iShares Trust

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.

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.

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.

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

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.


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


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


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


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


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


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.

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:

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

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

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

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

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
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


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


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


				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


	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	%


				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


	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	%


				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


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


	Page


The Markets in Review		2
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


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


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




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


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


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


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


				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


				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




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		$	—




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	)




	Equity Contracts


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




	Equity Contracts


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


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




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




	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	)