S&P Total U.S. Stock Market		358,810,939
Core S&P U.S. Growth		365,934,964
Core S&P U.S. Value		580,422,122

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Core S&P 500	$	220,210,069,514	$	76,097,731,256	$	(8,863,573,104	)	$	67,234,158,152
Core S&P Mid-Cap		51,067,228,161		15,304,181,866		(2,149,887,968	)		13,154,293,898
Core S&P Small-Cap		57,423,332,430		17,956,502,909		(3,949,614,313	)		14,006,888,596
Core S&P Total U.S. Stock Market		29,479,746,384		13,883,488,171		(1,016,290,571	)		12,867,197,600
Core S&P U.S. Growth		7,713,464,409		4,546,999,275		(61,176,602	)		4,485,822,673
Core S&P U.S. Value		9,019,117,809		1,639,444,404		(211,099,857	)		1,428,344,547


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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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.


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Notes to Financial Statements (unaudited) (continued)

Certain 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.

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 will be phased out by the end of 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:




	Six Months Ended 09/30/21						Year Ended 03/31/21


iShares ETF	Shares			Amount			Shares			Amount


Core S&P 500
Shares sold		69,400,000		$	29,893,801,007			175,150,000		$	61,202,856,824
Shares redeemed		(63,200,000	)		(27,316,044,335	)		(142,850,000	)		(49,473,491,731	)


Net increase		6,200,000		$	2,577,756,672			32,300,000		$	11,729,365,093


Core S&P Mid-Cap
Shares sold		20,750,000		$	5,597,254,980			34,950,000		$	7,366,222,576
Shares redeemed		(20,150,000	)		(5,437,267,505	)		(48,250,000	)		(9,367,298,888	)


Net increase (decrease)		600,000		$	159,987,475			(13,300,000	)	$	(2,001,076,312	)


Core S&P Small-Cap
Shares sold		49,350,000		$	5,479,269,499			140,250,000		$	11,820,860,552
Shares redeemed		(49,250,000	)		(5,461,615,937	)		(76,850,000	)		(6,143,068,471	)


Net increase		100,000		$	17,653,562			63,400,000		$	5,677,792,081


Core S&P Total U.S. Stock Market
Shares sold		35,100,000		$	3,450,321,785			57,550,000		$	4,688,274,607
Shares redeemed		(7,550,000	)		(752,605,005	)		(38,350,000	)		(2,671,612,974	)


Net increase		27,550,000		$	2,697,716,780			19,200,000		$	2,016,661,633


Core S&P U.S. Growth
Shares sold		8,750,000		$	895,666,979			22,000,000		$	1,801,756,906
Shares redeemed		(5,550,000	)		(557,826,955	)		(27,300,000	)		(2,289,387,904	)


Net increase (decrease)		3,200,000		$	337,840,024			(5,300,000	)	$	(487,630,998	)


Core S&P U.S. Value
Shares sold		19,950,000		$	1,439,016,370			41,100,000		$	2,470,343,171
Shares redeemed		(4,650,000	)		(336,491,289	)		(23,100,000	)		(1,372,655,403	)


Net increase		15,300,000		$	1,102,525,081			18,000,000		$	1,097,687,768

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

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


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Notes to Financial Statements (unaudited) (continued)

11.

LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Core S&P 500 ETF, iShares Core S&P Total U.S. Stock Market ETF and iShares Core S&P U.S. Value ETF received proceeds of $3,938,764, $41,582 and $255,306, respectively, in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

12.

SUBSEQUENT EVENTS

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


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Board Review and Approval of Investment Advisory Contract

iShares Core S&P 500 ETF, iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap 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”) 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 7, 2021 and May 14, 2021, 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 15-16, 2021, 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 (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable 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 overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund 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, 2020, to that of 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 and proposed enhancements 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, which were provided at the May 7, 2021 meeting and throughout the year.

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.


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Board Review and Approval of Investment Advisory Contract (continued)

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 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, were within a reasonable range in light of the factors and other information considered.

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 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 also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board 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 (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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 Core S&P Total U.S. Stock Market ETF, iShares Core S&P U.S. Growth ETF, iShares Core S&P U.S. Value ETF (each the “Fund”)


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		131

Board Review and Approval of Investment Advisory Contract (continued)

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 7, 2021 and May 14, 2021, 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 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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,


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Board Review and Approval of Investment Advisory Contract (continued)

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).

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.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

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.

September 30, 2021



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Core S&P 500^(a)	$	2.783370	$	—	$	0.134394	$	2.917764		95	%		—	%		5	%		100%
Core S&P Mid-Cap^(a)		1.632328		—		0.084748		1.717076		95			—			5			100
Core S&P Small-Cap^(a)		0.704978		—		0.048895		0.753873		94			—			6			100
Core S&P Total U.S. Stock Market^(a)		0.591878		—		0.010505		0.602383		98			—			2			100
Core S&P U.S. Growth^(a)		0.335254		—		0.003848		0.339102		99			—			1			100
Core S&P U.S. Value^(a)		0.688831		—		0.010391		0.699222		99			—			1			100

^(a)

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


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General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

A description of the Company’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 Abbreviations - Equity

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

Counterparty Abbreviations

HSBC		HSBC Bank PLC


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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 S&P Dow Jones Indices LLC, 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.

iS-SAR-302-0921